Vedanta Profit Up 37%, Revenue Rises 6%

6 Aug 2024 , 02:56 PM

Mining major Vedanta Ltd. reported a robust 37% year-on-year (YoY) growth in its consolidated net profit, reaching ₹3,606 Crore for the first quarter. This is a significant increase compared to the ₹2,640 Crore posted during the same period last year.

Revenue and EBITDA Growth

Vedanta’s revenue from operations for the quarter rose by 6% YoY, amounting to ₹35,239 Crore, up from ₹33,342 Crore in the corresponding quarter of the previous year. The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) saw a remarkable 47% YoY increase, reaching ₹10,275 Crore. The EBITDA margin stood strong at 34%.

Executive Commentary

Arun Misra, Executive Director of Vedanta, highlighted the company’s impressive performance: “We have delivered a strong start to the year, with exceptional EBITDA and PAT improvement on the back of improved margins, and robust cost reduction across all operations.”

Market Reaction

At 2:53 PM on August 6, Vedanta’s shares on the Bombay Stock Exchange (BSE) were trading 0.8% higher at ₹413.85 per share.