Vedanta Q4 Results: Profit Falls 27.4%, But Beats Estimates
Vedanta's Q4 revenue from operations also fell 6.4% to Rs 35,509 crore during the January to March period.
Vedanta Ltd.'s net profit declined in the fourth quarter of fiscal 2024, but still surpassed analysts' estimates.
The metal producer's net profit tumbled 27.4% to Rs 2,273 crore in the January-March period, according to an exchange filing on Thursday. This is in comparison with the Rs 1,870.4-crore Bloomberg estimate.
Revenue from operations also fell 6.4% to Rs 35,509 crore during the period.
Vedanta Q4 FY24 Results Highlights (Consolidated, YoY)
Revenue down 6.4% at Rs 35,509 crore (Bloomberg estimate: Rs 34,494.8 crore).
Ebitda declined 7.3% to Rs 8,768 crore (Bloomberg estimate: Rs 8,248.8 crore).
Margin contracts to 24.7% vs 24.9% (Bloomberg estimate: 23.9%).
Net profit down 27.4% at Rs 2,273 crore (Bloomberg estimate: Rs 1,870.4 crore).
Other Highlights
Net debt at Rs 56,338 crore, down 10% QoQ.
Highest-ever annual aluminium cast metal production at 2,370 kt, up 3% YoY.
Hindustan Zinc becomes the third largest producer of silver globally.
Highest-ever pig iron production at 831kt, up 19% YoY.
Highest-ever annual saleable steel production and hot metal production at 1,386 kt and 1,473 kt, up 8% YoY.
Achieved all-time high annual ferrochrome production of 80 kt, up 18% YoY.
FY25 Objectives
Aluminium
Completing alumina refinery expansion to 5 MTPA at Lanjigarh.
Increase value-added product mix by completing the expansions at BALCO and Jharsuguda.
Zinc
Ramp-up of underground mines capacity to 1.25 MTPA.
Increase in domestic coal consumption to 40%.
Other Businesses
Oil and gas: Drilling of more than 50 infill wells across onshore and offshore blocks.
Iron ore and value-added business: Goa mine ramp-up to 3.2 MTPA, taking total production to 12 MTPA.
Ferro Alloys Corp.: Volume ramp-up to 150 KTPA.
Shares of Vedanta were trading 1.16% lower at 3:30 p.m., as compared with a 0.75% rise in the NSE Nifty 50.