2020 Was Very Unusual Year For All, Vedanta Was No Different: Chairman

Mining baron Anil Agarwal has stated that 2020 was a "very unusual year" for all and as a large natural resources company, Vedanta got its fair share of challenges.

"The year 2020 was a very unusual year for all of us. A year that was challenging on multiple fronts, but what stood out was the extraordinary resilience and adaptability of individuals and enterprises.

"There was a tectonic shift in the way we live or conduct our businesses, and Vedanta was no different," Vedanta Group Chairman Agarwal said.

The mining mogul told stakeholders in the Integrated Report and Annual Accounts for the financial year 2020-21.

"As a large natural resources company, we have had our fair share of challenges. However, we were quick to adapt to the emerging realties, backed by the relentless support of our dynamic workforce," he said.

The company, he said, extended its support to the nation's fight against COVID-19 during its first wave through contributions to the PM-CARES Fund and undertaking initiatives that positively impacted the lives of over 15 lakh people.

"We have now pledged Rs 150 crore to help the country in its fight against the second wave of COVID-19 along with setting up 1,000 specialty beds in 10 locations across India," he said.

Sterlite Copper, which has a capacity to produce 1,000 tonnes of oxygen at Tuticorin in Tamil Nadu, is catering to the needs of COVID-19 patients in the region.

During 2020-21, Vedanta continued to live up to its promises to its stakeholders and operated a resilient and responsible business.

Even as temporary disruptions materialised, the company was able to bounce back strongly with industry-leading Ebitda margins and exceptional quarters for key businesses, he said.

Ebitda stands for earnings before interest, tax, depreciation and amortisation.

"We remained cash flow positive; and maintained liquidity at comfortable levels," Agarwal said.

"At Vedanta, we are cognisant of the immense growth potential and will invest in opportunities that create value for all stakeholders," he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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