Vedanta Q4 profit falls 27% to ₹1,369 cr

Mining major Vedanta Ltd's net profit for the quarter ending March 31, 2024, came in at ₹1,369 crore, a 27% decline compared to ₹1,881 crore during the corresponding period last year.

The dip in net profit was attributed to falling prices of metals like zinc, copper, and aluminium, coupled with a lacklustre performance in the oil and gas sector.

The revenue for Q4 FY24 declined to ₹34,937 crore from ₹37,225 crore in the corresponding period of the previous year.

Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) for Q4 FY24 reached ₹8,969 crore, up 3% QoQ but down from ₹9,362 crore in the same quarter of the previous year. However, for the entire FY 2024, EBITDA increased by 3% to ₹36,455 crore, compared to ₹35,241 crore in FY 2023.

For the entire FY 2024, net profit declined by 48% to ₹7,537 crore from ₹14,506 crore in FY 2023.

Arun, executive director, Vedanta says, “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're especially proud of the Lanjigarh refinery expansion to 3.5 MTPA, taking us closer to a fully integrated 3 MTPA aluminium 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. Our commitment to sustainability has been recognized globally – we topped the ESG rankings in India and ranked 3rd worldwide. This focus is further strengthened by securing 1,826 MW of renewable power through PDAs, with the first power delivery scheduled for Q1FY25. As we move forward, operational excellence, continued growth, and ESG leadership remains our strategic priorities. With this commitment, we are confident in delivering significant value for our shareholders in the coming year,” he adds.