India: Vedanta's iron ore production rise by 4% y-o-y, sales stable in H1FY24

Vedanta Ltd has released its operational results for the first half of the financial year 2024 (FY24). These are the highlights-

Iron ore production increase by 4% y-o-y

Iron ore production was recorded at 2.4 million tonnes (mnt) in H1FY24, rise by 4% y-o-y.

In Q2FY23, production was recorded at 1.2 mnt, increasing by 14% y-o-y and stable 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 stable y-o-y

Iron ore sales volume was recorded at 2.6 mnt in H1FY24, stable y-o-y.

In Q2FY24, sales were recorded at 1.5 mnt, an increase of 10% y-o-y compared to 1.3 mnt in Q2FY23.

Pig iron production rise sharply by 39% y-o-y

The company’s pig iron production stood at 430,000 t in H1FY24, higher by 39% y-o-y compared to 309,000 t in H1FY23 as production was impacted due to shut down of a smaller blast furnace.

In Q2FY24, the company’s pig iron output stood at 217,000 t, rose sharply by 79% y-o-y against 121,000 t in the corresponding quarter last year.

Saleable steel output edge up by 18% y-o-y 

Saleable steel production rose by 18% y-o-y to 702,000 t in H1FY24 with increased production of TMT bars, wire rod and ductile iron pipes due to operational efficiency and higher production capacity.