Q3 Results 2023: Vedanta net drops 41%, Patanjali Foods PAT up 15% - HIGHLIGHTS

Q3 Results 2023: Several listed companies announced their October-December quarter earnings on Friday. While Vedanta reported a net profit of Rs 2,464 crore which was down 41 per cent on higher input cost and windfall tax, Patanjali Foods posted a 15 per cent rise in its net at Rs 269 crore. Meanwhile, Aditya Birla Sun Life AMC reported an 11 per cent drops in net profit at Rs 166 crore.  

Vedanta Q3 Results 2023: Net profit drops 41% on higher input cost, windfall tax

Vedanta Ltd on Friday reported a 40.8 per cent drop in consolidated net profit at Rs 2,464 crore in the quarter ended December 31, 2022 on the back of higher input cost and windfall tax.

The company had posted its consolidated net profit at Rs 4,164 crore in the year-ago period, Vedanta Ltd said in a filing to BSE.

However, the consolidated income of the company in the October-December period increased marginally by 0.4 per cent to Rs 34,818 crore from Rs 34,674 crore in the year-ago period.

The consolidated expenses of the company during the third quarter of FY23 increased to Rs 31,327 crore from Rs 26,777 crore in the corresponding quarter of previous fiscal.

There has been an impact of Rs 333 crore due to introduction of windfall tax in July 2022.

In a conference call, Vedanta Group CFO Ajay Goel said, "If you look at Q2 over Q3 our PAT has increased by 15 per cent."

Commenting on Vedanta's board approval to sell international zinc business to Hindustan Zinc, company's Chief Executive Officer Sunil Duggal said: "The objective of this merger is to create a winning combination where the fundamental of both the companies is so great...The R&R of our Zinc International is more than Hindustan Zinc so there is a great potential there."

The move, Duggal said, will give opportunity to put Hindustan Zinc into the foothold of geography where availability of many more critical minerals could be the opportunity.

Vedanta on Thursday said that it will sell Zinc International assets to Hindustan Zinc for a cash consideration of USD 2,981 million.

The company's board approved the fourth interim dividend of Rs 12.50 per equity share for the financial year 2022-23 amounting to Rs 4,647 crore.

The board also approved plans for the group to source 91 MW hybrid renewable power and 600 MW solar power for its aluminium plant in Jharsuguda, copper and oil and gas operations across the country.

"Accordingly, the company will execute power delivery agreements through special purpose vehicles (SPVs)...," the BSE filing said.

Vedanta's depreciation and amortisation increased by four per cent quarter-on-quarter to Rs 2,720 crore mainly due to higher depletion charge in oil and gas business.

The company's gross debt stood at Rs 61,550 crore as on December 31, 2022.

Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.

Aditya Birla Sun Life AMC Q3 Results 2023: Net profit drops 11% to Rs 166 crore

Aditya Birla Sun Life AMC on Friday reported an 11 per cent decline in profit after tax (PAT) to Rs 166.3 crore for three months ended December 2022.

In comparison, the company had posted a PAT of Rs 186.2 crore in the same quarter of the preceding fiscal, the asset management firm said in a regulatory filing.

However, Its total income rose to Rs 363.17 crore in the quarter under review from Rs 353 crore a year ago.

ABSL AMC is the fourth largest asset management company in India with quarterly average assets under management of Rs 2.82 lakh crore.

Aditya Birla Sun Life AMC — a joint venture between Aditya Birla Capital and Sun Life (India) AMC Investments Inc — is primarily the investment manager of Aditya Birla Sun Life Mutual Fund.

Patanjali Foods Q3 Results 2023: Profits rises 15% to Rs 269 crore

Patanjali Foods Ltd, which is mainly into edible oil business, has posted a 15 per cent growth in its net profit to Rs 269.18 crore for the December quarter on better sales.

Its net profit stood at Rs 234.07 crore in the year-ago period, according to a regulatory filing.

Total income rose by 26 per cent to Rs 7,963.75 crore during the quarter ended December 31, as compared to Rs 6,301.19 crore in the corresponding period of the previous year.

During the April-December period of this fiscal, nine-month period ended December 31, 2022, net profit increased to Rs 622.73 crore from Rs 571.87 crore a year ago, said Patanjali Foods, which is part of Baba Ramdev-led Patanjali Ayurved.

Total income rose to Rs 23,858.50 crore in the first nine months of this fiscal year from Rs 17,608.18 crore in the previous year.

Patanjali Foods Ltd (formerly known as Ruchi Soya Industries Ltd), has 25 manufacturing facilities, and an allocation of 6.23 lakh hectares of oil palm plantation.

Besides edible oils, the company sells many food products like neutraceuticals, biscuits and noodles.