Vedanta Q4 Review - Apt Play On Rising Commodity Prices: Centrum Broking
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Centrum Broking Report
Vedanta Ltd. reported in-line Ebitda of Rs 90.4 billion (our estimate: Rs 93.6 billion), up 17% QoQ, primarily due to higher Ebitda in aluminium, Zinc-India and iron ore and improved earnings in other business segments except power and copper.
Excluding Hindustan Zinc Ltd., Ebitda stood at Rs 51.9 billion, up 17% QoQ.
After Zinc India (~43% of total in Q4), aluminium continues to be the major contributor (~30% of total versus 27% in Q3) to Ebitda.
The ramp up in volumes, cost efficiencies and higher commodity prices to boost earnings (Ebitda compound annual growth rate of 22% over FY21-23E to Rs 406.2 billion).
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