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Business EconomyPosted at: Apr 25 2024 4:26PM


Vedanta net down 27 pc in Q4

Mumbai, Apr 25 (UNI) Indian mining company Vedanta, with its operations in iron ore, aluminium, zinc, oil and gas, on Thursday reported 27 per cent dip in net profit at Rs 2,273 crore for the fourth quarter (January-March) of FY 24 from Rs 3,132 crore in same period a year ago.

Net revenue from operations, however, registered a decline of 6 per cent to Rs 34,937 crore in Q4 of FY 2023-24 from Rs 37,225 crore a year ago.

For the full financial year 2023-24 Vedanta’s net profit stood at Rs 7,537 crore down 48 per cent from Rs Rs 14,506 crore in 2022-23, according to regulatory filing with the stock exchanges. While the total revenue registered a marginal decline of 2 per cent.

Net revenue from operations is Rs 1,41793 crore in 2023-24 while it was Rs 1,45,404 crore in 2022-23.

Commenting on the financial performance, Arun Misra, Executive Director of Vedanta, said “FY 2023-24 has been a remarkable year for Vedanta. We have achieved record production across our key businesses, a testament to our consistent focus on operational excellence. This focus, coupled with our commitment to cost leadership, ensured strong margins even during a
challenging commodity market."

“We are especially proud of the Lanjigarh refinery expansion to 3.5 MTPA, taking us closer to a fully integrated 3 MTPA aluminum operation. The commencement of operations at the new
Bicholim mine in Goa marks a significant step in our growth journey. HZL is now the world's 3rd largest silver producer,” he said.

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into electronics and display glass manufacturing.
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