Vedanta Q2 Results Review – Inline; Costs To Reduce Going Forward: Motilal Oswal


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Vedanta Ltd.’s consolidated net sales stood at Rs 366 billion (YoY/QoQ: up 21%/down 5%), 6% ahead of our estimates of Rs 345 billion.

The improved sales was driven by higher sales volume, strategic hedging gains, and foreign exchange gains, which was partially offset by lower commodity prices.

Vedanta’s consolidated Ebitda at Rs 77 billion (YoY/QoQ: down 26%/ down 24%) is marginally lower than our estimates of Rs 80 billion. The miss in Ebitda is mainly attributed to Ebitda miss in the aluminum business.

The zinc India business Ebitda at Rs 44 billion was in line with our estimates of Rs 42 billion. However, the other major segment viz., oil and gas business beat our estimate of Rs 19 billion by 8% with an Ebitda of Rs 20 billion.

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