Vedanta Reports Record Aluminium and Zinc Production in 1H FY24
Vedanta announced achieving its highest-ever quarterly and half-yearly aluminium production, reaching 1,205 kilotonnes (kt) in the first half of the financial year. Alumina production also surged 21% year-on-year (YoY). Following this update, the company’s stock dipped 2%, reaching a low of Rs 501 ($6.03) on the BSE.
The company’s Zinc India operations also recorded a new milestone with its highest-ever second-quarter mined and refined metal production. Refined metal output rose 5% YoY to 524 kt in the first half. Zinc International volumes increased by 16% quarter-on-quarter (QoQ), while power sales grew 10% YoY, supported by higher generation from thermal plants. Silver volumes for the second quarter rose 10% sequentially.
For the first quarter ending June 2024, Vedanta reported a 37% YoY growth in consolidated net profit, amounting to Rs 3,606 crore ($434 million), compared with Rs 2,640 crore ($318 million) in the same period last year. Revenue from operations grew by 6% YoY to Rs 35,239 crore ($4.25 billion), up from Rs 33,342 crore ($4.02 billion) in the corresponding quarter of the previous year.
The Lanjigarh refinery achieved its highest-ever alumina production of 539 kt in Q1 FY24, a 36% YoY increase driven by new capacity. Aluminium cast metal production reached 596 kt, up 3% YoY, while aluminium production costs declined 11% YoY.
Over the past year, Vedanta’s shares have gained nearly 160%. Year-to-date, the stock has nearly doubled, with BSE analytics showing a surge of 65% over the past six months and 9.4% in the last three months.
