Vedanta Ltd Reports Strong Q1 Results with 36.5% Profit Surge and Strategic Demerger Plan

Mining conglomerate Vedanta Ltd announced a 36.5% rise in consolidated net profit for Q1 2024, attributed to improved margins and cost reduction. The company reported a net profit of Rs 3,606 crore, up from Rs 2,640 crore the previous year. A demerger plan is underway, with strong market confidence reflected in their recent QIP.

Mining conglomerate Vedanta Ltd reported a 36.5% surge in consolidated net profit for the quarter ending June 30, 2024, amounting to Rs 3,606 crore. This increase is attributed to improved margins and robust cost reduction across all operations.

Compared to the previous year's net profit of Rs 2,640 crore, Vedanta's consolidated income also saw an uptick, reaching Rs 36,698 crore from Rs 34,279 crore. The company confirmed that its proposed demerger is on track, having filed the scheme with the National Company Law Tribunal (NCLT).

Executive Director Arun Misra highlighted the company's strategic focus on cost reduction, noting stellar performances in the aluminium and zinc divisions. Recent QIP raised over Rs 1 billion, boosting investor confidence. CFO Ajay Goel emphasized the funds' use in deleveraging the balance sheet and reducing finance costs.

(With inputs from agencies.)