Vedanta on Thursday reported a marginal 4.6 per cent rise in its consolidated net profit at Rs 4,421 crore in the April-June quarter due to higher sales volume, commodity prices and strategic hedging gains.
The diversified natural resources company had posted a consolidated net profit of Rs 4,224 crore in the year-ago period, Vedanta Ltd said in a BSE filing. Its consolidated income during the April-June period increased to Rs 39,355 crore from Rs 29,151 crore in the year-ago period, the filing said.
The consolidated expenses of the company during the first quarter increased to Rs 32,095 crore from Rs 21,751 crore in the year-ago period, the filing said. Vedanta's chief executive officer Sunil Duggal said that this year the company's key priorities will be delivery on committed volumes, timely execution of projects for growth, value addition, vertical integration and cost reduction across its key businesses, and proactive commodity price risk management.
In the first quarter of the ongoing fiscal, the company's depreciation and amortisation increased by 16 per cent year-on-year to Rs 2,464 crore on account of higher depletion charge in oil and gas and higher ore production at Zinc India. In the reporting quarter, the finance cost increased by two per cent year-on-year to Rs 1,206 crore, mainly on account of rise in average borrowings, partially offset by reduction in average interest rate of borrowings.
The company's gross debt rose by Rs 8,031 crore in the first quarter of FY23 to Rs 61,140 crore. The full profit for the quarter, including profits of jointly-controlled entities, rose by 6 per cent to Rs 5,592 crore, the company said.