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Vedanta PAT slides 27% YoY to Rs 1,369 cr in Q4 FY24

(16:27, 25 Apr 2024)

The miner reported revenue of Rs 34,937 crore in March 2024 quarter, registering a de-growth of 6.15% YoY.

EBITDA de-grew 4% YoY to Rs 8,969 crore while EBITDA margin in Q4 FY24 improved to 30% as against 29% posted in Q4 FY23.

Depreciation & amortisation for Q4 FY24 declined by 1% YoY to Rs 2,743 crore, mainly in oil and gas partially offset by increased ore production at Zinc India.

Investment Income for fourth quarter of FY24 slipped by 43% to Rs 543 crore as compared to Rs 958 crore posted in Q4 FY23.

The company's gross debt stood at Rs 71,759 crore while net debt was Rs 56,338 crore on 31 March 2024.

Cash and cash equivalents position remained healthy at Rs 15,421 crore. The company follows a board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks.

For financial year 2024, the diversified metals company reported 59.91% decline in consolidated net profit to Rs 4,239 crore on 2.48% fall in revenue from operations to 1,41,793 crore over FY23.

Arun Misra, executive director of Vedanta, said ?FY 2023-24 has been a remarkable year for Vedanta. We have achieved record production across our key businesses, a testament to our consistent focus on operational excellence. This focus, coupled with our commitment to cost leadership, ensured strong margins even during a challenging commodity market. HZL is now the world's 3rd largest silver producer.

This focus is further strengthened by securing 1,826 MW of renewable power through PDAs, with the first power delivery scheduled for Q1 FY25. As we move forward, operational excellence, continued growth, and ESG leadership remains our strategic priorities.?

Ajay Goel, chief financial officer (CFO) of Vedanta, said ?Driven by operational excellence, Vedanta achieved outstanding financial results, marking the second highest annual revenue and EBITDA in our history, reaching Rs 1,41,793 crore and Rs 36,455 crore respectively. Through continued cost optimization, we achieved a remarkable EBITDA margin of 30% in FY24 with 240 basis points annual margin expansion, underscoring our efficiency and agility.

Moreover, our net debt/EBITDA ratio improved to 1.5x from 1.7x in December 2023. At Holdco, we deleveraged by $1.6bn in FY24 & through successful liabilities management, Vedanta has a balanced capital structure, and will remain committed towards value creation.?

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

The scrip closed 0.64% lower at Rs 380.80 on the BSE.