Metals & mining firm Vedanta Limited announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2019 (FY2019). For Q4 FY2019, the company reported a attributable Profit after Tax (PAT) before exceptional items and DDT of INR2,615 crore, up 66% quarter-on-quarter. For FY2019, attributable PAT before exceptional items and DDT declined 15% year-on-year to INR6,857 crore.
Revenue for Q4 FY2019 stood at INR23,092 crore, down 1% QoQ sequentially on lower commodity prices, rupee appreciation and lower volume at Aluminium and Zinc India business, partially offset by higher sales volume at ESL, Zinc International and Iron ore Karnataka. For FY2019, revenue came in at INR 90,901 crore, lower by 1% YoY.
Mr. Navin Agarwal, Chairman Vedanta Limited, said, “FY2019 was a year of production ramp-up alongside robust financials and delivering repeated and industry leading returns to our shareholders. Acquisition of ESL and its successful turnaround as well as the commencement of the long awaited Gamsberg project, both represent significant additions to our operating business portfolio. Vedanta sits at the heart of the world’s fastest growing economy and we are geared to satiate the country’s natural resource demand.”
We look forward to FY2020 as a year of accelerated execution on our growth plans resulting in enhanced shareholder value.”
EBITDA for Q4 FY2019 was at INR6,330 crore, an increase of 6% QoQ. This was due to “improved cost of production at Aluminium, higher sales at Iron Ore Karnataka, ESL and Zinc International, partially offset by lower commodity prices, rupee appreciation, lower volumes at Zinc India and write back of liability pursuant to settlement agreement with a contractor at Balco in Q3 FY2019.” EBITDA for FY2019 declined 4% YoY to INR24,012 crore.
Mr. Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta, said: “We continue to consolidate our position as one of the largest diversified natural resource businesses in the world by having excellent talent operate our long-life, high-growth, low-cost assets with a hunger for technology and modernisation.”
“Looking ahead, FY2020 will be an exciting year of growth in our key businesses – Zinc-Lead-Silver, Oil & Gas and Aluminium, being pursued with a strict capital allocation framework. We have also set stricter HSE standards and will continue our journey towards zero harm by ensuring greater levels of safety and sustainability”
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