Vedanta Ltd., the Indian subsidiary of Vedanta Resources Ltd. (VRL) reported consolidated net profits of INR 42bn ($579mn) for the quarter ended December, a 59% rise over the corresponding quarter in the prior year. Revenues were 8% higher in the quarter on favorable commodity prices and higher sales in its aluminum, iron ore and steel businesses. EBITDA for the quarter rose 18% on account of higher commodity prices, rupee depreciation and higher volumes at Zinc India and its iron ore business. The company reported cash and cash equivalents of INR 271bn ($3.7bn) with gross debt at INR 624bn ($8.6bn). Net debt stood at INR 353bn ($4.8bn), up 40%. CFO GR Arun Kumar said, “The Balance Sheet continues to remain strong with a consolidated Net Debt / EBITDA ratio of ~1.5X with improving debt maturity profile. Yet we target to reduce net debt by above INR 50bn ($690mn) in the coming quarter.” Vedanta’s dollar bonds were in the green – its 7.125% 2023s were up over 3 points to 88.09 and their 6.125% 2024s were up 3.9 points to 80.5

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