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Vedanta Limited: Consolidated Results for the Fourth Quarter and Full Year Ended 31 March 2019

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PR Newswire

MUMBAI, India, May 7, 2019

MUMBAI, India, May 7, 2019 /PRNewswire/ -- Vedanta Limited today announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2019 (FY2019).

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Financial Highlights

Q4 FY2019

FY2019
  • EBITDA up 6% q-o-q to ₹ 6,330 crore
  • Att. PAT1 up 66% q-o-q at ₹ 2,615 crore
  • Free cash flow of ₹ 13,369 crore

 
  • EBITDA down 4% y-o-y ₹ 24,012 crore
  • Att. PAT1 down 15% at ₹ 6,857 crore
  • Free cash flow of ₹ 11,553 crore, up 47%
  • Net Debt/EBITDA at 1.1x

Other Financial Highlights FY2019
  • Interim dividend of ₹ 7,005 crore paid during FY2019
  • Strong financial position with cash & liquid investments of ₹ 39,269 crore
  • Robust adjusted EBITDA margin2 of 30%
  • Highest-ever contribution to the ex-chequer of c.₹ 42,400 crores
  • Successful turnaround of Electrosteel Steels Limited (ESL) with EBITDA margin doubling y-o-y to $115 per ton

 


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Operational Highlights FY2019
  • Zinc India
    • Record mined metal production from underground mines, up 29% y-o-y
    • Record production of Lead, up 18% y-o-y and Silver, up 22% y-o-y
  • Zinc International: Gamsberg commercial production started in March 2019
  • Oil & Gas:
    • Average gross production of 189 kboepd for FY2019, up 2% y-o-y
    • 11 development drilling rigs as at March 2019, 99 wells drilled and 33 hooked up during the year
    • PSC of Rajasthan & Raava block extended for 10 years, subject to conditions
    • Revenue sharing contract signed for 41 OALP blocks
    • Contract signed for 2 new blocks in Assam and KG basin under DSF Bid Round II
  • Aluminium & Power:
    • Record aluminium production at c.2mt, up 17% y-o-y
    • Record Alumina production of 1.5mt, up 24% y-o-y with exit run rate of 1.8mtpa
    • Increased local bauxite supply met 30% of our requirement
    • Record PAF of 88% at the 1,980 MW TSPL plant
  • Iron Ore:
    • Continued engagement with the Government for resumption of Goa mining operations
    • Production of saleable ore at Karnataka at 4.1mt, up 89% y-o-y
  • Steel:
    • Record annual steel production at 1.2mt, up 17% y-o-y, with an exit production run-rate of c.1.5mtp
  • Copper India: Due legal process is being followed to achieve a sustainable restart of the operations

1.        PAT before exceptional & before DDT
2.        Excludes custom smelting at Copper India and Zinc India operations

Mr. Navin Agarwal, Chairman Vedanta Limited, said, "FY2019 was a year of production ramp-up alongside robust financials and delivering repeated and industry leading returns to our shareholders. Acquisition of ESL and its successful turnaround as well as the commencement of the long awaited Gamsberg project, both represent significant additions to our operating business portfolio. Vedanta sits at the heart of the world's fastest growing economy and we are geared to satiate the country's natural resource demand. As a proud corporate citizen of India, the company contributed the highest ever amount of c.₹ 42,400 crore to the exchequer in FY2019. We look forward to FY2020 as a year of accelerated execution on our growth plans resulting in enhanced shareholder value."

Mr. Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta, said "I am pleased with this year's performance which included new production records being set, a new Zinc mine with huge potential being commissioned, efficiencies to mitigate cost pressures, growth projects being on track and increasing our mineral and oil resources. We continue to consolidate our position as one of the largest diversified natural resource businesses in the world by having excellent talent operate our long-life, high-growth, low-cost assets with a hunger for technology and modernisation. Looking ahead, FY2020 will be an exciting year of growth in our key businesses – Zinc-Lead-Silver, Oil & Gas and Aluminium, being pursued with a strict capital allocation framework. We have also set stricter HSE standards and will continue our journey towards zero harm by ensuring greater levels of safety and sustainability."

Consolidated Financial Performance

The consolidated financial performance of the company during the period is as under:
(In ₹ crore, except as stated)

Particulars

Q4 FY2019

%
Change

Q3 FY2019

FY2019

FY2018

%
Change

FY2019

FY2018

FY 2019

 Net Sales/Income from operations

23,092

27,311

(15)%

23,435

90,901

92,011

(1)%

 Other Operating Income

376

319

18%

234

1,147

912

26%

 EBITDA

6,330

7,767

(19)%

5,952

24,012

24,900

(4)%

 EBITDA Margin1

31%

37%

29%

30%

35%

 Finance cost

1,401

1,205

16%

1,358

5,689

5,112

11%

 Investment Income

1,599

917

74%

1,042

3,618

3,205

13%

 Exchange gain/(loss)- (Non-operational)

(166)

(73)

-

49

(509)

(38)

-

 Profit before Depreciation and Taxes 

6,362

7,406

(14)%

5,685

21,432

22,955

(7)%

 Depreciation & Amortization

2,258

1,683

34%

2,207

8,192

6,283

30%

 Profit before Exceptional items

4,104

5,723

(28)%

3,478

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