New Delhi : Vedanta posted a steep 98.9% fall in consolidated net profit at Rs 17.91 crore for the December quarter as the metals major battled a subdued commodities market, which saw prices hit over 10-year lows. The firm led by NRI billionaire Anil Agarwal had reported a net profit of Rs 1,587.50 crore in the year-ago period.
The record decline in crude and metal prices impacted the mining and metal conglomerate’s total income, which fell 22.6 % to Rs 14, 876.55 crore in October-December of 2015-16, from Rs 19,218.90 crore during the same quarter in 2014-15.
However, markets cheered its cost optimisation efforts, which helped Vedanta post an unexpected profit at a time when metals and oil companies globally have seen their sales and profits dry up due to high production and subdued demand.
