Vedanta’s profit tumbles as India lockdown hurts output, demand

Billionaire Anil Agarwal’s Indian commodities conglomerate Vedanta Ltd. posted a 23.5% drop in quarterly profit as one of the world’s strictest lockdowns hit production and demand.

Group net income slumped to 10.33 billion rupees ($141 million) in the three months to June from 13.51 billion rupees a year earlier, the company said in a statement late Saturday. Sales fell 25.9% to 156.87 billion rupees.

Key Insights

Vedanta’s main businesses include zinc, aluminum and oil and gas, all of which have been hit by a slump in demand due to the coronavirus pandemic