Vedanta Ltd notifies DGH of oil discovery in its exploratory well
The commercial outlook is still being evaluated, today the stock closed down by 1%.
Vedanta Ltd, a diversified natural resource company, has been trending on Dalal Street as the company has announced an oil discovery in its exploratory well. The mining company has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas on 21 February 22, 2022. It has also received approval from the Management Committee. So far, this has been the third hydrocarbon discovery notified by the company. The commercial outlook of the oil discovery is being evaluated.
In Q3FY22, revenue grew by 49.78 per cent YoY to Rs 33697 crore from Rs 22498 crore in Q3FY21. On a sequential basis, the top-line was up by 12.14%. PBIDT (Ex OI) was reported at Rs 10742 crore, up by 38.48% as compared to the year-ago period and the corresponding margin was reported at 31.5%, contracting by 262 basis points YoY. PAT was reported at Rs 5354 crore, up by 26.75% from Rs 4224 crore in the same quarter for the previous fiscal year. The PAT margin stood at 15.7% in Q3FY22 contracting from 18.58% in Q3FY21.
A few weeks back, the company had made news for refinancing of its debt. It borrowed Rs 8,000 crore from the Union Bank of India at a rate of 7.75% and used the proceeds to pay off the debt of 10% which was raised two years back.
Vedanta Limited is a diversified natural resource company with a portfolio of large, world-class, low-cost, scalable assets, operating in high growth markets. The company is a leading player in the zinc, oil & gas, iron ore, lead, silver, steel, copper, aluminium and commercial power sectors.
The stock has a 52-week high of Rs 385.75 and a 52-week low of Rs 191.50.
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