Vedanta Q2 profit down 41 pct on lower commodity prices

MUMBAI (Reuters) - Miner Vedanta Ltd posted a 40.6 percent drop in its quarterly net profit, as continued weakness in commodity prices in global markets impacted its earnings from oil and gas and mining operations.

The earnings of India's biggest private miner, a unit of metals tycoon Anil Agarwal's Vedanta Resources Plc , have also been hit in recent quarters by mining bans in its key producing states.

Vedanta's consolidated net profit in the September quarter dropped to 9.74 billion rupees ($149.94 million) from 16.40 billion rupees, while net sales fell 16 percent to 163.49 billion rupees, said a company statement on Tuesday.

 

Vedanta, which has interests in oil and gas, iron ore, zinc, copper, power and aluminium, in June made a $2.3 billion offer to buy out minorities in its cash-rich oil and gas unit, Cairn India Ltd .

Vedanta Chief Executive Tom Albanese, has previously said the company's offer was fair, dismissing reports that opposition from minority shareholders in Cairn India, including ex-parent Cairn Energy , could scupper the deal.

($1 = 64.9600 rupees)

(Reporting by Sumeet Chatterjee; Editing by Sunil Nair)