VEDL · Metals & Mining
Vedanta Ltd. reported revenue of ₹35,509 cr for January to March 2024, — on the year and −0.1% on the quarter.
Operating profit (EBITDA) was ₹8,768 cr, a margin of 24.7%, — on the year and +69 bps on the quarter.
Net profit was ₹2,275 cr, — on the year and −20.7% on the quarter, with earnings per share of ₹3.68.
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 ₹11.40 over the last four quarters, the stock at ₹262.00 trades at 23.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹35,509 cr (— on the year) and net profit of ₹2,275 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.