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.
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.