Economy

Vedanta Resources: Indian Subsidiary 2Q Net Profit Rose 47%

Revenues were up 37% to Rs 21,520 crore during the second quarter against Rs 15,861 crore in same period a year ago.

Metals and mining conglomerate Vedanta Ltd.'s consolidated net profit jumped 43% to ₹2,036 crore for the July-September quarter, helped by strong commodity prices and higher zinc and copper output.

EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 21.3 percent to Rs 5,669 crore, but margin contracted by 159 basis points to 26.26 percent compared with corresponding quarter. "This was partially offset by Rs 109 crore of exploratory assets write off at oil & gas business", Vedanta reasoned.

Vedanta CEO Kuldip Kaura said the "PAT for the quarter was up. on the back of solid operational performance in our zinc and copper businesses, supported by strong commodity prices". Revenues went up 31.6% to Rs 39,875 crore against Rs 30,300 crore in the half-year period ended September 30, 2016.

The company had posted a consolidated net profit (after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items) of Rs 1,424 crore in the same quarter a year ago, Vedanta Ltd said in a filing to the BSE.

Bloomberg had estimated a net profit of Rs 2,241 crore and revenue of Rs 22,419 crore.

The company is exploring iron ore opportunities in Jharkhand and if there is any value addition opportunity than it will be certainly taken up.

Vedanta Ltd. said that it expects to continue ramping up production in the second half of its fiscal year, with key oil-and-gas contracts in the advanced stages of the awards process.

Gross debt was down by Rs 11,466 crore to Rs 55,798 crore as on September 30. "The overall idea is to maintain robust cash flows that can be utilized for capital expenditure", he added during an earnings call.



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