Vedanta on Thursday reported a net profit of Rs 2,158 crore for the quarter ended September 30. That marked a surge of 60.69 per cent in net profit compared with the corresponding period a year ago. In a regulatory filing, the company said its revenue from operations declined 3.09 per cent to Rs 21,739 crore. Vedanta shares fell more than 3 per cent during the session.
Vedanta said its revenue declined primarily due to lower commodity prices. Its gross debt reduced by Rs 3,279 crore in the second quarter of current financial year, in line with its continued focus on deleveraging.
"We are at an exciting transition that will see the company accelerate in the expansion of its reserves and resource base over coming quarters. This expansion is being delivered through strict capital allocation and balance sheet focus aimed at creating value for our stakeholders," said Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta.
"We have immense confidence in being able to deliver the best from our assets and people whilst always being committed to our core values around ethics, governance and social responsibility," he added.
Shares in Vedanta declined as much as 3.47 per cent to Rs 142.85 apiece on the BSE.
At 2:18 pm, the Vedanta stock traded 3.27 per cent lower at Rs 143.40, underperforming the benchmark Sensex index which was up 0.25 per cent.