Vedanta’s September quarter net profit grows 17.1% to Rs1,251 crore
According to chief executive officer, Vedanta, Tom Albanese, improved operating performance and working capital initiatives have led to maximisation of free cash flow during the quarter
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New Delhi: Mining giant Vedanta Ltd on Friday posted 17.14% jump in its consolidated net profit at Rs1,251.13 crore for the quarter ended September 2016 as against a year ago.
In the year-earlier period, the figure stood at Rs1,068.95 crore, the company said in a BSE filing on Friday.
These numbers are after taxes, minority interest and share in jointly-controlled entities and associates. Total income has decreased to Rs18,029.76 crore for the said quarter, from Rs18,898.27 crore in the previous fiscal. The company stated that the board of directors at its meeting held on 28 October declared an interim dividend of Rs1.75 per share i.e. 175% on face value of Re1 per share for 2016-17.
“We have made significant operational progress this quarter, with an increase in production from Zinc India quarter-on-quarter (QoQ) and good operating performance at our oil and gas business. The Talwandi Sabo Power Ltd (TSPL) business is now fully operational and aluminium is continuing to be ramped up,” said chief executive officer, Vedanta Ltd, Tom Albanese. According to him, improved operating performance and working capital initiatives have led to maximisation of free cash flow during the quarter. This has also helped substantially reduce debt.
The company is focusing on strengthening its balance sheet, including by refinancing debt maturities. Simplifying the group structure continues to be a priority, and Cairn India-Vedanta Ltd merger remains on track for completion in the first quarter of 2017, supported by the shareholders of both companies, he added.