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Annual Results

Vedanta' earnings, revenues up

15 May 2017 14:24

Vedanta has reported a 41% increase in earnings (EBITDA) for the year ended 31 March to Rs. 21,437 crore. Revenue was up 12% at Rs. 71,721 crore.

Profit after tax was up 2.6 times at Rs. 7,323 crore for the year and up 3.4 times year-on-year in the fourth quarter at Rs. 2,971 crore.

Navin Agarwal, Chairman Vedanta Limited, said, "The completion of the Cairn India merger transforms Vedanta Ltd. into a diversified natural resources powerhouse, anchored in India. The combined entity truly reflects our strong, diversified, low-cost portfolio with industry-leading volume growth from our well-invested assets. Vedanta is one of the largest contributors to the exchequer in FY 2017, at c. Rs. 40,000 crore. The record dividends during the past financial year highlights our commitment to shareholder value. We are looking forward to a very exciting FY 2018 and future years, with all our businesses operating at full capacities and cost efficiencies."

Tom Albanese, Chief Executive Officer, Vedanta Ltd, said: "I am happy to report that Vedanta has posted strong financial and operational results in FY2016-17. Our strategic focus to ramp up production across the portfolio namely in Zinc, Aluminium, Power and Iron Ore businesses throughout the year, has supplemented revenue growth. In particular, record production levels at Zinc and Aluminium were well-timed in an environment of strong supply side pressures on both commodities. Our cost management initiatives have helped us deliver strong returns for all our shareholders."

At 2:24pm: (LON:VED) Vedanta Resources PLC share price was +17.5p at 632.5p

Story provided by StockMarketWire.com

Related Company: VED

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