Vedanta Q4 Net Profit Down 68%, Declares Dividend of Rs 33 Per Share

Vedanta announced its Q4FY23 results on May 12, reported a 56.3% year-on-year drop in profit to Rs 2,634 crore compared to Rs 6,027 crore a year earlier.

On Friday, Vedanta reported a 67.5% drop in net profit to Rs 1,881 crore for the quarter ended March 31, 2023, compared to the same period last year. Revenue for the quarter fell 5.4% to Rs 37,225 crore from Rs 39,342 crore in FY22.

The consolidated EBITDA of the company stood at Rs 9,362 crore. The EBITDA margin was 29%. The mining giant also declared a dividend of Rs 33 per share.

In FY23, it reported an all-time high consolidated revenue of Rs 1.4 trillion, up 11% year-on-year.

“We achieved our highest ever free cash flow (before capex) of Rs 28,068 crore, enabling us to reinvest in business growth and deliver attractive dividends to our valued shareholders. Our progress in ESG transformation has been a remarkable year for us, with progress recognized by leading rating agencies. We completed 1,868 MW of renewable energy transmission agreements, bringing us closer to becoming carbon neutral by 2050 or sooner. Going forward, we remain committed to operational excellence, shareholder value creation and permanent transformation,” said Vedanta Chief Executive Officer (CEO) Sunil Duggal.

Shares of the company closed at Rs 275.25 on Friday, down 2.24%.

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