NEW DELHI: Mining giant Vedanta on Friday reported a 57 percent fall in net income for the March quarter due to weakness in the aluminum business and writedowns.
The consolidated net profit of Rs.3,132 crore in January-March compares to a net profit of Rs.7,261 crore in the same period last year, according to a stock exchange filing by the company.
On a sequential basis, net income increased 1 percent from Rs.3,092 crore in the October-December period.
Revenue declined 5 percent to 37,225 crore in the fourth quarter of fiscal 2022-23 (April 2022 to March 2023), compared to 39,342 crore a year earlier.
A fall in commodity prices has led to a decline in profits across Vedanta’s business – from zinc to iron ore, oil and gas to copper and aluminium. Aluminum business profit before tax fell 57.5 percent.
The company also posted an exceptional loss of 1,336 crore rupees mainly due to impairments in its oil and gas business and the payment of a windfall tax on oil produced in the Rajasthan block.
The company said its board has approved the reappointment of Navin Agarwal and Priya Agarwal as directors for a five-year term.
While Navin is the brother of founder and chairman Anil Agarwal, Priya is Anil’s daughter.
The board also approved US$296 million in investments for oil and gas exploration.
Vedanta reported an increase in gross debt to Rs.66,182 crore at the end of March, compared to Rs.51,109 crore a year ago and Rs.61,550 crore at the end of December 2022.
Taking into account cash on hand, the net debt at 31 March 2023 was Rs.45,260 crore, more than double the net debt of Rs.20,979 crore a year ago. This is primarily due to higher borrowing and a decrease in cash balances to Rs. 20,922 crore from Rs.
The consolidated net profit of Rs.3,132 crore in January-March compares to a net profit of Rs.7,261 crore in the same period last year, according to a stock exchange filing by the company.
On a sequential basis, net income increased 1 percent from Rs.3,092 crore in the October-December period.
Revenue declined 5 percent to 37,225 crore in the fourth quarter of fiscal 2022-23 (April 2022 to March 2023), compared to 39,342 crore a year earlier.
A fall in commodity prices has led to a decline in profits across Vedanta’s business – from zinc to iron ore, oil and gas to copper and aluminium. Aluminum business profit before tax fell 57.5 percent.
The company also posted an exceptional loss of 1,336 crore rupees mainly due to impairments in its oil and gas business and the payment of a windfall tax on oil produced in the Rajasthan block.
The company said its board has approved the reappointment of Navin Agarwal and Priya Agarwal as directors for a five-year term.
While Navin is the brother of founder and chairman Anil Agarwal, Priya is Anil’s daughter.
The board also approved US$296 million in investments for oil and gas exploration.
Vedanta reported an increase in gross debt to Rs.66,182 crore at the end of March, compared to Rs.51,109 crore a year ago and Rs.61,550 crore at the end of December 2022.
Taking into account cash on hand, the net debt at 31 March 2023 was Rs.45,260 crore, more than double the net debt of Rs.20,979 crore a year ago. This is primarily due to higher borrowing and a decrease in cash balances to Rs. 20,922 crore from Rs.
