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Vedanta Ltd. reported an 18% dip in profits at INR 20.1bn ($242mn) during the previous quarter. Revenues rose by 3.8% to INR 350bn ($4.2bn). The drop in profits comes on the back of weaker commodity prices especially of zinc and aluminum, and higher finance costs. Finance costs jumped 54% during the period and total costs were up 2.8%. The parent company Vedanta Resources is currently in the process of a debt overhaul wherein it is partly paying the amounts outstanding on three of its dollar bonds, coupled with coupon increases and maturity extensions.
Vedanta’s dollar bonds continued to trade stable with its 9.25% 2026s at 75 cents on the dollar, yielding 24.4%.
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