Vedanta net dips 27% on lower realisation
Anil Agarwal-led Vedanta has reported that its net profit in the March quarter was down 27 per cent at ₹2,275 crore against ₹3,132 crore, due to lower realisation.
The mining to metal company’s income was down 7 per cent at ₹36,093 crore ( ₹38,635 crore). EBITDA during the quarter under review was down 4 per cent at ₹8,969 crore ( ₹9,362 crore).
Finance cost was up 34 per cent at ₹2,415 crore ( ₹1,805 crore). The company registered an exceptional loss of ₹201 crore, due to impairment charge of ₹994 crore, majorly incurred at Tuticorin plant. However, it was partially oset by capital creditors writing back ₹793 crore in the power business.
CASH POSITION
Gross debt of the company reduced by ₹3,468 crore q-o-q to ₹71,759 crore as March-end.
It has cash and cash equivalent of ₹15,421 crore, an increase of ₹2,687 crore q-o-q
The company has given a guidance to produce 3 million tonnes(mt) of alumina and 2.4 mt of aluminium at the cost of production of $1,725 a tonne in FY25. Zinc production was pegged at 1.12 lt, finished metal of 1.10 lt and silver output of 775 tonnes at the cost of $1,100 a tonne.
For the financial year ended March, the net profit of the company was down 48 per cent to ₹7,539 crore (₹14,503 crore) as the income dipped to ₹1.46-lakh crore (₹1.50lakh crore).
Arun Misra, Executive Director, Vedanta said the company has achieved record production across key businesses with the focus on cost optimisation which ensured strong margins even during a challenging commodity market.
Ajay Goel, Chief Financial O¨cer, Vedanta said, driven by operational excellence, the holding company has deleveraged by $1.6 billion in FY24.