Vedanta 1Q EBITDA Up 18% On Volume, Prices

Metals and mining company Vedanta Resources said its first-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, climbed 18% from the same period last year on the back of higher production volumes and stronger prices. Vedanta’s Ebitda was $695 million for the three months to June 30, compared with $589 million for the corresponding period last year, the company said in its first-quarter unaudited results. Revenue was up 42.3% to $1.85 billion for the first quarter, from $1.3 billion. Production across all the metals Vedanta produces in India rose “significantly,” while copper cathode output from the company’s Zambian assets was unchanged from the same period the previous year, the company said. Output included iron ore from Sesa Goa, India’s largest private sector iron ore producer and exporter. In April, Vedanta acquired a 51% stake in the company.