Vedanta Q2 net profit falls 60% on higher expenses; revenue up 20%

Vedanta's oil and gas business also took a hit due to the windfall tax and lower crude prices in Q2, analysts said

Metals and mining major Vedanta on Friday reported a 60.8 per cent year-on-year (YoY) decline in consolidated net profit at Rs 1,808 crore for the quarter ended September 30, 2022 (Q2), on the back of higher expenses. This was a sharp miss from the Bloomberg consensus estimate of Rs 2,036 crore.

The company had posted a consolidated net profit of Rs 4,615 crore in the year-ago period. Sequentially, net profit declined 59.1 per cent in Q2. The company had reported a net profit of Rs 4,421 crore in the June quarter.

Vedanta's revenue during the quarter under review increased to