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Mining giant Vedanta on Friday reported 57 per cent drop in March quarter net profit on weakness in aluminium business and write-offs.

Consolidated net profit of Rs 3,132 crore in January-March is compared with Rs 7,261 crore net earning in the same period a year back, according to a stock exchange filing by the company.

On a sequential basis, net profit was up 1 per cent from Rs 3,092 crore in October-December.

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Revenue declined 5 per cent to Rs 37,225 crore in the fourth quarter of 2022-23 (April 2022 to March 2023) fiscal year from Rs 39,342 crore a year back.

A dip in commodity prices led to earnings across Vedanta’s business – from zinc to iron ore, oil and gas, copper and aluminium – decline. Pre-tax earnings from aluminium business fell 57.5 per cent.

Also, the firm booked an exceptional loss of Rs 1,336 crore mostly on account of impairment in the oil and gas business and payment of windfall tax on oil produced from Rajasthan block.

The company said its board of directors has approved reappointment of Navin Agarwal and Priya Agarwal as directors for five years.

While Navin is brother of founder and chairman Anil Agarwal, Priya is daughter of Anil.

The board also approved a USD 296 million capex for exploration of oil and gas.

Vedanta reported gross debt rising to Rs 66,182 crore at the end of March from Rs 51,109 crore a year back and Rs 61,550 crore at end of December 2022.

After considering cash in hand, net debt was Rs 45,260 crore as on March 31, 2023, more than double of Rs 20,979 crore net debt a year back. This primarily resulted from higher borrowings and cash in hand depleting to Rs 20,922 crore from Rs 32,130 crore as on March 31, 2022.