Vedanta Power shares fall after company reports Rs 423 crore Q1 loss

Daijiworld Media Network – Mumbai Mumbai, Jul 30: Shares of Vedanta Power declined over 3% during trading on Thursday after the company reported a net loss of Rs 423 crore for the April-June quarter, compared to a profit of Rs 88 crore in the same period last year. The company's revenue increased by 31.3% to Rs 2,607 crore during the quarter, compared to Rs 1,986 crore in the corresponding period. However, operational performance remained under pressure, with earnings before interest, taxes, depreciation and amortisation (EBITDA) declining by 30.2% to Rs 291 crore, from Rs 417 crore in the previous year. The EBITDA margin also contracted to 11.2% from 21%, reflecting a decline in operational profitability. Following the quarterly results, Vedanta Power shares dropped as much as 3.65% to Rs 34.03 per share. The stock was trading 2.83% lower at 10.50 am, even as the benchmark Nifty 50 gained 0.05%. The market reaction came as investors assessed the impact of the company's weak quarterly earnings despite higher revenue growth.