Mining giant Vedanta Ltd on Friday reported a 57 per cent drop in its March quarter net profit on softer commodity prices and impairment in the oil and gas business.
Consolidated net profit was at Rs 3,132 crore in January-March compared with Rs 7,261 crore net earnings in the same period a year back.
On a sequential basis, net profit was up 1 per cent from Rs 3,092 crore in October-December.
Revenue declined 5 per cent to Rs 37,225 crore in the fourth quarter of 2022-23 (April 2022 to March 2023) fiscal year from Rs 39,342 crore a year back.
A dip in commodity prices led to earnings across Vedanta’s business — from zinc to iron ore, oil and gas, copper and aluminium — to decline. Pre-tax earnings from the aluminium business fell 57.5 per cent. he share of the revenue from the mainstay aluminium business reduced to 33 per cent from 39 per cent.
Cipla profit up 45%
Drug major Cipla on Friday said its consolidated net profit increased by 45 per cent to Rs 526 crore for the fourth quarter ended March 31, driven by robust sales across the domestic business and US market.
The Mumbai-based company had reported a net profit of Rs 362 crore for the January-March quarter of 2021-22 fiscal.
Total revenue from operations rose to Rs 5,739 crore for the fourth quarter as compared with Rs 5,260 crore in the year-ago period, Cipla said in a regulatory filing.
For the year ended March 31, 2023, the drug maker reported a consolidated net profit of Rs 2,802 crore against Rs 2,517 crore in FY22. Total revenue rose to Rs 22,753 crore last fiscal as against Rs 21,763 crore in 2021-22 fiscal.
HPCL net jumps 79%
Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported a 79 per cent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.
Consolidated net profit was at Rs 3,608.32 crore in January-March compared with Rs 2,018.45 crore in the same period a year back.
The company, however, posted a loss of Rs 6,980.23 crore for the full fiscal year 2022-23 after it suffered huge losses in the first half on holding petrol, diesel and LPG prices despite a surge in cost.
