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Vedanta FY11 profit up 28% at $770.8 mn

The revenues of the company surged by 44.1 per cent during the year at $11.42 billion via-a-vis $7.93 billion it had reported last year, the company said in a statement.

twitter-logoPTI | May 5, 2011 | Updated 16:20 IST

Anil Agarwal-promoted Vedanta Resources on Thursday reported growth of 28 per cent in its profit at $770.8 million for the year ended March 31, 2011, on the back of surge in prices across a wide range of commodities and record productions.

The company had reported a profit of $602.3 million in 2009-10.

The revenues of the company surged by 44.1 per cent during the year at $11.42 billion via-a-vis $7.93 billion it had reported last year, the company said in a statement.

Similarly, the operating profit of the company was up by 52.2 per cent at $2.53 billion during the year as compared to $1.66 billion of FY10.

"Against a backdrop of robust demand for commodities, we have delivered an exceptional financial performance, achieving record levels of production and record sales of power," Vedanta Chairman Anil Agarwal said.

During the year, company's aluminium business in India, operated through Sterlite Industries, reported a growth of whopping 71.6 per cent in its revenues at 1.57 billion on the back of higher aluminium productions.

Similarly, Vedanta Group, through its subsidiary Hindustan Zinc, reported a growth of over 30 per cent in its revenues at $2.15 billion for its zinc business in India.

The company's refined zinc production during the year was up by 23 per cent at 712 kilo tonnes, while zinc-lead mined metal production was 840 kilo tonnes, registering a growth of 9 per cent, the statement said.

The copper unit at Zambia also played a significant role in Vedanta's good financial numbers, by reporting a growth of 68.4 per cent in its revenues on the back of higher productions.

Talking about the operational performance of the company, Agarwal said the company commissioned 210 kilo tonnes per annum zinc smelter capacity at its Dariba unit in India and is on the way to becoming among the largest integrated silver producers globally, by ramping up the productions from its Sindesar Khurd mine.

"Once the Sindesar Khurd mine reaches full capacity by the end of 2011-12, we will have a capacity of 16 million ounces of refined silver per annum," he said.

The Vedanta Group Chairman added that his company is talking to the Orissa government regarding alternative sources of bauxite for its aluminium productions as the Environment Ministry had cancelled clearance to Niyamgiri Bauxite Mining Project in the state.
Talking about the outlook, Agarwal said, "We anticipate continued growth in metal consumption led by India and China, with tight supply in markets - particularly for copper and zinc".


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