Vedanta Q3 net up 356% to Rs 1,866 cr Buoyed by Metals Business

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Natural resources major Vedanta Ltd on Tuesday recorded an over 350 per cent jump in consolidated net profit for the third quarter ended December at Rs 1,866 crore, as compared to the same period of the last fiscal, mainly on the back of operational performance. The Anil Aggarwal-led mining company had posted a profit after tax of Rs 409 crore in the corresponding period of 2015-16. 

Revenue during the quarter in question increased 29.6 per cent to Rs 20,393 crore on strong operational performance, as compared with Rs 15,731 crore in corresponding quarter of the last fiscal. "Revenues in Q3 were driven by higher volumes at iron ore due to recommencement of operations, ramp-up of volumes at the aluminium and power businesses and higher volumes at Copper India and Zinc India," Vedanta said in a stock exchange filing. 

"This was partially offset by lower volumes from oil and gas, and Zinc International due to closure of the Lisheen mine, in Q3 FY2016," it added. Among the metals businesses, while the zinc, lead and silver segment grew by 45 per cent year-on-year to Rs 5,915.7 crore, the iron ore segment revenue at Rs 1,449.1 crore grew 153.2 per cent, copper rose by 13 per cent to Rs 5,440 crore, and aluminium increased 27.4 per cent to Rs 3,857.9 crore. Vedanta's power segment revenue jumped 26 per cent to Rs 1,532.3 crore.

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