Vedanta posts 20% YoY rise in Q2 PAT at Rs 2,986 crore
Metal and mining major Vedanta on Thursday reported 20 per cent increase in consolidated profit after tax (PAT) at Rs 2,986 crore for the quarter ended September 30, 2017 against Rs 2,495 crore in the corresponding quarter last year.
Consolidated Ebitda jumped 24 per cent year-on-year to Rs 5776 crore during the quarter under review against Rs 4647 crore in the same period last year. Other income of the company slipped 36 per cent YoY to Rs 876 crore.
Revenue in Q2 was up 37 per cent yoy on account of higher volume at Copper India, Zinc India, Zinc International, ramp up at aluminium business and higher commodity prices partially offset by currency appreciation, lower volumes at oil & gas. Net sales of the company stood at Rs 21,520 crore in September quarter.
As on 30 September 2017, gross debt was at Rs 55,798 crore including temporary short term borrowings of Rs 593 crore at Zinc India and Preference shares of Rs 3,010 crore issued pursuant to the Cairn merger. Gross Debt reduced by Rs 11,466 crore (excluding repayment of temporary borrowing by Zinc India) since March 2017. Net debt was at Rs 15,592 crore on September 30, lower QoQ on account of improved operating performance resulting in higher free cash flows.