Vedanta Ltd

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]

See full details
  • Market Cap 123,374 Cr.
  • Current Price 332
  • High / Low 342 / 91.2
  • Stock P/E 8.07
  • Book Value 168
  • Dividend Yield 5.57 %
  • ROCE 19.7 %
  • ROE 20.4 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 35.98%
  • Promoter holding has increased by 10.07% over last quarter.

Cons

  • The company has delivered a poor sales growth of 6.49% over past five years.
  • Company has a low return on equity of 6.80% for last 3 years.
  • Contingent liabilities of Rs.38066.00 Cr.
  • Promoters have pledged 99.99% of their holding.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
22,705 23,669 23,468 21,374 21,958 21,360 19,755 15,973 21,107 22,735 28,206 28,412
17,572 18,024 17,333 16,176 17,535 14,846 15,203 11,980 14,576 14,978 19,169 18,541
Operating Profit 5,133 5,645 6,135 5,198 4,423 6,514 4,552 3,993 6,531 7,757 9,037 9,871
OPM % 23% 24% 26% 24% 20% 30% 23% 25% 31% 34% 32% 35%
Other Income 894 1,398 1,628 380 434 815 -16,505 1,025 732 886 273 652
Interest 1,478 1,358 1,401 1,341 1,340 1,232 1,064 1,252 1,312 1,321 1,325 1,182
Depreciation 1,931 2,207 2,258 2,155 2,395 2,291 2,252 1,733 1,938 1,912 2,055 2,124
Profit before tax 2,618 3,478 4,104 2,082 1,122 3,806 -15,269 2,033 4,013 5,410 5,930 7,217
Tax % 27% 33% 22% 7% -143% 30% 21% 25% 59% 22% -29% 27%
Net Profit 1,343 1,574 2,615 1,351 2,158 2,348 -12,521 1,033 824 3,299 6,432 4,224
EPS in Rs 3.61 4.23 7.03 3.63 5.81 6.32 -33.68 2.78 2.22 8.87 17.30 11.36

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
6,670 10,136 8,978 2,749 66,152 73,710 64,262 72,225 91,866 92,048 84,447 88,021 100,460
3,632 5,008 5,478 2,283 46,557 51,595 82,741 50,849 66,989 68,877 63,704 60,703 67,264
Operating Profit 3,038 5,129 3,500 465 19,595 22,114 -18,479 21,376 24,877 23,171 20,743 27,318 33,196
OPM % 46% 51% 39% 17% 30% 30% -29% 30% 27% 25% 25% 31% 33%
Other Income 536 615 168 33 1,874 -19,222 4,290 4,423 6,087 4,270 -14,932 2,743 2,543
Interest 56 87 433 475 5,094 5,659 5,778 5,855 5,112 5,689 4,977 5,210 5,140
Depreciation 74 96 106 197 6,882 7,159 8,572 6,292 6,283 8,192 9,093 7,638 8,029
Profit before tax 3,445 5,560 3,129 -174 9,493 -9,925 -28,540 13,652 19,569 13,560 -8,259 17,213 22,570
Tax % 23% 24% 33% 25% -9% -15% 37% 17% 30% 28% 43% 13%
Net Profit 2,629 4,222 2,696 2,280 6,299 -15,646 -12,270 6,958 10,342 7,065 -6,664 11,602 14,779
EPS in Rs 31.64 48.58 31.01 26.24 21.25 -52.77 -41.39 23.47 27.82 19.01 -17.93 31.21 39.75
Dividend Payout % 10% 7% 13% 0% 15% -8% -8% 83% 76% 99% -22% 30%
Compounded Sales Growth
10 Years:24%
5 Years:6%
3 Years:-1%
TTM:27%
Compounded Profit Growth
10 Years:11%
5 Years:24%
3 Years:10%
TTM:323%
Stock Price CAGR
10 Years:5%
5 Years:11%
3 Years:17%
1 Year:250%
Return on Equity
10 Years:2%
5 Years:9%
3 Years:7%
Last Year:20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
83 87 87 87 296 296 296 372 372 372 374 374
Reserves 7,835 12,724 15,031 17,388 72,712 53,579 43,743 60,128 62,940 62,322 54,644 62,229
Borrowings 1,961 999 3,741 4,839 80,566 77,752 67,778 71,569 58,159 66,226 59,185 57,026
1,360 1,787 1,542 723 60,545 58,654 80,163 64,952 58,896 69,648 66,536 63,855
Total Liabilities 11,238 15,597 20,401 23,037 214,120 190,281 191,980 196,946 180,367 198,568 180,737 183,482
2,177 2,416 3,307 4,136 87,205 70,108 61,591 75,631 78,455 86,327 86,127 88,002
CWIP 79 544 837 723 43,128 38,748 38,461 27,557 32,055 24,959 18,585 16,314
Investments 4,565 8,800 14,167 16,059 37,910 39,606 53,386 46,962 28,700 33,065 24,753 16,660
4,418 3,838 2,090 2,119 45,877 41,819 38,542 46,796 41,157 54,217 51,272 62,506
Total Assets 11,238 15,597 20,401 23,037 214,120 190,281 191,980 196,946 180,367 198,568 180,737 183,482

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,571 3,541 2,215 22 15,601 17,805 20,377 18,083 17,366 23,754 19,300 23,980
-5,234 -2,303 -4,724 -311 -2,890 -4,133 -7,868 2,681 15,480 -10,594 -5,925 -6,678
2,682 -400 1,726 238 -5,052 -13,956 -11,303 -12,425 -39,255 -10,242 -15,547 -17,565
Net Cash Flow 20 837 -784 -51 7,659 -284 1,206 8,339 -6,409 2,918 -2,172 -263

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 18 25 22 19 25 18 14 11 16 16 12 14
Inventory Days 343 314 328 143 129 132 161 135 184 184 153
Days Payable 496 419 333 66 78 267 308 202 242 275 245
Cash Conversion Cycle -135 -80 18 19 102 69 -120 -136 -51 -42 -80 -77
Working Capital Days 43 40 15 119 -2 7 -114 -129 -58 -87 -89 -70
ROCE % 47% 47% 22% 2% 16% 12% -19% 14% 17% 15% 12% 20%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
50.14 50.14 50.14 50.14 50.14 50.14 50.14 50.14 55.11 55.11 65.18 65.18
15.82 16.45 17.01 17.13 16.39 15.18 15.00 17.50 16.06 16.27 10.29 8.69
18.93 18.70 18.44 18.58 18.63 18.79 19.06 16.32 13.20 11.62 10.60 11.93
14.71 14.31 14.02 13.75 14.44 15.51 15.43 15.68 15.29 16.67 13.61 13.88
0.40 0.40 0.40 0.40 0.40 0.39 0.37 0.36 0.34 0.33 0.32 0.32

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