Vedanta Resources, controlled by billionaire Anil Agarwal, reported a consolidated net loss of Rs 1,783 crore for the July-September quarter of the current financial year. This marks a significant change from the profit of Rs 1,808 crore recorded during the same quarter in the previous year. The company reported a revenue of Rs 38,945 crore for the quarter.
The loss was primarily attributed to a substantial increase in the net tax outgo, which rose to Rs 9,092 crore from Rs 1,674 crore in the previous year. This increase was due to a tax deduction on a one-time gain of Rs 1,223 crore and the adoption of the new tax regime.
Vedanta's earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced strong growth, increasing by 49 percent year-on-year to Rs 11,479 crore.
However, the zinc business faced challenges in the quarter, with domestic revenue declining by nearly 19 percent and international business revenue falling by 25 percent.
Vedanta is currently grappling with a significant debt burden and has been working on restructuring its businesses to meet its substantial repayment obligations. Of particular concern are bonds worth $3.2 billion that are set to mature in 2024 and 2025, which lie at the core of Vedanta's debt crisis as the company has faced challenges in raising funds to address these obligations.
(With Agency Inputs)
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