Vedanta Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Vedanta reported a mixed set of Q1FY19 numbers. The topline came in above our estimates while PAT was below our estimates. The consolidated topline came in at | 22,206 crore (up 21.4% YoY, down 19.6% QoQ) higher than our estimate: | 19,181.8 crore Consolidated EBITDA for the quarter was at | 6,284 crore (up 28.9% YoY, down 19.8% QoQ) broadly in line with our estimate of | 6,194.1 crore. The corresponding EBITDA margin was at 28.3% (vs. our...

31 July 2018 Vedantas (VEDL) 1QFY19 EBITDA declined 20% QoQ (+29% YoY) to INR62.8b, missing our estimate by 8% due to lower-than-expected volumes and higher-than- expected cost at Zinc-India, Zinc-Int and O&G;, partially offset by a stronger performance at aluminum and iron ore. Finance cost inched up led by rising debt for Electrosteel acquisition and winding down of low-cost financing under the revised RBI guidelines. DDA inched up due to w/back of impairments last year. Adj. PAT declined 33% QoQ to INR15.3b (est. Copper and iron ore businesses in Goa are facing regulatory uncertainty. Iron ore mining allocation in Karnataka has doubled to 4.5mt. Gamsberg project is delayed by a quarter to September 2018. Zinc production is expected increase significantly in 2HFY19, both in India and Africa. Cost of production at Zinc-Int remains high so far.

Vedanta Limited is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products. The Company's segments include Copper, which consists of manufacturing of copper cathode, continuous cast copper rod and anode slime, including from purchased concentrate and manufacturing of precious metal from anode slime, sulfuric acid, phosphoric acid; Iron ore; Aluminium, which consists of manufacturing of alumina and various aluminum products; Power, which consists of power, including power facilities engaged in generation and sale of commercial power, and Other, which consists pig iron and metallurgical coke....

ICICI Securities Ltd | Retail Equity Research State Pollution Control Board rejects consent to operate copper smelter... Operations at Vedanta's Tuticorin copper smelter were initially shut for 15 days beginning in the last week of March-2018 owing to maintenance activities. The closure was further extended as the Tamil Nadu State Pollution Control Board (TNPCB) rejected Vedanta's annual renewal of consent to operate (CTO) of smelter in April 2018. TNPCB is scheduled to hear the case on June 6, 2018. The company also met resistance from...

Q4 EBITDA of Rs. 7,929 crore, highest in 5 years and Q4 PAT doubles to Rs. 5,675crore q-o-q Revenues up 13% q-o-q at Rs. 27,630 crore; EBITDA up 17% q-o-q at Rs.7,929crore ; Vedanta revenue for Q4FY18 at Rs 27630 crore, was up 13% sequential basis, primarily on account of higher volumes and improved commodity prices. On y-o-y basis, revenue was higher by 17%...

ICICI Securities Ltd | Retail Equity Research Vedanta reported a better-than-expected operational performance driven by the Zinc India (Hindustan Zinc) and aluminium operations. The consolidated topline came in at | 27630 crore (up 22.7% YoY, 13.4% QoQ) and higher than our estimate: | 24818.5 crore. The consolidated EBITDA came in at | 7837 crore (up 6.6% YoY, 15.9% QoQ, our estimate of | 6974.6 crore). The corresponding EBITDA margin was at 28.4 (vs. our estimate: 28.1%)...

Revenue rose by 13.42% to Rs. 27630.0 Cr in Q4FY18 when compared to the previous quarter. Vedanta Ltd Q4FY18 results Comment

Vedanta's (VEDL) 4QFY18 EBITDA increased 16% QoQ to INR78.4b (est. of INR73b), driven by growth in zinc-India, O&G, copper, aluminum, partially offset by a decline in iron ore and zinc-int. Aluminum EBITDA beat of 69% was largely driven by capitalization of pot line relining expenses. Cost of production (CoP) at zinc-int was much higher at USD1976 than the guidance of USD1700/t due to pre-stripping at Skorpion mine

The National Company Law Tribunal (NCLT), Kolkata Bench, has approved the terms of the resolution plan submitted by Vedanta, to acquire Electrosteel Steels under the Insolvency and Bankruptcy Code (IBC) 2016. Pursuant to the resolution plan, a wholly-owned subsidiary of Vedanta, will subscribe to the share capital of Electrosteel for an aggregate amount of | 1805 crore and provide additional funds of | 3515 crore by way of debt. Upon implementation of the resolution plan, Vedanta will hold ~90% of the paid-up share capital of Electrosteel while...

Q3 EBITDA at Rs 68 bn, up 13% YoY, was in line with consensus and our estimates. The YoY rise was mainly due to (a) 30% YoY higher Zinc LME price at USD 3,240 and 43% rise in Zinc International volumes, (b) 40% YoY higher aluminum production at 445 kt and 23% YoY higher aluminium LME price