Vedanta net profit rises 44% on tax writeback

MUMBAI : A fall in revenues notwithstanding, Anil Agarwal’s mining and minerals behemoth Vedanta Ltd reported a 44% year-on-year jump in its consolidated net profit to ₹2731 crore in the September quarter following a deferred tax writeback of ₹1891 crore.

Revenues in the second quarter of the fiscal slipped 3% to ₹21,739 crore primarily due to lower international prices of zinc and aluminium.

Operating profit (earnings before interest, tax, depreciation and amortization or EBITDA) for Q2 FY20 was at ₹4,497 crore, down 15% year-on-year. While commodity prices dragged down operational efficiencies, this was partially offset by additional volumes from commencement of Gamsberg operations (zinc) in South Africa, and higher sales of iron ore in Karnataka.