Vedanta Logs Strong Earnings, Beats Falling Commodity Prices

Vedanta Logs Robust Earnings, Beats Falling Commodity Prices

Panaji: In spite of falling commodity Charges, Vedanta Ltd, previously called Sesa Sterlite, has come outwith Robust consequences in a unstable market helped by way of price control and better productivity, the corporation stated on Wednesday.

“Vedanta has produced Sturdy consequences in a risky marketplace with relentless awareness on feesubject and stepped forward productiveness, main to robust Income and document coins glide,” Chairman Navin Agarwal stated at the same time as addressing 51st annual wellknown meeting of Vedanta Ltd in Goa.

“This year become difficult for the arena with falling commodity Fees. However… The enterprise enduredto construct upon its center strengths of low value, scalable operations, improvement initiatives andadvanced growth alternatives.”

At some point of 2015-16, driven by means of open and capex optimisation, Vedanta generated loosecash flow of over Rs eleven,000 crore, around 3 instances higher than final yr, he stated, adding that this helped the agency lessen internet debt via over Rs 6,000 crore.

“The liquidity for the institution remains sturdy with over Rs fifty two,000 crore of coins and coinsequivalents,” Agarwal said. Vedanta has consistently been one of the largest individuals to the exchequer, contributing Rs 20,six hundred crore in 2015-sixteen, he said.

The chairman said the subsidiary, Hindustan Zinc, introduced a historic dividend of over Rs 12,000 crore, of which around Rs 6,500 crore flowed to Vedanta Restricted and about Rs five,000 crore to the Indiangovernment.

That is one of the highest dividends ever paid with the aid of any non-public region organisation in India,” he said.

Agarwal stated that in the 12 months, Vedanta reinforced its capability to face up to volatility with reportmanufacturing and ability ramp-up.

“Zinc, lead, aluminium, electricity and copper carried out report manufacturing,” he introduced.

All through the yr, Vedanta multiplied potential of BALCO and its well-invested aluminium smelting flora in Jharsuguda. “We additionally retain to paintings toward a phased ramp-up of the alumina refiningpotential at the Lanjigarh alumina refinery,” the chairman said.

In a first-rate achievement, Mr Agarwal stated, the whole power portfolio of nine,000 mw have becomeoperational At some stage in the 12 months, making the organisation one of the biggest electricitymanufacturers in India.

On Hindustan Zinc, he said the agency published document production At some point of the yr. “Itmaintains to work on its next phase of boom improving potential of zinc to at least one.2 million tonnesconsistent with annum and silver to 500 tonnes,” he said.

Regarding Gamsberg zinc challenge in South Africa, he said “given strong fundamentals for zinc and our ramp-up plan, we count on the primary ore manufacturing in 2018 at an optimized capex of USD four hundred million”.

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story first published on: June 29, 2016 13:36 (IST)

Tags: Vedanta Ltd, Vedanta Ltd shares, Vedanta Ltd Income, Hindustan Zinc