Friday, July 21, 2017

Breaking News
   Goa will take a hit from 8 K\'taka projects: witness   11 politicos booked in last five years for different offences   2 ministers, 2 figures: What exactly is Zuari bridge cost?   State earned Rs`121 crore from entry tax   Govt relents, amends circular to exclude MLAs and MPs   Cabinet approves amendments to agricultural tenancy act   HC drops anchor on more casinos in River Mandovi   Fomento IT engineer dies in mishap   CM directs DoP to scrutinise plaint against Lobo, Parra p\'yat secy for forgery   Will efforts to expose LPG pilferage go in vain?   No service tax on online rail tickets till Dec 31   Defence Minister Parrikar\'s Nuclear Remark Stressed As \'Personal Opinion   After PM Modi Speech, Hawala (Money-Laundering) Spiked, Triggering Raids   Anger And Scramble To Stash Cash In Black Money Squeeze: Foreign Media   Long queues at banks on Day 1; cash crunch hits State   Customers, bankers kept on toes in Mapusa   Margao business, markets reel under liquidity crunch   Cash curbs paralyse ops in co-op societies   Black money: India to gain access to Swiss bank info from Sept 2019   \'If You Succeed, The Country Succeeds\': Obama Tells Trump During Meet

Sections

Business

Vedanta’s FY’17 profit more than doubles

17th May 2017, 06:33 Hrs

The diversified natural resources company, Vedanta, posted its financial results for the year ending March 2017 and it reported that its net profit stood at Rs 7,323 crores, which was 158% more than previous year’s profit of Rs 2,839 crores.



the goan I network
PANAJI
 
Meanwhile, the company also reported 12% growth in sales which increased from Rs 63,920 crores in FY 2016 to Rs 71,721 crores in FY 2017. EBITDA (earnings before interest, tax, depreciation and amortization) jumped by 41% to reach Rs 21,437 crores in FY 2017.  
Vedanta is into iron ore mining in Goa and apart from that it is into mining of a number of minerals around the world.   
Speaking about the company’s performance, Tom Albanese, chief executive officer, Vedanta, said, “Our strategic focus to ramp 
up production across the portfolio namely in zinc, aluminium, power and iron ore businesses throughout the year has supplemented revenue growth.”  
Albanese continued, “In particular, record production levels at zinc and aluminium were well-timed in an environment of strong supply side pressures on both commodities. Our cost management initiatives have helped us deliver strong returns for all our shareholders.”  
One of the highlights of Vedanta’s performance during the year was that the company posted record annual production for aluminium, power, zinc, silver and 
copper. As for its iron ore operations, the company 
said, “We achieved 2.6 million tonnes of the additional production capacity granted in Goa.”  
On oil and gas front, the company reported successful ramp-up from Mangala EOR (enhanced oil recovery) with production level of 56,000 of BOEPD (barrel of oil equivalent per day) in the fourth quarter of FY 2017.
comments powered by Disqus