Mining conglomerate Vedanta Q4 PAT grows 34% to Rs 56.8 bn

For the entire 2017-18, its PAT grew 21% to Rs 136.92 bn from Rs 113.19 bn in 2016-17.

Mining conglomerate Vedanta on Thursday reported a 34 per cent rise in consolidated profit-after-tax (PAT) at Rs 56.75 billion for the fourth quarter ended March 2018. The company had posted a consolidated PAT of Rs 42.26 billion in the year-ago period, it said in a statement.
 

Vedanta's income from operations in the period under review rose 17 per cent to Rs 276.30 billion from Rs 236.91 billion in the corresponding quarter of the previous financial year. For the entire 2017-18, its PAT grew 21 per cent to Rs 136.92 billion from Rs 113.19 billion in 2016-17.
 

Commenting on the results, Vedanta CEO Kuldip Kaura said: “Our volume ramp-up plans stayed on track, resulting in a significantly higher Ebitda for the year, despite challenges from input price inflation.” In 2019, the focus will be on generating strong cash flows on the strength of higher volumes and improved cost structure in businesses which will further strengthen company's financials and will drive superior shareholder returns, he said.
 

 

“The shutting down of mining operations in Goa in the wake of a Supreme Court order had a negligible impact on the company's business during the last quarter. Since the operations closed mid-March, which is a closing month, it had a negligible impact,” Kaura said.

 

Vedanta chairman Navin Agarwal said, “FY’18 was a transformational year for Vedanta. The diversified, well-invested and low-cost portfolio of the company delivered industry leading volume growth during the year. We paid a record interim dividend of Rs 78.81 billion and contributed Rs 330 billion to the exchequer in FY'18. I am excited about the many growth opportunities for the company, which will further enhance shareholder value.” Vedanta said its Gamsberg project is on track and is expected to commence production by mid 2018.