The company net profit jumped to Rs 2,971 crore for fourth quarter to March on the back of higher income.
New Delhi: Metal and mining conglomerate Vedanta Ltd today saw its consolidated net profit jump over three fold to Rs 2,971 crore for the fourth quarter to March on the back of higher income.
The company had clocked a net profit of Rs 861 crore (attributable PAT before exceptional items and DDT) for the fourth quarter of 2015-16. Its total sales grew 41 per cent to Rs 22,371 crore during the quarter under review as against Rs 15,828 crore a year ago.
"Revenue in the fourth quarter was up... 41 per cent y- o-y, driven by higher volumes from Zinc India, supported by ramp-up at the aluminium and power business and improved metal and oil prices.
Additionally, higher volumes at iron ore in Q4 FY2017 over Q4 FY2016 aided higher revenues," the company said in a statement. Navin Agarwal, Chairman, Vedanta Ltd, said, "The completion of the Cairn India merger transforms Vedanta Ltd into a diversified natural resources powerhouse, anchored in India."
He said further, "The combined entity truly reflects our strong, diversified, low-cost portfolio with industry-leading volume growth from our well-invested assets." Vedanta is one of the largest contributors to the exchequer in 2016-17, at Rs 40,000 crore, Agarwal said.
He added: "The record dividends during the past financial year highlight our commitment to shareholder value. We are looking forward to a very exciting 2017-18 and future years, with all our businesses operating at full capacities and cost efficiencies."
Tom Albanese, CEO, Vedanta Ltd, said the company's strategic focus to ramp up production across the portfolio, namely zinc, aluminium, power and iron ore businesses, has supplemented revenue growth.
"In particular, record production levels at zinc and aluminium 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," he added.