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Interim Results

Vedanta's revenue, EBITDA up in Q3, down over 9 months

20 February 2017 07:35

Vedanta Resources has improved its Q3 revenue and EBITDA, but on a nine-month basis these were lower. The company also noted lower production in both the three- and nine-month periods.

Revenue for Q3 was $318.7m, up 4% from $307.8m, with EBITDA at $158.2m, up 66% from $95.5m. These gains reflected the benefits of higher commodity prices and production volumes.

However, on a nine-month basis, revenue was $904.6m, down 15% from $1.06bn, while EBITDA was $432.1m, down 8% from $469.2m.

For Q3 FY 2017, average gross production across assets was lower at 181,818 boepd, from 202,668 boepd, primarily due to planned maintenance shutdown in Rajasthan and natural decline in offshore assets.

In the nine months to Dec. 31, 2016, average gross production across assets was 191,674 boepd, down 7% from 205,909 boepd.

CEO Tom Albanese said the company had achieved substantial operational progress during the quarter with ramp up of it Aluminium, Power and Iron Ore capacities.

"We are very excited about our Gamsberg Zinc project in South Africa where first ore is expected in mid-2018. At KCM, we are committed to the turnaround of this asset and continue to work towards it," he said.

Vedanta's rising capacity utilizations and the continued focus on costs, alongside stronger commodity prices, enabled it to deliver 79% higher EBITDA and strong free cash flow, he said.

"In line with our stated financial strategy to extend near-term maturities and optimise the balance sheet, we successfully issued a $1bn USD bond in January 2017 to proactively refinance part of our 2018 and 2019 bond maturities.

"We are pleased with the strong demand these bonds received, with support from all major markets." Story provided by StockMarketWire.com

Related Company: VED

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