Vedanta posts net loss of Rs 12,521 crore in Q4
Published On: Saturday, June 6, 2020 | By: Team KnowMyStock
Vedanta on 6th June (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. The company had posted a net profit of Rs 2,615 crore in the corresponding quarter last year. 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 keeping our assets and people safe while ensuring optimum operations during these difficult times." Net sales also declined 16 percent YoY to Rs 19,513 crore in Q4FY20 against Rs 23,092 crore in the same period last year.
The topline declined 8 per cent on QoQ basis, primarily due to lower commodity prices, further impacted by Covid-19, and lower volume at aluminium business.The company has cash and liquid investment of Rs 37,914 crore as of March 31.
Gross debt of the company declined by Rs 7,038 crore YoY to Rs 59,187 crore. Likewise, net debt decreased by Rs 5,683 crore YoY to Rs 21,273 crore on March 31, primarily due to the repayment of debt and unwinding of working capital being partially offset by dividend payment by Cairn India Holdings Limited.
Tags: Vedanta Q4 results
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