Vedanta Ltd

₹ 221 0.91%
24 Jun - close price
About

Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE.
Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan.[1]

Presently, India accounts for ~65% of total revenues, followed by Malaysia (9%), China (3%), UAE (1%) and others (22%).[2]

Key Points

Production Volumes
The company's operations are well diversified across various commodity segments, following are the production volumes of company in FY21 :
Refined Zinc (India) - 715 kt (kilo-tonnes)
Refined lead - 214 kt
Refined silver - 706 tonnes
Zinc (International) - 203 kt
Oil & Gas - ~162,000 BOEPD
Alumina - 1,841 kt
Aluminium - 1,969 kt
Power - 11,261 MU (million units)
Iron Ore - 5 million tonnes
Steel Production - 1.1 million tonnes
Copper (cathodes) - 101 kt[1]

  • Market Cap 82,317 Cr.
  • Current Price 221
  • High / Low 441 / 216
  • Stock P/E 4.31
  • Book Value 176
  • Dividend Yield 20.3 %
  • ROCE 32.3 %
  • ROE 29.8 %
  • Face Value 1.00

Pros

  • Stock is providing a good dividend yield of 20.32%.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 28.69% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.10%
  • Company has been maintaining a healthy dividend payout of 32.57%

Cons

  • Contingent liabilities of Rs.38066.00 Cr.
  • Promoters have pledged 99.99% of their holding.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
21,374 21,958 21,360 19,755 15,973 21,107 22,735 28,206 28,412 30,401 34,097 39,822
16,176 17,535 14,846 15,203 11,980 14,576 14,978 19,169 18,541 20,038 23,287 26,189
Operating Profit 5,198 4,423 6,514 4,552 3,993 6,531 7,757 9,037 9,871 10,363 10,810 13,633
OPM % 24% 20% 30% 23% 25% 31% 34% 32% 35% 34% 32% 34%
380 434 815 -16,505 1,025 713 886 273 652 643 507 303
Interest 1,341 1,340 1,232 1,064 1,252 1,312 1,321 1,325 1,182 1,066 1,216 1,333
Depreciation 2,155 2,395 2,291 2,252 1,733 1,938 1,912 2,055 2,124 2,118 2,274 2,379
Profit before tax 2,082 1,122 3,806 -15,269 2,033 3,994 5,410 5,930 7,217 7,822 7,827 10,224
Tax % 7% -143% 30% 21% 25% 58% 22% -29% 27% 26% 32% 29%
Net Profit 1,351 2,158 2,348 -12,521 1,033 838 3,299 6,432 4,224 4,615 4,164 5,799
EPS in Rs 3.63 5.81 6.32 -33.68 2.78 2.25 8.87 17.30 11.36 12.42 11.20 15.60

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
10,136 8,978 2,749 66,152 73,710 64,262 72,225 91,866 92,048 84,447 88,021 132,732
5,008 5,478 2,283 46,557 51,595 82,741 50,849 66,989 68,877 63,704 60,703 87,908
Operating Profit 5,129 3,500 465 19,595 22,114 -18,479 21,376 24,877 23,171 20,743 27,318 44,824
OPM % 51% 39% 17% 30% 30% -29% 30% 27% 25% 25% 31% 34%
615 168 33 1,874 -19,222 4,290 4,423 6,087 4,270 -14,932 2,743 2,010
Interest 87 433 475 5,094 5,659 5,778 5,855 5,112 5,689 4,977 5,210 4,797
Depreciation 96 106 197 6,882 7,159 8,572 6,292 6,283 8,192 9,093 7,638 8,895
Profit before tax 5,560 3,129 -174 9,493 -9,925 -28,540 13,652 19,569 13,560 -8,259 17,213 33,142
Tax % 24% 33% 25% -9% -15% 37% 17% 30% 28% 43% 13% 28%
Net Profit 4,222 2,696 2,280 6,299 -15,646 -12,270 6,958 10,342 7,065 -6,664 11,602 18,802
EPS in Rs 48.58 31.01 26.24 21.25 -52.77 -41.39 23.47 27.82 19.01 -17.93 31.21 50.58
Dividend Payout % 7% 13% 0% 15% -8% -8% 83% 76% 99% -22% 30% 89%
Compounded Sales Growth
10 Years: 31%
5 Years: 13%
3 Years: 13%
TTM: 51%
Compounded Profit Growth
10 Years: 22%
5 Years: 29%
3 Years: 40%
TTM: 59%
Stock Price CAGR
10 Years: 1%
5 Years: -1%
3 Years: 8%
1 Year: -16%
Return on Equity
10 Years: 13%
5 Years: 20%
3 Years: 25%
Last Year: 30%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
87 87 87 296 296 296 372 372 372 374 374 372
Reserves 12,724 15,031 17,388 72,712 53,579 43,743 60,128 62,940 62,322 54,644 62,229 65,011
999 3,741 4,839 80,566 77,752 67,778 71,569 58,159 66,226 59,185 57,026 53,583
1,787 1,542 723 60,545 58,654 80,163 64,952 58,896 69,648 66,536 63,855 79,634
Total Liabilities 15,597 20,401 23,037 214,120 190,281 191,980 196,946 180,367 198,568 180,737 183,482 198,600
2,416 3,307 4,136 87,205 70,108 61,591 75,631 78,455 86,327 86,127 88,002 95,115
CWIP 544 837 723 43,128 38,748 38,461 27,557 32,055 24,959 18,585 16,314 14,230
Investments 8,800 14,167 16,059 37,910 39,606 53,386 46,962 28,700 33,065 24,753 16,660 17,291
3,838 2,090 2,119 45,877 41,819 38,542 46,796 41,157 54,217 51,272 62,506 71,964
Total Assets 15,597 20,401 23,037 214,120 190,281 191,980 196,946 180,367 198,568 180,737 183,482 198,600

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
3,541 2,215 22 15,601 17,805 20,377 18,083 17,366 23,754 19,300 23,980 34,963
-2,303 -4,724 -311 -2,890 -4,133 -7,868 2,681 15,480 -10,594 -5,925 -6,678 -2,253
-400 1,726 238 -5,052 -13,956 -11,303 -12,425 -39,255 -10,242 -15,547 -17,565 -28,903
Net Cash Flow 837 -784 -51 7,659 -284 1,206 8,339 -6,409 2,918 -2,172 -263 3,807

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 25 22 19 25 18 14 11 16 16 12 14 14
Inventory Days 314 328 143 129 132 161 135 184 184 153 148
Days Payable 419 333 66 78 267 308 202 242 275 245 223
Cash Conversion Cycle -80 18 19 102 69 -120 -136 -51 -42 -80 -77 -61
Working Capital Days 40 14 118 -47 -22 -149 -175 -95 -120 -129 -134 12
ROCE % 47% 22% 2% 16% 12% -19% 14% 17% 15% 12% 20% 32%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
50.14 50.14 50.14 50.14 50.14 50.14 55.11 55.11 65.18 65.18 69.69 69.69
17.01 17.13 16.39 15.18 15.00 17.50 16.06 16.27 10.29 8.69 8.67 9.35
18.44 18.58 18.63 18.79 19.06 16.32 13.20 11.62 10.60 11.93 10.84 11.60
14.02 13.75 14.44 15.51 15.43 15.68 15.29 16.67 13.61 13.88 10.56 9.13
0.40 0.40 0.40 0.39 0.37 0.36 0.34 0.33 0.32 0.32 0.25 0.23

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