Vedanta’s share price fell off a cliff in the closing hours of trading on Thursday as the company posted its results for the quarter ended March.

What Happened: The company’s revenue for the quarter ended March came in at ₹35,509 crore, down 4.6% from the ₹37,930 crore posted in the same quarter last year. Net profit for the quarter took a 27% hit, going down to ₹1,369 crore from ₹1,881 crore.

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EBITDA for the quarter was at ₹8,969 crore with a margin of 30%. The conglomerate’s net debt contracted to ₹56,338 crore. Net debt to EBITDA ratio was at 1.5x down from the 1.7x reported in the December quarter.

The full-year revenue for the year ending March 2024 came in at ₹1.41 lakh crore, down around 2% year-on-year. The company said that the decline in revenue was due to lower commodity prices.

Price Action: Vedanta’s share price was 0.63% to close at ₹381.05 on Thursday.

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