Vedanta profits soar almost 50 per cent

India-focused miner Vedanta reported an almost 50 per cent jump in first-half profit this morning, boosted by record output from subsidiary Cairn India.

Earnings before interest, tax, depreciation and amortisation for the six months to September came in at $2.6bn (£1.62bn), helped by production at Cairn India, which it acquired last year.

Zinc profits fell 27 per cent over the period, while profits from iron ore and copper dropped 63 and 28 per cent respectively.

Chairman Anil Agarwal said this morning: “We are operating in challenging market conditions with tapering global growth, and emerging markets continue to be the major contributor to growth.

“With well-invested assets and a diversified portfolio across metals and oil & gas we are strongly positioned to deliver industry leading production growth across our portfolio of diversified tier-1 assets.”