Vedanta reports massive Q4 loss as it attempts to take company private
MUMBAI : Billionaire Anil Agarwal’s metals and mining conglomerate Vedanta Ltd reported net loss of ₹12,083 crore in the March 2020 quarter, compared to profit of ₹3218 reported in the year-ago period. Vedanta is in the process of seeking the assent of its public shareholders to delist the company from Indian stock exchanges.
While revenue fell 15% year-on-year (y-o-y) to ₹19,513 crore for the quarter, the massive quarterly net loss is attributed to a write-off of ₹17,132 crore on impairment of assets in oil and gas, copper and iron ore businesses. For the quarter, earnings before interest, taxes, depreciation and amortisation was down 26% quarter-on-quarter to ₹4,844 crore while EBITDA margin stood at 28%.
Revenue was also affected by lower commodity prices and further by the covid-19 pandemic, lower volumes at zinc, oil and gas, and steel business and lower power sales.
