Vedanta reports net loss of Rs 12,521 cr for Q4 over asset impairment

Diversified natural assets organization Vedanta on Saturday described consolidated net decline of Rs 12,521 crore for the quarter ended March 31, 2020 on the outstanding decline of Rs 17,132 crore, mostly thanks to impairment of belongings in oil and gas, copper and iron ore small business.

Nevertheless, the organization experienced posted net financial gain of Rs two,615 crore in the year-in the past period of time, Vedanta mentioned in a filing to the BSE.

The consolidated profits of the organization through January-March quarter dropped to Rs twenty,382 crore, over Rs 25,096 crore in the year-in the past period of time, the filing mentioned.

“The Covid-19 pandemic has strike the environment and us in the very last quarter of the year. We have taken a proactive approach to continue to keep our belongings and individuals harmless though making sure optimum functions through these complicated occasions.

“During these complicated occasions, our attempts are aligned to the singular eyesight of earning our communities, the state and nation self-reliant and self ample,” Vedanta Chief Executive Officer Sunil Duggal mentioned in a assertion.

The outstanding items for the fourth quarter of money year 2020 was at Rs 17,132 crore, mostly thanks to impairment of belongings at oil and gas, copper and iron ore small business.

“Extraordinary decline for money year 2020 was at Rs 17,386 crore, mainly thanks to impairment of belongings at oil and gas, activated majorly thanks to substantial fall in crude oil selling prices mostly consequent to the outbreak of Covid-19…,” the assertion mentioned.

The organization mentioned its earnings for the fourth quarter of money year 2020 was at Rs 19,513 crore, decrease by eight for every cent sequentially, mostly thanks to decrease commodity selling prices more impacted by Covid-19 and decrease volume at aluminium small business between others.

“EBITDA (Earnings prior to fascination, taxes, depreciation, and amortization) for fourth quarter of money year 2020 was decrease by 23 for every cent year-over-year, mostly thanks to decrease commodity selling prices more impacted by Covid-19, decrease volume zinc, oil and gas and steel small business…,”it mentioned.

Finance price tag for the described quarter was at Rs 1,064 crore, decrease by 14 for every cent sequentially and 24 for every cent year-over-year, mostly thanks to decrease regular borrowing price tag in line with current market developments and repayment of personal debt at a variety of companies.

The company’s gross personal debt was at Rs 59,187 crore on March 31, 2020.