Vedanta Resources' net triples

Billionaire Anil Agarwal-promoted Vedanta Resources said its net profit for the year ended March 31 almost tripled to $602.3 million (Rs 2,710 crore) on the back of higher metal prices. The London Stock Exchange-listed company is the holding company for India’s most diversified base metal producers. Its Indian operations include Sterlite Industries, Hindustan Zinc and Sesa Goa.

Profits rose on the back of a rebound in metal prices, as demand returned after sharp falls during the downturn. The price of zinc, one of Vedanta’s most profitable products, gained 80 per cent during Vedanta’s financial year.

Output of copper, zinc, lead, iron ore and aluminum in its Indian, Australian and Zambian operations rose during the year. Last month, Vedanta posted record production of iron ore and aluminium in its fourth quarter. Annual production of iron ore gained 34 per cent, aluminium climbed 15.4 per cent and refined zinc was up 4.7 per cent. Revenue of the company in the year grew by 20.5 per cent to $7,930.5 million (Rs 35,687 crore).