Categories Earnings, Industrials

Vedanta Ltd Q3FY23 net profit drops by 42%

Vedanta Limited on January 27 reported a 41.81 percent drop in consolidated net profit for the quarter ended December 2022 at INR 2,464 crore against INR 4,164 crore in the same quarter last year. The revenue from operations came in at INR 33,691 crore, down 0.01 percent from INR 33,697 crore in the corresponding quarter a year ago, the company said in an exchange filing.

The Board of Directors of the Company also approved the fourth interim dividend of INR 12.50 per equity share amounting to INR 4,647 crore. The record date for the payment is February 4, 2023.

The company said its quarterly alumina production decreased by 2 percent quarter on quarter (QoQ) to 443 kilotonnes (kt) due to maintenance activities in calciners. Karnataka saleable iron ore production increased by 32 percent QoQ to 1.4mn tonnes. Pig iron production was higher by 66 percent QoQ as the second quarter was impacted by the shut down of smaller blast furnace.

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