We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vedanta | LSE:VED | London | Ordinary Share | GB0033277061 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 832.60 | 834.80 | 835.80 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVED
RNS Number : 0478N
Vedanta Resources PLC
03 May 2018
3 May 2018
Vedanta Resources plc
Vedanta Limited announces Q4 and Full Year FY2018 Results
Vedanta Resources plc's subsidiary Vedanta Limited announced its results today for the fourth quarter and full year ended 31 March 2018.
Consolidated Results for the Fourth Quarter
and full year ended 31 March 2018
Q4 EBITDA of 7,929 crore, highest in 5 years
Q4 PAT doubles to 5,675 crore q-o-q
Mumbai, India: Vedanta Limited today announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2018 (FY 2018).
Financial Highlights
Hot Features
Premium
FY 2018 Q4 FY 2018
------------------------------------------- -------------------------------------------------
* Revenues up 22% at 92,923 crore * Revenues up 13% q-o-q at 27,630 crore
* EBITDA up 19% at 25,470 crore * EBITDA up 17%q-o-q at 7,929 crore
* Att. PAT(3) up 10% at 8,025 crore * Att. PAT(3) up 15% q-o-q at 2,420 crore
* Free cash flow of 7,880 crore * Free cash flow of 3,240 crore
------------------------------------------- -------------------------------------------------
Other Financial Highlights
----------------------------------------------------------------------------------------------
* Gross Debt(2) reduced by 8,512 crore since March 31,
2017
* Net Debt/EBITDA at 0.9x, among the lowest across
Indian and global peers
* Declared highest ever interim dividend of 7,881 crore
in Mar '18
* Strong financial position with cash & liquid
investments of 36,201 crore
* Contribution to the ex-chequer in FY 2018 at c.
33,000 crore
* Vedanta Limited's resolution plan to acquire
Electrosteel Steels Limited approved by NCLT; this
acquisition to complement the Group's existing Iron
ore Business by way of vertical integration
----------------------------------------------------------------------------------------------
Operational Highlights for FY2018
* Record annual production of refined zinc-lead and
silver at Zinc India
* Oil & Gas:
o Mar 18 exit run rate of 200,000 boepd
o Growth Projects on track with contracts of $1.3bn awarded
* Zinc International : Gamsberg project on track to
commence production by mid CY 2018
* Aluminum: Record annual production at 1.7mt; with an
exit run rate of c.2.0 mtpa
* Copper India: Record annual production, Operations at
Tuticorin Smelter under shutdown pending renewal of
Consent to Operate (CTO)
* Iron Ore: Expecting increase in company-wise mining
cap allocation in Karnataka in Q1 FY2019; Goa mining
operations shut due to state wide ban
* Power: 1,980 MW Talwandi Sabo Power Plant operated at
93% availability in Q4 FY18
------------------------------------------------------------------
1. Excludes custom smelting at Copper India and Zinc India operations
2. Excluding repayment of temporary borrowing by Zinc India, preference shares issued pursuant to Cairn merger in April.
3. Before exceptional & before DDT
Mr. Navin Agarwal, Chairman Vedanta Limited, said, "FY2018 was a transformational year for Vedanta. The diversified, well-invested and low-cost portfolio of the company delivered industry-leading volume growth during the year. The company's financial profile continues to strengthen and provides a strong foundation for the next phase of growth through the attractive organic opportunities in each of our businesses. The company paid a record interim dividend of 7881 crore and contributed c. 33,000 crore to the exchequer in FY 2018. I am excited about the many growth opportunities for the company which will further enhance shareholder value."
Mr. Kuldip Kaura, Chief Executive Officer, Vedanta Ltd, said, "I am pleased with the strong operational and financial results for Vedanta in FY17-18. Our volume ramp-up plans stayed on track, resulting in a significantly higher EBITDA for the year, despite challenges from input price inflation. We maintain a strong balance sheet and are committed to our capital allocation framework. I am pleased with the various initiatives undertaken during the year to drive operational excellence through use of innovative technology, benchmarking, people practices and HSE. In 2019, our focus is to generate strong cash flows on the strength of higher volumes and improved cost structure in our businesses which will further strengthen our financials and will drive superior shareholder returns."
Consolidated Financial Performance -----------------------------------
The consolidated financial performance of the company during the period is as under:
(In crore, except as stated)
Particulars Q4 Q4 % Change Q3 FY FY % Change
(In Crore, except 2018 2017
as stated)
---------------------------- --------- --------- --------- ------- --------- ------- ---------
FY FY FY
2018 2017 2018
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Net Sales/Income
from operations 27,630 23,691 17% 24,361 92,923 76,171 22%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
EBITDA 7,929 7,275 9% 6,781 25,470 21,437 19%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
EBITDA Margin(1) 38% 44% 35% 36% 39%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Finance cost 1,424 1,503 -5% 1,306 5,783 5,855 (1)%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Other Income 993 921 8% 573 3,574 4,581 (22)%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Profit before Depreciation
and Taxes 7,406 6,768 9% 6,031 22,955 20,058 14%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Depreciation 1,683 1,604 5% 1,645 6,283 6,292 0%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Profit before Exceptional
items 5,723 5,164 11% 4,386 16,672 13,766 21%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Exceptional Items
(Credit)/Expense
(2) (2,869) 114 - 158 (2,897) 114 -
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Tax excluding DDT 2,403 636 - 1,397 5,339 2,103 -
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Tax - DDT (1,536) 154 - - (1,536) 196 -
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Tax - Special Items 2,050 34 - (38) 2,074 34 -
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Profit After Taxes 5,675 4,226 34% 2,869 13,692 11,319 21%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Profit After Taxes
before Exceptional 4,856 4,374 11% 2,989 12,869 11,467 12%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
PAT (before Exceptional
& DDT) 3,320 4,528 (27)% 2,989 11,333 11,663 (3)%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Minority Interest 873 1,578 (45)% 875 3,350 4,358 (23)%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Share of Profit
of Associate 0 (1) - 0 - (3)
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Attributable PAT
after exceptional
item 4,802 2,647 81% 1,994 10,342 6,958 49%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Attributable PAT
before exceptional
item 3,956 2,816 40% 2,114 9,561 7,127 34%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Attributable (before
exceptional & DDT) 2,420 2,970 (19)% 2,114 8,025 7,323 10%
---------------------------- --------- --------- --------- ------- --------- ------- ---------
Basic Earnings
per Share ( /sh.) 12.95 8.94 45% 5.38 28.30 23.47 21% ---------------------------- --------- --------- --------- ------- --------- ------- --------- Basic EPS before Exceptional ( /sh.) 10.67 9.51 12% 5.70 26.17 24.04 9% ---------------------------- --------- --------- --------- ------- --------- ------- --------- Basic EPS (before exceptional & DDT) 6.53 10.02 (35)% 5.70 21.96 24.70 (11)% ---------------------------- --------- --------- --------- ------- --------- ------- --------- Exchange rate ( /$) - Average 64.31 67.01 (4)% 64.74 64.45 67.09 (4)% ---------------------------- --------- --------- --------- ------- --------- ------- --------- Exchange rate ( /$) - Closing 65.04 64.84 0% 63.93 65.04 64.84 0% ---------------------------- --------- --------- --------- ------- --------- ------- --------- 1. Excludes custom smelting at Copper India and Zinc India operations 2. Exceptional Items Gross of Tax
3. In view of clarification issued by Ind AS Transition Facilitation Group, the Group has revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. DDT on profits of subsidiaries which is to be utilized against the equity dividend declared by the Company is recognised in statement of changes in equity as against the previous policy of recognizing the same in the statement of profit and loss. The financial results for the previous periods/year have been restated to give effect of the same
4. Previous period figures have been regrouped or re-arranged wherever necessary to conform to current period's presentation
Revenues
Revenue for Q4 at 27,630 crore, was up 13% sequential basis, primarily on account of higher volumes and improved commodity prices.
On y-o-y basis, revenue was higher by 17% primarily on account of higher volume from Oil & Gas, Aluminium, Copper India business and improved commodity prices, partially offset by currency appreciation and lower volume at Zinc India as per mine plan
Revenues for FY 18 were at 92,923 crore up 22% y-o-y. The increase was mainly on account of ramp-up of capacities at Aluminium, record production from Zinc India and improved commodity prices partly offset by currency appreciation and lower sales at Iron ore.
EBITDA and EBITDA Margins
EBITDA for Q4 at 7,929 crore, was up 17% on sequential basis, primarily on account of higher volumes from Zinc India and Aluminium business, capitalisation of pot relining expenses at Aluminium business and improved commodity prices. This was partially offset by input commodity inflation mainly Alumina, Carbon and Coal.
On y-o-y basis, it was up 9% primarily on account of record production at Aluminium business, capitalisation of pot relining expenses and improved commodity prices partly offset by input commodity inflation and currency appreciation.
EBITDA for the year was 25,470 crore up 19% on account of record production from Zinc India and Aluminium and improved commodity prices. This was partially offset by input commodity inflation, currency appreciation, lower sales at Iron ore Goa.
We maintained industry leading robust EBITDA margin(1) of 36% for the year (FY 2017: 39%)
Depreciation & Amortization
Depreciation for Q4 FY 2018 at 1,683 crore was higher q-o-q basis by 38 crore primarily on account of higher capitalisation at Aluminium business, higher production at Zinc India partially offset by lower depreciation at Oil and Gas due to change in reserve estimates
On y-o-y basis, it was higher by 79 crore mainly due to higher capitalisation at Aluminium business offset by lower charge at Oil & Gas business due to change in method of calculation of Unit of production (UOP) charge to "Proved and Developed Oil and Gas Reserves" (1P) and change in reserves estimation.
Depreciation and amortisation for FY2018 was 6,283 crore flat compared to FY17.
Finance Cost and Other Income
Finance cost for Q4 FY 2018 was at 1,424 crore, 9% higher q-o-q basis primarily due to capitalisation at Aluminium business. On y-o-y basis, it was lower by 5% mainly on account of deleveraging during FY 2018 partially offset by dividend payments on preference shares issued to the shareholders of Cairn India pursuant to the merger with the Company in April and capitalisation of pots at Aluminium business.
Finance cost for FY 2018 was 5,783 crore was marginally lower compared to 5,855 crore in FY 2017 on account of de-leveraging during the year and lower interest rates, partially offset by dividends on preference shares issued to the shareholders of Cairn India pursuant to the merger with the Company in April, interest cost on temporary borrowings at Zinc India and capitalization of pots at Aluminium business.
Other Income was at 993 crore, higher on a q-o-q basis by 420 crore. Q3 FY18 other income was lower on account of lower return on investments due to sharp rise in G-Sec yields resulting in mark-to-market losses on investments. On y-o-y basis, other income was higher by 72 crore.
Other Income for FY 2018 was at 3,574 crore lower by 1,007 crore primarily owing to lower investment due to special dividend payments by Zinc India and Vedanta Limited and deleveraging during the year, lower return on investments due to sharp rise in G-Sec yields resulting in mark-to-market losses on investments.
Exceptional Items
The exceptional gains in Q4 was 2,869 crore mainly on account of reversal of previously recorded impairment of 7,016 crore at our Oil and Gas business following the progress on the key growth projects which are expected to result in enhanced recovery of resources; partially offset by impairment of Iron ore Goa assets of 2,329 crore due to suspension of mining operations from March 16, 2018 pursuant to Supreme Court Order dated February 7, 2018 and reclassification of FCTR relating to subsidiary investment companies under liquidation of 1,485 crore.
Taxes
Tax expense (before exceptional items & DDT) was at 5,339 crore during the year, resulting in a tax rate of 32% higher compared to 15% in FY 2017 mainly due to phasing out of investment allowance claims, change in cess rate from 3% to 4% as per the Finance Act 2018 and change in profit mix.
Attributable Profit after Tax and Earnings per Share (EPS)
Attributable PAT before exceptional items and DDT for the quarter was at 2,420 crore 15% higher q-o-q.
For FY 18, attributable PAT before exceptional items and DDT was at 8,025 crore 10% higher y-o-y. Minority interest was at 29%.
EPS for the year before exceptional items and DDT was at 21.96 per share compared to 24.70 per share for FY 17.
Balance Sheet --------------
Our financial position remains strong with cash and liquid investments of 36,201 crore. The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds and fixed deposits with banks. The portfolio is rated by CRISIL, which has assigned a rating of "Tier-I" (implying Highest Safety) to our portfolio. Further, the Company has undrawn committed facilities of 3,500 crore as on March 31, 2018.
Gross debt was at 58,159 crore on 31(st) March, 2018, including Preference shares of 3,010 crore issued pursuant to the Cairn merger. During the year, gross debt reduced by 8,512 crore (excluding repayment of 7,908 crore temporary borrowing by Zinc India, preference shares issued pursuant to the Cairn merger)
Net debt was at 21,958 crore on 31(st) March 2018, higher y-o-y on account of payment of special dividends, acquisition of Avanstrate Inc, partially offset by free cash flow generation during the year.
Key Recognitions
Vedanta has been consistently recognized through the receipt of various awards and accolades. Recently, we received the following recognitions:
-- Hindustan Zinc received Five Star Rating Award for Rajpura Dariba mine and Rampura Agucha mine by Ministry of Mines, Govt. of India. It also received the ET Now CSR Leadership Award 2018 for best CSR practices.
-- Cairn Oil & Gas, midstream (pipeline) operations and upstream operations was awarded 'Five Star' rating from British Safety Council.
-- Cairn's Ravva offshore & onshore facility secured 'First' place in Manufacturing - Process Category and a '5-Star' rating Award for Excellence in EHS Practices in CII-SR-EHS Excellence-Award-2017.
-- Cairn Oil & Gas also won the prestigious 'Rajasthan CSR Award 2018' for its CSR initiative - Jeevan Amrit (Safe Drinking Water Project) under the WASH category (Water, Sanitation & Hygeine) in 2nd Rajasthan CSR Awards organized by Government of Rajasthan
-- Vedanta Lanjigarh received the India Green manufacturing award in March 2018. It also received the Lowest weighted frequency rate of accidents award by Dept. of Factories & Boilers.
-- Jharsugda won the 'Corporate Recognition Award for implementation of Behaviour based safety' at the 2nd Annual National BBS Conference
-- BALCO was awarded the Shristi G - Cube Awards 2018 for Good Green Governance on occasion of The Earth Day given by the Ex-Governor of Odisha
-- Talwandi Sabo Power Limited stood runner up under "Excellence in Research and Development" award category in 7th edition Fly Ash Utilization 2018 Awards" given by the Mission Energy Foundation.
Results Conference Call
Please note that the results presentation is available in the Investor Relations section of the company website http://www.vedantalimited.com/investor-relations/results-reports.aspx
Following the announcement, there will be a conference call at 6:30 PM (IST) on Thursday, 3 May 2018, where senior management will discuss the company's results and performance. The dial-in numbers for the call are as below:
Event Telephone Number
-------------- ----------------------------------------- -----------------------------------------
Earnings India: +91 7045671221
conference India - 6:30 PM (IST) Toll free: 1800120 1221
call on Universal access:
May 3, +91 22 7115 8015
2018 +91 22 6280 1114
-------------- ----------------------------------------- -----------------------------------------
Toll free number
Singapore - 9:00 PM 800 101 2045
(Singapore Time)
-------------- ----------------------------------------- -----------------------------------------
Toll free number
Hong Kong - 9:00 PM 800 964 448
(Hong Kong Time)
----------------------------------------- -----------------------------------------
Toll free number
UK - 2:00 PM (UK Time) 0 808 101 1573
----------------------------------------- -----------------------------------------
Toll free number
US - 9:00 AM (Eastern 1 866 746 2133
Time)
-------------- ----------------------------------------- -----------------------------------------
For online http://services.choruscall.in/diamondpass/registration?confirmationNumber=5267915
registration
-------------- ------------------------------------------------------------------------------------
+91 22 7194 5757
Replay of Conference Call (May Passcode: 93937#
3, 2018 to May 9, 2018)
--------------------------------------------------------- -----------------------------------------
For further information, please contact:
Communications Finsbury
Arun Arora Daniela Fleischmann
Head, Corporate Communications Tel: +44 20 7251 3801
Tel: +91 124 459 3000
gc@vedanta.co.in
Investors
Rashmi Mohanty Tel: +44 20 7659 4732
Director - Investor Relations Tel: +91 22 6646 1531
ir@vedanta.co.in
Sunila Martis
Associate General Manager
- Investor Relations
Veena Sankaran
Manager - Investor Relations
About Vedanta Resources
Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia and South Africa. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. To access the Vedanta Sustainable Development Report 2017, please visit http://www.vedantaresources.com/media/214366/vedanta_sd_report_2016-17.pdf. For more information on Vedanta Resources, please visit www.vedantaresources.com
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and/or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FXLFBVEFEBBL
(END) Dow Jones Newswires
May 03, 2018 08:03 ET (12:03 GMT)
1 Year Vedanta Chart |
1 Month Vedanta Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
