Vedanta Limited reports 9% revenue increase in Q3 2016

Vedanta Limited today announced consolidated results for the second financial quarter (Q2) ended 30 September 2016.

For the aluminium sector, smelters continued to ramp-up. The company managed to maintain the production run-rate of 1.1mtpa (excluding trial run) and 1.2mtpa (including trial run).

Commenting on the results, Tom Albanese, Chief Executive Officer, Vedanta Limited, said: "We have made significant operational progress this quarter, with an increase in production from Zinc India quarter-on- quarter…and Aluminium continuing to ramp-up. During the quarter, as a result of our improved operating performance and working capital initiatives, we maximised free cash flow…Simplifying the group structure continues to be a priority, and the Cairn India - Vedanta Limited merger remains on track for completion in Q1 CY2017…”

Vedanta reports 9% sequential increase in revenue in Q2 due to higher volumes from Zinc and Power businesses, accompanied by higher metal and oil prices.   The shareholders of Vedanta Limited and Cairn India Limited have approved the revised terms of the proposed merger with requisite majority. The merger is expected to be completed by Q1 CY2017.

The company reports EBITDA of INR. 4,640 crore which records an increase of 31% from last quarter due to higher metal and oil prices and higher volumes from Zinc. On a YOY comparison, EBITDA was up by 8% due to higher metal prices and improved cost efficiencies at aluminium business.

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