Financials Vedanta Limited

Equities

VEDL

INE205A01025

Diversified Mining

Market Closed - NSE India S.E. Other stock markets 12:40:32 13/09/2024 BST			5-day change	1st Jan Change
454.05 ^INR	+2.80%		-1.25%	+75.61%

09-11	Vedanta Resources raises $900 million via dollar bonds	RE
09-05	ICRA Raises Vedanta's Long-term Financing Rating to AA; Rating Under Watch Developing	MT

Projected Income Statement: Vedanta Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	835,450	868,630	1,327,320	1,473,080	1,437,270	1,497,856	1,631,534	1,739,855
Change	-	3.97%	52.81%	10.98%	-2.43%	4.22%	8.92%	6.64%
EBITDA ¹	206,870	273,180	448,240	344,220	351,980	427,100	505,043	515,872
Change	-	32.05%	64.08%	-23.21%	2.25%	21.34%	18.25%	2.14%
EBIT ¹	115,940	196,800	359,290	238,670	244,750	316,564	390,412	396,549
Change	-	69.74%	82.57%	-33.57%	2.55%	29.34%	23.33%	1.57%
Interest Paid ¹	-49,770	-52,100	-47,970	-62,250	-94,650	-83,840	-88,924	-75,096
Earnings before Tax (EBT) ¹	-82,590	172,130	329,640	202,760	203,630	253,852	331,042	351,671
Change	-	-	91.51%	-38.49%	0.43%	24.66%	30.41%	6.23%
Net income ¹	-66,640	116,020	188,020	105,740	42,390	133,404	183,358	190,369
Change	-	-	62.06%	-43.76%	-59.91%	214.71%	37.45%	3.82%
Announcement Date	06/06/20	13/05/21	28/04/22	12/05/23	25/04/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	211,670	219,580	213,600	195,130	156,870	208,040	224,980	278,740	281,050	300,480	336,970	398,220	386,220	366,540	348,180	379,300	337,330	389,450	355,410	355,090	357,640	356,000	362,000	401,000
Change	-	3.74%	-2.72%	-8.65%	-19.61%	32.62%	8.14%	23.9%	0.83%	6.91%	12.14%	18.18%	-3.01%	-5.1%	-5.01%	8.94%	-11.07%	15.45%	-8.74%	-0.09%	0.72%	-1.72%	1.69%	10.77%
EBITDA ¹	51,880	44,230	65,140	45,520	39,930	65,310	76,950	90,370	98,710	103,630	109,380	136,330	101,970	76,990	70,670	94,590	64,200	118,340	85,310	87,680	99,450	98,000	103,000	108,000
Change	-	-14.75%	47.28%	-30.12%	-12.28%	63.56%	17.82%	17.44%	9.23%	4.98%	5.55%	24.64%	-25.2%	-24.5%	-8.21%	33.85%	-32.13%	84.33%	-27.91%	2.78%	13.42%	0.01%	5.1%	4.85%
EBIT ¹	30,330	20,280	42,230	23,000	22,600	45,930	57,830	69,820	77,470	82,450	84,680	112,540	77,330	50,750	43,470	-	38,700	88,370	-	60,250	72,140	-	-	-
Change	-	-33.14%	108.23%	-45.54%	-1.74%	103.23%	25.91%	20.73%	10.96%	6.43%	2.7%	32.9%	-31.29%	-34.37%	-14.34%	-100%	-	128.35%	-100%	-	19.73%	-100%	-	-
Charge d'intérêts ¹	-13,410	-13,400	-12,320	-10,640	-12,520	-13,120	-13,210	-13,250	-11,820	-10,660	-12,160	-13,330	-12,060	-16,420	-15,720	-18,050	-21,100	-25,230	-24,170	-24,150	-22,220	-24,000	-24,000	-25,000
Earnings before Tax (EBT) ¹	20,820	11,220	38,060	-152,690	-	40,130	54,100	57,430	71,700	78,060	77,920	101,960	72,600	43,640	43,940	42,580	40,860	81,770	41,050	39,930	59,260	53,000	59,000	59,000
Change	-	-46.11%	239.22%	-	-100%	-	34.81%	6.16%	24.85%	8.87%	-0.18%	30.85%	-28.8%	-39.89%	0.69%	-3.1%	-4.04%	100.12%	-49.8%	-2.73%	48.41%	2.44%	11.32%	0%
Net income ¹	13,510	21,580	23,480	-125,210	10,330	8,240	32,990	64,320	42,240	46,150	41,640	57,990	44,210	18,080	24,640	18,810	26,400	-17,830	20,130	13,690	36,060	26,000	29,000	34,000
Change	-	59.73%	8.8%	-	-	-20.23%	300.36%	94.97%	-34.33%	9.26%	-9.77%	39.27%	-23.76%	-59.1%	36.28%	-23.66%	40.35%	-	-	-31.99%	163.4%	0.73%	11.54%	17.24%
Announcement Date	26/07/19	14/11/19	31/01/20	06/06/20	03/10/20	06/11/20	29/01/21	13/05/21	26/07/21	29/10/21	28/01/22	28/04/22	28/07/22	28/10/22	27/01/23	12/05/23	21/07/23	04/11/23	25/01/24	25/04/24	06/08/24	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Vedanta Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	212,730	250,480	208,510	447,380	575,620	602,686	566,555	651,983
Change	-	17.75%	-16.76%	114.56%	28.66%	4.7%	-5.99%	15.08%
Announcement Date	06/06/20	13/05/21	28/04/22	12/05/23	25/04/24	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Vedanta Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	78,140	68,860	106,300	137,870	167,520	164,219	154,410	147,433
Change	-	-11.88%	54.37%	29.7%	21.51%	-1.97%	-5.97%	-4.52%
Free Cash Flow (FCF) ¹	114,840	170,940	243,330	192,780	189,020	188,499	245,030	306,893
Change	-	48.85%	42.35%	-20.77%	-1.95%	-0.28%	29.99%	25.25%
Announcement Date	06/06/20	13/05/21	28/04/22	12/05/23	25/04/24	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Vedanta Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	24.76%	31.45%	33.77%	23.37%	24.49%	28.51%	30.96%	29.65%
EBIT Margin (%)	13.88%	22.66%	27.07%	16.2%	17.03%	21.13%	23.93%	22.79%
EBT Margin (%)	-9.89%	19.82%	24.84%	13.76%	14.17%	16.95%	20.29%	20.21%
Net margin (%)	-7.98%	13.36%	14.17%	7.18%	2.95%	8.91%	11.24%	10.94%
FCF margin (%)	13.75%	19.68%	18.33%	13.09%	13.15%	12.58%	15.02%	17.64%
FCF / Net Income (%)	-172.33%	147.34%	129.42%	182.32%	445.91%	141.3%	133.63%	161.21%
Profitability
ROA	1.72%	6.28%	9.78%	5.36%	2.2%	10.69%	12.71%	15.19%
ROE	5.68%	19.85%	29.46%	20.18%	12.09%	43.78%	47.8%	45.25%
Financial Health
Leverage (Debt/EBITDA)	1.03x	0.92x	0.47x	1.3x	1.64x	1.41x	1.12x	1.26x
Debt / Free cash flow	1.85x	1.47x	0.86x	2.32x	3.05x	3.2x	2.31x	2.12x
Capital Intensity
CAPEX / Current Assets (%)	9.35%	7.93%	8.01%	9.36%	11.66%	10.96%	9.46%	8.47%
CAPEX / EBITDA (%)	37.77%	25.21%	23.71%	40.05%	47.59%	38.45%	30.57%	28.58%
CAPEX / FCF (%)	68.04%	40.28%	43.69%	71.52%	88.63%	87.12%	63.02%	48.04%
Items per share
Cash flow per share ¹	52.13	64.73	93.68	88.88	95.84	99.47	109	118.4
Change	-	24.19%	44.72%	-5.12%	7.83%	3.78%	9.56%	8.63%
Dividend per Share ¹	3.9	9.5	45	101.5	29.5	32.2	34.19	39.08
Change	-	143.59%	373.68%	125.56%	-70.94%	9.16%	6.18%	14.3%
Book Value Per Share ¹	146.9	167.4	175.8	106	82.59	98.2	114.4	125.5
Change	-	13.99%	4.99%	-39.7%	-22.07%	18.9%	16.46%	9.75%
EPS ¹	-18	31.32	50.38	28.32	11.33	34.75	47.9	49.72
Change	-	-274%	60.86%	-43.79%	-59.99%	206.7%	37.85%	3.8%
Nbr of stocks (in thousands)	3,702,198	3,703,804	3,705,006	3,708,850	3,713,194	3,902,820	3,902,820	3,902,820
Announcement Date	06/06/20	13/05/21	28/04/22	12/05/23	25/04/24	-	-	-