25th April 2024 – Vedanta Ltd, owned by billionaire Anil Agarwal, revealed a 27 percent decrease in the company’s earnings for the fiscal fourth quarter. Rising financing expenses and the poor pricing of metals such as zinc, copper, and aluminium caused this fall.
The company’s net profit for the quarter that ended on March 31 was 1,369 crore, which is a decrease from the previous year’s figure of 1,881 crore. The previous quarter, which ended in December, saw the company record a profit of Rs 2,013 crore.
The revenue generated from operations during the March quarter was 34,937 crore, which is a decrease of 6 percent. Sequentially, there was not much of a change in any revenue.
Both short-term and long-term demand in India are expected to continue to be healthy, according to the business.
Conclusion
In a presentation to investors, Vedanta said that “the demand is expected to remain strong in the upcoming years due to the thriving infrastructure, manufacturing, automobile, and electric vehicle/renewable sectors.” A year earlier, the consolidated EBITDA was 8,969 crore, which is a decrease of 4 percent from the previous year’s figure.
Source:Link