Vedanta on Tuesday reported 40.6 per cent drop in consolidated net profit to Rs.973.97 crore for the quarter ended September 30 on the back of lower commodity prices.
Billionaire Anil Agarwal-led mining conglomerate had reported a net profit (after taxes, minority interest and consolidated share in profit/loss of associates but before exceptional items) of Rs.1,639.93 crore during the second quarter of 2014-15.
The company, which was earlier known as Sesa Sterlite, saw its net sales drop to Rs.16,349.21 crore during the quarter from Rs.19,448.14 crore in the year-ago period.
“Revenues during the quarter at Rs.16,349 crore were 16 per cent lower than last year on account of the fall in crude oil and metal prices, partially offset by higher volumes at Zinc India, Oil & Gas and TSPL (Talwandi Sabo Power Ltd) as well as rupee depreciation,” the company said in a statement.
“Revenues for the quarter were lower by 4 per cent Q-o-Q due to softening of crude oil and metal prices during the quarter, partially offset by higher volumes at Zinc India and depreciation of the rupee,” it said.
Total expenses of the company declined to Rs.14,221.32 crore during the period against Rs.15,270.56 crore a year ago.
Vedanta CEO Tom Albanese said, “Our diversified asset portfolio has delivered a strong operating performance, including record production from our tier-1 zinc mines, resulting in strong free cash flows during the quarter.
“We are continuing to drive efficiency improvements and optimise opex and capex across the business, taking measured steps to reduce net debt and maximise free cash flow.”
Lupin Drug major Lupin on Tuesday posted a 35.11 per cent dip in its consolidated net profit at Rs.408.8 crore for the second quarter ended September 30, mainly on account of slowdown in product approvals in the U.S.
The company had posted a net profit of Rs.630 crore during the same period of the previous fiscal.
Net sales of the company, however, rose to Rs.3,178.3 crore during the second quarter compared with Rs.3,116.8 crore during the same period of previous fiscal, Lupin said in a statement.
“Slowdown in approvals in the U.S. and a lack of material launches continued to dampen growth. We continue to invest in research and remain upbeat on the pace of approvals and launches to pick up by the fourth quarter,” Lupin Managing Director Nilesh Gupta said.
The company’s board, which met today, appointed Ramesh Swaminathan Chief Financial Officer as an additional director and Jean-Luc Belingard as an independent director of the company for a period of five years effective October 27, subject to shareholders approval.
