Mining major Vedanta Ltd reported a net loss of Rs 1,783 crore in the quarter ended September, according to an exchange filing on Saturday. The consolidated revenue from operations rose 6.3 per cent year-on-year (YoY) to Rs 38,945 crore.

The loss is against a profit of Rs 1,808 crore in the year-ago period and is primarily due to net tax expense on account of adoption of new tax rate.

In the quarter ended September 30, the company has elected to adopt New Tax Regime from FY 2022-23 onwards due to expected corporate actions and other considerations and the first tax return under the New Tax Regime will be filed for FY 2022-23 on or before the due date of 30 November 2023, the filings showed.

Billionaire Anil Agarwal-controlled Vedanta is a global natural resources and technology conglomerate operating across India, South Africa, Liberia and Namibia. Its operation lies across oil and gas, zinc, lead, silver, aluminium, iron ore, steel, copper, among others. 

““I am pleased to share that we have a quarter of highest ever 2Q turnover of Rs 38,546 crores with highest ever 2Q EBITDA of Rs 11,834 crores on the back of strong operational volume delivery and aggressive cost reduction across the table in all businesses,” said Arun Misra, Executive Director, Vedanta. 

“While excelling in operational performance we have also achieved a 5 point improvement y-o-y in this year’s S&P Global Corporate Sustainability Assessment Index. We remain well positioned, with a rich diversified asset portfolio, strong balance sheet, and cost optimization levers, to withstand challenging macroeconomic environment,” he added. 

Earlier, Vedanta Ltd said it plans to separate its commodities businesses into six listed companies “to unlock value and attract big ticket investment into the expansion and growth of each of the businesses”. 

The six listed companies will be Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited. 

In an exclusive interview with Business Today TV, Agarwal said the shareholders will have a lot of flexibility after the demerger.

Talking about the proposed demerger, Agarwal said: “My vision is each company after the demerger will be of the size of Vedanta. Shareholders will now get one share of each of the newly listed entities for every one share of the currently listed Vedanta Ltd. that they hold. The shareholder will have a lot of flexibility. The six companies will have their own CEOs. These CEOs will also be a stakeholder in the company. The companies should be run by the best of experts.”

Also Read: SBI Q2 results: Net profit goes up 8% to Rs 14,330 cr in Q2 FY24, asset quality improves

Also Read: Byju’s revenue grows 2.3 times to Rs 3,569 crore in FY22