InvestorQ : Why did Vedanta profits surge sharply in the Mar-21 quarter?
vaishnavi mhatre made post

Why did Vedanta profits surge sharply in the Mar-21 quarter?

Answer
image
vidhya Laxmi answered.
1 month ago
Follow

Vedanta, owned by Anil Agarwal, reported net profits of Rs.6,531 crore in the Mar-21 quarter. This sharply contrasts with the huge net loss of Rs-12,521 crore reported by Vedanta in the Mar-20 quarter. However, it must be remembered that the Mar-20 loss was on account of an exceptional item. The Mar-20 quarter loss included a massive write-off of Rs.17,132 crore being written off towards impairment of oil assets of Vedanta Group.

Even as the oil franchise remained under pressure, the sales revenues for the Mar-21 quarter was up by a whopping 42% at Rs.27,874 crore. This was led up by a sharp accretion in volumes and price traction in commodities like aluminium, zinc, iron ore and silver; both in the Indian market and the international market. All commodities did well for Vedanta except oil which was under pressure. The finance charges were 24% higher yoy in Mar-21.

1 Views