Vedanta Smelts Record Of 549k Tonnes Of Primary Aluminium In Latest Quarter

Vedanta Smelts Record Of 549k Tonnes Of Primary Aluminium In Latest Quarter

Indian aluminium and metals producer Vedanta Limited released results for the quarter ending on 30 June this week. The subsidiary of Vedanta Resources reported production and financial improvements across the board over the same time period in 2020.

For the first fiscal quarter Vedanta reported a record consolidated revenue of ₹28,105 crore, better by 79 percent on the year. The firm’s quarterly EBITDA also reached a record level at ₹10,032 crore, surging by 150 percent over last year’s first quarter. Attributable PAT for the quarter jumped by 314 percent on the year to ₹4,280 crore, while net debt shrank by ₹6,989 crore to ₹20,261 crore. Vedanta ended the quarter with the lowest net debt to EBITDA ratio in four years at 0.6x.

Vedanta’s aluminium and power business was strong in the just-ended quarter, as aluminium production reached a record high of 549 thousand metric tons. However, cost of production rose on the quarter to US$1,526 per metric ton, up by one fifth on the year.

Vedanta’s CEO Sunil Duggal elaborated on the quarter’s results in a related press release.

“We are happy to announce another strong quarter with continued momentum across all businesses. Our consolidated revenue was up 79% y-o-y at ₹ 28,105 crore and attributable profit after tax (before exceptional items) up 314% y-o-y at ₹ 4,280 crore. We delivered record operational performance, maintaining the trajectory of cost and volumes, driven by structural integration and technology adoption. Despite the uncertain market conditions, we have continued with our winning streak by reporting the highest ever quarterly EBITDA of ₹ 10,032 crore, up 150% y-o-y.”

“Our priority remains supporting our employees, partners, and communities to navigate through these tough times by providing every possible medical & other required assistance,” Duggal continued. “We are focused on the key value drivers and lowering our carbon footprint, to unlock a sustainable future growth for the company and maximize value for stakeholders.”