Vedanta Limited has informed the Exchange regarding Investor Presentation

~ vedanta ~ transforming elements VEDL/Sec./SE/19-20/59

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

July 26, 2019

National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051

Scrip Code: 500295

Scrip Code: VEDL

Dear Sir(s),

Sub: Outcome of the Board Meeting held on July 26, 2019

The Board of Directors of the Company at their meeting held today, have considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the First quarter ended June 30, 2019.

In this regard, please find enclosed herewith the following:

1. The Unaudited Consolidated and Standalone Financial Results of the Company for the

2.

First quarter ended June 30, 2019 (‘Financial Results’); Limited Review Report for Financial Results from our Statutory Auditors, M/s S.R. Batliboi & Co., LLP Chartered Accountants in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; The report of Auditors is with unmodified opinion w.r.t. the Financial Results;

3. A Press Release in respect to the Financial Results; Investor Presentation on the Financial Results. 4.

The meeting of the Board of Directors of the Company dated July 26, 2019 commenced at 11:30 am and concluded at 03:50 pm.

We request you to kindly take the above information on record.

Thanking You, Yours Sincerely,

,

~

edanta Limited

,.rG~~

Companyf~jJompliance Officer

VEDANTA LIMITED DLF Atria . Phase 2. Jacaranda Marg. DLF City, curugram - 122002. Haryana. India I T •91124 459 3000 I F •91124 414 5612 www.vedantalimited.com REGISTERED OFFICE: Vedanta Limited. 1st Floor. ·c wing. unit 103. corporate Avenue. Atul Projects. Chakala. Andheri (East). Mumbai - 400093, Maharashtra. India I T •91 22 6643 4500 I F •91 22 6643 4530

CIN: L13209MH1965PLC291394

S.R. BATLJBOJ & Co. LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower· B Sector · 42, Sector Road Gurugram - 122 002, Haryana, India

Tel : +91 124 681 6000

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated and Year to Date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to T he Board of Directors Vedanta Limited

I. We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of Vedanta Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as 'the Group'), and its share of the net profit after tax and total comprehensive income of its associates and jointly controlled entities for the quarter ended June 30, 20 19 (the "Statement") attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (' the Regulation'), read with SEBI Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 (' the Circular').

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India read with the Circular. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, " Review of Interim Financial Information Perfonned by the Independent Auditor of the Entity" issued by the Institute of Cpartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we wou ld become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also perfonned procedures in accordance witb the Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 20 l 5 as amended, to the extent applicable.

4. The Statement includes the results of the entities as mentioned in Annexure I.

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standard specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. We did not review the interim financial results and other fi nancial information of 8 subsidiaries, included in the consolidated unaudited financial results, whose interim financial results and other financial information total revenues of Rs. 1,955 crore, total net profit after tax of Rs. 321 crore and total comprehensive income of Rs. 32 1 crore, for the quarter ended June 30, 20 l 9, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs. Nil and total comprehensive income of Rs. N il, for the quarter ended June 30, 20 19, as considered in the consolidated unaudited financial results, in respect of I associate, whose interim financial results and other financial information have not been reviewed by us. These interim financial results and other financial information have been reviewed by other auditors, whose reports have · ~ it relates to the been furnished to us by the management and our conclusion on the Statemen ~?--r'-'Y:.~!~~ v ,- \9 {ff{ ]~ * ~ (.1 L '-

Page I o r 4

·, 0

J J

S.R Balllboi & Co. LLP, a um,ted Llab,hly Pdrlnersn,p w,th LLP Identity No. AAB·429 v~UG'-',;';'~ ,t

Rego Office· 22, Camac Street. Blo<k 'B', 3rd Floor , Kolkata·700 016

" " '

S.R. BAruB01 & Co. LLP

Chartered Accountants

amounts and disclosures in respect of these subsidiaries and associate is based solely on the report of the other auditors and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter.

7. Certain of these subsidiaries and associate are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the financial results of such subsidiaries and associate located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries and associate located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us.

8. The accompanying unaudited consolidated financial results includes unaudited interim financial results and other unaudited financial information in respect of 9 subsidiaries, which have not been reviewed by their auditors, whose interim financial results and other financial information reflect total revenues of Rs. I 03 crore, total net loss after tax of Rs. 71 crore and total comprehensive loss of Rs. 71 crore, for the quarter ended June 30, 2019, as considered in the unaudited consolidated financial results. The unaudited consolidated financial results also includes the Group's share of net profit after tax of Rs. Nil and total comprehensive income of Rs. Nil, for the quarter ended June 30, 2019, as considered in the unaudited consolidated financial results, in respect of I associate and 3 jointly controlled entities, based on their interim financial results and other financial in formation which have not been reviewed by their auditor(s). These unaudited financial results and other unaudited financial information have been approved and furnished to us by the management. Our conclusion, in so far as it relates to the affairs of these subsidiaries, associates and jointly controlled entities, is based solely on such unaudited financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results and other financial information are not material to the Group. Our conclusion on the Statement is not modified ih respect of the above matter.

For S.R. BATLIBOI & CO. LLP Chartered Accountants ICAI Fir

egist~ation number: 301003E/E300005

UDIN:l901i l8 10 AAARBNll 2-b Place: Kolkata Date: July 26, 2019

Page 2 of 4

S.R. BATLIBOI & Co. LLP

Chartered Accountants

Annexure I

List of subsidiaries/associates/ _jointly contro lled entities

Subsidia ries

S.No.

I 2 .., :, 4 5 6 7 8 9 IO l I 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47

Name

Bharat Aluminium Company Limited (BALCO) Coooer Mines offasmania Pty Limited (CMT) Fuiairah Gold FZE Hindustan Zinc Limited (HZL) Monte Cello BY (MCBV) Sesa Resources Limited (SRL) Sesa Mining Corporation Limited Thalanga Conner Mines Pty Limited (TCM) MALCO Enern:v Limited (MEL) Lakomasko B.V. THL Zinc Ventures Limited THL Zinc Limited Sterlite (USA) Inc. Talwandi Sabo Power Limited THL Zinc Namibia Holdings (Ptv) Limited (VNHL) Skoroion Zinc (Pty) Limited (SZPL) Namzinc (Pty) Limited (SZ) Skoroion Mining Company (Pty) Limited (NZ) Amica Guesthouse (Pty) Ltd Rosh Pinah Healthcare (Pty) Ltd Black Mountain Mining (Ptv) Ltd THL Zinc Holding BY Vedanta Lisheen Holdings Limited (VLHL) Vedanta Exploration Ireland Limited Vedanta Lisheen Mining Limited (VLML)1 Killoran Lisheen Mining Limited Killoran Lisheen Finance Limited Lisheen Millin_g Limited Vizag General Cargo Berth Private Limited Paradip Multi Cargo Berth Private Limited Sterlite Ports Limited (SPL) Maritime Ventures Private Limited Goa Sea Port Private Limited Bloom Fountain Limited (BFM) Western Cluster Limited Cairn Lndia Holdings Limited Cairn Enern:v Hydrocarbons Ltd Cairn Exploration (No. 2) Limited Cairn Ener~v Gujarat Block I Limited Cairn Energy Discovery Limited Cairn Enere:v India Ptv Limited CIG Mauritius Holdings Private Limited CJG Mauritius Private Limited Cairn Lanka Private Limited Cairn South Africa Pty Limited Vedanta ESOS Trust Avanstrate (Japan) lnc. (AS[)

Page 3 of 4

S.R. BATLIBOI & Co. LLP

Chartered Accountants

S. No. 48 49 50 51 52

Associates S. No. l 2

Name

A vanstrate (Korea) Inc A vanstrate (Taiwan) Inc Vedanta Star L imited Electrosteel Steels Limited Lisheen Mine Partnership

Name

RoshSkor Township (Proprietary) Limited Gaurav Overseas Private Limited

J ointlv controlled entities

S. No.

I

2

3

Goa Maritime Private Limited

Name

Rampia Coal mines and Enernv Private limited

Madanpur South Coal Company Limited

Page 4 of 4

~ Vedanta

Vedanta Li mited CIN no. L13209MH1965PLC291394

Reyd. Office: Vedanta Limited 1st Floor, ' C' winy, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), t-1umbai-400093, Maharashtr a

STATEMENT OF UNAUOJTED CONSOLIDATED RESULTS FOR THE OUARTER ENDED JUNE 30, 2019

c, in Crore e,ccept as stated)

30.06. 2019 ( Unaudited)

Quarter ended 31.03. 2019 (Audited) (Refer Note 2 )

30.06.2018 (Unaudited)

Year ended

31.03. 2019 ( Audited)

S. No. Particulars

I

2

3

4

a)

b)

c)

d)

e)

f)

g)

Revenue from operations

Other operating income

Other income

Total Income

Expenses

Cost of materials consumed

Purchases of stock-in-trade

Changes In Inventories of finished goods, work-in-progress and stock-In-trade

Power & fuel charges

Employee benefits expense

Finance costs

Depreciat ion, depletion and amortization expense

h) Other expenses

5

6

7

8

9

Total e,cpenses

Profit before exceptional items and tax

Net exceptional gain

Profit before tax

Tax expense:

a)

Net Current tax expense

b) Net Deferred tax (benefit)/expense (Refer note 5)

On Excepti onal Items

a) Net Deferred tax expense

Net tax expense

10

11

12

Profit after tax before share in profit of jointly controlled entities and associates and non-controlliny interests

Add : Share in p rofit of jointly controlled entities and associates Profit after share in profit of jointly controlled entities and associates /al

13 Other Comprehensive Income

i.

II.

14

15

a) b)

16

a)

bl 17

a)

b )

18

19

20

21

(a) Items that will not be reclassified to profit or loss (b) Tax benefit on items that will not be reclassified to profit or loss ( a) Items that will be reclassified to profit or loss { b) Tax { expense)/benefit on items that will be reclassified to profit or loss

Total Other Comprehensive Income (b)

Total Comprehensive Income (a + b)

Profit attributable to:

Owners of Vedanta Limited

Non-controlling Interests

Other comprehensive Income attributable to:

Owners of Vedanta Limited

Non-controlling interests

Total comprehensive income attributable to:

Owners of Vedanta Limited

Non-controlling interests

Net profit after taxes, non·controlliny interests and share In profit of jointly controlled entities and associates but before exceptional items

Paid-up equity share capital (Face value oft 1 each)

Reserves excluding Revaluation Reserves as per balance sheet Earnings per share after exceptional items (t) ( •not annualised)

- Basic -Diluted

22

Earnings per share before exceptional items ( ~) / •not annualised)

-Basic -Diluted

21, 167

207

380

21, 754

5, 548

0

(214)

4,584

744

1,341

2,155

5, 514

19, 672

2,082

-

2,082

615

(477)

- 138

1, 944

0

1, 944

(25)

1

62

(21)

17

1, 961

1, 351

593

4

13

1,355

606

1, 351

372

3 .65 • 3.63 •

3 .65 * 3.63 *

23,092

376

1,628

25,096

6 , 538

6

222

4, 334

768

1,401

2,258

5,465

20,992

4,104

.

4,104

679

207

.

886

3,218

0

3,218

(48)

5

(389)

33

(399)

2,819

2,615

603

(379)

(20)

2,236

583

2,615

372

7.06 • 7 .04 •

7.06 • 7.04 •

21, 942

264

418

22,624

5,115

308

398

4,107

725

1, 452

1,796

5, 363

19,264

3, 360 -

3, 360

669

443

.

1,112

2,248

0

2,248

(35)

6

703

(30)

644

2,892

1, 533

715

702

(58)

2,235

657

1,533

372

4.13 • 4.12 •

4.13 • 4 .12 •

90,901

1,147

4 ,018

96,066

25, 490

588

72

18,144

3,023

5,689

8,192

21,628

82,826

13,240

320

13,560

2,677

1,073

112

3,862

9,698

0

9,698

(85)

25

516

1

457

10,155

7,065

2,633

585

(128)

7,650

2,505

6,857

372

61,925

19.07 18.98

18.50 18.43

S . No. Segment Information

1

a)

b)

C)

d)

e)

f)

g)

h)

Segment Revenue

Zinc, Lead and Sliver

(i) Zinc & Lead - India

(ii) Silver - India

Total

Zinc - International

0,1 & Gas

Aluminium

Copper

Iron Ore

Power

Others

Total

Less:

Inter Segment Revenue

2

Revenue from operations Segment Results [ Profit/ ( loss) before tax and Interest]

a)

Zinc, Lead and Sliver

( i) Zinc & Lead • I ndia

( ii) Sliver · India

Total

Zinc • International

011 & Gas

Aluminium

Copper

I ron Ore

Power

Others

Total

b)

C)

d)

e)

f)

g)

h)

Less: Finance costs

Add : Other unallocable income net off expenses

Profit before exceptional Items and tax

Add: Net exceptional gain

Profit before tax

30. 06.2019 (Unaudited)

Quarte r ended 31. 03.2019 (Audited) (Refer Note 2 )

30.06. 2018 ( Unaudited )

(t in Crore)

Year ended 31.03. 2019 (Audited)

4, 295

576

4, 871

824

3 , 131

6 , 834

1, 777

797

1, 703

1, 254

21,191

24

21,167

1, 397

500

1,897

( 10)

1, 178

(252)

(115)

90

222

73

3, 083

1, 341

340

2, 082 - 2, 082

4,610

744

5,354

1,002

3,175

6,547

2,803

853

1,593

1,783

23,110

18

23,092

1, 586

638

2,224

233

1,183

(123)

(122)

208

197

319

4,119

1,401

1,386

4,104 - 4,104

4,655

547

5,202

573

3,219

7, 288

2,797

787

1,590

515

21,971

29

21,942

1,886

473

2,359

26

1,278

779

( 155)

125

283

1

4,696

1,452

116

3,360

3,360

18,088

2,568

20,656

2,738

13,223

29,229

10,739

2,911

6, 524

5,023

91,043

142

90,901

6 , 512

2,207

8,719

269

5,164

399

(438)

474

832

584

16,0 03

5,689

2,926

13,240

320

13, 560

S. No.

Segment Information

30.06.2019 (Unaudited)

Quarter ended

31.03.2019 (Audited) (Refer Note 21

30.06.2018 (Unaudited)

(' in Crore)

Year ended

31.03.2019 (Audited)

3

a)

b)

C)

d )

e)

f)

e)

h)

i)

4

a)

b)

C)

d)

e)

f)

g)

h)

I)

Segment assets

Zinc, Lead and Silver - I ndia

Zinc - International

Oil & Gas

Aluminium

Copper

Iron Ore

Power

Others

Unallocated

Total

Segment liabilities

Zinc, Lead and Sliver • India

Zinc - International

Oil & Gas

Aluminium

Copper

Iron Ore

Power

Others

Unallocated

Total

20,484

6,116

30,763

SG,847

8,541

3,131

19,904

9,192

40,098

195,076

5,531

1,184

11, 936

20, 215

4,117

1, 275

2,021

1,S62

67, 727

115,568

19,884

6,034

28,519

58,422

8,347

3,122

19,573

8,844

49,298

18,957

5,425

26,761

56,582

9,117

3,211

20,797

8,442

44, 173

19,884

6,034

28,5 19

58,422

8, 347

3,122

19, 573

8,844

49, 298

202,043

193,465

202,043

6,155

1,361

9,851

23,062

4,163

1,367

2,045

1,463

75,052

124,519

4,864

978

7,939

16, 256

5,153

1,452

2,067

1,040

71,542

111,291

6,155

1,361

9,851

23,062

4, 163

1,367

2,045

1,463

75,052

124, 519

The main business segments are: ( a) Zinc which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate ( b) Oil & Gas which consists of exploration, development and production of oil and gas ( c) Alum inium which consist of mining of bauxite and manufacturing of alumina and various aluminium products (d} Copper which consist of mining of copper concentrate, manufacturing of copper cat hode, continuous cast copper rod, anode slime from purchased concentrate and manufactu ring of precious metal from anode slime, sulphur ic acid, phosphoric acid (Refer note 4 ) ( e) I ron ore which consists of mining of ore and manufacturing of pig iron and metallurgical coke ( f) Power excluding captive power but including power f acilities predominantly engaged in generation and sale of commercial power and ( g) Other business segment comprises of port/berth, glass substrate and steel . The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively. Additional intra segment information of revenues and results for the Zinc, Lead and Silver segment have been provided to enhance understanding of segment business.

'(\\a (jh

boq,.~

(l) Q.

(1) 7

*

Notes:-

1 The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries, jointly controlled entities, and associates for the quarter ended June 30, 2019 have been rev iewed by- the Audit Committee at its meeting held on July 25, 2019 and approved by the Board of Directors at its meeting held on July 26, 2019. The statutory auditors have carried out limited review of the same.

2 The figures for the quarter ended March 31, 2019 are the balancing figures between audited figures for the full financia l year ended

March 31, 2019 and unaudited figures for the nine months ended December 31, 2018.

3

In December 2018, as part of its cash management activit ies, Cairn India Holdings Limited (CIHL), a wholly owned foreign subsidiary of the Company, had purchased an economic interest in a structured investment in Anglo American PLC from its ult imate parent, Volcan Invest ments Limited ("Volcan") for a total consideration of GBP 428 m illion (~ 3,812 Crore). Thereafter, the investment performed positively and CIHL liquidated these investments in July 2019. Total gain on this instrument from the date of its purchase amounted to GBP 80 million (~ 746 Crore including associated exchange differences) and the difference between the same and the unrealized gain upto March 31, 2019 of GBP 99 million (~ 924 Crore including associated exchange differences) amounting to GBP 19 m illion (~ 178 Crore) has been accounted for in the current quarter's results.

4 The Company's application for renewal of Consent to Operate (CTO) for existing copper smelter was rejected by Tamil Nadu Pollution

Control Board (TNPCB) in April 2018. Subsequently the Government of Tamil Nadu issued directions to close and seal the exist ing copper smelter plant permanently. Principal Bench of National Green Tribunal (NGT) ruled in favour of the Company but the same was set aside by the Supreme Court vide its judgment dated February 18, 2019 on the basis of maintainability alone. Vedanta Limited has f iled a writ petition before Madras High Court challenging various orders passed against the Company, the fina l hearing of the matter has commenced from June 27, 2019.

Further, the High Court of Madras in a Public Interest Litigation held that the application for renewal of the Environmental Clearance (EC) for the Expansion Project shall be processed after a mandatory public hearing and in the interim ordered the Company to cease construction and all other activities on the site with immediate effect. However, in the meanwhile, SIPCOT cancelled the land allotted for the proposed Expansion Project, which was later stayed by the order of Madras High Court and TNPCB issued order directing the withdrawal of the Consent to Establish (CTE) which was valid till March 31, 2023. The Company has also filed Appeals before t he TNPCB Appellate Authority challenging withdrawal of CTE by the TN PCB and the same is scheduled for hearing on July 31, 2019.

As per the Company's assessment, it is in compliance with the applicable regulations and hence does not expect any material adjustments to these financial results as a consequence of the above actions.

5 Net deferred tax benefit for the quarter ended June 30, 2019 includes a deferred tax credit of~ 419 Crore representing recogn ition of

past unrecognised deferred tax assets with respect to Electrosteel Steels Limited (ESL), a subsidiary of the Company. The same has been recognized based on the assessment of ESL's future profitability supported by business performance over the last one year.

6 Effective April 01, 2019, the Group has adopted Ind AS 116 Leases under the modified retrospective approach without adjustment of

comparatives. The Standard is applied to contracts that remain in force as at April 01, 2019. The application of the Standard did not have any significant impact on the retained earnings as at April 01, 2019 and financial results for the current quarter.

7 Previous period/year figures have been re-grouped/ rea rranged, wherever necessary.

By Order of the Board

Place : Mumbai

Dated : July 26 2019

Srinivasan Venkatakrishnan

Whole -Time Director and Chief Executive Officer

'b Q) 7

O~\al,~

.,,.. ~ Q.

*

S.R. BArL1Bo1 & Co. LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower· B Sector· 42, Sector Road Gurugram • 122 002, Haryana, India

Tel : +91124 681 6000

lndependent Auditor's Review Report on the Quarterly U naudited Standalone and Year to Date Financial Results o f the Company Pursuant to the Regulation 33 of the SEBI (Listing O bligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board o f Directors Veda nta L imited

1.

2.

3.

4.

5.

We have reviewed the accompanying statement ofunaudited standalone financial results of Vedanta Limited (the 'Company') for the quarter ended June 30, 2019 (the " Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5 ('the Regulation ') as amended, read with SEBI Circular No.CIR/CFD/CMDl /44/2019 dated March 29, 2019 ('the Circular').

The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, read with the Circular is the responsibiJity of the Company's management and has been approved by tbe Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 J 0, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants oflndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not perfom1ed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing bas come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in tbe applicable Indian Accounting Standards ('Ind AS' ) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including tbe manner in which it is to be disclosed, or that it contains any material misstatement.

The accompanying quarterly unaudited standalone financial results include interim financial results and other financial infom1ation, in respect of an unincorporated joint venture not operated by the Company, whose interim financial results and other financial information reflect total assets of Rs 120 crore as at June 30, 2019, as considered in the unaudited standalone financial results based on their interim financial results and other fi nancial information which have not been reviewed by us. These unaudited financia l results and other fmancial information of the said unincorporated joint venture not operated by the Company have been approved and furnished to us by the Management. According to the infonnation and explanations given to us by the Management, these interim financial results and other financial information are not material to the Company. Our conclusion on the Statement is not modified in respect of this matter.

For S.R. BATLIBOI & CO. LLP Charte red Accountants ICAI Fir

I

egistration number: 30I003E/E300005

ner

Membership No.: 41870

UDIN:19041 ~loAAA~Bl-1"1&,1..

P lace: Kolkata Date: July 26, 2019

S.R Bathboi & Co. LLP, a Limited liability Partnership with LLP Identity No. AAB 4294 ReQd. Ottice : 22. camac Street. 81ock ·a·. 3ra Floor, Kolkata-700 016

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Vedanta Limited CIN no. L13209MH1965PLC291394

Regd. Office: Vedanta Limited 1st Floor, 'C' wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai-400093, Maharashtra

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

-r

I

S.No. Particulars

1

2

3

Revenue from operations

Other operating income

Other income

Total Income

4

Expenses

a) Cost of materials consumed

b) Purchases of Stock-in-Trade

c)

Changes in inventories of finished goods, work-in- progress and stock - in- trade

d) Power & fuel charges

e)

f)

Employee benefits expense

Finance costs

g) Depreciation, depletion and amortization expense

h) Other expenses

Total expenses

5

6

7

(Loss)/Profit before exceptional items and tax

Net exceptional gain

(Loss)/Profit before tax

Tax expense/(benefit) on other than exceptional items:

8 a) Net Current tax expense

b) Net Deferred tax (benefit)/expense

Tax expense on exceptional items :

a) Net Deferred tax expense

Net tax (benefit)/expense:

9

Net (Loss)/Profit after tax (a)

I

I

I

I

10 Net (Loss)/ Profit after tax before exceptional items (net of tax)

11 Other Comprehensive Income

i.

(a) Items that will not be reclassified to profit or loss

(b) Tax benefit/(expense) on items t hat will not be reclassified t o profit or loss

ii.

(a) Items that will be reclassified to profit or loss (b) Tax (expense)/benefit on items that will be reclassified to profit or loss

Total Other Comprehensive Income (b)

12 Total Comprehensive Income (a+b)

I

13

14

15

16

Paid-up equity share capital ( Face value of ~ 1 each)

Reserves excluding Revaluation Reserves as per balance sheet

(Loss)/Earnings per share after exceptional items ( f ) ( * not annualised)

- Basic & Diluted

( Loss)/Earnings per share before exceptional items(~) ( * not annualised)

- Basic & Diluted

30.06.2019 (Unaudited)

8 , 522

9S

190

8 , 807

3 ,077

0

212

2 , 131

231

881

794

1, 9741

9, 300

( 493) . ( 493)

- ( 243)

. (243)

(2S0)

(2S0)

(21)

0

8

( 1S)

(28)

(278)

372

( , in Crore except as stated)

Quarter ended

31.03.2019 (Audited) (Refer Note 2)

30.06.2018 (Unaudited)

9,099

157

193

9,449

4,063

1

(124)

2,223

2271 885

766

1,60~1

9,643

( 194) - ( 194)

3 (236)

- (233)

39

39

(40)

2

(131)

16

( 153)

(114)

372

9,571

119

107

9,797

3, 026

308

506

2,0281 205

1,002

784

1,738

9,597

200

52

252

- 122

- 122

130

78

(17)

-

355

42

380

510

372

Year ended

31.03.2019 (Audited)

- - 38,098

546

6,152

44,796

15,508

505

307

9,179

862

3,757

3,243

6,812

40,173

4,623

324

4,947

5 (245)

112

(128)

5,075

4,863

(49)

1

415

50

417

5,492

372

77,508

(0.67) *

0.10 *

0.35 *

13.65

(0.67) *

0.10"

0.21 *

13.08

I

S. No. Segment Information

1 a)

b)

c)

d)

e)

Seg ment Revenue Oil & Gas

Aluminium

Copper

Iron Ore

Power

Total

Less:

Inter Segment Revenue

Revenue from operations

2

a)

b)

c)

d)

e)

Segme nt Results (Profit/ (loss) before tax and interest]

Oil & Gas

Aluminium

Copper

Iron Ore

Power

Total

Less: Finance costs

Add: Other unallocable income net off expenses

( Loss)/Profit befor e exceptional items and tax

Add: Net exceptional gain

( Loss)/Profit before tax

I

I

3

a)

b)

c)

d)

e)

f)

4

a)

b)

c)

d)

e)

f)

Segment assets

Oil & Gas

Aluminium

Copper

I ron Ore

Power

unallocated

Total

Segment liabilities

Oil & Gas

Aluminium

Copper

Iron Ore

Power

Unallocated

Total

30.06. 2019 ( Unaudited)

Quarter ended 3 1.03.20 19 (Audited) (Refer Note 2)

30.06.2018 ( Unaudited)

(Ii' in Crore) Year ended 3 1.03.2019 (Audit ed)

1, 673

5,022

972

796

60

8 , S23

1

8, 522

6 2 7

( 228) 1

( 112)

104

( 85)

306

881

82

( 493 ) - ( 493)

18, 097

43, 494

7 , 219

2, 937

3 , 347

72, 0631

147, 157

I

8 , 194

15, 183

3 , 612

1, 139 1 1S2

41, 254

69, 534

1,715

4 ,302

2, 084

852

146

9,099 .

9,099

626

(66)

(104)

214

(106)

564

885

127

(194) .

( 194)

16,299

45, 101

7,141

2,927

3,321

76,078

150,867 I

6,961

17,499

3,743

1,235

162

43, 387

72,987

1,721

5, 377

1,650

7871

36

9,571 .

9 ,571

6 19

602

(161)

144

(71)

1, 133

1,002

69

200

52 1

252

I 15,166

43,988

8, 745

3,075

3, 257

73,653

147,884:

I

5, 131

12,056

4 ,881

1,314

266

44,398

68,046

7,104

21,000

6,833

2,911

252

38, 100

2

38,098

2,588

14

(409 )

523

(309)

2,407

3,757

5,973

4,623

324

4 ,947

16,299

45,101

7,141

2,927

3,321

76,078

150,867

6,961

17,499

3,743

1,235

162

43,387

72,987

The main business segments are : (a) Oil & Gas which consists of exploration, development and production of o,I and gas. (b) Aluminium which consist of manufacturing of alumina and various aluminium products. (c) Copper which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of sulphuric acid, phosphoric acid (Refer note 3). (d) Iron ore which consists of mining of ore and manufacturing of pig iron and metallurgical coke. (e) Power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power.

The assets and liabilit ies that cannot be al located between the segments are shown as unallocated assets and liabilit ies, respectively.

Notes:-

1 The above results of Vedanta Limited ("the Company"), for the quarter ended June 30, 2019 have been reviewed by the

Audit Committee at its meeting held on July 25, 2019 and approved by the Board of Directors at its meeting held on July 26, 2019. The statutory auditors have carried out limited review of the same.

2 The figures for the quarter ended March 31, 2019 are the balancing figures between audited figures for the full financia l year

ended March 31, 2019 and unaudited figures for the nine months ended December 31, 2018.

3 The Company's application for renewal of Consent to Operate (CTO) for existing copper smelter was rejected by Tamil Nadu Pollution Control Board (TNPCB) in April 2018. Subsequently the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. Principal Bench of National Green Tribunal (NGT) ruled in favour of the Company but the same was set aside by the Supreme Court vide its judgment dated February 18, 2019 on the basis of maintainability alone. Vedanta Limited has filed a writ petition before Madras High Court challenging various orders passed against the Company, the final hearing of the matter has commenced from June 27, 2019.

Further, the High Court of Madras in a Public Interest Litigation held that the application for renewal of the Environmental Clearance (EC) for the Expansion Proj ect shall be processed a~er a mandatory public hearing and in the interim ordered the Company to cease construction and all other activities on the site with immediate effect. However, in the meanwhile, SIPCOT cancelled the land allotted for the proposed Expansion Project, which was later stayed by the order of Madras High Court and TNPCB issued order directing the withdrawal of the Consent to Establish (CTE) which was valid t ill March 31, 2023. The Company has also filed Appeals before the TNPCB Appellate Authority challenging withdrawal of CTE by the TNPCB and the same is scheduled for hearing on July 31, 2019.

As per the Company's assessment, it is in compliance with the applicable regulations and hence does not expect any material adjustments to these financial results as a consequence of the above actions.

4 Effective April 01, 2019, the Company has adopted Ind AS 116 Leases under the modified retrospective approach without

adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 0 1, 2019. The application of the Standard did not have any significant impact on the retained earnings as at April 01, 2019 and financial results for the current quarter.

5 Previous period/year figures have been re-grouped/rearranged, wherever necessary.

By order of the Board

Place : Mumbai

Dated : July 26, 2019

s,;~

enkatak,;shnan

Whole -Time Director and Chief Executive Officer

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

26 July 2019

Vedanta Limited

Consolidated Results for the First Quarter ended 30 June 2019

Q1 EBITDA at ₹ 5,188 crore, robust margin of 27% Q1 Att. PAT1 at ₹ 1,351 crore, down 12% y-o-y

Mumbai, India: Vedanta Limited today announced its unaudited consolidated results for the First quarter (Q1) ended 30 June 2019.

Financial & Corporate Highlights • Structured investment at CIHL unwound with net cumulative gain of c. USD 100

million in c. 8 months

• Continued strong financial performance despite market headwinds

o Revenues of ₹ 21,167 crore, down 4% y-o-y o EBITDA of ₹ 5,188 crore, down 20% y-o-y, mainly driven by market and

regulatory factors

o Robust EBITDA margin2 of 27% o Attributable PAT at ₹ 1,351 crore, down 12% y-o-y

• Strong Balance Sheet

o Net Debt/EBITDA at 1.3x lowest among Indian peers o Gross debt at ₹ 59,517 crore, lower by ₹ 6,708 crore as compared to 31st March

2019

o Strong financial position with total cash & liquid investments of ₹ 30,774 crore

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 1 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

Unaudited Results for the First Quarter ended 30 June 2019

Operational Highlights • Oil & Gas:

o Average gross production of 180 kboepd, down 8% y-o-y o 10 New Blocks allotted in OALP II & III Auctions

• Zinc India:

o Refined metal production at 219kt, up 3% y-o-y o Silver production at 159 MT, up 15% y-o-y

• Zinc International: Gamsberg production at 23kt in Q1, ramp up in progress. • Steel : Saleable production at 323 kt , up 34% y-o-y • Aluminium:

o Record quarterly Alumina production of 446kt, up 37% y-o-y o Hot metal cost at $ 1,764/ton, lower by 8% y-o-y.

• TSPL: Record Plant availability of 95%

1. PAT before exceptional & before DDT 2. Excludes custom smelting at Copper India and Zinc India operations

Mr. Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta, said “We continue to strengthen our position as one of the largest diversified natural resource businesses in the world with our strategy focused on value-added growth. Our businesses stayed resilient in a quarter with low commodity prices and uncertain market environment and we continued to ramp up across the key verticals, Zinc & Oil & Gas. Silver is outperforming as we climb up the ranks among the top global silver producers. Aluminium business is steadily moving towards its target cost. We are also pleased with the superior returns that have been achieved with the unwinding of the structured investment transaction at CIHL for the benefit of all shareholders of Vedanta. We look forward to exciting quarters ahead as we continue to deliver for all our stakeholders.”.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 2 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

Unaudited Results for the First Quarter ended 30 June 2019

Consolidated Financial Performance

The consolidated financial performance of the company during the period is as under:

Particulars

Revenue from operations

Other Operating Income

EBITDA

EBITDA Margin1 Finance cost

Investment Income

Exchange gain/(loss) - (Non-operational)

Profit before Depreciation and Taxes

Depreciation & Amortization

Profit before Exceptional items

Exceptional Items Credit/(Expense)2 Tax

(In Rs. crore, except as stated)

% Change

Q4

FY 2019

% Change

FY2019

Q1

FY2020

FY2019

21,167

21,942

207

264

5,188

6,448

27%

34%

(4%)

(21%)

(20%)

1,341

1,452

(8%)

373

17

4,237

2,155

2,082

388

(4%)

(228)

5,156

1,796

3,360

-

(18%)

20%

(38%)

23,092

(8%)

90,901

376

6,330

31%

1,401

1,599

(166)

6,362

2,258

4,104

(45%)

(18%)

1,147

24,012

(4%)

(77%)

-

30%

5,689

3,618

(509)

(33%)

21,432

(5%)

8,192

(49%)

13,240

- - - -

-

320

138

1,112

(88%)

886

(84%)

Tax on Exceptional items

- - - -

-

Profit After Taxes Profit After Taxes before Exceptional Items

Minority Interest

Attributable PAT after exceptional items Attributable PAT before exceptional items Basic Earnings per Share (₹/share) Basic EPS before Exceptional items Exchange rate (₹/$) - Average Exchange rate (₹/$) - Closing

1,944 1,944

593

1,351 1,351

3.65 3.65

69.58

68.96

2,248 2,248

(14%) (14%)

715

(17%)

1,533 1,533

4.13 4.13

67.04

68.58

(12%) (12%)

(12%) (12%)

4%

1%

3,218 3,218

603

2,615 2,615

7.06 7.06

70.49

69.17

(40%) (40%)

(2%)

(48%) (48%)

(48%) (48%)

(1%)

(0%)

1. Excludes custom smelting at Copper India and Zinc India operations 2. Exceptional Items Gross of Tax 3. Previous period figures have been regrouped or re-arranged wherever necessary to conform to current period’s presentation

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 3 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

3,750

112

9,698 9,490

2,633

7,065 6,857

19.07 18.50

69.89

69.17

Unaudited Results for the First Quarter ended 30 June 2019

Revenues

Revenue in Q1 FY2020 was at ₹ 21,167 crore, lower 4% y-o-y, primarily due to lower commodity prices partially offset by higher aluminium sales, volume addition from ESL, commencement of Gamsberg mine and currency depreciation.

EBITDA and EBITDA Margins

EBITDA for Q1 FY2020 was at ₹ 5,188 crore, lower by 20% y-o-y, mainly due to lower commodity prices partially offset by easing of input commodity inflation, rupee depreciation and volume addition from ESL acquisition.

EBITDA margin1 during the quarter was at 27% compared to 34% in Q1 FY2019.

Depreciation & Amortization

Depreciation and amortization for Q1 FY2020 was at ₹ 2,155 crore, higher by 20% y-o-y. This was mainly due to higher ore production at Zinc businesses, change in reserves estimates and asset capitalisation at Zinc India, commencement of Gamsberg operations and increased charge at Oil & Gas due to capitalisation.

Finance Cost and Investment Income

Finance cost for Q1 FY2020 was at ₹ 1,341 crore, lower by 8% y-o-y, primarily due to higher capitalisation of borrowing cost and one-time commitment charges in Q1 FY2019 partially offset by higher average borrowing cost in line with market trends.

Investment Income was at ₹ 373 crore, flat y-o-y. The unwinding of structured investment resulted in a net gain of Rs 746 crore (including associated exchange differences) since the date of investment. The difference between the same and the unrealised gain upto March 31, 2019 of Rs 924 crore (including associated exchange differences) amounting to Rs 178 crore has been accounted for in the current quarter’s results. This is offset by a mark to market loss in Q1 FY19.

Taxes

Tax rate for the quarter is 27% (excluding impact of deferred tax assets recognition at ESL) The deferred tax asset at ESL represents recognition of past unrecognised deferred tax assets which has been recognised on a proportionate basis for the quarter.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 4 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

Unaudited Results for the First Quarter ended 30 June 2019

Attributable Profit after Tax and Earnings per Share (EPS)

Attributable Profit after Tax (PAT) before exceptional items and DDT for the quarter was ₹ 1,351 crore.

EPS for the quarter before exceptional items was at ₹ 3.65 per share .

Balance Sheet

We have robust cash and liquid investments of ₹ 30,774 crore. The Company invests in high quality debt instruments as per the Board approved policy. The portfolio is rated by CRISIL, which has assigned a rating of “Tier-I” (implying Highest Safety) to our portfolio. Further, the Company has undrawn committed facilities of c. ₹ 4,900 crore as on 30th June 2019.

Gross debt was at ₹ 59,517 crore on 30th June 2019, lower by ₹ 6,708 crore as compared to 31 March 2019. This was mainly due to repayment of debt at Cairn India Holding Limited (CIHL), Vedanta Limited Standalone and temporary borrowings at Zinc India.

Net debt was at ₹ 28,743 crore on 30th June 2019, higher by ₹ 1,787 crores as compared to March 31, 2019, primarily due to working capital unwinding and regrouping of lease liability to borrowing due to INDAS 116 implementation.

Corporate Update

CIHL Structured Investments

Cairn India Holdings Limited (CIHL), an overseas subsidiary of the Company, and Volcan Investments Limited have agreed to unwind entirely the structured investment entered between them in December 2018 ahead of the originally envisaged schedule. With this, Volcan will exercise the early exchange option available to it on 26 July 2019 and consequent to this the full exchange of its two issues of mandatory exchangeable bonds secured by shares in Anglo American plc, will settle on 12 August 2019. The share price of Anglo American has close to doubled, since Volcan invested, delivering attractive gains to all investors.

The investment by CIHL, which was entered into as part of its cash management activities, has delivered a net gain of over USD 100 mm in the 8-month period it was held. Cash proceeds from the settlement of the transaction will be paid to CIHL on 13 August 2019.

Following the redemption of the structured instrument, completed with due Board approvals, CIHL will have no further economic exposure to Anglo American plc shares.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 5 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

Unaudited Results for the First Quarter ended 30 June 2019

Key Recognitions

Vedanta has been consistently recognized through the receipt of various awards and accolades. During the quarter, we received the following recognitions:

• Vedanta Limited and HZL conferred with Dun & Bradstreet Awards under Metal &

Minerals and non-ferrous metals category respectively.

• Balco bagged ‘Golden Peacock Award 2019’ in the category of Energy Efficiency for successful reduction in the energy usage over 3 years by Indian Institute of Directors.

• TSPL received CII national HR Excellence Award in the category of HR Excellence. • Hindustan Zinc received CSR Health Impact Award under Women & Child Health Initiative and was conferred with the title of ‘Game Changer’ for its Khushi Anganwadi Program during 3rd CSR Health Impact Awards.

• Hindustan Zinc’s Dariba CPP received award in ‘Platinum Category’ in ‘Golden Bird

Awards – 2019’ for ‘Safety Excellence’ & ‘Energy Efficiency’.

• TSPL bagged FAME Excellence award (Gold Award) for Excellence in Best HR Practices. • Sesa Goa Iron Ore won Secona Shields Award 2019 in Best Control Command Centre for

Innovative Practices & Technology.

• Vedanta Limited Jharsuguda won Smart exporter-Aluminium" award at smart logistics

summit and awards - 2019 organized by maritime gateway.

• Vedanta Limited Jharsuguda bagged "the highest performing container exporter" award

by Kolkata port.

• Cairn Oil & Gas has been conferred the ‘3rd CSR Health Impact Award 2019’ for its health

programs related to the ‘Swastha Bharat Initiative’

• Cairn Oil & Gas received the award from The Chartered Institute of Procurement & Supply UK for the second successive year in the category of Best Cross-Functional Teamwork Project.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 6 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

Unaudited Results for the First Quarter ended 30 June 2019

Results Conference Call

Please note that the results presentation is available in the Investor Relations section of the company website www.vedantalimited.com - http://www.vedantalimited.com/investor- relations/results-reports.aspx

Following the announcement, there will be a conference call at 6:30 PM (IST) on Friday, 26th July 2019, where 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 July 26, 2019

India – 6:30 PM (IST)

Singapore – 9:00 PM (Singapore Time)

Hong Kong – 9:00 PM (Hong Kong Time)

UK – 2:00 PM (UK Time)

US – 9:00 AM (Eastern Time)

Telephone Number India: +91 7045671221 Toll free: 1800 120 1221 Universal access: +91 22 7115 8015 +91 22 6280 1114 Toll free number 800 101 2045

Toll free number 800 964 448 Toll free number 0 808 101 1573 Toll free number 1 866 746 2133

For online registration Replay of Conference Call (July 26,2019 to August 2, 2019)

https://services.choruscall.in/DiamondPassRegistration/register?confirmatio nNumber=91306&linkSecurityString=26af0028

Mumbai +91 22 7194 5757 Passcode: 63835#

For further information, please contact:

Communications Arun Arora Head, Corporate Communications

Investor Relations Rashmi Mohanty Director – Investor Relations

Suruchi Daga Associate General Manager – Investor Relations

Raksha Jain Manager – Investor Relations

Tel: +91 11 4916 6250 gc@vedanta.co.in

Tel: +91 124 476 4096 vedantaltd.ir@vedanta.co.in

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 7 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

Unaudited Results for the First Quarter ended 30 June 2019

About Vedanta Limited

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading diversified natural resource

companies with business operations in India, South Africa, Namibia and Australia. Vedanta is a leading producer of Oil

& Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Aluminium & Power,

Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and

environment and on enhancing the lives of local communities. The company is conferred with, CII-ITC Sustainability

Award, FICCI CSR Award, Dun & Bradstreet Awards in Metals & Mining & The Great Place to Work.

Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed

on the New York 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.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 8 of 8 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

July 2019

the assumption on which our

statement involves risk and uncertainties, and that, although we believe that forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking could be materially statement based on those assumptions 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 plc and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement 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.

to engage in investment activities, nor shall

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 plc and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources plc and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance.

'plans,'

'intends,'

'believes,'

'anticipates,'

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 'seeks,' or as 'expects,' '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

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

2

Contents

Section

Presenter

Q1 FY20 Review

Venkat, CEO

Financial Update

Arun Kumar, CFO

Appendix

Page

4

21

27

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

3

Q1 FY2020 Review

Venkat Chief Executive Officer

Key Highlights: Q1 FY2020

▪

Structural Reduction in Aluminium Cost, down 8% y-o-y

▪ Highest ever Lanjigarh Alumina production, up 37% y-o-y

Operational

▪

▪

▪

Lanjigarh Alumina COP at $284/t, down 17% y-o-y. Lowest in last 2 years

Stable production from UG mine, Shaft integrated with Mine at SK

Production at BMM 19kt, up 24% y-o-y (Best quarter in last 5 quarters)

▪ Gamsberg ramping up with 23kt production in Q1

▪ O&G 10 new blocks in OALP round II & III

▪

▪

Electrosteel production at 323kt, up 34% y-o-y

Robust EBITDA generation of ₹ 5,188 cr with Industry leading margin of 27%

Financial

▪ Net debt/EBITDA remains strong at 1.3x

▪ Gross debt at ₹ 59,517 crore, lower by ₹ 6,708 crore as compared to 31st Mar’2019

Awards & Recognition

Dun & Bradstreet Corporate Awards 2019

▪ Vedanta Limited conferred under the Mining – Metals & Minerals category

▪ Hindustan Zinc Limited conferred under the Non-ferrous Metals category

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

5

Heading Towards – Zero Harm, Zero Waste, Zero Discharge

Safety

Environment

Sustainability

▪

3 fatality in Q1 FY2020

▪ New safety KPIs:

▪

▪

▪

Visible felt leadership

Ensuring controls in place

for safety critical task

Business Partner

engagement

LTIFR

0.49

0.40

0.35

0.46

0.61

▪

1st ever Dry Tail Stacking Plant in

▪

Zinc India selected as Member of

the Indian Zinc Industry is set to

be commissioned at Zawar Mine

in Q2 - will increase processed water recovery by 2500 m3/day

resulting in reduced tailing dam

risk

▪ High-volume-low-toxicity waste

recycle rate: 107% (FY2019: 92%)

“FTSE4Good Emerging Index” for

the 3rd consecutive year.

▪

Enhanced utilization of waste in

road construction (175,000 tons in

Q1FY20 vs 70,000 tons in FY19) and

cement Industry (13,800 tons in Q1

FY20 vs 13,000 tons in FY19)

Water Consumed & Recycled (m3)

242

242

245

65

71

67

62

17

Waste Recycling (mMT) (High volume low toxicity)

17

14

14

13

17

8

4

5

2016

2017

2018

2019 Q1FY20

2017

2018 Consumed

2019

Q1 FY20

Recycled

2017

2018 Generation

2019

Q1 FY20

Recycled

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

6

Zinc India: Strong Momentum in Silver Production

Fastest Growing Silver Company with a CAGR of 18%

Ranked 9th Globally in Primary Silver Production

Silver prices up ~15% in last 3 months

silver production in tonnes

1000

750-800

679

558

425

453

328

s e n n o t n

i

r e v l i S

2000

1500

1000

500

0

1200

1000

800

600

400

200

0

FY2015

FY2016

FY2017

FY2018

FY2019 FY2020E Target E*

Higher mining rate and recovery initiatives to drive Silver growth

c n i Z n a t s u d n H

i

1

2

3

4

5

6

7

8

9

10

Global Silver Production Ranking, 2018

Source: GFMS, Reuters

FY 2019

Lead Concentrate

Lead Smelting

710t (66%)

679t

Silver in Ore (FY2019: 1080t)

Zinc Concentrate 163t (15%)

Zinc Smelting

0t

Mine Tailings

208t (19%)

Tailings

0t

Target – 1000t 876t

- Volume Growth

- Silver rich deposits

64t

- Fuming technology & recycling

60t

- Achieve Benchmark Recoveries

- Recovery from Tailings

At current Silver price Potential to Generate >$500 mn EBITDA

We expect to be among Top 3 silver producers globally in the next 2-3 years

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

7

Zinc India: Production Grows as Projects Approach Completion

Performance Update

Confident of Achieving 1.2 Mtpa MIC Capacity in FY20

▪

▪

▪

▪

▪

▪

Finished Metal Production, up 3% y-o-y

Stable Production from underground mine, up 1% y-o-y

Silver production higher, up 15% y-o-y

Zinc COP ex royalty at $1,067/t

SK Shaft fully commissioned and integrated with Mine

SK 2nd Paste Fill Plant commissioned

Shaft commissioning in Q3 Rapid development crew to open new levels from Q2

Rampura Agucha ▪ ▪ Sindesar Khurd ▪ ▪ Zawar ▪ ▪

Shaft full ramp-up and faster paste filling in H2 Resolution of Geotech issues in lower blocks

Commissioning of two paste fill in Q3 Ballaria ramp-up in Q4 and Pillar mining

On Track to Deliver 1.0 million tonnes Mined Metal Production

Active program for addition to reserves in sync with higher production going forward

H2

H1

65%

35%

FY17

52%

53%

>54%

48%

47%

FY18

FY19

FY20e

• •

Traditional post-summer ramp-up in production Completion of key projects in H2

Reserves (Mnt)

93

FY19

FY20e

FY21e

• • •

350km drilling across all mines in FY20 vs 181km in FY19 RAM Galena upgradation leads to higher silver production Plan to upgrade 34 Mnt of resource to reserve across all mines

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

8

Zinc International: Gamsberg Continued Performance Ramp Up

Mining

Processing

▪ Operating at design capacity to deliver ore of 330ktpm

• June Exit throughput at 450 tph, target of 500 tph by Q2

▪

Blast improvement to increase crusher throughput

• Advanced Process Control to ensure optimal recovery

▪ Mining at East Pit started thereby creating more

blending opportunities through Smart Ore Movement

• Achieved design Crusher Exit throughput of 685 tph in Q1,

current throughput of ~700 tph, better than design

▪

>1 Mt of healthy ore stockpile in front of Plant

• Q1 recovery 63% with target to reach 80% by Q2

• Target to deliver 250ktpa run rate by end of Q4

MIC Production and Cost

Ramp-up within 9-12 months Guidance

1,398

23

70

60

50

40

30

20

10

-

1,600

1,400

1,200

1,000

800

600

400

200

-

63%

0.6

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Q1

Q2

Q3

Q4

MIC Production (kt)

Cost ($/t)

Q1

Q2

Q3

Q4

Ore Feed (Mnt)

Recovery %

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

100%

80%

60%

40%

20%

0%

9

Zinc International: Consistent Performance

Performance Update

Gamsberg

▪

▪

Overall production at 60kt, up 134% y-o-y

COP of $1,597/t, down 32% y-oy

▪

Gamsberg production at 23kt, ramp up going on (10kt in Jun’19)

BMM

▪

▪

Production at 19kt, up 24% y-o-y (Best quarter in last 5 quarters)

Consistent performance to deliver planned production in FY20

Skorpion

▪

▪

Production at 18kt, up 76% y-o-y

Skorpion had a slope failure in May 2019 in Pit 112, revised mining plan being prepared resulting deferment of part production from FY20 to FY21

80

60

40

20

0

1,488

54

2,355

1,597

25

60

Q4 FY19

Q1 FY19

Q1 FY20

Production (kt)

COP ($/t)

248

224

277

219

187

182

193

175

77

68

74

72

157

119

81

73

39

62

Jan'19

Feb'19

Mar'19

Apr'19

May'19

Jun'19

Ore Crushed (kt)

Ore Milled (kt)

Mill Run Time %

71%

76%

54%

58%

57%

54%

5.9%

5.9%

5.7%

5.6%

5.9%

6.1%

Jan'19

Feb'19

Mar'19

Apr'19

May'19

Jun'19

Grade

Recovery

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

10

Oil & Gas: Robust Portfolio across Lifecycle

EXPLORATION

APPRAISAL

51 OALP Blocks Rajasthan KG Offshore Ravva

8 Rajasthan Fields (V&V, MBH, DP, Shakti, SW-1, Guda S-7, NP, SL-1)

DEVELOPMENT

B&A Polymer MBA ASP Tight Oil (ABH) Tight Gas (RDG) 10 Satellite Fields Ravva 2 DSF Fields

PRODUCTION

Rajasthan Ravva Cambay KG Onshore

▪

58 blocks in India with acreage of over 65,000 sq. km. spread across key basins

▪ Healthy mix of Onshore (44) & Offshore (14) blocks

▪

Large part of the acreage connected with existing infrastructure; to enable accelerated monetization

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

11

Oil & Gas: Portfolio being monetized to drive multi-fold growth

$ 3.2bn Gross Capex

Targeting resource addition from exploration & appraisal

▪ Monetizing 400 million barrels ▪ ▪ Development Capex ~ $ 7 /bbl ▪

IRR > 20% at Oil price of $ 40/bbl

10 Development Rigs

▪ ▪ ▪

500+ well work program 139 wells drilled 46 wells hooked up

53 New Blocks

▪ ▪ ▪

51 blocks acquired in OALP rounds I, II & III 2 blocks acquired under DSF II Blocks spread across the basins in India

Global Partnership Model

▪ ▪

Executing in Partnership with Global Companies Key Partners: Halliburton, Schlumberger, GE-Baker Hughes, Petrofac, L&T

6,000+ people deployed at Barmer

▪ Multiple projects being simultaneously executed at Barmer ▪

Focus on HSEQ to ensure seamless execution

$ 0.8bn Minimum Commitment

▪ ▪ ▪

Seismic Acquisition and 192 exploratory wells End to End Integrated contract to fast track execution LIoyds Register contracted for Integrated Project Management

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

12

Oil & Gas: Production - Ramp Up Plan

Production Ramp Up (kboepd)

Key Growth Projects

180

200

~260-270

Project

Partner

Gross Capex ($ Million)

EUR (mmboe)

Incremental Production (kboepd) [H2 exit over Q1]

Halliburton

240

58

Wells: BH-GE Facilities: Under Award

1,200

200

Schlumberger

170

Mangala Infill, Bhagyam & Aishwariya Polymer

MBA ASP

Tight Oil (ABH)

Tight Gas (RDG)

Q1 FY20

Exit H1 FY20e

Exit H2 FY20e

Key Drivers for Production Ramp Up

Q1 FY20 Exit

H2FY20 Exit

Wells Drilled

Wells Hooked Up

Liquid Handling Capacity

Gas Processing Capacity

139

46

250

185

Schlumberger, Petrofac, Megha Engg

Satellite Fields

Halliburton

1.1 mmblpd

1.3 mmblpd

Ravva

Schlumberger

84 mmscfd

240 mmscfd

Liquid Handling

L&T, Kalpatru

630

165

100

210

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

32

85

17

17

10

20

10

15

25

6

14

7

13

Oil & Gas: Exploration – OALP An Unprecedented Growth Opportunity

51

▪

▪

41 blocks in OALP I, 10 in OALP II & III

~60,000 sq.km. acreage

Well Diversified 40 Onshore 11 Offshore

▪ Mostly proven oil and gas basins, both conventional / unconventional play

5.6

Resources (bnboe) Upside Scenario

500

Peak Production (kboepd) Upside Scenario

▪

▪

▪

▪

~$ 800 Million Capex commitment in Exploration phase; incremental capex for development

192 exploratory wells to be drilled

Lloyd’s Register contracted for Integrated Project Management

Integrated End-to-end contract award in progress; expected award by mid August

Timeline

Indicative Schedule

FY20

FY21

FY22

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Approval & Clearances

Seismic

Drilling

First Oil

Seismic Program

Drilling Program

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

14

Oil & Gas: Exploration – Augmenting Resource Base

Investment ($ Million)

Resources (mmboe)

Work

Program (Wells)

Partner

Status

Rajasthan Exploration

60

300-600

7-18

Schlumberger

Drilling from Q2 FY20

Rajasthan Tight oil Appraisal

75

200

14

Schlumberger / Halliburton

Drilling from Q2 FY20

KG-Offshore

60

300

2

Schlumberger

Ravva

85

50

4-9

Halliburton

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

2 Discoveries – Evaluation Ongoing

Drilling from Q3 FY20

15

Aluminium: Achieving Design Structure

Structural Reduction in Cost, down 8% y-o-y

Alumina Refinery setting new records

1,810

1,912

1,764

▪ Highest ever Lanjigarh Alumina production, up 37% y-o-y

Production:

Q4 FY19

Q1 FY19

Q1 FY20

Lanjigarh COP:

▪ COP at $284/t, down 17% y-o-y. Lowest in last 2 years

Coal

▪ Chotia Mine operating at full capacity of c. 1 Mtpa (Q1 at 188kt)

▪ Linkage coal materialization improved to c 72% from 66% in FY19

Coal Secured

Alumina Production & COP

Local Bauxite Sourcing

72%

72%

49%

424

290

325

341

446

284

53%

Q4 FY19

Q1 FY19

Q1 FY20

Q4FY19

Q1 FY19

Production (kt)

Q1 FY20 COP ($/T)

Q4 FY19

H1 FY20e

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

16

Aluminium: Significant progress on Strategic levers Continues

2,102

1,810

1,764

Q3 FY19

Q4 FY19

Q1 FY20

Initiatives

Coal Initiatives

Coal Initiatives

Alumina Ramp Up

Bauxite Sourcing

Others

1,500

Target

Action Plan

▪ ▪ ▪

Increase Linkages through participation in Tranche V & VI Target coal security 90% of requirement, up from current 72% Balance Requirements: E-Auctions, Actively evaluate options available for best deals

Alumina Ramp Up

▪ Phase-I expansion to 2.7 Mtpa ▪ Medium term expansion to 4 Mtpa ▪

Easing of Alumina prices

Bauxite Sourcing

▪ ▪

Efforts to significantly increase mine output Exploration of new resources under the New Mineral Policy

Carbon & Others

Logistics: Shifting from road to rail Strategic partnerships with key suppliers & long-term contracts

▪ ▪ ▪ Ongoing improvement in power plant operating parameters

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

17

Electrosteel: New Vision To Forge A Stronger Future

Performance Update

Way Forward

Production:

▪

▪

▪

Production of 323kt, up 34% y-o-y

Sales at 273kt, up 16% y-o-y

VAP sale at 90% vs 85% in FY19

Margin:

▪ Feasibility study concluded for doubling the

capacity

▪ On track to launch the capacity enhancement

project in FY20

▪ Continued focus on value added product

portfolio through recently launched Re-Brands

▪

EBITDA/t of $104/t, down 5% y-o-y

under Vedanta

347

122

242

109 *

323

104

Q4 FY19

Q1 FY19

Q1 FY20

Production

Margin ($/t)

* EBITDA Margin post ESL acquisition by Vedanta on 4th June 2018.

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

18

Other Assets: Iron ore & Copper India

Iron ore

Copper India

▪ Karnataka sales at 1.2 mt; higher than last year

▪ Continuously Engaging with Government for

resumption of Goa mining

▪ Pig iron production at 178kt, up 7% y-o-y

▪

▪

Favourable order from NGT in Dec 2018

Supreme court directed to file writ petition with

Madras High Court in Feb 2019

Karnataka Sales (Mnt)

1.4

1.2

▪ Writ petition filed with Madras High Court on

0.4

1st March 2019

Q4 FY19

Q1 FY19

Q1 FY20

▪ High court proceedings initiated with hearings

Pig Iron Production (kt)

184

167

from 26th Jun’2019 and continuing

178

▪ Working with communities and stakeholder to

expedite opening of plant

Q4 FY19

Q1 FY19

Q1 FY20

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

19

Strategy to Enhance Long Term Value

Continue Focus on World Class ESG Performance

Augment Our Reserves & Resources Base

Delivering on Growth Opportunities

Optimise Capital Allocation & Maintain Strong Balance Sheet

Operational Excellence

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

20

Financial Update Arun Kumar Chief Financial Officer

Financial snapshot

EBITDA

₹ 5,188 cr

Att PAT

₹ 1,351 cr

Gross Debt

₹ 59,517 cr

Down 20% y-o-y

Down 12% y-o-y

Lower 10% q-o-q

EBITDA Margin*

27%

ROCE^

10.8%

ND/EBITDA

1.3x

Industry leading margin

Lowest among Indian peers

* Excludes custom smelting at Copper India and Zinc-India operations ^ ROCE is calculated as EBIT net of tax outflow divided by average capital employed

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

22

CIHL Treasury Investment Transaction: Superior Returns with an Early Exit

Background

▪ Purchase of economic interest in ~24.71 million shares (~1.8% of outstanding shares) of Anglo

American Plc by CIHL from Volcan Investments through a Structured Investment Transaction (Dec’18)

Update Jun’19

Investment Transaction early settled by CIHL with Volcan

Call option exercised by Volcan to settle its two issues of MXBs due April 2020 and Oct 2020

✓ Superior return: net gain over ~$100 mn in c. 8

months

✓ No further exposure to shares of Anglo American Plc

✓ Full realization of cash by 13th Aug 2019

✓ Complete unwind of RPT

Disciplined treasury management and capital allocation approach to safeguard the interests of our shareholders

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

23

EBITDA Bridge (Q1 FY2019 vs. Q1 FY2020)

(In ₹ crore)

Aluminum Zinc, Lead & Silver

(1,581) (652)

6,448

2,302

IOB ESL ZI Al HZL Cairn

140 141 76 68 51 (170)

430

53

5,070

298

64

116

5,188

547

Market & Regulatory ₹ (1,378) crore

Operational ₹ 234 crore

Q1 FY19

LME/ Brent / Premiums

Input Commodity Inflation

Currency

Regulatory & Profit Petroleum

Adjusted EBITDA

Volume

Cost & Mktg

Others

Q1 FY20

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

24

Net Debt for Q1 FY 2020

(In ₹ crore)

26,956

4,286

3,062

488

2,109

74

28,403

340

28,743

FCF Post Capex ₹ (1,373) Cr

Net Debt 1st Apr’19

CF from Operations

WC Movements

Buyers credit Repayment

Capex

Translation & others

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Lease Liability

Net Debt 30th Jun’19 (Excl Lease Liability)

Net Debt 30th Jun’19 (Incl Lease Liability)

25

Balance Sheet

Term Debt Maturities - ₹ 38,532 Crore ($5.6 bn) (as of June 30, 2019)

▪

Liquidity

8.5

2.9

5.6

10.3

3.5

6.8

e r o r C 0 0 0 ‘ ₹

4.9

1.0

3.9

11.7

6.2

5.5

– Cash and investments @ ₹ 30,774 cr

rated Tier I by CRISIL;

– Undrawn line of credit ₹ c. 4,900 crore

▪ Net Interest – Reducing q-o-q

▪

▪

Interest Income – Returns ~7.5%.

Interest Expense – Maintained ~8%

3.0

1.8

1.2

FY20

FY21

FY22

FY23

FY24 & Later

Standalone

Subsidiaries

▪ Average term debt maturity maintained above 3 years

Average Term Debt Maturity (years)

Net Debt / EBITDA

3.1

2.7

3.2

3.2

3.3

1.1

1.3

0.9

0.6

0.4

Mar-16

Mar-17

Mar-18

Mar-19

Jun-19

FY2016

FY2017

FY2018

FY2019

Q1 FY2020

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

26

Appendix

Income Statement

Depreciation & Amortization

▪ Higher y-o-y on account of higher ore production at Zinc India, commencement of Gamsberg operations and capitalisation of capacities.

Finance Cost

▪

Lower y-o-y primarily due to higher interest capitalisation and one time commitment charges in Q1 FY’19 partially offset by higher borrowing cost in line with market trends.

Investment Income

▪

Investment income was at ₹ 373 crore, flat y-o-y. The mark to market losses on investments in Q1 FY2019 were offset by the impact of unwinding of structured investments in the current quarter

Taxes

▪

Tax rate for the quarter at 27% (excluding impact of deferred tax assets recognition at ESL) The deferred tax asset represents recognition of past unrecognized deferred tax assets , as the recoverability is now probable.

In ₹ Crore

Revenue from operations

Other operating income

EBITDA

Q1 FY’20

Q1 FY’19

Q4 FY’19

21,167

21,942

23,092

207

264

376

5,188

6,448

6,330

Depreciation & amortization

(2,155)

(1,796)

(2,258)

Finance Cost

Investment Income

Exchange gain/(loss)

Profit Before Taxes

Taxes

Profit After Taxes

(1,341)

(1,452)

(1,401)

373

17

388

1,599

(228)

(166)

2,082

3,360

4,104

(138)

(1,112)

(886)

1,944

2,248

3,218

Attributable profit

1,351

1,533

2,615

Basic Earnings Per Share (EPS) (₹/share)

Minorities %

3.65

31%

4.13

32%

7.06

19%

28

Note: Previous period figures have been regrouped or re-arranged wherever necessary to conform to the current period’s presentation

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

CIHL Treasury Investment Transaction – Accounting Impact

Structured investment is Marked-to-market (MTM) at each reporting date with gain/loss

recognized in the income statement. Forex MTM gain/loss including forex derivative is also

recognized in the income statement.

Net Consideration from Unwinding

GBP Mn – A

Cost of Investment

GBP Mn – B

508

428

Particulars

UOM

FY2018-19

Q1 FY20

Cumulative

Gain/Loss recognized

GBP Mn (A-B)

Gain/(Loss) recognized including forex

Rs Crore

99

924

(19)

(178)

80

746

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

29

CIHL gain – above $100 mn

Entity Wise Cash and Debt

Jun 30, 2019

Mar 31, 2019

Jun 30, 2018

Company

Debt

Cash & LI

Net Debt

Debt

Cash & LI

Net Debt

Debt

Cash & LI

Net Debt

Vedanta Limited Standalone

40,171

4,147

36,024

42,204

8,269

33,935

43,263

5,888

37,375

(In ₹ crore)

Cairn India Holdings Limited1

Zinc India

-

18

6,167

(6,167)

2,624

8,326

(5,702)

2,838

6,244

(3,406)

18,280

(18,262)

2,538

19,512

(16,974)

Zinc International

415

682

(267)

415

BALCO

4,537

36

4,501

4,416

Talwandi Sabo

8,895

125

8,770

8,665

926

436

262

(511)

3,980

5,669

8,403

8,764

Vedanta Star Limited2

3,377

37

3,340

3,375

31

3,344

3,400

-

-

21,297

(21,297)

810

(810)

10

21

27

5,659

8,743

3,373

Others3

Vedanta Limited Consolidated

2,104

1,300

804

1,988

1,507

481

1,227

954

615

59,517

30,774

28,743

66,225

39,269

26,956

65,161

35,251

29,910

Notes: Debt numbers are at Book Value and excludes inter-company eliminations.

1. Cairn India Holdings Limited is a wholly owned subsidiary of Vedanta Limited which holds 50% of the share in the RJ Block 2. Vedanta Star limited, 100% subsidiary of VEDL which owns 90% stake in ESL 3. Others includes MALCO Energy, CMT, VGCB, Electrosteel, Fujairah Gold, Vedanta Limited’s investment companies and ASI.

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

30

Debt Breakdown & Funding Sources

Diversified Funding Sources for Term Debt of $5.6bn (as of Jun 30, 2019)

Debt Breakdown (as of Jun 30, 2019)

1%

4%

34%

Term Loans-INR

Bonds-INR

61%

Term Loans-USD/Foreign Currency Bonds-USD/Foreign Currency

•

Term debt of $3.3bn at Standalone and $2.2bn at Subsidiaries, total consolidated $5.6bn

Note: USD–INR: ₹ 68.9563 at Jun 30, 2019

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Particulars

Term debt

Working capital

Short term borrowing

Lease liability

Total consolidated debt

Cash and Liquid Investments

Net Debt

Debt breakup ($8.6bn)

- INR Debt

- USD / Foreign Currency Debt

(in $bn)

(₹ in 000’ Cr)

5.6

0.6

2.4

0.0

8.6

4.5

4.2

95%

5%

38.5

4.1

16.6

0.3

59.5

30.8

28.7

31

EBITDA Bridge (Q4 FY 2019 vs. Q1 FY 2020)

(In ₹ crore)

Aluminum

(201)

Oil & Gas

130

HZL

ESL

Oil & Gas

ZI

(259)

(140)

(92)

(79)

6,330

27

447

139

49

6,562

567

518

289

5,188

Market & Regulatory ₹ 232 crore

Operational ₹ (1,085) crore

Q4 FY 19

LME/ Brent / Premiums

Input Commodity Inflation

Currency

Regulatory & Profit Petroleum

Adjusted EBITDA

Volume

Cost & Mktg

Others

Q1 FY 20

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

32

Segment Summary – Zinc India

Production (in ’000 tonnes, or as stated)

Q1

Q4

FY 2020

FY 2019

% change YoY

FY2019

Full year

FY 2019

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)

213

219

172

48

159

4,871

2,429

74,200

1,067

1,441

2,763

1,885

14.9

212

214

172

42

138

5,202

2,745

69,900

1,043

1,450

3,112

2,388

16.5

1%

3%

-

13%

15%

(6)%

(12)%

6%

2%

(1)%

(11)%

(21)%

(10)%

245

227

175

53

191

5,354

2,777

69,600

987

1,373

2,702

2,036

15.6

1. 2.

Excludes captive consumption of 1,822 tonnes in Q1 FY 20 vs 1,778 tonnes in Q1 FY 19. For Q4 FY 19, it was 1,403 tonnes and FY2019 it was 6,534 MT. Excludes captive consumption of 9.4 MT in Q1 FY 20 vs 9.4 MT in Q1 FY 19.For Q4 FY 19, it was 7.5MT and FY2019 it was 34.2 MT.

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

936

894

696

198

679

20,656

10,600

70,400

1,008

1,381

2,743

2,121

15.4

33

Segment Summary – Zinc International

Production (in’000 tonnes, or as stated)

Refined Zinc – Skorpion

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)

Q1

Q4

FY 2020

FY 2019

% change YoY

FY2019

Full year

FY 2019

18

19

23

60

824

128

1,597

2,763

1,885

10

15

-

25

573

85

2,355

3,112

2,388

76%

24%

-

-

44%

52%

(32)%

(11)%

(21)%

21

19

14

54

1,002

391

1,488

2,702

2,036

66

65

17

148

2,738

698

1,912

2,743

2,121

* Including trial run production of 6.6 kt in Q4 FY 19 and 9.6 kt in FY 19.

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

34

Segment Summary – Oil & Gas

Production (in boepd, or as stated)

Average Daily Gross Operated Production

Rajasthan Ravva Cambay

Average Daily Working Interest Production

Rajasthan

Ravva

Cambay

KG-ONN 2003/1

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)

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Q1

FY 2020

FY 2019

% change YoY

Q4

FY2019

Full year

FY 2019

180,059 149,153 13,491 17,415 114,570 104,407

3,036

6,966

162

16.4

10.4

3,131 1,825 66.7 68.9

194,986 164,040 14,217 16,729 124,807 114,828

3,199

6,692

89

17.7

11.4

3,219 1,852 67.2 74.4

(8)% (9)% (5)% 4% (8)% (9)%

(5)%

4%

81%

(8)%

(8)%

(3)% (1)% (1)% (7)%

187,063 152,825 15,067 19,170 118,135 106,978

3,390

7,668

99

16.8

10.6

3,175 1,805 62.1 63.1

188,784 155,903 14,890 17,991 119,798 109,132

3,350

7,196

119

68.9

43.7

13,223 7,656 66.0 70.4

35

Segment Summary – Oil & Gas

Production (in boepd, or as stated)

FY 2020

Q1 FY 2019

% change YoY

Q4 FY2019

Full year FY 2019

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)

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

180,059 165,983 84 162 114,570

149,153 140,360 53 132,291 16,635 228 104,407

13,491 10,939 15 3,036

17,415 14,684 16 6,966

64.8 66.7 6.7

194,986 185,914 54 89 124,807

164,040 159,057 30 145,901 17,665 474 114,828

14,217 12,110 13 3,199

16,729 14,748 12 6,692

66.5 67.2 8.4

(8)% (11)% 55% 81% (8)%

(9)% (12)% 77% (9)% (6)% (52)% (9)%

(5)% (10)% 21% (5)%

4% - 38% 4%

(3)% (1)% (21)%

187,063 172,859 85 99 118,135

152,825 143,975 53 134,310 18,171 345 106,978

15,067 12,202 17 3,390

19,170 16,682 15 7,668

61.2 62.1 7.9

188,784 178,207 64 119 119,798

155,903 149,964 36 137,076 18,342 485 109,132

14,890 12,443 15 3,350

17,991 15,800 13 7,196

65.3 66.0 8.5

36

Segment Summary – Aluminium

Particulars (in’000 tonnes, or as stated)

Alumina – Lanjigarh Total Aluminum Production

Jharsuguda-I Jharsuguda-II 1 245kt Korba-I 325kt Korba-II

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)

Q1

FY 2020

FY 2019

% change YoY

Q4

FY2019

Full year

FY 2019

446 471 134 199 63 74

6,834

83

96

179 284 19,800 1,764 122,800 1,755 122,100 1,787 124,400 1,793

325 482 136 204 64 77

7,288

347

859

1207 341 22,800 1,912 128,200 1,912 128,200 1,911 128,200 2,259

37% (2)% (2)% (2)% (2)% (4)%

(6)%

(76)%

(89)%

(85)% (17)% (13)% (8)% (4)% (8)% (5)% (6)% (3)% (21)%

424 481 135 203 66 77

6,547

132

265

397 290 20,400 1,810 127,600 1,808 127,500 1,813 127,800 1,859

1,501 1,959 545 843 260 311

29,229

957

1,245

2,202 322 22,500 1,967 137,500 1,969 137,600 1,961 137,900 2,035

37

Including trial run production of nil in Q1 FY2020 and 12.0 kt in Q1 FY2019.For Q4 FY2019, it was 13.5kt and 60.5kt in FY2019.

1. Note: Previous period figures have been regrouped or re-arranged wherever necessary to conform to the current period’s presentation

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Aluminium profitability

$/t

Q4 ‘19

1,859

52

99

2,010

(784)

(637)

(388)

(70)

$131/t

(171)

(236)

(276)

Q1 ‘20

1,793

54

92

1,939

(712)

(652)

(400)

(111)

64

LME

Ingot premium

value addition

Realisation

Alumina

Power

Other Hot Metal

Conversion & others

EBITDA

Dep

Int

(146)

(269)

(351)

PBT

Note: Previous period figures have been regrouped or re-arranged wherever necessary to conform to the current period’s presentation

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

38

Segment Summary – Power

Particulars (in million units)

Total Power Sales

Jharsuguda

BALCO1

HZL Wind Power

TSPL

Financials (in ₹ crore except as stated)

Revenue

EBITDA

Average Cost of Generation(₹ /unit) ex. TSPL

Average Realization (₹ /unit) ex. TSPL

TSPL PAF (%)

TSPL Average Realization (₹ /unit)

TSPL Cost of Generation (₹ /unit)

Q1

FY 2020

FY 2019

% change YoY

Q4

FY2019

Full year

FY 2019

3,523

267

425

134

2,697

1,703

392

2.28

3.61

95%

4.46

3.41

3,315

164

656

139

2,355

1,590

425

2.62

3.42

91%

3.86

2.83

6%

63%

(35)%

(4)%

15%

7%

(8)%

(13)%

6%

-

16%

20%

3,336

615

409

77

2,235

1,593

360

2.81

2.99

85%

3.96

2.90

1. BALCO IPP: received an order dated January 1, 2019 from CSERC for Conversion of 300 MW IPP to CPP.

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

13,331

1,039

1,984

449

9,858

6,524

1,527

2.79

3.36

88%

4.09

3.08

39

Segment Summary – Iron Ore

Particulars (in million dry metric tonnes, or as stated) Sales Goa Karnataka Production of Saleable Ore Goa Karnataka Production (’000 tonnes) Pig Iron

Financials (In ₹ crore, except as stated)

Revenue

EBITDA Segment Summary – Steel* Particulars (‘000 tonnes, or as stated) Total Production Pig Iron Billet TMT Bar Wire Rod Ductile Iron Pipes

Financials (In ₹ crore, except as stated)

Revenue

EBITDA

Margin ($/t)

FY 2020

Q1 FY 2019

% change YoY

Q4 FY2019

Full year FY 2019

1.2 0.0 1.2 1.1 - 1.1

178

797

114

323 28 14 128 109 44

1.4 1.0 0.4 1.4 0.2 1.2

167

787

151

242 14 3 90 98 37

Q1 FY 2019

FY 2020

1,104

197

104

1,021

215

109^

(13)% (98)% - (22)% - (7)%

7%

1%

(15)%

% change YoY

Q4 FY2019

34% - - 43% 11% 21%

8%

(8)%

(4)%

1.4 0.0 1.4 0.9 - 0.9

184

853

240

347 35 9 134 116 53

1,581

337

122

3.8 1.3 2.6 4.4 0.2 4.1

686

2,911

584

Full year FY 2019

1,199 142 39 441 427 150

4,909

970

115

40

* Vedanta acquired steel on 4th June 2018, Previous period numbers are memorandum information for the purpose of performance evaluation of the Company. ^ EBITDA Margin post ESL acquisition by Vedanta on 4th June 2018.

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Segment Summary – Copper India

Production (in ’000 tonnes, or as stated)

Copper - Cathodes

Financials (In ₹ crore, except as stated)

Revenue

EBITDA

Copper LME Price ($/MT)

Q1

Q4

FY 2020

FY 2019

% change YoY

FY 2019

16

1,777

(66)

6,113

24

2,797

(104)

6,872

(35)%

(36)%

(23)%

(11)%

26

2,803

(69)

6,215

Full year

FY 2019

90

10,739

(235)

6,337

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

41

Sales Summary

Sales volume

Zinc-India Sales

Refined Zinc (kt)

Refined Lead (kt)

Total Zinc-Lead (kt)

Silver (tonnes)

Zinc-International Sales

Zinc Refined (kt)

Metal in Zinc Concentrate (kt)

Total Zinc (Refined+Conc)

Metal in Lead Concentrate (kt)

Total Zinc-Lead (kt)

Aluminium Sales

Sales - Wire rods (kt)

Sales - Rolled products (kt)

Sales - Busbar and Billets (kt)

Total Value added products (kt)

Sales - Ingots (kt)

Total Aluminium sales (kt)

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Q1 FY 2020

Q1 FY 2019

Q4 FY 2019

FY 2019

167

47

215

155

17

29

46

11

57

84

5

128

217

263 481

170

42

212

141

10

6

16

8

24

77

5

97

180

285 465

177

52

229

196

26

22

47

9

56

106

9

78

192

275 467

694

198

892

676

66

42

108

36

144

367

26

383

776

1,139 1,916

42

Sales Summary

Sales volume

Iron-Ore Sales

Goa (Mn DMT)

Karnataka (Mn DMT)

Total (Mn DMT)

Pig Iron (kt)

Copper-India Sales

Copper Cathodes (kt)

Copper Rods (kt)

Sulphuric Acid (kt)

Phosphoric Acid (kt)

Total Steel Sales (kt)

Pig Iron

Billet

TMT Bar

Wire Rod

Ductile Iron Pipes

Q1 FY 2020

Q1 FY 2019

Q4 FY 2019

FY2019

-

1.2

1.2

172

0

22

-

-

273

24

2

109

101

37

1.0

0.4

1.4

164

2

24

2

-

234

14

9

90

91

30

-

1.4

1.4

191

3

28

-

-

392

37

15

152

125

63

1.3

2.6

3.8

684

6

112

9

1

1,185

142

32

442

421

148

Sales volume Power Sales (mu) Jharsuguda TSPL BALCO 2 HZL Wind power

Total sales Power Realisations (INR/kWh)

Jharsuguda

TSPL1

Balco 2

HZL Wind power

Average Realisations3

Power Costs (INR/kWh)

Jharsuguda 600 MW TSPL1 Balco 2

HZL Wind power

Average costs3

Q1 FY 2020 267 2,697 425 134

Q1 FY 2019 164 2,355 656 139

3,523

3,315

3.13

4.46

3.75

4.15

3.61

3.27

3.41

2.14

0.71

2.28

2.19

3.86

3.57

4.15

3.42

4.73

2.83

2.50

0.74

2.62

Q4 FY 2019

FY 2019

615 2,235 409 77

3,336

2.38

3.96

3.71

4.04

2.99

3.63

2.90

1,039 9,858 1,984 449

13,331

2.42

4.09

3.66

4.20

3.36

4.28

3.08

1.82 2.44

1.46

2.81

0.88

2.79

Based on Availability BALCO IPP: received an order dated January 1, 2019 from CSERC for Conversion of 300 MW IPP to CPP.

1. 2. 3. Average excludes TSPL

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

43

Currency and Commodity Sensitivities

Foreign Currency - Impact of 1 ₹ depreciation in FX Rate

Currency

INR/USD

Increase in EBITDA

~ INR 600 crs / year

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

Commodity

Oil ($/bbl)

Zinc ($/t)

Aluminium ($/t)

Lead ($/t)

Silver ($/oz)

Q1 FY 2020 Average price

69

2,763

1,793

1,885

14.9

EBITDA ($mn)

111

213

278

38

32

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

44

Group Structure

Vedanta Resources Ltd

79.4%

50.1%

Konkola Copper Mines (KCM)

Vedanta Ltd

Subsidiaries of Vedanta Ltd

Divisions of Vedanta Limited

⚫ Sesa Iron Ore

⚫ Sterlite Copper

⚫ Power (600 MW Jharsuguda)

⚫ Aluminium

(Odisha aluminium and power assets)

⚫ Cairn Oil & Gas*

64.9%

51%

100%

100%

90%

Zinc India (HZL)

Bharat Aluminium (BALCO)

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

Talwandi Sabo Power (1,980 MW)

Electrosteels Steel limited

Note: Shareholding as on June 30, 2019 *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

Listed entities

Unlisted entities

45

Results Conference Call Details

Results conference call is scheduled at 6:30 PM (IST) on July 26, 2019. The dial-in numbers for the call are given below:

Event

Earnings conference call on July 26, 2019

India – 6:30 PM (IST)

Singapore – 9:00 PM (Singapore Time)

Hong Kong – 9:00 PM (Hong Kong Time)

UK – 2:00 PM (UK Time)

US – 9:00 AM (Eastern Time)

Telephone Number India: +91 7045671221 Toll free: 1800 120 1221 Universal access: +91 22 7115 8015 +91 22 6280 1114 Toll free number 800 101 2045

Toll free number 800 964 448

Toll free number 0 808 101 1573 Toll free number 1 866 746 2133

For online registration

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNum ber=91306&linkSecurityString=26af0028

Replay of Conference Call (July 26, 2019 to August 2, 2019)

Mumbai +91 22 7194 5757 Passcode: 63835#

VEDANTA LIMITED – Q1 FY2020 INVESTOR PRESENTATION

46