Vedanta Aluminium to expand, targets production cost of $600-1,000/ton, new name finalised
The name of the company that would house the company's aluminium business has also been finalised, said a top official of the aluminium business vertical.
Consolidated profit of Vedanta Ltd witnessed a sharp rise of 59 per cent for the quarter ended on December 31, on lower cost and higher realisation.
The company posted consolidated profit of Rs 4,224 crore during the third quarter. Whereas, it had posted a profit after share in profit/loss of jointly controlled entities and associates of Rs 2,665 crore in the year-ago period.
Its total income during the October-December quarter rose to Rs 23,621 crore from Rs 22,007 crore in the year-ago period, the filing said.
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Total expenses during the quarter were almost flat at Rs 18,211 crore.
EBITDA for the third quarter of FY2021 of Rs 7,695 crore was up by 18 per cent q-o-q and y-o-y, the highest in the last 11 quarters while attributable PAT (before exceptional items and tax on dividend) of Rs 3,017 crore was up 51 per cent q-o-q, the company said in a statement.
Sunil Duggal, Chief Executive Officer, Vedanta, said, “We continue to strengthen our position as one of the largest diversified natural resource businesses in the world with our strategy focused on value-added growth.”
“Our businesses stayed resilient in the quarter amidst uncertain market environment as we continued with our winning streak reporting the highest EBITDA in last two years.”
He said the company will continue to ramp up across the Zinc and Iron & Steel verticals along with successful project delivery in the Oil & Gas vertical.
Aluminium business has had yet another exemplary quarter as it continued the momentum of cost rationalisation from improved integration and systemic improvements, he said.
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