Vedanta Q1 Updates: Aluminium Production Up 1%, Zinc Down 5%
Oil and gas production declined 17% year-on-year to 8.5 million barrels of oil equivalent per day.
Vedanta Ltd.'s aluminium production increased 1% on a yearly basis to 605 kilotonnes in the first quarter, according to provisional business updates released on Thursday. The company reported its highest-ever first-quarter mined metal production.
In the April-June period, mined metal production increased 1% year-on-year but declined 15% sequentially to 265 kt, in line with mine preparation activities being carried out every year, the company said.
Saleable zinc production was down 5% year-on-year, while refined zinc production saw a 4% decrease to 202 kt. Zinc international production was up 50% to 57,000 tonnes.
Saleable silver production also fell 11% year-on-year to 149 tonnes due to lower input from mines.
On the other hand, oil and gas production declined 17% year-on-year to 8.5 million barrels of oil equivalent per day. The company's total power sale rose 11% sequentially to 4,791 million units, but it fell 10% year-on-year.
Pig iron production rose 4% to 213 kt on account of improved operational efficiency.
The production of saleable ore jumped 42% to 1.8 million tonnes. Total saleable steel production fell 2% sequentially to 356 kt on account of planned maintenance in one of the furnaces.
Copper production increased 119% year-on-year on account of sustained improvements in raw material sourcing. Additionally, ferro chrome production jumped 150% quarter-on-quarter with restart of second furnace and better operational performance.
Shares of Vedanta closed 2.8% lower at Rs 458.30 apiece, compared to a 0.19% decline in the benchmark Nifty 50. The stock has fallen 1.21% in the last 12 months and risen 3.12% year-to-date.
