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Mining conglomerate <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> Ltd on Tuesday reported 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for June quarter FY25 due to improved margins and robust cost reduction across all operations. The company had posted a net profit of Rs 2,640 crore in the year-ago period. Income rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing. Vedanta said in a statement that the proposed demerger of its businesses is on track and it has already filed the demerger scheme with NCLT after getting a nod from secured creditors. The company said that its board has approved a capex investment of USD 270 million for its oil and gas business. "The strategic priority for the Cairn Oil &amp; Gas business is to augment reserves and increase near term volume through infill wells and enhanced oil recovery. In order to deliver this, the Board has approved capex investment (net) of USD 270 million across fields in the Rajasthan block for drilling wells and construction of surface facility for ASP ( Alkaline Surfactant Polymer) injection," the company said in a separate filing. Vedanta Executive Director Arun Misra said that the company has delivered a strong start to the year, with exceptional EBITDA improvement of 47 per cent and PAT improvement by 54 per cent year-over-year on the back of improved margins, and robust cost reduction across all operations. "Our aluminium and zinc divisions continue to outperform industry benchmarks, consistently ranking in the top quartiles and deciles of the global cost curve. These achievements are a direct result of our strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost," he said. The company's growth projects are well on track and it remains committed to commission the majority of these projects in FY25. "Moving ahead, our focus on operational efficiency, sustained expansion, and ESG excellence will guide our journey. With this dedication, we are confident in our ability to create substantial shareholder value in the year ahead," he added. Last month, the mining conglomerate raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. Company's CFO Ajay Goel said, "The overwhelming response to the Vedanta's... QIP...underscores investors' huge confidence. The proceeds from the QIP will be further instrumental in deleveraging the balance sheet and reduction of finance costs. We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality." The company's gross debt stood at Rs 78,016 crore as on June 30, 2024. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

New Delhi, Vedanta Ltd on Tuesday said its board has approved an interim dividend of Rs 7,621 crore for the current financial year. The company has fixed April 7 as record date for the purpose of dividend payment. "The Board of Directors at a meeting held on Tuesday, March 28, 2023 approved the fifth interim dividend of Rs 20.50 per equity share... on face value of Rs 1/per share for the financial year 2022-23 amounting to Rs 7,621 crore," according to a regulatory filing. The board also accepted the resignation of <keyword id="256693" type="General" weightage="80" keywordseo="ajay-goel" source="Orion">Ajay Goel</keyword> from the post of Acting Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective from the close of business hours on April 9. Details about his successor will be announced in due course, the filing said.

Vedanta board approves Rs 7,621 crore interim dividend for FY23; CFO resigns

New Delhi, Mar 29 () Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin.Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business.In a statement, the company said Agarwal has been appointed "as the non-executive chairman of Vedanta Ltd".He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd."The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman," the statement said.Besides the Agarwal brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.Anil Agarwal's other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.All other group firms, Cairn Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and Electrosteel Steels Ltd are headed by chief executive officers.Ethnically a marwari from Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to build an empire in copper, zinc, aluminum and iron ore. A school dropout, he founded Vedanta Resources and has been its Executive Chairman since March, 2005.In October 2018, Agarwal took Vedanta Resources private after paying more than USD 1 billion for the one third of the metals firm that he didn't already own.In 2017, he bought a 19 per cent stake in London-listed miner Anglo American through his family trust and sold it in 2019.Vedanta has previously stated that it would invest Rs 60,000 crore expansion of its zinc, silver and oil and gas business. ANZ BALBAL

Anil Agarwal for the 1st time takes board position on Vedanta Ltd

<ul><li>Aggarwal would now divert his focus on engineering, product and team building at the newly formed businesses such as EV and quick commerce.</li><li>Prior to this, <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword>’s cofounder Ankit Bhati was managing engineering as the chief technology officer (CTO) of the company.</li><li>Ola’s group CFO Arun GR would now be incharge of running the day-to-day business in the interim.</li></ul>ANI Technologies’ founder and chief executive officer (CEO) <keyword id="1543567" type="General" weightage="20" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword> has reportedly decided to step away from the day-to-day functions at Ola. Aggarwal would now divert his focus on engineering, product and team building at the newly formed businesses such as electric vehicle (EV) arm <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> and quick commerce delivery verticals. Prior to this, Ola’s cofounder Ankit Bhati was managing engineering as the chief technology officer (CTO) of the company. He <a href="https://www.moneycontrol.com/news/business/startup/exclusive-ola-co-founder-ankit-bhati-launches-new-startup-amnic-with-former-colleagues-ropes-in-sequoia-as-investor-7911191.html">reportedly</a> left Ola to start his software-as-a-service (SaaS) company with some former colleagues Satya Nagarajan and Nimish Joshi. Ola’s group chief financial officer (CFO) Arun GR, who also heads Ola Financial Services, would now be incharge of running the day-to-day business in the interim. He has previously worked across many other businesses, including Ola Electric, auto retail as well as quick commerce. Arun joined Ola last May, prior to that he has worked with Vedanta Resources Plc and General Electric. “I’ll be spending more time with all engineering functions, team building, and on product. I’ll also be increasing my focus on our long-term strategic projects including new 2w [two wheeler] products, out car project, innovations in quick commerce, electrifying ride hailing, out [battery] cell R&amp;D and factory, international expansion, building out our Pune tech centre and <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-another-200-million-this-time-at-a-valuation-of-5-billion/articleshow/89088739.cms">Futurefoundry, UK and more</a>,” Bhavish Aggarwal said in an email to Ola employees. The email was <a href="https://economictimes.indiatimes.com/tech/technology/ola-ceo-bhavish-aggarwal-to-step-away-from-day-to-day-management-of-company/articleshow/90794175.cms?from=mdr">accessed</a> by Economic Times. Business Insider has reached out to Ola seeking clarification on the same. The development comes only a few days after a few Ola Electric bikes, <keyword id="11908705" type="General" weightage="20" keywordseo="ola-s1-pro" source="Orion">Ola S1 Pro</keyword>, started catching fire in several parts of the country. Ola wasn’t the <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-are-catching-fire-in-india-should-users-be-worried/articleshow/90496840.cms">only EV company to face such issues</a>. Even bikes from Jitendra EV, Pure EV and Okinawa Scooters caught fire across several parts of the country. SEE ALSO <a href="https://www.businessinsider.in/business/news/how-sachin-tendulkar-backed-smaaash-is-making-a-comeback-with-45-stores-by-june-2022/articleshow/90795758.cms" data-type="tilCustomLink">How Sachin Tendulkar-backed Smaaash is making a comeback with 45 stores by June 2022</a> <a href="https://www.businessinsider.in/business/startups/news/peyush-bansals-lenskart-may-now-be-valued-at-over-4-billion/articleshow/90794848.cms" data-type="tilCustomLink">Peyush Bansal’s Lenskart may now be valued at over $4 billion</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/facebook-backed-meesho-lays-off-150-employees-in-india/articleshow/90791826.cms">Facebook-backed Meesho lays off 150 employees in restructuring of grocery business</a>

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Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

PTI

Vedanta board approves Rs 7,621 crore interim dividend for FY23; CFO resigns

PTI

Anil Agarwal for the 1st time takes board position on Vedanta Ltd

PTI

Bhavish Aggarwal is reportedly stepping away from day-to-day functions of Ola to focus more on tech

Kritti Bhalla

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