Winning Bizness Desk

Mumbai. A diversified metal and mining company Vedanta has suffered a big loss of Rs 1800 in the second quarter of the current financial year. Even though the profit of Vedanta Group was continuously decreasing in the last few quarters, the company was never in a loss situation. Now that trend has also been broken. The main reason for this is the expenditure incurred due to the adoption of the new tax system. However, this has not taken a toll and the shares of Vedanta traded on high note. Led by Anil Aggarwal, Vedanta Limited, said that a new tax system has been adopted by the company due to which there was a significant increase in expenses and company suffered losses. Vedanta Limited had made a profit of Rs 1,808 crore in the same quarter of the last financial year. Vedanta executive director Arun Mishra said that the loss was due to a one-time write-down taken by the company and the mining group did this to reduce the tax burden in future.

New tax regime to be blamed !

The company said that the adoption of the new tax regime effective from financial year 2022-23 has resulted in a one-time net tax impact of Rs 6,128 crore. In the information given to the stock market, the company said that the company's revenue increased to Rs 39,585 crore in the September 2023 quarter, which was Rs 37,351 crore in the same quarter of the last financial year. The company further said that in the second quarter of the current financial year, revenue grew by six per cent year-on-year to Rs 38,546 crore, driven by higher sales volumes, favorable exchange rate movements and favorable arbitration awards.

Company's gross debt was Rs 74,473 crore

At the end of the second quarter of the current financial year, the company's gross debt stood at Rs 74,473 crore. Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a diversified global natural resources company with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminum and power in India, South Africa and Namibia.