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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.
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