Indian metals-to-oil conglomerate Vedanta Ltd reported a 68 per cent slump in fourth-quarter profit on Friday after revenue fell amid declining prices of metals.
Vedanta's consolidated net profit stood at 18.81 billion rupees ($230 million) for the quarter ended March 31, compared with 57.99 billion rupees a year earlier, the billionaire Anil Agarwal-led company said in an exchange filing.
Analysts had, on average, expected a profit of 28.91 billion rupees, according to Refinitiv IBES data.
The metals and mining major's quarterly revenue fell 5.4 per cent to 372.25 billion rupees. The share of revenue from the mainstay aluminium business reduced to 33 per cent from 39 per cent.
Zinc and aluminium prices have plunged more than 40 per cent from the record highs hit in March 2022.
Total expenses climbed 10.5 per cent to 330.4 billion rupees from a year earlier, with finance costs jumping 35 per cent and depreciation & amortization costs surging 16 per cent.
The results come as Vedanta Group-owned Hindustan Zinc's proposal to buy certain zinc assets from Vedanta Ltd for $2.98 billion lapsed after failing to get shareholders' approval.
The company's earnings before interest, taxes, depreciation, and amortisation slumped 32 per cent.
Meanwhile, the losses due to a windfall tax on oil exports fell to 1.18 billion rupees from 3.33 billion rupees in the December quarter after the government reduced levies.
Total aluminium sales contracted 1.4 per cent, but production remained flat.
Last month, Hindustan Zinc reported a fall in quarterly profit, hit by lower zinc and silver prices.
($1 = 81.7800 Indian rupees)