VEDL · Metals & Mining
Vedanta Ltd. reported revenue of ₹16,686 cr for January to March 2025, −53.0% on the year and −2.2% on the quarter. Over the last four quarters revenue comes to ₹1.07 lakh cr, −25.5% on the four before.
Operating profit (EBITDA) was ₹5,246 cr, a margin of 31.4%, +675 bps on the year and +206 bps on the quarter. It is the widest margin of the last 8 quarters (range 19.0% to 31.4%). Operating costs grew −57.2% against revenue growth of −53.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹4,961 cr, +118.1% on the year and +1.7% on the quarter, with earnings per share of ₹8.91. Profit before other income, one-offs and tax fell 17.3%, so 135 points of the headline growth came from outside the core business. The tax rate was 14% against an average of 25% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹20,535 cr, +172.5% 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 ₹38.81 over the last four quarters, the stock at ₹262.00 trades at 6.8 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.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay 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.
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 ₹16,686 cr (−53.0% on the year) and net profit of ₹4,961 cr (+118.1% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −17.3% on the year, against +118.1% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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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.