Profit before tax in the quarter stood at Rs 4,086 crore, down 43.7% from Rs 7,260 crore recorded in the same period last year.

EBITDA decreased by 35.06% YoY to Rs 6,975 crore in Q1 FY24, on account of lower output commodity prices and lower sales, partially offset by moderation of input commodity price.

EBITDA margin slipped to 24% in Q1 FY24 as against 29% recorded in the corresponding quarter previous year.

Depreciation & amortisation for Q3 FY23 was increased by 3.5% YoY to Rs 2,550 crore, mainly due to capitalisation of assets at VAL and higher amortisation at HZL.

In Q1 FY24, finance cost surged 74.96% YoY to Rs 2,110 crore, mainly due to increase in blended cost of borrowings and average borrowings.

Investment Income for Q3 FY23 was down 13.21% YoY to Rs 506 crore, majorly due to to change in investment mix and mark to market movement.

The company's gross debt stood at Rs 73,484 crore while net debt was Rs 59,192 crore on 30 June 2023.

Cash and cash equivalents position remain healthy at Rs 14,292 crore. The company follows a board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks.

The company has investment grade credit; rated ‘AA' with negative outlook by both CRISIL and India Ratings.

Sunil Duggal, chief executive officer (CEO) of Vedanta, said “Vedanta is on a transformational journey with significant growth across its businesses and diversification into future enabling, technology focused sectors. We remain committed to maximizing shareholder returns through best-in-class and low-cost operations, skill development and global experience leadership with sustainability at the forefront.

We have delivered Rs 6,975 crore in EBITDA this quarter, with an operating margin of 24% and PAT of Rs 3,308 crore, marking a 6% increase sequentially. As we continue to move forward, we remain committed to achieving operational excellence and enhancing our competitiveness in the market.”

Meanwhile, the company informed that Sunil Duggal will cease to be wholetime director & CEO, effective from closure of business hours on 31 July 2023 on account of his superannuation.

Further, on the recommendation of nomination and remuneration committee the company's board approved the appointment of Arun Misra as an additional director designated as an executive director of the company effective from 1 August 2023 to 31 May 2025, subject to approval of the shareholders.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

The scrip declined 1.36% to end at Rs 278.30 on the BSE.