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Vedanta’s Bottom Line Hit Hard By Lower Aluminium Prices In First Quarter – Aluminium Insider

admin by admin
May 16, 2023
in Metallurgy


Indian metals miner Vedanta Ltd turned in much lower numbers than usual in the previous quarter, thanks in large part to a drop in prices for aluminium and other metals.

Last week the firm reported a 68 percent drop in consolidated net profit for the previous quarter, coming in at ₹18.18 billion (US$230 million). This came in stark contrast to market expectations, which predicted a profit of ₹28.91 billion. Last year’s first quarter consolidated net profit came in at ₹57.99 billion.

Quarterly revenue came in at ₹372.25 billion, down by 5.4 percent on the year, with the aluminium business dropping from 39 percent to 33 percent of that total. Meanwhile, expenses jumped by 10.5 percent to ₹330.4 billion, including a 16 percent rise in depreciation and amortization and a 35 percent bump in finance costs.

EBITDA dropped by almost a third in the first quarter, thanks in part to a drop in aluminium and zinc prices of over 40 percent.

Overall, the firm’s total aluminium sales were off by a mere 1.4 percent, while production in the quarter was unchanged.

Vedanta’s dismal results come as part of a one-two punch of Hindustan Zinc’s offer to buy a portion of Vedanta Ltd.’s zinc assets for US$298 billion ended for want of shareholder approval. Hindustan Zinc was also hit hard by lower metals prices, turning in a drop in quarterly profit as well.



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