Vedanta posts surprising Q2 net loss of Rs 1,783 crore
Mining major Vedanta (VEDL) has posted a consolidated net loss of Rs 1,783 crore for the quarter ended September, hit mainly by a one-time exceptional item following the adoption of new tax rate. In comparison, the company had posted a net profit Rs 1,808 crore in the year-ago quarter.
The company also got board approvals to invest Rs 2,650 crore to increase its ferrochrome production in India to 450,000 tonne per annum.
During the quarter under review, billionaire Anil Agarwal-led VEDL’s revenue rose 6.3% to Rs 38,945 crore from Rs 36,654 crore recorded during the same year-ago period.
