A surge in finance costs pulled down Vedanta Ltd's profits in the October-December 2023 quarter, à despite efforts at cost-cutting and a dip in input costs.
The company's cost of finance, which is essentially interest paid on loans, among other borrowing expenses, swelled 54% year-on-year (y-o-y) to 2,417 crore.
Ajay Goel, the company's chief financial officer, said that the company's average cost of capital had gone up to around 9.4% from around 8% a year ago. He attributed the rise to an increase in borrowing at Vedanta Ltd and to a general increase in the cost of capital.
The higher costs dragged down the company's consolidated profit after tax (PAT) by 7% y-o-y to ₹2,868 crore compared to 13,092 crore in Q3 of FY23.
Meanwhile, consolidated revenues (including other operating income, but excluding other income), posted a 4% y-o-yrise to 35,541 crore in December.
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