26.1 C
Delhi

Vedanta Reports 41% net profit drop in the Q3 report

For the Quarter 3 ending December 2022, Vedanta Ltd. reported a 41% decrease in net profit. However, the bottom line outperformed analyst expectations. According to an exchange filing, the mining major reported a consolidated net profit of Rs 2,464 crore for the quarter under review, down from Rs 4,164 crore a year ago. Bloomberg analysts tracked estimated net income of Rs 1,742.9 crore.

Revenue for Vedanta increased slightly during the quarter, to Rs 33,691 crore from Rs 33,697 crore the previous year.

Vedanta
credit: businessinsider

In addition, the board approved an interim dividend of Rs 12.50 per share for the current fiscal year. The dividend payment record date is February 4th. The total outlay for the dividend would be Rs 4,647 crore, according to Vedanta’s filing.

The board also approved plans for the company to source 91 MW of hybrid renewable power and 600 MW of solar power for its Jharsuguda aluminum operations, as well as its copper, oil, and gas operations throughout India. Vedanta also stated that it will carry out power delivery agreements through special-purpose vehicles affiliated with Serentica Renewables India Pvt.

Also Read:

- Advertisement -TechnoSports-Ad

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.
TechnoSports-Ad

Popular

TechnoSports-Ad

Related Stories

More from author

The list of Airtel SMS packs as of March 19, 2024

Check out the list of Airtel SMS packs, including costs and validity information. We have shared a list of Airtel SMS recharge plans that...

The Best Recharge Plan for Jio as of 19th Match 2024

Best Recharge Plan for Jio in 2024: The Ultimate Guide In the past few months, Jio has introduced and tweaked a slew of new...

My Jio Recharge Plans as of March 19, 2024: Top trending plans from Jio

My Jio Recharge Plans: Since its establishment in 2016, Reliance Jio has made a remarkable impact on the Indian te­lecommunications industry. The company has...

Best RTX 4070 Gaming Laptops in India as of 2024

The top-performing RTX 4070 Gaming Laptops available in India in 2024 are equipped with highly capable CPUs, graphics cards, and memory. These laptops not...