Metals and mining group Vedanta Ltd on Friday reported a 26.7 percent year-on-year (YoY) jump in net profit at Rs 5,354 crore for the third quarter ended December 31, 2021.
In the corresponding quarter last year, the company posted a net profit of Rs 4,224 crore. CNBC-TV18 Polls had predicted a profit of Rs 5,102 crore for the quarter under review.
The company's revenue from operations for the December quarter rose 50 percent to Rs 34,097 crore from Rs 22,735 crore in the corresponding period last fiscal.
EBITDA for Q3 was at Rs 10,938 crore, higher by 42 percent YoY, primarily supported by improved commodity prices. This was partially offset by the higher Cost of production impacted by input commodity inflation.
EBITDA for Q3 was higher by 3 percent QoQ, primarily supported by improved commodity prices and higher sales volume across businesses, partially offset by higher cost of production impacted by input commodity inflation. The company had a robust EBITDA margin of 37 percent during the quarter compared to 39 percent in Q3 FY2021 and 40 percent in Q2 FY2022.
The depreciation & amortisation for Q3 was at Rs 2,274 crore, higher by 19 percent YoY, primarily on account of higher depletion charge at oil & gas, capitalization at aluminium and zinc India business. Depreciation & amortisation for Q3 was up by 7 percent QoQ, mainly due to higher capitalisation at aluminium and zinc India business, partially offset by lower ore production at Zinc International.
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The finance cost for Q3 FY2022 was at Rs 1,216 crore, down by 8 percent YoY, mainly due to lower average borrowings, partially offset by an increased rate of borrowings. The finance cost for Q3 FY2022 was up by 14 percent QoQ, mainly due to higher average borrowings and amortization of finance cost.
Investment income for Q3 FY2022 was at Rs 516 crore, down by 33 percent YoY and 11 percent QoQ, due to Mark to Market movement and change in the investment mix. The exceptional items for Q3 FY2022 was at Rs 37 crore, primarily on account of CWIP impairment at Doswada.
Shares of Vedanta ended at Rs 327.55, down by Rs 0.70, or 0.23 percent on the BSE.
(Edited by : Jomy Jos Pullokaran)
First Published: IST