Indian miner Vedanta Resources has announced its preliminary results for the first quarter ended June 30 of the current financial year.
Vedanta's profit after tax in the given quarter amounted to INR 835 million ($13.04 million), falling by 24 percent year on year and increasing by 447 percent compared to the previous quarter. The company registered revenue of INR 26.3 billion ($410.8 million) in the June quarter this year, decreasing by 41 percent year on year and by two percent compared to the previous quarter. In the first quarter of the current financial year, the company's EBITDA decreased by 58 percent to INR 13.2 billion ($206.17 million) compared to the first quarter of the previous financial year and recorded an increase of 79 percent compared to the previous quarter.
According to its statement, during the first quarter of FY 2015-16 Vedanta made significant progress on key projects that will maximize oil and gas recovery from its fields, realized promising cost savings, brought about efficiency in drilling operations and optimized the capital cost of projects to improve economic viability in a low oil price scenario.
“Our strategic focus is to maintain healthy cash flows post capex, fuel future growth through investments, and use technology to our advantage to drive value in what we do. We will continue to maintain our focus on all elements of cost and drive growth projects through the year,” statedMayank Ashar, managing director and CEO of Vedanta.