 "Vedanta")
The Anil Agrawal-led Vedanta Limited on Thursday reported a consolidated net profit of Rs 1,369 crore for the quarter ending March 31 in financial year 2023-24 (Q4 FY24). This was a 27 per cent drop in profits compared to Rs 1,881 crore reported during the same period last year.
The company reported a total income of Rs 36,093 crore for Q4. This was a 6.14 per cent decrease from Rs 38,635 crore reported during the year-ago period.
Company expenses were also down 3.5 per cent at Rs 31,899 crore in Q4, compared to Rs 33,041 crore in Q4 FY23.
Consolidated earnings before interest, taxes, depreciation, and amortisation (Ebitda) was Rs 8,969 crore, up three per cent quarter-on-quarter (Q-o-Q) with an Ebitda margin of approximately 30 per cent, the company said.
Sequentially, the company reported a 32 per cent drop in net profit from Rs 2,013 crore reported in Q3. Revenue and total expenses for the company both fell less than one per cent Q-o-Q from Rs 36,320 crore and Rs 32,215 crore, respectively.
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For the entire financial year, the company reported a drop in net profit by nearly 60 per cent at Rs 4,239 crore, compared to Rs 10,574 crore reported at the end of FY23. Total income for the company also slipped 2.5 per cent at Rs 1.46 trillion in FY24, compared to Rs 1.50 trillion reported in FY23. Expenses fell less than one per cent at Rs 1.287 trillion, compared to Rs 1.297 trillion in the previous financial year.
The company, in an exchange filing, said that the net debt had reduced 10 per cent Q-o-Q at Rs 56,338 crore.
Commenting on the results, Arun, executive director of Vedanta, said, “We are especially proud of the Lanjigarh refinery expansion to 3.5 MTPA, taking us closer to a fully integrated 3 MTPA aluminium operation. The commencement of operations at the new Bicholim mine in Goa marks a significant step in our growth journey. Hindustan Zinc Limited is now the world's third largest silver producer. Our commitment to sustainability has been recognised globally – we topped the Environmental, Social, and Governance rankings in India and ranked third worldwide. This focus is further strengthened by securing 1,826 megawatts of renewable power through Power Delivery Agreements, with the first power delivery scheduled for Q1 FY25.”
Ajay Goel, chief financial officer, Vedanta, added, “Driven by operational excellence, Vedanta achieved outstanding financial results, marking the second highest annual revenue and Ebitda in our history, reaching Rs 1,41,793 crore [revenue from operations] and Rs 36,455 crore respectively."
"Through continued cost optimisation, we achieved a remarkable Ebitda margin of 30 per cent in FY24 with a 240 basis point annual margin expansion, underscoring our efficiency and agility. Moreover, our net debt-to-Ebitda ratio improved to 1.5 from 1.7 in December 2023. At the holding company, we deleveraged by $1.6 billion in FY24 and through successful liabilities management, Vedanta has a balanced capital structure and will remain committed towards value creation,” he added.
Shares of Vedanta closed trading at Rs 380.80 on Thursday following the company's Q4 FY24 results.
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