VEDL · Metals & Mining
Vedanta Ltd. reported revenue of ₹15,754 cr for April to June 2025, −56.0% on the year and −5.6% on the quarter. Over the last four quarters revenue comes to ₹87,137 cr, −40.2% on the four before.
Operating profit (EBITDA) was ₹4,276 cr, a margin of 27.1%, −66 bps on the year and −430 bps on the quarter. Over the last 8 quarters the margin has ranged from 24.0% to 31.4%, averaging 27.5%. Operating costs grew −55.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹4,457 cr, −12.5% on the year and −10.2% on the quarter, with earnings per share of ₹8.14. Profit before other income, one-offs and tax fell 48.9%, so 36 points of the headline growth came from outside the core business. The tax rate was 16% against an average of 23% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹19,897 cr, +113.4% on the four before.
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 ₹37.25 over the last four quarters, the stock at ₹262.00 trades at 7.0 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.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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 ₹15,754 cr (−56.0% on the year) and net profit of ₹4,457 cr (−12.5% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −48.9% on the year, against −12.5% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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