Vedanta Limited Consolidated Results for the First Quarter ended 30th June 2021

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Vedanta Limited Consolidated Results for the First Quarter ended 30th June 2021.

Q1 FY2022
Revenue of ₹ 28,105 crore, up 79% Y-o-YEBITDA of ₹ 10,032 crore, up by 150% Y-o-YRobust Industry leading EBITDA margin1 of 41%Att. PAT (before exceptional items) at ₹ 4,280 crore, up 314% Y-o-Y.
Other Financial Highlights 
Improved double-digit ROCE at c.22% up ~375 bps Q-o-QNet Debt/EBITDA at 0.6x, lowest in last 4 years Net Debt at ₹ 20,261 crore, reduction of ₹ 6,989 crore compared to 30th June 2020Strong liquidity position with total cash and cash equivalent at ₹ 31,318 crore.
Operational Highlights 
Aluminium & Power: Highest ever quarterly Aluminium production of 549ktCost of production at $ 1,526 per tonne, up 20% Y-o-Y.

Zinc IndiaRefined metal production of 236kt, up 17% Y-o-YSilver production at 161 tonnes, up 37% Y-o-Y.

Zinc International: Gamsberg highest ever quarterly MIC production of 46 kt, up 84% Y-o-YGamsberg cost of production at $1,299/t, down 2% Y-o-Y.

Oil & Gas: Average gross operated production of 165 kboepd for Q1 FY2022Gas production ramped up with new terminal fully operational.

Iron Ore: Production of saleable ore at Karnataka at 1.4 million tons, up 53% Y-o-Y Successful integration of recently acquired coke plant at Gujarat (Gujarat NRE Coke Limited) having capacity of 0.9 Mtpa
Steel: Steel saleable production at 289 kt, up 8% Y-o-Y.

FACOR: 3x ore production in Q1 FY22 vs June quarter last year, turnaround performance from mines 
Copper India:Due legal process is being followed to achieve a sustainable restart of the operations

Mr Sunil Duggal, Chief Executive Officer, Vedanta, said “We are happy to announce another strong quarter with continued momentum across all businesses. Our consolidated revenue was up 79% y-o-y at 28,105 crore and attributable profit after tax (before exceptional items) up 314% y-o-y at ₹ 4,280 crore. We delivered record operational performance, maintaining the trajectory of cost and volumes, driven by structural integration and technology adoption. Despite the uncertain market conditions, we have continued with our winning streak by reporting the highest ever quarterly EBITDA of 10,032 crore, up 150% y-o-y. 

Our priority remains supporting our employees, partners, and communities to navigate through these tough times by providing every possible medical & other required assistance. We are focused on the key value drivers and lowering our carbon footprint, to unlock a sustainable future growth for the company and maximize value for stakeholders.”

Revenue

Revenue for Q1 FY2022 was at ₹ 28,105 crore, higher by 1% Q-o-Q, primarily due to improved commodity prices, partially offset by lower sales volume at Zinc India, Iron Ore & Steel and Copper business.

Revenue for Q1 FY2022 was higher by 79% Y-o-Y, primarily due to improved commodity prices and higher volumes across businesses.

EBITDA and EBITDA Margin

EBITDA for Q1 FY2022 was at ₹ 10,032 crore, higher by 10% Q-o-Q, primarily due to improved commodity prices, partially offset by lower volumes at Zinc India, Iron Ore & Steel business, and higher COP due to input commodity inflation.

EBITDA for Q1 FY2022 was higher by 150% Y-o-Y, primarily due to improved commodity prices and higher volumes across businesses. This was partially offset by higher COP due to input commodity inflation.

We had a robust EBITDA margin1 of 41% during the quarter compared to 28% in Q1 FY2021.

Depreciation & Amortization

Depreciation & amortisation for Q1 FY2022 was at ₹ 2,124 crore, higher by 3% Q-o-Q, primarily due to projects capitalization at Oil & Gas business and increase in ore production at Gamsberg. 

Depreciation & amortisation for Q1 FY2022 was higher by 23% Y-o-Y, primarily on account of project capitalization at Oil & Gas business, higher ore production in Zinc business.  

Finance Cost and Investment Income

Finance cost for Q1 FY2022 was at ₹ 1,182 crore, down by 11% Q-o-Q and 6% Y-o-Y, primarily due to lower average borrowings.

Investment Income for Q1 FY2022 was at ₹ 726 crore, down by 16% Q-o-Q, due to one-time investment income in Q4 FY2021. 

Investment Income for Q1 FY2022 was down by 29% Y-o-Y, primarily due to Mark to Market movement and change in investment mix.

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