|
Vedanta consolidated net sales declined
12.66% to Rs 33733 crore Q1FY24 compared to Q1FY23 on account of steep
reduction in output commodity prices, partially offset by favourable movement
in exchange rate.
Sales of Iron Ore segment has gone up 49.09%
to Rs 2,038.00 crore (accounting for 6.08% of total sales). Sales of Power segment has gone down 4.11% to
Rs 1,588.00 crore (accounting for 4.74% of total sales). Sales of oil & Gas segment has gone down
30.03% to Rs 2,857.00 crore (accounting for 8.52% of total sales). Sales of copper segment has gone up 12.29% to
Rs 4,733.00 crore (accounting for 14.12% of total sales). Sales of Aluminum segment has gone down
18.70% to Rs 11,905.00 crore (accounting for 35.51% of total sales). Sales of others segment has gone up 20.69% to
Rs 2,240.00 crore (accounting for 6.68% of total sales). Sales of Zinc international segment has gone
down 24.40% to Rs 1,103.00 crore (accounting for 3.29% of total sales). Sales of Zinc & Lead - India segment has
gone down 28.54% to Rs 5,764.00 crore (accounting for 17.19% of total sales). Sales of Silver - India segment rose 17.04%
to Rs 1,298.00 crore (accounting for 3.87% of total sales).
Profit before interest, tax and other
unallocable items (PBIT) has slumped 35.06% to Rs 6,975.00 crore. PBIT of Iron Ore segment fell 54.82% to Rs
164.00 crore (accounting for 2.35% of total PBIT). PBIT of Power segment rose 92.62% to Rs
287.00 crore (accounting for 4.11% of total PBIT). PBIT of oil & Gas segment fell 44.98% to
Rs 1,145.00 crore (accounting for 16.42% of total PBIT). PBIT of copper segment rose 85.71% to Rs
-2.00 crore (accounting for -0.03% of total PBIT). PBIT of Aluminum segment fell 16.77% to Rs
1,817.00 crore (accounting for 26.05% of total PBIT). PBIT of others reported loss of Rs 32.00
crore compared to profit of Rs 160.00 crore.
PBIT of Zinc, lead and silver segment fell 36.63% to Rs 3,314.00 crore
(accounting for 47.51% of total PBIT).
PBIT of segment Zinc international fell 52.12% to Rs 282.00 crore
(accounting for 4.04% of total PBIT).
PBIT margin of Iron Ore segment fell from
26.55% to 8.05%. PBIT margin of Power
segment rose from 9.00% to 18.07%. PBIT
margin of oil & Gas segment fell from 50.97% to 40.08%. PBIT margin of copper segment rose from
negative 0.33% to negative 0.04%. PBIT
margin of Aluminum segment rose from 14.91% to 15.26%. PBIT margin of others segment fell from 8.62%
to 1.43%. PBIT margin of segment fell
from 40.37% to 25.57%. Overall PBIT
margin fell from 27.93% to 20.80%.
Operating profit margin has declined from
26.40% to 19.03%, leading to 37.04% decline in operating profit to Rs 6,420.00
crore on account of lower output commodity prices and lower sales, partially
offset by moderation of input commodity prices.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 27.32% to 32.79%.
Purchase of finished goods cost rose from 0.03% to 0.04%. Employee cost increased from 1.98% to 2.52%. Other expenses rose from 44.81% to
45.66%. Power and Oil fuel cost fell
from 22.70% to 18.28%.
Other income fell 25.51% to Rs 546
crore. PBIDT fell 36.27% to Rs 6966
crore. Provision for interest rose
74.96% to Rs 2110 crore due to increase in blended cost of borrowings and
average borrowings.
PBDT fell 50.06% to Rs 4856 crore. Provision for depreciation rose 3.49% to Rs
2550 crore mainly on account of capitalisation of assets at VAL and higher
amortisation at HZL..
Profit before tax down 68.24% to Rs 2,306.00
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 778 crore, compared to Rs 1668 crore. Effective tax rate was 19.04% compared to
22.97%.
Minority interest decreased 43% to Rs 668.00
crore. Net profit attributable to owners
of the company decreased 40.29% to Rs 2,640.00 crore.
Promoters’ stake was 68.11% as of 30 June
2023 ,compared to 69.69% as of 30 June 2022 .
Promoters pledged stake was 99.99% as of 30 June 2023 ,compared to
99.99% as of 30 June 2022 .
Mr
Sunil Duggal, Chief Executive Officer, Vedanta, said “Vedanta is on a
transformational journey with significant growth across its businesses and
diversification into future enabling, technology focused sectors. We remain
committed to maximizing shareholder returns through best-in-class and low-cost
operations, skill development and global experience leadership with sustainability
at the forefront. We have delivered Rs 6,975 cr in EBITDA this quarter, with an
operating margin of 24% and PAT of Rs 3,308 cr, marking a 6% increase
sequentially. As we continue to move forward, we remain committed to achieving
operational excellence and enhancing our competitiveness in the market. We are
determined to lead the charge towards a more sustainable and responsible
tomorrow.”
Full
year results analysis
Net sales (including other operating income)
of Vedanta has increased 10.98% to Rs 147308 crore. Sales of Iron Ore segment has gone up 2.41%
to Rs 6,503.00 crore (accounting for 4.45% of total sales). Sales of Power segment has gone up 23.60% to
Rs 7,201.00 crore (accounting for 4.93% of total sales). Sales of oil & Gas segment has gone up
20.98% to Rs 15,038.00 crore (accounting for 10.29% of total sales). Sales of copper segment has gone up 15.44% to
Rs 17,491.00 crore (accounting for 11.96% of total sales). Sales of Aluminum segment has gone up 2.99%
to Rs 52,403.00 crore (accounting for 35.84% of total sales). Sales of others segment has gone up 15.97% to
Rs 9,245.00 crore (accounting for 6.32% of total sales). Sales of Zinc International has gone up
16.17% to Rs 5,209.00 crore (accounting for 3.56% of total sales). Sales of Zinc & Lead - India segment has
gone up 17.67% to Rs 28,732.00 crore (accounting for 19.65% of total
sales). Sales of Silver - India segment
rose 4.33% to Rs 4,388.00 crore (accounting for 3.00% of total sales). Inter-segment sales rose Rs 526.00 crore to
Rs 806.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has slumped 22.24% to Rs 35,241.00 crore. PBIT of Iron Ore segment fell 56.67% to Rs
988.00 crore (accounting for 2.80% of total PBIT). PBIT of Power segment fell 21.35% to Rs
851.00 crore (accounting for 2.41% of total PBIT). PBIT of oil & Gas segment rose 29.87% to
Rs 7,782.00 crore (accounting for 22.08% of total PBIT). PBIT of copper segment rose 96.52% to Rs -4.00
crore (accounting for -0.01% of total PBIT).
PBIT of Aluminum segment fell 66.33% to Rs 5,837.00 crore (accounting
for 16.56% of total PBIT). PBIT of
others segment fell 63.87% to Rs 379.00 crore (accounting for 1.08% of total
PBIT). PBIT of Zinc,Lead and
Silver_India segment rose 8.12% to Rs 17,474.00 crore (accounting for 49.58% of
total PBIT). PBIT of Zinc International
rose 26.16% to Rs 1,934.00 crore (accounting for 5.49% of total PBIT).
Operating profit margin has declined from
33.77% to 23.37%, leading to 23.21% decline in operating profit to Rs 34,422.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 27.75% to 30.11%. Purchase of finished goods cost fell from
0.10% to 0.04%. Employee cost increased
from 2.09% to 2.10%. Other expenses
rose from 36.81% to 44.44%. Power and Oil
fuel cost rose from 15.54% to 20.96%.
Other income rose 9.65% to Rs 2851
crore. PBIDT fell 21.40% to Rs 37273
crore. Provision for interest rose
29.77% to Rs 6225 crore. Loan funds rose
to Rs 66,628.00 crore as of 31 March 2023 from Rs 53,583.00 crore as of 31
March 2022. Inventories rose to Rs
15,012.00 crore as of 31 March 2023 from Rs 14,313.00 crore as of 31 March
2022. Sundry debtors were lower at Rs
4,014.00 crore as of 31 March 2023 compared to Rs 4,946.00 crore as of 31 March
2022. Cash and bank balance declined
from Rs 15,355.00 crore as of 31 March 2022 to Rs 9,254.00 crore as of 31 March
2023. Investments declined from Rs
17,291.00 crore as of 31 March 2022 to Rs 13,150.00 crore as of 31 March
2023.
PBDT fell 27.16% to Rs 31048 crore. Provision for depreciation rose 18.66% to Rs
10555 crore. Fixed assets increased to
Rs 1,11,041.00 crore as of 31 March 2023 from Rs 1,06,220.00 crore as of 31
March 2022. Intangible assets increased
from Rs 3,125.00 crore to Rs 4,232.00 crore.
Profit before tax down 39.25% to Rs 20,493.00
crore. Extraordinary items were
increased to Rs -217.00 crore. Provision
for tax was expense of Rs 5770 crore, compared to Rs 9255 crore. Effective tax rate was 28.46% compared to
28.08%.
Minority interest decreased 19.95% to Rs
3,929.00 crore. Net profit attributable
to owners of the company decreased 43.76% to Rs 10,574.00 crore.
Equity capital stood at Rs 372.00 crore as of
31 March 2023 to Rs 372.00 crore as of 31 March 2022. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 68.11% as of 31 March
2023 ,compared to 69.69% as of 31 March 2022 .
Promoters pledged stake was 99.99% as of 31 March 2023 ,compared to
99.99% as of 31 March 2022 .
Cash flow from operating activities decreased
to Rs 33,065.00 crore for year ended March 2023 from Rs 34,963.00 crore for
year ended March 2022. Cash flow used in
acquiring fixed assets during the year ended March 2023 stood at Rs 13,787.00
crore, compared to Rs 10,630.00 crore during the year ended March 2022.
The scrip is currently trading at Rs 278
|
Vedanta : Consolidated Results
|
|
Particulars
|
2306
(03)
|
2206
(03)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
33,733
|
38,622
|
-13
|
1,47,308
|
1,32,732
|
11
|
|
OPM
(%)
|
19.0
|
26.4
|
|
23.4
|
33.8
|
|
|
OP
|
6,420
|
10,197
|
-37
|
34,422
|
44,824
|
-23
|
|
Other
Inc.
|
546
|
733
|
-26
|
2,851
|
2,600
|
10
|
|
PBIDT
|
6,966
|
10,930
|
-36
|
37,273
|
47,424
|
-21
|
|
Interest
|
2,110
|
1,206
|
75
|
6,225
|
4,797
|
30
|
|
PBDT
|
4,856
|
9,724
|
-50
|
31,048
|
42,627
|
-27
|
|
Depreciation
|
2,550
|
2,464
|
3
|
10,555
|
8,895
|
19
|
|
PBT
|
2,306
|
7,260
|
-68
|
20,493
|
33,732
|
-39
|
|
Share
of Profit/(Loss) from Associates
|
0
|
1
|
-
|
-3
|
1
|
PL
|
|
PBT
before EO
|
2,306
|
7,261
|
-68
|
20,490
|
33,733
|
-39
|
|
EO
Income
|
1,780
|
0
|
-
|
-217
|
-768
|
72
|
|
PBT
after EO
|
4,086
|
7,261
|
-44
|
20,273
|
32,965
|
-39
|
|
Taxation
|
778
|
1,668
|
-53
|
5,770
|
9,255
|
-38
|
|
PAT
|
3,308
|
5,593
|
-41
|
14,503
|
23,710
|
-39
|
|
Minority
Interest (MI)
|
668
|
1,172
|
-43
|
3,929
|
4,908
|
-20
|
|
Net
profit
|
2,640
|
4,421
|
-40
|
10,574
|
18,802
|
-44
|
|
EPS
(Rs)*
|
#
|
#
|
|
28.8
|
51.8
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 371.72 crore, Face value of Rs 1, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Vedanta : Consolidated Segment
Results
|
|
|
%
of (Total)
|
2306
(03)
|
2206
(03)
|
Var.(%)
|
%
of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Sales
|
|
Iron
Ore
|
6
|
2038
|
1367
|
49
|
4
|
6503
|
6350
|
2
|
|
Power
|
5
|
1588
|
1656
|
-4
|
5
|
6725
|
5826
|
15
|
|
oil
& Gas
|
9
|
2857
|
4083
|
-30
|
10
|
15038
|
12430
|
21
|
|
copper
|
14
|
4733
|
4215
|
12
|
12
|
17491
|
15151
|
15
|
|
Aluminum
|
36
|
11905
|
14644
|
-19
|
36
|
52661
|
50881
|
4
|
|
others
|
7
|
2240
|
1856
|
21
|
6
|
9245
|
7972
|
16
|
|
Zinc
International
|
3
|
1103
|
1459
|
-24
|
4
|
5209
|
4484
|
16
|
|
Zinc
& Lead - India
|
17
|
5764
|
8066
|
-29
|
20
|
28732
|
24418
|
18
|
|
Silver
- India
|
4
|
1298
|
1109
|
17
|
3
|
4388
|
4206
|
4
|
|
Total
Reported Sales
|
100
|
33526
|
38455
|
-13
|
100
|
145992
|
131718
|
11
|
|
Less:
Inter segment revenues
|
|
0
|
318
|
-
|
|
806
|
526
|
53
|
|
Net
Sales
|
|
33526
|
38137
|
-12
|
|
145186
|
131192
|
11
|
|
PBIT
|
|
Iron
Ore
|
2
|
164
|
363
|
-55
|
3
|
988
|
2280
|
-57
|
|
Power
|
4
|
287
|
149
|
93
|
3
|
913
|
1082
|
-16
|
|
oil
& Gas
|
16
|
1145
|
2081
|
-45
|
22
|
7782
|
5992
|
30
|
|
copper
|
0
|
-2
|
-14
|
86
|
0
|
-4
|
-115
|
97
|
|
Aluminum
|
26
|
1817
|
2183
|
-17
|
16
|
5775
|
17337
|
-67
|
|
others
|
0
|
-32
|
160
|
PL
|
1
|
379
|
1049
|
-64
|
|
Zinc,
Lead & Silver
|
48
|
3314
|
5230
|
-37
|
50
|
17474
|
16161
|
8
|
|
Zinc
International
|
4
|
282
|
589
|
-52
|
5
|
1934
|
1533
|
26
|
|
Total
PBIT
|
100
|
6975
|
10741
|
-35
|
100
|
35241
|
45319
|
-22
|
|
Less
: Interest
|
|
2110
|
1206
|
75
|
|
6225
|
4797
|
30
|
|
Add:
Other un-allcoable
|
|
-779
|
-2275
|
66
|
|
-8740
|
-7558
|
-16
|
|
PBT
|
|
4086
|
7260
|
-44
|
|
20276
|
32964
|
-38
|
|