Vedanta shares hit 52-week high as Q4 results surpass estimates

Shares of Vedanta Limited gained more than 5% on Friday, April 26, a day after the company reported its Q4 results.

The mining major reported a plunge in net profit on Thursday in its earnings report for the quarter and full financial year ended March 31, 2024.

The mining stock opened higher at ₹386.9 apiece on the NSE and rallied as much as 5.78% to hit a fresh 52-week high of ₹402.95 per share.

Vedanta Ltd’s consolidated net profit dropped 27% year-on-year (YoY) in the March quarter, while the revenue from operations marginally declined by 6%.

For the fourth quarter of FY 2023-24, the mining major reported a consolidated net profit of ₹1,369 crore against ₹1,881 crore in the corresponding quarter of FY23.

In Q4 FY24, Vedanta's consolidated revenue from operations stood at ₹34,937 crore compared to ₹37,225 crore during the year ago quarter.

During the January-March 2024 quarter, the mining giant's consolidated EBITDA (earnings before interest, tax, depreciation, and amortisation) reached ₹8,969 crore, indicating a 3.36% increase QoQ compared to ₹8,677 crore in Q3FY24. However, the EBITDA decreased YoY compared to ₹9,362 crore in Q4FY23.

Vedanta announced its second-highest annual consolidated revenue ever, reaching ₹1,41,793 crore on a yearly basis. Additionally, the EBITDA margin saw an improvement, rising by 240 basis points to reach 30%.

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a leading player in the mining and metals sector. The company’s operations are spread across various regions, including South Africa, Namibia, Liberia, UAE, Korea, Taiwan, and Japan.

The Anil Agarwal-led company has a diversified portfolio of oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, as well as power and glass substrate.

Vedanta Ltd shares closed 4.19% higher at ₹397 apiece on the NSE.