Vedanta’s Q3 net profit falls 42%, announces dividend of Rs 12.5 a share
Vedanta on Friday recorded a 42 per cent fall in profit to Rs 3,092 crore in the quarter ending December (Q3FY23) as compared to same quarter last year (Q3FY22). Last year, the profit was Rs 5,354 crore. As compared to the previous quarter (Q2FY23), however, profit was up 15 per cent.
The total revenue of the company during the quarter was Rs 33,691 crore, down 7 per cent as compared to previous quarter. The quarterly EBITDA was Rs 7,100 crore with a margin of 24 per cent.
“Q3FY23 revenue decreased by 7 per cent QoQ to Rs 33,691 crore on account of moderation in output commodity prices and lower strategic hedging gains; partially offset by favourable foreign exchange movement,” the compnay said.
It also announced an interim dividend of Rs 12.5 per share for its shareholders. Till now in FY23, it has announced a total dividend of Rs 81 per share.
Sunil Duggal, chief executive officer, Vedanta, said, “We have delivered a strong set of financial results and steady operational performance in challenging macroeconomic environment. Our quarterly Profit after tax grew 15 per cent on sequential basis to Rs 3,092 crore; free cash flow (pre capex) stood at Rs 6,504 crore with focus on working capital and cost optimization. Our ESG initiatives have been recognized by several major external rating agencies. We have approved plans for another 941 MW RE power under group captive RE power development program. I am also happy to share that Vedanta and Hindustan Zinc Limited Boards have taken strategic initiative to consolidate Zinc International under Hindustan Zinc. It will be a win-win transaction, unlocking significant value for both Vedanta Limited and Hindustan Zinc Limited shareholders.”
As of December 31, the company’s gross debt stood at Rs 61,550 crore.