Vedanta Limited announced the first quarter financial and operational results ended June 30 of FY2024, revealing INR 33,342 crore of consolidated revenue, down by 10.43 per cent from INR 37,225 crore in Q4 FY2023 and 12.83 per cent less than INR 38,251 crore in Q1 FY2023. The fall could be attributed to a steep reduction in output commodity prices, partially offset by favourable movement in the exchange rate.
Vedanta’s consolidated quarterly EBITDA was INR 6,975 crore, reflecting a fall of 25.50 per cent from INR 9,362 crore in Q4 FY23 and a plunge of 35.06 per cent from INR 10,741 crore in Q1 FY23.
Meanwhile, despite the Q-o-Q fall in revenue, Vedanta’s consolidated net profit witnessed a rise of 5.62 per cent in the June quarter of FY2024 from INR 3,132 crore to INR 3,308 crore. But on a year-on-year calculation, the profit shrank by 43.99 per cent from INR 5,592 crore.
Vedanta’s aluminium production in Q1 FY2024 grew by 2 per cent Y-o-Y to 579,000 tonnes, amid lower production cost by 27 per cent.
Vedanta also highlighted its Environment, Social, and Governance goals, reporting the signing of a Renewable Energy (RE) power delivery agreement) of 1826 megawatt across the group. It also noted workplace gender diversity was maintained at 14 per cent.
Mr Sunil Duggal, Chief Executive Officer of 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 INR 6,975 crore in EBITDA this quarter, with an operating margin of 24% and PAT of INR 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.”
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