Vedanta posts net loss at Rs 1,783 crore in July-September

New Delhi: Anil Agarwal-led Vedanta Ltd on Saturday reported a consolidated net loss of Rs 1,783 crore in the second quarter ended September 2023, citing an one-time exceptional item in its balance sheet as a result of adoption of new tax rate. The company had posted a consolidated net profit of Rs 1,808 crore in the year-ago period, Vedanta Ltd said in a BSE filing.

Vedanta Executive Director Arun Misra told PTI over phone that net loss is on account of one time write down that the company has taken and that is the correction the mining conglomerate has taken so that in the future the tax burden is lesser. There has been a one-time net tax impact of Rs 6,128 crore as a result of adoption of new tax regime effective FY23, the company said.

The consolidated income of the company in the July-September period increased to Rs 39,585 crore from Rs 37,351 crore in the year-ago quarter. The company further said that in the second quarter of FY24, the revenue increased by six per cent Y-o-Y to Rs 38,546 crore, driven by higher sales volume, favourable movement in exchange rate and favourable arbitration award.

The company's gross debt was at Rs 74,473 crore as on September 30, 2023. Vedanta, a subsidiary of Vedanta Resources Ltd, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power across India, South Africa and Namibia.