On consolidated basis, Vedanta's net profit declined 42.25% to Rs 3,092 crore in Q3 FY23 from Rs 5,354 crore posted in Q3 FY22.  

Revenue from operations fell marginally to Rs 33,691 crore in Q3 FY23 as against Rs 33,697 crore reported in the corresponding quarter last year. 

The mining company said that the decline in revenue was on account of moderation in output commodity prices and lower strategic hedging gains; partially offset by favourable foreign exchange movement. 

Profit before tax in the quarter stood at Rs 4,394 crore, down 43.61% from Rs 7,792 crore recorded in the same period last year. 

EBITDA decreased by 35% YoY to Rs 7,100 crore in Q3 FY23, on account of lower output commodity prices, lower strategic hedging gains; partially offset by improved operational performance, easing of input commodity inflation and foreign exchange gains. 

EBITDA margin slipped to 24% in Q3 FY23 as against 37% recorded in the corresponding quarter previous year. 

Depreciation & amortisation for Q3 FY23 was increased by 19.6% YoY to Rs 2,720 crore, mainly due to higher depletion charge in Oil & Gas business. 

In Q3 FY23, finance cost jumped 29.28% YoY to Rs 1,572 crore, majorly due to decrease in average borrowings and higher interest capitalization. 

Investment Income for Q3 FY23 was up 31.59% YoY to Rs 679 crore, majorly due to increase in average interest rate. 

The company's gross debt stood at Rs 61,550 crore while net debt was Rs 38,076 crore on 31 December 2022. 

Cash and cash equivalents position remain healthy at Rs 23,474 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 maintained its investment grade credit rating of ‘AA' with stable outlook by CRISIL and India Ratings. 

Sunil Duggal, chief executive officer of Vedanta, said Our quarterly profit after tax grew 15% on sequential basis to Rs 3,092 crore; free cash flow (pre capex) stood at Rs 6,504 crore with focus on working capital and cost optimization. Our ESG initiatives have been recognized by several major external rating agencies. We have approved plans for another 941 megawatt RE power under group captive RE power development program. 

Further, the company's board has approved the sale of Vedanta Zinc International (VZI) business to Hindustan Zinc (HZL) for a cash consideration of $2,981 million, including $562 million as deferred consideration linked to certain milestones. With combined R&R of around 1,150 million tonne ore and more than 60 million tons metal, HZL will have potential to become the largest global zinc player, said the company. 

Sunil Duggal added, Vedanta and Hindustan Zinc boards have taken strategic initiative to consolidate Zinc International under Hindustan Zinc. It will be a win-win transaction, unlocking significant value for both Vedanta and Hindustan Zinc shareholders. 

Meanwhile, the board of directors has 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 record date for the purpose of payment of dividend is 4 February 2023. 

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.