Vedanta Ltd Q3 Results FY2023, PAT at Rs. 3092 crores
On 27th January 2023, Vedanta Ltd announced its results for the third quarter of FY2023.
- The company reported revenue of Rs 33,691 crore, down by 0.02% YoY.
- The quarterly EBITDA was reported at Rs. 7,100 crores, down by 43.61% YoY.
- Vedanta reported its Net Profit at Rs. 3,092 crores, down by 42.25% YoY.
- The Board has approved the sale of Vedanta Zinc International (VZI) business (Gamsberg, Black Mountain, and Skorpion operations) to Hindustan Zinc Limited (HZL) for a cash consideration of US$ 2,981 million, including $562 million as deferred consideration linked to certain milestones.
- Aluminium business successfully commissioned Plant heat exchanger, Compressor unit, and FDS unit among other projects for Lanjigarh 5Mtpa expansion. Quarterly Alumina production decreased by 2%QoQ to 443kt, due to maintenance activities in calciners
- Zinc India business reported highest ever 9M mined metal production at 761kt, up 5%YoY with higher ore production, improved mined metal grades, and operational efficiency; 3QFY23 production marginally decreased by 1%QoQ in line with mined metal grade.
- Zinc International’s 9M mined metal production grew 25%YoY to 210kt, in line with ramp-up at Gamsberg, further supported by higher zinc recoveries at Gamsberg and better lead grades at BMM; Gamsberg achieved the highest ever 9M production at 159kt, up 27%YoY.
- Oil and Gas average daily gross operated production of 145kboepd, increased 3%QoQ due to gains from exploration success in Ravva and gains from the infill well drilling campaign in Cambay, partially offset by natural decline.
- In the Iron ore business, Karnataka’s saleable ore production increased by 32%QoQ to 1.4million tonnes
- In the Steel business, saleable production of 306kt, was lower by 6%QoQ due to maintenance activities in a blast furnace.
Commenting on the results, Mr. Sunil Duggal, Chief Executive Officer, Vedanta, said “we have delivered a strong set of financial results and steady operational performance in a challenging macroeconomic environment. Our quarterly Profit after tax grew 15% on a sequential basis to Rs.3,092 crores; free cash flow (pre-capex) stood at Rs.6,504 crore with focus on working capital and cost optimization. Our ESG initiatives have been recognized by several major external rating agencies. We have approved plans for another 941 MW RE power under group captive RE power development program. I am also happy to share that Vedanta and Hindustan Zinc Limited Boards have taken the strategic initiatives to consolidate Zinc International under Hindustan Zinc. It will be a win-win transaction, unlocking significant value for both Vedanta Limited and Hindustan Zinc Limited shareholders.”
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