Vedanta Q1 net profit rises 6% to Rs 5,592 cr; revenue jumps 36%

Diversified natural resources company Vedanta Ltd on Thursday reported 6% rise in net profit at Rs 5,592 crore for the quarter ending June 30, 2022. 

The company's consolidated revenue increased 36% to Rs 38,251 crore. 

Sunil Duggal, Chief Executive Officer, Vedanta, said: “I am pleased to report that we have started FY23 with strong performance, underpinned by our world class assets and strength of our business model. We recorded best-ever 1Q EBITDA of Rs 10,741 crore and PAT of Rs 5,592 crore despite inflationary cost pressures. This year, our key priorities will be delivery on committed volumes, timely execution of projects for growth, value addition, vertical integration & cost reduction

across our key businesses, and proactive commodity price risk management.

On Thursday, the company's scrip on BSE closed trading 0.8% higher at Rs 245.50.

In the first quarter of the ongoing fiscal, the company's depreciation and amortisation increased by 16% year-on-year to Rs 2,464 crore on account of higher depletion charge in oil and gas and higher ore production at Zinc India.

In the reporting quarter, the finance cost increased by 2% year-on-year to Rs 1,206 crore, mainly on account of rise in average borrowings, partially offset by reduction in average interest rate of borrowings.

The company's gross debt rose by Rs 8,031 crore in the first quarter of FY23 to Rs 61,140 crore.

Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.