Vedanta Q2 Results: Company is back in black with Rs 5,603 crore net profit, aims to cut more debt
Despite a dividend payout of more than ₹12,000 crore during the quarter, the company managed to bring down its debt on a sequential basis by using proceeds from its QIP issue, funds from the stake sale in Hindustan Zinc, and its free cash flow. Net debt fell to ₹56,927 crore at the end of the September quarter from ₹61,324 crore a quarter ago. The net debt is lower than the previous year’s ₹57,771 crore as well.
The company reported its earnings for the September quarter on Friday, clocking in a consolidated net profit of ₹5,603 crore against a loss in the year-ago period. The consolidated operating profit jumped 44% on-year to ₹10,364 crore, while revenue from operations was 10% higher at ₹37,171 crore.
Vedanta’s consolidated operating profit for the first half of the year was at an all-time high of ₹20,639 crore, and Goel is optimistic about the second half being even stronger. The company’s consolidated operating profit was at ₹14,172 crore in the first half of last year, excluding the impact of a onetime gain.
“More than half, almost 65% Ebitda is now agnostic to pricing environment, and is mostly driven by initiatives by Vedanta which are either structured or sustainable,” Goel told ET.
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