Vedanta Resources produces USD 2.8 billion in free cash flow and USD 4.6 billion in EBIDTA in FY23
On Thursday, Vedanta Resources Ltd. (Vedanta) reported that for the fiscal year 2022–2023, it achieved pre-capex free cash flow of USD 2.8 billion and EBITDA of USD 4.6 billion.
The business said in a statement that although pre-capex cash flow was at an all-time high in FY23, EBITDA (earnings before interest, taxes, depreciation, and amortisation) was at its second highest level ever.
“Vedanta produced free cash flow before to capital expenditures of USD 2.8 billion and EBITDA of USD 4.6 billion in FY23. Vedanta’s gross debt decreased from USD 9.8 billion to USD 7.8 billion in the year leading up to March 2023, and further deleveraging continued after that, resulting in a position of USD 6.4 billion as of end-May 2023, as previously announced. This was accompanied by a notable improvement in its balance sheet position, the company said.
Based on the optimistic EBITDA and free cash flow projections for FY24, the firm said that it anticipates additional improvement in its capital structure. All maturities for Q1 FY24 have been paid in full as part of the company’s continuous balance sheet management, it added.
The Group is now concentrating on 2024 and beyond and is still entirely convinced that it will continue to fulfil all of its maturities on schedule as there are no large maturities for the next six months, according to the statement.
Vedanta, which has its global headquarters in London, said that it continues to see enormous potential to benefit from India’s outstanding development. It is notable that demand is increasing at double-digit rates for the majority of the company’s goods.
One of the greatest copper resources in Africa, Konkola Copper Mines, is owned by Vedanta and has a 79 percent share in it. Vedanta also controls 68 percent of Vedanta Ltd.
A diverse international natural resources firm is Vedanta Resources Limited (Vedanta). Zinc, aluminium, oil & gas, silver, copper, iron ore & steel, and battery metals are among the commodities in its portfolio.
