Vedanta Resources Ltd. on Thursday said it generated an EBITDA of $4.6 billion and a pre-capex free cash flow of $2.8 billion during financial year 2022-23.
While the earnings before interest, taxes, depreciation and amortization in FY23 was its second highest, the pre-capex cash flow was its all-time high, the company said in a statement.
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"Vedanta has generated EBITDA of $4.6 billion in FY23 and free cash flow pre-capex of $2.8 billion. It was accompanied by a significant improvement in its balance sheet position, with Vedanta gross debt falling from $9.8 billion to $7.8 billion in the twelve months to March 2023, with further continued deleveraging thereafter to a position of $6.4 billion as at end May 2023, as previously announced," it said.
The company said it expects further improvement in its capital structure, based on the robust EBITDA and free cash flow estimates for FY24. As part of company's ongoing balance sheet management, all maturities for Q1 FY24 have been prepaid, it said.
With no significant maturities for the next 6 months, the Group is now focused on addressing 2024 and beyond and remains fully confident that it will continue to meet all its maturities in a timely manner, the statement said.
London-headquartered Vedanta said it continues to see tremendous opportunity to capitalise upon India's exceptional growth and it is noteworthy that demand is growing at double-digit rates for most of the company's products.
Vedanta owns 68% in Vedanta Ltd as well as a 79% stake in Konkola Copper Mines, one of the largest copper deposits in Africa.
Vedanta Resources is a diversified global natural resources company. Its portfolio includes zinc, aluminium, oil & gas, silver, copper, iron ore & steel, and battery metals.
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