In today’s briefing:
- Vedanta Resources – Earnings Flash – Q1 FY 2023-24 Results (Vedanta Ltd) – Lucror Analytics
- Morning Views Asia: HPCL-Mittal Energy Ltd, Innergex Renewable Energy
Vedanta Resources – Earnings Flash – Q1 FY 2023-24 Results (Vedanta Ltd) – Lucror Analytics
Vedanta Ltd’s Q1/23-24 results were weak in our view, as expected. The company is facing challenges from lower commodity prices and the large debt-servicing and repayment requirements from parent Vedanta Resources. Gross debt and net debt increased significantly, while the cash declined materially. The low and declining cash position will limit VEDL’s dividend-upstreaming capacity this fiscal year.
Morning Views Asia: HPCL-Mittal Energy Ltd, Innergex Renewable Energy
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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