Stock Market News
Vedanta's India arm posts 'robust' third quarter
Vedanta Resources' Indian subsidiary Vedanta Ltd insisted it was was on course for a strong finish to the year after a "robust" third quarter.
Vedanta said third-quarter earnings before interest, tax, depreciation and amortization were ahead 17% compared to the previous three months, at INR 6,780 crore (£753m).
Revenues came in at INR 24,361 crore, up 19% year-on-year and 17% on the second quarter.
Profits after tax and exceptional items were down 4%, at INR 2,053 crore, slightly below analyst expectations.
But chief executive Kuldip Kaura remained upbeat, commenting: "We delivered a robust quarter with EBITDA significantly higher year-on-year and quarter-on-quarter, with our EBITDA margin remaining strong. Our ramp-up plans across our well-invested assets are on track, and are delivering industry-leading growth.
"We are looking forward to a strong fourth quarter, 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."
The Mumbai-based company said the third quarter had benefited from higher commodity prices, a ramp-up at its aluminium business and higher zinc volumes.
Vedanta said third-quarter earnings before interest, tax, depreciation and amortization were ahead 17% compared to the previous three months, at INR 6,780 crore (£753m).
Revenues came in at INR 24,361 crore, up 19% year-on-year and 17% on the second quarter.
Profits after tax and exceptional items were down 4%, at INR 2,053 crore, slightly below analyst expectations.
But chief executive Kuldip Kaura remained upbeat, commenting: "We delivered a robust quarter with EBITDA significantly higher year-on-year and quarter-on-quarter, with our EBITDA margin remaining strong. Our ramp-up plans across our well-invested assets are on track, and are delivering industry-leading growth.
"We are looking forward to a strong fourth quarter, 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."
The Mumbai-based company said the third quarter had benefited from higher commodity prices, a ramp-up at its aluminium business and higher zinc volumes.
Related share prices |
---|
Vedanta Resources (VED) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price