Indian miner Vedanta Limited (formerly known as Sesa Sterlite Ltd) has announced its unaudited consolidated results for the second quarter ended 30 September 2015.
Revenues stood at INR 16,349 crore and a cash flow of INR 7,145 crore was generated despite a challenging commodity price environment prevailing in the domestic as well as global marketplace.
Following are the financial highlights of the results:
• Continued optimization of opex and capex to maximise free cash flow and reduce net debt; generated free cash flow of INR 7,145 crore and net debt reduced by INR 5,335 crore in Q2
• EBITDA at INR 4,113 crore up by 2% QoQ; robust EBITDA margin1 at 32%
• Attributable PAT at INR 974 crore, 12% higher QoQ
• Strong balance sheet with Cash & Cash Equivalents of over INR 52,000 crore, up 11%
• Contribution of INR 12,104 crore to the Indian Exchequer during H1 FY2016, in the form of taxes, duties, royalties and profit petroleum
• Interim dividend of INR 3.50 per share
Following are the operational highlights:
Aluminium: Stable volumes from existing smelters; cost reduction initiatives in progress; further pots at Jharsuguda-II smelter to commence ramp up in Q3
Power: TSPL Unit-I achieved 86% availability; Unit-II commissioning activities commenced, to be synchronized in Q3
Revenues during the quarter at INR 16,349 crore were 16% lower than last year (lower by 4% QoQ) on account of the fall in crude oil and metal prices.
Tom Albanese, Chief Executive Officer, Vedanta Limited, said: "Our diversified asset portfolio has delivered a strong operating performance, resulting in strong free cash flows during the quarter. We are continuing to drive efficiency improvements and optimise opex and capex across the business, taking measured steps to reduce net debt and maximise free cash flow. While the near-term market outlook is challenging, we believe we have the right mix of low cost assets fuelled with new technologies to benefit from future demand in India and globally."
