Vedanta (VEDL) Q3 24/25 earnings summary

Executive summary

• Achieved record Q3 FY25 revenue of ₹38,526 crore, up 10% year-on-year, and EBITDA of ₹11,284 crore, up 30% year-on-year, with EBITDA margin expanding by 517 bps to 34%.

• Profit after tax surged 70% year-on-year to ₹4,876 crore; nine-month PAT up 151% year-on-year, excluding prior year exceptional items.

• Strong operational performance across aluminium, zinc, oil & gas, and iron ore segments, with industry-leading cost positions.

• Vedanta Group companies secured top ESG rankings in S&P Global CSA/DJSI ESG Index 2024 for the second consecutive year.

• The Board declared a fourth interim dividend of ₹8.5 per share, bringing the total for FY 2024-25 to ₹43.5 per share.

Financial highlights

• Q3 EBITDA reached ₹11,284 crore, up 30% year-on-year; nine-month EBITDA at ₹31,924 crore, up 40% year-on-year.

• PAT for Q3 at ₹4,876 crore, up 70% year-on-year; nine-month PAT at ₹14,438 crore, up 151% year-on-year, excluding one-time gains.

• Free cash flow pre-CapEx in Q3 at ₹6,766 crore, up 57% year-on-year; cash and cash equivalents at ₹21,138 crore as of December 2024.

• Net debt at ₹57,058 crore; net debt-to-EBITDA at 1.4x, best in seven quarters.

• ROCE at 24%, up 170 bps year-on-year.

Outlook and guidance

• Confident of delivering highest-ever yearly EBITDA in FY25 and transformational growth in FY26.

• Demerger process on track with shareholder and creditor meetings scheduled; Base Metals demerger will not proceed.

• Aluminium business on track to exceed 2.4 million tons hot metal production for FY25; cost expected around $1,800/ton.

• Zinc International production expected to ramp up to 240-250 KT in FY26, with both phase I and II contributing from FY27.

• Oil & gas production decline to be arrested in H2 FY26 with ASP injection and infill wells; volume stability expected.