Vedanta’s s second-quarter net profit sinks 54%

Mining conglomerate Vedanta’s second-quarter net profit plunged as it faced dual headwinds from falling commodity prices and rising energy costs, while the government slapped a windfall profit tax on oil.

Consolidated net profit stood at Rs 2,690 crore, or Rs 4.88 per share, in July-September compared with Rs 5,812 crore, or Rs 12.46 a share, in the same period a year back, the company said in a statement.

The profit declined due to the unique scenario of input commodity inflation and lower output commodity prices as also high energy costs, company chief executive Sunil Duggal said.