Vedanta stock dips 2% even after posting highest-ever aluminium production in Q2 | Stock Market News
Source: Live Mint
Metal giant Vedanta announced that it achieved its highest-ever aluminium production, reaching 1,205 kt in the first half of the financial year. Despite the positive update, the company’s stock dropped by 2 per cent, hitting a day’s low of ₹501 on the BSE.
The company’s alumina production has increased by 21 per cent year-on-year (YoY).
Vedanta also reported achieving its highest-ever mined and refined metal production in Zinc India during the second quarter. The company reached a record high in mined metal production, while refined metal output rose by 5 per cent YoY, totaling 524 kt in the first half of the year.
Zinc international volumes increased by 16 per cent quarter-on-quarter, while the company’s power sales grew by 10 per cent year-on-year in the first half, driven by higher generation from thermal plants. Silver volumes in the second quarter surged by 10 per cent compared to the previous quarter.
Vedanta Q1 performance
For the first quarter ending June 2024, Vedanta reported a 37 per cent year-on-year (YoY) increase in consolidated net profit, reaching ₹3,606 crore compared to ₹2,640 crore in the same period last year.
Revenue from operations for the quarter grew by 6 per cent YoY to ₹35,239 crore, up from ₹33,342 crore in the corresponding quarter of the previous year.
The company also highlighted record-high Alumina production at its Lanjigarh refinery, hitting 539 kt, a 36 per cent YoY increase driven by expanded capacity. Cast Metal production of Aluminium rose 3 per cent YoY to 596 kt, while the cost of Aluminium production decreased by 11 per cent YoY.
Vedanta’s shares have surged nearly 160 per cent over the past year. Year-to-date, the stock has nearly doubled, rising by 65 per cent over the last six months and 9.4 per cent in the past three months, according to BSE analytics.
