Diversified global natural resources giant Vedanta Resources on Wednesday reported a 27% surge in operating profit to $4.1 billion for 2017-18 on higher output and increase in prices.
The lSE listed company, which produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and commercial energy, had registered group EBITDA (earnings before interest, tax, depreciation and amortisation) of $3.2 billion in the financial year 2016-17, it said in a statement.
Its revenue increased by 33% to $15.4 bn driven by firmer commodity prices and volume ramp-ups. The gross debt at $15.2 bn saw a reduction of $3 billion in 12 months which included repayment of $1.2 billion of temporary borrowing at Zinc India, the company said. Vedanta Resources Plc Chairman Anil Agarwal said: “..Increased volumes and prices underpinned a 33% increase in revenues to reach $15.4 bn, as well as a 27% growth in EBITDA to $4.1 bn.” Agarwal said the Group's focus on all-round improvement was complimented by improving markets and commodity prices. He added: “We reached record production levels at several of our businesses...It remains well positioned to capitalise on India's growing resources demand. I look forward to another strong year for the company.