|
Vedanta consolidated net sales increased
4.22% to Rs 35541 crore during Q3FY24 compared to Q3FY23 driven by higher sales
volume, premia and favorable movement in exchange rate which is partially
offset by decrease in commodity prices.
Sales of Iron Ore segment has gone up 75.48% to Rs 2,476.00 crore
(accounting for 7.01% of total sales).
Sales of Power segment has gone down 5.44% to Rs 1,530.00 crore
(accounting for 4.33% of total sales).
Sales of oil & Gas segment has gone down 11.21% to Rs 3,383.00 crore
(accounting for 9.58% of total sales).
Sales of copper segment has gone up 29.29% to Rs 5,376.00 crore
(accounting for 15.22% of total sales).
Sales of Aluminum segment has gone up 1.47% to Rs 12,122.00 crore
(accounting for 34.31% of total sales).
Sales of others segment has gone up 25.01% to Rs 2,659.00 crore
(accounting for 7.53% of total sales).
Sales of Zinc INternational segment has gone down 35.63% to Rs 737.00
crore (accounting for 2.09% of total sales).
Sales of Zinc & Lead - India segment has gone down 15.05% to Rs
5,632.00 crore (accounting for 15.94% of total sales). Sales of Silver - India segment rose 43.74%
to Rs 1,413.00 crore (accounting for 4.00% of total sales). Inter-segment sales rose Rs 137.00 crore to
Rs 360.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 22.21% to Rs 8,677.00 crore. PBIT of Iron Ore segment rose 1,074.07% to Rs
634.00 crore (accounting for 7.31% of total PBIT). PBIT of Power segment fell 23.19% to Rs
212.00 crore (accounting for 2.44% of total PBIT). PBIT of oil & Gas segment fell 37.18% to
Rs 1,259.00 crore (accounting for 14.51% of total PBIT). PBIT of copper reported profit of Rs 7.00
crore compared to loss of Rs 55.00 crore.
PBIT of Aluminum segment rose 199.58% to Rs 2,873.00 crore (accounting
for 33.11% of total PBIT). PBIT of
others reported profit of Rs 81.00 crore compared to loss of Rs 23.00
crore. PBIT of Zinc, lead and Silver
segment fell 0.73% to Rs 3,549.00 crore (accounting for 40.90% of total PBIT). PBIT of Zinc International segment fell
80.00% to Rs 62.00 crore (accounting for 0.71% of total PBIT).
Operating profit margin has jumped from
20.72% to 24%, leading to 20.72% rise in operating profit to Rs 8,531.00 crore
driven by softening of input commodity prices, improved cost of production,
higher premia and favorable forex movement which is partially offset by
decrease in output commodity prices.
Employee cost increased from 2.11% to 2.25%. Other expenses fell from 44.84% to
41.45%. Power and Oil fuel cost fell
from 20.36% to 16.21%.
Other income rose 8.80% to Rs 779 crore. PBIDT rose 19.62% to Rs 9310 crore. Provision for interest rose 53.75% to Rs 2417
crore.
PBDT rose 10.98% to Rs 6893 crore. Provision for depreciation rose 2.50% to Rs
2788 crore.
Profit before tax grew 17.59% to Rs 4,105.00
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 1237 crore, compared to Rs 1302 crore. Effective tax rate was 30.13% compared to
29.64%.
Minority interest increased 36.36% to Rs
855.00 crore. Net profit attributable to
owners of the company decreased 18.30% to Rs 2,013.00 crore.
Promoters’ stake was 63.71% as of 31 December
2023 ,compared to 69.69% as of 31 December 2022 . Promoters pledged stake was 99.99% as of 31
December 2023 ,compared to 99.99% as of 31 December 2022.
Mr Arun
Misra, Executive Director, Vedanta, said “I am pleased to share that we have
delivered the quarter of highest ever 3Q revenue Rs 34,968 crore, up 4%YoY. Our
strategic focus on substantial cost compression, paralleled by an impressive
production ramp-up across businesses has helped us to deliver remarkable
performance. Aluminium and zinc continued to set new benchmarks with
highest-ever nine months production and placed in the 1st quartile cost
position of global Aluminium and in the first decile of Global Zinc mining cost
curves, respectively. I am elated to share that Vedanta has been ranked 3rd in
S&P Global Corporate Sustainability Assessment 2023, amongst 238 global
peers whereas HZL has been ranked 1st. We are very focussed and confident to
achieve significant milestones with the various debottlenecking projects going
on across all our businesses. With our unwavering commitment to operational
excellence and strong ESG practices, we are optimistic to remain well
positioned to navigate challenges and seize opportunities.”
Mr Ajay
Goel, Chief Financial Officer, Vedanta, said “With our consistent focus on
operational excellence, Vedanta delivered exemplary financial performance with
EBITDA of Rs 8,677 crore and PAT before exceptional items of Rs 2,868 crore.
These represents a superlative increase of 21% QoQ and 112% QoQ respectively.
Our continuous strategic cost optimization resulted in a remarkable 438 bps
margin expansion. We are committed to rewarding our shareholders with
attractive returns and have announced dividend of Rs 11/share amounting Rs
4,089 crore during the quarter. Our five-year average dividend yield stands 10
times higher than Nifty 50 companies. With a balanced capital structure through
successful liabilities management at Holdco, Vedanta has a stronger balance
sheet and will remain committed towards deleveraging and value creation.”
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Vedanta has declined 1.06% to Rs 108218 crore. Sales of Iron Ore segment has gone up 53.99%
to Rs 6,597.00 crore (accounting for 6.13% of total sales). Sales of Power segment has gone down 10.82%
to Rs 4,733.00 crore (accounting for 4.40% of total sales). Sales of oil & Gas segment has gone up
23.01% to Rs 14,469.00 crore (accounting for 13.45% of total sales). Sales of copper segment has gone up 18.82% to
Rs 14,715.00 crore (accounting for 13.67% of total sales). Sales of Aluminum segment has gone down
10.07% to Rs 35,978.00 crore (accounting for 33.43% of total sales). Sales of others segment has gone up 20.95% to
Rs 7,533.00 crore (accounting for 7.00% of total sales). Sales of Zinc_ International segment has gone
down 27.74% to Rs 2,922.00 crore (accounting for 2.72% of total sales). Sales of Zinc & Lead - India segment has
gone down 23.23% to Rs 16,656.00 crore (accounting for 15.48% of total sales). Sales of Silver - India segment rose 26.40%
to Rs 4,008.00 crore (accounting for 3.72% of total sales). Inter-segment sales rose Rs 703.00 crore to
Rs 755.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 6.21% to Rs 27,486.00 crore. PBIT of Iron Ore segment rose 77.46% to Rs
1,118.00 crore (accounting for 4.07% of total PBIT). PBIT of Power segment rose 18.38% to Rs
747.00 crore (accounting for 2.72% of total PBIT). PBIT of oil & Gas segment rose 35.41% to
Rs 8,264.00 crore (accounting for 30.07% of total PBIT). PBIT of copper segment fell 5.56% to Rs
-57.00 crore (accounting for -0.21% of total PBIT). PBIT of Aluminum segment rose 73.45% to Rs
6,657.00 crore (accounting for 24.22% of total PBIT). PBIT of others segment rose 98.94% to Rs
187.00 crore (accounting for 0.68% of total PBIT). PBIT of Zinc,Lead and Silver_India segment
fell 24.42% to Rs 9,936.00 crore (accounting for 36.15% of total PBIT). PBIT of Zinc International segment fell
57.45% to Rs 634.00 crore (accounting for 2.31% of total PBIT).
Operating profit margin has jumped from
22.82% to 24.42%, leading to 5.88% rise in operating profit to Rs 26,430.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 29.64% to 31.06%. Purchase of finished goods cost rose from
0.01% to 0.03%. Employee cost increased
from 2.08% to 2.34%. Other expenses
fell from 45.54% to 42.22%. Power and
Oil fuel cost fell from 22.46% to 16.59%.
Other income fell 8.39% to Rs 1966
crore. PBIDT rose 4.75% to Rs 28396
crore. Provision for interest rose
59.50% to Rs 7050 crore.
PBDT fell 5.92% to Rs 21346 crore. Provision for depreciation rose 2.20% to Rs
7980 crore.
Profit before tax down 10.18% to Rs 13,366.00
crore. Share of profit/loss were nil in
both the periods. Extraordinary items
were increased to Rs 3,004.00 crore.
Provision for tax was expense of Rs 11106 crore, compared to Rs 4644
crore. Effective tax rate was 67.84%
compared to 29.00%.
Minority interest decreased 10.60% to Rs
2,394.00 crore. Net profit attributable
to owners of the company decreased 66.98% to Rs 2,870.00 crore.
Promoters’ stake was 63.71% as of 31 December
2023 ,compared to 69.69% as of 31 December 2022 . Promoters pledged stake was 99.99% as of 31
December 2023 ,compared to 99.99% as of 31 December 2022 .
The scrip is currently trading at Rs 263
|
Vedanta : Consolidated Results
|
|
Particulars
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Net
Sales (including other operating income)
|
35,541
|
34,102
|
4
|
1,08,218
|
1,09,378
|
-1
|
1,47,308
|
1,32,732
|
11
|
|
OPM
(%)
|
24.0
|
20.7
|
|
24.4
|
22.8
|
|
23.4
|
33.8
|
|
|
OP
|
8,531
|
7,067
|
21
|
26,430
|
24,963
|
6
|
34,422
|
44,824
|
-23
|
|
Other
Inc.
|
779
|
716
|
9
|
1,966
|
2,146
|
-8
|
2,851
|
2,600
|
10
|
|
PBIDT
|
9,310
|
7,783
|
20
|
28,396
|
27,109
|
5
|
37,273
|
47,424
|
-21
|
|
Interest
|
2,417
|
1,572
|
54
|
7,050
|
4,420
|
60
|
6,225
|
4,797
|
30
|
|
PBDT
|
6,893
|
6,211
|
11
|
21,346
|
22,689
|
-6
|
31,048
|
42,627
|
-27
|
|
Depreciation
|
2,788
|
2,720
|
3
|
7,980
|
7,808
|
2
|
10,555
|
8,895
|
19
|
|
PBT
|
4,105
|
3,491
|
18
|
13,366
|
14,881
|
-10
|
20,493
|
33,732
|
-39
|
|
Share
of Profit/(Loss) from Associates
|
0
|
-1
|
-
|
0
|
-3
|
-
|
-3
|
1
|
PL
|
|
PBT
before EO
|
4,105
|
3,490
|
18
|
13,366
|
14,878
|
-10
|
20,490
|
33,733
|
-39
|
|
EO
Income
|
0
|
903
|
-
|
3,004
|
1,137
|
164
|
-217
|
-768
|
72
|
|
PBT
after EO
|
4,105
|
4,393
|
-7
|
16,370
|
16,015
|
2
|
20,273
|
32,965
|
-39
|
|
Taxation
|
1,237
|
1,302
|
-5
|
11,106
|
4,644
|
139
|
5,770
|
9,255
|
-38
|
|
PAT
|
2,868
|
3,091
|
-7
|
5,264
|
11,371
|
-54
|
14,503
|
23,710
|
-39
|
|
Minority
Interest (MI)
|
855
|
627
|
36
|
2,394
|
2,678
|
-11
|
3,929
|
4,908
|
-20
|
|
Net
profit
|
2,013
|
2,464
|
-18
|
2,870
|
8,693
|
-67
|
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)
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
%
of (Total)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
%
of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Iron
Ore
|
7
|
2476
|
1411
|
75
|
6
|
6597
|
4284
|
54
|
4
|
6503
|
6350
|
2
|
|
Power
|
4
|
1530
|
1618
|
-5
|
4
|
4733
|
5307
|
-11
|
5
|
6725
|
5826
|
15
|
|
oil
& Gas
|
10
|
3383
|
3810
|
-11
|
13
|
14469
|
11762
|
23
|
10
|
15038
|
12430
|
21
|
|
copper
|
15
|
5376
|
4158
|
29
|
14
|
14715
|
12384
|
19
|
12
|
17491
|
15151
|
15
|
|
Aluminum
|
34
|
12122
|
11946
|
1
|
33
|
35978
|
40007
|
-10
|
36
|
52661
|
50881
|
4
|
|
others
|
8
|
2659
|
2127
|
25
|
7
|
7533
|
6228
|
21
|
6
|
9245
|
7972
|
16
|
|
Zinc
International
|
2
|
737
|
1145
|
-36
|
3
|
2922
|
4044
|
-28
|
4
|
5209
|
4484
|
16
|
|
Zinc
& Lead - India
|
16
|
5632
|
6630
|
-15
|
15
|
16656
|
21695
|
-23
|
20
|
28732
|
24418
|
18
|
|
Silver
- India
|
4
|
1413
|
983
|
44
|
4
|
4008
|
3171
|
26
|
3
|
4388
|
4206
|
4
|
|
Total
Reported Sales
|
100
|
35328
|
33828
|
4
|
100
|
107611
|
108882
|
-1
|
100
|
145992
|
131718
|
11
|
|
Less:
Inter segment revenues
|
|
360
|
137
|
163
|
|
755
|
703
|
7
|
|
588
|
526
|
12
|
|
Net
Sales
|
100
|
34968
|
33691
|
4
|
100
|
106856
|
108179
|
-1
|
100
|
145404
|
131192
|
11
|
|
PBIT
|
|
|
|
|
|
Iron
Ore
|
7
|
634
|
54
|
1074
|
4
|
1118
|
630
|
77
|
3
|
988
|
2280
|
-57
|
|
Power
|
2
|
212
|
276
|
-23
|
3
|
747
|
631
|
18
|
3
|
913
|
1082
|
-16
|
|
oil
& Gas
|
15
|
1259
|
2004
|
-37
|
30
|
8264
|
6103
|
35
|
22
|
7782
|
5992
|
30
|
|
copper
|
0
|
7
|
-55
|
LP
|
0
|
-57
|
-54
|
-6
|
0
|
-4
|
-115
|
97
|
|
Aluminum
|
33
|
2873
|
959
|
200
|
24
|
6657
|
3838
|
73
|
16
|
5775
|
17337
|
-67
|
|
others
|
1
|
81
|
-23
|
LP
|
1
|
187
|
94
|
99
|
1
|
379
|
1049
|
-64
|
|
Zinc,
Lead and Silver
|
41
|
3549
|
3575
|
-1
|
36
|
9936
|
13147
|
-24
|
50
|
17474
|
16161
|
8
|
|
Zinc
International
|
1
|
62
|
310
|
-80
|
2
|
634
|
1490
|
-57
|
5
|
1934
|
1533
|
26
|
|
Total
PBIT
|
100
|
8677
|
7100
|
22
|
100
|
27486
|
25879
|
6
|
100
|
35241
|
45319
|
-22
|
|
Less
: Interest
|
|
2417
|
1572
|
54
|
|
7050
|
4420
|
60
|
|
6225
|
4797
|
30
|
|
Add:
Other un-allcoable
|
|
-2155
|
-1134
|
-90
|
|
-4066
|
-5441
|
25
|
|
-8740
|
-7558
|
-16
|
|
PBT
|
100
|
4105
|
4394
|
-7
|
100
|
16370
|
16018
|
2
|
100
|
20276
|
32964
|
-38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|