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Aluminium & Aluminium Products company Vedanta announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Consolidated Revenue of Rs 34,937 crore, flat QoQ.
- Consolidated EBITDA of Rs 8,969 crore, up 3% QoQ with EBITDA margin of 30%.
- PAT (excluding exceptional items) at Rs 2,453 crore.
- Strong double-digit return on capital employed ~23%, improved QoQ.
- Net debt/ EBITDA improved to ~1.5x vs 1.7x in Dec’23.
- Net debt at Rs 56,338 crore, reduced 10% QoQ.
- Liquidity improved by 21% QoQ with Strong Cash and Cash Equivalent of Rs 15,421 crore.
- Generated robust Free cash flow (pre capex) of Rs 9,948 crore, up 131% QoQ.
FY24 Financial Highlights:
- Second ever highest annual consolidated Revenue of Rs 1,41,793 crore.
- Second ever highest annual EBITDA of Rs 36,455 crore, up 3%.
- EBITDA margin improved to 30%, up ~240 bps.
- Strong double-digit return on capital employed 23%, up ~240 bps YoY.
- Successful liability management exercise at Hold Co., resulting in a structural improvement in capital structure.
- Highest Dividend yield ~17% p.a. (5 Year avg), 10x vs Nifty 50 Cos, Dividend of Rs 18,572 crore paid in FY24.
Arun 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. We're especially proud of the Lanjigarh refinery expansion to 3.5 MTPA, taking us closer to a fully integrated 3 MTPA aluminum operation. The commencement of operations at the new Bicholim mine in Goa marks a significant step in our growth journey. HZL is now the world's 3rd largest silver producer. Our commitment to sustainability has been recognized globally – we topped the ESG rankings in India and ranked 3rd worldwide. This focus is further strengthened by securing 1,826 MW of renewable power through PDAs, with the first power delivery scheduled for Q1FY25. As we move forward, operational excellence, continued growth, and ESG leadership remains our strategic priorities. With this commitment, we are confident in delivering significant value for our shareholders in the coming year.”
Ajay Goel, Chief Financial Officer, 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 USD 1.6 billion in FY24 & through successful liabilities management, Vedanta has a balanced capital structure, and will remain committed towards value creation.”
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