Vedanta Q2 net vaults 41% to Rs2,036 cr

Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources Plc, has reported a consolidated net profit of Rs2,036 crore ($314.9 million) for fiscal second quarter, a 41-per cent year-on-year increase from the second-quarter profit for the previous fiscal.

Unaudited consolidated results for the quarter showed the company's total income grew about 37 per cent to Rs21,520 crore, Vedanta said while announcing its quarterly results today.

Vedanta said the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs5,776 crore, showing a year-on-year growth of 24 per cent, while EBITDA margin stood at a robust 35 per cent.

Second quarter results showed continued strong financial performance taking fiscal first half contribution to the exchequer to Rs13,000 crore.

Vedanta said its gross debt reduced by Rs11,466 crore2 since 31 March 2017 while net debt to EBITDA ratio stood at a multiple of 0.6 – among the lowest across Indian and global peers.

Strong financial position with total cash and liquid investments of Rs40,206 crore

During the quarter Copper India recorded quarterly copper cathode production of 106 kilo tonnes while Zinc International reported the highest quarterly production of 20 kt at Black Mountain in the last 4 years.

Oil and gas production commenced 15-well infill drilling campaign at Mangala and the first well has been brought online.

Zinc India reported record silver production while refined zinc-lead metal production rose 27 per cent to 230 kt. Aluminium production for the quarter stood at 401 kt.

''PAT for the quarter was up 41 per cent and EBITDA was up 24 per cent compared to last year on the back of solid operational performance in our Zinc and Copper businesses, supported by strong commodity prices. Key contracts on our announced oil and gas projects are at advanced stages of being awarded. We expect H2 of this fiscal year to be more robust with the continuing production ramp up and we continue to maintain a strong balance sheet and remain focused on creating long term shareholder value,''  Kuldip Kaura, chief executive officer of Vedanta Ltd, said.