Vedanta’s Profit Tumbles as India Lockdown Hurts Output, Demand
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Billionaire Anil Agarwal’s Indian commodities conglomerate Vedanta Ltd. posted a 23.5% drop in quarterly profit as one of the world’s strictest lockdowns hit production and demand.
Group net income slumped to 10.33 billion rupees ($141 million) in the three months to June from 13.51 billion rupees a year earlier, the company said in a statement late Saturday. Sales fell 25.9% to 156.87 billion rupees.