Metals and mining major Vedanta on Friday reported a 41 per cent year-on-year (YoY) fall in consolidated net profit (attributable to owners) to Rs 2,464 crore for the quarter ended December 31, 2022. This was mainly because the company was hit by lower output and weak commodity prices.
Q3 bottom line missed Bloomberg consensus estimates, which had pegged net profit for the quarter at Rs 5,516 crore. The company’s net profit a year ago stood at Rs 4,164 crore. As compared to the previous quarter (Q2 of FY23), net profit was up 36.3 per cent.
In its recent operational update for Q3, the company had indicated that aluminium and steel production had declined by 2 per cent and 13 per cent each YoY. Also, iron ore sales had declined by 18 per cent versus a year ago. The company’s average daily gross operated production for oil & gas in Q3 declined by 9 per cent versus the corresponding period last year, the update said. The impact of lowe
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