New Delhi, Aug 6 (PTI) Mining conglomerate Vedanta Ltd on Tuesday reported a 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for the quarter ended June 30, 2024, due to improved margins and robust cost reduction across all operations.
The company had posted a net profit of Rs 2,640 crore in the year-ago period.
The consolidated income of the company in the April-June period rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing.
Vedanta said in a statement that the proposed demerger of its businesses is on track and it has already filed the demerger scheme with NCLT after getting a nod from secured creditors.
Vedanta’s earlier announced to split into six independent listed companies, including oil and gas and aluminium.
Vedanta Ltd Executive Director Arun Misra said that the company has delivered a strong start to the year, with exceptional EBITDA improvement of 47 per cent and PAT improvement by 54 per cent year-over-year on the back of improved margins, and robust cost reduction across all operations.
“Our aluminium and zinc divisions continue to outperform industry benchmarks, consistently ranking in the top quartiles and deciles of the global cost curve. These achievements are a direct result of our strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost,” he said.
The company’s growth projects are well on track and it remains committed to commission the majority of these projects in FY25.
“Moving ahead, our focus on operational efficiency, sustained expansion, and ESG excellence will guide our journey. With this dedication, we are confident in our ability to create substantial shareholder value in the year ahead,” he added.
Last month, the mining conglomerate raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share.
Company’s CFO Ajay Goel said, “The overwhelming response to the Vedanta’s… QIP, one of the largest in the industry, underscores investor’s huge confidence. The proceeds from the QIP will be further instrumental in deleveraging the balance sheet and reduction of finance costs. We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality.” The company’s gross debt stood at Rs 78,016 crore as on June 30, 2024.
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate. PTI SID DR
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