VEDLNSE25 January 2024

Vedanta Limited has informed the Exchange about Investor Presentation

Vedanta Limited

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VEDL/Sec./SE/23-24/216

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai – 400 001

January 25, 2024

National Stock Exchange of India Limited

“Exchange Plaza” Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051

Scrip Code: 500295

Scrip Code: VEDL

Sub: Outcome of Board Meeting held on January 25, 2024 – Press Release and Investor

Presentation

Dear Sir/Madam,

In continuation to our Letter No. VEDL/Sec./SE/23-24/215 dated January 25, 2024, declaring the Unaudited Consolidated and Standalone Financial Results of the Company for the Third Quarter and Nine months ended December 31, 2023 (“Financial Results”), please find enclosed herewith the following:

1. Press Release in respect to the Financial Results; and

Investor Presentation on the Financial Results.

The Press Release and Investor Presentation shall also be made available on the website of the Company at www.vedantalimited.com.

We request you to please take the above on record.

Thanking you.

Yours faithfully, For Vedanta Limited

Prerna Halwasiya Company Secretary & Compliance Officer

Enclosed: As above

Sensitivity: Public (C4)

Vedanta Limited Regd. Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai 400093, Maharashtra. www.vedantalimited.com CIN: L13209MH1965PLC291394

Vedanta Limited

Mumbai, January 25, 2024: Unaudited Consolidated Results for the Third Quarter and Nine Months ended 31st December 2023.

PAT up 112% QoQ1 (before exceptional items) ₹2,868 crore

Highest ever 3Q

EBITDA up 21%

Revenue

QoQ1

₹34,968 crore

₹8,677 crore

Financial Highlights

Performance Surge: Accelerated metrics, Strong growth

 Highest ever 3Q consolidated Revenue of ₹34,968 crore, up 4%QoQ1 and 4%YoY.

 Consolidated quarterly EBITDA of ₹8,677 crore, up 21%QoQ1 and 22%YoY.

 EBITDA margin2 of 29% up 438 bps QoQ1 and 507 bps YoY.

 PAT before exceptional items of ₹2,868 crore, up 112%QoQ1 and 8%YoY.

 Generated strong free cash flow (pre capex) of ₹4,306 crore in 3QFY24.

 Strong double-digit return on capital employed ~23% up 140bps QoQ.

 Successful Liability Management exercise at Holdco resulted in structural improvement

in capital structure.

 Dividend of ₹4,089 crore paid in 3Q.

Operational Highlights

Powerful Momentum: Amplified production, Streamlined costs across businesses.

 Aluminium

o Highest ever Quarterly Aluminium Production at 599kt up 6%YoY and 1%QoQ. o Highest ever 9M Aluminium Production at 1,772kt up 3%YoY. o Quarterly Aluminium CoP down19%YoY and 4%QoQ. ~ $900/t reduction in last 6

quarters.

o Quarterly Lanjigarh Alumina CoP at $323/t, lower 8%YoY and 1%QoQ.

 Zinc India

o Highest ever 9M mined metal at 780kt and silver production at 556 tonnes. o Quarterly Silver production increased by 22%YoY, to leverage elevated silver prices.

1 QoQ comparatives exclude impact of one-time cairn arbitration gain in 2QFY24. 2.EBITDA margin excludes custom smelting at Copper Business.

o Quarterly cost reduction of 15%YoY and 4%QoQ driven by strong volume and

commercial efficiency.

o Lowest Zinc CoP in last 10 quarters, led by four consecutive quarters of cost

reduction.

 Zinc International

o 9M mined metal production stood at 175kt with 126kt production at Gamsberg. o Highest recovery achieved at Gamsberg in Oct’23 at 82.3%. o Reinitiated 700ktpa Magnetite project to create value from waste by recovering iron

ore from tailings.

 Oil and Gas

o India’s first Field Development Plan under OALP regime submitted for Jaya field,

Gujarat. Production commenced with initial plan to deliver > 2kboepd.

o 9MFY24 average gross operated production stood at 131kboepd.

 Iron ore

o Karnataka ore sales increased 43%YoY and 11%QoQ to 1.6mn tonnes. o Highest ever 9M Pig Iron production, increased 24%YoY to 633kt.

 Steel

o Highest ever 9M saleable production at 1,043kt, up 16%YoY in line with capacity

expansion through debottlenecking.

o Quarterly saleable production increased 11%YoY to 341kt. o Quarterly Cost of sales decreased 14%YoY driven by operational efficiency and

higher production.

 Facor

o Chrome Ore production increased 3%YoY and 278%QoQ to 66kt in line with

improved operational efficiency.

o Ferro chrome production up 15%YoY to 22kt in line with new capacity addition.

 Copper India:

o Cathode production at 43kt, up 27%YoY and 23%QoQ driven by improvement in

operational efficiencies and raw material supply chain management.

ESG Highlights

ESG Excellence: Leading with Sustainable Impact

 Vedanta Limited ranked 3rd in S&P Global Corporate Sustainability Assessment (CSA) in Metal and Mining Industry Group among 238 companies. Our subsidiary Hindustan Zinc topped the index.

 HZL inaugurated 6 LNG vehicles as part of MoU singed for 180 LNG vehicles; Expected

to drive GHG reduction by ~2000 tons of CO2.

 VAL-J improved water recycling rate to 14%.

 HZL flagged off 10 EV trucks, each with a capacity of 55MT, at Rampura Agucha Mine.  Achieved 100% ash utilization in Aluminium business.  Achieved 2.1 mn tree plantation across Vedanta. Progressing well in our commitment to

plant 7mn trees.

Mr Arun Misra, Executive Director, Vedanta, said “I am pleased to share that we have delivered the quarter of highest ever 3Q Revenue ₹34,968 crore, up 4%YoY. Our strategic focus on substantial cost compression, paralleled by an impressive production ramp-up across businesses has helped us to deliver remarkable performance. Aluminium and zinc continued to set new benchmarks with highest-ever nine months production and placed in the 1st quartile cost position of global Aluminium and in the first decile of Global Zinc mining cost curves, respectively. I am elated to share that Vedanta has been ranked 3rd in S&P Global Corporate Sustainability Assessment 2023, amongst 238 global peers whereas HZL has been ranked 1st. We are very focussed and confident to achieve significant milestones with the various debottlenecking projects going on across all our businesses. With our unwavering commitment to operational excellence and strong ESG practices, we are optimistic to remain well positioned to navigate challenges and seize opportunities.”

Mr Ajay Goel, Chief Financial Officer, Vedanta, said “With our consistent focus on operational excellence, Vedanta delivered exemplary financial performance with EBITDA of ₹8,677 crore and PAT before exceptional items of ₹ 2,868 crore. These represents a superlative increase of 21%QoQ1 and 112%QoQ1 respectively. Our continuous strategic cost optimization resulted in a remarkable 438 bps margin expansion. We are committed to rewarding our shareholders with attractive returns and have announced dividend of ₹ 11/share amounting ₹ 4,089 crore during the quarter. Our five-year average dividend yield stands 10 times higher than Nifty 50 companies. With a balanced capital structure through successful liabilities management at Holdco, Vedanta has a stronger balance sheet and will remain committed towards deleveraging and value creation.”

Consolidated Financial Performance (In ₹ crore, except as stated)

Particulars

Net Sales/Income from operations Other Operating Income EBITDA EBITDA Margin2 Finance cost Investment Income Exploration cost write off Exchange gain/(loss) (Non-operational) Depreciation & Amortization Tax Charge/ (Credit) other than exceptional PAT before exceptional items

Q3 FY2024 34,968 573 8,677 29% 2,417 724 92 1 2,788 1,237 2,868

Q2 FY2024 33,7381 399 7,1971 25%1 2,523 566 270 (11) 2,642 9621 1,3551

% Change 4% 44% 21% - (4%) 28% (66%) - 6% 29% 112%

Q3 FY2023 33,691 411 7,100 24% 1,572 679 130 134 2,720 839 2,652

% Change 4% 39% 22% - 54% 7% (29%) (99%) 2% 47% 8%

1 QoQ comparatives excludes impact of one-time Cairn arbitration gain in 2QFY24. 2 Excludes custom smelting at Copper business.

 Revenue

o 3QFY24 Revenue at ₹34,968 crore, up 4% QoQ1, driven by higher sales volume, favorable output commodity prices and favorable movement in exchange rate.

o 3QFY24 Revenue at ₹34,968 crore, up 4% YoY, driven by higher sales volume, premia and favorable movement in exchange rate which is partially offset by decrease in commodity prices.

 EBITDA and EBITDA Margin

o 3QFY24 EBITDA at ₹8,677 crore up 21% QoQ1, driven by improved operational performance, favorable forex impact and higher output commodity prices.

o 3QFY24 EBITDA at ₹8,677 crore up 22% YoY, driven by softening of input

commodity prices, improved cost of production, higher premia and favorable forex movement which is partially offset by decrease in output commodity prices.

 Depreciation & Amortization

Increased by 6% QoQ and 2% YoY mainly on account of capitalization at HZL.

 Finance Cost

o 3QFY24 Finance cost was at ₹2,417 crore, down 4% QoQ on account of one-time

expenses in 2QFY24 which is partially offset by increase in average cost of borrowings in 3QFY24.

 Investment Income

o Investment income for 3QFY24 was at ₹724 crore, up 28% QoQ mainly due to one-

time gain in 3QFY24 from sale of long-term investment.

o Investment Income, up 7% YoY mainly due to one-time gain from sale of long-term

investment which is partially set off by decrease in average investments.

 Taxes

o Normalized ETR for 3QFY24 is 30%.

 PAT before exceptional items

o 3QFY24 PAT (before exceptional) is at ₹2,868 crore, up 112% QoQ1.

 Leverage and liquidity

o Gross debt stood at ₹75,227 crore as on 31st Dec’23 o Net debt was ₹62,493 crore as on 31st Dec’23; Net debt to EBITDA ratio at 1.70x. o Cash and cash equivalents position remains healthy at ₹12,734 crore. The

Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks.

1 QoQ comparatives exclude impact of one-time cairn arbitration gain in 2QFY24.

Key Recognitions –

Vedanta has consistently received various awards and accolades. Few recognitions received during 3QFY24 are:

 VAL – Jharsuguda was awarded with Best energy efficient units in 'National Awards for

Energy Efficiency’ in 135+ MW and 50-135 MW categories respectively.

 BALCO was awarded with exemplary performance at Chapter Conventions on Quality

Concepts (CCQC).

 BALCO was awarded with ‘CSRBOX Award’ for company with best CSR impact.  VAL-Jharsuguda was awarded with Frost & Sullivan Awards for ‘Future Ready Factory of

the year’ among mega large businesses.

 VAL-Jharsuguda was awarded ’Kalinga Safety Excellence’ by Institute of Quality &

Environment Management Services.

 VAL-Lanjigarh was awarded with ‘Odisha State Energy Conservation Award 2023’ by

Bureu of Energy Efficiency.

 Cairn India was awarded with ''Award for Best Practices in Waste Management' in Northern Region Green Practices Award for Industries by Confederation of Indian Industry (CII).

 Cairn India was awarded with Platinum award in FICCI 10th Safety Systems Excellence

award 2023.

 HZL won '6 Gold Awards at QCFI’ at Rudrapur Chapter for Allied Concepts & Kaizen

category and Quality Circle by Quality Circle Forum of India.

 ESL Steel won 'Gender Equality and Women Empowerment Initiatives' at the 10th CSR

India Awards.

 ESL Steel won the title of 'The Disruptor' at the SAP Ace Awards organized by SAP India.

Results Conference Call – Please note that the results presentation is available in the Investor Relations section of the company website Vedanta Limited | Investor Relations | Results and Reports

Following the announcement, a conference call is scheduled at 4:45 PM (IST) on 25th January 2024, where the senior management will discuss the company’s results and performance. The dial-in numbers for the call are as below:

Event

Earnings conference call on January 25, 2024, from 4:45 to 5:45 PM (IST)

Telephone Number

Universal Dial-In

India National Toll Free

International Toll Free*

+91 22 6280 1114 +91 22 7115 8015 1 800 120 1221 Canada Hong Kong Japan Netherlands Singapore UK USA

1180014243444 800964448 531161110 8000229808 8001012045 8081011573 18667462133

Online Registration Link Call Recording

Click Here - Registration Link Will be available on Company website on January 26, 2024

*In case of dial-ins from any other country, please use the online registration link for relevant dial in numbers

About Vedanta Limited Vedanta Limited (“Vedanta”), a subsidiary of Vedanta Resources Limited, is one of the world’s leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into semiconductors and display glass. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and the environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, has pledged Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model Anganwadis across India. Vedanta Ltd. ranked 3rd in the S&P Global Corporate Sustainability Assessment 2023 and has been listed in the Dow Jones Sustainability World Index. The company has also been certified as a Great Place to Work 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visit www.vedantalimited.com Vedanta Limited Vedanta, 75, Nehru Road, Vile Parle (East), Mumbai - 400 099 www.vedantalimited.com

Registered Office: Regd. Office: 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai – 400 093 CIN: L13209MH1965PLC291394

Disclaimer This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

For any Investor enquiries, please contact: Ms Prerna Halwasiya – Company Secretary and Deputy Head, Investor Relations (vedantaltd.ir@vedanta.co.in) Ms Swati Chauhan – Deputy Head, Investor Relations (Equities) (swati.chauhan@vedanta.co.in)

For any media queries, please contact: Mrs. Ritu Jhingon, Group Director – Communications (Ritu.Jhingon@vedanta.co.in) Mr. Mukul Chhatwal, Group Head – PR & Media Relations (Mukul.Chhatwal@cairnindia.com)

EARNINGS PRESENTATION 3QFY24

VEDANTA LIMITED

TRANSFORMING TOGETHER

Inclusive. Responsible. Value-accretive delivery

Sensitivity: Internal (C3)

Cautionary statement and disclaimer

The views expressed here may contain information derived from publicly available sources that have not been independently verified.

No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward-looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources Limited and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources Limited and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance.

This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statement based on those assumptions could be materially incorrect.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources Limited and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Business Performance Arun Misra Executive Director

Vedanta Limited

Sensitivity: Internal (C3)

Sustainability Leadership Solidifying our ESG commitment with S&P CSA ranking upgrade from 6th to 3rd

Vedanta Limited ranked 3rd in S&P Global Corporate Sustainability Assessment (CSA) in Metal and Mining Industry Group among 238 companies. Our subsidiary Hindustan Zinc topped the index.

Integrating ESG through quality initiatives

Overall S&P CSA score – 80 (out of 100 points)

4% 3%

13%

Total 650 high impact ESG initiatives

Environment – 86 (+46 vs 2018)

Social – 82 (+40 vs 2018)

Governance – 72 (+29 vs 2018)

27%

S&P CSA Score (points)

S&P CSA Ranking

15%

24%

Health and Safety Innovation and Circular Economy Nutrition, Healthcare and Welfare Skilling Governance

Net Zero Carbon Water DEI Community

2018 2019 2020 2021 2022 2023

Vedanta Limited 3QFY24 Investor Presentation

CSA: Corporate Sustainability Assessment

Sensitivity: Internal (C3)

Steadily progressing on our repurposed ESG strategy

Net carbon neutrality by 2050 or sooner

Achieving net water positivity by 2030

Innovating for a greener business model

Solar Panels

Update on Initiatives

Affluent treatment plant at HZL

Update on Initiatives

Miyawaki forestation

Update on Initiatives

✓ Construction against RE PDAs of 1826 MW

under progress

✓ Improved water recycling at TSPL leading to annual savings of 816 m3 of freshwater

✓ Achieved 100% ash utilization in Aluminium

business

✓ Improved water recycling at VAL-J leading to annual savings of 1,100 m3 of freshwater

✓ Installed TGT across all Roasters at HZL, resulting in SO2 reduction by 1.5 kg/t

✓ Implementing new cathodes relining at

BALCO, resulting in savings of 0.2 million tCO2e

✓ Signed MoU for 180 LNG vehicles with

expected savings of ~2000 tCO2e every year at HZL

✓ Optimized operational efficiency and

leakages by TSPL; saved 7.2 Million m3 water

✓ Achieved 2.1 mn tree plantation across

Vedanta

✓ Planted mangroves in 100 hectares of land at Cairn business; potential to offset ~1 million tCO2e

Vedanta Limited 3QFY24 Investor Presentation

RE : Renewable Energy; PDAs: Power Delivery Agreement;

Sensitivity: Internal (C3)

Empowering communities with focused actions

Highlights

16.53 million Total Beneficiaries

₹ 308 crore CSR Spend in 9MFY24

5700+ Operational Nandghar

Healthcare > 30 Initiatives

Community Infrastructure > 15 Initiatives

Environment protection & restoration

> 2 Initiatives

Sports and culture > 13 Initiatives

Vedanta Limited 3QFY24 Investor Presentation

1. Includes indirect beneficiaries Spend numbers are unaudited; CSR: Corporate Social Responsibility

Sensitivity: Internal (C3)

Drinking water and sanitation > 15 Initiatives

Children’s well-being and education > 26 Initiatives

Women Empowerment

> 7 Initiatives

Agriculture and animal husbandry > 11 Initiatives

> 1800 crore spent on CSR activities since 2020

₹ crore

454

400

331

296

308

FY20

FY21

FY22

FY23 9MFY24

✓ ~1300 villages reached through CSR activities

✓ 8 focus areas ✓ 135+ high impact CSR

initiatives

Workplace Diversity Equity and Inclusion Redefining workplace diversity equity and inclusivity with progressive policies

Diversity

Equity

Inclusivity

• V-Lead: Building Army of 100

women CXOs through focused anchoring & coaching interventions

• Hiring 30% women in core

operations from premium institutes

• LGBTQIA+ Hiring and placing in

• No Question Asked WFH1

front end roles

• Mandating Regional Diversity

• Project Panchi –Skilling and hiring women form socio-economically disadvantaged background

• Launched Parenthood & Childcare Policy – Sabbatical & Flexi working for new mothers, support to LGBTQ employees for legally commissioning & adoption of child

• Gender Reaffirmation & Leave Policy • Housing Policy for LGBTQIA

Workforce

20% Gender Diversity in Executive workforce

28% Gender Diversity in decision making bodies

36 talent from LGBTQIA+ community in workforce

Vedanta Limited 3QFY24 Investor Presentation

WFH: Work From Hone

Sensitivity: Internal (C3)

Power Sector Good time ahead for power sector in India

Strong Correlation between GDP and Power Demand Growth %1

Power Consumption Per Capita (units)1

RE installed capacity vs RE % share in power generation mix2

Electricity Requirement Growth Rate

GDP Growth Rate

9.9

9.1

6.8

6.1

6.5

5.1

3.7

6.7

7.8

7.2

6.5

6.7

5.3

1.3

-1.2

-6.6

25,940

World Average – 3,630 units

15,630

12,870

6,200 6,600

7,500 7,590 7,760

4,750

3,260

1,300

1600

1400

1200

1000

800

600

400

200

45% 44%

1380

37%

31%

26%

23% 23% 22%

20%

165

64 331

173

118

50%

45%

40%

35%

30%

25%

20%

15%

10%

▪ With the nominal GDP estimated to reach ~ USD 7 Trillion by 2030 from ~ 3.5 trillion, will further boost the power demand

▪ India’s Power Consumption per Capita is 1/3rd of world average and 1/5th of China

▪ High headroom for power demand to grow

Vedanta Limited 3QFY24 Investor Presentation

1. Data as per Power Ministry, CEA, RBI, NPP, IMF 2. EIA, Internal research

Sensitivity: Internal (C3)

Installed RE Capacity (GW)

RE share in generation mix (%)

▪ Fossil Fuel based power will remain

the main source for Base Load demand till feasible and economical RE storage solutions are available

Vedanta’s Power vertical vision on the face of opportunity

“Capture a larger pie of the growth opportunities available in the Power Sector 2.0 & contribute to fuel the growth to achieve a 7 Trillion $ Indian economy by 2030”

Thermal Opportunity

Vedanta’s Installed IPP Capacity

Peak Power - Demand (GW)) 366

Capacity Addition required by FY32

2580 MW

4780 MW

1980

282

241

Gap of 125 GW in Peak Power Demand

600

1000

TSPL

1200

JSG - IPP

Meenakshi

Athena

FY24 YTD

FY27

FY32

Peak Power Demand (GW)

Capacity Addition

Thermal

INSTALLED CAPACI T Y (FY2 4 )

INSTALLED CAPACI T Y (FY2 6 )

• 80 GW thermal capacity to be added in 6 years;

• Post commissioning thermal capacity to be 4780 MW

• 2nd largest private player in terms of installed thermal

• Same was added by private players during 2007-22.

capacity (IPP+CPP1)

• Min USD 80 Bn investment would be required.

• Future Opportunities and Outlook: Doubling of capacity, coal block acquisition, foray into distribution segment

Vedanta Limited 3QFY24 Investor Presentation

*Data as per Power Ministry and 20th EPS survey of India and MoP MoM dated 21st Nov,2023 1Vedanta has a CPP capacity of over 6000 MW

Sensitivity: Internal (C3)

3QFY24 Operational Highlights Leveraging cost efficiency to offset weak commodity prices and boost margins

Aluminium

Zinc India

Iron and Steel

Other Highlights

Cast house, Jharsuguda

Dariba Smelting Complex, HZL

Coke oven plant, ESL Steel

Fumer Plant, Chanderiya

RD Mill

10% lower y-o-y, Metal Production at 599kt, 5% lower q-o-q 6% higher y-o-y 1% higher q-o-q

Mined Metal Production at 271kt 7% up y-o-y 8% up q-o-q

Hot metal CoP at 1735$/t 19% lower y-o-y 4% lower q-o-q

Zinc India CoP at 1,095$/t 15% lower y-o-y 4% lower q-o-q

IOK Sales 43% up y-o-y; 11% up q-o-q VAB margin 93% up y-o-y;

Steel production 11% up y-o-y

✓ Highest ever 9-month production – 10% lower y-o-y, 5% lower q-o-q

o Aluminium → 1,772 kt up 3% y-o-y

o HZL Mined Metal → 780 kt up 2% y-o-y

o Silver → 556 tonnes up 5% y-o-y

o Steel production → 1,043 kt up 16% y-o-y

o Pig Iron production → 633 kt up 24% y-o-y

Ferrochrome production 15% up y-o-y

✓ 9MFY24 sustenance capex lower by 10% y-o-y, without compromising the overall production

Vedanta Limited 3QFY24 Investor Presentation

CoP: Cost of Production;

Sensitivity: Internal (C3)

Cost Leadership Vedanta scales the global cost curve, quarter by quarter

Aluminium Cost ($/t)

2,653

Zinc India Cost ($/t)

1,259

✓ Stands in the first quartile of the global cost curve.

✓ Sustained cost reduction for 6 consecutive quarters

✓ 900$/t reduction in CoP in last 6 quarters

✓ Expected to comfortably achieve annual guidance

of $1800/t-$1900 per metric ton

✓ Strong foot-hold in the first decile of the global zinc

mines cost curve

✓ Stands in the first quartile of the global zinc

smelters cost curve.

✓ Sustained cost reduction for 4 consecutive quarters

✓ Advancing towards achieving annual guidance of

$1,125-$1,175 per metric ton

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Aluminium Business Focused on growth and business integration

Aluminium Production (kt)

+3% y-o-y

Key Highlights:

▪ Highest ever quarterly aluminium production up 6% y-o-y,

+6% y-o-y

1,716

1,772

1% q-o-q

566

594

599

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

Aluminium CoP & Margin

COP ($/t)

Margin ($/t)

2,149

209

1,814

1,735

2,412

403

578

3Q FY23

2Q FY24

3Q FY24

1,825

459

9M FY24

298

9M FY23

▪ Highest ever production run rate

▪

Increasing trend for 4th consecutive quarter

▪ Quarterly aluminium CoP lower by 19% y-o-y, 4% q-o-q

o Lower input commodity cost

o Higher operational and buying efficiency

o Quarterly Lanjigarh CoP at 323$/t, 8% lower y-o-y

Other Highlights:

▪ Vedanta Aluminium joins International Aluminium

Institute(IAI), strengthening commitment to Sustainability

▪ Lanjigarh expansion (2 → 5 MTPA)

o Train-I of 1.5 MTPA expected 4QFY24

Vedanta Limited 3QFY24 Investor Presentation

CoP: Cost of Production

Sensitivity: Internal (C3)

Aluminium Business: Vision to be 3 MTPA Integrated Aluminium producer

Aluminium Value Chain – Existing

Post Expansion (< 2 years)

Target Outcome

Bauxite

Alumina

~6 MTPA (50% – domestic procurement)

Power

2 MTPA (45% Captive)

2.5 MTPA (55% 3rd Party)

3.6 MTPA Captive Coal ~23 MTPA 3rd Party

Project\Timeline2 LNJ Expansion (2→5 MTPA)

Captive Coal

Captive Bauxite

Aluminium Capacity (2.3 → 2.8 MTPA)

VAP expansion (60 → 90%)

Smelting

Aluminium 2.3 MTPA

Bauxite

Alumina

9 MTPA (Captive Bauxite)

51 MTPA (~92% captive)

Smelting

Aluminium 2.8 MTPA

6 MTPA (3rd Party)

Power

~34 MTPA Captive Coal

4QFY24

1QFY25

2QFY25

3QFY25

4QFY25

1QFY26

1.5 MTPA

8 MTPA, Kurloi (N) 6 MTPA, Radhikapur (W)

20 MTPA, Ghogharpalli

Sijimali Mine

0.4 MTPA, Balco

JSG: 1.1 → 1.6 MTPA

Balco: 0.4 → 1 MTPA

Vedanta Limited 3QFY24 Investor Presentation

1. Rest from 3rd Party; MTPA: Million Tonnes Per Annum; JSG: Jharsuguda; LNJ: Lanjigarh 2. Timelines represent 1st production

Sensitivity: Internal (C3)

Vertically integrated closely connected supply chain

Minimal impact on business due to input commodity fluctuation

1st Quartile cost of production through cycle

Low carbon Aluminum > 300 KTPA

Zinc India Robust performance rooted by strategy, sustained cost optimization and ESG excellence

▪ Highest ever 9 Months mined metal production at 780 kt and

▪ HZL in 1st decile of global zinc mines cost curve

silver production at 556 MT.

▪ Quarterly silver production up 22% y-o-y strategized to leverage

the elevated silver prices

▪ Ranked highest globally in S&P Corporate Sustainability Assessment among 238 companies in Metal and Mining Sector

▪ Quarterly CoP decreased 15% y-o-y and 4% q-o-q due to better

▪ New Roaster at Debari of 160 ktpa and Hindustan Zinc

volume, lower input costs, better linkage coal availability

Fertilizers Private Limited (HZFPL) of 510 ktpa: Progress on track

Mined Metal

Refined Metal

Saleable Silver

Production (kt)

COP ($/T)

Production (t)

+7% y-o-y

761

780

1% y-o-y

1,293

1,272

22% y-o-y

762

760

532

556

254

252

271

257

241

259

1,137

1,095

1,142

181

197

161

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

3Q FY23

2Q FY24

3Q FY24

9M FY23

Vedanta Limited 3QFY24 Investor Presentation

1. COP is excluding royalty

Sensitivity: Internal (C3)

9M FY24

Zinc International Focus on production enhancement and cost reduction

Total MIC Production

VZI to deliver 500+ KTPA MIC run rate within 2 years

Gamsberg (kt)

BMM (kt)

- 38% q-o-q

80 60 40 20 0

3Q FY23

2Q FY24

12 29

3Q FY24

159

126

9M FY23

9M FY24

Gamsberg (Phase – 2)

VZI Production (kt)

$466 mn Approved Capex

4 MTPA → 8 MTPA Open Cast mine expansion

NEW 4 MTPA Concentrator

BMM

Gamsberg

500+

450

82 17 65

203

145

273

208

FY19

FY21

FY23

FY26e

Key highlights:

Gamsberg Phase 2 update:

▪ Highest recovery achieved at Gamsberg of 82.3% in

Oct’23.

▪ Quarterly overall production at 41 kt due to mining

challenges, and lower zinc and lead grades

▪ 9MFY24 Gamsberg CoP lower by 5% y-o-y

▪ Reinitiated 700ktpa Magnetite Project

▪ Engineering and Procurement are ~100% and ~87%

completed, respectively.

▪ Concrete, structural steel erection and equipment erection

are on track.

Vedanta Limited 3QFY24 Investor Presentation

MIC: Metal in concentrate; COP: Cost of production with TcRc cost.

Sensitivity: Internal (C3)

Oil & Gas Focussed on volume enhancement through accelerating growth projects

Gross Production (kboepd)

Key highlights:

145

134

123

144

131

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

Opex ($/boe)

13.6

13.7

13.4

12.9

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

▪ 3QFY24 production at 123 kboepd, natural decline in the MBA

fields has been partially offset by infill wells brought online in

ABH, Aishwariya, and Bhagyam fields.

▪ 3QFY24 per barrel opex higher by 6% q-o-q primarily driven by

lower volumes.

Growth Projects:

▪ OALP: First Field Development Plan submitted under OALP regime for Jaya field. Production commenced with initial plan to deliver > 2 kboepd.

▪

Infill wells: Drilled 6 infill wells across RDG & Mangla fields.

▪ Exploration: 5 well drilling campaign commenced to appraise the Durga discovery and further explore the prospects in the block.

kboepd: Thousand barrel of oil equivalent per day; boe: barrel of oil equivalent; RDG: Raageshwari Deep Gas ; ABH: Aishwarya barmer hills ;

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Iron and Steel Driving performance with consistent production growth, paving ways for future capacities

Karnataka Iron Ore

VAB

ESL

FACOR

Sales (mnt)

Production (kt)

Saleable production (kt)

Ferro Chrome production (kt)

4.2

3.3

633

510

+11% y-o-y

1,043

899

200

218

203

378

341

306

+15% y-o-y

+43% y-o-y

1.5

1.6

1.2

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

3Q FY23

2Q FY24

3Q FY24

9M FY23

9M FY24

▪ Quarterly sales higher by 43% y-o-y and 11% q-o-q due to operational efficiency.

▪ 9-month sales higher by 24%

▪ Highest ever 9-month

production up 24% y-o-y

▪ Quarterly margin higher by 93%

y-o-y; lower by 30% q-o-q impacted by lower domestic demand.

▪ Coke Plant: Reduction of Prime Hard Coal consumption by 5% in overall coal blend

▪ Highest ever 9-month

saleable production at 1043 kt, up 16% y-o-y

▪ Quarterly saleable production at

341 kt, up 11% y-o-y

▪ Quarterly COS at lower by 14%

y-o-y

▪ 9M dispatches from Iron ore

mines at 4.06 MnT up 77% YoY

▪ Quarterly Ore production increased by ~3x q-o-q

▪ Quarterly Ferrochrome production

up 15% y-o-y

▪ 9MFY24 Ferro chrome production

up 10% y-o-y

VAB: Value Added Business; IOK: Iron Ore Karnataka; IOG: Iron Ore Goa; EC: Environmental Clearance; CoS: Cost of Sales

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Iron & steel: Potential to create long term growth

4 MTPA STEEL & Pig Iron

▪ Expansion at Bokaro / Goa

▪ Greenfield at Bellary

▪ VAP portfolio expansion

Current growth project:

▪ Growth capex of $349 mn

▪ Doubling HM Capacity to 3 MTPA

▪ Project completion → FY25

13 MTPA IRON ORE

500 KTPA FERRO ALLOY

12 KTPA NICKEL

▪ Production ramp up in Liberia

▪ Concentrator plant in Liberia

▪ Reserves and Resources augmentation through exploration

▪ Ramp up Goa Mines

▪ New mine acquisition

▪ Underground Mine

expansion to 1.5 MTPA ROM

▪ 600 KTPA New Concentrator

▪ 300 KTPA Ferro Chrome Plant Capacity expansion

▪ Capacity expansion

▪ Captive Nickel Mine

▪ Debottlenecking

Steel & VAP Capacity (Mnt)

Iron Ore Production1 (Mnt)

Ferro Chrome Production (kt)

Nickel Production (kt)

Pig Iron

Steel

0.9

1.5

FY23

1.1

3.0

FY25e

Iron Ore

5.3

FY23

500

13.01

160

FY25e

FY23

FY25e

FY27e

Vedanta Limited 3QFY24 Investor Presentation

VAP: Value Added Product; HM: Hot metal 1. Excluding production from Bicholim mines 2. Saleable Iron

Sensitivity: Internal (C3)

0.7

FY23

12.0

FY25e

VEDANTA LIMITED Finance Update 3QFY24

Ajay Goel Chief Financial Officer

Sensitivity: Internal (C3)

3QFY24 financial snapshot

REVENUE

EBITDA

EBITDA Margin2

PAT before exceptional

₹ 34,968 crore  4% q-o-q1

₹ 8,677 crore  21% q-o-q1

29%  438 bps q-o-q1

₹ 2,868 crore ₹ 3,132 crore  112% q-o-q1 (+ 1% vs 3QFY23)

ROCE3

FCF (Pre-capex)

Net Debt/EBITDA

c.23%

 140 bps q-o-q

₹ 4,306 crore

1.70x

Cash & Cash Equivalent

₹ 12,734 crore

Strong liquidity position

Vedanta Limited 3QFY24 Investor Presentation

1. Comparatives excludes One Time Cairn Arbitration Gain in Q2FY24 2. Excludes custom smelting at Copper Business 3. ROCE (return on capital employed) is calculated as EBIT net of tax outflow divided by average capital employed

Sensitivity: Internal (C3)

EBITDA BRIDGE (3QFY24 vs. 2QFY24)

(In ₹ crore)

+21% vs 2QFY24 Adj EBITDA

Alum

Zinc

IOB

122

109

183

Market & Regulatory ₹605 crore

Vedanta Limited 3QFY24 Investor Presentation

1. Ex rate: 3QFY24 83.25 vs 2QFY24 82.68 2. One off Impact is one time Cairn Arbitration Gain in 2QFY24

Sensitivity: Internal (C3)

EBITDA BRIDGE (3QFY24 vs. 3QFY23)

(In ₹ crore)

+22% vs 3QFY23 EBITDA

Alum Zinc Oil & Gas Iron Ore

(642) (568) (401) 254

Market & Regulatory ₹1,128 crore

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Ex rate: 3QFY24 83.25 vs 3QFY23 82.14

Net Debt Walk 3QFY24

(In ₹ crore)

FCF post Capex ₹1,461 crore

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Balance sheet and debt breakdown

Net debt / EBITDA

1.88

1.64

1.70

1.28

0.96

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

Debt breakdown

Gross Debt

Term debt

Working capital

Short term borrowing

Total consolidated debt

•

Liquidity: Cash and Cash Equivalents at ₹ 12,734 crores.

Cash and Cash Equivalents

In $bn

In ₹ 000’ crores

8.37

0.21

0.46

9.04

1.53

69.67

1.78

3.78

75.23

12.73

• Net Interest*:

o Interest Income ~ 7.10%. o Interest Expense ~9.37%

▪ Maturity: proactive credit management; average term debt

maturity maintained ~3 years

▪ Credit Rating:

o CRISIL rating at AA- with Watch Developing o India Ratings at IND A+ with Watch Developing

Vedanta Limited 3QFY24 Investor Presentation

*YTD average

Sensitivity: Internal (C3)

Net Debt

7.51

62.49

Debt breakup ($9.04bn)

- INR Debt

- USD / Foreign Currency Debt

82%

18%

FY25 key priorities

Sustain positive momentum in production growth across businesses

Drive margin expansion through focused cost compression and marketing

Continued focus on sustainable shareholder value creation

Create resilient and integrated Aluminium operations

Deliver capex projects on schedule

Augment free cash flow and deleverage for a stronger balance sheet

Continue progress on ESG strategy of “transforming for good”

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

VEDANTA LIMITED EARNINGS PRESENTATION 3QFY24

Appendix

Sensitivity: Internal (C3)

Summary of Income statement

Commentary

In ₹ Crore

FY24

FY23

▪ Depreciation & Amortization: Increased by 6% q-o-q largely due to capitalization at HZL and Oil & Gas Business.

Revenue from operations

34,968

33,738*

33,691

Other operating income

573

399

411

▪ Finance Cost: Deceased by 4% q-o-q on account of one-

EBITDA

8,677

7,197*

7,100

time expenses in 2QFY24 which is partially offset by increase in average cost of borrowings in 3QFY24.

▪ Investment Income: Increased by 28% q-o-q mainly due

to gain in 3QFY24 from sale of long-term Investment.

▪ Taxes: Normalized ETR for 3QFY24 is 30%

Depreciation & amortization

(2788)

(2,642)

(2,720)

Exploration Cost written off

(92)

(270)

(130)

Finance Cost

(2,417)

(2,523)

(1,572)

Investment Income

Exchange gain/(loss)

724

566

(11)

679

134

▪ PAT : PAT increased to ₹ 2,868 cr in 3QFY24 from -ve 915 cr

Tax (Charge)/Credit other than exceptional

(1237)

(962)*

(839)

in 2QFY24

PAT before exceptional

2,868

1,355*

2,652

* One time Cairn Arbitration gain in 2QFY24 is excluded from Revenue, EBITDA and PAT before exceptional.

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Entity-wise Cash and Debt

Company

Vedanta Limited Standalone

Cairn India Holdings Limited1

Hindustan Zinc Limited

Zinc International

THLZV2

BALCO

Talwandi Sabo

ESL

Meenakshi Energy

Others3

Dec 31, 2023

Cash & Cash Eq

Net Debt

Debt

1,052

43,082

42,494

879

9,743

382

240

151

212

960

368

(158)

7,396

1,658

6,119

1,907

732

429

2,628

11,323

7,402

1,468

6,353

2,119

686

Sep 30, 2023

Cash & Cash Eq

1,959

1,820

11,393

448

471

234

307

Net Debt

Debt

40,535

45,245

808

(70)

(448)

7,400

997

6,285

1,885

379

870

5,104

1,116

6,942

2,382

(107)

Dec 31, 2022

Cash & Cash Eq

Net Debt

3,388

1,425

41,857

(556)

16,482

(11,378)

1,058

(1,058)

390

178

463

726

6,852

2,204

(570)

Debt

44,134

1,839

10,111

223

7,412

1,899

6,173

2,059

737

640

Vedanta Limited Consolidated

75,227

12,734

62,493

74,473

16,702

57,771

61,550

23,474

38,076

Notes:

1. Cairn India Holdings Limited is a wholly owned subsidiary of Vedanta Limited which holds 50% of the group’s share in RJ Block 2. THLZV is 100% subsidiary of Vedanta Ltd. and holding company of Zinc International. 3. Others includes MALCO Energy, TMC, VGCB, Fujairah Gold, FACOR, Vedanta Limited Investment Companies, ASI, VED Semi-conductor, VED Display and

Inter company elimination

Vedanta Limited 3QFY24 Investor Presentation

THLZV: Twinstar Holding Zinc Venture Limited

Sensitivity: Internal (C3)

Funding sources and term debt maturities

Diversified Funding Sources for Long Term Debt of $8.4 Bn (as of Dec 31, 2023)

Long Term Debt Maturities : ₹ 69.7K crore ($8.4 bn) (as of Dec 31, 2023)

0.1%

19%

15%

66%

Bonds INR Term Loan INR Term Loan Fx Bonds Fx

e r o r c

’

0 0 0 ₹ n I

Long Term debt of $5.3 bn at Standalone and $3.1 bn at Subsidiaries, total consolidated $8.4 bn

Vedanta Limited 3QFY24 Investor Presentation

Note: USD–INR: ₹ 83.19 on Dec 31, 2023

Sensitivity: Internal (C3)

Standalone

Subsidiaries

34.6

16.6

18.0

12.8

1.6

11.2

16.6

5.4

11.2

FY25

FY26

FY27 & Beyond

5.7

2.4 3.3 FY24

Segment Summary – Aluminium

Particulars (in’000 tonnes, or as stated) Alumina – Lanjigarh Total Aluminum Production

Jharsuguda Balco

Financials (In ₹ crore, except as stated) Revenue EBITDA – BALCO EBITDA – Vedanta Aluminium EBITDA Aluminum Segment Alumina CoP – Lanjigarh ($/MT) Alumina CoP – Lanjigarh (₹ /MT) Aluminium CoP – ($/MT) Aluminium CoP – (₹ /MT) Aluminum CoP – Jharsuguda ($/MT) Aluminium CoP – Jharsuguda(₹ /MT) Aluminum CoP – BALCO ($/MT) Aluminium CoP – BALCO (₹ /MT) Aluminum LME Price ($/MT)

Quarter

9 months

3QFY24 470 599 452 147

12,122 831 2,042 2,873 323 26,900 1,735 1,44,400 1,696 1,41,200 1,857 1,54,600 2,190

3QFY23 443 566 424 142

11,946 83 876 959 351 28,800 2,149 1,76,500 2,101 1,72,500 2,295 1,88,500 2,324

% YoY 6% 6% 7% 4%

1% - - - (8%) (7%) (19%) (18%) (19%) (18%) (19%) (18%) (6%)

2QFY24 464 594 447 147

11,952 504 1,463 1,967 325 26,800 1,814 1,50,000 1,780 1,47,200 1,924 1,59,100 2,154

9MFY24 1,329 1,772 1,332 440

35,978 1,779 4,878 6,657 336 27,800 1,825 1,51,000 1,789 1,48,000 1,941 1,60,500 2,200

9MFY23 1382 1,716 1,291 425

40,076 163 3,675 3,838 375 29,900 2,412 1,92,000 2,375 1,89,100 2,526 2,01,100 2,510

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

% YoY (4%) 3% 3% 4%

(10%) - 33% 73% (10%) (7%) (24%) (21%) (25%) (22%) (23%) (20%) (12%)

Aluminium profitability

$/t

3QFY24

2,190

179

2,369

1,735

597

707

1,662

LME

Strategic Hedging

Premium

Realisation

Alumina

Power

Other hot metal

Conversion & other

578

EBITDA

431

1,814

Hot metal cost

2QFY24

2,154

201

2,360

(697)

(625)

(493)

(142)

403

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Segment Summary – Zinc India

Production (in ’000 tonnes, or as stated)

Mined metal content Integrated metal Refined Zinc – Integrated Refined Lead – Integrated1 Refined Saleable Silver - Integrated (in tonnes)2

Financials (In ₹ crore, except as stated)

Revenue EBITDA Zinc CoP without Royalty (₹ /MT) Zinc CoP without Royalty ($/MT) Zinc CoP with Royalty ($/MT) Zinc LME Price ($/MT) Lead LME Price ($/MT) Silver LBMA Price ($/oz)

Quarter

3QFY24 271 259 203 56 197

7,045 3,549 91,180 1,095 1,430 2,498 2,123 23.2

3QFY23 254 257 210 46 161

7,613 3,575 1,06,200 1,293 1,699 3,001 2,098 21.2

% YoY 7% 1% (4%) 21% 22%

(7%) (1%) (14%) (15%) (16%) (17%) 1% 10%

2QFY24 252 241 185 57 181

6,556 3,073 93,981 1,137 1,463 2,428 2,170 23.6

9MFY24 780 760 597 163 556

9 Months 9MFY23 761 762 606 157 532

20,664 9,936 94,448 1,142 1,478 2,483 2,137 23.6

24,866 13,147 1,01,300 1,272 1,734 3,386 2,088 21.0

% YoY 2% 0% (1%) 4% 5%

(17%) (24%) (7%) (10%) (15%) (27%) 2% 13%

Vedanta Limited 3QFY24 Investor Presentation

1. Excludes captive consumption of 2238 tonnes in 3QFY24 vs 1894 tones in 2Q FY24 and 1804 tones in 3QFY2023.For 9MFY24, it was 6138 as compared

to 6050 in 9MFY23.

2. Excludes captive consumption of 11.3 tonnes in 3Q FY 2024 vs 9.8 tones in 2Q FY24 and 9.9 tones in 3QFY2023. For 9MFY24, it was 31.3 tones as compared

Sensitivity: Internal (C3)

to 32.00 in 9MFY23

Segment summary – Zinc International

Production (in’000 tonnes, or as stated)

Mined metal content- BMM Mined metal content- Gamsberg Total

Financials (In ₹ Crore, except as stated)

Revenue EBITDA CoP – ($/MT) Zinc LME Price ($/MT) Lead LME Price ($/MT)

3QFY24

3QFY23

% YoY

2QFY24

9MFY24

9MFY23

% YoY

Quarter

9 Months

12 29 41

737 62 1,704 2,498 2,123

17 52 69

1,145 310 1,595 3,001 2,098

(30%) (44%) (40%)

(36%) (80%) 7% (17%) 1%

18 48 66

1,081 289 1,369 2,428 2,170

49 126 175

2,922 634 1,453 2,483 2,137

51 159 210

4,044 1,490 1,586 3,386 2,088

(3%) (21%) (17%)

(28%) (57%) (8%) (27%) 2%

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Segment Summary – Oil & Gas

Oil and Gas (boepd)

Average Daily Gross Operated Production (boepd)

Rajasthan Ravva Cambay OALP

Average Daily Working Interest Production (boepd)

Rajasthan Ravva Cambay KG-ONN 2003/1 OALP

Total Oil and Gas (million boe) Oil & Gas- Gross operated Oil & Gas-Working Interest

Financials (In ₹ crore, except as stated) Revenue EBITDA

Average Oil Price Realization ($/bbl) Brent Price ($ / bbl)

3QFY24

3QFY23

% YoY

2QFY24

9MFY24

9MFY23

% YoY

Quarter

9 Months

134,092

1,30,776

1,44,441

1,09,325 10,913 9,532 1,006

1,22,291 11,337 10,730 83

123,413

103,873 10,223 7,557 1,760

80,377

72,711 2,300 3,023 583 1,760

11.4 7.4

3,383 1,259

76.3

84.0

144,789

118,314 13,064 13,308 104

91,623

82,820 2,939 5,323 437 104

13.3 8.4

3,810 2,004

84.7

88.7

(15%)

(12%) (22%) (43%)

(12%)

(12%) (22%) (43%) 33% -

(14%) (12%)

(11%) (37%)

(10%)

(5%)

112,215 10,860 10,055 963

86,581

78,550 2,443 4,022 602 963

12.3 8.0

8,229 5,860

79.1

86.8

84,328

76,527 2,455 3,813 526 1,006

36.0 23.2

14,469 8,264 75.4

83.1

(9)%

(11%) (4%) (11%) -

(9%)

(11%) (4%) (11%) 15% -

(9%) (9%)

23% 35% (22%)

92,989

85,604 2,551 4,292 459 83

39.7 25.6

11,762 6,103

96.7

101.1

(18%)

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Segment Summary – Oil & Gas

Oil and Gas (boepd)

Average Daily Production

Gross operated

Oil Gas (Mmscfd)

Non-operated- Working interest Working Interest

Rajasthan (Block RJ-ON-90/1)

Gross operated Oil Gas (Mmscfd) Gross DA 1 Gross DA 2 Gross DA 3 Working Interest Ravva (Block PKGM-1) Gross operated Oil Gas (Mmscfd) Working Interest Cambay (Block CB/OS-2) Gross operated

Oil Gas (Mmscfd) Working Interest Average Price Realization Cairn Total (US$/boe) Oil (US$/bbl) Gas (US$/mscf)

3QFY24

3QFY23

% YoY

2QFY24

9MFY24

9MFY23

% YoY

Quarter

9 Months

1,23,413 1,00,550 137 583 80,377

1,03,873 85,180 112 89,796 13,941 136 72,711

10,223 9,261 6 2,300

7,557 5,634 12 3,023

79.9 76.3 15.9

1,44,789 1,18,530 158 437 91,623

1,18,314 98,216 121 1,01,944 16,244 126 82,820

13,064 11,102 12 2,939

13,308 9,120 25 5,323

84.6 84.7 14.1

(15%) (15%) (13%) 33% (12%)

(12%) (13%) (7%) (12%) (14%) 8% (12%)

(22%) (17%) (50%) (22%)

(43%) (38%) (52%) (43%)

(6%) (10%) 13%

1,34,092 1,09,117 150 602 86,581

1,12,215 91,302 125 97,594 14,483 138 78,550

10,860 9,823 6 2,443

10,055 7,757 14 4,022

80.1 79.1 14.0

1,30,776 1,06,860 143 526 84,328

1,09,325 89,465 119 94,687 14,519 119 76,527

10,913 9,821 7 2,455

9,532 7,309 13 3,813

77.7 75.4 14.6

1,44,441 1,21,015 141 459 92,989

1,22,291 1,03,067 115 1,05,962 16,203 127 85,604

11,337 9,899 9 2,551

10,730 7,969 17 4,292

96.2 96.7 15.6

(9%) (12%) 1% 15% (9%)

(11%) (13%) 3% (11%) (10%) (6%) (11%)

(4%) (1%) (22%) (4%)

(11%) (8%) (24%) (11%)

(19%) (22%) (6%)

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Segment Summary – Iron Ore and Steel

Iron Ore

Particulars (in million dry metric tonnes, or as stated)

Production of Saleable Ore

Goa Karnataka

Production (’000 tonnes)

Pig Iron

Financials (In ₹ crore, except as stated)

Revenue EBITDA

Steel

Particulars (in ‘000 tonnes, or as stated)

Total Production

Pig Iron Billet Production Billet Consumption (inter category adj.) TMT Bar Wire Rod Ductile Iron Pipes

Financials (In ₹ crore, except as stated) Revenue EBITDA Margin ($/t)

Quarter

9 Months

3QFY24 1.4 - 1.4

203

2,476 634

3QFY24 341 63 231 (233) 114 113 54

2,200 107 38

3QFY23 1.4 - 1.4

200

1,411 54

Quarter

3QFY23 306 54 212 (200) 97 98 45

1,804 (66) (28)

% YoY (3%)

(3%)

75% -

% YoY 11% 16% 9% 17% 17% 16% 19%

22% - -

2QFY24 1.2 - 1.2

218

2,083 320

2QFY24 378 61 277 (269) 140 122 47

2,170 118 38

9MFY24 3.8 - 3.8

633

6,597 1,118

9MFY23 3.8 - 3.8

510

4,284 630

% YoY 1%

24%

54% 78%

9 Months

9MFY24

9MFY23

% YoY

1,043 187 726 (716) 365 331 150

6,291 241 28

899 134 644 (622) 321 285 138

5,247 15 3

16% 40% 13% 15% 14% 16% 9%

20% - -

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Segment Summary – Facor and Copper

Copper

Production (in ’000 tonnes, or as stated)

Copper - Cathodes

Financials (In ₹ crore, except as stated)

Revenue

EBITDA

Copper LME Price ($/MT)

FACOR

3QFY24

3QFY23

% YoY

2QFY24

9MFY24

Quarter

9 Months 9MFY23

27%

110

114

5,376

8,159

4,158

(55)

8,001

29%

4,606

(62)

8,356

14,715

12,384

(57)

8,324

(54)

8,395

Production (in ’000 tonnes, or as stated)

Quarter

3QFY24

3QFY23

% YoY

2QFY24

9MFY24

9 Months 9MFY23

Total Production

Ore Production Ferrochrome Production

Financials (In ₹ crore, except as stated)

Revenue EBITDA Margin ($/MT)

66 22

212 25 146

64 19

189 35 200

3% 15%

12% (29%) (27%)

18 22

209 34 195

160 53

514 58 140

238 48

563 113 196

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

% YoY

(4%)

19%

(6%)

(1%)

% YoY

(33%) 10%

(9%) (49%) (29%)

Sales Summary – Zinc and Aluminium

Sales volume

Zinc-India Sales

Refined Zinc (kt) Refined Lead (kt)

Total Zinc-Lead (kt)

Silver (tonnes) Zinc-International Sales Zinc Concentrate (MIC) Total Zinc (Conc) Lead Concentrate (MIC) Total Zinc-Lead (kt) Aluminium Sales Sales - Wire rods (kt) Sales - Rolled products (kt) Sales - Busbar and Billets (kt) Sales- Alloys Ingot (kt) Sales- Others (kt) Total Value-added products (kt) Sales - Ingots (kt) Total Aluminium sales (kt)

Quarter

9 Months

3QFY24

3QFY23

2QFY24

9MFY24

9MFY23

203 56 259 197

32 32 9 41

135 9 80 38 10 273 325 598

210 46 257 161

57 57 12 69

109 8 51 32 9 208 353 561

185 57 242 181

54 54 13 67

127 9 81 45 11 273 317 590

596 163 759 556

143 143 32 175

381 26 244 121 32 804 949 1,753

605 157 762 532

176 176 34 211

309 21 194 109 22 655 1042 1,697

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Sales summary – Iron & Steel, FACOR and Power

Sales volume

Iron ore sales Goa (mn dmt) Karnataka (mn dmt) Total (mn dmt) Pig Iron (kt)

Steel sales (kt) Pig Iron Billet TMT Bar Wire Rod Ductile Iron Pipes

Facor sales Ferrochrome (kt)

Copper-India sales Copper Cathodes (kt) Copper Rods (kt)

Quarter

9 Months

3QFY24 3QFY23 2QFY24 9MFY24 9MFY23

0.1 1.6 1.8 195

339 64 6 114 103 52

0.2 1.2 1.4 169

297 54 1 97 94 51

0.0 1.5 1.5 218

377 62 2 137 126 50

0.3 4.2 4.4 619

1,040 188 12 367 321 151

0.6 3.3 3.9 464

866 134 4 317 278 132

4 51

1 40

2 48

9 139

7 114

Sales volume Power Sales (mu)

Jharsuguda TSPL HZL Wind power

Total sales

Power Realizations (₹/kWh)

Jharsuguda 600 MW TSPL1 HZL Wind power

Average Realisations2

Power Costs (₹/kWh)

Jharsuguda 600 MW TSPL1 HZL Wind power

Average costs2

EBITDA (₹ crore) TSPL PAF

Vedanta Limited 3QFY24 Investor Presentation

1. Based on Availability; 2. Average excludes TSPL PAF: Plant Availability Factor

Sensitivity: Internal (C3)

Quarter

9Months

3QFY24 3QFY23 2QFY24 9MFY24 9MFY23 2207 8,086 324 10,617

1840 8091 333 10,264

736 2,652 50 3,437

716 2466 55 3,237

506 2795 157 3,458

2.64 4.37 3.85

2.73

2.87 3.50 2.12

2.82

212

84%

2.64 4.36 3.82

2.72

2.51 3.51 2.44

2.51

276

85%

2.90 4.34 3.99

3.16

2.93 3.51 0.76

2.41

248

83%

2.72 4.26 3.98

2.91

2.78 3.44 1.05

2.51

747

86%

2.76 4.47 3.99

2.92

2.57 3.73 1.07

2.38

631

83%

Group structure

As of 31-Dec-23

Listed entities

Unlisted entities

Subsidiaries of Vedanta Ltd

Vedanta Resources Ltd

Divisions of Vedanta Limited

63.71%

⚫ Sesa Iron Ore

⚫ Sterlite Copper

Vedanta Ltd

⚫ Power (600 MW Jharsuguda)

⚫ Aluminium

(Odisha aluminium and power assets)

⚫ Cairn Oil & Gas*

⚫ Athena

64.9%

51%

100%

95.5%

100%

Zinc India (HZL)

Bharat Aluminium (BALCO)

Zinc International (Skorpion - 100% BMM & Gamsberg- 74%)

Talwandi Sabo Power (1,980 MW)

ESL Steel Limited

Ferro Alloy Corporation Ltd. (FACOR)

Meenakshi Energy Limited (1000 MW)

Vedanta Display Limited

Vedanta Semi- conductor Pvt Limited

Vedanta Limited 3QFY24 Investor Presentation

*50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd;

Sensitivity: Internal (C3)

Currency and commodity sensitivities

Foreign Currency - Impact of ₹ 1 depreciation in FX Rate

Currency

INR/USD

Increase in EBITDA

~ ₹ 800 crore / year

Commodity prices – Impact of a 10% increase in Commodity Prices

Commodity

Oil ($/bbl)

Zinc ($/t)

Aluminium ($/t)

Lead ($/t)

Silver ($/oz)

9MFY24 Average price

Impact on EBITDA ($mn)

2,483

2,200

2,137

164

308

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

Earnings conference call dial in details

Event Earnings conference call on January 25, 2024, from 4:45 to 5:45 PM (IST)

Telephone Number

Universal Dial-In

+91 22 6280 1114

+91 22 7115 8015

India National Toll Free

1 800 120 1221

Canada

Hong Kong

Japan

International Toll Free*

Netherlands

Singapore

USA

01180014243444

800964448

00531161110

08000229808

8001012045

08081011573

18667462133

Online Registration Link Click Here - Registration Link

Call Recording

Will be available on Company website on January 26, 2024

Vedanta Limited 3QFY24 Investor Presentation

Sensitivity: Internal (C3)

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