Vedanta Iron & Steel swings back to profit despite weaker operating performance

Vedanta Iron & Steel Ltd

. reported a net profit of ₹121 crore for the June quarter, reversing a loss of ₹1,939 crore in the preceding three months.

Revenue from operations declined 5.2% on a sequential basis to ₹3,662 crore from ₹3,863 crore in the March quarter.

Operating performance weakened during the quarter, with EBITDA falling 8.1% quarter-on-quarter to ₹508 crore from ₹553 crore.

The company's EBITDA margin stood at 14% in the June quarter, compared with 14.3% in the preceding quarter.

The results mark the company's return to profitability on a sequential basis, even as revenue and operating profit declined from the previous quarter.

Shares of Vedanta Iron and Steel Ltd. ended 4.98% higher at ₹30.98 apiece on the NSE on Wednesday, ahead of the company's June quarter earnings announcement.