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regular-article-logo Thursday, 25 July 2024

Vedanta Resources posts second highest EBITDA of $4.7 billion for financial year 2024

Revenue (before special items) for the year at $17.1 billion was 6 per cent lower than $18.1 billion of the previous year “primarily driven by lower output commodity prices primarily of aluminium, zinc and brent, partially offset by a higher volume in the aluminium, copper and iron ore business,” the conglomerate said in a statement on its website

PTI London Published 01.06.24, 11:53 AM
Representational image

Representational image File image

Vedanta Resources, the parent company of the India-listed mining group, posted its second highest ever consolidated EBITDA of $4.7 billion for FY24, a year which its chairman Anil Agarwal described as a ‘pivotal year’ that will result in “a strong Vedanta.”

Revenue (before special items) for the year at $17.1 billion was 6 per cent lower than $18.1 billion of the previous year “primarily driven by lower output commodity prices primarily of aluminium, zinc and brent, partially offset by a higher volume in the aluminium, copper and iron ore business,” the conglomerate said in a statement on its website.

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It posted the second-highest ever consolidated EBITDA of $4.7 billion, 2 per cent higher year-on-year (FY 2022-23: $4.6 billion). “This was mainly due to softening of input commodity prices coupled with strategic cost savings, one-time arbitration award in oil and gas business which is partially offset by a slip in commodity prices primarily of aluminium, zinc and brent and strategic hedging gain recognised in the previous year.”

The group posted an adjusted EBITDA margin of 32 per cent, up 315 basis points.

Profit attributable to equity holders (before special items) however slipped marginally to $31 million.

Vedanta Resources, which is the parent firm of Vedanta Ltd, is not listed on any stock exchange and does not provide quarterly numbers.

Free cash flow post-capex of $0.7 billion was lower than $1.6 billion in 2022-23 mainly due to increased capex outflow and working capital investment.

Gross debt reduced to $14.3 billion in 2023-24 from $15.4 billion. “This reduction of $1.1 billion was mainly due to deleveraging of $1.6 billion at Vedanta Resources standalone and $0.4 billion at HZL partly offset by an increase in debt of $0.9 billion at THL Zinc Ventures,” the statement said.

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