Vedanta Q4FY23 Net Profit Falls 67.6%
PremiumMumbai: Vedanta Ltd, the Indian subsidiary of billionaire businessman Anil Agarwal-promoted Vedanta Resources, reported a steep 67.6% year-on-year decline in its March quarter (Q4FY2023) net profit to Rs. 1,881 crore, primarily because of a “one-time charge" in its oil and gas business.
The company booked an exceptional loss of ₹1,336 crore mostly on account of impairment in the oil and gas business and payment of windfall tax on oil produced from Rajasthan block, Vedanta said in a filing with stock exchanges.
Consolidated revenue from operations fell 5.4% on year to ₹37,225 crore during the quarter under review.
The company has declared an interim dividend of ₹33 per share for Q4.
“We have delivered the highest-ever free cash flow (pre-capex) of Rs.28,068 crore, enabling us to reinvest for business growth and provide our valued shareholders with attractive dividends," said Sunil Duggal, CEO, Vedanta.
The company’s consolidated operating profit fell 32% to ₹9,362 crore in Q4.
For the year ended March, profit declined 43.8% to ₹10,574 crore from ₹18,802 crore in FY22. However, net sales grew 11% on year to ₹1.45 trillion.
“Our progress on ESG transformation has been recognized by leading rating agencies, making it a remarkable year for us. We finalized 1868 MW renewable power delivery agreements which brings us one step closer towards becoming carbon neutral by 2050 or sooner. Going ahead, we remain committed to operational excellence, shareholder value creation and transforming for good," said Duggal.
On Friday, shares of Vedanta ended 2.26% lower at ₹275.10 apiece on the National Stock Exchange.
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