Vedanta has reported a net loss of Rs 915 crore in the September quarter against a net profit of ₹2,687 crore logged in the same period last year.

Income increased six per cent to ₹39,585 crore (₹37,351 crore).

Overall expenses were down at ₹32,631 crore (₹33,221 crore). EBITDA during the quarter was up 47 per cent at ₹11,834 crore (₹8,038 crore) driven by reduced operational cost, softening of input commodity prices, foreign exchange gains, and favourable arbitration award partially offset by strategic hedging gain.

The company has recognised a tax outgo of ₹9,092 crore, including a net tax expense of ₹6,128 crore on account of adopting net tax regime from FY’23 due to expected corporate actions and other considerations.

The first tax return under the New Tax Regime will be filed for FY’23 before the due date of November 30, it said.

To become the largest producer of ferrochrome in India, the company plans to invest ₹2,650 crore to enhance the current of 1.50 lakh tonne per annum to 4.50 lakh tonne per annum. The company will fund the project by raising 70 per cent of the debt and remaining from internal accruals.

Gross debt was higher at ₹74,473 crore as of September-end against ₹73,484 crore in the June quarter. Cash and cash equivalents were at ₹16,702 crore as of September-end.

Arun Misra, Executive Director, Vedanta, said the company has registered the highest-ever EBITDA in the quarter of ₹11,834 crore on the back of strong operational volume and cost reduction across businesses.

The company expects the planned investment of $8.4 billion across the business will enhance the revenue by $4 billion and EBITDA  by $1 billion.

Related Topics
comment COMMENT NOW