Vedanta Resources Share News (VED)

(Sharecast News) - Vedanta Resources posted its production and financial results for the first quarter on Monday, with average gross oil and gas production rising 4% year-on-year to 195 kboepd.The FTSE 250 firm said that in its oil and gas division the execution of its $2.3bn growth projects remained on track.In its zinc India operations, it said mined metal production was 212kt for the period to 30 June, down 9% year-on-year.Underground production there was up 7% quarter-on-quarter, while in zinc international, Gamsberg commercial production was set to begin in September.Total production at zinc international slid 20% year-on-year to 25kt.Vedanta's aluminium unit recorded record quarterly production at 482kt, up 37% year-on-year, with the company confirming the commencement of Odisha bauxite delivery.In copper Zambia, mined metal production rose 15% year-on-year to 23kt, while integrated production improved 19% over last year to 25kt for the quarter.Custom production there was down 21% to 21,000 tonnes, however, taking total copper production down 3% to 46,000 tonnes.Copper India recorded a 73% decline year-on-year in cathodes to 24,000 tonnes.The company's iron ore operations saw the Karnataka mining allocation increased to 4.5mt.It said its Goa operations remained closed due to a state ban, with Vedanta saying it was continuing to engage with the government for the resumption of mining operations.Saleable iron ore production fell 56% to 1.4 million tonnes, while sales themselves fell 39%, also to 1.4 million tonnes.In steel, Vedanta highlighted that the acquisition of a 90% stake in Electrosteel Steels was now complete, with a new board appointed.At Vedanta Power, the board reported that its 1,980 MW TSPL plant achieved availability of 91% during the quarter.On the financial front, Vedanta reported EBITDA of $983m, up 26% year-on-year.It claimed that was driven by higher volumes and commodity prices, partially offset by input commodity inflation.The board also said it maintained a "robust" EBITDA margin of 33%.On the operational front, the board noted that on 31 July its independent committee and Volcan announced the terms of a recommended cash offer to be made by Volcan Investments for the remaining issued and to be issued share capital of Vedanta Resources not currently owned or controlled by Volcan.Under the terms of the offer, Vedanta shareholders would receive $10.89 per share in cash for each Vedanta share, in addition to the $0.41 of dividend in respect of the 12 months ended 31 March."We delivered strong EBITDA and steady margins this quarter driven by record volumes in aluminium, higher production in oil and gas, as well as supportive commodity prices," said Vedanta chief executive officer Kuldip Kaura."We are excited about the growth across our portfolio in zinc, aluminium and oil and gas."The projects are advancing well to meet key milestones and we are confident of a progressive volume uplift in the coming quarters."