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Business News/ Companies / Company Results/  Vedanta Q1 Results: Net profit declines by 40% (YoY) to 3,308 crore; declares dividend
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Vedanta Q1 Results: Net profit declines by 40% (YoY) to ₹3,308 crore; declares dividend

Vedanta Q1 Results: The revenue of the company also witnessed a dip by 13% from ₹38,251 crore during Q1FY23 to ₹33,242 crore during the Q1FY24

A man waters plants outside the Indian headquarters of Vedanta Premium
A man waters plants outside the Indian headquarters of Vedanta

Vedanta Limited released its Q1 results on Friday and reported a 40% (YoY) decline in the net consolidated profits from 5,592 crore to 3,308 crore. The revenue of the company also witnessed a dip of 13% from 38,251 crore during Q1FY23 to 33,242 crore during Q1FY24. The company declared an interim dividend of 18.5 per share and the dividend yield of the company during Q1 stood at 7%.

Sequentially, the company reported a 6% jump in net profit as it rose from 3,132 crore during the Q4FY23. Q1FY24 revenue is lower (QoQ), primarily on account of moderation in output commodity prices and lower sales volumes, partially offset by higher premiums, the company said.

During the Q1, Vedanta Limited's EBITDA declined to 6,975 crore as against 10,741 during corresponding quarter last fiscal. The company said that the difference is on account of lower output commodity prices and lower sales, partially offset by the moderation of input commodity prices. The EBITDA margin stood at 24% in Q1FY24.

Key performance indicators

In the realm of key industries, the production of aluminium witnessed a 2% (YoY) growth, reaching 579 kt, while concurrently experiencing a notable 27% reduction in production costs.

As for the Zinc India business, the company achieved a record-high output of mined metal during the first quarter, amounting to 257 kt, representing a 2% increase compared to the previous year. Refined metal production remained steady at 260 kt, and there was a slight 1% rise in saleable silver production, totaling 179 tonnes.

Vedanta is on a transformational journey with significant growth across its businesses and diversification into future enabling, technology-focused sectors. We remain committed to maximizing shareholder returns through best-in-class and low-cost operations, skill development, and global experience leadership with sustainability at the forefront. We have delivered 6,975 cr in EBITDA this quarter, with an operating margin of 24% and PAT of 3,308 cr, marking a 6% increase sequentially," Sunil Duggal, Chief Executive Officer, Vedanta, said

“As we continue to move forward, we remain committed to achieving operational excellence and enhancing our competitiveness in the market. We are determined to lead the charge towards a more sustainable and responsible tomorrow," the CEO added.

 

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Devesh Kumar
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Published: 21 Jul 2023, 07:16 PM IST
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