Vedanta founder Anil Agarwal
Even though the profit of Vedanta Group was continuously decreasing in the last few quarters, there was never a loss situation. Now that trend has also been broken. Vedanta has suffered a big loss in the second quarter of the current financial year. The company has suffered a loss of about Rs 1800 crore. The main reason for which is the expenditure incurred due to the adoption of the new tax system. However, on Friday, there was a rise in the shares of Vedanta and the company’s shares closed at Rs 232.85.
The company suffered losses
Anil Aggarwal’s Vedanta Limited, one of the country’s biggest businessmen, suffered a net loss of Rs 1,783 crore in the second quarter of the current financial year. The company said on Saturday that a new tax system has been adopted by the company. Due to which there was a significant increase in expenses. Due to which the company suffered losses. Vedanta Limited had made a profit of Rs 1,808 crore in the same quarter of the last financial year. Vedanta executive director Arun Mishra told PTI that the loss was due to a one-time write-down taken by the company and the mining group did this to reduce the tax burden in future.
Why was there a loss?
The company said that the adoption of the new tax regime effective from financial year 2022-23 has resulted in a one-time net tax impact of Rs 6,128 crore. In the information given to the stock market, the company said that the company’s revenue increased to Rs 39,585 crore in the September 2023 quarter, which was Rs 37,351 crore in the same quarter of the last financial year. The company further said that in the second quarter of the current financial year, revenue grew by six per cent year-on-year to Rs 38,546 crore, driven by higher sales volumes, favorable exchange rate movements and favorable arbitration awards.
How much debt does the company have?
At the end of the second quarter of the current financial year, the company’s gross debt was Rs 74,473 crore. Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a diversified global natural resources company with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminum and power sectors in India, South Africa and Namibia.
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