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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Thursday 26 July, 2007

Vedanta Resources

1st Quarter Results

Vedanta Resources PLC
26 July 2007


                                                                    26 July 2007


                             Vedanta Resources Plc

           Unaudited Results for the First Quarter Ended 30 June 2007


Highlights


•  Revenue of $1.85 billion against $1.3 billion in corresponding prior quarter

•  EBITDA of $695 million against $589 million in corresponding prior year

•  Highest ever quarterly mined metal production at HZL

•  Consistent achievement of rated capacity for third consecutive quarter at the
   new Korba smelter

•  Acquired 51% stake in Sesa Goa Limited, India's largest private sector iron 
   ore producer - exporter

•  Sterlite Industries (India) Limited lists on NYSE, raised US$2 billion in ADS 
   Offering

•  Lanjigarh alumina refinery at pre-commissioning stage, commenced production 
   of hydrate alumina


Performance Summary


For the quarter ended 30 June 2007 ('Q1'), revenues and EBITDA were $1,850.3
million and $695.4 million respectively, including Sesa Goa, an increase of 18% 
compared to the corresponding prior period. The increase was primarily on 
account of higher volumes and better price realisations.


Production across all metals in India was significantly higher than the
corresponding prior quarter mainly because of contribution from the newly
commissioned projects.


Aluminium


For the quarter, aluminium production was 97,000 tonnes, higher than the rated
capacity and consistent with the production trends of the last two quarters. The
new Korba smelter produced over 62,000 tonnes of hot metal during the quarter
and has consistently performed at these levels for three consecutive quarters.


Q1 revenues and EBITDA were $281.8 million and $110.2 million. Sales volumes
were largely in line with production volume during the quarter and the costs too
were largely stable. The increase in revenues and EBITDA, as compared to the
corresponding prior quarter, was primarily on account of higher volumes from the
new Korba smelter and better LME prices partially offset by appreciation of the
Indian Rupee against the US dollar. Our operating costs have been stable. Global
alumina prices have seen an upward trend in the first quarter of the current
fiscal which has impacted our costs.


BALCO was recently awarded the coveted President of India's Nirmal Gram Award
for its sanitation project in Korba by the Ministry of Rural Development,
Government of India.


Copper - India and Australia


Copper cathode production at our Tuticorin plant in the quarter at 81,000 tonnes
is comparable with the preceding quarter except for the effect of the planned
maintenance shutdown in April 2007.


Q1 revenues were $748.1 million as compared with $472.7 million in the
corresponding prior quarter, primarily due to higher volumes and higher metal
prices. For the same period, EBITDA was $71.6 million compared with
$115.2 million in the corresponding prior quarter, a decrease of 38% primarily
due to lower TCRC realisation and lower despatches from our captive mines.
EBITDA for the quarter is higher than the preceding quarter despite lower TC/RC,
mainly due to better performance of our phosphoric acid business and better
by-product management. Our costs are showing an improving trend.


In line with the current market trend, we expect TCRC to further soften and the
full year TCRC is expected to be half the level of last fiscal year.


Sterlite was recently awarded the 'Excellent Energy Efficient Unit' award by the
Confederation of Indian Industry.


Copper - Zambia


During the current quarter, KCM produced 39,000 tonnes of copper cathode,
marginally higher than the preceding quarter and at the same level as the
corresponding prior quarter. This has been achieved despite low equipment
availability consequent to planned partial plant shutdown for major overhauling
of Nkana smelter in April 2007. Cathode production from the smelter was around
23,000 tonnes. The production from the tailings leach plant improved
significantly and was at 16,000 tonnes for the quarter.


Q1 revenues were $274.7 million as compared with $253.1 million in the
corresponding prior quarter primarily due to higher volumes. Q1 EBITDA was
$106.2 million as compared with $126.0 million in the corresponding prior
quarter. The decrease was primarily due to higher cost of production in the
current quarter and lower price realisation as compared to corresponding prior
quarter. The unit cost has shown a marginal reduction this quarter as compared
to preceding quarter primarily on account of increased production.


Zinc


The mined metal production at 134,000 tonnes during the quarter is the highest
ever production in a quarter. During the same period refined zinc production was
93,000 tonnes.


Sales during the current quarter were augmented by sales of about 50,000 dry
metric tonnes of zinc concentrate and about 5,000 dry metric tonnes of lead
concentrate. Q1 revenues were $476.3 million as compared with $353.6 million in
the corresponding prior quarter and EBITDA was at $385.8 million over $279.4
million in corresponding prior quarter, an increase of 38%, both due to increase
in volumes and better LME partially offset by appreciation of Indian Rupee
against US dollar. Operating costs have been largely stable except for some
increase in power costs.


HZL recently received the following awards:


•  TERI 'Corporate Social Responsibility' award for HZL's sustainable initiatives

•  FICCI, SEDF corporate social responsibility commendation award


Projects Update


Aluminium


The Alumina refinery at Lanjigarh is designed to produce 1.4 million TPA of
calcined alumina, through two streams, each producing 0.7 million tonnes, and
captive power plant. Presently, the first stream of alumina refinery is
commissioned with outsourced bauxite. Alumina is scheduled for dispatch during
last week of July 2007. As regards the environmental clearances for developing
the Lanjigarh bauxite deposits, the matter is scheduled for hearing by the
Supreme Court during August 2007 and we are hopeful of a positive resolution in
the matter.


Work on the first phase of the green-field 500,000 tpa aluminium smelter and
associated 1,215 MW captive power plant in Jharsuguda, Orissa, is progressing 
well. Civilconstruction of the pot rooms and other associated plants is 
progressing well. Over 100 pots have already been installed. Equipment 
deliveries are also on track. Overall project is on schedule and on budget for 
commissioning of the first phase of 250,000 tpa and associated captive power 
plant for second half of CY 2009 and the second phase by end of CY 2010.


Commercial Energy


Work on the 2,400 MW (4X600 MW) coal based Independent thermal power plant has
commenced. An EPC contract has been released and the work is in full swing.
Overall the project is on schedule for progressive commissioning from late 2009
as announced.


Copper


Work on the KDMP expansion project to increase the copper ore output from
Konkola mine to 6 million tpa is progressing well. All the major areas such as 
new shaft, ventilation shaft, pipe shaft and concentrator are on track with main 
shaft having already reached a depth of 90 meters. Further work at the Nchanga 
smelter expansion project, which will add copper capacity of 250,000 tpa is 
progressing well. The foundation of the flash furnace, ESP and the sulphuric
acid plant are complete and equipment deliveries have commenced.


Zinc


All orders have been placed for the Phase II 170,000 tpa Chanderiya expansion
project and construction activity at the site is in full swing. The roaster
plant, which is the first stage of the smelting process, has been completed and
put under operation. The leaching and purification plant and the cell house
plant are also on track. Similarly work on the captive power plant and at the
Agucha concentrator, to raise the milling capacity to 5.0 million tpa, is
progressing well. The progress on the overall project is good and as advised
earlier, Chanderiya smelter is expected to be ready by December 2007, about 3
months ahead of our earlier schedule of early 2008.


In pursuit of our vision to generate 10% of our energy requirement through green
energy, we have placed a turnkey contract for 148.8MW of which the first of 38.4
MW has been successfully


commissioned ahead of schedule during March 2007 while the work on the balance
is on as per schedule for progressive commissioning by March 2008.


Production Summary (Unaudited)

('000 tonnes, except as stated)
                                             Q1(1)                Q4(1)   Full
                                                                          Year
                                     2007-08  2006-07   Change  2006-07  2006-07
Alumina                                   72       73   (1.4%)       80      299
Aluminium                                 97       76    27.6%       98      351
Copper India/Australia
Copper-mined metal content                 6        8  (25.0%)        6       28
Copper-Cathode                            81       57    42.1%       89      313
Copper-Rod                                51       40    27.5%       51      178
Copper-Zambia
Copper-mined metal content                20       18    11.1%       19       84
Copper-Cathode                            39       39        -       37      142
Zinc
Zinc-mined metal content                 134      131     2.3%      121      505
Zinc-refined                              93       82    13.4%       95      348
Iron Ore(2)
Saleable Ore(3)                        1,934        -        -        -        -
Pig Iron                                  43        -        -        -        -
Equivalent Gold(oz)                    1,712        -        -    1,923   17,662


(1). Q1 - First quarter ended 30 June 2007 and 2006, respectively, Q4 - Fourth 
     quarter ended 31 March 2007 and 2006 respectively

(2). Represents production in post acquisition period of 2 months to 30 June 
     2007, and are not directly comparable with the corresponding prior periods

(3). Iron ore is reported on wet tonnes basis


Financial Summary (Unaudited)

                                                (in $ million, except as stated)
                                Q1                 %           Q4      Full Year
Revenue                   2007-08     2006-07      Change      2006-07    2006-07
Aluminium                   281.8       157.8       78.6%        317.5      993.4
Copper
- India/Australia           748.1       472.7       58.3%        645.7    2,553.4
- Zambia                    274.7       253.1        8.5%        316.3    1,051.9
Zinc                        476.3       353.6       34.7%        457.0    1,881.1
Iron ore                     68.3           -           -            -          -
Others                        1.1        48.3           -          0.8       51.4
Total                     1,850.3     1,285.5       43.9%      1,737.3    6,502.2

EBITDA
Aluminium                   110.2        66.1       66.7%        150.2      415.4
Copper
- India/Australia            71.6       115.2     (37.8%)         61.5      365.6
- Zambia                    106.2       126.0     (15.7%)        144.5      468.3
Zinc                        385.8       279.4       38.1%        325.2    1,453.9
Iron ore                     27.3           -           -            -          -
Others                      (5.7)         2.4           -          6.8      (0.2)
Total                       695.4       589.1       18.0%        688.2    2,703.0





For further information, please contact:

Sumanth Cidambi                    sumanth.cidambi@vedanta.co.in

Associate Director - Investor      Tel: +44 20 7659 4732 / +91 22 6646 1531
Relations                          
Vedanta Resources plc

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


About Vedanta Resources plc

Vedanta Resources plc is a London listed diversified metals and mining group.
Its principal operations are located throughout India, with further operations
in Zambia, Australia and Armenia. The major metals produced are aluminium,
copper, zinc, lead, iron ore and gold. For further information, please visit
www.vedantaresources.com


Disclaimer

This press release contains 'forward-looking statements' - that is, statements
related to future, not past, events. In this context, forward-looking statements
often address our expected future business and financial performance, and often
contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,'
'seeks,' 'should' or 'will.' Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. For us, uncertainties arise
from the behaviour of financial and metals markets including the London Metal
Exchange, fluctuations in interest and or exchange rates and metal prices; from
future integration of acquired businesses; and from numerous other matters of
national, regional and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may cause our
actual future results to be materially different that those expressed in our
forward-looking statements. We do not undertake to update our forward-looking
statements.






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