Vedanta, formerly known as Sesa Sterlite has released its consolidated results for the fourth quarter and full year of 2014 ending 31st March showing strong performance amidst a weak commodity price environment.
The company changed its name from Sesa Sterite Limited to Vedanta Limitedon 21, April, 2015 to correlate the company’s identity with its parent company, Vedanta Resources Plc, and create a unified branding as a diversified natural resources group.
Highlights:
• Strong underlying results, on the back of a diversified portfolio, in a weak commodity price environment
• Revenue at INR 73,364 crore
• EBITDA at INR 22,226 crore; EBITDA margin of 41%1
• Attributable pre-exceptional PAT at INR 5,060 crore
• Record full year Aluminium and Alumina production; started new Jharsuguda-II and Korba-II smelters
Mr. Tom Albanese, CEO, Vedanta Limited, said: "There have been several positive developments in 2015; record annual mined metal production at Zinc-India, record aluminium production as the new Jharsuguda-II and Korba-II smelters are ramping up well, and record alumina production at the Lanjigarh refinery. We have also commenced iron ore production in Karnataka and mining activities in Goa are expected to resume in the latter half of 2015. We have taken actions to maintain financial strength and flexibility during this period of weak commodity prices through capital re-phasing and cost management initiatives. We remain confident of our diversified business model and low cost asset base and will continue to generate attractive returns to our shareholders."
The EBITDA for the full year was lower than last year by 13% due to lower production volumes, increased exploration costs and other factors but stronger aluminium premiums and prices during the year managed to significantly offset the results.
Company’s revenues remained strong for the year at INR 73,364 crore, 1% higher than last year as the aluminium ramp up at Korba along with higher volumes of Copper India and commissioning of Unit 1 at TSPL and healthy iron ore sales in Karnataka helped balance out the lower commodity prices seen in the latter half of the year.
