Vedanta reported a 4.8 percent YoY decline in net profit at Rs 7,261 crore for the fourth quarter ended March 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 7,629 crore.
Vedanta on Thursday reported a 4.8 percent year-on-year (YoY) decline in net profit at Rs 7,261 crore for the fourth quarter ended March 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 7,629 crore.
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The company achieved a record consolidated revenue of Rs 39,342 crore in 4QFY22 Rs 27,874 crore, with 41 percent YoY and 17 percent QoQ growth; supported by higher sale volumes and improved commodity prices. The FY22 consolidated revenue at Rs 131,192 crore was also the best ever with 51 percent YoY growth.
EBITDA and EBITDA margin
The company achieved the highest ever consolidated EBITDA of Rs 13,768 crore in 4QFY22. This 51 percent YoY and 26 percent QoQ growth was mainly due to higher sales volume, supportive commodity prices, and operational efficiencies despite the higher cost of production amidst input commodity inflation.
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For FY22, consolidated EBITDA at Rs 45,319 crore was also historically high with 66 percent YoY growth; EBITDA margin stood robust at 39 percent.
Depreciation & Amortization
For the fourth quarter, depreciation & amortisation increased by 16 percent YoY to Rs 2,379 crore, mainly due to the increase in amortisation with increased ore production in the zinc business.
On a QoQ basis, it was up by 5 percent as the impact of the increase in ore production in the zinc business was partially offset by the decrease in overall working interest production in oil & gas business.
For FY22, depreciation & amortisation increased by 16 percent YoY to Rs 8,895 crore, mainly due to increase in amortisation because of increased ore production in zinc business, higher depletion in oil & gas business and capitalisation in aluminium business.
For 4QFY22, exceptional items stood at Rs 336 crore, primarily relates to Rs 2,697 crore gain from impairment reversal in oil & gas which was partially offset by exploration cost written off in Cairn Rs 2,403 crore.
For FY22, exceptional items at Rs 769 crore, primarily relates to Rs 2,697 crore gain on account of impairment reversal in oil and gas which was partially offset by exploration cost written off in Cairn Rs 2,618 crore, exceptional loss on account of provision against KCM receivables Rs 217 crore, deposit write of Rs 125 crore in aluminum business, fly ash provision Rs 288 crore, payment under amnesty scheme at Zinc India Rs 134 crore.
Sunil Duggal, chief executive officer, Vedanta, said, "I am delighted to share record operational and financial performance for FY22. We have delivered the historical best EBITDA of Rs 45,319 crore and PAT (before exceptional and one-time tax credit) of Rs 24,299 crore.
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This reflects our relentless focus on volume growth and operational efficiency, underpinned by structural integration and technology adoption. The strong free cash flow (pre capex) of Rs 27,154 crore has allowed us to reinvest for growth, further strengthen our balance sheet and continue our attractive dividend pay-out."
The results came after the close of the market hours. Shares of Vedanta ended at Rs 411.65, down by Rs 0.90, or 0.22 percent on the BSE.
First Published: IST