Vedanta reported a 47.7% drop in its second quarter net profit to ₹1,135 crore primarily due to lower other income and increase in finance costs.
The company, however, posted a 5.5% growth in revenue to ₹22,705 crore on account of higher volumes of aluminium and the acquisition of Electrosteel.
Higher commodity prices were partially offset by, lower volumes at Zinc India, Zinc International and closure of Tuticorin smelter, said the company.
Srinivasan Venkatakrishnan, CEO, said: “I am pleased with the growth in volume this quarter. 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 see a strong second half in both volumes and profitability across the businesses.”
Finance cost stood at ₹1,571 crore, an increase of ₹144 crore, due to higher borrowings on account Electrosteel acquisition.