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Bond Market News
Vedanta Ltd. Reports Strong Q2 Earnings
November 11, 2024
Vedanta Ltd., the subsidiary of Vedanta Resources Ltd. (VRL) reported a net profit of INR 43.5bn ($516mn) for the quarter ending September, driven by higher metal revenues and a write-back of previous impairments. This marks the company’s highest earnings in nine quarters, which also exceeded Bloomberg’s estimates. The profit was supported by a 10% rise in aluminum prices and a 16% increase in zinc prices. Additionally, Vedanta’s oil and gas business impairment was reversed, and income from non-core revenue sources doubled, further contributing to the strong performance. The earnings boost helped alleviate debt concerns for its parent company VRL, which has reduced its debt by over $4bn in the past two years.
Vedanta’s dollar bonds traded stable with its 10.875% 2029s at 103.1, yielding 9.87%
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