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26 May, 2020 16:25 IST
Vedanta swings to profit in Jan-Mar quarter
Source: IRIS | 16 May, 2017, 08.49AM
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Vedanta  swung to a profit for the quarter ended March 2017.  During the quarter, the company reported a profit of Rs 29.88 billion compared with a loss of Rs 211.03 billion  in the same quarter previous year.

Revenues for the quarter  rose 35.16% to Rs 246 billion, compared with Rs 182 billion for the prior year period.

Earnings per share stood at Rs 5.32 compared with negative Rs 1.40 in the same quarter last year.

Navin Agarwal, Chairman Vedanta, said, "The completion of the Cairn India merger transforms Vedanta Ltd. into a diversified natural resources powerhouse, anchored in India. The combined entity truly reflects our strong, diversified, low-cost portfolio with industryleading volume growth from our well-invested assets. Vedanta is one of the largest contributors to the exchequer in FY 2017, at c. Rs 400 billion. The record dividends during the past financial year highlights our commitment to shareholder value. We are looking forward to a very exciting FY 2018 and future years, with all our businesses operating at full capacities and cost efficiencies.''

Tom Albanese, Chief Executive Officer, Vedanta, said, ''I am happy to report that Vedanta has posted strong financial and operational results in FY2016-17. Our strategic focus to ramp up production across the portfolio namely in Zinc, Aluminum, Power and Iron Ore businesses throughout the year, has supplemented revenue growth. In particular, record production levels at Zinc and Aluminum were well-timed in an environment of strong supply side pressures on both commodities. Our cost management initiatives have helped us deliver strong returns for all our shareholders.''

Quarterly Results - Consolidated (Rs in mn)
As atMar - 17Mar - 16%Change
Net Profit29.88(211.03)-
Diluted EPS5.32(1.40)-

Shares of the company gained Rs 4.9, or 2.07%, to settle at  Rs 241.30.  The total volume of shares traded  was  1,532,520 at the BSE (Monday).

Vedanta Limited   (Q,N,C,F)*

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