|
Consolidated net sales (including other
operating income) of Vedanta has increased 6.25% to Rs 38945 crore driven by
higher sales volume, favourable movement in exchange rate and favourable
arbitration award, partially offset by lower commodity prices and strategic
hedging gain in 2QFY23. Revenue increased by 16% QoQ to Rs 38,546 crore driven
by higher sales volume, and favourable arbitration award in oil & gas,
partially offset by slip in output commodity prices.
Sales of Iron Ore segment has gone up 38.31%
to Rs 2,083.00 crore (accounting for 5.37% of total sales). Sales of Power segment has gone down 12.42%
to Rs 1,615.00 crore (accounting for 4.17% of total sales). Sales of oil & Gas segment has gone up
112.69% to Rs 8,229.00 crore (accounting for 21.23% of total sales). Sales of copper segment has gone up 14.83% to
Rs 4,606.00 crore (accounting for 11.88% of total sales). Sales of Aluminum segment has gone down
11.37% to Rs 11,952.00 crore (accounting for 30.84% of total sales). Sales of others segment has gone up 17.33% to
Rs 2,634.00 crore (accounting for 6.80% of total sales). Sales of Zinc International has gone down
24.93% to Rs 1,081.00 crore (accounting for 2.79% of total sales). Sales of Zinc & Lead - India segment has
gone down 24.86% to Rs 5,259.00 crore (accounting for 13.57% of total sales). Sales of Silver - India segment rose 20.20%
to Rs 1,297.00 crore (accounting for 3.35% of total sales). Inter-segment sales came down from Rs 242.00
crore to Rs 210.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 47.23% to Rs 11,834.00 crore. PBIT of Iron Ore segment rose 50.23% to Rs
320.00 crore (accounting for 2.70% of total PBIT). PBIT of Power segment rose 75.89% to Rs
248.00 crore (accounting for 2.10% of total PBIT). PBIT of oil & Gas segment rose 190.39% to
Rs 5,860.00 crore (accounting for 49.52% of total PBIT). PBIT of copper reported loss of Rs 62.00
crore compared to profit of Rs 15.00 crore.
PBIT of Aluminum segment rose 158.48% to Rs 1,967.00 crore (accounting
for 16.62% of total PBIT). PBIT of
others reported profit of Rs 139.00 crore compared to loss of Rs 43.00
crore. PBIT of Zinc, lead and Silver
segment fell 29.23% to Rs 3,073.00 crore (accounting for 25.97% of total PBIT). PBIT of Zinc International segment fell
51.10% to Rs 289.00 crore (accounting for 2.44% of total PBIT).
PBIT margin of Iron Ore segment rose from
14.14% to 15.36%. PBIT margin of Power
segment rose from 7.65% to 15.36%. PBIT
margin of oil & Gas segment rose from 52.16% to 71.21%. PBIT margin of copper segment fell from 0.37%
to 1.35%. PBIT margin of Aluminum
segment rose from 5.64% to 16.46%. PBIT
margin of others segment rose from negative 1.92% to 5.28%. PBIT margin of Zinc, lead and Silver segment
fell from 41.04% to 26.73%. Overall PBIT
margin rose from 22.03% to 30.53%.
Operating profit margin has jumped from 21%
to 29.47%, leading to 49.10% rise in operating profit to Rs 11,479.00 crore driven
by reduction in operational cost, softening of input commodity prices, foreign
exchange gains and favorable arbitration award partially offset by strategic
hedging gain in Q2FY23. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 29.72% to
28.14%. Employee cost increased from
2.18% to 2.28%. Other expenses fell
from 46.64% to 39.92%. Power and Oil
fuel cost fell from 23.83% to 15.46%.
Other income fell 8.18% to Rs 640 crore. PBIDT rose 44.34% to Rs 12119 crore. Provision for interest rose 53.65% to Rs 2523
crore. Loan funds rose to Rs 75,064.00
crore as of 30 September 2023 from Rs 59,020.00 crore as of 30 September
2022. Inventories declined from Rs
16,160.00 crore as of 30 September 2022 to Rs 14,117.00 crore as of 30
September 2023. Sundry debtors were
higher at Rs 3,871.00 crore as of 30 September 2023 compared to Rs 3,683.00
crore as of 30 September 2022. Cash and
bank balance declined from Rs 12,121.00 crore as of 30 September 2022 to Rs
4,293.00 crore as of 30 September 2023.
Investments declined from Rs 14,742.00 crore as of 30 September 2022 to
Rs 12,855.00 crore as of 30 September 2023.
PBDT rose 42.08% to Rs 9596 crore. Provision for depreciation rose 0.69% to Rs
2642 crore. Fixed assets increased to Rs
1,14,422.00 crore as of 30 September 2023 from Rs 1,09,242.00 crore as of 30
September 2022. Intangible assets
increased from Rs 3,797.00 crore to Rs 4,488.00 crore.
Profit before tax grew 68.38% to Rs 6,954.00
crore. Share of profit/loss were nil in
both the periods. Extraordinary items
were increased to Rs 1,223.00 crore.
Provision for tax was expense of Rs 9092 crore, compared to Rs 1674
crore. Effective tax rate was 111.19%
compared to 38.39%.
Minority interest decreased 1.25% to Rs
868.00 crore.
Equity capital stood at Rs 372.00 crore as of
30 September 2023 to Rs 372.00 crore as of 30 September 2022. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 63.71% as of 30
September 2023 ,compared to 69.69% as of 30 September 2022 . Promoters pledged stake was 99.99% as of 30
September 2023 ,compared to 99.99% as of 30 September 2022.
Mr Arun
Misra, Executive Director, Vedanta, said “I am pleased to share that we have a
quarter of highest ever 2Q turnover of Rs 38,546 crores with highest ever 2Q
EBITDA of Rs 11,834 crores on the back of strong operational volume delivery
and aggressive cost reduction across the table in all businesses. While
excelling in operational performance we have also achieved a 5 point
improvement y-o-y in this year’s S&P Global Corporate Sustainability
Assessment Index. Strong believer of expanding our portfolio, we are steadfast
in our growth journey and are progressing well in all growth projects announced
so far with capex worth 8.4 Bn$. With this our revenue is estimated to uptick
by $4bn and EBITDA by $1bn. We remain well positioned, with a rich diversified
asset portfolio, strong balance sheet, and cost optimization levers, to
withstand challenging macroeconomic environment.”
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Vedanta has declined 3.45% to Rs 72678 crore. Sales of Iron Ore segment has gone up 43.44%
to Rs 4,121.00 crore (accounting for 5.70% of total sales). Sales of Power segment has gone down 11.37%
to Rs 3,203.00 crore (accounting for 4.43% of total sales). Sales of oil & Gas segment has gone up
39.41% to Rs 11,086.00 crore (accounting for 15.34% of total sales). Sales of copper segment has gone up 13.53% to
Rs 9,339.00 crore (accounting for 12.92% of total sales). Sales of Aluminum segment has gone down
15.19% to Rs 23,857.00 crore (accounting for 33.01% of total sales). Sales of others segment has gone up 18.85% to
Rs 4,874.00 crore (accounting for 6.74% of total sales). Sales of Zinc- International segment has gone
down 24.66% to Rs 2,184.00 crore (accounting for 3.02% of total sales). Sales of Zinc & Lead - India segment has
gone down 26.83% to Rs 11,023.00 crore (accounting for 15.25% of total sales). Sales of Silver - India segment rose 18.60%
to Rs 2,595.00 crore (accounting for 3.59% of total sales). Inter-segment sales came down from Rs 560.00
crore to Rs 394.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 0.16% to Rs 18,809.00 crore. PBIT of Iron Ore segment fell 15.97% to Rs
484.00 crore (accounting for 2.57% of total PBIT). PBIT of Power segment rose 140.99% to Rs
535.00 crore (accounting for 2.84% of total PBIT). PBIT of oil & Gas segment rose 70.90% to
Rs 7,005.00 crore (accounting for 37.24% of total PBIT). PBIT of copper reported loss of Rs 64.00
crore compared to profit of Rs 1.00 crore.
PBIT of Aluminum segment rose 25.63% to Rs 3,784.00 crore (accounting
for 20.12% of total PBIT). PBIT of others
segment fell 8.55% to Rs 107.00 crore (accounting for 0.57% of total
PBIT). PBIT of Zinc,Lead and
Silver_India segment fell 33.27% to Rs 6,387.00 crore (accounting for 33.96% of
total PBIT). PBIT of Zinc- International
segment fell 51.61% to Rs 571.00 crore (accounting for 3.04% of total
PBIT).
PBIT margin of Iron Ore segment fell from
20.05% to 11.74%. PBIT margin of Power
segment rose from 6.14% to 16.70%. PBIT
margin of oil & Gas segment rose from 51.55% to 63.19%. PBIT margin of copper segment fell from 0.01%
to 0.69%. PBIT margin of Aluminum
segment rose from 10.71% to 15.86%. PBIT
margin of others segment fell from 2.85% to 2.20%. PBIT margin of Zinc- International segment
fell from 40.70% to 26.14%. Overall PBIT
margin rose from 25.02% to 26.02%.
Operating profit margin has jumped from
23.77% to 24.63%, leading to 0.02% rise in operating profit to Rs 17,899.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 28.47% to 30.31%. Employee cost increased from 2.08% to
2.39%. Other expenses fell from 45.68%
to 42.60%. Power and Oil fuel cost fell
from 23.24% to 16.77%.
Other income fell 17.06% to Rs 1186
crore. PBIDT fell 1.25% to Rs 19085
crore. Provision for interest rose
62.68% to Rs 4633 crore. Loan funds rose
to Rs 75,064.00 crore as of 30 September 2023 from Rs 59,020.00 crore as of 30
September 2022. Inventories declined
from Rs 16,160.00 crore as of 30 September 2022 to Rs 14,117.00 crore as of 30
September 2023. Sundry debtors were
higher at Rs 3,871.00 crore as of 30 September 2023 compared to Rs 3,683.00
crore as of 30 September 2022. Cash and
bank balance declined from Rs 12,121.00 crore as of 30 September 2022 to Rs
4,293.00 crore as of 30 September 2023.
Investments declined from Rs 14,742.00 crore as of 30 September 2022 to
Rs 12,855.00 crore as of 30 September 2023.
PBDT fell 12.30% to Rs 14452 crore. Provision for depreciation rose 2.04% to Rs
5192 crore. Fixed assets increased to Rs
1,14,422.00 crore as of 30 September 2023 from Rs 1,09,242.00 crore as of 30
September 2022. Intangible assets
increased from Rs 3,797.00 crore to Rs 4,488.00 crore.
Profit before tax down 18.70% to Rs 9,260.00
crore. Share of profit/loss were nil in
both the periods. Extraordinary items
were increased to Rs 3,003.00 crore.
Provision for tax was expense of Rs 9870 crore, compared to Rs 3342
crore. Effective tax rate was 80.49%
compared to 28.76%.
Minority interest decreased 25.11% to Rs
1,536.00 crore. Net profit attributable
to owners of the company decreased 86.24% to Rs 857.00 crore.
Equity capital stood at Rs 372.00 crore as of
30 September 2023 to Rs 372.00 crore as of 30 September 2022. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 63.71% as of 30
September 2023 ,compared to 69.69% as of 30 September 2022 . Promoters pledged stake was 99.99% as of 30
September 2023 ,compared to 99.99% as of 30 September 2022 .
Cash flow from operating activities decreased
to Rs 14,172.00 crore for YTD ended September 2023 from Rs 18,068.00 crore for
YTD ended September 2022. Cash flow used
in acquiring fixed assets during the YTD ended September 2023 stood at Rs
7,810.00 crore, compared to Rs 8,030.00 crore during the YTD ended September
2022.
The scrip is currently trading at Rs 233
|
Vedanta : Consolidated Results
|
|
Particulars
|
2309
(03)
|
2209
(03)
|
Var.(%)
|
2309
(06)
|
2209
(06)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales
|
38,945
|
36,654
|
6
|
72,678
|
75,276
|
-3
|
1,47,308
|
1,32,732
|
11
|
|
OPM
(%)
|
29.5
|
21.0
|
|
24.6
|
23.8
|
|
23.4
|
33.8
|
|
|
OP
|
11,479
|
7,699
|
49
|
17,899
|
17,896
|
0
|
34,422
|
44,824
|
-23
|
|
Other
Inc.
|
640
|
697
|
-8
|
1,186
|
1,430
|
-17
|
2,851
|
2,600
|
10
|
|
PBIDT
|
12,119
|
8,396
|
44
|
19,085
|
19,326
|
-1
|
37,273
|
47,424
|
-21
|
|
Interest
|
2,523
|
1,642
|
54
|
4,633
|
2,848
|
63
|
6,225
|
4,797
|
30
|
|
PBDT
|
9,596
|
6,754
|
42
|
14,452
|
16,478
|
-12
|
31,048
|
42,627
|
-27
|
|
Depreciation
|
2,642
|
2,624
|
1
|
5,192
|
5,088
|
2
|
10,555
|
8,895
|
19
|
|
PBT
|
6,954
|
4,130
|
68
|
9,260
|
11,390
|
-19
|
20,493
|
33,732
|
-39
|
|
Share
of Profit/(Loss) from Associates
|
0
|
-3
|
-
|
0
|
-2
|
-
|
-3
|
1
|
PL
|
|
PBT
before EO
|
6,954
|
4,127
|
69
|
9,260
|
11,388
|
-19
|
20,490
|
33,733
|
-39
|
|
EO
Income
|
1,223
|
234
|
423
|
3,003
|
234
|
999
|
-217
|
-768
|
72
|
|
PBT
after EO
|
8,177
|
4,361
|
88
|
12,263
|
11,622
|
6
|
20,273
|
32,965
|
-39
|
|
Taxation
|
9,092
|
1,674
|
443
|
9,870
|
3,342
|
195
|
5,770
|
9,255
|
-38
|
|
PAT
|
-915
|
2,687
|
PL
|
2,393
|
8,280
|
-71
|
14,503
|
23,710
|
-39
|
|
Minority
Interest (MI)
|
868
|
879
|
-1
|
1,536
|
2,051
|
-25
|
3,929
|
4,908
|
-20
|
|
Net
profit
|
-1,783
|
1,808
|
PL
|
857
|
6,229
|
-86
|
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)
|
2309
(03)
|
2209
(03)
|
Var.(%)
|
%
of (Total)
|
2309
(06)
|
2209
(06)
|
Var.(%)
|
%
of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Iron
Ore
|
5
|
2083
|
1506
|
38
|
6
|
4121
|
2873
|
43
|
4
|
6503
|
6350
|
2
|
|
Power
|
4
|
1615
|
1844
|
-12
|
4
|
3203
|
3614
|
-11
|
5
|
6725
|
5826
|
15
|
|
oil
& Gas
|
21
|
8229
|
3869
|
113
|
15
|
11086
|
7952
|
39
|
10
|
15038
|
12430
|
21
|
|
copper
|
12
|
4606
|
4011
|
15
|
13
|
9339
|
8226
|
14
|
12
|
17491
|
15151
|
15
|
|
Aluminum
|
31
|
11952
|
13486
|
-11
|
33
|
23857
|
28130
|
-15
|
36
|
52661
|
50881
|
4
|
|
others
|
7
|
2634
|
2245
|
17
|
7
|
4874
|
4101
|
19
|
6
|
9245
|
7972
|
16
|
|
Zinc
International
|
3
|
1081
|
1440
|
-25
|
3
|
2184
|
2899
|
-25
|
4
|
5209
|
4484
|
16
|
|
Zinc
& Lead - India
|
14
|
5259
|
6999
|
-25
|
15
|
11023
|
15065
|
-27
|
20
|
28732
|
24418
|
18
|
|
Silver
- India
|
3
|
1297
|
1079
|
20
|
4
|
2595
|
2188
|
19
|
3
|
4388
|
4206
|
4
|
|
Total
Reported Sales
|
100
|
38756
|
36479
|
6
|
100
|
72282
|
75048
|
-4
|
100
|
145992
|
131718
|
11
|
|
Less:
Inter segment revenues
|
|
210
|
242
|
-13
|
|
394
|
560
|
-30
|
|
806
|
526
|
53
|
|
Net
Sales
|
|
38546
|
36237
|
6
|
|
71888
|
74488
|
-3
|
|
145186
|
131192
|
11
|
|
PBIT
|
|
|
|
|
|
Iron
Ore
|
3
|
320
|
213
|
50
|
3
|
484
|
576
|
-16
|
3
|
988
|
2280
|
-57
|
|
Power
|
2
|
248
|
141
|
76
|
3
|
535
|
222
|
141
|
3
|
913
|
1082
|
-16
|
|
oil
& Gas
|
50
|
5860
|
2018
|
190
|
37
|
7005
|
4099
|
71
|
22
|
7782
|
5992
|
30
|
|
copper
|
-1
|
-62
|
15
|
PL
|
0
|
-64
|
1
|
PL
|
0
|
-4
|
-115
|
97
|
|
Aluminum
|
17
|
1967
|
761
|
158
|
20
|
3784
|
3012
|
26
|
16
|
5775
|
17337
|
-67
|
|
others
|
1
|
139
|
-43
|
LP
|
1
|
107
|
117
|
-9
|
1
|
379
|
1049
|
-64
|
|
Zinc
Lead and Silver
|
26
|
3073
|
4342
|
-29
|
34
|
6387
|
9572
|
-33
|
50
|
17474
|
16161
|
8
|
|
Zinc
International
|
2
|
289
|
591
|
-51
|
3
|
571
|
1180
|
-52
|
5
|
1934
|
1533
|
26
|
|
Total
PBIT
|
100
|
11834
|
8038
|
47
|
100
|
18809
|
18779
|
0
|
100
|
35241
|
45319
|
-22
|
|
Less
: Interest
|
|
2523
|
1642
|
54
|
|
4633
|
2848
|
63
|
|
6225
|
4797
|
30
|
|
Add:
Other un-allcoable
|
|
-1134
|
-2032
|
44
|
|
-1913
|
-4307
|
56
|
|
-8740
|
-7558
|
-16
|
|
PBT
|
|
8177
|
4364
|
87
|
|
12263
|
11624
|
6
|
|
20276
|
32964
|
-38
|
|