Vedanta looks dull

Vedanta has been losing for the last four sessions and has fallen 4.5% during this time. Today, it opened with a loss of over 2.5% at Rs.159 and went on to hit an intraday low of Rs.156.80, going down over 4%. Its 52-week low is at Rs.145.90.

The company posted a disappointing set of numbers for Q4FY19. Impacted by lower commodity prices, rupee appreciation and lower volume at Zinc India business, the fall in revenue led to a cascading drop in bottomline.

Consolidated net profit for the period was down 45.5% (YoY) at Rs.2615 crore on a 15% drop in revenue at Rs.23,092 crore. The shut down of the copper smelter at Thoothukudi weighed heavy on its revenue. Also last year, there was the reversal of the impairment gain, giving it a higher base effect.

The company ended FY19 with a net profit at Rs.7065 crore, down 32% on a 1% drop in revenue at Rs.90,901 crore.