VEDL · Metals & Mining
Vedanta Ltd. reported revenue of ₹35,764 cr for April to June 2024, +6.0% on the year and +0.7% on the quarter.
Operating profit (EBITDA) was ₹9,945 cr, a margin of 27.8%, +878 bps on the year and +311 bps on the quarter. Operating costs grew −5.5% against revenue growth of +6.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹5,095 cr, +54.0% on the year and +124.0% on the quarter, with earnings per share of ₹9.70. Profit before other income, one-offs and tax grew faster, at +183.6%; other income, one-offs or tax held the headline back.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹14.00 over the last four quarters, the stock at ₹262.00 trades at 18.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹35,541 cr | ₹35,509 cr | ₹35,764 cr | ₹37,634 cr | ₹17,063 cr | ₹16,686 cr | ₹15,754 cr | ₹18,747 cr | ₹21,337 cr | ₹24,609 cr | ₹24,205 cr | ₹26,356 cr |
| YoY | — | — | +6% | −3% | −52% | −53% | −56% | −50% | +25% | +47% | +54% | +41% |
| EBITDA margin | 24.0% | 24.7% | 27.8% | 26.1% | 29.4% | 31.4% | 27.1% | 26.2% | 30.6% | 30.7% | 35.1% | 37.6% |
| Other income, % of PBT | 19% | 10% | 16% | 42% | 54% | 48% | 52% | 33% | 48% | 50% | 32% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 43% | 14% | 27% | 17% | 14% | 16% | 9% | 15% | 15% | 19% | 26% |
| Net profit | ₹2,868 cr | ₹2,275 cr | ₹5,095 cr | ₹5,603 cr | ₹4,876 cr | ₹4,961 cr | ₹4,457 cr | ₹3,479 cr | ₹7,807 cr | ₹9,352 cr | ₹7,918 cr | ₹6,202 cr |
| YoY | — | — | +54% | — | +70% | +118% | −13% | −38% | +60% | +89% | +78% | +78% |
| Core profit YoY | — | — | +184% | −29% | −19% | −17% | −49% | −42% | +75% | +85% | +161% | +206% |
| EPS | ₹5.42 | ₹3.68 | ₹9.70 | ₹11.13 | ₹9.07 | ₹8.91 | ₹8.14 | ₹4.60 | ₹14.60 | ₹17.13 | ₹14.00 | ₹9.33 |
| Flags | · | · | 1 | 2 | 3 | 3 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Vedanta Ltd. reported revenue of ₹35,764 cr (+6.0% on the year) and net profit of ₹5,095 cr (+54.0% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +183.6% on the year, against +54.0% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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