Bond Market News

Vedanta Ltd, subsidiary of Vedanta Resources Limited announced strong financial results for 4Q2021 and full year ended Mar 31, 2021. The 4Q revenue of the leading diversified natural resource company stood at INR 278.74bn ($3.8bn), up 24%QoQ and up 43% YoY due to higher volumes of Aluminium, Zinc and Iron. The full year revenues were INR 868.63bn ($11.83bn) up 4% against last year. The company also reported an increase of 88% in its quarterly EBITDA YoY at INR 91.07bn ($1.24bn) for Q42021. This was an all time high achieved by the company. The company also recorded a PAT of INR 70.13bn ($955mn). For FY2021, the EBITDA was up 30% YoY, at INR 273.410 bn ($3.72bn) resulting in a PAT of INR 121.51bn ($1.61bn). The company reduced its net debt by 32% compared to Dec 31, 2020 at INR 244.140bn ($3.32bn) which allowed it to maintain a Net Debt to EBITDA of 0.9x. The liquidity of the company was also reported at a comfortable INR 326.14bn ($4.44bn). Mr Sunil Duggal, Chief Executive Officer, Vedanta, said “We are delighted to announce an outstanding quarter. Our key businesses delivered record operational performance, maintaining the trajectory of cost and volumes, driven by structural integration and technology adoption.”

Vedanta Resource’s 6.375% 2022s and  13.875% 2024s were up 0.06 and 0.17 to trade at 98.56 and 110.84 respectively

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