Vedanta Q4 results: Consolidated PAT drops 41% YoY, revenue from operations falls 6%
Upstox
2 min read • Updated: April 25, 2024, 5:50 PM
Summary
In the fourth quarter of FY 2023-24, Vedanta Ltd reported a year-on-year decline in net profit to ₹1,549 crore compared to ₹2,634 crore in the same quarter of the previous fiscal year.
Vedanta Ltd on Thursday Vedanta Ltd on Thursday reported a 27% drop year-on-year (YoY) in consolidated net profit for the quarter ended March 31, 2024, while its revenue from operations declined marginally by 6%.
In its earnings report for the quarter and financial year ended March 31, 2024, released on Thursday, April 25, the company reported a consolidated net profit of ₹1,369 crore for the fourth quarter of FY2023-24. This represents a decline of around 27% compared to the ₹1,881 crore profit after tax (PAT) reported in the corresponding quarter of FY23.
On a quarter-on-quarter (QoQ) basis the net profit dropped 31% from ₹2,013 crore in the September quarter.
Vedanta's consolidated revenue from operations marginally dropped to ₹34,937 crore in Q4FY24 YoY, down 6.1% compared to ₹37,225 crore reported in the year-ago period.
In the January-March 2024 period, the mining major’s consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) stood at ₹8,969 crore, a 3.36% increase QoQ compared to ₹8,677 crore in Q3FY24. However, the EBITDA dropped YoY compared to ₹9,362 crore in Q4FY23.
There was a strong double-digit return on capital employed, around 23%, showing improvement over the previous quarter. The net debt to EBITDA ratio improved to around 1.5 times compared to 1.7 times in December 2023, with net debt reducing 10% QoQ, amounting to ₹56,338 crore.
Liquidity strengthened by 21% quarter on quarter, with a robust cash and cash equivalent position of ₹15,421 crore. Additionally, the company generated free cash flow (pre capex) amounting to ₹9,948 crore, marking a substantial increase of 131% compared to the previous quarter.
On a yearly basis, Vedanta reported the second highest ever annual consolidated revenue of ₹141,793 crore. EBITDA margin improved by 240 basis points to 30%.
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a global natural resources company with operations in India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan. Its portfolio includes oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, and power and glass substrate.
Vedanta Ltd shares closed at ₹381.05 per piece, down 0.63%, on the NSE.