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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Monday 26 July, 2004

Vedanta Resources

1st Quarter Results

Vedanta Resources PLC
26 July 2004


26th July 2004

                              Vedanta Resources plc
                                   Q1 Results

This is the first quarterly announcement with financials prepared under UK GAAP.
There are no financial numbers for the individual divisions available under this
basis for the first quarter of last year.

                        Results for the quarter ended
                                  30th June 2004
--------------------------------------------------------------------------------
Financial summary                            Q1                       % change
(US$m)                             2004-05       2003-04            Q1 2004-05
                                                                  v Q1 2003-04
--------------------------------------------------------------------------------
Turnover:

Aluminium                            61.2
Copper                              148.6
Zinc                                 93.8
Other                                20.0
--------------------------------------------------------------------------------
Total                               323.6         278.6                   16.2%
--------------------------------------------------------------------------------

EBITDA:

Aluminium                            16.5
Copper                               20.7
Zinc                                 42.4
Other                                (0.8)
--------------------------------------------------------------------------------
Total                                78.8          65.5                   20.3%               
--------------------------------------------------------------------------------

Summary

We made good progress in the quarter, with an overall increase in EBITDA of 20%
to US$78.8m, in line with our expectations. All areas benefited from higher
metal prices, compared to the corresponding quarter, with the exception of the
copper division where TC/RC's (treatment charge / refining charge) remained
tight. We continue to implement our programme of improving efficiency and
delivering higher returns across the business.

As mentioned at our annual results in June, there were planned shutdowns in the
quarter at the Tuticorin Copper smelter and the Chanderiya Zinc smelter and the
impact of this is clearly seen in the production data for these divisions.

The Indian government reduced tariff levels across all metals in January 2004,
which reduced EBITDA compared to the previous year.

Progress continues to be made on all of our expansion projects. The expanded
copper smelter at Tuticorin is ready to start commissioning and we are now
waiting for final approval from the central Government.

There was net cash held of US$334m at the end of the quarter, after capital
expenditure of US$132m in the period.

The outlook for metal demand in India continues to be positive and the new
Government has indicated its commitment to foster an environment that is
positive for economic growth. The further tariff cuts in July, just after the
period end, will reduce our EBITDA for the year by some US$30m, as previously
indicated, but we remain confident of delivering good progress on last year.

Aluminium

Our aluminium plants continue to operate close to capacity, but production was
slightly ahead of the corresponding quarter in the previous year. We have made
progress on EBITDA as a result of higher realisations, continued improvements in
product mix and productivity gains. These benefits were partly offset by
increased input costs, notably in energy. We continue to make increased
efficiencies at our existing plants ahead of the introduction of significant new
capacity in 2006.

Copper

The smelter at Tuticorin underwent a planned shutdown of around 20 days, after a
campaign life of some 24 months. As a result of the shutdown, production
declined by 24% to 33,867 tonnes. Due to our focus on higher value products, we
limited the decline in rod production, to 17%. During the quarter, TC/RC's
remained tight at just under USc 7 per lb, a sharp decline on the corresponding
quarter and just below the average of the last year. We are now starting to see
improvements in TC/RC prices after a prolonged period in which the market has
been tight.

Zinc

Output of zinc concentrate was up by 10% to 82,367 tonnes, as a result of
increased efficiencies. Zinc metal production was lower by 9% to 50,042 tonnes,
due to the 11 day planned shut down at the Chanderiya Smelter. In addition to
domestic sales, some small parcels of concentrate were sold for export. The
expansion of production at Chanderiya remains on track and the benefits will be
seen this time next year.

--------------------------------------------------------------------------------
Production summary                             Quarter             % change
(Tonnes)
--------------------------------------------------------------------------------
                                          2004-05     2003-04       Q1 2004-05
                                               Q1          Q1     v Q1 2003-04
--------------------------------------------------------------------------------
Alumina                                    66,573      70,362             -5.4%
--------------------------------------------------------------------------------
Aluminium                                  33,310      32,689              1.9%
--------------------------------------------------------------------------------
Copper - Mined metal content               11,138      11,015              1.1%
--------------------------------------------------------------------------------
Copper - Cathode                           33,867      45,103            -24.9%
Copper - Rods                              26,406      31,723            -16.8%
--------------------------------------------------------------------------------
Zinc Metal content in concentrate          82,367      74,814             10.1%
--------------------------------------------------------------------------------
Refined Zinc                               50,042      55,094             -9.2%
--------------------------------------------------------------------------------


US$:INR average rate, 44.95, compared to 47.13 in Q1 04 and an average of 45.92
over 2003-04.

For further information, please contact:

John Smelt, Head of Investor Relations
Peter Sydney-Smith, Finance Director
Vedanta Resources plc                             Tel: +44 20 7629 6070

James Murgatroyd
Faeth Birch
Robin Walker
Finsbury                                          Tel:  +44 20 7251 3801

Notes to Editor

Vedanta is a diversified metals and mining group with zinc, copper and aluminium
operations in India and two copper mines in Australia.

Vedanta holds its interests in these operations through two Indian-listed
subsidiaries, Sterlite and the Madras Aluminium Company ('Malco').

Sterlite is Vedanta's principal subsidiary and is currently listed on the Bombay
Stock Exchange. Vedanta, through its wholly owned subsidiaries, currently owns
62.4 per cent. of the issued share capital of Sterlite. In addition, Malco owns
a further 7.13 per cent. of Sterlite. As a result, Vedanta currently has an
effective interest of 68.1 per cent. in Sterlite.

Vedanta's copper operations are owned and operated by Sterlite. Sterlite also
holds a 64.9% stake in the group's zinc business, Hindustan Zinc Ltd ('HZL'),
and 51% of the Bharat Aluminium Company ('Balco').





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