Vedanta cuts FY23 capital projection by 20%; anticipates reduced H2FY23 production costs.
- Vedanta reduced its financial fear 2023 projection by 20% to $1.6 billion from $2 billion. The aluminium and power division’s capex expectations have been cut by roughly 40% to $0.6 billion from $1 billion at the start of the financial year.
- It maintained capex estimates for oil & gas, zinc, and other businesses.
- Aluminum and zinc (India and overseas enterprises) cost less to produce for Vedanta than in the first half of the financial year.
- Company management attributed lower aluminium production costs to depletion of higher-priced alumina, electricity cost reduction, and improved coal connections.