India-focused miner Vedanta's full-year earnings rose 21 percent, as revenue from oil and gas assets acquired in late 2011 helped offset iron ore mining bans that cost it almost $500 million in lost profit.
Vedanta said earnings before interest, tax, depreciation and amortisation (EBITDA) for the year to the end of March totalled $4.89 billion, in line with market forecasts.
But the year-on-year rise masks drops across Vedanta's core divisions from zinc to iron ore and copper, hit by falling prices that have battered miners across the sector, but also mining bans and operational hitches. Only oil and gas, power and aluminium increased annual earnings over the previous year.
Vedanta bought oil and gas company Cairn India in 2011, and the operations were responsible for almost half its core profit over the year to the end of March. The group said it was pursuing exploration in Rajasthan, hoping to cash in on growing demand in India, which imports over 80 percent of its requirements.