Vedanta Reported Net Loss Of Rs 12,521 Crore In March Quarter

The Anil Agarwal-led company Vedanta on Saturday reported net loss of Rs 12,521 crore for the quarter ended March 31, 2020, compared to net profit of profit of Rs 2,615 crore in the year-ago period. This came on the back of a one-time loss of Rs 17,132 crore arising from impairment of assets in the oil and gas, copper and iron ore business, Vedanta said in a filing to the BSE.

"The COVID pandemic has hit the world and us in the last quarter of the year. We have taken a proactive approach to keep our assets and people safe while ensuring optimum operations during these difficult times, Vedanta Chief Executive Officer Sunil Duggal said in a statement.

The consolidated income of the company during January-March quarter declined to Rs 20,382 crore from Rs 25,096 crore in the year-ago period.

The company said its revenue from operations for the fourth quarter of financial year 2020 stood at Rs 19,513 crore, lower by 8 per cent sequentially, primarily due to lower commodity prices in wake of Covid-19 and lower volume in the aluminium business.

The shares of Vedanta had ended at Rs 105, higher by 0.9 per cent, on Friday.