The Business Bytes
TBB BUREAU
MUMBAI, OCT 29, 2021
Anil Agarwal-led Vedanta Ltd on Friday reported a multifold jump in consolidated net profit to Rs 4,615 crore for the quarter ended September 30, 2021 (Q2FY2021-22) on the back of strong aluminium prices on the London Metal Exchange. It had posted a consolidated net profit of Rs 838 crore in the year-ago period, the company said in a filing to the BSE.
Its consolidated income during July-September 2021 increased to Rs 31,074 crore, as compared to Rs 21,758 crore in the corresponding period in the previous fiscal.
“We witnessed steady volume performance across business segments, and sustained margins, benefiting from high commodity prices despite a challenging cost environment,” said the company’s CEO Sunil Duggal.
Vedanta’s revenue from operations rose 44.4 per cent year on year to Rs 30,048 crore. Total expenses went up by 30 per cent to Rs 23,222 crore.
The company’s operating profit (EBITDA or earnings before interest, taxes, depreciation and amortisation) during the quarter under review rose 62 per cent on-year to Rs 10,582 crore.
“Healthy EBITDA was primarily supported by improved commodity prices and higher volumes of aluminium. This was partially offset by lower sales volume at zinc business and higher cost of production impacted by input commodity inflation,” the company’s statement said.
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world’s leading oil & gas and metals companies. It has significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa, Namibia, and Australia.
