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Vedanta Limited: Consolidated Results for the First Quarter Ended 30 June 2017

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PR Newswire

MUMBAI, July 25, 2017 /PRNewswire/ -- Vedanta Limited today announced its unaudited consolidated results for the first quarter (Q1) ended 30 Jun 2017.

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Financial Highlights


- Solid financial performance

o Attributable PAT more than doubles y-o-y to Rs 1,525 crore
o Revenues of Rs 18,203 crore up 27% y-o-y
o EBITDA of Rs. 4,965 crore at robust margin1 of 36%
o Achieved cost savings of $856 million over last 9 quarters

- Strong Balance Sheet

o Gross Debt2 reduced by c. Rs 9,000 crore in the last 4 months
o Net Debt/EBITDA at 0.8x – among the lowest across Indian and global peers
o Strong financial position with total cash and liquid investments of Rs 48,318 crore

 


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Operational Highlights


- Oil & Gas:  Continued strong contribution from Mangala EOR; improved costs despite higher EOR production

- Zinc India: Higher zinc-lead and silver volumes

o   Mined metal production at 233 kt, 84% up y-o-y
o   Integrated silver production 30% up y-o-y

- Aluminium: Exit production run-rate of 1.4mtpa

- Zinc International: Gamsberg project on track for mid-CY 2018 production

- TSPL: Plant restarted in end June and running at availability of above 90%


1. Excludes custom smelting at Copper India and Zinc India operations

2. Excluding change in Zinc India temporary borrowings from Rs 7,908 crore in Q4 FY 2017 to Rs 6,959 crore and Preference shares of Rs 3,010 crore issued pursuant to Cairn merger

Mr. Tom Albanese, Chief Executive Officer, Vedanta Ltd, said: "We have started the year on a positive note, with our Net Profit for Q1 doubling over last year. Our Zinc and Oil & Gas businesses have delivered a strong quarter. Vedanta is a world leader in Zinc, and Zinc prices have strengthened since the quarter end on continued global supply deficits. Our continued ramp-up in the Aluminium business has helped us exit the quarter on a strong production run rate of 1.4 mtpa.  We are realizing the true benefits of Vedanta's diversified portfolio."

Consolidated Financial Performance

The consolidated financial performance of the company during the period is as under:

(In Rs. crore, except as stated)

FY 2017


Q1

Q1

%
Change

Q4

%
Change

Actual

FY 2018

FY 2017

FY 2017

71,721

Net Sales/Income from operations

18,203

14,365

27%

22,371

-19%

21,437

EBITDA

4,965

3,539

40%

7,275

-32%

39%

EBITDA Margin1

36%

32%


44%


5,855

Finance cost

1,592

1,393

14%

1,503

6%

4,581

Other Income

1055

1,271

-17%

921

15%

20,058

Profit before Depreciation and Taxes

4,337

3,320

31%

6,768

-36%

6,292

Depreciation & Amortization

1,386

1,550

-11%

1,604

-14%

13,766

Profit before Exceptional items

2,951

1,770

67%

5,164

-43%

114

Exceptional Items2

-

-

-

114


2,103

Tax

681

403

69%

636

7%

196

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