Vedanta Resources Q3 revenue up 7% at $3.5 billion

Vedanta Resources Q3 revenue up 7% at $3.5 billion New Delhi: Mining and metal major Vedanta Resources on Thursday said its revenue has gone up by seven percent during the third quarter of the current fiscal to USD 3.575 billion (over Rs 19,000 crore) buoyed by higher oil and gas production by Cairn India.

The company, which has interests in areas like copper, zinc, aluminium and iron ore among others spanning over seven countries, had clocked USD 3.341 billion revenue in the same quarter last fiscal, Vedanta said in a release.

Copper contributed the highest to the revenue kitty at USD 1.387 billion followed by oil and gas at USD 790 million. Zinc was a close third at USD 771 million, followed by aluminium and power at USD 482 million and USD 101 million respectively.

Iron ore, which was the third highest contributor to the company's revenue in third quarter of last fiscal contributing USD 526 million, could provide for USD 42.8 million during the reported quarter, representing a fall of 92 percent.

Vedanta said Cairn India produced 21 percent more oil and gas during the quarter driven by 36 percent higher production at Rajasthan.

The iron ore business of the company got hugely impacted following a Supreme Court ban on mining in Karnataka and Goa, its core of areas of operations under a subsidiary Sesa Goa.

Vedanta's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) improved by 31 percent during the quarter at USD 1.109 billion over USD 848 million a year ago.

PTI