India’s mining giant Vedanta reported that its consolidated net profit was 24.64 billion rupees in the quarter that ended December 31, plummeting by 40.8% compared to the same period a year ago, due to sharply decreased commodity prices.

In addition to the impact caused by the Indian government’s windfall tax on crude oil, Vedanta’s financial performance was also affected by dropped zinc and aluminum prices in 2022 and the soared company expenses.

During the reporting period, Vedanta’s EBITDA (earnings before interest, taxes, depreciation, and amortization) decreased by 35.1% year on year, and the output of aluminum and refined metals slid by 2%, respectively.