Vedanta Q1 Review - Growth Available At 11% Dividend Yield: Centrum Broking

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Centrum Broking Report

Vedanta Ltd. reported in-line adjusted Ebitda of Rs 99.7 billion, up 10% q-o-q (our estimate: Rs 99.6 billion).

The outperformance in aluminum, international zinc and iron ore was offset by underperformance in Zinc India and oil and gas.

Excluding-Hindustan Zinc Ltd., Vedanta's Ebitda was Rs 64.6 billion, up 24% q-o-q (fourth consecutive q-o-q increase) due to higher commodity prices.

We revise our FY22E/FY23E Ebitda by 3%/6% to factor in higher zinc and aluminum prices, partly offset by lower volume in oil and gas and higher profit sharing by the government.

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