Companies

Vedanta consolidated Q1 net drops 12% to Rs 1,351 cr

PTI New Delhi | Updated on July 26, 2019 Published on July 26, 2019

Mining baron Anil Agarwal-led Vedanta Ltd on Friday posted an 11.8 per cent decline in consolidated profit at Rs 1,351 crore for the quarter ended June 30, 2019, mainly on the back of decline in commodity prices.

The company had posted a consolidated profit “attributable to owners of Vedanta Ltd” of Rs 1,533 crore in the year-ago period.

Consolidated income dropped to Rs 21,754 crore in April-June 2019, from Rs 22,624 crore in the year-ago period.

Vedanta’s Chief Executive Officer Srinivasan Venkatakrishnan, at the post-earnings conference call, said the primary reason for the drop in profit was decline in commodity prices.

In a statement, the company said its “Attributable PAT (was) at Rs 1,351 crore, down 12 per cent Y-o-Y.

“Our businesses stayed resilient in a quarter with low commodity prices and uncertain market environment and we continued to ramp up across the key verticals, zinc & oil & gas,” Venkatakrishnan said.

“Silver is outperforming as we climb up the ranks among the top global silver producers. Aluminium business is steadily moving towards its target cost,” he said.

“We are also pleased with the superior returns that have been achieved with the unwinding of the structured investment transaction at CIHL (Cairn India Holdings Ltd) for the benefit of all shareholders of Vedanta,” .Structured investment at CIHL unwound with net cumulative gain of $100 million in 8 months,” he added. .

The company’s gross debt stood at Rs 59,517 crore. The company said it has a strong financial position with total cash and liquid investments of Rs 30,774 crore.

Published on July 26, 2019
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