Vedanta Ltd, a mining and metals company, today declared a net profit of 4,644 crores for the July-September quarter, up from 806 crores in the same period the previous year.
Revenues for the Anil Agarwal-led company increased by 44% to $30,048 crore in the third quarter, compared to 21,107 crores the previous year.
Higher commodities, crude, and gas prices have resulted in higher revenues. Higher input costs, on the other hand, had an influence on the steel industry.
On Friday, the stock closed at 303.70, up 0.95 percent. The earnings were announced after the close of the market.
Vedanta pledged $5 billion over the next ten years to expedite the transition to net-zero carbon, with a renewed focus on being the leading ESG performer in the natural resources industry, according to the company’s earnings statement.
In addition, the business reported a record consolidated Ebitda of 10582 crores, up 62 percent year on year, owing to stronger commodity prices and higher aluminum shipments.
“Vedanta has set its sights on becoming a leader in the metals and mining sector in terms of our ESG performance, with a strong commitment to achieving Net-Zero Carbon by 2050 or sooner, increasing workplace diversity, and a commitment to improving the quality of life of more than 100 million women and children,” said Sunil Duggal, Vedanta’s Chief Executive Officer.
The company lowered net debt by 7,232 crore year over year during the quarter. and declared an interim dividend of 18.5 rupees per share, amounting to Rs 6,855 crore.
