Vedanta
Vedanta shares plunge 8% amid metals sell-off despite record Q3
Mumbai/IBNS: Shares of Vedanta Ltd. fell 8% on Friday, despite the company reporting a strong Q3 performance, media reports said.
The decline mirrored broad-based selling pressure across metal stocks, as Indian equity markets witnessed a sharp sell-off.
Analysts covering Vedanta, however, have raised their price targets for the stock, citing expectations that the ongoing demerger will unlock value and secure dividend payouts in the current fiscal year, CNBC TV18 reported.
Vedanta delivered exceptional financial performance with profit after tax jumping 60% YoY to ₹7,807 crore.
The company reported a record quarterly EBITDA of ₹15,171 crore, up 34% YoY supported by margin expansion of 629 bps to 41%.
The company also recorded the highest-ever quarterly revenue of ₹45,899 crore, up 19% YoY.
Vedanta’s Net Debt to EBITDA ratio improved to 1.23x from 1.40x, with a strong double-digit Return on Capital Employed (ROCE) at 27%, improving by 296 bps YoY. Credit ratings for Vedanta have been reaffirmed at AA by both CRISIL and ICRA, following the recent NCLT demerger order.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
