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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vedanta Resources plc    VED   GB0033277061

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Vedanta Earnings Up; Natural Resources Outlook Remains Robust

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05/17/2012 | 08:54am CEST

By Alex MacDonald

Of

U.K.-listed, India-focused Vedanta Resources PLC (>> Vedanta Resources plc) Thursday said its outlook for natural resources remains robust as it reported higher earnings for the last fiscal year, buoyed by its foray into oil and gas and higher output in silver, alumina, aluminium and power.

The FTSE-100 diversified miner said revenue for the 12 months ending March 31, 2012, rose 23% to $14 billion while its keenly watched earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 13% to $4 billion, in line with analysts' expectations of $4 billion, according to a Dow Jones Newswires poll of four analysts.

Net profit attributable to equity shareholders dropped to $59.8 million from $771 million, missing analysts' expectations of $245 million. The drop was largely due to increased amortisation and depreciation charges and interest expenses related to funding of its purchase of a majority stake in Cairn India Ltd. (532792.BY).

Vedanta is now India's largest private sector oil company after acquiring a majority stake in Cairn India for $8.7 billion last year. It has expanded its operations rapidly over the past several years to benefit from growing commodities demand in the emerging markets, particularly India.

"This has been a transformational year for the group, in which we completed the Cairn India acquisition, announced the consolidation of the group, and delivered strong production growth," said Vedanta's Chairman Anil Agarwal. "With our growth projects largely completed, [we] are well placed to continue this strong growth."

Most of the company's divisions reported previously with the exception of its majority-owned copper unit, Zambian Konkola Copper Mines, which reported a 12% Ebitda decline on the year to $387.9 million.

The company announced a full-year dividend of 55 cents a share, up from 52.5 cents in the same period a year before.

Vedanta's shares closed Wednesday up 1.3% or 13 pence at 1,026 pence a share, resulting in a market capitalization of GBP3.05 billion. The company's shares are up 1.1% since the beginning of the year compared with the FTSE 350 mining index, which is down 9.6% since the beginning of the year.

-By Alex MacDonald, Dow Jones Newswires; 44 20 7842 9328; alex.macdonald@dowjones.com

Stocks mentioned in the article : Vedanta Resources plc, Vedanta Resources plc
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Financials ($)
Sales 2017 11 638 M
EBIT 2017 2 216 M
Net income 2017 189 M
Debt 2017 7 860 M
Yield 2017 3,99%
P/E ratio 2017 18,61
P/E ratio 2018 7,19
EV / Sales 2017 0,92x
EV / Sales 2018 0,66x
Capitalization 2 808 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 11,6 $
Spread / Average Target 15%
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Thomas Albanese Chief Executive Officer & Executive Director
Anil Kumar Agarwal Executive Chairman
Arun Kumar Chief Financial Officer
Navin Kumar Agarwal Executive Vice Chairman
Aman Som Mehta Senior Independent Non-Executive Director
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