VEDLNSE14 November 2019

Vedanta Limited has informed the Exchange regarding Investor Presentation

Vedanta Limited

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~ vedanta ~ transforming elements VEDL/Sec./SE/19-20/94

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

November 14, 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 November 14, 2019

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

In this regard, please find enclosed herewith the following:

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

Second quarter and half year ended September 30, 2019 (‘Financial Results’);

2. 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; 4. Investor Presentation on the Financial Results.

Further, we wish to inform you that the Board of Directors have:

1. Pursuant to the recommendation of the Audit Committee and Nomination & Remuneration Committee, approved the re-appointment of Mr. GR Arun Kumar as the Whole-Time Director designated as Chief Financial Officer of the Company for a further period of 2 years effective from November 22, 2019 till November 21, 2021, subject to the shareholders’ approval at the forthcoming Annual General Meeting of the Company.

Brief Profile Mr. GR Arun Kumar has over 23 years of experience at global multinationals like Hindustan Unilever and General Electric. Prior to his joining Vedanta, he was the CFO for General Electric’s Asia-Pacific Lighting & Appliances businesses based out of Shanghai. He is responsible for overall health of balance sheet, driving performance in profit and cash, treasury, investor relations, credit ratings, tax, secretarial, controllership, recording & reporting and other key strategic matters from time to time. He is a Fellow Member of the Institute of Chartered Accountants of India.

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

~ vedanta ~ transforming elements

Further, in terms of Section 2(77) of the Companies Act, 2013 read with Rule 4 of The Companies (Specification of definition details) Rules, 2014, Mr. Kumar is not related inter-se with any of the Directors of the Company.

Also, in compliance with the SEBI regulations, this is to confirm that Mr. Kumar has not been debarred from holding the office of director by virtue of any SEBI order or any other such authority.

2. Pursuant to the SEBI (Prohibition of Insider Trading) (3rd Amendment) Regulations, 2019, approved the revised 'Insider Trading Prohibition Code' of the Company. The revised Code shall be effective from November 14, 2019 and can be accessed on the website of the Company https://www.vedantalimited.com

The meeting of the Board of Directors of the Company dated November 14, 2019 commenced at 9:20 am and concluded at 1:40 pm .

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

Thanking You, Yours Sincerely,

edanta Limited

,.rG,~

Companyf~~

ompliance Officer

CIN: L13209MH1965PLC291394

S.R. BATLIBOI & Co. LLP

Chartered Accountants

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Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated 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 The Board of Dircct<H"s Vedanta Limited

,.,

We hm·e re,·iev,:ed the accompanying Statement of una udited Consolidated Financial Res ults of Vedanta Limited ('"the I lolding Company··) and its subsidiaries (the I lolding Compa ny and its subsid iaries together referred to as ·th e Gro up·). its associates and jointly contro l led ent ities for the quarter ended September JO. 2019 and year to date from Apri l I. 2019 to September JO. 2019 (the ··Staternenf·) attached herewith. being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (List in g Ob ligations and Disclosure Req uirements) Regu lations.2015 as amended ('"the Listin g Regula tinns··).

Th is Statement. \l'hich is the responsibility of the Ho ldin g Company·s f\lanagement and apprnvccl by the l lolding Com pan y's Board of Directors. has been prepared in accordance with the re..:ognit ion and measurement principles laid dom1 in Indian Accountin g Standard J..J. (Incl J\.S 3..J) -- interim Fi nan cial Report in g .. prescribed under Sect ion 133 of the Compa nies Act 2013 as amended. read ,, ith n:lernnt rules iss ued thereund er and nther acco untin g: principles ge nera ll y accepted in India. Our responsib il ity is to express a co nc lusion on the Statement based on our re\-lC\\·.

\Ve conducted our re,·1e,, o f the Statement in accnrdance ,,·ith the Standard nn Re, ie,, l·.11g::1g:cmcnb ( SRI:) 2-+ I 0. --Re, ie,, oflnterim Finan ..: ial Informatio n Performed by the In dependent .-\ ud it m Llf the Enti ty .. iss ued by the Institute of Ch::irtcrcd .'\ccounlants of In dia . This standard requ ires that ,,·e plan and perform the re\'iew to obtain moderate assurance as to \\·hether the Statement is free o f mat eri al misstatement. \ re, ie,, nf interim llnan cial in forma ti on consists nf making inquirit:s. primarily of persons respnn sih le for financial and acco untin g: matters. and applying analytical and uthcr n.:, ie,, procedures . A revie,v is substautia l!J less in scope than an audit conducted in accordance ,vith Standards on .-\ud itin g and conseq uently does 11 01 en::ibl e us to obtain ass uran..:e that ,,e ,,ould become ,mare o f all signilicant matters that might be ide ntified in an audit. Acco rdin g ly. ,, e du nut e:-..press an audit opini on.

\\'e also performed pro..:edures in acco rd ance\\ ith the Circular No. CI R/( TD/C f\lD I /..i..J :::;o 19 dated Ma rch 29.2019 issued by the Sec urities and Exc hange Board of India under Regulation 33(8 ) of the Listi ng Regula tions. to the extent app licable.

-L The Statement in cludes the res ults of the entities as mentioned in :\ nn ex ure I.

5. Rased on nur re,·ie,\ conducted and proced ures perl'ormed as stated in paragraph 3 abm·e and based 011 the cons id eration of the re,ie\\ reports of other auditors referred to in paragraph 6 and 7 belo\Y. nothing has come to our atte ntion that causes 11s to helie,·e that the accompa nying Statement. prepared in accordance ,, ith recogn iti on and measurement principles laid dcmn in the aforesaid Indian Acco untin g Standards ('Ind AS") specilied under Sec ti on 133 of the Co mpan ies Act 2013. as amt:nded. read\\ ith rele,·ant rules iss ued thereunder and other accounting: principles ge nerally accepted in India. has not disclosed the information required to be disclosed in term s of th e Listing Re!.!:ulatinns. i11clucli11~ the manner in , · · h it is to be disclosed. or that it contains am· material mi :stalement.

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6. The accn111panyin g Stat\?111ent includes unau d ited

i11teri111 l'inancial result s and other unaudited financial informat ion or 8 subs idiaril..!s. \\ hose in terim financi al result s and fin ancial in fo rmation refl ect Iota I assets uf Rs . 1-J..990 Cron:' as at September 30. 20 19 and tota l rt:\ enues llf Rs. 1.9 19 C'rore and Rs. 3.875 Crore. total net loss after tax of Rs. 382 Crore and Rs. 60 Crore. total · comprehens i\·e loss of Rs. 3 83 Crnn.: and Rs. (12 Crore. fur th 1: quarter elllbl Scpte1nber 30. 20 I 9 and for the period from April I. 20 I 9 to September 30.20 19. res pectiYely. and net cash outtlo\\S of Rs. I 08 Crn re for th e period from April I. 20 I 9 to Sepkmber 30. 20 I 9. as considered in the Statement. \\·hicl1 ha, e been revie,, ed by their respecti,·e independent audi tors. The Statement also includes the ( irnup · s share of net prnfit alter tax of Rs. N i I and total comprehcnsi\'l: inc ome of Rs. NiL for the quatter and six months ended September 30. 20 I 9. as considered in the Statement. in respect o r I assoc iate. \\ hose interim financial resu lts and other financial info rmation has been reYiewed by its respecti,·e independent audi tors. The independe nt aud itor"s reports on interim financial results and other financial information of lhese entilies hm·e been furni shed to us by the l\'lanagement and our co nclusion on the Statemen t. in so for as it re lat'es tn the nmou nts and d isclosu res in re spect of th ese su bsidiaries and associate entity is based Sl) ie ly 011 th e report of such auditors and procedures performed by us as stated in paragraph 3 abo\'e.

7. Certain of these subsid iaries nnd associates arc located outside India \\·hose unaudited financial results and other unaudited financial inf6rmati on ha,·e been prepa red in accordance \\·ith acc ounting princip les genera ll y accepted in thei r respecti,e coun tries and \\hich have been reYi ewed by other auditors und er generally accepted auditing standards appl icable in their respec ti,·e countri es. The Ho ldin g: Company' s management has con\'erted the financial res ults of such subsidiaries and associates localed outside India from accounting principles genera lly accepted in their respecti,·e co untries tn accou nting principles ge nerally acce pted in India . \\'e h.1,·e re,·ie,,ed tiH:sl.! con,·ersion acl_ju stm ents made by the I lo ld in g Co mpany·s 111anage111ent. Ou r conclusion in so far as it relates t( ) the ba lan ces and affairs or such subsidiaries and associates located outside India is based on the report of other auditors and the com ersinn adj ustments prepared by the management of the Ho ldin g Compan) and re,·ie,,·ed hy us.

8. The accom pan) in g State men t of unaudited co nso lida1 ed tinaucial result s includes t11Jre\ ie,,ed interim financia l results and other 11111'e,·ie\\ eel financia l informa tion in res pect of 9 subsidiaries . \\hose inleri rn linanc ial result s and other li nanc ia l i11fDrrna tiun rdlecl total a-;sels ufR~ . 5. 1-+lJ Crnre a" at September 30. 2019. total rewnue ,; of Rs. 87 Crore and Rs. 190 Cwre. total net loss after tn:,.; of Rs. 588 Crore and Rs. 659 l'rnre. total Ct)n1prd1ensi,e loss of Rs . 589 Crn re and Rs. 660 Crnre. fur the quarter ended September 30.2019 and for th e period from :\pril I.20 19 to September 30. 2019. respccti,·el). and net cash tH rt llo\\s or R~. 29 Crore for the period frorn April I. 20 I l) to Septen)ber 30. 20 I 9. as cons idered in the State men l. Additi onal I:,. !he acrnmpan> ing slalement incl udes unre,·ie\, ed financial results and ot her L11ire, ie,\ ed fin anc ial inforniation in respect ofa n unincorporated joint ,·enture not operated b) !he Compan y. ,, hose interim tinancial results and other financial information re fl ec t total assets of Rs 1-tO Crore as at September 30. 2019. as consid ered in the unaudited co nso lidated tinam:ia l resull s. The Stat ement al su includes the Ciroup·s share of net profit after tax of Rs. Nil and tota l co rnp re hen si\'e income of Rs. Nil . for th e qua1ter end ed Septe mber 30. 201 9 an d for the period from April I. 2019 tn September 30. 2019. as cons id ered in the Statement. in respect of I associate and J _join ti) co ntrolled entities. based on their inlerim financ ial re sults and other financial info rmat ion 1d1 ich ha\'e nnt bl..!en re, ie,\ed by their aud itor(s). These unaudited financial results and other unaudited tina nc ia l intixmation ha,·e been appro\'ed and furni shed tu us by the mana ge me111. ()ur concl 11sirn1. in so for as it relates to th e atfo irs of th ese subsidi ari es. non-opera ted unincorporated joint , enture. associates and jointly control led entities. is based Sl1icl) ll ll such unaudited linanci al res ult s and ot her unaudited lirnmcial inform ation . r\ccordin g: to the infi..mnat ion and expla nat ions gi,·en to us by th e l\ lanagement. these interim financial results and other tinancial inf ixmalio11 arL' not 1J1ateria l to the ( irnup.

TL/BO/

( )ur cnncl usinn nn the StMe1m:11t in respec t of matters stated in para (i and 8 aho,·e is not 111odilied \\ ith respect to our reliance 011 the \\ ork don e and the reports of the other auditors and the financial res ults as certi tied by the 1\lanagement.

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

registration number: 301003E/E300005

pc P· tner Memhership No.: 41870

{_l[)IN: 190-1 l 870AAAABY9079

Place: Mu111 hn i Date: No\'e111 ber 1-1. 2019

,q I&{_(). LLP

t, Anncxure 1

List of suhsidiarics/associatcs/ join ti~· controlled entities

Suhsidiarics

S. No. I -, '

. )

f - - - -

-+ 5 6 7 8 9 10 11 12 13 1-1- 15 16 17 18 19 20 21 ...,..., ---.., _., 2-t 2~ 26 27 28 29 ~ () 3 1 ,, _l_ , .,

_) _)

3-.i 35 36 37 38 39 -tO -+ I -t2 r _) -+-+ -t5 -t6

Name

Bharat /\luminium Cumpa11 \" Limited (BALCO) Copper Mi nes of Tasmania Pt\' Limited (CMT) Fujairah Go ld rzE Hindustan Zinc Limited (HZL) Monte Cel lo BY (MCl:3V) Sesa Resources Lilllited (SRL) Sesa rvli nin!! Corporation Limited Thalan!!a Coppe r Mines PtY Limited (TCl'vl) f\:IALCO Ener!!\ Limited (fl.-·IEL) La kornask.o 8.Y. THL Zi nc Ventures Limited Tl-IL Zin c Li mited Sterlite (USA) Inc. Tah,ancli Sabo f' om,:r Li mit ed THL Zinc Na mibia Holdin!!s (Pt\) Limited ( VNHL) Skorpion Zinc (Pt\") Limited (SZPL) Namzinc (PtY) Li mited (S7) Skorpion Mining Companv (Pty) Lilllited (NZ) Amica Guesthouse (Pt\·) I .tel Rosh Pinah Healthcare ( Pt\') Ltd Black Mounta in f\:1inin!! (Pt\') I.td THL Zinc Holdin!! BV Vedanta Lishecn I Iold in!!s Li mit ed (VLI IL) Vedanta Exploration Ireland Limited Vedanta Lishecn f\..l inirn.! Limited (VLl\1L) Ki lloran Lisheen Min in!! Limited Killoran Lisheen Finance Limited Lisheen Mi llin !! Limited Viza!! General Caru.o Berth Pr in1Le Limited Paradip l\ lulti Can.!O Rc rth Pri\';ite Li111it 1:d Sterlite Ports Lim ited (SPL) f\. laritimc Ve ntures Pri,ate Limited Goa Sea Port Pri\ate Lim ited BlllOlll Fountain Li111it ed (BFfl.-1) Western Cl uste r Li mited Cairn India I lolt.lin!!s Limited Cairn Ener!!\' 1-1\ drocarbon s Ltd Cairn Explo ration (No. 2) Li mited Ca irn Encr!!\' Guja rat Block I Lim ited Cairn Ener!!Y DiscoYe1Y Limited Cairn Lnen.:\' India Ptv L.i111itcd Cl(.i l\ lauritius Holdint!.s Private Li mited Cl(i Mauritius PriYate Limited Cairn La nka Pri\'ate Limited Ca irn South .i\frica Pt\· Li111i ted Vedan ta ESOS Tru:-t

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Associates S. No. I 2 --

Name

- - - -

A ,·an strate (Japan) Inc . (A.SI) A\'anstrate (Korea) Inc A\'anstrate (Tai\\an) Inc Vedanta Star Lim ited Electrosteel Steels Limited Lisheen Mine Partnership

Name

RoshSkor TO\\"lls hip (Proprietarv) Limi ted Gaura\' O\'erseas Private Limited

.Jointh- contrnllcd entities

S. No. I ,., - _, -,

Name

Goa Marit ime Priva te Lim ited Rampia Coal mines and Energ\' Private limited Madanpur South Coal Co mpan,· Limited

~ vedanta ~ transforming elements

Ved anta Lim it e d CIN no. L1 3 209MH1965PLC291394

Re gd. Office: Ve danta Limited 1st Floo r, ' C' wing, Unit 103, Corpo ra t e Avenue, Atul Proj ects, Chakala, Andheri (E ast), Mumbai-400093, Maharashtra

STATEMENT Of UNAUDITED CONSOLIDATEO RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2019

( f

in Crore ex cept as stated)

30. 09.2019 (Unaudited)

Quarter ended 30.06.2019 (Un audited )

30.09. 2018 (Unaudited)

30.09.2019 (Unaudited)

30.09. 2018 (Un audited )

Half Yea r ended

Yea r ended 31.03. 2019 (Audited)

S . No. Particulars

2 3

Revenu e from operations

Other operating income

Other income Tota l Income

Ex p enses

Cost of materia ls consumed

Purchases of stock- in-trade

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

Power & fuel charges

Emp loyee benefits expense

Finance costs

Depreciation, depletion and amortization expense

h) Other exoenses 5

Total expen ses

Profit befo r e excepti onal it ems and tax

Net exceptional (loss)/ gain (Refer note 3)

Profit before t ax

T ax (ben efit)/ expense

On other than exceptional items

Net Current tax expense

Net Deferred tax (benefit)/ expense (Refer Note 4)

On Ex cepti onal items

Net Deferred tax (benefit)/ expense

Net ta x (benefi t) / expense:

Profit after t ax before share i n (loss) / profit of jointly controlled entiti es and associates and non-controlling interests

Add: Share in (loss)/ profit of jointly contro lled entities and associates Profit after share in (loss ) / profit of jointly cont rolled entities and associates (a)

13 Oth er Compre h ensi ve Incom e i.

(a) Items t hat will not be reclassified to orofit or loss (b) Tax benefit on items that wi ll not be reclassified to profit or loss (a) Items that wilt be rec lass ified to profit or loss {b) Tax (expense)/ benefit on items that will be reclassified to orofit or loss

Total Other Comprehensive Income (b)

Total Comprehensive Income ( a + b)

Profit attr ibuta ble to :

Owners of Vedanta Limited

Non- contro lling interests

b) 16 Other Comor ehensive Inco me attributable to :

b\ 17

Owners of Veda nta Limited

Non- contro lling in terests

Total comorehensive income attributable to : Owners of Vedanta Limited

Non- contro lling interests

Paid-up equity share capi t al (Face value of~ 1 each) Reserves excluding Revaluation Reserves as per ba lance sheet Earnings per share(~) (*not annua lised)

- Basic ~Dil uted

ii.

21 , 739

219 856 22 ,814

5 ,050

1, 501

4 ,805

713

1 ,340

2 , 395 5 466 21 , 270

1,544

(422)

1, 122

338

(1 ,891 )

(56)

( 1,609)

2 , 731

(1)

2 ,730

(127)

399

(20)

293

3 ,023

2 , 158

572

347

(54)

2,505

518

372

21 , 167

207 380 21,754

5,548

(214)

4,584

744

1,341

2,155 5 5 14 19,672

2,082

615

(477)

138

1,944

(25)

(21)

1,9 61

1,351

593

1,355

606

372

22,432

273 574 23 ,2 79

6,689

167

(179)

4,754

786

1,478

1,931 5 355 20 ,981

2,298

320

2,618

555

5 1

112

718

1,90 0

1,900

96 1

109

1,084

2,984

1,343

557

1,112

(28)

2 ,455

529

372

42 , 906

426 1, 236 44,S68

44,374

537

992 45,903

90,901

1,147 4 018 96,066

10, 598

11 ,804

25,490

1, 287

9,389

1,4 57

2 ,681

4 , 550 10 980 40,942

3 , 6 2 6

(422)

3,204

953

(2,368)

(56)

(1 ,471)

4,675

(1)

4,674

(152)

4 2

461

(41)

310

4 ,984

3 ,509

1, 165

351

(41)

3 ,860

1 , 124

372

475

219

8,861

1,511

2 ,930

3,727 10 718 40,245

5,658

320

5 ,978

1,224

494

112

1,830

4, 148

4,148

(34)

1,664

1,728

5,876

2,876

1,272

1,814

(86)

4,690

1, 186

372

588

18,144

3 ,0 23

5,689

8, 192 2 1 628 82,826

13, 240

320

13, 560

2,677

1,07 3

11 2

3,862

9,698

(8 5)

516

457

10,155

7,065

2,633

585

(128)

7,650

2,505

372

61,925

19.07 18.98

5.83 * 5.80 *

3.65 * 3.53 *

3.52 * 3 . 51 *

9.48 * 9.44 *

7 . 76 * 7 . 73 *

S. No . Segment Information

Segment Rev enue

Zinc, Lead and Si lver

(i) Zinc & Lead - India

(H) Si lver - India

Tot al

Zinc - International

Oil & Gas

Aluminium

Copper

Iron Ore

Power

Others

Total

Less:

Inter Segment Revenue

Revenue from operat ions

e) ri g)

Segment Results [Profit/ (loss) before tax and interest]

Zinc, Lead and Si lver

(i) Zinc & Lead - India

(ii) Si lver - Indi a

Total

Zinc - International

Oil & Gas

Alumini um

Copper

Iro n Ore

Power

Others

Total

Less: Finance costs

Add : Other una llocable income net off expenses

Profit before ex ceptional items and tax

Add: Net excep tiona l (loss)/ gain (Refer note 3)

Profit bef o re ta x

g )

Segment assets

Zinc, Lead an d Silver - Ind ia

Zinc - Internationa l

Oi l & Gas

Alum inium

Copper

Iron Ore

Power

Others

Una ll ocated

Total

Segment liabilities

Zinc, Lead and Silver - India

Zinc - International

Oi l & Gas

Aluminium

Copper

Iron Ore

Power

others

Una llocated

Total

30.09. 2019 (Unaudited)

Quarter ended 30.06.2019 ( Un audited)

Hal f Year ended

Year ended

f'f in Crore

30.09.2018 (Unaudited)

30.09.2019 (Unaudited)

30.09.2018 (Un audited)

31.03. 2019 (Audited)

3 ,820

575

4 ,395

890

3,196

6 ,576

3 , 185

757

1, 646

1, 122

21 , 767

2 8

2 1,739

970

497

1, 467

1, 104

(575)

(156)

178

247

(114)

2 , 152

1, 340

732

1, 544

(4 22)

1, 122

20,518

5 ,818

27 ,855

55, 930

6,902

3,131

18, 419

8 , 294

4 4, 762

4,295

576

4,871

824

3,13 1

6,834

1,777

797

1,70 3

1,2 54

21 , 191

21, 167

1,397

500

1,897

(10)

1, 178

(2 52 )

(11 5)

222

3,083

1,341

340

2,082 - 2,082

20,484

6,116

30,763

56,847

8,54 1

3, 131

19,904

9,192

40,0 98

4,034

599

4,633

541

3,479

7 ,789

2 ,376

613

1,7 18

1,321

22,470

22,432

1,277

508

1,785

(73)

1,427

(27)

(39)

167

3,397

1,478

379

2,298

320

2 , 618

18,903

5,984

28,564

56,295

9, 494

3,006

20,729

8 ,9 11

49,006

8 , 115

1, 151

9 , 266

1 , 714

6,327

13,4 10

4 ,962

1 ,554

3 , 349

2,376

42,958

42, 906

2,367

997

3,364

(9)

2 , 282

(827)

(271)

268

4 69

(41)

5 , 235

2,681

1, 072

3 , 626

(422)

3 , 204

20, 518

5,818

27,855

55,930

6,902

3,131

18,419

8 , 294

44,762

8,689

1, 146

9 ,835

1, 114

6,698

15,077

5, 173

1,400

3,308

1,836

44,441

44,374

3,163

98 1

4 ,144

(47)

2,705

7 51

(194)

190

450

8 ,0 93

2 ,930

495

5 ,658

320

5 , 978

18,903

5,984

28 ,564

56,295

9, 494

3,006

20,729

8,911

49,006

18,088

2 ,568

20,656

2,738

13,223

29,229

10, 739

2,911

6,52 4

5 ,0 23

91 ,043

142

90,901

6,512

2,207

8,719

269

5,164

399

(438)

474

832

58 4

16, 003

5 ,689

2,926

13,240

320

13,560

19,884

6 ,034

28,519

58,422

8,347

3,122

19,573

8,844

49,298

191,629

19 5,076

20 0,892

191,629

200,892

202,043

5 ,506

1,313

8 , 680

23 ,896

3 , 200

1, 415

2,073

1, 610

61 , 459

109, 152

5,531

1,184

11,936

20,2 15

4,117

1,275

2 ,021

1,562

67, 727

115,568

5 ,274

1,144

9,104

18,032

4,294

1,074

2,29 1

1,296

73 , 010

115,519

5 ,506

1, 313

8 , 680

23,896

3,200

1,415

2,073

1,610

61 , 459

109,152

5 ,274

1,144

9,104

18,032

4 ,294

1,0 74

2,29 1

1,296

73,010

115,519

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) Oi l & Gas which consists of exp loration , deve lopment and production of oi l and gas (c} Aluminium which consist of mining of bauxite and manufacturing of alumina and various aluminium products (d) Copper which consist of mining of copper concentrate , manuracturing of copper cathode , continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid , phosphoric acid (Refer note 2) (e) I ron ore which consists of mining of ore and manufacturing of pig iron and met allurgica l coke (f} Power excluding captive power but including power faciliti es predominantly engaged in generation and sale of commercial power and (g) Other business segment comprises of port/berth, glass substrate and steel. Th e assets and li ab ilities t hat cannot be allocated between the segments are shown as una llocated assets and liabi li ties, respectively.

Additional intra segment information of revenues and resu lts for the Zinc, Lead and Si lver segment have been provided to enhance understanding of segment business.

~~. ( . ;;,; rr-"'

Consolidated Balance Sheet

Particulars

A ASSETS 1 Non-current assets

(a) Property, Plant and Equipment (b) Capital work-in-progress (c) Intangible assets (d) Exploration intangible assets under development

(e) Financial assets

Investments (i) (ii) Trade receivables (iii) Loans (iv) Deri vatives (v) others

(f) Deferred tax assets (net) (g) Income tax assets (net) (h) other non-current assets Total Non-current assets

2 Current assets

(a) Inventories (b) Financial Assets

(i) In vestments (ii) Trade receivables (iii) Cash and cash equivalents (iv) other bank balances (v) Loans (vi) Derivatives (vii) Others

Total assets

B EQUITY AND LIABILITIES

1 Equity

Equity Share Capital other Equity

Equity attributable to owners of Vedanta Limited

2 Non-controll ing interests

Total Equity

Liabilities

3 Non-current liabilities (a) Fi nancial liabi li ties

(i) Borrowings (ii) Deri vatives (iii) Other financial liabilities

(b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabil ities Total Non-current liabilities

4 Current liabilities

(a) Financial liabilities

(i) Borrowings (ii) Trad e payab les (iii) Derivatives (iv) other financial liabilities

(b) Provisions (c) Income ta x liabi lities (net) (d) other current liabilities

Total Eq uity and Liabilities

As at 30.09.2019 (Unaudited)

As at 31.03.2019 (Audited)

(~ in Crore)

94,332 24,167 897

2,900

170 2,916 18 2 1,206 5,118 2,498 4,353 138,577

10,641

27,053 2,589 8,151 457 81 181 1,032 22 2,845 53,052

95,515 22,236 882

2,723

4,891 3,688 20

- 1,083 · 3,475 3,484 4,2 18 142,215

13,198

28,174 3,982 7,289 1,080 82 78 2,482 8 3,455 59,828

191,629

202,043

372 65 ,674 66,046

16,431

82,477

29,652 98 622 2,813 3,809 5,057 42,051

16 ,909 17,094 229 20,398 465 217 11,789 67,101

372 61,925 62,297

15,227

77,524

34,721 99 1,569 2,596 4,484 4,409 47,878

22,982 17,352 451 22,288 387 409 12,772 76,641

191,629

202,043

~\a li ~-

?::,'tt a,

,... I

JJ!:

,,...""'"""""--

4~<@<~) ") , I f/t,~(.r 't'f:!/ <;) '..<,' S 'v' 1 ' cic }1< IJ (.()\ l _, "" ~

)

Consolidated Statement of Cash flow

Cash flows from operating activities Profit before tax Adjustments for: Depreciation, depletion and amortization Impairment charge/ (reversal) Other Exceptional Items Provi sion/ (reversal) for doubtful debts/ advances / Bad debts written off Ex ploration costs written off Fair va lue gain on financial assets held at fair value through profit or loss Loss on sale/ discard of property, plant and equipment (net) Foreign exchange Loss (net) Unwinding of discount Share based payment expense Interest and dividend income Interest expense Deferred Government Grant

Changes in assets and liabilities: Decrease/(Increase) in trade and other rece ivables Decrease/(Increase) in in ventories Decrease in trade and other payable

Cash generated from operations

Income taxes paid (net of refund)

Net cash from operating activities

Cash flows from investing activities Acquisition of subsidiary (net of cash & cash equivalents acqu ired) Purchases of property, plant and equipment (including intangib les) Proceeds from sa le of property, plant and equipment Loans to related parties Proceeds from redemption of short-term deposits Short-term deposits made Proceeds from sale of short term investments Short-term investments made Interest received Dividends received Proceeds from Structured investment Payments towards Structured investment Net cash provided from/(used in) investing activities Cash flows from financing activities Repayment of short term borrowing (net) Proceeds from current borrowings Repayment of current borrowings Proceeds from long-term borrowings Repayment of long-term borrowings Interest paid Payment of dividends to non-controlling interests, in cluding dividend distribution tax

Exercise of stock options Net cash (used in)/provided from financing activities Effect of exchange rate changes on cash and cash equivalents Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash eauivalents at the end of the period

(~ in Crore)

Half Year ended

30.09.2019 (Unaudited)

30.09.2018 (Unaudited)

3,204

5,978

4,576 504 (82) (2) 0 (254) 42 36 46 46 (939) 2,631 (100)

4,015 2,655 (2,747)

13,631

(172)

13,459

- (4,703) 45 (0) 1,396 (845) 40,103 (37,718) 438 31 3,077 /435 1.389

(6,333) 2,167 (2,000) 2,020 (6,357) (3,464) -

(13 9671 (25) 856 7,385 8.241

3,741 (261) (59) 3 2 (282) 43 394 31 33 (607) 2,896 (87)

(1,337) (443) (1,178)

8,867

(1,015)

7,852

(5,075) (4,048) 7 (0) 733 (2,377) 31,502 (33,989) 290 11

(12,946)

(3,310) 782 (1,019) 15,670 (5,144) (2,932) (140)

5 3 912 (18) (1,200) 4,467 3 267

)Jt

. /

Notes:-

1 The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries, jointly controlled entities, and associates for the quarter and half year ended September 30, 2019 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on November 14, 2019. The statutory auditors have carried out limited review of the same .

2 The Company's app li cation for renewal of Co nsent to Operate (CTO) for existing copper smelter was rejected by Tamil Nadu Pollution Control

Board (TNPCB) in Apri l 2018. Subsequently the Government of Tamil Nadu issued directions to close and sea l 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 cha llenging 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 Litigatio n held that the app lication for renewal of the Environmental Clearance (EC) for the Expansion Project sha ll be processed after a mandatory publ ic 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 withd ra wa l of the Consent to Establish (CTE) which was valid till March 31, 2023. The Company has filed Appeals before the TNPCB Appe llate Authority challenging withdrawa l of CTE by the TNPCB and the same is scheduled for hearing on November 27, 2019 .

As per the Company's assessment, it is in comp li ance with the app li cable regulations and hence does not expect any material adjustments to these financia l results as a consequence of the above actions.

3 Exceptiona l items comprises of the fo llowing:

Particulars

Quarter ended

Half Year ended

Year ended

30.09.2019 30.06.2019 30.09.2018 30.09.2019 30.09.2018 31.03.2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

ri in Crore)

Impairment (charge)/ reversa l relating to property, plant and equipment and exploration assets

Interest income on claims based on Supreme Court order

Reversal of interest provision pursuant to Supreme Court order

Net exceptional (loss)/ gain

Ta x credit/ (expense) on above

Non-controllin g interests on above

Net exceptional (loss)/ gain net of tax and non- controlling interests

(504)

(422)

207

(159)

- -

261

(504)

261

320

( 112) -

208

(422}

207

(159)

320 (112)

208

320 ( 112) -

208

4 Section 115BAA of the Income- tax Act, 1961 has been introduced by the Taxation Laws (Amendment) Ordinance, 2019 . Based on the expected timing of exercising of the option under Section 115BAA by the respective entities, the Group has re-measured its deferred tax balances leading to a deferred tax credit of Rs 2,501 crore on deferred tax balances as at March 31, 2019 being recognized in the current quarter.

5 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 Apri l 01, 2019 and financia l results for the current quarter and half year.

6 As at September 30, 2019, the Company and its subsidiaries have an outstanding receivable equivalent to Rs . 612 crore from one of its fellow

subsidiary in Zambia, Konkola Copper Mines Pie (KCM), predominantly regarding monies advanced against future purchase of copper cathode/anode.

A provisiona l liquidator was appointed to manage KCM's affairs on 21 May 2019, a~er ZCCM Investments Holdings Pie (ZCCM-IH), an entity owned by the Government of Zambia and a 20 .6% shareholder in KCM, filed a winding up petition against KCM. KCM's majority shareholder, Vedanta Resources Holdings Limited (VRHL), and its parent company, Vedanta Resources Limited (VRL), are contesting the winding up petition in the Zambian and South African courts and have sought ZCCM-IH to submit itself to arbitration proceedings, for resolution of any disputes. The winding up petition has currently been stayed, pending the decision on VRHL's appli cation regarding arbitration. Meanwhile, KCM has not been supplying goods to the Company and/or its subsidiaries, which it was supposed to as per the terms of the advance.

The Group, based on its assessment considering the actions taken by VRL and VRHL, believes that it should be able to recover th e advance and has continued to treat these balances as recoverable.

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

By Order of the Board

Place : New Delhi Dated : November 14, 2019

G .\~~~

Whal - Time Director and Chief Financial Officer

Srinivasan Venkatakrishnan

Whole- Time Director and Chief Executive Officer

S.R. BATUBOI & Co. LLP

Chartered Accountants

Independent Auditor's Revie\\· Report on the Quarterly and Yea,· to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and D isclosure Requirements) Regulations . 2015. as amended

Review Report to The Board of Directors V edanta Limited

➔.

We have rev ic,yed the acco mpanying: statement of unaudited standalone financia l resu lts of Vedanta Lim ited (the ·Company· J for the quarter end ed September 30.2019 and year to date from Apr il I.2 019 to September 30.20 19 (the "Statement'") attached here\\' ith . bei ng submitted h~ the Company pursuant to the requirements of Regu lat ion 33 and 52 of the SEBI tListing Obligat ions and Disclosure Requirements) Regul ations. 201 5 as amended (the ·•List ing Regulat ions" ).

This Statement. ,,·hich is the responsibility of the Company's managem ent and approved by the Company·s Board of Direc tors. has bee n prepared in accordance with the recogniti on and measurement princip les laid dmrn in Indian Accounting Standard 3-L (Ind AS 3-l) "I nterim Financial Reporti ng·· prescr ibed under Section 133 of the Co mpanies /\ct.20 13. a~ amended. read with relevant rules iss ued thl.!re1.111 tkr ,uni uth1.:r an:ount ing princip les genera ll y accepted in India. Our responsibility is to express a con clusion on the Statement based on our revie\\'.

'A,.e conducted our re\ie,\· of tile State1nent in accordance \Vith the Standtird on Re, ic\, Lngagcn1cnts tSREl :2-1 10. --Revie\\' of Interim Financ ial Information Performed by the Independen t Auditor of the Enti ty·· iss ued by the In st itute ur Chart ered Acco un tants of In dia. This standard req uire, that \\'e plan and perform the revie\\' to obtain modera te assurance as to whether the Stateme nt is free of material misstatement. A rev ic\\' of interim fi nancial in ti.irmat ion consists of making inq uiri es. prim arily of persons responsib le for fi nancial and accounting matters. ,rnd app lyi ng ana lytical and other revie\\· procedures. A revie\\ is substant ially less in scope than an audi t conducted in accordance " ·ith Standards on Auditing and consequent!~ does not enable us to obtain assurance that \\·e ,rnuld become a1\'are of al I significant matters that might be ident ifil.!d in an audit. .-\ccord ingl~ . \\'e do not e:s;pre~s an audi t np init,11 .

rlased on our re\·ie\\· conducted a., abo\'e. nothing has come to our attent inn that ca uses 11s tn he! ieYe that the accompanyin g St;1teml.!nt. prepared in accordance with the rccognitiun and ml.!as uremcnt principles laid do\\'n in the afi.iresa id Indian Account ing Standards ("Ind AS ") specitied untkr Section 133 ofthl.! Companies Act. 20 13 a~ amended. read I\ ith rele\.1111 rules issued thereunder and other accounting princip les generally ;1ccepted in Ind ia. has not di sclosed the information req uired to be di sc losed in term s of th e Li sting Regulations. including th\.! manner in\\ hich it is l\l be disclos1.:d. or that it conta ins any matl.!rial mi s~lall.!lllent.

The accompan) ing Statl.!1111.!nt incl11des the 1mr1.:\·ie\\·ed financ ial result> and ot h1.:r 11nre,·ie\1ed ti nancia l information in respect of an unincorporated _j oint venture not operated by th e Company. \\ hose inte rim financial resul ts and other financia l information reflect total assets of Rs 1--10 Crore a~ al September 30.2019. as considered in the unaudited standalone financia l results based on their interim fin anc ial results and other tinanc ial inform ati on \\ hich l1c1, 1.: not hl.!ell re, i1.:\1·ed hy us. Thl.!sl.! unre, ie,\ed tinancial result s and oth er unrev ie\\'ed financ ial information of the said unincorporated_joint venture not operated b) the Co mpany have bl.!ell approved and li1rni shed to us by th e Management. According tti the information and explan ations gi\'en to us by the Manage ment. these inkrim financial results and other financial informati on are not material to thl.! Company. Ou r conclusion on the Statement is nut rnuditit.:d in respect of thi s matter.

For S.R. BATLIBOI & CO. LLP C ha rte red Accountants IC'AI Fin

·gistr~tion number: .rnJ003 E/E300005

per Pi ner Membership No.: -H87U l ' DI N: 190--!1870..\.·\ .\AB X85 1--l

Place: l\1umhai Date: No, ember 1--l . .20 I lJ

1: ..

~ vedanta ~ transfor-ming etement$

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 AND HALF YEAR ENDED SEPTEMBER 30, 2019

S.No. Particulars

8 a)

Reven ue fro m opera t ions

Othe r operati ng in co me

Other income

Total Income

Expenses

Cost of materials co nsumed

Purchases of Stock-i n-Trade

Changes in inventories of fi nished goods, work-i n-prog ress and st ock - in- t ra de

Powe r & fuel cha rges

Employee benefits ex pense

Fi nance costs

Depreciatio n, depletion and amortization expense

Ot her expe nses

Total expenses

Profit/(Loss) before exceptional items and tax

Net exceptional gain

Profit/(Loss) before tax

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

Net Current t ax expense Net Deferred ta x (benefit )/expense (Refer not e 2)

Tax expense on exceptional items :

Net Defe rred tax expense

Net tax (benefit)/expense:

Net Profit/(Loss) after tax (a)

Other Comprehensive Income

(b) Tax benefit/( expense) on items th at will not be reclassified to profit or loss

ii.

(a) I te ms that will be reclassified t o pro fit or loss

(b) Tax (ex pense)/benefit on it ems th at will be reclassified t o profi t or loss

Total Other Comprehensive Income (b)

Total Comprehensive Income (a+b)

Paid-up equity share ca pital (Face valu e of ~ 1 each)

Rese rves excl uding Reva lu ati on Reserves as pe r bala nce sheet

Earni ngs/( Loss ) per sha re (~ ) ( * not annuali se d)

- Basic & Diluted

Quarter ended

Half year ended

Year ended

( f in Crore except as stated)

30.09.2019 30.06.2019 30.09 .2018 30 .09 .2019 30.09.2018 31.03.2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited)

9,599

101

2,338

8,522

9,5 50

18,121

19, 12 1

38,098

9 5

190

140

119

196

2,528

259

226

546

6,152

12,038

8,807

9,809

20,845

19,606

44,796

2,883

3,077

1,506

2,403

206

900

848

1,879

10,634

1,404 - 1,404

- (1,509)

(1,509)

2,913

2 12

2, 13 1

231

88 1

794

1,974

9, 300

(49 3 )

(493)

- (243)

(243)

(25 0)

230

(4)

208

3,121

372

(15 )

(28 )

(2 78 )

372

4, 127

(103 )

2,3 18

224

9 77

800

1,6 14

10,046

(237 )

3 20

( 55 )

11 2

193

120

322

348

372

5,960

7, 153

1,718

4,534

437

1,781

1,642

3 , 853

397

403

4,346

429

1,980

1,584

3,35 1

15,508 sos

307

9 , 179

862

3,757

3,243

6,812

19,934

19 , 643

40, 173

911 - 911

- (1,752)

2,663

(44)

238

(19)

180

2,843

372

(37)

372

335

112

179

156

(8)

(0)

548

162

702

858

372

4,623

324

4,94 7

5 (245)

112

( 128)

5,075

(4 9)

4 15 so

417

5,492

372

77 ,508

7.84 *

(0 ,67 ) *

0.07 *

7.16 *

0 .4 2 *

13. 6 5

(a) Ite ms t hat will not be rec lassified t o pro fit or loss

(23)

(2 1)

S. No. Segment Information

Segment Revenue

Oi l & Gas

Alumi nium

Loppe r

Iron Ore

Power

Total

Less:

I nte r Segment Reven ue

Revenue from operations

Segment Results

[ Profit/ (loss) befo re tax and interest]

Oil & Gas

Al um inium

Coppe r

Iron Ore

Power

Total

Less:

Fi nance costs

Add: Other una llocab le income net off ex penses

Profit/(Loss) before exceptional items and tax

Ad d : Net exceptio nal gai n

Profit/(Loss) before tax

f )

Segment assets

Oil & Gas

Alumi ni um

Co pper

Iron Ore

Power

Una lloca t ed

Total

Segment liabilities

Oil & Gas

Alu mi niu m

Copper

I ro n Ore

Powe r

Unall ocat ed

Total

Quarter ended

Year ended 30.09.2019 30.06.2019 30.09.2018 30.09.2019 30.09.2018 31.03.2019 (Unaud ited) (Unaud ited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Half year ended

( f in Crore)

1,699

4,720

2,419

758

9,599 - 9,599

560

(497)

(122)

165

(61)

900

2,259

1,404 - 1,404

1,673

5,02 2

972

796

1,856

5,73 1

1,325

612

8, 523

9,55 1

3,372

9,742

3,391

1,554

63 18,122

3, 577

11, 108

2,975

1,399

7,104

21,000

6,833

2,9 11

252

19,122

38, 100

8,522

627

(228)

( 11 2)

104

( 85)

30 6

88 1

(493) - (493)

9,5 50

18,121

19,121

38,098

688

(42)

(37)

(81)

596

977

144

(237)

320

1,187

(725)

(234)

269

(146)

351

1,781

2,341

911 - 911

1,307

560

(198)

2 12

(15 2)

1,729

1,980

214

(37)

372

335

2,588

(409)

523

(309)

2, 407

3, 757

5,973

4,623

324

4,947

16,091

42,822

5,890

2,938

3,320

18, 097

43, 494

7, 21 9

2,937

3,347

15,834

43,6 50

8,808

2,804

3,251

16,091

42,822

5,890

2,938

3,320

15,834

43,650

8,808

2,804

3,2 51

16,299

45, 10 1

7, 141

2,927

3,321

78,363

72,063

76, 150

78,363

76, 150

76,078

1,49,424

1,47, 157

1,50,497

1,49,424

1, 50,497

1, 50,867

6,733

18,643

2,942

1,270

132

38,935

68,655

8,1 94

15, 183

3,6 12

1, 139

152

41, 254

69,534

5,870

13,27 1

3,956

948

258

45,990

70 , 293

6,733

18,643

2,942

1,270

132

38,935

68,655

5,870

13,271

3,956

948

258

4 5,990

70,293

6,961

17,499

3,743

1,235

162

43,387

72,98 7

The m ain busi ness segmen ts are : (a) Oil & Gas w hich co nsists of ex pl oration, developmen t and produ ction of oi l and gas. (b) Aluminium which consist of m an ufactur ing of alumi na and vario us alumi niu m products. (c) Copper wh ich co nsists of m an ufactu ring of copper cathode, conti n uous cast co pper ro d, anode sl ime from purchased conce ntrate and manu factu ring of sul phuric acid, phosph ori c acid (Refer note 3) . (d) I ron ore which consists of mi ning of ore and manufacturing of pig iron and metall urg ical coke. (e) Power exclud ing ca ptive power bu t includ ing powe r faci lit ies predo min antly en gaged in generatio n and sale of comm ercial power.

The asset s and li abilities that ca nn ot be all ocated between th e segm ents are shown as un all ocated assets and liabilit ies, respecti ve ly.

)Jf

Balance Sheet

Particulars

A ASSETS 1 Non-current assets

(a) Property, Plant and Equipment (b) Capita l work- in -progress (c) Intangible assets (d) Exp loration intangib le assets under development (e) Financial assets

(i) Investments (ii) Trade receivables (iii) Loans (iv) Derivatives (v) Others

(f) Deferred tax assets (net) (g) Income tax assets (net) ( h) Other non-current assets

Total non-current assets

2 Current assets

(a) In ve ntories (b} Financial assets

( i) Investments (ii) Trade receivables ( iii) Cas h and cash equ iva lents ( iv) Other bank balances (v) Loans (vi) Derivatives (vii) Others

Total current assets

Total assets

B EQUITY AND LIABILITIES 1 Equity

Equity Share Capita l Other Equity Total Equity

Liabilities

2 Non-current liabilities (a) Financia l liab ilities

(i) Borrowings ( ii ) Derivatives ( iii ) Other financial liabilities

(b) Provisions (c) Other non-current liab ilities

Total Non-current liabilities

3 Current liabilities

(a) Fin anc ial li ab ilities

( i) Borrow in gs (ii) Trade payables

(1) Total outstanding dues of micro, sma ll and medium enterp ri ses

(2) Total outstanding dues of creditors other than micro, sma ll and medium enterp ri ses

(iii) Derivatives (iv) Other financial lia bilities

(b) Provisions (c) Income tax liabilities (net) (d) Other current liabilities

Total current liabilities

Total Eauitv and Liabilities

As at 30.09.2019 {Unaudited)

{~ in Crore)

As at 31.03.2019 (Audited)

40,943 14,674 28 1,682

64,227 1,306 190 2 664 1,692 1,678 3,036

40,972 14,148 34 1,583

64,204 1,248 197 - 619 3 2,175 3,027

130,122

128,210

5 , 221

4,077 841 2 ,66 6 337 2,255 151 1,889 1,865

19,302

149,424

372 80,397 80,769

16,346 24 205 1,081 3,101

20,757

15,089

11,248

152 13,054 167 46 8,050

47,898

7,657

4,378 1,966 3,209 682 118 46 2,630 1,971

22,657

150,867

372 77,508 77,880

20,52 1 - 28 1 988 2,468

24,258

17,180

11,203

343 11 ,483 140 46 8,275

48,729

150,867

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Statement of Cash Flows

Half Year ended

(~ in Crore)

30.09.2019 (Unaudited)

30.09.2018 (Unaudited)

Cash flows from operating activities Profit before tax Adjustments for: Depreciation, depletion and amortization Net exceptiona l gain Provision/ (Reversal of provision) for doubtful debts/adva nces Explo ration costs written off Fair value gain on financial assets held at fa ir va lu e through profit or loss Loss on sa le of property, plant and eq uipments, net Foreign exchange loss/(ga ins), net Unwinding of discount on decommissioning liability Share based payme nt expense Interest and dividend income Interest expense Deferred government grant

Changes in assets and liabilities: Decrease/ (Increase) in trade and other receivables Decrease in inventories Decrease in trade and other payables

Cash generated from operations Income taxes refund/(paid) Net cash generated from operating activities

Cash flows from investing activities

Purchases of property, plant and equipment (including intangibles) Proceeds from sa le of property, plant and equ ipm ent Loans qiven to related parties Loans repaid by related parties Proceeds from redemption of short-term deposits Short-term deposits made Proceeds from sale of short-term investments Short-term in vestments made Interest re ce ived Dividends received Investment made in Subsidiary

Net cash used in investing activities

Cash flows from financing activities Repayment of short term borrowings (net) Proceeds from current borrowings Repayment of current borrowings Proceeds from long - term borrowings Repayment of long -te rm borrowings Interest paid

Net cash (used in) / generated from financing activities

Net (decrease)/increase in cash and cash equivalents Cash and cash equ iva len ts at the beqinninq of the period Cash and cash eauivalents at the end of the oeriod

911

1,667

- (122) 29 124 15 28 (2,342) 1,766 (37)

1,750 2,529 (327) 6,020 497 6,517

(1,375) 32 (2,529) 400 519 (189) 15,558 (15,177) 181 2,134

(446)

(2,394) 2,080 (1,764) 700 (2,866) (2,373)

(6,617)

(546) 3,284 2 738

Notes: 1. The figures in bracket indicates outflow . 2 . The above cash flow has been prepared under the "Indirect Method " as set out in Indian Accounting Standard (Ind AS) 7 - statement of cash flows.

335

1,598 (372) (3) 2 (32) 60 (38) 14 12 (147) 1,965 (36)

(906) 345 (2,622) 175 /14) 161

(1,092) 63 (208) 4 455 (743) 11,323 (11,396) 157 1,655 (1,770)

(1,552)

(2,625) 409 (226) 10,300 (3,838) (2,126)

1,894

503 1,231 1.734

))!

Notes:-

1 The above results of Vedanta Limited ("the Company"), for the quarter and half year ended September 30, 2019 have been reviewed by the Audit

Committee and approved by the Board of Directors in their respective meetings held on November 14, 2019 . The statutory auditors have carried out limited review of the same.

2 Section llSBAA of the Income- tax Act, 1961 has been introduced by the Taxation Laws (Amendment) Ordinance, 2019. Based on the expected timing of

exe rcising of the option under Section llSBAA, the Company has re-measured its deferred tax balances leading to a deferred tax credit of Rs 1,561 crore on deferred tax balances as at March 31, 2019 being recognized in the current quarter.

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 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 filed Appeals before the TNPCB Appellate Authority challenging withdrawal of CTE by the TNPCB and the same is scheduled for hearing on November 27, 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 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 and half year.

5 As at September 30, 2019, the Company and its subsidiaries have an outstanding receivable equivalent to Rs. 612 crore from one of its fellow subsidiary in

Zambia, Konkola Copper Mines Pie (KCM), predominantly regarding monies advanced against future purchase of copper cathode/anode .

A provisional liquidator was appointed to manage KCM's affairs on 21 May 2019, after ZCCM Investments Holdings Pie (ZCCM-IH) , an entity owned by the Government of Zambia and a 20.6% shareholder in KCM, filed a winding up petition against KCM. KCM's majority shareholder, Vedanta Resources Holdings Limited (VRHL), and its parent company, Vedanta Resources Limited (VRL), are contesting the winding up petition in the Zambian and South African courts and have sought ZCCM-IH to submit itself to arbitration proceedings, for resolution of any disputes. The winding up petition has currently been stayed, pending the decision on VRHL's application regarding arbitration. Mea nwhile, KCM has not been supplying goods to th e Company and/or its subsidiaries, which it was supposed to as per the terms of the advance.

The Group, based on its assessment considering the actions taken by VRL and VRHL, believes that it should be able to recover the advance and has continued to treat these balances as recoverable.

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6 Additional disclosures as per Regulation 52( 4) of Securities and Exchange Board of India (Listing Obligations and Disclosures

Requirement) Regulations, 2015:

Previous due date of Interest/ Principal repayment, payment made on respective due date:

S.No. Particulars

Previous Due Date (April 1, 2019 to September 30, 2019)

Principal Due Date

Interest Due Date

INE205A07139 bearing int@ 8.5%

INE205A07121 bearing int@ 7.8%

INE205A07113 bearing int@ 7.6%

INE205A07147 bearing int@ 8.5%

INE205A07154 bearing int@ 9.18%

INE205A07030 bearing int@ 9.45%

April 16, 2019

May31 ,20 19

INE205A07055 bearing int@ 8.65%

September 27, 2019

April 5, 2019

April 16, 2019

May31 ,2019

June 15, 2019

July 4, 2019

August 18, 2019

September 27, 2019

Next due date of Interest/Principal repayment alonq with amount due is as follows:

S.No. Particulars

Next Due Date and Amount due (October 1, 2019 to March 31, 2020)

Principal Due Date

Amount Due (t Crore)

Interest Due Date

Amount Due (t Crore)

INE205A07089 bearing int@ 8.25%

October 28, 2019

INE205A07097 bearing int@ 7.95%"

November 22, 2019

INE205A07105 bearing int@ 7.50%

November 29, 2019

300

200

October 28, 2019

November 22, 2019

November 29, 2019

# Put option was excercised by the NCD holders, basis which NCDs became due for repayment .

During the six months ended September 30, 2019 the Credit Rating/Outlook by CRISIL and India Ratings and Research Limited for the NCD's has been maintained at "AA/Stable"

The Listed Non - Convertible debentures of the company aggregating ~ 8,900 Crore as on September 30, 2019 are secured by way of first mortgage/charge on certain assets of the company, and the asset cover thereof exceeds 125% and 100% of the principal amount of~ 2,000 Crore and ~ 6,900 Crore respectively, as required as per the terms of the Issue .

Particulars

Net Worth (Equity + Reserves and surplus)

Debenture Redemption Reserve

Interest Service Coverage Ratio (No. of times)

Debt Service Coverage Ratio (No. of times)

Debt- Equity Ratio (No. of times)

(t in Crore except otherwise stated)

September 30, 2019

March 31, 2019

80,769

1,235

3.05

1.29

0.47

77,880

1,240

3.24

1.03

0.54

Formulae for computation of ratios are as follows:

Debt equity ratio

Debt I (paid up equity capital + reserves and surplus)

Debt service coverage ratio

Earnings before interest, depreciation, tax and exceptional items/ (interest expense + principal payments of long term loans)

Interest service coverage ratio

Earnings before interest, depreciation , tax and exceptional items I interest expense

7 During the year ended March 31, 2019, the Company redeemed 301 Crores, 7.5% redeemable non-cummulative preference

shares having face value of~ 10 per share along with dividend at the rate of 7.5% p.a . from April 1, 2018 til l October 27, 2018, as per their terms of issuance.

By Order of the Board

Place : New Delhi

RAr

Dated : November 14, 2019

Whole -Time Director and Chief Financial Officer

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Whole -Time Director and Chief Executive Officer

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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

14 November, 2019

Vedanta Limited

Consolidated Results for the Second Quarter ended 30 September 2019

PAT 1 higher by 61% y-o-y Industry leading EBIDTA2 margin at 25 % Net debt reduced by ₹ 8,322 crore Net Debt/EBITDA at 0.9 x lowest among Indian peers

Mumbai, India: Vedanta Limited today announced its unaudited consolidated results for the Second quarter (Q2) and half year ended 30 September 2019.

Financial & Corporate Highlights • Continued strong financial performance despite market headwinds

o Revenues of ₹ 21,739 crore, down 3% y-o-y primarily due to headwinds in the

commodity prices.

o Industry leading EBITDA margin1 of 25%. o EBITDA of ₹ 4,497 crore, down 15% y-o-y, primarily due to lower commodity

prices.

o Realised power debtors of c. ₹ 900 crore at TSPL , as per Supreme Court Order.

• Strong Balance Sheet

o Gross debt reduced by ₹ 3,279 crore, in line of our continued focus on deleveraging. o Net Debt/EBITDA at 0.9 x lowest among Indian peers. o Net Debt reduced by ₹ 8,322 crores in Q2 FY 2020. o Strong financial position with total cash & liquid investments of ₹ 35,817 crore.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 1 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Operational Highlights

Unaudited Results for the Second Quarter ended 30 September 2019

The overall volume and cost across businesses is better/ same compared to same quarter last year, supported by favourable tailwinds on input commodity costs . Business wise highlights are :

Zinc India:

o Ore production up by 3% y-o-y at 3.6 million ton with strong growth at

Rampura Agucha and Zawar Mines.

o Mined metal production at 219 kt , up 3% q-o-q. o Entering H2, with last phase of expansion project completed enabling 1.2 mtpa

capacity.

• Zinc International: Gamsberg production at 24kt in Q2, ramp up in progress. • Oil & Gas:

o 166 wells drilled, 63 wells hooked up. o Early gas production facility currently ramped up to over 50 mmscfd.

• Aluminium:

o Alumina production of 410kt, up 18% y-o-y. o Hot metal cost at $ 1,852/ton, lower by 10% y-o-y o Vedanta emerged as highest bidder for Jamkhani coal block in Odisha.

Iron Ore: Highest ever quarterly sales in Karnataka at 1.4 million tonnes.

• • Steel : Sales at 283 kt , up 6% y-o-y. • TSPL: Plant availability of 92%.

1. Attributable PAT after exceptional items 2. Excludes custom smelting at Copper India and Zinc India operations

Mr. Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta, said “We are at an exciting transition that will see the company accelerate in the expansion of its reserves and resource base over coming quarters. This expansion is being delivered through strict capital allocation and balance sheet focus aimed at creating value for our stakeholders. As we look forward to the year, we have in place the building blocks to enhance our performance in the three key businesses. We have immense confidence in being able to deliver the best from our assets and people whilst always being committed to our core values around ethics, governance and social responsibility”.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 2 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Unaudited Results for the Second Quarter ended 30 September 2019

Consolidated Financial Performance

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

(In Rs. crore, except as stated)

FY2019

Particulars

90,901 1,147 24,012 30% 5,689 3,617 (508) 21,432 8,192 13,240 320 3,750 112 9,698 2,633 7,065 19.07 69.89 69.17

Net Sales/Income 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 Charge /(Credit) Tax on Exceptional items Profit After Taxes (PAT) Minority Interest Attributable PAT Basic Earnings per Share (₹/share) Exchange rate (₹/$) - Average Exchange rate (₹/$) - Closing

FY2020 21,739 219 4,497 25% 1,340 832 (50) 3,939 2,395 1,544 (422) (1,553) (56) 2,730 572 2,158 5.83 70.35 70.50

FY2019 22,432 273 5,281 26% 1,478 587 (161) 4,229 1,931 2,298 320 606 112 1,900 557 1,343 3.62 70.03 72.55

% Change

(3%) (20%) (15%)

FY 2020 21,167 207 5,188 27% 1,341 (9%) 373 42% 17 (70%) 4,237 (7%) 2,155 24% 2,082 (33%) - - - 138 - - 1,944 593 1,351 3.65 69.58 68.96

44% 3% 61% 61% 0% (3%)

FY2019 FY2020 44,374 3% 42,906 537 426 6% 11,729 9,685 (13%) 30% 26% 2,930 2,681 (0%) 976 1,204 - (390) (32) - 9,385 8,176 (7%) 3,727 4,550 11% 5,658 3,626 (26%) - (422) 320 (1,415) 1,718 112 (56) 4,148 4,674 1,272 1,165 2,876 3,509 7.76 9.48 68.51 69.97 72.55 70.50

- 41% (3%) 60% 60% 1% 2%

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 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Revenues

Unaudited Results for the Second Quarter ended 30 September 2019

Revenue in Q2 FY2020 was at ₹ 21,739 crore, lower 3% y-o-y, primarily due to lower commodity prices partially offset by additional volumes from commencement of Gamsberg operations and higher sales at Iron Ore Karnataka.

Revenue was higher by 3% on a sequential basis, primarily due to liquidation of concentrate inventory at Copper , partially offset by lower commodity prices.

EBITDA and EBITDA Margins

EBITDA for Q2 FY2020 was at ₹ 4,497 crore, lower by 15% y-o-y, mainly due to lower commodity prices, partially offset by additional volumes from commencement of Gamsberg operations, higher sales at Iron Ore Karnataka and easing of input commodity inflation.

EBITDA for Q2 FY2020 was lower by 13% as compared to Q1 FY 20 primarily due to lower commodity prices.

EBITDA margin for Q2 FY2020 was at 25%.

Depreciation & Amortization

Depreciation and amortization for Q2 FY2020 was at ₹ 2,395 crore, higher by 24% y-o-y and 11% q-o-q. This was mainly due to higher ore production at Zinc businesses, commencement of Gamsberg operations and higher charge at Oil & Gas due to capitalisation.

Finance Cost and Investment Income

Finance cost for Q2 FY2020 was at ₹ 1,340 crore, lower by 9% y-o-y, primarily due to reduction in gross borrowings, while on a sequential basis the finance cost remained flat.

Investment Income was at ₹ 832 crore, higher by 42% y-o-y. This was primarily on account of mark to market gain on investments due to softening of yields, partially offset by one- time reclassification from Other Comprehensive Income to profit and loss account at HZL in Q2 FY 19.

Investment Income increased from ₹ 373 crore in Q1 FY 20 to ₹ 832 crore in Q2 FY 20 on account of mark to market gain on investments.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 4 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Exceptional Items

Unaudited Results for the Second Quarter ended 30 September 2019

Exceptional item primarily is a charge of ₹ 504 crores, relating to impairment at Avanstrate Inc, partially offset by accrual of Interest against pending claims at TSPL based on Supreme Court order giving a net charge of ₹ 422 crores.

Taxes

Section 115BAA of the Income- tax Act, 1961 has been introduced by the Taxation Laws (Amendment) Ordinance, 2019. Based on the expected timing of exercising of the option under Section 115BAA by the respective entities, the Group has re-measured its deferred tax balances leading to a deferred tax credit of Rs 2,501 crore on deferred tax balances as at March 31, 2019 being recognized in the current quarter.

Normalised tax rate for the quarter is 32% as against 27% last quarter.

Attributable Profit after Tax and Earnings per Share (EPS)

Attributable Profit after Tax (PAT) for the quarter was ₹ 2,158 crore and Earnings per share for the quarter was at ₹ 5.83 per share .

Balance Sheet

We have robust cash and liquid investments of ₹ 35,817 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. ₹ 7,200 crore as on 30th September 2019.

Gross debt was at ₹ 55,898 crore on 30th September 2019, lower by ₹ 3,279 crore as compared to 30th June 2019. This was mainly due to repayment of debt at TSPL and Vedanta Standalone.

Net debt was at ₹ 20,081 crore on 30th September 2019, lower by ₹ 8,322 crores as compared to June 30, 2019, primarily due to free cash flow generation during the period and realisation of power debtors at TSPL.

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 5 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Key Recognitions

Unaudited Results for the Second Quarter ended 30 September 2019

Vedanta has been consistently recognized through the receipt of various awards and accolades. We received the following key recognitions recently:

• Vedanta bestowed with the coveted Golden Peacock Global Award for excellence in

Corporate Governance 2019.

• Hindustan Zinc receives Best Sustainability Award in the category of National Award

for Excellence in CSR and Sustainability

• Hindustan Zinc receives The CSR Journal Excellence Awards – 2018 • Cairn Oil & Gas, has won the IDC - Digital Transformation Award 2019 in the ‘Information Visionary – Data Visualisation’ category. Cairn won this award for Exception Based Surveillance (EBS) as a part of Project NIRMAAN

• Cairn Oil & Gas has won the SAP Industry Innovation Award for “Excellence in Operations Category for Oil & Gas”. The award was given for “Rig Schedule & Automated Workflow” project

• Balco won Best Innovation in Procurement Technology award at the Procurement Tech Summit and Awards 2019. The award was for efforts towards improvement of contract lifecycle.

• Balco was Awarded ‘Best Employer India’ 2019 by AON Hewitt India • TSPL was conferred 19th Annual Greentech Environment Award 2019 for high level of

commitment and outstanding performance in environment

• The world’s largest PR awards programme, the Sabre Awards, presented Cairn Oil & Gas, Vedanta Ltd. and Weber Shandwick, Cairn’s PR agency, a Gold SABRE APAC 2019 award on September 11, 2019 in the B2B category – Energy and Natural Resources

• Vedanta Ltd., Jharsuguda won the Gold Award at the SEEM National Energy

Management Award 2019

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 6 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Results Conference Call

Unaudited Results for the Second Quarter ended 30 September 2019

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 6:00 PM (IST) on Thursday, 14th November 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 November 14, 2019

India – 6:00 PM (IST)

Singapore – 8:30 PM (Singapore Time)

Hong Kong – 8:30 PM (Hong Kong Time)

UK – 12:30 PM (UK Time)

US – 7:30 AM (Eastern Time)

Telephone Number India: +91-7045671221 Toll free: 1800 120 1221, 1800 266 1221

Universal access: +91 22 6280 1114 +91 22 7115 8015 Toll free number 8001012045 International toll 6531575746 Toll free number 800964448 International toll 85230186877 Toll free number 08081011573 International toll 442034785524 Toll free number 18667462133 International toll 13233868721

Online Registration Link https://services.choruscall.in/DiamondPassRegistration/register?confir

mationNumber=100540&linkSecurityString=2f483238

Replay of Conference Call (November 14, 2019 to November 20, 2019)

India +912271945757, +912266635757 Passcode: 63835#

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 7 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Unaudited Results for the Second Quarter ended 30 September 2019

For further information, please contact:

Communications Arun Arora Head, Corporate Communications

Investor Relations James Cartwright Head – Investor Relations

Suruchi Daga Associate General Manager – Investor Relations

Raksha Jain Manager – Investor Relations

About Vedanta Limited

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

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

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.

For two decades, Vedanta has been contributing to India’s growth story. The company is amongst the top private sector

contributors to the exchequer with the highest ever contribution of INR 42, 560 Crore in FY 2019. Vedanta contributes 1

percent of India’s GDP.

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

Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 8 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

vedanta

transforming elements

Unaudited Results for the Second Quarter ended 30 September 2019

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 9 of 9 Andheri (East), Mumbai 400093, Maharashtra, India. CIN: L13209MH1965PLC291394

November 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 – Q2 FY2020 INVESTOR PRESENTATION

Contents

vedanta

transforming elements

Section

Presenter

Q2 FY20 Review

Venkat, CEO

Financial Update

Arun Kumar, CFO

Appendix

Page

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Q2 FY2020 Review

Venkat Chief Executive Officer

Key Highlights: Q2 FY2020

vedanta

transforming elements

▪

Zinc India ore production up by 3% y-o-y at 3.6 million ton with strong growth at Rampura Agucha and Zawar Mines Zinc International overall production at 63kt (24kt Gamsberg), up significantly y-o-y

▪ ▪ O&G 166 wells drilled, 63 wells hooked up ▪ Early gas production facility currently ramped up to over 50 mmscfd ▪ Aluminum continuous structural reduction in cost, down 10% y-o-y ▪ ▪ ▪ ▪

Vedanta emerged as highest bidder for Jamkhani coal block in Odisha Lanjigarh production 410kt, up 18% y-o-y with COP $293/t down 18% y-o-y Iron Ore achieved highest ever sales of 1.4 million tonnes at Karnataka Electrosteel sales 283 kt, up 6% y-o-y

▪

Robust EBITDA generation of ₹ 4,497 cr with Industry leading margin in subdued commodity price scenario and PAT higher by 61% y-o-y

▪ Gross debt reduced by ₹ 3,279 crore pursuant to repayment at TSPL and Vedanta Standalone ▪ Net debt at ₹ 20,081 crore, lower by ₹ 8,322 crore q-o-q with strong Net debt/EBITDA at 0.9x ▪

Strong financial position with total cash & liquid investments of ₹ 35,817 cr

▪

Vedanta bestowed with the coveted “Golden Peacock Global Award for Excellence in Corporate Governance 2019” The world’s largest PR awards program, “The Sabre Awards”, presented Oil & Gas and Vedanta Ltd., a Gold SABRE APAC 2019 award in the B2B category Zinc India won best Environmental Sustainability Award in the category of National Awards for ‘Excellence in CSR and Sustainability’ on World CSR Day by Zee Business

Operational

Financial

Awards & Recognition

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Heading Towards – Zero Harm, Zero Waste, Zero Discharge

Dow Jones Sustainability Index Ranking Improves to 20th (24th in 2018) Ranked 7th in Asia Pacific Region (metals and mining sector)

Safety Program Update

Environment Update

1 rail-related fatality in Q2

▪ Rail safety committee to prevent repeats

Visible felt leadership

Controls-in-place for safety critical tasks

Business partner engagement

▪ Group Safety Head conducting in-situ reviews to facilitate implementation ▪ Enhanced bow-tie risk assessments ▪ Update of the Permit to Work System

▪ Review of BP pre-qualification and on-

boarding process

▪ Committee established to aid BP enhance

their safety deliverables

▪

Tailings Management

Measuring water use efficiency

Tailings dam information published as per Church of England request

BALCO estimate based on ICMM showed 99.8% efficiency against ~11% average

Fatality 7

I I I I I

2019 H1FY20

2017

2018

2016

LTIFR

Water Consumed & Recycled (m3)

0.67

242

243

0.49

0.46

0.40

0.35

I I I I I I. I. I. •-

121

2016

2017

2018

2019 H1FY20

H1 FY20

2017

2018 Consumed

2019 Recycled

■

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Waste Recycling (mMT) (High volume low toxicity)

2017

2018 Generation

2019

H1 FY20

Recycled

Contributing to the communities

Benefitting the lives of 3.0 million people across 1,042 villages

vedanta

transforming elements

Flagship Programs 1000th Nand Ghar established in 4 states

Healthcare 1.6 Million people benefited > 35 Initiatives

Drinking Water and Sanitation 350,000 people benefited > 25 Initiatives

Community Infrastructure 200,000 people and 3000+ families benefited > 25 Initiatives

Children’s Well-being and Education 135,000 Children Benefited >50 Initiatives

Sports & Culture > 65,000 Million sports person benefitted > 20 Initiatives

Women’s Empowerment >35,000 Women benefited > 10 Initiatives >2,400 Self Help Groups 120+ Micro - Enterprises

Environmental Protection & Restoration > 100,000 saplings planted

Agriculture and Animal Husbandry >30,000 people benefited > 30 Initiatives

Football Academy

Vedanta Medical Research Foundation

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Zinc India: Zinc supply shortfall and low stocks expected to support price

Refined market remains in deficit despite weak demand as production growth remains modest •

Plant closures in China continue despite high TCs due to environmental regulations • Exchange Metal stocks are at 4 days of consumption • Metal stocks are forecast to remain at historically low

levels over the balance of 2019 and into 2020

Zinc exchange stocks and LME price trend

Slower than expected production growth continues • • •

Reduction in production forecast in China Slow start at new projects Lower production in Russia and Peru

Global Zinc Mine Production ('000 MT)

16000

14000

12000

10000

8000

6000

4000

2000

2018

2019E

2020E

2021E

RoW China Mine Production Gamsberg New Century New Mines

■

800000

700000

600000

500000

400000

300000

200000

100000

s e n n o t n

s k c o t S

Forecast includes ~280kt increase each year in China which is at risk due to ongoing environmental issues mine production declining from 2023 onwards

4/30/2015

4/30/2016

4/30/2017

4/30/2018

4/30/2019

Zn LME Stocks

Zn SHFE Stocks

Zn LME

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Source: Wood Mackenzie Q2 2019 Long Term Outlook

4000

3500

3000

2500

2000

1500

1000

500

e n n o t / $ n

e c i r p E M

Zinc India: Achieving 1.2 Mtpa MIC Capacity in FY20

vedanta

transforming elements

Production ramp up to 1.0 million tons mined metal

t k n

a t e M d e n M

1200

1000

800

600

400

200

YOY +7%

UG CAGR 39%

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020e FY2021e

■

H2 – Completing 1.2 Mtpa project activities • •

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

■

65%

35%

FY17

52%

53%

>54%

48%

47%

FY18

FY19

FY20e

Rampura Agucha

Sindesar Khurd

Zawar

✓ Rapid Development crew to open new levels from Q2 Shaft Commissioning in Q3

▪

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

✓ Shaft full ramp-up ▪

Resolution of Geotech issues in lower blocks Faster Paste filling in H2

✓ Commissioning of dry tail

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

▪

▪ ▪

Zinc India: Strong Foundation Driving Growth

Performance Update

Quarter Performance:

▪ Metal Production 210kt, flat y-o-y

▪ MIC Production 219kt, down 6% y-o-y

▪

Silver Production 134 tons, down 22% y-o-y

COP at $1,048/t, marginally up 2% y-o-y

Half Year Performance:

▪ Metal Production 429kt, up 1%

▪ MIC Production 432kt, marginally down 3%

▪

Silver Production 293 tons, down 5%

COP at $1,057, marginally up 2%

Finished Metal Production (kt)

1067

219

1048

210

212

1034

425

429

1057

1039

Q1 FY20 Q2 FY19 Q2 FY20

Metal (kt)

H1 FY19 H1 FY20

COP ($/t)

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Dow Jones Sustainability Index Ranking

5th Globally

In metals and mining sector for the 2nd consecutive year

1st Asia Pacific Region

Overall Ranking in metals and mining sector

1st Globally

In Materiality, Environment Reporting and Human Capital Development aspects

FTSE4Good Index series for the 3rd consecutive year

Zinc International: Gamsberg Positioning for Long Term Value Creation

Performance Update

Quarter Performance:

▪

Overall production at 63kt, up 126% y-o-y

COP of $1,584/t, down 35% y-oy

Half Year Performance:

▪

Overall production at 123kt, up 130%

COP of $1,652/t, down 31%

Skorpion

▪

Skorpion had a slope failure in May 2019 in Pit 112, remedial activities have been substantially completed. This has resulted in 4 month ore gap leading to refinery shutdown and shifting of 60kt production to FY21

Consolidated Production and COP

2,428

2,393

1,724

1,584

123

1,652

28 T 1111 Q1 FY20 Q2 FY19 Q2 FY20

Production (kt)

H1 FY19 H1 FY20

COP ($/t)

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

150

100

Gamsberg

▪

Production at 24kt, up 7% q-o-q

COP at $1,477, up 6% q-o-q due to increase in mining cost

Ore production achieved >0.5 Mt in Sep

>1.6 Mt of healthy ore stockpile ahead of plant

Crusher current throughput is ~700 tph better than design throughput of 685 tph

Achieved Exit Mill production run rate of 408 tph, will reach design run rate in Q3

▪ Won “Visionary Client of the Year Award for

Excellence in Tailing Facility Engineering” from CESA

1,474

Q4 FY19

1,477

1,397

Q1 FY20

Q2 FY20

Cost ($/t)

MIC (kt)

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

Capex Investment

▪ Gross Capex of $ 3.2 billion in PSC blocks

▪ Monetization of 400 mmboe of resources ▪ Development cost of $ 7/boe

▪

Capex of $ 0.8 million in OALP blocks across 51 blocks

▪ ▪

Integrated Project Management by Lloyd’s Register Full Tensor Gravity – Gradiometry survey commenced across 8 OALP Blocks in Assam

Project Progress

▪

166 wells drilled, 63 wells hooked up

Early gas production facility being progressively ramped up to design capacity of 90 mmscfd; currently at over 50 mmscfd

Liquid handling capacity upgradation in progress

Production Ramp Up (kboepd)

225

180

Q2 FY20 Exit

H2 FY20 Exit

Key Drivers for Production Ramp Up

Wells Drilled

Wells Hooked Up

Liquid Handling Capacity

Gas Processing Capacity

H1 FY20 Exit

H2 FY20 Exit

166

250

150

1.10 mmblpd

1.25 mmblpd

80 mmscfd

150 mmscfd

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Oil & Gas: All Around Efforts Driving Volume Growth

Capacity Addition

~---------, ~--------------~ '

Wells + Surface Facilities

180

H1 FY 20

/ I - - I I I I I I

Gas Early Production Facility

\ - - I I I I I I I I

Liquid Handing

/ ' I I I I I I I \

\ , __________ _,

MBA

Tight Oil

Offshore

, _______________ ,

225

H2 FY 20 Exit

\ I I I I I I I I

▪ Commence full field polymer injection in Bhagyam and Aishwariya fields ▪ Additional Horizontal wells in Mangala Field ▪ Hook up balance 33 wells

▪ Early production facility ramp up to design capacity of 90 mmscfd

Mangala, Bhagyam & Aishwariya

Tight Gas (RDG)

Liquid Handling

I I I I 1

I I I I I

▪ Complete facility upgradation to enhance capacity by ~15% through Water

Injection debottlenecking

--------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------

Tight Oil (ABH)

▪ Ramp up production through hook up of balance 34 wells

▪ Surface Facility online by January 2019

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ravva

▪ Drilling to commence in Q3 FY20; 4 producer wells online by Q4 FY20

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Oil & Gas: Building for Future Growth

vedanta

transforming elements

OALP Blocks

PSC Blocks

500

Acreage

~60,000 sq km

Well Diversified 40 Onshore 11 Offshore

Peak Production (kboepd) Upside Scenario

□ □ □ □ □ □

Capex commitment For exploration phase

$800 mn

192

5.5

Resources (bnboe) Upside Scenario

Exploratory Wells To be drilled

▪

Integrated Project Management by Lloyd’s Register

Full Tensor Gravity – Gradiometry survey, a state-of-the- art Airborne screening of opportunities commenced across 8 OALP Blocks in Assam

Technology

early

for

Rajasthan Exploration

Rajasthan Tight Oil Appraisal

KG - Offshore

Ravva

Investment ($mn)

Resources (mmboe)

Work Program (Wells)

Drilling Status

300-600

7-18

Drilling from Q4 FY 20

Commenced in Q2 FY 20

200

300

Evaluation Ongoing

4-9

Drilling from Q3 FY 20

Strong exploration fundamentals supports reserves & resources growth

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Aluminium: Achieving Design Structure

Structural Reduction in Cost

Performance Update

2,049

1,990

1,852

1,810

1,764

Q1 FY20

Q2 FY19

Q2 FY20

H1 FY19

H1 FY20

Quarter Performance:

▪

Aluminium COP at $1,852/t, down 10% y-o-y

Lanjigarh production 410 kt, up 18% y-o-y

Lanjigarh COP at $293/t, down 18% y-o-y

EGA Bauxite supplies started from Guinea

Alumina Production & COP

Half Year Performance:

446

284

348

358

410

293

Q1 FY20 Q2 FY19 Q2 FY20 Production (kt)

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

856

673

350

289

H1 FY19 H1 FY20

COP ($/T)

▪

Aluminium COP at $1,810/t, down 9% y-o-y

Lanjigarh production 856 kt, up 27% y-o-y

Lanjigarh COP at $289/t, down 17% y-o-y

Local bauxite meeting half of the total requirement

Chotia coal Mine on track to achieve full capacity of c. 1 Mtpa

Aluminium: Significant progress on Strategic levers Continues

vedanta

transforming elements

1,990

1,810

H1 FY19

H1 FY20

Coal Initiatives

Alumina Ramp Up

Bauxite Sourcing

Others

1,500

Target

Initiatives

Coal Initiatives

Alumina Ramp Up

Action Plan

▪ ▪ ▪

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

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

Easing of Alumina prices to sub $300/t levels

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 Procurement efficiencies: Strategic partnerships with key suppliers, long-term contracts

▪ ▪ ▪ Ongoing improvement in power plant operating parameters, Fixed cost reduction

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Other Assets: Iron ore and Electrosteel Steels

Iron Ore

Performance Update

Quarter Performance: ▪

Karnataka sales 1.4 Mnt, highest ever

▪

Pig Iron production 176kt, up 2% y-o-y

Half Year Performance:

▪

Karnataka sales 2.6 Mnt, significantly up

Pig Iron production 354kt, up 4%

Karnataka Sales (Mnt)

2.6

1.2

Q1 FY20

0.2

Q2 FY19

1.4

Q2 FY20

0.6

H1 FY19

H1 FY20

Pig Iron Production (kt)

339

354

178

173

176

Electrosteel Steels

Performance Update Quarter Performance: ▪

Production 270kt, down 5% y-o-y

▪

Sales 283kt, up 6% y-o-y

▪ Margin at $23/t, down 75% y-o-y on account of soften

steel pricing scenario in domestic market

Half Year Performance:

▪

Production 645kt, up 15%

Sales 557kt, up 11%

▪ Margin at $63/t, down 32% on account of soften steel

pricing scenario in domestic market

Sales (kt)

502

557

273

268

283

Q1 FY20

Q2 FY19

Q2 FY20

H1 FY19

H1 FY20

Q1 FY20

Q2 FY19

Q2 FY20

H1 FY19

H1 FY20

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Strategy to Enhance Long Term Value

ing elements

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 – Q2 FY2020 INVESTOR PRESENTATION

vedanta

transforming elements

Financial Update Arun Kumar Chief Financial Officer

Financial snapshot Q2

EBITDA

₹ 4,497 cr

Attributable PAT

EBITDA Margin*

₹ 2,158 cr

25%

Down 13% q-o-q

Up 60% q-o-q

Industry leading margin

Gross Debt

₹ 55,898 cr

Net Debt

₹ 20,081 cr

ND/EBITDA

0.9x

Down 6% q-o-q

Down 29% q-o-q

Lowest among Indian peers

* Excludes custom smelting at Copper India and Zinc-India operations

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

EBITDA Bridge (Q2 FY2019 vs. Q2 FY2020)

vedanta

transforming elements

(In ₹ crore)

Aluminum Oil & Gas Zinc, Lead & Silver Steel

(970) (320) (186) (160)

5,281

1,712

RPO PP

(210) 144

164 133 (55)

IOB ZI HZL

684

4,240

220

111

4,497

"'----- ----~ y

Market & Regulatory ₹ (1,040) crore

'----- ___ _,)

Operational ₹ 331 crore

Q2 FY19

LME/ Brent / Premiums

Input Commodity Inflation

Currency

Regulatory & Profit Petroleum

Adjusted EBITDA

Volume

Cost & Mktg

Others

Q2 FY20

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Net Debt for Q2 FY 2020

(In ₹ crore)

28,403

4,283

Power Debtor Realization Metal Debtor Realization Inventory Liquidation Creditors/Customer Advance

1,400 520 1,055 3,540

6,531

vedanta

transforming elements

2,191

301

20,081

FCF Post Capex ₹ 8,623 Cr

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

CF from Operations

WC Movements (Incl Buyer’s credit)

Capex

Translation & others

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

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

Balance Sheet

vedanta

transforming elements

Term Debt Maturities - ₹ 39,861 Crore ($5.7 bn) (as of Sep 30, 2019)

▪

Liquidity

11.4

3.5

7.9

8.6

2.9

5.7

12.4

7.0

5.4

3.9

2.1

1.8

– Cash and investments @ ₹ 35,817 cr

rated Tier I by CRISIL;

– Undrawn line of credit ₹ c. 7,200 crore

▪ Net Interest – Reducing q-o-q

▪

Interest Income – Returns ~7.6%.

Interest Expense – Maintained ~8%

FY21

Standalone

■

FY22 ■

Subsidiaries

FY23

FY24 & Later

▪ Average term debt maturity maintained above 3 years

e r o r C 0 0 0 ‘ ₹

3.5

1.4

2.1

FY20

Average Term Debt Maturity (years)

Net Debt / EBITDA – lowest among peers

3.1

2.7

3.2

3.3

3.1

1.1

1.3

0.9

0.6

0.4

Mar-16

Mar-17

Mar-18

Mar-19

Jun-19

Sep-19 1.--------

FY'16

FY'17

FY'18

FY'19

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Q1 FY'20 Q2 FY'20 1.--------

Self funded Capex Delivering Superior Returns

Growth CAPEX Profile, $bn

Oil & Gas

■

Zinc

■

Al & Power

■

Copper

■

Other

■

Optionality

Full year Capex guidance

0.7

1.0

1.2

1.5

0.6

0.2

0.7

0.3

0.3 0.1

0.8

0.1

0.5

0.1

1.1 0.1

0.5

0.4 0.04 0.1

0.3

1.2

x 0.1 0.1

0.4

0.6

FY2016

FY2017

FY2018

FY2019

H1 FY20

FY2020e

FCF pre capex, $bn

2.4

2.8

2.0

2.8

1.4

ROCE1

~5%

~15%

~17%

~13%

~11%

1. ROCE is calculated as EBIT net of tax outflow divided by average capital employed on LTM basis.

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Key Investment Highlights

veda~!~ements

transform•

Large Diversified Asset Base with an Attractive Commodity Mix

Well-Invested Assets Driving Cash Flow Growth

Strong Financial Profile

Ideally Positioned to Capitalise on Favourable Geographic Presence

Operational Excellence and Technology Driving Efficiency and Sustainability

Proven Track Record

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

vedanta

ransf

g e ments

VEDANTA LIMITED

IHYESTOR PRESEHTATIOH Q2 FY2020

Appendix

+--

FY 2020 Guidance

vedanta

transforming elements

Segment

FY20 Production and COP

Revised FY20 Guidance

Zinc India

Zinc International

Oil & Gas

Aluminium

Mined Metal and Finished Metal: c 1.0 Mtpa Silver: 750 - 800 tonnes < $1,000/t excluding royalty

Mined Metal and Finished Metal: c 950kt Silver: c. 650 tonnes H2 COP < $1,030/t excluding royalty

Skorpion and BMM: >170kt Gamsberg: 180 - 200kt ZI COP (excl Gamsberg) : $1,400/t Gamsberg: c $1,000/t

Gross Volume: 200-220 kboepd Opex: ~ $7.5/boe

Alumina: 1.7-1.8 Mtpa Aluminium: 1.9 - 1.95 Mtpa COP*: $ 1,725 – 1,775/t

Skorpion and BMM: ~130kt Gamsberg: 140 - 150kt ZI COP (excl Gamsberg) : $1,850/t Gamsberg: $1,200 - $1,250/t

Gross Volume: 190-200 kboepd H2 Exit: c 225 kboepd

Power

TSPL plant availability: >80%

Iron Ore

Karnataka (WMT): 4.5 Mtpa Goa: To be updated on re-start of operations

ESL

Hot Metal – c 1.5 Mtpa

Copper - India

To be updated on re-start of operations

*Hot Metal COP

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Income Statement

vedanta

transforming elements

Depreciation & Amortization • Higher q-o-q and y-o-q on account of higher ore

production at Zinc businesses, commencement of Gamsberg operations and higher charge in O&G business due to capitalisation.

Finance Cost •

Lower y-o-y primarily due to reduction in gross borrowings while on q-o-q basis it remained flat.

Investment Income • Higher y-o-y primarily on account of mark to market gain on investments due to softening of yields partially offset by one time re-classification from other comprehensive income in Zinc India in previous year.

• Higher q-o-q on account of mark to market gain on

investments.

Taxes •

Tax charge includes, one time deferred tax credit of ₹2,501 crore on account of re-measurement of deferred tax balances due to introduction of section 115BAA of the Income Tax At, 1961. Normalized tax rate for the quarter is 32% as against 27% last quarter.

In ₹ Crore

Q2 FY’20

Q2 FY’19

Q1 FY’20

Revenue from operations

21,739

22,432

21,167

Other operating income

219

273

207

EBITDA

4,497

5,281

5,188

Depreciation & amortization

(2,395)

(1,931)

(2,155)

Finance Cost

Investment Income

Exchange gain/(loss)

Exceptional item

Profit Before Taxes

Taxes

Profit After Taxes

(1,340)

(1,478)

(1,341)

832

(50)

587

(161)

(422)

320

373

1,122

2,618

2,082

1,609

(718)

(138)

2,730

1,900

1,944

Attributable profit

2,158

1,343

1,351

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

5.83

3.62

3.65

Minorities % (after exceptional item)

21%

29%

31%

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

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Status

Capex3 ($mn)

2,452

Spent up to

31 Mar’194

Spent in H1 FY20204

Unspent as at 30 Sep’20195

651

282

1,519

Project Capex

Capex in Progress Cairn India1 – Mangala Infill, Liquid handling, Bhagyam & Aishwariya EOR, Tight Oil & Gas etc Aluminium Sector

Jharsuguda 1.25mtpa smelter

Zinc India 1.2mtpa mine expansion Others Zinc International Gamsberg Mining Project2 Copper India Tuticorin Smelter 400ktpa Avanstrate Furnace Expansion and Cold Repair Capex Flexibility Metals and Mining

Line 3: Fully capitalised Line 4: Fully Capitalised Line 5: Six Section capitalised

Phase-wise by FY2020

Completed Capitalisation

Project is under Force Majeure

Completed

Lanjigarh Refinery (Phase II) – 5mtpa

Under evaluation

Zinc India (1.2 Mtpa to 1.35mtpa mine expansion)

Subject to Board approval

Skorpion Refinery Conversion

Currently deferred till Pit 112 extension

1. Capex approved for Cairn represents Net capex, however Gross capex is $3.2 bn. 2. Capex approved for Gamsberg $400 mn excludes interest during construction. 3. 4. 5. Unspent capex represents the difference between total capex approved and cumulative spend as on 30th September 2019.

Is based on exchange rate at the time of approval. Is based on exchange rate at the time of incurrence

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

2,920

2,915

2,076 261

400

717

1,570

698

156

1,569 124

364

198

857

99 16

408 121

519

686

697

142

Entity Wise Cash and Debt

(In ₹ crore)

Company

Debt

Cash & LI

Net Debt

Debt

Cash & LI

Net Debt

Debt

Cash & LI

Net Debt

Sep 30, 2019

Jun 30, 2019

Sep 30, 2018

Vedanta Limited Standalone

37,956

7,162

30,794

39,922

4,147

35,775

44,754

8,050

36,704

Cairn India Holdings Limited1

1,213

5,180

(3,968)

Zinc India

19,655

(19,655)

Zinc International

BALCO

423

4,412

833

169

(410)

413

4,243

4,536

Talwandi Sabo

6,477

1,265

5,212

8,889

Vedanta Star Limited2

3,386

3,359

3,376

6,167

(6,167)

2,912

7,101

(4,189)

18,280

(18,280)

682

125

(269)

4,500

8,764

3,339

5,322

8,487

3,365

23,318

(23,318)

460

(460)

5,298

8,476

3,339

Others3

Vedanta Limited Consolidated

2,031

1,526

506

2,041

1,300

741

1,532

1,025

507

55,898

35,817

20,081

59,177

30,774

28,403

66,372

40,015

26,357

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 – Q2 FY2020 INVESTOR PRESENTATION

EBITDA Bridge (Q1 FY 2020 vs. Q2 FY 2020)

(In ₹ crore)

Zinc, lead & Silver

(344)

Oil & Gas

Electrosteel

(190)

(160)

RPO PP

(112) 188

5,188

854

vedanta

transforming elements

- -- -

HZL ZI Oil & Gas

(82) 85 78

Aluminum

119

4,587

134

206

4,497

"------- -----~ V

Market & Regulatory ₹ (601) crore

Operational ₹ (72) crore

Q1 FY 20

LME/ Brent / Premiums

Input Commodity Inflation

Currency

Regulatory & Profit Petroleum

Adjusted EBITDA

Volume

Cost & Mktg

Others

Q2 FY 20

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

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)

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

FY 2020

FY 2019

% change YoY

FY2020

FY 2020

219

210

166

134

4,395

2,066

73,800

1,048

1,361

2,348

2,028

17.0

232

212

162

172

4,647

2,240

72,400

1,034

1,369

2,537

2,104

15.0

(6)%

(1)%

(11)%

(22)%

(5)%

(1)%

(7)%

(4)%

13%

213

219

172

159

4,871

2,429

74,200

1,067

1,441

2,763

1,885

14.9

432

429

338

293

9,266

4,495

74,000

1,057

1,400

2,549

1,958

16.0

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

Consolidated CoP – ($/MT)

Zinc LME Price ($/MT)

Lead LME Price ($/MT)

FY 2020

FY 2019

% change YoY

FY2020

FY 2020

890

207

1,584

2,348

2,028

541

2,428

2,537

2,104

54%

22%

65%

(35)%

(7)%

(4)%

824

128

1,724

2,763

1,885

123

1,714

335

1,652

2,549

1,958

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Segment Summary – Oil & Gas

Production (in boepd, or as stated)

Average Daily Production

Gross operated

Oil

Gas (Mmscfd)

Non operated- Working interest

Rajasthan (Block RJ-ON-90/1)

Gross operated

Oil

Gas (Mmscfd)

Ravva (Block PKGM-1)

Gross operated

Oil

Gas (Mmscfd)

Cambay (Block CB/OS-2)

Gross operated

Oil

Gas (Mmscfd)

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

FY 2020

FY 2019

% change YoY

FY2020

FY 2020

178,744

160,991

107

565

150,421

137,235

12,544

9,966

15,780

13,791

185,926

177,026

181

155,194

150,258

13,496

11,570

17,236

15,198

(4)%

(9)%

99%

(3)%

(9)%

(7)%

(14)%

34%

(8)%

(9)%

(2)%

180,059

165,983

162

149,153

140,360

13,491

10,939

17,415

14,684

179,398

163,473

365

149,790

138,789

13,015

10,449

16,593

14,235

Segment Summary – Oil & Gas

Production (in boepd, or as stated)

Average Daily Working Interest Production

Rajasthan

Ravva

Cambay

KG-ONN 2003/1

Average Price Realization

Brent Price ($/bbl)

Cairn Total (US$/boe)

Oil (US$/bbl)

Gas (US$/mscf)

Financials (In ₹ crore, except as stated)

Revenue

EBITDA

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

FY 2020

FY 2019

% change YoY

FY2020

FY 2020

114,994

105,294

2,822

6,312

565

61.9

58.7

61.1

5.7

3,196

1,817

118,748

108636

3,037

6,894

181

75.2

68.9

69.5

9.1

3,479

2,026

(3)%

(7)%

(8)%

(18)%

(15)%

(12)%

(37)%

(8)%

(10)%

114,570

104,407

3,036

6,966

162

68.9

64.8

66.7

6.7

3,131

1,825

114,783

104,853

2928

6,637

365

65.4

61.7

63.9

6.1

6,327

3,641

Segment Summary – Aluminium

Particulars (in’000 tonnes, or as stated)

FY 2020

FY 2019

% change YoY

FY2020

FY 2020

Alumina – Lanjigarh Total Aluminum Production

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

BALCO 900 MW (MU)

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)

Including trial run production of nil in Q2 FY2020 and 18 kt in Q2 FY2019.

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

410 476 137 201 63 75

392

6,576

(176)

(114) 293 20600 1,852 130,300 1,883 132,500 1,775 124,900 1,762

348 494 137 216 64 78

105

7,888

122

215

337 358 25,100 2,049 143,500 2,053 143,800 2,038 142,700 2,057

18% (4)% 0% (7)% (2)% (3)%

446 471 134 199 63 74

362

856 947 271 401 126 150

755

(17)%

6,834

13,410

- (18)% (17)% (10)% (8)% (8)% (8)% (13)% (12)% (14)%

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

145

-80

65 289 20,200 1,810 126,600 1,822 127,500 1,781 124,600 1,777

Aluminium profitability

$/t

vedanta

transforming elements

Q1 ‘20

1,793

1,939

(712)

(652)

(400)

(111)

(146)

(269)

(351)

Q2 ‘20

1,761

1,905

697

774

381

LME

Ingot Premium

Value addition

Realisation

Alumina

Power

Other Hot Metal

Conversion & Others

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

(28)

133

245

EBITDA

Dep

Int

(406)

PBT

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)

FY 2020

FY 2019

% change YoY

FY2020

FY 2020

3,253

454

165

2,615

1,646

419

2.35

3.88

92%

4.29

3.29

3,514

124

480

185

2,725

1,718

378

2.90

3.63

94%

4.37

3.37

(7)%

(84)%

(6)%

(11)%

(4)%

(19)%

(2)%

3,523

267

425

134

2,697

1,703

392

2.28

3.61

95%

4.46

3.41

6,776

287

878

298

5312

3,349

812

2.44

3.57

93%

4.38

3.35

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

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

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)

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

FY 2020

Q2 FY 2019

% change YoY

Q1 FY2020

H1 FY 2020

1.4 0.0 1.4 1.3 - 1.3

176

757

201

FY 2020

Q2 FY 2019

270 45 27 89 78 31

986

0.4 0.1 0.2 1.4 - 1.4

173

615

285 45 4 106 110 20

1,099

168

104

- - - (6)% - (6)%

23%

93%

1.2 0.0 1.2 1.1 - 1.1

178

797

114

2.6 - 2.6 2.4 - 2.4

354

1,554

315

% change YoY

Q1 FY2020

H1 FY 2020

(5)% - - (16)% (29)% 55%

(10)%

(90)%

(76)%

323 28 14 128 109 44

1,104

197

104

593 73 41 217 187 76

2,090

214

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)

FY 2020

3,185

(105)

5,802

FY 2019

% change YoY

FY 2020

2,376

6,105

34%

(5)%

FY 2020

1,777

(66)

6,113

4,962

(171)

5,952

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

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)

Q2 FY 2020

Q2 FY 2019

Q1 FY 2020

H1 FY 2020

168

212

135

174

307 481

160

209

161

104

205

284 489

167

215

155

335

427

289

103

124

162

128

217

263 481

217

391

570 962

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Sales Summary

Sales volume

Iron-Ore Sales

Goa (Mn DMT)

Karnataka (Mn DMT)

Total (Mn DMT)

Q2 FY 2020

Q2 FY 2019

Q1 FY 2020

H1 FY2020

1.4

0.1

0.2

0.4

1.2

2.6

Pig Iron (kt)

159

173

172

330

Copper-India Sales

Copper Cathodes (kt)

Copper Rods (kt)

Total Steel Sales (kt)

Pig Iron

Billet

TMT Bar

Wire Rod

Ductile Iron Pipes

0.7

283

100

268

106

273

109

101

0.7

557

209

193

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

Q2 FY 2020 20 2,615 454 165

Q2 FY 2019 124 2,725 480 185

3,253

3,514

1.68

4.29

3.90

4.06

3.95

17.28

3.29

2.33

0.62

2.35

2.12

4.37

3.74

4.35

3.63

6.46

3.37

2.91

0.46

2.90

Q1 FY 2020

H1 FY 2020

267 2,694 425 134

3,520

3.13

4.46

3.75

4.15

3.61

4.00

3.41

287 5,309 878 298

6,773

2.23

4.38

3.83

4.10

3.63

4.91

3.35

2.14 2.24

0.71

2.51

0.66

2.44

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 – Q2 FY2020 INVESTOR PRESENTATION

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)

H1 FY 2020 Average price

Full Year Impact on EBITDA ($mn)

2,595

1,782

1,936

15.5

108

205

272

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

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%

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 Sep 30, 2019 *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

Listed entities

■

Unlisted entities

■

Results Conference Call Details

vedanta

transforming elements

Results conference call is scheduled at 6:00 PM (IST) on November 14, 2019. The dial-in numbers for the call are given below:

Event

Earnings conference call on November 14, 2019

India – 6:00 PM (IST)

Singapore – 8:30 PM (Singapore Time)

Hong Kong – 8:30 PM (Hong Kong Time)

UK – 12:30 PM (UK Time)

US – 7:30 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=100540&linkSecurityString=2f483238

Replay of Conference Call (November 14, 2019 to November 20, 2019)

Mumbai +91 22 7194 5757 Passcode: 63835#

VEDANTA LIMITED – Q2 FY2020 INVESTOR PRESENTATION

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