Vedanta has reported a 57 per cent decline in its Q4 FY23 net profit to ₹3,132 crore as against ₹7,261 crore logged in the same period last year, largely due to lacklustre performance across business verticals and lower realisation.

Revenue from operations dipped 5 per cent to ₹37,225 crore (₹39,342 crore). The company has also declared a dividend of ₹33 per share. EBITDA was down 32 per cent to ₹9,362 crore (₹13,768 crore) while the EBITDA margin dropped to 29 per cent from 39 per cent.

The company recorded an exceptional loss of ₹1,336 crore due to impairment charge of ₹1,218 crore and special additional excise duty impact of ₹118 crore in its oil and gas business.

Also read: Tata Motors back in the black in Q4 as vehicle sales pickup

Finance cost in the March quarter increased 35 per cent to ₹1,805 crore due to increase in average cost of borrowings. Investment income increased 84 per cent to ₹959 crore on account of interest received on income tax refund, mark-to-market movement and change in investment mix, said the company.

Debt picture

Gross debt was at ₹66,182 crore as of March-end and net debt was ₹45,260 crore with cash and cash equivalents of ₹20,922 crore.

For the full year of FY23, the company’s net profit was down at ₹14,503 crore (₹23,710 crore) on a revenue of ₹1.45-lakh crore (₹1.31-lakh crore).

The company has finalised 1868-MW renewable power delivery agreements which brings it one step closer towards becoming carbon neutral by 2050 or sooner, said Sunil Duggal, CEO.

Related Topics
comment COMMENT NOW