Mining baron Anil Agarwal-led Vedanta Ltd on Thursday posted a 60.6 per cent rise in consolidated profit to Rs 2,158 crore for the quarter ended September 30, mainly on account of deferred tax gain and higher other income.
The company had posted a consolidated profit "attributable to owners of Vedanta Ltd" of Rs 1,343 crore in the year-ago period, Vedanta said in a BSE filing.
However, the consolidated income in the July-September period dropped to Rs 22,814 crore from Rs 23,279 crore in the year-ago period, the filing said.
When asked about the reasons for the rise in profit, Vedanta Chief Executive Officer Srinivasan Venkatakrishnan in a conference call that "One is robust operating performance... We did have a significant movement on the tax line. Thanks to the lower tax rate announced by the government... It has resulted in the release of a lot of deferred tax liability as well."
Venkatakrishnan said in the statement, "We are at an exciting transition that will see the company accelerate the expansion of its reserves and resource base over coming quarters."
Looking at the outlook in terms of prices keeping at high level, he said, "We expect the prices to improve in the coming quarters and we have seen the sign of this during the course of this month. You would have seen what has happened to zinc, what has happened to aluminium, what has happened to silver."
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