Vedanta Limited sees a downfall of 23.5% in its quarterly profit ended on June 30

Vedanta Limited announced that it saw a downfall of 23.5 per cent in its quarterly profit ended on June 30, attributing to lower production and demand amid the world’s strictest lockdown due to the COVID-19 pandemic.

Billionaire Anil Agarwal’s group’s net income slumped to INR 1,033 crore ($141 million) in the June quarter from INR 1,351 crore during the same period last year, said Vedanta in a statement late Saturday. Sales also plummeted by 25.9 per cent to INR 15,687 crore.

Vedanta’s net debt at the end of June was INR 24,787 crore.

Vedanta’s main businesses include zinc, aluminium, and oil and gas, all of which have been hit by narrow demand due to the COVID-19 crisis. At present, Agarwal’s London-based Vedanta Resources Limited is in the process of taking Mumbai-listed Vedanta Private by buying out minority shareholders to simplify the investments.

Vedanta Resources is also corresponding with banks for a further $600 million loan to finance the delisting after already securing $3.15 billion in loans and bonds, according to people familiar with the matter.

Vedanta’s stock slid 9.8 per this year versus 6.2 per cent downfall in BSE benchmark index. On Thursday, October 1, Vedanta’s shares rose 0.4 per cent to close at INR 137.45 in Mumbai.

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