New Delhi : Vedanta Ltd reported a consolidated net loss of Rs 19,228.12 crore in the quarter ended March 31 due to impairment charge relating largely to Cairn India acquisition goodwill. The company in the period under review wrote off Rs 19,180 crore as non-cash impairment charge of acquisition goodwill of Cairn India following slump in global crude oil prices. The one-time impairment charges stood Rs 19,956 crore, largely relating to Cairn India acquisition goodwill and a Sri Lankan block due to steep fall in crude prices. Without the impairment charges, the company said net profit would have been Rs 1,166 crore for January-March.
Tom Albanese, CEO, Vedanta, said: “Our Q4 results include a one-time non-cash impairment charge of acquisition goodwill, largely relating to the Oil & Gas business and the Sri Lanka Block on account of a steep fall in crude oil prices. This has no impact on the production or future earnings capacity of these assets.”
