Vedanta posts over five-fold jump in profit

Mumbai: Mining and metals major, Vedanta Ltd today reported an over five-fold jump in its net profit at ₹4,644 crore for the July-September quarter, increasing from ₹806 crore reported in the corresponding period last year.

Revenues for the Anil Agarwal led company came in higher at ₹30,048 crore, iup 44% for the quarter, against ₹21,107 crore in the same period last year.

The revenues are higher on the back of higher commodity, crude and gas prices. However, steel business got impacted due to higher input costs.

The stock closed at 303.70 on Friday, up ₹0.95%. The earnings came after market hours.

In its earnings statement, Vedanta said, the company commits to net-zero carbon by 2050 or sooner, and pledges $5 billion over the next 10 years to accelerate the transition to net-zero with renewed focus to be the leading ESG performer in the natural resources sector.

The company also posted a record consolidated Ebidta at ₹10582 crore, with a growth of 62% year on year, primarily supported by improved commodity prices and higher volumes at aluminium.

“Vedanta has set its sights on becoming a leader in terms of our ESG performance in the metals & mining sector, with a strong commitment towards achieving Net-Zero Carbon by 2050 or sooner, increasing workplace diversity, and a commitment to improve the quality of life of more than 100 million women & children,” said Sunil Duggal, Chief Executive Officer, Vedanta, adding that these goals will translate into improved financial performance, de-risk the business and create opportunities in the emerging green economy for the company.

During the quarter, the company reduced net debt by ₹7,232 crore year on year. and announced an interim dividend of ₹18.5 per share, entailing pay-out of ₹6,855 crore.

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