Vedanta Resources records $4.6 bn EBIDTA, $2.8 bn free cash flow in FY23

Vedanta Resources Limited (Vedanta) said Thursday that it generated EBITDA of $4.6 billion and free cash flow before capital expenditures of $2.8 billion during the 2022-23 fiscal year.

While EBITDA in fiscal ’23 was its second-highest, cash flow before capital expenditures was an all-time high, the company said in a statement.

“Vedanta generated EBITDA of $4.6 billion in FY23 and free cash flow before capital expenditures of $2.8 billion. This was accompanied by a significant improvement in its balance sheet position, as Vedanta’s total debt decreased from $9.8 billion to $7.8 billion in 2013. The twelve months through March 2023, with further deleveraging thereafter to $6.4 billion at the end of May 2023, as previously announced.”

The company said it expects further improvement in its capital structure, based on EBITDA and free cash flow estimates for fiscal year ’24. As part of the company’s ongoing balance sheet management, all maturities for the fiscal first quarter have been paid 24 preset.

With no significant maturities for the next six months, the group is now focused on tackling 2024 and beyond and remains fully confident that it will continue to meet all of its maturities in a timely manner, the statement said.

London-based Vedanta said it still sees huge opportunity to benefit from India’s exceptional growth and it is worth noting that demand is growing at double-digit rates for most of the company’s products.

Vedanta owns 68 percent in Vedanta Ltd as well as a 79 percent stake in Konkola Copper Mines, one of the largest copper deposits in Africa.

Vedanta Resources Limited (Vedanta) is a diversified global natural resources company. Its portfolio includes zinc, aluminium, oil and gas, silver, copper, iron ore, steel and battery minerals.

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