Vedanta names Arun Misra as CEO

Vedanta on Thursday named Arun Misra as ​its chief executive officer ​for a one-year term starting August 1, while also ​reporting a 72% jump in first-quarter profit.Misra currently heads Vedanta's subsidiary Hindustan Zinc and will step down to assume the new role.Vedanta's consolidated net profit rose ‌to 54.73 billion ⁠rupees ($572.4 ⁠million) for the quarter ended June 30, helped by higher base metal prices.Also read: Vedanta announces demerger of real estate business into new listed companyBase metal ​prices strengthened in the April-June period due to a mix of supply disruptions ​and steady demand, while geopolitical tensions in the Middle East amplified concerns about availability and logistics.An increase in average zinc prices in ​the first quarter was expected to drive growth ⁠in Vedanta's ‌India zinc business and add to its topline, ​according to ​analysts at Emkay Global.Spot zinc prices rose 31% on-year, ⁠while copper climbed 40%, and silver prices more ​than doubled, according to data included in a note ​by Jefferies.Higher commodity prices typically support selling prices and margins for mining companies.Vedanta's revenue rose 51% to 234.56 billion rupees in the quarter through June.Revenue from the company's combined India zinc and lead segment rose nearly 50%, while the copper segment delivered a ‌34% increase in revenue.

Its India silver segment's revenue more-than-doubled.Vedanta's net profit margins expanded to 22% from 12% a ​year earlier.The ​firm's cost of ⁠raw materials consumed rose 37%, pushing up total expenses by 33% to 175.58 billion rupees.Last week, Hindustan Zinc reported profit more than doubling on ​strong metal prices.

Earlier on Thursday, Vedanta Aluminium Metal, the pure-play aluminium company formed after Vedanta's demerger, reported a more than three-fold jump in profit, boosted by higher aluminium prices.Vedanta's shares closed 1.1% higher after the results. ...