Indian miner Vedanta Resources has announced its preliminary results for the financial year 2014-15 ended on March 31.
Vedanta's profit after tax amounted to $751 million, falling 32 percent compared to the previous financial year, while the company registered revenue of $12.9 billion, remaining almost stable year on year. In the financial year 2014-15, the company's EBITDA decreased by 16.7 percent to $3.74 billion compared to the previous financial year.
During FY 2014-15, Vedanta saw unprecedented declines in iron ore and oil prices. Mining in Karnataka resumed in February of the current year and the company has been allocated an interim capacity of 5.5 million mt of saleable ore in Goa where mining is expected to recommence after the monsoon season, after receipt of remaining approvals from the Goa state government.
According to the company's statement, Vedanta continues to focus on optimising its assets, maintaining positive free cash flows, efficiently refinancing upcoming maturities and delivering on its priority of deleveraging.