Companies

Vedanta net up on deferred tax write-back of Rs 1,990 cr

Our Bureau Mumbai | Updated on November 14, 2019

Vedanta has reported a 44 per cent increase in its September quarter consolidated net profit at Rs 2,730 crore, against Rs 1,990 crore logged in the same period last year, on a deferred tax write-back of Rs 1,553 crore.

Net sales were down three per cent at Rs 21,739 crore (Rs 22,432 crore) due to lower commodity prices, partially offset by additional volumes on account of the commencement of the Gamsberg operations and higher iron ore sales in Karnataka.

Gross debt was at ₹55,898 crore in the September quarter, lower by ₹3,279 crore compared to the June quarter. This was due mainly to the repayment of debt at the Talwandi Sabo Power Project and Vedanta standalone.

Net debt was at ₹20,081 crore, lower by ₹8,322 crore compared to the June quarter.

Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta, said the company had accelerated its expansion of reserves and resource base over the coming quarters, with strict capital allocation.

The shares were down three per cent at Rs 144 on Thursday.

Published on November 14, 2019

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