Vedanta Power (VEDPOWER) Q4 22/23 earnings summary

Executive summary

• FY23 delivered record plant load factor of 67% and availability of 82%; EBITDA was ₹1,097 crore, while the year ended with a net loss of ₹70.28 crore.

• Recovery of ~₹700 crore from litigated debtors, including ₹343 crore in the Force Majeure matter and ₹350 crore in Deemed and Import matters, supported cash and working-capital performance.

Financial highlights

• Revenue from operations was ₹5,745.69 crore in FY23 versus ₹4,340.42 crore in FY22; total income was ₹5,806.61 crore versus ₹4,423.74 crore.

• Total expenses rose to ₹5,899.76 crore from ₹4,585.57 crore; loss before tax narrowed to ₹93.15 crore from ₹161.83 crore.

• Net loss was ₹70.28 crore versus ₹121.64 crore; basic and diluted EPS was -₹0.22 versus -₹0.38.

• Finance cost declined to ₹711.94 crore from ₹740.70 crore; depreciation and amortisation increased to ₹460.32 crore from ₹455.30 crore.

• Operating cash flow rose to ₹1,387.63 crore from ₹684.31 crore; cash and cash equivalents closed FY23 at ₹39.90 crore.

Outlook and guidance

• FY24 priorities include sustaining operational excellence, building on FY23 overhauls, advancing digitalisation, and keeping health, safety and environment central to operations.

• Management expects high PLF to continue, citing the plant’s state merit-order position and rising electricity demand; no quantified FY24 financial guidance was stated.

• A 50 MW solar project remained at techno-commercial discussion stage, with renewable generation opportunities under consideration.