Vedanta Limited reported a 103% year-over-year increase in second-quarter profit attributable to owners for the quarter ended Sept. 30, as net debt fell by ₹4,624 crore to ₹3,675 crore.
The company’s Oct. 28 filing showed profit attributable to owners of ₹3,650 crore, compared with ₹1,798 crore in the year-earlier quarter. Revenue from operations rose to ₹26,356 crore from ₹16,736 crore, a 57.5% increase.
Vedanta linked the revenue growth to higher commodity prices, favorable foreign-exchange movements and increased production across key businesses. The filing did not break down how much each factor contributed to the increase.
Net debt stood at ₹3,675 crore on Sept. 30, down from ₹8,299 crore at the end of June. Cash and cash equivalents totaled ₹26,622 crore at quarter-end.
Vedanta Group Chief Financial Officer Ajay Goel credited cash generation for the debt reduction. “Strong cash generation of ₹5,803 crore during the quarter enabled us to reduce net debt by ₹4,624 crore to ₹3,675 crore,” he said.
Comparisons with the June quarter are complicated by Vedanta’s demerger, which took effect May 1. The June quarter included earnings from businesses that were later separated.
