Vedanta reports rise in aluminium, iron ore, zinc production

4 Jul 2024 , 10:34 AM

In a quarterly business update issued on Wednesday, July 3, billionaire Anil Agarwal-backed mining company Vedanta Ltd claimed an increase in output of aluminium, zinc, iron ore, and steel in the June quarter. However, production of mined metals overseas, as well as oil and gas, decreased throughout the quarter.

In a statement to the BSE, Vedanta stated that aluminium output increased by 3% to 5,96,000 tonnes in the first quarter compared to the previous year. Zinc India’s saleable metal output increased to 2,62,000 tonnes from 2,60,000 tones.

While at Zinc International, mined metal output fell to 38,000 tonnes, compared to approximately 68,000 tonnes in the first quarter of FY24.

Meanwhile, oil and gas output fell 17% to 112,400 average daily gross operational production (boepd) in the quarter, compared to 134,900 boepd the previous year.

Production of saleable iron ore increased to 1.3 million tonnes, up from 1.2 million tonnes the previous year.

Total saleable steel output increased by 10% to 3,56,000 tonnes, while electricity sales increased by 13% to 4,791 million units, up from 4,256 million in the previous fiscal year’s April-June period.

Total saleable steel output increased by 10% to 3,56,000 tonnes, while electricity sales increased by 13% to 4,791 million units, up from 4,256 million in the previous fiscal year’s April-June period.

Only one week after Group Chairman Anil Agarwal informed that there is no such intention, Vedanta’s promoter companies recently sold 2.6% equity via banks. Around 10% of the shares was sold by the promoters as of December 2022.

At around 10.28 AM, Vedanta was trading marginally higher at ₹464.30, against the previous close of ₹463.90 on NSE. The counter touched an intraday high and low of ₹470.80, and ₹464.05, respectively.

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