Vedanta Ltd Q2 Results FY2023, Net Profit at Rs. 2690 crores

Vedanta Ltd Q2 Results FY2023

Corporate Action
by Shreya Anaokar Last Updated: 2022-10-31T17:31:53+05:30

On 28th October 2022, Vedanta Ltd announced its second quarter results for the period ending 30th September 2022. 

 

Q2FY23 Performance updates:

- Revenue increased by 21%YoY to Rs.36,237 crore on account of higher sales volume, strategic hedging gains and foreign exchange gains; partially offset by lower commodity prices. 
-  EBITDA decreased by 24%YoY to Rs.8,038 crore on account of input commodity inflation and lower output commodity prices; partially offset by improved operational performance, hedging gains and foreign exchange gains. EBITDA margin stood at 25%.
-  Profit after Tax was at Rs.2,690 crore, down 54%YoY and 52%QoQ

 

Business Highlights:

- Aluminium: The company completed Jharsuguda capacity ramp-up to 1.8 MTPA; with total aluminum production capacity reached 2.4 MTPA. The Aluminium production reached 584kt, increased by 2%YoY and Alumina production at 454kt, down 11%YoY due to scheduled maintenance
- Zinc India reported the highest ever 2Q mined metal production of 255kt, up by 3%YoY with best ever 2Q Refined metal production of 246kt, up by 18%YoY driven by improved smelter performance and better-mined metal availability 
- Silver production at 194 tonnes, up 28%YoY
- Zinc International reported a highest ever MIC production at Gamsberg of 55kt, up 43%YoY on higher tonnes treated and higher zinc recoveries with overall production at 74kt, increased 35%YoY with Gamsberg ramp up
- Oil and Gas segment signed a 10-year extension to production sharing contract to operate Rajasthan Oil block. The segment secured 8 blocks in DSF-III round and 1 block in the special CBM round 2021. Average gross operated production of 140,471 boepd; lower production was partially offset by infill wells in MB1 and RDG2 field
- Karnataka iron ore sales at 1.3 million tonnes, increased by 7%YoY. The Pig iron production was down by 42%YoY on account of the shutdown at smaller blast furnaces 
- Steel’s saleable production was reported at 324kt, which increased 11%YoY with the completion of debottlenecking activities in 1QFY23 
- Ferro chrome production was reported at 11kt, lower 42%YoY on account of shutdown for relining of furnace
- Copper India:  Due legal process is being followed to achieve a sustainable restart of the operations

Mr. Sunil Duggal, Chief Executive Officer, Vedanta, said “I am pleased to share that we have generated strong free cash flow (pre capex) of ₹8,369 crore underpinned by robust operational and financial performance. I am also happy to inform that Vedanta has entered in the club of top 10 DJSI ranked global metals and mining companies; ranking 6th globally. Our growth and vertical integration projects, aimed to reduce market volatility impact and create shareholders’ value, are progressing well. We remain well positioned, with a rich diversified asset portfolio, strong balance sheet, and cost optimization levers, to withstand challenging macroeconomic environment.”

Vedanta share price dropped by 1.42%.
 


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About the Author

Shreya Anaokar is a Content Writer at 5paisa. She has completed her Master’s in Finance and Graduation in Statistics from the University of Mumbai. 

Disclaimer

Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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