Vedanta Limited reports 1QFY24 results: Consolidated quarterly revenue of Rs 33,342cr

For the first quarter ending 30th June 2023 (1QFY24), Vedanta Limited reported unaudited consolidated financial results with quarterly consolidated revenue of ₹33,342 crore, a decrease from ₹38,251 crore in 1QFY23.

This change was primarily attributed to a significant drop in output commodity prices, although somewhat offset by favourable movements in exchange rates. The company’s consolidated EBITDA for the quarter was ₹6,975 crore, reflecting a strong margin of 24%. Vedanta also reported a sequential growth of 6% in consolidated profit after tax, amounting to ₹3,308 crore.

Operational highlights from the report suggest that key businesses continued to demonstrate strong performance. The company’s aluminium production increased by 2% year-on-year to 579 kt, while the cost of production fell by 27%. Zinc India noted its highest-ever mined metal production for a first quarter, at 257 kt, a 2% increase year-on-year. Refined metal production remained stable, while saleable silver production grew by 1% year-on-year. The production cost for Zinc was reduced by 6% year-on-year.

The report also highlighted results from the company’s oil and gas, iron ore, steel, and copper sectors. Sunil Duggal, Chief Executive Officer of Vedanta, commented, “Vedanta is on a transformational journey with significant growth across its businesses and diversification into future enabling, technology-focused sectors… We have delivered Rs 6,975 cr in EBITDA this quarter, with an operating margin of 24% and PAT of Rs 3,308 cr, marking a 6% increase sequentially… We are determined to lead the charge towards a more sustainable and responsible tomorrow.”