Anil Agarwal-led Vedanta has reported that its net profit in the March quarter was down 27 per cent at ₹2,275 crore against ₹3,132 crore, due to lower realisation.
The mining to metal company’s income was down 7 per cent at ₹36,093 crore ( ₹38,635 crore). EBITDA during the quarter under review was down 4 per cent at ₹8,969 crore ( ₹9,362 crore).
Finance cost was up 34 per cent at ₹2,415 crore ( ₹1,805 crore). The company registered an exceptional loss of ₹201 crore, due to impairment charge of ₹994 crore, majorly incurred at Tuticorin plant. However, it was partially offset by capital creditors writing back ₹793 crore in the power business.
Cash position
Gross debt of the company reduced by ₹3,468 crore q-o-q to ₹71,759 crore as March-end. It has cash and cash equivalent of ₹15,421 crore, an increase of ₹2,687 crore q-o-q
The company has given a guidance to produce 3 million tonnes(mt) of alumina and 2.4 mt of aluminium at the cost of production of $1,725 a tonne in FY25.
Zinc production was pegged at 1.12 lt, finished metal of 1.10 lt and silver output of 775 tonnes at the cost of $1,100 a tonne.
For the financial year ended March, the net profit of the company was down 48 per cent to ₹7,539 crore (₹14,503 crore) as the income dipped to ₹1.46-lakh crore (₹1.50-lakh crore).
Arun Misra, Executive Director, Vedanta said the company has achieved record production across key businesses with the focus on cost optimisation which ensured strong margins even during a challenging commodity market.
Ajay Goel, Chief Financial Officer, Vedanta said, driven by operational excellence, the holding company has deleveraged by $1.6 billion in FY24.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.