Vedanta’s revenue in Q2 FY20 recorded a drop of 3% over the year as net sales plunged

Vedanta Limited in the late last week reported that its revenue in the second quarter of FY20 dropped by 3 per cent year-on-year to INR 21,739 crore. Net sales and EBITDA also dropped by 3 per cent and 15 per cent year-on-year from INR 22,432 crore to INR 21,739 crore and from INR 5,281 crore to INR 4,497 crore, respectively. Quarter-on-quarter, EBITDA dropped by 13 per cent from INR 5,188 crore, but net sales grew 3 per cent from INR 21,167 crore.

This brought the total net sales and EBITDA in the first half of the financial year to INR 42,906 crore and INR 9,685 crore, respectively; down year on year by 3.30 per cent from INR 44,374 crore and 17.42 per cent from INR 11,729 crore.

Basic earnings per share, however, rose both quarter-on-quarter and year-on-year by 60 per cent and 61 per cent to INR 5.83 per share in Q2 FY20.

Finance cost and investment income stood at INR 1,340 crore and INR 832 crore in Q2 FY20, down 9 per cent over the year and up 42 per cent Y-o-Y.

Profit after Taxes (PAT) for the quarter was at INR 2,730 crore, up 41 per cent from INR 1,944 crore in Q1 FY20 and 44 per cent Y-o-Y from INR1,900 crore in Q2 FY19.

Net debt lowered by INR 8,322 crore to stand at INR 20,081 crore on September 30, as compared to June 30, 2019.

As Vedanta reported, its alumina production grew 18 per cent year-on-year to 0.41 million tonnes in Q2 FY20.