Mumbai: Mining major Vedanta Ltd on Friday posted 12% decline in consolidated profit at ₹1,351 crore for the quarter ended 30 June, led by falling commodity prices. It had posted consolidated profit of ₹1,533 crore in the year-ago period. During the quarter, consolidated income dropped to ₹21,754 crore from ₹22,624 crore in the year earlier. The company’s gross debt stood at ₹59,517 crore. It said that it in a strong financial position with total cash and liquid investments of ₹30,774 crore.
Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta said, “We continue to strengthen our position as one of the largest diversified natural resource businesses in the world with our strategy focused on value-added growth."
"Our businesses stayed resilient in a quarter with low commodity prices and uncertain market environment and we continued to ramp up across the key verticals, Zinc & Oil & Gas," he added.
Additionally, the company announced that its overseas subsidiary, Cairn India Holdings Limited (CIHL), will exit its investments in Anglo American Plc.
Vedanta said the investment by CIHL, which was entered into as part of its cash management activities, has delivered a net gain of over $100 million in the eight-month period it was held. Cash proceeds from the settlement of the transaction will be paid to CIHL on 13 August, 2019.