Vedanta Resources Limited on Monday, November 12, announced interim results for the six months ended 30 September 2018.Vedanta reported revenue of US$7.1 billion in H1 FY2019, up 4% from US$6.8 billion in H1 FY2018. The increase in revenue was attributable to higher volumes at aluminium, acquisition of Electrosteel, and higher commodity prices, offset by lower volumes and ongoing closure of Tuticorin operations.
EBITDA increased 1% year on year to US$1.71 billion in H1 FY2019, from US$1.69 billion in H1 FY2018. Adjusted EBITDA margin in the mentioned period was at 29% compared to 34% in the same period previous year.
Free cash flow (FCF) post-capex of US$(174) million (H1 FY2018: US$232 million) due to higher net interest and higher capex investments into growth projects.
Vedanta said its gross debt rose to US$15.7 billion and net debt to US$10.2 billion, primarily due to the acquisition of Electrosteels Steel Limited.
In H1 FY2019, aluminium production increased 30% YoY to 976,000 tonnes. The growth was primarily driven by the ramp of Jharsuguda I smelter which was completed in Q3 FY2018 post the April 2017 outage and the ongoing ramp up of additional pots at Jharsuguda II.
The alumina production from Lanjigarh refinery stood at 673,000 tonnes, up 18 per cent from H1 FY 2018 total of 572,000 tonnes.
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