Vedanta posts net loss of Rs 1,783 Cr in Q2

Anil Agarwal-led Indian multinational mining company Vedanta Limited on Saturday reported a consolidated net loss of Rs 1,783 crore for the second quarter of FY24. This is on account of one-time exceptional item because 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 reported in a filing to Bombay Stock Exchange (BSE).

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 period.

Vedanta Ltd, 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, aluminum and power across India, South Africa and Namibia.

Earlier in September, the company had announced its plans to demerge five of its key businesses--aluminum, oil and gas, power, ferrous materials, base materials and steel, into separate listed entities, in order to create shareholder value.

"The de-merger is planned to be a simple vertical split, for every one share of Vedanta Limited, the shareholders will additionally receive one share of each of the five newly listed companies," the company had shared earlier.

The entire excercise is proposed to be completed in the next 12 to 15 months.

Vedanta will continue to hold 65% of Hindustan Zinc Limited, we well as the new businesses of stainless steel and semi-conductor display.