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Updated January 25th, 2024 at 16:21 IST

Vedanta Q3 profit dips 19% to Rs 2,013 crore

However, the revenue of the company surged nearly 4 per cent to Rs 34,968 crore, from Rs 33,691 crore in Q3FY23.

Vedanta
Vedanta | Image:Unsplash
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Vedanta Limited Q3 results: Vedanta Limited’s profit dropped 18.3 per cent to Rs 2,013 crore in the December quarter (Q3FY24) from Rs 2,464 crore in the same quarter previous fiscal year (Q3FY23).

However, the revenue of the company surged nearly 4 per cent to Rs 34,968 crore, from Rs 33,691 crore in Q3FY23.

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The mining company’s  Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), also known as operating profit jumped 19.6 per cent to Rs 7.958 crore, from Rs 6,656 crore in the same quarter last year. Meanwhile, its operating margin zoomed 300 basis points (bps) 22.8 from 19.8 per cent last year. 

Arun Misra, Executive Director, Vedanta, said “Aluminium and zinc continued to set new benchmarks with highest-ever nine months production and placed in the 1st quartile cost position of global Aluminium and in the first decile of Global Zinc mining cost curves, respectively. We are very focused and confident to achieve significant milestones with the various debottlenecking projects going on across all our businesses.”

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Ajay Goel, Chief Financial Officer, Vedanta, said “We are committed to rewarding our shareholders with attractive returns and have announced a dividend of Rs 11 per share amounting to Rs 4,089 crore during the quarter. Our five-year average dividend yield stands 10 times higher than Nifty 50 companies. With a balanced capital structure through successful liabilities management at Holdco, Vedanta has a stronger balance sheet and will remain committed towards deleveraging and value creation.”

The Mumbai-based company’s market capitalisation currently stands at Rs 97,966 crore, according to BSE. 

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Meanwhile, its rival JSW Steel, the country’s largest steel maker, earlier in the day reported net profit of Rs 2,415 crore as against Rs 490 crore in the same period last year.

The shares of Vedanta settled 0.40 per cent higher at 263.55 per share. 

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Published January 25th, 2024 at 16:08 IST

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