The worst is behind us: Tom Albanese, CEO, Vedanta

Tom Albanese, CEO, Vedanta while speaking to ET Now has said that company's diversified asset portfolio has delivered a strong operating performance during the first quarter. The company is generating revenues of Rs 14,364 crores for the quarter. The sentiment in the commodities market has turned positive leading to improve prices for metals and minerals and Albanese said that the company can probably say now that the worst is behind them.

Albanese said,"During the quarter, we have been able to reduce our growth by Rs 606 crores. The company is actively is managing its balance sheet in light of the current commodity prices environment with the focus on maximising free cash flow, refining in terming out our maturity debt and simplifying a group structure."

"So I would like to highlight how we continue to have a strong balance sheet with cash and cash equivalent of Rs 52,299 crores, spread across asset classes and we are now comfortable position in service financing near term maturities in the normal course of business. We are committed to enhancing shareholder value through cash accretive best practices and confident the cash in our books will continue to rise. " he added

Gas business had a stable first quarter entailing oil and gas production at 206 thousand 455 barrels of oil and oil equivalence per day. Production in India was lower but as per the plan during the quarter and the mine metal production during the quarter was 127,000 tonnes.

The transition at Hindustan Zinc mines has progressed well and mine metal production for the four year will be higher than the previous year. So overall, it has been a satisfactory quarter for the Vedanta Limited despite of not so favourable market environment.