On 6th November’20, Vedanta reported 61.80% shrink in consolidated net profit at INR 824 crore for the quarter ended 30th September’20 on the back of one-time tax expense.
Vedanta said in a filing to BSE: “The Company posted a net profit of INR 2,158 crore in the year-ago period.”
Income during July-September dropped to INR 21,744 crore from INR 22,814 crore in the year-ago period, the filing said.
The company said in a statement the tax expense for the quarter was at INR 2,370 crore.
"EBITDA for Q2 FY2021 was at INR 6,531 crore, higher by 63% Q-o-Q, mainly due to higher commodity prices, higher volumes at zinc business, lower cost of production at Zinc India and aluminium business, partially offset by higher input commodity prices, rupee appreciation and reversal in renewable purchase obligation (RPO) liability in aluminium business due to capping of RE certificates at lower prices in Q1 FY2021," the company said in a statement.
CEO Sunil Duggal said: “Vedanta has reported the highest quarterly operating result for more than 2 years.”
"Our key growth projects are back on track and the expansion is being delivered through strict capital allocation and balance sheet focus, aimed at creating value for our stakeholders.”
"Our large scale, diversified portfolio, positions us well to deliver strong margins and cash flows through the commodity cycle. Vedanta is fully committed to sustainable growth and contributes significantly towards building a self-reliant India," Duggal added.
The company said: “Its revenue in the period under review was at INR 20,804 crore, higher by 33% as compared to the previous quarter.”
“The rise in revenue was primarily due to higher commodity prices, higher volumes at Zinc India, iron ore, copper and power business, partially offset by lower volumes at aluminium and steel business and rupee appreciation”, it said.
Finance cost for the Q2 was at INR 1,312 crore, up 5% Q-o-Q, predominantly due to higher average borrowing cost, partially offset by the reduction in gross borrowings.
As on 30th September’20, the gross debt of the company stood at INR 62,759 crore.
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