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Mining conglomerate Vedanta Ltd on Thursday reported an 18.3% decline in the consolidated net profit to ₹2,013 crore for the December quarter of 2023-24 due to lower other income and a higher tax charge.
For Q3FY24, the Anil Agarwal-promoted company reported a net profit of ₹2,013 crore, down 18.3% on a year-on-year (Y-o-Y) basis.
The net sales for the company rose 3.8% to touch ₹34,968 crore during the same period.
The growth in revenues, the company said, was driven by higher sales volume and favourable movement in the exchange rate, which is partially offset by the decrease in commodity prices.
The EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter under review was ₹8,677 crore, up 22% on year-on-year (Y-o-Y) basis.
The EBITDA growth, the company said, was helped by an improved operational performance, favourable forex impact, and higher output commodity prices.
For the quarter under review, the company also reported a tax charge of ₹1,237 crore, higher than ₹839 crore seen in the same quarter a year ago.
Other income for the company in Q3 also dipped 51.9% Y-o-Y to ₹779 crore. Sequentially, the company reported a 9.3% dip in net sales in Q3 and returned to profits from a loss of ₹1,783 crore reported in the previous quarter.
As of December 2023, the company’s gross debt stood at ₹75,227 crore, while the net debt stood at ₹62,493 crore.
On the proposed demerger of its businesses into separate listed entities, the company in an address to analysts said it is awaiting a nod from markets regulator Securities and Exchange Board of India.
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