Diversified natural resources firm, Vedanta on Saturday posted a net loss of Rs 12,521 crore for the quarter ended March 31 on the exceptional loss of Rs 17,132 crore, primarily due to impairment of assets in oil and gas, copper and iron ore business.
However, Vedanta said in a filing to the BSE – net profit of Rs 2,615 crore in the year-ago period.
Sunil Duggal, Chief Executive Officer, Vedanta, said “The covid pandemic has hit the world and us in the last quarter of the year. We have taken a pro-active approach to keep our assets and people safe while ensuring optimum operations during these difficult times.”
Net sales also declined 16 per cent YoY to Rs 19,513 crore in Q4FY20 against Rs 23,092 crore in the same period last year.
“EBITDA (Earnings before interest, taxes, depreciation, and amortization) for fourth quarter of financial year 2020 was lower by 23 per cent year-over-year, primarily due to lower commodity prices further impacted by COVID-19, lower volume Zinc, oil and gas and steel business…,”it said.
Finance cost for the reported quarter was at Rs 1,064 crore, lower by 14 per cent sequentially and 24 per cent year-over-year, primarily due to lower average borrowing cost in line with market trends and repayment of debt at various businesses.
The company’s gross debt was at Rs 59,187 crore on March 31, 2020.