Revenue from operations declined 1.7 per cent year-on-year (YoY) to Rs 2,742 crore in Q2 FY27 from Rs 2,790 crore in Q2 FY26. On a quarter-on-quarter (QoQ) basis, revenue fell from Rs 3,662 crore in Q1 FY27.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 56 per cent YoY to Rs 83 crore in the September quarter from Rs 54 crore a year earlier. However, EBITDA declined 84 per cent QoQ from Rs 515 crore in Q1 FY27.
Ravi Singh, Chief Research Officer at Master Capital Services, said, "The company's losses remain a key concern despite its revenue performance. Investors may wait for a few more quarters for signs of financial improvement."
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "For any kind of serious investment decision, I prefer to wait for a few quarters and monitor how the next results pan out."
Separately, ESL Steel Ltd (ESL), a subsidiary of Vedanta Iron, has received a Demand-cum-Show Cause Notice from GST authorities following observations arising from audit proceedings for FY2022-23 to FY2023-24.
According to the notice, the GST Department has proposed the recovery of GST and reversal of input tax credit totalling Rs 11,76,63,519, along with applicable interest and penalty. The amount comprises IGST of Rs 6,98,75,763, CGST of Rs 2,38,93,878 and SGST of Rs 2,38,93,878.
"ESL is examining the said notice and shall take appropriate steps in accordance with applicable laws within the prescribed timelines. The Company does not envisage any significant financial and operational impact on the Company," Vedanta Iron said.
Vedanta Iron is one of the four independent companies formed following the demerger of Anil Agarwal-led Vedanta Ltd.
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