Vedanta Group experienced a significant decline in its Q3 profit as a result of reduced commodity prices. In the quarter ending on December 31, the company's consolidated net profit stood at 24.64 billion rupees, representing a sharp decline of 40.8% compared to the same period in the previous year.
The drop in profit can be attributed to various factors. Firstly, Vedanta was adversely affected by the Indian government's windfall tax on crude oil. Additionally, the company's financial performance suffered due to the decline in zinc and aluminum prices throughout 2022, as well as increased company expenses.
During the reporting period, Vedanta's EBITDA (earnings before interest, taxes, depreciation, and amortization) experienced a year-on-year decrease of 35.1%. Moreover, the production of aluminum and refined metals declined by 2% each.