Vedanta plunges into Rs 1,783cr loss in July-Sep quarter

Mumbai, Nov 4 (IANS) Billionaire Anil Agarwal-controlled Vedanta Resources has piled up a consolidated net loss of Rs 1,783 crore for the July-September quarter of the current financial year, the company reported in an exchange filing on Saturday.

The company had made a profit of Rs 1,808 crore in the same quarter a year ago.

The revenue of the company stood at Rs 38,945 crore during the reporting quarter.

The loss was mainly due to a sharp increase in the net tax outgo which increased to Rs 9,092 crore from Rs 1,674 crore a year ago.

This was due to tax deduction on a one-time gain of Rs 1,223 crore, and on account of the adoption of the new tax regime.

Vedanta earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 49 per cent YoY to Rs 11,479 crore.

However, the zinc business was subdued in the quarter, with the domestic revenue declining by nearly 19 per cent and international business revenue falling by 25 per cent.

The mines to metal conglomerate is facing a huge debt burden and has been trying to restructure its businesses to meet its hefty repayment obligations.

There are serious concerns over bonds worth $3.2 billion maturing in 2024 and 2025 which are at the heart of Vedanta’s debt crisis as it has been struggling to raise funds.

–IANS

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