Vedanta Ltd Q4FY23 PAT lower by -68% yoy at Rs1,881 crore due to lower profit share from associate companies

Vedanta Ltd reported -4.8% fall in total revenues for the March 2023 quarter on consolidated basis at Rs37,930cr. On a sequential basis, the revenues were up 11.2%. The company reported highest aluminium production of 2,291 KT, record zinc production of 1,062 KT, iron ore production of 5.3 million tonnes and steel output of 1,367 KT. Consolidated EBITDA for the quarter was up 32% at Rs9,362 crore.

The lower profits yoy were on account of lower share of profits from group companies amidst a general fall in ore and metal prices and rising input and operational costs. The company also took an exceptional loss of Rs1,336 crore in the quarter due to impairment losses. EBITDA margins for FY23 overall stood at 28%. However, due to higher rates, the finance cost for the quarter was up 15% sequentially and 30% on yoy basis.

Financial highlights for Mar-23 compared yoy and sequentially

 Vedanta Ltd    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 37,930

₹ 39,822

-4.75%

₹ 34,102

11.23%

Operating Profit (Rs cr)

₹ 9,362

₹ 13,678

-31.55%

₹ 7,100

31.86%

Net Profit (Rs cr)

₹ 1,881

₹ 5,799

-67.56%

₹ 2,464

-23.66%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 5.04

₹ 15.56

 

₹ 6.60

 

OPM

24.68%

34.35%

 

20.82%

 

Net Margins

4.96%

14.56%

 

7.23%

 

 

Realizations have been under pressure due to weak prices on the LME and rising operational costs. That has squeezed profits across businesses. OPMs were sharply lower in the quarter as were the net margins. As of March 2023, the company had gross debt of Rs66,192 crore and net debt of Rs45,260 crore. The company has declared an interim dividend of Rs33 per share.

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