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Annual Results

Vedanta lifts FY 2017 EBITDA, optimistic on FY 2018

24 May 2017 09:30

Vedanta has boosted its FY EBITDA and revenue, and enters FY 2018 in a stronger financial position.

"We delivered a strong set of results this year and took important steps towards achieving our strategic objectives," said chairman Anil Agarwal in a statement.

The company's revenue rose 7% to $11.5bn, driven by firmer commodity prices and volume ramp-up. EBITDA increased 37% to $3.2bn.

"We reached record production levels across several of our businesses and I am confident of continued successful ramp ups from our world-class assets," he said.

"An important milestone for us this year was the completion of the merger of Vedanta Limited and Cairn India, and our simplified group structure will support strong shareholder returns," said Agarwal.

"We remain committed to a consistent strategy and de-levering the balance sheet, and look ahead to FY 2018 in a stronger financial position and with more confidence than ever."

Continuing his reference to FY 2018, Agarwal said he was optimistic that the improvement in commodity markets experienced this year might continue for the foreseeable future.

"Prices in copper, aluminium, zinc, iron ore, oil and gas have all shown a strong recovery last year, so we approach FY 2018 with a cautious optimism and a continuing discipline in our capital allocation," he said.

"Meanwhile, we will continue to contribute to India's exciting growth trajectory, working with the Indian Government, our employees and communities to make a difference."

At 9:30am: (LON:VED) Vedanta Resources PLC share price was -7.75p at 627.75p

Story provided by StockMarketWire.com

Related Company: VED

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