India: Vedanta's iron ore production stable y-o-y, sales rise in 9MFY24

Vedanta Ltd has released its operational results for the 9 month of the financial year 2024 (FY24). These are the highlights:

Iron ore production stable y-o-y

Iron ore production was recorded at 3.8 million tonnes (mnt) in 9MFY24, stable y-o-y, due to operational efficiencies.

In Q3FY24, production was recorded at 1.4 mnt, down by 3% y-o-y. However, production up by 13% q-o-q.

The total material mined was entirely from the company's Karnataka mines, as Goa mines remained out of operation following a 2018 Supreme Court ban.

Sales up 12% y-o-y

Iron ore sales volume was recorded at 4.4 mnt in 9MFY24, up 12% y-o-y compared to 3.9 mnt in 9MFY23.

In Q3FY24, sales were recorded at 1.8 mnt, a sharp increase of 35% y-o-y compared to 1.4 mnt in Q3FY23.

Pig iron production jumps 24% y-o-y

The company's pig iron production stood at 633,000 t in 9MFY24, up by 24% y-o-y compared to 510,000 t in 9MFY23, on account of improvement in operations.

In Q3FY24, the company's pig iron output stood at 203,000 t, up by 1% y-o-y against 200,000 t in the corresponding quarter last year.

Saleable steel output inches up y-o-y

Saleable steel production rose by 16% y-o-y to 1.04 mnt in 9MFY24 with increased production of TMT bars, wire rods and ductile iron pipes.