Vedanta Q4 Results: Profit Drops 57% But Beats Estimates
Vedanta reported a net profit of Rs 3,132 crore in Q4 against the estimate of Rs 2,910.5 crore.
Minerals major Vedanta Ltd. saw its net profit halve in the three months to March 2023. Its top line, however, beat analyst estimates for the quarter.
The Anil Agarwal-led company posted a 57% decline in net profit for the quarter ended March at Rs 3,132 crore, the company said in an exchange filing on Friday. The consensus of analyst estimates collated by Bloomberg stood at Rs 2,910.52 crore.
Vedanta Q4 FY23 Key Highlights (Consolidated, YoY)
Revenue declined 4.75% at Rs 37,930 crore, against a Bloomberg estimate of Rs 34,933.27 crore.
Ebitda fell 30.62% to Rs 9,459 crore, as compared with an estimate of Rs 8,355.56 crore.
Ebitda margin stood at 24.94% against the year-ago figure of 34.23%. Bloomberg's analyst poll had estimated the margin to be at 23.9%.
Net profit fell 56.87% to Rs 3,132 crore, as compared an estimate of Rs 2,910.52 crore.
Vedanta Q4 FY23 Segment Results (YoY)
Zinc, lead, and silver dipped 13.25% to Rs 4,327 crore.
Zinc International slipped 4.93% to Rs 444 crore.
Oil and gas revenue declined 18.22% to Rs 1,679 crore.
Aluminium tanked 35.67% to Rs 1,861 crore.
Copper grew more than threefold to Rs 50 crore.
Iron ore declined 34.67% to Rs 358 crore.
Power almost doubled to Rs 358 crore.
Other segments declined 2% to Rs 285 crore.
“We have delivered the highest-ever free cash flow (pre-capex) of Rs 28,068 crore, enabling us to reinvest for business growth and provide our valued shareholders with attractive dividends," said Sunil Duggal, chief executive officer at Vedanta.
Vedanta has finalised 1,868 MW renewable power delivery agreements towards its goal of becoming carbon neutral by 2050 or sooner, he said on the company's efforts on the ESG front.
Vedanta shares closed 2.34% lower at Rs 274.95 per share, as compared with a 0.2% jump in the benchmark S&P BSE Sensex, which closed at 62,027.90.
