Vedanta Q2 profit dips 34% to Rs1,343 crore
Vedanta’s total income during the quarter rose to Rs23,297 crore as against Rs22,509 crore in the corresponding period last fiscal
New Delhi: Metals and mining conglomerate Vedanta Ltd Wednesday reported a 34.32% decline in its consolidated net profit to Rs1,343 crore for the July-September quarter.
The Anil Agarwal-led company had clocked a “Profit attributable to owners of Vedanta Ltd” of Rs2,045 crore during the corresponding quarter previous fiscal.
Its total income during the quarter rose to Rs23,297 crore as against Rs22,509 crore in the corresponding period last fiscal.
The total expenses also rose to Rs20,999 crore during the quarter under review as against Rs18,854 crore in the year-ago period.
The company said in a statement that its balance sheet was strong and the net debt reduced by Rs3,553 crores in Q2 FY2019.
“I am pleased with the growth in volume this quarter at our businesses. The Company is uniquely poised to grow in commodities that have rising demand especially in India with an enviable growth pipeline which is systematically being brought to fruition. I am very excited to be part of the Vedanta growth story and see a strong second half in both volumes and profitability across the businesses,” Vedanta Chief Executive Officer Srinivasan Venkatakrishnan said.
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