Vedanta's Q2 net profit declines 34.32% to Rs 13.43 bn, net debt reduces

Metals and mining conglomerate Vedanta Ltd Wednesday reported a 34.32 per cent decline in its consolidated net profit to Rs 13.43 billion for the July-September quarter.

The Anil Agarwal-led company had clocked a "Profit attributable to owners of Vedanta Ltd" of Rs 20.45 billion during the corresponding quarter previous fiscal.

Its total income during the quarter rose to Rs 232.97 billion as against Rs 225.09 billion in the corresponding period last fiscal.

The total expenses also rose to Rs 209.99 billion during the quarter under review as against Rs 188.54 billion in the year-ago period.

The company said in a statement that its balance sheet was strong and the net debt reduced by Rs 35.53 billion in Q2 FY2019.

"I am pleased with the growth in volume this quarter at our businesses. The Company is uniquely poised to grow in commodities that have rising demand especially in India with an enviable growth pipeline which is systematically being brought to fruition. I am very excited to be part of the Vedanta growth story and see a strong second half in both volumes and profitability across the businesses," Vedanta Chief Executive Officer Srinivasan Venkatakrishnan said.