Vedanta, a metal and mining major, has reported a 40 per cent decline in its net profit in the September 2020 quarter at ₹1,644 crore, against ₹2,730 crore in the same period last year, due to lower realisation.
Revenue from operations was down at ₹20,804 crore (₹21,739 crore). The company could not match the profit of last year despite expenses falling to ₹17,826 crore (₹21,270 crore).
On a quarter-on-quarter basis, the net profit was up 8 per cent compared to ₹1,522 crore logged in Q1. Similarly, revenue jumped 33 per cent compared to ₹15,687 crore registered in the previous quarter.
The company has reserves of ₹35,569 crore.
Gross debt was at ₹62,759 crore as of September end, against ₹4,191 crore in the June quarter. This was mainly due to temporary borrowing at Zinc India.
Sunil Duggal, Chief Executive Officer, Vedanta, said the key growth projects are back on track and expansion is being delivered through strict capital allocation and balance sheet focus, aimed at creating value for stakeholders.
The large scale operations and diversified portfolio position the company to deliver strong margins and cash flows through the commodity cycle, he said.
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Published on November 6, 2020
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