Vedanta Ltd.'s consolidated net profit dropped in the third quarter of fiscal 2024 due to higher finance costs, but surpassed analysts' estimates.
The aluminium producer's profit declined 7.2% to Rs 2,868 crore in the October–December quarter, as compared with Rs 3,091 crore in the year-ago period, according to an exchange filing on Thursday. Analysts polled by Bloomberg had projected a consensus estimate of Rs 1,048.7 crore.
Vedanta Q3 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 4.2% at Rs 35,541 crore vs Rs 34,102 crore (Bloomberg estimate: Rs 33,687.2 crore).
Ebitda up 20.7% at Rs 8,531 crore vs Rs 7,067 crore (Bloomberg estimate: Rs 7,487 crore).
Margin expands 328 basis points to 24.00% vs 20.72% (Bloomberg estimate: 22.2%).
Net profit down 7.2% at Rs 2,868 crore vs Rs 3,091 crore. (Bloomberg estimate: Rs 1,048.7 crore).
Segmentwise Ebitda (YoY)
Domestic zinc, lead, and silver segments declined 0.7% to Rs 3,549 crore.
Zinc International fell 80% to Rs 62 crore.
Oil and gas unit witnessed a 37% drop at Rs 1,259 crore.
Aluminium unit saw a threefold jump to Rs 2,873 crore.
Power division’s operating profit stood at Rs 212 crore, down 23%.
Iron ore segment increased to Rs 634 crore vs Rs 54 crore.
Copper registered an operating profit of Rs 7 crore vs net loss of Rs 55 crore.
The company declared a dividend of Rs 11 per share, amounting to a payment of Rs 4,089 crore.
Shares of Vedanta closed 0.4% higher at Rs 263.55 apiece on the BSE before the results were announced, as compared with a 0.51% decline in the benchmark Sensex.
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