Common Size P&L - VEDANTA LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 36.08% 33.39% 33.91% 32.00% 34.62% 28.33% 25.44% 26.01% 28.11%
Change in Inventory 1.17% -0.08% -0.50% 1.70% -0.49% -0.08% -1.20% -0.90% 1.54%
Power and Fuel 11.17% 11.22% 14.47% 14.40% 15.27% 19.71% 19.66% 15.53% 15.94%
Other Mfr. Exp 7.30% 6.56% 7.72% 8.21% 6.57% 9.21% 10.95% 9.92% 9.21%
Employee Cost 4.18% 3.96% 4.07% 3.25% 2.72% 3.28% 3.16% 3.25% 2.12%
Selling and admin 6.32% 7.58% 8.69% 8.78% 7.79% 6.77% 6.30% 5.88% 5.89%
Other Expenses 6.49% 7.21% 59.39% 5.47% 5.46% 7.44% 8.72% 7.48% 6.51%
Other Income 2.83% -26.08% 6.68% 6.12% 6.63% 4.64% -17.68% 3.12% 1.38%
Depreciation 10.40% 9.71% 13.34% 8.71% 6.84% 8.90% 10.77% 8.68% 6.70%
Interest 7.70% 7.68% 8.99% 8.11% 5.56% 6.18% 5.89% 5.92% 3.61%
Profit before tax 14.35% -13.47% -44.41% 18.90% 21.30% 14.73% -9.78% 19.56% 24.84%
Tax -1.28% 1.96% -16.62% 3.23% 6.40% 4.20% -4.16% 2.48% 6.97%
Net profit 9.52% -21.23% -19.09% 9.63% 11.26% 7.68% -7.89% 13.18% 14.17%
Dividend Amount 1.46% 1.65% 1.61% 8.00% 8.58% 7.62% 1.72% 4.01% 12.61%

Common Size Balance Sheet - VEDANTA LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Total Liablities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.14% 0.16% 0.15% 0.15% 0.21% 0.19% 0.21% 0.20% 0.19%
Reserves 33.96% 28.16% 22.78% 30.53% 34.90% 31.19% 30.02% 33.74% 33.48%
Borrowings 37.63% 40.86% 35.30% 36.34% 32.24% 33.35% 32.75% 31.43% 27.60%
Other Liabilities 28.28% 30.82% 41.76% 32.98% 32.65% 35.28% 37.02% 34.63% 38.73%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 40.73% 36.84% 32.08% 38.40% 43.50% 43.47% 47.65% 47.96% 46.09%
Capital Work in Progress 20.14% 20.36% 20.03% 13.99% 17.77% 12.57% 10.28% 8.89% 8.18%
Investments 17.70% 20.81% 27.81% 23.85% 15.91% 16.65% 13.70% 9.08% 8.91%
Other Assets 11.46% 12.50% 12.67% 10.56% 11.09% 14.44% 13.69% 17.70% 18.87%
Receivables 2.16% 1.89% 1.30% 1.14% 2.20% 2.01% 1.49% 1.90% 2.55%
Inventory 4.22% 4.59% 4.17% 4.89% 6.63% 6.65% 6.27% 5.41% 7.37%
Cash & Bank 3.59% 2.99% 1.93% 7.17% 2.89% 4.21% 6.92% 9.06% 8.03%
 Ratio Analysis - VEDANTA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

Sales Growth 11.42% -12.82% 12.39% 27.19% 0.20% -8.26% 4.23% 50.80% 10.98% 10.68% 10.98%
EBITDA Growth 12.86% -183.56% -215.67% 16.38% -6.86% -10.48% 31.70% 64.08% -23.21% -34.97% -6.86%
EBIT Growth -204.56% 187.55% -147.83% 43.34% -30.71% -160.91% -308.42% 91.51% -38.49% -63.17% -38.49%
Net Profit Growth -210.00% 57.06% -163.37% 20.96% -29.17% -148.91% -416.95% 57.71% -38.82% -96.83% -38.82%
Dividend Growth 26.15% -14.63% 456.65% 8.88% -11.08% -79.31% 143.59% 373.68% 125.56% 114.39% 26.15%

Gross Margin 42.43% 44.78% 39.33% 43.85% 40.33% 39.38% 39.58% 44.39% 46.17% 46.92% 42.72% 43.14%
EBITDA Margin 29.62% 30.00% -28.76% 29.60% 27.08% 25.17% 24.56% 31.04% 33.77% 23.37% 22.55% 28.34%
EBIT Margin -129.25% 433.53% -185.70% 26.52% -22.01% -117.05% -783.21% 68.40% -29.82% 0.00% -73.86% -25.91%
EBT Margin 14.35% -13.47% -44.41% 18.90% 21.30% 14.73% -9.78% 19.56% 24.84% 13.76% 5.98% 14.54%
Net Profit Margin 15.63% -15.43% -27.80% 15.67% 14.90% 10.54% -5.62% 17.08% 17.86% 9.85% 5.27% 12.72%

SalesExpenses%Sales 12.81% 14.78% 68.08% 14.25% 13.25% 14.21% 15.01% 13.36% 12.40% 23.55% 20.17% 14.23%
Depriciation%Sales 10.40% 9.71% 13.34% 8.71% 6.84% 8.90% 10.77% 8.68% 6.70% 7.17% 9.12% 8.81%
OperatingIncome%Sales 29.62% 30.00% -28.76% 29.60% 27.08% 25.17% 24.56% 31.04% 33.77% 23.37% 22.55% 28.34%

Return on Capital Employed 8.28% 11.36% -24.19% 11.43% 15.31% 11.65% 10.24% 16.41% 30.20% 22.51% 11.32% 11.54%
Ratained Earnings% 90.68% 0.00% 0.00% 48.97% 42.40% 27.69% 0.00% 76.49% 29.39% 0.00% 31.56% 28.54%
Return on Equity% 14.16% -21.11% -40.56% 18.73% 21.63% 15.57% -8.68% 24.14% 36.26% 36.80% 9.69% 17.15%
Self Sustained Growth Rate 12.84% 0.00% 0.00% 9.17% 9.17% 4.31% 0.00% 18.46% 10.66% 0.00% 6.46% 6.74%
Interest Coverage Ratio 2.50x 2.64x -4.68x 2.58x 3.64x 2.63x 2.34x 3.78x 7.49x 3.83x 267.45% 263.79%

Debtor Turnover Ratio 14.32x 20.45x 25.77x 32.24x 23.15x 23.12x 31.31x 25.21x 26.84x 36.70x 25.91x 25.49x
Creditor Turnover Ratio 1.09x 1.26x 0.80x 1.11x 1.56x 1.31x 1.26x 1.39x 1.77x 1.63x 1.32x 1.29x
Inventory Turnover 7.32x 8.45x 8.02x 7.50x 7.68x 6.97x 7.45x 8.87x 9.27x 9.81x 8.14x 7.85x
Fixed Asset Turnover 0.76x 1.05x 1.04x 0.95x 1.17x 1.07x 0.98x 1.00x 1.48x 1.51x 1.10x 1.05x
Capital Turnover Ratio 0.91x 1.37x 1.46x 1.20x 1.45x 1.48x 1.55x 1.41x 2.03x 3.74x 1.66x 1.46x

Debtor Days 25 days 18 days 14 days 11 days 16 days 16 days 12 days 14 days 14 days 10 days 15 days 14 days
Payable Days 334 days 290 days 455 days 328 days 234 days 278 days 289 days 264 days 207 days 224 days 290 days 283 days
Inventory Days 50 days 43 days 46 days 49 days 48 days 52 days 49 days 41 days 39 days 37 days 45 days 47 days
Cash Conversion Cycle -259 days -229 days -396 days -268 days -171 days -210 days -229 days -208 days -154 days -177 days -230 days -219 days

CFO/Sales 22.04% 20.72% 43.69% 27.52% 13.71% 28.12% 21.74% 25.46% 22.75% 25.57% 25.13% 24.10%
CFO/Total Assets 6.81% 8.03% 14.63% 10.09% 6.98% 13.03% 10.16% 12.21% 15.55% 19.18% 11.67% 11.19%
CFO/Total Debt 18.09% 19.64% 41.43% 27.77% 21.65% 39.08% 31.03% 38.86% 56.36% 56.53% 35.04% 34.94%
 Historical Financial Statements - VEDANTA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

# Income Statement
Sales ₹ 66,152.4 ₹ 73,709.5 ₹ 64,261.8 ₹ 72,225.0 ₹ 91,866.0 ₹ 92,048.0 ₹ 84,447.0 ₹ 88,021.0 ₹ 1,32,732.0 ₹ 1,47,308.0 ₹ 1,47,308.0
Sales Growth - 11.42% -12.82% 12.39% 27.19% 0.20% -8.26% 4.23% 50.80% 10.98% 0.00%

COGS ₹ 38,083.3 ₹ 40,700.5 ₹ 38,990.4 ₹ 40,555.0 ₹ 54,817.0 ₹ 55,799.0 ₹ 51,025.0 ₹ 48,947.0 ₹ 71,449.0 ₹ 78,198.0
COGS as % of Sales 57.57% 55.22% 60.67% 56.15% 59.67% 60.62% 60.42% 55.61% 53.83% 53.08% 0.00%

Gross Profit ₹ 28,069.1 ₹ 33,009.0 ₹ 25,271.3 ₹ 31,670.0 ₹ 37,049.0 ₹ 36,249.0 ₹ 33,422.0 ₹ 39,074.0 ₹ 61,283.0 ₹ 69,110.0
Gross Margins 42.43% 44.78% 39.33% 43.85% 40.33% 39.38% 39.58% 44.39% 46.17% 46.92% 0.00%

Selling & General expenses ₹ 8,474.1 ₹ 10,894.6 ₹ 43,750.8 ₹ 10,294.0 ₹ 12,172.0 ₹ 13,078.0 ₹ 12,679.0 ₹ 11,756.0 ₹ 16,459.0 ₹ 34,688.0
S&G exp as % of Sales 12.81% 14.78% 68.08% 14.25% 13.25% 14.21% 15.01% 13.36% 12.40% 23.55% 0.00%

EBITDA ₹ 19,595.1 ₹ 22,114.4 (₹ 18,479.4) ₹ 21,376.0 ₹ 24,877.0 ₹ 23,171.0 ₹ 20,743.0 ₹ 27,318.0 ₹ 44,824.0 ₹ 34,422.0 ₹ 34,422.0
EBITDA as % of Sales 29.62% 30.00% -28.76% 29.60% 27.08% 25.17% 24.56% 31.04% 33.77% 23.37% 23.37%

Interest ₹ 5,094.4 ₹ 5,658.8 ₹ 5,778.1 ₹ 5,855.0 ₹ 5,112.0 ₹ 5,689.0 ₹ 4,977.0 ₹ 5,210.0 ₹ 4,797.0 ₹ 6,225.0 ₹ 6,225.0
Interest as % of Sales 7.70% 7.68% 8.99% 8.11% 5.56% 6.18% 5.89% 5.92% 3.61% 4.23% 4.23%

Depriciation ₹ 6,882.3 ₹ 7,159.2 ₹ 8,572.4 ₹ 6,292.0 ₹ 6,283.0 ₹ 8,192.0 ₹ 9,093.0 ₹ 7,638.0 ₹ 8,895.0 ₹ 10,555.0 ₹ 10,573.0
Depreciation as % of Sales 10.40% 9.71% 13.34% 8.71% 6.84% 8.90% 10.77% 8.68% 6.70% 7.17% 7.18%

Other Income ₹ 1,874.2 (₹ 19,221.5) ₹ 4,289.8 ₹ 4,423.0 ₹ 6,087.0 ₹ 4,270.0 (₹ 14,932.0) ₹ 2,743.0 ₹ 1,832.0 ₹ 2,634.0 ₹ 2,652.0
Other Income as % of Sales 2.83% -26.08% 6.68% 6.12% 6.63% 4.64% -17.68% 3.12% 1.38% 1.79% 1.80%

Earning Before Taxes ₹ 9,492.5 (₹ 9,925.1) (₹ 28,540.2) ₹ 13,652.0 ₹ 19,569.0 ₹ 13,560.0 (₹ 8,259.0) ₹ 17,213.0 ₹ 32,964.0 ₹ 20,276.0 ₹ 20,276.0
EBT as % of Sales 14.35% -13.47% -44.41% 18.90% 21.30% 14.73% -9.78% 19.56% 24.84% 13.76% 13.76%

Tax (₹ 846.9) ₹ 1,448.4 (₹ 10,677.6) ₹ 2,333.0 ₹ 5,877.0 ₹ 3,862.0 (₹ 3,516.0) ₹ 2,180.0 ₹ 9,255.0 ₹ 5,770.0 ₹ 5,770.0
Effective Tax Rate -8.92% -14.59% 37.41% 17.09% 30.03% 28.48% 42.57% 12.66% 28.08% 28.46% 28.46%

Net Income ₹ 10,339.4 (₹ 11,373.5) (₹ 17,862.6) ₹ 11,319.0 ₹ 13,692.0 ₹ 9,698.0 (₹ 4,743.0) ₹ 15,033.0 ₹ 23,709.0 ₹ 14,506.0 ₹ 10,574.0
Net Margins 15.63% -15.43% -27.80% 15.67% 14.90% 10.54% -5.62% 17.08% 17.86% 9.85% 7.18%

No. of Equity Shares 296.47 296.47 296.47 296.47 371.72 371.72 371.72 371.72 371.72 371.72 371.72

EPS ₹ 34.9 (₹ 38.4) (₹ 60.3) ₹ 38.2 ₹ 36.8 ₹ 26.1 (₹ 12.8) ₹ 40.4 ₹ 63.8 ₹ 39.0 ₹ 28.4
EPS growth rate - -210.00% 57.06% -163.37% -3.52% -29.17% -148.91% -416.95% 57.71% -38.82% -27.11%

Divident per share ₹ 3.3 ₹ 4.1 ₹ 3.5 ₹ 19.5 ₹ 21.2 ₹ 18.9 ₹ 3.9 ₹ 9.5 ₹ 45.0 ₹ 101.6 ₹ 0.0
Divident Payout ratio 9.32% -10.69% -5.81% 51.03% 57.60% 72.31% -30.59% 23.51% 70.61% 260.29% 0.00%

Retained earnings 90.68% 0.00% 0.00% 48.97% 42.40% 27.69% 0.00% 76.49% 29.39% 0.00% 100.00%
# Balance Sheet
Equity Share Capital ₹ 296.5 ₹ 296.5 ₹ 296.5 ₹ 297.0 ₹ 372.0 ₹ 372.0 ₹ 372.0 ₹ 372.0 ₹ 372.0 ₹ 372.0
Reserves ₹ 72,712.2 ₹ 53,578.8 ₹ 43,742.7 ₹ 60,128.0 ₹ 62,940.0 ₹ 61,925.0 ₹ 54,263.0 ₹ 61,906.0 ₹ 65,011.0 ₹ 39,051.0
Borrowings ₹ 80,566.0 ₹ 77,752.3 ₹ 67,777.8 ₹ 71,569.0 ₹ 58,159.0 ₹ 66,226.0 ₹ 59,185.0 ₹ 57,667.0 ₹ 53,581.0 ₹ 66,628.0
Other Liabilities ₹ 60,545.1 ₹ 58,653.6 ₹ 80,163.4 ₹ 64,952.0 ₹ 58,896.0 ₹ 70,045.0 ₹ 66,917.0 ₹ 63,551.0 ₹ 75,201.0 ₹ 90,305.0
Total Liablities ₹ 2,14,119.8 ₹ 1,90,281.2 ₹ 1,91,980.4 ₹ 1,96,946.0 ₹ 1,80,367.0 ₹ 1,98,568.0 ₹ 1,80,737.0 ₹ 1,83,496.0 ₹ 1,94,165.0 ₹ 1,96,356.0

Fixed Assets Net Block ₹ 87,205.4 ₹ 70,107.8 ₹ 61,590.9 ₹ 75,631.0 ₹ 78,455.0 ₹ 86,327.0 ₹ 86,127.0 ₹ 88,002.0 ₹ 89,498.0 ₹ 97,839.0
Capital Work in Progress ₹ 43,127.7 ₹ 38,748.0 ₹ 38,461.3 ₹ 27,557.0 ₹ 32,055.0 ₹ 24,959.0 ₹ 18,585.0 ₹ 16,314.0 ₹ 15,879.0 ₹ 17,434.0
Investments ₹ 37,909.6 ₹ 39,606.0 ₹ 53,386.0 ₹ 46,962.0 ₹ 28,700.0 ₹ 33,065.0 ₹ 24,753.0 ₹ 16,660.0 ₹ 17,291.0 ₹ 13,150.0
Other Assets ₹ 24,538.2 ₹ 23,792.9 ₹ 24,328.0 ₹ 20,805.0 ₹ 20,005.0 ₹ 28,668.0 ₹ 24,738.0 ₹ 32,477.0 ₹ 36,646.0 ₹ 39,653.0
Total Non-Current Assets ₹ 1,92,780.9 ₹ 1,72,254.8 ₹ 1,77,766.2 ₹ 1,70,955.0 ₹ 1,59,215.0 ₹ 1,73,019.0 ₹ 1,54,203.0 ₹ 1,53,453.0 ₹ 1,59,314.0 ₹ 1,68,076.0

Receivables ₹ 4,619.6 ₹ 3,605.1 ₹ 2,493.8 ₹ 2,240.0 ₹ 3,969.0 ₹ 3,982.0 ₹ 2,697.0 ₹ 3,491.0 ₹ 4,946.0 ₹ 4,014.0
Inventory ₹ 9,033.8 ₹ 8,725.0 ₹ 8,011.7 ₹ 9,628.0 ₹ 11,967.0 ₹ 13,198.0 ₹ 11,335.0 ₹ 9,923.0 ₹ 14,313.0 ₹ 15,012.0
Cash & Bank ₹ 7,685.5 ₹ 5,696.3 ₹ 3,708.8 ₹ 14,123.0 ₹ 5,216.0 ₹ 8,369.0 ₹ 12,502.0 ₹ 16,629.0 ₹ 15,592.0 ₹ 9,254.0
Total Current Assets ₹ 21,338.9 ₹ 18,026.4 ₹ 14,214.2 ₹ 25,991.0 ₹ 21,152.0 ₹ 25,549.0 ₹ 26,534.0 ₹ 30,043.0 ₹ 34,851.0 ₹ 28,280.0

Total Assets ₹ 2,14,119.8 ₹ 1,90,281.2 ₹ 1,91,980.4 ₹ 1,96,946.0 ₹ 1,80,367.0 ₹ 1,98,568.0 ₹ 1,80,737.0 ₹ 1,83,496.0 ₹ 1,94,165.0 ₹ 1,96,356.0

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement

Operating Activities
Profit from operations ₹ 20,999.0 ₹ 23,719.0 ₹ 15,126.0 ₹ 21,490.0 ₹ 25,339.0 ₹ 24,239.0 ₹ 21,372.0 ₹ 27,659.0 ₹ 45,465.0 ₹ 34,823.0
Receivables (₹ 3,338.0) ₹ 743.0 ₹ 1,513.0 (₹ 917.0) (₹ 1,685.0) (₹ 2,690.0) ₹ 462.0 (₹ 3,215.0) (₹ 8,199.0) ₹ 1,662.0
Inventory ₹ 231.0 ₹ 305.0 ₹ 667.0 (₹ 1,623.0) (₹ 2,215.0) (₹ 418.0) ₹ 1,990.0 ₹ 1,409.0 (₹ 4,373.0) (₹ 728.0)
Payables ₹ 483.0 ₹ 1,200.0 ₹ 3,568.0 ₹ 5,706.0 ₹ 101.0 ₹ 5,236.0 (₹ 3,389.0) ₹ 235.0 ₹ 7,806.0 ₹ 3,665.0
Loans Advances ₹ 1,367.0 (₹ 1,150.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Operating investments ₹ 0.0 ₹ 0.0 (₹ 398.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Other WC items ₹ 234.0 (₹ 3,632.0) ₹ 2,352.0 (₹ 1,372.0) (₹ 976.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Working capital changes (₹ 1,024.0) (₹ 2,534.0) ₹ 7,702.0 ₹ 1,794.0 (₹ 4,775.0) ₹ 2,128.0 (₹ 937.0) (₹ 1,571.0) (₹ 4,766.0) ₹ 4,599.0
Direct taxes (₹ 4,374.0) (₹ 3,380.0) (₹ 2,451.0) (₹ 5,201.0) (₹ 3,198.0) (₹ 2,613.0) (₹ 1,135.0) (₹ 2,108.0) (₹ 5,736.0) (₹ 6,357.0)
Cash flow from Operating Activities ₹ 14,578.0 ₹ 15,271.0 ₹ 28,079.0 ₹ 19,877.0 ₹ 12,591.0 ₹ 25,882.0 ₹ 18,363.0 ₹ 22,409.0 ₹ 30,197.0 ₹ 37,664.0

Investing Activities
Fixed assets purchased (₹ 7,284.0) (₹ 10,656.0) (₹ 5,514.0) (₹ 5,516.0) (₹ 7,334.0) (₹ 8,942.0) (₹ 7,814.0) (₹ 6,886.0) (₹ 10,630.0) (₹ 13,787.0)
Fixed assets sold ₹ 52.0 ₹ 82.0 ₹ 102.0 ₹ 81.0 ₹ 38.0 ₹ 125.0 ₹ 145.0 ₹ 168.0 ₹ 325.0 ₹ 133.0
Investments purchased (₹ 1,02,920.0) (₹ 1,15,057.0) (₹ 1,07,404.0) (₹ 93,585.0) (₹ 82,841.0) (₹ 83,339.0) (₹ 98,793.0) (₹ 75,160.0) (₹ 87,135.0) ###########
Investments sold ₹ 95,099.0 ₹ 1,14,854.0 ₹ 1,02,124.0 ₹ 1,03,201.0 ₹ 1,02,592.0 ₹ 83,362.0 ₹ 1,06,416.0 ₹ 83,330.0 ₹ 86,848.0 ₹ 1,15,244.0
Interest received ₹ 1,355.0 ₹ 1,559.0 ₹ 1,052.0 ₹ 1,144.0 ₹ 1,405.0 ₹ 884.0 ₹ 830.0 ₹ 2,035.0 ₹ 1,868.0 ₹ 1,674.0
Dividends received ₹ 251.0 ₹ 0.0 ₹ 3.0 ₹ 1.0 ₹ 10.0 ₹ 30.0 ₹ 18.0 ₹ 2.0 ₹ 1.0 ₹ 18.0
Invest in subsidiaries ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 4.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Investment in group cos ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Acquisition of companies ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 859.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Inter corporate deposits ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Other investing items ₹ 10,557.0 ₹ 5,085.0 ₹ 1,769.0 (₹ 2,641.0) ₹ 2,469.0 (₹ 2,714.0) (₹ 6,727.0) (₹ 10,167.0) ₹ 6,480.0 ₹ 7,314.0
Cash flow from Investing Activities (₹ 2,890.0) (₹ 4,133.0) (₹ 7,868.0) ₹ 2,681.0 ₹ 15,480.0 (₹ 10,594.0) (₹ 5,925.0) (₹ 6,678.0) (₹ 2,243.0) (₹ 693.0)

Financing Activities
Proceeds from shares ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 2.0 ₹ 34.0 ₹ 4.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Proceeds from borrowings ₹ 56,896.0 ₹ 81,279.0 ₹ 73,582.0 ₹ 38,056.0 ₹ 12,509.0 ₹ 21,264.0 ₹ 16,299.0 ₹ 18,412.0 ₹ 34,172.0 ₹ 42,470.0
Repayment of borrowings (₹ 54,513.0) (₹ 77,792.0) (₹ 71,277.0) (₹ 21,927.0) (₹ 29,778.0) (₹ 13,565.0) (₹ 24,657.0) (₹ 21,169.0) (₹ 38,220.0) (₹ 29,734.0)
Interest paid fin (₹ 4,675.0) (₹ 6,290.0) (₹ 5,797.0) (₹ 6,150.0) (₹ 5,006.0) (₹ 6,009.0) (₹ 5,322.0) (₹ 5,348.0) (₹ 5,274.0) (₹ 5,530.0)
Dividends paid (₹ 2,214.0) (₹ 3,106.0) (₹ 3,222.0) (₹ 9,779.0) (₹ 16,812.0) (₹ 11,792.0) (₹ 1,444.0) (₹ 9,122.0) (₹ 19,349.0) ₹ 0.0
Financial liabilities ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 (₹ 316.0) (₹ 338.0) (₹ 232.0) (₹ 364.0)
Other financing items (₹ 545.0) (₹ 8,046.0) (₹ 4,590.0) (₹ 12,627.0) (₹ 202.0) (₹ 144.0) (₹ 107.0) ₹ 0.0 ₹ 0.0 (₹ 40,984.0)
Cash flow from Financing Activities (₹ 5,051.0) (₹ 13,955.0) (₹ 11,304.0) (₹ 12,425.0) (₹ 39,255.0) (₹ 10,242.0) (₹ 15,547.0) (₹ 17,565.0) (₹ 28,903.0) (₹ 34,142.0)

Net Cash Flow ₹ 6,637.0 (₹ 2,817.0) ₹ 8,907.0 ₹ 10,133.0 (₹ 11,184.0) ₹ 5,046.0 (₹ 3,109.0) (₹ 1,834.0) (₹ 949.0) ₹ 2,829.0
 VEDANTA LTD - Sales Forecasting VEDANTA LTD - EBITDA Forecasting VEDANTA LTD - EPS Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year EPS EPS Growth
1 2014A 66,152.4 1 2014A 19,595.1 1 2014A 34.9
2 2015A 73,709.5 11.42% 2 2015A 22,114.4 12.86% 2 2015A -38.4 -210.00%
3 2016A 64,261.8 -12.82% 3 2016A -18,479.4 -183.56% 3 2016A -60.3 57.06%
4 2017A 72,225.0 12.39% 4 2017A 21,376.0 -215.67% 4 2017A 38.2 -163.37%
5 2018A 91,866.0 27.19% 5 2018A 24,877.0 16.38% 5 2018A 36.8 -3.52%
6 2019A 92,048.0 0.20% 6 2019A 23,171.0 -6.86% 6 2019A 26.1 -29.17%
7 2020A 84,447.0 -8.26% 7 2020A 20,743.0 -10.48% 7 2020A -12.8 -148.91%
8 2021A 88,021.0 4.23% 8 2021A 27,318.0 31.70% 8 2021A 40.4 -416.95%
9 2022A 1,32,732.0 50.80% 9 2022A 44,824.0 64.08% 9 2022A 63.8 57.71%
10 2023A 1,47,308.0 10.98% 10 2023A 34,422.0 -23.21% 10 2023A 39.0 -38.82%
11 2024E 1,34,583.8 -8.64% 11 2024E 39,255.8 14.04% 11 2024E 53.2 36.31%
12 2025E 1,42,457.8 5.85% 12 2025E 42,394.0 7.99% 12 2025E 59.8 12.44%
13 2026E 1,50,331.7 5.53% 13 2026E 45,532.1 7.40% 13 2026E 66.4 11.07%
14 2027E 1,58,205.7 5.24% 14 2027E 48,670.2 6.89% 14 2027E 73.1 9.96%
15 2028E 1,66,079.6 4.98% 15 2028E 51,808.4 6.45% 15 2028E 79.7 9.06%
 Calculation of ROIC Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Current Assets
Inventories 13,198.0 11,335.0 9,923.0 14,313.0 15,012.0
Trade receivables 3,982.0 2,697.0 3,491.0 4,946.0 4,014.0
Short term loans 687.0 221.0 2,425.0 2,617.0 3,760.0
Other asset items 27,981.0 24,517.0 30,052.0 34,029.0 35,893.0
Total Current Assets 45,848.0 38,770.0 45,891.0 55,905.0 58,679.0

Current Liablitities
Non controlling int 15,227.0 17,112.0 15,138.0 17,321.0 10,004.0
Trade Payables 17,352.0 16,972.0 15,889.0 21,531.0 24,744.0
Advance from Customers 9,194.0 7,887.0 6,233.0 4,127.0 6,860.3
Other liability items 28,272.0 24,946.0 26,291.0 32,222.0 55,557.0
Total Current Assets 70,045.0 66,917.0 63,551.0 75,201.0 97,165.3

# Net Working Capital -24,197.0 -28,147.0 -17,660.0 -19,296.0 -38,486.3

Non Current Assets

Land 2,558.0 2,900.0 3,100.0 3,215.0 3,404.1
Building 14,030.0 14,688.0 14,961.0 15,284.0 15,614.6
Plant Machinery 99,853.0 1,04,514.0 1,09,870.0 1,16,073.0 1,20,524.1
Ships Vessels 0.0 0.0 0.0 0.0 0.0
Equipments 831.0 974.0 1,078.0 1,164.0 1,266.3
Furniture n fittings 384.0 410.0 456.0 499.0 532.8
Railway sidings 0.0 0.0 0.0 0.0 0.0
Vehicles 359.0 394.0 376.0 402.0 413.5
Intangible Assets 224.0 247.0 236.0 221.0 220.3
Other fixed assets 14,207.0 15,824.0 18,582.0 22,074.0 24,644.8

Gross Block 1,32,446.0 1,39,951.0 1,48,659.0 1,58,932.0 1,66,620.5

Accumulated Depriciation (46,119.0) (53,824.0) (60,657.0) (69,434.0) (76,912.2)
Net Block 86,327.0 86,127.0 88,002.0 89,498.0 89,708.3

# Invested Capital 62,130.0 57,980.0 70,342.0 70,202.0 51,222.0

EBIT 14,979.0 11,650.0 19,680.0 35,929.0 23,867.0

# ROIC 24.11% 20.09% 27.98% 51.18% 46.60%

Calculaton of Re-investment Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Capex 8817 7669 6718 10305 13654

Change in Working Capital -3,950.0 10,487.0 -1,636.0 -19,190.3

EBIT 14,979.0 11,650.0 19,680.0 35,929.0 23,867.0

Marginal Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT (1-T) 10,485.3 8,155.0 13,776.0 25,150.3 16,706.9

Re-investment 3,719.0 17,205.0 8,669.0 -5,536.3

Re-investment Rate 45.60% 124.89% 34.47% 0.00%

4 year Average 51.24%

4 year Median 40.04%

Calculation of Growth Rate Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Re-investment Rate 45.60% 124.89% 34.47% 0.00%

ROIC 20.09% 27.98% 51.18% 46.60%

Intrinsic Growth 9.16% 34.94% 17.64% 0.00%

4 year Average 15.44%

4 year Median 13.40%
 Financial Statements
Particulars Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Share Capital -
Preference Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 2.0
Equity Capital 87.0 87.0 296.0 296.0 296.0 297.0 372.0 372.0 372.0 372.0 372.0 372.0

Reserves 15,031.0 17,388.0 72,712.0 53,579.0 43,743.0 60,128.0 62,940.0 61,925.0 54,263.0 61,906.0 65,011.0 39,051.0

Borrowings -
Long term Borrowings 1,116.0 1,179.0 54,966.0 52,025.0 49,378.0 30,255.0 26,789.0 34,721.0 36,724.0 37,962.0 36,205.0 43,476.0
Short term Borrowings 2,618.0 3,652.0 17,395.0 19,941.0 12,290.0 32,245.0 21,951.0 22,982.0 13,076.0 19,066.0 16,904.0 22,706.0
Lease Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 641.0 474.0 446.0
Other Borrowings 7.0 8.0 8,206.0 5,786.0 6,110.0 9,069.0 9,419.0 8,523.0 9,385.0 (2.0) (2.0)

Other Liabilities -
Non controlling int 0.0 0.0 33,797.0 35,530.0 36,561.0 13,928.0 15,961.0 15,227.0 17,112.0 15,138.0 17,321.0 10,004.0
Trade Payables 887.0 321.0 4,167.0 5,278.0 16,162.0 18,459.0 17,843.0 17,352.0 16,972.0 15,889.0 21,531.0 24,744.0
Advance from Customers 14.0 10.0 379.0 317.0 2,567.0 4,721.0 4,944.0 9,194.0 7,887.0 6,233.0 4,127.0
Other liability items 640.0 392.0 22,202.0 17,529.0 24,873.0 27,844.0 20,148.0 28,272.0 24,946.0 26,291.0 32,222.0 55,557.0

Total Liabilities 20,400.0 23,037.0 2,14,120.0 1,90,281.0 1,91,980.0 1,96,946.0 1,80,367.0 1,98,568.0 1,80,739.0 1,83,498.0 1,94,167.0 1,96,356.0

Fixed Assets -
Land 256.0 272.0 1,655.0 1,738.0 2,005.0 2,088.0 2,156.0 2,558.0 2,900.0 3,100.0 3,215.0
Building 112.0 315.0 7,497.0 8,918.0 11,496.0 11,941.0 12,543.0 14,030.0 14,688.0 14,961.0 15,284.0
Plant Machinery 1,391.0 1,755.0 52,802.0 62,003.0 69,387.0 81,813.0 90,752.0 99,853.0 1,04,514.0 1,09,870.0 1,16,073.0
Ships Vessels 328.0 328.0 474.0 407.0 649.0 650.0 0.0 0.0 0.0 0.0 0.0
Equipments 13.0 14.0 636.0 779.0 679.0 676.0 722.0 831.0 974.0 1,078.0 1,164.0
Furniture n fittings 10.0 11.0 194.0 373.0 306.0 306.0 336.0 384.0 410.0 456.0 499.0
Railway sidings 0.0 0.0 901.0 1,137.0 958.0 1,262.0 0.0 0.0 0.0 0.0 0.0
Vehicles 23.0 27.0 295.0 320.0 340.0 108.0 126.0 359.0 394.0 376.0 402.0
Intangible Assets 1,919.0 2,168.0 39,238.0 17,790.0 672.0 672.0 897.0 224.0 247.0 236.0 221.0 4,232.0
Other fixed assets 18.0 177.0 12,633.0 12,467.0 697.0 8,662.0 10,805.0 14,207.0 15,824.0 18,582.0 22,074.0
Gross Block 4,070.0 5,067.0 1,16,325.0 1,05,932.0 87,189.0 1,08,178.0 1,18,337.0 1,32,446.0 1,39,951.0 1,48,659.0 1,58,932.0 4,232.0
Accumulated Depreciation (764.0) (930.0) (29,056.0) (35,759.0) (25,598.0) (32,547.0) (39,882.0) (46,119.0) (53,824.0) (60,657.0) (69,434.0) 0.0
Net Block 3,306.0 4,137.0 87,269.0 70,173.0 61,591.0 75,631.0 78,455.0 86,327.0 86,127.0 88,002.0 89,498.0 4,232.0

CWIP 837.0 723.0 43,128.0 38,748.0 38,461.0 27,557.0 32,055.0 24,959.0 18,585.0 16,314.0 15,879.0 17,434.0

Investments 14,167.0 16,059.0 37,910.0 39,606.0 53,386.0 46,962.0 28,700.0 33,065.0 24,753.0 16,660.0 17,291.0 13,150.0

Other Assets -
Inventories 875.0 961.0 9,034.0 8,725.0 8,012.0 9,628.0 11,967.0 13,198.0 11,335.0 9,923.0 14,313.0 15,012.0
Trade receivables 549.0 142.0 4,620.0 3,605.0 2,494.0 2,240.0 3,969.0 3,982.0 2,697.0 3,491.0 4,946.0 4,014.0
Cash Equivalents 98.0 36.0 7,686.0 5,696.0 3,709.0 14,123.0 5,216.0 8,369.0 12,502.0 16,629.0 15,592.0 9,254.0
Short term loans 4.0 41.0 61.0 52.0 125.0 251.0 494.0 687.0 221.0 2,425.0 2,617.0 3,760.0
Other asset items 564.0 939.0 24,477.0 23,741.0 24,203.0 20,554.0 19,511.0 27,981.0 24,517.0 30,052.0 34,029.0 35,893.0

Total Assets 20,400.0 23,038.0 2,14,185.0 1,90,346.0 1,91,981.0 1,96,946.0 1,80,367.0 1,98,568.0 1,80,737.0 1,83,496.0 1,94,165.0 1,02,749.0

Particulars Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Cash from Operating Activity - 2,215.0 22.0 15,601.0 17,805.0 20,377.0 18,083.0 17,366.0 23,754.0 19,300.0 23,980.0 34,963.0 33,065.0
Profit from operations 3,440.0 476.0 20,999.0 23,719.0 15,126.0 21,490.0 25,339.0 24,239.0 21,372.0 27,659.0 45,465.0 34,823.0
Receivables 140.0 376.0 (3,338.0) 743.0 1,513.0 (917.0) (1,685.0) (2,690.0) 462.0 (3,215.0) (8,199.0) 1,662.0
Inventory (138.0) (86.0) 231.0 305.0 667.0 (1,623.0) (2,215.0) (418.0) 1,990.0 1,409.0 (4,373.0) (728.0)
Payables (93.0) (387.0) 483.0 1,200.0 3,568.0 5,706.0 101.0 5,236.0 (3,389.0) 235.0 7,806.0 3,665.0
Loans Advances (52.0) 0.0 1,367.0 (1,150.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating investments 0.0 0.0 0.0 0.0 (398.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other WC items 0.0 0.0 234.0 (3,632.0) 2,352.0 (1,372.0) (976.0) 0.0 0.0 0.0 0.0 0.0
Working capital changes (143.0) (97.0) (1,024.0) (2,534.0) 7,702.0 1,794.0 (4,775.0) 2,128.0 (937.0) (1,571.0) (4,766.0) 4,599.0
Direct taxes (1,082.0) (357.0) (4,374.0) (3,380.0) (2,451.0) (5,201.0) (3,198.0) (2,613.0) (1,135.0) (2,108.0) (5,736.0) (6,357.0)

Cash from Investing Activity - (4,724.0) (311.0) (2,890.0) (4,133.0) (7,868.0) 2,681.0 15,480.0 (10,594.0) (5,925.0) (6,678.0) (2,243.0) (693.0)
Fixed assets purchased (739.0) (626.0) (7,284.0) (10,656.0) (5,514.0) (5,516.0) (7,334.0) (8,942.0) (7,814.0) (6,886.0) (10,630.0) (13,787.0)
Fixed assets sold 2.0 4.0 52.0 82.0 102.0 81.0 38.0 125.0 145.0 168.0 325.0 133.0
Investments purchased 0.0 (8,774.0) (1,02,920.0) (1,15,057.0) (1,07,404.0) (93,585.0) (82,841.0) (83,339.0) (98,793.0) (75,160.0) (87,135.0) (1,11,289.0)
Investments sold 8,403.0 9,113.0 95,099.0 1,14,854.0 1,02,124.0 1,03,201.0 1,02,592.0 83,362.0 1,06,416.0 83,330.0 86,848.0 1,15,244.0
Interest received 27.0 4.0 1,355.0 1,559.0 1,052.0 1,144.0 1,405.0 884.0 830.0 2,035.0 1,868.0 1,674.0
Dividends received 110.0 219.0 251.0 0.0 3.0 1.0 10.0 30.0 18.0 2.0 1.0 18.0
Invest in subsidiaries (458.0) 0.0 0.0 0.0 0.0 (4.0) 0.0 0.0 0.0 0.0 0.0 0.0
Investment in group cos (13,075.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Acquisition of companies 0.0 (261.0) 0.0 0.0 0.0 0.0 (859.0) 0.0 0.0 0.0 0.0 0.0
Inter corporate deposits 994.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other investing items 10.0 10.0 10,557.0 5,085.0 1,769.0 (2,641.0) 2,469.0 (2,714.0) (6,727.0) (10,167.0) 6,480.0 7,314.0

Cash from Financing Activity - 1,726.0 238.0 (5,052.0) (13,956.0) (11,303.0) (12,425.0) (39,255.0) (10,242.0) (15,547.0) (17,565.0) (28,903.0) (34,142.0)
Proceeds from shares 0.0 0.0 0.0 0.0 0.0 2.0 34.0 4.0 0.0 0.0 0.0 0.0
Proceeds from borrowings 2,578.0 4,719.0 56,896.0 81,279.0 73,582.0 38,056.0 12,509.0 21,264.0 16,299.0 18,412.0 34,172.0 42,470.0
Repayment of borrowings (57.0) (3,525.0) (54,513.0) (77,792.0) (71,277.0) (21,927.0) (29,778.0) (13,565.0) (24,657.0) (21,169.0) (38,220.0) (29,734.0)
Interest paid fin (237.0) (258.0) (4,675.0) (6,290.0) (5,797.0) (6,150.0) (5,006.0) (6,009.0) (5,322.0) (5,348.0) (5,274.0) (5,530.0)
Dividends paid (558.0) (201.0) (2,214.0) (3,106.0) (3,222.0) (9,779.0) (16,812.0) (11,792.0) (1,444.0) (9,122.0) (19,349.0) 0.0
Financial liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (316.0) (338.0) (232.0) (364.0)
Other financing items 0.0 (497.0) (545.0) (8,046.0) (4,590.0) (12,627.0) (202.0) (144.0) (107.0) 0.0 0.0 (40,984.0)

Net Cash Flow (784.0) (51.0) 7,659.0 (284.0) 1,206.0 8,339.0 (6,409.0) 2,918.0 (2,172.0) (263.0) 3,817.0 (1,770.0)
COMPANY NAME VEDANTA LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
CURRENT VERSION 2.10

META
Number of shares 371.72
Face Value 1
Current Price 276.75
Market Capitalization 102873.42

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sales 66152.41 73709.5 64261.76 72225 91866 92048 84447 88021 132732 147308
Raw Material Cost 23870.7 24613.76 21793.05 23109 31802 26078 21486 22890 37305 44527
Change in Inventory 772.02 -55.45 -318.9 1229 -450 -72 -1017 -792 2049 377
Power and Fuel 7386.14 8273.69 9301.54 10402 14026 18144 16606 13674 21164 30950
Other Mfr. Exp 4832.2 4835.56 4963.16 5928 6038 8482 9244 8730 12218
Employee Cost 2766.26 2922.04 2613.78 2345 2501 3023 2672 2861 2811 3098
Selling and admin 4180.77 5583.66 5583.55 6341 7156 6229 5316 5175 7823
Other Expenses 4293.31 5310.98 38167.2 3953 5016 6849 7363 6581 8636 34688
Other Income 1874.21 -19221.54 4289.82 4423 6087 4270 -14932 2743 1832 2634
Depreciation 6882.32 7159.16 8572.44 6292 6283 8192 9093 7638 8895 10555
Interest 5094.41 5658.78 5778.13 5855 5112 5689 4977 5210 4797 6225
Profit before tax 9492.53 -9925.12 -28540.17 13652 19569 13560 -8259 17213 32964 20276
Tax -846.85 1448.36 -10677.55 2333 5877 3862 -3516 2180 9255 5770
Net profit 6298.51 -15645.77 -12270.47 6958 10342 7065 -6664 11602 18802 10574
Dividend Amount 963.62 1215.65 1037.75 5776.65 7886.4 7012.2 1450.8 3534 16740 37758

EBITDA 19,595.05 22,114.36 -18,479.42 21,376.00 24,877.00 23,171.00 20,743.00 27,318.00 44,824.00 34,422.00

Quarters
Report Date Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 22735 28206 28412 30401 34097 39822 38622 36654 34102 37930
Expenses 14978 19169 18541 19987 23287 26189 28425 28955 27035 28471
Other Income 886 86 605 576 472 275 733 931 1619 -631
Depreciation 1912 2055 2124 2118 2274 2379 2464 2624 2720 2765
Interest 1321 1325 1182 1066 1216 1333 1206 1642 1572 1805
Profit before tax 5410 5743 7170 7806 7792 10196 7260 4364 4394 4258
Tax 1186 -1886 1888 1994 2438 2935 1668 1674 1302 1126
Net profit 3299 6432 4224 4615 4164 5799 4421 1808 2464 1881
Operating Profit 7757 9037 9871 10414 10810 13633 10197 7699 7067 9459

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital 296.5 296.5 296.5 297 372 372 372 372 372 372
Reserves 72712.16 53578.77 43742.67 60128 62940 61925 54263 61906 65011 39051
Borrowings 80566.04 77752.3 67777.81 71569 58159 66226 59185 57667 53581 66628
Other Liabilities 60545.1 58653.61 80163.37 64952 58896 70045 66917 63551 75201 90305
Total 214119.8 190281.18 191980.35 196946 180367 198568 180737 183496 194165 196356
Net Block 87205.43 70107.83 61590.85 75631 78455 86327 86127 88002 89498 97839
Capital Work in Progress 43127.69 38747.95 38461.33 27557 32055 24959 18585 16314 15879 17434
Investments 37909.58 39606.04 53385.98 46962 28700 33065 24753 16660 17291 13150
Other Assets 45877.1 41819.36 38542.19 46796 41157 54217 51272 62520 71497 67933
Total 214119.8 190281.18 191980.35 196946 180367 198568 180737 183496 194165 196356
Receivables 4619.64 3605.13 2493.75 2240 3969 3982 2697 3491 4946 4014
Inventory 9033.79 8725.02 8011.65 9628 11967 13198 11335 9923 14313 15012
Cash & Bank 7685.5 5696.28 3708.79 14123 5216 8369 12502 16629 15592 9254
No. of Equity Shares 2965004900 2965004871 2965004871 2970000000 3720000000 3720000000 3720000000 3720000000 3720000000
New Bonus Shares
Face value 1 1 1 1 1 1 1 1 1 1

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity 15600.8 17805.13 20376.92 18083 17366 23754 19300 23980 34963 33065
Cash from Investing Activity -2889.96 -4133.09 -7867.89 2681 15480 -10594 -5925 -6678 -2243 -693
Cash from Financing Activity -5051.63 -13955.77 -11302.95 -12425 -39255 -10242 -15547 -17565 -28903 -34142
Net Cash Flow 7659.21 -283.73 1206.08 8339 -6409 2918 -2172 -263 3817 -1770

PRICE: 188.55 189.5 89.85 274.95 277.85 184.45 64.7 228.75 403.35 274.45

DERIVED:
Adjusted Equity Shares in Cr 296.47 296.47 296.47 296.47 371.72 371.72 371.72 371.72 371.72 371.72
Weighted Average Cost of Capital

All figures are in INR unless otherwise stated

Peer Comps
Debt / Debt / Levered Unlevered
Name of the Comp Country Total Debt Total Equity Tax Rate 1 Equity Caital Beta 2 Beta 3

Vedanta India 66,628.0 1,04,323.1 30% 63.87% 38.97% 1.31 0.91

Coal India India 4,331.4 1,40,325.3 30% 3.09% 2.99% 0.78 0.77
NMDC India 422.7 31,416.1 30% 1.35% 1.33% 1.05 1.04
NMDC Steel India 3,841.9 12,648.5 30% 30.37% 23.30% 0.65 0.53
KIOCL India 537.3 11,723.5 30% 4.58% 4.38% 0.87 0.84

Average 30% 21% 14% 0.93 0.82

Median 30% 5% 4% 0.87 0.84

Cost of Debt Cost of Equity

Pre-Tax cost of Debt 9.34% Risk Free Rate 7.03%

Tax Rate 30.00% Equity Risk Premium 8.38%
Post Tax Cost of Debt 6.54% Leveraged Beta 4 0.937166295
Cost of Equtiy 8.30%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.84

Total Debt 66628.0 38.97% 14.20% Target Debt/Equity 16.54%
Market Capitalization 104323.1 61.03% 85.80% Tax Rate 30.00%
Total Capital 170951.1 100.00% 100.00% Levered Beta 0.937166295

Debt/Equity 63.87% 16.54% Weighted Average Cost of Capital

Cost of Equity 8.30%

Notes: Equity Weight 85.80%
1. Tax Rate considered as marginal tax rate for the country
2. Levered beta is based on 5 year monthly data Cost of Debt 6.54%
3. Unlevered Beta = Levered Beta/(1+(1-Tax rate)*'Debt/Equity') Debt Weight 14.20%
4. Levered Beta = Unlevered Beta*(1+(1-Tax rate)*'Debt/Equity')
WACC 8.05%
Regression Beta - 5 years Weekly

Vedanta Returns NIFTY Returns Beta Drifting

Date Adj Closing Price Weekly Return Adj Closing Price Weekly Return Levered Raw Beta 1.31
18-06-2018 103.92 10821.85 Raw Beta Wright 75.00%
25-06-2018 107.40 3.35% 10714.30 -0.99%
02-07-2018 99.63 -7.24% 10772.65 0.54% Market Beta 1.00
09-07-2018 95.69 -3.95% 11018.90 2.29% Market Beta Weight 25.00%
16-07-2018 92.03 -3.83% 11010.20 -0.08%
23-07-2018 99.92 8.57% 11278.35 2.44% Adjusted Beta 1.23
30-07-2018 101.13 1.21% 11360.80 0.73%
06-08-2018 101.72 0.58% 11429.50 0.60%
13-08-2018 97.85 -3.80% 11470.75 0.36% Using Beta 1 1.31
20-08-2018 101.88 4.11% 11557.10 0.75% Slope Beta 2 1.31
27-08-2018 103.54 1.63% 11680.50 1.07% Covariance/Variance
03-09-2018 104.70 1.12% 11589.10 -0.78% Beta 3 1.31
10-09-2018 107.13 2.32% 11515.20 -0.64% Regression
17-09-2018 104.79 -2.19% 11143.10 -3.23% SUMMARY OUTPUT
24-09-2018 105.63 0.80% 10930.45 -1.91%
01-10-2018 105.33 -0.28% 10316.45 -5.62% Regression Statistics
08-10-2018 97.44 -7.49% 10472.50 1.51% Multiple R 0.505917
15-10-2018 95.99 -1.49% 10303.55 -1.61% R Square 0.255952
22-10-2018 92.60 -3.53% 10030.00 -2.65% Adjusted R Square
0.253068
29-10-2018 102.72 10.93% 10553.00 5.21% Standard Error
0.056918
05-11-2018 95.06 -7.46% 10585.20 0.31% Observations 260
12-11-2018 101.82 7.11% 10682.20 0.92%
19-11-2018 98.27 -3.48% 10526.75 -1.46% ANOVA
26-11-2018 96.42 -1.88% 10876.75 3.32% df SS MS F Significance F
03-12-2018 96.35 -0.08% 10693.70 -1.68% Regression 1 0.287529482 0.287529482 88.75186807 2.65105E-18
10-12-2018 99.26 3.01% 10805.45 1.05% Residual 258 0.83584276 0.003239701
17-12-2018 98.49 -0.77% 10754.00 -0.48% Total 259 1.123372242
24-12-2018 98.17 -0.32% 10859.90 0.98%
31-12-2018 94.97 -3.26% 10727.35 -1.22% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
07-01-2019 96.79 1.92% 10794.95 0.63% Intercept 0.002613 0.003546954 0.73671534 0.461964847 -0.004371572 0.009597763 -0.004371572 0.009597763
14-01-2019 97.83 1.07% 10906.95 1.04% -0.00994 1.311989 0.139264843 9.420820987 2.65105E-18 1.037748634 1.586229678 1.037748634 1.586229678
21-01-2019 95.86 -2.01% 10780.55 -1.16%
28-01-2019 79.83 -16.72% 10893.65 1.05%
 S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Eq Cap Rs.Cr. Reserves Rs.Cr.
1 Vedanta 280.65 104323.11 66628.00 372.00 39051.00
2 Coal India 227.70 140325.32 4331.42 6162.73 51082.16
3 NMDC 107.20 31416.08 422.66 293.07 22327.76
4 NMDC Steel 43.16 12648.50 3841.88 2930.61 14117.97
5 KIOCL 192.90 11723.53 537.32 607.75 1394.29

Regression Beta - 5 years Weekly

Beta 0.782779774 Beta 1.047973213 Beta 0.645176 Beta 0.86684664

Coal India Returns NMDC Returns NMDC Steel Returns KIOCL Return NIFTY Returns

Date Adj Closing PriceWeekly Return Adj Closing PriceWeekly Return Adj Closing Price Weekly Return Adj Closing Price
Weekly Return Adj Closing Price Weekly Return
18-06-2018 169.18 81.63 193.15 10821.85
25-06-2018 168.86 -0.19% 80.51 -1.37% 181.72 -5.92% 10714.30 -0.99%
02-07-2018 173.23 2.59% 76.86 -4.53% 177.18 -2.49% 10772.65 0.54%
09-07-2018 171.06 -1.25% 74.29 -3.34% 178.87 0.95% 11018.90 2.29%
16-07-2018 168.31 -1.61% 71.69 -3.51% 158.42 -11.43% 11010.20 -0.08%
23-07-2018 167.45 -0.51% 77.31 7.84% 180.90 14.19% 11278.35 2.44%
30-07-2018 178.37 6.52% 79.66 3.03% 164.11 -9.28% 11360.80 0.73%
06-08-2018 176.17 -1.24% 78.80 -1.08% 159.73 -2.67% 11429.50 0.60%
13-08-2018 179.75 2.03% 77.94 -1.09% 171.73 7.52% 11470.75 0.36%
20-08-2018 185.88 3.41% 77.12 -1.05% 160.59 -6.49% 11557.10 0.75%
27-08-2018 182.65 -1.74% 83.04 7.68% 164.14 2.21% 11680.50 1.07%
03-09-2018 183.04 0.21% 88.63 6.73% 172.09 4.84% 11589.10 -0.78%
10-09-2018 177.16 -3.21% 92.35 4.20% 219.47 27.53% 11515.20 -0.64%
17-09-2018 175.82 -0.76% 86.21 -6.65% 164.82 -24.90% 11143.10 -3.23%
24-09-2018 170.07 -3.27% 84.31 -2.20% 152.81 -7.29% 10930.45 -1.91%
01-10-2018 167.99 -1.22% 81.44 -3.40% 149.70 -2.03% 10316.45 -5.62%
08-10-2018 177.96 5.93% 82.86 1.74% 155.86 4.11% 10472.50 1.51%
15-10-2018 175.76 -1.24% 81.63 -1.48% 151.45 -2.83% 10303.55 -1.61%
22-10-2018 179.56 2.16% 79.17 -3.01% 148.78 -1.76% 10030.00 -2.65%
29-10-2018 167.07 -6.95% 85.54 8.04% 158.57 6.58% 10553.00 5.21%
05-11-2018 171.48 2.64% 82.04 -4.09% 173.73 9.56% 10585.20 0.31%
12-11-2018 168.41 -1.79% 75.04 -8.53% 160.65 -7.53% 10682.20 0.92%
19-11-2018 163.94 -2.66% 71.20 -5.11% 154.26 -3.98% 10526.75 -1.46%
26-11-2018 156.43 -4.58% 71.39 0.26% 147.77 -4.21% 10876.75 3.32%
03-12-2018 151.23 -3.33% 68.67 -3.81% 136.87 -7.38% 10693.70 -1.68%
10-12-2018 157.87 4.39% 70.08 2.06% 143.99 5.20% 10805.45 1.05%
17-12-2018 161.45 2.27% 70.46 0.53% 145.15 0.81% 10754.00 -0.48%
24-12-2018 154.77 -4.13% 71.13 0.95% 143.21 -1.34% 10859.90 0.98%
31-12-2018 155.58 0.52% 69.97 -1.62% 146.46 2.27% 10727.35 -1.22%
07-01-2019 152.78 -1.80% 68.67 -1.86% 144.04 -1.65% 10794.95 0.63%
14-01-2019 151.30 -0.97% 67.55 -1.63% 141.66 -1.65% 10906.95 1.04%
21-01-2019 145.35 -3.93% 67.40 -0.22% 132.55 -6.43% 10780.55 -1.16%
28-01-2019 146.83 1.02% 71.02 5.36% 137.50 3.73% 10893.65 1.05%
04-02-2019 143.83 -2.04% 69.79 -1.73% 126.59 -7.93% 10943.60 0.46%
11-02-2019 144.69 0.59% 68.26 -2.19% 121.51 -4.02% 10724.40 -2.00%
18-02-2019 141.40 -2.27% 72.06 5.56% 125.53 3.31% 10791.65 0.63%
25-02-2019 153.04 8.23% 76.53 6.20% 126.16 0.50% 10863.50 0.67%
04-03-2019 154.52 0.97% 81.96 7.10% 139.48 10.56% 11035.40 1.58%
11-03-2019 160.74 4.02% 85.35 4.13% 137.45 -1.46% 11426.85 3.55%
18-03-2019 152.58 -5.07% 79.66 -6.68% 135.75 -1.23% 11456.90 0.26%
25-03-2019 159.98 4.85% 81.76 2.65% 137.69 1.43% 11623.90 1.46%
01-04-2019 158.30 -1.05% 82.43 0.81% 138.42 0.53% 11665.95 0.36%
08-04-2019 162.41 2.60% 81.49 -1.14% 135.17 -2.35% 11643.45 -0.19%
15-04-2019 169.60 4.42% 81.96 0.58% 131.68 -2.58% 11752.80 0.94%
22-04-2019 168.96 -0.38% 78.09 -4.73% 127.13 -3.46% 11754.65 0.02%
29-04-2019 170.03 0.64% 78.36 0.35% 126.69 -0.34% 11712.25 -0.36%
06-05-2019 162.72 -4.30% 73.23 -6.54% 118.31 -6.62% 11278.90 -3.70%
13-05-2019 159.28 -2.11% 70.84 -3.26% 114.43 -3.28% 11407.15 1.14%
20-05-2019 165.18 3.71% 76.56 8.07% 125.53 9.70% 11844.10 3.83%
27-05-2019 170.98 3.51% 79.30 3.58% 134.40 7.06% 11922.80 0.66%
03-06-2019 179.11 4.75% 81.84 3.21% 127.56 -5.08% 11870.65 -0.44%
10-06-2019 172.09 -3.92% 83.84 2.44% 121.22 -4.98% 11823.30 -0.40%
17-06-2019 171.48 -0.35% 87.09 3.87% 116.28 -4.08% 11724.10 -0.84%
24-06-2019 171.18 -0.18% 88.42 1.53% 126.40 8.71% 11788.85 0.55%
01-07-2019 163.15 -4.69% 86.58 -2.08% 125.72 -0.54% 11811.15 0.19%
08-07-2019 155.97 -4.40% 87.83 1.45% 116.37 -7.44% 11552.50 -2.19%
15-07-2019 149.67 -4.04% 90.26 2.76% 111.53 -4.16% 11419.25 -1.15%
22-07-2019 142.08 -5.07% 87.09 -3.51% 111.58 0.04% 11284.30 -1.18%
29-07-2019 133.01 -6.38% 82.59 -5.17% 114.05 2.21% 10997.35 -2.54%
05-08-2019 140.02 5.27% 79.73 -3.46% 123.98 8.71% 11109.65 1.02%
12-08-2019 136.21 -2.72% 80.51 0.98% 119.23 -3.83% 11047.80 -0.56%
19-08-2019 126.80 -6.91% 62.66 -22.17% 109.15 -8.45% 10829.35 -1.98%
26-08-2019 124.61 -1.73% 65.09 3.87% 120.40 10.31% 11023.25 1.79%
02-09-2019 133.95 7.50% 65.44 0.54% 119.62 -0.65% 10946.20 -0.70%
09-09-2019 133.68 -0.20% 67.48 3.11% 127.66 6.72% 11075.90 1.18%
16-09-2019 134.93 0.93% 68.38 1.33% 123.00 -3.65% 11274.20 1.79%
23-09-2019 134.46 -0.35% 71.63 4.75% 121.68 -1.08% 11512.40 2.11%
30-09-2019 125.32 -6.80% 74.76 4.37% 117.66 -3.30% 11174.75 -2.93%
07-10-2019 127.51 1.75% 75.74 1.31% 115.99 -1.42% 11305.05 1.17%
14-10-2019 138.91 8.94% 85.21 12.51% 116.48 0.42% 11661.85 3.16%
21-10-2019 136.82 -1.51% 84.03 -1.38% 118.29 1.56% 11583.90 -0.67%
28-10-2019 139.68 2.10% 86.46 2.89% 119.32 0.87% 11890.60 2.65%
04-11-2019 141.13 1.04% 81.22 -6.07% 129.42 8.46% 11908.15 0.15%
11-11-2019 135.67 -3.87% 78.05 -3.90% 117.27 -9.39% 11895.45 -0.11%
18-11-2019 134.22 -1.07% 78.48 0.55% 116.04 -1.05% 11914.40 0.16%
25-11-2019 138.44 3.14% 80.28 2.29% 114.67 -1.18% 12056.05 1.19%
02-12-2019 129.50 -6.46% 86.46 7.70% 109.76 -4.28% 11921.50 -1.12%
09-12-2019 132.37 2.21% 89.44 3.44% 107.95 -1.65% 12086.70 1.39%
16-12-2019 135.43 2.32% 97.34 8.84% 109.18 1.14% 12271.80 1.53%
23-12-2019 137.26 1.34% 98.71 1.41% 109.62 0.40% 12245.80 -0.21%
30-12-2019 142.89 4.10% 101.18 2.50% 120.50 9.93% 12226.65 -0.16%
06-01-2020 138.47 -3.09% 94.76 -6.34% 122.27 1.46% 12256.80 0.25%
13-01-2020 140.22 1.27% 101.57 7.19% 122.36 0.08% 12352.35 0.78%
20-01-2020 130.81 -6.71% 100.87 -0.69% 118.69 -3.00% 12248.25 -0.84%
27-01-2020 117.02 -10.54% 82.12 -18.59% 114.57 -3.47% 11962.10 -2.34%
03-02-2020 124.81 6.66% 89.04 8.44% 113.88 -0.60% 12098.35 1.14%
10-02-2020 117.86 -5.57% 83.25 -6.51% 110.45 -3.01% 12113.45 0.12%
17-02-2020 120.97 2.63% 82.20 -1.27% 104.42 -5.46% 12080.85 -0.27%
24-02-2020 113.58 -6.11% 75.13 -8.59% 92.41 -11.50% 11201.75 -7.28%
02-03-2020 113.82 0.21% 77.28 2.85% 86.48 -6.42% 10989.45 -1.90%
09-03-2020 103.94 -8.68% 62.20 -19.51% 70.55 -18.42% 9955.20 -9.41%
16-03-2020 89.57 -13.82% 59.23 -4.77% 62.11 -11.95% 8745.45 -12.15%
23-03-2020 96.84 8.12% 60.59 2.29% 52.90 -14.84% 8660.25 -0.97%
30-03-2020 101.29 4.59% 65.29 7.75% 58.39 10.38% 8083.80 -6.66%
06-04-2020 103.53 2.21% 65.70 0.63% 65.89 12.85% 9111.90 12.72%
13-04-2020 109.38 5.65% 66.28 0.88% 77.31 17.34% 9266.75 1.70%
20-04-2020 100.74 -7.90% 60.80 -8.27% 78.63 1.71% 9154.40 -1.21%
27-04-2020 109.19 8.39% 66.36 9.15% 77.26 -1.75% 9859.90 7.71%
04-05-2020 94.85 -13.13% 60.26 -9.19% 75.01 -2.92% 9251.50 -6.17%
11-05-2020 95.30 0.47% 60.84 0.96% 73.19 -2.42% 9136.85 -1.24%
18-05-2020 92.06 -3.40% 59.69 -1.90% 67.75 -7.43% 9039.25 -1.07%
25-05-2020 103.90 12.86% 66.85 12.01% 68.98 1.81% 9580.30 5.99%
01-06-2020 106.51 2.51% 73.20 9.49% 84.66 22.74% 10142.15 5.86%
08-06-2020 99.01 -7.04% 72.04 -1.58% 98.19 15.98% 9972.90 -1.67%
15-06-2020 100.92 1.93% 67.92 -5.72% 102.61 4.49% 10244.40 2.72%
22-06-2020 104.49 3.53% 69.33 2.06% 109.96 7.17% 10383.00 1.35%
29-06-2020 99.45 -4.82% 68.01 -1.90% 100.60 -8.52% 10607.35 2.16%
06-07-2020 96.47 -2.99% 69.45 2.12% 97.17 -3.41% 10768.05 1.51%
13-07-2020 96.03 -0.46% 71.06 2.31% 97.61 0.45% 10901.70 1.24%
20-07-2020 96.77 0.77% 69.98 -1.51% 106.72 9.34% 11194.15 2.68%
27-07-2020 95.04 -1.79% 69.04 -1.35% 124.13 16.31% 11073.45 -1.08%
03-08-2020 95.41 0.39% 73.40 6.32% 119.28 -3.91% 11214.05 1.27%
10-08-2020 96.95 1.62% 76.70 4.49% 130.89 9.74% 11178.40 -0.32%
17-08-2020 102.57 5.80% 79.17 3.22% 149.38 14.12% 11371.60 1.73%
24-08-2020 102.24 -0.32% 88.56 11.86% 138.49 -7.29% 11647.60 2.43%
31-08-2020 97.39 -4.75% 77.19 -12.84% 132.46 -4.35% 11333.85 -2.69%
07-09-2020 91.99 -5.55% 73.98 -4.16% 123.44 -6.81% 11464.45 1.15%
14-09-2020 90.92 -1.16% 71.59 -3.23% 121.68 -1.43% 11504.95 0.35%
21-09-2020 86.10 -5.30% 65.33 -8.75% 113.93 -6.37% 11050.25 -3.95%
28-09-2020 86.21 0.13% 68.05 4.16% 117.63 3.25% 11416.95 3.32%
05-10-2020 84.49 -2.00% 67.18 -1.27% 117.39 -0.21% 11914.20 4.36%
12-10-2020 81.88 -3.09% 68.42 1.84% 132.57 12.94% 11762.45 -1.27%
19-10-2020 86.55 5.70% 69.90 2.17% 113.25 -14.58% 11930.35 1.43%
26-10-2020 83.97 -2.97% 67.92 -2.83% 110.49 -2.44% 11642.40 -2.41%
02-11-2020 89.56 6.66% 74.47 9.64% 109.65 -0.76% 12263.55 5.34%
09-11-2020 93.46 4.35% 77.44 3.98% 110.39 0.67% 12719.95 3.72%
16-11-2020 89.30 -4.45% 76.99 -0.59% 115.51 4.64% 12859.05 1.09%
23-11-2020 98.05 9.80% 79.42 3.16% 114.08 -1.24% 12968.95 0.85%
30-11-2020 104.10 6.17% 88.03 10.84% 122.17 7.09% 13258.55 2.23%
07-12-2020 107.97 3.71% 91.32 3.74% 128.09 4.84% 13513.85 1.93%
14-12-2020 110.66 2.50% 95.32 4.38% 140.95 10.05% 13760.55 1.83%
21-12-2020 106.41 -3.85% 93.38 -2.03% 142.33 0.98% 13749.25 -0.08%
28-12-2020 105.70 -0.66% 95.85 2.65% 137.21 -3.60% 14018.50 1.96%
04-01-2021 109.10 3.21% 103.39 7.86% 137.75 0.40% 14347.25 2.35%
11-01-2021 111.87 2.54% 100.30 -2.99% 133.81 -2.86% 14433.70 0.60%
18-01-2021 104.03 -7.02% 92.19 -8.09% 129.02 -3.57% 14371.90 -0.43%
25-01-2021 98.32 -5.48% 86.67 -5.99% 125.67 -2.60% 13634.60 -5.13%
01-02-2021 110.00 11.87% 95.61 10.31% 129.37 2.94% 14924.25 9.46%
08-02-2021 104.53 -4.97% 92.60 -3.15% 138.49 7.05% 15163.30 1.60%
15-02-2021 108.75 4.03% 97.17 4.94% 137.85 -0.46% 14981.75 -1.20%
22-02-2021 118.86 9.30% 104.63 7.67% 149.63 8.55% 14529.15 -3.02%
01-03-2021 118.01 -0.72% 109.49 4.65% 164.47 9.92% 14938.10 2.81%
08-03-2021 117.54 -0.40% 110.48 0.90% 156.73 -4.71% 15030.95 0.62%
15-03-2021 106.45 -9.44% 109.86 -0.56% 139.18 -11.20% 14744.00 -1.91%
22-03-2021 104.69 -1.65% 104.42 -4.95% 137.31 -1.35% 14507.30 -1.61%
29-03-2021 106.75 1.97% 121.11 15.98% 148.45 8.11% 14867.35 2.48%
05-04-2021 104.61 -2.01% 127.05 4.91% 156.14 5.18% 14834.85 -0.22%
12-04-2021 103.28 -1.27% 124.65 -1.89% 147.22 -5.72% 14617.85 -1.46%
19-04-2021 101.91 -1.33% 121.28 -2.70% 143.22 -2.71% 14341.35 -1.89%
26-04-2021 107.48 5.47% 136.24 12.33% 161.56 12.81% 14631.10 2.02%
03-05-2021 110.55 2.86% 161.61 18.62% 165.26 2.29% 14823.15 1.31%
10-05-2021 118.59 7.27% 162.48 0.54% 205.69 24.46% 14677.80 -0.98%
17-05-2021 118.91 0.27% 154.13 -5.14% 205.74 0.02% 15175.30 3.39%
24-05-2021 118.67 -0.20% 156.80 1.73% 243.11 18.16% 15435.65 1.72%
31-05-2021 123.68 4.22% 169.09 7.84% 290.29 19.41% 15670.25 1.52%
07-06-2021 131.39 6.24% 160.86 -4.86% 290.78 0.17% 15799.35 0.82%
14-06-2021 118.26 -9.99% 155.88 -3.10% 273.72 -5.87% 15683.35 -0.73%
21-06-2021 120.16 1.61% 155.48 -0.25% 272.39 -0.49% 15860.35 1.13%
28-06-2021 119.27 -0.74% 160.03 2.93% 270.32 -0.76% 15722.20 -0.87%
05-07-2021 118.51 -0.64% 146.56 -8.42% 260.41 -3.67% 15689.80 -0.21%
12-07-2021 117.58 -0.78% 156.31 6.65% 260.96 0.21% 15923.40 1.49%
19-07-2021 116.41 -1.00% 151.77 -2.91% 257.60 -1.28% 15856.05 -0.42%
26-07-2021 115.76 -0.56% 158.50 4.44% 293.35 13.88% 15763.05 -0.59%
02-08-2021 118.02 1.95% 156.01 -1.57% 293.15 -0.07% 16238.20 3.01%
09-08-2021 116.12 -1.61% 150.24 -3.70% 266.67 -9.03% 16529.10 1.79%
16-08-2021 109.54 -5.67% 132.08 -12.08% 259.62 -2.64% 16450.50 -0.48%
23-08-2021 111.92 2.18% 133.13 0.79% 249.17 -4.03% 16705.20 1.55%
30-08-2021 118.22 5.63% 135.23 1.58% 250.45 0.51% 17323.60 3.70%
06-09-2021 123.07 4.10% 132.96 -1.68% 259.62 3.66% 17369.25 0.26%
13-09-2021 129.73 5.42% 128.94 -3.03% 253.59 -2.32% 17585.15 1.24%
20-09-2021 137.52 6.00% 122.46 -5.02% 240.79 -5.05% 17853.20 1.52%
27-09-2021 156.23 13.61% 125.66 2.61% 249.37 3.56% 17532.05 -1.80%
04-10-2021 156.02 -0.13% 127.36 1.36% 269.42 8.04% 17895.20 2.07%
11-10-2021 152.17 -2.47% 134.31 5.46% 283.21 5.12% 18338.55 2.48%
18-10-2021 145.63 -4.30% 124.65 -7.20% 260.94 -7.87% 18114.90 -1.22%
25-10-2021 136.15 -6.51% 125.22 0.46% 259.94 -0.38% 17671.65 -2.45%
01-11-2021 141.32 3.80% 124.52 -0.56% 264.21 1.64% 17916.80 1.39%
08-11-2021 138.22 -2.20% 125.13 0.49% 266.15 0.73% 18102.75 1.04%
15-11-2021 127.00 -8.12% 118.79 -5.07% 250.37 -5.93% 17764.80 -1.87%
22-11-2021 129.07 1.63% 118.88 0.07% 238.86 -4.60% 17026.45 -4.16%
29-11-2021 132.26 2.47% 127.67 7.40% 229.82 -3.78% 17196.70 1.00%
06-12-2021 125.26 -5.29% 129.37 1.34% 232.46 1.15% 17511.30 1.83%
13-12-2021 128.49 2.57% 118.04 -8.76% 260.31 11.98% 16985.20 -3.00%
20-12-2021 128.00 -0.38% 123.54 4.65% 264.39 1.57% 17003.75 0.11%
27-12-2021 128.13 0.10% 124.19 0.53% 256.97 -2.81% 17354.05 2.06%
03-01-2022 137.70 7.46% 129.17 4.01% 255.38 -0.62% 17812.70 2.64%
10-01-2022 144.54 4.97% 135.97 5.27% 258.91 1.38% 18255.75 2.49%
17-01-2022 139.28 -3.64% 130.20 -4.25% 258.12 -0.31% 17617.15 -3.50%
24-01-2022 141.82 1.83% 128.66 -1.18% 245.61 -4.84% 17101.95 -2.92%
31-01-2022 140.72 -0.77% 142.91 11.08% 257.07 4.66% 17516.30 2.42%
07-02-2022 146.08 3.80% 147.34 3.10% 236.90 -7.85% 17374.75 -0.81%
14-02-2022 146.78 0.48% 132.43 -10.12% 221.80 -6.37% 17276.30 -0.57%
21-02-2022 143.40 -2.30% 136.48 3.06% 204.32 -7.88% 16658.40 -3.58%
28-02-2022 163.69 14.15% 143.36 5.04% 238.09 16.53% 16245.35 -2.48%
07-03-2022 164.37 0.41% 152.26 6.21% 230.22 -3.31% 16630.45 2.37%
14-03-2022 159.67 -2.86% 146.45 -3.81% 226.29 -1.71% 17287.05 3.95%
21-03-2022 168.30 5.41% 152.12 3.87% 221.56 -2.09% 17153.00 -0.78%
28-03-2022 168.35 0.03% 161.21 5.98% 217.77 -1.71% 17670.45 3.02%
04-04-2022 175.94 4.51% 168.86 4.74% 232.17 6.61% 17784.35 0.64%
11-04-2022 168.75 -4.09% 162.23 -3.93% 222.35 -4.23% 17475.65 -1.74%
18-04-2022 182.82 8.33% 161.55 -0.42% 226.69 1.95% 17171.95 -1.74%
25-04-2022 165.36 -9.55% 155.50 -3.74% 222.50 -1.85% 17102.55 -0.40%
02-05-2022 169.48 2.49% 147.57 -5.10% 220.16 -1.05% 16411.25 -4.04%
09-05-2022 152.57 -9.98% 131.74 -10.72% 202.78 -7.90% 15782.15 -3.83%
16-05-2022 168.17 10.23% 141.76 7.60% 216.92 6.98% 16266.15 3.07%
23-05-2022 164.46 -2.20% 120.95 -14.68% 199.34 -8.11% 16352.45 0.53%
30-05-2022 178.16 8.33% 122.79 1.52% 196.60 -1.37% 16584.30 1.42%
06-06-2022 179.52 0.76% 115.67 -5.79% 192.62 -2.03% 16201.80 -2.31%
13-06-2022 165.18 -7.98% 105.12 -9.12% 189.38 -1.68% 15293.50 -5.61%
20-06-2022 159.67 -3.34% 104.10 -0.97% 191.67 1.21% 15699.25 2.65%
27-06-2022 165.72 3.79% 106.14 1.95% 192.17 0.26% 15752.05 0.34%
04-07-2022 171.65 3.57% 105.46 -0.64% 194.66 1.30% 16220.60 2.97%
11-07-2022 174.90 1.90% 96.70 -8.31% 194.31 -0.18% 16049.20 -1.06%
18-07-2022 178.25 1.91% 100.72 4.15% 197.50 1.64% 16719.45 4.18%
25-07-2022 191.05 7.18% 104.35 3.60% 200.04 1.29% 17158.25 2.62%
01-08-2022 188.51 -1.33% 107.35 2.88% 197.25 -1.39% 17397.50 1.39%
08-08-2022 200.45 6.33% 113.15 5.41% 191.97 -2.68% 17698.15 1.73%
15-08-2022 199.10 -0.67% 112.28 -0.77% 192.82 0.44% 17758.45 0.34%
22-08-2022 210.84 5.89% 119.01 5.99% 203.42 5.50% 17558.90 -1.12%
29-08-2022 210.24 -0.28% 118.09 -0.77% 198.99 -2.18% 17539.45 -0.11%
05-09-2022 217.85 3.62% 119.98 1.60% 203.67 2.35% 17833.35 1.68%
12-09-2022 211.84 -2.76% 121.14 0.97% 212.70 4.43% 17530.85 -1.70%
19-09-2022 204.33 -3.55% 123.80 2.20% 195.60 -8.04% 17327.35 -1.16%
26-09-2022 194.61 -4.76% 123.66 -0.12% 188.60 -3.58% 17094.35 -1.34%
03-10-2022 210.61 8.22% 130.53 5.56% 188.40 -0.11% 17314.65 1.29%
10-10-2022 216.70 2.90% 128.11 -1.85% 186.05 -1.25% 17185.70 -0.74%
17-10-2022 218.86 0.99% 126.17 -1.51% 179.70 -3.41% 17576.30 2.27%
24-10-2022 224.08 2.39% 97.72 -22.55% 179.60 -0.06% 17786.80 1.20%
31-10-2022 225.60 0.68% 108.12 10.65% 180.20 0.33% 18117.15 1.86%
07-11-2022 232.20 2.93% 110.06 1.79% 178.00 -1.22% 18349.70 1.28%
14-11-2022 210.47 -9.36% 107.54 -2.29% 175.70 -1.29% 18307.65 -0.23%
21-11-2022 225.87 7.32% 114.51 6.48% 195.65 11.35% 18512.75 1.12%
28-11-2022 221.19 -2.07% 116.06 1.35% 217.75 11.30% 18696.10 0.99%
05-12-2022 223.38 0.99% 118.24 1.88% 204.95 -5.88% 18496.60 -1.07%
12-12-2022 219.28 -1.84% 119.59 1.15% 211.00 2.95% 18269.00 -1.23%
19-12-2022 209.91 -4.27% 107.98 -9.71% 184.95 -12.35% 17806.80 -2.53%
26-12-2022 219.67 4.65% 119.11 10.31% 228.20 23.38% 18105.30 1.68%
02-01-2023 209.13 -4.80% 117.90 -1.02% 213.95 -6.24% 17859.45 -1.36%
09-01-2023 209.96 0.40% 126.90 7.64% 221.60 3.58% 17956.60 0.54%
16-01-2023 221.58 5.53% 123.37 -2.78% 214.55 -3.18% 18027.65 0.40%
23-01-2023 217.09 -2.03% 119.01 -3.53% 209.70 -2.26% 17604.35 -2.35%
30-01-2023 213.67 -1.57% 114.85 -3.50% 201.25 -4.03% 17854.05 1.42%
06-02-2023 206.45 -3.38% 114.99 0.13% 203.40 1.07% 17856.50 0.01%
13-02-2023 217.50 5.35% 117.32 2.02% 198.15 -2.58% 17944.20 0.49%
20-02-2023 217.05 -0.21% 108.41 -7.59% 31.95 196.15 -1.01% 17465.80 -2.67%
27-02-2023 222.95 2.72% 113.45 4.65% 38.25 19.72% 194.25 -0.97% 17594.35 0.74%
06-03-2023 224.35 0.63% 114.50 0.93% 37.45 -2.09% 191.00 -1.67% 17412.90 -1.03%
13-03-2023 221.65 -1.20% 115.05 0.48% 34.80 -7.08% 179.35 -6.10% 17100.05 -1.80%
20-03-2023 208.45 -5.96% 108.35 -5.82% 32.55 -6.47% 175.45 -2.17% 16945.05 -0.91%
27-03-2023 213.65 2.49% 111.55 2.95% 31.05 -4.61% 168.55 -3.93% 17359.75 2.45%
03-04-2023 221.70 3.77% 111.00 -0.49% 32.75 5.48% 175.70 4.24% 17599.15 1.38%
10-04-2023 225.50 1.71% 111.30 0.27% 31.70 -3.21% 180.15 2.53% 17828.00 1.30%
17-04-2023 230.05 2.02% 109.85 -1.30% 36.00 13.56% 192.75 6.99% 17624.05 -1.14%
24-04-2023 233.10 1.33% 108.50 -1.23% 36.90 2.50% 195.05 1.19% 18065.00 2.50%
01-05-2023 237.40 1.84% 108.25 -0.23% 37.70 2.17% 194.10 -0.49% 18069.00 0.02%
08-05-2023 235.05 -0.99% 106.70 -1.43% 37.55 -0.40% 189.30 -2.47% 18314.80 1.36%
15-05-2023 239.90 2.06% 105.65 -0.98% 37.05 -1.33% 186.40 -1.53% 18203.40 -0.61%
22-05-2023 241.50 0.67% 106.50 0.80% 40.80 10.12% 188.75 1.26% 18499.35 1.63%
29-05-2023 230.90 -4.39% 108.90 2.25% 44.45 8.95% 194.20 2.89% 18534.10 0.19%
05-06-2023 227.65 -1.41% 107.55 -1.24% 43.95 -1.12% 191.70 -1.29% 18563.40 0.16%
12-06-2023 228.55 0.40% 107.00 -0.51% 42.90 -2.39% 193.40 0.89% 18826.00 1.41%
Year Annual 100
2000 -14.65%
2001 -16.18% Average Return 15.41%
2002 3.25% Dividend yield 1.36% 1
2003 71.90% Total Market Return 15.41%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
Calculation of PV of FCFF Mar-23A Mar-24F Mar-25F Mar-26F Mar-27F Mar-28F

EBIT 23,867.00 27,065.68 30,693.05 34,806.56 39,471.36 44,761.35

Tax rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

EBIT (1-T) 16,706.90 18,945.97 21,485.13 24,364.59 27,629.95 31,332.95

Re-investment Rate 51.24% 51.24% 51.24% 51.24% 51.24% 51.24%

Capex

Free Cash Flow to Firm 8,146.13 9,237.88 10,475.95 11,879.94 13,472.10 15,277.65

Mid year Convention 0.5 1.5 2.5 3.5 4.5

Discounting Factor 0.962 0.890 0.824 0.763 0.706

PV of FCFF 8,887.20 9,327.64 9,789.90 10,275.07 10,784.29

Expected Growth 13.40%

Terminal Growth 1.50%
WACC 8.05%

Calculation of Terminal value

FCFF (n+1) 17,325.17

WACC 8.05%
Terminal Growth Rate 1.50%
Terminal Value 2,64,610.42
Sensitivity Analysis
Calculation of Terminal value 481.33 6.05% 7.05% 8.05% 9.05% 10.05%
0.50% 630.2 505.8 414.6 344.9 289.9
PV of FCFF 49,064.10 1.00% 694.0 549.1 445.5 367.8 307.4
PV of Terminal Value 1,86,785.01 1.50% 771.9 600.1 481.1 393.7 327.0
Value of Operating Assets (EV) 2,35,849.11 2.00% 869.0 661.3 522.6 423.4 349.0
2.50% 993.4 736.0 571.6 457.6 373.9
Add: Cash 9,254.00 3.00% 1,158.6 829.0 630.3 497.4 402.4
Less: Debt 66,182.00
Value of Equity 1,78,921.11
No. of Shares 371.72

Equity Value per Share 481.33

CMP 280
Comparable Company Valuation Amount in crores except for Share price

Market Data Financials Valuation

Share Entreprise Net
Company Ticker Share Price Outstanding Equity Value Net Debt Value Revenue EBITDA Income EV/Revenue EV/EBITDA P/E
Vedanta 278 371.72 1,03,320 57,374 1,60,694 1,47,308 34,431 14,503 1.1x 4.7x 7.1x
Coal India 231 616.27 1,42,358 -35,590 1,06,768 1,38,252 36,810 28,125 0.8x 2.9x 5.1x
NMDC 105 293.06 30,669 -6,675 23,994 17,667 6,053 5,603 1.4x 4.0x 5.5x
KIOCL 190 60.78 11,542 -236 11,306 1,543 -164 -98 7.3x -68.8x -118.2x
GMDC 165 31.80 5,261 -98 5,164 3,501 1,348 1,216 1.5x 3.8x 4.3x
Sandur Manganese 1,232 2.70 3,327 -287 3,040 2,126 393 271 1.4x 7.7x 12.3x
MOIL 162 20.35 3,306 -813 2,493 1,342 369 251 1.9x 6.8x 13.2x
Maithan Alloys 978 2.91 2,846 -1,109 1,738 2,885 586 499 0.6x 3.0x 5.7x
Orissa Minerals 3,398 0.60 2,039 108 2,147 38 -6 -26 57.2x -368.2x -78.7x
Indian Metals 321 5.40 1,733 308 2,040 2,676 488 226 0.8x 4.2x 7.7x
High 57.2x 7.7x 13.2x
75th Percentile 1.8x 4.5x 7.5x
Average 7.4x -40.0x -13.6x
Median 1.4x 3.9x 5.6x
25th Percentile 0.9x 2.9x 4.5x
Low 0.6x -368.2x -118.2x

Vedanta Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 2,05,367 1,34,199 1,38,432
Net Debt 57,374 57,374 57,374
Implied Market Value 1,47,993 76,825 81,058
Shares Outstanding 372 372 372

Implied Value per share 398 207 218

Source: Screener.in
Undervalued Overvalued Overvalued
Data
S.No. Name CMP Rs. No. Eq. Shares Cr. Market Capitalization Debt Rs.Cr. Cash End Rs.Cr. Net Debt EV EV Rs.Cr. Sales Rs.Cr. EBITDA NP 12M Rs.Cr.
1 Coal India 231.00 616.27 142358.37 4331.42 39921.85 -35590.43 106767.94 106768.59 138251.91 36809.73 28124.94
2 Vedanta 277.95 371.72 103319.57 66628.00 9254.00 57374.00 160693.57 160693.48 147308.00 34431.00 14503.00
3 NMDC 104.65 293.06 30668.73 422.66 7097.75 -6675.09 23993.64 23993.70 17666.88 6052.53 5602.56
4 KIOCL 189.90 60.78 11542.12 537.32 773.29 -235.97 11306.15 11305.22 1543.42 -164.26 -97.67
5 GMDC 165.45 31.80 5261.31 0.50 98.08 -97.58 5163.73 5163.73 3501.45 1347.87 1215.73
6 Sandur Manganese 1232.40 2.70 3327.48 206.07 493.32 -287.25 3040.23 3040.95 2125.81 392.63 270.91
7 MOIL 162.45 20.35 3305.86 0.00 812.50 -812.50 2493.36 2493.12 1341.65 369.10 250.59
8 Maithan Alloys 978.10 2.91 2846.27 19.81 1128.55 -1108.74 1737.53 1738.66 2884.95 586.24 498.99
9 Orissa Minerals 3397.70 0.60 2038.62 270.82 162.64 108.18 2146.80 2231.19 37.54 -5.83 -25.91
10 Indian Metals 320.85 5.40 1732.59 340.53 32.97 307.56 2040.15 2038.68 2676.39 488.48 225.78

12 Ashapura Minech. 126.60 9.15 1158.39 757.97 78.19 478.61 1837.99 1830.85 172.57 109.74
13 Dec.Gold Mines 59.78 12.68 758.01 3.35 0.71 755.37 760.86 0.34 -2.69 -2.81
14 South West Pinn. 151.50 2.79 422.69 64.51 7.56 365.74 479.67 123.96 19.99 8.32
15 Shyam Century 19.60 21.22 415.91 2.92 104.71 517.70 314.07 180.99 33.17 26.64
 Football Field Analysis - Data
Football Field Analysis Valuation Summary (Rs)
OpenLow Low OpenHigh High
1,400.00 Comps 207 207 398 398
₹ 1,158.60 DCF Bear 245.5 245.5 331.1 331.1
1,200.00
DCF Base 414.6 414.6 630.3 630.3
1,000.00 DCF Bull 630.2 630.2 1158.6 1158.6
52W H/L 206 206 341 341
800.00
₹ 630.30
600.00
₹ 398.00 ₹ 630.20
₹ 331.10 ₹ 341.00
400.00
₹ 414.60
200.00
₹ 207.00 ₹ 245.50
₹ 206.00
0.00
Comps DCF Bear DCF Base DCF Bull 52W H/L
Date Adj Close Return Sorted Return Replication Simulated Return Calculation of Value at Risk - Vedanta Ltd (Historical)
26-12-2003 4.543056 0.385895643 1.089147511 1 0.027595665
27-11-2003 3.278065 4.789148828 1.01225808 2 0.037067711 Mean 0.15%
15-04-2003 0.566243 -0.834570648 0.968253803 3 0.025604994 Std Devidation 4.38%
27-04-2004 3.422869 -0.35703117 0.89483774 4 -0.013655615 Min -50.00%
14-10-2004 5.323538 1.802869663 0.858714931 5 0.070650786 Max 108.91%
11-03-1998 1.899317 -0.888987355 0.583611399 6 0.036348099 CMP 278.10
19-09-2005 17.109015 -0.418895943 0.21467004 7 -0.079171377
15-02-2016 29.442257 45.77977851 0.185770786 8 -0.00662417
04-06-2002 0.62938 -0.12916424 0.183973152 9 0.044894948 Percentile Confidence VAR% Stock Price VAR (INR)
06-06-2002 0.722731 -0.986970581 0.164776491 10 0.023320665 5.00% 95.00% -4.76% 264.86 -13.24
20-08-2013 55.469166 66.23755323 0.163650389 11 -0.032724865 1.00% 99.00% -8.00% 255.86 -22.24
18-06-2002 0.824973 -0.985938039 0.155683346 12 -0.02468262 0.50% 99.50% -9.85% 250.71 -27.39
18-05-2009 58.666996 -0.039931674 0.154716741 13 0.007062877
09-06-2009 61.107105 0.187186002 0.150262864 14 0.055620133
23-01-2008 51.472225 -0.105849035 0.147963846 15 0.020122843
23-07-2008 57.565475 19.04265623 0.145135548 16 -0.013972961
06-11-2003 2.872148 -0.813760557 0.139918138 17 -0.01487382
15-06-2006 15.421803 8.451058799 0.13841257 18 0.06745123
18-08-2003 1.631754 -0.976903321 0.138306221 19 0.033116324
29-08-2013 70.648857 3.590555881 0.137747636 20 -0.065725529
31-10-2005 15.390044 17.95157572 0.135422795 21 0.017217173
13-05-2003 0.812072 -0.985801581 0.133900047 22 -0.048506827
22-08-2013 57.194538 -0.523694759 0.133090549 23 -0.019594181
14-10-2009 120.07959 109.9922135 0.133011761 24 -0.042173437
20-05-2003 1.081874 -0.976509369 0.132218077 25 0.003314923
30-04-2020 46.055553 0.071107547 0.1313959 26 0.040427983
22-09-2008 42.998066 -0.809585918 0.129578905 27 0.017729139
18-10-2021 225.813477 8.592879102 0.129105114 28 0.039691406
22-12-2006 23.539698 -0.585074315 0.12864249 29 -0.003098649
15-10-2007 56.732323 -0.212215607 0.128520063 30 0.03670915
29-04-2008 72.015038 123.1760621 0.126223089 31 -0.058686381
16-01-2003 0.579943 -0.954653146 0.125554341 32 -0.009849524
 Date Adj Close Return Sorted Return Replication Simulated Return Calculation of Value at Risk - Vedanta Ltd (Historical)
26-12-2003 4.543056 0.385895643 1.089147511 1 -0.036617516
27-11-2003 3.278065 4.789148828 1.01225808 2 0.088575807 Historical Approach
15-04-2003 0.566243 -0.834570648 0.968253803 3 0.083102822 Mean 0.15%
27-04-2004 3.422869 -0.35703117 0.89483774 4 -0.037102864 Std Devidation 4.38%
14-10-2004 5.323538 1.802869663 0.858714931 5 -0.041369666 Min -50.00%
11-03-1998 1.899317 -0.888987355 0.583611399 6 0.009682672 Max 108.91%
19-09-2005 17.109015 -0.418895943 0.21467004 7 -0.084834314 CMP 278.10
15-02-2016 29.442257 45.77977851 0.185770786 8 -0.070573543
04-06-2002 0.62938 -0.12916424 0.183973152 9 -0.016432378 Monte Carlo Simulation
06-06-2002 0.722731 -0.986970581 0.164776491 10 0.0898989 Mean 0.06%
20-08-2013 55.469166 66.23755323 0.163650389 11 -0.032281202 Std Devidation 4.40%
18-06-2002 0.824973 -0.985938039 0.155683346 12 -0.002327555 Min -15.64%
18-05-2009 58.666996 -0.039931674 0.154716741 13 0.040108713 Max 17.04%
09-06-2009 61.107105 0.187186002 0.150262864 14 0.041363741 CMP 278.10
23-01-2008 51.472225 -0.105849035 0.147963846 15 -0.015859455
23-07-2008 57.565475 19.04265623 0.145135548 16 0.038714025 Percentile Confidence VAR% Stock Price VAR (INR)
06-11-2003 2.872148 -0.813760557 0.139918138 17 -0.033138715 5.00% 95.00% -7.17% 258.16 -19.94
15-06-2006 15.421803 8.451058799 0.13841257 18 0.004766331 1.00% 99.00% -10.23% 249.66 -28.44
18-08-2003 1.631754 -0.976903321 0.138306221 19 -0.009448535 0.50% 99.50% -10.95% 247.65 -30.45
29-08-2013 70.648857 3.590555881 0.137747636 20 -0.100962525
31-10-2005 15.390044 17.95157572 0.135422795 21 0.03102233
13-05-2003 0.812072 -0.985801581 0.133900047 22 0.003713388
22-08-2013 57.194538 -0.523694759 0.133090549 23 0.016265096
14-10-2009 120.07959 109.9922135 0.133011761 24 0.033317544
20-05-2003 1.081874 -0.976509369 0.132218077 25 0.074342045
30-04-2020 46.055553 0.071107547 0.1313959 26 0.036201628
22-09-2008 42.998066 -0.809585918 0.129578905 27 0.053290056
18-10-2021 225.813477 8.592879102 0.129105114 28 0.010748538
22-12-2006 23.539698 -0.585074315 0.12864249 29 -0.023620166
15-10-2007 56.732323 -0.212215607 0.128520063 30 0.014069255
29-04-2008 72.015038 123.1760621 0.126223089 31 -0.098772885
16-01-2003 0.579943 -0.954653146 0.125554341 32 -0.016417692
22-02-2005 12.789046 3.032737932 0.124686863 33 -0.043139654
12-11-2003 3.171306 -0.93075511 0.121248634 34 -0.042782934
12-05-2020 45.798412 -0.804803152 0.118718875 35 -0.037252328
17-05-2022 234.626801 8.588060485 0.117882522 36 0.018994492
25-11-2008 24.470726 -0.377976296 0.1160571 37 -0.016135005
VEDANTA LTD
Metals & Mining | BSE Code: 500295
INR 276.75
52 Week (High INR 341 and Low INR 209)

About the Company

Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil &
gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil
& gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE.
Its other businesses includes commercial power generation, steel manufacturing & port operations in India and
manufacturing of glass substrate in South Korea and Taiwan.

Financial Summary

Revenue (INR Crs.) Net Profit (INR Crs.) Average Total Assets (INR Crs.)
18,802 1,95,261
1,47,308
1,32,732
11,602 1,89,653 1,88,831
10,574
84,447 88,021
1,82,117

2020 2021 2022 2023

2020 2021 2022 2023 -6,664 2020 2021 2022 2023

Return on Equity (INR Crs.) Return on Assets (INR Crs.) Financial Leverage
3.7x
29% 3.2x 3.1x
10% 3.0x
20% 20%
6%
5%

2020 2021 2022 2023

2020 2021 2022 2023
-11%
-4% 2020 2021 2022 2023

• Vedanta reported a 67.5% YoY drop in its Q4FY23 net profit at Rs 1,881 crore.
• The company's revenue from operations dropped 5.4% YoY to Rs 37,225 crore.
• EBITDA margin reduced to 29% in Q4 from 39% in the Q4FY22 while the consolidated quarterly EBITDA
stood at Rs 9,362 crore, up 32% QoQ.
• FY23 EBITDA decreased by 22% to ₹ 35,241 crore, on account of lower output commodity prices and
higher input commodity prices, partly offset by higher sales, strategic hedging and foreign exchange
gains.
• In Q4FY23, the ROCE came in at 21% while the pre-capex free cash flow rose 11% QoQ to Rs 7,211
crore.
• Vedanta Resources, parent of Vedanta Ltd, has repaid debt approximately $250mn, $150mn from
Barclays and $100mn from Standard Chartered Bank
• VEDL is undertaking multiple expansions to enhance the alumina and aluminum capacities at a capex of
over USD1b over the next two years.
• VEDL will enhance its VAP portfolio to 90% from 60% that will ensure higher margins across the
products.
 DUPONT Analysis - Return on Equity and Return on Assets

Return on Equity (ROE)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6958 10342 7065 -6664 11602 18802 10574
Average Shareholder Equity 52232.09 61868.5 62804.5 58466 58456.5 63830.5 52403
Return on Equity 13.32% 16.72% 11.25% -11.40% 19.85% 29.46% 20.18%

ROE - DUPONT Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6958 10342 7065 -6664 11602 18802 10574
Revenue 72225 91866 92048 84447 88021 132732 147308
Net Profit Margin (A) 9.63% 11.26% 7.68% -7.89% 13.18% 14.17% 7.18%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Revenue 72225 91866 92048 84447 88021 132732 147308
Average Total Assets 194463.2 188656.5 189467.5 189652.5 182116.5 188830.5 195260.5
Asset turnover ratio (B) 0.4x 0.5x 0.5x 0.4x 0.5x 0.7x 0.8x

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Average Total Assets 194463.2 188656.5 189467.5 189652.5 182116.5 188830.5 195260.5
Average Shareholders Equity 52232.09 61868.5 62804.5 58466 58456.5 63830.5 52403
Equity Multiplier (C) 3.7x 3.0x 3.0x 3.2x 3.1x 3.0x 3.7x

Return on Equity (A*B*C) 13.32% 16.72% 11.25% -11.40% 19.85% 29.46% 20.18%

Return on Asset
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6958 10342 7065 -6664 11602 18802 10574
Average Total Assets 194463.2 188656.5 189467.5 189652.5 182116.5 188830.5 195260.5
Return on Assets 3.58% 5.48% 3.73% -3.51% 6.37% 9.96% 5.42%

ROA - DUPONT Equation

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Profit 6958 10342 7065 -6664 11602 18802 10574
Revenue 72225 91866 92048 84447 88021 132732 147308
Net Profit Margin (A) 9.63% 11.26% 7.68% -7.89% 13.18% 14.17% 7.18%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Revenue 72225 91866 92048 84447 88021 132732 147308
Average Total Assets 194463.2 188656.5 189467.5 189652.5 182116.5 188830.5 195260.5
Asset Turnover Ratio (B) 0.4x 0.5x 0.5x 0.4x 0.5x 0.7x 0.8x

Return on Assets (A*B) 3.58% 5.48% 3.73% -3.51% 6.37% 9.96% 5.42%

• During the COVID year ROE became negative, and dropped to -11.40%.
• Moreover, the effect in ROE was maily because of fall in net profit margins and asset turnover.
• Recently, the ROE of company dropped to 20.18% in FY23 from 29.46% in FY22
• While during the same time Equity Multiplier/Financial leverage of the company spiked from 3x to 3.7x
with Asset turnover ratio remaining flat, meaning the drop in ROE is because of fall in Net PRofit
margins which almost halfed in FY23 i.e., 7.18% from FY22 levels i.e., 14.17%.
• Moreover, due to drop in Net Profit margins, there is also a drop in Return on Assets from FY22 to FY23
• Reason for pressure in Net Profit Margins: Lower output commodity prices and higher input
commodity prices
Disclaimer: This report is for educational purpose only. The author of this report is not liable for any action taken basis this report. It would be
better to consult SEBI resistered analysts before taking any decision.