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NOV 21 2016

Vedanta Limited Q2 net profit rise 10 per cent

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 21st NOV 2016

Vedanta Limited, India's largest non-ferrous metal company, today announced a 10 per cent rise in its net profit for the second quarter ended September owing to reasons like higher metal prices, improved cost efficiencies at Aluminium business and ramp up of volumes in the Power business.

Vedanta Ltd's net profit stood at Rs 2,277.9 crore for the quarter ended 30 September as compared to Rs 2,057.5 crore in the same period a year ago.

“We have made significant progress in operations and working capital initiatives, we maximised free cash flow. We have substantially reduced our debt and remain focused on strengthening our balance sheet," said Tom Albanese, Chief Executive Officer, Vedanta Limited.

The total income of the company dipped marginally to Rs 16,777.68 crore compared to Rs 17,528.87 crore last year. "Simplifying the group structure continues to be a priority, and the Cairn India - Vedanta Limited merger remains on track for completion in first quarter of 2017,” the Vedanta CEO added.

Vedanta also posted free cash flow growth capex of Rs 2,613 crore driven by operating performance and working capital initiatives. The free cash flow lead to a strong financial position with total cash and liquid investments of Rs 54,833 crore and net debt reduction of Rs 2,259 crore.

Vedanta, Sterlite Energy's parent company also attributed it's good performance on the capitalization of the 3rd unit of Talwandi Sabo Power Limited's (TSPL) 660 Megawatt unit.

Vedanta Limited, a subsidiary of London listed Vedanta Resources, The company with it's headquarters in also announced interim dividend of Rs. 1.75 per share. The company's share price at the Bombay Stock Exchange (BSE) today closed at Rs 201.55 up 1.10 per cent over previous close.

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TOTAL Sterlite Energy Limited Cairn India Energy Vedanta Sterlite Power India

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