Anil Agarwal-owned Vedanta, a diversified metal and mining company, reported a 42 per cent decline in net profit at ₹3,092 crore in the December quarter of the current fiscal against ₹5,354 crore in the same quarter of the previous year, on the back of lower realisation due to fall in commodity prices.

Revenue was flat at ₹33,691 crore (₹33,697 crore). EBITDA was down at ₹7,100 crore (₹10,938 crore).

The company approved the fourth interim dividend of ₹12.50 per equity share amounting to an outgo of ₹4,647 crore. The record date for the purpose of payment of dividend is February 4.

The board approved sale of Vedanta Zinc International business (Gamsberg, Black Mountain and Skorpion operations) to Hindustan Zinc for a cash consideration of $2.98 billion, including $562 million as deferred consideration linked to certain milestones.

The deal will unlock significant value for both Vedanta and HZL shareholders. With combined R&R of 1,150 million tonnes ore and over 60 million tonnes metal, HZL will have potential to become the largest global zinc player, said the company.

Renewable power

Sunil Duggal, Chief Executive Officer, Vedanta, said the company has approved plans for another 941 MW renewable energy power under group captive power development programme.

The strategic initiative to consolidate Zinc International under Hindustan Zinc will unlock significant value for both the companies’ shareholders, he added.

The company’s gross debt stood at ₹61,550 crore while net debt was at ₹38,076 crore as of December-end.

The company had cash and cash equivalents of ₹23,474 crore.

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