The miner reported highest ever third quarter revenue of Rs 34,968 crore, registering a growth of 4% YoY, driven by higher sales volume, premia and favorable movement in exchange rate which was partially offset by decrease in commodity prices.

EBITDA grew 22% YoY to Rs 8,677 crore in Q3 FY24 while EBITDA margin in Q3 FY24 was 29%, as against 24% in Q3 FY23. The growth was supported 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.

Depreciation & amortisation for Q3 FY24 increased by 2% YoY to Rs 2,788 crore, mainly on account of capitalisation at HZL.

Investment Income for Q3 FY24 was up 7% YoY to Rs 724 crore, mainly due to one-time gain from sale of long-term investment which is partially set off by decrease in average investments.

The company's gross debt stood at Rs 75,227 crore while net debt was Rs 62,493 crore on 31 December 2023.

Cash and cash equivalents position remained healthy at Rs 12,734 crore. The company follows a board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks.

Arun Misra, executive director of Vedanta, said “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.” Ajay Goel, chief financial officer (CFO) of 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 represent 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.”

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

The scrip rose 0.40% to settle at Rs 263.55 on Thursday, 25 January 2024.