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Vedanta profit surges 79% to $337 mn

The group's revenue rose to $4.6 billion for the six-months ended September 30, from $2.97 billion in the same period last year - an impressive growth of 54 per cent.

twitter-logoPTI | November 14, 2010 | Updated 14:49 IST

Metal and mining major Vedanta Resources Plc on Thursday reported a 79 per cent jump in net profit to $337 million in the first half of this financial year, mainly on account of rising demand.

Its net profit was $188.2 million in April-September 2009, Vedanta said in a statement.

The group's revenue rose to $4.6 billion for the six-months ended September 30, from $2.97 billion in the same period last financial year. Thus registering an impressive growth of 54 per cent.

"Vedanta has delivered strong financial results and record production in the first half of the year. We remain focused on delivering our strong organic growth programme and are well placed to benefit from the India's tremendous growth prospects," Chairman Anil Agarwal said.

He added: "The announced acquisitions of Anglo American's Zinc Assets and a majority stake in Cairn India have embedded growth options, and will create significant long-term value for our shareholders."

The company's strong earnings were bolstered by record production of Zinc-Lead, aluminium, iron ore, silver, commercial power, and copper Zambia.

Mining giant said it has strong balance sheet with cash, cash equivalents and liquid investments stood at $7.3 billion, while net debt was $1.6 billion as of September 30.

The company said it expects the growth momentum will continue and remains confident of achieving a good performance for the full year with a significant increase in output across all major segments of the Vedanta Group.

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