Vedanta Q4 results: Net profit declines 56% to ₹2,634 crore, dividend declared
The company's revenue dropped 5.4 percent to ₹37,225 crore from ₹39,342 crore in the year-ago period.
Anil Agarwal-led Vedanta announced its Q4FY23 results on May 12, reporting a 56.3 percent year-on-year decline in profit at ₹2,634 crore, compared to ₹6,027 crore in the corresponding period last year. The revenue of the mining major dropped 5.4 percent to ₹37,225 crore from ₹39,342 crore in the year-ago period.
On the operating front, the company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased 33.4 percent to ₹8,754 crore, compared to ₹13,153 crore in the same period last year.
The company’s board of directors have approved fourth and fifth interim dividends of ₹12.50 and ₹20.50 per equity share, which is 1,250 per cent and 2,050 per cent on face value of Re 1 per equity share respectively, for fiscal 2022-23. With this, the total dividend declared for FY23 stands at ₹101.50 per equity share on Re 1 each. An interim dividend of ₹33 per share for Q4 was declared.
Vedanta has declared the re-appointment of Navin Agarwal as the whole-time director of the company for a period of five years with effect from August 1, 2023 to July 31, 2028 subject to the approval of shareholders. It also announced the re-appointment of Priya Agarwal as non-executive director for five years with effect from May 17, 2023 to May 16, 2028.
In FY23, the company recorded its highest ever aluminium production at 2,291 kt, up 1 per cent with Jharsuguda ramp-up. Zinc India business made a record mined metal production at 1,062 kt, up 4 per cent year-on-year.
"We have delivered the highest-ever free cash flow (pre-capex) of ₹28,068 crore, enabling us to reinvest for business growth and provide our valued shareholders with attractive dividends," Sunil Duggal, chief executive officer, Vedanta said. "We finalized 1868 MW renewable power delivery agreements which brings us one step closer towards becoming carbon neutral by 2050 or sooner," he added.
In terms of segmental performance, the revenue of zinc, lead and silver fell 4 percent to ₹8,254 crore. Aluminium revenue fell by 19.8 percent to ₹12,396 crore, while copper and iron ore segments saw an uptick.
As part of the oil and gas segment, the company signed a 10-year extension to production sharing contract to operate the Rajasthan oil block. For FY23, the company has estimated a capex of $1.7 billion, higher than $1.2 billion this year.
On May 12, shares of Vedanta settled 2.29 per cent to ₹275.10 apiece on the BSE.
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