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Vedanta, the metal, mining, and energy conglomerate, said its net profit plunged 41 per cent in the June quarter at ₹3,308 crore, against ₹5,592 crore in the same period last year due to lower realisation.
Net sales were down at ₹33,342 crore (₹38,251 crore) primarily on account of steep reduction in output commodity prices, partially offset by favourable movement in exchange rates.
The company has announced an interim dividend of ₹18.50 a share.
Sunil Duggal, Chief Executive Officer, Vedanta, said the company is on a transformational journey with significant growth across its businesses and diversification into future enabling, technology-focussed sectors.
The company remains committed to maximising shareholder returns through low-cost operations and skill development.
Also read: RIL Q1 FY24 net profit down 11% to ₹16,011 crore
It has delivered EBITDA of ₹6,975 crore in this quarter against ₹10,741 in the same period last year, due to lower output, fall in commodity prices and lower sales.
Finance cost increased to ₹2,110 crore (₹1,206 crore), mainly due to increase in blended cost of borrowings and average borrowings.
Investment Income at ₹506 crore was lower against ₹583 crore logged in Q1 FY23 on change in investment mix and mark-to-market movement.
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