Vedanta Resources records $4.6 bn EBIDTA, $2.8 bn free cash flow in FY23

Vedanta owns 68 per cent in Vedanta Ltd as well as a 79 per cent stake in Konkola Copper Mines, one of the largest copper deposits in Africa

Vedanta Resources

Vedanta Resources

Press Trust of India New Delhi

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Vedanta Resources Ltd (Vedanta) on Thursday said it generated an EBITDA of USD 4.6 billion and a pre-capex free cash flow of USD 2.8 billion during financial year 2022-23.
While the EBITDA (earnings before interest, taxes, depreciation and amortization) in FY23 was its second highest, the pre-capex cash flow was its all-time high, the company said in a statement.
"Vedanta has generated EBITDA of USD 4.6 billion in FY23 and free cash flow pre-capex of USD 2.8 billion. It was accompanied by a significant improvement in its balance sheet position, with Vedanta gross debt falling from USD 9.8 billion to USD 7.8 billion in the twelve months to March 2023, with further continued deleveraging thereafter to a position of USD 6.4 billion as at end May 2023, as previously announced," it said.
The company said it expects further improvement in its capital structure, based on the robust EBITDA and free cash flow estimates for FY24. As part of company's ongoing balance sheet management, all maturities for Q1 FY24 have been prepaid, it said.
With no significant maturities for the next 6 months, the Group is now focused on addressing 2024 and beyond and remains fully confident that it will continue to meet all its maturities in a timely manner, the statement said.
London-headquartered Vedanta said it continues to see tremendous opportunity to capitalise upon India's exceptional growth and it is noteworthy that demand is growing at double-digit rates for most of the company's products.

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Vedanta owns 68 per cent in Vedanta Ltd as well as a 79 per cent stake in Konkola Copper Mines, one of the largest copper deposits in Africa.
Vedanta Resources Limited (Vedanta) is a diversified global natural resources company. Its portfolio includes zinc, aluminium, oil & gas, silver, copper, iron ore & steel, and battery metals.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jun 8 2023 | 11:09 PM IST

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