Vedanta Ltd on Wednesday, July 3, reported a rise in production of aluminium, zinc, iron ore and steel in the April-June quarter of fiscal 2024-25 (FY25). However, the metals-to-mining conglomerate reported a rise in the production of mined metal overseas, while oil and gas output dropped during the quarter.
The Anil Agarwal-led conglomerate said in a regulatory filing to the stock exchanges that the aluminium output grew three per cent to 5,96,000 tonnes in the first quarter over the year-ago period. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones.
While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY24. Meanwhile, oil and gas output dropped 17 per cent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier.
The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 per cent to 3,56,000 tonnes and power sales rose 13 per cent to 4,791 million units from 4,256 million units in the April-June period of the last financial year.
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan, and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium and power.
Shares of Vedanta settled 1.29 per cent higher at ₹463.75 apiece on the BSE. Last month, it was reported that the Vedanta Group, comprising Vedanta Ltd and Hindustan Zinc Ltd, generated the maximum wealth for investors in the current fiscal, with the combined market valuation of both firms surging by ₹2.2 lakh crore on June 20.
Vedanta delivered its second-highest-ever revenue of ₹1,41,793 crore and EBITDA of ₹36,455 crore in FY24, with a margin of 30 per cent despite a moderate commodity cycle. The conglomerate has chalked out a strategic roadmap to achieve an EBITDA of $10 billion in the near term, backed by over 50 growth projects, including those in zinc, aluminium, oil & gas and power businesses.
