Vedanta tumbles after weak Q4 results

Vedanta fell 3.76% to Rs 157.25 at 9:17 IST on BSE after consolidated net profit fell 46% to Rs 2,615 crore on 15% decline in net sales to Rs 23,092 crore in Q4 March 2019 over Q4 March 2018.

The result was announced after market hours yesterday, 7 May 2019.

Meanwhile, the S&P BSE Sensex was down 214.20 points, or 0.56% to 38,062.43.

On the BSE, 48,000 shares were traded in the counter so far compared with average daily volumes of 5.90 lakh shares in the past two weeks. The stock had hit a high of Rs 161.40 and a low of Rs 156.80 so far during the day. The stock hit a 52-week high of Rs 290.15 on 9 May 2018. The stock hit a 52-week low of Rs 145.90 on 15 February 2019.

Revenue in Q4 March 2019 was lower by 1% sequentially, primarily due to lower commodity prices, rupee appreciation and lower volume at Aluminium and Zinc India business, partially offset by higher sales volume at ESL, Zinc International and Iron ore Karnataka.

EBITDA in Q4 March 2019 was at Rs 6,330 crore, 6% higher quarter-on-quarter (q-o-q), primarily due to improved cost of production at Aluminium, higher sales at Iron Ore Karnataka, ESL and Zinc International, partially offset by lower commodity prices, rupee appreciation, lower volumes at Zinc India and write back of liability pursuant to settlement agreement with a contractor at Balco in Q3 December 2018.

Net debt was at Rs 26,956 crore on 31 March 2019, higher by Rs 4,998 crore year-on-year (y-o-y), primarily due acquisition of ESL.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia. Vedanta is a leading producer of Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Aluminium, Steel and Commercial Power.

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