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Vedanta, a diversified metal, mining and energy conglomerate, has reported a 54 per cent jump in June quarter profit at ₹5,095 crore against ₹3,308 crore logged in the same period last year, largely on lower cost.
Income was up seven per cent at ₹36,698 crore (₹34,279 crore).
Overall expenses were down four per cent at ₹30,772 crore (₹31,973 crore).
The company has filed with NCLT for splitting its business into six different listed entities. It has raised ₹8,500 crore through one of the largest QIP in industry.
Arun Misra, Executive Director, Vedanta, said the achievement of higher profit was a direct result of strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost.
Ajay Goel, CFO, Vedanta, said the proceeds from the QIP will be instrumental in deleveraging balance sheet and reduction of finance cost. The company has received all the requisite approvals and have filed the demerger scheme with the NCLT taking our demerger a step closer to reality, he added.
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