Cost efficiency and strong margins boost Vedanta's Q1 profit by 36.5%
By Eastern EyeAug 07, 2024
MINING conglomerate Vedanta Ltd reported a 36.5 per cent increase in consolidated net profit, reaching ₹3,606 crore (£338.11 million) for the quarter ended June 30, 2024, driven by improved margins and significant cost reductions across its operations.
This marks a rise from the ₹2,640 crore (£247.53m) net profit recorded in the same period last year. The company's consolidated income for the April-June quarter grew to ₹36,698 crore (£3,440.87m), up from ₹34,279 crore (£3,214.06m) in the previous year, according to an exchange filing.
Vedanta also confirmed that its proposed demerger is progressing as planned, with the demerger scheme already filed with the National Company Law Tribunal (NCLT) following approval from secured creditors.
Vedanta's earlier announced to split into six independent listed companies, including oil and gas and aluminium.
Vedanta Ltd 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 ₹8,500 crore (£79,69,7m) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of ₹440 (£4.13) per share.
Company's CFO Ajay Goel said, "The overwhelming response to the Vedanta’s... QIP, one of the largest in the industry, underscores investor’s 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 ₹78,016 crore (£7,31,49,2m) 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, 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. (PTI)
Major Food Group, the hospitality powerhouse behind CARBONE and over 50 restaurants worldwide, is bringing Major’s Grill to London’s Cambridge House.
The restaurant will occupy a Georgian ballroom dating back to 1878 within the Grade I-listed Palladian mansion at 94 Piccadilly.
Cambridge House, Auberge Collection, opens in 2026 as a 102-suite luxury hotel with the restaurant as its culinary centrepiece.
Global expansion move
New York's Major Food Group is bringing its signature theatrical dining style to London with the launch of Major's Grill, a glamorous new restaurant set to open at Cambridge House, Auberge Collection in 2026.
The announcement, made on October (15), marks a significant expansion for the hospitality group founded by Mario Carbone, Rich Torrisi and Jeff Zalaznick. Since 2011, the group has built a global empire of over 50 restaurants, bars and private clubs spanning 15 cities worldwide, including New York, Miami, Hong Kong, Dubai and Riyadh.
Major's Grill will be housed at 94 Piccadilly, the former Naval & Military 'In and Out' Club, as part of Reuben Brothers' £1 billion regeneration of 1.3 acres of the Piccadilly Estate. The restaurant will occupy a Georgian ballroom and courtyard dating back to 1878.
"It would be impossible to overstate what a privilege and dream come true it is for Mario, Rich, and me to have the opportunity to serve as the new culinary stewards of this storied London address," noted Jeff Zalaznick, co-founder of Major Food Group.
London luxury revival
Drawing inspiration from classic London grills and mid-century dining culture, the restaurant promises theatrical tableside service, an extensive martini programme with at least 10 variations, and a wine list featuring First Growth Bordeaux, Grand Cru Burgundy and rare cult vintages.
The Grade I-listed Palladian mansion has hosted royalty and political figures since 1756. It served as a proxy Downing Street for Prime Minister Lord Palmerston and later became home to the legendary Naval and Military Club from 1865 to 1999.
"This bold and original concept is exactly what we always envisioned for Cambridge House," said Jamie Reuben, principal at Reuben Brothers. "Together with Major Food Group and Auberge Collection, we're creating a destination inspired by The Grill, the iconic New York institution."
French designer Jean-Louis Deniot will oversee the restaurant's interior renewal. The partnership represents Auberge Collection's continued expansion into urban and European markets, with properties opening in Florence and Geneva earlier in 2025. Major Food Group operates CARBONE locations in Hong Kong, Dubai, Doha and Riyadh, reflecting its global reach beyond North America. Cambridge House will feature 102 suites alongside Major's Grill, with additional amenities including bars, lounges, a subterranean club and a double-level spa.
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