Vedanta Ltd Research ReportCo.Update

Vedanta reported a steady set of Q3FY21 numbers. Topline for the quarter was at | 22735 crore, up 6% YoY, 8% QoQ. EBITDA came in at | 7757 crore, up 19% both QoQ as well as YoY. EBITDA margin came in at 34.1% vs. 30.5% in Q3FY20. Ensuing attributable PAT (before exceptional items and tax on dividend) for the quarter was at | 3017 crore, up 51% QoQ, 35% YoY. For the quarter, topline growth was primarily supported by higher commodity prices. Aluminium division reported sales volume of 497 KT, up 5% QoQ. CoP for the aluminium division was at US$1387/tonne (US$1691/tonne in Q3FY20, US$1288/tonne in Q2FY21) while EBITDA margin for the aluminium division was at 28%. Zinc International’s Gamsberg posted highest ever quarterly production of 43 KT, up 39% YoY, 23% QoQ. With respect to oil & gas vertical, average daily gross operated production was at 160 kboepd, down 3% QoQ. On the steel business, the company reported highest ever hot metal production of 372 KT (since acquisition of Electrosteel), while EBITDA/tonne of the steel business was at US$111/tonne, up 18% QoQ.