Robust performance across verticals leads to a beat in operating results

30 Jan 2024
5 Min read 
  • Vedanta reported robust performance across its verticals, leading to a beat in operating results.
  •  The company's consolidated net sales for 3QFY24 were INR 355 billion, up 4% YoY and 6% higher than estimated.
  •  EBITDA stood at INR 85 billion, up 21% YoY and beating estimates by 28%.
  •  Aluminum and HZ reported the highest ever 9M volumes and are now in the first quartile of global cost curves.
  •  Vedanta's net debt stood at INR 625 billion, with 82% of debt in INR.
  •  The company expects concrete response on strategic divestment or sale of non-core assets by 4QFY24 or 1QFY25.
  •  Reiterate Neutral rating with a revised target price of INR 270.
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