Anil Agarwal-led Vedanta Ltd on Thursday reported an 18.3 per cent fall in its consolidated net profit at Rs 2,013 crore in the quarter that ended on December 31, 2023 (Q3FY24) as compared to Rs 2,481 crore in the same quarter in 2022. In the previous quarter, Q2FY24, the company had reported a loss of Rs 1,866 crore.
The revenue of the company was up 4 per cent to Rs 34,968 crore during the quarter. It was the company's highest Q3 revenue ever.
"We have delivered remarkable performance through our strategic focus on substantial cost compression, complemented by an impressive production ramp-up across businesses," Vedanta executive director Arun Misra said. The company distributed dividends totaling Rs 4,089 crore during the quarter.
"Compared to Nifty 50 firms, our average dividend yield over the last five years is ten times higher. Vedanta has a better balance sheet and will continue to be dedicated to wealth generation and deleveraging because of Holdco's effective liabilities management, according to chief financial officer Ajay Goel.
Additionally, the company said that, in comparison to Q3FY23, its EBITDA margin increased by 507 basis points (bps) to 29% in Q3FY24. The margin was 438 basis points more than it was in the preceding quarter. On the BSE, the company's shares ended the day up 0.4% at Rs 263.55 a share.
