New Delhi, Jan 31 (PTI) Mining conglomerate Vedanta Ltd today reported a marginal 1.8 per cent rise in consolidated net profit to Rs 2,173 crore for the third quarter ended December 31, on the back of higher income. Also Read - Rohit Chadda, The Turnaround CEO Carved Out Another Success Story in 2020
The company had posted consolidated net profit of Rs 2,133 crore in the year-ago period, Vedanta Ltd said in a filing to BSE. Also Read - Elon Musk May Lose Job as Tesla CEO Over Controversial Tweet
These figures are “after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items,” the company said. Also Read - Cairn India Holdings to Exit Investments in Anglo-American Plc Early
The consolidated total income of the company in the period under review increased to Rs 24,934 crore, as compared to Rs 21,405 crore in the corresponding quarter previous fiscal.
“We maintain a strong balance sheet and are committed to our capital allocation framework. We are looking forward to a strong Q4 which will help us finish the year with healthy cash generation.
“The continued strength in the commodity market augurs well for us and we are positive on Vedanta s commodity mix and exposure to Indian growth to drive superior shareholder returns,” Vedanta Ltd CEO Kuldip Kaura said.
Revenue of the company for the third quarter this fiscal increased by 19 per cent year-on-year, on account of ramp-up at aluminium business and higher volumes at Zinc International, among others.
“EBITDA (earnings before interest, taxes, depreciation, and amortisation) for Q3 at Rs 6,780 crore, was up 13 per cent Y-o-Y, on account of higher commodity prices, ramp-up at aluminium business, record plant availability at TSPL (Talwandi Sabo Power Ltd) and higher volumes at Zinc International,” the company said.
The company’s gross debt stood at Rs 55,218 crore as on December 31, 2017, including preference shares of Rs 3,010 crore issued pursuant to the Cairn merger.
“Net debt was at Rs 16,295 crore on 31st December, higher Q-o-Q on account of acquisition of AvanStrate Inc, partially offset by strong free cash flow generation during the quarter,” Vedanta said.
This is published unedited from the PTI feed.