Arun Misra to lead Vedanta yearlong, Q1 profit up 72%
Business
Big news from Vedanta: Arun Misra is stepping in as CEO for a year starting August 1, leaving his role at Hindustan Zinc to take charge.
The announcement came alongside some impressive numbers: Vedanta's net profit for Q1 shot up by 72% to ₹54.73 billion ($572.4 million).
Revenue up 51% to ₹234.56 billion
Vedanta's revenue soared 51% this quarter to ₹234.56 billion, thanks mostly to rising prices for zinc, copper, and silver (with silver more than doubling).
Even with higher raw material costs pushing expenses up by 33%, the company's profit margin grew from 12% to 22%.
After all this good news, Vedanta's shares ticked up by a modest 1.1%.