Vedanta lifted by power sales

City A.M. Reporter
INDIA-FOCUSED miner Vedanta posted a 27 per cent rise in first-quarter core earnings yesterday, as strong growth in power sales offset the impact of lower metal prices and zinc volumes.

The London-listed firm said earnings before interest, tax, depreciation and amortisation (Ebitda) rose 27 per cent year-on-year to $1.34bn (£853.6m) in the three months to the end of June. Sales rose by nine per cent to $3.7bn.

First-quarter output of mined metal in the group’s Zinc India unit was 187,000 tonnes, in line with the year’s mine plan, compared with 188,000 tonnes in the year-earlier period.

First-quarter output of integrated silver rose 70 per cent to 2.6m ounces while integrated lead production was 79 per cent higher at 29,000 tonnes. Total production of zinc-lead metal-in-concentrate and zinc metal was in line with the mine plan and earlier guidance at 106,000 tonnes.

It sold 2,329 million units of power in the first quarter, significantly higher than the 1,415 million units it sold in the same period a year earlier, it said.