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ICICI Securities Report
Vedanta Ltd. has reported in-line Q3 FY21 Ebitda of Rs 77.6 billion.
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Inter-company loans to parent Vedanta Resources Ltd. stood at $956 million as at Q3 FY21-end (unchanged QoQ).
Management guided for reduction of intercompany loans as per repayment schedule. Also, all dividend received from Hindustan Zinc Ltd. need not be upstreamed, as per extant dividend policy and under special circumstances.
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While Q3 FY21 was underpinned by strong operational performance, capital allocation remains uncertain.
FY21E capex will be lower than previously guided.
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