Vedanta Resources reports net loss of Rs 1,783 crore for Q2 FY22
Mumbai, Nov 4 (@DelhiBreakings.com) ★Vedanta Resources, controlled by billionaire Anil Agarwal, has announced a consolidated net loss of Rs 1,783 crore for the July-September quarter of the current financial year. This is in contrast to a profit of Rs 1,808 crore during the same quarter last year, according to the company’s exchange filing on Saturday.
Revenue and Tax Outgo
Vedanta Resources reported a revenue of Rs 38,945 crore for the reporting quarter. The net loss can be attributed to a significant increase in the net tax outgo, which rose to Rs 9,092 crore from Rs 1,674 crore last year. The increase was primarily due to tax deductions on a one-time gain of Rs 1,223 crore and the adoption of the new tax regime.
EBITDA and Zinc Business Performance
Vedanta’s earnings before interest, taxes, depreciation, and amortization (EBITDA) witnessed a growth of 49% year-on-year, reaching Rs 11,479 crore.
However, the zinc business faced challenges in the quarter, with domestic revenue declining by nearly 19% and international business revenue falling by 25%.
Debt Crisis and Bond Concerns
Vedanta Resources currently carries a significant debt burden and has been working on restructuring its businesses to meet its repayment obligations. The company is particularly concerned about bonds worth $3.2 billion maturing in 2024 and 2025, as raising funds has been a challenge.
The conglomerate is actively seeking solutions to address its debt crisis and ensure its financial stability in the long term.
Summary:
- Vedanta Resources has reported a consolidated net loss of Rs 1,783 crore for Q2 FY22.
- The net loss is primarily due to a sharp increase in the net tax outgo.
- Vedanta’s EBITDA grew by 49% YoY to Rs 11,479 crore.
- The zinc business faced challenges, with domestic revenue declining by nearly 19% and international business revenue falling by 25%.
- Vedanta is currently dealing with a significant debt burden and is concerned about maturing bonds worth $3.2 billion.
–@DelhiBreakings.com
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