Vedanta Q4 results: Net profit declines 57% to Rs 3,132 crore

Vedanta on Friday said its consolidated profit plunged 57 per cent year-on-year (YoY) to Rs 3,132 crore for the March quarter compared with Rs 7,261 crore in the same quarter last year.  Net sales for the quarter fell 5 per cent YoY to Rs 37,225 crore from Rs 39,342 crore in the corresponding quarter last year.

The Anil Agarwal company said its profit before exceptional items stood at Rs 3,885 crore, down 49 per cent.

Consolidated Ebitda for the quarter, Vedanta said, stood at Rs 9,362 crore, with the Ebitda margin coming in at 29 per cent.

Chief Executive Officer Sunil Duggal said: “Our commitment to operational excellence has helped us deliver record performance across our key businesses. 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."

Duggal said his company's progress on ESG transformation has been recognized by leading rating agencies. "We finalised 1868 MW renewable power delivery agreements which brings us one step closer towards becoming carbon neutral by 2050 or sooner. Going ahead, we remain committed to operational excellence, shareholder value creation and transforming for good.”

Read more: Vedanta shares fall ahead of Q4 results. Earnings call timing, preview & more
 

For FY23, the company said it delivered an all time high consolidated revenue of Rs 145,404 crore, up 11 per cent YoY. Ebitda at Rs 35,241 crore was highest ever. Free cash flow (pre capex) at Rs 28,068 crore, up 3 per cent, too was highest ever.

For the year, Vedanta said it continued to maintain strong double-digit return on capital employed at 21 per cent. Net debt to Ebitda stood at 1.28 times, it said, which was within capital allocation framework. The company said its proactive commodity hedging for risk management led to Rs 3,088 crore gain. For the financial year, the company declared interim dividend of Rs 101.5 per share. Cash and cash equivalents stood at Rs 20,922 crore as of March 31. 

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