Vedanta Oil & Gas posts ₹945cr June quarter profit
Business
Vedanta Oil & Gas just turned things around, posting a ₹945 crore profit for the June quarter after a loss last quarter.
While revenue slipped 3.1% and margins tightened, the company kept moving forward, especially with a new gas discovery at its Kaam BCP-1ST well in Rajasthan.
Vedanta produces 7.1m boe
This quarter, Vedanta produced 7.1 million barrels of oil equivalent, mostly from its Rajasthan block.
The company's shares jumped 3.3% ahead of the results, which Interim CEO and Whole-Time Director Jim Johnny Gast called a milestone since their recent stock exchange listing.
CFO Arpit Mundra credited smart cost moves and better commodity prices for the comeback.