Vedanta profit jumps 152% to ₹5,294cr, Arun Misra named CEO
Vedanta just posted some eye-popping numbers: net profit soared 152% year over year to ₹5,294 crore for the June quarter, with revenue up 51%.
On top of that, Arun Misra is stepping in as CEO for a one-year term starting August 1.
Big moves all around!
Vedanta plans VPPIL spin off
Operationally, Vedanta's Zinc India division hit production at lower costs, and Ferro Alloys saw ore output jump 41%.
The company also revealed plans to spin off its real estate assets into a fresh entity called Vedanta Property Platforms Limited (VPPL).
If you're a shareholder, you'll get one VPPL share for every 20 Vedanta shares you own, meaning you'll have a stake in the new company holding about 2,200 acres of industrial land and plenty of residential and commercial space.
The goal? Unlocking more value from these assets.