Indian miner Vedanta Resources has announced its financial results for the fiscal year 2012-13 ended on March 31.
Vedanta's profit after tax increased by 35.6 percent to $1.66 billion compared to the previous financial year, while the company registered revenue of $15 billion, up 7.1 percent year on year. In the given period, the company's EBITDA increased by 21.4 percent to $4.9 billion compared to the first half of the previous financial year.
According to Vedanta's statement, its sales of iron ore were 3.1 million mt in the given year, compared to 16 million mt in the previous year. Its iron ore operations were affected by the suspension of mining in Goa and Karnataka. The company expects to resume operations at Karnataka in the next few months and hopes that the Goa mining ban will be resolved by the intervention of India's Supreme Court.
Vedanta's pig iron and metallurgical coke outputs in FY 2012-13 stood at 308,000 mt and 275,000 mt, up 24 percent and 10 percent respectively. The increase is primarily due to the commissioning of new pig iron capacity and the associated metallurgical coke capacity in the second quarter of the financial year.
