Mumbai: Vedanta, an Indian multinational company headquartered in Mumbai, India, on Friday reported a drop of 57 per cent in its consolidated profits for the Quarter of March due to a shake in its aluminium business and write-offs.

The company’s consolidated net profits came down to Rs 3,312 crore in January-March compared to year-back net earnings of Rs 7,261, as per the stock exchange filed by the firm.

Back-to-back, the company’s net profit rose by 1% from Rs 3,092 crore in October-December.

In Q4 of the financial year 2022-23 (April 2022- March 2023) fiscal year, its revenue diminished by 5 per cent to Rs 37,225 crore as compared to Rs 39,342 crore in the previous year.

Decline in profits

A dip in commodity prices led to earnings from Vedanta’s various businesses- zinc to iron ore, oil and gas, copper and aluminium decrease. Earnings before tax from the aluminium business fell by 57.5 per cent.

For Q4, its consolidated Ebitda stood at Rs 9,362 crores, with the Ebitda margin placed at 29 per cent.

“Our commitment to operational excellence has helped us deliver record performance across our key businesses. 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 Cheif Executive Officer Sunil Duggal

The firm said that for the financial year 2023, it achieved an all-time high net revenue of Rs 145,404 crore which was up by 11 per cent YoY—Ebitda at Rs 35,241 crore to be the highest ever. Free cash flow stood at Rs 28,068, up by 3 per cent was also the highest ever.

Appointment

The firm’s board of directors has appointed Navin Agarwal and Priya Agarwal as directors for the next 5 years.

Meanwhile, the board also showed the green light to USD 296 million of capital expenditure to carry out the exploration of gas and oil.

On the other hand, Vedanta also reported its debt which rose to Rs 66,182 crore at the end of March 2023 from Rs 51,109 of the previous year and Rs 61,550 crore for the period ended in December 2022.