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Vedanta Q3 profit up 49% to Rs 2,348 crore

Vedanta Q3 profit up 49% to Rs 2,348 crore
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New Delhi: Vedanta Ltd on Friday reported a 49.1 per cent rise in its consolidated profit at Rs 2,348 crore for the December 2019 quarter, on the back of lower expenses.

The company had posted the profit of Rs 1,574 crore in the October-December period of the previous financial year, Vedanta Ltd said in a filing to the BSE. The profit is "attributable to owners of Vedanta Ltd", the filing said. In a statement, the company said "attributable PAT (was) at Rs 2,348 crore, up 49 per cent y-o-y (year-on-year)".

However, the company had posted a decline in consolidated income at Rs 22,007 crore in the October-December period, over Rs 25,067 crore in the year-ago period. The company's consolidated expenses, however, declined to Rs 18,369 crore as against Rs 21,589 crore in the year-ago period. "We remain on track to become the world's largest long-life integrated zinc-lead-silver producer in two years while maintaining our cost leadership. Our aluminium business continues to benefit from improved integration and systemic cost improvements," Vedanta Ltd Chief Executive Officer Srinivasan Venkatakrishnan said.

The company said revenue was 3 per cent lower on a quarter-on-quarter basis, primarily due to lower volumes in the oil and gas business. "Revenue was three per cent lower on Q-o-Q basis, primarily due to lower volumes in oil and gas business, partially offset by higher volumes in iron ore and steel, zinc India and aluminium business coupled with past exploration cost recovery in oil and gas business," the statement said.

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