Vedanta stocks will be in focus after the company's Oil and Gas and Power businesses reported a sharp turnaround in profitability in the September quarter, swinging to profits from losses in the year-ago period. The strong earnings performance drove a sharp rally in both stocks on Friday, October 30, even as Vedanta and its Aluminium business traded lower.
Vedanta Oil and Gas jumped 13.5% to ₹31.64, while Vedanta Power surged 13.4% to ₹32.69. Vedanta Iron and Steel gained 3.7% to ₹26.25. However, Vedanta Aluminium Metal fell 2% to ₹342.25, while Vedanta declined 1.1% to ₹232.15.
Vedanta Power reported a net profit of ₹83 crore in the September quarter, compared with a net loss of ₹1,688 crore in the corresponding quarter of the previous fiscal year.
Its core operating EBITDA more than doubled to ₹421 crore. A 26% year-on-year increase in power sales volume, coupled with improved per-unit realisations, supported the performance. The business also recorded its first-ever positive earnings per share (EPS) of ₹0.21.
Vedanta Oil and Gas posted a net profit of ₹746 crore against a net loss of ₹92 crore in the year-ago quarter.