3rd May 2018 14:05
LONDON (Alliance News) - Vedanta Resources PLC on Thursday said its core subsidiary Vedanta Ltd posted strong revenue and earnings growth for its recently ended financial year, which included a strong fourth quarter.
Vedanta Ltd's revenue for its year to March-end was up 22% at INR929.23 billion, equivalent to around GBP10.26 billion.
Earnings before interest, taxes, depreciation, and amortisation for the year was INR254.70 billion, up 19% year-on-year. Profit before tax and depreciation year came in at INR229.55 billion, up 14% year-on-year.
For its fourth quarter to March revenue rose 13% year-on-year to INR276.30 billion and Ebitda by 17% to INR79.29 billion, which it said was the highest in five years.
Gross debt has been reduced by INR85.12 billion since the end of March 2017 to INR581.59 billion.
Vedanta Ltd said it posted record annual production of refined zinc-lead and silver, and aluminium production was at a record 1.7 million tonnes. Copper production was likewise at a record level, it said, though it did not give figures.
Its March 18 exit run rate for oil and gas production was 200,000 barrels of oil equivalent per day and it said its growth projects are on track going ahead.
In iron ore, Vedanta Ltd is expecting an increase in company-wise mining cap allocations in Karnataka in the first quarter of its new year, while Goa operations are shut due to a state-wide ban.
Separately, parent Vedanta Resources said that it will record a reversal of USD850 million to USD950 million charge in its annual results for its oil and gas business. Unit Vedanta Ltd recorded a non-cash reversal of USD661 million impairment in its 2018 financial year results.
London listed shares of Vedanta Resources were up 0.9% at 758.40 pence each.
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