Vedanta Resources: Indian Subsidiary 2Q Net Profit Rose 47%

By Adam ClarkFeaturesDow Jones Newswires

Vedanta Resources PLC (VED.LN) said Thursday that Indian subsidiary Vedanta Ltd. (VEDL) increased its post-tax net profit by 47% in its second quarter after generating higher revenue.

The subsidiary made an attributable profit of 20.91 billion rupees ($323.7 million) for the three months to Sept. 30, up from INR14.24 billion the year before.

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Quarterly revenue rose 37% to INR215.20 billion on year and 18% from the previous quarter.

The natural resources subsidiary said the revenue boost came from higher volumes in its zinc and copper units, as well as raised commodity prices, although this was partially offset by lower oil-and-gas volumes and currency appreciation.

Vedanta Ltd. said that it expects to continue ramping up production in the second half of its fiscal year, with key oil-and-gas contracts in the advanced stages of the awards process.

Write to Adam Clark at; @AdamDowJones

(END) Dow Jones Newswires

November 02, 2017 08:40 ET (12:40 GMT)