Vedanta Limited reports consolidated revenue of Rs 141,793cr for FY 2024

Vedanta Limited, a prominent player in the mining sector, announced audited consolidated results for the fourth quarter and the fiscal year ending March 31, 2024, showcasing robust growth and strategic accomplishments across its diverse portfolio.

The comany reported a consolidated revenue of ₹141,793 crores for the fiscal year, marking its second-highest annual revenue, a 3% increase from the previous year. The company’s EBITDA for the year stood at ₹36,455 crores, also the second highest, improving by 3% year-over-year with an EBITDA margin of 30%, reflecting an increase of approximately 240 basis points.

The quarterly performance remained strong with a net profit of ₹2,349 crores, up by 15% compared to the same quarter last year. The company achieved a net interest income of ₹5,376 crores during the quarter, growing by 15% year-over-year. The quarterly free cash flow before capital expenditures saw a significant surge of 131%, amounting to ₹9,948 crores.

The company has successfully deleveraged ₹6,155 crores in the quarter, improving the net debt to EBITDA ratio to 1.5x from 1.7x as of December 2023. The total capital adequacy ratio (CRAR) stood robust at 17.23%, demonstrating the strength of the bank’s capital structure.

Vedanta’s operational highlights include record production levels across its key business segments. The Aluminium business reported its highest-ever annual cast metal production, while the Zinc India division solidified its position as the third-largest global silver producer. Noteworthy advancements include the expansion of the Lanjigarh refinery and the commencement of operations at the Bicholim mine in Goa, marking significant steps in Vedanta’s growth trajectory.

The Oil and Gas division also saw notable developments with the approval of India’s first Field Development Plan under the OALP regime for the Jaya field in Gujarat.

Vedanta has been recognized for its commitment to sustainability, topping ESG rankings in India and achieving a high global ranking. The company has secured 1,826 MW of renewable power through Power Delivery Agreements (PDAs), with the first power delivery scheduled for the first quarter of FY 2025.

Arun, Executive Director of Vedanta, commented on the year’s achievements, stating, “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.”

Ajay Goel, Chief Financial Officer, added, “Driven by operational excellence, Vedanta achieved outstanding financial results, marking the second highest annual revenue and EBITDA in our history. Our continued cost optimization efforts have resulted in a remarkable EBITDA margin of 30% in FY24.”

The company’s strategic focus remains on operational excellence, continued growth, and ESG leadership, aiming to deliver significant value for shareholders in the coming year.

Vedanta Limited‘s board has recommended a dividend of ₹16.50 per share for FY 2023-24, reflecting the company’s strong performance and confidence in its financial health.