Vedanta posts 2% rise in Q1 profit, misses estimates

Mumbai: Anil Agarwal-led Vedanta posted a marginal increase in net profit for the first quarter of the current fiscal, the company announced on Tuesday.

Net profit increased by 2% at Rs 1,533 crore, missing Bloomberg estimates of Rs 2,374 crore. Revenue from operations increased by 15% at Rs 22,206 crore on the back of higher volumes at aluminium, oil & gas business, higher availability at Talwandi Sabo plant. EBITDA stood at Rs 6,529 crore, up by 31% over last year.

The company has cash and liquid investments of Rs 35,251 crore. Its net debt stood at Rs 29,910 crore; higher than the last quarter on account of acquisition of the stressed steel company Electrosteel Steels, bagged by Vedanta under the country's bankruptcy code.


''We are excited about the growth across our portfolio of zinc, aluminium, and oil & gas. The projects are advancing well to meet key milestones and we are confident of the progressive volume uplift in the coming quarters,' Kuldip Kaura, chief executive at Vedanta said.