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Billionaire Anil Agarwal-promoted Vedanta has reported a consolidated net profit of ₹3,218 crore for the March quarter, a 43 per cent drop from the ₹5,675 crore recorded last year, on the back of lower income from most of its businesses.
Total income during the quarter under review dipped 12 per cent at ₹25,096 crore (₹28,547 crore). The company’s income from zinc, lead, aluminium, copper, iron ore and power was down sharply.
EBITDA during the quarter was down 19 per cent at ₹6,330 crore (₹7,767 crore).
The finance cost of the company was up 16 per cent at ₹1,401 crore due to temporary borrowings at Zinc India and marginally higher cost of borrowings in line with market trends, said the company.
Investment income was at ₹1,599 crore, higher by ₹557 crore.
This rise was mainly due to a mark-to-market gain on a treasury investment made by Vedanta’s overseas subsidiary, through the purchase of economic interest in a structured investment in Anglo American Plc from its ultimate parent, Volcan Investment, it said.
As of March 30, the company’s gross debt was at ₹66,225 crore , an increase of ₹8,066 crore due to the acquisition of Electrosteel Steels and the temporary borrowing at Zinc India.
Net debt was at ₹26,956 crore, higher by ₹4,998 crore. Its cash and liquid investments were at ₹39,269 crore.
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