Due to higher expenses, Vedanta Ltd. reported a 60.8 percent decrease in its consolidated net profit for the quarter ended September 30 at Rs 1,808 crore on Friday. Vedanta Ltd. stated in a regulatory filing that the company had achieved a consolidated net profit of Rs 4,615 crore in the year prior. From Rs 31,074 crore the previous year, its consolidated income increased to Rs 37,351 crore during the July-September period.
From Rs 23, 171 crore in the previous year, the company’s expenses increased to Rs 33,221 crore in the current quarter. Sunil Duggal, the chief executive officer of Vedanta, stated that the company’s robust operational and financial performance contributed to its strong free cash flow (pre-capex) of Rs 8,369 crore. Vedanta stated that its projects for growth and vertical integration, which aim to lessen the impact of market volatility and increase shareholder value, are moving along well.
According to the company, the board has approved the expansion of Balco’s rolled product capacity from the current 50 KTPA to 180 KTPA at a revised cost of Rs 595 crore.
Vedanta stated, “Balco will be placed in the high premium product segment with the completion of this project.”
It added that, subject to obtaining the necessary approvals from the government, the board has approved Balco’s plan to increase its smelter capacity from the current 580 KTPA to 994 KTPA at a revised cost of approximately Rs 8,094 crore.