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Vedanta Ltd., the Indian subsidiary of Vedanta Resources Ltd., reported its quarterly results yesterday, that were subdued. The company’s revenue declined by 6% to INR 349.4bn ($4.2bn) and its net profit declined by 27% YoY to INR 13.7bn ($160mn) due to surging finance costs and weak metal prices. The company reported a reduction in net debt to INR 563.4bn ($6.76bn), with its net debt to EBITDA ratio improving to 1.5x from 1.7x in the previous quarter. According to the press release, the company expects to complete the demerger of its businesses end-2024.
Vedanta’s 9.25% 2026s traded stable at 80.85 cents on the dollar, yielding 21.64%
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Vedanta’s 9.25% 2026s have been added on BondbloX and is available for trading in sizes of $1,000.