Vedanta Q1 profit falls 11% to ₹3,185 cr

Vedanta Ltd's profit for the April-June period fell by over a tenth from a year ago due to higher tax expenses, even as it produced the most zinc and alumina ever for a first fiscal quarter.

- Nehal Chaliawala

The metals and mining major has shelved its plans to transfer ₹12,587 crore from its strategic reserves to retained earnings, the total profits that a company keeps after distributing dividends to shareholders.

The move was seen as an attempt by the company to free up cash by liquidating reserves to increase the dividend outgo to its shareholders, including its London-based parent company Vedanta Resources. Vedanta had earlier moved the Mumbai bench of the National Company Law Tribunal to seek its nod on the transaction.