Vedanta Ltd. has reported a net loss of Rs 1,783 crore in the quarter ended September. The consolidated revenue from operations rose 6.3 per cent year-on-year (YoY) to Rs 38,945 crore. The loss is against a profit of Rs 1,808 crore in the year-ago period and is primarily due to net tax expense on account of adoption of new tax rate.
In the quarter ended September 30, the company has elected to adopt New Tax Regime from FY 2022-23 onwards due to expected corporate actions and other considerations and the first tax return under the New Tax Regime will be filed for FY 2022-23 on or before the due date of 30 November 2023.
Vedanta is a global natural resources and technology conglomerate operating across India, South Africa, Liberia and Namibia. Its operation lies across oil and gas, zinc, lead, silver, aluminium, iron ore, steel, copper, among others.
““I am pleased to share that we have a quarter of highest ever 2Q turnover of Rs 38,546 crores with highest ever 2Q EBITDA of Rs 11,834 crores on the back of strong operational volume delivery and aggressive cost reduction across the table in all businesses,” said Arun Misra, Executive Director, Vedanta.
Earlier, Vedanta Ltd said it plans to separate its commodities businesses into six listed companies to unlock value and attract big ticket investment into the expansion and growth of each of the businesses. The six listed companies will be Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited. Shareholders will now get one share of each of the newly listed entities for every one share of the currently listed Vedanta Ltd. that they hold. The six companies will have their own CEOs. These CEOs will also be a stakeholder in the company.
