Vedanta’s Q1 profit tumbles 23.5% as Covid-19 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 Rs 1,033 crore ($141 million) in the three months to June from Rs 1,351 crore a year earlier, the company said in a statement late Saturday. Sales fell 25.9% to Rs 15,687 crore.
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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 Agarwal’s London-based Vedanta Resources Ltd. is in the process of taking Mumbai-listed Vedanta private by buying out minority shareholders to simplify his investments.
