INSUBCONTINENT EXCLUSIVE:
Mumbai: Natural resources major Vedanta reported a 43% decline in net profit for the quarter ending September, 2018, falling short of
estimates , primarily on account of lower interest income, the company announced on Wednesday.
In what is a seasonally weak quarter, net
profit fell by 43% y-o-y at Rs 1,135 crore, trailing behind Bloomberg estimates of Rs 1,808 crore
Total revenue from operations, however, beat Bloomberg estimates, increasing by 5% over last year at Rs 22,705 crore on the back of higher
aluminium volumes, higher availability at Talwandi Sabo Power,
acquisition of Electrosteel, currency depreciation and higher commodity
This was however partially offset by lower volumes at Zinc India, Zinc International and closure of Tuticorin smelter.
EBITDA during the
quarter was down by 8% at Rs 5,342 crore, pulled down by higher costs due to input commodity inflation and lower zinc volumes.
Net debt
during the quarter was brought down by 13.5% at Rs 26,357 crore.
