Vedanta posts Q4 adjusted loss of Rs 11,181 crore on impairment of goodwill
Natural resources conglomerate Vedanta Ltd reported a fourth-quarter adjusted loss of Rs 11,181.26 crore, hurt by a non-cash charge of Rs 12,304 crore due to the impairment of acquisition goodwill on Cairn India and some assets internatinally.
The Anil Agarwal company had reported an adjusted loss of Rs 19,228.12 crore in the year-earlier quarter. Net profit before exceptional items came at Rs 955.44 crore for the past quarter, up 89% from the year earlier. Sales fell 11% to Rs 15,829.13 crore, hurt by lower oil and metal prices which though were partially offset by higher volumes.
Ebitda margin stayed steady at 29%. Vedanta didn’t share any new update on the impending merger with Cairn India. The merger, if successful, will help the highly leveraged Vedanta access Cairn’s cash flows and improve liquidity.
Chief Executive Tom Albanese didn’t give any timeline on the closure of the merger, which have been derailed due to the global commodity meltdown. “There are clear benefits of diversification of portfolio. We will complete the merger in due course.
for more visit: Economic times
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