Vedanta's Q2 net profit up 44% on one-time tax benefit

New Delhi, Nov 14 (IANS) Mining major Vedanta on Thursday reported a 43.68 per cent increase in its consolidated net profit for the July-September quarter of the financial year 2019-20 on the back of one-time tax benefit.The consolidated net profit of the company stood at Rs 2,730 crore, against Rs 1,900 crore during the second quarter of 2018-19, Vedanta said in a regulatory filing.The company witnessed a deferred tax benefit of Rs 1,891 crore in the quarter under review which helped its profits rise despite a 2 per cent year-on-year fall in its total income to Rs 22,814 crore.According to Vedanta, its debt reduced during the quarter ended September."Gross debt was at Rs 55,898 crore on September 30, lower by Rs 3,279 crore as compared to June 30. This was mainly due to repayment of debt at TSPL (Talwandi Sabo Power Limited) and Vedanta (Standalone)," it said.Net debt was at Rs 20,081 crore on September 30, lower by Rs 8,322 crore as compared to June 30, primarily due to free cash flow generation during the period and realisation of power debtors at TSPL, it added.
--IANS rrb/rs