India: Vedanta's iron ore production, sales rise y-o-y in FY24

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

Iron ore production rises by 6% y-o-y:

Iron ore production was recorded at 5.6 million tonnes (mnt) in FY24, inched up by 5% y-o-y as compared to 5.3 mnt in FY'23. The entire output was from the Karnataka mines due to improved process and operational efficiency.

Notably, in Q4FY'24, the production of iron ore was recorded at 1.7 mnt, up by 23% q-o-q as compared to 1.4 mnt in Q3FY'24.

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 9% y-o-y:

Iron ore sales volume during FY'24 was recorded at 6.2 mnt (5.9 mnt from Karnataka and 0.3 mnt from Goa), rose by 9% y-o-y against 5.7 mnt in FY'23.

In Q4FY24, sales of iron ore stood at 1.7 mnt, drop by 3% q-o-q against 1.8 mnt in Q3FY24.

Pig iron production increases by 19% y-o-y:

The company's pig iron production stood at 831,000 t in FY24, up by 19% y-o-y compared to 696,000 t in FY23, due to increased production on process efficiency, however, there were partial shutdown of small furnaces.

In Q4FY24, the company's pig iron output stood at 198,000 t, down by 2% q-o-q against 203,000 t in Q3FY24.

Finished production rises by 8% y-o-y:

Finished production rose by 8% y-o-y to 1.386 mnt in FY24 with increased production of TMT bars, wire rods and ductile iron pipes.