Vedanta Jan-March consolidated net profit falls 10%, revenue jumps 41%
Oil-to-metals company Vedanta today reported a 10% on-year fall in January-March consolidated net profit to Rs 5,799 crore, mainly due to an exceptional expense.
Had it not been for the exceptional item and a one-time tax credit, the profit after tax would have risen 48% on year to Rs 7,570 crore, the company claimed.
“Exceptional items at Rs 336 crore primarily relates to Rs 2,697 crore gain from impairment reversal in Oil & Gas which was partially offset by exploration cost written off in Cairn at Rs 2,403 crore,” it said.
In the year ago quarter, it had a net tax benefit of Rs 1,886 crore.
The company’s consolidated revenue rose 41% on-year to all-time high of Rs 39,342 crore during the quarter.
For the financial year ended March, consolidated revenue was at a record high of Rs 131,192 crore, up 51%, while profit after tax (before exceptional and one-time tax credit) hit Rs 24,299 crore, nearly double of the previous year.
OTHER KEY HIGHLIGHTS
1) Net debt was at Rs 20,979 crore at the end of the March quarter, down Rs 6,590 crore since December 31.
2) The board approved first interim dividend for FY23 of Rs 31.5 per share.
3) Aluminium production grew 15% in FY22.
4) Zinc production hit all-time high of 967kt, up 4%.
5) Finance cost was flat at Rs 1,333 crore in January-March as one-time charges paid on Vedanta Aluminium loan were offset by lower average borrowings and decreased cost of borrowings.
6) For FY22, finance cost fell 8% to Rs 4,797 crore.
“We have delivered historical best EBITDA of Rs 45,319 crore and PAT (before exceptional and one-time tax credit) of Rs 24,299 crore,” Vedanta Chief Executive Officer Sunil Duggal said.
This reflects the company’s relentless focus on volume growth and operational efficiency, underpinned by structural integration and technology adoption, Duggal added.
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