Vedanta Q1 results: Net profit falls 40% to Rs 2,640 cr; firm declares interim dividend of Rs 18.5/share

Metals conglomerate Vedanta Ltd on Friday reported 40% decline in consolidated net profit at Rs 2,640 crore for the quarter ending June 30, 2023. It reported consolidated net profit of Rs 4,421 crore in the year-ago period.

Vedanta's consolidated revenue from operations decreased 13% to Rs 33,342 crore in Q1FY24 as against Rs 38,251 crore in Q1FY23.

On Friday, Vedanta's scrip on BSE closed 1.4% lower at Rs 278.15. Vedanta reported one-time gain of Rs 1,780 crore in June quarter. The firm declared an interim dividend of Rs 18.5 per share.

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Sunil Duggal, Chief Executive Officer, Vedanta, said: “Vedanta is on a transformational journey with significant growth across its businesses and diversification into future enabling, technology focused sectors. We remain committed to maximizing shareholder returns through best-in-class and low-cost operations, skill development and global experience leadership with sustainability at the forefront.

"We have delivered Rs 6,975 crore in EBITDA this quarter, with an operating margin of 24% and PAT of Rs 3,308 crore, marking a 6% increase sequentially. As we continue to move forward, we remain committed to achieving operational excellence and enhancing our competitiveness in the market. We are determined to lead the charge towards a more sustainable and responsible tomorrow.”

Duggal will be retiring as whole-time director and CEO of Vedanta with effect from July 31, 2023.

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