Vedanta profit declines 27% to Rs 1,369 crore
NEW DELHI: Vedanta Ltd’s net profit declined by 27% to Rs 1,369 crore for the quarter ending March 31, 2024, due to rising finance costs and weak prices of metals such as zinc, copper, and aluminum.
It had reported Rs 1,881 crore net profit in Q4FY23. Its revenue from operations fell 6% to Rs 34,937 crore in the quarter. Consolidated EBITDA fell 4% to `8,969 crore in Q4FY24 from a year earlier. Vedanta reported a reduction in net debt to Rs 56,338 crore as of March 31, down Rs 6,155 crore from Q4FY23. The company said an improvement in its net debt to EBITDA ratio from 1.7 times as of December 31 to about 1.5.
“Through continued cost optimisation, we achieved an EBITDA margin of 30% in FY24 with Rs 240 basis points annual margin expansion, underscoring our efficiency and agility,” said Ajay Goel, CFO, Vedanta. It generated free cash flow of Rs 9,948 crore amid plans to strengthen balance sheet via increased cash flows.