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Vedanta Sources Ltd. on Thursday mentioned it generated an EBITDA of $4.6 billion and a pre-capex free money circulation of $2.8 billion throughout monetary 12 months 2022-23.
Whereas the earnings earlier than curiosity, taxes, depreciation and amortization in FY23 was its second highest, the pre-capex money circulation was its all-time excessive, the corporate mentioned in a press release.
“Vedanta has generated EBITDA of $4.6 billion in FY23 and free money circulation pre-capex of $2.8 billion. It was accompanied by a major enchancment in its steadiness sheet place, with Vedanta gross debt falling from $9.8 billion to $7.8 billion within the twelve months to March 2023, with additional continued deleveraging thereafter to a place of $6.4 billion as at finish Might 2023, as beforehand introduced,” it mentioned.
The corporate mentioned it expects additional enchancment in its capital construction, primarily based on the strong EBITDA and free money circulation estimates for FY24. As a part of firm’s ongoing steadiness sheet administration, all maturities for Q1 FY24 have been pay as you go, it mentioned.
With no vital maturities for the following 6 months, the Group is now targeted on addressing 2024 and past and stays absolutely assured that it’ll proceed to satisfy all its maturities in a well timed method, the assertion mentioned.
London-headquartered Vedanta mentioned it continues to see large alternative to capitalise upon India’s distinctive development and it’s noteworthy that demand is rising at double-digit charges for many of the firm’s merchandise.
Vedanta owns 68% in Vedanta Ltd in addition to a 79% stake in Konkola Copper Mines, one of many largest copper deposits in Africa.
Vedanta Sources is a diversified international pure assets firm. Its portfolio consists of zinc, aluminium, oil & gasoline, silver, copper, iron ore & metal, and battery metals.
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