F12be2663d7d Related Questions

VEDL/Sec.
/SE/23-24/47 June 19, 2023
BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers “Exchange Plaza”
Dalal Street, Fort Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 001 Mumbai – 400 051
Scrip Code: 500295 Scrip Code: VEDL
Sub: Notice of 58th Annual General Meeting (AGM), Integrated Report and Annual Accounts,
Sustainability Report (Executive Summary), Task Force on Climate related Financial
Disclosures (TCFD) Report and Tax Transparency Report for the Financial Year 2022-23
Dear Sir/Madam,
We wish to inform you that the 58th Annual General Meeting (“AGM”) of the Company is
scheduled to be held on Wednesday, July 12, 2023 at 3:00 p.m. IST through Video
Conferencing (“VC”)/Other Audio-Visual Means (“OAVM”) in accordance with the
circulars/notifications issued by the Ministry of Corporate Affairs and the Securities and
Exchange Board of India ("SEBI”) to transact the businesses as set forth in the Notice dated
May 12, 2023 convening the AGM (“Notice”).
The other details for the AGM are given below:
Sr. No. Particulars Details

1. Link for participation and for www.vedantalimited.com/vedanta2023/
accessing other details
2. Helpline number for participation 022-4886 7000 and 022-2499 7000
through VC/OAVM
3. Cut-off Date for e-Voting Wednesday, July 05, 2023
4. Commencement of e-Voting From 9:00 a.m. IST on Friday, July 07, 2023
5. End of e-Voting Upto 5:00 p.m. IST on Tuesday, July 11, 2023
6. e-Voting website www.evoting.nsdl.com/
Pursuant to Regulation 34(1) and 53(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”), as amended from time to time,
please find enclosed herewith the Integrated Report and Annual Accounts for the Financial
Year 2022-23 (“Integrated Annual Report”) along with the Notice being sent to all Members
in electronic mode.
In addition to the above, with the aim to share our sustainability and climate change
commitments with various stakeholders, we wish to inform you that the Company has
published its:
 15th Sustainability Report (Executive Summary) 1 for the Financial Year 2022-23 prepared
in accordance with the Global Reporting Initiative (GRI) Standards;
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The unabridged Sustainability Report, themed “Transforming Together”, for the Financial
Year 2022-23 will be released subsequently and will be available on the Company’s website.
Sensitivity: Internal (C3)

 3rd Climate Change Report in line with the recommendations of Taskforce on Climate‐
related Financial Disclosures (“TCFD”) by the Financial Stability Board (FSB) for the
Financial Year 2022-23; and
 Business Responsibility and Sustainability Report (“BRSR”) for the Financial Year 2022-23
prepared as per the format prescribed as per SEBI Circular dated May 10, 2021, which
forms a part of the Integrated Annual Report.
Furthermore, as part of our continued endeavour towards responsible tax behavior based on
our disclosure of profits made and taxes paid, the Company has also published its Tax
Transparency Report for the Financial Year 2022-23.
The aforementioned Reports and the Notice have been made available on the website of the
Company as below:
Sr. No. Name of the Report Website Link

1. Integrated Annual Report (including BRSR) www.vedantalimited.com
2. Notice www.vedantalimited.com
3. Sustainability Report (Executive Summary)
4. TCFD Report www.vedantalimited.com
5. Tax Transparency Report
Pursuant to Section 91 of the Companies Act, 2013 read with Rule 10 of the Companies
(Management and Administration) Rules, 2014 and the provisions of Listing Regulations, the
Register of Members and Share Transfer Books of the Company will remain closed from
Friday, July 07, 2023 to Tuesday, July 11, 2023 (both days inclusive) for the purpose of the
AGM.
We request you to please take the above on record.
Thanking you.
Yours faithfully,
For Vedanta Limited
PRERNA Digitally signed by PRERNA
HALWASIYA
HALWASIYA Date: 2023.06.19 15:36:39

+05'30'
Prerna Halwasiya
Company Secretary & Compliance Officer
ACS: 20856
Enclosed: As above
Copy To:
1. National Securities Depository Limited, Trade World, A Wing, 4th Floor, Kamala Mills
Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
2. Central Depository Services (India) Limited, Marathon Futurex, A Wing, 25th Floor,
Mafatlal Mills Compounds, N M Joshi Marg, Lower Parel, Mumbai – 400 013
3. Debenture Trustee – Axis Trustee Services Limited, 2nd Floor, Wadia International Centre,
Pandurang Budhkar Marg, Worli, Mumbai – 400 025
Sensitivity: Internal (C3)

Notice
VEDANTA LIMITED
CIN: L13209MH1965PLC291394
Regd. Office: 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects,
Chakala, Andheri (East), Mumbai – 400 093
Tel.: +91-22 6643 4500; Fax: +91-22 6643 4530
Website: www.vedantalimited.com; E-mail ID: [email protected]
Notice of the 58th Annual General Meeting

Notice is hereby given that the 58th Annual General Meeting the Company respectively and already paid, be and is
(“AGM/Meeting”) of Vedanta Limited (the “Company”) hereby confirmed.”
will be held on Wednesday, 12 July 2023, at 3:00 p.m. IST
through Video Conferencing (“VC”)/Other Audio-Visual 4. To re-appoint Mr. Sunil Duggal (DIN: 07291685), who
Means (“OAVM”) to transact the following businesses: retires by rotation and being eligible, offers himself for
re-appointment, as a Director and in this regard, pass
Ordinary Business: the following resolution as an Ordinary Resolution:
1. To receive, consider and adopt the Audited Standalone “RESOLVED THAT pursuant to the provisions of Section
Financial Statements of the Company for the financial 152 and other applicable provisions of the Companies
year ended 31 March 2023, and the reports of the Act, 2013, Mr. Sunil Duggal (DIN: 07291685), who retires
Board of Directors and Auditors thereon; and in this by rotation at this Meeting and being eligible has
regard, pass the following resolution as an Ordinary offered himself for re-appointment, be and is hereby
Resolution: re-appointed as Director of the Company, liable to retire
by rotation.”
“RESOLVED THAT the Audited Standalone Financial
Statements of the Company for the financial year Special Business:
ended 31 March 2023, and the reports of the Board of
5. To consider and approve the re-appointment of
Directors and Auditors thereon laid before this Meeting
Mr. Navin Agarwal (DIN: 00006303) as a Whole-Time
be and are hereby received, considered and adopted.”
Director of the Company for a period of five (05) years
effective from 01 August 2023 to 31 July 2028 and
2. To receive, consider and adopt the Audited
in this regard, pass the following resolution as an
Consolidated Financial Statements of the Company
Ordinary Resolution:
for the financial year ended 31 March 2023, and the
report of the Auditors thereon; and in this regard, pass “RESOLVED THAT pursuant to the provisions of
the following resolution as an Ordinary Resolution: Sections 196, 197 and 203 read with Schedule V and
other applicable provisions of the Companies Act,
“RESOLVED THAT the Audited Consolidated 2013 (the “Act”) and the Companies (Appointment and
Financial Statements of the Company for the Remuneration of Managerial Personnel) Rules, 2014
financial year ended 31 March 2023, and the report and the Securities and Exchange Board of India (Listing
of the Auditors thereon laid before this Meeting be Obligations and Disclosure Requirements) Regulations,
and are hereby received, considered and adopted.” 2015 {including any statutory modification(s)
or re-enactment(s) thereof for the time being in
3. To confirm the interim dividend(s) for the financial force}, on the recommendation of the Nomination &
year ended 31 March 2023, and, in this regard, pass Remuneration Committee and that of the Board of
the following resolution as an Ordinary Resolution: Directors (hereinafter referred to as the “Board” which
term shall include the Nomination & Remuneration
“RESOLVED THAT the first interim dividend of `31.50 per Committee of the Board), consent of the Members
equity share i.e., 3150%; second interim dividend of be and is hereby accorded for the re‑appointment of
`19.50 per equity share i.e., 1950%; third interim Mr. Navin Agarwal (DIN: 00006303) as a Whole-Time
dividend of `17.50 per equity share i.e., 1750%; fourth Director of the Company for a period of five (05) years
interim dividend of `12.50 per equity share i.e., 1250%; effective from 01 August 2023 to 31 July 2028, not liable
and fifth interim dividend of `20.50 per equity share to retire by rotation, and on the terms and conditions
i.e., 2050% aggregating to a sum of `101.50/- per including remuneration as set out in the explanatory
equity share on face value of `1/- each fully paid up statement annexed to the Notice convening the Meeting
for the FY 2023 approved by the Board of Directors of with liberty to the Board to alter and vary the terms
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VEDANTA LIMITED
and conditions of the said re-appointment and/or statutory modification(s) or re-enactment(s) thereof
remuneration as it may deem fit. for the time being in force}, on the approval of the
Board of Directors, approval of the Members be and is
RESOLVED FURTHER THAT in the absence or hereby accorded to insert Clause 91(A) as mentioned
inadequacy of profits in the financial year, the hereinbelow to the existing Articles of Association of
Company will pay remuneration by way of salary the Company;
including perquisites and allowances as specified
under Section II of Part II of Schedule V to the Act or in “91(A) Debenture trustees, on behalf of the debenture
accordance with any statutory modification(s) thereof. holders, shall have a right to recommend and appoint
and nominate in writing a Director on the Board of
RESOLVED FURTHER THAT the Board be and is hereby Directors of the Company (hereinafter referred to as the
authorised to do all such acts, deeds and things and “Debenture Trustee Nominee Director”) in the event of:
take all such steps as may be necessary, proper or
expedient to give effect to this resolution.” 1. two consecutive defaults in payment of interest to
the debenture holders; or
6. To consider re-appointment of Ms. Priya Agarwal 2. default in creation of security for debentures; or
(DIN: 05162177) as a Non-Executive Director of the
Company for a period of five (05) years effective from 3. default in redemption of debentures.
17 May 2023 to 16 May 2028 and in this regard, pass
the following resolution as an Ordinary Resolution: The right to appoint the Debenture Trustee Nominee
Director shall be exercised by the debenture trustees
“RESOLVED THAT pursuant to Section 149 and 152 and as per the statutory guidelines as may be applicable
other applicable provisions, if any, of the Companies from time to time.
Act, 2013 and the Companies (Appointment and
Qualifications of Directors) Rules, 2014 and the The Debenture Trustee Nominee Director appointed
Securities and Exchange Board of India (Listing pursuant to above clauses shall neither be liable to
Obligations and Disclosure Requirements) Regulations, retire by rotation nor shall be required to hold any
2015 {including any statutory modification(s) qualification shares.”
or re‑enactment(s) thereof for the time being in
force}, on the recommendation of the Nomination & RESOLVED FURTHER THAT the Board be and is hereby
Remuneration Committee and that of the Board of authorised to do all such acts, deeds and things and
Directors (hereinafter referred to as the “Board” which take all such steps as may be necessary, proper or
term shall include the Nomination & Remuneration expedient to give effect to this resolution or to delegate
Committee of the Board), consent of the Members all or any of the powers to any officer(s)/authorised
be and is hereby accorded for the re-appointment of representative(s) of the Company.”
Ms. Priya Agarwal (DIN: 05162177) as a Non-Executive
Director of the Company, for a period of five (05) years 8. To ratify the remuneration of Cost Auditors for the
effective from 17 May 2023 to 16 May 2028, liable to financial year ended 31 March 2024 and, in this
retire by rotation. regard, pass the following resolution as an Ordinary
Resolution:
RESOLVED FURTHER THAT the Board be and is hereby
authorised to do all such acts, deeds and things and “ RESOLVED THAT pursuant to the provisions of Section
take all such steps as may be necessary, proper or 148 and other applicable provisions, if any, of the
expedient to give effect to this resolution.” Companies Act, 2013 read with the Companies (Audit
and Auditors) Rules, 2014 {including any statutory
7. To consider and approve the amendment in Articles of modification(s) or re-enactment(s) thereof for the time
Association of the Company and in this regard, pass being in force}, on the recommendation of the Audit &
the following resolution as a Special Resolution: Risk Management Committee and approval of the Board
of Directors (hereinafter referred to as the “Board” which
“RESOLVED THAT pursuant to the provisions of term shall include the Audit and Risk Management
Section 14, 71 and 161 of the Companies Act, 2013 read Committee of the Board), the remuneration, as set out
with Rule 18(3)(e) of the Companies (Share Capital in the explanatory statement annexed to the Notice
and Debentures) Rules, 2014, Regulation 23(6) of convening the Meeting, to be paid to the Cost Auditors
the Securities and Exchange Board of India (“SEBI”) appointed by the Board to conduct the audit of cost
(Issue and Listing of Non-Convertible Securities) records of the Company for the financial year ended
Regulations, 2021 read with Regulation 15(1)(e) of 31 March 2024, be and is hereby ratified.
the SEBI (Debenture Trustees) Regulations, 1993, as
amended from time to time, and all other applicable RESOLVED FURTHER THAT the Board be and is hereby
provisions, if any, of the Companies (Incorporation) authorised to do all such acts, deeds and things and
Rules, 2014, and SEBI Regulations {including any take all such steps as may be necessary, proper or
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Notice
expedient to give effect to this resolution or to delegate each financial year of the three year period that the
all or any of the powers to any officer(s)/authorised Agreement subsists, subject to the BALCO Agreement
representative(s) of the Company.” being carried out at arm’s-length basis and in the
ordinary course of business of the Company.
9. To approve the entering into of a Material Related Party
Transaction with Bharat Aluminium Company Limited ESOLVED FURTHER THAT the Board be and is hereby
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(“BALCO”), a subsidiary of the Company, and in this authorised to do and perform all such acts, deeds,
regard, pass the following resolution as an Ordinary matters and things, as may be necessary and as it may
Resolution: deem fit at its absolute discretion and to take all such
steps as may be required in this connection including
“RESOLVED THAT pursuant to the provisions of finalising and executing necessary documents,
Regulation 23(4) of the Securities and Exchange contract(s), scheme(s), agreement(s) and such other
Board of India (Listing Obligations and Disclosure documents as may be required, seeking all necessary
Requirements) Regulations, 2015, as amended till date, approvals to give effect to this resolution, for and on
(“Listing Regulations”), the applicable provisions of behalf of the Company and settling all such issues,
the Companies Act, 2013 (the “Act”) read with Rules questions, difficulties or doubts whatsoever that may
made thereunder, as amended and issued from time arise and to take all such decisions herein conferred
to time, other applicable laws/statutory provisions, to, without being required to seek further consent or
if any, including any statutory modification(s) or approval of the Members or otherwise to the end and
amendment(s) or re-enactment(s) thereof for the time intent that the Members shall be deemed to have given
being in force, the Company’s Policy on Related Party their approval thereto expressly by the authority of this
Transactions (“RPT”) and subject to such approval(s), resolution.
consent(s), permission(s) as may be necessary from
time to time, on the approval and recommendation RESOLVED FURTHER THAT the Board be and is

of the Audit & Risk Management Committee and the hereby authorised to delegate all or any of the powers
Board of Directors of Vedanta Limited (hereinafter herein conferred to any Director(s) or Chief Financial
referred to as “Board” which term shall be deemed Officer or Company Secretary or any other officer(s)/
to include the Audit & Risk Management Committee authorised representative(s) of the Company, to do all
of the Board and any duly authorised committee such acts and take such steps, as may be considered
of directors constituted/empowered by the Board, necessary or expedient, to give effect to the aforesaid
from time to time, to exercise its powers conferred resolution(s).
by this resolution), the approval of the Members
of the Company be and is hereby accorded to the RESOLVED FURTHER THAT all actions taken by the

Board to execute a Master Sales, Purchases and Board, or any other person so authorised by the
Services Agreement ("BALCO Agreement") and carry Board, in connection with any matter referred to or
out/perform from time to time the transactions contemplated in this resolution, be and are hereby
contemplated therein (whether by way of an individual approved, ratified and confirmed in all respects.”
transaction or transactions taken together or series of
transactions or otherwise) with BALCO, a subsidiary 10. To approve the entering into of a Material Related
of the Company and a related party under Section Party Transaction with ESL Steel Limited (“ESL”), a
2(76) of the Act and Regulation 2(1)(zb) of the Listing subsidiary of the Company, and in this regard, pass the
Regulations, in the nature of: following resolution as an Ordinary Resolution:
Sale/purchase of alumina/aluminium and other goods “RESOLVED THAT pursuant to the provisions of
and services, stores and spares, fixed assets, including Regulation 23(4) of the Securities and Exchange
high sea/port sale and purchase of aluminium fluoride, Board of India (Listing Obligations and Disclosure
sale/purchase of green anodes and baked anodes, Requirements) Regulations, 2015, as amended till date,
sale/purchase of coke and coal and recovery of (“Listing Regulations”), the applicable provisions of
material (alumina) handling charges, CP coke storage the Companies Act, 2013 (the “Act”) read with Rules
charges and wharfage charges etc. or any other made thereunder, as amended and issued from time
transactions for transfer of resources, services or to time, other applicable laws/statutory provisions,
obligations and other reimbursements/recoveries for if any, including any statutory modification(s) or
business purpose from/to BALCO. amendment(s) or re-enactment(s) thereof for the time
being in force, the Company’s Policy on Related Party
on such terms and conditions as mentioned in Transactions (“RPT”) and subject to such approval(s),
the explanatory statement annexed to the Notice consent(s), permission(s) as may be necessary from
convening the Meeting and as may be mutually agreed time to time, on the approval and recommendation
between the Company and BALCO, provided that the of the Audit & Risk Management Committee and the
BALCO Agreement shall be for an aggregated value Board of Directors of Vedanta Limited (hereinafter
not exceeding `3,940 crore per financial year for referred to as “Board” which term shall be deemed to
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VEDANTA LIMITED
include the Audit & Risk Management Committee of the ESOLVED FURTHER THAT the Board be and is hereby
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Board and any duly authorised committee of directors authorised to delegate all or any of the powers herein
constituted/empowered by the Board, from time to time, conferred to any Director(s) or Chief Financial Officer or
to exercise its powers conferred by this resolution), Company Secretary or any other officer(s)/authorised
the approval of the Members of the Company be and representative(s) of the Company, to do all such acts
is hereby accorded to the Board to execute a Master and take such steps, as may be considered necessary or
Sales, Purchases and Services Agreement ("ESL expedient, to give effect to the aforesaid resolution(s).
Agreement") and carry out/perform from time to time
the transactions contemplated therein (whether by ESOLVED FURTHER THAT all actions taken by the
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way of an individual transaction or transactions taken Board, or any other person so authorised by the Board, in
together or series of transactions or otherwise) with connection with any matter referred to or contemplated
ESL, a subsidiary of the Company and a related party in this resolution, be and are hereby approved, ratified
under Section 2(76) of the Act and Regulation 2(1)(zb) and confirmed in all respects.”
of the Listing Regulations, in the nature of:
11. To approve the entering into of a Material Related Party
(A) Operational transactions:
Transaction with Ferro Alloys Corporation Limited
Sale/purchase of coke, coal, iron ore, copper rods (“FACOR”), a subsidiary of the Company, and in this
and other goods and services, stores and spares, regard, pass the following resolution as an Ordinary
fixed assets, including high sea/port sale and Resolution:
purchase of coke/coal or any other transactions
for transfer of resources, services or obligations “RESOLVED THAT pursuant to the provisions of
and other reimbursements/recoveries for business Regulation 23(4) of the Securities and Exchange
purpose from/to ESL. Board of India (Listing Obligations and Disclosure
(B) Financial transactions: Requirements) Regulations, 2015, as amended till date,
(“Listing Regulations”), the applicable provisions of
Loans and guarantees facilities for general
the Companies Act, 2013 (the “Act”) read with Rules
corporate purpose including working capital and
made thereunder, as amended and issued from time
capital expenditure requirements.
to time, other applicable laws/statutory provisions,
if any, including any statutory modification(s) or
on such terms and conditions as mentioned in the
amendment(s) or re-enactment(s) thereof for the time
explanatory statement annexed to the Notice convening
being in force, the Company’s Policy on Related Party
the Meeting and as may be mutually agreed between
Transactions (“RPT”) and subject to such approval(s),
the Company and ESL, provided that the ESL Agreement
consent(s), permission(s) as may be necessary from
shall be for an aggregated value not exceeding `2,003
time to time, on the approval and recommendation of
crore per financial year for each financial year of the
the Audit & Risk Management Committee and the Board
three year period that the Agreement subsists for
of Directors of Vedanta Limited (hereinafter referred to
operational transactions and an aggregated value
as “Board” which term shall be deemed to include the
not exceeding `1,475 crore for financial transactions
Audit & Risk Management Committee of the Board and
during the three year period that the Agreement
any duly authorised committee of directors constituted/
subsists, subject to the ESL Agreement being carried
empowered by the Board, from time to time, to exercise
out at arm’s-length basis and in the ordinary course of
its powers conferred by this resolution), the approval of
business of the Company.
the Members of the Company be and is hereby accorded
to the Board to execute a Master Sales, Purchases
ESOLVED FURTHER THAT the Board be and is hereby
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and Services Agreement ("FACOR Agreement") and
authorised to do and perform all such acts, deeds,
carry out/perform from time to time the transactions
matters and things, as may be necessary and as it
contemplated therein (whether by way of an individual
may deem fit at its absolute discretion and to take
transaction or transactions taken together or series of
all such steps as may be required in this connection
transactions or otherwise) with FACOR, a subsidiary
including finalising and executing necessary documents,
of the Company and a related party under Section
contract(s), scheme(s), agreement(s) and such other
2(76) of the Act and Regulation 2(1)(zb) of the Listing
documents as may be required, seeking all necessary
Regulations, in the nature of:
approvals to give effect to this resolution, for and on
behalf of the Company and settling all such issues, (A) Operational transactions:
questions, difficulties or doubts whatsoever that may Sale/purchase of coke, coal and other goods
arise and to take all such decisions herein conferred and services, stores and spares, fixed assets or
to, without being required to seek further consent or any other transactions for transfer of resources,
approval of the Members or otherwise to the end and services or obligations and other reimbursements/
intent that the Members shall be deemed to have given recoveries for business purpose from/to FACOR.
their approval thereto expressly by the authority of this
resolution.
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Notice
(B) Financial transactions: “RESOLVED THAT pursuant to the provisions of

Loans and guarantees facilities for general Regulation 23(4) of the Securities and Exchange
corporate purpose including working capital and Board of India (Listing Obligations and Disclosure
capital expenditure requirements. Requirements) Regulations, 2015, as amended till date,
(“Listing Regulations”), the applicable provisions of
on such terms and conditions as mentioned in the Companies Act, 2013 (the “Act”) read with Rules
the explanatory statement annexed to the Notice made thereunder, as amended and issued from time
convening the Meeting and as may be mutually to time, other applicable laws/statutory provisions,
agreed between the Company and FACOR, provided if any, including any statutory modification(s) or
that the FACOR Agreement shall be for an aggregated amendment(s) or re-enactment(s) thereof for the time
value not exceeding `334 crore per financial year for being in force, the Company’s Policy on Related Party
each financial year of the three year period that the Transactions (“RPT”) and subject to such approval(s),
Agreement subsists for operational transactions and consent(s), permission(s) as may be necessary from
an aggregated value not exceeding `2,530 crore for time to time, on the approval and recommendation
financial transactions during the three year period of the Audit & Risk Management Committee and the
that the Agreement subsists, subject to the FACOR Board of Directors of Vedanta Limited (hereinafter
Agreement being carried out at arm’s-length basis and referred to as “Board” which term shall be deemed
in the ordinary course of business of the Company. to include the Audit & Risk Management Committee
of the Board and any duly authorised committee
R of directors constituted/empowered by the Board,
authorised to do and perform all such acts, deeds, from time to time, to exercise its powers conferred
matters and things, as may be necessary and as it may by this resolution), the approval of the Members of
deem fit at its absolute discretion and to take all such the Company be and is hereby accorded to the Board
steps as may be required in this connection including to execute a Master Sales, Purchases and Services
finalising and executing necessary documents, Agreement ("SPTL Agreement") and carry out/perform
contract(s), scheme(s), agreement(s) and such other from time to time the transactions contemplated
documents as may be required, seeking all necessary therein (whether by way of an individual transaction or
approvals to give effect to this resolution, for and on transactions taken together or series of transactions
behalf of the Company and settling all such issues, or otherwise) with SPTL, a fellow subsidiary of the
questions, difficulties or doubts whatsoever that may Company and a related party under Section 2(76)
arise and to take all such decisions herein conferred of the Act and Regulation 2(1)(zb) of the Listing
to, without being required to seek further consent or Regulations, in the nature of:
approval of the Members or otherwise to the end and
intent that the Members shall be deemed to have given Sale of hot metal, copper rods and other goods and
their approval thereto expressly by the authority of this services, stores and spares, fixed assets, including
resolution. sale of wire rods, power and ingots etc., or any other
transactions for transfer of resources, services or
RESOLVED FURTHER THAT the Board be and is
obligations and other reimbursements/recoveries for
hereby authorised to delegate all or any of the business purpose from/to SPTL.
powers herein conferred to any Director(s) or Chief
Financial Officer or Company Secretary or any other on such terms and conditions as mentioned in
officer(s)/authorised representative(s) of the the explanatory statement annexed to the Notice
Company, to do all such acts and take such steps, as convening the Meeting and as may be mutually
may be considered necessary or expedient, to give agreed between the Company and SPTL, provided
effect to the aforesaid resolution(s). that the SPTL Agreement shall be for an aggregated
value not exceeding `2,179 crore per financial year for
ESOLVED FURTHER THAT all actions taken by the
R each financial year of the three year period that the
Board, or any other person so authorised by the Agreement subsists, subject to the SPTL Agreement
Board, in connection with any matter referred to or being carried out at arm’s-length basis and in the
contemplated in this resolution, be and are hereby ordinary course of business of the Company.
approved, ratified and confirmed in all respects.”
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12. To approve the entering into of a Material Related authorised to do and perform all such acts, deeds,
Party Transaction with Sterlite Power Transmission matters and things, as may be necessary and as it may
Limited (“SPTL”), a fellow subsidiary of the Company, deem fit at its absolute discretion and to take all such
and in this regard, pass the following resolution as an steps as may be required in this connection including
Ordinary Resolution: finalising and executing necessary documents,
contract(s), scheme(s), agreement(s) and such other
documents as may be required, seeking all necessary
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VEDANTA LIMITED
approvals to give effect to this resolution, for and on the Companies Act, 2013 (the "Act") and SEBI (Listing
behalf of the Company and settling all such issues, Obligations and Disclosure Requirements) Regulations,
questions, difficulties or doubts whatsoever that may 2015 ("Listing Regulations"), the AGM of the Company
arise and to take all such decisions herein conferred is being held through VC/OAVM.
to, without being required to seek further consent or
approval of the Members or otherwise to the end and The deemed venue for the AGM shall be the registered
intent that the Members shall be deemed to have given office of the Company.
their approval thereto expressly by the authority of this
resolution. 2. The Explanatory Statement pursuant to Section 102(1)
of the Act setting out the material facts relating to the
ESOLVED FURTHER THAT the Board be and is
R special businesses to be transacted at the 58th AGM is
hereby authorised to delegate all or any of the powers annexed hereto. Item no. 5 to 12 which are included as
herein conferred to any Director(s) or Chief Financial Special Business to be considered in the ensuing AGM,
Officer or Company Secretary or any other officer(s)/ due to its unavoidable nature.
authorised representative(s) of the Company, to do all
such acts and take such steps, as may be considered 3. The Company has engaged the services of National
necessary or expedient, to give effect to the aforesaid Securities Depository Limited (“NSDL”) as the Agency
resolution(s). for providing e-Voting facility (remote e-Voting and
voting at AGM) to the shareholders of the Company in
RESOLVED FURTHER THAT all actions taken by the order to cast their votes electronically in terms of the
Board, or any other person so authorised by the aforesaid MCA Circulars.
Board, in connection with any matter referred to or
contemplated in this resolution, be and are hereby 4. Generally, a member entitled to attend and vote at the
approved, ratified and confirmed in all respects.” Meeting is entitled to appoint a proxy to attend and vote
on a poll instead of himself and the proxy need not be
By Order of the Board of Directors a member of the Company. Since this AGM is being
held through VC/OAVM pursuant to the MCA Circulars,
Prerna Halwasiya physical attendance of Members has been dispensed
Company Secretary and Compliance Officer with. Accordingly, the facility for appointment of proxies
ACS No. 20856 by the Members will not be available for the AGM and
Place: Mumbai hence, the Proxy Form and Attendance Slip are not
Dated: 12 May 2023 annexed hereto.
Registered Office: 5. As the AGM will be held through VC/OAVM, the route
1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue map of the venue of the Meeting is not annexed hereto.
Atul Projects, Chakala, Andheri (East)
Mumbai – 400 093 6. Institutional/Corporate Members are entitled
CIN: L13209MH1965PLC291394 to appoint authorised representatives to attend
E-mail ID: [email protected] the AGM through VC/OAVM and cast their votes
Website: www.vedantalimited.com through e-Voting. Institutional/Corporate Members
Tel: +91 22 6643 4500; Fax: +91 22 6643 4530 are requested to send a scanned copy in pdf/jpg
format of the Board Resolution/Power of Attorney
NOTES: authorising its representatives to attend and vote at
the AGM pursuant to Section 113 of the Act, E-mail at
1. Pursuant to the General Circular No. 10/2022 dated
[email protected] and [email protected].
28 December 2022, issued by Ministry of Corporate
Institutional shareholders (i.e., other than individuals,
Affairs ("MCA") read together with previous circulars
HUF, NRI, etc.) can also upload their Board Resolution/
issued by the MCA in this regard (collectively to be
Power of Attorney/Authority Letter etc. by clicking on
referred to as "MCA Circulars") and Circular SEBI/HO/
"Upload Board Resolution/Authority Letter" displayed
CFD/PoD-2/P/CIR/2023/4 dated 05 January 2023
under "e-Voting" tab in their login.
issued by Securities and Exchange Board of India
("SEBI") read together with other circulars issued
7. The Nomination & Remuneration Committee and the
by SEBI in this regard (collectively to be referred to
Board of Directors of the Company recommend the
as "SEBI Circulars"), Companies are allowed to hold
re-appointment of Mr. Navin Agarwal as set out in
Annual General Meeting ("AGM") through Video
Item No. 5, and Ms. Priya Agarwal as set out in Item
Conferencing ("VC") or Other Audio-Visual Means
No. 6 of the Notice. Mr. Navin Agarwal and Ms. Priya
("OAVM"), without the physical presence of members
Agarwal are interested in the Ordinary Resolution(s)
at a common venue till 30 September 2023. Hence, in
set out in Item No. 5 and 6 of the Notice with regard to
compliance with the said circulars and provisions of
6 The joining links for the AGM and other details can also be accessed at: www.vedantalimited.com/vedanta2023/
Notice
their re-appointment, respectively. Mr. Anil Agarwal, demat form, Members are requested to write to their
Non-Executive Chairman, being related to Mr. Navin respective DPs.
Agarwal and Ms. Priya Agarwal, is deemed to be
interested in the resolution(s) set out in Item No. 5 and PROCEDURE FOR JOINING THE AGM THROUGH
6 of the Notice. Save and except the above, none of the VC/OAVM
Directors/Key Managerial Personnel of the Company/ 14. The Company has engaged the services of NSDL.
their relatives are, in any way, concerned or interested, Members will be able to attend the AGM through
financially or otherwise, in the Special Business set out VC/OAVM or view the live webcast of the AGM provided
in Item No. 5 to 12 of the Notice. by NSDL by following the instructions provided in the
notes to the Notice of the AGM.
8. The relevant details, pursuant to Regulation 36(3)
of Listing Regulations and Secretarial Standard on 15. Facility to join the Meeting shall be opened thirty (30)
General Meetings (“SS-2”) issued by the Institute of minutes before the scheduled time of the Meeting and
Company Secretaries of India, in respect of directors shall be kept open throughout the proceedings of the
seeking appointment/re-appointment at this AGM are Meeting.
also annexed herewith.
16. The facility of participation at the AGM through
9. Participation of Members through VC/OAVM will be VC/OAVM will be made available to at least 1,000
reckoned for the purpose of quorum for the AGM as per Members on a first come first served basis.
Section 103 of the Act.
17. Members requiring any assistance/support for
10. In case of joint holders attending the Meeting, only such participation before or during the AGM, can contact
joint holder who is higher in the order of names will be NSDL on [email protected] or can call at 022 - 4886
entitled to vote at the Meeting. 7000 and 022 - 2499 7000 or can contact Ms. Pallavi
Mhatre, Senior Manager, at the designated E-mail ID at
11. The Register of Members and Share Transfer Books of [email protected].
the Company will remain closed from Friday, 07 July
2023 to Tuesday, 11 July 2023 (both days inclusive). PROCEDURE FOR SPEAKER REGISTRATION OR TO
RAISE QUESTIONS/QUERIES
DISPATCH OF ANNUAL REPORT THROUGH ELECTRONIC
18. The Members who have any questions on financial
MODE AND REGISTRATION OF E-MAIL ID
statements or on any agenda item proposed in the
12. In compliance with the MCA Circulars and SEBI notice of AGM are requested to send their queries in
Circulars, Notice of the AGM along with the advance, latest by Tuesday, 04 July 2023 (5:00 p.m. IST)
Integrated Annual Report 2022-23 is being sent only through E-mail at [email protected] by
through electronic mode to those Members whose mentioning their name, DP ID and Client ID/Folio No.,
E-mail address is registered with the Company/ E-mail ID, mobile number.
Depository Participants (“DPs”). Members may note
that the Notice and Annual Report 2022-23 will also 19. Members who would like to express their views or ask
be available on the Company’s website at questions during the AGM may register themselves as
www.vedantalimited.com, website of the Stock speaker by sending their request from their registered
Exchanges, i.e., BSE Limited and National Stock E-mail address mentioning their name, DP ID and
Exchange of India Limited at www.bseindia.com and Client ID/Folio No., No. of shares, PAN, mobile number
www.nseindia.com respectively, and on the website at [email protected] on or before
of NSDL at www.evoting.nsdl.com. No physical copy Tuesday, 04 July 2023 (5:00 p.m. IST). Those Members
of the Notice and the Annual Report has been sent who have registered themselves as a speaker will only
to Members who have not registered their E-mail be allowed to express their views, ask questions during
addresses with the Company/DPs/Company’s Registrar the AGM. The Company reserves the right to restrict
& Transfer Agent (“RTA”), KFin Technologies Limited the number of speakers as well as the speaking time
(formerly known as KFin Technologies Private Limited) depending upon the availability of time at the AGM.
("KFintech"). The Members may view the criteria for identification/
selection of speakers which is available on the website
13. Members whose E-mail ID is not registered and who of the Company at www.vedantalimited.com.
wish to receive the Notice of the AGM, Annual Report
and all other communications by the Company, 20. All shareholders attending the AGM will have the
from time to time may get their E-mail ID registered option to post their comments/queries through a
by submitting Form ISR-1 to KFintech at einward. dedicated Chat box that will be available below the
[email protected] or to the Company at comp. Meeting screen.
[email protected]. However, for the shares held in
The joining links for the AGM and other details can also be accessed at: www.vedantalimited.com/vedanta2023/ 7
VEDANTA LIMITED
21. The Register of Directors and Key Managerial Further, Members can claim for the unpaid/unclaimed
Personnel and their shareholding maintained under dividend by writing to the Company or KFintech before
Section 170 of the Act, the Register of Contracts or the same becomes due for transfer to IEPF.
Arrangements in which the Directors are interested,
maintained under Section 189 of the Act and the 25. SEBI has mandated for all companies to utilise the
Certificate from Secretarial Auditors of the Company bank account details furnished by the Depositories and
certifying that the Employee Stock Option Scheme of the bank account details as maintained by the RTA for
the Company are being implemented in accordance payment of dividend electronically to the Members.
with the Securities and Exchange Board of India
(Share Based Employee Benefits and Sweat Equity) To enable the Members to receive the dividend at
Regulations, 2021 shall be made available for the earliest, the Members holding shares in physical
inspection by the Members during the AGM. form are requested to submit particulars of their
bank accounts in ‘Form ISR-1’ along with the original
22. All documents referred to in the Notice will also be cancelled cheque bearing the name of the Member to
available electronically for inspection without any fee by the Company/KFintech to update/change their bank
the Members from the date of circulation of this Notice account details and all the eligible Members holding
up to the date of AGM. Members seeking to inspect shares in demat mode are requested to update with
such documents can send an E-mail to compliance. their respective DPs, their correct Bank Account
[email protected]. Number, including 9 Digit MICR Code and 11 digit
IFSC Code. Members holding shares in physical form
23. Members who are holding shares in physical form are may communicate the details to KFintech, Hyderabad
requested to address all correspondence concerning office by mentioning the folio number and attaching
transmissions, sub-division, consolidation of shares photocopy of the cheque leaf of their active bank
or any other share related matters and/or change in account and a self-attested copy of their PAN card.
address or updation thereof with KFintech, Company's
RTA. Members, whose shareholding is in electronic 26. Non-Resident Indian Members are requested to inform
mode are requested to intimate the change of address, KFintech/their respective DPs, immediately of (a)
registration of E-mail address and updation of bank change in their residential status on return to India for
account details to their respective DPs. permanent settlement; and (b) particulars of their bank
accounts maintained in India with complete details.
24. Pursuant to Section 124(6) and Section 125 of
the Companies Act, 2013 read with IEPF Authority 27. Individual letters have been sent to all the Members
(Accounting, Audit, Transfer and Refund) Rules, 2016 holding shares of the Company in physical mode to
and amendments thereto ("IEPF Rules"), the amount enable them to furnish/update their E-mail ID, Mobile
of unpaid/unclaimed dividend for a period of seven (7) Number, PAN and other KYC details through Form
years from the date of transfer to the Unpaid Dividend ISR-1, to furnish the Nomination as provided in Rules
account is required to be transferred to Investor 19(1) of the Companies (Share Capital and Debentures)
Education and Protection Fund ("IEPF Authority") Rules, 2014 through Form SH-13 or to opt out from
established by the Central Government. The Company giving the Nomination through Form ISR-3 and to
has transferred the unpaid or unclaimed dividends change the Nomination through Form SH-14 pursuant
declared up to FY 2016 from time to time on the to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/
respective due dates. CIR/2023/37 dated 16 March 2023. The forms are
also available on the website of the Company at www.
Additionally, all the shares in respect of which dividend vedantalimited.com.
has not been paid/claimed for a period of seven (7)
consecutive years or more shall be transferred in the 28. SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_
name of IEPF Authority. RTABM/P/CIR/2022/8 dated 25 January 2022 has
mandated the listed companies to issue securities
The Members whose unclaimed dividend/shares in demat only while processing service request i.e.
have been transferred to IEPF, may claim the issue of duplicate certificates, claim from unclaimed
same by applying to the IEPF Authority through suspense account, renewal/exchange of securities
submission of an online Form IEPF-5 on the website certificates, sub-division/split and consolidation
of IEPF Authority www.iepf.gov.in. The details of of securities certificate/folio, transmission, and
such unclaimed dividend/shares transferred to IEPF transposition. Accordingly, Members are requested to
has been uploaded on the website of the Company at make the mentioned service requests by submitting
www.vedantalimited.com and www.iepf.gov.in. duly filled Form ISR-4 which is also available on the
website of the Company at www.vedantalimited.com.
Notice
PROCEDURE FOR REMOTE E-VOTING AND E-VOTING Shareholders holding securities in demat mode,
AT THE AGM who acquire shares of the Company and become
29. Pursuant to the provisions of Section 108 and other a Member of the Company after sending of the
applicable provisions, if any, of the Act read with the Notice and holding shares as of the cut-off date
Companies (Management and Administration) Rules, i.e. Wednesday, 05 July 2023, may follow steps
2014, as amended, and Regulation 44 of SEBI Listing mentioned in the Notice of the AGM under "Access
Regulations read with circular of SEBI on e-Voting to NSDL e-Voting system";
Facility provided by Listed Entities, dated 09 December e)
A person who is not a Member as on the cut‑off
2020, the Company is providing to its Members facility date should treat this Notice for information
to exercise their right to vote on resolutions proposed purpose only;
to be passed at the AGM by electronic means.
f)
A person, whose name is recorded in the
30. Members may cast their votes remotely, using an register of Members or in the register
electronic voting system on the dates mentioned of beneficial owners maintained by the
herein below (“remote e-Voting”). Further, the facility depositories as on the cut-off date only shall be
for voting through electronic voting system will also be entitled to avail the facility of e-Voting. In case
made available at the Meeting and Members attending of joint holders attending the Meeting, only such
the Meeting who have not cast their vote(s) by remote joint holder who is higher in the order of names
e-Voting will be able to vote at the Meeting. will be entitled to vote during the Meeting;
31. Mr. Upendra Shukla, Practicing Company Secretary g)

The voting rights of Members shall be in
(FCS No. 2727, CP No. 1654) has been appointed as proportion to their shares of the paid-up equity
the Scrutiniser for conducting the e-Voting process share capital of the Company as on the cut-off
including remote e-Voting in a fair and transparent date (record date) i.e. closure of Wednesday,
manner and he has communicated his willingness to 05 July 2023;
be appointed and will be available for same purpose. h)
The e-Voting facility at the Meeting shall be
operational till all the resolutions proposed in
32. The remote e-Voting facility will be available during the
the Notice are considered and voted upon at the
following period:
Meeting and may be used for voting only by the
Commencement of From 9:00 a.m. (IST) on Friday, Members holding shares as on the Cut-off date
remote e-Voting 07 July 2023 who are attending the Meeting and who have
End of remote Up to 5:00 p.m. (IST) on not already cast their vote(s) through remote
e-Voting Tuesday, 11 July 2023 e-Voting;
a) A member can opt for only single mode of voting, i)

It is strongly recommended not to share
i.e. through remote e-Voting or during the Meeting; your password with any other person and
take utmost care to keep your password
b) Once the vote on a resolution is casted by a confidential. Login to the e-Voting website will
Member, the Member shall not be allowed to be disabled upon five unsuccessful attempts
change it subsequently or cast the vote again; to key in the correct password. In such an
c) The Members may please note that the remote event, you will need to go through the "Forgot
e-Voting shall not be allowed beyond the above- User Details/Password?" or "Physical User
mentioned date and time; Reset Password?" option available on www.
evoting.nsdl.com to reset the password;
d) Any person holding shares in physical form and
non-individual shareholders, who acquire shares of j)
To attend to any queries, you may refer the
the Company and become member of the Company Frequently Asked Questions (“FAQs") and
after the Notice is sent through E-mail and holding e-Voting user manual for Shareholders
shares as of the cut-off date i.e. Wednesday, 05 available at the download section of www.
July 2023, may obtain the login ID and password evoting.nsdl.com or call at 022 - 4886 7000 and
by sending a request at [email protected]. 022 - 2499 7000 or send a request at evoting@
However, if you are already registered with NSDL nsdl.co.in or contact Ms. Pallavi Mhatre, Senior
for remote e-Voting, then you can use your existing Manager, at the designated E-mail ID - evoting@
User ID and password for casting your vote. If you nsdl.co.in at National Securities Depository
have forgotten your Password, you could reset your Limited, Trade World, 'A' Wing, 4th Floor, Kamala
password by using "Forgot User Details/Password" Mills Compound, Senapati Bapat Marg, Lower
or "Physical User Reset Password" option available Parel, Mumbai - 400 013, who will also address
on www.evoting.nsdl.com or call at 022 - 4886 the grievances connected with the voting by
7000 and 022 - 2499 7000. In case of Individual electronic means;
VEDANTA LIMITED
k)
The details of the process and manner for remote e-Voting are explained below:
Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting for Individual shareholders holding securities in demat mode In terms of SEBI circular
dated 09 December 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities
in demat mode are allowed to vote through their demat account maintained with Depositories and Depository
Participants. Shareholders are advised to update their mobile number and E-mail ID in their demat accounts in order to
access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below:
Type of Shareholders Login Method
Individual Shareholders holding 1. Existing IDeAS user can visit the e-Services website of NSDL viz. eservices.nsdl.
securities in demat mode with com either on a Personal Computer or on a mobile. On the e-Services home
NSDL. page click on the “Beneficial Owner” icon under “Login” which is available under
‘IDeAS’ section, this will prompt you to enter your existing User ID and Password.
After successful authentication, you will be able to see e-Voting services under
value‑added services. Click on “Access to e-Voting” under e-Voting services and
you will be able to see e-Voting page. Click on company name or e-Voting service
provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or voting during the meeting
and for joining virtual meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at
eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
eservices.nsdl.com
3. Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login”
which is available under ‘Shareholder/Member’ section. A new screen will open.
You will have to enter your User ID (i.e. your sixteen (16) digit demat account
number hold with NSDL), Password/OTP and a Verification Code as shown on the
screen. After successful authentication, you will be redirected to NSDL Depository
site wherein you can see e-Voting page. Click on Company name or e-Voting
service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL
for casting your vote during the remote e-Voting period or voting during the
meeting and for joining virtual meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”
facility by scanning the QR code mentioned below for seamless voting experience.
Notice
Type of Shareholders Login Method

Individual Shareholders holding 1. Users who have opted for CDSL Easi/Easiest facility, can login through their
securities in demat mode with existing User Id and Password. Option will be made available to reach e-Voting
CDSL page without any further authentication. The users to login Easi/Easiest are
requested to visit CDSL website www.cdslindia.com and click on login icon and
New System Myeasi Tab and then user your existing my easi username and
password.
2. After successful login, the Easi/Easiest user will be able to see the e-Voting option
for eligible companies where the e-Voting is in progress as per the information
provided by the Company. On clicking the e-Voting option, the user will be able to
see e-Voting page of the e-Voting service provider for casting your vote during
the remote e-Voting period. Additionally, there is also links provided to access the
system of all e-Voting Service Providers, so that the user can visit the e-Voting
service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL
website www.cdslindia.com and click on login and New System Myeasi Tab and
then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from an e-Voting link available on www.cdslindia.com home
page. The system will authenticate the user by sending OTP on registered Mobile and
Email as recorded in the Demat Account. After successful authentication, user will
be able to see the e-Voting option where the evoting is in progress and also able to
directly access the system of all e-Voting Service Providers.
Individual Shareholders (holding You can also login using the login credentials of your demat account through your
securities in demat mode) Depository Participant registered with NSDL/CDSL for e-Voting facility. Upon logging in,
login through their depository you will be able to see e-Voting option. Click on e-Voting option, you will be redirected
participants to NSDL/CDSL Depository site after successful authentication, wherein you can see
e-Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you
will be redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or voting during the meeting and for joining virtual meeting.
Important note: Members who are unable to retrieve User B) Login Method for shareholders other than Individual
ID/Password are advised to use Forget User ID and Forget shareholders holding securities in demat mode and
Password option available at abovementioned website. shareholders holding securities in physical mode.
How to Log-in to NSDL e-Voting website?
Helpdesk for Individual Shareholders holding securities
1. Visit the e-Voting website of NSDL. Open web browser
in demat mode for any technical issues related to login
by typing the following URL: www.evoting.nsdl.com
through Depository i.e. NSDL and CDSL.
either on a Personal Computer or on a mobile.
Login type Helpdesk details 2. Once the home page of e-Voting system is launched,
Individual Members facing any technical issue click on the icon “Login” which is available under
Shareholders in login can contact NSDL helpdesk ‘Shareholder/Member’ section.
holding securities by sending a request at evoting@nsdl. 3. A new screen will open. You will have to enter your
in demat mode co.in or call at 022 - 4886 7000 and 022 User ID, your Password/OTP and a Verification Code as
with NSDL - 2499 7000 shown on the screen.
Individual Members facing any technical issue Alternatively, if you are registered for NSDL eservices
Shareholders in login can contact CDSL helpdesk by i.e. IDeAS , you can log-in at eservices.nsdl.com with
holding securities sending a request at helpdesk.evoting@ your existing IDeAS login. Once you log-in to NSDL
in demat mode cdslindia.com or contact at toll free no. e-services after using your log-in credentials, click on
with CDSL 1800-225-533 e-Voting and you can proceed to Step 2 i.e. Cast your
vote electronically.
4. Your User ID details are given below :
VEDANTA LIMITED
Manner of holding shares Your User ID is: 6. If you are unable to retrieve or have not received the
i.e. Demat (NSDL or CDSL) “Initial password” or have forgotten your password:
or Physical
a) Click on “Forgot User Details/Password?”(If you
a) For Members who 8 Character DP ID followed
hold shares in demat by 8 Digit Client ID are holding shares in your demat account with
account with NSDL. For example if your DP ID NSDL or CDSL) option available on www.evoting.
is IN300*** and Client ID is nsdl.com.
12****** then your User ID
b) “Physical User Reset Password?” (If you are
is IN300***12******.
holding shares in physical mode) option available
b)
For Members who 16 Digit Beneficiary ID
on www.evoting.nsdl.com.
hold shares in demat For example if your
account with CDSL. Beneficiary ID is c) If you are still unable to get the password by
12************** then your aforesaid two options, you can send a request
User ID is 12************** at [email protected] mentioning your demat
c) For Members holding EVEN Number followed by account number/folio number, your PAN, your
shares in Physical Folio Number registered name and your registered address etc.
Form. with the Company
For example if folio d. Members can also use the OTP (One Time
number is 001*** and Password) based login for casting the votes on
EVEN is 101456 then User the e-Voting system of NSDL.
ID is 101456001***
7. After entering your password, tick on Agree to “Terms
5. Password details for shareholders other than and Conditions” by selecting on the check box.
Individual shareholders are given below:
8. Now, you will have to click on “Login” button.
a) If you are already registered for e-Voting, then you 9. After you click on the “Login” button, Home page of
can use your existing password to login and cast e-Voting will open.
your vote.
Step 2: Cast your vote electronically on NSDL e-Voting
b) If you are using NSDL e-Voting system for the system.
first time, you will need to retrieve the ‘initial
How to cast your vote electronically on NSDL e-Voting
password’ which was communicated to you. Once
system?
you retrieve your ‘initial password’, you need to
enter the ‘initial password’ and the system will 1.
After successful login at Step 1, you will be able to see all
force you to change your password. the companies “EVEN” in which you are holding shares and
whose voting cycle and General Meeting is in active status.
c) How to retrieve your ‘initial password’?
2. Select “EVEN” of Company for which you wish to cast
(i) If your E-mail ID is registered in your demat your vote during the remote e-Voting period or e-Voting
account or with the company, your ‘initial during the Meeting. For joining virtual meeting, you need
password’ is communicated to you on your to click on “VC/OAVM” link placed under “Join Meeting".
E-mail ID. Trace the email sent to you from
3. Now you are ready for e-Voting as the Voting page
NSDL from your mailbox. Open the email and
opens.
open the attachment i.e. a .pdf file. Open the
.pdf file. The password to open the .pdf file 4. Cast your vote by selecting appropriate options i.e.
is your 8 digit Client ID for NSDL account, assent or dissent, verify/modify the number of shares
last 8 digits of Client ID for CDSL account or for which you wish to cast your vote and click on
folio number for shares held in physical form. “Submit” and also “Confirm” when prompted.
The .pdf file contains your ‘User ID’ and your
‘initial password’. 5. Upon confirmation, the message “Vote cast
successfully” will be displayed.
(ii) If your E-mail ID is not registered, please
follow steps mentioned below in process for 6. You can also take the printout of the votes cast by you
those shareholders whose E-mail ID is not by clicking on the print option on the confirmation page.
registered
7. Once you confirm your vote on the resolution, you will
not be allowed to modify your vote.
Notice
8. General Guidelines for shareholders 3. Alternatively, Shareholders/Members may send a

1. Institutional shareholders (i.e. other than request to [email protected] for procuring User
individuals, HUF, NRI etc.) are required to Id and Password for e-Voting by providing above
send scanned copy (PDF/JPG Format) of the mentioned documents.
relevant Board Resolution/Authority Letter
etc. with attested specimen signature of 4. In terms of SEBI circular dated 09 December 2020
the duly authorised signatory(ies) who are on e-Voting facility provided by Listed Companies,
authorised to vote, to the Scrutiniser by e-mail to Individual Shareholders holding securities in
[email protected] with a copy marked demat mode are allowed to vote through their
to [email protected]. Institutional shareholders demat account maintained with Depositories
(i.e. other than individuals, HUF, NRI, etc.) can also and Depository Participants. Shareholders are
upload their Board Resolution/Power of Attorney/ required to update their mobile number and
Authority Letter etc. by clicking on "Upload E-mail ID correctly in their demat account in order
Board Resolution/Authority Letter" displayed to access e-Voting facility.
under "e-Voting" tab in their login.
INSTRUCTIONS FOR E-VOTING DURING THE AGM
2. It is strongly recommended not to share your 1. The procedure for e-Voting on the day of the AGM
password with any other person and take utmost is same as the instructions mentioned above for
care to keep your password confidential. Login remote e-Voting.
to the e-Voting website will be disabled upon
five unsuccessful attempts to key in the correct 2. Only those Members/Shareholders, who will be
password. In such an event, you will need to go present in the AGM through VC/OAVM facility
through the “Forgot User Details/Password?” or and have not casted their vote on the resolutions
“Physical User Reset Password?” option available through remote e-Voting and are otherwise not
on www.evoting.nsdl.com to reset the password. barred from doing so, shall be eligible to vote
through e-Voting system during the AGM.
3. In case of any queries, you may refer the FAQs
3. Members who have voted through Remote
for Shareholders and e-Voting user manual for
e-Voting will be eligible to attend the AGM.
Shareholders available at the download section of
However, they will not be eligible to vote at the
www.evoting.nsdl.com or call on 022 - 4886 7000
AGM.
and 022 - 2499 7000 or send a request to Ms.
Pallavi Mhatre, Senior Manager at evoting@nsdl. 4. The details of the person who may be contacted
co.in. for any grievances connected with the facility for
e-Voting on the day of the AGM shall be the same
Process for those shareholders whose E-mail ID is not person mentioned for remote e-Voting.
registered with the depositories for procuring user id and
password and registration of E-mail ID for e-Voting for INSTRUCTIONS FOR ATTENDING THE AGM THROUGH
the resolutions set out in this notice: VC/OAVM:
1. In case shares are held in physical mode, please 1.
Member will be provided with a facility to attend
provide Folio No., Name of Shareholder, scanned the AGM through VC/OAVM through the NSDL
copy of the share certificate (front and back), e-Voting system. Members may access by
PAN Card (self-attested scanned copy of PAN following the steps mentioned above for access
card), AADHAAR (self-attested scanned copy of to NSDL e-Voting system. After successful
Aadhaar Card) by email to comp.sect@vedanta. login, you can see link of “VC/OAVM link”
co.in. placed under “Join Meeting” menu against
Company name. You are requested to click
2. In case shares are held in demat mode, please on VC/OAVM link placed under Join Meeting
provide DPID-CLID (16 digit DPID + CLID or 16 menu. The link for VC/OAVM will be available
digit beneficiary ID), Name, Client Master list in Shareholder/Member login where the EVEN
or copy of Consolidated Account Statement, of Company will be displayed. Please note that
PAN (self-attested scanned copy of PAN card), the Members who do not have the User ID and
AADHAAR (self-attested scanned copy of Aadhaar Password for e-Voting or have forgotten the
Card) to [email protected]. If you are an User ID and Password may retrieve the same
Individual Shareholder holding securities in demat by following the remote e-Voting instructions
mode, you are requested to refer to the login mentioned in the notice to avoid last minute rush.
method explained at step 1 (A) i.e. Login method
for e-Voting for Individual Shareholders holding 2. The joining links for the AGM and
securities in demat mode. other details can also be accessed at:
https://www.vedantalimited.com/vedanta2023/.
VEDANTA LIMITED
3. Members are encouraged to join the Meeting Statement pursuant to Section 102(1) of
through Laptops for better experience. the Companies Act, 2013 (the “Act") and
the Securities and Exchange Board of India
4. Further, Members will be required to allow (“SEBI”) (Listing Obligations and Disclosure
Camera and use Internet with a good speed to
Requirements) Regulations, 2015 (“Listing
Regulations”)
avoid any disturbance during the Meeting.
The following Statement sets out all material facts relating
5. Please note that Participants connecting from to the Ordinary/Special Business mentioned in the Notice:
Mobile Devices or Tablets or through Laptop
Item No. 5
connecting via Mobile Hotspot may experience
Audio/Video loss due to fluctuation in their Mr. Navin Agarwal (DIN: 00006303) was appointed as
respective network. It is therefore recommended the Whole-Time Director of the Company with effect
to use Stable Wi-Fi or LAN Connection to mitigate from 17 August 2013 till 31 July 2018 through postal
any kind of aforesaid glitches. ballot on 21 January 2014. Further, Mr. Navin Agarwal
was re‑appointed as the Whole-Time Director with
6. Shareholders who would like to express their effect from 01 August 2018 till 31 July 2023 and was
views/have questions may send their questions designated as Executive Vice‑Chairman with effect from
in advance to compliance.officer@vedanta. 01 April 2020.
co.in by mentioning their name, demat account I. The terms and conditions of re-appointment of
number/folio number, E-mail ID, mobile number. Mr. Navin Agarwal are as follows:
The same will be replied by the Company suitably.
Remuneration:
E-VOTING RESULT: (a) Basic Salary: In the range of `25,00,000 –

`1,25,00,000 per month. (With such annual/special
33. The Scrutiniser will, after conclusion of e-Voting
increments within the aforesaid range as may be
at the Meeting, scrutinise the votes cast at the
decided by the Board or any Committee thereof, in
Meeting through e-Voting and remote e-Voting
its absolute discretion from time to time).
and make a consolidated Scrutiniser’s report of
the votes cast in favour or against, if any, and (b) Annual Performance Bonus: As per Vedanta
submit the same to the Chairman of the Meeting Limited bonus plan, payout is subject to
or a person authorised by him in writing who shall achievement of annual business outcomes,
countersign the same. The Chairman or any other in‑line with the long-term strategy of
person authorised by the Chairman, shall declare the Company. Key metrics for bonus are
the results within the prescribed timelines under achievement of organisation performance
applicable laws. The said results along with the and include financial/operational target
report of the Scrutiniser will also be placed on as per annual operating plan, HSE (safety,
the website of the Company www.vedantalimited. sustainability and ESG) parameters which
com, the website of KFintech at https://evoting. focuses on workplace health and safety, asset
kfintech.com/and NSDL www.evoting.nsdl.com integrity, environment, social and governance
and shall also be displayed at the registered and aspects aligned to strengthen Vedanta’s
corporate office of the Company. The results ESG practices of achieving Net Zero Carbon
shall simultaneously be submitted to the Stock Vision by 2050, strategic business goals,
Exchange(s) and available at www.bseindia.com people‑metric which is based on HR practices
and www.nseindia.com. The resolutions will be to drive performance and make Vedanta more
deemed to be passed on the date of AGM subject innovative, inclusive and diverse workplace and
to receipt of the requisite number of votes in favour individual contribution. Any fatality in the group
of the resolutions. shall impact the annual bonus as a negative
multiplier. The metrics/parameters are decided
34. Subject to receipt of requisite number of votes, annually and may change as may be decided
the resolutions proposed in the Notice shall be by the Board/Committee. Target bonus is up to
deemed to be passed on the date of the Meeting i.e., 150% of fixed pay (payable annually as may be
Wednesday, 12 July 2023. decided by the Board/Committee).
The same is subject to claw-back provisions

35. The recorded transcript of this Meeting, shall as soon
in relation to the pay-out under the bonus plan
as possible, be made available on the website of the
(which includes claw-back of the already paid-
Company.
amount and/or forfeiture of outstanding amount).
(c) Perquisites: In addition to salary and incentives

payable, Mr. Navin Agarwal shall also be
entitled to perquisites including free furnished
Notice
accommodation or house rent allowance in lieu thereof from time to time as minimum remuneration,
thereof, gas, electricity, water, furnishing, club with the requisite approvals.
fees, medical and personal accident insurance in
accordance with the rules of the Company or as II. Background and Profile
may be agreed to by the Board/Committee. Mr. Navin Agarwal has been associated with the
(d) House Rent Allowance: `60,00,000 per annum. Vedanta Group since its inception and has four
decades of strategic executive experience. Under his
Explanation: stewardship, Vedanta has achieved leadership position
in all the major sectors it operates in.
i) Perquisites shall be evaluated as per Income Tax
Rules, wherever applicable and in the absence of Over the years, he has been instrumental in building
any such rule, perquisites shall be evaluated at a highly successful meritocratic organisation. He
actual cost to the Company. has been spearheading the Company’s strategy
through a mix of organic growth and value-accretive
ii) For the purpose of perquisites stated hereinabove, acquisitions, leading to Vedanta’s transformation into
‘family’ means the spouse, dependent children a globally diversified natural resources Company.
and dependent parents of the appointee.
He is passionate about developing leadership talent
Provident/Annuity Fund: and has been responsible for creating a culture of
excellence at Vedanta through the application of
Mr. Navin Agarwal will also be entitled to the following,
advanced technologies, digitalisation and global
as per rules of the Company or as approved by the
best practices. He drives Vedanta’s unwavering
Board of Directors.
commitment to upholding the highest standards of
i) Contribution to Provident Fund and any other corporate governance. His vision is to gradually unlock
contributions as per statute to the extent these, the enormous potential of the natural resources sector
either singly or put together are not taxable under and make it an engine of growth for India.
the Income Tax Act, 1961.
In recognition of his exceptional service in the fields
ii) Encashment of leave as per rules of the Company. of business and entrepreneurship and contribution
to the natural resources sector, he was conferred
Other Benefits: the ’Industrialist of the Year’ Award by the Bombay
Management Association in 2018. He is a fervent
i) The Company shall provide him with car or
advocate of sustainable development and is
cash in lieu thereof, expenses relating to fuel,
committed to advancing the inclusive growth of
maintenance and driver will be reimbursed
communities and the promotion of culture and sports
on actual as per Company policy. Further, the
at all levels.
Company shall also provide telephone and other
communication facility (for official business). A graduate in commerce from Sydenham College,
Mumbai, Mr. Agarwal has completed the President
ii) Such other benefits as may be decided by the
Management Program from Harvard University.
Board/Committee from time to time.
Mr. Agarwal is not disqualified from being re-appointed
iii) Mediclaim Hospitalisation, Credit Card and
as a Director in terms of Section 164 of the Act and has
Professional Body Membership Fees as per Rules
given his consent for the re-appointment. Further, in
of the Company.
terms of SEBI Circular dated 20 June 2018, Mr. Agarwal
The amount of Perquisites payable to Mr. Navin is not debarred from holding the office of Director by
Agarwal may be decided/varied by the Board/ virtue of any SEBI order or any other such authority.
Committee, from time to time as it may deem fit The terms as set out in the resolution and explanatory
in its absolute discretion; provided that the total statement may be treated as an abstract of the terms
remuneration consisting of Salary, Perquisites and of re-appointment pursuant to Section 196 of the Act.
other benefits paid to Mr. Navin Agarwal as Executive
The Company has received all statutory
Vice-Chairman shall not exceed the limit stipulated in
disclosures/declarations from Mr. Agarwal
the Act.
including (i) consent in writing to act as Director in
Form DIR-2, pursuant to Rule 8 of the Companies
Minimum Remuneration:
(Appointment and Qualification of Directors) Rules,
Notwithstanding anything to the contrary herein 2014 (“the Appointment Rules”), (ii) intimation
contained, where in any financial year during the in Form DIR-8 in terms of the Appointment
currency of the tenure of Mr. Navin Agarwal, the Rules to the effect that he is not disqualified
Company has no profits or the profits are inadequate, under sub‑section (2) of Section 164 of the Act.
the Company will pay remuneration by way of salary The Company has also received a notice under
and perquisites as decided by the Board/Committee Section 160 of the Act from a member, intending
VEDANTA LIMITED
to nominate Mr. Navin Agarwal for the office of approval of the Members is sought for re‑appointment
Whole-Time Director designated as Executive Vice- of Mr. Navin Agarwal as Whole-Time Director
Chairman. A copy of the draft agreement with Mr. designated as Executive Vice Chairman of the
Agarwal that sets out the terms and conditions of Company as set out above.
his re-appointment will be available for inspection.
The Board of Directors accordingly recommends the
Ordinary Resolution as set out in Item No. 5 of the
III. Provisions
Notice for the approval of the Members.
Pursuant to Sections 196, 197, 203 and other
applicable provisions of the Act and the Companies V. Other Disclosures:
(Appointment and Remuneration of Managerial
Remuneration from Group Companies
Personnel) Rules, 2014 read with Schedule V of the
Act {including any statutory modification(s) or re- Detailed below is the remuneration received
enactment(s) thereof for the time being in force}, the additionally by Mr. Navin Agarwal from other group
re-appointment of Mr. Navin Agarwal as Whole-Time companies:
Director requires approval of the Members by way of • Received sitting fees and commission from Hindustan
Ordinary Resolution. Zinc Limited ("HZL") amounting to `4,25,000 and
Further, as per the provisions of Regulation 17(1C) of `28,88,000 respectively during the FY 2023.
Listing Regulations, the Company needs to ensure • Awarded 5,13,260 units in FY 2020, 4,12,444 units in
that the approval of shareholders is obtained for FY 2021, 3,51,000 units in FY 2022 and 2,95,000 units
appointment of a person on the Board of Directors at in FY 2023 under Long Term Incentive Plan of Vedanta
the next general meeting or within a time period of Resources Limited ("VRL").
three months from the date of appointment, whichever
is earlier. • Paid the following amounts from VRL:
- GBP 10,91,432 on account of vesting of VRL Cash
IV. Proposal Based Plan 2019 on 29 November 2022 upon
The Nomination & Remuneration Committee (“NRC”), achievement of performance parameters.
at its meeting held on 12 May 2023, after taking into - GBP 85,000 as commission for his services to
account the performance evaluation of Mr. Navin VRL Board
Agarwal and considering his knowledge, acumen,
expertise, experience and substantial contribution The Company also confirms that:
and commitment, has recommended to the Board, the • The total managerial remuneration paid/payable
re-appointment of Mr. Navin Agarwal as a Whole‑Time for FY 2023 does not exceed 11% of the net profits
Director designated as Executive Vice-Chairman of the Company.
for a further period of five (05) years with effect
from 01 August 2023 to 31 July 2028, subject to the • The total remuneration received by Whole-Time
approval from the Members. Directors and Independent Directors of the
Company does not exceed 10% and 1% of the Net
The NRC has considered his diverse skills, business Profits of the Company, respectively.
leadership capabilities, expertise in governance,
finance, risk management and vast business & • Mr. Navin Agarwal, Executive Vice-Chairman and
industry experience, to be of immense benefit to the member of Promoter Group does not receive
Company, and hence, it is desirable to re-appoint him remuneration in excess of `5 crore or 2.5% of the
as a Whole‑Time Director designated as Executive Net Profits of the Company, whichever is higher.
Vice‑Chairman.
Item No. 6
In terms of Section 2(77) of the Act read with Rule 4
of the Companies (Specification of Definition Details) Ms. Priya Agarwal (DIN: 05162177) was appointed as
Rules, 2014, Mr. Navin Agarwal is the brother of Non‑Executive Director of the Company for a term of 3 years
Mr. Anil Agarwal. with effect from 17 May 2017 to 16 May 2020. Further,
Ms. Priya Agarwal was re‑appointed as Non‑Executive
Save and except Mr. Navin Agarwal and his relatives, Director for a period of 3 years with effect from 17 May
to the extent of their shareholding interest, if any, in the 2020 till 16 May 2023. The term of Ms. Priya Agarwal as a
Company, none of the other Directors/Key Managerial Non‑Executive Director expires on 16 May 2023.
Personnel and their relatives are in any way, concerned
or interested, financially or otherwise, in the resolution I. The terms and conditions of re-appointment of
set out in Item No. 5. Ms. Priya Agarwal are as follows:
In compliance with the provisions of Section 196, 197 Pursuant to provisions of the Act and the Rules made
and other applicable provisions of the Act, read with thereunder, as amended from time to time, Ms. Priya
Schedule V to the Act, and Listing Regulations, the Agarwal is entitled to sitting fees for attending the
Notice
Board and Committee meetings and Commission as Considering the active initiatives and contribution made
recommended by the NRC and approved by the Board by Ms. Priya Agarwal in ESG, CSR, Communications, all
from time to time. contributing to building Vedanta Brand, she was paid
remuneration aggregating to `111 lakh during FY 2023
II. Background and Profile [in the form of commission of `100 lakh (payable
Ms. Priya Agarwal is the Non-Executive Director of monthly) and sitting fees of `11 lakh].
Vedanta Limited and the Chairperson of HZL. She is The Company has received all statutory disclosures/
also the Director of Anil Agarwal Foundation. declarations from Ms. Priya Agarwal including (i)
She holds a bachelor’s degree in Psychology and consent in writing to act as director in Form DIR-2,
Business Management from the University of Warwick pursuant to Rule 8 of the Companies (Appointment
in the UK. Ms. Priya anchors the ESG, Investor and Qualification of Directors) Rules, 2014 (“the
Relations, Corporate Communications, Digital and Appointment Rules”), (ii) intimation in Form DIR-8 in
Social Impact for Vedanta. terms of the Appointment Rules to the effect that she
is not disqualified under sub-section (2) of Section
She is deeply passionate about the environment and 164 of the Act. The Company has also received a
sustainability and has been playing an instrumental notice under Section 160 of the Act from a member,
role in the ESG transformation at Vedanta and anchors intending to nominate Ms. Priya Agarwal for the office
people practices across the Group. of Non-Executive Director. The copy of the draft letter
Ms. Priya is passionate about nature conservation, of appointment that sets out the terms and conditions
animal welfare, child nutrition and gender parity which of her re-appointment will be available for inspection.
has driven her to lead a variety of CSR initiatives under
Anil Agarwal Foundation that has positively impacted III. Provisions
over 50 million lives in India. The Foundation has Pursuant to the applicable provisions of the Act and the
pledged `5,000 crore over the next 5 years on various rules made thereunder, the re-appointment of Ms. Priya
social impact programs. Agarwal as Non-Executive Director requires approval of
the Members by way of Ordinary Resolution.
Under her leadership, Vedanta has modernised over
4,000 Anganwadis across the country through its Further, as per the provisions of Regulation 17(1C) of
flagship project Nand Ghar which aims to ensure Listing Regulations, the Company needs to ensure that
that 7 crore children and 2 crore women get the the approval of shareholders is obtained for appointment
opportunities even in the remotest parts of the Country. of a person on the Board of Directors by the next general
Making significant progress in the mission to combat meeting or within a time period of three months from the
malnutrition and achieve zero hunger, Ms. Priya also date of appointment, whichever is earlier.
drives the Run for Zero Hunger movement with the
Vedanta Delhi Half Marathon and Vedanta Pink City IV. Proposal
Half Marathon. The Nomination & Remuneration Committee (“NRC”),
Following her love for animals, Ms. Priya founded at its meeting held on 12 May 2023, after taking into
YODA (Youth Organisation in Defence of Animals), account the performance evaluation of Ms. Priya
Mumbai-based NGO, in 2010. She is also leading India's Agarwal and considering her expertise, experience and
first state-of-the-art animal welfare project TACO substantial contributions, has recommended to the
(The Animal Care Organisation) under Anil Agarwal Board, the re-appointment of Ms. Priya Agarwal for a
Foundation which will bring leading academicians, further period of five (05) years with effect from 17 May
medical professionals, and community together to 2023 till 16 May 2028.
create a more holistic approach to animal care in India. The NRC has considered her diverse skills, active
With focused action plans on decarbonisation, water contributions and passion towards environment and
positivity, workplace safety, community welfare and sustainability to drive ESG practices for Vedanta to be
workforce diversity, Ms. Priya's leadership is driving of immense benefit to the Company, and hence, it is
Vedanta on a transformative journey to emerge as desirable to re-appoint her as a Non-Executive Director.
industry leader in ESG. In terms of Section 2(77) of the Act read with Rule 4
Ms. Priya played a key role in sponsoring Vedanta of the Companies (Specification of Definition Details)
Delhi Half Marathon, which helped Vedanta to Rules, 2014, Ms. Priya Agarwal is the daughter of
be a household brand. The marathon also aimed Mr. Anil Agarwal.
to fight malnutrition by donating meals for every Save and except Ms. Priya Agarwal and her relatives,
kilometre run by the marathon runners through the to the extent of their shareholding interest, if any, in the
#RunForZeroHunger Campaign. Company, none of the other Directors/Key Managerial
Personnel/their relatives are in any way, concerned or
VEDANTA LIMITED
interested, financially or otherwise, in the resolution set None of the Directors/Key Managerial Personnel of the
out in Item No. 6. Company/their relatives are, in any way, concerned or
interested, financially or otherwise, in the resolution set out
The Board of Directors accordingly recommends the in Item No. 7 of the Notice.
Ordinary Resolution as set out in Item No. 6 of the
Notice for the approval of the Members. The Board of Directors recommends the Special
Resolution as set out in Item No. 7 of the Notice for
V. Other Disclosures approval of the Members.
Remuneration from Group Companies

Item No. 8
Ms. Priya Agarwal, being Non-Executive Chairperson
of HZL, shall be entitled to sitting fees and commission In accordance with the provisions of Section 148 of the Act
from HZL. read with Rule 14 of the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the Cost Auditors
The Company also confirms that: as recommended by the Audit & Risk Management
- The total managerial remuneration paid/payable Committee and approved by the Board of Directors, is
for in FY 2023 does not exceed 11% of the net required to be ratified by the Members of the Company at
profits of the Company. the General Meeting.
- None of the Non-Executive Directors, have The Board of Directors, on the recommendation of the Audit
received remuneration exceeding 50% of & Risk Management Committee, at its meeting held on
the total annual remuneration payable to all 12 May 2023, approved the appointment and remuneration
Non‑Executive Directors. of the Cost Auditors to conduct the audit of the cost records
of the Company across various segments, for the financial
Item No. 7 year ending 31 March 2024 and subject to ratification by
the Members, fixed their remuneration as per the following
Regulation 23(6) of the SEBI (Issue and Listing of Non-
details:
Convertible Securities) Regulations, 2021, as amended
vide the SEBI (Issue and Listing of Non-Convertible Sr. Unit/Business Cost Auditor Audit Fees for
Securities) (Amendment) Regulations, 2023 and read No. FY 2024 (in `)
with Regulation 15(1)(e) of SEBI (Debenture Trustees) 1 Vedanta Limited M/s. 15,00,000
Regulations, 1993, requires that the companies issuing (other than Oil & Ramanath Iyer
debentures shall incorporate suitable provisions in their Gas) and Lead Cost & Co.
Articles of Association ("AOA") to cast obligation on their Auditors
Board of Directors to appoint the person nominated by 2 Vedanta Limited M/s. Shome 5,50,000
their Debenture Trustees (“DT”) as a Director in the event of (Oil & Gas) and Banerjee
default as per the terms of agreement.
*Fee excludes OPE and Taxes
The Company has its privately placed Non-Convertible
The cost audit is applicable to all businesses of the
Debentures (“NCDs”) listed at BSE Limited. Accordingly, the
Company and carried out in accordance with Section 148
Company is required to amend its AOA by inserting a clause
of the Act read with the Companies (Cost Records and
enabling the appointment of a person nominated by its
Audit) Rules, 2014, as amended from time to time. The
DT as a Director in the event of default as per the terms of
remuneration proposed above has been benchmarked to
agreement. This amendment requirement is to be complied
other similar sized companies in the sector.
with by the debt issuers on or before 30 September 2023
and accordingly, amendments are required to be made in Accordingly, ratification by the Members is being sought
the existing AOA. to the remuneration payable to the Cost Auditors for the
financial year ending 31 March 2024 by way of an Ordinary
The Board of Directors of the Company, at its meeting
Resolution as set out in Item No. 8 of the Notice.
held on 12 May 2023, approved the amendment in
the AOA and granted its consent to insert a clause for None of the Directors/Key Managerial Personnel of the
enabling appointment of a person nominated by its DT as Company/their relatives are, in any way, concerned or
a Director in the event of default. The Amendment would interested, financially or otherwise, in the resolution set out
be subject to the approval of the Members by way of a in Item No. 8 of the Notice.
Special Resolution.
The Board of Directors recommends the Ordinary
As per the provisions of Section 14(1) of the Act, a Company Resolution as set out in Item No. 8 of the Notice for
may by way of a Special Resolution, alter its AOA subject to approval of the Members.
the provisions of the Act.
Notice
Item No. 9, 10, 11 and 12 Rods, and Ductile Iron Pipes. ESL also deals in Iron Ore,
Pig Iron and Iron and Steel Scrap products generated
The SEBI, vide its notification dated 09 November 2021,
while manufacturing these products. It also produces
has notified SEBI (Listing Obligations and Disclosure
Metallurgical Coke, Sinter, and Power for captive
Requirements) (Sixth Amendment) Regulations, 2021
consumption. It caters to the needs of construction,
(“Amendments”) introducing amendments to the provisions
automobile, industrial machinery, and equipment and
pertaining to the Related Party Transactions (“RPT”) under
water infrastructure development. ESL has embarked
the Listing Regulations.
on expansion journey from 1.5 MTPA to 3 MTPA
The aforesaid amendments inter-alia included replacing the capacity.
materiality threshold for RPTs as given below:
c) FACOR, a subsidiary of the Company is one of the oldest
A transaction with a related party shall be considered
and reputed producers of High Carbon Ferro Chrome or
material, if the transaction(s) to be entered into individually
Charge Chrome in India, known for its consistent supply,
or taken together with previous transactions during a
best-in-class quality, and service in the domestic as
financial year, exceeds `1,000 crore or 10% of the annual
well as Global Market for four decades. Its Charge
consolidated turnover of the listed entity as per the last
Chrome Plant (CCP) was established in 1983 and is one
audited financial statements of the listed entity, whichever
of India’s significant producers and exporters of Ferro
is lower (“Materiality Threshold”).
Alloys, an essential ingredient for the production of Steel
Accordingly, the threshold for determination of material and Stainless Steel.
RPTs under Regulation 23(1) of the Listing Regulations has
FACOR has the capacity to produce 81.3 KTPA of
been reduced with effect from 01 April 2022.
Charge Chrome/Ferro Chrome along with a 100 MW
Given the nature of the industry, the Company works closely Power Plant in Bhadrak, Odisha. It has also established
with its related parties (including holding companies, a mining complex in Jajpur and Dhenkanal districts in
subsidiaries, fellow subsidiaries and joint ventures) to Odisha for the mining of Chrome Ore, having an annual
achieve its business objectives and enters into various capacity of 250 KTPA.
operational transactions with its related parties, from
d) SPTL is a public company, primarily engaged in the
time to time, in the ordinary course of business and on
business of developing integrated power transmission
arm’s‑length basis.
infrastructure and providing solution services with over
Amongst the transactions that the Company executes 25% market share, making it one of the largest private
with its related parties, the estimated value of Agreements sector operators in India. Its global infrastructure
entered into/to be entered into during FY 2024 and business line bids for, designs, constructs, owns and
in each financial year(s) until FY 2026 i.e. three (03) operates power transmission assets and currently has
financial years with Bharat Aluminium Company Limited operations in India and Brazil. Its solutions business
(“BALCO”), ESL Steel Limited (“ESL”) (formerly known as line consists of the Products sub-segment, which
Electrosteel Steel Limited), Ferro Alloys Corporation Limited manufactures and supplies a wide range of products
(“FACOR”), subsidiaries of the Company, and Sterlite Power including high performance power conductors,
Transmission Limited (“SPTL”), a fellow subsidiary of the optical ground wire and extra-high voltage cables;
Company, may exceed the Materiality Threshold and hence, and the Master System Integration sub-segment,
the Company is approaching the Members for approval which provides solutions for the upgrade, uprate and
of the material RPTs with BALCO, ESL, FACOR and SPTL fiberisation of existing transmission infrastructure
respectively for aforementioned three (03) financial years. projects. SPTL also operates Convergence
business line, which leverages existing power utility
The value of RPTs with BALCO, ESL, FACOR and SPTL for
infrastructure for telecommunications purposes by
the period commencing from 01 April 2023 till the date of
building optical fibre infrastructure on top of existing
this Notice has not exceeded the materiality threshold and
utilities networks.
the Company will ensure that the same does not exceed the
said threshold up to the date of the AGM. SPTL has a manufacturing facility of conductors in
Jharsuguda and due to its proximity to Vedanta’s
Transaction Details aluminium facility, hot metal is sold by the Company
a) BALCO, a subsidiary of the Company, is one of the to SPTL. This arrangement is beneficial to Vedanta
leading aluminium producers in the world and has since it is able to save on casting and logistics costs,
5.70 lakh MTPA aluminium plants smelters capacity resulting in optimal use of resources and margin
comprising 2.45 lakh MTPA and 3.25 lakh MTPA plants realisations.
with 2,010 MW of power plants comprising captive The RPTs with BALCO, ESL, FACOR and SPTL will help
power plant 1,710 MW and independent power plant of the Company achieve synergies and economies of
300 MW at Korba (Chhattisgarh). BALCO has captive scale and will be in the best interest of the Members.
Bauxite mines at Mainpat and Bodai Daldali and a coal Further, the above RPTs would help bring efficiency
mine at Chotia. BALCO produces wire rods, ingots and in operational and logistics costs, strengthen
rolled product. sustainability and leverage knowledge pool across
b) ESL, a subsidiary of the Company, is engaged in the functions.
manufacture and supply of Billets, TMT Bars, Wire
VEDANTA LIMITED
The relevant information pertaining to material RPTs with BALCO, ESL, FACOR, and SPTL as required under SEBI Circular
No. SEBI/HO/CFD/CMD1/CIR/P/2021/662 dated 22 November 2021 and in terms of guidelines on RPT disclosures
issued by the Proxy Advisory firms, is given below:
Sr. Particulars Details/Information pertaining to Transaction
No. Name of the Related Bharat Aluminium ESL Steel Limited (“ESL”) Ferro Alloys Corporation Sterlite Power
Party Company Limited Limited (“FACOR”) Transmission Limited
(“BALCO”) (“SPTL”)
1. Nature of relationship BALCO is a subsidiary ESL is a subsidiary FACOR is a subsidiary SPTL is a fellow
of the Company. The of the Company. The of the Company. The subsidiary of the
Company holds 51% paid- Company holds 95.49% Company holds 99.99% Company and the
up equity share capital of paid-up equity share paid-up equity share Company holds 1.56%
BALCO. The Government capital of ESL. The capital of FACOR. The of paid-up equity share
of India holds remaining remaining capital is remaining capital is capital of SPTL. Volcan
49% of the paid-up equity held by unrelated public held by unrelated public Investments Limited
share capital of BALCO. shareholders. shareholder. effectively holds ~71%
equity of SPTL and is
the ultimate holding
Company for both SPTL
and the Company.
2. Nature, material terms, Master Sales, Purchases (A) Operational (A) Operational Master Sales, Purchases
monetary value, tenure and Services Agreement transactions: transactions: and Services Agreement
and particulars of ("BALCO Agreement") Master Sales, Purchases Master Sales, Purchases ("SPTL Agreement") for
contracts or arrangement for sale/purchase of and Services Agreement and Services Agreement sale of hot metal, copper
alumina/aluminium and ("ESL Agreement") for ("FACOR Agreement") for rods and other goods
other goods and services, sale/purchase of coke, sale/purchase of coke, and services, stores and
stores and spares, fixed coal, iron ore, copper coal and other goods spares, fixed assets,
assets, including high sea/ rods and other goods and services, stores and including sale of wire rods,
port sale and purchase and services, stores and spares, fixed assets or power and ingots etc., or
of aluminium fluoride, spares, fixed assets, any other transactions any other transactions
sale/purchase of green including high sea/port for transfer of resources, for transfer of resources,
anodes and baked anodes, sale and purchase of services or obligations and services or obligations and
sale/purchase of coke coke/coal or any other other reimbursements/ other reimbursements/
and coal and recovery transactions for transfer recoveries for business recoveries for business
of material (alumina) of resources, services purpose from/to FACOR. purpose from/to SPTL.
handling charges, CP or obligations and Monetary Value: `2,179
coke storage charges and Monetary Value:
other reimbursements/ `334 crore per financial crore per financial year
wharfage charges etc. or recoveries for business
any other transactions year The estimated %* breakup
purpose from/to ESL.
for transfer of resources, The estimated %* breakup of the monetary value is as
services or obligations and Monetary Value: of the monetary value is as follows:
other reimbursements/ `2,003 crore per financial follows:
year % of
recoveries for business Nature of
% of monetary
purpose from/to BALCO. The estimated %* breakup Nature of transactions
monetary value
Monetary Value: `3,940 of the monetary value is as transactions Sale of hot metal, 95
value
crore per financial year follows: copper rods and
Sale/purchase 68
ancillary goods and
The estimated %* breakup Nature of
% of of coke, coal and
ancillary goods and services
of the monetary value is as monetary
transactions Reimbursement/ 1
follows: value services
Reimbursement/ 11 Recovery of expenses
Sale/purchase of 86
% of coke, coal, iron ore, Recovery of Others 4
Nature of
monetary copper rods and expenses
transactions
value ancillary goods and Tenure: Transactions
Others 21
Sale/purchase of 90 services entered into/to be entered
alumina/aluminium Reimbursement/ 4 Tenure: Transactions during FY 2024 and in
and ancillary goods Recovery of entered into/to be entered each financial year(s) until
and services FY 2026.
expenses during FY 2024 and in
Reimbursement/ 8 Others 10 each financial year(s) until
Recovery of FY 2026.
expenses Tenure: Transactions
Others 2 entered into/to be entered
during FY 2024 and in
each financial year(s) until
FY 2026.
* Estimated
% breakup is in line with past practice and may be subject to minor deviations within the overall monetary value.
Notice

2. Nature, material terms, Tenure: Transactions These are continuing These are continuing These are continuing
monetary value, tenure entered into/to be business transactions. business transactions. business transactions.
and particulars of entered during FY 2024 Approval of the Members Approval of the Members Approval of the Members
contracts or arrangement and in each financial is being sought for is being sought for is being sought for
year(s) until FY 2026. transaction/series of transaction/series of transaction/series of
These are continuing transactions under the transactions under the transactions under the
business transactions. ESL Agreement during FACOR Agreement during SPTL Agreement during
Approval of the Members three (03) financial years three (03) financial years three (03) financial years
is being sought for i.e., from FY 2024 to i.e., from FY 2024 to i.e., from FY 2024 to
transaction/series of FY 2026. FY 2026. FY 2026.
transactions under the (B) Financial (B) Financial
BALCO Agreement during transactions: transactions:
three (03) financial years Loans and guarantees Loans and guarantees
i.e., from FY 2024 to facilities for general facilities for general
FY 2026. corporate purpose corporate purpose
including working capital including working capital
and capital expenditure and capital expenditure
requirements. requirements.
The Company estimates The Company estimates
that the monetary value that the monetary value
of loans and guarantees of loans and guarantees
to be provided by the to be provided by the
Company to ESL up Company to FACOR up
to `1,475 crore during to `2,530 crore during
the period of three the period of three
(03) financial years (03) financial years
commencing from commencing from
01 April 2023. 01 April 2023.
3. Any advance paid or Nil Nil Nil Nil
received for the contract
or arrangement, if any
4. A statement that the The proposed RPTs have been evaluated by a globally reputed independent Big 4 consulting firm in terms
valuation or other external of pricing and arm’s-length criteria and the report confirms that the proposed RPTs are at arm’s-length
report, if any, relied upon and in ordinary course of business.
by the listed entity in
relation to the proposed
transaction will be made
available through the
registered email address
of the shareholders
5. Percentage of the ~ 2.71% ~ 2.39% ~ 1.97% ~ 1.5%
Company’s annual
consolidated turnover
for the immediately
preceding FY 2023, that is
represented by the value
of the proposed RPT
6. Justification for why the The RPTs with BALCO, ESL, FACOR and SPTL will help the Company achieve synergies and economies of
proposed transaction is in scale and will be in the best interest of the Members. Further, the above RPTs would help bring efficiency in
the interest of the listed operational and logistics costs, strengthen sustainability and leverage knowledge pool across functions.
entity Also, refer to the section on “Transaction Details” above.
7. If the transactions Not Applicable Not Applicable
relate to any loans,
inter-corporate deposits,
advances or investments
made or given by the
listed entity or its
subsidiary:
(i) D
etails of the source Not Applicable Own Funds Own Funds Not Applicable
of funds in connection
with the proposed
transaction;
(ii) Where any financial Not Applicable Not Applicable Not Applicable Not Applicable
indebtedness is
incurred to make or give
loans, inter-corporate
deposits, advances or
investments,
• nature of indebtedness;
• cost of funds; and
• tenure;
VEDANTA LIMITED

(iii) A
pplicable terms, Not Applicable Loan tenure – up to Loan tenure – up to 3 Not Applicable
including covenants, 3 years years
tenure, interest rate
and repayment Interest rate – at Interest rate – at
schedule, whether arm’s‑length interest arm’s‑length interest
secured or unsecured; rate, as benchmarked by rate, as benchmarked by
if secured, the nature an independent expert an independent expert
of security; and Nature - Unsecured Nature - Unsecured
(iv) T
he purpose for Not Applicable General corporate General corporate Not Applicable
which the funds will purposes including purposes including
be utilized by the working capital and working capital and
ultimate beneficiary capital expenditure capital expenditure
of such funds requirements requirements
pursuant to the RPT
8. Company’s Audit & Risk The proposed transactions with BALCO, ESL, FACOR and SPTL have been unanimously approved and
Management Committee recommended by the Audit & Risk Management Committee of the Company which comprises only of
approval Independent Directors.
9. Any other information All relevant information forms part of the statement setting out material facts, pursuant to Section 102(1) of
that may be relevant the Companies Act, 2013 forming part of this Notice.
Members may note that the Company has been undertaking such transactions of similar nature with BALCO, ESL, FACOR,
and SPTL in the past financial year(s), in the ordinary course of business and on arm’s‑length after obtaining requisite
approvals from the Audit & Risk Management Committee of the Company. The maximum annual value of the proposed
transactions with aforesaid related parties is estimated on the basis of Company’s current transactions with them and
future business projections.
The Board of Directors of the Company, upon the approval and recommendation of the Audit & Risk Management Committee
but subject to approval of the Members, have approved the foregoing RPTs with BALCO, ESL, FACOR and SPTL.
None of the promoters/promoter group entities, Directors/Key Managerial Personnel of the Company/their relatives are, in
any way, concerned or interested, financially or otherwise, in any of the proposed transactions in the resolutions set out in
Item No. 9, 10, 11 and 12 of the Notice, except to the extent of their shareholding in the Company. Further, Mr. Dindayal Jalan
is a common Independent Director between the Company and BALCO; and Mr. Akhilesh Joshi is a common Independent
Director between the Company and FACOR.
Pursuant to Regulation 23 of the Listing Regulations, Members may also note that no related party of the Company shall vote
to approve the resolutions set out in Item No. 9, 10, 11 and 12 of the Notice whether the entity is a related party to the particular
transaction or not.
The Board of Directors recommends the Ordinary Resolutions as set out in Item No. 9, 10, 11 and 12 of the Notice for
approval of the Members.
By Order of the Board of Directors
Prerna Halwasiya
Company Secretary and Compliance Officer
ACS No. 20856
Place: Mumbai
Dated: 12 May 2023
Registered Office:
1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue
Atul Projects, Chakala, Andheri (East)
Mumbai – 400 093
CIN: L13209MH1965PLC291394
E-mail ID: [email protected]
Website: www.vedantalimited.com
Tel: +91 22 6643 4500; Fax: +91 22 6643 4530
Notice
Annexure to the Notice of AGM
Details under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and in terms of Secretarial Standard - 2, in respect of the Directors seeking appointment/re-appointment:
Name of Director Mr. Sunil Duggal Mr. Navin Agarwal Ms. Priya Agarwal
Category of Director Whole-Time Director & CEO Whole-Time Director Non-Executive Director
Director Identification Number 07291685 00006303 05162177
(DIN)
Age 14 July 1962 (60 years) 11 January 1961 (61 years) 10 August 1989 (33 years)
Date of first appointment/re- 25 April 2021 (appointment) 17 August 2013 17 May 2017 (appointment)
appointment (appointment) 17 May 2020
01 August 2018 (re-appointment)
(re-appointment) 17 May 2023
01 August 2023 (re-appointment)
(re-appointment)
Qualification, Brief Resume/ As detailed in the Notice As detailed in Item No. 5 As detailed in Item No. 6
Experience (including expertise along with explanatory of the Notice along with of the Notice along with
in specific functional area) statement in Item No.9 of explanatory statement dated
explanatory statement dated
the AGM Notice dated 12 May 2023 12 May 2023
30 June 2021
Terms and Conditions of As detailed in the Notice As detailed in Item No. 5 As detailed in Item No. 6
appointment/re-appointment along with explanatory of the Notice along with of the Notice along with
statement in Item No.9 of explanatory statement dated explanatory statement dated
the AGM Notice dated 12 May 2023 12 May 2023
30 June 2021
Remuneration last drawn As mentioned in the Corporate Governance Report forming part of the Annual Report for
(including sitting fees, if any) FY 2023
Remuneration proposed to be As per existing terms and conditions
paid
Shareholding in the Company 20,233 equity shares of Nil Nil
as on 31 March 2023 `1/- each
(including shareholding as
Beneficial Owner)
Relationship with other Directors/ None Brother of Mr. Anil Agarwal Daughter of Mr. Anil Agarwal
Key Managerial Personnel/
Managers
Number of Board meetings As mentioned in the Corporate Governance Report forming part of the Annual Report for
attended during the year FY 2023
Directorship of other Boards as on Public Companies: Public Companies: Public Companies:
31 March 2023 1. Federation of India 1. Hindustan Zinc Limited 1. Hindustan Zinc Limited
Mineral Industries (Listed) (Listed)
Private Limited Companies: 2. Anil Agarwal
1. Hare Krishna Packaging Foundation
Private Limited
Foreign Companies:
1. Vedanta Resources
Limited
Listed Entities from which None None None
resigned in past three years
Membership/Chairmanship of None Nomination & Remuneration Corporate Social Responsibility
Committees of the other Boards Committee: Committee:
as on 31 March 2023 1. Hindustan Zinc Limited - 1. Hindustan Zinc Limited -
Member Chairperson
VEDANTA LIMITED
Information at a glance
Particulars Details
Time and Date of AGM 3:00 p.m. (IST), Wednesday, 12 July 2023
Mode Video Conferencing (“VC”)/Other Audio-Visual Means
(“OAVM”)
Participation through VC https://www.vedantalimited.com/vedanta2023/
Helpline number for VC participation 022-4886 7000 and 022-2499 7000
Cut-off date for e-voting Wednesday, 05 July 2023
E-voting start time and date 9:00 a.m. (IST), Friday, 07 July 2023
E-voting end time and date 5:00 p.m. (IST), Tuesday, 11 July 2023
E-voting website of NSDL www.evoting.nsdl.com/
FAQs for AGM www.vedantalimited.com
Recording and transcripts www.vedantalimited.com
Name, address and contact details of e-voting service provider Contact name:
Ms. Pallavi Mhatre
Senior Manager
National Securities Depository Limited,
Trade World, 'A' Wing, 4th Floor, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Email ID: [email protected]
Name, address and contact details of Registrar and Transfer Contact name:
Agent Mr. Ganesh Chandra Patro
Assistant Vice President
KFin Technologies Limited,
Selenium Building, Tower B, Plot 31-32, Gachibowli,
Financial District, Nanakramguda, Serilingampally,
Hyderabad – 500 032
Email ID: [email protected]
Other important links
Integrated Annual Report FY 2023 www.vedantalimited.com
Subsidiary Financials www.vedantalimited.com
Policies & Practices www.vedantalimited.com
Annual Return for FY 2023 www.vedantalimited.com
Other Reports – Sustainability Report, Tax Transparency Report www.vedantalimited.com
and TCFD Report on Climate Change
Details of Unclaimed Dividend due for transfer to IEPF www.vedantalimited.com
Details of Unclaimed Shares due for transfer to IEPF www.vedantalimited.com
Dividend History www.vedantalimited.com
24
TRANSFORMING TOGETHER
INCLUSIVE. RESPONSIBLE. VALUE-ACCRETIVE DELIVERY.
Vedanta Limited
Integrated Report and Annual Accounts 2022-23
TRANSFORMING
TOGETHER
INCLUSIVE. RESPONSIBLE. VALUE-ACCRETIVE DELIVERY.
At Vedanta, we are inspired to consolidate our market-leading

position as a natural resource powerhouse and scale new peaks
of excellence in productivity, innovation and digitalisation. We
intend to accomplish these goals through inclusive practices
and responsible actions that create lasting value for our
stakeholders and contribute to the nation’s growth.
Our quest for excellence drives us to advance our transformation journey, from
‘Transforming for Good’ to ‘Transforming Together’. This transition encompasses
smarter choices and collective actions on a foundation of shared values and inclusive
development. Our future hinges upon it.
Driven by a deep sense of responsibility towards our people and communities while
harnessing the wealth of natural capital, we are progressing toward ambitious goals
in environmental stewardship, social equity and impact besides people excellence and
good governance. We are simultaneously building new state-of-the-art capacities to
drive value addition. By investing in world-class digital and operational practices, we are
poised to chart new growth paths and explore bigger opportunities. Through our quest
for ‘Transforming Together’, we are confident of securing sustainable and responsible
growth to progress to a value-accretive future.
ABOUT THE REPORT
At Vedanta, we have always been inspired to make Annual accounts
disclosures that go beyond statutory requirements to enable This report should be read in conjunction with the annual
our stakeholders and providers of financial capital to take accounts (pages 325 to 572) to gain a complete picture
the right decision. In line with this, we have followed the of VEDL’s financial performance. The consolidated and
content elements and guiding principles of the International standalone financial statements in this report have been
Integrated Reporting <IR> Framework, outlined by the prepared in accordance with the Indian Accounting
International Integrated Reporting Council (IIRC), now the Standards (Ind AS) notified under the Companies (Indian
Value Reporting Foundation (VRF). Accounting Standards) Rules, 2015 (as amended from
time to time) and have been independently audited by S.R.
We commenced our Integrated Reporting journey in Batliboi & Co. LLP. The Independent Auditors’ Report for
FY 2018, with a view to communicating our approach to both consolidated and standalone financials can be found
value creation and key outcomes to our stakeholders. The on pages 445 and 326 respectively.
integrated reports are prepared to assist our stakeholders,
primarily the providers of financial capital, to make an
informed assessment of our ability to create value over Forward-looking statements
the short, medium and long term. At Vedanta, we remain This report contains ‘forward-looking statements’ – that
committed to providing relevant disclosures pertaining is, statements about business expectations and forecasts
to our material issues, with the highest standards of that are based on future, not past events. In this context,
transparency and integrity, in line with our values. forward-looking statements address our expected future
business and financial performance, and often contain
words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’,
Scope and boundary
‘believes’, ‘seeks’, or ‘will’. Forward-looking statements
The Integrated Report and Annual Accounts 2022-23 by their nature address matters that are, in different
covers the reporting period from 01 April 2022 to 31 March degrees, uncertain. For us, uncertainties arise from the
2023, and provides holistic information on Vedanta Limited behaviour of financial and metals markets including the
(Vedanta, VEDL), a subsidiary of Vedanta Resources Limited. London Metal Exchange, fluctuations in interest and/or
exchange rates and metal prices; from future integration
It provides an overview of operations across our business of acquired businesses; and from numerous other matters
units, namely, zinc-lead-silver, oil and gas, aluminium, of national, regional and global scale, including those
power, iron ore, steel, nickel and copper. Our assets are of environmental, climatic, natural, political, economic,
spread through India, South Africa and Namibia, and across business, competitive or regulatory nature. These
the value chain comprising exploration, asset development, uncertainties may cause our actual future results to be
extraction, processing and value-accretion activities. materially different than those expressed in our forward-
looking statements. We do not undertake to update our
This report aims to provide a concise explanation of VEDL’s forward-looking statements. These forward-looking
performance, strategy, value-creation model, business statements involve risk and uncertainties, and although
outputs and outcomes using an interlinked, multi-capital we believe that the assumption on which our forward-
approach. It includes measures of engagement with looking statements are based are reasonable, any of
identified material stakeholder groups and outlines the those assumptions could prove to be inaccurate and, as
organisation’s governance framework, together with our a result, the forward-looking statement based on those
risk-mitigation strategy. assumptions could be materially incorrect.
Approach to stakeholder engagement and Board and management assurance

materiality The Board of Directors and the Company’s management
Our stakeholders include those individuals and acknowledge their responsibility to ensure the integrity
organisations who have an interest in, and/or whose of information covered in this report. They believe, to the
actions impact our ability to execute business strategy. We best of their knowledge, that this report addresses all
periodically engage with different stakeholder groups and material issues and presents the integrated performance
actively respond to their concerns and issues. This report of VEDL and its impact in a fair and accurate manner.
contains information that we believe is of interest to our The report has therefore been authorised for release on
stakeholders and presents a discussion on matters that can 12 May 2023.
impact our ability to create value over the short, medium and
long term.
CONTENTS
Integrated Report Stakeholder Engagement
01 Integrated Thinking and Materiality Assessment
at Vedanta 78 Stakeholder Engagement
02 Value-Creation Highlights 80 Materiality
FY 2023
Sustainability Review
Introducing Vedanta
30 ESL improves blast 82 Operationalising ESG
furnace performance 06 Vedanta at a glance within Vedanta
with process 10 Presence 102 People and Culture
digital twin 12 Asset Overview 106 Corporate Governance
16 Our Investment Case 110 Awards
Performance Review Management Discussion

22 Message from the Chairman and Analysis
26 Message from the CEO & MD 112 Market Review
30 Case Studies 118 Segment Review
38 Key Performance Indicators 126 Finance Review
34 Sterlite Copper
advances low‑carbon
42 Value-Creation Model
44 Opportunities
132 Operational Review
journey with 48 Strategic Priorities and Statutory Reports

green copper 172 Directors’ Report
Update
56 Risk Management 234 Report on Corporate Governance
66 Cybersecurity 291 Business Responsibility and
Sustainability Report
Our Board and
Management Financial Statements
68 Board of Directors 325 Standalone Financials
72 Executive Committee 444 Consolidated Financials
36 Turning around
lead smelter at DSC 577 Abbreviations
VEDL reporting suite

Vedanta Limited Vedanta Limited Integrated
Sustainability Report (SR) Report (IR) and Annual
2021-22 Accounts 2021-22
Information coverage: Information coverage:
Disclosures on triple bottom Holistic disclosure of
line performance performance and strategy
Standards/guidelines used: Standards/guidelines used:

Global Reporting Initiative International Integrated Reporting
(GRI) Standards Framework, Indian Accounting
Standards (Ind AS), Indian
Secretarial Standards
Vedanta Limited Tax Vedanta Limited TCFD

Transparency Report (TTR) Report 2022
2021-22 Information coverage:
Information coverage: Climate-related
Voluntary disclosure of profits financial disclosures
made and taxes paid (only Indian
company to publish a TTR) Standards/guidelines used:
Approach to climate action,
Standards/guidelines used: climate strategy and climate
Indian Accounting Standards risk management
(Ind AS)
INTEGRATED STATUTORY FINANCIAL
Integrated thinking at Vedanta REPORT REPORTS STATEMENTS
INTEGRATED THINKING AT VEDANTA

Vedanta adopts a comprehensive value creation process that considers all
resources and relationships, material issues and strategic focus areas, in
the backdrop of our mission and values. Our ESG purpose ‘Transforming
for Good’, supplemented by a more comprehensive ‘Transforming Together’
theme is deeply embedded into this process. This community value
empowers our decision-making to drive business success, alongside
contributing to the nation’s growth, a sustainable world and shared value
creation for all stakeholders.
1. We are led by
Mission Values
To create a leading global Trust Entrepreneurship Innovation Excellence
natural resource Company Integrity Care Respect
2. Building on
Capitals Pg. 2
Financial Manufactured Intellectual Human Social and Natural

capital capital capital capital relationship capital
capital
3. Focussing on
Material issues Pg. 80
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14
4. Enabled by
Strategic focus areas Pg. 48
Continue to focus Augment our Operational Optimise capital Deliver

on world-class reserves and excellence allocation and maintain on growth
ESG performance resource base strong balance sheet opportunities
5. With a consistent eye on

Top risks Pg. 56 Megatrends and opportunities Pg. 44
R1 R2 R3 R4 R5 R6 R7 T1 T2 T3 T4 T5 T6 T7
R8 R9 R10 R11 R12 R13
6. Creating consistent value for

Pg. 78
Shareholders, Local Employees Industry Governments Civil societies

investors and lenders communities
1
VEDANTA LIMITED Integrated Report and Annual Accounts 2022-23
VALUE-CREATION HIGHLIGHTS FY 2023
FINANCIAL CAPITAL
We are focussed on optimising capital allocation and maintaining a strong
balance sheet while generating strong free cash flows. We also review all
investments, taking into account the Group’s financial resources with a view to
maximise returns for shareholders.
Pg. 126
Key FY 2023 outcomes
Revenue EBITDA Net Debt/EBITDA
` 1,45,404 crore ` 35,241 crore 1.3X

11% YoY 22% YoY
EBITDA margin1 ROCE Historic dividend
28% ~21% `101.5 per share

PAT (before exceptional and Free cash flow (FCF)
one-time gain) post-capex
` 14,449 crore ` 18,077 crore

41% YoY
Cash and cash equivalents Net debt
` 20,922 crore ` 45,260 crore
Note 1: Excluding custom smelting at copper business
2
MANUFACTURED CAPITAL
We invest in best-in-class equipment and machinery to ensure
operational efficiency and safety, at both our current operations and
expansion projects. This also supports our strong and sustainable cash
flow generation.
Pg. 132
Business highlights
Zinc India
16.74 million tonnes

Record ore production
1,032 kt
Highest ever refined
714 tonnes
Ever-highest silver production
zinc-lead production
10% YoY
7% YoY
Zinc International Oil & Gas Aluminium
208 kt
Record mined metal
143 kboepd
Average gross
2,291 kt
Highest ever aluminium
production at Gamsberg operated production production
22% YoY 11% YoY
Power Iron Ore
14,835 million units

Record overall power sales
5.3 million tonnes 696 kt
Production of saleable ore Pig Iron production
25% YoY at Karnataka
Steel Copper India
1.37 million tonnes

Highest ever hot metal production
1.29 million tonnes
Record saleable production
148 kt
Cathode production
1% YoY 2% YoY from the Silvassa
18% YoY
FACOR
290 kt
Record chrome ore production
67 kt
Ferro chrome production
16% YoY 11% YoY
3
HUMAN CAPITAL
We promote diversity, equality and inclusivity, while also investing in people development,
safety and well-being. We empower them to think independently, creatively and
innovatively. It has enabled us to create a workplace where a diversity of individuals with
diverse skills, experience and unique capabilities can thrive and contribute to business
goals, reinforcing our position as a leading natural resources company.
Pg. 102
87,500+ 14.0%¹ 2,199

Total Workforce Women employees Employees covered
under mentoring and
support programs
8.9%² 1.2%³
Attrition rate TRIFR
SOCIAL AND RELATIONSHIP CAPITAL

We are committed to nurturing lasting and enduring relationships with our
stakeholders, built on trust and concern for their individual and collective
well‑being through meaningful engagements. These bonds are instrumental in
maintaining our reputation, upholding our licence to operate, and enabling us to
deliver on our strategy.
Pg. 88
4,500+ 44 million⁴ `454 crore

Nand Ghars built Total CSR beneficiaries Total CSR spend
Human Rights self‑assessment

conducted across all BUs
Note 1&2: Based on Full Time Employee (FTE)

Note 3: Based on total workforce
Note 4: Includes both direct and indirect beneficiaries
4
NATURAL CAPITAL
India and Africa provide us with world-class mining assets and abundant natural
resources and reserves, driving our competitiveness. However, while using these
resources to create social and economic value, our operations also have accompanying
environmental impacts. We strive to operate responsibly through sustainable use of
resources and investing in various environmental goals.
Pg. 92
Zinc India R&R
460 million tonnes

Combined R&R
30.8 million tonnes
Zinc-Lead metal R&R
856 million ounces
Silver R&R
Zinc International R&R Oil and Gas R&R
659.1 million tonnes 34.9 million tonnes

Combined R&R Metal R&R
1,156 mmboe
Gross proved, and probable
reserves and resources
GHG Intensity Water Positivity Ratio
6.24 tCO e per 2

0.62x
tonne of metal
HVLT waste recycled Biomass Usage
162% ~78,000 tonnes

Trees Planted
1 million
As part of the commitment to
plant 7 million trees by 2030
5
VEDANTA AT A GLANCE
INDIA’S LARGEST NATURAL RESOURCES

COMPANY, POWERING SUSTAINABLE
AND RESPONSIBLE PROGRESS
Vedanta Limited, a subsidiary of Vedanta
Resources Limited, is one of the world’s
foremost natural resources conglomerates,
with primary operations in zinc-lead-silver,
iron ore, steel, copper, aluminium, power,
nickel, and oil and gas.
As market leaders in most of these segments, we serve domestic and international

demand for primary materials, thereby playing a key role that enables resource
sufficiency at scale. With strategic assets in India, South Africa and Namibia, we are
committed to creating long-term value, with an uncompromised focus on business,
social and environmental sustainability.
6
Vedanta at a glance REPORT REPORTS STATEMENTS
Our core values shape our approach to business and value creation
Trust Entrepreneurship Innovation Excellence
Integrity Care Respect
R&R
87,500+ 4+
Total Workforce
million
tCO2e in avoided
460
Zinc India
million tonnes 659 million tonnes
Zinc International
emissions from
1,156
FY 2021 baseline
mmboe
Oil and Gas
7
Our value chain
Value addition Processing

We meet market requirements by We produce refined metals by processing
converting the primary metals and smelting extracted minerals at our
produced at our facilities into zinc, lead, silver, copper, and aluminium
value‑added products such as smelters, and other processing facilities
sheets, rods, bars, rolled products, in India and Africa. As a best practice
etc. at our zinc, aluminium and measure, we also generate captive power
copper businesses. and sell any surplus power.
Exploration Asset development Extraction

We have consistently We have a remarkable track Our operations are focussed
added to our Reserves and record of project execution on the exploration and
Resources (‘R&R’) through on time and within budget. production of metals, oil and
brownfield and greenfield We undertake special gas extraction besides power
activities that have helped measures to develop the generation. We extract zinc-
us to extend the lives of our resource base to optimise lead-silver, iron ore, steel,
existing mines and oilfields. production and increase the copper and aluminium. We
life of the resource. We have have three operating blocks in
also developed strategic India producing oil and gas.
processing facilities.
Advanced technologies and digitalisation are used across the value chain resulting in superior operational efficiencies
8
Vedanta at a glance REPORT REPORTS STATEMENTS
ESG PURPOSE AND MISSION
TRANSFORMING FOR GOOD

Commitments and targets
Pillars
Transforming Aim 1 Aim 2 Aim 3

communities Keep community Empowering over Uplifting over 100 million
welfare at the core of 2.5 million families with women and children
business decisions enhanced skillsets through Education, Nutrition,
Healthcare and Welfare

the planet Net-carbon neutrality by Achieving net water Innovating for a greener
2050 or sooner positivity by 2030 business model

the workplace Prioritising safety and Promote gender parity, Adhere to global
health of all employees diversity and inclusivity business standards of
corporate governance
Operating structure
Our diversified structure and wide geographic presence enable efficient operations and serviceability
As of 31 March 2023
Listed entities Unlisted entities

Vedanta
68.1% Resources
Limited
Vedanta
Limited Divisions of Vedanta Ltd. • Iron Ore Goa
• Sesa Goa • Iron Ore Karnataka
• Sterlite Copper • Value-Added Business
• Power (600 MW Jharsuguda)
• Aluminium
• Jharsuguda
• Cairn Oil & Gas**
• Lanjigarh
Subsidiaries of Vedanta Ltd.
64.92% 51% 100% 100% 95.5% 99.99%

Zinc India Bharat Zinc Talwandi ESL Steel Ferro Alloy
(HZL) Aluminium International* Sabo Power Limited Corporation Ltd.
(BALCO) (1,980 MW) (FACOR)
*Skorpion -100% BMM & Gamsberg – 74%

**50% of the share in the RJ Block is held by a subsidiary of Vedanta Limited
9
PRESENCE
WORLD-CLASS DIVERSIFIED NATURAL

RESOURCES POWERHOUSE
Global
UAE
Fujairah Gold
Ireland
Lisheen Mine East Asia
Glass
Liberia
Iron Ore Project India
Western Cluster Multiple
Namibia
Scorpion Mine
South Africa Australia

Black Mountain Mine Mt. Lyell Mine
Gamsberg
COPPER ALUMINIUM POWER IRON ORE ZINC
OIL & GAS CAPTIVE POWER GLASS MULTIPLE STEEL

PLANT
MET COKE FERRO ALLOYS CEMENT NICKEL PORT
Note: Maps not to scale; Lisheen Mine had safe, detailed and fully costed closured after 17 years of operation in Nov’2015 and
Mt. Lyell Mine is under care and maintenance
10
Presence REPORT REPORTS STATEMENTS
India
6
26
16 12
13
10 11
14 5
19
22
24
18
4
1 20
25
23 15
17
9
8
21
1 Silvassa Copper 13 Rajpura Dariba Mine & Zinc-Lead-Silver

2 Tuticorin Copper, Captive Power Plant Smelter And Sindeswar
3 Lanjigarh Aluminium (VAL) & Captive Khurd Mine & Captive
Power Plant Power Plant
4 Jharsuguda Aluminium (VAL), Commercial 14 Zawar Mine Zinc-Lead-Silver & Captive

Power (SEL), Captive Power Plant Power Plant
& Projects under development 15 Vizag Zinc-Lead-Silver
5 Korba Aluminium, Captive Power Plant 16 Rajasthan Oil & Gas
& Projects under development 17 Ravva Oil & Gas
6 Talwandi Sabo Power (TSPL) 18 Cambay Oil & Gas
7 Salem Power (MALCO) 19 Bokaro Steel
8 Goa Iron Ore (Sesa Goa) | Nickel 20 Bhadrak Ferro Alloys, Chrome ore mines
(Sesa Nickel) | Cement (Sesa
21 KG Onshore & Offshore Oil & Gas
Cement) | Pig Iron
22 Gujarat Met Coke
9 Karnataka Iron Ore (Sesa Goa Operations)
23 Vazare Met Coke
10 Debari Zinc-Lead-Silver
24 Barbil Iron Ore Odisha
11 Chanderiya Dariba Zinc-Lead-Silver
25 Vizag Port (VGCB)
12 Rampura Agucha Zinc-Lead-Silver
26 Haridwar Zinc-Lead-Silver
11
ASSET OVERVIEW
LEADER IN KEY BUSINESS SEGMENTS
ZINC-LEAD-SILVER ALUMINIUM
77% market share in Largest primary aluminium
India’s primary zinc market producer in India
(Hindustan Zinc Limited)
Business Business
Zinc India (HZL), Zinc International Aluminium smelters at Jharsuguda &
Asset Highlights Korba (BALCO)
• World’s largest underground zinc-lead mine at Alumina refinery at Lanjigarh
Rampura Agucha, India
Asset Highlights
• 5th largest silver producer in the world
• Largest aluminium installed capacity in India at
• Zinc India has an R&R of 460 million tonnes with a
2.3 MTPA
mine life of 25+ years
• Integrated 5.7 GW Power & 2 MTPA
• Zinc International has an R&R of more than 659
Alumina refinery
million tonnes supporting mine life in excess of
20 years • 41% market share in India among primary
aluminium producers
• HZL - Low-cost zinc producer, which lies in the first
quartile of the global zinc cost curve (2022) • Diverse product portfolio – ingots, wire rods,
primary foundry alloy, rolled products, billet
Application Areas and slab
• Galvanising for infrastructure and
Application Areas
construction sectors
• Power systems, automotive sector, aerospace,
• Die-casting alloys, brass, oxides and chemicals
building and construction, packaging
EBITDA EBITDA
`17,474 crore `1,934 crore `5,837 crore
(Zinc India) (Zinc International)
Production Volume
Production Volume
Zinc India Zinc International
2,291 kt 1,793 kt
Aluminium Alumina
821 kt 211 kt 714 kt 273 kt
Zinc Lead Silver MIC
12
Asset overview REPORT REPORTS STATEMENTS
OIL & GAS POWER

Operates ~25% of India’s crude 9 GW power portfolio
oil production
Business Business
Cairn India Power assets at Talwandi Sabo, Jharsuguda,
Asset Highlights Korba & Lanjigarh
• Signed 10-year extension up to 2030 for the Rajasthan Asset Highlights
block Production Sharing Contract (PSC)
• One of the largest power producers in India’s
• OLAP & DSF - Secured 8 blocks in Discovered Small private sector*
Fields (DSF)-III bid round and one block in special Coal
Bed Methane (CBM) bid round 2021 • Energy efficient, super critical 1,980 MW power
plant at Talwandi Sabo
• World’s longest continuously heated pipeline from Barmer
to Gujarat Coast (~670 kms)
• Till FY 2023, 294 wells have been drilled and 201 wells Application Areas
hooked up across all assets • Commercial power backed by power
• Awarded key contracts for end-to-end management of purchase agreements
Operations and Maintenance (O&M) across assets • Captive use
• Largest private sector oil and gas producer in India
• Executed one of the largest polymer EOR projects in
the world
• Footprint over a total acreage of 65,000 square kilometres
• Gross 2P reserves and 2C resources of 1,156 mmboe
Application Areas
• Crude oil is used by hydrocarbon refineries
• Natural gas is mainly used by the fertiliser sector
*Including captive power generation
EBITDA EBITDA
`7,782 crore `851 crore
Average daily gross operated production Power sales
143 kboepd 14,835 million units
13
IRON ORE STEEL

One of the largest merchant iron ore 3 MTPA design capacity1
miners in India and one of the
largest producers and exporters
of merchant pig iron in India
Business Business
Iron Ore India Electrosteel India
Asset Highlights Asset Highlights
• Karnataka iron ore mine with reserves of 53.57 million • Design capacity of 3 MTPA
tonnes, and life of 9 years • Largely long steel products
• Value-added business: 3 blast furnaces (0.9 MTPA), • Highest-ever hot metal production of 1,368 kt
2 coke oven batteries (0.5 MTPA) and 2 power plants
• Highest ever DIP production of 196 kt
(65 MW) and one merchant coke plant of capacity
0.1 MTPA Application Areas
Application Areas • Construction, infrastructure, transport, energy,
packaging, appliances and industry
• Essential for steel making
• Product portfolio includes pig iron, billets, TMT
• Used in construction, infrastructure and
bars, wire rods and ductile iron pipes
automotive sectors
EBITDA EBITDA
`988 crore `316 crore
Production Volume Production Volume
5.3 million tonnes 696 kt 1,285 kt

Iron ore Pig iron Steel
Note: 1. Hot metal design capacity
14
Asset overview REPORT REPORTS STATEMENTS
FACOR COPPER
80 KTPA charge chrome/ferro One of the largest copper
chrome capacity with 100 MW production capacity in India
power plant; 290 KTPA
chrome ore mining capacity
Business Business
Ferro Alloys Corporation Ltd Copper India
Asset Highlights Asset Highlights
• Ostapal and Kalarangiatta Mines have 290 KTPA • Tuticorin smelter and refinery are currently
mining capacity not operational
• Charge chrome plant of 80 KTPA and captive power • Tuticorin Smelter Capacity: 400 KTPA
plant of 100 MW • Silvassa Refinery Capacity: 216 KTPA
Application Areas Application Areas
• Used for making stainless steel, carbon steel, • Used for making cables, transformers, castings,
ball‑bearing steels, tool steels and other alloy steels motors and alloy-based products
EBITDA EBITDA
`149 crore `(4) crore
Production Volume Production Volume
67 kt 148 kt
Ferro chrome Cathode
15
OUR INVESTMENT CASE
CAPITALISING ON
INHERENT ADVANTAGES TO
DELIVER LONG‑TERM VALUE
India’s natural resources industry is expected to contribute
substantially to the country’s economy and have a significant
impact on the international commodity markets. As India’s largest
and most diversified natural resources company, we are well-
positioned to play a major role in supporting India’s economic
growth. We are making the right investments for exponential
growth. We have partnered with the government to promote
inclusive development, raise environmental standards and build
public support for the critical minerals and mining sector.
16
Our Investment Case REPORT REPORTS STATEMENTS
Committed to ESG
leadership in the natural
resources sector
Robust financial profile World-class natural
with strong ROCE and resources powerhouse
cash flow and a stronger with low cost, long-life and
balance sheet diversified asset base
Uniquely
positioned
to deliver
Disciplined capital allocation sustainable Well-placed to contribute
framework with emphasis to and capitalise on India’s
value
on superior and consistent growth with an attractive
shareholder returns commodity mix
Focussed on digitalisation Proven track record of

and innovation to drive operational excellence
efficiency and resilience with high productivity and
consistent utilisation rates
World-class natural resources powerhouse with low cost,

long-life and diversified asset base
Vedanta’s large, diversified asset portfolio, with an driven by our resolute focus on structural cost reduction
attractive cost position in many of its core businesses, and operational efficiencies.
enables us to deliver strong margins and free cash flows
through the commodity cycle. We have an attractive Vedanta continued its strong growth momentum
commodity mix, with strong fundamentals and leading and witnessed steady volume performance across
demand growth with a keen focus on base metals and all businesses, with aluminium and zinc delivering
oil. Our cost positioning globally, across key segments, is record performance.
Demand 2022-2030 CAGR

(%)
9.0
5.9
5.6
4.7
4.5
4.4
4.2
4.1
2.6
2.0
1.7
1.6
1.4
1.0
(0.5)
(1.4)
Copper Lead Aluminium Zinc Iron Ore Nickel Oil1 Thermal Coal
India Global
Source: Wood Mackenzie

1. OPEC World Oil Outlook 2022
17
Well-placed to contribute to and capitalise on India’s growth

with an attractive commodity mix
India is our core market, with huge growth potential, Vedanta’s unique advantages:
given that the current per capita metal consumption is
• Operating a wide and scalable portfolio of commodities
significantly lower than the global average. Also, India’s GDP,
that grow the nation
which registered a growth of 6.8% over the course of 2022,
is expected to grow by 5.9% in FY 2024 (IMF; April 2023 • A strong market position as India’s largest base metals
estimate). Urbanisation and industrialisation, supported producer and largest private sector oil producer
by government initiatives on infrastructure and housing,
• An operating team with an extensive track record of
a strong response to COVID-19 and an increase in capital
executing projects and achieving growth
outlay announced in the Union Budget 2023-24 will continue
to drive strong economic growth and generate demand for
natural resources.
Aluminium consumption Copper consumption Zinc consumption Oil consumption

(kg/capita) (kg/capita) (kg/capita) (boe/capita)
27.8
10.7
4.6
4.7
3.9
4.0
1.7
8.7
1.3
1.7
0.9
0.5
India Global China India Global China India Global China India Global China
Source: Wood Mackenzie, IHS Markit, OPEC World Oil Outlook 2022
Note: All commodities' demand correspond to primary demand; figures are for 2022
India mineral reserves ranking globally
7th Zinc
Reserves: 9.1 million tonnes
Crude Oil
Reserves: 3.7 billion barrel
7th Iron Ore

Reserves: 5.5 billion tonnes
8th Bauxite
Reserves: 660 million tonnes
Source: USGS Mineral Commodity Summaries 2022, OPEC Annual

Employee On-site Statistical Bulletin 2022
18
India Growth Potential

GDP Per capita income
(Nominal at US$PPP) (Nominal at US$PPP)
(US$ trillion) (US$)
25.6
16,912
9,365
13.3
8.6% 7.7%
CAGR CAGR
2022 2030 2022 2030
Population Urbanisation
(billion) (%)
1.5
40
1.4
36
0.8% 1.4%
CAGR CAGR
2022 2030 2022 2030
Source: IHS Markit Employees at Lanjigarh Refinery
Proven track record of operational excellence with high productivity

and consistent utilisation rates
• Our management team has diverse and extensive sectoral and global experience. Drawing from this deep insight, the
team ensures that operations are run efficiently and responsibly
• Disciplined approach to development; achieving steady production growth across operations with a focus on efficiency
and cost savings
• Since our listing in 2004, our assets have delivered a phenomenal production growth
Total Production Copper Equivalent (kt)
2,000
1,800
1,600
cti on
1,400
P rodu%
R 6- * 8
1,200
% CAG’s GDP of
13 ia
1,000 or ~ st Ind
800
10xwth again
Gro
600
400
200
0
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Zinc-Lead Silver Copper Aluminium Steel Power Iron Ore Oil & Gas
*A
ll commodity and power capacities rebased to copper equivalent capacity (defined as production x commodity price/copper price) using
average commodity prices for FY 2023. Power rebased using FY 2023 realisations, Copper custom smelting production rebased at TC/RC
for FY 2023, Iron ore volumes refer to sales with prices rebased at realised prices for FY 2023
19
Focussed on digitalisation and innovation to drive efficiency

and resilience
To optimise efficiency and ensure future-readiness in
our operations, we are actively investing in Industry
4.0 technologies, and mainstreaming a digital-
first culture throughout the organisation. This has
helped to achieve a 100% digitally literate workforce,
a consistent eye on tech-led innovation, strong
collaboration with start-ups and partners and a
continued unlocking of efficiency potential across our
integrated value chain.
Project Pratham, aimed at significantly improving

volume, cost and ease of doing business, has been
a key step in this direction. Being implemented in
partnership with global entities, it involves introducing
emerging technologies throughout the Vedanta
Industry 4.0 framework. The primary objectives of this
project include EBITDA improvement, making gains
on intangibles and reducing overall carbon footprint.
Additionally, we are collaborating with technology
start-ups, through the Spark programme, to leverage
the power of cutting-edge technology for bringing
large-scale impact.
Leveraging digital technology
Disciplined capital allocation framework with emphasis on

superior and consistent shareholder returns
We have unveiled a structured capital allocation policy a consistent, disciplined, and balanced allocation of
that prioritises growth and shareholder returns. The policy capital with long-term balance sheet management,
aligns three streams across capital expenditure, dividend optimal leverage management and maximisation of
policy and selective inorganic growth. It will be driven by total shareholder returns.
Mergers &
Acquisition
Capital
Dividend Capital Expenditure
Allocation
20
Robust financial profile with strong ROCE and cash flow

and a stronger balance sheet
Our operating performance, coupled with the optimisation Return on Capital Employed
of capital allocation, has helped strengthen our financials: (%)
• Revenues of `1,45,404 crore and EBITDA of
`35,241 crore
30
• Strong ROCE of ~21%
• Deleveraging and extension of our debt maturities
21
through proactive liability management exercises
19
• Strong and robust FCF (Post Capex) of `18,077 crore
• Cash and liquid investments of `20,922 crore
• A strong balance sheet, with respect to Net Debt/

EBITDA and gearing, compared with our global
diversified peers
FY FY FY
• `37,730 crore of declared dividend in FY 2023 2021 2022 2023
Committed to ESG leadership in the natural resources sector
• Being sustainable and the lowest cost producer in a • Positively impacting the lives of 100 million women and
sustainable manner children through upskilling and education, nutrition and
healthcare initiatives
• Incorporated global best practices to transform
communities, planet and workplace in alignment with • Improving transparency and completeness of disclosures
our Group’s objective of ‘zero harm, zero waste and in alignment with international best practices like GRI,
zero discharge’ TCFD etc.
• Implemented critical risk management across the

business to improve workplace safety
• Promoting diversity at the workplace to build an

inclusive work culture
• Attaining net zero carbon by 2050 and reducing
absolute emissions by 25% by 2030 from the 2021
baseline. Levers being used for achieving this goal
include 2.5 GW Round the Clock Renewable Energy
(RE RTC) by 2030, promoting operational efficiency,
changing fuel mix, decarbonisation of 100% of our
Light Motor Vehicle (LMV) fleet by 2030 and 75% of
our mining fleet by 2035, exploring greener business
opportunities and development of a low carbon
product portfolio
• Achieving water efficiency and net water positivity

by 2030
• Retaining community welfare at the core of decision-

making by implementing global best practices
Plantation drive at VZI
21
MESSAGE FROM THE CHAIRMAN
PURPOSEFUL PATH TO A PROSPEROUS FUTURE
Dear Stakeholders, We are pleased to have meaningfully

addressed the needs of our
I am happy to take this stakeholders and communities while
opportunity to share my thoughts assuming a leadership position in
and express gratitude for your tackling environmental issues. Our ESG
strategy, ‘Transforming for Good’ has
continued trust in Vedanta. been instrumental in achieving this
Our journey of growth and objective. We are now evolving this
shared value creation continued further with a more comprehensive
unabated during FY 2023 despite approach of ‘Transforming Together’,
to create a greater positive impact on
market volatility. We owe this our stakeholders and society at large.
success to our team whose agility We are excited about the future and are
in pursuing opportunities, thought progressing with greater energy and
leadership and decisive action enthusiasm to create value for all.
brought us closer to achieving our

ambitious goals.
22
Message from the Chairman REPORT REPORTS STATEMENTS
India gains global prominence implementation of various positive
FY 2023 has been an incredible year for

policies and programmes will drive India’s We reported a strong
exceptional growth story for years to come.
India. The country outperformed and set of financial
repositioned itself amongst the world’s
fastest-growing economies, even as
Vedanta for a self-reliant India results, `1,45,404
most developed nations faced slower As India’s largest diversified natural crore in revenue
resources company and one of the largest
growth amidst high inflation. It posted an and `35,241 crore
impressive 6.8% GDP growth in FY 2023, corporations globally with businesses
after delivering 9.1% growth in the previous spanning metals, mining and energy, Vedanta in EBITDA. We have
fiscal year. It is indeed encouraging to has a distinct advantage in India’s journey of generated a healthy
self-reliance. Our mining expertise powered
witness this growth story unfold with a net-free cash flow
visible supply chain shift in India’s favour by best-in-class technology and talented
and its manufacturing prowess getting due people along with a robust value-added of `18,077 crore.
recognition globally. portfolio positions us attractively to harness This all-round
the evolving growth opportunity.
India’s improved outlook in many ways performance is a
is attributable to the government’s We envisage a greater role for us in the testament to our
nation’s growth story and in making India
quest for self-reliance in manufacturing,
self-reliant for minerals and energy - an
outstanding portfolio
minerals and resources. Its importance
was accentuated in the aftermath of the imperative given the growing population and and accomplished
pandemic and the Russia-Ukraine conflict, rising industrial activity. Vedanta is already leadership team.
which saw heightened uncertainties expanding its aluminium and zinc capacities.
and geopolitical tensions globally. Our oil and gas operations, which account for
Several countries have found themselves nearly one-quarter of India's production, is
precariously positioned, given their also diversifying its reserves and resources
dependence on others for key resources. portfolio towards a vision of contributing 50%
Reassessment of supply chain strategies to India’s total Oil and Gas production. We
globally was thus inevitable. Already have already invested US$1.2 billion in the
“China Plus One" policy is gathering form of growth capex in FY 2023 to augment
momentum as companies and countries our assets and production. We envisage
seek to diversify their reliance beyond committing another US$1.7 billion in FY 2024
China to other destinations. towards growth projects.
India finds itself in an advantageous Delivering all-round performance

position, particularly in creating a
This year, we operated against a difficult
resilient supply chain and indigenous
and uncertain macro-environment, driven by
manufacturing. Energy security and
prolonged geo-political conflict, subsequent
world-class infrastructure will be key to
energy crisis and aggressive monetary
the success of this journey. This trinity
policies adopted by central banks. Our teams
of manufacturing, infrastructure and
delivered excellent operating performance
energy along with a focus on digitalisation
despite the challenges posed by uncertain
can continue to propel India's economic
commodities markets and supply chain
growth, unlock new business opportunities
realignments. We reported a strong set of
and create jobs. It is expected that India's
financial results, `1,45,404 crore in revenue
GDP will double to US$7.5 trillion during
2022-2031 with a substantial rise in the
contribution from manufacturing.
The Union Budget 2023 also seems to

have hit the right notes by prioritising
green and digital economies and
infrastructure creation through increased
capital expenditure allocations. It further
focusses on giving a boost to MSMEs with
a revamped credit scheme.
The Indian economy remains on a strong

footing, with unprecedented levels of
optimism and multiple advantageous
factors at play. The determined Expanding Nand Ghar footprint
23
and `35,241 crore in EBITDA. We have theme, ‘Transforming Together’, embodies

Vedanta is now generated a healthy net-free cash flow of this commitment by fostering collective
`18,077 crore. This all-round performance is actions to achieve inclusive, responsible and
ranked #6 among
a testament to our outstanding portfolio and value-accretive growth. These efforts will be
the top 10 diversified accomplished leadership team. underpinned by environmental stewardship,
metal and mining Vedanta is committed to growing responsibly,
social equity and impact, besides good
governance to deliver tangible benefits to
peers on the Dow by ensuring that the communities in which
all stakeholders.
Jones Sustainability we operate, thrive and grow with us. Our
flagship programme ‘Nand Ghar’ has been Inclusive
Index. Further, working extensively to strengthen the
It is our continuous endeavour to drive a
Vedanta and its Aanganwadi ecosystem in India and bridge
more resource and minerals-secure world but
various group the urban-rural gap with best-in-class
with the utmost consideration for our people,
services. We now have Nand Ghars across
companies received 14 states which have collectively uplifted
stakeholders and communities at large.
multiple awards in 3.2 lakhs women and children through We believe people are our greatest assets.
finance, operational education, nutrition and healthcare. Through our industry-leading, globally-
benchmarked people practices, we promote a
excellence, CSR In continuation of our ‘net zero’ journey, we
work culture that fosters an ecosystem of trust,
have signed renewable energy power delivery
and HR categories high performance and inclusivity, with safety
agreements (PDAs) under the Group’s captive
across various policy during FY 2023. We have also moved a
being a top priority. Diversity is an area where
Vedanta has performed exceptionally with efforts
recognised platforms. step closer towards realising our philosophy
around enhancing women’s representation at
of “zero harm, zero waste, zero discharge”
higher levels including CXO positions, attracting
with three more of our business sites being
talent from all regions and promoting an
declared water positive.
LGBTQ+ friendly workplace. Our efforts towards
Our ESG efforts have led to significant employees’ well-being have earned us Great
improvements in our position across key Place to Work® accreditation and the esteemed
external ratings platforms, like Dow Jones Kincentric Best Employer Award – India 2022.
Sustainability Indexes, Sustainalytics, MSCI
We are making significant progress in our
and CDP. Vedanta is now ranked #6 among
mission to combat malnutrition and achieve
the top 10 diversified metal and mining
zero hunger. This year, Nand Ghar reached the
peers on the Dow Jones Sustainability
4,500 mark across 14 states. We also reached
Index. Further, Vedanta and its various
out to people, globally, to join us in the Run
group companies received multiple
for Zero Hunger movement with the Vedanta
awards in finance, operational excellence,
Delhi Half Marathon and Vedanta Pink City Half
CSR and HR categories across various
Marathon. Hundreds of thousands of people
recognised platforms.
joined us in this movement, and we pledged 2
million meals for a healthy and nourished India.
Quest to transform and grow together
In the International Year of Millets and in line with
Vedanta stands for the highest standards Poshan 2.0 initiative, Nand Ghar also launched a
of excellence and integrity and strives to multi-millet nutribar for the holistic nourishment
achieve sustainable and responsible growth of every child.
together with all stakeholders. Our new
We continue to positively transform the lives of
our communities through targeted social impact
interventions. I am happy to share that this year,
we were able to touch the lives of 44 million
community members across India and abroad.
Responsible
Climate change is a defining challenge in the
current era. Vedanta seeks to address this. We
have set ambitious goals, aligned with UN’s
Sustainable Development Goals, for environmental
stewardship through decarbonisation, circular
economy and water positivity. We are also working
in partnership with trade bodies and governments
to ensure all stakeholders push towards
Ensuring sustainable operations these goals.
24
Message from the Chairman REPORT REPORTS STATEMENTS
In FY 2023, substantial progress was made

towards net carbon neutrality. In a pioneering
effort, we became the first corporate in South
Asia to join the World Economic Forum’s 1
trillion trees movement with a pledge to plant
7 million trees by 2030. We are taking steady
steps to achieve 2.5 GW round-the-clock
renewable energy (RE RTC) targeted capacity
by 2030. We have also rolled out a unique
industry-leading EV policy to incentivise
employees to switch to EVs and are well on
track towards decarbonising 100% of our light
motor vehicles fleet by 2030.
Uplifting community through Skill Training
Value-accretive
Vedanta’s strategic investments and prudent
financial management strategy are to ensure Exciting times ahead
long-term sustainable growth and consistent We are optimistic about an exciting journey We expect vast
shareholders’ returns. With this strategic ahead. The macroeconomic factors and risks opportunities to
objective, we are investing in various projects faced by advanced economies going into
for volume growth, backward integration and recession may pose potential challenges
unfold in the coming
value-added products, as well as advancing to metal demand. Yet the overall sentiment years. Our focus is
digitalisation at pace. towards mined commodities is improving on consolidating our
as the pace of energy transition accelerates
The Company’s healthy performance and
across the globe. Even in the macro
leadership position
progress in growth projects, helped us declare
backdrop, some green shoots are already and unlocking value
a total of `37,730 crore as dividend in FY 2023
in alignment with our capital allocation policy.
visible with inflationary pressures beginning through growth
to ease and supply chain constraints
This translated into a dividend yield of 30%,
showing signs of relenting. This will help to
project execution,
one of the best among peers.
improve profitability and generate robust scaling innovation
We have an impeccable track record of cash flows. and digitalisation
honouring all capital market commitments.
Vedanta Resources, which is the holding
The demand side remains buoyant with and progressing on
the re-opening of China and the global
company of Vedanta Limited, has deleveraged ESG targets.
trend towards a green economy and digital
by US$2 billion during FY 2023 against its
economy. India’s focus on electric mobility,
commitment of US$4 billion deleveraging over
renewable energy and infrastructure creation
three years.
is expected to drive domestic minerals
Good governance demand and attract global investments.
We place great importance on good We expect vast opportunities to unfold in the

governance practices with stringent policies coming years. Our focus is on consolidating
and frameworks for implementation. In our leadership position and unlocking value
recognition of its governance practices, through growth project execution, scaling
Vedanta was bestowed with the prestigious innovation and digitalisation and progressing
‘Golden Peacock Global Award for Excellence on ESG targets. We also remain committed to
in Corporate Governance 2022’. improving our financial profile and continue
to make disciplined capital allocation
We are committed to raising the bar
decisions. On this positive note, I thank all
continually in this area. We have taken
our stakeholders for believing in our growth
proactive steps to enhance our disclosure
story. We seek your continued support in our
practices by voluntarily publishing the
efforts to create value for all and continue
Annual Sustainability Report and the Tax
to be a partner in and contribute to India’s
Transparency Report and adopting the
remarkable economic rise.
Integrated Reporting Practice. Demonstrating
our dedication to climate matters, we have Best regards,
published our second Task Force on Climate-
related Financial Disclosures (TCFD) report Anil Agarwal
this year, while our Aluminium business Chairman
released its inaugural TCFD report.
25
MESSAGE FROM THE CEO & MD
EXECUTING STRATEGY AND DEMONSTRATING OUR RESOLVE
Dear Stakeholders, Throughout the year, our sustainability-

focussed and integrated business model
The Indian economy thrived propelled value-creation, delighting our
during FY 2023, driven by healthy stakeholders. Vedanta declared the highest-
macroeconomic fundamentals ever dividend of `101.5 per share to its
shareholders and contributed ~`73,486
and domestic consumption crore to the exchequer. We made significant
even as interest rates went up. advancements on crucial Environmental,
Commodity prices, however, Social and Governance (ESG) commitments
moderated, weighed down by besides expanding capacities and our portfolio
of value-added products in line with global
global macroeconomic challenges. trends and India’s journey of reliance. This
Amid this backdrop, Vedanta once positions us ideally to capitalise on emerging
again demonstrated resilience opportunities, and power the next phase of
and commitment to excellence, growth, which will be more sustainable and
predictable through economic cycles.
emerging stronger through difficult
times. Our team executed strategies The big leap in ESG
to ensure steady operational At Vedanta, FY 2023 was a year of remarkable
performance and strong cost progress on the ESG front led by our
control, resulting in a commendable ‘Transforming for Good’ purpose. We positively
touched more than 44 million lives, improved
financial performance. diversity, inclusion and governance practices
and took major strides in the areas of carbon
neutrality, water positivity and a greener
business model. These actions propelled
26
Message from the CEO & MD REPORT REPORTS STATEMENTS
our ambitious ESG goals and earned us Visible Felt Leadership (VFL) and personal
prestigious recognition. Vedanta Limited safety programmes. Across the plants, safety Our continued
became the only company from India infrastructure is being upgraded and training
this year to get listed in The Dow Jones frequency has been increased. We have also focus on high
Sustainability™ World Index and The Dow fast-tracked the roll-out of the Critical Risk quality, asset
Jones Sustainability™ Emerging Markets Management (CRM) module to mitigate optimisation
Index. Further, we ranked 6th globally three major risk areas of vehicle‑pedestrian
and 2nd in Asia Pacific in the metal and interaction, working at heights, and and digital
mining sector of the S&P Global Corporate uncontrolled energy release. transformation,
Sustainability Assessment 2022. enabled us to
Delivering resilient performance
Across the Group, agreements for 788 MW of maximise asset
We delivered an impressive performance
renewable energy (RE) round-the-clock (RTC) across our businesses, reflecting our utilisation.
have been signed, which will take us closer continual focus on establishing a We achieved robust
to our 2.5 GW RE target and help reduce our high‑performance, low-cost, long-life asset
carbon footprint significantly. Cairn India’s production volumes
base. Our continued focus on high quality,
iron ore business and Zinc International’s asset optimisation and digital transformation, and the highest-
Black Mountain Mines joined HZL to be enabled us to maximise asset utilisation. ever revenues.
certified water positive. High volume low We achieved robust production volumes and
toxicity (HVLT) wastes which can potentially the highest-ever revenues.
harm human health and degrade the
environment, have been better managed with I am delighted to report that we closed
unique efforts, resulting in their utilisation FY 2023 with an 11% growth in revenue to
increasing to 162%. `1,45,404 crore, EBITDA for the year was
`35,241 crore, with an industry-leading
Vedanta raised its first Sustainability Linked margin of 28%1. The dual challenges of high
Loan (SLL) from leading international banks input costs and lower realisations led to a
in FY 2023. The loans were granted basis contraction in margins, which was partially
our decarbonisation and safety performance offset by improved operational performance
parameters. The proceeds of US$250 million and strategic hedging gains. We are actively
will be utilised for financing capex initiatives pursuing cost optimisation initiatives around
focussed on business growth and achieving a improving linkage coal materialisation
higher degree of backward integration. and operational efficiencies to make our
profitability more predictable through
The intent now is to scale up ESG actions with commodity cycles.
greater emphasis on inclusive, sustainable As of 31 March 2023, our net debt stood at
and responsible growth. This is the essence `45,260 crore. The balance sheet position
of our new ‘Transforming Together’ theme remains strong with healthy cash and
that will help us achieve ESG leadership and cash equivalents of `20,922 crore and a
reinforce a value-accretive journey. robust net debt to EBITDA ratio of 1.3x. The
average term debt maturity is maintained at
Stepping up zero harm culture ~3.4 years.
We place the utmost importance on the

health and safety of our employees. Despite
our continued efforts, I am deeply saddened
by 13 tragic fatalities this year and the
irreparable loss to their families, friends
and colleagues. We have disseminated the
findings of the investigation reports across
Group companies, and I can assure you that
we are fully focussed on ensuring workplace
safety across our entire business.
The respective business CEOs have already

stepped-up risk management efforts by
implementing fatality learnings and are
spending greater time on the field through
Note 1: Excludes copper smelting at Copper Business Employee safety an utmost priority
27
Investing in future long-term coal supply at competitive prices

In FY 2023, we Vedanta’s long-term focus is to grow in India, by emerging as the successful bidder for the
Ghogharpalli coal block. Jamkhani coal block
delivered significant in sync with the country’s robust economic
and demand growth. We see new-age has been operationalised. Commencement of
progress across India to be more mineral-intensive. The Kuraloi (A) North and Radhikapur West mines
all our businesses emphasis on electric mobility, infrastructure is expected in the next 12-18 months. On the
bauxite front, LOI has also been issued for
with record volumes creation, renewable energy and efforts to
establish India as an electronics hub are the Sijimali bauxite block, with an estimated
in Aluminium, all set to enhance demand for key metals reserve of 311 million tonnes of bauxite. In
Zinc India and and minerals. an endorsement of sustainable operations,
the business was ranked 2nd among DJSI’s
Zinc International Capitalising on these opportunities aligned ranked aluminium peers.
businesses. Key to the nation’s needs, Vedanta is expanding
cost reduction, capacities across various businesses, which Zinc
are in various stages of implementation.
capex and Further, projects aimed at achieving raw
Zinc India registered its best-ever mined
metal production of 1,062 kt and refined
operational material security are also being pursued. A
metal production of 1,032 kt. Silver
improvement disciplined capital allocation approach is
production grew by 10% to 714 kt. Despite
being followed across all projects to ensure
projects enabled higher returns while maintaining strong
rising input costs, it continues to be in
the first quartile of the global cost curve.
us to stay on balance sheet.
Key projects are under execution at RD
course with our Mines complex to expand MIC capacity
Operational and strategic review
growth plans. to 1.25 MTPA. In line with our vision of
In FY 2023, we significantly progressed across increasing metal volumes to 1.2 MTPA, the
all our businesses with record volumes in installation of a new 160 KTPA Roaster
aluminium, Zinc India and Zinc International in Debari, HZAPL alloy project, and
and steel business. Key cost reduction, capex 1.6 LTPA Fumer plant are major projects
and operational improvement projects enabled under execution. One of the most notable
us to stay on course with our growth plans. achievement has been the successful
commissioning of a 3,200 KLD Zero Liquid
Aluminium discharge (RO-ZLD) plant at the Dariba
The business achieved the highest-ever smelter. Apart from that, Zawar mine (ZM)
aluminium production at 2.29 million tonnes and Rampura Agucha mine ZLD projects of
in FY 2023, which included 59 kt of green 4,000 KLD capacity each have been initiated
aluminium (branded Restora and Restora to improve recycling and strengthen the
Ultra). During the year, we pursued structural zero discharge.
initiatives like optimising the coal and
Zinc International recorded its highest-ever
bauxite mix, improving capacity utilisation
mined metal production of 273 kt, including
and implementing growth and vertical
208 kt at the Gamsberg mine and 65 kt at
integration projects. We completed the
BMM. Gamsberg achieved 12% reduction in
Jharsuguda capacity ramp-up to 1.8 MTPA
the cost of production excluding Treatment
and going forward, Lanjigarh refinery
Charge and Refining Charge (TcRc) during
expansion from 2 MTPA to 5 MTPA remains
the year. For increasing MIC production from
our key focus area. We also strengthened
300 KTPA to 600 KTPA, the Zn Concentrator
Plant with 200 KTPA capacity and the 210
KTPA Smelter project are under execution.
Oil & Gas

In the Oil & Gas segment, our efforts
were focussed on adding reserves and
resources. The infill wells across producing
fields have enabled us to mitigate a part
of the production decline. We are working
on development projects to unlock
potential of our contingent resource base.
Exploration activities across the portfolio
have enabled us to generate prospects and
add resources.
Employees at Cairn, Oil and Gas
28
Message from the CEO & MD REPORT REPORTS STATEMENTS
Iron Ore
The business seized opportunities with
robust execution and agility to overcome
market sluggishness on account of duty
imposition and export ban. Post the
withdrawal of export duty in December
2023, we became the first to complete an
export shipment of Karnataka-origin ore.
We also commenced ore production in our
Liberia mine and completed its first-ever
export shipment. The production of saleable
iron ore at Karnataka was flat at 5.3 million
tonnes and that of value-added pig iron was Employees at Operational sites
down by 12% to 696 kt.
Steel award. We continue to upskill young leaders,

ESL performed resiliently amidst challenges and empower women and business partners Vedanta has grown
that were used as an opportunity to through various flagship programmes. Our
fundamentals are stronger, assets are more
substantially in the
be future-ready by undertaking yield
improvement, debottlenecking and plant competitive and expansion projects are all past year. With our
maintenance initiatives. ESL registered an set to enhance the life of assets and volume employee-centric
increase in saleable production to 1,285 kt growth. We have reinforced our market-
leading position in the natural resources
approach, Vedanta
with the highest ever net sales realisation,
resulting in favourable EBITDA margins. sector, which has promising upside potential has been recognised
It continued to prioritise its value-added in the long run. with the ‘Kincentric
portfolio, resulting in a 5% increase in its Best Employer of
sales. ESL successfully operationalised two Drawing inspiration from these achievements,
iron ore mines with 100% captive sourcing of we are determined more than ever to aim the Year’ award.
iron ore. higher. We will maintain an unrelenting focus
on priorities to deliver on our ambition of
FACOR transforming together to create shared value.
We successfully commenced production

The safety of our people and other
at new 60 KTPA furnace in February 2023,
stakeholders will remain a top priority. It will
taking the total Fe-Cr alloy capacity to 140
require us to make incremental investments
KTPA. We also completed the merger of
and bring revolutionary change to achieve
FACOR and FACOR Power Plant Limited.
and sustainably maintain the ambition of
FACOR recorded the highest-ever chrome
zero harm. At the same time, we are inspired
ore production at 290 kt in FY 2023, a 16%
to secure long-term growth and embedding
increase over the previous year. Ferrochrome
ESG across every facet of business will be
production decreased by 11% to 67 kt.
key to this. We will need to move with greater
Nicomet agility toward our goals of climate change,
In FY 2023, we successfully operationalised inclusive development and an equitable
the Nicomet plant and were able to workplace. Lastly, we must maintain top-
stabilise plant operations for producing notch asset quality with operational stability
premium quality products. Additionally, and drive focussed volume growth to
the nickel plant for producing Ni metal was capitalise on potential growth opportunities.
commissioned later in the year. The first Our success will be dependent on our ability
despatch of NiSo4 & Ni metal was executed to balance these priorities and commitments
in March 2023. Going forward, the focus so that we can contribute towards a better
is on developing our customer base in world together.
domestic and export markets.
Best regards,
Positioned to deliver long-term value
Sunil Duggal
Vedanta has grown substantially in the past
Chief Executive Officer
year. With our employee-centric approach,
Vedanta has been recognised with the
‘Kincentric Best Employer of the Year’
29
Vedanta's centralised process system

unlocks the power of automation and
enables superior process controls
30
Case study REPORT REPORTS STATEMENTS
Electrosteel Steels Limited Vedanta Aluminium Limited
ESL improves blast Advanced process controller

furnace performance with optimises efficiency and specific
process digital twin consumption at Lanjigarh
Problem statement Problem statement
Blast furnace involves various integrated processes. Alumina refining is a complex and highly interactive
Operators at ESL Steel typically relied on their experience to industrial process, necessitating advanced control
control burden distribution, blowing parameters and casting strategies. Evaporation, in particular, is a critical aspect
parameters. Considering the multiple parameters and wide of the process, which utilises steam to concentrate
variation in input conditions, such decisions sometimes the spent liquor from the process and effectively
proved inaccurate, causing brief production drops and reutilises it, without disturbing process inventory. At
increased fuel rates due to sub-optimal control. Lanjigarh Refinery, this entire process was controlled in
semi-automatic mode by operators, resulting in lower
Solution efficiency due to slow response time and operator-
driven variance. It inevitably led to higher specific steam
ESL is implementing the process of digital twin technology
consumption (SSC).
to address the challenge. This uses artificial intelligence
(AI), machine learning and high-performance computing to
optimise the equipment and the manufacturing process. It Solution
will facilitate efficient control of blast furnace operations Lanjigarh Refinery implemented the advanced process
through predictive alerts and provide data-backed standard control (APC) technique across the refinery process to
operating procedure (SOP) for all controllable parameters. improve performance.
APC is a robust system that optimises the operational

The tool includes four modules which will help in:
efficiency of a process and productivity, by maintaining
• Getting a data-backed digital SOP for ensuring better optimal operating conditions and integrating all possible
burden distribution process constraints into a predictive controller. This
action helps to maintain dependent (controlled) variables
• Facilitating real-time root-cause analysis of fuel rate
at targeted levels or within constraints, by manipulating
increase to identify the actions to control it
the independent variables.
• Assisting to improve control and prediction of hot metal
At Lanjigarh, APC was implemented by developing a
silicon prediction to minimise variations
predictive model for controlling and optimising specific
• Achieving better, real-time visibility of coke and sinter steam consumptions across the evaporation units
average particle size using computer vision by minimising variability and driving efficiencies. The
Refinery has benefited as follows:
Currently, two modules have been implemented, and the
• Tighter control of process parameters and elimination
other two will be launched in Q1 FY 2024.
of manual errors in the process following automation
Targeted outcome • Decline in process variations resulting in enhanced

efficiency and reduction in the specific consumption
4-5%*
Increase in production
~2%*
Annual cost reduction
• Auto optimisation of process control strategies with
predictive algorithms
Next step
US$ 8.4
Annual savings
MILLION*
We intend to proliferate APC utilisation across different
units of the refinery. An APC Global Optimiser is planned
for overall process control and coordination and for
building the platform for digital twins.
*Based on H1 FY 2023 baseline
Next step
Fast-tracking implementation of the other two modules
31
Hindustan Zinc Limited
Transforming the planet with Miyawaki afforestation at Dariba

smelting complex
Problem statement
Number of trees in the world has halved, and
Improved biodiversity
Through lowered temperature, better soil nutrition
every passing year another 15 billion are lost. This
and wildlife support
has harmed global biodiversity and ecosystems,
threatened health and food security, and has made
the world less resilient to climate change impact.
Goals met
Vedanta Aim 6 innovation for greener business model
Solution
Vedanta has pledged to plant 7 million trees as
part of the World Economic Forum’s ‘1 trillion trees’
campaign or UN SDG Goal of 1 million plantations
by 2025.
Next step
To implement this pledge, we have undertaken a
tree plantation drive at Dariba Smelting Complex We plan to replicate the project across all units.
(DSC) using the Miyawaki afforestation method. It
involves planting dozens of native species in the
same area, resulting in 10x faster plant growth and
30x denser than usual plantation, leading to higher
carbon sequestration. Such a plantation becomes
self-sustaining after the first three years. Besides, it
is chemical-free and supports local biodiversity. Until
now, 12,000 trees across 65 different species have
been planted covering an area of one hectare.
Miyawaki Afforestation at Dariba
32
A thriving, self-sustaining ecosystem

at Dariba Smelting Complex to
restore the balance of nature.
33
Sterlite secures 16 MW renewable

energy contract for its green
copper journey
34
Sterlite Industries (India) Limited
Sterlite Copper advances low-carbon journey with green copper

Problem statement • Fleet decarbonisation – The project, being implemented
Sterlite aims to promote responsible and environmentally at the Chinchpada plant, Silvassa, involves the conversion
sustainable production of copper to achieve its goal of net of pool vehicles to EV/CNG, employee commute vehicles
zero carbon emissions from operations by FY 2030. Green to CNG and electrification of forklifts. It is expected to be
copper will enable a reduction in our carbon footprint completed by June 2023
and ensure optimal utilisation of resources while caring
for communities. Targeted Outcome
Solution
Sterlite Copper has embraced revolutionary changes in
daily operations to achieve the objective of green copper
3,554 tCO e 2
reduction through smart
and reducing its carbon footprint. These include: fuel optimisation
57%
• Smart fuel optimisation project – AI-ML driven
solutions have been successfully deployed in shaft
furnaces of (Rod Plant and Blister Plant) for optimising 92,000 tCO e 2
fuel consumption GHG emission reduction through recycled
reduction copper rod production
• Recycled copper production project – Using fire-
(from FY 2021
refined high conductivity (FRHC) technology to scale
baseline)
64,535 tCO e
up recycled copper capacity by 20% to 4,000 tonnes/
month at Silvassa and by 30% to 3,400 tonnes/month
2
at Fujairah. Secondary copper is melted and oxidised in reduction through hybrid
the furnace renewable energy contract
• Hybrid renewable energy (RE) contract – Power
development agreements have been signed for 16 MW
RE RTC to switch off from conventional thermal power
Afforestation at Tuticorin
35
Hindustan Zinc Limited
Turning around lead smelter at Dariba Smelter

Problem statement Outcome
DSC’s lead smelter is designed for an optimal production
capacity of 108 KTPA lead cathode at 93% efficiency,
running 350 days and utilising 6.8 kiloampere (kA) current.
However, its production was unstable. A major hit was

65%
Increase in daily production rate to 330 tonnes
witnessed in Q4 FY 2022 due to parameters disturbance from the lowest recorded level of 200 tonnes
(purity and chemical composition) due to an externally
sourced input commodity, which went unnoticed.
This caused rough dendritic deposition on cathodes, Highest-ever annual production
causing corrosion, poor current efficiencies and lower at 112.6 KTPA in FY 2023
weight deposition.
Solution
The smelting team did a thorough analysis to improve the
production. This included brainstorming, benchmarking
94.5%
Efficiency levels achieved,
with similar smelters, holding a dialogue with industry up from 90% average
experts and conducting a multi-variability study of cell
house parameters and deviation (to compare numbers)
using six-sigma regression modelling. Lastly, based on the Next step
data, test cell experimentations were done. We are working on a long-term plan to upgrade the cell
house with advanced automation control systems, to drive
The correction finally came with continuous heavy-dose efficiency through better control of process parameters.
additions of Glue and B-Naphthol which brought the
dendrite depositions under control and improved lead
deposition. This has resulted in consistent lead production
with better efficiency.
Dariba Smelting Complex (DSC)
36
Dariba Smelting Complex

turnaround lead smelter to
achieve 94.5% efficiency levels
37
KEY PERFORMANCE INDICATORS
TESTAMENT TO SUSTAINED VALUE CREATION

GROWTH INDICATORS
Revenue (` crore) EBITDA (` crore)

Description: Earnings before interest, tax,
depreciation and amortisation (EBITDA)
45,319
1,45,404
Description: Revenue represents the value is a factor of volume, prices and cost of
1,31,192
of goods sold and services provided to third production. This measure is calculated by
parties during the year adjusting operating profit for special items
35,241
and adding depreciation and amortisation
Commentary: In FY 2023, consolidated
86,863
revenue was at `1,45,404 crore compared Commentary: EBITDA for FY 2023 was at
27,341
with `1,31,192 crore in FY 2022. This was `35,241 crore, 22% lower YoY. This was
primarily driven by higher volumes from mainly due to a slip in commodity prices of
copper and zinc and aluminium, rupee aluminium, lead and silver with a headwind
depreciation and partially offset by the slip in in input commodity prices, partially offset
FY FY FY commodity prices majorly in aluminium and FY FY FY by improved operational performance and
2021 2022 2023 copper 2021 2022 2023 strategic hedging gains
FCF post-capex (` crore) Return on capital employed (ROCE) (%)

21,715
30
Description: This represents net cash flow

18,077
from operations after investing in growth Description: This is calculated on the basis
21
projects. This measure ensures that profit of operating profit, before special items and
13,821
19
generated through our assets is reflected by net of tax outflow, as a ratio of average capital
cash flow, in order to de-lever or maintain employed. The objective is to earn a post-tax
future growth or shareholder returns return consistently above the weighted average
cost of capital
Commentary: We generated FCF of `18,077
crore in FY 2023, driven by strong cash flow Commentary: ROCE stood at 21% in FY 2023
FY FY FY from operations and working capital release, FY FY FY (FY 2022: 30%), primarily due to decrease in
2021 2022 2023 partly offset by higher capex 2021 2022 2023 EBIT
Adjusted EBITDA margin (%) Net debt/EBITDA (consolidated)

1.3
39
36
Description: This ratio represents the level

of leverage of the Company. It represents
28
0.9
the strength of the balance sheet of Vedanta

Limited. Net debt is calculated in the manner
as defined in Note 16(c) of the consolidated
0.5
Description: Calculated as EBITDA margin financial statements

excluding EBITDA and turnover from custom
smelting at copper business Commentary: Net debt/EBITDA ratio as
of 31 March 2023, was at 1.3x well within
FY FY FY Commentary: Adjusted EBITDA margin for FY FY FY approved capital allocation framework,
2021 2022 2023 FY 2023 was 28% (FY 2022: 39%) 2021 2022 2023 compared with 0.5x as on 31 March 2022
Interest cover (%)

15.0
11.0
Description: This ratio is a representation of the

ability of the Company to service its debt. It is
8.2
computed as a ratio of EBITDA divided by gross

finance costs (including capitalised interest)
less investment revenue
Commentary: The interest cover for the
FY FY FY Company was at 8.2 times, lower YoY on
2021 2022 2023 account of lower EBITDA and higher interest
38
Key performance indicators REPORT REPORTS STATEMENTS
KEY FINANCIAL RATIOS
Debtors’ turnover ratio* Inventory turnover ratio
7.5
33.9
32.5
31.8
7.1
5.6
Description: The debtors’ turnover ratio is Description: The inventory turnover ratio is
an accounting measure used to quantify a an efficiency ratio that shows how effectively
company's effectiveness in collecting its inventory is managed. This is calculated as a
receivables. This is calculated as a ratio of ratio of the cost of goods sold, to the average
revenue from operation to average trade Inventory
receivables
Commentary: The inventory turnover ratio for
FY FY FY Commentary: The debtors’ turnover ratio was FY FY FY the Company was at 7.5 times in FY 2023 as
2021 2022 2023 31.8 times 2021 2022 2023 compared with 7.1 times in FY 2022
Current ratio Debt-equity ratio

1.0
1.3
1.0
Description: This is a financial ratio indicating

the relative proportion of shareholders' equity
and debt used to finance a company's assets.
0.7
This is calculated as a ratio of total external

Description: The current ratio is a liquidity borrowing to total equity (share capital +
0.7
ratio that measures a company's ability to reserves + minority)

0.6
pay short-term obligations or those due

within one year. This is calculated as a ratio Commentary: This ratio has increased to
of current assets to current liabilities 1.3 times in FY 2023 primarily due to an
increase in gross debt from the increase in
FY FY FY Commentary: The current ratio of the FY FY FY borrowings at VEDL standalone and temporary
2021 2022 2023 Company remained at 0.7 times 2021 2022 2023 borrowings at HZL
Operating profit margin (%) Net profit margin (%)
Description: Operating profit margin is

19
19
28
a profitability or performance ratio used

to calculate the percentage of profit a
23
company produces from its operations. This

is calculated as a ratio of operating profit
17
(EBITDA less depreciation) to revenue from

10
operations Description: This is a measure of the

Company’s profitability. It is calculated as a
Commentary: The operating profit margin ratio of net profit (before exceptional items) to
for the Company was lower in FY 2023 as revenue from operations
compared with FY 2022, primarily due to
FY FY FY lower EBITDA and higher depreciation in the FY FY FY Commentary: The net profit margin was at 10%
2021 2022 2023 current year 2021 2022 2023 in FY 2023 as compared to 19% in FY 2022
Return on net worth (%)

30
22
22
Description: This is also a measure of the

Company’s profitability. It is calculated as a
ratio of net profit (before exceptional items)
to average net worth (share capital + reserves
+ minority)
Commentary: The return on net worth has
FY FY FY decreased, mainly on account of a decrease
2021 2022 2023 in EBITDA during the year
*Excluding power business
39
LONG-TERM VALUE
Reserves and resources (R&R)
Description: Reserves and resources are based on specified

guidelines for each commodity and region
Growth CAPEX (` crore) Zinc India (million tonnes)

10,271
460
448
448
Description: This represents the amount
invested in our organic growth programme
5,659
during the year

Commentary: During the year, combined
Commentary: Our stated strategy is R&R were estimated to be 460.1 million
2,578
disciplined capital allocation on high-return, tonnes, containing 30.8 million tonnes of

low-risk projects. Capital expenditure on zinc-lead metal and 855.9 million ounces
FY FY FY expansion was `10,271 crore during the FY FY FY of silver. Overall mine life continues to be
2021 2022 2023 year 2021 2022 2023 more than 25 years
EPS (before exceptional items) (`) Zinc International (million tonnes)

671
52.02
659
Description: This represents the net profit

566
attributable to equity shareholders and is

stated before exceptional items and dividend
32.80
distribution tax (net of tax and minority

28.36
interest impacts)
Commentary: In FY 2023, EPS before
exceptional items was at `28.36 per share. Commentary: During the year combined
This mainly reflects the impact of lower mineral resources and ore reserves
FY FY FY EBITDA and higher depreciation charges and FY FY FY estimated at 659.1 million tonnes,
2021 2022 2023 finance cost 2021 2022 2023 containing 34.9 million tonnes of metal
Dividend (`/share) Oil & Gas (mmboe)

1,229
101.50
1,156
1,151
Description: Dividend per share is the total

of the final dividend recommended by the
Board in relation to the year, and the interim
45.00
dividend paid out during the year

Commentary: The Board has recommended
9.50
a total interim dividend of `101.5 per share Commentary: During FY 2022, the gross
FY FY FY this year compared with `45 per share in the FY FY FY proved, and probable reserves and
2021 2022 2023 previous year 2021 2022 2023 resources stood at of 1,156 mmboe
40
Key performance indicators REPORT REPORTS STATEMENTS
SUSTAINABILITY KPIs
GHG emissions scope 1 & 2 TRIFR

(million tonnes of CO2e)
Description: Vedanta used Scope
1 and Scope 2 GHG emissions,
59.5
58.9
57.1
1.5
measured in tonnes of CO2e to track
1.4
its carbon footprint
1.2
Commentary: We calculate and report Description: The total recordable injury
Greenhouse Gas (GHG) inventory frequency rate (TRIFR), is the number
i.e.. Scope 1 (process emissions and of fatalities, lost time injuries, and other
other direct emissions) and Scope injuries requiring treatment by a medical
2 (purchased electricity) as defined
8.6
professional per million hours worked

3.3
under the World Business Council for

1.3
Sustainable Development (WBCSD) Commentary: This year, the TRIFR was

FY FY FY and World Resource Institute (WRI) FY FY FY 1.20. Safety remains the key focus across
2021 2022 2023 GHG Protocol 2021 2022 2023 businesses
Scope 1 Scope 2
HVLT (high volume low toxicity) CSR Footprint

(million tonnes) (million beneficiaries)
29.9
44*
Description: High Volume Low Toxicity

42*
(HVLT) waste is present in large Description: The total number of

quantities and is usually stored in beneficiaries through our community
19.1
18.6
18.4
17.9
16.8
tailings dams/ash dyes or other secure development programmes across all our
landfill structures before being sent to operations
other industries as raw materials. HVLT
includes fly ash, bottom ash, slag, Commentary: We benefited ~44 million
jarosite, and red mud people this year through our community
development projects comprising community
4.6
Commentary: In FY 2023, we have health, nutrition, education, water and

FY FY FY achieved ~164% recycling of our FY FY FY sanitation, sustainable livelihood, women
2021 2022 2023 HVLT waste 2021 2022 2023 empowerment and bio-investment
Generation Recycled
Water consumed & recycled Gender diversity

(million m³) (%)
Description: Water consumed is
the portion of water used that is
277
270
266
14.0
not returned to the source after

being withdrawn. Recycled water or
11.5
11.2
reclaimed water means treated or

recycled wastewater commonly used
for non-potable (not for drinking)
purposes, such as agriculture, Description: The percentage of women in
86
83
78
landscape, public parks, and golf the total permanent employee workforce
course irrigation (million m3)
Commentary: We focus on diversity, equity
Commentary: In FY 2023, we recycled and inclusion in the workplace. During the
FY FY FY 78 million m3 of water, equivalent to FY FY FY year, female employees made up 14.00%
2021 2022 2023 around 29.4% of consumed water 2021 2022 2023 of the total workforce
Consumed Recycled
Note *Includes both direct and indirect beneficiaries
41
VALUE CREATION MODEL
TRANSFORMING FOR BETTER OUTCOMES

Inputs
Financial capital
Business Segments
• Equity: `372 crore
• Gross Debt: `66,182 crore
• Net Worth: `49,427 crore
• Cash and Cash Equivalent: `20,922 crore
• Growth Capex: `10,271 crore
Zinc Aluminium Oil and Gas
Manufactured capital
• Plant and Equipment: `1,15,273 crore Processes
• Capital Work in Progress (WIP): `17,434 crore
Develop
Human capital We develop world‑class

assets, using the
• Total Workforce: 87,513 latest technology to
• HSE workforce (incl. contractors): 817 optimise productivity
• No. of geologists (incl. contractors): 188 Explore
• No. of hours of training: 28,65,662 We invest
• No. of hours of safety training: 21,07,035 selectively in
• Employees covered under mentoring and exploration and
support programs: 2,199 appraisal to
extend mine and
reservoir life
Social and relationship capital

• Community investment: `454 crore
• Rated by two domestic rating agencies:
CRISIL & India Rating
• Strong network of global and domestic relationship
banks: 30+
• Independent Directors: 4
Creating Value
for Stakeholders Shareholders
37,730 CRORE
Natural capital
• Energy consumption: 559 million GJ
• Water consumed: 266 million m3 `
• Coal used: 34.5 million tonnes Dividend Declared
• HVLT waste generated: 18.4 million tonnes
• Fly ash generated: 13.86 million tonnes
• R&R Zinc India: 460 million tonnes, containing
30.8 million tonnes of zinc-lead metal and Employees
87,513
855.9 million ounces of silver
• R&R Zinc International: 659.1 million tonnes,
containing 34.9 million tonnes of metal
• R&R Oil & Gas: 1,156 mmboe gross proved, and Pg. 78 Total Workforce
probable reserves and resources
Our Core Value Trust Entrepreneurship Innovation
42
Value Creation Model REPORT REPORTS STATEMENTS
Outputs and Outcomes
Financial capital
• Turnover: `1,45,404 crore
• EBIDTA: `35,241 crore
• Total exchequer contribution: ~`73,486 crore
• Attributable PAT
(before exceptional items): `10,521 crore
• Earnings per share (EPS)
Iron Ore Steel Ferro Alloys Copper (before exceptional Items): `28.4 per share
• Dividends declared: `37,730 crore
• FCF post-capex: `18,077 crore
• RoCE: 21%
• Net Debt to EBITDA: 1.3x
Process
Manufactured capital
We focus on
• Zinc India: Mined Metal – 1,062 kt
operational
Integrated Metal – 1,032 kt
excellence
and high asset Market • Oil & Gas: 143 kboepd
Extract • Power: 14.8 bn kWh
utilisation to
We supply our • Aluminium: Alumina – 1.8 million tonnes
We operate deliver top‑quartile
commodities to
low-cost cost performance Aluminium – 2.3 million tonnes
customers in varied
mines and oil and strong • Pig Iron: 696 kt
industry sectors,
fields, with a cash flows • Zinc International: 273 kt
from automotive to
clear focus construction, with a • Steel: 1,285 kt
on safety product base ranging • Copper: 148 kt
and efficiency from energy to
consumer goods
Human capital
• Attrition Rate: 8.86%
• Diversity Ratio: 14.00%
• Total Recordable Injury Frequency Rate
(TRIFR): 1.20
Social and relationship capital

• CSR beneficiaries: ~44 million
Communities Industries • Nand Ghars built till FY 2023: 4,533
454 CRORE 35,116 CRORE

• Dividend: `101.5 per share
• Contribution to the exchequer: ~`73,486 crore
` ` • Youth benefited from employment based skills
training: 8,354
CSR spend Local Procurement
Natural capital
• GHG Emissions: Scope 1 - 57.1 million tCO2e
Governments Scope 2 - 8.6 million tCO2e
• Water recycled: 78 million m3
` 73,486 CRORE
Exchequer Contribution
• HVLT utilised: 29.93 million tonnes
• HVLT utilisation: 162%
• Fly ash utilised: 28.25 million tonnes
• Fly ash utilisation rate: 204%
Excellence Integrity Care Respect
43
OPPORTUNITIES
A MULTI-FACETED APPROACH TO FUTURE-PROOFING

T1
Global metal and mining industry

is reshaping with rapidly-
evolving externalities centred on
decarbonisation, digitalisation,
supply chain disruptions and market
volatility. While necessitating
change in the business model,
these trends are expected to
open up enormous potential and
unleash mega opportunities. We
are evaluating these trends to stay ESG as a gateway to unlocking value
ahead of the curve and shape the
Globally, markets and stakeholders are increasingly
future of our business. prioritising ESG alignment. This presents an opportunity
for companies, especially those in the natural resources
sector, to think holistically, embed ESG in their strategy and
allocate capital in accordance with their commitments. Such
a strategic approach can help the Company to stay ahead of
the competition and evolving expectations, besides creating
long-term value for all stakeholders.
Vedanta response
ESG has long been a priority at Vedanta, and we continue

to make sustained investments in it. Last year, we
introduced a repurposed ESG strategy – ‘Transforming
for Good’, based on the pillars of communities, the planet
and the workplace. We have defined various goals and
roadmaps as part of our ESG strategy, including net
carbon zero, water positivity and a greener business
model, which are contributing to scalable results and
making our business more sustainable in the long term.
Continuing this journey, in FY 2023, we have proposed a
more holistic theme, ‘Transforming Together’, to initiate
collective action for shared value creation.
44
opportunities REPORT REPORTS STATEMENTS
T2 T3
Mapping benefits of circular economy Multiple safety layers for greater sustainability
Global economies are gradually transitioning from linear Safety in mining has evolved, with four aspects – physical,
to circular models, and metals and mining companies psychological, cyber and cultural – becoming prerequisites
have a unique opportunity to lead this change. By building for sustainable mining activities. While physical safety has
new capabilities and reconfiguring business models to improved, others are also gaining importance to ensure
incorporate circular initiatives like metals reprocessing, people feel valued and included to achieve job satisfaction.
recycling or urban mining, early adopters stand to gain By prioritising all four aspects, natural resources companies
preferential access to responsible sourcing markets and can attract, engage, and retain diverse talent to drive
investors. This strategic shift can also empower market their success.
players to influence downstream, lower costs and improve
ESG scores.
Vedanta response
Vedanta response We have robust physical safety mechanisms in place

supported by world-class practices, digital initiatives
and regular training and campaigns. This is being further
Progressing to greener business models with circular
enhanced with the launch of HSE digital, an incident
economy activities is part of our ESG strategy. We
management module, to automate and improve working
are undertaking R&D to identify newer ways to
with incident records. A critical risk management (CRM)
convert operational by-products into raw materials
module is being rolled out covering three major risks.
for application in other industries and internal
consumption. We have partnered with Runaya, an
We are also undertaking initiatives to target other safety
emerging manufacturing start-up offering circular
areas. Psychological safety is being notched up by
economy solutions, to improve aluminium recovery
implementing initiatives to provide greater opportunities
from dross up to 90%, and convert the residue into raw
and an improved work environment for all, along with
material for the steel industry. We are executing recycled
ensuring a zero-discrimination workplace. Cultural safety
copper projects using fire-refined high-conductivity
is ensured through complying with local regulations,
technology. We are further working with cement
standards and cultural practices. A security community
companies and NHAI with an aim to increase HVLT
of practice has been instituted that will work towards
waste utilisation to 100%.
improving the connect with local communities.
45
T4 T5
Building an agile business model Employer of choice as a differentiator

Metal and mining companies depend on supply chains Labour markets around the world have evolved
for various input raw materials to enable production, following the COVID-19 pandemic. New ways of work
processing and services for daily operations. Supply chain have become a key job requirement for employees
security is therefore imperative to ensure the availability globally, as they now seek more flexibility, purpose,
of inputs at the right costs. However, under the shadow of complete well-being, personalised career opportunities
the COVID-19 pandemic and the Russia-Ukraine conflict, and inclusiveness. Companies that are investing in
there are heightened challenges due to high transportation innovative ways to fulfil these value propositions are
and logistical costs, labour and material shortages and well-positioned to become an attractive employer.
increased prices. This is especially true for mining and manufacturing
companies, where physical presence and conventional
Companies taking the initiative to fortify their supply ways of working have ruled the roost for a long time.
chain by reassessing risks and implementing innovative
practices and digital technologies, stand to benefit. Besides
improved access to raw material supplies, these players Vedanta response
can also unlock productivity gains to manage commodity
volatility and increased costs. Such reassessment can open Transforming the workplace is a top ESG priority at
opportunities to sustainably reduce costs with measures like Vedanta. We have increased our focus on diversity,
transitioning to renewable energy, innovations that make for equity and inclusion, health and safety, besides skill
a sustainable portfolio and implementation of strategic joint development for employees. We are aligning our
ventures for economies of scale. business with the nation’s interest and the global
exigency for addressing the issue of climate change,
thereby creating opportunities for employees to
Vedanta response contribute to nation-building and the betterment of
communities and even the planet. We are breaking the
We are mitigating supply chain risks by undertaking gender barrier by encouraging women and LGBTQ+-
vertical integration projects including acquiring friendly workplaces. We are also undertaking multiple
coal mines and securing linkages to reduce import programmes that support their career growth, in addition
dependence. We are also strengthening inbound to using digital technologies to enrich their experiences.
logistics. These efforts stand to reduce production costs.
We are further undertaking periodic vendor life cycle
assessments to evaluate risks at every stage, and
accordingly implement necessary actions.
To unlock productivity, we are focussed on achieving
full capacity utilisation and improving operational
efficiencies. Towards this goal, we have initiated the
implementation of phase 2 digitalisation, which will
make Vedanta a 100% automated and data-driven
organisation. These initiatives will contribute to
significant savings and productivity gains.
46
opportunities REPORT REPORTS STATEMENTS
T6 T7
Social impact for sustainable success Digital leadership to unleash the potential
Globally, the indigenous communities have growing Automation, digitalisation and big data are revolutionising
expectations for greater accountability and responsibility the way metals and mining companies operate. These
from corporates in exchange for the social licence to methods are improving decision-making and the exploration
operate. They seek newer ways to connect with corporate and development of minerals with real-time information
and assign responsibilities for not only contributing to the and a huge database. The ability to leverage the data using
local economy but also addressing social and environmental advanced technologies can help in many ways to unlock
issues. Natural resources companies, operating near these value across the mining life cycle, including better cost and
communities, have an opportunity to unlock business value asset utilisation and minimising environmental impact.
and establish themselves as a socially and environmentally
responsible corporate. By establishing novel ways, these
players can forge a deeper connect with the communities Vedanta response
for a better understanding of their operations. By ensuring
sustained engagement with communities and aligning Innovation is a key element of our strategy aimed
priorities, their needs and expectations can be identified at productivity, safety and sustainability. We are
and fulfilled. undertaking an organisation-wide digital transformation
project, currently in phase-2, to become smarter and
data-driven with a focus on smart operations and asset
Vedanta response optimisation, workplace safety, logistics optimisation
and enabling functions automation. Multiple tools like
Vedanta is proactively bringing meaningful development advanced process control, predictive analytics, asset
in the communities where it operates with multi- performance monitoring and digital twin are being used
dimensional efforts to address their most urgent needs. towards these goals.
Our programmes for healthcare and hygiene, livelihood
creation, women empowerment, environmental
protection and child well-being and education while
uplifting the community, are also enabling us to fortify
our relations with them. Vedanta strives to be the
preferred developer of choice in most regions of its core
operations. We are embedding their welfare at the core
of business decisions and continue to seek innovative
ways to empower 2.5 million families with enhanced
skillsets and uplift 100 million women and children. We
are further strengthening our connect with them, by
adhering to globally accepted human rights practices.
We have also established a dedicated community of
practice with defined key results areas.
47
STRATEGIC PRIORITIES AND UPDATE
AREAS WE FOCUS ON TO
DELIVER SUSTAINED VALUE
Our five strategic focus areas reflect our integrated
thinking that connects our purpose with our performance.
These strategic areas help us leverage our strengths, take
advantage of opportunities, manage risks and navigate
business cycles while taking into consideration the material
concerns of our heterogeneous stakeholders. Here we map
the progress we have made against each focus area and the
way forward.
48
Strategic Priorities and Update REPORT REPORTS STATEMENTS
S1 Continued focus on world-class ESG performance

We operate as a responsible business with a focus on zero harm, zero discharge and zero waste. Our revised vision is
“Transforming for Good” around three focus areas transforming communities, transforming the planet, and transforming
the workplace. Through these focus areas, we work towards generating positive value for stakeholders and minimising
the impact on the environment
Vision
FY 2023 Update Transforming Communities
Aim 1: Responsible business decisions based around
• Total Nand Ghar in FY 2023 – 4,533
community welfare
• Skill-based training for 5,400 individuals
Aim 2: Empowering over 2.5 million families with
• GHG emissions increased by 4.6% YoY enhanced skillsets
• Water positivity ratio 0.62 Aim 3: Uplifting over 100 million women and children through
• 162% HVLT waste utilisation Education, Nutrition, Healthcare, and Welfare
• 13 Fatalities Transforming the Planet

• LTIFR - 0.52 Aim 4: Net-carbon neutrality by 2050 or sooner
• TRIFR - 1.20 Aim 5: Achieving net water positivity by 2030
• Women employees - 14.0% Aim 6: Innovating for a greener business model
• Women in leadership positions - 9% Transforming the Workplace
• ESG rating improvement in MSCI, DJSI, Aim 7: Prioritising safety and health of all employees
Sustainalytics and CDP water Aim 8: Promote gender parity, diversity, and inclusivity
Aim 9: Adhere to global business standards of
corporate governance
Objectives for FY 2025 Objectives for FY 2030

• Target to enhance skillsets of ~1,600 families • ~2.5 million families with enhanced skillsets
• Target to positively impact ~13,000 women • 25% absolute reduction GHG emissions vs
and children through programmes in education, FY 2021 baseline
healthcare, nutrition • 2.5 GW RE RTC in operations
• 20% reduction in metals and mining intensity • Water positivity ratio – 0.98
• 900 MW RE RTC in operations • Legacy waste - 7 million tonnes
• Investment in energy transition - `2,700 crore • Habitat restoration - ~2,500 hectares
• Water positivity ratio - 0.83 • Zero fatalities
• Legacy waste - 29.6 million tonnes • LTIFR - 0.15
• Habitat restoration - 2,300 hectares • Total women employees - 20%
• Zero fatalities • Women in leadership roles - 40%
• LTIFR - 0.48 • Zero governance issues
• Total women employees - 19%
• Women in leadership roles - 20%
• Zero governance issues
KPIs
Risks
• Total Number of Nand Ghars • Metals and Mining GHG • LTIFR
• Skillset imparted to families intensity • % of women employees R1 R9 R12 R13
• Impact of CSR programmes • Annual waste • % of women in leadership

in education, healthcare, utilisation roles
nutrition • Water positivity ratio • Zero governance-related
• Annual GHG emissions • Habitat restoration issues
• RE power in operations • Fatalities • Annual disclosures
49
S2 Augment our Reserves & Resources (R&R) base

We look at ways to expand our R&R base through targeted and disciplined exploration programmes. Our exploration
teams aim to discover mineral and oil deposits in a safe and responsible manner and replenish the resources that support
our future growth ambitions
FY 2023 Update Objectives for FY 2024

Zinc India Zinc India • Addition and upgradation of
34 million tonnes of ore
• Total Ore Reserves stand at • Target generation and drill testing:
(3 million tonnes metal)
173.5 million tonnes (net of Zawar, RD-SK, RA Mine
depletion of FY 2023 production
• Exploration plan to enhance the Oil & Gas
of 16.7 million tonnes) at the end
mineral resource by 15 million • Exploration and appraisal
of FY 2023 (161.2 million tonnes
tonnes Ore drilling across the portfolio in
at the end of FY 2022) due to
heightened focus on resource- • Acquiring new potential areas Rajasthan, Cambay, Northeast
to-reserve conversion during the through auction and Offshore blocks
year. Exclusive Mineral Resource • Shale studies and evaluation of
• Ore reserves upgradation for sustained
totalled 286.6 million tonnes pilot well to establish potential
mine production for next 10 years
• Combined R&R were estimated • ASP pilot project in Bhagyam
• Use of AI & ML and Advance
to be 460.1 million tonnes, and Aishwariya fields
Geophysics for target generation
containing 30.8 million tonnes
of zinc-lead metal and 855.9 • Monetisation of Bhagyam Bio-
Zinc International degradable zone (BDZ), Satellite
million ounces of silver
• Execution of 40 km of drilling across fields & Tight oil fields
• Overall mine life continues to be greenfield and brownfield projects in
more than 25 years • Infill wells across operating
RSA and Namibia
fields to augment reserve base
Zinc International
• Combined mineral resources
and ore reserves estimated at
659 million tonnes, containing
34.87 million tonnes of metal
Objectives for FY 2025
Zinc India • Addition and upgradation of
Oil & Gas 68.0 million tonnes of ore
• Securing new tenements for
• Secured 8 blocks in Discovered (4 million tonnes of metal)
R&R growth
Small Fields (DSF)-III bid round
and one block in special Coal • Target generation through the Oil & Gas
Bed Methane (CBM) round 2021 application of AI & ML along with • Establish the resource pool
advanced geophysics around OALP blocks to have
• Exploration and appraisal
• Enhancement of the mineral incremental development
wells drilled across PSC and
resource by 40 million tonnes ore opportunities in the portfolio
OALP blocks
with contained metal of 2 million • Establish commercial
• Two exploration successes in tonnes and upgrade ore reserves to potential of shale
Ravva Infill drilling campaign 42 million tonnes, which will lead
to total R&R of 500+ million tonnes • Establish the full potential
• Drilled first shale exploration
with ~35 million tonnes metal of ASP in Mangala Bhagyam
well in Rajasthan to unlock the
and Aishwariya for
potential in Barmer basin
Zinc International commercial development
• Gross 2P reserves and 2C
• Execution of 76 km of drilling
resources of 1,156 mmboe
across greenfield and brownfield
projects in RSA and Namibia
50
Objectives for FY 2030 KPIs

Zinc India • Total R&R in Zinc India and
• Retain existing mining leases in HZL portfolio while acquiring Zinc International
new potential areas through auction • Total 2P+2C Reserves &
Resources in O&G
• Attain R&R metal of ~40 million tonnes in HZL portfolio
Oil & Gas

Risks
• Establish diversified R&R portfolio to support the vision of
contributing to India’s 50% of domestic O&G production
R1 R5 R9
S3 Delivering on growth opportunities

We are focussed on growing our operations organically/inorganically by developing brownfield opportunities in our
existing portfolio. Our large, well-diversified, low-cost and long-life asset portfolio offers us attractive expansion
opportunities, which are evaluated based on our return criteria for long-term value creation for all stakeholders.
FY 2023 Update
Zinc India • Increment of 20.5% production • Infill drilling in Bhagyam,

through complete cell house Aishwariya, Tight Oil (ABH),
• Total mine development increased
revamp at Zinc Smelter Debari Tight Gas (RDG), Satellite Field
by 4% to 110.6 km in FY 2023
(ZSD) (NI) and Offshore (Ravva &
• Zawar Mines has achieved Cambay) to augment reserves
• Pantnagar Metal Plant producing
highest ever MIC of 165 kt in and mitigate natural decline
green zinc using 100% renewable
FY 2023
energy produced from hydropower • 38 wells drilled across
• Skip handling system upgradation all assets
• Waste management through
resulting in capacity enhancement
Jarosite utilisation in the cement
by 32% to 110 kt/month Aluminium
industry by modification in
• Rampura Agucha Mines achieved present circuits • Ramp up of Jharsuguda facility
ever highest 534 kt MIC in • Commissioning of new 120
FY 2023 Zinc International KTPA Billet line
• Highest-ever mined metal • Significant ramp up in Gamsberg
• Operationalisation of Jamkhani
production 1,062 kt in FY 2023 production with 208 kt zinc MIC in
coal mine
FY 2023
• Highest-ever refined metal • Declared preferred bidder
production at 1,032 kt in FY 2023
Oil & Gas for Ghogharpalli coal block
• Highest-ever silver production of • Exploration drilling ongoing across & CMDPA executed for Barra
714 tonnes in FY 2023 basins. Exploration success in coal block
• Successfully conducted a public Ravva Infill campaign • LoI issued for Sijimali
hearing at Chanderiya to obtain • Production commenced from Jaya bauxite block
EC for expansion of CLZS unit discovery in OALP Cambay region
51

Zinc India Zinc International Aluminium
• Further ramp-up of underground • Gamsberg Phase 2 project • Commissioning of 3 MTPA
mines towards their design approved by the Vedanta Board. alumina refinery
capacity of 1.2 MTPA Project includes the mining
• JSG VAP expansion to 1.6
expansion from 4 MTPA to
• Combined paste-fill and dry tailing MTPA and Balco VAP expansion
8 MTPA and construction of new
plant at Rajpura Dariba, which will to 1 MTPA. To be completed by
concentrator plant of 4 MTPA,
help increase ore production from Q3 FY 2024
taking the total capacity to 8 MTPA.
1.5 MTPA to 2 MTPA
MIC production will be 200 KTPA, • Operationalise Kuraloi (A) North
• Migration to 100% mechanised taking the total South Africa & operational readiness for
charging at Zawar leading to production to >500 KTPA. Target Radhikapur West
improved safety, faster charging, date of completion of project is
increased pull per blast 21 months
• Construction and commissioning • Skorpion Refinery conversion –

of new ZLD plant at Agucha awaiting confirmation of power
and Zawar tariff to take the final decision
before beginning on-ground
• New beneficiation plant to start at
execution in FY 2024
RDM to increase treatment capacity
from 1.1 MTPA to 1.5 MTPA • Black Mountain Iron Ore project
intends to recover iron ore
• Hydraulic fill plant hook up with
(magnetite) from the BMM
Mill 2 at Zawar to expedite filling
tailings on track. Best quality iron
at Mochia & Balaria mines and
ore will be produced from the
improve ore recovery
new plant with Fe grade >68%.
• New portal commencement at First production is expected in
Zawarmala to enhance production August 2023
up to 2 MTPA
Oil & Gas
• With supporting MIC flow, smelters
are geared to touch approx. 1,050 - • Exploration and appraisal drilling
1,075 kt in OALP and PSC blocks to unlock
resource potential
• Capacity expansion through major
overhauling of Roaster-3 and • Monetisation of discoveries notified
erection of Roaster-6 in OALP blocks
• Debottlenecking of Debari Cell • Commence ASP project

house and other efficiency execution in the Mangala field to
improvement initiatives to achieve monetise reserves
overall FG production of 1.1 MTPA • Infill well projects across producing
• Best-in-class new HZDA fields to add reserves and mitigate
production facility (HZAPL) to cater natural decline
to demand of Indian market
52

Zinc India • Up to 450 MW green energy • Monetisation of discoveries from
• Ramp-up of underground mines to sourcing in operations OALP, DSF and PSC block
reach 1.25 MTPA capacity Zinc International • Commence ASP project execution
• Study on alternate access to the • Full ramp-up of Gamsberg Phase 2 in the Bhagyam and Aishwariya
portal at RAM project in FY 2025 field to monetise reserves
• Commissioning of vertical conveyor • Skorpion Refinery conversion – • Commence shale monetisation

at SKM to mine high-grade shaft Completion of conversion project • Establish secondary methods of
pillar area expected by FY 2025 oil recovery in offshore fields
• Transition to one-third BEV • Gamsberg Smelter planned to treat
deployment at RA & SK Mines all zinc concentrate from current Aluminium
operation. Planned first production • BALCO 435 KTPA
• Completion of Mill 3 at Zawar to
in FY 2026. First phase planned to
increase beneficiation capacity • 100% value-added
produce 300 KTPA
product portfolio
• Establishment of a new tailing dam
at Zawar Mines Oil & Gas • Operationalisation of Radhikapur
• Complete execution of Alkaline West Coal Block
• Commissioning of Roaster-6
Surfactant Polymer (ASP) • Start of supplies from Sijimali
• Set up 510 KTPA Fertiliser plant project at Mangala to deliver bauxite block
in Chanderiya incremental volume

Zinc India • Gamsberg mining operations • Continuation of monetisation
• Ramp-up of underground mines from underground to increase opportunities across asset
from 1.5 MTPA capacity throughput from 8 MTPA portfolio (supported by organic
to 9 MTPA from current and inorganic strategies)
• Look for new mining leases processing plants
• Advocacy for opening new Aluminium
• Iron Ore Phase 2: Construction of
mining sites an additional plant to treat 2 MTPA • Debottleneck Lanjigarh Refinery
of current tailings storage facility Capacity from 5 to 6 MTPA
• Addition of one more smelter
to take the overall capacity to with opportunity to construct a pig • Increase Jharsuguda capacity to
1.5 MTPA iron plant 2 MTPA through debottlenecking
& asset reliability projects
Zinc International Oil & Gas
• Operationalisation of all requisite
• Gergarub mining and concentrator • Commence full field scale ASP
coal and bauxite blocks
plant planned to be in production project execution in Rajasthan field
by FY 2025, delivering MIC of to monetise reserves
100 KTPA
KPIs Risks
• Volume • FCF post-capex
R2 R9 R12
• Revenue • Growth capex
• ROCE
53
S4 Optimise capital allocation and maintain a strong balance sheet

Our focus is on generating strong business cashflows and maintaining stringent capital discipline in investing in
profitable high IRR projects. Our aim is to maintain a strong balance sheet through proactive liability management. We
also review all investments (organic and acquisitions) based on our stringent capital allocation framework to maximise
shareholder returns
KPIs
FY 2023 Update Objectives for FY 2024
• FCF post-capex
• Free cash flow (FCF) at • Generate healthy free cash flow
• Net Debt/EBITDA (Consolidated basis)
`18,077 crore from our operations
• EPS (before exceptional items)
• Net debt at `45,260 crore • Disciplined capex across • Interest cover ratio
projects to generate • Dividend
• Net Debt/EBITDA at 1.3x on a
healthy ROCE
consolidated basis
• Improve credit ratings Risks
• Dividend worth `101.5/share
distributed by VEDL • Reduce working capital
R9 R10 R11 R13
S5 Operational excellence and cost leadership

We strive for all-round operational excellence to achieve benchmark performance across our business, by debottlenecking
our assets to enhance production, supported by improved digital and technology solutions. Our efforts are focussed on
enhancing profitability by optimising our cost and improving realisations through prudent marketing strategies
FY 2023 Update
Zinc India • Gamsberg ramped up significantly expertise, introduce best-in-class
• Record ore production of with 208 kt production in FY 2023 practice and adopt digitalisation
16.7 million tonnes and several best performances in
ore milled tonnes, mill throughput Aluminium
• Mined metal production of and plant availability • Record aluminium production at
1,062 kt and refined zinc-lead
• Skorpion remained under care 2,291 kt, up 1% YoY
production of 1,032 kt
and maintenance following • Highest ever domestic sales at
• APC commissioned at all the geotechnical instabilities in the 773 kt, 14% increase over previous
beneficiation plants of RA open pit best achieved
• Smelters achieving
Oil & Gas • Alumina production at Lanjigarh
designed recovery
refinery at 1,793 kt, down 9% YoY
• Average gross operated production
• Volume enhancement through due to shutdown of calciners
of 143 kboepd for FY 2023,
operations of Pyro plant on Lead-
down 11% YoY, owing to natural • Alumina COP up by 25% YoY
Zinc mode for 7 months
field decline due to increased rates of critical
• To mitigate higher coal costs, our input commodities
• Signed 10-year extension up to
CPPs were shut down and power
2030 for the Rajasthan block • FY 2023 CoP for aluminium at
was procured from the grid
Production Sharing Contract (PSC) US$2,324 per tonne, up by 25%
YoY, due to increase in commodity
Zinc International • Onboarded partners for end-to‑end
prices, majorly coal and carbon
• BMM achieved consistent management of Operations and
production in FY 2023 (65 kt) Maintenance (O&M) across assets • Optimisation of gross
with an objective to leverage working capital
54
Objectives for FY 2024 Objectives for FY 2025 Objectives for FY 2030

Zinc India Zinc India Zinc India
• Maintain cost of production between • Maintain cost of production at • Maintain cost of production
US$1,125 - US$1,175 per tonne a low level through efficient ore at below US$1,000 per tonne
through efficient ore hauling, higher hauling, higher volume and grades through efficient ore hauling,
volume and grades and higher and higher productivity through higher volume & grades and
productivity through ongoing efforts in ongoing efforts in automation higher productivity through
automation and digitalisation and digitalisation ongoing efforts in automation
and digitalisation
• Engineering of Dariba Lead
Zinc International
Cellhouse to reduce cost and • Elimination of waste generation
• Ramp up Gamsberg to design a increase efficiency and recovery by gainful utilisation
capacity of 250 KTPA in FY 2024 and recycling
• BMM debottlenecking plant to achieve Zinc International
• Deploy new innovation
2 million tonnes ore production levels • 500 KTPA production from South and technology for holding
despite low grades Africa at a low cost of production benchmark operation
• Restart Skorpion post-completion of • 150 KTPA metal production
geotechnical studies and feasibility from Skorpion Oil & Gas
completion of imported zinc oxides • Leverage win-win partnership
Oil & Gas models for operations through
Oil & Gas • Increase production from existing global technology leaders
• Manage natural decline through near assets through the use of leading- to achieve best-in-class
infill well programme across fields edge technologies, large-scale operational efficiencies
AIML (artificial intelligence and • Continue to operate at a low
• Stabilise end-to-end Operations and
machine learning enabled base) cost-base and generate free
Maintenance (O&M) across assets with
partners and deliver value accretion • End-to-end output-based cash flow post-capex
Operations and Maintenance
• Continue to operate at a low cost-base Aluminium
(O&M) model
and generate free cash flow post-
• 100% backward and forward
capex • Continue to operate at a low cost-
integration: 3 MTPA Aluminium,
base and generate free cash flow
6 MTPA Alumina, 100% VAP,
Aluminium post-capex
100% coal & bauxite security
• Highest ever production from refinery, (Captive + Linkage)
start of alumina production from Aluminium
3 MTPA refinery • Lower hot metal cost of
production through increased
• Highest ever aluminium production
domestic Alumina & captive
projected at 2,280-2,350 kt
coal consumption
• Significant reduction in aluminium
• Continued focus on quality,
production COP, unlocking potential in
asset reliability and optimisation,
operational & buying efficiency
digitalisation, innovation, and R&D
• Improve raw material security & local
materialisation (bauxite & coal)
• Increased focus on asset integrity

and optimisation, quality, innovation,
and digitalisation through Centre
of Excellence
KPIs Risks
• EBITDA • FCF post-capex
R1 R3 R7 R11
• Adj. EBITDA margin • ROCE
55
RISK MANAGEMENT
MANAGING RISKS AND

OPPORTUNITIES AMIDST A DYNAMIC
EXTERNAL ENVIRONMENT
As our operations are spread globally, our businesses
are exposed to a variety of risks. Our multi-layered risk
management system and robust governance framework help
us align our operating controls with the Group’s overarching
vision and mission. This, in turn, helps us deliver on our
strategic objectives.
56
Risk management REPORT REPORTS STATEMENTS
Risk Governance Framework helps evaluate the design and operating effectiveness
of the risk mitigation programme and control systems.
This analysis discusses risks and mitigation measures,
reviews the robustness of our framework at an
individual business level and maps progress against
actions planned for key risks by meeting at least four
times annually.
BOARD OF
DIRECTORS
The GRMC, which meets every quarter, discusses key
events impacting the risk profile, relevant risks and
uncertainties, emerging risks and progress against
Audit Committee
planned actions. This committee comprises the Group
Chief Executive Officer, Group Chief Financial Officer
and Director-Management Assurance. The Group Head
GRMC ExCo - Health, Safety, Environment & Sustainability are also
invited to attend these meetings.
Business Unit Management Teams The risk management framework, which is simple
and consistent, provides clarity on managing and
reporting risks to the Board. Our management systems,
organisational structures, processes, standards and
Enterprise risk management Code of Conduct and ethics together represent our
internal control systems. These internal control systems
For our existing operations and ongoing projects, we
govern how the Group conducts its business and
identify risks at the individual business-level by way
manages associated risks.
of a consistently applied methodology. We undertake
business-level review meetings at least once every quarter
The Board shoulders the ultimate responsibility
to discuss risk management formally. Within the Group,
for the management of risks and for ensuring the
every business division has created and evolved its risk
effectiveness of these internal control systems. The
matrix and developed its risk registers. The respective
Board’s responsibility includes a review of the Audit &
business divisions review the risks, changes in the nature
Risk Management Committee’s report on the risk matrix,
and extent of major risks since the last assessment and
significant risks, and mitigating actions. A regular review
control measures, and then decide on further action
is conducted of any systemic weaknesses identified and
plans. These risks are then reviewed by the Business
addressed by enhanced procedures to strengthen the
Management Committee.
relevant controls.
The business management teams also periodically review

control measures stated in the risk matrix in order to verify Group Risk Management Framework
their effectiveness. The CEOs of respective businesses
chair these meetings, which are also attended by CXOs,
senior management and the functional heads. At the
business and Group level, the role of Risk Officers is to
create awareness among the senior management on al St
rn ra
risks and to develop and nurture a risk-management
te
te
Ex
gic
culture within the businesses. An integral part of KRAs

EVALUATE MITIGATE
and KPIs of process owners is to come up with risk
mitigation plans. The governance of the risk management
framework is anchored with the leadership teams of
individual businesses.
By identifying and assessing changes in risk exposure,

reviewing risk-control measures and approving IDENTIFY MONITOR
remedial actions, wherever appropriate, the Audit &
l
Fi n
na
Risk Management Committee aids the Board in its risk nc t

io
a
ia
l e ra
management process. This Committee is supported by Op
the Group Risk Management Committee (GRMC), which
57
Risk management is embedded in business-critical Every business has developed its risk matrix, which is
activities, functions and processes. This is also critical reviewed by the respective management committee/
to deliver on the Group’s strategic objectives. The executive committee, chaired by its CEO. In addition,
Company’s risk management framework is designed depending on the size of its operations and the number
to manage, not eliminate, the risk of failure to achieve of SBUs/locations, every business has developed its
its business objectives. The framework provides risk register. Across these risk registers, the risks are
reasonable, (not absolute), assurance against material aggregated and evaluated, the Group’s principal risks
misstatement or loss. The key considerations of our are identified, and an adequate response mechanism
decision-making are materiality and risk tolerance. is formulated.
Every manager and business leader is responsible for It is this element which is an important component
identifying and managing risks. The key risk governance of the overall internal control process, from which
and oversight committees in the Group are as below: the Board obtains assurance. The scope of work,
authority and resources of the Management Assurance
• The Board is supported by the Committee of
Services (MAS) are regularly reviewed by the Audit
Directors (COD), comprising the Vice Chairman and
Committee. Recommending improvements in the
Group CFO, by considering, reviewing and approving
control environment and reviewing compliance with
the borrowing and investment-related proposals
our philosophy, policies and procedures are the key
within the overall limits approved by the Board. The
responsibilities of MAS.
CEO, Business CFOs, Group Head Treasury and BU
Treasury Heads, based on the agenda, are invited to
It is from the risk perspective that the planning of
these committee meetings
internal audits is approached. Inputs are sought from
• The Audit and Risk Management Committee, along the senior management, business teams and members
with Sustainability Committee, review sustainability- of the Audit Committee and reference is made to the
related risks risk matrix while preparing the internal audit plan. The
past audit experience, financial analysis and prevailing
• Various group-level ManCom such as Procurement
economic and business environment are also referred to
ManCom, Sustainability - HSE ManCom, and CSR
in the process.
ManCom work on identifying specific risks and
working out mitigation plans
In the section that follows, the order in which risks
appear does not necessarily reflect the likelihood of
occurrence or the relative magnitude of their impact on
Vedanta’s businesses. For each risk, the risk direction
is reviewed based on the events, economic conditions,
changes in the business environment and regulatory
changes during the year.
The Company’s risk management framework has been

formulated to help the organisation meet its objectives.
However, there is no guarantee that the Group’s risk
management activities will mitigate these risks or
prevent them, or other risks, from occurring.
With the assistance of the management, the Board

conducts periodic and robust assessments of principal
risks and uncertainties of the Group, while also testing
the financial plans associated with each.
Control Room at VZI
58
Sustainability Risks
R1 Health, safety and environment (HSE)
Impact: The resources sector is subject to Emissions and climate change of levies for emissions in excess of
extensive health, safety and environmental Climate change mitigation and adaption certain permitted levels and increase
laws, regulations and standards. Evolving failure is ranked amongst the top 10 risks administrative costs for monitoring
requirements and stakeholder expectations as per World Economic Forum’s Global and reporting. Increasing regulation
could result in increased costs or litigation Risk Report 2023 over the next 2 years to of greenhouse gas (GHG) emissions,
or threaten the viability of operations in 10 years. Our global presence exposes including the progressive introduction of
extreme cases. Large-scale environmental us to a number of jurisdictions in which carbon emissions trading mechanisms
damage is amongst the top 10 risks, as per regulations or laws have been, or are being, and tighter emission reduction targets,
the World Economic Forum’s Global Risk considered to limit or reduce emissions. The is likely to raise costs and reduce
Report 2023 for the next 2 years, which can likely effect of these changes could be to demand growth
lead to global policy changes increase the cost of fossil fuels, imposition
Mitigation
• HSE is a high-priority area for Vedanta. • A Vedanta Critical Risk Management • The carbon forum has been re-
Compliance with international and programme will be launched to identify constituted with updated terms of
local regulations and standards, critical risk controls and to measure, reference and representation from all
protecting our people, communities and monitor and report control effectiveness businesses. Its mandate is to develop
the environment from harm, and our and recommend the carbon agenda for
• The Company has implemented a set
operations from business interruptions, the Group to the Executive Committee
of standards to align its sustainability
are the key focus areas (ExCo) and Board
framework with international practices.
• Policies and standards are in place to A structured sustainability assurance • Enhanced focus on renewable
mitigate and minimise any HSE-related programme continues to operate in the power obligations
occurrences. Safety standards are issued business divisions covering environment,
• The Group companies are actively
or continue to be issued to reduce the health, safety, community relations and
working on reducing the intensity of
risk level in high-risk areas. Structured human rights aspects. This is designed
GHG emissions in our operations
monitoring, a review mechanism and a to embed our commitment at the
system of positive compliance reporting operational level • A task force team is formulated
are in place to assess end-to-end operational
• All businesses have appropriate policies
requirements for the FGD plant. We
• BU leadership continues to emphasise in place for occupational health-related
continue to engage with various
on three focus areas: visible felt matters, supported by structured
stakeholders on the matter
leadership, safety-critical tasks and processes, controls and technology
managing business partners
• To provide incentives for safe behaviour
• The process to improve learning from and effective risk management,
incidents is currently being improved safety KPIs have been built into
to reduce the re-occurrence of the performance management of
similar incidents all employees
Decrease in risk profile Same as last year Increase in risk profile
59
R2 Managing relationship with stakeholders
Impact: The continued success of our existing operations and future projects is partly dependent on the broad support and healthy
relationships with our local communities. Failure to identify and manage local concerns and expectations can have a negative
impact on relations and, therefore, can affect the organisation's reputation and social licence to operate and grow
Mitigation
• Our CSR approach to community • Business Executive Committee (ExCo) potentially negative operational impact
programmes are governed by the factor in these inputs, and then decide and risks through responsible behaviour –
following key considerations relating to upon the focus areas of CSR and that is, acting transparently and ethically,
the needs of the local people and the budgets, in alignment with strategic promoting dialogue and complying with
development plan in line with the new business priorities commitments to stakeholders
Companies Act in India; CSR Guidelines;
• All BUs follow well-laid processes for • Stakeholder engagement is driven basis
CSR National Voluntary Guidelines of the
recording and resolving all community and the stakeholder engagement plan at
Ministry of Corporate Affairs, Government
external grievances as well as standard each BU by the CSR and cross-functional
of India; and the UN’s Sustainable
processes for social investment teams. Regular social and environmental
Development Goals (SDGs)
risk assessment discussions happen at
• Every business has a dedicated
• Our BU teams are proactively engaging the BU-level
Community Development Manager,
with communities and stakeholders
who is a part of the BU ExCo. They • Strategic CSR communication is being
through a proper and structured
are supported by dedicated teams of worked upon for visibility. Efforts
engagement plan, with the objective of
community professionals continue to meet with key stakeholders,
working with them as partners
showcase our state-of-the-art technology,
• Our business leadership teams have
• A group-level CSR management increase organic followers and enhance
periodic engagements with the local
committee meets every fortnight to review engagement through social media
communities to build relations based on
and decide on strategic CSR Planning, its
trust and mutual beneﬁt. Our businesses • CSR communication and engagement
execution and communication
seek to identify and minimise any with all stakeholders – within and
outside communities
R3 Tailings dam stability
Impact: The release of waste material can lead to loss of life, injuries, environmental damage, reputational damage, financial costs
and production impacts. A tailings dam failure is considered to be a catastrophic risk – i.e., a very high severity, but very low-
frequency event and is a continuous risk. Hence, it receives the highest priority
Mitigation
• The Risk Management Committee BUs. Technical guidelines are also • Management standards implemented
included a tailings dam on the Group being developed with business involvement
risk register with a requirement for an
• Vedanta Tailings Management Standard • BUs are expected to ensure
annual internal review and a three-yearly
has been reviewed, augmented ongoing management of all tailings
external review
and reissued, including an annual, facilities with ExCo oversight with
• Operation of the tailings dam is executed independent review of every dam and independent third-party assessment
by suitably experienced personnel within a half-yearly CEO sign-off that dams on the YoY implementation status of
the businesses continue to be managed within the Golder recommendations
design parameters and in accordance
• Third party has been engaged to review • Digitalisation of tailings monitoring
with the last surveillance audit.
tailings dam operations, including the facilities is being carried out at the BUs
Move towards dry tailings facilities
improvement opportunities and remedial
has commenced • Tailing management standard is updated
works required in addition to the
to include latest best practices in tailing
application of Operational Maintenance • Those responsible for dam management
management. The UNEP/ICMM Global
and Surveillance (OMS) manuals in receive training from third parties
Tailings Standard was incorporated into
all operations. This is an oversight and will receive ongoing support and
Vedanta Standard during FY 2021
role in addition to the technical design coaching from international consultants
and guidance arranged by respective
60
Operational risks
R4 Challenges in Aluminium and Power business
Impact: Our projects have been completed and may be subject to a number of challenges during operationalisation. These may also
include challenges around sourcing raw materials and infrastructure-related aspects and concerns around ash utilisation/evacuation
Mitigation
• Despite the fluctuation in LME along with manpower are functioning well, with no • Continuous focus on plant operating
pressure on cost, best-ever production major risks foreseen efficiency improvement programme to
outcomes have resulted in a sustained achieve design parameters, manpower
• Local sourcing of bauxite and alumina
performance in the Aluminium sector rationalisation, logistics and cost
from Odisha Jharsuguda facilities ramped
reduction initiatives
• Despite improvement in costs QoQ, along up satisfactorily
with improved raw material security, • Continuous augmentation of power
• Project teams in place for ash pond, red
alumina refinery expansion from 2 MTPA security and infrastructure
mud, railway infrastructure and FGD
to 5 MTPA is being pursued
• Strong management team continues
• Dedicated teams working towards
• Tapping of new coal mines and sourcing to work towards sustainable low-cost
addressing the issue of new emission
of bauxite have been beneficial for production, operational excellence and
norms for power plants
plant operations securing key raw material linkages
• Global technical experts inducted to
• Continue to pursue new coal linkages to • Talwandi Saboo (TSPL) power
strengthen operational excellence
ensure coal security plant matters are being addressed
structurally by a competent team
• Inbound and outbound supply chains
across rail, road and ocean including
R5 Discovery risk
Impact: Increased production rates from our growth-oriented operations create demand for exploration and prospecting initiatives
so that reserves and resources can be replaced at a pace faster than depletion. Failure in our ability to discover new reserves, enhance
existing reserves or develop new operations in sufficient quantities to maintain or grow the current level of our reserves could negatively
affect our prospects. There are numerous uncertainties inherent in estimating ore and oil and gas reserves, and geological, technical, and
economic assumptions that are valid at the time of estimation, may change significantly when new information becomes available
Mitigation
• Exploration Executive Committee • Strategic priority is to add to • Exploration-related systems
has been established to develop and our reserves and resources by are being strengthened and
implement strategy and review projects extending resources at a faster standardised across the Group, and
group-wide rate than we deplete them, through new technologies are being utilised
continuous focus on the drilling and wherever appropriate
• Dedicated exploration cell with a
exploration programme
continuous focus on enhancing • International technical experts and
exploration capabilities • Continue to make applications for new agencies are working closely with
exploration tenements in countries in our exploration teams to enhance
• Appropriate organisation and adequate
which we operate under their respective our capabilities
financial allocation in place for
legislative regimes
the exploration
61
R6 Breaches in IT/cybersecurity
Impact: Like many global organisations, our reliance on computers and network technology is increasing. These systems could be
subject to security breaches resulting in theft, disclosure, or corruption of key/strategic information. Security breaches could also result in
misappropriation of funds or disruptions to our business operations. A cybersecurity breach could impact business operations
Mitigation
• Group-level focus on formulating all classes of stakeholders, including mandatory employee training on
necessary frameworks, policies, and employees and the leadership cybersecurity awareness
procedures in line with best practices
• Special focus to strengthen the security • Periodic assessment of entire IT
and international standards
landscape of plant technical systems system landscapes and governance
• Implementation and adoption of various (PTS) through various initiatives framework from vulnerability and
best-in-class tools and technologies for penetration perspective, undertaken
• Adoption of various international
information security to create a robust by reputed expert agencies and
standards related to information
security posture addressing the identified observations
security, disaster recovery and business
in a time-bound manner
• RCM (Risk Control Matrix) and IT General continuity management, IT risk
Controls (ITGC) under SOx framework management and setting up of internal • Structured and well-defined cyber
are performed as per defined frequency IT processes and practices in line with security awareness programme
and effectiveness these standards in place to cover all classes of
stakeholders from employees to
• Structured and well-defined cyber • Work towards ensuring strict adherence
leadership and will include Board
security awareness program to cover to IT-related SOPs to improve operating
members too
effectiveness, continuous focus on
R7 Loss of assets or profit due to natural calamities
Impact: Our operations may be subject to a number of circumstances not wholly within the Group's control. These include damage to or
breakdown of equipment or infrastructure, unexpected geological variations or technical issues, extreme weather conditions and natural
disasters – any of which could adversely affect production and/or costs.
Mitigation
• Vedanta has taken an appropriate Group and assists us in reviewing our covered by insurance could have an
insurance cover to mitigate this risk insurance portfolio adverse effect on the Group's business
and an Insurance Council is in place to
• We engage underwriters from reputed • Continuous monitoring and
monitor the adequacy of coverage and
institutions to underwrite our risk periodic review of security and
status of claims
insurance function
• Established mechanisms of periodic
• An external agency reviews the risk
insurance review in place at all entities. • Continue to focus on capability building
portfolio and adequacy of this cover
However, any occurrence not fully within the Group
62
R8 Cairn-related challenges
Impact: Cairn India has 70% participating interest in Rajasthan Block, the production sharing contract (PSC) of which was valid till 2020.
The Government of India has granted its approval for a 10-year extension at less favourable terms, pursuant to its policy for extension of
Pre-New Exploration and Licensing Policy (NELP) Exploration Blocks, subject to certain conditions. Ramp-up of production compared with
what was envisaged may impact profitability
Mitigation
• Rajasthan PSC extension for 10 years • Focussed efforts on managing • Project Management Committee
from 15 May 2020 to 14 May 2030 has production decline through: and Project Operating Committee
been executed by the parties to the PSC were set up to provide support to the
– Infill wells across producing fields
on 27 October 2022 outsourcing partner and address issues
– Enhanced recovery projects in key on time to enable better quality control
• The applicability of the Pre-NELP
producing fields and timely execution of growth projects
Extension Policy to the RJ Block is
currently sub judice – Exploration drilling across the
portfolio to add resources
Compliance risks
R9 Regulatory and legal risk
Impact: We have operations in many countries around the globe. These may be impacted because of legal and regulatory changes in the
countries in which we operate, resulting in higher operating costs, and/or restrictions such as the imposition or increase in royalties or
taxation rates, export duty, impact on mining rights/bans, and changes in legislation.
Mitigation
• The Group and its business divisions • SOx-compliant subsidiaries • SOPs implemented across our
monitor regulatory developments on an businesses for compliance monitoring
• Common compliance monitoring system
ongoing basis
being implemented in Group companies. • Greater focus on timely closure of key
• Business-level teams identify and meet Legal requirements and a responsible non-compliances
regulatory obligations and respond to person for compliance have been
• Contract management framework
emerging requirements mapped in the system
was strengthened with the issue of
• Focus on communicating our • Legal counsels within the Group boilerplate clauses across the Group,
responsible mining credentials through continue to work on strengthening the which will form a part of all contracts.
representations to government and compliance and governance framework All key contract types have also
industry associations and the resolution of legal disputes been standardised
• Continue to demonstrate the Group's • A competent in-house legal • Framework for monitoring performance
commitment to sustainability through organisation is in place at all the against anti-bribery and corruption
proactive environmental, safety and CSR businesses; these legal teams have guidelines is in place
practices. Ongoing engagement with been strengthened with the induction
local community/media/NGOs of senior legal professionals across all
Group companies
63
R10 Tax related matters
Impact: Our businesses are in a tax regime and changes in any tax structure, or any tax-related litigation may impact our profitability.
Mitigation
• Tax Council reviews all key tax litigations • Robust organisation in place at the major tax matters to mitigate tax risks
and provides advice to the Group business and Group-level to handle tax- on the Group and its subsidiaries
related matters
• Continue to engage with authorities • Strengthened governance in
concerned on tax matters • Continue to consult and obtain opinions foreign subsidiaries
from reputable tax consulting firms on
Financial risks
R11 Price (metal, oil, ore, power, others), currency and interest rate volatility
Impact: Prices and demand for the Group's products may remain volatile/uncertain and could be influenced by global economic
conditions, natural disasters, weather, pandemics, such as the COVID-19 outbreak, political instability, and so on. Volatility in
commodity prices and demand may adversely affect our earnings, cash flow and reserves.
Our assets, earnings and cash flow are influenced by a variety of currencies due to our multi-geographic operations. Fluctuations in
exchange rates of those currencies may have an impact on our financials.
Mitigation
• The Group’s well-diversified portfolio taken after appropriate deliberations and maturity. However, large, or prolonged
acts as a hedge against fluctuations due approval from ExCo movements in exchange rates may
in commodities and delivers cashflow have a material adverse effect on the
• Our forex policy prohibits forex
through the cycle Group's businesses, operating results,
speculation
financial condition and/or prospects
• Pursue low-cost production, allowing
• Robust controls in forex management to
profitable supply throughout the • Notes to the financial statements
hedge currency risk liabilities on a back-
commodity price cycle in the Annual Report provide
to-back basis
details of the accounting policy
• Vedanta considers exposure to
• Finance Standing Committee reviews all followed in calculating the impact of
commodity price fluctuations to be
forex and commodity-related risks and currency translation
integral to the Group's business and
suggests necessary course of action to
its usual policy is to sell its products at • Any sharp movements in commodity
business divisions
prevailing market prices. Its policy is not prices are discussed at the Group
to enter into price hedging arrangements • Seek to mitigate the impact of commercial and marketing Mancoms
other than for businesses of custom short-term currency movements on and suitable actions are discussed,
smelting and purchased alumina, where businesses by hedging short-term deliberated and implemented
back-to-back hedging is used to mitigate exposures progressively, based on their
pricing risks. Strategic hedge, if any, is
64
R12 Major project delivery
Impact: Shortfall in the achievement of stated objectives of expansion projects, leading to challenges in achieving stated business
milestones – existing and new growth projects.
Mitigation
• Project management organisation • Geo-technical audits conducted by the highest level of productivity and
cell set up at a Group level with the independent agencies safety. Digitisation and analytics help
objective of monitoring growth project improve productivity and recovery
• Engaged global engineering partner to
progress, extracting useful insights
do complete life of mine planning and • Stage gate process to review risks and
through market research, leveraging data
capital efficiency analysis to ensure that remedy at multiple stages on the way
analytics and benchmarking with best-
the project objectives are in sync with
in-class projects • Robust quality control procedures
the business plan and growth targets
implemented to check the safety and
• Empowered organisation structure in
• Standard specifications and SOPs were quality of services/design/actual
place to drive growth projects; project
developed for all operations to avoid physical work
management systems streamlined to
variability; reputed contractors engaged
ensure full accountability and value • Use of a reputed international agency
to ensure the completion of the project
stream mapping for Geotech modelling and technical
on indicated timelines
support, wherever required
• Strong focus on safety aspects in
• Use of best-in-class technology and
the project
equipment to develop mines, ensuring
R13 Access to capital
Impact: The Group may be unable to meet its payment obligations when due or may be unable to borrow funds in the market at
an acceptable price to fund actual or proposed commitments. A sustained adverse economic downturn and/or suspension of its
operations in any business, affecting revenue and free cash flow generation, may cause stress on the Company's ability to raise
financing at competitive terms.
Mitigation
• Focussed team continues to work • Track record of good relations with policies that govern our financial risk
on proactive refinancing initiatives banks, and of raising borrowings in the management practices
with an objective to contain cost and last few years
• CRISIL and India ratings maintained
extend tenure
• Regular discussions with rating ratings at “AA” with the outlook revised
• Team is actively building the pipeline for agencies to build confidence in to negative from stable
long-term funds for near-to-medium operating performance
term requirements, both for refinancing
• Business teams ensure continued
and growth capex
compliance with the Group’s treasury
65
CYBERSECURITY
EMPOWERING CYBERSECURITY IN A CONNECTED WORLD

In the age of digitisation and online working environments,
businesses are faced with significant technological challenges due
to the dual demands of increasing dependence on remote work
and faster digitalisation of information. Widespread cybercrime
and cyber insecurity are now one among the top 10 global risks
identified by the World Economic Forum.
Cybersecurity is also one of Vedanta's most significant business risks due to the growth of cyber-related threats such as
phishing attacks and ransomware. Vedanta's consistent investment in technology and stringent processes has thwarted
cyber threats and prevented any major disruption to our business. The Company remains committed to maintaining
cybersecurity to protect its technology, confidential information, data integrity, and business continuity.
Robust Leadership & Governance Structure Information Security Management Framework

The cybersecurity governance is overseen by the Audit Vedanta has established a robust Information Security
and Risk Committee of the Board, while the Vedanta Management Framework, which includes Policies, Standard
Executive Committee (Vedanta ExCo), chaired by the CEO Operating Procedures (SOP) and Technology Standards.
and leaders from all business functions, is responsible for The Information Security Framework is reviewed annually
cybersecurity. The Chief Information Officer (CIO) sets the by the Vedanta Information security team.
cybersecurity vision and strategy and is accountable to
Vedanta ExCo and the Board's Audit and Risk Committee. Vedanta’s Oil & Gas, Zinc-Lead-Silver, Aluminium, Iron Ore,
The Chief Security Officer (CSO) drives the cybersecurity Steel, Copper, Ferro Alloys and Power received Certification
programs to achieve business objectives, and the ISO 27001 (Information Security), some of the businesses
Chief Information Security Officer (CISO) ensures their received ISO 22301 (DR & BCP), ISO 31000 (Risk
operational success. Moreover, the CSO is responsible for Management) and ISO 27701 (Privacy Management).
physical security, including information assets.
The overall Information Security Framework & Governance layer adopted by Vedanta is presented below:
Vedanta Information Security Framework & Governance
Requirements Vedanta Cyber Assurance Program Management
Security Standards Vedanta Audit Board
Law, Acts & Policy Process Measurement Vedanta Board

Compliances
Vedanta COE
COBIT 5 People Cybersecurity
Risk Register
Management
ISO 27001 Information VAPT
Best Practices Security Assurance
ISO 22301 SOX Audit
Business Objectives Process Steering Committee
& Risk Control Matrix ISO 197701 Internal Audits
Tools & Auditors, Risk &
ISO 31000 Technology ISO Audits
Security Threats Compliance Team
Intelligence ISO 27701 Training & Data
Insurance Program
Development Governance
IEC 62443
Audits Incident Response
Phishing & RCA
Simulation
Vedanta
Cybersecurity
Framework Define Execute Measure
66
Cybersecurity REPORT REPORTS STATEMENTS
Highlights
Vedanta implemented ISO 22301 Disaster Surveillance Audit conducted under
Recovery & Business Continuity Management ISO 27001, ISO 22301, ISO 31000 and
Framework to prevent any interruption ISO 27701 Framework Requirements
in operations of the Company’s critical (Through Surveillance Audit Partner)
IT systems
Phishing simulations are carried out
Vulnerability Assessment (VA) and quarterly for 100% of users, assigning a cyber
Penetration Testing (PT) are carried out awareness score based on the results, and
twice in a year with a combination of include a variety of simulations like General
various automated tools and manual testing Phishing, Spear Phishing, Whaling, Smishing,
as appropriated and Vishing
In addition, Vedanta has strong information security Cybersecurity Awareness Planning & Training
policy that aligns with various management frameworks Vedanta's Cybersecurity Awareness Plan educates
related to information security, risk management, employees on IT and OT security and data governance,
disaster recovery, business continuity management, with a focus on sensitising them to prevailing threats and
and data privacy. This policy has been adopted by all risks and helping them learn about mitigation aspects.
business units to ensure compliance with the Vedanta The programme is framed to emphasise the importance
Information Security Policy. Policies adopted by the of collectively ensuring cybersecurity to protect the
Company align with national regulations including organisation from cybercrimes.
Information Rules, 2011 and the Information Technology
Act, 2000. Performance
Performance evaluation of Information Security is carried
Vedanta’s cyber programme focusses on the
out based on People, Process and Technology aspects. Our
following seven strategic areas to enhance
workforce has defined KRAs/KPIs aligned with Information
cybersecurity capabilities:
Security Goals as part of their Annual Performance
• Detailed risk management for the entire business Management process, and the performance is measured
against these goals.
• Annual vulnerability assessment as per the
vulnerability management policy
Escalation Process
• T
racking information security administration as a In FY 2022-23, Vedanta experienced zero cybersecurity breaches.
part of CIO’s review
Cyber incidents reported through SIEM (Security Incident
• M
anagement of cyber & data incidents through SIEM and Event Management) and by End Users are evaluated by
(Security Incident and Event Management) services, BU CISO. Data incidents reported through DLP and by End
monitoring data movement through DLP (Data Users are evaluated by BU DGPO/BU CISO and are further
Leakage Prevention) tools reviewed by BU CIO. Based on the criticality and impact, these
• D
isaster Recovery & Business Continuity observations and incidents are reported and discussed in
Management Framework to prevent any disruption to following forums for direction and support to address them.
critical IT systems • BU ExCo
• C
onsequence management in case of • Vedanta Group ExCo
non‑compliance
• BU Audit & Risk Committee
• I ncidence Response & Emergency Preparedness Plan
to respond to cybersecurity crisis • Vedanta Audit & Risk Committee
Compliance to observations as per agreed due dates is

reported on a quarterly basis.
67
BOARD OF DIRECTORS
Mr Anil Agarwal is the Non-Executive his wealth for social good. He has signed
Chairman of Vedanta Limited and founder The Giving Pledge, a movement of global
of Vedanta Group. Since March 2005, philanthropists who have committed to
he has been the Executive Chairman of giving away a majority of their wealth
Vedanta Resources. With his four decades towards philanthropic and charitable
of entrepreneurial experience, he has helped causes. With a view to promoting the well-
to shape the strategic vision of the Company being of communities with a special focus
and contribute to the larger purpose of on women and child development, he started
uplifting communities. his dream project Nand Ghar to develop
Mr. Anil Agarwal Under his leadership, Vedanta Limited has
model anganwadis across India that are
Non-Executive Chairman focussed on eradicating child malnutrition,
grown from an Indian domestic miner to a
providing education, healthcare, and
global natural resources group, with a world-
empowering women with skill development.
class portfolio of large and diversified assets
As part of his commitment to nurturing
in oil and gas, zinc, silver, aluminium, copper,
the youth and grassroots talent through
nickel, iron and steel and power that are
the promotion of sports, Mr. Agarwal has
capable of generating strong cash flows.
contributed by developing state-of-the-art
Mr. Agarwal’s vision is to empower the sports infrastructure in India.
nation by achieving self-sufficiency in
The Anil Agarwal Foundation is committed
natural resources. Over the years, he
to empowering communities, transforming
has invested over US$35 billion in the
lives and facilitating in nation-building
development of the natural resources sector
through sustainable and inclusive growth.
in India and has been a strong advocate
The Foundation has teamed up with the
for the growth of the MSME sector and
Bill & Melinda Gates Foundation to improve
start‑ups in India.
health and nutritional outcomes.
Mr. Agarwal believes businesses must
give back to society and help them
prosper and hence, has pledged 75% of
Mr. Navin Agarwal has been associated His vision is to gradually unlock the
with the Vedanta Group since its inception enormous potential of the natural resources
and has four decades of strategic executive sector and make it an engine of growth
experience. Under his stewardship, Vedanta for India.
Limited has achieved a leadership position
In recognition of his exceptional service in
in all the major sectors in which it operates.
the fields of business and entrepreneurship
Over the years, he has been instrumental and his contribution to the natural
in building a highly successful meritocratic resources sector, he was conferred with
organisation. He has been spearheading the ’Industrialist of the Year’ Award by the
Mr. Navin Agarwal the Company’s strategy through a mix Bombay Management Association in 2018.
Executive Vice Chairman of organic growth and value-accretive He is a fervent advocate of sustainable
acquisitions leading to Vedanta’s development and is committed to advancing
transformation into a globally diversified the inclusive growth of communities as well
natural resources company. as the promotion of culture and sports at
all levels.
He is passionate about developing
leadership talent and has been responsible A graduate of commerce from Sydenham
for creating a culture of excellence at College, Mumbai, he has completed the
Vedanta through the application of President Management Programme at
advanced technologies, digitalisation and Harvard University.
global best practices. He drives Vedanta’s
unwavering commitment to uphold the
highest standards of corporate governance.
68
Board of Directors REPORT REPORTS STATEMENTS
Ms. Priya Agarwal Hebbar is a Nand Ghar which aims to ensure that seven
Non‑Executive Director at Vedanta Limited crore children and two crore women get
and the Chairperson of Hindustan Zinc opportunities even in the remotest parts of
Limited. She is also the Director of the Anil the country. Making significant progress
Agarwal Foundation. in the mission to combat malnutrition and
achieve zero hunger, Priya also drives the
She holds a Bachelor’s degree in Psychology
Run for Zero Hunger movement with the
and Business Management from the
Vedanta Delhi Half Marathon and Vedanta
University of Warwick in the UK. Priya
Pink City Half Marathon.
anchors the ESG, Investor Relations,
Ms. Priya Corporate Communications, Human Following her love for animals, Priya founded
Agarwal Hebbar Resources, Digital and Social Impact for YODA - Youth Organisation in Defence of
Non-Executive Vedanta Limited. Animals, a Mumbai-based NGO, in 2010. She
Non‑Independent Director is also leading India's first state‑of‑the-art
She is deeply passionate about the
animal welfare project TACO (The Animal
environment and sustainability and has
Care Organization) under Anil Agarwal
been playing an instrumental role in the ESG
Foundation which will bring leading
transformation at Vedanta Limited. With
academicians, medical professionals, and
focussed action plans on decarbonisation,
the community together to create a more
water positivity, workplace safety,
holistic approach to animal care in India.
community welfare and workforce diversity,
Priya’s leadership is driving Vedanta Limited
on a transformative journey to emerge as an
industry leader in ESG.
Under her leadership, Vedanta has

modernised over 4,000 anganwadis across
the country through its flagship project
Mr. Upendra Kumar Sinha served as the of UTI Asset Management Company Pvt.
Chairman of the Securities and Exchange Ltd. He has also worked for the Department
Board of India (SEBI) from February 2011 of Economic Affairs under the Ministry of
to March 2017. He was instrumental in Finance, Government of India.
bringing about key capital market reforms.
Under his leadership, SEBI introduced
significant regulatory amendments to
various Acts and enhanced corporate
governance and disclosure norms. Prior to
Mr. Upendra his role in SEBI, he was the Chairman & MD
Kumar Sinha
Non-Executive
Independent Director
69
Mr. Dindayal Jalan is a Chartered a robust operating business. He was

Accountant and has over 40 years responsible for raising finance, building
of extensive experience in managing the finance team, putting in place strong
business and finance in large metal and business processes and systems,
mining companies. negotiating stable sources for long-term raw
material supplies, setting up the commodity
He is currently an entrepreneur and an
hedging desk and building a robust
Independent Director on the Boards of some
marketing organisation.
prominent companies. In his previous role,
before superannuation in 2016, he was In 2001, he moved to Sterlite Industries
Mr. Dindayal Jalan the Group CFO of London-listed Vedanta (now Vedanta Limited) as CEO of its copper
Non-Executive
Resources Plc., and an Executive Director mining business in Australia for 18 months.
and CFO of Vedanta Limited. He led the turnaround of the business by
working in a multicultural environment. In
Mr. Jalan started his corporate journey in
2003, he was appointed the CFO of Sterlite
1978 with Aditya Birla Group’s Hindustan
Industries. In 2005, he was elevated to the
Gas & Industries Limited as a management
position of CFO of Vedanta Resources Plc.,
trainee and subsequently rose to the rank
an FTSE 250, London-listed company. In
of Finance & Commercial Head. He was
this role, he provided strategic leadership
instrumental in transforming the iron
to the finance function with a clear focus
ore business and setting up a greenfield
on enhancing shareholders’ value by
SME business for Essel Mining, an
improving capital management, governance
associate company.
framework, systems and processes,
In 1996, he moved to Birla Copper to lead and developing a robust Finance team.
the Finance & Commercial function. He was He closely worked with the CEO to drive
part of the core team and was instrumental business performance.
in setting up and operationalising the
greenfield copper smelting project as
Mr. Sunil Duggal was appointed as the and smelting techniques, state-of‑the‑art,
Interim CEO of Vedanta Limited, effective environment-friendly technologies
6 April 2020, and subsequently CEO, and mechanisation, automation and
effective 1 August 2020, and Whole-Time digitalisation of operational activities has
Director from 25 April 2021. Prior to this, enhanced Vedanta’s industry leadership.
he was the CEO & Whole-Time Director of
Born and brought up in Amritsar, he has an
Hindustan Zinc Limited (HZL), a subsidiary
Electrical Engineering degree from Thapar
of the Company from 2015 to July 2020. He
Institute of Engineering & Technology,
had been associated with HZL since 2010
Patiala. He is an Alumnus of IMD, Lausanne
Mr. Sunil Duggal as Executive Director and thereafter, became
Switzerland and IIM Calcutta and worked
Whole-Time Director & the Chief Operating Officer in the year 2012
at Ambuja Cement before joining Vedanta
Chief Executive Officer and Deputy CEO in 2014. He is a result-
Limited. He is serving as Vice Chairman-
oriented professional with over 37 years
International Zinc Association and President
of experience in leading high‐performance
- Indian Lead Zinc Development Association.
teams and more than 20+ years in
Recently, he was appointed as the Chair
leadership positions.
- Confederation of Indian Industry (CII)
He is known for his ability to calmly National Committee on Mining, Chair - FIMI
navigate through tough and challenging Non-Ferrous Metals Committee, Co-Chair -
times, nurture and grow business, evaluate FICCI Non-Ferrous Metals Committee-2018
opportunities and risks, and successfully and Chairman - Skill Council for Mining
drive efficiency and productivity whilst Sector, India.
reducing costs and inefficiencies and
delivering innovative solutions to challenges.
His thrust on adopting best-in‑class mining
70
Board of Directors REPORT REPORTS STATEMENTS
Mr. Akhilesh Joshi was appointed to the serves on the Boards of HZL, Rajasthan
Board with effect from 1 July 2021. He State Mines & Minerals Limited, Ferro
completed his Bachelor’s in Mining from Alloys Corporation Limited and FACOR
MBM Engineering College, Jodhpur. He Power Limited.
holds a Diploma in Economic Evaluation
Mr. Joshi is a senior executive of global
of Mining Projects from the Paris School
repute with a proven track record. In his long
of Mines. Mr. Joshi has over 44 years of
global career, he has been recognised with
professional experience in mining and has
numerous awards including the National
an exemplary track record of nurturing one
Mineral Award by the Government of India
Mr. Akhilesh Joshi of the world’s largest integrated zinc, lead
for his outstanding contribution to mining
Non-Executive and silver-producing organisation. His
technology in 2006, Business Today CEO
Independent Director emphasis on a high-performance culture
Award, HZL Gold Medal Award by the
brings out the best in employees, propelling
Indian Institute of Metals. In 2012, he was
meticulous execution and delivering
also felicitated by the Hon’ble Finance
extraordinary results.
Minister, Pranab Mukherjee, for his excellent
Mr. Joshi served as Chief of Mining contribution to the mining sector. He is also
Operations at Rampura Agucha Mines and a member of the Institution of Engineers
successfully executed mine planning and (India), Mining Engineers Association
production ramp-up, which positioned it of India (MEAI), Mining Geological &
as the world’s #1 zinc-lead mine for eight Metallurgical Institute of India (MGMI) and
consecutive years since 2009. Indian Institute of Mineral Engineers (IIME).
He was the CEO of Hindustan Zinc Limited He is the co-author of a book titled ‘Blast
(HZL) from 2012 to 2015 and was also Design Theory and Practice’ and has written
appointed the President of the Global Zinc various technical papers in relation to
Business. From 2004-2005, he provided exploration and mining since 1995.
guidance to gold mines in Armenia. He
worked closely with companies such as
SRK/AMC etc. for benchmarking and mining
methodology evaluations. Currently, he
Ms. Padmini Sekhsaria is a Principal at the and urban areas focussed on community
Narotam Sekhsaria Family Office, where she health, preventive and promotive healthcare,
leads several investment and philanthropic capacity building, policy advocacy and
activities. She oversees businesses in systemic change. She serves on the
technology, education, FMCG, agriculture, Boards of various non-profit organisations
construction materials, commodities, and including Ambuja Cement Foundation,
financial services, that directly employ over Harvard T.H. Chan School of Public Health-
3,600 employees. Her experience in youth India Centre, Sherborne Foundation in the
education, health and vocational skilling UK, Vassar College and the India Youth
Ms. Padmini Sekhsaria spans over 20 years. Fund in New York. She is an alumnus
Non-Executive of the London School of Economics
She started the Salaam Bombay Foundation
Independent Director and holds a postgraduate degree in
in 2002, one of the largest school-based
Financial Economics.
preventive health programmes in India.
She also heads the Narotam Sekhsaria
Foundation, a family philanthropy that is
engaged in health, education, and livelihood
programmes with interventions in rural
71
EXECUTIVE COMMITTEE
Mr. Sunil Duggal was appointed as the year 2012 and Deputy CEO in 2014. He is
Interim CEO of Vedanta Limited, effective a result‑oriented professional with over
6 April 2020, and subsequently CEO, 37 years of experience in leading high‐
effective 1 August 2020, and Whole-Time performance teams and more than 20+
Director from 25 April 2021. Prior to this, years in leadership positions.
he was the CEO & Whole-Time Director of Refer to page 70 to read his detailed profile
Hindustan Zinc Limited (HZL), a subsidiary
of the Company from 2015 to July 2020.
He had been associated with HZL since
Mr. Sunil Duggal 2010 as Executive Director and thereafter,
Whole-Time Director & Group became the Chief Operating Officer in the
Sonal Shrivastava was appointed as Chief analytics, while driving digitalisation and
Financial Officer at Vedanta effective June profitability. She will work with all internal
2023. Sonal brings more than 26 years and external stakeholders to develop and
of financial leadership across sectors as deliver business goals. Sonal holds a
the Company continues its next phase of Bachelor's degree in Chemical Engineering
growth. Sonal joins Vedanta from Holcim from BIT, Sindri and a Master's degree in
Group where she worked as the CFO for Asia Business Administration from the Jamnalal
Pacific, Middle East & Africa operations. Bajaj Institute of Management Studies.
In her role as CFO, Sonal will spearhead
Ms. Sonal Shrivastava the Group's financial strategy and be
Chief Financial Officer responsible for accounting, tax, treasury,
investor relations, financial planning and
Ms. Madhu Srivastava was appointed as the and Reliance in Operations and Marketing.
CHRO of Vedanta in December 2018. She She started her HR journey in 2006 as
has been associated with Vedanta since Assistant Vice President, Talent Acquisition
2012 including as CHRO of Cairn – Oil & at Genpact and then led recruitments for
Gas business and leading Talent Acquisition Citibank India operations as Vice President,
and Diversity and Inclusion functions for Human Resources. She has been bestowed
Vedanta. She is a strategic leader and an with ‘Top HR Thought Leader’ and ‘Great
outcome-driven professional, known for Manager Awards’ by Economic Times, and
taking and implementing tough decisions ‘Top HR Leader Award’ by HRD Congress.
Ms. Madhu Srivastava with grace. She led the organisation to win HR
Chief Human Resources accolades like ‘Kincentric Best Employer’
Officer (CHRO) Ms. Srivastava has over 23 years of rich and ‘Great Place to Work’ for progressive
and diverse experiences across human talent management, employee engagement
resources (HR), sales, marketing and and performance management frameworks.
operations spanning industries like FMCG, Ms. Srivastava is an alumna of IIM
Telecom, Banking and Natural Resources. Ahmedabad with a postgraduate Diploma in
She started her career in 1999 with Godrej, Marketing and Sales.
handling sales for Gujarat and Maharashtra
and later moved to Corporate Sales and
Marketing. She then worked with GE Capital
72
Executive Committee REPORT REPORTS STATEMENTS
Arun Misra has been appointed as Chief Misra has a bachelor’s degree in electrical
Executive Officer, HZL effective 01 August engineering from IIT Kharagpur, a diploma
2020 and was elevated to the role of Chief in mining and beneficiation from University
Executive Officer, Zinc Business in June of New South Wales, Sydney and a diploma
2022. Prior to this, he held the position of in general management from CEDEP, France.
Deputy Chief Executive Officer, HZL since Arun Misra has been elected as Chairman
joining the Company on 20 November 2019. of International Zinc Association in January
In his previous role, he was associated 2022, first ever Indian and Asian to be
with TATA Steel Limited as Vice President elected to this position.
Mr. Arun Misra of Mining Division. He has 34 years of rich
Chief Executive Officer (CEO), and diverse experience in leading various
Zinc Business (HZL) strategic positions within TATA Steel. Arun
Rahul Sharma is the Deputy Chief Executive Chairman of Indian Captive Power Producers
Officer of Vedanta’s Aluminium Business Association (ICPPA), and Co-Chair of FICCI’s
since 24 November 2020. Prior to his Non‑Ferrous Metal Committee. For his
current role, he was the Chief Executive exemplary leadership, he has been conferred
Officer of the Alumina Business from April with various awards and accolades
2019 and Director — Corporate Strategy including ‘The Extraordinaire – Business
(Aluminium and Power). Mr. Rahul Sharma Leader 2020-21’ at the Brand Vision Summit
has diverse experience of over 25 years, 2022, ‘People's CEO of the year award
and he has been with the Group since 2020' by People First Limited and ‘Business
Mr. Rahul Sharma 1998. During this tenure he has held key Leader of the year award' at International
Deputy Chief leadership positions at Vedanta Limited Conference on Non-Ferrous Metals-2017
Executive Officer, and Sterlite Technologies Ltd. where he for his contribution to India’s Metal and
Aluminium Business was Chief Marketing Officer (Domestic and Mining industry. Mr. Rahul Sharma is an
International) and Business Head of System alumnus of IIM–Ahmedabad Executive
Integration Business. Mr. Sharma is also General Management program, has an
the office bearer of various eminent industry MBA in Marketing and a B.E. in Electronics
associations, including the current President and Communication.
of Aluminium Association of India (AAI),
Nick Walker was appointed as CEO, Cairn Oil and Lundin Energy. He holds degrees in
Oil & Gas in January 2023. He is steering Mining Engineering from Imperial College
Cairn’s growth strategy towards producing London, Computer Science from University
50% of India’s oil & gas needs and adding College London as well as an MBA from City
Reserves and Resources to achieve Energy University Business School, London.
Aatma-Nirbharta, whilst maintaining the
highest level of Safety, Sustainability and
Governance standards. He has over 30 years
of rich, global experience in technical,
Mr. Nick Walker commercial, and executive leadership
Chief Executive Officer, roles. Prior to joining Vedanta, he has
Cairn Oil & Gas worked with BP, Talisman Energy, Africa
73
Dr. Sanjeev Gemawat was appointed as to the legal eco system in India and the
the General Counsel of Vedanta in June world. Dr. Gemawat is a postgraduate and
2022. He brings with him three decades of doctorate in law, a qualified Chartered
rich experience in wide ranging industries Accountant, a Cost Accountant, and a
like manufacturing, automobile, real estate Chartered Secretary from India & the UK.
and hospitality. Dr. Gemawat has been
recognised among the Top General Counsels
of India in various prestigious General
Counsel lists. He is one of the founders of
Mr. Sanjeev Gemawat the GCAI and has been inducted in to the
General Counsel 'Global Hall of Fame' for his contribution
Ritu Jhingon is the Director - Corporate Company through brand initiatives and
Communications and CEO of Vedanta’s driving impact communications at national
flagship CSR project “Nand Ghar”, which and international fora. With an experience
aims to transform the lives of 7 crore spanning 3 decades, Ritu has previously
children and 2 crore women across worked with Hindustan Times Media Ltd.,
13.7 lakh anganwadis in India. Joining New Delhi and Ogilvy & Mather (Sri Lanka,
Cairn Oil & Gas in 2010, a Vedanta Group Mumbai and Delhi). Ms. Jhingon holds an
company, Ritu has worked extensively MBA in Marketing and B.Com (Hons.) from
in Corporate Communications and CSR, Sri Ram College of Commerce, University of
focussing on strategising Vedanta Delhi. A national level swimmer, Ritu is also
Ms. Ritu Jhingon Group’s positioning, defining narratives, an avid photographer and her works have
Director, Corporate and driving brand communications while been part of many national exhibitions. Ms.
Communications anchoring Group’s marquee social impact Jhingon has featured in ‘Top 100 Global
and Corporate initiatives. As part of the management Influencers’ list by Provoke Media and
Social Responsibility at Vedanta, she has been furthering an is also a member of CII National Council
environment fostering entrepreneurial on CSR.
thinking and actively positioning the
Shrikant Saboo was appointed as Director & Forex risk management, Mergers
- Commercial, Marketing & Risk in August & Acquisitions, Business Strategy &
2022. His key priorities include designing Development and Project Management.
and driving the Commercial, Marketing, He held global leadership roles and has
E-Commerce & Hedging strategies across worked with Hindalco Industries Ltd in
the business portfolios, in line with global India and with Novelis Inc in the US. Prior
best practices and peer benchmarking, to joining Vedanta, he was with Indorama
to unlock value for the organisation. His Ventures PCL in Thailand as a Senior
focus is on building strong Commercial & Vice President where he was leading the
Marketing teams in the businesses and at global procurement of key raw materials &
Mr. Shrikant Saboo the Group level along with driving strategic supply chain Asia, and had also supervised
Director – Group business partner relationships to achieve the global Aromatics finance team, and
Commercial and Marketing growth and profitability. He is a Chartered strategised the sales of specialty products.
Accountant and MBA from Emory University,
Goizueta Business School, USA. He brings
30 years of rich and diverse multicultural
experience across Procurement & Supply
Chain, Finance, Treasury, Commodity
74
Sunil Gupta was appointed as the Chief commercial & marketing transformation, and
Executive Officer of Jharsuguda, effective the execution of various critical projects for
from 31 January 2022. In this role, Mr. Gupta ACC and KJS Cements. He holds a B. Tech
has the critical responsibility of providing degree in Electrical Engineering from the
leadership to the Aluminium business at Government Engineering College, Ujjain,
Jharsuguda, with a strong focus on HSE, Madhya Pradesh.
ESG, volume, cost, organisation, talent, and
technology, and implementing best-in-class
practices. He brings over 27 years of rich
Mr. Sunil Gupta experience from the cement industry, where
Chief Executive Officer, he worked extensively in operations, project
Vedanta Limited, Jharsuguda implementation, strategic planning, logistics,
Rajesh Kumar is the CEO of Bharat innovation, leveraging technology, nurturing

Aluminium Company Limited (BALCO) employee development, and benchmarking
and has been a valued member of against industry best practices. He has
Vedanta since 2023. With 36 years of made significant contributions to the
experience in operations, maintenance, implementation of large projects, mergers,
project implementation, and productivity and acquisitions and extended his
improvement in Tata Steel's Indian and Thai visionary leadership in achieving world-
units, he brings a wealth of expertise to his class production, productivity, and quality
role at BALCO. As CEO, he is responsible benchmarks in multiple manufacturing units
for a wide range of functions across highlighting his capabilities. Mr. Kumar
Mr. Rajesh Kumar Mines, Aluminium Smelters, and Power holds a bachelor's degree in Mechanical
Chief Executive Officer plants. His key areas of focus include Engineering (B. Tech) from Banaras Hindu
& WTD, BALCO driving volume, managing costs, ensuring University (IIT BHU) and a Master's in
adherence to environmental, social, and Business Administration (MBA) with a gold
governance (ESG) practices, spearheading medal in finance from XLRI, Jamshedpur.
growth projects, managing business
partnerships, driving digitisation and
Navin Kumar Jaju was elevated to the role such as HZL, BALCO and Corporate Office.
of Chief Executive Officer, Sesa Goa on Navin Jaju is a well-seasoned executive
December 2022. In his current role, Navin with extensive diversified experience of
Jaju is responsible for overall Business over 18 years in Metals & Mining sector.
performance, growth & expansion of He brings demonstrated leadership
Vedanta’s Sesa Goa Business, which has experience in multiple business verticals
footprints across 5 states across India and ranging from financial planning & analysis,
overseas operations at Liberia - West Africa. Risk management to M&As and achieving
Prior to this, he was handling the critical business growth vision with utmost focus
Mr. Navin Jaju role of Chief Financial Officer - Iron and on strategic directions, exceptional P & L
Chief Executive Officer, Steel Sector as appointed on September results, sustainable business, and people
Sesa Goa Iron Ore 2021, after taking up the position of Chief best practices. Navin Jaju is a B. Com
Financial Officer - Iron Ore Business in graduate from St. Xavier’s College and a
April 2020. He joined Vedanta Group in Chartered Accountant from the Institute of
March 2005, and prior to joining the Iron Chartered Accountants of India.
Ore Business of Vedanta, Navin Jaju has
worked in Vedanta’s Group Companies
75
Ashish Gupta was appointed as the CEO, his General Management Program-CEDEP
ESL Steel on September 2022. Prior to this, from INSEAD France in 2018. He is also an
he was the Managing Director in Texmaco alumnus of XLRI, Jamshedpur, 1998, and
Rail and Engineering Limited from November IIT Roorkee, 1993, where he did his B.E in
2020 to September 2022. He was also Electrical Engineering.
the Managing Director of TMILL (Tata
Steel JV), from June 2017 to November
2020 and was the Chairman of TKM India
and ISL, Dubai which are subsidiaries of
Mr. Ashish Gupta TMILL. He was also a Board Member of
Chief Executive Officer, Tata NYK, Singapore. He has a total of 29
ESL Steel years of experience. Mr. Gupta completed
Vibhav Agarwal was appointed the CEO time in the biggest corporates in India. Prior
- Power in June 2022. He is a seasoned to his current role, Vibhav was Managing
professional with over 22 years’ experience Director of Rattan India Power Limited, and
in Power and Infrastructure Sector with has spent 17 years in Reliance Group at
core competence in Strategy, Regulatory various leadership position. He is a B.Tech.
Affairs, Policy Advocacy, Financing, M&A, from NIT Warangal, MBA from NITIE Mumbai
Legal, Commercial, Operations, Project and holds a certificate from ISB Hyderabad
Management & Execution, Corporate Affairs in Leadership & General Management.
and Talent Management. With strong
Mr. Vibhav Agarwal cross-functional leadership skills, and
Chief Executive Officer, ability to drive decision-making, Vibhav
Talwandi Sabo Power has risen through the ranks and acquired
Limited (TSPL) top leadership positions in a short span of
Rajinder Singh Ahuja was appointed as CEOs, IR/Communications teams and

Head – HSE & Sustainability, for Vedanta internal and external stakeholders to drive
on 20 July 2021. He was Deputy CEO, TSPL the implementation of ESG across Vedanta.
prior to being elevated to this role and brings Rajinder has been associated with Vedanta
25 years of rich and diverse leadership since 2003 and has been instrumental in
experience across Metal & Mining, Cement establishing benchmark practices in HSE
and Power industry. He has worked with & Sustainability as HSES head of our Zinc
Hindustan Zinc and Aditya Birla group in business. Rajinder holds a bachelor’s degree
the past. In his current role, he is currently in electrical engineering from Maulana Azad
leading a transformational journey to College of Technology (NIT Bhopal) and has
Mr. Rajinder Singh Ahuja establish Vedanta as ESG leader in metal been part of our Leadership development
Head – Health, Safety, and mining space and implement globally program by AON Hewitt and had been
Environment (HSE) best practices in the field of health, safety, professionally trained on Safety by Dupont.
and Sustainability ESG and governance through Technology,
Automation, Digitisation across function.
He works closely with Leadership, Business
76
Pankaj Kumar Sharma currently holds the Plant, with a strong focus on Volume, Cost,
position of Chief Executive Officer in FACOR ESG, Growth Projects, Business Partner
since June 2023, one of India’s leading Management, Digitisation, Innovation and
producers and exporters of Ferro Chrome, Technology, People Development, and
with 150 KTPA Ferro chrome production Benchmarking with Best Practices. Before
capacity along with 6 Captive Chrome Ore joining FACOR business, he held significant
Mines and a 100 MW Power Plant. A valued leadership roles at HZL and BALCO, where
member of the Vedanta team since 2018, he he made substantial contributions. With an
has made notable contributions to the field impressive professional journey spanning
Mr. Pankaj Kumar of metal operations and functions, focussing 24 years, he has garnered experience
Sharma on advancements that have significantly across esteemed companies such as JSW
Chief Executive enhanced the industry. In his current role, Cement, Century Textile Industry Limited,
Officer, FACOR he provides strategic direction and overall Lafarge Holcim, and ACC Ltd. He holds a
leadership to ensure exceptional business degree in Mechanical Engineering and is a
performance at FACOR. His responsibilities certified Total Quality Management (TQM)
encompass driving multifold growth across professional from AOTS Japan.
Mines, Charge Chrome Plant, and Power
Puneet Khurana was appointed as the Fujairah Gold where he has held different
Deputy CEO of our Copper Operations profiles in Sales & marketing and Supply
(Fujairah and Silvassa) on 6 August 2021. Chain Management. Puneet has a Masters
In his role he is responsible for an overall of Business Administration (MBA) from
US$125 million bottom line. He has been ICFAI Business School Hyderabad, and
associated with Vedanta since 2006, and a Bachelors of Technology (B.Tech) in
has been instrumental in driving an increase Computer Science and Engineering from
in Market share, Net sales realisation, AKG Engineering College, Ghaziabad.
Margin, Free cash flow, and reducing gross
Mr. Puneet Khurana working capital and cost, through various
Deputy Chief Executive roles in Vedanta Group companies such as
Officer, Copper Operations Sterlite Industries, Cairn Oil and Gas, and
Rohit Agarwal was appointed as Director Group. He joined as a Management Trainee

– MAS in December 2022. He leads the in 2005, worked in various businesses
overall Assurance vertical as the custodian across Group including overseas (Armenia
of ethics and integrity, thus ensuring and Australia) in various capacities and
zero leakages across the organisation rose to the ranks of CFO of TSPL in 2018
with specific focus on right people, through various internal Act-up programs/
right partners, right material and right Chairman Growth workshops. He has been
practices. His priorities are to unlock value part of various key transformational projects
through business partnering, use of latest in finance domain over the years and has
technology & data analytics and enhance contributed immensely in the growth journey
Mr. Rohit Agarwal internal controls, compliance & governance of Vedanta.
Director – Management framework. Rohit is a qualified Chartered
Assurance Services (MAS) Accountant and has been with the Group for
over 18 years with a brief stint outside the
77
STAKEHOLDER ENGAGEMENT
EFFECTIVE ENGAGEMENT AND BUILDING

STAKEHOLDER TRUST
At Vedanta, we ensure constructive stakeholder engagement across
multiple industries and geographies. This builds successful, long-lasting
relationships by identifying and addressing material problems that help us
to anticipate emerging risks, opportunities and challenges that reinforce
our competitiveness for long-term value creation.
The table below sets out how we engaged with our stakeholders during the year to address their concerns and meet
their expectations.
Stakeholder Key Expectations How We Engage Initiatives in FY 2023 Value Created
Local
Community
• Undertaking
need-based
The Group has established a
comprehensive social framework as a key
• Completed baseline,
need, impact and SWOT
`454 crore
community to engaging with local communities. The assessments in all BUs of CSR investment
infrastructure Social Performance Steering Committee
projects (SPSCs) employs a cross-functional
• Community grievance
process followed at all
~44 million
approach to community engagement community members
• Increasing reach operations
through community group meetings and benefited
of community
development village council meetings
programmes Community needs/social impact
• Provision of jobs assessments are developed to undertake
& other means of need-based community projects. We are
livelihood increasing our community outreach via
• Improving public hearings, grievance mechanisms
grievance and cultural events. Vedanta Foundation
mechanism supports community engagement by
supporting them philanthropically
Employees • Safe workplace The Group undertakes employee • Identification of top talent
2.11 million
• Improved training performance management and employee
feedback as the primary mode of
and future leaders through
workshops
man-hours
on safety of safety training
engaging with employees. We follow a • Recruitment of global
• Increased
opportunities for
multi-dimensional approach to career talent through hiring from >30%
and leadership development through top global universities of all new hires are
career growth
V-Lead and ACT-UP programmes women
• Increasing the • Strengthening gender and
gender diversity Chairman’s workshops, Chairman’s/ regional diversity with
of the workforce CEO’s townhall meetings and plant-level V-Lead and V-Engage
meetings are organised periodically to respectively
improve performance on material issues • Dedicated hiring drive for
pertinent to Vedanta Limited women
Event management committee and
welfare committee to assist in the
training, organisation and supervision of
employee engagement initiatives
78
Stakeholder engagement REPORT REPORTS STATEMENTS
Stakeholder Key Expectations How We Engage Initiatives in FY 2023 Value Created
Shareholders, • Consistent
Investors, & disclosure
The Group has an active investor
relations team that consistently provides
• Sustainability assurance
audits conducted through
`101.5 per
Lenders of economic, disclosures on economic, social and Vedanta Sustainability share
social, and environmental performance. The team Assurance Programme dividend
environmental provides regular updates to stakeholders (VSAP)
performance through investor meetings, site visits, • Bi-weekly investor
conferences and quarterly result calls briefings and proactive
The Company organises annual general engagement with the
meetings to engage with our key financial investor community on
audience i.e., shareholders, investors & ESG topics
lenders. For stakeholders to raise their
concerns, a dedicated contact channel
has been assigned – [email protected]
and [email protected]
Civil Society • Expectations of

being aligned
The Group has implemented multi-
stakeholder initiatives and partnerships
• Membership of
international organisations
3,80,320
Total beneficiaries
with the global with international organisations to align including the United
through sports
sustainability with the expectations of the global Nations Global Compact
agenda sustainability agenda. Any key concerns (UNGC), The Energy and 5,400
• Compliance with or trends from engagements with Resources Institute (TERI), No. of people trained
Human Rights international, national and local NGOs Confederation of Indian through our skill
are reported to the relevant community of Industry (CII), The World training programmes
practice. Conferences and workshops are Business Council for
conducted as needed Sustainable Development
(WBCSD), and Indian
Biodiversity Business
Initiative (IBBI)
• Alignment with Sustainable
Development Goals
• Compliance with the
Modern Slavery Act
Industry • Consistent The Group ensures consistent • Active hotline service and
(Suppliers, implementation implementation of the code of business email ID to receive whistle-
`35,116
Customers, of the code of conduct via in-person visits to blower complaints crore
Peers, Media) Local Procurement
business conduct customers, suppliers and vendors. To • Vendor meets to
& ethics ascertain contractual integrity, a vendor understand vendors and
• Ensuring scorecard is maintained. We strive to supplier’s issues
contractual improve the overall customer experience
integrity, data through continual customer satisfaction
privacy surveys and meetings
Governments • Compliance with Engagement with regulatory bodies • Partnership with UP

laws includes participation in government government to eradicate
`73,486
• Contributing consultation programmes. The Group state’s malnutrition by crore
towards the engages with - national, state, and 2024 paid to the exchequer
economic regional - government bodies at • Partnership with Rajasthan
development of the business and operational levels government to modernise
the nation both directly and through industrial 25,000 anganwadis
associations
79
MATERIALITY
IDENTIFYING MATTERS MOST RELEVANT

To gain insight into challenges, perceptions, expectations and interests in a
dynamic social landscape, Vedanta Limited prioritises conducting materiality
exercises through effective stakeholder engagement that ultimately helps
to shape our sustainability strategy. For this financial year, we undertook a
detailed engagement exercise to identify new material issues that involve
various ESG KPIs under Vedanta's three pillars and nine aims.
Materiality matrix
M1
M2
M7
Importance to Stakeholder
M8
M3
M18
M4
M9
M10
M20 M11 M5
M19
M12
M21 M14 M6
M22 M17
M23 M15
M13
M24
M16
M25
Highly Material
Material
Important
Impact on Business
Highly material issues Material issues Important issues
M1 Community Engagement & M8 Biodiversity & Ecosystems M21 Data Privacy & Cyber Security
Development M9 Waste Management M22 Pandemic Response & Preparedness
M2 Water Management M10 Labour Practices M23 Material Management & Circularity
M3 Health, Safety & Wellbeing M11 Long Term Growth & Profitability M24 Product Stewardship
M4 Business Ethics & Corporate M12 Innovation & R&D M25 Macro-economic & Geopolitical
Governance Context
M13 Tailings Management
M5 Climate Change & Decarbonisation
M14 Responsible Advocacy
M6 Diversity & Inclusion
M15 Talent Attraction & Retention
M7 Air Emission & Quality
M16 Learning & Development
M17 Sustainable and Inclusive Supply Chain
M18 Indigenous People & Cultural Heritage
M19 Land Acquisition, Rehabilitation & Closure
M20 Human Rights
80
Materiality REPORT REPORTS STATEMENTS
Sr. High Priority Targets/Initiatives for SDG

No. Issues Key KPI's FY 2023 Performance FY 2024 Alignment
1 Community • Total community • `454 crore • Outreach to 5.5 million

Engagement and spend direct beneficiaries
• O
utreach - ~44 million
Development • Total outreach total beneficiaries • Nand Ghars - >9,000
• Nand Ghars in • Nand Ghars - 4,533
operations
2 Water • Recycling % • Water recycling at 29.4% • Water positivity ratio

Management - 0.7
• Freshwater reduction • 11.7% YoY reduction in fresh
water consumption
• Water positivity ratio
• 4 sites water positive
• Water positivity ratio - 0.62
3 Health, Safety • Zero fatalities • 13 fatalities • Zero fatalities

and Well-Being
• TRIFR • TRIFR = 1.20 • TRIFR - 0.76
• LTIFR • LTIFR = 0.52
• CAPA compliance • CAPA compliance 91%
target
4 Business Ethics • Zero issues related • Zero issues related to • No major issues in
and Corporate to corporate corporate governance corporate governance
Governance governance
• Transparent disclosures • Include TNFD in the
• Transparent done through Sustainability, disclosures list
disclosures TCFD, IR, and BRSR reports
5 Climate • GHG emissions • GHG emissions • RE RTC - >1,000 MW

Change and 65.7 million tCO2e RE RTC
• RE power in
Decarbonisation
operations • RE PDAs in place - • Biomass usage -
788 MW RE RTC ~1,25,000 tonnes
• Biomass usage
• 78,000 tonnes of Biomass
6 Diversity and • Women employees in • 14.0% • 18%

Inclusion organisation
• 9.1% • 16%
• Women employees in
leadership positions
7 Air Emissions • SOx emissions • All operations conforming • Maintain all operations
and Quality to statutory limits for SOx below statutory limits
• NOx emissions
& NOx of air emissions
• SPM
• HZL has introduced • Increase deployment of
Battery Electric Vehicles in EVs at site
underground mining which
• FGD installation at
will help to reduce SPM and
VAL-L new power units
other emissions
• VAL J is operating the
largest fleet of electric
forklifts which has helped
reduce diesel consumption
81
OPERATIONALISING ESG WITHIN VEDANTA
TRANSFORMING FOR GOOD

“Transforming for Good” encapsulates our ambition to
embed ESG-thinking into every business decision we
make. As our business continues to grow and create
impact, we take on the role of global partners and align our
vision to the UN’s Sustainable Development Goals
(UN SDGs) by addressing challenges such as the climate
crisis, water stress, biodiversity loss, equity, inclusion,
human rights, and social development.
82
Operationalising ESG within Vedanta REPORT REPORTS STATEMENTS
Our three sustainability-focussed pillars are depicted Commitments and targets

in the diagram below. There are nine goals listed
under these three pillars that attest to our dedication
to minimising harm. With the help of our ESG
approach, the Company is able to meet the demands
of its important stakeholders in the areas of climate Transforming Transforming Transforming
change, human rights, secure working conditions,
communities the planet the workplace
environmental stewardship, diversity and inclusion,
and sound governance. It builds upon the strong Aim 1 Aim 4 Aim 7
foundation of world-class policies and standards that Keep community Net-carbon Prioritising the
the Company has built over the last decade. welfare at the core of neutrality* by safety and health of
business decisions 2050 or sooner all employees
ESG Governance: Aim 2 Aim 5 Aim 8

At Vedanta Limited, the ESG Board Committee is the Empowering Achieving net Promote gender
top decision-making body for all ESG matters. Together over 2.5 million water positivity parity, diversity,
with our Group Sustainability and ESG function, it families with by 2030 and inclusivity
is responsible for implementing, promoting, and enhanced skillsets
monitoring initiatives under our 'Transforming for
Good' agenda. Aim 3 Aim 6 Aim 9
Uplifting over 100 Innovating Adhere to global
To ensure effective oversight and timely million women for a greener business standards
implementation of ESG initiatives, we have established and children business model of corporate
dedicated forums at all levels of management and through Education, governance
ESG-themed communities at each Business Unit Nutrition, Healthcare
(BU) and Strategic Business Unit (SBU). These and Welfare
communities are responsible for owning specific ESG *A
s per UNFCCC, net-carbon neutrality refers to the idea of achieving
Key Performance Indicators (KPIs) and driving their net zero greenhouse gas emissions by balancing those emissions,
successful implementation. thus, they are equal (or less than) the emissions that get removed
through the planet’s natural absorption
ESG GOVERNANCE AT VEDANTA
Board of Directors
Board ESG Committee
ESG Board Sub-Committee
Corporate Transformation
Group ESG ExCo ESG Management Communities of
Transformation Office - BU &
(Part of Group ExCo) Committee Practice (CoPs)
Office (TO) Functional
Monthly forum with Fortnightly meeting Weekly TO meeting 9 BU TOs, Functional 15 CoPs, overall
Group ExCo to update to oversee with GCEO to drive TOs and 1 reporting & CoP leaders, 250+
on overall ESG Programme update and accelerate the disclosure TO running Community members
progress (overall MIS (9 aims - Corp & BU high impact project on a weekly/fortnightly identified across
and updates) targets against actual) implementation level to monitor all BUs/SBUs to
Key decisions (strategic progress and drive drive agenda within
direction, cross- implementation across communities
functional support) the organisation
We have 15 Communities of Practice, led by senior, experienced professionals within the organisation, to drive specific ESG
KPIs. This robust ESG management approach will ensure that our commitment to sustainability is fully integrated into our
business practices and that we continue to transform for good.
83
Communities of Practice at Vedanta
Energy & Carbon Tailings Health Communication Expansion
Renewable Energy Waste Safety Community Supply Chain

Steering Committee
Biodiversity Water People Finance Security
While Communities of Practice, drive implementation of our ESG aims across BUs and functions, their progress is
governed by the ESG ManCom and the Board-level ESG sub-committee.
ESG Advisory Committee agenda forward. We remain committed to investing in our

The Company benefits from the advice of external ESG employees and building a culture of sustainability within
advisers, who have been on-boarded to assist decision- our organisation.
making bodies such as the ESG ManCom. These senior
advisers have led ESG functions across the world at Robust Model to Drive ESG Actions
leading metals and mining operations and have extensive
To ensure standard implementation of sustainability
global experience in dealing with ESG issues. These
practices across all our businesses, Vedanta introduced the
include ESG governance, social stakeholder management
“Vedanta Sustainability Framework” (VSF) in 2011. The VSF
and the adaptation of global best practices such as the
is supported by an annual audit program called the “Vedanta
International Council on Mining and Metals (ICMM) and
Sustainability Assurance Program” (VSAP). Collectively,
the Voluntary Principles on Security and Human Rights
VSF and VSAP have helped establish the foundation for
(VPSHR), among others.
the implementation of sustainability practices across the
Group companies.
The ESG advisers provide valuable insights and inputs
at the highest decision-making level. Their expertise
and guidance ensure that our ESG initiatives are aligned
with global best practices, enabling meaningful progress
towards our sustainability goals.
Capacity Building of Senior Management on ESG

Leadership commitment and people are key enablers
of ESG. We have successfully completed a basic ESG
training programme, Sustainability 101, for our top 100
senior managers. It has now been extended to the rest
of the organisation via the online mode. The programme,
designed to provide a better understanding of ESG-related
issues, challenges, opportunities, and their relevance to
our business, will help increase sensitivity and awareness
amongst employees in working towards our ESG goals.
The training will help our leaders and employees make
more informed decisions and drive our sustainability Management Team at BALCO
84
Vedanta Sustainability Framework (VSF) Vedanta Sustainability Assurance Framework (VSAP)
• Aligned with ICMM, International Finance • Annual VSAP audit across all business locations to ensure
Corporation (IFC), and UNGC VSF compliance, making it critical for measuring and
improving sustainability performance
• Encompasses 9 Vedanta Sustainability
Policies, 92 standards (for safety, technical, • VSAP results reviewed by top management, and relevant
tailings dams, environmental performance, actions taken to improve processes
social performance and management) and • 15% of executives’ total variable pay linked to business’
guidance notes for various ESG and HSE- VSAP score (70 or higher), to incentivise compliance
related issues and sustainability
• VSAP scores are discussed at Board meetings, with inputs
from Board ESG Committee, to ensure that sustainability
remains a priority for Board and executive leadership
Reinforcing VSF
In FY 2023, we have initiated updating our standards and rationalising them to better reflect our ESG vision.
New standards are being added to address emerging sustainability challenges, for meeting or exceeding
global best practices. It will facilitate decision-making and execution, besides ensuring that sustainability
remains at the core of our operations.
ESG Scorecard
As part of our ongoing commitment to ‘Transforming for Good’ by transforming the planet, communities and workplace,
we have developed an ESG scorecard to track our progress towards our aims and targets. This helps us monitor our
performance and take corrective action where necessary.
Transforming Communities
Aim 1 Responsible business decisions based on community welfare
Key performance
FY 2025 Goals FY 2030 Goals FY 2023 performance Material matters UN SDGs
indicators
Impact Management Zero social incidents category 4 and above Community 8.3
Transparency & Trust Signatories and Security CoP was formed Development
participants in VPSHR and initial work started
Set up an external SP External ESG advisory body
advisory body with two global experts
Annual human rights
assessment across all the
businesses
Aim 2 Empowering over 2.5 million families with enhanced skillsets

Key performance indicators FY 2025 Goals FY 2030 Goals FY 2023 performance Material matters UN SDGs
Skilling (Number of families to be impacted 1.5 million 2.5 million 0.6 million families skilled Community 2.3, 2.4,
through skill development and training) families Development 4.4, 8.3
Aim 3 Uplifting over 100 million women and children through Education, Nutrition, Healthcare and Welfare
Nand Ghar (Number of Nand Ghars 29,000 29,000 4,533+ Nand Ghars built Community 2.1, 2.2,
to be completed) till 31 March 2023 Development 4.1, 4.2
2.3, 2.4,
Education, Nutrition, Healthcare and 48 million - 11.74 million women and 4.4, 8.3
Welfare (No. of women and children to be children uplifted
uplifted by Nand Ghar initiatives)
85
Transforming Planet
Aim 4 Reduction in carbon emission intensity by 25% by 2030, and net-carbon neutrality by 2050 or sooner
Absolute GHG emissions - 25% 9% higher than Climate change and 7.2,
(% reduction from FY 2021 FY 2021 baseline decarbonisation 12.2, 13.2
baseline)
GHG Emissions Intensity 20% - 6.24 tCO2e/tonne of

(% reduction from FY 2021 Metal vs 6.45 tCO2e
baseline) for FY 2021 (base
year)
Renewable Energy 500 MW RE RTC or 2.5 GW of RE RTC or 230 MW RTC or

equivalent equivalent equivalent
LMV Decarbonisation 50% 100% Biodiesel trials with

(% LMVs) 30% blend at Balco,
VAL- J
Capital Allocation for - US$5 billion

transition to net zero
Hydrogen as fuel - Commitment to No work was

accelerate the adoption undertaken in this
of hydrogen as a fuel and area in FY 2023
seek to diversify into H2
fuel or related businesses
Aim 5 Achieving net water positivity by 2030

Net Water Positivity - Net water positivity Water positivity ratio: Water 6.3,
0.62 management 6.4,
6.5,
Freshwater consumption 15% - 12.1% from FY21 6.b
(% reduction from FY 2021 baseline, the number
baseline) given earlier was YOY
as per the asked metrics
Water Related Incidents Zero category 4 and 5 incidents related to water Zero
Water Recycling (%) 33% - 29.4%
Aim 6 Innovations for greener business model

Fly ash (utilisation) Sustain 100% utilisation 204% Solid Waste 12.5
Management
Legacy Fly ash - Zero legacy ash 44.42 million tonnes
Waste Utilisation (High 100% 100%

volume, low toxicity)
Tailings dam audit and All tailing facilities were - Site assessment Tailings Dam
findings closure audited, and actions were completed Management
closed with real-time
60% closure of findings
monitoring
of stage 1 study
Biodiversity Risk Review of site - Baseline studies to Biodiversity 15.1,

biodiversity risk across determine biodiversity 15.2,
all our locations risk completed 15.9
Biodiversity Determine the feasibility Roadmap to achieve Target for NNL/NPI to

for commitment to No-Net-Loss or set by 1QFY 2024
No-Net-Loss or Net- Net-Positive-Impact
Positive-Impact (NNL/ in place
NPI) targets
86
Transforming Workplace
Aim 7 Prioritising the safety and health for all employees
Fatalities (No.) Zero 13 Health and Safety 8.8
Lost Time Injury Frequency 10% reduction (year-on-year) 0.52

Rate (LTIFR)
Total Recordable Injury 0.98 (30% reduction from 0.8 TRIFR per million 1.20
Frequency Rate (TRIFR) FY 2021 baseline) man hours
Occupational Health Health performance - In progress

Management Systems standards implemented
and part of VSAP
Exposure Monitoring Employee and community - To be undertaken

exposure monitoring to
be completed
Exposure Prevention - No employee exposure In progress

to red zone areas
Employee Well-being Mental health programme - 100% completed

in place for all employees
100% of eligible employees to undergo periodic

medical examinations
Aim 8 Promote gender parity, diversity and inclusivity

Gender diversity (% women in Equal Opportunity for 20% 14.0% Diversity and 5.1, 5.5,
the FTE workforce) everyone Equal Opportunity 5.c
Gender diversity (% women - 40% 9.1%

in leadership roles in FTE
workforce)
Gender diversity (% women - 30% 28.34%

in decision-making bodies in
FTE workforce)
Gender diversity (% women - 10% 13%

in technical leader/shop floor
roles in FTE workforce)
(FTE denotes full-time employees)
Aim 9 Adhere to global business standards of corporate governance

Safety Programme for Rubaru is to be TRIFR - 1.04 Critical risk Supply Chain 8.7
Business Partners introduced at all Business management Sustainability
Units across Vedanta programme rolled at
all BU sites
Supply Chain GHG transition Work with our long-term, Align our GHG Commercial CoP is
tier 1 suppliers to submit reduction strategies constituted to address
their GHG reduction with our long-term tier- supplier chain-related
strategies 1 suppliers ESG issues (including
GHG emissions)
Training on Code of Conduct Continue to cover 100% of employees
% Independent Directors on 50% Independent Directors on Board as per SEBI requirements

Board
% gender diversity on the 25%

Board
87
TRANSFORMING COMMUNITIES
Communities give us the licence to operate and
therefore are a top priority in our efforts to strengthen
our bonds and gain their trust and support. We
continually engage with the surrounding communities
to respond to their needs, adapt our actions to the
evolving landscape and ensure stringent adoption of
globally-recognised human rights principles. Our community
engagements, which include our CSR programs, are designed
to bring positive change into the lives of the local communities,
including scalable socio-economic development.
88
Social Governance at Vedanta Empowering Communities with

Our social governance structure is founded on a social Focussed Action
framework that includes management and technical At Vedanta Limited, we have identified focussed
standards and guidelines that are an integral part of community development areas, where we undertake
the Vedanta Sustainability Framework (VSF). This dedicated efforts to drive holistic and scalable
social ethos is aligned with the International Finance development. In FY 2023, we spent `454 crore on various
Corporation (IFC) performance standards and based on community programmes benefiting ~44 million people.
industry best practices from organisations such as the In the last five years, we have spent more than `1,750
International Council on Mining and Metals (ICMM). crore on community development actions. Further, we
participate in initiatives of national importance such
To ensure the effective implementation of our CSR as disaster mitigation, rescue, relief and rehabilitation.
initiatives, we have established a CSR Council, consisting Since the last three years of the COVID-19-triggered
of senior business leaders, CSR Heads and CSR emergency, we have been undertaking efforts to protect
Executives from all our business units. The Council meets our employees and communities under the Vedanta
monthly to discuss and make decisions on important Cares programme.
matters related to CSR. The CSR Council is accountable
to our Board CSR Committee, which approves the CSR
budget, plans and reviews progress
Healthcare Drinking Water Community Sports & Culture

& Sanitation Infrastructure
2.70 million 0.36 million
people benefited 0.62 million 0.63 million sports persons and
people benefited people benefited culture enthusiasts
33 initiatives benefited
17 initiatives 15 initiatives
13 initiatives
Vedanta CSR impact in FY 2023

8 focussed-areas one mission –
transforming communities
Livelihood Women’s Environmental Children’s Well-Being

Empowerment Protection & & Education
0.1 million Restoration
people benefited 44,503 38.7 million
women benefited 0.42 million children benefited
11 initiatives people benefited
7 initiatives 28 initiatives
3 initiatives
89
Making Community Welfare a Priority

Aim 1: Keep community Governance: Site-based Review Frequency: SDG impacted:
welfare at the core of Social Performance Determined by
business decisions Steering Committees site‑teams
Social Performance and Social Licence to Operate: All sites have grievance mechanism cells and
At Vedanta, we are building systems that will help build trust well‑laid‑down procedures to handle community
with local communities and thereby enhance our social grievances transparently and in a timely manner.
licence to operate. Our processes are meant to regularly The SPSCs also help ensure that:
engage with community members and ensure that they are i. All social incidents are investigated and closed in a
consulted/made aware of aspects of corporate performance systematic manner
that may impact their lives.
ii. The site takes mitigative and pre-emptive action on
Under the aegis of “Social Performance”, we have any operational elements that may cause harm to
constituted “Social Performance Steering Committees” the community
(SPSCs) across all our sites. The SPSCs have been created iii. There are strategies in place to ensure local
to ensure that site management has comprehensive visibility procurement and local employment
to all community expectations and concerns and respond in
a co‑ordinated manner that helps build community trust. iv. There is a coordinated stakeholder engagement
strategy that involves the relevant internal teams
such as CSR, External Affairs, and Security
among others
v. All social incidents are investigated and closed in a

systematic manner
To further enhance our performance and governance

on security matters, we have established a security
Community of Practice (CoP). This CoP has been tasked
to implement the recommendations of the Voluntary
Principles on Security and Human Rights (VPSHR), which
are recognised as global best practices for managing
private and public security forces.
Highlights for FY 2023:

• Local procurement1 improved to 40% from 35% YoY
• Social Performance pilot project completed at VAL-

Lanjigarh
• Completion of a human rights self-assessment across

all BUs
• Programs being developed to hire women into the

workforce from local and neighbouring communities
Communities near Lanjigarh Refinery Note 1: P
rocurement done within/from the same State of
operations
90
Enabling Brighter Futures and Quality of Life

Aim 2: Empowering over Governance: Community Review Frequency: SDG impacted:
2.5 million families with of Practice (CoP) Monthly
enhanced skillsets
We aim to improve the earning potential and quality

of life of families within the communities near our
plants and areas of operations through various skill- Case study
building and social interventions. We are committed
to upskilling and empowering youths to obtain
BALCO Creates Pathway to Prosperity
jobs through our skill centres. We assist farmers in Problem statement –
improving agricultural practices for enhancing crop Limited job opportunities for youth and women around the
yield and quality and also to earn a second income Balco area.
through animal husbandry-related interventions.
Solution
Additionally, we support more than 69,000 youth sports
persons across Rajasthan, Goa, Odisha and Jharkhand Vedanta Skills School has been at the forefront of bringing
with our sport-related works. This ensures them a change by imparting skills-based education to women,
better future while bringing laurels to their community, youth and dropout students in the Balco vicinity. Vedanta
state and country. Skill School is a premium institute of BALCO Vocational Skill
Centre, which imparts training in six different trades along
with residential facilities besides providing placement in a
Highlights for FY 2023: reputed institute. This project is aligned with UN SDG 8.
• Micro-Enterprise Development Programme at HZL –
Impact
(2 brands | 14 production units | 200+ products | 382
women employed | `2.26 crore turnover) 765 people skilled and successfully employed in FY 2023.
• 4,533 Nand Ghars completed
• TSPL: ~2,000 farmer beneficiaries and ~2,000

women beneficiaries under Project Navidisha and
Project Tara respectively
Ensuring Transformational Change with Holistic Development

Aim 3: Lives of over Governance: Community Review SDG impacted:
100 million women and of Practice (CoP) Frequency: Monthly
children uplifted through
Education, Nutrition,
Healthcare and Welfare
We collaborate with several NGOs to run programmes Highlights for FY 2023:

for enabling healthcare, education, nutrition, economic • Launch of Nutribar: A millet-based supplement to
empowerment and digital governance for the local eradicate malnourishment in six months
communities. Our flagship project, Nand Ghar, is an
important pillar of this work. Currently, we have established • Sesa Technical School: 67 students in the second year of
4,533 Nand Ghars that cater to 3.2 lakh women and children the vocational training course have completed their final
annually. Our target is to continue with these programmes year and passed out with a 100% placement rate
and achieve breadth and depth of reach.
91
TRANSFORMING THE PLANET

At Vedanta, we recognise our crucial role in
addressing climate change and enabling a better
and safer tomorrow. We are continually improving
our practices to ensure that our operations and
supply chain are more sustainable thereby setting
benchmarks with pioneering initiatives around
decarbonisation, circular economy, water positivity
and increasingly efficient processes.
92
Building a Climate-Resilient Future

Aim 4: Net-carbon Governance: Energy & Review Frequency: SDG impacted:
neutrality by 2050 Carbon CoP, Biomass Monthly
or sooner Working Group
In FY 2022, Vedanta committed to decarbonise its Key Highlights, FY 2023

operations and achieve net-carbon neutrality (net‑zero Lever 1: Increasing Renewable energy
carbon for Scope 1 & Scope 2 GHG emissions) by
By the end of FY 2023, Vedanta has signed 788 MW (RTC)
2050 or sooner. Our GHG reduction strategy consists
renewable energy (RE) power delivery agreements (PDAs).
of four‑levers, (i) Increasing the share of renewable
Implementation of these PDAs will result in RE power
energy, (ii) Switching to low-carbon or zero-carbon fuels,
consumption in operations increasing to ~ 6,900 million units,
(iii) Improve the energy efficiency of our operations,
thereby avoiding 6.6 million tCO2e in the atmosphere per year.
and (iv) Offsetting residual emissions. In FY 2023, we
With this, we shall meet 32% of our RE target of using 2,500
have made progress in levers (i) – (iii). We only plan to
MW of RE RTC (eq.) power by 2030. An RE Steering Committee
purchase carbon offsets if we are unable to reduce our
has been set up to coordinate efforts between different
GHG emissions to target levels in 2030 and subsequently
business entities.
in 2050.
Lever 2: Switch to low-carbon/zero-carbon fuels

Our GHG reduction roadmap consists of 4 stages:
Transitioning from coal to biomass is the mainstay of our
In stage 1 (FY 2021-FY 2025), we plan to reduce to GHG fuel switch strategy. Our goal is to substitute 5% of the coal
intensity (tCO2e/tonne) of our metals businesses by 20% used in thermal power plants with biomass, a net zero-carbon
by FY 2025 (from a FY 2021) baseline. fuel. In FY 2023, we used ~78,000 tonnes of biomass in our
operations, a ~4x increase over FY 2022 levels (18,000 tonnes),
In stage 2 (FY 2021-FY 2030), we will deploy the resulting in a 0.2% coal switch. The biomass working group is
renewable energy capacity to ensure that we will have creating a 3-year roadmap to use 5% biomass in operations.
2.5 GW of Round-the-Clock renewable power by 2030.
We have also made positive progress on reducing emissions
In stage 3 (FY 2026-FY 2030), we anticipate a reduction from LMV and mining fleet, through electrification and other
in our absolute GHG emissions in line with our target to measures. HZL and ESL have initiated the use of electric
reduce our absolute GHG emissions by 25% by FY 2030 vehicles. HZL has launched the first battery-powered electric
(from a FY 2021 baseline). underground vehicle and LNG-powered 55-tonne heavy-duty
trucks. A large electric forklift fleet of 27 is operating at our
In stage 4 (beyond 2030), we aim to deploy emerging Jharsuguda location. Biofuel trials have started at BALCO and
technologies at scale and expand our renewable energy VAL-Jharsuguda and planning is underway to start trials at
capacities to become a net-zero carbon business Sterlite Copper and Sesa Value-Added Business (VAB).
by 2050.
Lever 3: Improving the energy and process efficiency of
Note: Due to significant capacity expansion projects our operations
underway, we anticipate that our energy consumption Our commitment to the plan drives our efforts towards energy
will increase, thus peaking our greenhouse gas (GHG) efficiency and process improvement, which are areas of keen
emissions around FY 2026-27. focus. In the pursuit of these goals, we have undertaken some
major projects in the aluminium sector that are expected to
In FY 2023, we initiated multiple measures to help boost our efficiency levels. Some of these projects include:
achieve our mid-term targets. Over the past two years,
• 100% Graphitisation with copper inserted collected bar
our efforts have resulted in avoided emissions of
(potential 1 million tCO2e/year)
4.17 million tCO2e based on the FY 2021 baseline and
14.62 million tCO2e based on the initial FY 2012 baseline. • Vedanta pot controller implementation (potential
0.2 million tCO2e)
• Commissioning of TRT and BPRT at ESL (potential 82,000

tCO2e/year)
• Natural gas usage at Lanjigarh Alumina Refinery (potential

1,20,000 tCO2e/year)
93
While these are projects under progress, there are some FY 2023 Key Achievements
major energy efficiency projects we have completed at
our sites:
• R&M of 1 unit of 600 MW at VAL Jharsuguda 439 MW of New RE RTC PDAs signed in
(3,70,000 tCO2e/year) FY 2023 taking the total to 788 MW RE RTC
• VAL Lanjigarh Evaporation - 1 Calendria 1 and
till FY 2023
2 tubes replacement (18,000 tCO2e/year)
• VAL Lanjigarh Boiler 2 junior APH replacement 2 billion units of RE power consumption
(16,000 tCO2e/year)
• ESL Fuel crushing index improvement (31,000 tCO2e/

Biomass usage ~78,000 tonnes
year)
• ESL LD gas recovery project completion (18,000

tCO2e/year) Introduction of battery vehicles in HZL,
biodiesel trials at BALCO/VAL Jharsuguda
Lever 4: Purchasing carbon offsets for residual
emissions
Introduction of an Internal carbon pricing
We have currently not initiated work on our fourth lever
(ICP) across all businesses
of GHG reduction i.e. carbon offset and will consider
purchase or investment options for residual/hard-to-
abate GHG emissions at the end of our target period. Introduction of EV policy for our employees
FY 2023: Emission Performance

Scope 1 Emissions Scope 2 Emissions Scope 3 Emissions
59.49
8.57
36.20
58.93
35.92
57.15
34.19
3.34
1.31
FY FY FY FY FY FY FY FY FY
2021 2022 2023 2021 2022 2023 2021 2022 2023
Absolute GHG Emissions: Our Scope 1 & Scope 2 GHG Scope 3 targets: Currently, we do not have Vedanta-
emissions have increased marginally by 4.6% increase wide reduction targets for our Scope 3 GHG emissions.
from last year, however, our combined Scope 1, 2, & 3 These will be finalised in FY 2024. However, two of our
emissions have flat-lined compared to FY 2022. As businesses have taken Scope 3 reduction targets:
mentioned above, we anticipate a reduction in our
1. HZL has the target of reducing scope 3 emissions
Scope 1 & 2 GHG emissions after FY 2026.
by 20% by 2027 over the 2017 baseline
GHG Intensity: We are on track to achieve a reduction 2. Aluminium sector has taken the target of a
in the GHG intensity of our metals business by 20%. 25% reduction in scope 3 emissions over the
In FY 2023, we were able to achieve a reduction of 3%. 2021 baseline
94
Internal Carbon Price (ICP): Vedanta has set an Internal are still under planning, the goal is to spend more than
Carbon Price of US$15/tCO2e. This is a shadow price 60% on increasing the use of renewable energy in our
that will be deployed for any project that has a budget operations. The remaining 40% will be split almost
of `50 million or more. We also have BU-specific ICPs. evenly between energy efficiency, fuel switch, fleet
decarbonisation, and carbon offset projects.
Financing our Net Zero transition: As part of its
net‑zero commitments, Vedanta aims to spend More details about Vedanta’s decarbonisation
US$5 billion over the next decade. While the allocations strategy can be found in our FY 2023 TCFD Climate
Change Report.
Striving for a Water-Positive World

Aim 5: Achieving Net Governance: Water CoP Review Frequency: SDG impacted:
Water Positivity by 2030 Monthly
Vedanta defines net water positive impact as the Giving back to the community
ratio of Water Credit (water given back to natural We are creating rainwater harvesting and groundwater
water bodies) and Water Debit (water taken from recharging projects for our communities to improve
natural water bodies).If the ratio is >1, then the site freshwater availability and retain biodiversity in the
is said to be water positive. We have undertaken area. Almost 13% of our water-related projects are in
significant initiatives to progress towards becoming these areas.
water positive, which has resulted in a 2% reduction
in our overall water consumption in FY 2023 from RE-led water consumption reduction
FY 2021 baseline. Site-specific roadmaps are being
The increased usage of RE power in our operations at
developed, which involve identifying projects both
major locations like HZL, VAL Jharsuguda and BALCO
within and outside our premises to improve our water
are helping to improve our water positivity ratio. It has
positivity ratio.
helped reduce coal power generation, which currently
requires a large amount of fresh water.
To ensure consistency and accuracy in our
calculations, we have also developed and approved
standard operating procedures (SOP) related to
water positivity.
Key Highlights, FY 2023

Freshwater reduction
We are banking on technology deployment across
our sites to reduce freshwater usage through process
improvement and recycling of wastewater. Out of our
total water projects pipeline, 77% are focussed on
reducing waste from operations as well as reusing
wastewater in operations.
Replacing fresh water with alternate sources

We have resorted to alternative water sources like
municipal wastewater and saline water or even
harnessed the power of rainwater harvesting for usage
in our operations. Nearly 10% of our projects are related
to this lever.
Effluent Treatment Plant at Dariba Smelting Complex
95
FY 2023 Key Achievements
Improvement in water positivity ratio from

~0.51 to ~0.62 YoY
Four sites have attained water-positive

status (HZL, IOB, Cairn India and BMM)
Site-wise detailed water study completed for

each major site including long-term basin
study for water availability (2030 and beyond)
Standard operating procedure prepared to

calculate water positivity ratio
40+ water bodies restored by the

aluminium sector
Lanjigarh Operations
Case study
Dariba Smelting Complex Digital mapping of water consumption
Problem statement • Use of wireless hardware to acquire data from remote

analogue flowmeters and fusing it with available
DSC was unable to get water consumption information
online data, to get a clear picture of water generation
across different plant areas due to design issues and
and consumption
the unavailability of digital flow meters. This led to
inefficiency in operations, water usage and planning.
Impact
Solution • Better understanding of water intake and consumption
in different subunits amongst on-ground employees
DSC joined hands with the start-up, Promethean Energy,
and leadership
to improve operational efficiency. The following measures
were implemented: • Clarity on focus areas
• Centralisation of water flow data acquisition on a • Identification of areas and projects for consumption
common platform reduction, which will result in a targeted 2-3%
water savings
96
Enabling a Cleaner, Greener and Sustainable Tomorrow

Aim 6: Greener Governance: Waste to Review SDG impacted:
Business Model Wealth CoP Frequency: Monthly
A greener business model translates into efficient FY 2023 Key Achievements

management of natural resources and improvement in
the circularity of our business, reducing the impact of
our operations on biodiversity besides evaluating new
29.8 million tonnes HVLT waste utilisation
green business growth opportunities.
(164% for FY 2023)
Key Highlights, FY 2023 28.1 million tonnes utilisation for Fly Ash (203%)
Circular business models
We are improving the circularity of our businesses by Legacy waste reduced from 62 million tonnes to
maximising utilisation of the high-volume-low-toxic 45 million tonnes
(HVLT) wastes generated in our operations.
In FY 2023, nearly 164% of our HVLT wastes were Lab scale feasibility study completed with CSIR-
reutilised. Fly ash, which forms the bulk of these wastes, Central Road Research Institute (CSIR-CRRI) for
saw 200% utilisation. Our goal is to ensure that by 2035, utilisation of red mud in highway construction
we utilise 100% of the generated waste and reduce to
zero the legacy waste stored at our sites. Biodiversity baseline study was completed for
all sites
We are working with the cement industry to utilise
operational waste as raw material and with the National
Highways Authority of India (NHAI) to use the waste as
substrate for road construction.
HVLTs such as red mud contain traces of Rare Earth

Minerals (REE) and Research and Development projects
are underway to enable the economical extraction of
these minerals. Trials are also underway to use this
waste as an alternative to sand. We are collaborating
with CSIR, CRRI, IIT Kharagpur, IMMT, and NITI Aayog on
these projects.
Reducing biodiversity impact

During the year, we established the biodiversity baseline
for our sites. This will help us to understand the impact
of our operations on biodiversity and guide the actions
to be initiated to achieve No Net Loss (NNL)/Net Positive
Impact (NPI) impact in the long term. We can accordingly
update our biodiversity management plan (BMP). In
FY 2024, we intend to finalise actions and timelines to
reach the No Net Loss state, to kickstart relevant actions
on the ground.
Bricks developed from Waste
97
TRANSFORMING THE WORKPLACE

Employees are key to propelling our business
growth through their competencies, skills and
knowledge. Vedanta thus encourages a work culture
that ensures their health, well-being and safety,
supports diversity and inclusivity and provides equal
opportunity to all its people. These values enable us
to attract the best talent and unlock their full potential,
thereby making us an employer of choice.
98
Safety First, Safety Always

Case study
Aim 7: Governance: SDG impacted:
Prioritising Safety CoP Improving Mines Safety through Slope
safety and health Review Frequency: Stability Radar
of all employees Monthly
Problem Statement
We regret to report that 13 tragic fatalities occurred in Open cast mining poses a risk of slope failure which can
FY 2023, which is an area of utmost concern for our hamper the safety of man and machine in nearby areas.
organisation. With a sincere commitment to improving One such slope failure occurred at our FACOR Ostapal
our safety performance, we have already implemented a Chromite Mines, Southwestern (SW) corner of the pit
focussed approach to reducing fatalities and improving area, on 15 August 2022.
overall workplace safety.
Solution
Our analysis of fatal injuries indicates that man-machine Pre-empting the risk of slope failure in advance, our
interaction, vehicle driving and structural stability were FACOR in-house geotechnical team assessed the
the top three causes of fatalities this year. We recognise complete area and installed Slope Stability Radars
the importance of addressing these critical areas to (SSR) at strategic mine locations covering the whole pit
prevent future incidents and have implemented steps to and dump area. This state-of-the-art technology can
improve safety measures in these areas. measure slope deformation with the highest accuracy.
There are only 10 such systems installed in India at
Key Highlights, FY 2023 present. The technology helps to detect slope anomalies
in advance and prevent the possibility of accidents.
We have identified three levers to improve our safety
performance and prevent fatal injuries in the future:
Time of events
Implementation of Critical Risk Management (CRM) • July 2022 – Team assessed the hazard in different
areas and installed SSR to monitor the particular SW
We have implemented a scientific approach to analysing
corner location
the root causes of fatalities, learning from them, and
implementing actions on the ground. Currently, we are • 11 August 2022 – Slope deformation was observed
focussing on three areas of risk at the work site: vehicle- in the SW corner area through SSR. Subsequently,
pedestrian segregation, man-machine interaction and the area was checked physically but no significant
work at heights. abnormality was observed. An alert was
communicated to the Mines shift in-charge to avoid
Improving safety infrastructure man-machinery movement in the influence zone
We recognise the importance of providing a safe work • 12 August 2022 – Some crack on the surface area
environment to our employees and have therefore was observed beyond the mine lease boundary
prioritised improvements in our safety infrastructure. We
are installing walking pathways with guiderails, roads • 14 August 2022 – Total deformation of 250 mm
with markers and traffic signals and separate roads for (average) was observed and a high alert was raised.
ash dumpers. Our focus is on ensuring that there are After observing further spurt of deformation, we
no fatal injuries due to the lack of safe infrastructure completely restricted man-machinery in that area
in place. including the influence zone
• 15 August 2022 – At 04:07 PM, slope failure occurred

Employee and business partner training at the Southwestern Corner of the pit area from 144
We recognise the value of ensuring the safety of all our mRL to 96 mRL (~1.5 lakh m3 of rock)
employees and business partners. We are therefore
organising on-site trainings, virtual webinars and group Impact
CEO sessions to reinforce the importance of working No accident/injury to any personnel or equipment/
safely and stopping work in case of any unsafe situation vehicle occurred in this case of slope failure due to pre-
on the ground. Our goal is to foster a culture of safety for empting of risk. Now, the system is also being deployed
our employees and business partners. by other businesses like Iron Ore Business in Karnataka
and Hindustan Zinc Limited in Rampura Agucha Mines.
99
Fatal injuries LTIFR TRIFR
FY 2023 Key Achievements
0.58
1.48
13
CRM implementation started
0.56
1.40
12
0.52
1.20
8
New standard rolled out for lift
maintenance
Overhaul of safety standards

under VSF, under progress FY FY FY FY FY FY FY FY FY
2021 2022 2023 2021 2022 2023 2021 2022 2023
Breaking Barriers, Building Multi-Dimensional Workforce

Aim 8: Promote Governance: SDG impacted: FY 2023 Key Achievements
gender parity, D&I Council
diversity Review Frequency:
and inclusivity Monthly 14% women in the organisation
We are committed to improving gender diversity in our 28.23% women in decision-making bodies
workforce and have implemented several initiatives to
achieve this goal. Our aim is to ensure gender diversity
at all levels of the organisation, including recruitment,
9% women in leadership position
decision-making and leadership. Overall, we believe
that our initiatives to improve gender diversity in the
workforce will result in a more inclusive and diverse
workplace. Our commitment to implement additional
initiatives ensures that we continue to attract and retain
the best talent from diverse backgrounds. Case study
HZL’s Ambavgarh Dialogue

Enhancing Women Participation Problem Statement
We have set a target of recruiting more than 50% of Development of women employees was a challenge in HZL
women employees to improve the gender ratio in the due to the lack of dedicated programmes
workplace. We are providing opportunities to women
Solution
employees with relevant experience to become part of
decision-making bodies like ManCom and ExCo. HZL started an annual ‘Ambavgarh Dialogue’ to groom
high-performing employees for the next level. The
To groom the top 100 high-performing women programme involves one-on-one interactions with CEO
employees in the organisation for CXO roles, we have and CHRO for selected and high-performing women
introduced the V-Lead programme, which will involve employees along with leadership inputs by key people in the
mentoring by senior business leaders. business. The initiative also includes finalising individual
career development journeys, cross-function and cross-
We are also creating a second line of leaders in the departmental movements, coaching from leading corporate
organisation through early identification of talent coaches etc.
through structured processes like ACT-UP, V-Reach and Impact
other similar programmes.
• Creation of SHE Leads Programme for women employees
Encouraging Inclusivity • 20 high-potential women candidates to be groomed for

We have undertaken steps to improve workforce CXO roles
inclusivity performance and in FY 2023, HZL, BALCO and • Recognition from associations such as Society for
VAL Jharsuguda units have inducted 20 transgender Human Resource Management (SHRM) and People First
employees. We remain committed to working on this
aspect in FY 2024 and beyond.
100
Enhancing a Responsible and Ethical Work Culture

Aim 9: Adhere to global Governance: MAS/ Review Frequency: SDG impacted:
business standards of Company Secretariat/ Monthly
corporate governance Group Sustainability

Revitalising sustainability framework Enhancing transparency
In FY 2023, we undertook work to refresh our Transparency and disclosures form the foundation of all
policies and standards that are part of the Vedanta dialogue. We release several ESG disclosures, which include
Sustainability Framework (VSF). The refresh will the Annual Integrated Report, Annual Sustainability Report,
simplify the framework, better align the standards Annual TCFD Climate Report, and the newly-constituted
to ICMM requirements and reflect the revised Business Responsibility and Sustainability Report. All these
ambition of our ESG programme. reports align with global reporting standards such as GRI,
TCFD, and the IR Framework. This year, we will be releasing
Incentivising ESG performance our 15th Sustainability Report.
We have kick-started discussions to better
The quality of our disclosures and the underlying
embed ESG metrics in executive compensation.
improvements in our ESG governance and performance are
Currently, HSE/ESG performance constitutes 15%
evident in rating upgrades across multiple agencies. This
of employees’ performance pay. Climate change
provides our stakeholders an independent assessment,
considerations are now a part of our employees’
that we are headed in the right direction. We will continue
stock option scheme (ESOS). However, based on
to benchmark against these frameworks, to remain aligned
benchmarking, it has been decided that this linkage
with global expectations around ESG.
needs further refining and we plan to introduce an
updated methodology in FY 2024. More details can be found in the governance section of the report
99%
98%
98%
98%
97%
47
A
44
39.6
BB
B
B
B
B
B
30
89%
CC
C
86%
FY FY FY FY FY FY FY FY FY FY FY FY FY
2020 2021 2022 2020 2021 2022 2020 2021 2022 2019 2020 2021 2022
VEDL VEDL HZL VEDL HZL VAL VEDL HZL
VEDL High Risk category HZL #3 | M&M Index HZL rated A for CDP climate
HZL Medium Risk category VEDL #6 | M&M Index & CDP water
Lower the better
Key rating highlights

MSCI Sustainalytics DJSI CDP
• No significant votes • Improvement from severe to • Part of the Sustainability • B-rating for CDP
against directors high risk World Index Climate & CDP Water
• Incentivisation of sustainability • Improved management of • Only Indian company to be • CDP Water disclosures
• Performance in executive ESG risks was cited as the added in 2022 made for the first time
pay policies reason for better rating • Also, part of the ‘Emerging
Markets Index’
101
PEOPLE AND CULTURE
TRANSFORMING TO UNLEASH
PEOPLE’S POTENTIAL
The Group has been featured in the Top 10 Happiest
Workplaces by Business World from over 100
nominations. The Group has also been awarded the Best
Employer in India by Kincentric.
102
People and Culture REPORT REPORTS STATEMENTS
At Vedanta Limited, we are empowering people by providing them

with a work environment to thrive and grow. We are ensuring this
with dedicated efforts around workplace transformation, a key pillar
of our ESG purpose and framework. We are implementing pioneering
initiatives around health and safety and promoting diversity, equity
and inclusion. We are creating an ecosystem of equal opportunities
in employment and development, and recognition to keep them
motivated and incentivised. Our transformational approach is
beginning to unlock the potential of our workforce and is driving
long‑term benefits for the organisation by enabling a rich mix of
skills, experience and diverse perspectives.
Promoting diversity, equity and inclusion

Diversity and inclusion are at the core of our people
Steering gender diversity
strategy. It is our constant endeavour to promote gender
parity and inclusivity across all levels, from the senior We unveiled Phase 3 of V Lead, our flagship
leadership and decision-making bodies to SBUs and women’s leadership development programme, in
enabling functions. This is manifest in our unique talent December 2022, reflecting our strong and continuous
pool, which includes people from diverse geographies, commitment to gender diversity, inclusion and women
minorities, ethnicities and cultures. We also strive empowerment. As part of the initiative, 120 promising
continuously to reinforce our position as an equal young women are being groomed for CXO positions,
opportunity employer. spanning operational and enabling roles across
Vedanta’s global business units. The exercise is aimed
We are fostering an LGBTQ+-friendly workplace and at making them a part of key decision-making bodies
ensuring their inclusion by identification of roles, at Vedanta.
sensitisation, creation of infrastructure and onboarding
talent. As of now, there are 25 transgender employees We have empanelled multiple women’s colleges
engaged in operations as well as enabling functions. to ensure women’s representation at all levels and
tap into the right talent pool, specifically in STEM
Adopting a 3-tier approach roles. An exclusive two-day campus drive was held
at Banasthali Vidyapith Campus, Rajasthan, to hire
We have launched a sensitisation drive targeting gender,
qualified women candidates in engineering and
sexual orientation, physical ability, region, and other
management disciplines. The senior leadership panel
dimensions of overall diversity, equity and inclusion. It
ran a structured process and selected 100 high-
is structured around a 3-tier approach, covering CXOs,
potential girls.
managers and front-end supervisors. We have tied up with
external experts and our target is to cover 2,000+ managers
and 300+ CXOs in the first phase of this exercise.
Ensuring regional diversity

Our V-Engage initiative is aligned with our efforts of
promoting regional diversity within the organisation. It
targets onboarding talent from under-represented and
underprivileged sections, with a special focus on the
Northern and North-Eastern regions of the country.
100
Qualified, high-potential and hard-working
women selected through an exclusive women's
talent campus hiring drive Building tomorrow's leader
103
500+
the next phase of our value-accretive growth. Their track
record in leading a set of high-potential growth projects is
an asset we value and cherish.
Talent identified and elevated across functions
covered through various talent development Hiring programmes and processes
programmes As part of our overarching initiative of onboarding talent
from esteemed Indian and global institutions, we are
in the process of hiring 2,000 bright minds. We have
Professional leadership and collective decision- adopted a multi-pronged strategy as part of this process,
involving hiring quality talent focussing on diversity
making
(gender, geography and category) and offering competitive
As a professionally managed company, Vedanta Limited compensation at campus along with stock options.
has a well-structured management framework, with
a Management Committee (ManCom) as a collective We continue to hire top-notch talent for our flagship
decision-making body at both Company and business programmes: Vedanta Leadership Development Program
levels. The businesses are further independently led and (VLDP), Rank Holder Chartered Accountants, Cost
run in a federated manner by their respective CEOs. Accountants, Specialists (Analysts, Data Scientists, Mining
and Exploration ESG), Management Trainees (MT), Engineer
Recognising excellence and rewarding Trainees (GETs), among others.
meritocracy
Through ACT-UP (Accelerated Tracking and Upgradation
We are fully cognisant of the importance of keeping Process), our flagship in-house talent development
our people motivated and passionate to drive the programme, we identify and nurture high performers,
organisation’s long-term success. We have accordingly and develop leaders across all talent segments in the
adopted a well-defined methodology to reward the efforts organisation. Building on Management ACT-UP, our
of our people and business partners. Our best-in-class focus in FY 2023 was on developing a robust second-in-
and globally benchmarked people practices, as well as line leadership.
reward programmes, keep them inspired and incentivised
to deliver their best. With our Emerging Leaders Programme, we have identified
and elevated 130 leaders to deputy CXO roles at the
They also receive recognition from our Management and group and SBU levels. Of these, 25% are women – a clear
Board for going the extra mile to support the business. endorsement of our gender diversity focus. The selected
These include the Chairman Individual Awards, Chairman leaders have been assigned senior leaders as anchors from
Award for Business Partners, Leadership Excellence across Vedanta Limited. As the next steps, a customised
Award, Sustainability Award, and the Chairman’s hybrid programme has been designed in association with
Discretionary Award. premier B-Schools like IIM Bangalore and ISB Hyderabad.
It is based on various gaps and themes that emerged
High-performing employees are rewarded through from the assessments and will help make the young talent
incentive schemes, development programmes and future‑ready.
compensation re-structuring practices. During FY 2023, we
introduced stock options for all our young campus hires as During the fiscal under review, we curated ACT-UP for
well. Our appraisal and remuneration programmes further projects, mining and commercial/marketing verticals,
encompass an ESG component, which correlates employee leading to the identification of 200+ young leaders. The
performance to safety, sustainability and carbon footprint fresh perspective brought in by talent from line functions
reduction. Our best-in-class and globally-benchmarked was leveraged by providing interested employees with
people practices, as well as our reward programmes, help an opportunity to switch functions through unique talent
keep them inspired and incentivised to deliver their best. development initiatives, such as non-HR to HR.
Attracting and retaining best-in-class talent Ensuring seamless induction for campus hires
Our human resource (HR) policies are designed to attract Our campus hiring emphasises excellence, gender
and retain the best global talent and subject matter diversity, upliftment of minority communities and adequate
experts. We take pride in our truly global work culture and representation of all regions and demographics in India.
our diverse workforce. We currently have some of the finest We have in place a well-defined and structured system that
minds from over 30 nationalities working with us. Our ensures smooth and seamless induction of talent hired
robust global leadership is helping us steer our journey into from campuses.
104
People and Culture REPORT REPORTS STATEMENTS
Group Induction Programme - YUVA (Young Upcoming data-analytics at the group level and enhancing
Vedanta Achievers) decision-making capabilities. In the first phase of
Through this programme, we welcomed 200+ campus hires implementation, HR workflows have been outlined,
from top B-Schools of the country and across the globe and modules of performance management, learning
during the year. Through business and functional sessions & development and employee helpdesk are in place.
held as part of the exclusively designed 4-day programme, We are currently focussed on making these systems
stalwarts of Vedanta Limited and the industry shared insights, more robust while propelling change management to
leadership advice, and their experiences with the youths. boost the adoption of the platform.
Further, the new joinees got an opportunity to understand • To further strengthen our learning & development
Vedanta’s DNA and design principles, key pillars, group practices, we leveraged Gurukul effectively during
overview, growth story and key people practices through the the year. It is a digitally-driven knowledge-sharing
CXO sessions. They were also given a glimpse of our daily initiative that gives all Vedanta employees a platform
operations through visits to our state-of-the-art business to share their expertise and innovative ideas to
units in HZL and flagship CSR facilities, where they got motivate others to learn, explore and experiment.
first‑hand experience of what we do for the people and planet. Gurukul has grown as a platform, promoting the free
flow of new ideas and discussions.
V-Excel (Exemplary Campus Emerging Leaders)
• Vedanta Limited has partnered with Knolskape for
This programme, complementing YUVA, provides each new
the first-ever, simulation-based experiential learning
hire with a single digitally-driven platform that helps steer
programme for top emerging leaders to equip them
their performance with the right anchoring, continuous
with the right skills and competencies to develop
engagement, learning and recognition through measurable
them into future CXOs. These include critical thinking,
KPIs at an early stage in their careers.
business acumen, influencing stakeholders, leading
teams, future of work, digital leadership, agile
Harnessing digital power to enhance people working and design thinking. The participants have
experience been identified through internal talent development
initiatives, such as Management ACT-UP, Enabling
At Vedanta Limited, we are continually working towards
ACT-UP, Emerging Leaders Programme, V-Aspire etc.
scaling the experience of our people by leveraging
The participants undergo a mix of role-play, gamified
digitalisation and automation.
business simulation, quizzes and assessments,
• The implementation of Darwinbox is bringing all experience sharing, etc.
businesses on one common platform, enabling seamless
Employees Receiving award
105
CORPORATE GOVERNANCE
TRANSFORMING TO
BECOME MORE RESPONSIBLE
106
Corporate Governance REPORT REPORTS STATEMENTS
Operating in a dynamic environment, Vedanta Limited is

transforming continually to ensure effective management of natural
resources. It strives to ensure sustainability in order to make the
nation self-sufficient.
Our governance philosophy and practices are aligned
with this approach. Led by our core values of Trust,
Entrepreneurship, Innovation, Excellence, Integrity, Respect
and Care, our governance practices constitute the core of
Risk Management Governance
our foundation of sustained value creation. At the same
time, we adhere stringently to the principles of good
governance and integrity, which help us navigate our
business growth and operations ethically and responsibly,
at all times.
Strategy, Corporate Stakeholders
Planning Governance
Corporate Governance Framework & Performance Framework
Our governance framework is underpinned by our robust
core values. It is structured around our strong industry-
leading vision, strategic mission, and the primary objective
of delivering sustainable growth. ESG Integrity &
Transparency
Corporate Governance Philosophy

Compliance &
Our business strategy is powered by our strong Reporting
commitment to good governance, which goes beyond
compliance and statutory norms. We believe that purpose-
led corporate governance and ethics-led corporate effective management of the capitals and consistent value
behaviour are essential to our success. We look at them delivery through seamless execution of our integrated
as the foundation on which we continue to build Vedanta value chain.
Limited as not only India’s largest diversified natural
resources company but also the most sustainable. Spearheaded by an involved and informed Board, we
remain focussed on creating sustainable investor and
Our business strategy is pillared around the twin approach stakeholder value, while staying rooted in our intrinsic
of being structured as a group of entities, each with its value system. We draw from the insights and expertise of
own individual management and systems, while also our illustrious, multifarious and proficient directors and are
concurrently functioning as a single unit oriented towards able to continuously predict and proactively manage our
our collective purpose. We consider operating responsibly opportunities and risks to protect and enhance our business
as our fiduciary duty as trustees of various capitals value. This is particularly significant in our operating space,
(financial, manufactured, intellectual, human, social and which is underlined by volatility and dynamism, thus offering
relationship, and natural). We feel this is important for considerable scope to run a conscientious business.
Composition of the Board of Directors

As on 31 March 2023, the Board comprises eight members, as listed below:
S. Age
Name Designation Gender
No. (as on 31 March 2023)
1 Mr. Anil Agarwal Non-Executive Chairman Male 70
2 Mr. Navin Agarwal Executive Vice Chairman Male 62
3 Ms. Padmini Sekhsaria Non-Executive Independent Director Female 47
4 Mr. Dindayal Jalan Non-Executive Independent Director Male 66
5 Mr. Upendra Kumar Sinha Non-Executive Independent Director Male 71
6 Mr. Akhilesh Joshi Non-Executive Independent Director Male 69
7 Mr. Sunil Duggal Whole-Time Director & Chief Executive Officer Male 60
8 Ms. Priya Agarwal Non-Executive Director Female 33
107
Number of Directors (Age) Number of Directors (Gender)
06 02 02
06
Between 30-50 years Male

Above 50 years Female
Board Governance ESG Governance

As we grow from strength to strength, we continue to As part of our strong and sustained commitment to
raise the bar of performance across our governance ESG, we have implemented a uniform ESG governance
practices. These practices range from our ground- structure across the organisation. The ESG
breaking ESG commitments to best-in-class disclosure Committee, together with our Group Sustainability
practices, Board independence, diversity and inclusion, and ESG function, is mandated with the responsibility
alignment to globally accepted norms and policies, as to activate, mainstream and monitor initiatives under
well as our emphasis on running a digitally-enabled, the ‘Transforming for Good’. We have also established
technology-led business. dedicated forums for regular management and
oversight at all levels, in addition to ESG-themed
Our strong governance practices manifest our future communities at each BU and SBU to own projects and
transformation journey, with ‘responsible change’ drive their timely implementation.
as a core mandate. It is our constant endeavour to
not only stretch ourselves more to ensure enhanced
In conducting its business, the Board is supported by:
growth and value creation but also set newer
benchmarks for the industry and peers. We continue
to be change-makers in everything we do, with good
governance as the cornerstone that empowers us in Established Committees
our transformational efforts.
Risk Management Framework
Our Board ensures the implementation of the strategic
objectives of the Company. It guides the management
to fulfil the commitments made to various stakeholders Vedanta Sustainability Framework
while upholding the principles of ethical business and Vedanta Sustainability Assurance
conduct and responsible growth. Process (VSAP)
Through its prudence, valued counsel, compliance Code of Business Conduct and Ethics,
with Group values, and prioritisation of ESG principles, and various other policies and practices
the Board at Vedanta Limited ensures the viability of adopted by the Group
the Company, and thus its ability to deliver sustained
value to its stakeholders. By overseeing the conduct
of business with strict adherence to ethics and
responsibility, the Board continues to enhance the
prosperity and long-term viability of the Company.
108
Corporate Governance REPORT REPORTS STATEMENTS
ESG Ratings
By focussing on sustainability and ESG as business imperatives, we consistently aim to improve our ESG ratings.
99%
47
98%
98%
98%
A
44
97%
39.6
BB
B
B
B
B
B
30
89%
CC
C
86%
2020 2021 2022 2020 2021 2022 2020 2021 2022 2019 2020 2021 2022

VEDL High Risk category HZL #3 | M&M Index HZL rated A for CDP climate
HZL Medium Risk category VEDL #6 | M&M Index & CDP water
Lower the better

• No significant votes • Improvement from severe to • Part of the Sustainability • B-rating for CDP Climate &
against directors high risk World Index CDP Water
• Incentivisation of sustainability • Improved management of • Only Indian company to be • CDP Water disclosed for
Performance in executive ESG risks was cited as the added in 2022 1st time
pay policies reason for better rating • Also, part of the ‘Emerging
Markets Index’
G20/OECD Framework Alignment

We align ourselves with the G20/OECD Principles of Corporate Governance by:
Ensuring the basis for an effective corporate Guaranteeing the rights and equitable treatment of
governance framework with: shareholders and key ownership functions with:
• Business alignment with free market practices, • Assurance of rights and equitable treatment of all
anti‑competitive policies and fair competition shareholders, including minority and foreign shareholders
• Compliance with all statutory requirements as listed by • Implementation of specific channels for shareholders to
SEBI, MCA and other regulators voice their concerns
• Adoption of an informed, diverse, relevant and • Conduct Annual General Meetings as per existing norms
experienced Board, enabling integrity as a standard from • Regular publications for apprising shareholders regarding
the top, with collective and specific responsibility performance, strategy, governance etc.
Facilitating the role of stakeholders in corporate Safeguarding disclosure and transparency with:
governance with: • Focus on compliance-led periodic disclosures and
• Consistent focus on stakeholder relations, as well as transparent reporting suite
continual engagement with investors, clients, customers, • Voluntary reporting on globally accepted principles and
employees, bankers, and regulators frameworks, such as Integrated Reporting, GRI, TCFD,
• Adherence to specific policies for vendors, suppliers and BRSR etc.
business partners • Engagement of external independent auditors for
• Diligence towards health, safety, well-being and growth- financial and non-financial information
focussed employee policies
• Institutionalisation of strong whistle-blower policy and
vigil mechanism
• Emphasis on social responsibility and welfare initiatives in
consultation with communities
109
AWARDS
RECOGNISED FOR EXCELLENCE
Golden Peacock Confederation of The Institute of Chartered Kincentric Best

Global Award Indian Industry Accountants of India Employer Award
Operational and Business Excellence

Sr. Recipient BU/
Name of the Award Category/Recognition
No Location
1 Vedanta Limited Golden Peacock Global Award Excellence in Corporate Governance

2 Vedanta Limited Institute of Chartered Accountants India Silver Awards in Excellence in Financial Reporting
3 Vedanta Limited TIOL National Taxation Awards 2022 Silver Award for Best Tax Practices among large
corporates
4 HZL S&P Global Platts Global Metal ‘Industry Base, Precious and Specialty Metals
Leadership Award’
5 HZL League of American Communications Integrated Annual Report FY 2022 ranked #40
Professionals Worldwide and Gold Award
6 HZL CII-EXIM Bank Awards for Business Excellence Platinum Award
2022
7 HZL NCQC - National Convention on Quality Won 39 Awards
Concepts
8 VAL-J IMC Rama Krishna Bajaj Excellence Award Excellence in Manufacturing and Quality
9 VAL The Economic Times Energy Leadership Outstanding Contribution in Energy Sector
Awards 2022
10 VAL-L Golden Peacock Award Innovation Management
11 VAL-J CII 23rd National Award for Energy Excellence Excellent Energy Efficient Unit Smelters
12 VAL-J SEEM National Energy Management Awards Platinum Award - Smelter 1 and CPP; Gold Award -
Smelter 2; Silver Award - IPP
13 VAL-J International Convention on Quality Control Won 3 Gold Awards for Excellence in Business and
Circle Awards Quality
14 Cairn - RJ Oil Golden Peacock National Quality Award Excellence in Quality Management
15 Sterlite Copper CII - Star Champions Awards 2022 Star Champion - Innovative Kaizen Category
16 HZL - Chanderiya CPP Mission Energy Foundation Award Efficient Fly Ash Management in Northern Region
17 VAL-J Quality Circle Forum of India Awards 25 Awards at 36th National Conventional Quality
Concepts
People
Sr. Recipient BU/

No Location
1 Vedanta Limited Kincentric Best Employer Award – India 2022 Workplace Excellence
2 Vedanta Limited Great Place to Work Award India’s Best Employer among Nation Builders
3 HZL People First HR Excellence Award 2022 Leading Practices in Diversity & Inclusion
Initiatives and Leading Practices in Talent
Management
4 BALCO Golden Peacock Award HR Excellence
5 VAL-J Happiest Workplace Award Excellence in Workplace Responsibility
6 BALCO Happiest Workplaces Award 2022 Highly compassionate, positive and happy work
culture
7 BALCO W.E. Global Employees Choice Award 2022 Large Size Category and Millennial Category
8 BALCO Titan Award Platinum Award in Human Resource
Manufacturing
9 Cairn People First HR Excellence Awards 2022 Leading Practices in Technology Deployment in HR
10 ESL ASSOCHAM Work Vision - Annual HR Managing Organisational Change & Excellence
Excellence Award 2022 through Innovative HR Practices; Effective Drivers
of Recruitment, Engagement & Retention
11 Cairn The Economic Times Human Capital Awards Excellence in Change Management
110
Awards REPORT REPORTS STATEMENTS
Environment and Social
Sr. Recipient BU/

No Location
1 HZL-Kayad Mines 6th National Conclave on Mines and Minerals 5-star rating for Exemplary performance in the
Awards implementation of a sustainable development
framework
2 HZL - Dariba Smelter GreenCo Gold Certified Environmental Stewardship
3 HZL S&P Global Platts Global Metal ‘Industry ‘Corporate Social Responsibility’
Leadership Award
4 HZL S&P Global Corporate Sustainability Among the Top 3 Companies
Assessment 2022
5 HZL Indian Companies Climate Leadership Rankings 4th by ET Edge and Futurescape
6 VAL-J ‘Excellence in Fly-ash Utilization’ awards Efficient management of fly-ash by both the
Thermal Power Plant and Captive Power Plant
7 VAL Kalinga Environment Excellence Award Environmental Sustainability
8 BALCO CEE Environment Excellence Award Excellence in Environmental Sustainability - Fly
Ash Utilisation
9 VAL-L India CSR Award - 2022 Leading healthcare and education initiatives
10 VAL-J Performance Awards at CII Energy Conclave Environment & Sustainability/Energy Management
11 Cairn Golden Peacock Occupational Health & Safety Occupational Health and Safety
Award for Occupational Health
12 Cairn Frost & Sullivan, Teri - Sustainable Corporate of 1st runner up
The Year Award
13 ESL Annual Greentech CSR India Awards, 2022 Excellent initiatives on ensuring better healthcare
for the community
14 VAB India CSR Leadership Award 2022 First Place for Integrated Village Development
15 HZL CDP (Carbon Disclosure Projects) ‘A’ rating for Transparency on Climate Change
16 HZL CDP (Carbon Disclosure Projects) Supplier Engagement Leader
17 VAL-J Fame India Awards Platinum Award for Fire and Security Excellence
18 VAL-L Golden Peacock Award 2022 Excellence in CSR
Health and Safety
Sr. Recipient BU/

No Location
1 BALCO CII National Safety Practices Platinum Award

2 VAL-J Apex India Occupational Health and Safety Platinum Award in Occupational Health and Safety;
Award Gold Award in Best Fire Safety
3 VAL-J Grow Care India Awards Platinum Award in Occupational Health and Safety;
Gold Award in Fire Safety
4 VAL-L Fame National Award 2022 Excellence in Occupational Health and Safety in
Mining Industry
5 Cairn FICCI Road Safety Awards Special Jury Award for Journey towards Excellence
in Road Safety
6 VAB IFSEC INDIA EXPO 2022 - CSR Security Excellence in CSR
Initiative Excellence Award
7 VAL-J Fame India Awards Gold Award for Road Safety
8 BALCO Global Road Safety Award 2023 Excellence in Safety Culture
Digitalisation
Sr. Recipient BU/

No Location
1 HZL Data World Summit and Awards 2022 Best Data Solution of the Year - Manufacturing
2 HZL Automated Data Management Award Economic Times Data Conclave
3 VAL-L CIO Excellence Award Leading Practices in Emerging Technology
4 VAL Manufacturing Today India Conference and Leading Technology and People Initiatives
Awards
5 VAL-J Frost & Sullivan's Awards Certificate of Merit - Artificial Intelligence in the
Manufacturing Sector
111
MANAGEMENT DISCUSSION
AND ANALYSIS
112
MANAGEMENT DISCUSSION AND ANALYSIS REPORT REPORTS STATEMENTS
MARKET REVIEW
Global Economy:
The global economy faced several challenges
in CY 2022, starting from the initiation of the The Indian economy performed
Russia‑Ukraine war, supply chain disruption, high
inflation, and high key policy rates by the central exceptionally well compared
banks. Global inflation remained a matter of concern with the rest of the world. India
in most of the economy, which reached a multi-year
high of 8.7% in CY 2022. Monetary tightening by
is set to remain the bright spot
the central banks across the world helped bring the in CY 2023 with a potential to
trajectory downwards. The unwinding economic contribute 15% to the global
events weighed down global economic growth
prospects. World economic growth in CY 2022 is GDP growth, according to IMF.
estimated to have declined from 6% in CY 2021 to Indian economy is projected
3.4%, as per IMF.
to grow at 5.9% in FY 2024[1]
Commodity prices eased the early gains of after having grown at an
CY 2022 amidst supply chain issues and China’s
Zero Covid policy due to the demand slowdown.
estimated 6.8% in FY 2023, to
Metal prices, however, stabilised following China’s be among the fastest growing
reopening and measures to revive its economy major economies
and retracing inflation in advanced economy like
USA and EU.
113
Europe's fight against the repercussions of war inflation level which reached 9.06% in June 2022 declined
Europe was significantly impacted by the war, which led to 6.04% in February 2023[2]. The US economy grew by 2.1%
to high energy and food prices created by the supply- in CY 2022 but is expected to decelerate to 1.6% in CY 2023
chain disruption. This stretched the purchasing power of and 1.1% in CY 2024 [1].
the consumers while also impacting the manufacturing
sector, that led to production cuts. In Q4 CY 2022, the Central Banks' Interest Rates (%)
energy crisis improved, supported by high gas inventory
levels, favourable weather conditions, and the central
6.5
bank’s monetary policy tightening, which eased inflation.
IMF estimates the Euro area to have grown by 3.5% in
CY 2022[1]. The monetary tightening is expected to limit the
5
GDP growth in CY 2023 to 0.8% before increasing to 1.4%
4.25
in CY 2024.
3.80
3.65
3.60
4
3.50
3.50
US Economy strong against recession fear
Inflation in the world’s largest economy soared to a
40‑year high, mainly driven by low labour participation
and supply‑chain crisis influenced by the external
1
environment. The subsequent monetary tightening by the
0.25
0.25
0.10
Federal Reserve Bank impacted the country’s economic
0
growth. Rising fed rates led to a further strengthening of
the US dollar, thus stretching the current account deficit of India USA China EU S. Korea UK Australia
import-dependent countries. Despite the negative outlook,
the US economy has performed better than expected. The Till Dec-2021 Mar-2023
World's Retail Inflation in 2022 (%YoY) S&P Global Manufacturing PMI (%)
12 60
10
57
8
54
6
51
4
48
2
0 45
Apr-22
May-22
Jul-22
Feb-22
Dec-22
Feb-23
Oct-22
Sep-22
Jun-22
Mar-22
Nov-22
Aug-22
Jan-22
Jan-23
Jul-22
Oct-22
Dec-22
Feb-23
Feb-22
Apr-22
Sep-22
Jun-22
Aug-22
Jan-23
Jan-22
May-22
Mar-22
Nov-22
China EU India UK USA Global China USA Europe India
Source: CEIC, S&P Global, World Bank
114
World Bank Commodity Index (Base: Dec-2021) (%) China’s reopening to drive global economy
The Chinese economy dealt with multiple challenges
in CY 2022, including the real estate sector slowdown,
160 severe COVID-19 infection, and its mitigation with
Zero‑COVID Policy. Unlike other countries, its central bank
145 loosened the monetary policy to encourage domestic
growth, in addition to the stimulus package to boost
130
consumption. China’s manufacturing activity after facing
a slowdown in CY 2022 with a growth of 3% is coming out
115
strong and is projected to grow by 5.2% in CY 2023 and
100 4.5% in CY 2024 [1].
85
Global Economy Outlook:
70 Performance of the global economy was better than
earlier projections, given the lower-than-expected severity
Jul-22
Feb-22
Oct-22
Dec-22
Feb-23
Sep-22
Jun-22
Apr-22
Mar-22
Aug-22
Nov-22
May-22
Jan-22
Jan-23
of the Russia-Ukraine war and high energy prices.

Manufacturing PMI, which fell below the 50-level mark
is moving up in most economies. China’s re-opening
has further improved the expectation of increased
Energy Agriculture Fertilisers
economic activities, generating positivity for the global
Precious Metals Metals & Minerals economy. Inflation levels in most of economies peaked,
but expected to fall to 6.6% in CY 2023, improving global
financial conditions and business sentiment.
IMF projects the global economy to grow by 2.8% in CY 2023 before rebounding to 3% in CY 2024,
though the worries of war and high inflation still persist [1].
Global GDP Growth (%YoY)

6.8
6.3
5.9
5.2
4.5
3.4
2.8
3
3
2.6
2.1
1.8
1.6
1.3
1.3
1.1
1.1
1.1
0.7
-0.1
India China USA Japan France Germany World
2022 2023 2024
Source: IMF
115
Indian Economy: India’s rising retail inflation was of concern. Fiscal

stimulus support and additional monetary support
The Indian economy performed exceptionally well
resulted in the CPI level crossing RBI’s upper tolerance
compared with the rest of the world. India is set to retain
levels. Sustained vigilance and multiple rate hikes by
its bright spot in CY 2023 with a potential to contribute
the RBI, resulted in repo rate increasing from 4% to
15% to the global GDP growth, according to IMF.
6.5% in February 2023. This significantly controlled
In December 2022, India also assumed G20 presidency
the CPI level; from a peak of 7.8% in April 2022 [7], it
with an ambition to unite the world under the theme
reached below the upper tolerance limit in November
‘Vasudhaiva Kutumbakam” or “One Earth · One Family
and December of 2022, before reaching 6.4% in
· One Future". This is an opportunity to showcase the
February 2023 [8].
nation’s global leadership amidst growing uncertainty and
economic crisis.
Policy initiatives by the Government of India
India’s manufacturing sector also outperformed the (GoI)
rest of the world, projecting the country as a potential
The GoI’s focus to make the country an attractive
manufacturing hub. Stable political conditions, supportive
destination for business has been a key enabler of
policy schemes, strong domestic consumption and
robust economic performance. The capital expenditure
growing presence of skilled professionals support
allocation of `10 lakh crore for FY 2024, an increase of
this ambition. India’s manufacturing PMI remained
37.4%, YoY, has been an exceptional step. The approach
above the 50-level mark through the year, indicating
towards infrastructure development and inclusive
positive performance.
growth of the country is setting the foundation for
multiple years of strong growth.
India’s export, including services and merchandise
touched US$750 billion in FY 2023 supported by robust
The World Bank has emphasised the collaboration
policy implementation by the Indian government. GST
between nations to boost global GDP growth in the
collection also reached `18.1 trillion, a year-on‑year
current decade. GoI has taken steps in this direction,
growth of 21.4% in FY 2023[6]. Other economic indicators
establishing bilateral trade relations through Free
like non-food credit, automobile sales and electricity
Trade Agreements with Australia and UAE, vastly
consumption have also registered robust growth.
expanding the market for domestic manufacturers. The
These indicators are well-supported by consumer
upcoming negotiation with the UK, EU, and GCC nations
sentiment indices, which witnessed consistent monthly
are expected to further expand the horizon. As India
year‑on‑year double digit growth[6].
aspires to be the global manufacturing hub, these trade
Manufacturing PMI: India vs. Global Energy Requirement (billion kWh)
60 160
58
140
56
54 120
52 100
50
80
48
60
46
44 40
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun
Jul
Aug
Nov
Jan
Feb
Mar
Sep
May
Apr
Dec
Oct
India Global 2020-21 2021-22 2022-23
Source: RBI, CMIE
116
Consumer Confidence Survey of RBI Non-food Credit Growth (%, YoY)
120 25
100 20
80
15
60
10
40
20 5
0 0
Mar-18
Jul-18
Nov-18
Mar-19
Jul-19
Mar-20
Nov-19
Jul-20
Nov-20
Mar-21
Jul-21
Nov-21
Mar-22
Jul-22
Nov-22
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct- 22
Dec- 22
Current Situation Index
Source: RBI, CMIE
deals will ensure a smoother transformation of the global Indian Economy Outlook
supply chain. The removal of export duty on iron ore
Although global projections of economic growth for CY 2023
above 58% Fe grade and steel has encouraged the sector
loom on uncertainties, India on the other hand is expected to
to have global competency amid commodity volatility.
outperform. As per IMF, Indian economy is projected to grow
at 5.9% in FY 2024[1] after having grown at an estimated
The National Logistic Policy, another ground-breaking
6.8% in FY 2023, to be among the fastest growing major
policy initiative by the GoI targeting the complex
economies. It further projects India and China to contribute
logistic system, is likely to make India more efficient in
to half the global growth in CY2023. India’s economic growth
project implementation. The plan to reduce logistics
will be driven by robust domestic demand supported by the
cost from 14% to less than 10% is expected to expand
government’s continued thrust on infrastructure spending.
the scope of government spending and streamline
However, external challenges of global economic slowdown,
government operations.
geo-political scenario and energy price uncertainties may
keep the Indian economy vigilant.
India’s growth outlook by domestic and global agencies

Agency/Institution Month of Release FY 2022-23 FY 2023-24
Economic Survey (GoI) January 2023 7.0% 6.5%
RBI February 2023 6.8% 6.5%
IMF January 2023 6.8% 5.9%
World Bank January 2023 6.9% 6.3%
Asia Development Bank (ADB) December 2022 7.0% 7.2%
OECD November 2022 6.6% 5.7%
S&P Global Ratings January 2023 7.0% 6.0%
Fitch Ratings December 2022 7.0% 6.2%
Nomura March 2023 6.6% 5.3%
Source: CMIE
References:
1. IMF, WEO, January 2023 5. World Bank, The Pink Sheet
2. U.S. Bureau of Labor Statistics 6. CMIE
3. CEIC 7. RBI, Monetary Policy Committee
4. S&P Global 8. MOSPI
117
SEGMENT OVERVIEW
ZINC Market Drivers

Overview The global zinc demand is expected to grow by 3.5%
The year kicked off on a positive note with zinc prices in CY 2023 majorly driven by stronger offtake from
hovering around US$4,000-4,400 per tonne (/t) levels as China and India. In India, the zinc demand is expected
supply chain got impacted amidst the Russia-Ukraine war to increase by 10% in CY 2023 driven by demand from
and China’s zero covid policy led lockdown. However, the infrastructure and automobile sector.
market was subject to volatility throughout the year; zinc
prices even touched US$2,682/t level in November 2022. In domestic market, Indian Railways has been a key
It closed at US$2,907/t during the end of March 2023. demand driver for zinc. With a focus on safety and speed,
it has introduced 18 Vande Bharat trains till now (another
The global refined zinc demand contracted by 3% to 478 trains planned) and is also working on different
13.6 million tonnes in CY 2022, largely due to a fall mechanisms to protect rail network from corrosion.
in Chinese demand. At supply level, the refined zinc Strong focus on developing road, power generation and
production fell by 2.6% in CY 2022, due closure of several transmission and 5G related telecom infrastructure are
smelters globally for care and maintenance as the energy likely to create demand. Together, these are expected to
prices increased. Consequently, the global zinc warehouse bolster zinc consumption in India.
stocks also fell during this period. In FY 2023, the total
tonnage of zinc at Shanghai Futures Exchange (SHFE)
warehouses and LME fell to 97 kt and 45 kt respectively
Products and customers
during the end of March 2023.
Hindustan Zinc Limited (HZL) is the largest primary zinc
Indian refined zinc demand, however, was robust and producer in India. In FY 2023, it had 77% domestic market
is estimated to have increased by ~3% in CY 2022 share; it sold ~60% of its refined zinc volume in the domestic
mainly driven by demand from the infrastructure and market and exported rest of the volume to South-East Asian
Galvanising industry. and Middle Eastern markets.
Over 70% of the zinc demand in India comes from

galvanising steel, predominantly used in the construction
and infrastructure sectors. HZL has a strong portfolio
aligned to these needs comprising continuous galvanising
grade, electroplatting grade and two grades of zinc for use
in die-casting alloys, which make it an attractive player. The
Company is working closely with its customers to increase
the proportion of value-added products (VAP) in its zinc
portfolio. It strives to increase VAP mix to 23% of total zinc
sales in FY 2024, up from 16% in FY 2023.
LEAD
Overview
Historically, lead is believed to be insulated from cyclical
demand movements compared to the other metals. However,
lead prices in FY 2023, especially during first half of the year,
experienced significant volatility. Starting with a 12-month
high of US$2,471/t in April 2022, lead prices fell to a 23-month
low of US$1,754/t in September 2022. The prices improved in
2H FY 2023 driven by China’s reopening. LME price stood at
around US$2,100/t level at the financial year end.
Global lead market, including primary and secondary markets,

saw demand growth of 1.5% to 13.4 million tonnes in CY 2022
compared to 4.3% growth in CY 2021.
118
Demand outstripped supply and lead inventories fell to 550 million ounces (Moz) in CY 2022, driven by vehicle
historically low levels. In first nine months of FY 2023, electrification, government’s expanding commitment to
lead inventory in LME declined by ~36% to 25 kt and that green infrastructure and rising 5G adoption.
in SHFE by ~60% to 35.2 kt.
FY 2023 started positively with London Bullion Metals
In India, the refined lead market, including both primary Association (LBMA) silver prices reaching US$24.54 per
and secondary markets, increased 8.2% to 1.2 million troy ounce (/toz) in April 2022. However, with the market
tonnes in CY 2023; the primary lead market demand volatility, the prices declined to US$17.77/toz during
was ~250 kt. September 2022. The prices picked up gradually to reach
US$23.75/toz in January 2023 and stood at average
US$21.9/toz during March 2023.
Market Drivers
The domestic refined lead consumption is expected
to grow by 4.2% in CY 2023. With faster consumption Market Drivers
growth against minimal mine supply growth, the Global silver supply is expected to rise by 4% to 1.005
markets are expected to be tight with no surplus. Boz in CY 2023. Silver mine production is expected
to grow by 5% to reach 0.873 Boz in CY 2023, due
Increasing urbanisation and industrialisation in to new silver mines in Mexico and increased output
developing countries along with rising automotive from Chile gold operations with high silver content.
consumption are expected to be the key drivers for The silver recycling growth is expected to be 3%.
lead demand. In the domestic market, the demand for
lead is expected to be robust, largely on the back of Global silver demand, though, is expected to dip to
continued demand momentum in automotive sector, 1.15 Boz in CY 2023. The decline would be primarily
which witnessed excellent growth in the passenger on account of softness in jewellery and physical
vehicle and two-wheeler sales in FY 2023. The demand investment demand. The long-term prospects for
from the industrial battery segment is also expected silver investments (both physical and ETF) remain
to remain robust with battery replacements in data strong. Silver coin demand in India is also encouraging.
centres, banks, ATMs and other critical applications While it has largely been driven by gifting and religious
gathering pace. Given India’s ambitious renewable purposes, which insulates it from price fluctuations,
energy focus, emerging areas like energy storage for its demand has increased in recent years because of
electricity generated from photovoltaics are likely to the different product offerings and marketing efforts
add to the demand. from mints and refineries.
However, global industrial demand for silver is

Products and customers expected to increase by 2.6% to 550 Moz. The solar
panel manufacturing industry has been increasingly
HZL is a leading primary lead producer in India; it produces
consuming silver, driven by government’s support in
99.99% purity lead ingots. In FY 2023, it had ~85% share of
terms of production linked incentives (PLI) to promote
the primary domestic market. It sold 91% of its production
the usage of renewables. The use of silver for vehicle
in domestic market and exported 9% to other geographies.
electrification and creation of charging stations is also
Considering the opportunities in the Indian market, the
likely to rise.
Company intends to become 100% domestic market
focussed through new customer acquisition, leveraging
e-commerce platforms and introducing lead alloys.
SILVER HZL is India’s only primary silver producer and ranks

5th globally among the top silver producing companies.
HZL sells silver exclusively in the domestic market. It is
Overview used in industry (electrical contacts, solder and alloys, and
CY 2022 saw the silver demand reach new highs driven pharmaceuticals), jewellery and silverware. The Company
by strong industrial demand, jewellery and silverware also offers spot sales of silver through e-auction to reduce
offtake and physical investment. The global silver demand manual intervention, thus ensuring equal opportunity for
rose by 17% in CY 2022 to 1.24 billion ounces (Boz). buyers to compete along with complete price transparency.
The industrial demand for silver increased by 2.6% to
119
ALUMINIUM
Overview
The aluminium market during CY 2022 started on a
positive note with LME prices steeply rising to all-time
high of US$3,849/t in March 2022. However, the market
was significantly impacted by volatility in macroeconomic
conditions during the year amidst the ongoing Russia-
Ukraine war, European energy crisis, and high inflation in
the key markets. Consequently, the market witnessed price
declines as the year progressed; LME price stood at around
US$2,350/t level during the end of March 2023.
In CY 2022, global primary aluminium production increased

by 2.5% to 69 million tonnes while demand is estimated
to have increased by 0.4% to 69.2 million tonnes resulting
in global deficit of 0.2 million tonnes. In China, the largest
market, primary production increased by 4.5% while demand
increased by 1.2%. In rest of the world (RoW), both production
and consumption were flat.
In India, the domestic demand is likely to have surged

17% from ~3.9 million tonnes in FY 2022 to around
4.6 miliion tonnes in FY 2023; majorly driven by primary
aluminium demand on robust economic growth with high
industrial and manufacturing activities supported by
government initiatives.
Vedanta is India’s largest primary aluminium producer with
an annual capacity of ~2.3 million tonnes. It has a market
Market Drivers share of 41% (as of March 2023) in the domestic market;
Global total aluminium demand is expected to its domestic sales volume increased by 28% in FY 2023.
increase at a CAGR of ~3% from 96 million tonnes in The Company also has a sizeable OEM base globally that
CY 2022 to 122 million tonnes in CY 2030 driven by consumes its value-added products.
multiple factors. The decarbonisation transition in
transportation and packaging industry is expected to The Company’s product portfolio includes aluminium
push aluminium demand. Aluminium consumption ingots, primary foundry alloys, wire rods, billets, and
from renewable energy and electric vehicle sectors is rolled products which cater to varied industries globally
expected to increase from 6 million tonnes in CY 2022 such as power, transportation, construction and
to 16 million tonnes by CY 2030. packaging, defence, renewable, automobile and aerospace
among others.
CY 2023 is expected to witness demand improvements
from both China and rest of the world. China’s primary In line with the evolving market needs and the focus
aluminium demand is expected to increase by 2-3% on value creation, the Company has been steadily
mainly due to government stimulus policies. strengthening its market position with focus on
value‑added product (VAP) portfolio which currently
Indian domestic aluminium demand is likely to be accounts for ~38% of its total aluminium sales globally.
driven by key consuming segments like electronics The Company is working on projects to increase its total
and appliances as well as anticipated boom in aluminium capacity to 3 MTPA and VAP mix to ~100%
renewable, defence, and aerospace sectors. along with improvement in backward integration.
120
OIL AND GAS Market Drivers

Overview As per OPEC, the global oil demand is expected to
According to the US IEA, the global oil supply increased by increase by 2.5 mbpd to 101.9 mbpd in CY 2023
4.7 million barrels per day (mbpd) to 100.1 mbpd in CY 2022, with a potential upside coming from the opening of
with the US, Russia and the Organisation of the Petroleum the Chinese economy and increased demand for jet
Exporting Countries (OPEC) being the major contributors. fuel and kerosene. Global oil supply driven by the US,
At the same time, the global oil demand increased by Brazil, Norway, Canada, Kazakhstan, and Guyana are
2.2 mbpd, driven by both Organisation for Economic expected to exceed demand during the first half of
Co‑operation and Development (OECD), primarily the US, CY 2023. However, second half of CY 2023 is expected
and non-OECD countries, primarily India, and the Middle to be oil deficit with demand recovery and continued
East. Indian oil demand increased by 8%. decline in Russian output due to the sanctions
imposed. Nevertheless, large uncertainties remain
Crude production and consumption (mbpd) over the impact of ongoing geopolitical developments,
Change, CY 2021 as well as the output potential for the US shale in
Particulars CY 2021 CY 2022
vs CY 2022 CY 2023.
World production 95.4 100.1 4.7
OPEC crude production 26.4 29.1 2.7 According to the US Energy Information Administration
World consumption 97.7 99.9 2.2 (EIA), brent crude oil spot prices will average at US$83
(Source: US EIA) per barrel in CY 2023. Global economic outlook
uncertainty and rising crude inventory will impact
Oil market was subject to elevated volatility amidst multiple crude oil prices, however, the pressure will be limited
macro and geopolitical events in CY 2022. This included due to high demand from Asian markets.
Russia’s invasion of Ukraine in late February 2022 and the
ensuing sanctions, embargoes, and price cap on its oil India, the world’s third largest oil consumer and the
imports. Further, recessionary and inflationary pressures fourth largest refiner, currently meets 87% of its oil
on the global economy, China’s low oil demand due to consumption and 50% of its gas consumption through
stringent zero-COVID policies, and the transformed crude imports. In CY 2023, India’s demand is projected to
and product trade flow also impacted the market. The global increase to 5.39 (+0.02) mbpd, supported by increasing
oil market adjusted to these shocks and physical supplies airline activities and projected GDP growth of 5.6%.
were marginally hit. The losses in Russian supplies were The government’s proposed increase in capital
limited due to unwinding of OPEC+ cuts, release of oil from spending will boost construction and manufacturing
the strategic petroleum reserve (SPR), and the ability of activities, thereby, driving the oil demand in India.
Russia to redirect its exports from Europe to other parts of
the world. India emerged as a key destination, with share of
Russian crude in its overall import basket increasing from
0.2% levels to highs of ~27% in January 2023.
These elevated uncertainties shaped supply demand balance Cairn India is the largest private oil & gas exploration
and market expectations, as partly reflected in extreme and production company in India with gross proven and
price movements in CY 2022. During majority of the first probable R&R of 1,151 million barrels of oil equivalent
half of CY 2022, crude oil prices traded above US$100 per (mmboe). The Company’s crude oil is sold to public
barrel (/ bbl). However, it softened gradually during second and private refineries and its natural gas is consumed
half of CY 2022 and returned to pre‑Russia-Ukraine war level by the fertiliser industry and the city gas distribution
of US$70-75/bbl by March 2023. sector in India.
Brent, $/bbl 100% of the Company’s crude oil and natural gas
US announces SPR release production in FY 2023 was sold in India as per
OPEC sharply cuts government regulation. The Company is focussed on
output by 2.0 Mb/d
strengthening its dominance in the Indian market, with
an ambition of producing 50% of India’s oil & gas.
Russia-Ukraine Conflict
Mar-22
May-22
Nov-22
Jan-22
Feb-22
Apr-22
Jun-22
Jul-22
Aug-22
Oct-22
Sep-22
Dec-22
Jan-23
121
POWER SECTOR
Overview
India is the 3rd largest electricity producer in the world after
China and the US, with an installed capacity of 411 GW, as of
31 March 2023. Energy being an important input for economic
growth and development, India has seen rapid growth in
electricity demand over the years, in line with its economic
development. In FY 2023, India’s total electricity demand grew
by 9.5% to reach record highs of 1,511 billion units (BUs) while
the total electricity generation grew 8.7% to 1,624 BUs.
There is strong focus on creating new capacities to meet the

country’s burgeoning energy demand. The Government of
India (GoI) has set a vision to double the power capacity by
2030, to keep pace with the growing population, increasing
electrification and per capita usage.
Market Drivers
According to the Central Electricity Authority (CEA),
India’s annual electricity consumption is estimated
to grow at an average of 7.2% per annum over next
five years, driven by expansion in industrial activities,
growing population, rising per capita income, and
increasing electricity penetration. In line with the Vedanta has a power portfolio with a total capacity
demand projections, the country’s installed capacity is of ~ 9 GW. These power assets are at Talwandi Sabo,
estimated to register a 10+% CAGR during FY 2022-27. Jharsuguda, Korba, Lanjigarh. 37% of the total capacity
is used for generating power for commercial purposes,
Multiple initiatives by the government are encouraging backed by long-term power purchase agreements with
growth and investment in the power sector. This state distribution companies of Punjab, Tamil Nadu,
includes policy support such as delicensing the Kerala, Chhattisgarh, and Odisha. The remaining 63%
electrical machinery industry, allowing 100% foreign power generated is deployed in captive operations at
direct investment (FDI) and the focus on ‘Power for All’ Aluminium and Zinc businesses.
through various schemes. This includes Saubhagya,
Integrated Power Development Scheme, Deen Dayal Vedanta has set itself a target to achieve 2.5 GW round
Upadhyaya Gram Jyoti Yojana, Unnat Jyoti by the clock renewable energy (RE RTC) capacity by 2030
Affordable LEDs for All, Restructured Accelerated and has signed power delivery agreements for 788 MW
Power Development and Reforms Programme, RE RTC by the end of FY 2023.
Ujwal DISCOM Assurance Yojana and National
Infrastructure Pipeline.
To ensure climate compatible growth, renewable

energy is expected to be a preferrable mode with
a target to expand its capacity to 500 GW by 2030.
PLI scheme and policies like the Green Energy Open
Access Rules, Energy Conservation (Amendment) Bill
2022 and renewable energy generation and utilisation
(renewable purchase obligations) are incentivising
this change. The Union Budget FY 2023-24 has
also given due importance to renewable energy with
increased capital outlay.
122
STEEL
Overview
India is the second-largest steel producer in the world.
Steel is one of India’s core industries, contributing more
than 2% to the GDP. In FY 2023, India’s crude steel
production increased by 4% to 125 million tonnes.
Indian government’s continuous focus on infrastructure

building has led to an increase in Indian steel finished
consumption by 13% to 119 million tonnes in FY 2023.
In eastern states, steel demand was relatively higher due to
the projects like Hockey World Cup in Odisha and various
rail bridge constructions in the North-Eastern belts.
The steel product prices, however, have been volatile.

The domestic long steel prices reached highs of
~`70,000/tonne during April 2022, as raw material prices
increased following the Russia-Ukraine war. However,
with increase in export duty during May-December, 2022,
the prices fell as domestic market-focussed producers
liquidated inventories. Prices recovered back to
`60,000/tonne levels during March 2023 with reversal of
export duty, and subsequent uptick in export orders along
with improved domestic demand.
ESL Steel Limited presently has 1.5 MTPA of steel
manufacturing capacity, with projects underway to expand
Market Drivers the capacity to 3 MTPA in FY 2024. The Company’s
In FY 2024, steel demand in India is expected to be portfolio includes pig iron, billets, TMT bars, wire rods
robust. The government’s push to increase steel and ductile iron pipes which are sold across construction,
production as per the National Steel Policy, focus to infrastructure, transport, energy.
make India a US$5 trillion economy and ‘Make in India’
policy are likely to support the industry. Demand from In FY 2023, the Company developed various new wire rods
the major sectors such as infrastructure (including grades, including Boron Alloy Grades in co-ordination with
railways, metros, freight corridors), construction and customers to meet their requirements. It received several
housing, renewables and automobiles is expected notable accreditation approvals, including from UK CARES
to be strong supported by Union Budget 2023-24’s for TMT. It also secured various domestic approvals,
push for infrastructure creation through `10 lakh crore such as blanket approval from the National Highways
capital expenditure outlay. Authority of India and UP Metro Rail corporation, UP Bridge
Corporation, Satluj Jal Vidyut Nigam, IOC Panipat Refinery,
Railways have been allocated `2.40 lakh crore with Jal Jeevan Mission, Water Corporation of Orissa and Rural
plans to bring 4,000 km of railway network under Water Supply and Sanitation department. The Company
‘Kavach’, a train protection system, in FY 2024. Further, further added several esteemed customers to its portfolio,
increased activity in UDAN scheme to construct from infrastructure, steel and engineering sectors.
100 airports, a higher allocation of `80,000 crore to
Pradhan Mantri Awas Yojana and a resurgence in For FY 2024, ESL is prioritising developing value-added
automobile sector (expected to attract `74,850 crore grades of wire rods, increasing alloy grades and enhancing
investment as part of PLI scheme) are likely to boost retail segments. The Company is also focussed on
steel demand. Additionally, the proposed import duty digitalisation to ensure fair price recovery and conducting
reduction for machine parts used to produce Li-ion auctioned sales for prime grades of all products.
batteries in electric vehicles, may boost auto industry
and hence the steel consumption.
123
IRON ORE
Overview
Global iron ore prices witnessed significant volatility
in CY 2022. The prices reached a peak of US$160/t in
March 2022, driven by concerns over loss of significant
supply in the context of geopolitical conflict in Europe.
The prices gradually dropped through the year to touch
a low of US$79/t in October 2022, owing to weakness in
Chinese real estate sector. However, the iron ore prices
firmed up in the following months and stabilised around
~US$120‑130/t level in March 2023.
In India, FY 2023 iron ore production was stable at Sundargarh in FY 2022 and operationalised both the mines
~250 million tonnes with 6% increase in domestic steel in FY 2023 with a combined capacity of 5.5 MTPA. It also
production. However, iron ore exports fell by ~23% started mining operations in Bomi mine Liberia, achieving
to ~20 million tonnes as Government of India (GoI) a production run-rate of 0.2 MTPA as on 31 March 2023.
increased iron ore export duty in May 2022. Iron ore prices The Company expanded its geographic reach in India and
moved in tandem with global price movement during won Bicholim mine in Goa, with resources of 84.92 MTPA.
early CY 2022, however, the pricing later was decoupled
HIGH CARBON FERRO

due to sudden increase in export duty. In November 2022,
GoI reversed the additional export duty. Iron ore prices
increased in March 2023 driven by a seasonally strong
steel sector demand and export opportunities.
CHROME
Overview
Market Drivers
High carbon ferro chrome (HCFC) is a key raw material in
Indian iron ore production is expected to increase to stainless steel, adding special characteristics of non-
260 million tonnes by FY 2025. Iron ore exports from corrosiveness, high durability and temperature resistance.
India are expected to increase with the removal of Over 80% of all ferrochrome goes into manufacture of
iron ore export duties and Karnataka iron ore export stainless steel, making it a key demand driver. South
ban. The positive shift was evident in growing exports Africa is the largest HCFC supplier and has significant
during last quarter of FY 2023 and is likely to sustain. bearing on market dynamics. However, Asia led by China
is the largest consuming markets with 85% and 60% of
Global iron ore prices are expected to sustain in near the global HCFC consumption, respectively. China’s large
term, driven by recovery in China’s economy and overall import/merchant demand continues to make it
specifically its construction sector post lifting of Covid the most influential market for global supply-demand
restrictions. Additionally, a decrease in production dynamics and prices.
from key producers, Australia and Brazil, is expected
to further strengthen the prices. In CY 2022, global HCFC production stood at ~15 million
tonnes and India produced ~1.3 million tonnes, making
it the fourth largest producer. India remained an
export‑oriented HCFC producer with 60% of the volume
Products and customers being exported.
The Company produces iron ore and pig iron, and
caters to steelmaking, construction, and infrastructure HCFC prices in FY 2023, especially during first half of the
sectors. It sells more than 65% of pig iron and 69% of year, experienced volatility. In April 2022, the prices were
iron ore in the domestic market. at a 12-month high of US$1,592/t. However, it fell to a
15-month low of US$1,173/t in September 2022. During
In FY 2023, the Company strengthened its industry second half of the year, the prices improved with China
position by ramping up mining operations. It bagged reopening; prices stood at around US$1,350/t level at the
iron ore blocks FEE grade and BICO in Odisha’s year end.
124
Overall global copper demand and supply were mostly

flattish. Global refined copper consumption is estimated
Market Drivers to have increased by 1.2% to 24.5 million tonnes. However,
Stainless steel demand and prices are the key Indian copper market was strong in CY 2022; refined copper
market drivers for HCFC. With growing demand from production and consumption increased by 10.5% to 550 kt
infrastructure projects in developing countries and and by 19% to 640 kt, respectively.
demand resumption from the largest market of China,
stainless steel production is expected to grow at 4-5%
for next fiscal. This is expected to drive demand for
global HCFC. The global HCFC production is likely to
grow at 3-4%. Market Drivers
In CY 2023, a rapid recovery in global economic
India is poised to be the fastest growing market, with activity and rebound in China’s construction and
both stainless steel and HCFC production projected automotive industry following its economic reopening
to grow at 7-8%. India’s growth will be supported are expected to improve copper demand. Globally,
by largest-ever capital allocation for infrastructure CY 2023, is estimated to be a supply deficit year for
creation including highway and airport development, copper with an estimated 2.6% growth in refined
railway network modernisation, and increased focus copper consumption, which would provide support
on housing construction. to prices. China’s refined copper consumption is
expected to grow by 2.5% to 13.9 million tonnes and
India’s refined copper consumption to grow faster by
12.5% to 720 kt in CY 2023.

India’s total copper demand is projected to reach
Though India is an export-oriented country, Ferro Alloys 2.8 million tonnes by 2030 driven by building and
Corporation (FACOR) is the second largest supplier of construction, manufacturing, transportation, and
HCFC in the domestic merchant market. In FY 2023, consumer durable industries. EV segment would play
FACOR sold 85% of its total ferro chrome volume a crucial role in driving demand given their higher
within India, primarily to stainless steel and alloy copper content compared to traditional vehicles.
steel producers.
The Company is focussed on developing value added

products (VAP) portfolio. It increased its VAP capacity
from 75 KTPA to 150 KTPA in FY 2023 to address niche
markets in North America, Europe and South Korea. In Products and customers
FY 2024, the Company will be focussed on enhancing its The Company has one of the largest copper
volume and footprint both in Indian and global markets. production capacities in India. It produces a wide
range of copper products including 8 mm copper rod,
11.42 mm/12.45 mm/12.45 mm wax free, copper
COPPER cathode and copper car bar with housing wires, winding
wires and cables, transformer and electrical profile
producers being its primary customers.
Overview
The Company sold 96% of its FY 2023 volume in
Copper experienced another volatile year in CY 2022. domestic market. It also has presence in export markets,
Copper prices soared to a record high above US$10,000/t namely Saudi Arabia, Qatar and Nepal. The Company
in March 2022 owing to rising geopolitical tensions, is undertaking various projects towards manufacturing
inflation and energy costs. However, a downtrend owing green copper to strengthen its competitive positioning.
to the fears of recession drove down prices to nearly
two‑year lows of less than US$7,000/t by July 2022.
Since then, the prices have gradually been moving up and
were average US$8,836/t during March 2023.
125
FINANCE REVIEW
126
Executive summary: Consolidated EBITDA

We had a strong operational and financial performance EBITDA decreased by 22% in FY 2023 to `35,241 crore.
in FY 2023 amidst the challenges faced due to
macroeconomic uncertainty. The Company continues to (` crore, unless stated)
focus on controllable factors such as resetting cost base Consolidated EBITDA FY 2023 FY 2022 % change
through diverse cost optimisation initiatives, disciplined Zinc 19,408 17,695 10%
capital investments, working capital initiatives, marketing - India 17,474 16,161 8%
initiatives & volume with strong control measures to
- International 1,934 1,533 26%
ensure safe operations across businesses within framed
government and corporate guidelines. Oil & Gas 7,782 5,992 30%
Aluminium 5,837 17,337 (66%)
In FY 2023, we recorded an EBITDA of `35,241 crore, Power 851 1,082 (21%)
22% lower YoY with strong double digit adjusted EBITDA Iron Ore 988 2,280 (57%)
margin1 of 28%. (FY 2022: `45,319 crore, margin 39%).
Steel 316 701 (55%)
This was mainly due to slip in commodity prices at
Copper (4) (115) -
Aluminium, Lead and Silver and headwind in input
commodity prices, partially offset by rupee depreciation, FACOR 149 325 (54%)
improved sales volume at zinc, aluminium and copper Others (86) 23 -
coupled with strategic hedging gains. Total EBITDA 35,241 45,319 (22%)
Higher sales volumes resulted in increase in EBITDA by

Consolidated EBITDA bridge:
`641 crore, driven by higher volumes at zinc, aluminium
(` crore, unless stated)
and copper partially offset by reduced sales volume at Oil
& Gas and Iron & Steel. Consolidated EBITDA % change
EBITDA for FY 2022 45,319
Market factors resulted in decrease in EBITDA by Market and regulatory: (9,512)
`9,512 crore. This was primarily driven by input a) Prices, premium/discount (4,573)
commodity inflation, decrease in the commodity prices,
b) Direct raw material inflation (9,984)
partly offset by rupee depreciation
c) Foreign exchange movement 5,296
Gross debt as on 31 March 2023 was `66,182 crore, d) Regulatory changes (251)
increase of `13,073 crore since 31 March 2022. This was Operational: (1,977)
mainly due to the increase of debt at VEDL Standalone e) Volume 641
and temporary debt at HZL partially offset by reduction
f) Cost and marketing (2,618)
of debt at TSPL & ESL and receipt of inter-company loan
from VRL. Others 1,411
EBITDA for FY 2023 35,241
Net debt as on 31 March 2023 was `45,260 crore,
increased by `24,281 crore since 31 March 2022 a) Prices, premium/discount
(FY 2022: `20,979 crore), mainly due to dividend payment
Commodity price fluctuations have a significant
and capex outflow partially offset by cash flow from
impact on the Group’s business. During FY 2023, we
operations and working capital release.
saw a net negative impact of `4,573 crore on EBITDA
due to slip in commodity prices.
The balance sheet of Vedanta Limited continues to remain
strong with cash & cash equivalents, of `20,922 crore and
inc, lead and silver: Average zinc LME prices during
Z
Net Debt to EBITDA ratio at 1.3x well within the approved
FY 2023 increased to US$3,319 per tonne, up 2%
capital allocation framework (FY 2022: 0.5x)
YoY; lead LME prices decreased to US$2,101 per
1 Excludes custom smelting at copper business. tonne, down 8% YoY; and silver prices decreased to
US$21.4 per ounce, down 13% YoY. The cumulative
impact of these price fluctuations decreased EBITDA
by `387 crore.
TC/RC in Zinc International Business during FY 2023

increased to US$245/dmt up 148% YoY, decreased
EBITDA by `645 crore.
127
Aluminium: Average aluminium LME prices f) Cost and marketing (-`2,618 crore)
decreased to US$2,481 per tonne in FY 2023, down Higher costs resulted in decrease in EBITDA by
11% YoY, this had a negative impact of `5,732 crore `3,167 crore over FY 2023, primarily due to increased
on EBITDA. cost, partially offset by higher premia realisations at
Aluminium business.
il & Gas: The average Brent price for the year was
O
US$96 per barrel, up 18% YoY. This had positive g) Others
impact on EBITDA by `1,183 crore.
This primarily includes the impact of strategic hedging
gains, partially offset by inventory adjustments during
Iron & Steel: Higher realisations positively impacted

the year.
EBITDA at ESL by `771 crore.
Income statement
b) Direct raw material inflation
Prices of key raw materials such as imported
Particulars FY 2023 FY 2022 % Change
alumina, thermal coal, carbon and coking coal have
Net Sales/Income from 1,45,404 1,31,192 11%
increased in FY 2023, negatively impacting EBITDA
Operations
by `9,984 crore, primarily at Aluminium, Zinc and Iron
Other Operating Income 1,904 1,541 24%
& Steel business.
EBITDA 35,241 45,319 (22%)
c) Foreign exchange fluctuation EBITDA margin1 (%) 28% 39% -
Rupee depreciated against the US dollar during Finance Cost 6,225 4,797 30%
FY 2023. Stronger dollar is favourable to the Group’s Investment Income 2,851 2,341 22%
EBITDA, given the local cost base and predominantly Exchange Gain/(Loss) (492) (235) -
US dollar‑linked pricing. The favourable currency Exploration Cost Written off (327) - -
movements positively impacted EBITDA by Profit before Depreciation and 31,048 42,627 (27%)
`5,296 crore. Taxes
Depreciation and Amortisation 10,555 8,895 19%
Key exchange rates against the US dollar: Profit before Exceptional items 20,493 33,732 (39%)
Average Average Exceptional items2 : (217) (768) -
As at As at
year ended year ended % credit/(expense)
31 March 31 March
31 March 31 March change
2023 2022 Taxes3 5,770 9,255 (38%)
2023 2022
Profit after taxes 14,506 23,710 (39%)
Indian 80.27 74.46 7.8% 82.16 75.59
rupee Profit after taxes 14,449 24,299 (41%)
(before Exceptional Items)
d) Regulatory Minority interest 3,929 4,908 (20%)
During FY 2023, changes in regulatory levies such as Attributable PAT 10,574 18,802 (44%)
(after exceptional items)
Renewable Power Obligation etc. had a cumulative
negative impact on the Group EBITDA of `251 crore. Attributable PAT 10,521 19,279 (45%)
(before exceptional items)
Basic earnings per share 28.50 50.73 (44%)
e) Volumes
(`/share)
Higher volume led to increase in EBITDA by `641 Basic EPS before exceptional 28.36 52.02 (45%)
crore by following businesses: items (`/share)
HZL (positive `1,153 crore): In FY 2023, HZL

Exchange Rate (`/US$) – 80.27 74.46 8%
Average
achieved metal sales of 1,032 kt, up 7% YoY and
silver sales of 714 tonnes up 10% YoY Exchange Rate (`/US$) – 82.16 75.59 9%
Closing
ZI (positive `385 crore): In FY 2023, ZI achieved MIC

1. Excludes custom smelting at Copper business
sales of 273 kt, up 22% YoY
2. Exceptional Items gross of tax
Aluminium (positive `141 crore)
3. Tax includes tax benefit on exceptional items of `274 crore in
FY 2023 (FY 2022: tax benefit of `178 crore)
Partly offset by: 4. Previous period figures have been regrouped/rearranged
Cairn (negative `761 crore) and wherever necessary to conform to current period presentation
Iron and Steel (negative `333 crore)
128
Revenue Attributable profit after tax

Reported record revenue for the year was `1,45,404 crore, (before exceptional items)
higher 11% YoY. This was primarily driven by higher volumes Attributable PAT before exceptional items was `10,521 crore
at copper, zinc and aluminium, strategic hedging gains and in FY 2023 compared to `19,279 in FY 2022.
rupee depreciation, partially offset by slip in commodity
prices majorly of aluminium, copper, lead, and silver.
Earnings per share
Earnings per share before exceptional items for FY 2023
EBITDA and EBITDA Margin
were `28.36 per share as compared to `52.02 per share in
Second highest EBITDA for the year was `35,241 crore, FY 2022.
22% lower YoY. This was mainly due to slip in commodity
prices at Aluminium, Lead and Silver and headwind in input
commodity prices, partially offset by rupee depreciation, Dividend
improved sales volume at zinc, aluminium, and copper Board has declared total dividend of `101.5 per share during
coupled with strategic hedging gains. the year.
We maintained a strong double digit adjusted EBITDA

Shareholders' Fund
margin of 28% for the year (FY 2022: 39%)
Total shareholders fund as on 31 March 2023 aggregated to
`39,423 crore as compared to `65,383 crore as of 31 March
Depreciation and Amortisations 2022. This was primarily net profit attributable to equity
Depreciation for the year was `10,555 crore compared to holders earned during the year partially offset by dividend
`8,895 crore in FY 2022, higher by 19%, due to increase in paid during the year.
ore production at Zinc India and higher depletion charge at
Oil & Gas business.
Net Fixed Assets
The net fixed assets as on 31 March 2023 were
Net Interest `1,15,273 crore. This comprises `17,434 crore as capital
The blended cost of borrowings was 7.8% for FY 2023 work‑in‑progress.
compared to 7.9% in FY 2022.
Balance Sheet
Finance cost for FY 2023 was `6,225 crore, 30% higher
compared to `4,797 crore in FY 2022 mainly on account of Our financial position remains strong with cash and liquid
increase in average borrowings. investments of `20,922 crore.
Investment income for FY 2023 stood at `2,852 crore, The Company follows a Board-approved investment policy
22% higher compared to `2,341 crore in FY 2022. This and invests in high quality debt instruments with mutual
was mainly due to interest received on income tax refund, funds, bonds and fixed deposits with banks. The portfolio
mark‑to market movement and change in investment mix. is rated by CRISIL which has assigned a rating of “Tier I”
(meaning highest safety) to our portfolio.
Exceptional Items Gross debt as on 31 March 2023 was `66,182 crore, an

The exceptional items for FY 2023 were at `(217) crore, increase of `13,073 crore since 31 March 2022. This was
mainly on account of SAED partly offset by impairment mainly due to the increase of debt at VEDL standalone and
reversal in ESL & WCL. temporary debt at HZL partially offset by reduction of debt at
[for more information, refer note [36] set out in P&L notes of the TSPL & ESL and receipt of inter-company loan from VRL.
financial statement on exceptional items].
Gross Debt comprises term debt of c.`54,543 crore, working
Taxation capital loan of c.`2,733 crore and short-term borrowing of c.
`8,906 crore. The loan in ` currency is 90% and balance 10%
Tax expense for FY 2023 stood at `5,770 crore
in foreign currency. Average debt maturity of term debt is ~c.
(FY 2022: `9,255 crore). The normalised ETR is 30% as
3.4 years as of 31 March 2023.
compared to 28% in FY 2022 due to change in profit mix.
CRISIL and India Ratings at AA with negative outlook.
129
Revenue EBITDA EBITDA margin1
` 1,45,404 crore ` 35,241 crore 28%

11% YoY 22% YoY
ROCE PAT (before exceptional and Free cash flow (FCF)
~ 21%
one-time gain) post-capex
` 14,449 crore ` 18,077 crore

41% YoY
Note 1: excluding custom smelting at Copper Business
130
Gross debt Net debt Cash and cash equivalents
` 66,182 crore `45,260 crore ` 20,922 crore
Contribution to the Historic dividend Net Debt/EBITDA
101.5 1.3
exchequer
~` 73,486 crore
` per share X
131
OPERATIONAL REVIEW
ZINC INDIA
132
The year in brief

Mine production progressively improved during the year with ore production for the full-year
up 2% YoY to deliver a record 16.74 million tonnes, supported by strong production growth
at Rajpura Dariba Mine, SK Mines and Rampura Agucha mine, which were up 11%, 7% and
6% respectively. Mined metal production was up 4% YoY to 1,062 kt primarily on account of
higher ore production improved mined metal grades and operational efficiencies.
1,032 kt
Highest ever refined
714 tonnes
Ever-highest silver production
16.74 million tonnes
Record ore production
Zinc-Lead production 10% YoY
Occupational health & safety Second half of the year has been an era of innovation for
In line with our commitment to ensure zero harm to mining operations to avoid manual intervention and related
employees, the leadership has undertaken the prime risk with inclusion of: Single point remote blasting over
responsibility of providing a safe workplace for all wi-fi at pilot level, digitalised drilling of production stops
employees entering our premises. While committed to during blasting operations in which no manpower is present
operate a business with ‘Zero Harm’, it is with deep sadness and machine drills in auto mode with interlock features
that we report the loss of six business partners colleagues of approaching man, Digital RFID based cap lamps along
and one HZL employees in work-related incidents at our with proximity sensors to ensure real-time tracking and
managed operations. These incidents happened despite monitoring of personnel working in underground and Digital
our constant efforts to eliminate fatalities and attain a Zero interlockings have been developed to stop over winding
Harm work environment. A thorough investigation was operation during excess of mud/water at shaft bottom.
conducted to identify the causes of these incidents and to
share the lessons learned across Hindustan Zinc, to prevent Training and capability building was also core theme during
similar incidents in the future. the year, few key programmes are first underground practical
cum digitised training gallery developed at RAM to provide
During the year, to avoid fatalities and catastrophic incidents all facility of surface training to underground operations
in HZL, Vihan: A Critical Risk Management (CRM) initiative team, Wi-Fi Network available at training place so that
was launched to improve managerial control over rare but underground manpower can connect from underground
potentially catastrophic events by focussing on the critical to any kind of seminars/trainings, safety leadership
controls. We have launched four critical risks i.e., Fall of development program initiated for mines frontline supervisor
Ground (FOG), Fall of person/object from height (WAH), through ex-DGMS officials and Dupont, RAM has also
Vehicle Pedestrian Interaction (VPI) and Entanglement. launched a unique virtual reality-based simulator training for
Through this initiative, we want to ensure that all identified jumbo operator.
critical controls are being monitored and systems are
in place. Response during any emergency is a paramount parameter
to ensure safety of the people. As a proactive measure, we
Safety Pause was also conducted across all our operational have conducted ERCP (Emergency Response and Crisis
units under the theme 'Stop Work if it’s not Safe'. During this plan) Gap Assessment study across all the sites. 51st All
connect, all recent safety incidents happened across group India Mines Rescue Competition was hosted under the
companies were discussed and key learnings were shared. aegis of DGMS at Rajpura Dariba Complex, 10 days Capacity
Building Training Programme on Disaster Management
Community of Practice - Structure Stability established was conducted at ZM, the training included medical
during the year to establish a review mechanism of all first responder, collapsed structure search & rescue,
prevailing civil and mechanical structures; further a specific fire management, chemical emergencies, etc. RAM has
categorisation was founded to mark the structures based on reaffirmed safety & rescue by establishing Underground Fire
which their repair/replacement is planned. Tender with remote operated foam unit and thermal imaging
camera for blind zones.
133
mining operations environment-friendly, we plan to invest

US$1 billion over the next five years towards combating
climate change impacts.
Electric Vehicles (EVs) are a globally recognised means

to alleviate dependence on petroleum products and
reduce CO2 emissions. Therefore, Hindustan Zinc signed
a Memorandum of Understanding (MoU) with Epiroc Rock
Drills AB, Normet Group Oy and Sandvik AB to introduce
battery electric vehicles (BEV) in its underground mining
operations making Hindustan Zinc the first company
in India to introduce battery-operated vehicles in
underground mines.
HZL has led by example by inducting LNG-powered truck for

transportation which shall contribute 30% lesser towards
GHG emission. We are also using 5% biomass for power
generation and reducing carbon footprint through our
captive thermal power plants.
In-line with HZL’s policy of a green value chain, our business

partners have also started operating Electric vehicles,
Demonstrating the highest standards of health and safety several electric forklifts have been introduced in our multiple
management during the year, Dariba Smelting Complex business units.
received the prestigious ‘Sword of Honour’ from British
Safety Council for showing excellence in the management At HZL, we recognise the reality of climate change.
of health and safety risks at work. Kayad Mines received Therefore, our risk management processes embed climate
5 Star Rating Award in Safety and Welfare by Rajasthan change in the understanding, identification, and mitigation
Government and Jaswant Singh Gill Memorial Industrial of risk. We have published our second TCFD (Task Force on
Safety Excellence Award 2022 in underground Metal mine Climate-related Financial Disclosure) report during the year
in India. which sets the adoption of the TCFD framework for climate
change risk and opportunity disclosure.
Environment
Endeavouring towards sustainable organisation, we
Hindustan Zinc commits to ‘Long-term target to reach
have relooked our materiality matrix and established the
net‑zero emissions by 2050’ in line with Science Based
ESG governance at tier 3 level as well as at SBU level to
Targets initiative (SBTi) aiming to have a clear and defined
implement ESG projects on ground.
path to reduce emissions in line with the Paris Agreement
goals. To achieve the target, we are working towards
Hindustan Zinc joins the Taskforce on Nature-Related
improving our energy efficiency, switching to low carbon
Financial Disclosures (TNFD) piloting with ICMM to access
energy sourcing, introducing battery operated electrical
the challenges in implementing LEAP process of TNFD.
vehicles and increasing the role of renewables in our
energy mixes.
Miyawaki afforestation was completed at DSC and CLZS.
12,000 Indigenous Plants and 6,500 native seeds planted
We have entered into a power delivery agreement for
in the area of 1 hectare at each of the location to create
supplying 450 megawatts of renewable power by 2025
a self‑sustaining forest in the span of 3 years. 3 years
which will not only strengthen our commitment towards
Engagement with IUCN has initiated, under this Prepared
a clean future but also help reduce emissions to the
IBAT (Integrated Biodiversity Assessment Tool) Report for all
tune of 2.7 million tCO2e. Also, Pantnagar metal plant is
Rajasthan-based locations identifying species present in the
sourcing 100% green power for its operations thus making
core area, Reframed Biodiversity Policy of HZL, Ecosystem
it a one‑of‑a-kind initiative, leading towards reducing
Service review conducted across the Rajasthan based
emissions by 30,000 tCO2e.
locations and Biodiversity risk assessment and site visit
by IUCN team members for one season completed. These
Technology and digitalisation are key to strengthening
studies will help HZL to prepare a strategy to achieve ‘No
our ESG footprint and creating a net-zero future. It is
Net Loss’ towards biodiversity. Green cover study done by
our ambition to convert all our mining equipment to
SRSAC (State Remote Sensing Application Centre, Jodhpur)
battery‑operated Electric Vehicles (EVs). To make our
for all Rajasthan-based locations of HZL.
134
One of the most notable achievements has been the Particulars FY 2023 FY 2022 % Change
successful commissioning of a 3,200 KLD Zero Liquid Average zinc LME cash 3,319 3,257 2%
discharge (RO-ZLD) plant at the Dariba Smelter. Apart settlement prices
from that, Zawar (ZM) and Rampura Agucha Mine ZLD US$ per tonne
projects of 4,000 KLD capacity each have been initiated to Average lead LME cash 2,101 2,285 (8%)
improve recycling and strengthen the zero discharge. Like settlement prices
US$ per tonne
ZM, dry tailing plant at Rajpura Dariba Mine is also under
final stage of commissioning and will result in significant Average silver prices 21.4 24.6 (13%)
US$/ounce
amount of water recovery from the tailings.
FY 2023 started well with the prices around ~US$4,000/t.

Site Inspection and updated GISTM (Global Industry
With the impact of the Russia-Ukraine War, lockdown
Standard on Tailing Management) Conformance
announced in China and US GDP contraction, zinc prices
Assessment completed by ATC Williams for all TSF
hovered around US$4,400/t for most of April 2022 and
(Tailing Storage Facility). Environment Product
ended at US$4,100/t. In the month of May, prices went down
Declaration (a Type 3 Ecolabel) for zinc product published.
to US$3,499/t over concerns of economic slowdown in the
US and China. Prices again rebounded above US$4,000/t
Public hearing was conducted successfully at CLZS for
driven by increased expectation of a stimulus from the
proposed enhancement of zinc production capacity from
Chinese government to support growth in order to offset the
504 to 630 kt and installation of Induction Furnace, Slab
impact of the coronavirus. However, in Q3 FY 2023, negative
Casting Line, RZO Unit, change in product mix in Pyro unit
sentiment of the market pushed down the LME prices in
on total metal basis & installation of lead refinery & minor
October 2022 and reached to US$2,682/t on 3 November
metal complex etc.
2022, lowest since February 2021. With the sudden end to
China’s zero-Covid policy at the end of CY 2022 and the
Production performance prospect of Chinese demand rebound, the faith in base
metals has been restored in investors. This gave the much-
Production (kt) FY 2023 FY 2022 % Change
needed boost and prices rose above US$3,400/t in January
Total mined metal 1,062 1,017 4% 2023, with monthly average of US$3,289/t. However, the
trend has not lasted for long and prices have corrected to
Refinery metal production 1,032 967 7%
US$2,956/t in March 2023.
Refined zinc – integrated 821 776 6%
Refined lead – integrated1 211 191 10% In long term, the prices will be pressured by growing
surpluses. The higher zinc prices in recent years have
Production – silver 714 647 10%
encouraged the development of a significant amount of
(in tonnes)2
new mine projects. However, the smelter capacity suggests
not all of this new mined output will be processed, leading
1. Excluding captive consumption of 7,912 tonnes in FY 2023
vs. 6,951 tonnes in FY 2022. to concentrate surpluses. At the same time, smelter output
growth is forecast to outpace demand growth. This, in
2. Excluding captive consumption of 41.4 tonnes in FY 2023 vs.
37.4 tonnes in FY 2022. turn, will lead to a significant refined stock build. As the
cumulative surplus becomes unsustainably large, prices will
Operations fall lower to rebalance the market.
For the full-year, ore production was up 2% YoY to

16.74 million tonnes on account of strong production
growth at Rajpura Dariba Mine, SK Mines and Rampura
Agucha Mine, which were up 11%, 7% and 6% respectively.
FY 2023 saw the best-ever Mined metal production
of 10,62,089 tonnes compared to 10,17,058 tonnes
in the prior year in line with higher ore production
across Mines supported by better metal grades and
operational efficiencies.
For the full year, we saw our ever-highest metal

production, up 7% to 1,032 kt in line with better plant
and MIC availability, while silver production was 10%
higher at 714 million tonnes in line with higher lead
metal production.
135
Zinc Demand-Supply
Zinc Global Balance In kt CY 2021 CY 2022 CY 2023 E
Mine Production 13,094 12,862 13,080
Smelter Production 13,867 13,489 13,855
Consumption 14,147 13,587 13,794
Source: Wood Mackenzie, March STO
Global demand witnessed contraction in CY 2022,

decreasing by 3.0% to 13.6 million tonnes, largely due to
the fall in Chinese demand. At supply level, the refined zinc
metal production fell by 2.6%, as several smelters closed
for care and maintenance across the world owning to the
increase in energy prices. The global mined zinc production
is expected to grow stronger during 2023 to 2026 period
as there will be new mine projects ramping-up. And it is
expected that the production will grow by 1.8% to 13.8
million tonnes in 2023,.
The global zinc warehouse stocks also fell during this

period due to supply constraints. The total tonnage of zinc
in the Shanghai Futures Exchange (SHFE) warehouses fell
to 20 kt at the end of December 2022 and settled at 97 kt at
the end of March 2023, from 176 kt in April 2022. And the Unit costs
London Metal Exchange (LME) stocks stood at 45 kt at the Particulars FY 2023 FY 2022 % Change
end of the March 2023, down from 140 kt in April 2022. Unit costs (US$ per tonne)
Zinc (including royalty) 1,707 1,567 9%
The Indian economic environment has remained optimistic.
Zinc (excluding royalty) 1,257 1,122 12%
The same was reflected by the S&P Global Manufacturing
PMI which stood at 56.4 in March 2023 as compared to
54.7 in April 2022 and 55.3 in February 2023, reflecting For the full year, zinc COP excluding royalty was US$1,257/t,
expansion in manufacturing sector. The Indian automobile higher by 12% YoY (21% higher in ` terms). The COP has
industry is on a growth trajectory, with 13.5% increase in been affected by higher coal & commodity price increase
production to reach 227 lakh units till February 2023 from partially offset by benefits from better volumes, operational
April 2022, compared to the same period in the previous efficiencies & recoveries.
fiscal. The passenger vehicle sales stood at 29 lakh units,
marking a growth of 30% over the same period in the Financial performance
previous year.
(Source: SIAM & SP Global Index)
Revenue 33,120 28,624 16%
The finished steel domestic production was at EBITDA 17,474 16,161 8%

110.44 million tonnes during April 2022 to February EBITDA margin (%) 53% 56% -
2023, up by 7.2% over the same period in the previous
year. Consumption in domestic market during the same Revenue from operations for the year was `33,120 crore,
period stood at 108.15 million tonnes, up by 12.6%. The up 16% YoY, primarily on account of higher metal & silver
total net finished steel exports till February 2023 stood at production, higher Zinc LME prices, gains from strategic
5.90 million tonnes, down by 52% over same period in the hedging and favourable exchange rates partially offset by
previous financial year on account of export duty levy. lower lead and silver prices.
(Source: MIS Report on Iron & Steel by JPC)
EBITDA in FY 2023 increased to `17,474 crore, up 8% YoY.
The overall domestic demand for primary zinc in this The increase was primarily driven by improved metal and
financial year has seen growth rate of 3.8% compared to silver volumes, higher Zinc LME prices, gains from strategic
last year, reaching pre COVID levels, and it is expected to hedging and favourable exchange rates partly offset by
grow further by 4% in FY 2024. higher costs and lower lead & silver prices.
136
Projects
In HZL journey of 1.25 MTPA MIC expansion, only
left-out project of RD Beneficiation plant revamping Strategic Priorities & Outlook
is under execution at RD Mines which is scheduled Our primary focus remains on enhancing overall output,
to be commissioned in Q1 FY 2024. Fumer plant final cost efficiency of our operations, disciplined capital
commissioning delayed due to VISA issues of OEM from expenditure and sustainable operations. Whilst the
China. The plan is to complete commissioning of plant current economic environment remains uncertain, our
through OEM support in Q1 FY 2024. For further phase goals over the medium term are unchanged.
of expansion of Mines and Smelters, studies are under
Our key strategic priorities include:
progress and results are expected in FY 2024.
• Further ramp-up of underground mines towards their
The capacity of smelters is being enhanced by putting design capacity, deliver increased silver output in line
up a new Roaster in Debari with latest technologies. The with communicated strategy
order placement is targeted by Q1 FY 2024.
• Sustain cost of production to be in the range of
US$1,125‑US$1,175 per tonne through efficient
A new project of Hindustan Zinc Alloys ordered in Q1
ore hauling, higher volume & grades and higher
FY 2023 is under execution and scheduled for completion
productivity through ongoing efforts in automation
in Q1 FY 2024. HZL is also setting up new Fertiliser Plant
and digitisation
in Chanderiya for which partner has been locked in.
Formal order placement is scheduled to be completed • Disciplined capital investments in minor metal
in Q1 FY 2024. Project is scheduled for completion in recovery to enhance profitability
24 months.
• Increase R&R through higher exploration activity and
new mining tenements, as well as upgrade resource
Exploration to reserve
Zinc India’s exploration objective is to upgrade the • Progressing towards sustainable future with
resources to reserves and replenish every tonne of mined continued efforts towards reduction in GHG emissions,
metal to sustain more than 25 years of metal production water stewardship, circular economy, biodiversity
by fostering innovation and using new technologies. conservation and waste management
The Company has an aggressive exploration program
focussing on delineating and upgrading Reserves and Pg. 50
Resources (R&R) within its licence areas. Technology
adoption and innovations play key role in enhancing
exploration success.
The deposits are ‘open’ in depth, and exploration has

identified number of new targets on mining leases having
potential to increase R&R over the next 12 months. Across
all the sites, the Company increased its surface drilling
to assist in Resource addition and upgrading Resources
to Reserves.
In line with previous years, the Mineral Resource is

reported on an exclusive basis to the Ore Reserve and all
statements have been independently audited by SRK (UK).
On an exclusive basis, total ore reserves at the end of

FY 2023 totalled 173.49 million tonnes and exclusive
mineral resources totalled 286.56 million tonnes. Total
contained metal in Ore Reserves is 9.64 million tonnes of
zinc, 2.7 million tonnes of lead and 310.2 million ounces
of silver and the Mineral Resource contains 12.8 million
tonnes of zinc, 5.66 million tonnes of lead and 545.7
million ounces of silver. At current mining rates, the R&R
underpins metal production for more than 25 years.
137
ZINC INTERNATIONAL
138
principle and a belief that everybody coming to VZI must return

home safe and healthy every day.
The year in brief
Leading Indicators reporting, Leadership Engagements
During FY 2023, Zinc International and Critical Risk Management were the strategic initiatives
continued to ramp-up production at central to these record setting achievements. VZI shall, in
Gamsberg mine and achieved record collaboration with the Mineral Council and Vedanta Group
production of 208 kt. This was mainly continue to seek for leading practices to continually improve
our HSE performance.
due to increase in tonnes treated and
plant recoveries compared to previous Environment
financial year. VZI has secured Portion 1 of the farm Wortel 42 as the fifth
Black Mountain continued to have a Biodiversity Offset Property and has presented the property
to the Department of Agriculture, Environmental Affairs, Rural
improved production of 65 kt, which is
Development and Land Reform (DAERDLR). Once the property
significantly higher than FY 2022 due to is transferred to BMM’s name, there will be declaration of
higher lead grades and recoveries. this property as a Protected Area, as an inclusion to the
Skorpion Zinc has been under Care and Gamsberg Nature Reserve Protected Area under the National
Environmental Management Protected Areas Act, 2003
Maintenance since start of May 2020,
(Act No. 57 of 2003). This is a requirement of Clause of the
following cessation of mining activities Biodiversity Offset Agreement (BOA). BMM is in negotiations
due to geotechnical instabilities in the with landowners to secure the remaining two farms by 1 April
open pit. Activities to restart the mine 2024 to ensure compliance to Clause 6 of the BOA.
are still in progress. The Second Independent Audit on the Implementation of
the BOA between BMM and DAERDLR commenced October
208 kt
Record mined metal
2022 and the draft reports have been submitted to the
implementation parties (BMM and DAERDLR) for comments
and review. The final report will be available by end of March
2023 with a large improvement since the previous audit. The
production at Gamsberg final report will be published in VZI Annual Report and on the
VZI webpage as required by the BOA.
The implementation of the nine Biodiversity Monitoring

Protocols has been completed for a test year and will
Occupational health & safety be revised and updated in April 2023 for long-term
At Vedanta Zinc International (VZI), we take the health and implementation. BMM are awaiting verification of the status
safety of our employees and stakeholders very seriously of No Net Loss that was monitored and measured as part of
and we remain committed to communicating timeously the implementation of the Biodiversity Monitoring Protocols
and transparently to all stakeholders. and a statement regarding the findings and verification will
be shared.
Airborne particulate management remains a key focus
in reducing lead and silica dust exposures of employees The installation of a dedicated anti-poaching surveillance
(Exposure Reduction to Carcinogenic). VZI had 17 blood camera network, covering a circular route of more than 400 km
lead withdrawals for FY 2023, against more stringent limits show good results and according to statistics received from
than required by law. We have strengthened our Employee South Africa Police Services (SAPS) and the Agri Namakwaland
Wellness Programme, focussing on the increased the surveillance camera network has resulted in a large
participation of employees and communities in VCT for decrease in petty crime in the area. However, incidents of
Aids/HIV, blood donation and wellness. poaching outside the surveillance cameras are still reported on
an ad hoc basis as poachers adjust their modus operandi. An
VZI is embarking on a real-time monitoring strategy and
Antipoaching workshop between IUCN, BMM, DAERDLR, South
additional controls at source to reduce and eliminate
Africa Biodiversity Institute (SANBI), SAPS and key role players
exposures to both silica and lead.
in the area are planned for April 2023.
The VZI LTIFR improved from 1.41 in FY 2022 to 0.75 in
FY 2023. The TRIFR improved from 5.6 in FY 2022 to 3.1 in Production performance
FY 2023, both improving by 46% and 44% respectively. VZI Production (kt) FY 2023 FY 2022 % Change
remained fatal free during FY 2023, and Black Mountain Total production (kt) 273 223 22%
Mine achieved LTI free year. These remarkable achievements Production – mined metal (kt)
were necessitated by VZI’s strong commitment to Zero harm BMM 65 52 25%
Gamsberg 208 170 22%
139
Operations EBITDA increased by 26% to `1,934 crore, from `1,533 crore

During FY 2023, total production stood at 2,72,713 tonnes, in FY 2022 also mainly on account of improved operational
22% higher YoY. This was primarily due to tonnes treated performance, higher zinc LME price, favourable exchange
and higher recoveries. rates movement partially offset by lower lead & silver
prices and increase in TC/RC.
At BMM, production was 65,112 tonnes, 25% higher
YoY. This was mainly due to 8.9% higher throughput at Projects
1.7 million tonnes, higher lead grades (3.0% vs 2.1%) and
Refinery Conversion – The Skorpion Refinery Conversion
recoveries (82.8% vs 81.6%) offset by lower grades of zinc
project has reached Ready-to-order phase, post
(1.8% vs 2.1%) and recoveries (71.9% vs 75.2%).
completion of FEED, feasibility study, tendering activities &
techno-commercial adjudication and contract finalisation.
Gamsberg’s production was at 2,07,601 tonnes as
All regulatory approval is in place to start project execution.
the operation continues to ramp up with improved
performance during current financial year. Higher
With power tariffs being very critical for the viability of
production at Gamsberg YoY is attributable to 7.8%
the project, discussions/negotiations are in progress with
increase in throughput to 4.2 million tonnes, higher zinc
the state power utility along with the option of renewable
grades (6.5% vs 6.2%) and recoveries (75.7% vs 69.9%).
power which is also being explored. We are only waiting for
confirmation of power tariff to take the final decision and
At Skorpion Zinc engagement with technical experts to
starting the execution on the ground by H1 FY 2024.
explore opportunities of safely extracting the remaining
ore is ongoing. The pit optimisation work is complete. The
Gamsberg Phase 2 – Gamsberg Phase 2 project includes
business is currently evaluating options to restart mining.
the mining expansion from 4 MTPA to 8 MTPA and
Construction of New Concentrator plant of 4 MTPA, taking
Unit costs
the total capacity to 8 MTPA and was approved by the
Particulars (US$ per tonne) FY 2023 FY 2022 % change Vedanta Board in Q4 of FY 2022. The EPC partner, Onshore,
Overall Zinc COP including 1,577 1,442 9% has been appointed in Q1 FY 2023, site mobilisation
TcRc completed, detailed engineering is under progress and the
Gamsberg Zinc COP 1,033 1,168 (12%) project is in execution phase. All Major Long lead FIMs
excluding TcRc {Ball & Sag Mill (CITIC), Crusher, Floatation, Filter Presses
and Thickeners Package (MO)} Orders placed.
Gamsberg COP excluding TcRc decreased by 12% to
US$1,033 per tonne. This reflects the strength and
efficiency of our operations at Zinc International. The
decrease in the cost of production was driven by higher Cumulative progress – Engineering – 61.79%;
production supported by local currency depreciation Procurement – 35.17%; Construction - 1.57%;
against the US$ despite high input commodity inflation. Overall project – 16.26%
Overall Zinc COP including TcRc increased by 9% to

US$1,577 per tonne, from US$1,442 per tonne in the previous
Transformer and 11 KV Switchgear partner are
year. This was mainly driven by commodity price inflation
locked in
and higher treatment and refining charges, offset by higher
production and local currency depreciation against the US$. Crusher House & LV Substation Foundation
Works-in-Progress
Financial performance
(` crore, unless stated) Wet TSF Design under progress – Geo
Particulars FY 2023 FY 2022 % change Chemical investigation completed. Geotech
Revenue 5,209 4,484 16% investigation in progress
EBITDA 1,934 1,533 26%
EBITDA margin 37% 34% External Power & Water package –Site
established, and work started
During the year, revenue increased by 16% to `5,209 crore,
driven by higher sales volumes compared to FY 2022 due
Workmen Camp & Site Office Establishment –
to 22% higher production BMM & Gamsberg, higher zinc
In progress
LME prices and favourable exchange rates movement
partially offset by lower lead and silver prices.
140
Gamsberg Smelter – The Gamsberg Smelter Project Exploration

is re‑defined with phased approach wherein 210 KTPA
capacity phase 1 will be executed by repeating the 0.3% increase in resources from 27.20 million
available HZL smelter design incorporating necessary
modifications required to treat Gamsberg Concentrate.
tonnes to 27.29 million tonnes metal and
The partner selection is in progress for various 4.4% reduction in reserve metal tonnes from
EPC/EP+C packages. We have appointed 7.9 million tonnes to 7.6 million tonnes.
ThyssenKrupp (TKIS-India) as Owner’s engineer.
The techno‑commercial proposals with Shapoorji Total R&R for VZI decreased from 671 million
& L&T as the prospective EP Partners. Construction
Tender released on 23 November 2022.
tonnes to 659 million tonnes of ore, while
metal decreased from 35.1 million tonnes
to 34.87 million tonnes (0.7% decrease in
RFQs for all FIMs released
total metal)
Reduction in reserves largely attributable

Construction Tender released on
23 November 2022. Offers are received and mining depletions and the slight increase in
are under Commercial negotiations resources due to addition of metal tonnes
at Kloof which was offset by an increase in
The techno-commercial proposal for EPC 1 transport/operating costs and increased
(on EP basis) is received from Shapoorji and dilution which impacted the cut-offs used.
it is under commercial adjudication. L&T ‘s
offer is awaited
Pre bid meeting conducted with all Strategic Priorities & Outlook
prospective partners for Renewable Power. Zinc International continues to remain focussed to improve
Proposals received from 4 vendors its YoY Production by sweating its current assets beyond
its design capacity, debottlenecking the existing capacity,
and adding capacity through Growth Projects. Our
We have received the environmental approval for Immediate priority is to ramp up the performance of our
the Smelter & Bulk water pipeline construction. The Gamsberg Plant at designed capacity and simultaneously
Smelter EC is currently under appeal phase. We are also complete Gamsberg Phase 2 project to add another 190 kt
engaging with Gov. of South Africa on the other critical to the total production of VZI. Likewise, BMM continues
success factors like SEZ, power price, sulphuric acid to deliver stable production performance and focus is
offtake, logistics infrastructure and balance regulatory to debottleneck its ore volumes from 1.8 million tonnes
approvals which are vital for economic feasibility of to 2.0 million tonnes. Skorpion is expected to remain in
the project. Care and Maintenance, while management is assessing
feasible & safe mining methods to extract ore from Pit
Black Mountain Iron Ore project – This is a project 112. Zinc International continues to drive cost reduction
to recover iron ore (magnetite) from the BMM fresh programme to place Gamsberg operations on 1st Quartile
tailings. EPC’s detailed engineering, procurement, of global cost curve with COP< US$1,100 per tonne.
earthworks, and major fabrication are completed.
Construction is currently at 76.4% completion. Project Core Growth strategic priorities include the following:
being relooked for repurposing under guidance of CEO, • Completion of construction activities of Gamsberg
Zinc Business. Phase 2 project with the aim to start production in
H2 FY 2024
• Continue to improvise Business case of Skorpion

Refinery Conversion Project and Gamsberg Smelter
Project through Government support, Capex and
Opex reduction
Pg. 50
141
OIL AND GAS
142
The year in brief

During FY 2023, Oil & Gas business delivered gross operated production of 143 kboepd,
down by 11% YoY, primarily driven by natural reservoir decline at the MBA fields.
The decline was partially offset by addition of volumes through new infill wells brought
online in Mangala, Bhagyam and Raageshwari Deep Gas fields. Offshore assets were
supported by gains from the infill drilling campaign across both assets Ravva and Cambay.
In OALP blocks, we have secured 8 blocks in DSF-III round and one Coal Bed Methane
(CBM) Block in special CBM round 2021.
143 kboepd
Average gross operated production
11% YoY
Occupational Health & Safety Environment

There was one lost time injuries (LTIs) in FY 2023. Our Oil & Gas business is committed to protect the
Frequency rate stood at 0.03 per million-man hours environment, minimise resource consumption and
(FY 2022: 0.20 per million-man hours). drive towards our goal of ‘zero harm, zero waste, zero
discharge’. Highlights for FY 2023 are as:
Our focus remains on strengthening our safety
philosophy and management systems. • Cairn Oil & Gas declared as Water Positive Company
with NPWI (Net water positive impact) index of 1.12.
Cairn Oil & Gas has taken various initiatives:
Four of our sites RJ Oil, RJ Gas, Midstream and Ravva)
are also individually declared as water positive assets.
“5S” certification for Mangala, Raageshwari and Biodiversity/wildlife conservation initiatives

Aishwarya Mines.
Established Mines Vocational Training Centre at MoU signed with District Forest Office, Rajasthan
RJ Oil, Barmer. and Gujarat for plantation of 0.35 million
trees over 700 hectares in Barmer district and
development of 60-hectare mangroves forest in
Project CSUSP (Cairn Sustainability &
Sural Coastal area respectively.
Safety Performance Program), a journey to
improved sustainable and increased safety
performance initiated. Biodiversity assessment completed with objective
to draw No Net Loss or Net Positive Impact.
Digital initiatives: NLP (Natural Language
Processing) based Safety Observation Reader, Drinking water facility developed for wild animals
Training through Virtual Reality Headsets, QR at Dhorimanna Hilly Forest Area, Barmer.
code based tracking system for fire cylinders.
Revival of Khejari in Thar Ecosystem through
Artificial intelligence-based safety surveillance Agro forestry and distributed 300 saplings to
system installed across locations. community farmers.
COVID-19 mass booster dose vaccination Published book “Know Your Flora – A Glimpse of
drive for employees, their family members and Thar Ecosystem” and video on "Ravva Biodiversity
business partners. - Photo Journey of a Nurtured Ecosystem”.
143
Reduction in GHG emission:
Cairn signed Power Purchase Agreement Solar rooftop installed on 10 AGIs (above ground
(PPA) for 25 MW renewable energy installations) for pipeline operations (Annual GHG
reduction potential of 208 tonnes of CO2e/annum).
Installation of 150+ Solar lights at Mangala
Processing Terminal & well pads for Installation of 220 KWP of Solar Rooftop at RJ Gas
renewable power generation ~32,000 units/ and 130 KWP at Radhanpur Terminal (Annual GHG
annum. reduction potential of ~440 tonnes of CO2e/annum).
Reduction in RDG flare by tuning the control Commissioned 10 KWP Solar Plant at
valve of condensate flash drum (CFD) & Cambay asset.
Stabiliser column & recycle gas compressor
optimisation with annual GHG Reduction
Introduced 5 new Electric Golf carts at RJ Gas for
potential of 17,300 tonnes of CO2e/annum.
internal commuting.
All Operating assets of Cairn (RJ Oil, RJ Gas, Midstream operations, Ravva, and Suvali) have been certified as
“Single Use Plastic free” premises.
Production performance
Unit FY 2023 FY 2022 % change
Gross operated production Boepd 1,42,615 1,60,851 (11%)
Rajasthan Boepd 1,19,888 1,37,723 (13%)
Ravva Boepd 11,802 14,166 (17%)
Cambay Boepd 10,777 8,923 21%
OALP Boepd 147 39 277%
Oil Bopd 1,18,634 1,35,662 (13%)
Gas Mmscfd 144 151 (5%)
Net production – working interest Boepd 91,485 1,03,737 (12%)
Oil* Bopd 76,149 87,567 (13%)
Gas Mmscfd 92 97 (5%)
Gross operated production Mmboe 52.1 58.7 (11%)
Net production – working interest Mmboe 33.4 37.9 (12%)
* I ncludes net production of 450 boepd in FY 2023 and 535 boepd in FY 2022 from KG-ONN block, which is operated by ONGC. Cairn holds a
49% stake.
Operations Gas production from Raageshwari Deep Gas (RDG)

Average gross operated production across our assets averaged 142 million standard cubic feet per day
was 11% lower YoY at 1,42,615 boepd. The Company's (mmscfd) in FY 2023, with gas sales, post captive
production from the Rajasthan block was 1,19,888 boepd, consumption, at 118 mmscfd.
13% lower YoY and from the offshore assets, was at
22,579 boepd, 2% lower YoY, owing to natural field decline. On 26 October 2018, the Government of India, acting
The decline has been partially offset by infill wells brough through the Directorate General of Hydrocarbons
online across all assets. (DGH), Ministry of Petroleum and Natural Gas, granted
its approval for a ten-year extension of the PSC for
Production details by block are summarised below: the Rajasthan block, RJ-ON-90/1, subject to certain
conditions, with effect from 15 May 2020. The Division
Rajasthan block
Bench of the Delhi High Court in March 2021 set aside the
Gross production from the Rajasthan block averaged single judge order of May 2018 which allowed extension
1,19,888 boepd, 13% lower YoY. The natural decline in the of PSC on same terms and conditions. We have filed a
MBA fields has been partially offset by infill wells brought Special Leave Petition (SLP) in Supreme Court against
online in Mangala, Bhagyam, ABH and RDG fields. this Delhi High court judgement.
144
We have served notice of Arbitration on the GoI in

respect of the audit demand raised by DGH based on
PSC provisions. The final hearing and arguments were
concluded in September 2022. Post hearing briefs have
been filed by the parties on 11 November 2022. It is our
position that there is no liability arising under the PSC
owing to these purported audited exceptions. The audit
exceptions do not constitute demand and hence shall be
resolved as per the PSC provisions.
Pursuant to GoI's approval for extension vide letter dated

26 October 2018, the parties have now executed the
addendum for PSC extension for 10 years from 15 May
2020 to 14 May 2030 on 27 October 2022.
Ravva block
The Ravva block produced at an average rate of
11,802 boepd, lower by 17% YoY, owing to natural
field decline.
Cambay block
The Cambay block produced at an average rate of
10,777 boepd, higher by 21% YoY, supported by gains
from the infill well drilling campaign.
financial contagion effects and the risk that banking sector

Prices turmoil will extend to the economy pushed crude oil prices
Particulars FY 2023 FY 2022 % change sharply down to 15-month lows at US$75/bbl.
Average Brent prices – 96.2 81.15 18%
US$/barrel In April, decision by OPEC and allies to slash May production
by 5,00,000 bopd in a bid to arrest the slump in prices
Crude oil price averaged US$96.2 per barrel in FY 2023, provided floor to the prices.
compared to US$81.15 per barrel in FY 2022. The
continuous upward movement is mostly driven by supply Financial performance
constraints following Russia’s invasion of Ukraine.
Particulars FY 2023 FY 2022 % change
Early in the year, prices rose amid tight supply after a
Revenue 15,038 12,430 21%
build in U.S. crude and gasoline stocks, limited spare
capacity of OPEC and downfall in supply from Caspian EBITDA 7,782 5,992 30%
Pipeline Consortium. Demand outlook remains clouded EBITDA margin 52% 48% -
by increasing worries about an economic slump in the
United States and Europe, debt distress in emerging Revenue for FY 2023 was 21% higher YoY at `15,038
market economies. crore (after profit petroleum and royalty sharing with the
Government of India), as a result of the increase in oil
Further, faltering economic backdrop and weakening prices, favourable exchange rate movements partially
outlook for consumption caused a volatility in the oil offset by lower sales volume. EBITDA for FY 2023 was at
prices. Interest rate hike by central banks around the `7,781 crore, higher by 30% YoY as a result of higher brent
world weighted on demand outlook and series of rate prices, favourable exchange rate movement, increase
hikes by US Fed caused dollar to spiral to two decades in capex recovery partially offset by lower volumes and
high to make oil more expensive to the buyers holding increased cost.
currency other than dollar. COVID-19 restrictions in China
and US administration releasing oil inventories from The Rajasthan operating cost was US$14.2 per barrel
strategic reserve further eased the prices. in FY 2023 compared to US$10.1 per barrel in FY 2022,
primarily driven by increase in polymer commodity index,
However, in March, financial markets witnessed owing to oil price rally and increased well interventions to
uncertainty, triggered by the turmoil in the US and manage natural field decline.
European banking sector. Concerns about potential
145
A. Growth Projects Development Satellite Fields

The Oil & Gas business has a robust portfolio of infill In order to monetise the satellite fields, 14 wells
development & enhanced oil recovery projects to add development campaign for 3 satellite fields (GSV,
volumes in the near term and manage natural field Tukaram, Raag Oil) was conceptualised. Drilling has been
decline. Some of key projects are: completed during fiscal year 2023 and they are being
progressively hooked up to ramp up volumes.
Infill Projects
Bhagyam Cambay (Offshore)
To accelerate production and augment reserves from Infill program in Cambay over the last few years has
Bhagyam field, infill drilling opportunities in FB1 and resulted in incremental recovery. New opportunities had
FB3 layers were identified. The project entails drilling of been identified basis integration of advanced seismic
11 infill producers and injector wells in FB3 layers and characterisation, well and production data. Project has
three horizontal wells in the bio-degraded zone. been completed during the second quarter of fiscal year
2023 and two wells are online.
As of 31 March 2023, 12 wells have been drilled, of which
7 wells are online. Ravva (Offshore)
To augment reserve base and manage natural decline,
Aishwarya infill opportunities were identified in Ravva asset. The
Based on the success of the polymer injection in Lower project entails drilling of four exploration wells and
Fatehgarh (LF) sands of Aishwariya field, additional 1 development well.
production opportunities were identified in Upper
Fatehgarh (UF) sands. The project entails drilling Project has been completed during the fourth quarter of
of 25 infill wells in Upper Fatehgarh (UF) sands and fiscal year 2023 and success has been notified in two
conversion of 7 existing wells to UF polymer injectors. exploration wells and 1 development well which are online
and producing. No hydrocarbons were observed in two
As of 31 March 2023, 18 wells have been drilled, of which wells and have been declared dry.
8 wells are online.
Discovered Small Field (DSF)
Tight Oil (ABH) Hazarigaon: Well intervention and testing activities was
Aishwariya Barmer hill infill drilling program established carried out in Hazarigaon-1 well and monetisation is
confidence in reservoir understanding of ABH. underway. Production commenced from third quarter of
Based on its success, drilling of 14 additional wells fiscal year 2023.
were conceptualised.
Early acceleration of three wells has been completed

during the fiscal year 2023. Drilling is to re-commence
from first quarter of fiscal year 2024.
Tight Gas (RDG)

In order to realise the full potential of the gas reservoir,
an infill drilling campaign of 27 wells has commenced
during fiscal year 2022. As of 31 March 2023, 24 wells
have been drilled of which 17 wells are online.
146
B. Exploration and Appraisal

Rajasthan - (BLOCK RJ-ON-90/1)
Strategic Priorities & Outlook
Rajasthan Exploration Vedanta’s Oil & Gas business has a robust portfolio
The Rajasthan portfolio provide access to multiple mix comprising of exploration prospects spread across
play types with oil in high permeability reservoirs, basins in India, development projects in the prolific
tight oil and tight gas. We have completed drilling producing blocks and stable operations which generate
of 2 exploration wells and to unlock the potential of robust cash flows.
unconventional resources, we completed drilling of The key priority ahead is to deliver our commitments
the first shale exploration well in Rajasthan during from our world-class resources with ‘zero harm, zero
the fiscal year 2023. We are also evaluating further waste and zero discharge':
opportunities to drill low to medium risk and medium
to high reward exploration wells to build on the • Infill projects across producing fields to add volume
resource portfolio. in near term
• Define up to 20 potential new development projects
Open Acreage Licensing Policy (OALP) to bring these Resources into production
Under the Open Acreage Licensing Policy (OALP),
• Unlock the potential of the exploration portfolio
revenue-sharing contracts have been signed
comprising of OALP and PSC blocks
for 51 blocks located primarily in established
basins, including some optimally close to existing • Continue to operate at a low cost-base and generate
infrastructure, of which 5 onshore blocks in the KG free cash flow post-capex
region have been relinquished.
Pg. 50
Production commenced from Jaya discovery in

Cambay region in third quarter of fiscal year 2023. This
is the first of its kind production facility wherein sales
through CNG cascade system are being done by an E&P
operator from an exploration well site.
Drilling preparations are ongoing in the Offshore

West‑Coast to drill a moderate risk-high reward
prospect (risked resource potential of 42 mmboe)
within the Kutch-Saurashtra basin during the first
quarter of fiscal year 2024. We intend to continue
the exploration across Rajasthan, Cambay, and
North‑east in FY 2024 to unlock the full potential of the
OALP blocks.
147
ALUMINIUM
148
include safer access pathways for pedestrians and heavy

vehicles across the site. Safety systems incorporated to
The year in brief improve safety are introduction of Driver Management
In FY 2023, the aluminium business Centre, monitoring of vehicles & safe driving parameters
achieved highest ever aluminium through smart cameras, speed detectors and Vehicle
Tracking System. BALCO has onboarded the journey of
production of 2.29 million tonnes. It has
“Vihan” - Critical Risk Management (CRM) and launched
been a remarkable year as we inched with five critical risks control this year.
towards our vision of 3 MTPA Aluminium.
Though this year we saw headwinds The site has also implemented digitisation project v-Unified
in cost due to rising commodity prices (ENABLON) to manage safety through technological tools.
and the coal crisis but we undertook
The Site is committed to ‘Refuse Work if it is Unsafe to
several structural initiatives to make
Execute’ and empowered all site personnel to reject any
our business immune from market activity that posed a possible safety concern.
induced volatilities. These reforms
coupled with our continued focus on
Environment
operational excellence, optimising our
During the year, Jharsuguda has recycled 13.09% of the
coal and bauxite mix, improved capacity
water used, while BALCO has recycled 10.76%. Our specific
utilisation across refinery, smelter and water consumption at VLJ metal was 0.20 m3/t, BALCO
power plant, will further help reduce metal was 0.61 m3/t and alumina refinery was 2.04 m3/t.
our cost in sustainable manner and
make the business more predictable At Lanjigarh, biomass was co-fired in the boiler for the
and improving our price realisation to first time, with all defined safety measures to reduce GHG
emissions (by 388 tCO2e) of the power plant. At BALCO,
improve profitability in a sustainable
biomass was co-fired in the boiler for the first time
manner through well-structured (Qty: 5 kt), with all defined safety measures to reduce GHG
PMO approach. The hot metal cost emissions (by 6,900 tCO2e) of the power plant. Also started
of production for FY 2023 stood at using biodiesel for the first time in technological vehicles
US$2,324 per tonne. We have produced and Ladle cleaning shop. This is in line with the Vedanta
1.79 million tonnes of calcined alumina de‑carbonisation and carbon neutrality plan.
at the Lanjigarh refinery.

EV vehicles will be used in operations as part of the green
drive. Under this initiative, the Jharsuguda unit has deployed
2,291 kt
Highest ever aluminium production
Electric 27 forklifts in place of diesel-propelled forklifts. We
have planned to shift to 100% EV LMV by FY 2030. This will
help us eliminate our in-plant scope 3 GHG emission from
LMV operations at the Jharsuguda business. BALCO has
planned to shift 2 EV LMVs in current year for the reduction
of scope-3 emission at BALCO business.
Occupational health & safety This year, we produced 58 kt of Green Aluminium (YTD)
We report with deep regret, one fatality of business partner under the brand name (Restora) with a potential to produce
employee during the year at Jharsuguda site. We have 100 KTPA. This is a strong step towards our commitment to
thoroughly investigated all the incidents and the lessons achieve GHG emission intensity reduction of 30% by 2030
learned were shared across all our businesses to prevent and Net zero carbon by 2050.
such incidents in future.
Restora Ultra is an ultra-low carbon aluminium brand
This year, we experienced total 33 Lost Time Injuries (LTIs) in collaboration with Runaya Refining. Near zero carbon
resulting in LTIFR of 0.41 at our operations. Further, we have footprint – one of the lowest in the world. Testament to our
developed the V-SAFE portal for timely identification and focus on ‘zero waste’ through operational efficiencies and
reporting of safety hazard and rectification of the same. recovery from dross.
Towards the goal of Zero Harm in Safety, the Lanjigarh Unit In the current fiscal year, we have reduced our GHG emission
undertook numerous safety measures to improve workplace intensity by 8.3% compared to the FY 2021 baseline. We
condition in terms of site infrastructure, safety system & have purchased 1,323 MU of Green Power March 2023 YTD
safety culture. Noteworthy infrastructural improvements and co-fired 5,141 tonnes of Biomass. Further, the Floating
149
Solar Project is expected to be completed by Q3 FY 2024, Our Lanjigarh operation has placed an order for
thus strengthening our green power commitment. manufacturing of red mud bricks. It is in the direction
of waste-to-wealth initiative. On similar lines, JSG unit
Management of hazardous waste such as spent Pot line, is working with Runaya refining for extracting valuable
aluminium dross, and high volume low toxic waste such metals from Dross as part of waste-to-wealth initiatives.
as fly ash, red mud etc. are material waste management
issues for the aluminium business. During the year, our The organisation is working proactively towards the vision
operations have utilised 106.74% of Ash and 99.34% Dross. of Zero Waste.
Vedanta Aluminium has entered into a long-term Production performance

partnership with Dalmia Cements for gainful utilisation
Production (kt) FY 2023 FY 2022 % Change
of industrial by-products such as fly-ash and Spent Pot
Cast Metal Production (kt)
Lining (SPL) waste to manufacture ‘green’ cement. The
partnership will enable Vedanta Aluminium’s plant at Alumina – Lanjigarh 1,793 1,968 (9%)
Jharsuguda to transport around 20 rakes of fly ash per Total Aluminium Production 2,291 2,268 1%
month for 5 years to Dalmia Cement plants at Odisha, Jharsuguda 1,721 1,687 2%
Chhattisgarh, Meghalaya, and Assam, and transport Spent BALCO 570 582 (2%)
Pot Lining (SPL) waste for 3 years to Dalmia Cement
at Rajgangpur, Odisha. Jharsuguda operations has Alumina refinery: Lanjigarh
implemented Integrated Waste Management System by
At Lanjigarh, calcined alumina production stands at
NEPRA for sustainable management of non-hazardous
1.79 million tonnes, primarily due to the calciners shutdown
waste like plastic, paper, food, horticulture waste and
for overhauling.
others. This will enable us to move towards ‘Zero Waste
to Landfill’ and will help us generate wealth out of waste.
Aluminium smelters
Till date, total 121 rakes had been despatched which is
the highest ever ash despatch for Jharsuguda unit. We ended the year with record production of
2.29 million tonnes.
BALCO is associated with Cement industries in the vicinity
through road mode and striving to achieve economies of Coal Security
scale and enterprise solution which is environmentally We continue to focus on the long-term security of our
friendly and cost effective. For the very purpose, BALCO coal supply at competitive prices. We added Jamkhani
has ventured into supplying the conditioned Fly Ash (2.6 MTPA), Radhikapur (West) (6 MTPA), Kuraloi (A)
through Rake. This meaningful, sustainable increase in fly North (8 MTPA), Barra coal blocks and have been
ash utilisation at locational, distant thermal power plant is declared Successful Bidder for Ghogharpalli Coal Block
mutual win for both Cement companies and BALCO. BALCO through competitive bidding process by GoI. We have
is also engaged in Mine back filling of Manikpur Mines operationalised Jamkhani Coal block in FY 2023 & intend
which will further support the effort to utilise Fly Ash. to operationalise Kurloi (A) North and Radhikapur (West)
in the next fiscal year. These acquisitions, along with
15 million tonnes of long-term linkage will ensure 100%
coal security for Aluminium Business. We also look
forward to continuing our participation in linkage coal
auctions and secure coal at competitive rates.
Prices
Average LME cash 2,481 2,774 (11%)
settlement prices
(US$ per tonne)
Average LME prices for aluminium in FY 2023 stood at

US$2,481 per tonne, 11% lower YoY. Aluminium LME has
been steadily declining this year, owing to a recessionary
market outlook coupled with the zero Covid policy of
China. However, with the opening of the Chinese economy
150
coupled with the decrease in the inflationary pressure, the In FY 2023, the COP of cast metal at Jharsuguda was
LME prices is expected to rebound. Further, the aluminium US$2,291 per tonne, an increase by 25% from US$1,839 per
market is in a growth phase now with demand expected tonne in FY 2022. The cast metal COP at BALCO stood at
to be driven by sunrise sectors such as Electric Vehicle, US$2,424 per tonne, increased by 27% from US$1,913 per
Renewable Energy, Defence and Aerospace. tonne in FY 2022. This was primarily driven by the
headwinds in input commodity prices.
Unit costs
(US$ per tonne)
Particulars FY 2023 FY 2022 % change
Alumina cost (Lanjigarh) 364 291 25%
Aluminium CoP 2,324 1,858 25%
Revenue 52,403 50,881 3%
Jharsuguda CoP 2,291 1,839 25%
EBITDA 5,837 17,337 (66%)
BALCO CoP 2,424 1,913 27%
EBITDA margin 11% 34%
During FY 2023, the cost of production (CoP) of alumina

During the year, revenue increased by 3% to `52,403 crore,
increased to US$364 per tonne due to lower production
driven by improved operational performance, strategic
and headwinds in the input commodity prices.
hedging gains, favourable exchange rate movement partially
offset by reduced LME. EBITDA was down at `5,837 crore
In FY 2023, the total bauxite requirement of about
(FY 2022: `17,337 crore), mainly due to fall in LME, input
5.5 million tonnes were met through domestic as well as
commodity inflation partially offset by favourable exchange
import sources.
rate movements.
Strategic priorities & outlook

Our focus remains on capitalisation of market MTPA refinery operations. Full capacity production run
opportunities through execution of right levers. rate at recently started Jamkhani mine should ease our
Foremost priority remains delinking production cost dependence on spot market coal. This would be further
from external volatility. Lanjigarh expansion activities augmented by operationalisation of other mines in the
is underway with full force and an upside in volume is short to medium term. Effort would also be continued
expected in the upcoming year. Vedanta Limited was towards achieving better than best achieved operational
also declared the preferred bidder for Sijimali at the performance along with increased volume delivery
recently concluded Bauxite mine auction. The same through debottlenecking and growth projects.
would be instrumental in meeting requirement for 5
Our core business priorities include:
ESG: Safety & Well-being of all stakeholders, Quality: Zero customer complaints
Low Carbon Green Aluminium Production
(Restora, Restora Ultra), Diversity in Workforce,
Operational Excellence: Continual
Circular Economy
improvement in operational parameters
Asset Optimisation: >100% capacity utilisation

Growth: 1 MTPA BALCO smelter expansion,
of assets through implementation of structured
>100% value-added capacity
asset reliability program
Product Portfolio: Improve value-added

Raw Material Security: Operationalise Sijimali
product portfolio with focus on low carbon
bauxite mine, Lanjigarh expansion to 5 MTPA
aluminium for better realisation.
Coal Security: Operationalise coal mines and

improve linkage materialisation Pg. 51
151
POWER
152
TSPL has recycled 12.62% of the water used & reduce

the fresh water consumption by various operation
The year in brief controls. TSPL continues its focus on energy saving
In FY 2023, TSPL’s (Talwandi Sabo projects such as High Energy Efficient Booster Pump
Power Limited) plant availability at Unit#02, CWP RPM reduction, HPT performance
improvement, replacement of conventional lighting
was 82% and Plant Load Factor
fixtures with LED lighting fixtures.
(PLF) was 67%.
To stimulate efforts and reach towards new heights
14,835 million units

Record overall power sales
of sustainable business practices, TSPL established
ESG transformation office. Under this initiative, TSPL
has accelerated its efforts in Environment, Social
and Governance aspects. TSPL ESG Transformation
Office was created which included 12 communities
of practice from each aspect of sustainability.
Communities of Practice included Carbon, Water,
Occupational health & safety Waste, Biodiversity, Supply Chain, People, Communities
In FY 2023, TSPL focus on Category 5 Safety Incident (CSR), Communication, Safety and Health, Acquisitions,
elimination such as Critical Risk Management, Expansions. Each Community is led by a senior leader
Catastrophic Risk Management, Horizontal Deployment in the concerned department. Each community is
of Safety Alert Learnings,, Vedanta Safety Standard driving sustainability initiatives in their community.
Implementation and Engineering/Controls such as Line In FY 2022-23, 45 new projects were identified,
of Fire Prevention and Safety improvement project. 38 initiatives completed and 62 improvement initiatives
are in progress.
We continue to strengthen the ‘Visible Felt
Leadership’ through the on-ground presence of senior
management, improvement in reporting across all risk
and verification of on-ground critical controls. We also
continue to build safety assisting infrastructure
development through the construction of pedestrian
pathways, dedicated route for bulkers, creation of
secondary containment for hazardous chemicals and
other infra development across sites.
Environment
TSPL focus on environment protection measures such
as maintaining green cover of over 800 acres, continue
the expansion of green cover inside plant premises
and nearby communities. TSPL ensures availability
of environment protection system such as ESP, Fabric
Filters, Water Treatment Plant and RO Plant. In Tailing
Dam Management, TSPL has implemented all the
recommendation of M/s Golder Associates for ash
dyke. Additional GISTM Conformance Assessment of
TSPL Ash Dyke Facility by ATC Williams, Australia &
TATA Consultancy (TCE) as Engineer of Records (EOR)
to ensure Ash Dyke stability to review dyke design,
quality assurance during for ash dyke raising and
quarterly audit of ash dyke facility. In FY 2023, TSPL
achieved 83% Ash utilisation in Road Construction,
in Building sector for bricks, blocks, cements and
low‑lying area filling. TSPL has signed various MoUs
with stakeholders to increase ash utilisation.
153
Operations
During FY 2023, power sales were 14,835 million units,
25% higher YoY. Power sales at TSPL were 10,744 million
units with 82% availability in FY 2023. At TSPL, the Power
Purchase Agreement with the Punjab State Electricity Board
compensates us based on the availability of the plant.
The 600 MW Jharsuguda power plant operated at a lower

plant load factor (PLF) of 63% in FY 2023.
The 300 MW BALCO IPP operated at a PLF of 66% in FY 2023.
The MALCO plant continues to be under care and

maintenance, effective from 26 May 2017, due to low
demand in Southern India.
Unit sales and costs

Sales realisation (`/kWh)1 3.04 3.10 (2%)
Cost of production (`/kWh) 1 2.38 2.42 (2%)
TSPL sales realisation 4.50 3.62 24%
(`/kWh)2
TSPL cost of production 3.65 2.76 32%
(`/kWh)2
(1) Power generation excluding TSPL

(2) TSPL sales realisation and cost of production is considered
above, based on availability declared during the respective period
Average power sale prices, excluding TSPL, lower by 2% and

the average generation cost was lower at `2.38 per kWh
(FY 2022: `2.42 per kWh).
Total power sales (MU) 14,835 11,872 25% In FY 2023, TSPL’s average sales price was higher at `4.50 per
Jharsuguda 600 MW 3,048 2,060 48% kWh (FY 2022: `3.62 per kWh), and power generation cost was
BALCO 300 MW* 648 1,139 (43%) higher at `3.65 per kWh (FY 2022: `2.76 per kWh).
HZL wind power 395 414 (5%)
TSPL 10,744 8,259 30% Financial performance
TSPL – availability 82% 76% (` crore, unless stated)
# Malco continues to be under care and maintenance since 26
Revenue 7,201 5,826 24%
May 2017 due to low demand in Southern India.
* We have received an order dated 01 January 2019 from CSERC EBITDA 851 1,082 (21%)
for Conversion of 300 MW IPP to CPP w.e.f. 01 April 2017. EBITDA margin 12% 19%
During the Q4 FY 2019, 184 units were sold externally from this
* Excluding one-offs
plant.
EBITDA for the year was 21% lower YoY at `851 crore from
`1,082 crore.
154

During FY 2023, we will remain focussed on maintaining
the plant availability of TSPL and achieving higher plant
load factors at the BALCO and Jharsuguda IPPs.
Our focus and priorities will be to:
Resolve pending legal issues and recover aged

power debtors;
Achieve higher PLFs for the Jharsuguda and

BALCO IPP; and
Improve power plant operating parameters to

deliver higher PLFs/availability and reduce the
non-coal cost;
Ensuring safe operations, energy &

carbon management.
155
IRON ORE
156
The year in brief

• R
emoval of trade barriers from Karnataka resulted in quick restart of export and enabled
us to capture ~99% Export share from Karnataka
• Restart of WCL Operations and successfully exported 0.2 million tonnes in this financial year
• A
cquisition of Bicholim mines at lowest bid premium among all iron ore mines auctioned
in FY 2023
5.3 million tonnes

Production of saleable ore at Karnataka
696 kt
Pig Iron production
0.7 million tonne
Iron ore sales at Goa
Occupational health & safety which help us in tracking and giving health-related trend
analysis of employees.
With our vision towards the aim of Zero Harm, we are
committed to achieve zero fatal accident at Iron Ore
In order to achieve highest levels of safety at site, we have
Business. Our Lost Time Injury Frequency Rate ("LTIFR")
identified key personnel from operation and maintenance to
is 0.79 (FY 2023) compared to 0.83 (FY 2022). We are
serve as Grid Owners in addition to their current roles and
now focussing on bringing down the number of injuries
responsibilities. We have also conducted defensive driving
by conducting a detailed review of critical risk controls
trainings to further enhance driving skills thereby reducing
through critical task audits, strengthening our work
the vehicle-related incidents. At VAB, we have conducted a
permit and isolation system through identification and
training on crane and lifting safety for approving critical lift
closure of gaps, on site audits, increasing awareness of
plan and better focus on safety in areas of lifting and critical
both Company and business personnel by conducting
lifts. We have also conducted rescue training for Confined
trainings as per requirements considering the
space and Work at Height through a third party so as to
sustainability framework.
authorise a shortlisted group of competent personnel as
trained rescuers. To improve upon confined space safety,
We have strived to enhance the health and safety
we have conducted “Authorised Gas Testers” training
performance by digitalisation initiatives such as usage
programme to strengthen our Confined space activities.
of non-contact type voltage detectors, underground
cable detectors. We have also implemented AI cameras
At IOK, we have conducted rescue trainings through a
(T-Pulse system) for reporting of unsafe acts/conditions
third-party for Confined Space and Work at Height. Traffic
automatically in areas where Camera infrastructure is
Management & Road Safety Training was conducted by
available with central dashboard with all details, analysis,
Rashtriya Raksha University involving selected employees
trends and risk category, which ensures effective and
and Business Partners. 4 modules of AR-VR have been
immediate closure of violations at site. At VAB, we have
done Geo fencing to ensure unauthorised entries in most
critical operational areas.
Vedanta has launched a HSE-based portal by name

V‑Unifined (Enablon) for reporting, collating and analysing the
HSE-related data across the Business which has become a
way of life since its inception during the Financial Year.
At VAB and IOK, we have launched 4 Critical Risk

Management (CRM) verification by Line Managers
and the observations are being tracked, analysed and
rectification plan is in place. We have achieved target of
75% vs Planned.
In Health function, we have also launched SEVAMOB digital

platform for digitisation of Employee Medical Records
157
In FY 2023, around 6 Ha of mining dump slope was covered

with biodegradable geotextiles to prevent soil erosion &
55,000 native species saplings were planted. Various latest
technologies like use of fog guns; environment-friendly dust
suppressants mixed with water were adopted on the mines
to reduce water consumption for dust suppression without
affecting the effectiveness of the measures.
Production (dmt)
Saleable ore 5.3 5.4 (2%)
Goa - - -
Karnataka 5.3 5.4 (2%)
Pig iron (kt) 696 790 (12%)
Sales (dmt)
Iron ore 5.7 6.8 (16%)
Goa 0.7 1.1 (33%)
Karnataka 5.0 5.7 (13%)
Pig iron (kt) 682 790 (14%)
launched at IOK which includes LMV operation, wheel

Operations
loader operation, fire extinguisher operation and
engine maintenance. At Karnataka, production was 5.3 million tonnes. Sales in
FY 2023 were 5.7 million tonnes, 17% lower YoY. Production
In FY 2024, we will be further launching remaining Safety of pig iron was 6,96,559 tonnes in FY 2023, lower by 12%
Standard through CRM for strengthening our Fatality YoY due to shut down in blast furnaces in FY 2023.
Prevention Programme.
At Goa, mining was brought to a halt pursuant to the
Supreme Court judgement dated 7 February 2018 directing
Environment all companies in Goa to stop mining operations with effect
At our Value-Added Business, we recycle and reuse all from 16 March 2018.
the process water. Only the non-contact type condenser
cooling water of the power plant is cooled and treated We bought low grade iron ore in auctions held by Goa
for pH adjustment and discharged back into the Mandovi Government in Auction No. 26 & 27 in FY 2022. This opening
river, which is a consented activity by the authorities. stock of ore purchased in the auction and fresh royalty
paid ore moved out of mines post the Supreme Court order,
1,560 numbers of native species were planted in the year was then beneficiated and around 0.7 million tonnes were
2022-23 in green belt area of VAB along with 1,850 no. exported which further helped us to cover our fixed cost and
of native species plantation was done in surrounding some ore were used to cater to requirement of our pig iron
villages of VAB. plant at Amona.
Also, Value Added Business received Consent to

establishment for expansion project for installing Ductile
Iron plant, oxygen plant & Ferro Silicon Plant along with
increasing hot metal production capacity. Particulars FY 2023 FY 2022 % Change
Revenue 6,503 6,350 2%
At Iron ore Karnataka, continuing with its best practises, EBITDA 988 2,280 (57%)
Company has constructed 38 check dams, 7 settling EBITDA margin 15% 36%
pond. Additionally, Company has de-silted 2 nearby
village ponds increasing their rainwater harvesting In FY 2023, revenue increased to `6,503 crore, 2% higher YoY
potential by 20,000 m3/annum. mainly due to restart of WCL operations. EBITDA decreased
to `988 crore compared with `2,280 crore in FY 2022 was
mainly due to decrease in sales at Karnataka and VAB and
input commodity inflation.
158

Our near-term priorities comprise:
Restart mining operations at Goa
Ramp up our operations in Liberia and setting

up magnetite concentrator plant
Green Mining leveraging, digitalisation, and

Renewable energy
159
STEEL
160
Environment
Waste and Circular Economy
The year in brief
We have achieved 100% utilisation of BF granulated slag
ESL is an integrated steel plant (ISP) and fly ash by re-using in cement plants & local brick
in Bokaro, Jharkhand, with a design manufacturers. Other types of waste viz., bottom ash,
capacity of 2.5 MTPA. Its current LD slag & core mould sand, we have achieved 98% of its
operating capacity is 1.5 MTPA with utilisation by internal road making & mines back filling.
a diversified product mix of Wire Rod, Hazardous wastes are being sent to PCB authorised
recyclers/re-processors.
Rebar, DI Pipe and Pig Iron.
In FY 2023, ESL Steel Limited (ESL) Climate Change
has achieved highest ever hot metal • Reduction in False Air/Air leakages in Sinter Plant, Sinter
production of 1.37 million tonnes, Plant bed depth control, Fuel crushing index improvement
up 1% YoY and highest ever saleable has resulted in estimated decrease of tonnes of CO2e by
35,000 tonnes of CO2e
production of 1.29 million tonnes up
2% YoY. • LD gas recovery project has been undertaken by repairing
and revamping the Gas Holder facility, which has led to an
196 1.29
estimated decrease of 18,480 tonnes of CO2e
kt million tonnes Biodiversity/Plantation

Highest ever Saleable • ESL has achieved 34.54% green belt development
DIP production production
• Around 25,000 saplings have been planted inside KML to
20% YoY drive greenbelt development project
• 10,000 fruit-bearing saplings have been distributed

among 9 panchayats to drive greenbelt development in
surrounding areas of ESL
ESL HSE/ESG Performance
• Miyawaki afforestation of 2.5 acre has been commenced
Occupational Health & Safety in Q4 with the target of about 55,000 saplings
We, at ESL, believe that all accidents are preventable and
to realise our vision of Zero Harm, we have carried out the Water Management
following key initiatives for nurturing ZERO HARM culture • 2 nos. of rainwater settling pits along with pumps have
across organisation. been installed to contain the flow from the stormwater
drains across the plant. This has resulted in increase in
• Launched Project VIHAAN – Critical Risk Management ETP water intake and optimised the usage of stormwater
to verify critical risks Go and NoGo implementation by 350-400 KLD
periodically for various critical controls viz.
• 250 KLD sewage treatement plant has been
• Digital Initiatives – Launched Cardinal Safety Rule commissioned during Q4 which would reduce fresh water
Portal, Kiosk-based safety induction for drivers and offtake by 250 KL/day. This would ensure saving of fresh
QR-based fire equipment maintenance and tracking water by 90,000 KL/annum
• Capability Building – Engaged DuPont to train and • Green Belt Development – Planted more than 35,000
develop trainers for implementing various safety samplings including 10,000 fruit-bearing saplings,
standards (160+ developed through TTT) achieved 33% greenbelt requirement this year
• Occupational Health – Engaged M/s Apollo for • ESG – 60 projects have been identified out of which 10
managing OHC & Air Ambulance services, initiated have been completed and 34 have achieved IL 4 stage
medical consultation facility for employees and their
• Sp. Water – We have reduced our fresh water offtake from
families at Bokaro City and developed 500+ trained
the reservoir by 1.7 million m3 through the following water
first aiders
stewardship programme. This has resulted in achieving
• Infrastructure – Conveyor guarding, drain covering, specific water consumption of 2.88 m3/tcs from
fire hydrant line revamping, settling pits, tarpaulin 3.00 m3/tcs
covering/uncovering platforms and man machine
segregation across the plant roads
161
• Arresting water leakages and replacing in higher cost of sales. We are trying to stable our raw
firefighting pipelines material prices. We have acquired two iron ore mines to
achieve raw material long-term security & pricing stability.
• Increasing recycle percentage through installation of
ZLD pump from 12% to 24%
Our Consent to Operate (CTO) for the steel plant at
• Increasing cooling tower COC from 6 to 7 Bokaro, which was valid until December 2017, was
not renewed by the Jharkhand State Pollution Control
• Cleaning of backwash pipeline
Board (JSPCB). This was followed by the Ministry of
Environment, Forests and Climate Change (MoEF&CC)
• Sp. Energy & GHG Emissions - Against the target of
revoking the Environmental Clearance (EC) dated
7.97 Gcal/tcs, we have achieved 7.72 Gcal/tcs (YTD),
21 February 2018. MoEF&CC, on 25 August 2020, has
several initiatives were taken such as:
granted a Terms of Reference to ESL for 3 MTPA plant
• Optimisation of compressor, blower speed, CT fans, with conditions like fresh EIA/EMP reports and public
AC & Light operation, power consumption of other hearing. The Honorable High Court of Jharkhand had
circuit hot water circulating pumps by installing VFD extended the interim protection granted in the pending
with feedback system writ petitions till 16 September 2020. Hon’ble High Court
on 16 September 2020, pronounced and revoked the
• ID Fan VFD Installation in Sinter Plant, SMS, Lime
interim stay for plant continuity w.e.f 23 September 2020.
secondary fan
ESL filed a SLP before Hon’ble Supreme Court against
• Reduction in False Air/Air leakages in Sinter Plant, 16 September 2020, order for grant of interim status quo
Sinter Plant bed depth control, Fuel crushing index order and plant continuity. Vide order dated 22 September
improvement has resulted in estimated decrease of 2020, Hon’ble Supreme Court issued notice and
tonnes of CO2e by 35,000 tonnes of CO2e allowed plant operations to continue till further orders.
In furtherance of the Supreme Court orders for plant
• Blast furnace dedusting damper auto control
continuity, MoEF vide its letter dated 2 February 2022 has
• Improving fuel rate by 20 kg/tcs for BF3 and 7 kg/ deferred the grant of Environment Clearance till Forest
tcs for BF2 resulting in reduction of 64,846.6 tonnes Clearance Stage-II is granted to ESL. ESL has submitted
of CO2e its reply against MoEF letter vide letter dated 11 February
2022 for reconsidering the decision and not linking EC
Production performance with FC since as per the applicable law and available
precedents, grant of FC Stage-II is not a condition
precedent for grant of EC. CTO will be procured post
Production (kt) 1,285 1,260 2%
furnishing the EC. The grant of FC was kept at abeyance
Pig iron 192 186 3% for want of Forest Clearance. FC Stage-I is granted to ESL,
Billet 26 91 (71%) while the FC compliance are under process.
TMT bar 463 399 16%
Wire rod 407 421 (3%)
Ductile iron pipes 196 164 20%
Operations
During FY 2023, we have achieved highest ever hot
metal production of 1.37 million tonnes, up 1% YoY
and highest ever saleable production of 1.29 million
tonnes, up 2% YoY on account of increased availability
of hot metal due to debottlenecking of blast furnace and
operational efficiencies.
The priority remains to enhance production of

value‑added products (VAPs), i.e., TMT Bar, Wire Rod and
DI Pipe. ESL achieved 83% VAP sales, 5% improvement in
FY 2023, in line with priority.
There have been significant gains in Sales & NSR front.

However, operational inefficiencies, higher raw material
prices of coking coal & other market factors resulted
162
Prices raw material prices of coking coal, which continued to

(US$ per tonne) remain high in in Q2 and Q3, when the market prices for steel
Particulars FY 2023 FY 2022 % Change products declined sharply.
Pig iron 551 545 1%
Unit costs
Billet 620 612 1%
TMT 700 687 2% Particulars FY 2023 FY 2022 % Change
Wire rod 707 706 0% Steel (US$ per tonne) 656 585 12%
DI pipe 769 628 22%

Average steel price 689 659 4% Cost has increased by 12% YoY from US$585 per tonne
(US$ per tonne) to US$656 per tonne in FY 2023, primarily on account of
increase in coking coal prices during the year, uncontrollable
Average sales realisation increased 4% YoY from factors and operational inefficiencies.
US$659 per tonne in FY 2022 to US$689 per tonne
in FY 2023. Prices of iron and steel are influenced by Financial performance
several macro-economic factors. These include global
economic slowdown, US-China trade war, Russia-Ukraine
war, duties on iron and steel products, supply chain Revenue 7,852 6,474 21%
destocking, government expenditure on infrastructure, EBITDA 316 701 (55%)
the emphasis on developmental projects, demand‑supply EBITDA margin 4% 11% -
dynamics, the Purchasing Managers’ Index (PMI) in
India and production and inventory levels across the Revenue increased by 21% to `7,852 crore (FY 2022:
globe especially China. Even though the NSR increased `6,474 crore), primarily due to higher volume and NSR.
by US$29 per tonne, we were unable to increase our EBITDA decreased by 55% to `316 crore mainly due to
EBITDA margin & landed to US$32 per tonne for the year increased cost partially offset by increased sales realisation.
(against US$74 per tonne in FY 2022) due to increased

Steel demand is expected to surge owing to the gradual recovery in economic activities across the world, robust
demand from key sectors and the emphasis of governments to ramp up infrastructure spend in India. With the growing
demand for steel in India, ESL has prioritised to increase its production capacity from 1.5 MTPA to 3 MTPA by FY 2025
and 5 MTPA by FY 2027 with a vision to become high-grade, low-cost steel producer with lowest carbon footprint.
The focus is to operate with the highest Environment, Health and Safety standards, while improving efficiencies and
unit costs.
The focus areas comprise:
Ensuring business continuity Greater focus on Reliability Centred Maintenance
Innovation in Technology for sustainable Obtain clean ‘Consent to Operate’ and

operations/production environmental clearances
Development of low-cost CapEx products Raw material securitisation through long‑term

(Alloy Steel Segments and Flat Products) to contracts; approaching FTA countries for
capture market share coking coal
Optimise and significantly reduce logistics Ensure zero harm and zero discharge, fostering a
cost over time culture of 24x7 safety culture
163
FERRO ALLOYS
CORPORATION LIMITED
(FACOR)
164
The year in brief

FACOR has achieved highest ferro chrome ore production of 290 kt, since acquisition through
operationalisation of two ore mines. Also achieved high ferro chrome production of 67 kt and
sales of 67 kt.
60 KTPA
Commissioned new furnace
140 KTPA
Total ferro-chrome capacity reached
290 kt
Record chrome ore production
Occupational Health Safety Dumpers and Inhouse Machine Guarding work was done
throughout all the Conveyors across all the units.
It is with deep sadness that we report the loss of two
of our colleagues (Business partners) in work-related
incidents at our managed operations in FY 2023, one Environment
each at Mining site and at Plant site. These incidents For environment, on statutory front, Environment
happened despite continuous efforts to eliminate Clearance and Consent to Establish (CTE) was obtained
fatalities and attain a Zero Harm work environment. for 33 MVA Furnace and Consent to Operate (CTO)
A thorough investigation was conducted to identify the was extended for Kalarangiatta Mines. We started
causes of these incidents and to share lessons learned utilising Spent resin which is a hazardous waste in our
across our sites, with the aim of preventing repeat or Powerplant (FPL) boiler after due approvals. For the first
similar incidents. time, we started disposing our Plastic waste from both
Plant and Mines to authorised vendors. Plantation of
LTIFR for the year was 0.13 as compared to 0.25 in more than 12,000 saplings were conducted across all
FY 2022. The reduction was driven by several safety units of FACOR.
awareness, investigation, and prevention initiatives.
As compared to a year ago, number of LTIs decreased Our business is committed to protect the environment,
from 2 to 1 in this FY 2023. There has been greater minimise resource consumption and drive towards our
management focus to bring a cultural change via felt goal of Net Water Positivity and 100% Waste utilisation.
leadership programs, town halls & recognition for A few more highlights for FY 2023 are:
near-miss reporting. Our safety leadership regularly
engages with the business partner site in-charges and
their safety officers for their capability development
and strengthening the culture of safety at our sites. We
follow a zero-tolerance policy towards any safety related
Installation of a new Sewage Treatment Plant
violations with stringent consequence management.
In FY 2023, FACOR complied with all its statutory Installation of Weather Monitoring Station
requirements related to its Health, Safety and
Environment. In terms of Safety, we continued Installation of Ambient Air Quality Monitoring
creating awareness on various Safety topics through System (AAQMS)
Monthly Safety Themes and Awareness programs. We
successfully eliminated a few critical jobs from line
of fire with “Installation Wagon Pusher Device at our Conducted CGWA Water Audit and Ground
Wagon Tripler area” and “Shifting of Ladle Cleaning area Water Impact Assessment
out of the hot metal handling zone”. We also completed
our major Furnace relining job safely. AI-based Safety Velocity of flue gas – Installation of Stack &
System “T-Pulse” was installed in CCTV Cameras of integrated with CEMS data at FPL
Charge Chrome Plant (CCP) Hot Metal Area to auto detect
Unsafe observations. For Risk Management, EOT Cranes
Installation of CEMS analysers at Gas
were provided with Anti-Collison device and Audio-
Cleaning Plant
Visual Alarm, Silpaulin were installed on weak benches
of the Mines dump, Proximity sensors and Semi Fire
Suppression System (SFSS) were installed at all Mines
165
At Charge Chrome Plant (CCP), We recorded Ferrochrome

metal volume of 67 kt in FY 2023. We started blending
Met Coke with Anthracite coal and Coke Fines Briquettes
and were able to achieve average blending of 20%
(15% Anthracite Coal and 5% Coke Fine Briquettes) in
FY 2023 from 14% of FY 2022. We also reduced our
specific Power consumption up to levels of 3,316 kWh/t
against 3,345 kWh/t. In the month of January 2023, we
have made second highest ferro chrome production
of 6,840.
Revenue 768 830 (8%)
EBITDA 149 325 (54%)
EBITDA margin 19% 39% -
Revenue decreased by 8% to `768 crore

(FY 2022: `830 crore), primarily due to lower sales
volume. EBITDA decreased by 54% to `149 crore mainly
due to lower sales volume and higher cost.
Production performance Strategic priorities & outlook

Expansion of Growth Capex project of
Ore Production (kt) 290 250 16%
300 KTPA
Ferrochrome Production (kt) 67 75 (11%)
Ferrochrome Sales (kt) 67 77 (12%)
Expansion of Mines from current capacity of
Power Generation (MU) 112 294 (6%)
290 kt to 390 kt
At Mining division, we recorded highest ever Chrome

Ore production of 290 kt in FY 2023 since acquisition. Metal capacity addition of 76 KTPA through
Through disrupt ideas and out of the box thinking, we new 33 MVA Furnace
also achieved highest ever monthly and quarterly Ore
Production of 49 kt in April 2022 and 140 kt in Q1 FY 2023 100 MW Power Generation & sale of
since acquisition. Ensuring our commitment towards additional power
zero harm, we have installed fatigue monitoring systems,
AFDSS and proximity sensors in all tippers. The mining
New COB plant commissioning of enhanced
division has achieved a milestone in observational
capacity of 50 TPH
reporting since FY 2022, through state-of-the-art inhouse
developed ‘FACOR – SO’ mobile application along with
geo-tagging.
166
167
COPPER
168
The year in brief

Silvassa operations continued to deliver 20% growth in sales volume on YoY basis and
largely catering to India's domestic copper requirement.
The copper smelter plant at Tuticorin was under shutdown for the whole of FY 2023, while
we continue to engage with the Government and relevant authorities to enable the restart of
operations at Copper India.
148 kt
Cathode production from Silvassa
18% YoY
Occupational Health & Safety Operations

The lost time injury frequency rate (LTIFR) was 2.77 in Copper production operations in Silvassa increased by
FY 2023 (FY 2022: 0). Dupont Process Safety Management 18% to 148 kt and have also seen growth of 20% in terms
(PSM) Tool was launched for addressing the core of sales volume and realised highest sales after closure of
elements of safety driven by sub committees under each the Tuticorin unit and improved operational efficiencies,
PSM element. Received 4 Star Safety Rating from British debottlenecking & capability building initiatives carried
Safety Council. across the plant, the year also marked remarkable growth in
free cash flow.
We conducted safety stand-downs to communicate the
learnings from safety incidents and prevent future incidents.
The Tamil Nadu Pollution Control Board (TNPCB) vide order,
Our safety leadership regularly engages with the business
dated 9 April 2018, rejected the consent renewal application
partner site in-charges and their safety officers for their
of Vedanta Limited for its copper smelter plant at Tuticorin.
capability development and strengthening the culture of
It directed Vedanta not to resume production operations
safety at our sites.
without formal approval/consent (vide order dated 12 April
2018) and directed the closure of the plant and the
Environment
disconnection of electricity (vide order dated 23 May 2018).
Aligned with the Vedanta’s vision to reach net zero
emissions by 2050, Sterlite Copper has entered into a The Government of Tamil Nadu also issued an order dated
renewable energy sourcing agreement to produce Green 28 May 2018 directing the TNPCB to permanently close
Copper using 100% renewable energy & implemented AI & and seal the existing copper smelter at Tuticorin; this was
ML based Smart fuel optimisation for combined targeted followed by the TNPCB on 28 May 2018. Vedanta Limited
GHG Emission reduction by 68,000 tCO2. filed a composite appeal before the National Green Tribunal
Copper Mines of Tasmania continued in care and (NGT) against all the above orders passed by the TNPCB and
maintenance awaiting a decision on restart. Meanwhile, the Government of Tamil Nadu. In December 2018, NGT set
a small, dedicated team is maintaining the site and there aside the impugned orders and directed the TNPCB to renew
were no significant safety or environmental incidents during the CTO. The order passed by the NGT was challenged by
the year. The site retained its ISO accreditation in safety, Tamil Nadu State Govt. in the Hon’ble Supreme Court.
environment and quality management systems and the
opportunity of a lull in production was used to review and The Company had filed a Writ Petition before the Madras
further improve these systems. High Court challenging the various orders passed against
the Company in 2018 and 2013. On 18 August 2020, the
Production performance Madras High Court delivered the judgement wherein it
dismissed all the Writ Petitions filed by the Company.
Particulars FY 2023 FY 2022 % Change The Company has approached the Supreme Court and
Production (kt) challenged the said High Court order by way of a Special
India – cathode 148 125 18% Leave Petition (SLP) to Appeal and also filed an interim relief
Sales 164 137 20% for care & maintenance as well as trial operation of the plant.
The matter was then listed on 2 December 2020, before the
169
Prices
Average LME cash settlement 8,530 9,689 (12%)
prices (US$ per tonne)
Average LME copper prices reduced by 12% compared

with FY 2022 predominantly due to low demand in China
owing to COVID restrictions.
Revenue 17,491 15,151 15%
EBITDA (4) (115) 97%
EBITDA margin 0% (1%)
During the year, revenue was `17,491 crore, an increase

of 15% on the previous year’s revenue of `15,151 crore.
The increase in revenue was mainly due to higher volume,
favourable exchange rate partially offset by lower Copper
LME prices. EBITDA improvement `111 crore mainly
on account of improved operational efficiencies, higher
volumes and increase in Sales Margin largely offset by
a onetime charge against duty entitlement scripts of
`64 crore.
Supreme Court. The Bench after having heard both the

sides on the interim relief of trial operation of the Plant,
concluded that at this stage the interim relief could not be
allowed. Further, the matter was listed as item no. 22 on
10 April 2023 and was taken up and heard by the Supreme Over the following year our, focus and priorities
Court. The Bench allowed the activities as permitted in will be to:
the letter of the Additional Chief Secretary to the district
Engage with the Government and relevant
collector, namely:
authorities to enable the restart of operations
I. Gypsum evacuation at Copper India;
II. Operation of Secured Landfill (SLF) leachate
sump pump Improving operating efficiencies, increasing
Sales Margin, reducing our cost profile;
III. Bund rectification of SLF - 4
IV. Green-belt maintenance Upgrade technology & digitalisation to ensure

high-quality products and services that sustain
Our copper mine in Australia has remained under market leadership and surpass customer
extended care and maintenance since 2013. However, expectations; and
we continue to evaluate various options for its profitable
restart, given the Government’s current favourable
support and prices. Continuous debottlenecking and
upgrading our processing capacities for
increased throughput.
170
PORT BUSINESS
Vizag General Cargo Berth (VGCB)
The volumes handled increased slightly by 1% YoY and the despatch volume increased by
4% YoY. 3% of the total volumes handled represents Multi-cargo (i.e., other than coal) under
supplementary agreement signed with Visakhapatnam Port Authority (VPA).
Risk Management Pg. 56 programs. Vedanta is further using digital technologies

to enhance learning experiences through initiatives like
Vedanta has a well-defined risk management framework
‘Gurukul’ for knowledge-sharing and ‘Knolskape’ for
involving identification, evaluation, mitigation and
simulation-based learning.
monitoring of all risks to meet its objectives. This is
enabled by a robust process that ensures all risks
The Company has been actively promoting diversity
are identified at individual business level and across
and inclusivity with focus on improving representation
ongoing projects. The entire mechanism is led by
of women, LGBTQ+ and other underprivileged or
structured risk management system and governance
underrepresented communities. Programs like ‘V Lead’
framework to ensure monitoring at multiple levels, and
and ‘V Engage’ are enabling this. The Company has
thus ensure operating controls are aligned to vision,
also adopted a globally benchmarked methodology
mission and strategy. All the respective businesses of
for rewarding and motivating its people and business
Vedanta undertake to review on a quarterly basis the
partners, for long-term success. To notch-up safety, the
risks relevant to it, the risk trend, control measures
Company launched HSE digital – incident management
and actionable. Each business also develops its risk
module in FY 2023 and also initiated roll-out of a critical
matrix and risk register, basis which the Group's
risk management (CRM) module.
principal risks are identified, and response mechanism
formulated. Vedanta’s risks are broadly classified under
The Company’s robust people practices have resulted in
sustainability risks, operational risks, compliance risks
several prestigious awards including Great Place to Work
and financial risks.
and Kincentric Best Employer 2022. As of 31 March 2023,
the Company had 87,500+ in total workforce, with women
Human Resources Pg. 102 representation increasing to 14% from 11% previous year.
People are a key resource at Vedanta, and the Company
strives to give them an enabling and fulfilling workplace. Information Technology Pg. 66
This is achieved through sustained actions around
Technology implementation centred around digitalisation,
improving health and safety, driving diversity, equity
automation, data analytics and Industry 4.0 technologies
and inclusion, and facilitating them equal learning and
are major enablers of growth and future-readiness at
development opportunities. Transforming workplace is
Vedanta. The Company has made several investments
an important pillar in Vedanta’s ESG strategy, and the
towards this to enhance operational productivity, safety
Company is undertaking definitive actions to achieve the
and sustainability. 100% of the Company’s workforce at
various goals set under it.
digitally literate. Vedanta is currently implementing its
digital transformation phase-2 project, aimed at becoming
Vedanta maintains a strong focus on attracting and
smarter and data-driven. Towards this, investments are
retaining the best employees, which now includes finest
being made in advanced technologies like advanced
minds from over 30 countries. The Company has a
process control, digital twin, predictive analysis and
robust mechanism to hire talent from campuses and
asset performance monitoring among others. They are
groom them. It also has multiple programs to build
set to make the operations more reliable and efficient,
leadership, including ‘ACT-UP’ to identify and nurture
with the use of data to analyse performance and take
talent and ‘Emerging Leaders Programme’ to identify
necessary actions.
and elevate individuals to CXO roles. During FY 2023,
more than 500 employees were elevated through various
171
DIRECTORS’ REPORT
Dear Members,
Your Directors take pleasure in presenting the
Integrated Report (prepared as per the framework set
forth by the International Integrated Reporting Council)
and the Annual Standalone as well as Consolidated
Financial Statements of Vedanta Limited ("Company")
for the financial year ended 31 March 2023.
172
DIRECTORS’ REPORT REPORT REPORTS STATEMENTS
1. KEY BUSINESS, FINANCIAL AND operational excellence while increasing technology

OPERATIONAL HIGHLIGHTS adoption and digitalisation to enhance profitability and
deliver metals of the future.
COMPANY OVERVIEW
edanta Limited ("Vedanta" or "Company"), a subsidiary
V edanta’s strategic priorities, while moving towards
V
of Vedanta Resources Limited, is a leading global natural responsible growth, are good governance and social
resources conglomerate operating across India, Namibia,
licence to operate. The Company demonstrates world-
South Africa, Liberia and UAE. It is headquartered in
class standards of governance, safety, sustainability, and
Mumbai, India.
social responsibility. It's our fundamental values of “Trust,
edanta has a diversified portfolio and produces
V Entrepreneurship, Innovation, Excellence, Integrity, Care and
commodities vital for global decarbonisation and materials Respect” that guide and help us accomplish our purpose.
intensive energy transition. The Company produces These serve as the foundation for everything we do and
aluminium, copper, zinc, lead, silver, iron ore, steel, ferro accomplish.
chrome, oil & gas, nickel, cement and commercial energy.
It strives to create long-term value for all our stakeholders urthermore, India is Vedanta's largest market, which is
F
through exploration, discovery, sustainable development one of the most stable and fastest growing economies in
and utilisation of diversified natural resources. The the world. India’s continued strength augurs well for its
Company’s steadfast focus remains on delivery and business performance.
Aluminium Zinc & Silver Oil & Gas Iron & Steel
• Largest aluminium • One of the largest • India’s largest private- • India’s largest private
capacity in India with integrated zinc- sector crude oil producer sector exporter of iron ore
captive power and an lead smelter • One of the lowest cost since 2003, according to
alumina refinery • Rampura Agucha - largest producers in the world the Federation of Indian
• 9th largest Aluminium underground mine globally • Strong exploration Mineral Industries
producer globally in terms • 5th largest silver fundamental supports • ESL Steel is engaged in
of smelting production producer globally reserves and resources the manufacturing of
steel with a total current
• Gamsberg - one of growth (46 OALP Blocks,
capacity of 1.5 million
the largest deposits in 10 DSF Blocks and 1 CBM
tonnes per year and the
the world Block)
potential to increase to
3 million tonnes per year
Complemented by other key business segments including Copper and Power
Uniquely Positioned to Deliver Sustainable Value
World-Class Natural Competitive position in

Resources Powerhouse Indian and Global market
• Diverse portfolio, strong exposure to right commodities — • Well-placed to benefit from growing Indian economy, favorable
Aluminium, Zinc, Silver, Oil & Gas regulatory environment
• Tier-1 low-cost assets with margin stability through commodity cycle • Natural benefit from large market size and supply‑
• Strong management team with track record of delivering growth demand gap
• Long-life assets with exploration upside
Delivering growth by Contributing to a

capacity expansion sustainable development
• Production ramp-up across all businesses • Net Zero carbon by 2050; reduce 25% carbon emissions by 2030
• Unlock operating efficiencies through technology and • Net water positive by 2030
digitalisation • Channeling innovation for a greener business model
• Turnaround performance of acquisition assets • Uplifting lives of people where we work and beyond
• Contributed ~`73,486 crore to exchequer in FY 2023
173
GROUP COMPANY PERFORMANCE

Financial Highlights
Revenue EBITDA Margin1 ROCE Dividend Declared

`1,45,404 crore 28% ~21% `101.5
All Time High Per Share
EBITDA PAT FCF (pre capex) C&CE

`35,241 crore `14,503 crore `28,068 crore `20,922
2nd highest All Time High
ROCE: Return on Capital Employed | PAT: Profit after Tax | FCF: Free Cash Flow | C&CE: Cash and cash equivalent
1. Excludes custom smelting at Copper Business
The standalone and consolidated financial statements of

• Historic high shareholders return; declared interim dividend
of `101.5 per share the Company for the financial year ended 31 March 2023,
• Highest ever contribution to exchequer ~`73,486 crore in FY 2023 prepared as per Indian Accounting Standards ("Ind AS")
• Continue to maintain strong double-digit return on capital and in accordance with the provisions of the Companies
employed ~21%
• Net Debt/EBITDA of ~1.28x, maintained within capital allocation Act, 2013 (the "Act") and SEBI (Listing Obligations and
framework Disclosure Requirements) Regulations, 2015 ("Listing
• Record Free cash flow (pre capex) of `28,068 crore, up 3% YoY Regulations") forms part of this Annual Report.
Operational Highlights
Record production across key business Other key achievements

Aluminium: 2.3 million tonnes Coal Mines
HZL: crossed 1 million tonnes mark • Jamkhani: Production commenced
• Chhotia restarted
• MIC: 1.062 million tonnes
Successful bidder for:
• Refined metal: 1.032 million tonnes • Bicholim iron ore mine in Goa
Gamsberg: 208 kt, up 22% YoY • Sijimali bauxite mine
ESL: saleable production of 1.3 million • Ghogarpalli and Barra coal block
FACOR New Furnace 60 KTPA commissioned
tonnes Cairn - 10-year PSC extension for RJ block
• Aluminium: Highest ever Aluminium production of 2,291 kt, up 1% with Jharsuguda ramp-up
• Zinc India: Historic high refined metal production at 1,032 kt, up 7% YoY
• Zinc International: Gamsberg achieved record production of 208 kt, up 22% YoY
• Oil & Gas: Commenced first Gas and Condensate production facility in Jaya field of OALP block
• IOB: Commenced commercial production at Nicomet - India’s only Nickel Cobalt operations
• Steel: Highest ever hot metal production of 1,376 kt
• FACOR: Achieved all time high ore production of 290 kt, up 16% YoY
• Copper India: 148 kt Cathode production from Silvassa, up 18% YoY
Business highlights Oil & Gas

Zinc India • Average gross operated production of 143 kboepd, down
• Record ore production of 16.74 million tonnes 11% YoY, owing to natural field decline. The decline
• Highest ever annual mined metal production of 1,062 kt, has been partially offset by new infill wells brought
up 4% YoY online across all assets and exploration success in
• Highest ever annual refined zinc-lead production of Ravva asset
1,032 kt, up 7% YoY • Key growth projects update:
 Infill drilling was carried out to sustain volumes in
Zinc International Mangala, Bhagyam, Aishwariya, Tight Oil (ABH), Tight
• Record mined metal production at Gamsberg of 208 kt, Gas (RDG), Satellite Field (Raag Oil, Tukaram) and
up 22% YoY. On track to surpass design capacity in Offshore (Ravva, Cambay)
FY 2024  74 wells drilled and 63 wells hooked up during
• Significant increase in BMM production YoY by 25% to 65 kt FY 2023 across all assets
174
 OALP
and DSF - Commenced production from Jaya Steel
and Hazarigaon fields. Drilling preparations are • Highest ever hot metal production of 1.37 million tonnes,
ongoing in West-Coast Offshore to drill a moderate up 1% YoY
risk-high reward prospect (risked resource potential • Highest ever saleable production of 1.28 million tonnes
of 42 mmboe) within the Kutch-Saurashtra basin post-acquisition, up 2% YoY
Aluminium • Highest ever DIP production of 196 kt, up 20% YoY
• Highest ever aluminium production at 2,291 kt. Continue
FACOR
to be the largest primary Aluminium producer in the
• Record chrome ore production recorded at 290 kt, up
country
16% YoY
• Alumina production from Lanjigarh refinery at 1,793 kt,
• Ferro chrome production of 67 kt, down 11% YoY and
down 9% YoY
sales of 67 kt, down 12% YoY
Power Copper India
• Record overall power sales at 14,835 million units, • Due legal process being followed to achieve a
higher by 25% YoY driven by improved performance of sustainable restart of operations
Talwandi Sabo Power Limited ("TSPL") and Jharsuguda • Cathode production from Silvassa was 148 kt, up by
• TSPL achieved highest ever PLF of 67% with lowest ever 18% YoY driven by continuous debottlenecking of plant
auxiliary power consumption of 6.86% capacity and improved operational efficiencies
• TSPL plant availability was 82% in FY 2023 • Enhanced product portfolio to include Research Designs
and Standards Organisation approved 19.6 MM and 23.5
Iron Ore
MM Rod
• Production of saleable ore at Karnataka at 5.3 million
tonnes The details of the business, results of operations and the
• Pig Iron production at 696 kt significant developments have been further elucidated
• Iron ore sales at Goa at 0.7 million tonnes in Management Discussion and Analysis section of the
Annual Report.
ESG Highlights
RE Power Waste Utilisation Water Positivity

1,636 MW PDA in place 162% HVLT usage 4 Units Water +ve
2 Bn+ Units utilised 204% Fly Ash usage 29.4% Water Recycling
Nand Ghars Biomass ESG Ratings

4,500+ ~78,000 tonnes of Biomass 6th Global ranking on Dow Jones
firing (4x more than FY 2022) Sustainability Index ("DJSI")
GHG Intensity Biodiversity Gender Diversity

6.24 tCO2 per tonne 1 million trees 14%
of metal Planted as part of (vs 11% in FY 2022)
(4% lower from commitment to plant
FY 2021 baseline) 7 million trees by 2030
PDA: Power Delivery Agreement
• Ranked 6th among DJSI’s top 10 global diversified Metal and Mining peers
• Cairn, IOB, VZI- BMM achieved water positivity
• Workplace gender diversity increased to 14% from 11% in FY 2022
• Biomass usage improved to 78,000 tonnes, 4x higher than FY 2022
• 1 million trees planted as part of the commitment to plant 7 million trees by 2030
• 4,500+ Nand Ghars created for women and child welfare
• Spent `454 crore on CSR initiatives, positively impacting 44 million lives
The details of the business, results of operations and the significant developments have been further elucidated in ESG
section of the Annual Report.
175
Strategy to enhance long-term value
Optimise capital
Strategic Committed to ESG Augment reserves and Operational excellence allocation and Delivering on growth
Priorities leadership resources base and cost leadership maintain strong opportunities
Balance Sheet
Focus Area • A
chieve net zero • D
isciplined • F ocus on full • M
aximise free • T
imely execution
carbon mission by approach to capacity utilisation cash flow and of growth projects
2050 and water exploration • I mprove business optimise leverage • F
ocus on growing
positivity by 2030 efficiencies • D
isciplined capital our operations
• M aintain 1st allocation organically
quartile cost curve • P
roactive risk through brownfield
positioning globally management opportunities
• D
igital transformation
KEY EVENTS DURING THE YEAR Reserves (as defined in the Scheme) to the Retained
Delisting of American Depositary Shares from New York Earnings (as defined in the Scheme) of the Company with
Stock Exchange and Termination of American Depositary effect from the Appointed Date.
Share Program, and Deregistration from U.S. Securities &
Exchange Commission The National Company Law Tribunal, Mumbai Bench
(“NCLT”) vide its order dated 26 August 2022
The Company had announced its intention to delist
(“NCLT Order”), inter alia, directed the Company to:
American Depositary Shares (“ADS”) from the New York
Stock Exchange (“NYSE”) and to terminate its American 1. Convene meeting of its equity shareholders to seek
Depositary Share Program on 23 September 2021. their approval to the Scheme; and
The ADS of the Company have been delisted from NYSE
2. File consent affidavits of all the secured creditors
effective close of trading on NYSE on 29 October 2021.
and unsecured creditors of at least value of 90% of
This follows the filing done by the Company of Form
unsecured creditors, at the time of filing the Company
25 with Securities and Exchange Commission (“SEC”)
Scheme Petition.
on 29 October 2021. As a consequence of the delisting
becoming effective, termination of the Deposit Agreement
In this regard, a meeting of the equity shareholders of the
under which the ADS were issued (the “Deposit Agreement”)
Company was held on 11 October 2022 and the proposed
has also become effective close of trading on NYSE on
Scheme was approved by the equity shareholders with
08 November 2021. The said action has no impact on
requisite majority.
the current listing status or trading of the Company’s
equity shares on BSE Limited ("BSE") and National Stock The Company is in the process of complying with the further
Exchange of India Limited ("NSE"). requirements specified in the NCLT Order.
In furtherance to above, the Company had filed Form 15F on Pursuant to the Scheme, the Company will possess greater
01 December 2022 with the SEC to deregister the ADS and flexibility to undertake capital related decisions and reflect
the underlying equity shares pursuant to the U.S. Securities a much efficient balance sheet of the Company. The
Exchange Act of 1934, as amended (“Exchange Act”). As Scheme is in the interest of all stakeholders including public
a result, the Company’s reporting obligations under the shareholders.
Exchange Act were ceased and the Company has been The complete details can be accessed at
deregistered with SEC under the Exchange Act effective www.vedantalimited.com.
from 01 March 2023.
The complete details can be accessed at Scheme of Amalgamation of Facor Power Limited into
www.vedantalimited.com. Ferro Alloys Corporation Limited and their respective
Shareholders and Creditors under Section 230 to 232 of the
Scheme of Arrangement between Vedanta Limited and Companies Act, 2013
its Shareholders under Section 230 and other applicable The National Company Law Tribunal vide order dated
provisions of the Companies Act, 2013 15 November 2022 has sanctioned the Scheme of
The Board of Directors of the Company, basis the Amalgamation of Facor Power Limited (“Transferor
recommendation of the Audit & Risk Management Company”), subsidiary of Ferro Alloys Corporation
Committee and Committee of Independent Directors of the Limited into Ferro Alloys Corporation Limited (“Transferee
Company, at its meeting held on 29 October 2021, approved Company”), a subsidiary of Vedanta Limited and their
the Scheme of Arrangement between the Company and respective shareholders and creditors under Section 230 to
its shareholders under Section 230 and other applicable 232 of the Act. The Transferor Company was dissolved
provisions of the Act (“Scheme”). The Scheme provides for without winding-up and merger effected from 22 November
capital reorganisation of the Company, inter alia, providing 2022 upon filing of certified copy of NCLT Order dated
for transfer of amounts standing to the credit of the General 15 November 2022 in INC-28.
176
Tie-up for long-term renewable power supply for the PROJECTS AND EXPANSION PLAN
Vedanta Group Projects are key driving factor of our Group as our
The Company has entered into certain long-term power aspirations for growth are very different from any of the
security agreements to source Renewable Energy (“RE") for peers globally.
its operations across India, which will be created through
dedicated Special Purpose Vehicle (“SPV") for each entity. HZL: As we march on the journey of 1.25 MTA MIC
expansion, several projects have been undertaken
The Power Delivery Agreements (“PDA") have been
throughout the year. RD mill revamping project for capacity
executed with SPVs i.e., affiliates of Serentica Renewables
enhancement to 1.3 MTPA will improve plant reliability
India Private Limited (“SRIPL”) to supply 1,626 Megawatts
by replacing obsolete Grinding, Floatation and Filtration
(“MW") of renewable power by 2025 which will not only
and improve recovery of Zinc, Lead, Silver. The project is
strengthen our commitment towards a clean future but also
under full swing and is scheduled to be commissioned
help reduce emissions to the tune of ~6.6 million tCO2e.
in Q1FY2024. In line with our vision of increasing metal
The project is being conceived to be built under Group volumes to 1.2 MTPA, new 160 KTPA Roaster will be
Captive model under an SPV, wherein the Company will own installed in Debari for which EPC partner finalisation is
26% of equity. under progress and final commissioning is targeted by
Q4FY2024. A new project of Hindustan Zinc Alloys is under
SRIPL shall help in setting-up RE Developer (the
final leg of completion with site execution completed
"Project"/"SPV") on Build Own Operate (“BOO”) basis
and mechanical completion of line-1 is scheduled for
for supply of the Contracted Capacity of Renewable
completion by early Q1FY2024. Another project of 1.6
Power to Captive User/Consumer, under Group Captive
LTPA Fumer plant will help in additional metal to the tune
arrangement on long-term basis as per the terms of the
of 40 TPA. The plan is to complete commissioning of plant
transaction document.
through OEM support in Q1FY2024. HZL is also setting up
Aligned with Vedanta’s ESG vision of “Transforming for new Fertiliser Plant in Chanderiya for which partner has
Good”, the move marks the beginning in the series of been locked in and order placement to be completed in
actions by the Company to deliver on its goal of becoming Q1FY2024 and final completion in 24 months. For further
“Net Zero Carbon by 2050 or sooner” and “using 2.5 GW phase of expansion of Mines and Smelters, studies are
of Round the Clock ("RTC") Renewable Energy for its under progress and results are expected in FY 2024.
operations by 2030”.
Aluminium: We are currently India’s largest primary
The complete details can be accessed at Aluminium producers and aim to be among the top 5
www.vedantalimited.com. global producers with expansion to 3 MTPA capacity along
with 100% backward and forward integration. We have
ACQUISITIONS recently concluded ramp-up at Jharsuguda to 1.8 MTPA, a
In FY 2023, Vedanta Limited acquired Athena Chhattisgarh significant step towards our goal. Expansion activities are in
Power Limited (“ACPL”), under the liquidation proceedings full swing at Bharat Aluminium Co. Limited (“BALCO") and
of the Insolvency and Bankruptcy Code, 2016 (“IBC”). ACPL 1 MTPA project is estimated to be completed by first half of
is building a 1,200 MW (600 MW x 2) coal-based power FY 2025. We are committed to our journey of 100% Value
plant located at Champa district, Chhattisgarh. The first Added Product (“VAP") Production and the current project
600 MW unit is ~80% completed and estimated to be fully pipeline is on track for completion in FY 2024. This would
complete by FY 2025. The plant is expected to fulfill the help us cater to growing demand from sunrise sectors such
captive power requirements for the company’s aluminium as EVs, Renewables, Defence, and Aerospace. This facility is
business. expected to cater to more than 100 downstream SMEs.
Additionally, Vedanta Limited has been declared as Lanjigarh refinery expansion from 2 MTPA to 5 MTPA
successful bidder in FY 2023 for Meenakshi Energy Limited remains our key focus area with first alumina expected in
(“MEL”) under Corporate Insolvency Resolution Process FY 2024. LOI has also been issued for the Sijimali bauxite
(“CIRP”) under IBC. MEL is a 1,000 MW coal-based power block, with an estimated reserve of 311 million tonnes of
plant located at Nellore, Andhra Pradesh comprising of two bauxite. On the Coal front, operationalisation of Jamkhani
phases of 300 MW and 700 MW. The 300 MW is completed coal mine was a significant milestone in the current year.
and has been operational in past. The plant utilises a mix of We also expect commencement of Kuraloi A North and
imported and domestic coal and is envisaged to function as Radhikapur West mines in the next 12-18 months. We were
IPP. The acquisition is currently pending NCLT approval. also declared the preferred bidder for Ghogharpalli coal
In furtherance to the same, Vedanta Limited has also block and Coal Mine Development & Production Agreement
been declared as preferred bidder for various mining (“CMDPA") has been executed for Barra block. Collectively,
and composite licenses namely Bicholim Iron Ore block this would comfortably help us gain 100% coal security and
in Goa, Sijimali Bauxite and Ghogharpalli Coal blocks in delink our operations from market volatility.
Odisha, Ghanpur Mudholi Copper and Sasoli Iron blocks VZI: In line with our vision of increasing MIC from 300 KTPA
in Maharashtra and Kewaldabri (Ni and Cr) block in to 600 KTPA, Zinc (“Zn") Concentrator Plant with capacity
Chhattisgarh. of 200 KTPA is on track, EPC partner has been locked
177
and major long lead items ordering completed, project will be conducted soon. Project is expected to be completed
commissioning expected in Q1FY2025. For 210 KTPA by October 2023.
Gamsberg Smelter project, partner finalisation is under
progress and project will be commissioned in Q4FY2025. Nicomet: In FY 2023, we have successfully operationalised
The continuous focus is on increasing Gamsberg phase-2 Nickle plant and were able to stabilise the plant
will further enhance the mining capability and processing operations for producing premium quality of our product.
capacity to double the current volumes. Gamsberg mining Additionally, we have successfully commissioned Nickle
potential from 45 MTPA to 100 MTPA through engaging metal plant for producing Ni metal in Q4FY2023. First
various mining partners. dispatch of NiSo4 and Ni metal executed in March 2023.
Going forward, focus is on developing customer base in
Cairn: we remain committed to our journey of producing domestic and export market.
50% of India’s Oil & Gas production. In-line with our vision,
we brought 55 wells online in FY 2023 across various DIVIDEND DISTRIBUTION POLICY AND DIVIDEND
assets. In Ravva, total 5 wells were put on production
In terms of the provisions of Regulation 43A of the Listing
which led to increase in production from 10 kboepd to
Regulations, the Company has adopted Dividend Distribution
13 kboepd. Cambay campaign– 3 wells were put online
Policy to determine the distribution of dividends in
leading to increased volumes from 11kboepd to 13 kboepd.
accordance with the applicable provisions. The policy can be
RDG Campaign – total 14 wells were put on production
accessed on the website of the Company at
thereby increasing volume from 25 Kboepd to 29 Kboepd.
www.vedantalimited.com.
We continue to undertake further Infill Drilling campaigns
across fields to maximise recovery and exploration
With consistent dividend as a healthy sign of our sustained
campaigns to discover resources for further growth. We
growth, our firm belief in percolating the benefits of our
also expanded our geographical footprint and commenced
business progress for widespread socioeconomic welfare
production from Assam and Onshore Gujarat, thereby
facilitates the equitable sharing of our economic value
helping us diversify our asset base.
generated. Attaining steady operational performance and
ESL: 3 MTPA project - The steel expansion project with a harmonised market environment in continuation of the
an investment of `2,696 crore comes with additional historical trends helped us to reaffirm the realisation of
Blast Furnace of 1,264 m3 supported by a 0.5 MTPA Coke competent numbers for FY 2023.
Ovens, 2.4 MTPA Pellet Plant, 800 TPD Oxygen Plant and
other auxiliaries and infrastructure upgradation including Return to Shareholders (` per share)
Railway siding to Plant head. This project also comes
101.50
with a new 0.18 MTPA Ductile Iron Pipe Plant which
will help us to maximise VAP. The project along with
debottlenecking of BF#3, Sinter Plants and new LRF will
take us to the capacity of 3 MTPA with the lowest quartile
45.00
cost and premium product portfolio. Expected HCO #1

commissioning by Q1FY2024, RMHS by Q3FY2024, BF #1
18.85
3.90
9.50
completion by Q4FY2024.
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
FACOR: This year, in March 2023, we have successfully
~30% dividend yield with record dividend declaration of `101.50/
commissioned the project of 33 MVA Furnace which share in FY 2023.
will take Fe-Cr production from 90 KTPA to 15 KTPA.
The Company has declared the following dividends during
Additionally, 0.5 MTPA COB Tomka project for deploying
the year in compliance with the Dividend Distribution Policy:
additional Chrome ore Beneficiation plant outside the
mining lease located in TOMKA, TOR has been approved, PH
Particulars Interim Dividend – FY 2023

1st 2nd 3rd 4th 5th
Date of Declaration 28 April 2022 19 July 2022 22 November 2022 27 January 2023 28 March 2023
Record Date 09 May 2022 27 July 2022 30 November 2022 04 February 2023 07 April 2023
Date of Payment Within 30 days from the date of declaration
Rate of Dividend per share 31.50 19.50 17.50 12.50 20.50
(Face Value of `1 per share)
% 3,150 1,950 1,750 1,250 2,050
Total Payout (` in crore) 11,710.14 7,249.13 6,505.63 4,646.88 7,620.89
Pursuant to the Finance Act, 2020, dividend is taxable in the hands of the shareholders with effective from 01 April 2020 and
tax has been deducted at source on the Dividend at prevailing tax rates inclusive of applicable surcharge and cess based on
information received by the Registrar and Transfer Agent (“RTA") and the Company from the Depositories.
The Board of Directors did not recommend any final dividend for the financial year ended 31 March 2023.
178
CREDIT RATING empower them to think independently, creatively and innovatively.

Your Company is rated by CRISIL and India Rating and We strive to operate responsibly through sustainable use of
Research Private Limited on its various debt instruments. resources and investing in various environmental goals.
A detailed status of the Credit Ratings on various facilities Lastly, we are committed to nurturing lasting and enduring
including Bank Loans, Working Capital Lines, Non-Convertible relationships with our stakeholders, built on trust and
Debentures and Commercial Papers forms part of the Report concern for their individual and collective well-being through
on Corporate Governance Report of this Annual Report. meaningful engagements.
Vedanta’s large, diversified asset portfolio, with an attractive cost
ECONOMIC RESPONSIBILITY position in many of its core businesses, enables us to deliver
Vedanta guided by its vision and mission adopts a strong margins and free cash flows through the commodity
comprehensive value creation process that leverages on all cycle. Vedanta continued its strong growth momentum and
available resources and relationships while addressing material witnessed steady volume performance across all businesses,
issues and strategic focus areas. At the core remains ESG, with aluminium and zinc delivering record performance, despite
where our purpose ‘Transforming for Good’, supplemented by the challenging environment, in terms of geo-politics, rising
the more comprehensive ‘Transforming Together’ theme is energy prices and uncertainty in commodities market.
deeply embedded into this value creation process. The inherent
At Vedanta, FY 2023 was a year of remarkable progress on
community value empowers our decision-making to drive
the ESG front led by our ‘Transforming for Good’ purpose. We
business success, while contributing to the nation’s growth.
positively touched more than 44 million lives through our CSR
Our continuous endeavour is to build a sustainable world with a
progammes, improved diversity, inclusion and governance
shared value creation for all stakeholders.
practices and took major strides in the areas of carbon neutrality,
Our value creation drive is focussed on optimising capital water positivity and a greener business model.
allocation and maintaining a strong balance sheet while
In line with the past trends, we are proud to declare that we have
generating strong free cash flows. We invest in best-in-class contributed `73,486 crores to the public exchequer of the various
equipment and machinery to ensure operational efficiency and countries where we operate in FY 2023. The total contribution
safety, at both our current operations and expansion projects. to exchequer is the result of value addition by various business
We promote diversity, equality and inclusivity, while also segments across their respective value chain and multiple
investing in people development, safety and well-being. We hierarchies of business cycle.
Total Contribution
48%
Government Royalty
`73,486 crore 69%
Indirect Taxes
and Profit Petroleum
34% 22%
17% 53% Indirect
Withholding
Taxes on Income Taxes Borne Taxes
and Capital Contribution
9%
35%
13%
Other indirect
Other taxes borne contributions
Dividend paid to Govt.
BUSINESS SPREAD OF CONTRIBUTION TO EXCHEQUER
ALUMINIUM ZINC
`8,296 crore `25,201 crore
Total Contribution
COPPER Oil & Gas
`5,375 crore
`73,486 `23,328 crore
crore
STEEL IRON ORE
`2,488 crore `1,766 crore
OTHERS
`7,032 crore
Your Company publishes Tax Transparency Report which provides an overview of the tax strategy, governance and
tax contributions made by the Company. Such report is a testimony to the conglomerate’s endeavor towards absolute
transparency in disclosure of proﬁts made and taxes paid.
The report is available on the website at www.vedantalimited.com.
179
2. SUSTAINABILITY AND SOCIAL RESPONSIBILITY • Our Corporate Social Responsibility

NVIRONMENTAL, SOCIAL AND GOVERNANCE
E programmes that focus on improving the
APPROACH skill sets of communities are helping around
4,00,000 families improve their earning
Transforming for Good
potential and achieve financial independence.
Introduction:

The current fiscal year is significant as we focus on putting 2. Transforming Planet:
in place an Environmental, Social, and Governance (“ESG”) • PDAs are in place for 838 MW of Renewable
framework to drive our ESG agenda for the long term. Our Energy Round The Clock power for our
efforts are guided by senior management and supported operations, with the potential to abate
by the creation of 14 Communities of Practice (“CoP”) to ~7 MMtCO2e per year.
drive and achieve results in specific directions. Our 3 Pillars • Four of our operations (Hindustan Zinc
and 9 aims set the path for us to become a leader in the Limited, Cairn India, Iron Ore Business, and
ESG space. We have started building momentum towards Black Mountain Mine) are now water positive.
achieving our commitments to our stakeholders, and our
work plan for attaining our ESG goals is being put in place. 3. Transforming Workplace:
• Our total women employee base has
ESG Targets: improved to 14% from our FY 2021 baseline
e are building our focus to achieve our stated 2030 ESG
W of 11% which shows significant progress in
targets, which will improve our business sustainability and making our workforce more diverse.
make us agile, future-ready, and an employer of choice. Our • Our women representation in decision-
14 CoPs are working towards achieving these goals, and we making roles is expected to improve from
have made considerable efforts to align our future business 12 to 16% in FY 2023, which means more
trajectory with our ESG goals. Given the long-term nature of leadership roles for women employees to lead
our targets, the roadmaps are constantly evolving, and our businesses.
consistent and focussed approach towards these goals will
help us to get near our targets. ESG Ratings:
ur jumpstart in ESG performance has been endorsed
O
Green Shoots/Major Achievements:
and acknowledged by ESG rating providers. We have
onsiderable efforts are being made in every ESG aim that
C improved our ESG rating in renowned ESG rating
we are working on, and some significant achievements in providers like Dow Jones Sustainability Index ("DJSI"),
FY 2023 give confidence to the Company that we are on the Sustainalytics, MSCI, CDP (Water) while retaining our
right track. These include: CDP rating in climate performance. This is the result of
1. Transforming Communities: putting organisation-wide efforts on changing the on-
• Our flagship Nand Ghar programme has reached ground situation for the better, which is getting reflected
4,533 Nand Ghars, impacting 2.9 million women in ESG ratings.
and children through our initiative.

• No significant votes • Improvement from • Part of Sustainability • B-rating for CDP
against directors severe to high risk World Index Climate and CDP Water
• Incentivisation • Improved management • Only Indian company to • CDP Water disclosed for
of sustainability of ESG risks cited as be added in FY 2022 1st time
Performance in reason for better rating • Also, part of ‘Emerging
executive pay policies Markets Index’
47
99
A
98
98
98
44
39.6
97
BB
B
B
B
B
B
30
CC
89
C
86
2020 2021 2022 2020 2021 2022 2020 2021 2022 2019 2020 2021 2022
VEDL Historical Data VEDL High Risk category HZL #3 | M&M Index HZL rated A for CDP climate
HZL Historical Data HZL Medium Risk category VEDL #6 | M&M Index and CDP water
VAL #2 I AL Sector
180
Challenges: A separate detailed report on company’s Sustainability

Safety Performance Development also forms part of the Annual Reporting suite. Your
Company publishes an annual Sustainability Report prepared
While there are green shoots visible in almost all the ESG
in accordance with the Global Reporting Initiative ("GRI")
Key Performance Indicators, our safety performance
Standards; mapped to the United Nations Global Compact
remains a cause of concern. Unfortunately, we had 13
("UNGC"); and aligned to Sustainable Development Goals
fatalities in FY 2023, which belied our efforts to improve our
("SDGs"). It reports our approach and disclosure towards triple
safety scores. To overcome this issue, we are implementing
bottom line principles - People, Planet and Profit.
a Critical Risk Management (“CRM”) framework at all our
locations, which ensures working on top reasons/root
Detailed information about the Company’s sustainability
causes for fatality elimination. CRM is a proven way to
performance can be found in our annual Sustainability
improve fatality reduction and has been implemented by
Report which can be accessed at www.vedantalimited.com.
global metals and mining majors. We are trying to fast-track
the progress of this project as much as possible.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
Growth Projects AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Our growth projects planned from FY 2024 to FY 2030 The information on conservation of energy, technology
period, while improving our portfolio of energy transition absorption stipulated under Section 134(3)(m) of the Act
metals, will add more pressure on our environmental read with Rule 8 of the Companies (Accounts) Rules, 2014, is
performance (emissions, water, waste, etc.). This growth annexed herewith as ‘Annexure A’.
project pipeline can affect our 2030 targets for environment,
but we are devising the strategy for ensuring that our The details of the Foreign Exchange Earnings and Outgo are
growth trajectory is as green as possible. as follows:
To achieve our ESG aims, we have created a strong (` in crore)
pipeline of more than 1,100 projects in all 3 major areas of Particulars Standalone Consolidated
transformation, which will take us in the required direction. FY 2023 FY 2022 FY 2023 FY 2022
With the help of technology and focussed approach, we are Expenditure in foreign 5,172 2,574 7,266 9,324
on right track to achieve leadership position in ESG space. currency
Earnings in foreign 31,035 33,744 49,439 47,991
BUSINESS RESPONSIBILITY AND SUSTAINABILITY currency
CIF Value of Imports 26,437 22,918 34,137 29,520
REPORT
Since FY 2022, our Business Responsibility and CORPORATE SOCIAL RESPONSIBILITY ("CSR")
Sustainability Report (“BRSR”) disclosures have been
Vedanta has committed itself towards reaching out and
aligned with the regulations issued by the Securities
giving back to its communities. Creating an ecosystem of
and Exchange Board of India (“SEBI”), which mandate
development through planned interventions, Vedanta is
compulsory disclosures for top 1,000 companies by market
ensuring that its vision for the development of the nation
capitalisation in India. As per SEBI directives on Integrated
reaches the farthest geographies.
Reporting (“IR"), the Company follows the <IR> framework of
the International Integrated Reporting Council to report on all With a consistent focus on bringing a transformational
the six capitals that are used to create long-term stakeholder change in its communities, Vedanta is implementing
value and also continues to provide the requisite mapping sustainable and inclusive growth and has reached out to
of principles between the Integrated Report, the GRI and the 4,39,14,230 total beneficiaries across 1,268 villages in
Business Responsibility Report (“BRR") which has now been FY 2023.
advanced to the BRSR as per new SEBI requirements. Hence,
Spearheading Women and Child Development through its
a BRSR containing basic information about the Company’s
flagship project ‘Nand Ghar’, a total of 4,533 centres across
sustainability practices is being published as a part of the
14 states in India have been developed that cater to more
Integrated Report this year. These disclosures will help
than 3 lakh children and women of rural India. Nand Ghars are
Government to focus on major areas of policy actions and
transforming the landscape of rural India with best-in-class
for improved compliance of ESG issues at large to align with
infrastructure and facilities. Project Nand Ghar is emerging
Government’s own goals for business sustainability.
as synonymous to nutrition. This year, with Vedanta Delhi
As part of our commitment to upholding ESG priorities, Half Marathon and Vedanta Pink City Half Marathon, more
the Board of Directors at Vedanta have taken steps to than 50,000 people ran for the cause “Zero Hunger”. These
strengthen our focus on ESG matters. The Board-level marathons reached out to international and domestic runners
ESG Committee meets every six months to oversee and and with the zeal and enthusiasm of the participants, Vedanta
guide the business on its ESG strategy. The Committee is was able to commit 2 million meals for a healthy and nourished
headed by an Independent Director. Additionally, the Board India. Catering to the needs of building a resilient future
is supported by ESG advisors with extensive expertise generation, Nand Ghar also launched a multi-millet nutria bar
in areas such as communities and social performance, for children’s holistic nutrition as part of its preparations for its
requiring collective efforts on various fronts. Details of the objective for a healthy India.
composition of the Committee, its terms and reference and
Vedanta has always found its purpose in giving back
information on ESG advisors, and the meetings held during
multifold to its communities and ensuring no being is left
FY 2023 are elucidated in the Corporate Governance Report.
behind. Broadening its reach into the realm of welfare,
181
Vedanta has launched a first of its kind, Animal Welfare An overview of CSR initiatives is provided in earlier section
Project, The Animal Care Organisation ("TACO"). An initiative of this Annual Report and report on CSR activities for
focussed on improving animal health and welfare, TACO is FY 2023 as per Section 135 of the Act and rules made
currently operating in Haryana and Rajasthan. Its goal is thereunder forms part of this Directors’ Report and is
to offer top-notch amenities, veterinary care, training, and annexed hereto as ‘Annexure B’.
animal shelters to protect and care for animals. Additionally,
Further, the Company has in place a CSR Policy approved
TACO has provided aid to Ranthambore National Park
by the Board of Directors and the same can be accessed at
to help preserve the diverse wildlife found within the www.vedantalimited.com.
sanctuary.
Excellence in Corporate Social Responsibility
Furthermore, to accelerate social growth and development,
An essential aspect of most of the programs is adopting
with a well-defined roadmap and a commitment to invest a community engagement strategy that begins from the
`5,000 crore, Anil Agarwal Foundation, the philanthropic grassroots level. This approach fosters community ownership
arm of Vedanta aims to take the mission of creating strong and long-term sustainability with efficiently implemented
and resilient communities in India ahead. programs working for the betterment of the communities.
Understanding and prioritising the needs of the communities,
In FY 2023, Vedanta has won several awards for its
several interventions with focus on women and child
community development initiatives like National CSR development, healthcare, sustainable livelihood, sports and
Award, Platts Global Metal Awards for Corporate Social culture and community development have been designed
Responsibility, ICC Social Impact Award 2022, FICCI CSR and implemented across more than 1,000 villages.
Award 2022, 11th India CSR Award 2022, India CSR Award etc.
Impact at a Glance
Nand Ghar Sports and Culture Health Women Drinking Water Children Wellbeing
3,16,000 Women 3,55,525 Beneficiaries 26,96,689 Empowerment and Sanitation and Education
and Children 13 Initiatives Beneficiaries 44,503 Beneficiaries 6,25,528 Beneficiaries 3,87,25,079
Beneficiaries 33 Initiatives 7 Initiatives 17 Initiatives Beneficiaries
28 Initiatives
Environment Livelihood Skill Development Disaster Relief Community Infrastructure/

4,19,670 94,577 Beneficiaries 5,400 Beneficiaries 50 Beneficiaries Mobilisation
Beneficiaries 11 Initiatives 10 Initiatives 6,28,511 Beneficiaries
3 Initiatives 15 Initiatives
Impact Assessment
KPMG carried out a scoring exercise for each Business Unit wherein their relative performance per project was ascertained
and presented basis the OECD-DAC Framework. It comprises a set of criteria that aids in the systemic and objective
assessment of ongoing or completed development programs, their design, and implementation, using six evaluation criteria
– Relevance, Coherence, Effectiveness, Efficiency, Impact and Sustainability.
The exercise of carrying out the studies were intended to provide an understanding of what were the best practices
emerging from the study and what can be done next as part of the way forward.
The following process was undertaken to conduct the study
Adopting different study Strategic inputs for further

approaches based on Strengthening existing Recommendations for strengthening of CSR
existing community impact map with SDG exiting/consolidating programs with a focus on:
indicators current programs
sentiment: • Impact
1. Research approach • Perception
Scoring each project
2. CSR focussed Business Unit wise of stakeholders
approach Mixed methods approach
• Emerging priority areas
to data collection -
surveys, interviews and Data analysis and
• Business drivers
FGDs, etc. benchmarking with national
and state averages
182
The following questions are asked through the study
What impact have the How do local How are the CSR What are the current How are different
CSR activities been able communities and other programs helping needs of the community projects/BUs/thematic
to create (intended and stakeholders perceive strengthen the social and baseline values for areas performing with
unintended)? Vedanta’s CSR activities licence to operate for the indicators Vedanta respect to each other
vis-à-vis its business the respective Business wants to impact? and what course of
operations? Units? corrective actions are
needed?
Thematic Area Indicators (%)
Ensure all achieve literacy 91

Education
Improvement in passing percentage 62
Sustainable
Employed community members 79
Livelihoods
Association with Farmer Producer Organisations 23
Placement rate of trained youth 91
Skilling
Trained population that could retain their job beyond 18 months 39
Health, Water
Accessing public health facilities 85
and Sanitation
Population stating improvement in quality of healthcare 39
Community
Access to clean drinking water 55
Assets Creation
Presence of drinking water source within the house or its periphery 56
Women associated with Self Help Groups 48
Women
Empowerment Women that always make their own decisions on education, finances, family
planning etc.
52
Primary Data Secondary Data

Perception of CSR Management A digital listing and topic analysis
• 47 CSR Management Interviews were conducted across 8 Business was performed on ESG activities of
Units of the Company Vedanta Resources Limited (“VRL")
and its subsidiaries across the World
• 95% respondents feel that Vedanta’s focus on business drivers through Wide Web to analyze the brand
CSR over the last three years has improved community relations mentions and other digital media
Key Performance Indicators ("KPIs")
surrounding them.
75% respondents feel 25% respondents feel Only 6% respondents
that CSR generates that CSR is an integral feel that CSR is This was done to understand the
value and success part of strategy that a compliance perception that netizens have around
for both the Company drives the business requirement and is the brand’s CSR activities and to
and society forward through the separate from the rest identify opportunities for Vedanta
generation of trust of the business that can be carried out as part of CSR.
Beneficiaries and Local Districts' Sentiment

Community Stakeholders Stakeholders Analysis
8% 15% 4% 5% 4%
21%
26% 36%
77% 91% 70% 43%
Exceeding expectations Satisfied More support required Positive Neutral Negative
183
Details of Impact assessment of CSR projects and nurtures innovation, creativity and diversity. We ensure
carried out in pursuance of sub-rule (3) of rule 8 alignment of business goals and individual goals to enable our
of the Companies (Corporate Social Responsibility employees to grow on personal as well as professional front.
Policy) Rules, 2014 It is through the passion and continued dedication of our
As per the revised CSR Rules issued by Ministry of Corporate people that our Company continues to succeed and we have
Affairs ("MCA") in January 2021, every company having an always unequivocally and firmly believed in rewarding our
average CSR obligation of ten crore rupees or more in the people for their consistent efforts through our best-in-class
three immediately preceding financial years, shall undertake and globally benchmarked people practices and reward
impact assessment, through an independent agency, for their
programs.
CSR projects having outlays of one crore rupees or more, and
which have been completed not less than one year before We have been recognised for our people practices by coveted
undertaking the impact study. External Award:
In line with the above requirement, a brief outline of the 100+ External Recognitions received in last 7 years
•
projects for which Impact Assessment was carried out and • Vedanta Group identified as Great Place to Work second
the executive summary of the Impact Assessment Reports time in a row along with a special mention for being
is annexed as 'Annexure B-1' to the Annual Report on CSR India’s Best Employers Among Nation-Builders 2022
Activities for FY 2023 forming part of this Annual Report.
• Kincentric Best Employer Award 2022 for Commitment
The complete Impact Assessment Reports of the applicable to Diversity and Inclusion
projects can be accessed at the Web-link provided in the said • Featured in Top 10 Happiest Workplaces 2022 by
annexure. Business World along with other prominent brands
3. HUMAN RESOURCES MANAGEMENT • Arogya World Healthiest Workplace Award - Recognised

at Gold Level for Vedanta Group for best practices in
PEOPLE AND CULTURE Health and Well-Being 2022
Our Company has always aspired to build a culture that
• Recognised with Economic Times - Company with Great
demonstrates world-class standards in safety, environment
Managers year-on-year
and sustainability. People are our most valuable asset and we
are committed to provide all our employees, a safe and healthy • Recognised for ‘Significant Achievement to HR
work environment. Our culture exemplifies our core values Excellence’ by CII
People Practices
Best Talents to change Fabric of the Organisation - Right Roles, best benefits, career path and anchoring diverse
talent: gender, skill and geography
 1,200+ Freshers out of which 150+ from premier campuses, 38% gender diversity, 12% minority and 30% Rank holders
 Vedanta Leadership Development Program (“VLDP") hiring from top IITs and IIMs, XLRI, NITIE
 Hiring at mid and entry level positions from top global campuses from US, UK, Australia, Asia etc.
 Anchoring and mentorship by senior leaders, tracked digitally via V-Excel Platform for the campus hires
 Family Business Hiring is a unique initiative where the objective is to get professionals who bring entrepreneurial
skillset into the system
 Global Talent and Subject Matter Experts hired with niche skillset to give us the competitive advantage. We have
talents from around 30 different nationalities
Diversity Equity and Inclusion ("DEI") - Vedanta has already embarked with the journey to build an inclusive and
empowered workforce. To create organisational capability for future, our BUs have differentiated themselves
through continuous efforts in creating positive transformation that is based on meritocracy without any scope of
discrimination on the ground of age, sex, colour, disability, marital status, nationality, caste or religion. Ensuring an
inclusive environment is a key part of our belief that drives equality and innovation. All our DEI principles focus on:
Enabling and empowering diversity

Promoting equality

Inclusive policies

Inclusion of LGBTQ as a part of the workforce

Training and Sensitisation of workforce - Gender intelligence workshop

Project Pancchi, Sapnon ki Udaan was launched with Vedanta’s focus on giving back to the community and Nation

- Desh Ki Zarooraton ke Liye. It is aimed at the upliftment of the society by providing opportunity to groom 1,000
girls from the marginalised community and make them a part of our Vedanta Family. This program will focus on
upskilling the ‘Pancchis’ to enable them to work in business shop floors and other functions. This will strengthen
them from all aspects - financially, emotionally and socially ensuring their safety and security
184
Leadership Development and Succession Planning - In line with our core philosophy of “Leadership from within”, we
run some of the industry’s most sought after leadership development programs. We identify high quality talent with
focus on young talent to make Vedanta truly ‘future-ready’
 Robust Second-in-line Leadership: The Emerging Leaders Program was a group-wide talent identification initiative,
to identify and place Hi-Po talent in Deputy CXO Roles across businesses, SBUs and functions. 130 leaders were
elevetated into key critical roles while shadowing the CXO. Successors identified through a rigorous structured
process of assessments and feedback
 xecutive Education and C-Suite Coaching: 100+ leaders identified for Executive Education programs from Premier
E
B-Schools like IIM B, ISB and INSEAD to enhance leadership and managerial acumen. All senior CXOs mapped with
Internationally Acclaimed Executive Coaches
Enabling Women Leadership: V-Lead, our Flagship Women Leadership Development Program to create a strong
pipeline of women CXOs and include them in decision-making bodies
 120 high-potential women leaders covered

 25 Vedanta CXOs anchoring V-Lead Leaders
 80% of our V-Lead Leaders elevated to Leadership Roles in last two years through growth workshops, ACT-UP etc.
 40% of our V-Lead Leaders recognised across Vedanta with the prestigious Chairman Awards
Complete Talent Coverage: Employees across all functions, grades, experience/seniority levels are included in our
Talent Development Initiatives which ensures fast-tracked career progression for all employees at the right time
This year, Multiple ACT-UP programs were held focussed on critical functions such as Projects and Mining.

Unique initiatives such as Non-HR to HR, V-Excel, V-Reach Tech, V-Lead were executed covering a specific pool
of employees which included new campus hires, Cross-Functional leaders (Mining, Projects, Commercial and
Marketing etc.) and Women Leaders. Gurukul, a digitally-driven feedback-centric Learning and Development
initiative which gives internal leaders and external experts a platform to share their expertise, has grown and now
boasts of a 24*7 digital repository of all knowledge sessions along with top emerging ideas
A detailed update on People and Culture detailing the Company’s initiatives, recruitment strategy, hiring projects and talent
management and development is elucidated in the Sustainability and ESG Section of the Annual Report.
EMPLOYEE STOCK OPTION SCHEME ("ESOS") On 28 October 2022, the Nomination & Remuneration
Employee stock options is a conditional share plan for Committee (“NRC") approved the grant of Employee Stock
rewarding performance on pre-determined performance Options 2022 to Vedanta employees covering 43% of
criteria and continued employment with the Company. It eligible population. For the first time, all the campus hires
provides a much better line-of-sight to all the employees were provided with stock options, to enable young talent to
and gives the control of outcome to employees. grow and contribute towards overall business performance.
Our Company had launched a stocks-based incentive In order to align the scheme with the best-in-class reward
scheme viz., ‘Vedanta Limited Employee Stock Option practices globally and pertinent Indian peers, as well as to
Scheme 2016’. The Scheme was framed with a view to emphasise on our value system of ‘CARE’ for employees
reward employees for their contribution in successful and culture of ‘Pay for Performance’, the ESOS 2022 plan is
operation of the Company with wealth creation driven by Business and Individual performance.
opportunities, encouraging high-growth performance and
reinforcing employee pride. The scheme is robust with an objective to place greater
prominence on superior individual performance thereby
The Scheme was launched after obtaining statutory recognising high performing talent while keeping them
approvals, including shareholders’ approval by way of accountable for business delivery. It has been ensured
postal ballot on 12 December 2016. that the scheme fulfils its motive of wealth creation for
employees to fulfill their financial goals and at the same
time gives them the sense of ownership.
185
Vesting of the awarded grants are completely based on placed before the shareholders at the ensuing Annual General
performance, linked to individual & business parameters. Meeting (“AGM"). A copy of the same will also be available for
Since this is a long-term incentive, continued employment inspection through electronic mode.
with the company from the grant till vesting is a
construed condition to be eligible for vesting. Vedanta MANAGERIAL REMUNERATION, EMPLOYEE
follows performance-based cliff vesting with vesting INFORMATION AND RELATED DISCLOSURES
on 3rd anniversary of grant. To give prime importance to The remuneration paid to Directors, Key Managerial
sustainable business delivery, ESG and Carbon footprint Personnel (“KMP"), and Senior Management Personnel
are part of additional parameters to measure business (“SMP") during FY 2023 was in accordance with the
performance. To ensure that we operate sustainably in Nomination and Remuneration Policy of the Company.
line with our motto of ‘zero harm, zero waste and zero
discharge’, multiplier based on fatalities has also been Disclosures under Section 197 of the Act and Rule 5(1)
included as a performance parameter for vesting. of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 (“Rules") relating to the
The Scheme is currently administered through Vedanta remuneration and other details as required are appended as
Limited ESOS Trust (“ESOS Trust") which is authorised by 'Annexure C' to the Report.
the Shareholders to acquire the Company’s shares from
secondary market from time to time, for implementation of In terms of provision of Section 136 of the Act and Rule 5(2),
the Scheme. the Report and the Financial Statements are being sent to
the Members of the Company excluding the statement of
No employee has been issued stock options during the particulars of employees as prescribed under Rule 5(2) of
year, equal to or exceeding 1% of the issued capital of the the Rules. The said information is available for inspection
Company at the time of grant. through electronic mode. Any member interested in
obtaining a copy of the said statement may write to the
During the year, the acquisition by the Trust does not
Company Secretary and the same shall be furnished upon
exceed 2% of the paid-up capital of the Company. Further,
such request.
the total acquisition by Trust at no time exceeded 5% of the
paid-up equity capital of the Company.
COMPENSATION GOVERNANCE PRACTICES AT
Pursuant to the provisions of SEBI (Share Based Employee VEDANTA
Benefits and Sweat Equity) Regulations, 2021 ("Employee Our Compensation Philosophy: People are our greatest
Benefits and Sweat Equity Regulations"), disclosure with asset and we are committed to providing all our
respect to the ESOS Scheme of the Company as on employees, a safe and healthy work environment. Linkage
31 March 2023 is available on the website of the Company of Reward Priorities to Business Priorities Ensuring a
at www.vedantalimited.com. Uniform Experience Across Group. Built on the core
objective of driving ‘Pay for Performance’ culture, the
The Company confirms that the Scheme complies with
mix of components of the Executive Compensation aims
the Employee Benefits and Sweat Equity Regulations and
to drive the short as well as long-term interests of the
there have been no material changes to the plan during the
Company and its shareholders through strong emphasis
financial year.
on operational/financial fundamentals, social licence to
A certificate from M/s Vinod Kothari & Company, Practicing operate, business sustainability and strategic objectives of
Company Secretaries, Secretarial Auditors, with respect to the resource and reserve creation along with wealth creation for
implementation of the Company’s ESOS Schemes, would be stakeholders.
Business Rewards
Priorities Priorities
Zero Undesirable Relentless Focus on

Talent Loss Productivity and Performance
Zero Harm, Zero Build a Performance
Above Market Pay Compelling Pay Mix Basis
Waste and Zero Driven Culture
Positioning Position in the Firm
Discharge
Individualised Employee
It Pays to Perform Value Proposition
Reflect and Enable I-RECITE at Heart High Differentiation Holistic Employee
Long-Term Business at 1.8 - 2.2X Growth
Growth and Vision
186
Executive Committee Members partners as well as timely communication to ensure

transparency to all employees
Maximum
31 38 31
Vedanta has been built on a strong foundation of
On-Target
34 42 24 governance where the Board, Key Executives and
Compliance Officer have been vigilant and committed
Minimum
100 to ensure structural integrity, soundness and highest
Fixed Pay Annual Bonus LTIP standards of compensation practices. Over the last few
years, we have matured many of our reward practices
Ratio of Fixed Pay vs Variable Pay in Senior Executives' Remuneration as an attempt to continue to raise the bar
 The composition of NRC is in compliance with the

Linkage to ESG/Safety Listing Regulations and majority of the members are
Scorecard-based performance management approach:
 Independent Directors. The Chairman of the Committee
Greater emphasis is laid on setting of objective KPIs is an Independent Director
along with the continuous performance dialogue
 The members of NRC together bring out the rich
Culture of safety and sustainability to achieve our
 expertise, diverse perspectives and independence in
ultimate vision of “Zero Harm”, “Zero Waste” and “Zero decision-making on all matters of remuneration for
Discharge”: The safety and sustainability scorecards Directors, KMP and SMP. The Independent Directors
under the Vedanta Sustainability Assurance Program form are actively engaged throughout the year as members
an integral component. Progressively, impact of carbon of NRC in various people matters even beyond
footprint has been added as a performance parameter remuneration
 SG Component in Annual Performance Bonus: Based
E  A Board charter appoints and sets primary
on a balanced scorecard of financial, operational, responsibilities of NRC which includes selecting,
sustainability & ESG, people and strategic metrics, compensating, monitoring and, when necessary,
appropriate weightage is allocated to efforts towards replacing key executives and overseeing
business and individual performance. Business succession planning
performance parameters include Volume, CoP, FCF,
EBITDA, Reserves. Any fatality in the group impacts the  Best-in-class independent consultants are engaged to
variable of the employees. advise and support the Committee on matters of Board
evaluation and leading reward practices in the industry
 ong Term Incentive Plan ("LTIP"): The vesting is
L
attributed to sustained business and individual  Timely risk assessment of compensation practices
performance against the pre-determined performance is carried in addition to review of all the components
criterion which also includes ESG and Carbon Footprint of compensation for consistency with stated
 mployee Benefits Policy: Road-based transportation
E compensation philosophy:
is responsible for ~12% of global GHG emissions.  Financial analysis and simulation of the long-
At Vedanta, we have committed to do our bit to term cost of reward plans and their Return on
eliminate these emissions. As an organisation, we Investments ("ROI")
want to ensure that 100% of our light motor vehicles  Provision of claw back clause as part of the
are decarbonised by 2030. Towards the above goals, ground rules of our long-term incentive scheme
a radical change to our Company Car Policy was for all our leaders
announced involving Electric Vehicle ("EV") Kicker to
 Upper limits and caps defined on incentive
incentivise employees to opt for EV. Additionally, a new
pay‑outs in the event of over-achievement of
policy on EV Incentive for the purchase of electric
targets to avoid windfall gains
two-wheelers was launched to benefit all the
employees across the organisation  We do not encourage provision of excessive perks or
special clauses as a part of employee contract
Governance: The Executive Compensation Philosophy

such as:
is well established and benchmarked across relevant
industry comparators which enables us to differentiate  No provision of Severance Pay in Employment
people on the basis of performance, potential and contracts of Whole-Time Directors ("WTD"), KMP
criticality in order to provide a competitive advantage and SMP
in the industry. All parameters are reviewed each year
 No Tax Gross up done for executives except for
by the NRC. Timely risk assessment of compensation
practices is done in addition to review of all expatriates as a part of tax equalisation
components of compensation for consistency with  No provision of unearned incentives/unvested
stated compensation philosophy Stock or Cash Options
 oice of the Employee: Involvement of bright minds
V Any benefit provided to Key Executives (including but
from diverse functions and best in market external not limited to CEO/CFO/CHRO) are available to all the
187
employees of the Company as per the defined Company the Group’s businesses to the Board. Our management
policy. systems, organisational structures, processes, standards,
and code of conduct together form the system of internal
We continue to corroborate the Internal Pay Equity controls that govern how we conduct business and manage
Principles, sustained attention to equity grant practices and associated risks. We have a multi-layered risk management
maintain checks and balances to confirm that the practices framework to effectively mitigate the various risks, which
are legally and ethically compliant with international, our businesses are exposed to in the course of their
national and state/regional laws. operations.
PREVENTION OF SEXUAL HARASSMENT AT The The Audit & Risk Management Committee of the
WORKPLACE ("POSH") Board aids the Board in the risk management process
The Company has zero tolerance for sexual harassment by identification and assessment of any changes in risk
at workplace and has adopted a Policy on Prevention, exposure, review of risk control measures and by approval
Prohibition and Redressal of Sexual Harassment at of remedial actions, where appropriate. The said Board‑level
Workplace in line with the provisions of the Sexual Committee is in turn, supported by the Internal Group Risk
Harassment of Women at Workplace (Prevention, Executive Management Committee ("GRMC") which helps
Prohibition and Redressal) Act, 2013 and the Rules made the said Board-level Audit & Risk Management Committee
thereunder for prevention and redressal of complaints of in evaluating the design and operating effectiveness of the
sexual harassment at workplace. risk mitigation program and the control systems.
As part of Vedanta Group, your Company is an equal Major risks identified by businesses and functions are
opportunity employer and believes in providing opportunity systematically addressed through mitigating actions. Risk
and key positions to women professionals. The Group officers have also been formally nominated at operating
has endeavoured to encourage women professionals by businesses, as well as at the Group level, to develop the risk
creating proper policies to tackle issues relating to safe management culture within the businesses.
and proper working conditions and create and maintain a
The Risk Management Policy of the Company revised in
healthy and conducive work environment that is free from
2019 covers cybersecurity as well.
discrimination. This includes discrimination on any basis,
including gender, as well as any form of sexual harassment. Group Risk Management Framework
During the period under review, seventeen (17) complaints
were received and resolved. Your Company has constituted
Internal Complaints Committee ("ICC") for various business
al St
divisions and offices, as per the requirements of the rn ra
Sexual Harassment of Women at Workplace (Prevention,
te
te
Ex
gic
Prohibition and Redressal) Act, 2013.

EVALUATE MITIGATE
4. RISK MANAGEMENT
RISK MANAGEMENT
The businesses are exposed to a variety of risks, which
are inherent to a global natural resources organisation.
The effective management of risk is critical to support IDENTIFY MONITOR
the delivery of the Group’s strategic objectives. Risk
l
Fi n
na
management is embedded in the organisation’s processes nc t

io
a
and the risk framework helps the organisation meet its ia

l e ra
Op
objectives by aligning operating controls with the mission
and vision of the Group set by the Board.
As part of our governance philosophy, the Board has a For a detailed risk analysis, you may like to refer to the risk
Risk Management Committee to ensure a robust risk section in the Management Discussion and Analysis Report
management system. The details of Committee and its which forms part of this Annual Report.
terms of reference are set out in the Corporate Governance
Report which forms part of this Annual Report. CYBER SECURITY
With effect from 06 June 2020, the Risk Management The Group has a structured framework for cybersecurity.
Committee has been consolidated with the Audit Committee The Audit & Risk Management Committee ensures the
comprising of only Independent Directors ensuring robust overall responsibility for oversight of cybersecurity
risk management systems in place with valued feedback of frameworks. Each of the Business Units has a Chief
Independent Directors being on the Committee. Information Officer ("CIO") with suitable experience in
Information/Cybersecurity. Every year, cybersecurity review
Our risk management framework is designed to be simple, is carried out by IT experts (belonging to IT practices of Big-
consistent and clear for managing and reporting risks from 4 firms). Vulnerability Assessment and Penetration Testing
188
("VAPT") review is also carried out by cyber experts. This on audit observations, including the status of follow-up to
practice has been in place for several years now and has the Audit & Risk Management Committee.
helped in strengthening the cyber security environment in
the Group. At the same time, the external environment on The Company’s Internal Financial Control ("IFC") framework
cybersecurity is continuously evolving. The respective CIOs is commensurate with the size, nature and complexity of
are responsible for ensuring appropriate controls are in the Company’s operations and is based on the criteria
place to address the emerging cyber risks. aligned to the Committee of Sponsoring Organizations
of the Treadway Commission ("COSO") framework and
INTERNAL FINANCIAL CONTROLS requirement of the Act. Through the IFC framework in place,
Your Board has devised systems, policies, and procedures/ the Audit & Risk Management Committee and the Board
frameworks, which are currently operational within the gains assurance from the management on the adequacy
Company for ensuring the orderly and efficient conduct and effectiveness of Internal Controls over Financial
of its business, which includes adherence to policies, Reporting ("ICOFR").
safeguarding its assets, prevention and detection of frauds
and errors, accuracy and completeness of the accounting In addition, as part of their role, the Board and its
records and timely preparation of reliable financial Committees routinely monitor the Group’s material
information. In line with the best practices, the Audit & business risks. Due to the limitations inherent in any risk
Risk Management Committee and the Board reviews these management system, the process for identifying, evaluating,
internal control systems to ensure they remain effective and and managing the material business risks is designed to
are achieving their intended purpose. Where weaknesses, if manage, rather than eliminate risk. Besides, it is created
any, are identified as a result of the reviews, new procedures to provide reasonable but not absolute assurance against
are put in place to strengthen controls. These controls are material misstatement or loss.
in turn reviewed at regular intervals.
Since the Company has strong internal control systems
The systems/frameworks include proper delegation of which are further strengthened by periodic reviews
authority, operating philosophies, policies and procedures, as required under the Listing Regulations and ICOFR
effective IT systems aligned to business requirements, compliance by the Statutory Auditors, the Chief Executive
an internal audit framework an ethics framework, a risk Officer (“CEO") and Chief Financial Officer (“CFO")
management framework, and adequate segregation of recommend to the Board continued strong internal
duties to ensure an acceptable level of risk. Documented financial controls.
controls are in place for business processes and IT general
controls. Key controls are tested by entities to assure that There have been no significant changes in the Company’s
these are operating effectively. Besides, the Company internal financial controls during the year that have
has also adopted an SAP GRC (Governance, Risk and materially affected or are reasonably likely to materially
Compliance) framework to strengthen the internal control affect its internal financial controls, other than as
and segregation of duties/access. mentioned in the “Audit Report and Auditors” section of this
Report.
The Company has documented Standard Operating
Procedures ("SOP") for procurement, project/expansion There are inherent limitations to the effectiveness of any
management capital expenditure, human resources, sales system of disclosure controls and procedures, including
and marketing, finance, treasury, compliance, Safety, Health, the possibility of human error and the circumvention or
and Environment ("SHE"), and manufacturing. overriding of the controls and procedures. Accordingly,
even effective disclosure controls and procedures can
The Group’s internal audit activity is managed through the
only provide reasonable assurance of achieving their
Management Assurance Services ("MAS") function. It is
objectives. Moreover, in the design and evaluation of
an important element of the overall process by which the
the Company’s disclosure controls and procedures,
Audit & Risk Management Committee and the Board obtains
the management was required to apply its judgement
the assurance on the effectiveness of the relevant internal
in evaluating the cost-benefit relationship of possible
controls.
controls and procedures.
The scope of work, authority and resources of MAS are
regularly reviewed by the Audit & Risk Management Further, the Audit & Risk Management Committee
Committee. Besides, its work is supported by the services annually evaluates the internal financial controls for
of leading international accountancy firms. ensuring that the Company has implemented robust
systems/framework of internal financial controls viz.
The Company’s system of internal audit includes covering the policies and procedures adopted by the Company
monthly physical verification of inventory, a monthly review for ensuring the orderly and efficient conduct of its
of accounts and a quarterly review of critical business business, including adherence to company’s policies, the
processes. To enhance internal controls, the internal safeguarding of its assets, the prevention and detection
audit follows a stringent grading mechanism, focusing on of frauds and errors, the accuracy and completeness of
the implementation of recommendations of the internal the accounting records, and the timely preparation of
auditors. The internal auditors make periodic presentations reliable financial information.
189
“Internal Financial Control are policies and procedures adopted by the Company for
ensuring the orderly and efficient conduct of its business, including adherence to
Company's policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the
timely preparation of reliable financial information."
Building Blocks
Policies and procedures Safeguarding of assets

• Policies and procedures exist for effective conduct of • Ownership and rights to assets are maintained
business, delegation of authority is formally documented with the Company;
and implemented, organisation structure is defined, and • The Company has implemented processes for
segregation of duties and responsibilities is maintained. safeguarding of assets.
Prevention and detection of frauds and errors

Accuracy and completeness of the
• Proactive anti-fraud controls/fraud risk management
accounting records
framework has been implemented.
• All transactions occurred during a specific
period have been recorded;
Timely preparation of reliable financial information • Asset, liability, revenue and expense
components are recorded appropriately.
• Financial items are properly described, sorted
and classified;
• Financial information is provided as per the timelines
defined by the relevant stakeholders.
VIGIL MECHANISM 5. INNOVATION, DIGITALISATION AND

The Company has in place a robust vigil mechanism TECHNOLOGY
for reporting genuine concerns through the Company’s INNOVATION, DIGITALISATION AND TECHNOLOGY
Whistle-Blower Policy. As per the Policy adopted by various At Vedanta, we have a tech-forward strategy which aims
businesses in the Group, all complaints are reported to to create a One-Vedanta experience while boosting
the Director – MAS, who is independent of operating operational effectiveness and productivity, fully embracing
management and the businesses. In line with global digitalisation, and fostering a culture of digital inclusion
practices, dedicated email IDs, a centralised database, among employees while creating a start-up ecosystem.
a 24x7 whistle-blower hotline and a web-based portal
have been created to facilitate receipt of complaints. All Vedanta’s digital-first approach has a keen focus on
employees and stakeholders can register their integrity advanced technologies which has resulted in improved
related concerns either by calling the toll-free number or by processes, volume upliftment and easy access to
writing on the web-based portal which is managed by an information for effective decision-making.
independent third party. The hotline provides multiple local
language options. All cases reported as part of whistle- In FY 2023, through digital initiatives, we are looking
blower mechanism are taken to their logical conclusion to achieve tangible value in the form of 1.5x growth in
within a reasonable timeframe. After the investigation, EBITDA impact and gains such as enhanced safety and
established cases are brought to the Group Ethics security, sustainability, better governance, and improved
Committee for decision-making. All Whistle-Blower cases employee productivity. At the Group level, Project Pratham
are periodically presented and reported to the Company’s was launched as a flagship program to facilitate the
Audit & Risk Management Committee. The details of this rapid digital transformation across our businesses.
process are also provided in the Corporate Governance Each of Vedanta's businesses has embarked on their
Report and the Whistle-Blower Policy is available on the own transformational journey towards digitalisation and
Company’s website at www.vedantalimited.com. innovation. In our mining & smelting complexes, we are
at the forefront in implementing smart manufacturing by
MANAGEMENT DISCUSSION AND ANALYSIS leveraging technologies under the Industry 4.0 umbrella.
The Management Discussion and Analysis Report for the Initiatives that were implemented in current fiscal year
year under review, as specified under Regulation 34 read include Integrated Petro-Technical Cloud at Cairn Oil &
with Schedule V of Listing Regulations is presented in a Gas, Smoke Hours Drilling (Tele-remote and Automation)
separate section, forming part of this Annual Report. at Hindustan Zinc Limited, Coal Blend Optimisation at Sesa
190
Goa, ‘V-Aikyam’ as our new digital Human Resource and  I n Aluminium business, the R&D vertical has been
Performance Management System to enhance employee working diligently to deliver innovative solutions in
experience and ‘V-Unified’ to have a complete standardised several key areas, including new product development,
and uniform Health, Safety and Environment ("HSE") waste to wealth, beneficiation of Bauxite and process
observation reporting platform across the Group. intensification.
Building upon the success of the previous edition, we • In the waste to wealth segment, FY 2023 was a
introduced the second edition of Vedanta Spark, or ‘Vedanta year of successful transformation of collaborative
Spark 2.0’ to collaborate with creative start-ups and take projects from laboratory developed processes to
use of their technological capabilities and agility. In this the stage of setting up a pilot plant.
edition, Vedanta carried out more than 30 unique start-up • Notable among these were recovery of high
engagements catering to 70+ pilot projects to solve business purity graphite >99% and cryolite from the wastes
challenges across Vedanta's diversified business. Moreover, like Spent Pot Liner and Shot Blast Dust. With
Vedanta is establishing its Corporate Venture Capital to high purity graphite, Applications Development
support these budding start-ups, to mentor them, and to programme has been initiated for development of
help them unlock their true potential and value. Anode of Lithium Battery, Electrostatic Dissipative
coating and Conductive ink. Pilot Plants from
To encourage innovation within the Company, the these innovative processes will not only help to
‘V-Ideate’ (Innovation and Technology theme) programme reduce environmental impact but also create new
was launched. Employees and partners submitted 100+ revenue streams for our business.
business ideas as part of this effort which aims to reward
grassroots inventions and bring about a digital cultural Synthesis of high purity AlF3 along with crystals
•
shift. ‘Spotlight’ and ‘Think Digital’ initiatives sensitised the of pure silica gel from dross slag waste is one of
workforce towards disruptive innovations and technology another significant achievement done in the lab
implementation happening within and outside the scale and is now planned for a Pilot Plant and
organisation. subsequent commercialisation. Such projects
of extracting the valuables from waste will set
We are extremely focussed in bringing about a culture perfect examples of Circular Economy.
change into empowering users to take advantage of • Aligning with the net zero carbon goal, innovative
advances in technology and even in day-to-day activities, research initiatives are being taken to reduce
to supply tomorrow's metals and energy in an effective and net carbon consumption. Specialised coating on
sustainable way. Vedanta will keep on expanding on its Carbon Anodes will have a potential to reduce Net
accomplishments in the mining and metals as well as the oil Carbon Consumption by 10 kg per million tonnes
& gas sectors to realise the true potential of the digital age. of Aluminium, this will translate to reduction
in 0.06 million tonnes of carbon dioxide. It is
POLICY & ADVOCACY worth mentioning that we are carrying out a
Vedanta’s initiatives are essentially premised on its ‘Nation- high-end Modelling and Simulation exercise of
First’ philosophy. Vedanta’s advocacy aims to create an Carbon anode to reduce the voltage drop to the
enabling regulatory framework to fulfil the resource needs extent of 2 mV in Pot Line by an improved green
of the country, be it those of green energy, electric vehicles, manufacturing process.
or infrastructure. This is executed through participation • In the category of New Product, two new alloys
in stakeholder consultations on global value chains, ease have been developed and prototypes have been
of doing business, financial reforms and other matters demonstrated. High strength 6XXX series alloy
related to responsible business practices. Because of our with 20% higher strength has been developed
frequent collaborations with academia, think-tanks, industry by new alloy design including homogenisation
associations and media organisations, our initiatives cycle, extrusion process and heat treatment
are strongly backed by research and holistic stakeholder cycle optimisation. This will lead to increase
feedback. India’s growth story requires an abundance of the wind load bearing capacity of doors and
minerals, metals and fuel, which Vedanta aims to support. windows assembly. Lead and Tin free highly
machinable 6XXX series alloy has been developed
RESEARCH AND DEVELOPMENT (R&D) for automotive segments by new alloy designing
R&D is a critical component of Vedanta’s growth strategy. and process optimisation. Machining properties
It enables us to stay competitive by developing innovative like higher cutting speed, depth of cut and feed
products and services that meet the changing needs rate can be achieved with lower cutting force and
of customers. Vedanta invests a significant amount of superior surface finish for this alloy.
resources into R&D to improve the quality of its products and • In the beneficiation of Bauxite, we have developed
services, reduce costs, and increase efficiency. R&D helps a process to improve the Alumina to iron oxide
the Company to differentiate itself from competitors and ratio which will result into reduced generation
maintain its market position.
191
of Red Mud by at least 20%. Beneficiation of At Copper business, the unit is engaged into

Bauxite to reduce reactive Silica by almost 1% innovative Collaborative Research programme
has shown promising results for plant level of Council of Scientific and Industrial Research,
commercialisation. Utilisation of Red Mud has Government of India as Industrial Beneficiary wherein
been a major focus area where we have already CO2 can be preferentially adsorbed and converted into
initiated and entered into a big collaboration with Carbon nanostructures or even high vale methanol or
other industrial players and CSIR laboratories and Formic Acid.
JNARDDC, Nagpur for a technology development
• R&D activities at Copper business involve
for holistic utilisation of red mud for extraction
debottlenecking, backward integration and
of metallic values and residue utilisation. We
process improvements for quality, cost
have also developed recipe to utilise Red Mud for
optimisation and recycling.
partial substitution of sand, Road Sub Layer and
Red Mud based Geo Polymer Concrete. • In the journey towards 'Green Copper', we are
executing a renewable energy supply contract for
Hindustan Zinc Limited has stayed focussed on
 the entire Silvassa unit's electricity requirement,
business outcomes, and research activities have with an estimated reduction of the carbon
been initiated in multiple areas of interest, including footprint by approximately 58%.
additional process monitoring, digital data analysis
• Artificial Intelligence and Machine Learning
and process simulation. We remain focussed on
based smart fuel optimisation project under the
aspects related to the changing characteristics of
the ore, while looking into improving our mineral digitalisation initiative in our furnaces has been
processing and smelting processes for increased implemented and is estimated to reduce 3,554
recovery and efficiency. Collaboration with world- tCO2 eq./year.
class universities and institutes, technology providers, • Under the sustainable packaging initiative, a
and start-ups is an essential part of our innovation 100% recyclable packaging solution has been
process. Significant commercial implementations introduced for the copper rod. This packaging
of this year include process for increasing Ag metal provides protection even under adverse climate
recovery during production of lead concentrates. conditions and has led to customer delight.
Successful plant implementation has been achieved
for enhanced minor metal recovery from smelter • With the view to recover minor metals and
residues. In the coming year, we are aiming to develop ensure additional revenue, some crucial in-house
process control strategies based on the new process R&D has been performed and a new process to
parameter measurements and data analysis. recover Precious Metals from anode Slime has
been successfully developed. In addition to this,
 Specific R&D focussed projects include: tellurium has also been recovered. Along with it,
Selenium recovery trials are in pipeline.
• Implemented the process to improve silver
recovery at Zawar by utilising silver promoter In Iron & Steel sector, the focus is to produce green

reagent steel, green pig iron and green iron ore production.
• Deployed non-hazardous flotation/depression • Currently R&D study is ongoing with the IIT,
reagent for graphite across sites Bombay to develop technology for green hydrogen
• Alternative low-capex process for jarosite production. IIT, Bombay has done studies on
preparation for its use in cement industry, industrial iron ore samples and witnessed positive
customer test ongoing outcomes. Further development is in progress and
we have extended our engagement by another
• Sodium-based salt production from Effluent six months.
stream and its use in hydro process
• At our Met coke division (VAB), with in-house
• Increase the current efficiency of Zn design modifications, we have reduced the coking
electrowinning process and improve quality of cycle by 4 hours and gained 4% productivity by
HG grade Zinc in the manually operated zinc cell modifying refractory design (introducing tongue
house and groove floor refractory brick) and MOC.
• Geo-metallurgical studies have provided advance • Further under digitalisation, we are using AI-ML
insight of ore performance to guide flotation
based coal blend optimiser model in our coke
recipe for plant problem-solving and to support
oven (VAB) which has resulted in cost saving
mines expansion plans
and quality benefit of coke and similar model
• Optimise the use of strontium-based reagent is being applied in our blast furnace for burden
and explore the alternate reagent to suppress Pb Optimisation.
impurities in zinc cell house
192
 In Cairn, focus is to enhance production, improved include the senior leadership of the Company on occasions.
operational efficiencies and reduced exposure to risk These engagement opportunities, with the Group's
through R&D vertical. Promoters, CEO and CFO along with business CXOs are well
appreciated by the shareholder and analysts.
• For enhancing production, an extensive hydraulic
fracturing campaign (>40 wells) in Mangala field
Shareholder Communication
was carried out to improve productivity in wells
which had seen significant drop due to polymer Shareholders can contact the Company at any time with
deposition related near well damage. This is the the contact details available online for Queries, Concerns
largest such campaign carried out in multi-Darcy and Inquiries or Feedback at www.vedantalimited.com.
reservoir (4-5 Darcy), perhaps for the first time The feedback, suggestions and concerns shared by our
anywhere in the world. shareholders and analysts are promptly communicated to
the Board through the Chairman, the Senior Independent
• We are also exploring the feasibility of taping the Director, the CEO, the CFO, Investor Relations Head and
potential of Geothermal energy in our Rajasthan Company Secretary. Continuous communication with our
gas fields in collaboration with the Indian Institute stakeholders enables the Board and senior management to
of Technology ("IIT"). gain insight into shareholder perception and concerns.
• We have also collaborated with TERI research
institute for examining the feasibility of microbial Shareholder Disclosures
injection in Bhagyam field, which can reduce the oil Vedanta has set high standards of reporting through detailed
viscosity and lead to incremental recoveries. and transparent disclosures on the Company’s operational
• As part of our digitalisation journey, we have and financial performance. Your Company had voluntarily
implemented the “Smart Oilfield” technology as a created its first Integrated Report (for FY 2018) and
part of our digitalisation efforts to transform our continued its publication ever since. An integrated report has
ways of working. a forward-looking focus and sets out how an organisation’s
strategy, governance and performance lead to creation of
• For improving operational efficiencies, we have
value. The Company has a digital, interactive microsite on
undertaken end-to-end digitalisation from supply
the Vedanta corporate website to provide an interactive
to consumption of polymer to enhance tracking,
experience to shareholders, investors and analysts among
improve quality, optimise usage, and reduce the
other stakeholders. This enables timely dissemination of
overall cost.
business updates beyond the communication through annual
• We are also utilising machine learning based reports and quarterly results collaterals. The Company was
reservoir-stimulation models to automate routine declared the ‘Platinum Winner’ within its industry in $10+
surveillance tasks and build analytical models billion revenue category at the LACP Vision Awards for its
to make data-driven decisions for production Integrated Annual Report FY 2022.
enhancement.
• Cairn has also rolled out the Metaverse platform KEY INITIATIVES WITH RESPECT TO VARIOUS
for improved employee engagement while ramping STAKEHOLDERS
up AR/VR-based HSE training for plant employees. The Company maintains its focus on all-round development
and contribution towards its stakeholders. The Integrated
6. INVESTOR RELATIONS Report and the Sustainability Report, which are separately
published, provide detailed information on the ESG and
Vedanta has an active Investor Relations function
investor-focussed key initiatives taken by the Company
("IR function") that continuously engages with domestic
towards its employees, shareholders, investors, business
and international shareholders and proactively solicits input
partners, civil society, local community and nation at large.
from all stakeholders. The function strives to continuously
incorporate and outperform international benchmarks for
IR practices. The IR function endeavours to communicate 7. CORPORATE GOVERNANCE
the Company’s unique investment case and value creation REPORT ON CORPORATE GOVERNANCE
potential, to capital market participants, to enable fair ("CORPORATE GOVERNANCE REPORT")
valuation of the Company’s stock. Good corporate governance underpins the way we
Shareholder Engagement conduct business. Your Directors reaffirm their continued
commitment to the highest level of corporate governance
The IR Function engages with shareholders at various
practices. Your Company fully adheres to the standards set
platforms to communicate business outlook, risks
out by the SEBI for corporate governance practices.
and opportunities, new macro and company specific
developments. This reduces information asymmetry and Your Company is consistent in maintaining the exemplary
builds positive perception. The engagement platforms standards of corporate governance in the management of its
include quarterly earnings calls, Investor/Analyst Day, site affairs and ensuring its activities reflect the culture we wish
visits for key businesses, sell-side conferences, one-on-one to nurture with our colleagues and other stakeholders.
and group meetings. These engagements are extended to
193
As part of commitment to the various stakeholders, Key Managerial Personnel

the Company follows global best practices. To meet Mr. Ajay Goel, Acting Group Chief Financial Officer of the
its obligations towards its shareholders and other Company tendered his resignation in the Board Meeting
stakeholders, the Company has a corporate culture of dated 28 March 2023 effective from close of business hours
conscience and consciousness, integrity, transparency and on 09 April 2023. The Board took note of the same and
accountability for efficient and ethical conduct of business. placed on record its sincere appreciation for the services
rendered by him during his tenure and wished him the very
Our disclosures seek to attain the best practices in best for his future endeavours.
international corporate governance, and we constantly
endeavor to enhance long-term shareholder value. Our Senior Management Personnel
Corporate Governance Report for FY 2023 forms part of The Board, on the basis of the recommendation of NRC, in
this Annual Report. its meeting held on 27 January 2023, appointed Mr. Nicholas
John Robert Walker, CEO – Oil & Gas Business, as SMP of the
DIRECTORATE, KEY MANAGERIAL PERSONNEL AND Company with immediate effect.
SENIOR MANAGEMENT PERSONNEL Mr. Nicholas John Robert Walker brings 30 years of rich and
The Board of Directors of the Company provide diverse international experience in technical, commercial,
entrepreneurial leadership and plays a crucial role and executive leadership roles. He has served as President
in providing strategic supervision, overseeing the and Chief Executive Officer at Lundin Energy, one of the
management performance, and long-term success of the leading European Independent E&P companies and been
Company while ensuring sustainable shareholder value. associated with the Companies like BP, Talisman Energy
Driven by its guiding principles of Corporate Governance, and Africa Oil. Your Board believes that Mr. Nicholas will
the Board’s actions endeavor to work in the best interest drive adoption and deployment of best-in-class oil & gas
of the Company. technologies and processes, with focus on innovation and
digitalisation, for business transformation.
The Directors hold a fiduciary position, exercises The KMP and SMP, similarly, comprises multifarious leaders
independent judgement, and plays a vital role in the with each member bringing in their key proficiency in
oversight of the Company’s affairs. Our Board represents a different areas aligned with our business and strategy.
tapestry of complementary skills, attributes, perspectives
and includes individuals with financial experience and a A comprehensive update on the change in the Directorate,
diverse background. KMP and SMP of the Company along with the directorships
held in other Companies, their skills and expertise have
In line with the recommendation of SEBI and our relentless been explicated in the Corporate Governance Report
endeavor to adhere to the global best practices, the forming part of this Annual Report.
Company is chaired by Mr. Anil Agarwal, Non-Executive
Chairman effective 01 April 2020. DIRECTOR RETIRING BY ROTATION
As per the provisions of the Act, Mr. Sunil Duggal
Directors (DIN: 07291685), WTD and CEO of the Company, is
During FY 2023, no new appointment was made on the liable to retire by rotation at the ensuing AGM and being
eligible, offers himself for re-appointment. Based on the
Board of the Company.
performance evaluation and recommendation of NRC, Board
Further, pursuant to the recommendation of NRC, the Board recommends his re-appointment.
approved the re-appointment of Mr. Akhilesh Joshi
(DIN: 01920024) for a 2nd and final term of 2 years effective BOARD AND COMMITTEES
from 01 July 2022 to 30 June 2024, Ms. Padmini Sekhsaria The Board has overall responsibility for establishing
(DIN: 00046486) for a 2nd and final term of 2 years effective the Company’s purpose, values, and strategy to deliver
from 05 February 2023 to 04 February 2025 and Mr. DD the long-term sustainable success of the Company and
Jalan (DIN: 00006882) for a 2nd and final term of 3 years generate value for shareholders. The Board places great
effective from 01 April 2023 to 31 March 2026. importance on ensuring these key themes continue to be
appropriate for the businesses and markets in which we
The re-appointment of Mr. Akhilesh Joshi was approved
operate around the world, while being aligned with our
by shareholders in the Annual General Meeting held on
culture.
10 August 2022 and the re-appointment of Ms. Padmini
Sekhsaria and Mr. DD Jalan were approved by the The Board is supported by the activities of each of
shareholders through postal ballot resolution on the Board Committees which ensure the right level of
28 April 2023. attention and consideration are given to specific matters.
Accordingly, the Board has established Committees to
In the opinion of the Board, the Independent Directors assist it in exercising its authority. Each of the Committees
re-appointed during the year, possess requisite integrity, have terms of reference under which authority is delegated
expertise, experience and proficiency. by the Board. At present, the Company has the following
Board Committees which ensures greater focus on
Brief Profile and other related information seeking
specific aspects of Corporate Governance and expeditious
re‑appointment is provided in the AGM Notice.
resolution of issues of governance as and when they arise.
194
VEDANTA LIMITED
Board Committees
Statutory Board Committees
Audit & Risk Nomination & Corporate Social Stakeholders'

Management Remuneration Responsibility Relationship
Committee Committee Committee Committee
Other Committees
ESG Share & Debenture Committee of

Committee Transfer Committee Directors
An all-embracing update on the Board, its committees, their parameters and the process have been explained in the
composition, terms and reference, meetings held during Corporate Governance Report.
FY 2023 and the attendance of each member is detailed in
the Corporate Governance Report. Feedback Mechanism
The results of evaluation showed high level of commitment
BOARD EFFECTIVENESS and engagement of Board, its various committees and
Familiarisation Program for Board Members senior leadership. The Board was satisfied with overall
Your Company has developed comprehensive induction performance and effectiveness of the Board, Committee
processes for the new Board members which aim to provide and Individual Directors and appreciated Company’s ethical
them with an opportunity to familiarise themselves with standards, transparency and progress on sustainability/
the Company, its Board and management, its operations ESG during the year. The Board Members also provided their
and the Company’s culture. They are also familiarised inputs on the Board processes, areas of improvement and
with Company’s organisational and governance structure, the matters for enhancing the overall effectiveness of the
governance philosophy/principles, code of conduct and key Board. It was noted that the Board as a whole is functioning
policies, Board’s way of working and procedures, formal as an effective and cohesive body.
information sharing protocol between the Board and the
BOARD DIVERSITY AND INCLUSION
management, Directors’ roles and responsibilities and
disclosure obligations. The Board sets the tone for diversity and inclusion
across the Group and believes it is important to have an
The details of the familiarisation programme and process appropriate balance of skills, knowledge, experience, and
followed are provided in the Corporate Governance diversity on the Board and at senior management level
Report forming part of this Annual Report and can also to ensure good decision-making. It recognises the need
be accessed on the website of the Company at www. to create conditions that foster talent and encourage all
vedantalimited.com. colleagues to achieve their full potential. A diverse Board
with a range of views enhances decision-making which is
Annual Board Evaluation beneficial to the Company’s long-term success and in the
The Board is committed to transparency in assessing the interests of Vedanta’s stakeholders.
performance of Directors. Pursuant to the provisions of the
Act and Listing Regulations, the Board has carried out an The Board Diversity Policy adopted by the Board sets out its
annual evaluation of its own performance, the performance approach to diversity. The Policy can be accessed at
of its Committees, Chairman, Vice-Chairman, CEO, Directors, www.vedantalimited.com.
and the governance processes that support the Board’s
Additional Details on the Board Diversity and the key
work.
attributes of the Board Members are explicated in the
As a part of governance practice, the Company, had Corporate Governance Report forming part of this Annual
engaged, a leading consultancy firm, to conduct the Board Report.
Evaluation Process which was facilitated by way of an
online structured questionnaire ensuring transparency
and independency of the management. The evaluation
195
POLICY ON DIRECTORS’ APPOINTMENT AND In terms of Section 150 of the Act read with Rule 6(1) and
REMUNERATION 6(2) of the Companies (Appointment and Qualification of
Directors) Rules, 2014, Independent Directors of the Company
The Nomination & Remuneration Policy adopted by the Board
have confirmed that they have registered themselves with
on the recommendation of NRC enumerates the criteria for
the databank maintained by the Indian Institute of Corporate
assessment and appointment/re-appointment of Directors,
Affairs ("IICA").
KMP and SMP on the basis of their qualifications, knowledge,
skill, industrial orientation, independence, professional and ANNUAL RETURN
functional expertise among other parameters with no bias
In terms of provisions of Section 92(3), 134(3)(a) of the
on the grounds of ethnicity, nationality, gender or race or any
Act read with Rule 12 of the Companies (Management and
other such discriminatory factor.
Administration) Rules, 2014, the Annual Return in Form MGT-
7 for the financial year ended 31 March 2023 is placed on
The Policy also sets out the guiding principles for the
the website of the Company and can be accessed at www.
compensation to be paid to the Directors, KMP and vedantalimited.com.
SMP; and undertakes effective implementation of Board
familiarisation, diversity, evaluation and succession AUDIT REPORTS AND AUDITORS
planning for cohesive leadership management.
Audit Reports:
Company ensures compliance with the Policy in true letter The Statutory Auditors have issued unmodified opinion on the
and spirit. The complete Policy is reproduced in full on our financial statements of the Company as of and for the year
ended 31 March 2023.
website at www.vedantalimited.com and a snapshot of the
Policy is elucidated in the Corporate Governance Report. • The Statutory Auditors’ report for FY 2023 does not
contain any qualification, reservation or adverse
OBSERVANCE OF THE SECRETARIAL STANDARDS remarks which calls for any explanation from the Board
The Directors state that proper systems have been devised of Directors. The Auditors’ report is enclosed with the
to ensure compliance with the applicable laws. Pursuant financial statements in the Annual Report.
to the provisions of Section 118 of the Act, 2013 during • The Secretarial Audit Report for FY 2023 does not
FY 2023, the Company has adhered with the applicable contain any qualification, reservation, or adverse remark.
provisions of the Secretarial Standards (“SS-1" and “SS-2") The report in form MR-3 along with Annual Secretarial
relating to ‘Meetings of the Board of Directors’ and ‘General Compliance Report is enclosed as 'Annexure D' to the
Meetings’ issued by the Institute of Company Secretaries of Directors’ Report. Further, in terms of Regulation 24(a) of
India (“ICSI") and notified by MCA. Listing Regulations, the Secretarial Audit Report of BALCO,
an unlisted material subsidiary of the Company is also
INDEPENDENT DIRECTORS STATEMENT enclosed as 'Annexure D-1' to this report.
The Company has received declaration from all the Auditors Certificates:
Independent Directors confirming that they continue to • As per the Listing Regulations, the auditors’ certificate
meet the criteria of independence as prescribed under the on corporate governance is enclosed as an Annexure
Act and Listing Regulations and comply with the Code for to the Corporate Governance Report forming part of the
Independent Directors as specified under Schedule IV of Annual Report. The Certificate does not contain any other
the Act. qualification, reservation, or adverse remark except as
mentioned in the report.
The Directors have also confirmed that they are not
• A certificate from Company Secretary in Practice
aware of any circumstance or situation, which exists certifying that none of the directors on the Board of the
or may be reasonably anticipated, that could impair Company have been debarred or disqualified from being
or impact their ability to discharge their duties with appointed or continuing as directors of companies by the
an objective independent judgement and without any SEBI/MCA or any such statutory authority forms part of
external influence. the Corporate Governance Report.
Auditors:
Statutory Auditors
M/s S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration No. 301003E/E300005) had been appointed as the Statutory

Auditors of the Company in the 56th Annual General Meeting to hold office for a period of five (5) years to the conclusion of 61st Annual
General Meeting.
The Auditors have confirmed that they are not disqualified from being re-appointed as Statutory Auditors of the Company.

The report of the Statutory Auditors along with notes to financial statements is enclosed to this Report. The Notes on financial

statements referred to in the Auditors’ Report are self-explanatory and do not call for any further comments.
The Auditors have also furnished a declaration confirming their independence as well as their arm’s length relationship with the

Company. The Audit & Risk Management Committee reviews the independence and objectivity of the auditors and the effectiveness
of the audit process.
The Statutory Auditors were present at the last AGM of the Company.

196
Secretarial Auditors
M/s Vinod Kothari & Co., Practicing Company Secretaries had been appointed by the Board to conduct the secretarial audit of the

Company for FY 2023.
The Company had received a certificate confirming their eligibility and consent to act as the Auditors.

The Secretarial Audit Report for FY 2023 forms part of this report and confirms that the Company has complied with the provisions of

the Act, Rules, Regulations and Guidelines and that there were no deviations or non-compliances.
Pursuant to SEBI circular no. CIR/CFD/CMO1/27/2019 dated 08 February 2019, the Company has also undertaken an audit for all

applicable compliances as per the Listing Regulations and circular guidelines issued thereunder. The Annual Secretarial Compliance
Report for FY 2023 has also been submitted to the Stock Exchanges within the stipulated timeline.
The Secretarial Audit Report of its unlisted material subsidiary is annexed to this report.

The Secretarial Auditors were also present at the last AGM of the Company.

Cost Auditors
M/s Shome and Banerjee and M/s Ramnath Iyer & Co., Cost Accountants, had been appointed by the Board to conduct the audit of

cost records of the Oil & Gas Business and other Business segments of the Company respectively for FY 2023.
M/s Ramnath Iyer & Co., Cost Accountants were nominated as the Lead Cost Auditors.

The Company had received a certificate confirming their eligibility and consent to act as the Auditors.

The cost accounts and records of the Company are duly prepared and maintained by the Company as required under Section 148(1) of

the Act pertaining to cost audit.
Internal Auditors
M/s KPMG had been appointed as the Internal Auditors of the Company for FY 2023 to conduct the Internal Audit on the basis of

detailed Internal Audit Plan.
The Company has an independent in-house MAS team to manage the group’s internal audit activity and that functionally reports to

the Audit & Risk Management Committee.
REPORTING OF FRAUD BY AUDITORS As newer technologies continue to transform the market,

During the reporting year, under Section 143(12) of the Act, your Company ensures adeptness in mechanisms
none of the Auditors of the Company have reported to the to safeguard the data security and privacy of our
Audit & Risk Management Committee of the Board, any stakeholders with enhanced legal and security standards.
instances of fraud by the Company or material fraud on the Simultaneously, to meet the growing business needs, the
Company by its officers or employees. Legal function continues to seek and identify technological
opportunities while harnessing existing know-how to
LEGAL, COMPLIANCE, ETHICS AND GOVERNANCE streamline compliance frameworks, litigation management
FUNCTION and conduct online ethics awareness training.
Through its concerted efforts to generate value while
keeping integrity at the forefront, the legal function of Our organisational values and principles are made
your Company is a valued partner in providing regulatory applicable to all our employees through our Code of
support and gauging the viability of strategic assistance for Business Conduct and Ethics. In a bid to create a better
business partnership and expansion. It ensures advisory understanding of its practical implications, the Legal
and compliance services pertaining to existing regulations function conducts an annual online ethics training module
and legislative developments for facilitating business to necessitate all employees to mandatorily embrace
agenda in the areas of effective claims and contract the values and principles embodied as a part of the
management, mergers and acquisitions, dispute resolution, aforementioned Code. Additionally, the function drives an
litigation and adherence to competition, business ethics Ethics Compliance Month initiative for raising awareness by
and governance. conduct of employee trainings in areas of ethical concern
such as insider trading, prevention of sexual harassment,
With the aim to ensure smooth operations and to safeguard anti-bribery, anti-corruption, and anti-trust laws through
the interests of your Company for business growth and use of interactive learning tools.
sustenance in an evolving, ambiguous and complex
environment, the function continues to focus on presenting Through our Supplier Code of Conduct, we also ensure that third
areas of opportunities, mitigating risks, providing parties, including their employees, agents and representatives
proactive assistance to other functions and departments; who have a business relationship with your Company, are
and bringing about policy changes based on persistent bound by industry standards as well as applicable statutory
interaction with various Government bodies and industrial requirements concerning labour and human rights, health,
associations like CII and FICCI. safety and environment, and business integrity.
197
8. OTHER DISCLOSURES SUBSIDIARIES, JOINT VENTURES, AND ASSOCIATE

RELATED PARTY TRANSACTIONS COMPANIES
Your Company has in place a Policy on Related Party Your Company has 44 subsidiaries (13 direct and 31
Transactions (“RPT”) (“RPT Policy”) formulated in line indirect) as at 31 March 2023, as disclosed in the notes to
with the provisions of the Act and Listing Regulations. accounts.
The Company has voluntarily adopted a stricter policy as
against the legal requirements. The Policy may be accessed During the year and till date, the following changes have
at www.vedantalimited.com. taken place in Subsidiary Companies:
• Athena Chhattisgarh Power Limited acquired on
The Policy sets out the philosophy and processes to be
21 July 2022 under the liquidation proceedings of
followed for approval and review of transactions with
the Insolvency and Bankruptcy Code, 2016, subject
Related Party and intends to ensure that proper reporting,
to NCLT approval which is pending as on the balance
approval and disclosure processes are in place for all
sheet date. Hence, not covered in the total number of
transactions with Related Parties.
subsidiaries above.
A detailed landscape of all RPTs specifying the nature, • Facor Realty and Infrastructure Limited struck off on
value, and terms and conditions of the transaction is 13 January 2023.
presented to the Audit & Risk Management Committee.
Also, a Standard Operating Procedures has been formulated • Hindustan Zinc Fertilizers Private Limited incorporated
to identify and monitor all such transactions. on 07 September 2022.
• Zinc India Foundation incorporated on 05 August 2022.
During FY 2023, all the contracts/arrangements/
transactions entered into by the Company with the related • Cairn Energy Gujarat Block 1 Limited, deregistered on
parties were in the ordinary course of business and on 05 July 2022.
an arm’s length basis and were in compliance with the • Lakomasko BV liquidated on 03 March 2023.
provisions of the Act and Listing Regulations other than
those mentioned in the ‛Annexure IV' of the Report on • CIG Mauritius Holding Private Ltd. and CIG Mauritius
Corporate Governance forming part of the Annual Report. Private Ltd. have been dissolved effective from
01 March 2023. Pursuant to dissolution, Cairn Lanka
All RPTs are subjected to independent review by a Private Limited has become the direct subsidiary of
reputed accounting firm to establish compliance with Cairn Energy Hydrocarbons Limited.
the requirements of RPTs under the Act and Listing
• The Mumbai NCLT and Chennai NCLT has passed
Regulations.
orders dated 06 June 2022 and 22 March 2023
During the year, the materially significant RPTs pursuant respectively sanctioning the scheme of amalgamation
to the provisions of Listing Regulations had been duly of Sterlite Ports Limited ("SPL"), Paradip Multi Cargo
approved by the shareholders of the Company in the 57th Berth Private Limited ("PMCB"), Maritime Ventures
Annual General Meeting held on 10 August 2022. Further, Private Limited ("MVPL"), Goa Sea Port Private
there have been no materially significant RPTs during the Limited ("GSPL"), wholly owned subsidiaries/step
year pursuant to the provisions of the Act. Accordingly, the down subsidiaries of Sesa Resources Limited ("SRL"),
disclosure required u/s 134(3)(h) of the Act in Form AOC-2 with Sesa Mining Corporation Limited ("SMCL").
is not applicable to your Company. Statutory filing with MCA is in progress.
• Facor Power Limited is merged into Ferro Alloys
SHARE CAPITAL AND ITS EVOLUTION Corporation Limited effective on 21 November 2022.
The Authorised Share Capital of the Company is
`74,12,01,00,000 divided into 44,02,01,00,000 number of As at 31 March 2023, the Company has 06 associate
equity shares of `1/- each and 3,01,00,00,000 Preference companies and joint ventures.
Shares of `10/- each. There was no change in the capital
structure of the Company during the period under review. Associate Companies and Joint Ventures:
• Gaurav Overseas Private Limited
The details of share capital as on 31 March 2023 is provided
below: • RoshSkor Township (Pty) Ltd
Particulars Amount (`) • Goa Maritime Private Limited
Authorised Share Capital 74,12,01,00,000
• Madanpur South Coal Company Limited
Paid-up Capital 3,71,75,04,871
Listed Capital 3,71,71,99,039 • Rosh Pinah Health Care (Proprietary) Limited
Shares under Abeyance pending allotment 3,05,832
• Gergarub Exploration and Mining (Pty) Limited
The details of the Capital Evolution has been provided on
the Company’s website and can be accessed at As required under Listing Regulations, the Consolidated
www.vedantalimited.com. Financial Statement of the Company and its subsidiaries
198
and joint ventures, prepared in accordance with Ind AS 110 statements shall also be available for inspection by
issued by the Institute of Chartered Accountants of India, members on all working days during business hours at the
form part of the Annual Report and are reflected in the Registered Office of the Company.
Consolidated Financial Statement of the Company.
MATERIAL SUBSIDIARIES
During the year, the Board of Directors have reviewed the
The Company has adopted a policy on determination of
affairs of the subsidiaries. Pursuant to Section 129(3) of
material subsidiaries in line with Listing Regulations. The
the Act, a statement containing the salient features of
policy aims to determine the Material Subsidiaries and
the financial statement of the subsidiary and associate
Material Unlisted Indian Subsidiaries of the Company and to
companies is attached to the financial statement in Form
provide the governance framework for such subsidiaries. The
AOC-1. The statement also provides details of performance
policy may be accessed at www.vedantalimited.com.
and financial position of each of the subsidiaries and their
contribution to the overall performance of the Company.
In accordance with Regulation 16(1)(c) of the Listing
In accordance with Section 136 of the Act, the audited Regulations, your Company has the following material
Standalone and Consolidated financial statements of the subsidiary companies during FY 2023:
Company along with relevant notes and separate audited • Hindustan Zinc Limited ("HZL"), a listed subsidiary;
accounts of subsidiaries are available on the website of
the Company at www.vedantalimited.com. Copies of the • Cairn India Holdings Limited ("CIHL"), an unlisted
financial statements of the Company and of the subsidiary subsidiary; and
companies shall be made available upon request by any • Bharat Aluminium Co. Limited ("BALCO"), an unlisted
member of the Company. Additionally, these financial subsidiary.
Further, the SEBI vide SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023, requires
additional details to be provided for material subsidiaries. The details are as follows:
Material Subsidiary
Particulars
HZL CIHL BALCO
Date of Incorporation 10 January 1966 02 August 2006 27 November 1965
Place of Incorporation Udaipur Jersey New Delhi
Name of Statutory Auditors S.R. Batliboi & Co. LLP MHA MacIntyre Hudson S.R. Batliboi & Co. LLP
Date of appointment of Statutory Auditors 09 August 2021 10 March 2021 17 September 2021
In terms of the provisions of Regulation 24(1) of the Listing Regulations, during FY 2023, appointment of one of the
Independent Directors of the Company on the Board of unlisted material subsidiary was applicable only to CIHL.
In compliance with the above requirement, Mr. DD Jalan, Independent Director of the Company, had been appointed as
Director of CIHL.
The Company is in compliance with the applicable requirements of the Listing Regulations for its Subsidiary Companies
during FY 2023.
DEBENTURES
During FY 2023, your Company raised `4,889 crore through issuance of Secured and Unsecured, Rated, Redeemable,
Non-Cumulative, Non-Convertible Debentures ("NCDs") of face value of `10,00,000 each on private placement basis as per
the following details:
Total Amount
Coupon Rate Date of Allotment No. of NCDs Tenor Maturity Date
(in ` crore)
8.74% Secured Rated Listed Redeemable 29 June 2022 40,890 4,089 10 years 29 June 2032
Non-Convertible Debentures
3M T Bill Linked Unsecured Rated Listed 16 December 2022 8,000 800 01 year 03 15 March 2024
Redeemable Non-Convertible Debentures months
The aforesaid debentures are listed on BSE.
Further, the details of outstanding NCDs as of 31 March 2023 have been detailed in the Corporate Governance Report.
COMMERCIAL PAPERS
The Commercial Papers ("CPs") issued by the Company have been listed on NSE and have been duly redeemed on timely basis.
199
As on 31 March 2023, there are outstanding CPs aggregating to `500 crore. Further details have been provided in the
Corporate Governance Report.
UNCLAIMED SHARES
Pursuant to the SEBI Circular and Regulation 39 of Listing Regulations regarding the procedure to be adopted for unclaimed
shares issued in physical form in public issue or otherwise, the Company has a separate demat account in the title of ‘Vedanta
Limited – Unclaimed Suspense Account' with HDFC Bank Limited. The details of shares lying in the unclaimed suspense
account are provided below:
No. of No. of Equity
Description
Shareholders Shares of `1/- each
Aggregate number of shareholders and the outstanding shares in the suspense 520 5,14,372
account lying at the beginning of the year
Number of shares transferred to the unclaimed suspense account during the year - -
Number of shareholders who approached issuer for transfer of shares from 06 7,836
suspense account during the year
Number of shareholders to whom shares were transferred from suspense account - -
during the year
Number of shares transferred to Investor Education and Protection Fund ("IEPF/ 63 46,920
Fund") account pursuant to IEPF Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016 ("IEPF Rules") read with Amendment Rules, 2017
Aggregate number of shareholders and the outstanding shares in the suspense 451 4,59,616
account lying at the end of the year. The voting rights on these shares shall remain
frozen till the rightful owner of such shares claims the shares
TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
In accordance with the provisions of the Act and IEPF Rules, as amended from time to time, the Company is required to
transfer the following to IEPF:
 Dividend amount that remains unpaid/unclaimed for a period of seven (07) years; and
 Shares on which the dividend has not been paid/claimed for seven (07) consecutive years or more.
Additionally, pursuant to Rule 3(3) of IEPF Rules, in case of term deposits of companies, due unpaid or unclaimed interest
shall be transferred to the Fund along with the transfer of the matured amount of such term deposits.
Your Company, in its various communications to the shareholders from time to time, requests them to claim the unpaid/
unclaimed amount of dividend and shares due for transfer to IEPF established by the Central Government. Further, in
compliance with IEPF Rules including statutory modification(s) thereof, the Company publishes notices in newspapers and
sends specific letters to all shareholders whose shares are due to be transferred to IEPF, to enable them to claim their
rightful dues.
With the continuous efforts of the Company, a total of 87 investor claims have been released from IEPF till 30 April 2023
aggregating to 1,21,570 equity shares.
Dividend and other amounts transferred/credited to IEPF during FY 2023

The details of dividend and other unpaid/unclaimed amounts transferred to IEPF during the year are provided below:
Dividend and other unpaid/unclaimed amounts transferred to IEPF during the year
Amount transferred to Date of transfer to
Financial Year Type of Amount Date of Declaration
IEPF (in `) IEPF
2014-15 Final Dividend 11 July 2015 1,86,14,486.00 03 September 2022
2014-15 Final Dividend 21 July 2015 46,62,800.00 14 September 2022
2015-16 Interim Dividend 27 October 2015 3,09,22,500.00 06 December 2022
Total 5,41,99,786.00
*An additional amount of `4,05,581 (including `10,000 related to sub-judice matter) pertaining to Unpaid Matured Deposits and interest
accrued thereon has been identified for transfer to IEPF during the year. The same is in the process of transfer.
In view of specific order(s) of court/tribunal/statutory authority restraining transfer of shares and dividend thereon, such
shares and unpaid dividend have not been transferred to IEPF pursuant to Section 124 of the Act and Rule 6 of IEPF Rules
including statutory modification(s) or re-enactment(s) thereof.
200
The details of dividend declared during the year on shares already transferred to IEPF are provided below:
Dividend declared during FY 2023 on shares already transferred to IEPF
Amount transferred
Type of Dividend Date of Declaration Date of transfer to IEPF
to IEPF (in `)
Interim Dividend (1st) 28 April 2022 13,54,67,698.11 23 May 2022
Interim Dividend (2 )
nd
19 July 2022 8,33,63,314.19 08 August 2022
Interim Dividend (3rd) 22 November 2022 7,68,84,463.84 13 December 2022
Interim Dividend (4th) 27 January 2023 5,57,79,361.00 16 February 2023
Interim Dividend (5th) 28 March 2023 9,30,00,087.78 17 April 2023
Total 44,44,94,924.92
Shares transferred/credited to IEPF during FY 2023

During the year, the Company transferred 2,48,924 equity shares of `1/- each comprising of 891 shareholders to IEPF.
The Company has also uploaded the details of unpaid and unclaimed amounts lying with the Company as on 10 August
2022 (the date of last AGM) on the website of the Company at www.vedantalimited.com. Further, the details of equity shares
transferred are also made available on the website of the Company at www.vedantalimited.com.
The shareholders whose shares/dividends have been transferred to IEPF can claim the same from IEPF in accordance
with the prescribed procedure and on submission of such documents as prescribed under the IEPF Rules. The process
for claiming the unpaid shares/dividends out of IEPF can be accessed on the IEPF website at www.iepf.gov.in and on the
website of the Company at www.vedantalimited.com.
Dividend due to be transferred to IEPF during FY 2024

The dates on which unclaimed dividend and their corresponding shares would become due to be transferred to IEPF during
FY 2024 are provided below:
Dividend due to be transferred to IEPF during FY 2024
Date of completion Due date for transfer Amount as on
Particulars Date of Declaration
of seven years to IEPF 31 March 2023 (in `)
Final Dividend 2015-16 21 July 2016 26 August 2023 25 September 2023 32,09,337.00
Interim Dividend 2016-17 28 October 2016 03 December 2023 02 January 2024 1,71,96,505.25
Total 2,04,05,842.25
Ms. Prerna Halwasiya, the Company Secretary and Compliance Officer of the Company is designated as the Nodal Officer under
the provisions of IEPF. The contact details can be accessed on the website of the Company at www.vedantalimited.com.
TRANSFER TO RESERVES
The Company proposes Nil transfer to General Reserve out of its total profit of `27,356 crore for the financial year.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of loans given, investments made, guarantees given and securities provided along with the purpose for
which the loan or guarantee or security is proposed to be utilised as per the provisions of Section 186 of the Act are provided
in the standalone financial statements. (Please refer to Notes to the standalone financial statements).
FIXED DEPOSITS
As on 31 March 2023, deposits amounting to `54,000 remain unclaimed. Since the matter is sub judice, the Company is
maintaining status quo.
PUBLIC DEPOSITS
The Company has not accepted any deposits falling under the ambit of Section 73 of the Act and the Rules framed thereunder
during the year under review.
MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY

No material changes and commitments have occurred subsequent to the close of the financial year till the date of this
Report which may affect the financial position of the Company.
201
SIGNIFICANT and MATERIAL ORDERS PASSED BY lease, is pending before the Supreme Court since 1998, and
THE REGULATORS OR COURTS OR TRIBUNALS until the matter is pending, no decision regarding the title
Provided below are the significant and material orders of the mining leases could be taken as the companies have
which have been passed by any regulators or courts or been granted the mining concession in perpetuity by the
tribunals against the Company impacting the going concern Portuguese mining laws.
status and Company’s operations in the future.
The writ petitions were reserved for orders on 19 August
Iron-Ore Division – Goa Operations 2022. Vide order dated 07 October 2022, the High Court of
Bombay at Goa dismissed all the writ petitions. Thereafter,
The Supreme Court of India ("SC") in the Goa Mining matter in
a Special Leave Petition was filed by another mining lessee
2014 declared that the deemed mining leases of the lessees
before the SC against the order dated 07 October 2022. The
in Goa expired on 22 November 1987 and the maximum of
said SLP was also dismissed vide order of the Supreme
20 years renewal period of the deemed mining leases in Goa
Court dated 21 November 2022.
under the Mines and Minerals (Development and Regulation)
Act ("MMDR") had also expired on 22 November 2007 and
Copper Division
directed state to grant fresh mining leases.
The Copper division of Vedanta Limited has received an
Thereafter, various mining leases were renewed by the State order from Tamil Nadu Pollution Control Board ("TNPCB")
Government before and on the date the MMDR Amendment on 09 April 2018 whereby they have rejected the Company’s
Ordinance 2015 came into effect (i.e. 12 January 2015). application for renewal of Consent to Operate ("CTO") for
the 4,00,000 metric tonnes Per Annum ("MTPA") Copper
These renewal of mining leases were challenged before the Smelter plant in Tuticorin. In furtherance to the order of
SC by Goa Foundation and others in 2015 as being arbitrary TNPCB rejecting the Company’s application, the Company
and against the judgment of the SC in the earlier Goa mining decided to shut its Copper smelting operations at Tuticorin
matter. The SC passed the judgement in the matters on and filed an appeal with TNPCB Appellate authority against
07 February 2018 wherein it set aside the second renewal the order. During the pendency of the appeal, the TNPCB
of the mining leases granted by the State of Goa. The court vide its order dated 23 May 2018 ordered disconnection
directed all lease holders operating under a second renewal of electricity supply and closure of the Company’s Copper
to stop all mining operations with effect from 16 March Smelter plant. Post this, the Govt of Tamil Nadu on
2018 until fresh mining leases (not fresh renewals or other 28 May 2018 ordered the permanent closure of the plant.
renewals) in accordance with the provisions of the MMDR The Company challenged the same in the National Green
Act, 1957 and fresh environmental clearances are granted. Tribunal ("NGT") which passed a favorable order for
reopening of the plant. The order was appealed by the
Subsequently, mining lessees and other mining stakeholder TNPCB and the State of Tamil Nadu in the Supreme Court.
had filed applications in the pending Abolition Act matter for The Supreme Court passed an order upholding the appeal
resumption of mining in the State. The Central Government and granted liberty to the Company to approach the
had also filed an early hearing application in the long Madras High Court for relief.
pending abolition matter.
On 18 August 2020, the Division Bench of Madras High
We separately also filed a Special Leave Petition in the Court dismissed all the writ petitions filed by the Company.
SC in appeal from the High Court order against a non- Vedanta Limited subsequently filed a Special Leave Petition
consideration of our representation seeking an amendment to appeal against the Madras High Court decision before
of the mining lease till 2037 based on the provisions of the the Supreme Court. The Supreme Court, on 04 May 2023,
MMDR Amendment Act, 2015. The Special Leave Petition was upon taking up the interlocutory applications filed by the
disposed off by the SC vide an order dated 07 September 2021. Company for essential care and maintenance of the Plant
We had filed a review petition against the order passed by SC and for removal of material within the Plant premises,
dated 07 September 2021 which was dismissed by the SC. directed the State Government to take necessary directions
with respect to certain activities and to reconsider certain
On 04 May 2022, Vedanta Limited and other group other activities in furtherance of its earlier order within
companies received notices from DMG, Goa under the specified timelines. The Court further ordered for the SLP to
provisions of Section 12(1)(hh) of the Mineral Concession be listed on 22 and 23 August 2023 for final hearing.
Rules (Other than Atomic and other Hydrocarbon Energy
Minerals) Concession Rules, 2016 directing to vacate the In the meantime, the Madurai Bench of the High Court of
mining leases by 06 June 2022 pursuant to judgment of Madras in a public interest litigation filed against Vedanta
the SC banning mining operations in the State of Goa. by Fathima Babu held through its order dated 23 May
Writ petitions were filed against these notices of DMG 2018, that the application for renewal of the environmental
on 17 May 2022 before the High Court of Bombay at Goa clearance for the expansion project shall be processed
contending that Section 12(1)(hh) of MCR Rules, 2016 cannot after a mandatory public hearing and the said application
be extended to dispossession from the mining leases. shall be decided by the competent authority on or before
Further, the challenge to the constitutional validity of the 23 September 2018. In the interim, the High Court ordered
Goa, Daman, and Diu Mining Concession (Abolition and Vedanta to cease construction and all other activities on
Declaration of Mining Leases) Act, 1987 which abolished site for the proposed expansion project with immediate
the mining concessions and converted them to mining effect. Currently, the Ministry of Environment, Forest and
202
Climate Change (“MoEF”) has updated on its website that and fair view of the state of affairs of the Company at
Vedanta Limited’s environmental clearance for expansion the end of FY 2023 and of the profit and loss of the
project will be considered for ToR either upon verdict of Company for that period;
the NGT case or upon filing of a Report from the State
(c) they have taken proper and sufficient care for the
Government/District Collector, Thoothukudi. Separately,
maintenance of adequate accounting records in
SIPCOT through its letter dated 29 May 2018, cancelled
accordance with the provisions of the Act, 2013 for
342.22 acres of the land allotted to Vedanta Limited for the
safeguarding the Company’s assets and for preventing
proposed expansion project. Further, the TNPCB issued
and detecting fraud and other irregularities;
orders on 07 June 2018, directing the withdrawal of the
consent to establish the expansion project, which was valid (d) the annual accounts have been prepared on a going
until 31 March 2023. In a writ filed before Madras High concern basis;
Court Madurai Bench challenging the lease cancellation
(e) they have laid down internal financial controls to
order, Madras High Court through its order dated 03 October
be followed by the Company and that such internal
2018 has granted an interim stay in favour of the Company
financial controls are adequate and are operating
cancelling on the cancellation of 342.22 acres of the land
effectively; and
allotted.
(f) proper systems have been devised to ensure
Further, on 07 June 2018, TNPCB withdrew the CTE granted compliance with the provisions of all applicable laws
for a period of five (05) years for the expansion project. The and that such systems were adequate and operating
Company has filed Appeals before the TNPCB Appellate effectively.
Authority challenging withdrawal of CTE by the TNPCB.
CHANGE IN NATURE OF BUSINESS OF COMPANY

11. ACKNOWLEDGEMENTS AND APPRECIATION
At Vedanta, our business is deftly managed by an adroit
There is no change in the nature of business of your
set of leaders with global and diverse experience in the
Company during the year under review.
sector in order to accomplish the mission of carving our
niche as the leading global natural resource company. The
FAILURE TO IMPLEMENT ANY CORPORATE ACTION
professionally equipped and technically sound management
There were no instances where the Company failed to has set progressive policies and objectives, follows best
implement any corporate action within the specified time limit. global practices, all with a plausible vision to take the
Company ahead to the next level.
9. AWARDS AND RECOGNITION
In a bid to keep ensuring its relentless quest for growth Having received external reassurance in all our
and excellence, the Company continues to be committed commitments over the years, the Directors take this
towards maintaining the highest standards of corporate opportunity to place on record, their sincere appreciation
governance and sustainable practices. As a recognition for the Central and State government authorities, bankers,
for our unconventional innovations and focussed drive to stock exchanges, financial institutions, depositories,
achieve best-in-class operations, the Company has been analysts, advisors, local communities, customers, vendors,
winning a multitude of accolades at various forums while business partners, shareholders, and investors forming part
acquiring plaudits as the recipient of numerous prestigious of the Vedanta family for their sustained support, admirable
awards for demonstrating its business ethos. assistance and endless encouragement extended to the
group at all levels.
These embellishments to Vedanta’s cognizant candidature
deliver a testament to the progress made by the Company We would also like to express our earnest regard to all
and honor its diligent efforts towards delivering value for employees for their ardent enthusiasm and interminable
the welfare of all stakeholders and the society as a whole. efforts directed towards lodging significant and effective
contributions to the continued growth of the Company. Our
The details of the key recognitions secured by the Company
heartiest gratitude is further undertaken to be rendered to all
have been highlighted in a separate section in the Annual
our stakeholders for their unflinching faith in the Company.
Report.
We look forward for bestowal of your continued support
10. DIRECTORS’ RESPONSIBILITY STATEMENT and solidarity in future as we diligently strive to deliver
As stipulated in Section 134 of the Act, your Directors enhanced value for our stakeholders and inscribe on the
subscribe to the “Directors’ Responsibility Statement” and footprints of nation building for one of the fastest growing
to the best of their knowledge and ability, hereby confirms economies of the world.
that:
For and on behalf of the Board of Directors
(a) in the preparation of the annual accounts, the
applicable accounting standards have been followed
Anil Agarwal
and there are no material departures from the same;
Non-Executive Chairman
(b) they have selected such accounting policies and applied DIN: 00010883
them consistently and made judgments and estimates Place: London
that are reasonable and prudent so as to give a true Date: 12 May 2023
203
ANNEXURE A
Conservation of Energy and Technology Absorption
(A) Conservation of Energy: Cambay Operations

Conservation of natural resources continues to be i. Commissioned 10 KWP Solar Plant at Cambay
the key focus area of your Company. Some of the asset.
important steps taken in this direction are as follows:
COPPER BUSINESS:
OIL & GAS BUSINESS: i. 16 MW Renewable Energy contract signed off with
Rajasthan Operations Serentica Renewables India Private Limited.
i. Cairn has signed PDA for 25 MW renewable ii. Smart (AI and ML based) fuel optimisation
energy with Serentica Renewable 3 India Private project kicked off with estimated 3,554 tCO2 eq.
Limited: Annual GHG reduction potential of reduction/year.
1,31,000 tonnes of CO2e/annum.
iii. Secondary Copper Sourcing – 13,329 MT (Est)
ii. Installation of 3х1.1 MW Gas Engine Generators at
MWP - 01 and 12 Local separation facility: Annual - Silvassa - Estimated reduction of 9,630 tCO2
GHG reduction potential of 7,650 tonnes of CO2e/ eq. (Scope 3 emissions).
annum. - Fujairah - Estimated reduction of 5,074 tCO2
iii. Reduction in RDG flare by process interventions eq. (Scope 3 emissions).
e.g., optimisation of recycle gas compressors iv. Solar Power Plant Commissioning and Generation
and installation of ejector: Annual GHG reduction
- 826 KWP Ground mounted Solar Power plant
potential of 17,850 tonnes of CO2e/annum.
and 100 KWP Roof top Solar power plant
iv. Installation of 220 KWP of solar rooftop in RJ Gas: commissioned.
Annual GHG reduction potential of ~275 tonnes of
- YTD Renewable Energy generation of
CO2e/annum.
6,90,872 kWh resulting in reduction of
v. Installation of 130 KWP solar rooftop at 567 tCO2 eq.
Radhanpur Terminal: Annual GHG reduction
v. Cleaner Fuel
potential of ~165 tonnes of CO2e/annum.
- Silvassa: CCR – LPG to PNG
vi. Installation of ~200 Solar lights at Mangala
Processing Terminal and associated well pads for Boiler – FO to PNG
renewable power generation ~41,500 units/annum. - Fujairah: LPG to PNG – 216 tCO2 eq.
vii. Solar rooftop installed on 10 AGIs (Above Ground vi. Switched to LED lights – 239 tCO2 eq./year
Installations) for pipeline operations: Annual reduction.
GHG reduction potential of ~190 tonnes of CO2e/
annum. SESA GOA BUSINESS:
viii. Revamping of 100 KWP solar plant at Sara WP - VAB
01: Annual GHG reduction potential of 130 tonnes i. Installed VFD for air compressors in Power plant
of CO2e/annum. (Saving – 1,26,000 kWh/annum).
ix. Energy conservation by conversion of induction ii. Replace existing HT motors with super energy
motor to Permanent Magnetic Motor ("PMM") has efficient IE4 motors for Blowers (Saving –
resulted in energy saving of ~10,000 GJ and GHG 3,64,140 kWh/annum).
reduction of 1,976 tonnes of CO2e in FY 2023.
iii. Replacing the old Slag Granulation pumps with
x. Energy conservation by replacement of energy efficient pumps (Saving – 2,52,000 kWh/
conventional lights by energy efficient lighting: annum).
~6 lakh units energy saved in FY 2023 resulted in
iv. Replacing the old furnace RWP with energy
GHG reduction of ~420 tonnes of CO2e.
efficient pump (Saving – 5,88,000 kWh/annum).
Ravva Operations v. Installation of CO analyzer to supply sufficient air
i. Installation of VFD in ETP Blower at Ravva for to boiler in PP-2 (Saving – 1,050 KNm3 of
energy conservation ~4.2 lakh kWh/annum. BFG/annum).
Annual GHG reduction is 180 tonnes of CO2e/ vi. Replacement of ACW pumps in PP1 with energy
annum. efficient pumps (Saving – 1,26,000 kWh/annum).
204
DIRECTORS' REPORT REPORT REPORTS STATEMENTS
vii. Conversion of conventional lamps with LED lamps POWER BUSINESS:

(Saving – 84,000 kWh/annum). 2,400 MW Jharsuguda
Iron Ore Karnataka ("IOK") i. U#1 and 4 Air preheater basket and seals and
i. Installation of 120 LED streetlights in haul road from sector plate replaced to reduce the high flue gas
Circle Gate to North Block. The streetlights uses timer- exit temperature at air preheater outlet to design
based automatic switching on/off of lights which cuts level saving 8 Kcal/kWh in heat rate and 1,700 KW in
down extra usage of energy. primary fan consumption.
ii. Elimination of Mobile Lighting towers by installation ii. Replacement of U#1 and 4 flue gas duct and
of Inhouse fabricated 7m lighting towers and supply fabric filter bags to reduce induced draft fan power
given through common DG/K.E.B. supply. Diesel saving consumption by 8,000 KW.
of 1.92KL/IR/annum eliminated. A total of 4 IRs were iii. U#1 and 4 Condenser chemical cleaning done. Savings
eliminated in a similar way. 12 Kcal/kWh.
Iron Ore Goa ("IOG") iv. NDCT 100% fills replaced to improve condenser
i. Dewatering Pumps running of VFD 120 HP (02 Nos.) vacuum. Savings 20 Kcal/kWh.
and 75 HP (01 No.) at 2 Top Mines: resulting saving
v. U#1 and 4 boiler R and M was done with boiler
25% on normal consumption.
penthouse sealing and SOFA (Separated overfire
ii. Apron feeder VFD 22 KW Amona Mining 1A Plant: air) installation to reduce metal excursions and to
resulting saving 25% on normal consumption. bring main steam temperature and Reheater steam
iii. Classifier 1 and 2 VFD 18.5 KW Amona Mining 1A Plant: temperature, main steam spray and reheater spray to
resulting saving of 50% on normal consumption. rated value, thereby saving 10 Kcal/kWh.
iv. Scrubber VFD 110 KW Amona Mining 1A Plant: vi. U#1 and 4 Turbine overhauling done, and savings of
resulting saving 25% on normal consumption. 14 Kcal/kWh achieved.
v. LED conversion 100 Nos. Amona Mining Plant: CPP 1215 MW Jharsuguda
Resulting Saving of 50% on normal consumption. i. Replacement of Air preheater basket for 3 units
- Saving of 2,640 kWh/month and cost saving of (Unit 1, 2 and 4) to reduce the very high flue gas exit
`12,276/month (Apron VFD). temperature to design level saving 7 Kcal/kWh in heat
rate and 355 kWh in Primary fan consumption for the
- Saving of 8,880 kWh/month and cost saving of
station.
`41,292/month (Classifier VFD).
ii. Turbine Overhauling (HIP carrier refining) in Unit#3, 2,
1 and 4 to improve HP cylinder efficiency resulted into
`61,380/month (Scrubber VFD).
saving of 15.2 Kcal/kWh in heat rate for the Station.
iii. Replacement of Air preheater seals and fabric filter
`20,088/month (LED).
bags, flue gas duct repairing for 4 units to reduce
Induced Draft and Primary Air fans consumption by
Met Coke Gujarat
925 kWh.
i. Replacing of old crusher and conveyor motors with
super premium efficiency motors, resulted into annual iv. Cooling tower CT fills replacement for 3 units (U#1, 2
saving of 1,09,500 kWh. and 8) to save 30 Kcal/kWh of heat rate in unit.
ii. Replacement of existing Sodium vapor light by LED v. Chemical cleaning of condenser done for 2 units
lights (250 Nos. 200W LED and 300 Nos. 40W LED (U#1 and 4) to improve cleanliness factor and reduce
lights), resulted into annual saving of 1,22,400 kWh. vacuum losses benefits vacuum improvement of 0.6
KPA and 9 Kcal/kWh savings of heat rate in unit.
Iron Ore Odisha ("IOO") vi. Condenser bullet cleaning done in Unit #3, 2, 1 and
i. 100 KW LED Lights are installed in both the mines and 4 to save in heat rate by 36 Kcal/kWh for the units
offices etc. Another 47.6 KW HPSV to be replaced with combined.
LED Light (present saving 10,20,540 kWh/annum).
vii. 2 Nos. Cooling Water system screen cleaner taken
ii. 10 Nos. of DG mobile towers was replaced with in service after refurbishment to rectify frequent
TPWODL Grid Power (Diesel saving 52.56 KL/annum). condenser choking.
iii. 132 KW*2 and 75 KW*1 = 339 KW DG Pumps converted viii. 6 Nos. Mill grinding media replaced (1A, 2A, 3A, 4A, 4D,
to Electrical pumps operating with TPWODL Grid power 9A) to improve mill fineness and optimise combustion
(Diesel saving 642.4 KL/annum). efficiency reduces Auxiliary power consumption by
0.08% on station.
205
ALUMINIUM BUSINESS: iii. VFD installation for Shot blast Turbines.

Smelter Plant-1 (Jharsuguda)
iv. Airline header separation of different areas in Plant.
Electrical Energy
v. Cooling tower fills replacement in Compressor House.
DC Energy saving
i. 100% graphitised cathode pot implementation. vi. Pneumatic no-loss Drain Valve installation in
compressor.
ii. Improvement in Pot Voltage drops by bolt and clamp
drop reduction. vii. Evaporator replacement in Dryers to reduce pressure
drop.
iii. Current Efficiency improvement in Potline to 94.90%.
viii. Old BR/CR motor replaced with IE3 motor in Bake oven.
iv. RUC copper inserted collector bar for pot cathode in 4
pots with saving of 250 kWh/MT per pot. ix. Deployment of battery-operated forklifts.
v. Vedanta Lining Design implemented in 3 pots with x. Scoop Bath Lighting trafo Voltage reduction from 260V
savings of 250 kWh/MT per pot. to 220V.
xi. VFD installation for Cold well Pumps.
AC auxiliary Energy saving
i. 100% Graphitised Cathode Implementation in smelting Lanjigarh – Refinery
pots. The following major energy conservation measures are
ii. Replacement of pulse valve diaphragm in FTP – 1. taken at Lanjigarh:
iii. Installation of Energy efficient IE3 motors at various i. Conversion of Condensate pumps in Digestion unit
areas of plant. from DOL to VFD. Annual savings of 3.84 lakh units of
electrical energy.
iv. Conventional Light replacement with LED in High mast
office area, shop floor, pathway. ii. Conversion of one HST overflow motor from DOL to
VFD. Annual savings of 4.32 lakh units of electrical
v. Airline header separation of different areas in Plant. energy.
vi. Anode Stub Hole Modification with 5 mv of Voltage iii. Energy saving initiatives in main air compressor house.
Reduction. Annual Savings of 22.74 lakh units of Electrical Energy.
vii. Shot blast ID fan VFD installation. iv. Max HT dosing in Evaporation Units resulting in steam
viii. Retrofitting and software upgradation work in 2 metal saving of 20 kt/annum.
tapping vehicles. v. LED light replacement of 3,200 conventional lights.
ix. Biodiesel implementation in all Technological vehicles Annual savings of 3 lakh units of Electrical Energy.
(In 80:20 ratio). vi. Improvement of Liquor productivity from 82 GPL to
x. Rectifier conversion efficiency improvement from 85 GPL. Annual savings of 108 lakh units of Electrical
98.64% to 98.66%. Energy.
xi. Replacement of Diesel operated forklift with Battery vii. Replacement of 71 nos. of IE1 motor to energy efficient
operated forklift. IE3 motors. Annual savings of 6.71 lakh units of
Electrical Energy.
Smelter Plant-2 (Jharsuguda) viii. VFD conversion of GQC and FLC pump. Annual savings
Electrical Energy of 3.06 lakh units of Electrical Energy.
DC Energy saving
ix. Pulley replacement of PDS transfer pump. Annual
i. 100% graphitised cathode pot implementation. savings of 2.68 lakh units of Electrical Energy.
ii. Current efficiency improvement in Potline is 94.60%. x. Replacement of 2 nos. of Digestion heaters. Annual
iii. RUC copper inserted collector bar for pot cathode in 6 savings of 60 kt of steam.
pots with saving of 250 kWh/MT per pot. xi. Air ingression arrest in Calciner 2 venturi/ESP/other
iv. Vedanta Lining Design implemented in 7 pots with cyclones. Annual savings of 50 kt of HFO.
savings of 250 kWh/MT per pot. xii. Calandria 1 replacement in Evaporation. Annual
savings of 20 kt of steam.
AC auxiliary Energy saving
i. Replacement of conventional lights with LED lights. xiii. Pulley replacement of ISC pumps in White. Annual
savings of 12.09 lakh units of Electrical energy.
ii. VFD installation in Casthouse-2 Pump house.
206
Lanjigarh – CGPP (B) Additional investments and proposals, if

i. Import of 6,667 MWH of Renewable Energy from Grid. any, being implemented for reduction of
ii. Steam economy improvement in Turbine 3 (TG 3
consumption of energy
overhauling, Condenser 3 cleaning, GV servicing and OIL & GAS BUSINESS:
cement insulation in turbine). Savings of 26,308 tonnes
Rajasthan Operations
of coal/annum.
i. Capturing and utilising the gas from satellite field
iii. Replacement of CT fills in CGPP. Annual savings of (Kaameshwari West - 02) through bottling and
8.75 lakh units of electrical energy. transferring to LPG/CNG players. Annum GHG
iv. Air pre-Heater replacement in Boiler 2. Savings of reduction potential is 11,000 tonnes of CO2e/annum.
11,700 tonnes of coal/annum. ii. Solar Rooftop at Raag Gas WPs – 126 KWP. Annual
v. Replacement of Boiler bowl mill ring/roller in Boiler 1, GHG reduction potential of 160 tonnes of CO2e/annum.
2 and 3. Annual savings of 3.36 lakh units of electrical iii. Solar rooftop of 15 KW each at 16 above ground
energy. installations AGIs. Annual GHG reduction potential of
vi. Successful firing of 322 T Biomass in Boilers as Trial 300 tCO2e/annum.
run in FY 2023 saving of 450 tonnes of CO2. iv. Solar rooftop of 400 KWP at Viramgam Terminal. Annual
GHG reduction potential of 500 tonnes of CO2e/annum.
Ravva Operations
i. Replacement of fluorescent and HPSV lights with LED. Annual energy saving potential of 80,592 kWh.
S.
Existing Lights New Installed lights Net savings
No.
1 70W HPSV 55W LED light – Quantity 60 Nos. 3,942 kWh
2 250W HPSV 150W LED – Quantity 100 Nos. 43,800 kWh
3 400W HPSV 250W LED – Quantity 50 Nos. 32,850 kWh
Total saving is 80,592 kWh
ii. I nstallation of VFD for N-BL-001C ETP air blower average Energy consumption per day is 768 kWh. After
Variable Frequency Drive installation in place of soft installation of VFD, speed was adjusted from 1,500
starter for ETP Water cooled aeration air blower for to 600 RPM for required combustion airflow. After
Energy optimisation. 60% of blower capacity being installation of VFD Power consumption is 11 KW and
utilised and remaining was being vented. As per ETP average Energy consumption is 264 kWh and saving of
design, blower operates at 1,480 rpm and 70 KPA Energy per day is ~500 kWh/Day. Total Energy saving
pressure to give an air flow of 5,733 m3/hr. Currently, per annum is 1,82,500 kWh.
Aeration Tanks Maximum Air flow requirement is only
3,200 m3/hr and excess air around 2,000 m3/hr is iv. Installation of 100 KWP solar rooftop at Ravva.
being vented out to atmosphere. After review, it was
inferred that if the blower is operated at 950-1,000 Cambay Operations
RPM, current demand of air flow to aeration tank can i. Installed 10 kWh Roof top solar system on CCR
be catered. 160 KW VFD was installed in the month building. Total energy saving will be 12,000 kWh/year.
of August 2022 to control the speed of air blower. By
ii. Total 71 convention light fittings replaced by LED lights
operating blower at a speed of 950 RPM, we are saving
in phased manner. Total energy saving achieved was
1,300 kWh/day.
7,914 kWh/year.
iii. Installation of VFD for C-733 LP flare blower iii. Total 7 AC units equipped with energy saving devices
Installation of Variable frequency drive for C-733 LP in phased manner. Total energy saving achieved was
Flare blower motor to control the air flow and energy 15,987 kWh/year.
conservation, this blower was designed to meet the LP
flare combustion requirement. Post commissioning of
COPPER BUSINESS:
TSGR compressors, Flare gas quantity reduced, and
blower was being underutilised by throttling suction i. Installation of Biomass fired Boiler.
damper. In order to optimise the energy consumption, ii. VFD installation for RCW Pumps in 35 TPH CCR –
it was proposed to install a VFD. Before installation Project.
of VFD motor Power consumption is 32 KW and
iii. 100% RE power project.
207
iv. VFD installation for standby cooling tower pump and ALUMINIUM BUSINESS:
HF blower (Estimated energy saving – 47,232 kWh/ Smelter Plant-1 (Jharsuguda)
year) – Copper Fujairah.
i. 100% Graphitised cathode pot implementation.
v. Energy efficient Air compressor (Estimated energy ii. Replacement of old motors with Energy efficient motor.
saving – 54,000 kWh/year) – Copper Fujairah.
iii. 100% LED conversion.
SESA GOA BUSINESS: iv. EFO (Emulsified fluid oil) implementation in furnace for
HFO reduction.
VAB
i. Installation of solar power plant ~100 KW capacity at v. Vedanta Lining Design implementation in smelting
admin and parking area of VAB. pots.
ii. Installation of EV charging stations for employees and vi. Vedanta pot controller and Pot technology
community. upgradation.
IOK Smelter Plant-2 (Jharsuguda)

i. 3 MW Ground Mounted Solar Power Plant. i. 100% Graphitised cathode pot implementation.
IOO ii. Vedanta Lining Design implementation.

i. Government Electrification (TPWODL) of 400 KW wet iii. Vedanta pot controller and pot technology upgradation.
washing plant.
iv. Replacement of conventional lights with LED lights.
ii. Government Electrification (TPWODL) of 400 KW
v. VFD installation in Cold well pumps, CT fans.
FEEGRADE MINES Dewater pumping, operation, and
lighting.
(C) Impact of above measures in (A) and (B)
iii. Government Electrification (TPWODL) of 400 KW BICO
for reduction of energy consumption and
Mines operation, and lighting.
consequent impact of cost of production of
iv. Government Electrification (TPWODL) of 200 KW Mines goods
office and Utilities power.
OIL & GAS BUSINESS:
v. Installation VFD for Dewatering pumps (250 KW and 75
Rajasthan Operations
KW).
i. Power generation by use of associated natural gas
vi. 70% (100 KW) of all installed lights are LED Lights through 3*1.1 MW Gas Engine Generators at MWP -
installed in both mines and office etc. in place of HPSV, 01 and 12 Local separation and thereby avoiding gas
Fluorescent lamps etc. flaring.
ii. ~0.64 MMSCFD of natural gas has been saved by

POWER BUSINESS:
recycling gas compressor optimisation along with
2400 MW Jharsuguda Proposals installation of ejector at RDG gas flare.
i. Turbine overhauling of unit 1 and 4.
iii. Renewable energy from 220 KWP of solar rooftop at RJ
ii. Eco coil replacement from fin type to plain type in unit Gas: ~3,85,000 kWh/annum.
1 and 4.
iv. Renewable energy generation by 130 KWP of solar
iii. NDCT fills replacement and condenser chemical rooftop at Radhanpur Terminal: ~2,28,000 kWh/annum.
cleaning of unit 1 and 4.
v. Installation of ~200 Solar lights at Mangala Processing
iv. Flue gas duct replacement of unit 1 and 4. Terminal and associated well pads for renewable
v. Air preheater seals and basket replacement of unit 1 power generation ~41,500 kWh/annum.
and 4.
vi. Solar energy from solar rooftop at 10 AGIs (Above
Ground Installations) for pipeline operations. ~2,63,000
1215 MW Jharsuguda Proposals
kWh/annum.
i. Turbine overhauling for 1 unit.
vii. Energy Conservation by conversion of induction motor
ii. Double layer bucket strainer installation for 5 units.
to Permanent Magnetic Motor (PMM) has resulted in
iii. Cooling tower fills replacement for 2 units. saving of 10,000 GJ in FY 2023.
iv. Air preheater Basket replacement for 1 unit. viii. Energy conservation by replacement of conventional
lights by energy efficient lighting: ~6 lakh kWh energy
v. Mill grinding media replacement for 6 Mills.
saved in FY 2023.
208
Ravva Operations ALUMINIUM BUSINESS:

i. Total Savings from replacement of LED lights: Smelter Plant-1 and 2 (Jharsuguda)
~80,592 kWh/annum, equivalent monetary benefit is i. Specific energy consumption reduction by 125.1962
~US$6,447. kWh/tonne.
ii. Installation of VFD for ETP air blower, contribution of
energy saving due to VFD (8 months only considered, (D) The steps taken by the Company for utilising
it was installed on 30 July 2022), annual energy alternate sources of energy
savings ~3,12,000 kWh equivalent monetary benefit
COPPER BUSINESS:
US$33,600.
i. Initiated 825 KW Solar Power Project.
iii. Installation of VFD for LP flare blower motor, annual
ii. Planning to set up RE hybrid power through GCPP
energy saving ~1,82,500 kWh equivalent monetary
model.
benefit US$14,600.
Cambay Operations SESA GOA BUSINESS:

i. Commissioned 10 KWP Solar Plant at Cambay asset IOK
which has renewable energy potential of 17,500 kWh/ i. 3 MW Ground Mounted Solar Power Plant.
year.
Met Coke Vazare
SESA GOA BUSINESS: i. Solar hybrid lights for main gate to junction.
VAB
IOG
i. The Energy Conservation measures undertaken in
various areas in FY 2023 have an annual saving i. Solar lighting system - RE Power Supply at all Security
potential of 1,540 MWH of Electricity/annum for VAB. Gates.
IOK VAB
i. The Energy Conservation measures undertaken in i. 100 KW solar power plant installation.
various areas in FY 2023 have an annual saving ii. EV charging station setup.
potential of `4 crore/annum for 3 MW Solar
Power Plant. IOO
i. Planning for installation of 100 KW Solar Plant.
Met Coke Gujarat
ii. Planning of 50 KW HPSV Lamps conversion to LED
ii. The Energy Conservation measures undertaken in
lights.
various areas in FY 2023 have an annual saving
potential of 232 MWH of Electricity/annum for SCG.
FORM OF DISCLOSURE OF PARTICULARS WITH
IOO RESPECT TO TECHNOLOGY ABSORPTION,
i. In FY 2023, by concerting Dewatering pumping from RESEARCH AND DEVELOPMENT (R&D)
diesel to electricity, 481 KL diesel was saved and by Specific areas in which R&D was carried out by the Company
using LED lights 113.393 MWH power was saved.
POWER BUSINESS:
POWER BUSINESS: 2400 MW Jharsuguda
2,400 MW Jharsuguda i. H2SO4 dosing system started in cooling water system.
i. APC reduction by 0.28%.
ii. 3D tracer automated dosing system started.
ii. SCC reduction by 3.4 gms/kWh.
iii. TGA (Thermogravimetric Analyzer) automated coal
iii. Forced outage reduction by 1.95%. sampling technology adopted.
1,215 MW Jharsuguda iv. FF individual compartment DP transmitter installed

for compartment wise DP monitoring, easy identification of
i. Forced outage reduction by 0.3% YOY.
issues and rectification in minimum time.
209
Technology Absorption, Adaptation and Innovation

Efforts in brief made OIL & GAS BUSINESS:
towards technology Ravva Operations
absorption, • Protech centralisers were successfully used to reduce the drag while casing running in long open hole intervals -
adaptation, and well RX-13 which helped in mitigating the downhole risks that were anticipated.
innovation • Micro-dense system helped in drilling the reservoir section with the required high mud weights without formation
damage risk. This system helped in safely and efficiently drill the well as per plan, without downhole complications.
Cambay Operations
• Remote equipment health monitoring with wireless IIoT sensors and cloud-based IT infrastructure on OPEX model.
• AI-based CCTV for field safety violation monitoring project.
• First-of-its-kind auto gas lift application in India in GA-06, LB-10z, LB-05, LB-08 in FY 2022 which has enabled
in-situ gas to be utilised for artificial lift of oil producers – an innovative solution which has opened new horizons
especially for Operators in offshore.
• Application of Straddle gas lift systems and Modified Gas Lift Orifice in old completion not completed with any
artificial lift jewellery – great example of process optimisation in FY 2022 in LA-07, LA-05.
• Rental compressor installation during GLC maintenance on an un-manned LA platform for production sustenance –
disruptive method and first-of-its-kind in India.
• Installation of Shearable Gas Lift valves as smart completion in GA-07 in February 2022 offered latest technology
offered rig time saving and enabling early production.
• Successful water-shutoff job conducted in LB-05.
• Smart sand control technique like Resin-based consolidation in a cased hole well LA-05 offered excellent results.
• Launched Well Intervention performance dashboard. This shall enable capturing of production enhancement
opportunities and record of execution.
SESA GOA BUSINESS:
VAB
• Turbine upgradation in power plant to increase the generation of PP-2 from 30 MW to 35 MW.
• Replacing old motors with super premium efficiency motors (IE4).
• Using variable frequency drive for speed control and hence increasing efficiency.
ALUMINIUM BUSINESS:
Smelter Plant-1 and 2 (Jharsuguda)
• Vedanta Lining Design implementation in smelting pots with savings of 250 kWh/MT per pot.
• Vedanta pot controller implementation in two pot rooms.
• Replacement of Diesel-operated forklift with Battery-operated forklift.
Benefits derived as OIL & GAS BUSINESS:
a result of above Ravva Operations
efforts e.g., product • Protech centralisers were successfully used to reduce the drag while casing running in long open hole intervals- well
improvement, cost RX-13 which helped in mitigating the downhole risks that were anticipated.
reduction, product • Micro-dense system helped in drilling the reservoir section with the required high mud weights without formation damage
development, import risk. This system helped in safely and efficiently drill the well as per plan without downhole complications.
substitution
SESA GOA BUSINESS:
VAB
• Increase in power generation with same steam consumption.
• Reduction in losses and hence increase efficiency.
• Power saving due to lower speed operation.
• Less failure and reduced power consumption.
POWER BUSINESS:
2400 MW Jharsuguda
• U#1 and 4 R and M and COH successfully completed.
• U#1 Savings - SCC 20 gms/kWh and APC 0.4%.
• U#4 Savings - SCC 12 gms/kWh and APC 0.4%.
1215 MW Jharsuguda
• Reduction in forced outage time by 0.30% YOY.
• Reduction in Boiler tube leakage by 40%.
• Fan drive power reduction by Penthouse air seal.
• Padded insulation installed in Turbine to reduce radiation losses.
• 65 tonnes Biomass pallets induced to comply RPO obligation.
In case of imported technology (imported during the last 5 years reckoned from the beginning of the financial year), the following information
may be furnished:
Business Technology imported Year of import Has technology been fully absorbed
Oil & Gas Business Ravva Operations
• Protech centraliser: FY 2023 Yes
• Micro-dense mud system: FY 2023 Yes
Cambay Operations Yes
• Resin Sand Consolidation Yes
• Shearable Gas Lift Valves Yes
• Straddle Gas Lift
Copper Division No
Iron Ore - Value Turbine upgradation in power plant to increase FY 2023 [PP] Yes
Addition Business the generation of PP-2 from 30 MW to 35 MW.
Power Business No
Aluminium Business No
210
Disclosure of particulars with respect to conservation of energy
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
Particulars Unit 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
2023 2022 2023 2022 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2023 2022 2023 2022 2023 2022
Business Unit Oil & Gas Copper Sesa Goa Power Aluminium
Power Power
Met Coke Pig Iron Mining Met Coke Met Coke Mining Mining Met Coke Pig Iron Mining Mining
Plant Plant Lanjigarh Jharsuguda
Division Division Goa Gujarat Vazare Orissa Karnataka Division Division Goa Karnataka
(WHR) (WHR)
A. Power and Fuel
DIRECTORS' REPORT
Consumption
Electricity
Purchase Unit MWH 487527.00 300717.00 97650.29 83378.16 9119.74 181331.64 3691.25 2229.00 1.36 54.52 1723.815 462.0 10554.32 199969.88 649.84 6899 443.0 7503 5388 38277 6818 7503388 5387989
Total Amount ` crore 291.54 179.81 60.17 44.40 0.6 14.0 2.4 1.2 1.1 0.5 1.073 0.4 0.6 16.1 0.3 1.5 0.4 5382 3233 24.11 4.30 5382 3234.60
(Exc Demand Chgs)
Rate/Unit `/kWh 5.98 5.98 6.27 5.33 0.66 0.8 6.5 5.4 9.5 9 5.85 9.2 0.6 0.8 4.0 3.3 9.2 7 6 6 6 7 6
Own generation Unit* MWH 451683.00 427950.00 764.74 764.74 0.02 160.77 352799.9 NA NA 0.00 2880 3033 0.00 69.79 438764.5 NA NA 18287 20546 479918 522778 18286713.07 20546178.33
Unit per unit of fuel `/Unit, NA 0.36 NA NA NA NA NA 0.00 90 7.1 NA NA NA NA NA 794 800 7 4 794 800
gms/Unit,
Lit/Unit
Cost/Unit `/MWH, NA 28.62 - 24.8 0.6 NA NA 0.0 11.3 12.3 - 10.9 0.0 0.0 NA 5 3 7.85 4.47 4.72 3.42
`/kWh
Furnace Oil 43139.565 43702.300
Quantity** KL 4131.90 3004 Nil Nil Nil Nil Nil Nil NA NA Nil Nil Nil Nil NA 129167.00 139442.80 223.82 192.39
Total Amount ` crore 21.58 12.83 NA NA NA NA NA NA NA NA NA NA NA NA NA 637.04 576.06 51.88 44.02
Average Cost per litre `/Lit 52.23 42.71 NA NA NA NA NA NA NA NA NA NA NA NA NA 49.30 41.31
Diesel Oil
Quantity KL 27346.90 3848.44 32.30 26.41 Nil 86.8 5.3 3493.709 334 11.6 6280.0 9183.4 Nil 26.4 2.8 9956 9128.8 4848 4771 969 1966.00 7216.506 7294.490
Total Amount ` crore 284.08 39.97 0.25 0.17 NA 0.9 0.1 32.2 3.0 0.1 79.9 NA 0.2 0.0 67.5 75.6 38 24 12 18.23 7.68 5.42
Average Cost per litre/ `/Lit 103.88 103.88 78.14 62.78 NA 99 101.5 152.09 91.1 100 87 NA 79.8 85.5 67.74 82.8 78 51 125 92.70 106.41 74.27
Unit per litre of Oil
Cost per Unit
L.P.G./LNG/Propane/IPA
Quantity-(LPG) MT 4818.86 5388.14 NIL 82.4 NIL NIL NIL NIL NA NA NIL 68.3 NIL NIL NA 1720.19 1597.20
Total Amount ` crore 32.41 31.62 NIL 0.7 NIL NIL NIL NIL NA NA NIL 0.5 NIL NIL NA 13.57 11.31
Average Cost per Kg `/Kg 67.26 58.68 NIL 85.4 NIL NIL NIL NIL NA NA NIL 75.8 NIL NIL NA 78.91 70.83
Quantity-(PNG) MT 7416.05 6528.82 NA NA NA NA NA NA NA NA NA NA NA NA NA
REPORT
Total Amount ` crore 34.47 22.32 NA NA NA NA NA NA NA NA NA NA NA NA NA

Average Cost per Kg `/Kg 46.48 34.19 NA NA NA NA NA NA NA NA NA NA NA NA NA
INTEGRATED
Quantity(LNG) MT Nil Nil Nil Nil Nil Nil NA NA Nil Nil Nil Nil NA
Total Amount ` crore NA NA NA NA NA NA NA NA NA NA NA NA NA
Average Cost per MT ` NA NA NA NA NA NA NA NA NA NA NA NA NA
REPORTS
STATUTORY
Quantity (LNG) MT 436.84 467.90 NA NA NA NA NA NA NA NA NA NA NA NA NA

Total Amount ` crore 4.28 4.41 NA NA NA NA NA NA NA NA NA NA NA NA NA
Average Cost per Kg `/Kg 98.05 94.21 NA NA NA NA NA NA NA NA NA NA NA NA NA
Natural Briquette/Coal
Quantity MT Nil Nil Nil Nil Nil Nil NA NA Nil Nil Nil Nil NA 14338609 16320867 911980.34 975711 14338609 16298366.13
Total Amount ` crore NA NA NA NA NA NA NA NA NA NA NA NA NA 6619 4282 772.81 298.15 6618.94 5205.70
FINANCIAL
Average Cost per MT ` NA NA NA NA NA NA NA NA NA NA NA NA NA 4616 2624 8473.98 3055.74 4616 3194

STATEMENTS
211
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
Particulars Unit 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
212
2023 2022 2023 2022 2023 2023 2023 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 2023 2022 2023 2022 2023 2022
Business Unit Oil & Gas Copper Sesa Goa Power Aluminium
Power Power
Met Coke Pig Iron Mining Met Coke Met Coke Mining Mining Met Coke Pig Iron Mining Mining
Plant Plant Lanjigarh Jharsuguda
Division Division Goa Gujarat Vazare Orissa Karnataka Division Division Goa Karnataka
(WHR) (WHR)
B. Consumption per MT of
VEDANTA LIMITED
Production
Continuous Copper Rod/
Iron - Ore
Electricity MWH/MT 0.63 0.66 0.02 0.260 0.1 NA NA NA NA 0.0 0.0 0.3 0.1 NA 0.0
Furnace Oil KL/MT 0.03 0.02 Nil Nil Nil Nil Nil Nil NA NA Nil Nil Nil Nil NA
Diesel KL/MT 0.0002 0.0002 0.0 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 0.0 0.0 0.0 0.0
L.P.G./Propane/IPA MT/MT 0.082 0.098 NA NA NA NA NA NA NA NA NA NA NA NA NA
Production of Rod MT 154767.16 126445.20 NA NA NA NA NA NA NA NA NA NA NA NA NA
Alumina
Electricity kWh/MT NA NA NA NA NA NA NA NA NA NA NA NA NA 226.7 217.5
Coal for Steam MT/MT NA NA NA NA NA NA NA NA NA NA NA NA NA 0.28 0.26
Furnance Oil for Calcinaton Kg/MT NA NA NA NA NA NA NA NA NA NA NA NA NA 72.1 70.6
Hot Metal
Electricity (Total AC for kWh/MT NA NA NA NA NA NA NA NA NA NA NA NA NA 13756.75 13907.53
electrolysis and auxillary
energy)
Billet (including alloy rods)
Furnace Oil KL NA NA NA NA NA NA NA NA NA NA NA NA NA
Ingots
Wire Rods
SOW Cast
T-ingot
SOW Cast
Alloy CastBar
* This includes the WHRB Generation also.
**This includes the FO consumed in CPP also.
*** This includes Generation from DG Set also.
ANNEXURE B
Annual Report on Corporate Social Responsibility Activities for FY 2023
1 Brief Outline on CSR Policy of the Company multiplier for complementing efforts, resources and
A. POLICY OBJECTIVE for building sustainable solutions;
Vedanta Limited (‘VEDL’ or ‘the Company’) is • our employees have the potential to contribute
committed to conduct its business in a socially not just to our business, but also towards building
responsible, ethical and environment-friendly manner strong communities.
and to continuously work towards improving quality of
life of the communities in and around its operational C. THEMATIC FOCUS AREAS
areas. This Policy provides guidance in achieving Our programs focus on poverty alleviation programs,
the above objective and ensures that the Company especially integrated development, which impacts the
operates on a consistent and compliant basis. overall socio-economic growth and empowerment
of people, in line with the national and international
B. VEDL CSR PHILOSOPHY development agendas. The major thrust areas will be –
We, at Vedanta Limited, have a well-established history a) Children’s Well-being and Education
and commitment to reinvest in the social good of our
neighbourhood communities and nation. b) Women’s Empowerment
c) Health Care
CSR VISION
d) Drinking Water and Sanitation
“Empowering communities, transforming lives and
facilitating nation-building through sustainable and e) Sustainable Agriculture and Animal Welfare
inclusive growth."
f) Market-linked Skilling the Youth
We believe, that g) Environment Protection and Restoration
• we can positively impact and contribute to the h) Sports and Culture
realisation of integrated and inclusive development
i) Development of Community Infrastructure
of the country, in partnership with National and
State Government as well as local, national and j) Participate in programs of national importance
international partners; including but not limited to disaster mitigation,
rescue, relief and rehabilitation
• sustainable development of our businesses is
dependent on sustainable, long lasting and mutually
The CSR activities are aligned to the specified activities in
beneficial relationships with our stakeholders,
Schedule VII of the Companies Act, 2013. The above may be
especially the communities we work with;
modified from time to time, as per recommendations of the
• partnerships with Government, corporates and civil CSR Committee of the Company.
societies/community institutions, offer a strong
2 Composition of CSR Committee

Sl. Designation/Nature of Number of meetings of CSR Number of meetings of CSR
Name of Director
No. Directorship Committee held during the year Committee attended during the year
1 Akhilesh Joshi Chairperson, Independent Director 2 2
2 Priya Agarwal Member, Non‑Executive Director 2 2
3 Upendra Kumar Sinha Member, Independent Director 2 2
4 Padmini Sekhsaria Member, Independent Director 2 2
3 Provide the web-link where Composition of CSR Committee, CSR Policy and CSR projects
approved by the Board are disclosed on the website of the Company
www.vedantalimited.com
213
4 Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects
carried out in pursuance of sub-rule (3) of rule 8, if applicable.
As per General Circular No. 14/2021 dated 25 August 2021 issued by the MCA on FAQs on CSR, it is clarified that web-
link to access the complete Impact Assessment Reports and providing executive summary of the Impact Assessment
Reports in the Annual Report on CSR, shall be considered as sufficient compliance of Rule 8(3)(b) of the Companies
(CSR Policy) Rules, 2014.
Accordingly, an Executive Summary of Impact Assessment Reports of the applicable projects, is annexed as
‛Annexure B-1' and the complete Impact Assessment Reports of the applicable projects can be accessed at the
web-link provided in the said annexure.
5 (a) Average net profit of the Company as per sub-section (5) of Section 135 (` crore): 5,621.00
(b) Two percent of average net profit of the Company as per Section 135(5) (` crore): 112.00
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set off for the financial year, if any (` crore): Nil
(e) Total CSR obligation for the financial year (5b+5c-5d) (` crore): 112.00
6 (a) Amount spent on CSR Projects (both ongoing projects and other than ongoing projects) (` crore): 123.33
(b) Amount spent in Administrative Overheads (` crore): 1.55
(c) Amount spent on Impact Assessment, if applicable (` crore): 0.00
(d) Total amount spent for the financial year (6a+6b+6c) (` crore):124.88
(e) CSR amount spent or unspent for the financial year:
Amount Unspent (` crore)

Total Amount Spent
Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule VII
for the financial year
CSR Account as per Section 135(6) as per second proviso to Section 135(5)
(` crore)
Amount Date of Transfer Name of the Fund Amount Date of Transfer
124.88 - NA NA NA NA
(f) Excess amount for set off, if any (` crore):
Sl. Amount
Particular
No. (` crore)
(i) Two percent of average net profit of the Company as per Section 135(5) 112.00
(ii) Total amount spent for the financial year 124.88
(iii) Excess amount spent for the financial year [(ii)-(i)] 12.88
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any 0.00
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 12.88
214
7 (a) Details of Unspent CSR amount for the preceding three financial years: Nil
8 Whether any capital assets have been created or acquired through Corporate Social Responsibility
amount spent in the Financial Year: No
9 Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as
per Section 135(5): NA
Sd/- Sd/-
Sunil Duggal Akhilesh Joshi
Whole-time Director and Chief Executive Officer Non-Executive Independent Director
(Chairman - CSR Committee)
215
Report on CSR Activities - Table 6(a) - Ongoing Projects
216
1 2 3 4 5 6 7 8 9 10 11
Amount Mode of Implementation -
Location of the project
transferred to Through Implementing Agency
Local Amount Amount spent
Item from the list of Project Unspent CSR Mode of
Sl. area allocated for in the current
Name of the Project activities in Schedule VII to duration Account for the Implementations - CSR
No. (Yes/ the project financial year
VEDANTA LIMITED
the Act State District (Months) project as per Direct (Yes/No) Name Registration
No) (`) (`)
Section 135(6) number
(`)
OIL & GAS
1 Barmer Unnati Project (iv) ensuring environmental Yes Rajasthan Barmer and Jalore 36 1,50,00,000.00 1,47,86,000.00 - No BAIF CSR00000259
Phase -3 sustainability
2 Borewell project (i) making available safe Yes Rajasthan Barmer 36 - -7,53,000.00 - Yes Direct -
drinking water
3 Project Ujjawal Phase-2 (ii) promoting education Yes Gujarat Ahmedabad, Banas 24 50,00,000.00 53,95,000.00 No DAMES CSR00029833
Kantha, Jamnagar, Patan,
Rajkot, Surendranagar,
Surat
4 Community Helpdesk (ii) promoting education Yes Gujarat Ahmedabad, Surat, 24 30,00,000.00 17,72,000.00 - No DHARA CSR00001421
(x) rural development Jamnagar, Banaskantha
projects
5 Dairy Development and (iv) ensuring environmental Yes Rajasthan Barmer and Jalore 36 80,00,000.00 73,05,000.00 - No Society for Upliftment CSR00003156
Animal Husbandry sustainability of Rural Economy
("SURE")
6 Mobile Health Van (i) promoting health care Yes Rajasthan Barmer, Jalore for RJ 24 2,05,00,000.00 2,08,98,000.00 - No DHARA CSR00001421
and Ahmedabad,
Gujarat Banaskantha, Dwarka
and Patan GJ
7 Nand Ghar (i) eradicating hunger, Yes Rajasthan Barmer and Jalore 24 1,00,00,000.00 82,95,000.00 - No Shakti Shali Mahila CSR00000894
poverty and malnutrition, Sangthan
promoting health care
(ii) promoting education,
(iii) promoting gender equality,
empowering women
8 Skill Training Programs in (ii) employment enhancing Yes Rajasthan Barmer and Jalore 36 80,00,000.00 77,67,000.00 - No Seeds CSR00000657
CEC Barmer vocational skills
9 Specialist Doctor - (i) promoting health care Yes Rajasthan Barmer 24 1,95,00,000.00 2,01,29,000.00 - No Barmer Jan Sewa CSR00002129
District Hospital, Barmer Samiti
and Hospital Sanitation
-Clean Barmer Green
Barmer
10 Micro level Interventions (x) rural development Yes Gujarat, Barmer, Jalore, 24 72,00,000.00 1,13,78,000.00 No Navarachana Mahila CSR00001914
projects Rajasthan Banaskantha, Viramgam, Vikas Trust
and Jamnagar, Patan, Jorhat,
Assam Golaghat, Tinsukia, Rajkot
11 O&M of 124 RO Plants (i) making available safe Yes Rajasthan Barmer and Jalore 12 1,49,66,000.00 1,08,42,000.00 No Shakti Shali Mahila CSR00000894
drinking water Sangthan
12 Support to Sports Infra (vii) promoting sports Yes Rajasthan Barmer 12 60,00,000.00 63,22,000.00 No DHARA CSR00001421
13 Super Specialist Ward (i) promoting health care Yes Rajasthan Barmer 12 1,00,00,000.00 1,00,00,000.00 Yes Govt. Medical College -
14 Project Divyang (vii) promoting sports and No Pan India Pan India 12 65,00,000.00 32,88,000.00 No PCI CSR00009842
paralympic sports
Oil & Gas SUB TOTAL A 13,36,66,000.00 12,74,24,000.00 -
1 2 3 4 5 6 7 8 9 10 11
No) (`) (`)
(`)
IRON ORE
DIRECTORS' REPORT
15 Alternative Livelihood (ii) livelihood enhancement Yes Karnataka Chitradurga 48 1,50,00,000.00 64,06,259.00 - No BAIF CSR00000259
Opportunities Project projects
(iii) promoting gender equality,
empowering women
(iv) ensuring environmental
sustainability
16 Gram Nirman-Integrated (ii) livelihood enhancement Yes Goa North Goa 48 1,06,00,000.00 57,94,509.35 - No VANARAI CSR00001205
village development projects
program (iii) promoting gender equality,
empowering women
(iv) ensuring environmental
sustainability
17 Utkarsha Scholarship (ii) promoting education Yes Goa and North Goa and 48 23,00,000.00 21,20,262.00 - Yes - -
Karnataka Chitradurga
18 Sesa Football Academy (vii) Promoting sports Yes Goa North Goa, South Goa 48 4,39,55,000.00 3,75,90,161.83 - No Sesa Community CSR00005046
Development
Foundation
19 Sesa Technical School (ii) employment enhancing Yes Goa North Goa 48 2,82,50,000.00 1,56,46,928.57 - No Sesa Community CSR00005046
vocational skills Development
Foundation
20 Community Medical (i) promoting health care Yes Goa, North Goa, West 48 68,00,000.00 53,42,610.62 - No Sevamob CSR00001153
Center and Mobile Health including preventive Jharkhand Singhbhum
unit health care
Iron Ore SUB TOTAL B 10,69,05,000.00 7,29,00,731.37 -
ALUMINIUM - JHARSUGUDA
21 Mobile Health Unit and (i) promoting health care Yes Odisha Jharsuguda 35 33,60,000.00 32,10,991.73 - No Punaruthan CSR0002457
Project Jagruti including preventive
health care
22 Nikshay Mitra (i) promoting health care Yes Odisha Jharsuguda 6 - 2,00,000.00 Yes - -
REPORT
including preventive
health care
INTEGRATED
23 Mental Health for (i) promoting health care Yes Odisha Jharsuguda 12 - - No NA NA
Prisoners including preventive
health care
24 Skill Development (ii) employment enhancing Yes Odisha Jharsuguda 12 5,00,000.00 3,38,016.00 No Not finalised NA
Program vocation skills
REPORTS
25 Water and Sanitation (iv) ensuring environmental Yes Odisha Jharsuguda 12 1,16,02,690.00 1,55,80,583.89 - Yes - -
STATUTORY
activities sustainability
26 Nand Ghar (ii) promoting education Yes Odisha Jharsuguda 12 10,00,000.00 91,906.00 - No American India NA
Foundation
27 Vedanta DAV Scholarship (ii) promoting education Yes Odisha Jharsuguda 12 31,00,000.00 30,69,781.21 - Yes - -
Program
FINANCIAL
STATEMENTS
217
1 2 3 4 5 6 7 8 9 10 11
218
No) (`) (`)
VEDANTA LIMITED
(`)
28 Vedanta Computer (ii) promoting education, Yes Odisha Jharsuguda 12 6,50,000.00 6,48,957.80 - No Vedanta Foundation CSR00001617
Literacy Programme including employment
enhancing vocation skills
29 Vedanta Mini-Science (ii) promoting education Yes Odisha Jharsuguda 12 1,72,000.00 1,69,744.30 - Yes - -
Centre
30 Other Educational (ii) promoting education Yes Odisha Jharsuguda 24 2,16,000.00 2,35,211.16 Yes - -
Initiatives: Teacher in
schools
31 Vedanta Digital (ii) promoting education Yes Odisha Jharsuguda 12 21,50,000.00 21,89,595.01 No Sarthak Sustainable -
Education: Vidyagrah Foundation
32 Women Empowerment: (iii) promoting gender Yes Odisha Jharsuguda 36 20,00,000.00 17,93,796.80 - No Entrepreneurship CSR00002457
Subhalaxmi Co-op, equality, empowering Development Institute
Capacity Building, Micro women of India
Enterprises
33 Establishment of Sanitary (ii) promoting employment Yes Odisha Jharsuguda 24 - - No Not finalised -
Napkin Manufacturing enhancing vocation
Unit skills ...and livelihood
enhancement projects.
34 Safety Jacket Uniform (ii) promoting employment Yes Odisha Jharsuguda 12 - - No Not finalised -
Stitching enhancing vocation
skills ...and livelihood
enhancement projects.
35 Farm Activity: Project (iv) e
nsuring environmental Yes Odisha Jharsuguda 12 30,00,000.00 29,59,139.56 - No Not finalised -
Jeevika Samridhhi and sustainability
other initiative
36 Dairy Farming Unit (iv) e
nsuring environmental Yes Odisha Jharsuguda 12 - - No Not finalised -
sustainability
37 Plantation (iv) e
nsuring environmental Yes Odisha Jharsuguda 12 54,50,000.00 56,61,584.84 - Yes - -
sustainability, ecological
balance
Aluminium - Jharsuguda SUB TOTAL C 3,32,00,690.00 3,61,49,308.30 -
ALUMINIUM - LANJIGARH
38 Vedanta Hospital (i) promoting health care Yes Odisha Kalahandi 36 3,50,00,000.00 4,13,76,819.19 - No Punaruthan Voluntary CSR00000650
including preventive Organisation
health care
39 Maa Santoshi Jan Kalyan, (i) promoting health care Yes Odisha Kalahandi 36 20,00,000.00 15,64,635.00 - No Maa Santoshi CSR00010453
Bankakundru including preventive Jankalyan Foundation
health care
40 Women Empowerment (iii) promoting gender equality, Yes Odisha Kalahandi 36 45,00,000.00 20,81,141.00 - No Mahashakti CSR00002561
empowering women Foundation
41 Vedanta Child Care (ii) promoting education Yes Odisha Kalahandi 36 - 2,48,375.40 - No Jansahajya CSR00001642
Center
42 Sports Promotion providing training to children yes Odisha Kalahandi 36 33,00,000.00 2,42,257.34 - Yes - -
(Kreeda Kendra) in archery and karate
1 2 3 4 5 6 7 8 9 10 11
No) (`) (`)
(`)
43 Vedanta Skill Training providing skill training to yes Odisha Kalahandi 36 63,00,000.00 24,02,023.00 - No Vedanta Foundation CSR00001617
DIRECTORS' REPORT
rural youth to enhance their

skill set
44 Farm and Non-farm (ii) livelihood enhancement Yes Odisha Kalahandi 36 6,03,50,000.00 87,70,458.86 - No Mahashakti CSR00002561
livelihood projects Foundation
45 Vedanta Tribal and (vii) promoting local art and Yes Odisha Kalahandi 36 56,50,000.00 6,11,202.00
Dhokra Art culture
Aluminium - Lanjigarh SUB TOTAL D 11,71,00,000.00 5,72,96,911.79 -
COPPER
46 Children's Wellbeing (ii) promoting education Yes Tamil Thoothukudi 48 2,00,00,000.00 96,000.00 - Yes - -
Education Nadu
47 Community Asset Infra Development Yes Tamil Thoothukudi 48 12,00,000.00 44,62,289.60 Yes - -
Creation Nadu
48 Disaster Relief Disaster Relief Yes Tamil Thoothukudi 48 1,51,450
Nadu
49 Tamira Surabhi (i) promoting health care Yes Tamil Thoothukudi 48 98,00,000.00 89,89,352.59 - Yes - -
including preventive Nadu
health care and
sanitation
50 Pasumai Thoothukudi (iv) ensuring environmental Yes Tamil Thoothukudi 48 60,00,000.00 71,35,714.00 - Yes - -
sustainability Nadu
51 Health Camps (i) promoting health care Yes Tamil Thoothukudi 48 60,00,000.00 44,86,126.00 - Yes - -
including preventive Nadu
health care
52 Skilling Initiative (ii) promoting education, Yes Tamilnadu Thoothukudi 48 21,89,98,400.00 2,01,19,350.00 Yes - -
including employment
enhancing vocation skills
53 Sports and Culture Sports Activities Yes Tamilnadu Thoothukudi 48 12,00,000.00 9,49,800.00 Yes
54 Woman Resource Centre (ii) employment enhancing Yes Tamil Thoothukudi 48 63,00,000.00 68,11,356.00 - No Thulasi Social Trust/ -
REPORT
vocation skills among Nadu Bell Education and

women Women Empowerment
INTEGRATED
(iii) promoting gender Society/Dhaayagam

equality, empowering Social Welfare Trust)
women
55 New Initiatives Community Development Yes Tamil Thoothukudi 48 73,00,000.00 31,85,837 Yes - -
Activities Nadu
REPORTS
Copper SUB TOTAL E 27,67,98,400.00 5,63,87,275.19 -

STATUTORY
TOTAL (A+B+C+D+E) 66,76,70,090.00 35,01,58,226.65 -

FINANCIAL
STATEMENTS
219
Report on CSR Activities - Table 6(a) - Other than Ongoing Projects

1 2 3 4 5 6 7 8
Mode of implementation
Local Location of the project
Item from the Amount Mode of - Through implementing agency
Sl. Name of the area
list of activities in spent for the implementation - CSR
No. Project (Yes/
Schedule VII to the Act State District project (in `) Direct (Yes/No) Name Registration
No)
number
OIL & GAS
1 Nirogi Rajasthan (i) promoting health care Yes Rajasthan Barmer 43,03,000.00 No Dhara CSR00001421
including preventive Sansthan
health care and
sanitation
2 Micro level (x) rural development Yes Gujarat Surat-Suvali 13,35,000.00 No CEDRA CSR00003663
Interventions projects
3 CEC-Infra Work (ii) employment enhancing Yes Rajasthan Barmer 24,92,000.00 Yes Kisan -
vocational skills Construction
Company
4 Cairn Centre of (ii) employment enhancing Yes Rajasthan Jodhpur 37,82,000.00 Yes JVVNL -
Excellence Barmer vocational skills
5 Cairn Centre Of (ii) employment enhancing Yes Rajasthan Jodhpur 1,01,000.00 Yes CTO -
Excellence Barmer vocational skills
6 CHC-Kawas (i) promoting health care Yes Rajasthan Barmer 64,90,000.00 Yes Kisan -
Construction
Company
7 Sonography (i) promoting health care Yes Rajasthan Barmer 37,95,000.00 No Barmer Jan CSR00002129
Machine Sewa Samiti
8 Program Admin Program Admin Yes Rajasthan NA 68,55,000.00 Yes Direct -
9 Impact Study Program Admin Yes Rajasthan, NA 46,72,000.00 Yes KPMG -
Gujarat,
Assam
10 COVID-19 Relief (i) promoting health care Yes Rajasthan Barmer, 4,90,000.00 Yes NA -
including preventive Jalore
health care
(xii) d isaster management,
including relief
11 Contribution to Anil 16,64,29,000.00 No Anil Agarwal -
Agarwal Foundation Foundation
(AAF)
Oil & Gas SUB TOTAL A 20,07,44,000.00
IRON ORE
12 COVID-19 relief (i) promoting health care Yes Goa, North Goa, 4,13,606.86 Yes - -
including preventive Karnataka, Dharwad
health care Maharashtra
13 Back to Farming (iv) e
nsuring environmental Yes Goa South Goa 64,640.00 Yes - -
sustainability
14 Women (iv) ensuring environmental Yes Goa North Goa 2,78,446.00 Yes - -
Empowerment sustainability
15 Project Vriddhi (ii) promoting education Yes Goa, North Goa, 68,77,453.99 Yes - -
Karnataka South Goa,
Karnataka
16 Rural Infra Projects (x) rural development Yes Goa, North Goa 2,70,551.30 Yes - -
projects Karnataka
17 Computer Training (ii) promoting education Yes Goa, North Goa, 7,84,706.54 No Vedanta CSR00001617
Centres Karnataka Chitradurga Foundation
18 Paediatric ICU Unit (i) promoting health care Yes Karnataka Chitradurga 15,67,301.00 Yes - -
health care and
sanitation
19 Drinking Water (i) making available safe Yes Goa, North Goa, 15,51,402.14 Yes - -
Supply drinking water Karnataka Chitradurga
20 Health Camps (i) promoting health care Yes Goa and North Goa, 4,97,135.92 Yes - -
including preventive Karnataka Chitradurga
health care
21 Contribution to Anil 10,92,77,351.44 No Anil Agarwal -
Agarwal Foundation Foundation
(AAF)
22 Admin Expenses 5,34,334.98
Iron Ore SUB TOTAL B 12,21,16,930.17
ALUMINIUM - JHARSUGUDA
23 Social Infrastructure (x) rural development Yes Odisha Jharsuguda 1,85,16,870.73 Yes - -
Projects projects
24 State-of-the-Art (i) Promoting health care Yes Odisha Jharsuguda -1,52,021.72 - -
Pathology and including preventive
Diagnostic Centre health care
220
1 2 3 4 5 6 7 8
Mode of implementation
Local Location of the project
Item from the Amount Mode of - Through implementing agency
Sl. Name of the area
list of activities in spent for the implementation - CSR
No. Project (Yes/
Schedule VII to the Act State District project (in `) Direct (Yes/No) Name Registration
No)
number
25 District Nutrition (i) promoting health care Yes Odisha Jharsuguda - - -
Care Support including preventive
health care
26 Disaster Relief - (xii)disaster management, Yes Odisha Jharsuguda 1,94,41,728.55 Yes - -
COVID-19 response including relief
27 Educational (ii) promoting education Yes Odisha Jharsuguda 2,80,00,000.00 Yes - -
Initiatives: MO
School
28 Supporting Sports (vii) training to promote Yes Odisha Jharsuguda 19,66,841.00 No Social CSR00006927
rural sports Education
for Women's
Awareness
29 Admin Expenses NA Yes Odisha Jharsuguda 44,63,421.87
30 CSR Projects NA 22,42,81,090.33
through AAF
31 Marathon Expenses NA 2,51,71,743.00
Aluminium - SUB TOTAL C 32,16,89,673.76
Jharsuguda
ALUMINIUM - LANJIGARH
32 Vedanta Clean (iv) ensuring environmental Yes Odisha Kalahandi 3,20,800.00 Yes NA -
Energy sustainability
33 Vedanta Medicinal (iv) ensuring environmental Yes Odisha Dhenkanal 9,71,650.00 No - -
Plantation sustainability
34 COVID-19 relief (i) promoting health care Yes Odisha Kalahandi 1,00,02,357.28 No Punaruthan CSR00000650
including preventive Voluntary
health care and Organisation
sanitation
(xii) Disaster management
35 Community Asset (x) rural development Yes Odisha Kalahandi 28,58,354.00 Yes NA NA
Creation projects
36 Scholarship (ii) promoting education Yes Odisha Kalahandi 8,26,111.12 Yes NA NA
37 Program CSR Program Yes Odisha Kalahandi 51,62,405.86 No NA NA
38 Admin CSR Admin Yes Odisha Kalahandi 17,51,458.06 No NA NA
39 TB Mukht Bharat (i) promoting health care Yes Odisha Kalahandi 20,000.00 No Punaruthan CSR00000650
including preventive Voluntary
health care and Organisation
sanitation
40 Water and (i) promoting health care Yes Odisha Kalahandi 22,892.78 Yes - -
Sanitation including preventive
health care and
sanitation
41 Women and (iii) promoting gender Yes - - 12,88,35,407.16 Yes - -
Children (“AAF") equality, empowering
women
(i) promoting health care
health care and
sanitation
42 Education (ii) promoting education Yes - - 1,21,92,000.00 Yes - -
(MO School)
43 Delhi Half Marathon (i) Eradicating hunger Yes - - 1,34,63,999.34 Yes - -
(Run for zero poverty and malnutrition
hunger)
Aluminium - SUB TOTAL D 17,64,27,435.60
Lanjigarh
COPPER
44 Sports (Corp 30,71,968
Allocation)
45 Program and Admin (i) Program and Admin Yes Tamilnadu Thoothukudi 19,13,836.15 Yes - -
(ii) Audit Fee
Copper SUB TOTAL E 49,85,804.15
CORPORATE
46 Sports Promotion (i) Eradicating hunger 7,27,04,537.00 Yes - -
(VDHM) poverty and Malnutrition
(vii) Promoting sports
Corporate SUB TOTAL F 7,27,04,537.00
TOTAL (A+B+C+D+E+F) 89,86,68,380.68
221
ANNEXURE B-1
Executive Summary of Impact Assessment Reports
As per the revised CSR Rules issued by MCA in January 2021, every Company having an average CSR obligation of
`10 crore or more in the three immediately preceding financial years, shall undertake Impact Assessment, through an
independent agency, for its CSR projects having outlays of `1 crore or more, and which have been completed not less than
one year before undertaking the impact study.
In line with the above requirement, a brief outline of the projects for which Impact Assessment was carried out and the
executive summary of the Impact Assessment Reports are given below:
Oil & Gas

A. Thematic Area – Children Well-Being and Education
1. Project Name: Nand Ghar
Project Brief: The flagship project of Vedanta-Cairn aims Impact Assessment – Impact of Intervention:
to strengthen the efficacy of government's Integrated • Increased Access to Supplementary Nutrition. 68%
Child Development Services ("ICDS") programme to of the respondent households which were accessing
improve the health and well-being of children in the the Nand Ghar Centres reported that there was
age group of 3-6 years and link women to sustainable increased access to supplementary nutrition owing
livelihood and economic empowerment opportunities to Cairn's project interventions.
through 125 Nand Ghars in Barmer, Rajasthan. • Improved Status of Nutrition. In Barmer, 13%
of households reported that child moved from
Indicator Scoring
Moderate Acute Malnutrition ("MAM") to healthy.
Relevance 12% of the households reported that child moved
Coherence from Severe Acute Malnutrition ("SAM") to healthy
Effectiveness and an overwhelming 63 reported that child moved
Efficiency from SAM to MAM.
Sustainability
B. Thematic Area – Healthcare

1. Project Name: Mobile Health Van ("MHV") 2. Project Name: Doctor’s Support – Barmer District Hospital
Project Brief: MHVs are medical units on wheels
Project Brief: To improve medical facilities in the
which have been able to effectively provide affordable, district hospital, two major interventions have been
accessible, reliable and quality preventive healthcare initiated by the Company – ‘Green Barmer, Clean
Barmer’ campaign to create awareness on health and
services to beneficiaries at their doorstep. Through our
hygiene; and strengthening the health services offered
7 MHVs, we deliver basis healthcare services to 249
at the government district hospital by providing medical
villages in Rajasthan and Gujarat. specialists. These specialists include an ENT specialist,
a general surgeon, and a dentist to the CHC at Baitu.
Indicator Scoring
Relevance Indicator Scoring
Coherence Relevance
Effectiveness Coherence
Efficiency Effectiveness
Sustainability Efficiency
Sustainability
Impact Assessment – Impact of Intervention: • Due to MHV program, 63% of the respondents in
• Through the efforts undertaken by Cairn, the district Barmer and 33% respondents in Jalore reported to
hospital of Barmer has received Quality Assurance have an increase in the timely availability of health
Certificate from the Government of India. Twice, the care services.
District Hospital, bagged first place under ‘Mera • Due to Cairn's health intervention, the beneficiaries
Aspatal Project’. reported to have an average additional income of
• 52% of the beneficiaries in Barmer and 43% of the `730 due to reduction in number of days of sickness.
beneficiaries in Jalore reported that due to Cairn's • As per the primary data, the respondents reported to
health intervention, there is an improvement in have a reduction of on average `1,719 on the annual
access to health care facilities. out-of-pocket expenditure on health.
Extremely Satisfactory Moderately Satisfactory Satisfactory
222
C. Thematic Area – Skill Development

1. Project Name: Cairn Enterprise Centre, Barmer
Project Brief: One of the pressing needs of the Impact Assessment – Impact of Intervention:
community has been employment, for which Cairn has • All the respondent beneficiaries reported who
established two vocational skill training centres, namely enrolled in the Cairn Enterprise Centre reported
– Cairn Enterprise Centre (“CEC"), Barmer. Through to receive certification after completing the
these centres, various vocational courses related to training program.
electricians, masonry, computers, plumber, etc. have
• 100% of the beneficiaries from Barmer and 100%
been imparted.
beneficiaries from Jalore reported to receive career
Indicator Scoring counselling through Cairn Enterprise Centres.
Relevance • Similarly, 100% of the beneficiaries reported to
Coherence receive placement opportunities through Cairn
Effectiveness Enterprise Centers.
Efficiency
Sustainability
D. Thematic Area – Agriculture and Animal Husbandry (Livelihoods)

1. Project Name: Barmer Unnati Indicator Scoring
Project Brief: The project aims to develop livelihood Relevance
models and value chain interventions, and to increase Coherence
the income of the farming communities by introducing Effectiveness
and promoting new crops and technologies in the region Efficiency
through natural resource management practices. Sustainability
Impact Assessment – Impact of Intervention:

• Increase in Income – 5% of the respondents households reported
to have an increase in the income in the range
– In the current impact study, on an average there
`20,000-50,000.
has been an increase in income of `16,862 for
58% of the beneficiaries involved in agriculture. • Decrease in Input Cost
– There was an average decrease of `4,536 in the
– Data shows that 74% of the beneficiaries
input cost of farmers annually.
reported to have an increase in income within
a range of `5,000-10,000 annually, followed • Improvement in Food Security
by 13% of the respondent households that – 64% of the respondent beneficiaries of the
reported to have an annual increase in income project reported to have an improvement in the
in the range of `1,000-2,000 while 8% of the food security owing to the association with the
beneficiaries reported to have an increase in project.
income within a range of `1,000-5,000. • Reduction in Outward Migration
223
E. Thematic Area – Water and Sanitation

1. Project Name: Jeevan Amrit
Impact Assessment – Impact of Intervention:
Project Brief: To address the shortage of safe drinking
water, Cairn has launched this project with a focus on • As per the primary data received from the ground, 56%
providing doorstep access to safe drinking water. of the respondent households, who are dependent
on the RO water, reported that the intervention has
Indicator Scoring resulted in the decrease in the prevalence of the water
Relevance borne diseases in the community. This is attributed
Coherence to the fact that they are consuming pure and treated
Effectiveness water from the RO plants.
Efficiency • Moreover, 62% of the respondent households reported
Sustainability
to have an improvement in the access to clean
drinking water.
F. Thematic Area – Community Infrastructure

1. Project Name: Micro Level Intervention
Project Brief: Creating multiple channels of continuous Impact Assessment – Impact of Intervention:
engagement with communities through need-based • As part of the intervention, in Assam we witnessed
projects is a key strategy in CSR operations. This that 84.6% the respondents responded positively
engagement helps to build a platform to connect and on increase in income due to increase in yield.
interact with community at large. Celebration of events,
• The average increase in annual income in Golaghat
important days, creating awareness on important
was `2,000 and in Jorhat it was `3,285.
topics, addressing community needs, etc. are some of
the engagement tools. • The same respondents also reported a decrease
in put costs. In Golaghat, the decrease reported
Indicator Scoring was `1,500 and in Jorhat it was `1,571. 69.2% of the
Relevance beneficiaries interviewed also reported an increase
Coherence of land under sustainable/organic cultivation.
Effectiveness 52.8% of the beneficiaries interviewed reported an
Efficiency increase of land under cultivation.
Sustainability
VAL – Jharsuguda
A. Thematic Area – Community Infrastructure
1. Project Name: WASH/Community Infrastructure
Project Brief: VAL-J is committed to improving the Impact Assessment – Impact of Intervention:
quality of life of the people within the plant periphery. • 52% of the respondent households reported to have
They provide basic to advance infrastructure facilities improved access to clean drinking water, while 32%
to the community through construction of road, culvert, of the respondent households reported to have
drain, tube well, pond, community centre, temple, enhanced security amongst girls and women of
electrification, installation of CCTV camera etc. In the community.
FY 2022, community infrastructures like community
• 15% of the respondent households reported to have
centre, Sanskruti Bhavan, installation of tube well,
decrease in water borne diseases while, 38% of the
pond renovation and cleaning etc. were constructed.
respondent reported to have improvement in the
At present, more than 575 key infrastructure assets
sanitation and hygiene of the village.
have been created for the community.
224
VAL – Lanjigarh
A. Thematic Area – Healthcare
1. Project Name: Project Aarogya
Project Brief: Under healthcare, the Business Unit has Impact Assessment – Impact of Intervention:
two interventions. Project Aarogya, which consists • 44% of the respondents stated that there has been
of Vedanta Hospital, providing healthcare services a decrease in the average annual expenditure on
in Lanjigarh and the Mobile Health Unit that provides health. The average decrease was `1,624. While the
health services to the last mile. The hospital engaged a other 34% felt that there has been an increase in
highly qualified and experienced medical staff to ensure their expenditure on health. The remaining 16% and
that the hospital delivers quality treatment. 6% of beneficiaries did not see any change or have
not responded to the issue respectively.
Indicator Scoring
• 54% of the respondents felt that there is an
Relevance increase in accessibility to free medicines via
Coherence MHU’s and 42% felt that it helps in better ORS
Effectiveness
distribution. 24% of the respondents reported
Efficiency
access to health check-up through MHU.
Sustainability
• 78% of the respondents stated that MHU has led to
increase timely access to health services.
Iron Ore Business

A. Thematic Area – Healthcare
1. Project Name: Alternative Livelihood Opportunity
Project ("ALOP") Impact Assessment – Impact of Intervention:
Project Brief: The primary objective of the Project is to • 53% of the respondents reported noticing an
build capacities of farmers in sustainable agriculture improvement in their incomes after the intervention.
and livestock support. The project is implemented in
• Nearly 45% of the respondents who reported having
partnership with expert organisation ‘BAIF’.
land brought under sustainable agriculture or
Indicator Scoring organic cultivation.
Relevance • The respondents reportedly saw an improvement

Coherence in terms of women empowerment indicators such
Effectiveness as improved skillsets (21%), increased confidence
Efficiency and self-esteem (28%), improved social support
Sustainability network (27%), praise from family/relatives (28%)
and a stronger role in family decisions (23%).
• Nearly 50% of the respondents also reported having
noticed an improvement in women’s ability to
access financial services, improved regular savings,
improved decision-making in HH, and improved
participation in gram sabhas.
The detailed impact assessment reports for the above projects can be accessed at www.vedantalimited.com.
225
ANNEXURE C
Disclosure in Board’s Report as per provisions of Section 197 of the Companies Act, 2013 read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
Sr.No. Requirement Disclosure

1 Ratio of the remuneration of each Director to the median Name of the Director Category Ratio
remuneration of the employees of the Company for the
Navin Agarwal (1)
Executive Vice-Chairman 227.82
financial year
Sunil Duggal Whole-time Director & 154.98
Ratio of the Fee for attending Board/Committee Meetings Anil Agarwal Non Executive Chairman 0.64
and Commission of each Director to the median
UK Sinha Independent Director 10.87
remuneration of the employees of the Company for the
financial year DD Jalan Independent Director 10.45
Akhilesh Joshi Independent Director 10.02
Padmini Sekhsaria Independent Director 9.06
Priya Agarwal Non Executive Director 11.83
2 Percentage increase in remuneration of each Director, Increment
Name Category
Chief Financial Officer, Chief Executive Officer, Company Percentage
Secretary or Manager, if any, in the financial year
Navin Agarwal Executive Vice-Chairman 5%
Sunil Duggal Whole-time Director & 5%
Ajay Goel (2) Acting Group Chief Financial 8%
Officer
Prerna Halwasiya Company Secretary & 32%
Compliance Officer
3 Percentage increase in the median remuneration of The median remuneration of the employees in the financial year was
employees in the financial year increased by 10.56%*
4 Number of permanent employees on the rolls of Company There were 8,545 employees of Vedanta Limited as on 31 March 2023
5 Average percentile increase already made in the salaries Average increment in FY 2023 for Managerial Personnel
of employees other than the managerial personnel (M4 and Above): 9.25%
in the last financial year and its comparison with the
percentile increase in the managerial remuneration Average Increment in FY 2023 for non Managerial Personnel
and justification thereof and point out if there are any (M5 and Below): 10.55%
exceptional circumstances for increase in the managerial No exceptional increase given in the managerial remuneration.
remuneration
6 Affirmation that the remuneration is as per the Yes
remuneration policy of the Company
*Median calculated is against employees active throughout the full financial year in FY 2023
Notes:
1. For Mr. Navin Agarwal, the ratio inclusive of remuneration received from Vedanta Resources Limited, UK, the Holding Company, is 347.25.
2. Mr. Ajay Goel ceased to be Acting Group Chief Financial Officer and Key Managerial Personnel of the Company with effect from close of
business hours on 09 April 2023.
226
ANNEXURE D
Form No. MR-3
Secretarial Audit Report
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015]
To, f) The Securities and Exchange Board of India

The Members, (Substantial Acquisition of Shares and Takeovers)
Vedanta Limited Regulations, 2011;
We have conducted the secretarial audit of the compliance g) Securities and Exchange Board of India (Share Based
of applicable statutory provisions and the adherence to good Employee Benefits and Sweat Equity) Regulations,
corporate practices by Vedanta Limited (hereinafter called 2021;
“Company" or “VEDL") for the financial year ended 31 March
2023 (“Audit Period") in terms of the engagement letter h) The Securities and Exchange Board of India (Debenture
dated 29 April 2022. The secretarial audit was conducted Trustee) Regulations, 1993 (in relation to obligations of
in a manner that provided us a reasonable basis for Issuer Company);
evaluating the corporate conduct/statutory compliances and
expressing our opinion thereon. i) The Securities and Exchange Board of India (Registrars
to an Issue and Share Transfer Agents) Regulations,
Based on our verification of the Company’s books, papers, 1993 to the extent applicable to/dealing with the
minute books, forms and returns filed and other records Company;
maintained by the Company and also the information
provided by the Company, its officers, agents and authorised j) Securities and Exchange Board of India (Depositories
representatives during the conduct of secretarial audit, we and Participants) Regulations, 2018;
hereby report that in our opinion, subject to our comments
herein, the Company has, during the Audit Period, complied k) Specific laws applicable to the industry to which the
with the statutory provisions listed hereunder and also that Company belongs, as identified and confirmed by the
the Company has proper Board-processes and compliance- Company, compliance whereof as examined on test-
mechanism in place. check basis and as confirmed by the management, that
is to say:
We have examined the books, papers, minutes, forms 1. The Mines Act, 1952 and Rules made thereunder;
and returns filed and other records maintained by the and
Company for the Audit Period, according to the provisions of
applicable law provided hereunder: 2. The Mines and Minerals (Development and
Regulation) Act, 1957 and Rules made thereunder
a) The Companies Act, 2013 (“Act") and the rules made
thereunder including any re-enactment thereof; We have also examined compliance with the applicable
clauses of the Secretarial Standards for Board Meetings
b) Foreign Exchange Management Act, 1999 and the (“SS-1") and for General Meetings (“SS-2") issued by the
rules and regulations made thereunder to the extent of Institute of Company Secretaries of India.
Foreign Direct Investment, Overseas Direct Investment
and External Commercial Borrowings; We report that during the Audit Period, the Company has
complied with the provisions of the applicable Act, rules,
c) The Securities Contracts (Regulation) Act, 1956 regulations, guidelines, standards etc.
(“SCRA") and the rules made thereunder;
During the Audit Period, the Company has undertaken
d) The Securities and Exchange Board of India (Listing transactions with its holding company, Vedanta Resources
Obligations and Disclosure Requirements) Regulations, Limited (“VRL"), and has made payment of Brand License
2015 (“Listing Regulations"); and Strategic Services Fee (“BSF"), for FY 2023 and FY 2024.
The Company has relied upon an opinion, with respect to
e) The Securities and Exchange Board of India (Prohibition non-aggregation of transactions relating to brand usage
of Insider Trading) Regulations, 2015; with other transactions with the related party, for the
purpose of materiality under proviso to Reg. 23(1) r/w Reg.
23(4) of Listing Regulations, and has, therefore, applied the
limits under Reg. 23(1A) separately.
227
We further report that: & Gas and `377 crore for Aluminium business in the
form of equity investment, expected to give returns in
The Board of Directors of the Company is duly constituted
form of guaranteed supply of power, to aquire 26% in a
with proper balance of Executive Directors, Non-Executive
Special Purpose Vehicle, being a joint venture between
Directors and Independent Directors. The changes in the
the Company and Serentica Renewables India Private
composition of the Board of Directors that took place during
Limited and its affiliates, related party(ies), to enter into
the Audit Period were carried out in compliance with the
a Power Delivery Agreement for a period of 25 (twenty-
provisions of the Act.
five) years.
Adequate notice is given to all directors to schedule the
c. To secure a continuing term loan, the Company has
Board Meetings and Committee Meetings, agenda and
executed a non-disposal undertaking (“NDU”) and
detailed notes on agenda were sent at least seven days in
created pledge, with respect to its shareholding
advance with due compliance of the Act and SS-1 except
in Hindustan Zinc Limited (“HZL”) to the extent of
for the meetings held at a shorter notice (in compliance of
50.1% and 1% of the paid-up share capital of HZL
applicable provisions). Further, a system exists for seeking
respectively. Also, there is an existing pledge of 5.77%
and obtaining further information and clarifications on
of the paid-up share capital of HZL created by the
the agenda items before the meeting and for meaningful
Company previously.
participation at the meeting.
d. The Company had filed Form 15F on 01 December
All the decisions are carried through unanimous approval
2022 with the US Securities and Exchange Commission
and there was no minuted instance of dissent in Board or
(“SEC") to deregister the American Depository
Committee meetings.
Securities and the underlying equity shares pursuant to
the U.S. Securities Exchange Act of 1934, as amended
We further report that there are adequate systems and
(“Exchange Act"). As a result, the Company’s reporting
processes in the Company, which commensurate with its
obligations under the Exchange Act were ceased and
size and operations to monitor and ensure compliance with
the Company has been deregistered from the SEC
applicable laws, rules, regulations and guidelines.
effective 01 March 2023.
We have separately given our recommendations towards
e. The National Company Law Tribunal, Cuttack Bench,
good corporate governance practices.
vide order dated 15 November 2022 has sanctioned
We further report that during the Audit Period, the Company the Scheme of Amalgamation of FACOR Power Limited,
has undertaken the below mentioned specific events/ subsidiary of Ferro Alloys Corporation Limited into
actions that can have a major bearing on the Company’s Ferro Alloys Corporation Limited, a subsidiary of VEDL.
compliance responsibility in pursuance of the above-
referred laws, rules, standards, etc:
a. Declaration of five interim dividends, aggregating to For M/s Vinod Kothari & Company
`101.50 per share resulting in pay-out of `37,733 Practicing Company Secretaries
crore. We have relied on the Key Audit Matters and Unique Code: P1996WB042300
draft Report of the Independent Auditors’ under section
143(3) read with Rule 11 of Companies (Audit and Nitu Poddar
Auditors) Rules, 2014 with respect to considering Partner
certain exceptional items as part of distributable Membership No.: A37398
profits. The said Report confirms the compliance CP No.:15113
by the Company with Section 123 of the Act. Place: New Delhi UDIN: A037398E000286891
Date: 11 May 2023 Peer Review Certificate No.: 781/2020
b. In continuation to the investments done in FY 2022,
the Board has accorded approval for procurement of The report is to be read with our letter of even date which is
renewable power under the group captive scheme and annexed as ‛Annexure I’ and forms an integral part of this
to further infuse `22 crore for Copper, `45 crore for Oil report.
228
Annexure I
Auditor and Management Responsibility
ANNEXURE TO SECRETARIAL AUDIT REPORT
To, 5. We have not verified the correctness and

The Members, appropriateness of financial records and books of
Vedanta Limited accounts of the Company as well as the correctness of
the values and figures reported in various disclosures
Our Secretarial Audit Report of even date is to be read along and returns as required to be submitted by the
with this letter. Company under the specified laws, though we have
relied to a certain extent on the information furnished in
1. Maintenance of secretarial records is the responsibility such returns;
of the management of the Company. Our responsibility
is to express an opinion on these secretarial records 6. We have held discussion with the management on
based on our audit. The list of documents for the several points and wherever required, we have obtained
purpose, as seen by us, is listed in ‛Annexure II'; the management representation about the compliance
of laws, rules and regulations and happening of
2. We have followed the audit practices and the processes events etc.;
as were appropriate to obtain reasonable assurance
about the correctness of the contents of the secretarial 7. The compliance of the provisions of corporate and
records. The verification was done on a test basis to other applicable laws, rules, regulations, standards is
ensure that correct facts are reflected in secretarial the responsibility of the management. Our examination
records. We believe that the processes and practices was limited to the verification of procedure on
we followed, provide a reasonable basis for our opinion; test basis;
3. Our Audit examination is restricted only upto legal 8. Due to the inherent limitations of an audit including
compliances of the applicable laws to be done by the internal, financial, and operating controls, there is an
Company, we have not checked the practical aspects unavoidable risk that some misstatements or material
relating to the same; non-compliances may not be detected, even though the
audit is properly planned and performed in accordance
4. Wherever our Audit has required our examination with audit practices;
of books and records maintained by the Company,
we have relied upon electronic versions of such 9. The contents of this Report has to be read in
books and records, as provided to us through online conjunction with and not in isolation of the
communication. Considering the effectiveness of observations, if any, in the report(s) furnished/to be
information technology tools in the audit processes, furnished by any other auditor(s)/agencies/authorities
we have conducted online verification and examination with respect to the Company;
of records, as facilitated by the Company, for the
purpose of issuing this Report. In doing so, we have 10. The Secretarial Audit report is neither an assurance as
followed the guidance as issued by the Institute. We to the future viability of the Company nor of the efficacy
have conducted online verification and examination of or effectiveness with which the management has
records, as facilitated by the Company; conducted the affairs of the Company.
229
Annexure II
List of Documents
1. Signed minutes for the meetings of the following held during the Audit Period:
a. Board of Directors;
b. Audit & Risk Management Committee;
c. Nomination & Remuneration Committee;
d. Corporate Social Responsibility Committee;
e. Stakeholders Relationship Committee;
f. ESG Committee;
g. Committee of Directors;
h. Annual General Meeting; and
i. Court Convened Meeting of shareholders, secured creditors and unsecured creditors.
2. Proof of circulation of draft and signed minutes of the Board and Committee meetings on a sample basis;
3. Resolutions passed by circulation;
4. Agendas of various Board and Committee meetings on sample basis;
5. Annual Report for FY 2022;
6. Draft financial statement for FY 2023;
7. Draft Report of the Independent Auditors’ for FY 2023, w.r.t. to specific event in clause (a) above;
8. Directors’ disclosures under the Act and rules made thereunder;
9. Statutory registers maintained under the Act;
10. Forms filed with the Registrar;
11. Policies framed under LODR and the Act, as available on the website of the Company;
12. Code of Conduct to regulate, monitor and report trading by its designated persons and immediate relatives of designated
persons;
13. Memorandum of Association and Articles of Association of the Company;
14. Three opinions obtained by the Company w.r.t. RPTs dated 28 March 2022 and 23 February 2023 w.r.t BSF and 05 July
2022, w.r.t. to specific event in clause (b) above.
230
ANNEXURE D-1
Form No. MR-3
Secretarial Audit Report
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To, We have also examined compliance with the applicable

The Members, clauses of the Secretarial Standards for Board Meetings
Bharat Aluminium Co. Ltd ("SS-1") and for General Meetings ("SS-2") issued by the
Institute of Company Secretaries of India.
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to We report that during the Audit Period, the Company has
good corporate practices by Bharat Aluminium Co Ltd complied with the provisions of the Act, rules, standards etc.
(hereinafter called “Company”) for the financial year ended mentioned above.
31 March 2023 (“Audit Period”) in terms of the engagement
letter dated 04 November 2022. The secretarial audit was We further report that:
conducted in a manner that provided us a reasonable basis
The Board of Directors of the Company is duly constituted
for evaluating the corporate conduct/statutory compliances
with a proper balance of Executive Directors, Non-Executive
and expressing our opinion thereon.
Directors and Independent Directors. The changes in the
composition of the Board of Directors that took place during
Based on our verification of the Company’s books, papers,
the Audit Period, were carried out in compliance with the
minute books, forms and returns filed and other records
provisions of the Act and other applicable laws except that
maintained by the Company and also the information
there are two government nominees appointed during the
provided by the Company, its officers, agents and
Audit Period. As per the understanding and practice of the
authorised representatives during the conduct of secretarial
Company, the government nominees are appointed on the
audit, we hereby report that in our opinion, the Company
Board as per the executed Shareholders Agreement directly
has, during the Audit Period, complied with the statutory
upon receipt of order letter from the Ministry of Mines.
provisions listed hereunder and also that the Company has
Noting of such appointment is made in the immediate next
proper Board-processes and compliance-mechanism in
meeting of the Nomination and Remuneration Committee
place.
(“NRC”) and Board meeting. We have recommended the
Company to route any appointment of directors through
We have examined the books, papers, minutes, forms
NRC, Board and approval from the shareholders as required
and returns filed and other records maintained by the
under clause (2) and (6)(a)(ii) of section 152 of the Act.
Company for the Audit Period, according to the provisions of
applicable law provided hereunder:
We observe that during the Audit Period, there were only
1. The Companies Act, 2013 (“Act”) and the rules made two directors liable to retire by rotation and one of them
thereunder including any re-enactment thereof; being longest in office, retired at the annual general meeting
and being eligible offered himself for re-appointment
2. The Depositories Act, 1996 and the regulations and bye-
and was re‑appointed on the Board. The Company has a
laws framed thereunder;
practice of not considering government nominee directors
3. Foreign Exchange Management Act, 1999 and the in the category of directors retiring by rotation. We have
rules and regulations made thereunder to the extent of recommended to the Company to include the government
External Commercial Borrowings; nominees as well for the calculation of total number of
directors liable to retire by rotation pursuant to section
4. Specific laws applicable to the industry to which
152(6)(d) and explanation thereof.
the Company belongs, as identified and compliance
whereof as confirmed by the management, that is to
Adequate notice is given to all directors to schedule the
say:
Board Meetings and Committee meetings, agenda and
a) The Mines Act, 1952 and Rules made thereunder. detailed notes on agenda were sent at least seven days
in advance except for the meeting(s) convened at shorter
b) The Mines and Minerals (Development and
notice with due compliance of Act and SS-1. Further, a
Regulation) Act, 1957, and the Rules made
system exists for seeking and obtaining further information
thereunder.
and clarifications on the agenda items before the meeting
c) The Electricity Act, 2003 and rules and regulations and for meaningful participation at the meeting.
made thereunder.
231
All the decisions were unanimous and there was no instance infuse `245 crore in the form of equity investment (without
of dissent in Board or Committee Meetings. any economic benefit) of 26% in SPV by the Company in
partnership with Serentica Renewables India Private Limited
We further report that there are adequate systems and (“SRIPL”) and to enter into a Power Delivery Agreement
processes in the Company, which commensurate with its (“PDA”) for a period of 25 (twenty-five) years.
size and operations to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines. For M/s Vinod Kothari & Company
Practicing Company Secretaries
We further report that during the Audit Period, the Unique Code: P1996WB042300
Company has undertaken the below mentioned specific
event/action that can have a major bearing on the Nitu Poddar
Company’s compliance responsibility in pursuance of the Partner
above referred laws, rules, standards, etc: Membership No.: A37398
CP No.: 15113
Equity investment of 26% in Special Purpose Vehicle Place: New Delhi UDIN: A037398E000078846
(SPV): Date: 13 April 2023 Peer Review Certificate No.: 781/2020
During the Audit Period, the Board has, at its meeting held
on 02 February 2023, accorded approval for procurement The report is to be read with our letter of even date which is
of renewable power under the group captive scheme and to annexed as ‘Annexure I’ and forms an integral part of this
report.
Annexure I
Auditor and Management Responsibility
ANNEXURE TO SECRETARIAL AUDIT REPORT
To, books and records, as provided to us through online

The Members, communication. Given the challenges and limitations
Bharat Aluminium Co. Ltd. posed by COVID-19, lockdown restrictions (wherever
applicable), as well as considering the effectiveness of
Our Secretarial Audit Report of even date is to be read along information technology tools in the audit processes,
with this letter. we have conducted online verification and examination
of records, as facilitated by the Company, for the
1. Maintenance of secretarial records is the responsibility purpose of issuing this Report. In doing so, we have
of the management of the Company. Our responsibility followed the guidance as issued by the Institute. We
is to express an opinion on these secretarial records have conducted online verification and examination of
based on our audit. The list of documents for the records, as facilitated by the Company;
purpose, as seen by us, is listed in ‛Annexure II';
5. We have not verified the correctness and
2. We have followed the audit practices and the appropriateness of financial records and books of
processes as were appropriate to obtain reasonable accounts of the Company as well as correctness of the
assurance about the correctness of the contents of values and figures reported in various disclosures and
the secretarial records. The verification was done on a returns as required to be submitted by the Company
test basis to ensure that correct facts are reflected in under the specified laws, though we have relied to a
secretarial records. We believe that the processes and certain extent on the information furnished in such
practices, we followed provide a reasonable basis for returns;
our opinion;
6. Wherever required, we have obtained the management
3. Our Audit examination is restricted only upto legal representation about the compliance of laws, rules and
compliances of the applicable laws to be done by the regulation and happening of events etc;
Company, we have not checked the practical aspects
relating to the same; 7. The compliance of the provisions of corporate and other
applicable laws, rules, regulations, standards is the
4. Wherever our Audit has required our examination responsibility of the management. Our examination was
of books and records maintained by the Company, limited to the verification of procedure on test basis;
we have relied upon electronic versions of such
232
8. Due to the inherent limitations of an audit including internal, financial, and operating controls, there is an unavoidable risk
that some misstatements or material non-compliances may not be detected, even though the audit is properly planned
and performed in accordance with audit practices;
9. The contents of this Report has to be read in conjunction with and not in isolation of the observations, if any, in the
report(s) furnished/to be furnished by any other auditor(s)/agencies/authorities with respect to the Company;
10. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
Annexure II
List of Documents
1. Minutes for the meetings of the following held during the Audit Period:
a. Board of Directors;
b. Audit Committee;
c. Nomination & Remuneration Committee;
d. Corporate Social Responsibility Committee;
e. Finance Standing Committee;
f. Annual General Meeting.
2. Proof of circulation of draft and signed minutes of the Board and Committee meetings’ on a sample basis;
3. Annual Report for FY 2022;
4. Financial Statements and Auditor’s Report for FY 2022;
5. Directors disclosures under the Act and rules made thereunder;
6. Statutory Registers maintained under the Act;
7. Forms filed with the Registrar;
8. Policies framed under Act, 2013 viz. CSR Policy, Remuneration Policy and Whistle Blower Policy;
9. Memorandum of Association and Articles of Association of the Company.
233
REPORT ON CORPORATE GOVERNANCE

Company’s Philosophy on Code of Governance At Vedanta, our commitment to good governance goes
Vedanta’s Corporate Governance philosophy is driven beyond compliance and statutory norms. We truly believe
by “Seven Pillars of Vedanta” which is a reflection of that purpose-led corporate governance and ethics-led
our value system encompassing our culture, policies, corporate behaviour are essential to our success. In
and relationships with our stakeholders. Integrity and fact, this is the foundation on which we continue to build
transparency are key to our corporate governance Vedanta as not only India’s largest diversified natural
practices and performance, and ensure that we gain and resources company, but also the most sustainable.
retain the trust of our stakeholders at all times. We are
As we grow from strength to strength, we continue to raise
committed to meet the aspirations of all our stakeholders.
our bar across our governance practices, ranging from
This is demonstrated in shareholder returns, awards and
our ground-breaking ESG commitments, to best-in-class
recognitions, governance processes and an entrepreneurial
disclosure practices, Board independence, alignment to
performance focussed work environment.
globally-accepted norms and policies, and our emphasis
Good corporate governance underpins the way we on digitally-enabled, technology-led business. Our strong
conduct business. We are committed to the highest level governance practices invariably underpin our future
of governance and strive to foster a culture that values transformation journey, where effecting responsible change
and rewards exemplary ethical standards, personal and is a core mandate. Through this, we not only push ourselves
corporate integrity and respect for others. We continue better, but also set newer benchmarks for the industry
to set global benchmarks of all-round excellence in and peers to adopt. We continue to be a change maker in
sustainability and governance performance. everything we do, and good governance is the cornerstone
that empowers us to do so.
SEVEN PILLARS
OF VEDANTA
Sustainability, Giving back to

Health, Safety People Growth Community/
Values, Digitalisation, Quality
and Environment Innovation, Society
Ethics and
Governance Technology and
Excellence
GUIDING PRINCIPLES
Transparency Executing
and Policies and Management/ Strategy and
Values and Monitoring and
Accountability Regulatory Board and Managing Risk
Ethics Internal Control
Framework Committees
VEDANTA CORPORATE GOVERNANCE
Compliance with Global Guidelines and Best inclusion, ESG and involvement with its stakeholders and
Practices communities around the world.
Your Company has been at the forefront in complying with
We received this coveted title for the third time and our
global best practices in Corporate Governance.
selection was an outcome of a three-tier assessment,
During the financial year, your Company was bestowed with amongst over 200 other global nominations.
the coveted “Golden Peacock GLOBAL Award for Excellence
Golden Peacock Awards are regarded as a benchmark of
in Corporate Governance - 2022" in recognition of our
Corporate Excellence worldwide. This marks as another
continuous efforts to lead the industry and global best
milestone in our journey towards sustainably contributing
practices and the commitment to corporate governance,
to India’s growth and progress whilst maintaining
transparency, ethics, risk management, diversity and
transparency, reliability and integrity.
234
REPORT ON CORPORATE GOVERNANCE REPORT REPORTS STATEMENTS
The Company was also awarded as “Platinum Winner Vedanta has maintained the highest standards of
Worldwide” for its Integrated Annual Report FY 2022 in corporate governance all through its operations. Our
US$10+ billion revenue category for excellence within sustainable development journey continues to create
its industry at the League of American Communications value for our stakeholders. We have invested our time
Professionals (“LACP") Vision Awards. and resources in introspecting our actions; we have
achieved our targets and formulated ambitious new
The report has been ranked 38th among all entries
ones; we have adopted global best practices and taken
worldwide and has been given the additional honors of
innovative leaps; we have aligned our standards with
“Technical Achievement Award Winner”.
industry benchmarks and charted some of our own.
The LACP is a highly regarded award for corporate reporting We have done all this and will continue to do it with a
and communications receiving extensive participation singular agenda: Ensuring long-term growth of all our
from companies representing various industries and stakeholders and respecting minority rights in all our
organisational sizes. The 2022 Vision Awards Global business decisions.
Communications Competition drew one of the largest
In addition to complying with the statutory guidelines,
number of submissions ever, with nearly 1,000 organisations
the Company has voluntarily adopted and evolved
representing different countries across categories.
various practices of governance conforming to utmost
Our crisp narrative, contemporary design, creativity, and ethical and responsible standards of business. These
message clarity were recognised and positively acclaimed. practices reflect the way business is conducted and
This accomplishment reflects a testament to our commitment value is generated.
towards producing reports of the highest quality.
Some of the corporate governance initiatives undertaken by the Company are elucidated below:
Board level initiatives: Digitalisation Initiatives:

• Board Level ESG Committee, chaired by an • Insider Trading Monitoring Tool & Awareness
Independent Director programmes on Insider Trading
• Audit & Risk Management Committee comprising of • Unpublished Price Sensitive Information ("UPSI")
only Independent Directors
Sharing Database
• Enhanced Terms of Reference of Stakeholders'
• Ethics Compliance Month - Quiz & Automated
Relationship Committee (“SRC") by including framing
of Investor Relations (“IR") Strategy, Perceptions and Training Module
active engagement and communication with major • Online Gift Declaration Portal
shareholders of the Company • A complete and robust online system for ensuring
• All Statutory Committees of Board are chaired by an compliances across all locations and functions.
• Online Platform for Performance Evaluation of
• Board Diversity in place as a sub-set of Nomination &
Directors, Board & its Committees
Remuneration Policy
• Separate Roles of Chairman & Chief Executive Officer • Online Secured Platform for circulation of documents
(“CEO") and held by different individuals to Directors
Initiatives for Stakeholders: Additional Disclosures / Reports

• NSDL facility for registering email IDs • Sustainability Report as per Global Reporting
• Facility on website for updations of PAN, Bank Initiative Standards
mandate and email ID with the Company by the • Tax Transparency Report (“TTR") as per Indian
shareholders holding securities in physical form Accounting Standards
• Request in all correspondences: Urge to shareholders • TCFD Report for climate related
to convert their physical holdings in dematerialised financial disclosures
form and to register their email ID, PAN and Bank
mandate by emphasising on the benefits for the same
• Online Speaker registration and Chat Facility during
Annual General Meeting (“AGM") of the Company
• Online Survey for Shareholder feedback
• Email to Shareholders on Quarterly Results, Annual
Report, Tax Transparency Report, Sustainability Report,
CSR Report etc.
235
Integrated Reporting
Since its inception, Vedanta Limited has taken conscious efforts to operate in a manner responsible to all stakeholders.
Every decision and action at the Company is taken after considering the impact they may have on the Company’s relevant
stakeholder groups. This is a true reflection of the organisation’s integrated thinking, which takes into account all the
resources and relationships that affect Company’s ability to create sustained value. These resources and relationships,
termed ‘Capitals’, are stocks of value enabling Company’s operations.
While operating, your Company actively considers its external environment, the opportunities and challenges, the organisational
strategy to respond to these externalities and the outputs and outcomes it produces from its business activities. Starting
FY 2018, the Company has proactively commenced reporting its annual performance and strategy using an integrated report,
using the content elements and the guiding principles outlined in the International Integrated Reporting framework. The
organisation has continued its Integrated Reporting journey and its FY 2023 performance and forward-looking strategy have
been elucidated in the current Integrated Annual Report. The report takes into account the following six capitals while reporting:
Financial Capital Natural Capital Human Capital

The Company is focused on India and Africa have favourable The Company has employees from
optimising capital allocation and geology and mineral potential and across the world and it is committed
maintaining a strong balance sheet these regions provide the Company to provide them with a safe and
while generating strong FCFs. It with world-class mining assets, which healthy work environment. In addition,
also reviews all investments, taking are structurally at low cost and have by creating a culture that nurtures
into account the Group’s financial extensive R&R. Additionally, operating innovation, creativity and diversity, it
resources with a view to maximising the Company's mines requires a range enables them to grow personally and
returns to shareholders. of resources, including water and professionally while also helping to
energy, which the Company aims to use meet our business goals.
prudently and sustainably.
Intellectual Capital Social and Relationship Capital Manufactured Capital

As a relatively young Company, The Company aims to forge strong The Company invests in assets
the Company is keen to embrace partnerships by engaging with its key including best-in-class equipment
technological developments. The stakeholders, including shareholders and machinery to ensure it operates
Company is setting up a centre of and lenders, suppliers and as efficiently and safely as possible
technological excellence in South contractors, employees, governments, both at its current operations and
Africa, enabling them to nurture and communities and the society in in its expansion projects. This also
implement innovative ideas across the general. These relationships help supports its strong and sustainable
business, which lead to operational maintain and strengthen Vedanta’s cash flow generation.
improvements. licence to operate.
Sustainability Reporting Journey at Vedanta UNGC principles; and standards set by International Council
Your Company has been publishing the Sustainable on Mining and Metals (“ICMM").
Development Report for more than a decade now. The
Report is prepared in accordance with the Global Reporting For further insights into the sustainability practices adopted
Initiative ("GRI") Standards: Core option and is also mapped by your Company, the Sustainability Report for FY 2023 can
to the United Nations Global Compact ("UNGC") and aligns be accessed at www.vedantalimited.com.
to Sustainable Development Goals ("SDGs"). It should be Vedanta also produces two additional reports that disclose
considered as our Communication of Progress ("COP"), our ESG strategy and performance:
which reports our approach and disclosure towards triple (i) usiness Responsibility and Sustainability Report
B
bottom line principles – people, planet, and profit. ("BRSR"), aligned to the guidelines laid down by Securities
and Exchange Board of India ("SEBI"). The BRSR report
Vedanta applies its sustainability performance reporting
can be found within the Integrated Annual Report.
criteria based on GRI Standards including the Mining
& Metals and Oil & Gas Sector Disclosures; National (ii) T
CFD Climate Change Report, aligned to the guidelines laid
Guidelines for Responsible Business Conduct framed by the down by the Financial Stability Board ("FSB"). This report
Ministry of Corporate Affairs (“MCA"), Government of India; discloses in detail, the Company's strategy in addressing
and adapting to the impacts of climate change.
236
Tax Transparency Reporting • Response to Stakeholder and Tax Environment;

Vedanta has been an industry leader in following one of • Tax Approach in our jurisdictions.
the most long-standing and uninterrupted approach to
voluntary reporting on our tax contributions. This dedicated This voluntary reporting on tax contributions done
endeavour is a testament to our commitment to all our through our TTR. In this report, in addition to economic
stakeholders to provide greater transparency and disclosure contribution under various tax and non-tax heads, we
of profits earned and contributions made to the various also provide information on how we address our tax
Governments in the jurisdictions in which we operate. In our related decisions, adherence to tax compliances, approach
journey, we strive for improved efficiency and sustainability to tax complexities. The narration demonstrates our
while ensuring excellence in our operations. strong governance structure that promotes and ensures
adherence to regulations while encouraging tax efficiency in
The report focuses on our approach to Tax Governance and operations. The contributions, that are direct and indirect in
Strategy and includes the following: nature, are categorically provided for all the countries where
• Tax Principles; we have significant operations.
• Tax Risk Management, Control and Compliance;
OUR GUIDING TAX PRINCIPLES
1 2 3
Trust Compliance Transparency
To maintain high standards To observe all applicable laws, rules To maintain the Group’s reputation
of integrity with respect to tax and regulations in the countries as a fair contributor to the
compliance and reporting. where we operate, including in respect economy where tax forms a part
to transfer pricing. To meet all tax of that contribution. To proactively
compliance requirements in a timely disclose detailed information
manner, through a team of suitably about the overall tax contribution
qualified tax professionals and of the Group to the governments
external consultants/advisors. of the countries where we operate.
4 5 6
Economic Substance Processes and Controls Engagement with Regulators
We only undertake To ensure that all transactions and tax Working positively, proactively and
transactions which will have positions are properly documented. In transparently with tax
results that are consistent completing the Group’s tax compliance authorities to minimise the
with the underlying economic requirements, we aim to apply diligent extent of disputes, achieve early
consequences, including tax professional care and judgment, agreement on any disputed issues
structures with commercial including ensuring all decisions are when they arise, and achieve
substances. taken at an appropriate level and certainty wherever possible.
supported by documentation that
evidences the judgment involved.
7 8 9
Risk Management Proactive Consultation People Progress
To identify tax risks in a To actively participate in tax To develop our people, through
consistent and formal manner policy consultation processes training, experience and
and communicate these when where appropriate at a national or opportunity.
appropriate to the Audit & Risk international level.
Management Committee and
the Board.
The report for FY 2023 is available on the website at www.vedantalimited.com.
Governance Framework The governance framework of the Company is underpinned

Your Company has always been a front runner in adopting through its resounding core values with the strength of
best governance practices and endeavours to embed and leading vision, strategic mission, and the primary objective of
sustain a culture of highest ethical standards, personal delivering sustainable growth.
and professional integrity and upholding its core values of
With a strong governance philosophy, we have a multi-tiered
Trust, Entrepreneurship, Innovation, Excellence, Integrity,
governance structure with defined roles and responsibilities of
Respect and Care.
every constituent of the governance system.
237
Resilience in corporate governance

A well-developed governance framework plays a vast role
in delivering resilience and operational transparency. We Governance
are part of a constantly evolving world and ‘Resilience’ is
an increasingly important organisational quality, which is
critical for ensuring success. Risk
Stakeholder
Management
A resilient organisation is adaptable, agile, responsive and
robust. It is able to utilise new opportunities while also Corporate
Governance
recovering quickly from unforeseen challenges. In today’s
Framework
business climate, there are many such challenges – from
evolving technologies, global risk, regulatory and legal Strategy, Integrity and
Planning and Transparency
hurdles, industry practices etc.
Performance
At Vedanta, the Board and Senior Leadership teams
strike a balance between mitigating risk and sustaining
profitable growth. The details of Risk Management have ESG Compliance and
been included in the earlier section of this Annual Report. Reporting
Board of Directors
its future strategy to ensure that the performance of the
The Board of Directors is an apex body and an enlightened
Company remains healthy and its growth is sustainable.
board creates a culture of leadership providing long-term
vision and improving the governance practices. They play
To ensure utmost dedication is given to all businesses,
a crucial role in guiding, overseeing, monitoring strategy,
the Company has appointed respective business CEOs
performance and long-term success of the Company as a
and CFOs who directly report to the Group CEO and
whole through strategic direction.
CFO respectively. Monthly Executive Committee (ExCo)
meetings are held to review the performance of each of
The Board of Directors hold a fiduciary position, exercises
the businesses. In the quarterly Board meetings, review
appropriate control and independent judgement, monitors
presentations are made on different businesses by the
effectiveness of Company’s governance and supervises
respective business CEOs and CFOs. Inputs of Board
the strategic decisions on behalf of the shareholders and
meetings are implemented and update on the same is also
other stakeholders.
provided in the subsequent meetings.
Our Board represents a confluence of complementary
The Board proactively also asks for various detailed
skills, attributes, perspectives, expertise in critical areas
analysis, benchmarking, review presentations, status
and diverse backgrounds.
updates etc. Based on updates and presentations made,
the Board then provides their suggestions to improve the
In line with the recommendation of SEBI and our persistent
business performance and strategy.
endeavor to adhere to the global best practices, the
Company is chaired by Mr. Anil Agarwal, Non-Executive
Since our Board members have rich prior experience across
Chairman effective 01 April 2020.
industry and they come from diverse backgrounds, they
provide valuable insights to the senior management about
With a view to effectively discharge its obligations and
various emerging trends, industry practices, potential
functioning of the relevant areas, the Board has delegated
growth opportunities, risks etc.
certain responsibilities to its various designated Board
Committees. Each Committee has a clearly defined charter
Innovation and Technology will pave the way for its
containing the specific terms of reference and scope
steady growth of the Company and accordingly new
and is entrusted with discharging its duties, roles and
ideas, innovation and pioneering technologies to create
responsibilities which further recommends to the Board
sustainable and long-term value for its stakeholders is
for action. The details of these Committees have been
encouraged by the Board.
provided in detail in subsequent sections in this report.
Innovation and Technology also form part of our seven
Board’s Role in driving Leadership for pillars. The Board plays a crucial role in guiding and
Excellence and Innovation supporting innovation. Board helps in driving strategy for
The Board of the Company lays significant emphasis innovation, assessing innovation effectiveness, encouraging
on the business performance of the Company including and suggesting more areas for innovation.
238
Separate Role of Chairman and Chief Executive Officer

The roles and responsibilities of the Chairman of the Board and CEO have been demarcated and the positions are held by
separate individuals. Further, during FY 2023, the Company also had a separately designated Chief Financial Officer (“CFO")
and Company Secretary (“CS") and Compliance Officer.
Chairman • Oversees stakeholder engagement in India and

• Leads the Board and ensures that it discharges its globally;
responsibilities effectively; • Ensures effective execution of growth projects to
• Develops succession plan for Board appointments for deliver value; and
approval by the Board; • Provides mentoring to some of the key corporate
functions like the people function, management
• Identifies strategic priorities and new business
assurance and investor relations including key
opportunities to enhance shareholder value;
leadership development.
• Promotes the highest standards of integrity, probity
and governance; Chief Executive Officer
• Chairs the Board meeting and facilitates active • Leads the management team;
engagement of all Directors; • Develops and executes the corporate strategy in
• Oversees the Director’s induction, performance and conjunction with the Board;
ongoing development; and • Implements the decisions of the Board and its
Committees;
• Engages with Company’s stakeholders to ensure that
• Develops Group policies and ensures effective
an appropriate balance is maintained between various
implementation; and
interests.
• Enhances shareholder value and implements the
Vice-Chairman organisation’s vision, mission, and overall direction.
• Supports the Non-Executive Chairman in executing the
Senior Management
overall vision and strategy of the Group;
• Develops and executes business strategy; and
• Enhances and sustains the Group’s overall HSE,
• Manages day-to-day decisions and ensures that
people, digital and technology, ethics and compliance
decisions are in parity with the long-term objectives
practices at global standards; and policies of the Company.
The reporting structure, as shown below, between the Board, Board Committees and Management Committees forms the
backbone of the Group’s Corporate Governance framework.
Shareholders
CEO Board of Directors
Management Audit & Risk Stakeholders' Corporate Social Nomination &

and Executive Management Relationship Committee Responsibility Remuneration
Committee Committee DD Jalan Committee Committee
UK Sinha UK Sinha Akhilesh Joshi UK Sinha
DD Jalan Padmini Sekhsaria UK Sinha Anil Agarwal
Akhilesh Joshi Sunil Duggal Padmini Sekhsaria DD Jalan
Priya Agarwal
ESG Committee Share and Debenture Committee of

UK Sinha Transfer Committee Directors
Akhilesh Joshi DD Jalan Navin Agarwal
Priya Agarwal Anupam Kumar* Sunil Duggal

Chairperson
Sunil Duggal Jagdeep Singh DD Jalan
Member
*Mr. Ajay Goel ceased to be a member of Share & Debenture Transfer Committee with effect from close of business hours on 09 April 2023.
Mr. Anupam Kumar, Dy. Chief Financial Officer of the Company has been inducted as the Member of the Share & Debenture Transfer
Committee with effect from 12 May 2023.
239
Changes in the position of Directors/Key Managerial Personnel (“KMP") of the Company during FY 2023:
Nature of Change
Director/KMP Designation (Appointment/Re- Date of Change Tenure Till
appointment/Cessation)
Akhilesh Joshi1 Non-Executive Independent Director Re-appointment 01 July 2022 30 June 2024
Padmini Sekhsaria2 Non-Executive Independent Director Re-appointment 05 February 2023 04 February 2025
DD Jalan3 Non-Executive Independent Director Re-appointment 01 April 2023 31 March 2026
Ajay Goel 4
Acting Group Chief Financial Officer Cessation 10 April 2023 NA
1. Mr. Akhilesh Joshi re-appointed as a Non-Executive Independent Director of the Company for a 2 and final term of 2 years effective
nd
from 01 July 2022.

2. Ms. Padmini Sekhsaria re-appointed as a Non-Executive Independent Director of the Company for a 2nd and final term of 2 years
effective from 05 February 2023.
3. Mr. DD Jalan re-appointed as a Non-Executive Independent Director of the Company for a 2nd and final term of 3 years effective from
01 April 2023.
4. Mr. Ajay Goel ceased to be Acting Group Chief Financial Officer and KMP of the Company with effect from close of business hours on
09 April 2023.
Board Composition and Size Also, the Company strives to maintain the target share of
The Board comprises of a One-Tier Structure with an Independent Directors at 50% or more as per applicable
optimum mix of Executive, Non-Executive, Independent and provisions. Further, the changes in the composition of the
Women Directors from diversified backgrounds possessing Board of Directors that took place during the year under
considerable experience and expertise to promote review were in compliance with the provisions of the Act
shareholder interests and govern the Company effectively and Listing Regulations.
by providing valuable oversight and insightful strategic Board Composition as on 31 March 2023
guidance.
As on 31 March 2023, the Board comprises of eight (08)

members, consisting of a Non-Executive Chairman, 25%
an Executive Vice Chairman, an Executive Director, a Independent Director
Non‑Executive Woman Director and four (04) Non-Executive
Non-Executive Director
Independent Directors including one (01) Woman Director. 50%
The composition is in conformity with the provisions of Executive Director
25%
SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations") and Companies
Act, 2013 (the “Act") and in line with global best practices.
Tenure Analysis of Board of Directors as on 31 March 2023
Average Tenure (in years) Tenure (No. of Directors)
2.74
3.92
3
2 2
5.78 1
4.44
Independent Director Executive Director

0-2 years 2-4 years 4-6 years 6 years
Non-Executive Director Board and above
The Board reviews its composition, competency and diversity from time to time to ensure that it remains aligned with the
statutory requirements under law as well as with the global practices.
240
Diversity and Inclusion ("D&I")

Vedanta is committed to the cause of promoting diversity and inclusion within the organisation and in larger communities
who we partner with. Our objective is to achieve gender parity across all levels starting from our Board.
The Vedanta Group proposes to employ the Global Diversity and Inclusion Benchmarks Model ©O Mara and Richter 2014.
The Group’s Diversity and Inclusion initiatives focus on a holistic approach as per below.
Global Diversity and Inclusion Benchmarks Model
FOUNDATION BRIDGING INTERNAL

•
D&I Vision, Strategy • Assessment •
Recruitment,
and Business Case Measurement, Development, and
•
Leadership and and Research Advancement
Accountability • D&l Communications •
Benefits, Work-life, and
•
Infrastructure and Flexibility
Implementation •
Job Design, Classification
and Compensation
•
D&l Education and
Training
EXTERNAL
•
Community, Government Relations
and Social Responsibility
• Products and Services Development
•
Marketing, Sales, Distribution and
Customer Service
•
Supplier Diversity
Our workplace policies play an important role in Your organisation recognises and embraces board diversity
reinforcing a culture on founding principles of D&I. as an indispensable component in upholding a competitive
Policies have a strong underpinning on the way we work advantage. The Board comprises of two (02) women
and approach our lives. These policies ensure that we directors including one Independent Director.
adhere to highest standards of professionalism and
conduct at workplace. Our policies around work‑life
integration are best-in-class and are framed after
BOARD DIVERSITY
extensive deliberations with impacted groups.
The Company has in place a Diversity & Inclusion

Policy which shall help us define, strategise, plan
and implement the essential roadmap, guidance and
measurement towards bridging the gaps as we work 75% Men
on different facets that have a bearing on achieving 25% Women
diversity goals. This policy is forward-looking and sets a
vision for D&I for businesses across the Vedanta Group.
Additionally, the Company has in place a Board diversity

policy as a subset of the above policy.
241
Key Board Qualifications, Skills and Attributes

The table below summarises the key qualifications, skills and attributes which are taken into consideration while nominating
to serve on the Board and to function effectively. While all the Board members possess the identified skill, their domain of
core expertise is given in the table.
Business Leadership
Sustainable success in business at a senior executive level
Financial Expertise
Proficiency in financial accounting and reporting, corporate finance and internal controls, corporate funding, and
associated risks
Natural Resources
Senior executive experience in a large, global mining and oil & gas organisations involved in the discovery,
acquisition, development and marketing of natural resources/materials
Capital Projects
Experience working in an industry with projects involving large-scale long-cycle capital outlays
Global Experience
Experience in multiple global locations, exposed to a range of political, cultural, regulatory and business environments
ESG
Familiarity with issues associated with workplace health and safety, asset integrity, environment and social
responsibility, and communities
Corporate Governance
Experience with a major organisation that demonstrates rigorous governance standards
Mergers and Acquisition

Experience in corporate transactions and actions and joint ventures
Government and International Relations

Interaction with government and regulators and involvement in public policy decisions
Technology/Digital
A strong understanding of technology and innovation, and the development and implementation of initiatives to
enhance production
242
BOARD OF DIRECTORS
Age 70 years
Initial Date of Appointment 01 April 2020
Date of Re-appointment NA
Tenure Till NA
Tenure as on 31 March 2023 3 years
Shareholding Nil
Board Membership – Other Indian Listed Companies
Sterlite Technologies Limited Non-Executive Chairman
No. of Directorships in Public Limited Companies 3
Anil Agarwal Member/Chairperson in Committee(s) Member: Nil
Non-Executive Chairman Chairperson: Nil
DIN: 00010883
Areas of
Expertise
Age 62 years
Initial Date of Appointment 17 August 2013
Date of Re-appointment 01 August 2018
Tenure Till 31 July 2023
Tenure as on 31 March 2023 9.7 years
Shareholding Nil
Hindustan Zinc Limited Director
Navin Agarwal Member/Chairperson in Committee(s) Member: Nil
Executive Vice-Chairman Chairperson: Nil
DIN: 00006303
Areas of
Expertise
Age 33 years
Initial Date of Appointment 17 May 2017
Date of Re-appointment 17 May 2020
Tenure Till 16 May 2023
Shareholding Nil
Hindustan Zinc Limited Non-Executive Chairperson
Priya Agarwal Member/Chairperson in Committee(s) Member: Nil
Non-Executive Director Chairperson: Nil
DIN: 05162177
Areas of
Expertise
Profile available at www.vedantalimited.com
243
Age 71 years
Initial Date of Appointment 13 March 2018
Date of Re-appointment 11 August 2021
Tenure Till 10 August 2024
Shareholding Nil
Havells India Limited Independent Director
Housing Development Finance Corporation Limited Independent Director
SIS Limited Independent Director
New Delhi Television Limited Independent Director
UK Sinha1 No. of Directorships in Public Limited Companies 8
Independent Director Member/Chairperson in Committee(s) Member: 8
DIN: 00010336 Chairperson: 5
Areas of
Expertise
Age 47 years
Initial Date of Appointment 05 February 2021
Date of Re-appointment 05 February 2023
Tenure Till 04 February 2025
Shareholding Nil
Everest Industries Limited Non-Executive Non-
Padmini Sekhsaria Member/Chairperson in Committee(s) Member: 1
Independent Director Chairperson: Nil
DIN: 00046486
Areas of
Expertise
Age 66 years
Date of Re-appointment 01 April 2023
Tenure Till 31 March 2026
Shareholding 11,000 shares
Board Membership – Other Indian Listed Companies None
Member/Chairperson in Committee(s) Member: 4
DD Jalan2
Independent Director Chairperson: 2
DIN: 00006882
Areas of
Expertise
244
Age 69 years
Initial Date of Appointment 01 July 2021
Date of Re-appointment 01 July 2022
Tenure Till 30 June 2024
Shareholding 200 shares
Hindustan Zinc Limited Independent Director
Akhilesh Joshi Member/Chairperson in Committee(s) Member: 6
Independent Director Chairperson: Nil
DIN: 01920024
Areas of
Expertise
Age 60 years
Date of Re-appointment NA
Tenure Till 31 July 2023
Shareholding 20,233 shares
Board Membership – Other Indian Listed Companies None
Member/Chairperson in Committee(s) Member: 1
Sunil Duggal3
Whole-Time Director and CEO Chairperson: Nil
DIN: 07291685
Areas of
Expertise
Notes
• The details provided above are as on 31 March 2023. Further, Private Companies, Foreign Companies, high value debt listed
following changes have taken place post the financial year till the entities and Companies under Section 8 of the Act, have been
date of report: excluded.
1. M
r. UK Sinha ceased to be Independent Director of Housing
Development Finance Corporation Limited with effect • In the Committee details provided, every chairpersonship is
from 29 April 2023 and appointed as Additional Director also considered as a membership.
designated as Independent Director and Chairperson of • Mr. Akhilesh Joshi has been re-appointed as Non-Executive
Nippon Life India Asset Management Limited with effect
from 01 May 2023. Independent Director of the Company for a 2nd and final term
of 2 years with effect from 01 July 2022 till 30 June 2024. The
2. M
r. DD Jalan has been appointed as Trustee of Palghar
Vipassana Trust with effect from 29 April 2023. re-appointment has been approved by the shareholders at the
3. S
hareholding of Mr. Sunil Duggal as on the date of report is 57th AGM of the Company held on 10 August 2022.
1,03,488 shares. • Ms. Padmini Sekhsaria has been re-appointed as Non-Executive
• The number of directorships (hereinafter referred to as Independent Director of the Company for a 2nd and final term of
"Mandates" or "Directorships") in Public Limited Companies 2 years with effect from 05 February 2023 till 04 February 2025.
includes Vedanta Limited. The re-appointment has been approved by the shareholders
through the postal ballot resolution dated 28 April 2023.
• The number of directorships excludes Private Companies,
Foreign Companies and Companies under Section 8 of the Act. • Mr. DD Jalan has been re-appointed as Non-Executive
Independent Director of the Company for a 2nd and final term of
• For the membership and chairpersonship in Committees, only
3 years with effect from 01 April 2023 till 31 March 2026. The
Audit Committee and Stakeholders’ Relationship Committee
re-appointment has been approved by the shareholders
have been considered as per Regulation 26 of the Listing
through the postal ballot resolution dated 28 April 2023.
Regulations. Also, all Public Limited Companies, whether listed
or not, have been included and all other Companies including •
The Company has not issued any convertible instruments.
Hence, none of the Directors hold any such instruments.
245
Declaration and Confirmations

With respect to directorship and membership of the Directors, it is hereby confirmed that:
1. None of the Directors:

a) is a Director in more than ten (10) public limited companies in terms of Section 165 of the Act;
b) holds directorship in more than seven (07) listed entities pursuant to Regulation 17A(1) of Listing Regulations;
c) acts as an Independent Director in more than seven (07) listed entities pursuant to Regulation 17A(1) of Listing Regulations;
d) who serves as a Whole-Time Director of the Company, is serving as an Independent Director in more than three (03) listed
entities pursuant to Regulation 17A(2) of Listing Regulations;
e) is a member of more than ten (10) Board level committees of Indian public limited companies;
f) is a Chairperson of more than five (05) committees across all companies in which he/she is a director;
g) is related to other Directors except Ms. Priya Agarwal, Mr. Navin Agarwal and Mr. Anil Agarwal. Ms. Priya Agarwal is the
daughter of Mr. Anil Agarwal and Mr. Anil Agarwal is the elder brother of Mr. Navin Agarwal;
h) who is serving as a Non-Executive Director of the Company, has attained the age of seventy-five years.
2. The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of
independence prescribed under the Act and Listing Regulations.
Process for Board of Directors, Key Managerial involves a formal and rigorous process to source strong
Personnel and Senior Management Personnel candidates from diverse backgrounds and conducting
("SMP") Appointments appropriate background and reference checks on the
shortlisted candidates. We aim to appoint people who will
The Board, with the support of the Nomination &
help us address the operational and strategic challenges and
Remuneration Committee ("NRC"), keeps under constant
opportunities facing the Company and ensure that our Board
review the composition of the Board and its Committees, is diverse in terms of gender, nationality, social background
succession planning, diversity, inclusion and remuneration and cognitive style.
related matters.
As part of our appointment strategy, a mapping of potential
It has sought to balance the composition of the Board and names is conducted through recommendation from leading
its Committees and to refresh them progressively over time. recruitment firms, senior leaders and advisors in the
In discharging its responsibilities, the NRC regularly reviews industry etc.
the structure, size and composition of the Board and its
Committees, including skills, knowledge, independence and Following the comprehensive mapping, the candidates are
diversity, to ensure they are aligned with the Group’s strategy. shortlisted based on the parameters such as qualification,
background, expertise and experience in sectors relevant to
The NRC strongly believes that diversity and providing an the Company, ability to contribute to the Company’s growth
inclusive culture is a key driver of business success and the and complementary skills in relation to the other directors
Committee is committed to having a diverse and inclusive and upon evaluation, recommended by the NRC to the Board.
leadership team which provides a range of perspectives,
We believe that an effective Board combines a range
insights and critical challenge needed to support good
of perspectives with strong oversight, combining the
decision-making, helping with risk management and
experience of Directors who have developed a deep
strategic planning at the current time of crisis.
understanding of our business over several years with the
We base our appointments to the Board on merit, and fresh insights of newer appointees. We aim for our Board
on objective selection criteria, with the aim of bringing a composition to reflect the global nature of our business.
range of skills, knowledge and experience to Vedanta. This
Process for Selection and Appointment of New Directors:
01 02 03 04
Identification Recommendation Board Shareholders’
of Candidate to by NRC Approval Approval
be appointed as Director
Upon evaluation, the The Board members after The proposal is placed
Nomination & Remuneration Committee makes approval recommend before shareholders for
Committee is responsible recommendation to the the appointment to approval
for identification and Board for approval shareholders for approval
selection for appointment
as a Director
The criteria for nominating a candidate for directorship has been provided for in the Nomination & Remuneration Policy
("NRC Policy") of the Company which can be accessed at www.vedantalimited.com.
246
Board Familiarisation and Induction Program

Your Company has developed comprehensive induction processes for newly inducted directors which are tailored to
their individual needs and intend to provide introduction to the Company’s vision, mission, values, operations, challenges,
structure and risks. As a part of an ongoing familiarisation process, the directors are updated about the significant
regulatory/industry changes on regular basis through formal reporting process.
Orientation Program upon induction of New Directors: Other Initiatives to update the Directors on a continual basis:
Roles and Responsibilities Active Communication Channel

Briefing about role, responsibilities, duties An active communication channel with
and obligations as member of the Board executive management which allows free
flow of communication among directors
Plant/Site Visits Business and Regulatory Presentations

Visits to plants and business locations Presentations on regulatory and business
are organised periodically to provide environment, Business Plan, risk management
insights into the Company’s operations framework, internal audit and controls, cyber
security, HSE, compliance reports, tax and treasury
reports, key accounting matters, CSR, HR initiatives,
Interactive Sessions Digitalisation and Technology initiatives and
Interactive sessions with senior Company policies and other relevant issues
management, business and functional heads
Update on Company's performance
and operations
Familiarisation Pack Update on Company’s and its subsidiaries'
Familiarisation pack is uploaded on a secured performance/operations/updates/major
online portal which can accessed only by the developments affecting the business by various
Board members. The pack includes various reports on quarterly basis along with major stock
documents vis-à-vis. Organisational structure, exchange announcements, press releases etc.
the Company’s history and milestones,
Memorandum and Articles of Association, ESG Training
latest Annual Report, Code of Conduct, Investor Education to the directors for deeper knowledge
Presentations, CEO/CFO reports, Minutes of and understanding of key ESG issues and
previous meetings, Policies and Charters etc. advancing the field of sustainability by enabling
incorporation of ESG in decision-making and
operations.
The detailed familiarisation program can be accessed on the Company’s website at www.vedantalimited.com.
Succession Planning Company and it reviews such plans on an annual basis and
Succession Planning is critical to the success of the recommend revisions, if any, to the Board.
Company as it ensures continuity and sustainability
The NRC works with the management and follows the below
of corporate performance. It involves a process that
process for effective succession planning:
recognises, develops and retains top leadership talent and
further helps in identifying key roles and mapping out ways 1. Assessment of potential employees and creation of a
to ensure the organisation has the right people with the leadership pool;
right blend of skills, aptitude, expertise and experiences,
2. Development of the talent pool through actions such
in the right place and at the right time. As per the NRC
as involvement in strategic meetings, leadership
Policy of the Company, the NRC has laid a succession
workshops with top management, coaching, anchoring,
plan outlining the process for retaining, developing and/or
job rotations, role enhancement, council memberships
appointing the Board of Directors, KMPs and SMPs of the
and involvement in cross-function projects etc.
247
Leadership Succession Planning
 Strong Management in Place (“MIP") with right people in right roles

 Develop Top Talent for future leadership roles
Objective  Robust leadership pipeline - 3 successors for all key positions
Talent Identify Business Identify and Identify Identify Ready in

Management Critical Key Develop Top “Ready Now" 1-2 years and 3-5
Framework Roles Talent Successors years Successors
Approach
 Successors prepared and ready to take over even before the position is vacant
 A “future-proof” workforce better prepared to thrive in dynamic conditions
Outcome  Greater organisational stability and resilience
Directors/KMPs/SMPs conflicts of interest

Your Board has in place a well-defined process with respect to disclosure of interest and associated matters in accordance
with the guidelines prescribed by the Act and Listing Regulations. Each Director/KMP/SMP promptly discloses actual or
potential conflicts and any changes, to the Board which are further noted at forthcoming Board meeting. The Board considers
and authorises potential or actual conflicts, as appropriate. Directors with a conflict neither participate in the discussion nor
vote on the matter in question.
Independent Directors
The Independent Directors of the Company abide by the definitions/criteria prescribed in the Act and Listing Regulations.
Based on the disclosures received from all the Independent Directors and in the opinion of the Board, the Independent
Directors fulfil the conditions specified in the Act, the Listing Regulations and are independent of the Management.
The Board consist of four (04) Independent Directors, out of At such meetings, the Independent Directors discuss,
which one is a woman. among other matters, the performance of the Company
and risks faced by it, the flow of information to the Board,
Independent Directors project execution, strategy, governance, compliance, Board
movements, human resource matters and performance
review of the Non-Independent Directors, the Board as
75% Men
whole, including the Chairman, Vice-Chairman and CEO.
25% Women Additionally, the Independent Directors also met separately

with the Statutory Auditors to discuss matters such as key
accounting issues, risks, overall control environment and to
invite their overall feedback.
Meeting of Independent Directors The Committees and the Board are updated by the
Regulation 25 of Listing Regulations and Schedule IV of Independent Directors about the outcome of the meetings
the Act, read with the Rules thereunder mandate that the and actions, if any, required to be taken by the Company.
Independent Directors of the Company shall hold at least During FY 2023, the Independent Directors met without the
one meeting in a financial year, without the presence of presence of management on 23 March 2023 chaired by
Non-Independent Directors and members of the Mr. UK Sinha.
Management.
248
Databank Registration of the Independent Directors improve their individual and collective contribution to the
Pursuant to the MCA notification dated 22 October 2019, leadership and effectiveness of the Group.
requisite confirmations have been received from all the The Board works with the NRC to lay down the
Independent Directors of the Company with respect to evaluation criteria for the performance of the Chairman,
registration on the Independent Directors' Databank. Vice‑Chairman, CEO, the Board, Board Committees, and
Executive/Non-Executive/Independent Directors through
Performance Evaluation peer evaluation, excluding the director being evaluated.
Corporate Governance encompasses a set of systems In line with the previous year, an external evaluation was
and practices to ensure that the Company’s affairs are carried out by an external third party through a secured
being managed in a manner which ensures accountability, online questionnaire platform to capture the views of
transparency and fairness in all transactions in the widest each Director. The evaluation was carefully structured
sense. The essence of Corporate Governance lies in but pragmatic, designed to bring about a genuine debate
promoting and maintaining integrity, transparency and on issues that were relevant, check on progress against
accountability in the management higher grades. The Board matters identified in the previous evaluation, and assist in
recognises the benefit of evaluation exercise that provides identifying any potential for improvement in the Board’s
meaningful insight to Board members on how they can processes as given below:
Outcome and
Results of the feedback discussed
Tailored questionnares at the NRC,
evaluation compiled
prepared by external Separate Meeting of
by the external agency
agency and confirmed Independent Directors
without involvement of
with the chairperson and Board Meeting
the management;
of NRC; and Action Plan
Secured online agreed.
Sharing of
platform for providing evaluation
the responses; results; and
Board as a whole Board Committees Individual Directors Chairman and CEO

Assessment of Committee Meetings Preparedness and Vice-Chairman Company
Company as a whole, and Information; Participation of Demonstration of Perfomance;
its performance, its the Director for the effective Leadership;
Effectiveness of Strategy and its
goals and functions of meetings;
Committee in terms Objectivity in execution;
the Board;
of well-defined Understanding of discussions;
Leadership;
Quality of decision policies and charters Company's mission,
Constructive
making and Board vision, industry, Team building
Committee communication and
Practices; business etc.; and Management
Composition and relationship with other
Succession.
Composition, structure Operation; Quality of discussions directors;
and quality; during meetings;
Specific Committee Contribution in
Board Meetings; responsibilities; Personality and enhancing Company's
Conduct of Director; image;
Board Environment; Progress against
development areas. Quality of the value Availability and
Relationship with
additions. approachability to
Senior Management;
discuss sensitive
Progress against matters.
development areas.
249
Results of Performance Evaluation

Individual Directors Evaluation
 Report shared with the Chairman, Vice-Chairman and respective Individual Directors;
Summary of evaluation of Executive Directors shared with the Independent Directors and discussed in the separate meeting of

Independent Directors.
Chairman/Vice-Chairman Evaluation
 Summary report shared with the Chairperson of NRC;
Evaluation results also discussed in separate meeting of Independent Directors.

CEO Evaluation
 Report shared with the Chairman, Vice-Chairman and Chairperson of NRC;
 The evaluation results also discussed in separate meeting of Independent Directors.
Board Self Evaluation

 Report shared with all Directors;
 Results discussed in meeting of NRC and Board and separate meeting of Independent Directors.
Committee Evaluation
 Summary report shared with all Directors;
 Results discussed in meeting of NRC and Board and separate meeting of Independent Directors.
Outcome of Performance Evaluation Committees are working effectively towards their duties as
all the important issues which in addition to Committee’s
The evaluation concluded with overall positive ratings that
terms of reference are brought up and discussed in the
the Board as a whole is functioning as a cohesive body
meetings. The consistency in maintaining the balance
which is well engaged with different perspectives. It was between short-term and long-term goals and the clarity of the
indicated that the Board is functioning with appropriate mix strategy together with the understanding of the capabilities
of competencies that continue to demonstrate a collaborative for implementing and monitoring it were regarded highly. The
and constructive mindset, creating a conducive environment effectiveness review identified some opportunities for the
at Board meetings for participation and challenge. The Board which will be acted upon going forward.
Meetings of the Board and Committees

Schedule of meetings and agenda matters
The Board meets at regular intervals to discuss and decide on Company/business policy and strategy in addition to the statutory and

other matters. The Board and Committee meetings are pre-scheduled and an annual calendar of the meetings is circulated to all the
Directors well in advance to facilitate planning of their schedule and to ensure meaningful participation in the meetings. However, in
case of business exigencies/urgencies, resolutions are passed through circulation or additional meetings are conducted;
The Board, Audit & Risk Management Committee and the NRC are facilitated with annual agenda plan in advance in order to enable

the members to focus on key areas of organisational performance and designing the future strategy. The annual agenda plans
are finalised with the inputs from the Board members and are approved by the Board. Additional agenda matters are taken up on
requirement basis.
250
Circulation of Agenda
The Agenda is finalised by the Company Secretary, in discussion with the CFO, CEO, Vice-Chairman and Chairman;

All the Agenda papers are disseminated electronically on a real-time basis. The papers are uploaded on a secured online platform

specifically designed for this purpose, thereby eliminating circulation of printed agenda papers. The online platform also enables the
Board to access the historical agendas, minutes, constitutional documents, committee charters etc. It enables the participants to make
notes and exchange notes amongst each other under a secured environment;
The Agenda papers other than in nature of UPSI are circulated well in advance as per statutory requirements and those in nature of

UPSI are circulated at least 24 hours in advance with the approval of the Board.
Information presented at meetings
The Board business generally includes consideration of important corporate actions and events including but not limited to:

a) quarterly and annual result announcements; b) oversight of the performance of the business; c) development and approval of overall
business strategy; d) Board succession planning; e) review of the functioning of the Committees; f) review of internal controls and risk
management; and g) other strategic, transactional and governance matters as required under the Act, Listing Regulations and other
applicable laws;
The management team is invited to present the performance on key areas such as the Company’s major business segments and their

operations, subsidiary performance and key functions from time to time.
Conduct and recording of meetings
Majority of the meetings are conducted as physical meetings, however, at times, it may not be possible for each one to be physically

present at all meetings. Hence, we provide the facility of video conferencing/telepresence to the members and invitees at various
locations across the globe;
All the meetings conducted through telepresence are recorded and stored as per statutory requirements. The Company Secretary

records minutes of all the Board and Committee meetings.
Post Meeting summary/Follow-up
Post conclusion of each of the Board/Committee meeting, the Company Secretary circulates the summary of the proceedings of all

meetings along with the action points, if any;
Various decisions taken at Board/Committee meetings are promptly communicated to the concerned departments/divisions;

Draft minutes and signed minutes are circulated to Board/Committee members within the timelines prescribed under Secretarial Standards;

The matters arising from the previous meetings are taken up at the respective forthcoming Board/Committee meeting.

Board and Executive Leadership Remuneration performance linked incentive is linked to the achievement
Policy of the Company and individual performance goals. Such
variable compensation is ‘at risk’, and rewards performance
The Remuneration Policy is significant in ensuring that
and contributions to both short-term and long-term financial
competitive and impartial rewards are linked to key
performance of the Company. The remuneration of the EDs is
deliverables and are also in line with market practices and
governed by the agreements executed with them, subject to
shareholders’ expectations.
the approval of the Board and of the shareholders in general
meetings and such other approvals as may be necessary.
The NRC ensures that remuneration policies and practices
are framed and intended to attract, retain and encourage
The Non-Executive Independent Directors are paid
the Executive Directors ("ED") and the senior management
remuneration by way of commission and sitting fees.
group, while simultaneously meeting the delivery of the
The appointment letter detailing the terms and
Group’s strategic and business objectives. The NRC
conditions of appointment of Non-Executive Independent
further ensures the interests of the EDs and the senior
Directors is available on the Company’s website
management group are aligned with those of shareholders,
www.vedantalimited.com. The Board decides the payment
to build a sustainable performance environment.
of commission within the limits approved by the members
subject to the limit not exceeding 1% of the net profits of
Remuneration Components:
the Company. Further, it may be noted that no stock options
The ED remuneration has two components: fixed pay and were issued to the Non-Executive Independent Directors
annual variable pay including stock incentives (performance during the reporting year.
linked incentive). The fixed component is based upon
the industry practice and benchmarks considering the The details of remuneration paid/payable to the Directors
experience, skill, knowledge and job responsibilities. The during FY 2023 are as follows:
251
Remuneration paid or payable to Directors for the year ended 31 March 2023
Name of the Relationship Sitting Fees Salary and Provident, and Commission to non- Total Vedanta Limited,
Director with other Perquisites(6) Superannuation executive directors/ ESOS 2019, ESOS
Directors (1) Funds performance incentive for 2020, ESOS 2021,
the Executive Directors(7) ESOS 2022(8)
NON-EXECUTIVE CHAIRMAN
Anil Agarwal Refer Note(1) 6,00,000 - - - 6,00,000 -
EXECUTIVE DIRECTORS
Navin Agarwal(2) Refer Note(1) - 12,80,48,080 7,50,000 8,56,50,000 21,44,48,080 -
Sunil Duggal None - 9,51,78,408 7,50,000 5,02,00,000 14,61,28,408 5,20,578
TOTAL - 22,32,26,488 15,00,000 13,58,50,000 36,05,76,488 -
INDEPENDENT NON-EXECUTIVE DIRECTORS
UK Sinha None 27,00,000 - - 75,00,000 1,02,00,000 -
DD Jalan(3) None 23,00,000 - - 75,00,000 98,00,000 -
Akhilesh Joshi(4) None 19,00,000 - - 75,00,000 94,00,000 -
Padmini Sekhsaria None 10,00,000 - - 75,00,000 85,00,000 -
TOTAL 79,00,000 - - 3,00,00,000 3,79,00,000 -
NON-INDEPENDENT NON-EXECUTIVE DIRECTORS
Priya Agarwal(5) Refer Note(1) 11,00,000 - - 1,00,00,000 1,11,00,000 -
TOTAL 11,00,000 - - 1,00,00,000 1,11,00,000 -
GRAND TOTAL 96,00,000 22,32,26,488 15,00,000 17,58,50,000 41,01,76,488 5,20,578
Notes:
1. Ms. Priya Agarwal is the daughter of Mr. Anil Agarwal and Mr. Anil Agarwal is the elder brother of Mr. Navin Agarwal.
2. Sitting fees and commission paid to Mr. Navin Agrawal by Hindustan Zinc Limited ("HZL"), a subsidiary of the Company, was `4,25,000
and `28,88,000 respectively during FY 2023 not included above.
Mr. Navin Agarwal has been awarded 5,13,260 units in FY 2020, 4,12,444 units in FY 2021, 3,51,000 units in FY 2022 and 2,95,000 units in
FY 2023 under Long Term Incentive Plan of Vedanta Resources Limited ("VRL").
Additionally, Mr. Navin Agarwal was paid the following amounts from VRL:
- GBP 10,91,432 on account of vesting of VRL Cash Based Plan 2019 on 29 November 2022 upon achievement of performance
parameters.
- GBP 85,000 as commission for his services to VRL Board.
3. Sitting fees and commission paid to Mr. DD Jalan by Bharat Aluminium Company Limited ("BALCO"), a subsidiary of the Company, was
`6,00,000 and `14,96,000 respectively during FY 2023 not included above.
4. Sitting fees and commission paid to Mr. Akhilesh Joshi by HZL was `7,25,000 and `29,40,000 respectively during FY 2023 not included
above.
5. Sitting fees and commission paid to Ms. Priya Agarwal by HZL was `1,00,000 and `6,12,000 respectively during FY 2023 not included
above.
6. Value of Perquisites as per rule u/s 17(2) of Income-tax Act, 1961 does not include perquisite value of Superannuation. Further, as the
liabilities for defined benefit plan, i.e., gratuity are provided on accrual basis for the Company as a whole, the amounts pertaining to KMP are
not included above.
7. The performance incentive to Executive Directors is for FY 2022 which was paid during FY 2023.
8. The ESOS 2019, Cash Plan 2019 and VRL LTIP 2019 options/units vested upon completion of performance period with approval from
NRC on 27 January 2023.
The ESOS 2020, Cash Plan 2020 and VRL LTIP 2020 options/units will vest/be exercise after 31 months from date of grant i.e. on 06 November
2023, based on achievement of performance conditions.
We hereby confirm that:

• The total managerial remuneration paid/payable for FY 2023 does not exceed 11% of the net profits of the Company.
• The total remuneration received by Whole-Time Directors and Independent Directors of the Company does not exceed
10% and 1% of the Net Profits of the Company, respectively.
• Mr. Navin Agarwal, Executive Vice-Chairman and member of Promoter Group, does not receive remuneration in
excess of `5 crore or 2.5% of the Net Profits of the Company, whichever is higher.
• None of the Non-Executive Directors, have received remuneration exceeding 50% of the total annual remuneration
payable to all Non-Executive Directors.
252
Board Committees
The Board has constituted various sub-committees with primary objective of maintaining strong business fundamentals and
delivering high performance through relentless focus on the significant affairs of the Company across all its geographies.
Each Committee is set up by the formal approval of the Board and is guided by its respective charter which clearly defines
their purpose, roles, and responsibilities. The Chairperson of the respective Committees briefs the Board on the summary of
the discussions held in the Committee Meetings. The minutes of all the Committee meetings are placed before the Board for
its review and noting. The Company Secretary officiates as the Secretary of these Committees.
All the Statutory Committees of the Board are chaired by the Independent Directors.
Composition of Committees as on 31 March 2023

All the Committees have optimum composition pursuant to the Listing Regulations. Below is the composition of the
Committees as on 31 March 2023:
Name of Director Board Audit & Risk Nomination & Stakeholders’ Corporate Social Committee of ESG
Management Remuneration Relationship Responsibility Directors Committee
Committee Committee Committee Committee
Mr. Anil Agarwal
Mr. Navin Agarwal
Mr. UK Sinha
Mr. DD Jalan(1)
Ms. Padmini Sekhsaria
Mr. Akhilesh Joshi
Ms. Priya Agarwal
Mr. Sunil Duggal
Member Chairperson
Notes:
1. Mr. DD Jalan has been appointed as Member of the Committee of Directors effective 06 July 2022.
Board and Committee Meetings for FY 2023

Meeting Q1 Q2 Q3 Q4
Apr-Jun Jul-Sep Oct-Dec Jan-Mar
Board 28 April 2022 06 July 2022 28 October 2022 19 January 2023
28 July 2022 27 January 2023
28 March 2023
Audit & Risk Management Committee 27 April 2022 27 July 2022 28 October 2022 19 January 2023
27 January 2023
04 March 2023
10 March 2023
28 March 2023
Nomination & Remuneration Committee 28 April 2022 06 July 2022 28 October 2022 27 January 2023
28 July 2022 28 March 2023
Stakeholders’ Relationship Committee - 27 July 2022 - 28 March 2023
Corporate Social Responsibility Committee 27 April 2022 - 27 October 2022 -
ESG Committee - 22 September 2022 - 28 February 2023
Committee of Directors 28 April 2022 28 September 2022 22 November 2022 30 January 2023
04 June 2022 09 December 2022 02 March 2023
27 March 2023
The maximum interval between any two Board meetings did not exceed 120 days, as prescribed in the Act and Listing Regulations.
253
Resolution passed by Board of Directors/Committees through Circulation
20 10 02 43
Board of Audit & Risk Nomination & Committee of
Directors Management Committee Remuneration Committee Directors
Attendance for Board and Committee Meetings held during FY 2023
Corporate
Audit & Risk Nomination & Stakeholders'
Whether Board Social ESG Committee
Management Remuneration Relationship
Name of attended AGM Meeting Responsibility Committee of Directors
Committee Committee Committee
Director on 10 August Committee
2022 (Attended/ (Attended/ (Attended/ (Attended/ (Attended/ (Attended/ (Attended/
Entitled) Entitled) Entitled) Entitled) Entitled) Entitled) Entitled)
Mr. Anil Agarwal Yes 3/7 - 3/6 - - - -
Mr. Navin Agarwal Yes 7/7 - - - - - 8/8
Ms. Priya Agarwal Yes 7/7 - - - 2/2 2/2 -
Mr. UK Sinha Yes 7/7 8/8 6/6 2/2 2/2 2/2 -
Mr. Dindayal Jalan Yes 7/7 8/8 6/6 2/2 - 6/6
Ms. Padmini No 6/7 - - 2/2 2/2 - -
Sekhsaria
Mr. Akhilesh Joshi Yes 7/7 8/8 - 2/2 2/2
Mr. Sunil Duggal Yes 7/7 - 2/2 2/2 8/8
Pursuant to Section 167 of the Act, a Director shall incur disqualification if he/she does not meet the minimum attendance criteria and
absents himself/herself from all the meetings of the Board of Directors held during a period of twelve months with or without seeking leave
of absence from the Board. All Directors of the Company have duly met the attendance criteria during FY 2023.
Audit & Risk Management Committee
3 100%
Members Independent
8 100%
UK Sinha Akhilesh Joshi DD Jalan
Chairperson Member Member Meetings Attendance
The Audit & Risk Management Committee is one of the

main pillars of the corporate governance of the Company. 2.92
The primary function of the Audit & Risk Management
Committee includes monitoring and providing effective Average Tenure
supervision of the financial reporting; reviewing the
efficacy of the risk management systems; and maintaining
robustness of internal financial controls and risk be called as the Audit & Risk Management Committee.
management frameworks including cyber security. The Parallelly, the management team led by the CEO and
Committee works to fortify the adequacy and effectiveness Management Assurance Services (“MAS") Head is a sub-
of the Company’s legal, regulatory, and ethical compliance set of this Committee and is entrusted with running the
and governance programs while monitoring the existing risk management process. The management team
qualifications, expertise, resources, and independence of presents a detailed update to the Audit & Risk Management
both the internal and external auditors; and assessing the Committee twice a year on the same.
auditors’ performance and effectiveness each year.
A separate section on principal risks and uncertainties
Effective 06 June 2020, the Audit Committee and the governing the business is covered in the Management
Risk Management Committee have been consolidated to Discussion and Analysis Report.
254
The members of the Audit & Risk Management Committee the Company’s system of internal controls. M/s SR Batliboi
comprise only Independent Directors to ensure the & Co. LLP, Chartered Accountants (FRN: 301003E/E300005),
independence in terms of financial opinions and for better the Company’s Statutory Auditor, is responsible for
value addition. Each of the member of the Committee performing an independent audit of the financial statements
brings immense experience and possess strong accounting and expressing an opinion on the conformity of these
and financial management knowledge. In carrying out its financial statements.
oversight responsibilities transparently and efficiently, the
Committee majorly relies on the expertise and knowledge The Audit & Risk Management Committee covers a
of the management, the internal auditors, the Statutory wide range of topics for deliberations and discussions
Auditor and also uses external expertise, if required. in its meetings. These includes standing items that the
The management is accountable for the preparation, Committee considers as a matter of course, typically in
presentation and integrity of the Company’s financial relation to the quarterly unaudited financial statements,
statements including consolidated statements, accounting, accounting policies and judgements and reporting matters,
and financial reporting principles; internal control over and an array of significant issues relevant to Vedanta’s
financial reporting; and all procedures are designed to control framework. The Committee plays a vital role in
ensure compliance with accounting standards, applicable evaluating the related party transactions, scrutinising
laws, and regulations as well as for objectively reviewing inter‑corporate loans and verify that the systems for
and evaluating the adequacy, effectiveness, and quality of internal control are adequate and are operating effectively.
The Committee, in its meetings, in addition to the members also has the following set of invitees:
The Chief Executive Officer, The Business and Operational

Chief Financial Officer, Heads are invited to the
Group Assurance Head are Audit & Risk meetings, as and when required
permanent invitees
Management
Committee Meeting
Invitees Representatives of Executives
The representatives of from several departments
Statutory Auditors are including Accounts, Finance,
permanent invitees Corporate Secretarial and
Internal Audit
The Committee also meets separately with the external Performance Review of the Audit & Risk Management
auditor without members of management to seek the Committee
auditor’s judgement about the quality and applicability of As part of the Board’s annual evaluation of its effectiveness
the accounting principles, the reasonableness of significant and that of its Committees, as described earlier in the
judgement and the adequacy of disclosures in financial report, the Committee assessed its own effectiveness. The
statements. Audit & Risk Management Committee members agreed that
its overall performance had been effective during the year.
On a quarterly basis, the Audit & Risk Management
Committee reviews the confirmation of independence made Review of Financial Results for FY 2023
by the Auditors, and also approves the fees paid to the
The Committee reviewed both Standalone and Consolidated
Auditors by the Company, or any other company in Vedanta
financial statements for FY 2023 and based on its review
Group as per the Policy for Approval of Audit/Non-Audit
and discussions with management, the Committee was
Services to be rendered by the Auditors.
satisfied that the financial statements were prepared in
accordance with applicable accounting standards and
The details and biographies of the Committee members are
fairly presented the Group’s financial position and results
set out in the Board and Committees section of this Annual
for the financial year ended 31 March 2023. The Committee
Report. The Committee fulfils the requirements as specified
therefore recommended the financial statements for the
under the provisions of the Act and Listing Regulations with
financial year ended 31 March 2023 for the consideration
respect to the composition, independence, and financial
and approval of the Board.
expertise of its members.
The Board accepted all the recommendations made by the

The schedule of Committee meetings held during FY 2023
Audit & Risk Management Committee during FY 2023.
along with its members’ attendance records are detailed in
the earlier sections of the Corporate Governance Report.
255
The utilisation of Audit & Risk Management Committee’s time along with its major responsibilities is detailed below:-
10%
Oversight of Financial Reporting
10% 30% Internal Audit, Internal Financial Controls
Risk Management and Cyber Security

20% Auditors
30% Governance
Oversight of Financial Reporting
Oversight of the Company’s financial reporting process and disclosure of its financial information to ensure that the financial

statements are true, fair, sufficient and credible;
Discuss and review, with the management and auditors, the annual/quarterly financial statements before submission to the Board;

Review of key significant issues, tax and legal reports and management’s report;

Review of management’s analysis of significant issues in financial reporting and judgments made in preparing the financial

statements;
Discuss with the Management regarding pending technical and regulatory matters that could affect the financial statements, and

updates on management’s plans to implement new technical or regulatory guidelines;
Review of off-balance-sheet structures, if any; and

Review of Draft limited review/audit reports and qualifications, if any, therein.

Internal Audit and Internal Financial Control
Review of internal audit observations and monitoring of implementation of any corrective actions identified;

Reviewing the internal financial control framework;

Review of the performance of the internal audit function and internal audit plan;

Consideration of statutory audit findings and review of significant issues raised;

Reviewing Related Party Transactions; and

Management discussion and analysis of financial condition and results of operations.

Risk Management and Cyber Security
Review of the risk management framework, risk profile, significant risks, risk matrix and resulting action plans;

Review of the significant audit risks with the statutory auditor during interim review and year-end audit;

Oversight over the effective implementation of the risk management framework across various businesses;

Assurance of appropriate measures in the organisation to achieve prudent balance between risk and reward in both ongoing and new

business activities;
Annual review of the risk appetite and risk management policy including cyber security procedures adopted in the Group;

Analytic validation and recommendation of necessary changes in the risk management policies and frameworks to the Audit

Committee/Board, if any; and
Evaluation of significant and critical risk exposures for assessing management’s action to mitigate or manage the exposures in a

timely manner.
Auditors
Appointment of Statutory, Internal, Secretarial, Cost and Tax auditors, recommending their fees and reviewing their audit reports;

Review of the independence of the statutory auditor and the provision of audit/non-audit services including audit/non-audit fees paid

to the statutory auditor; and
Independent meetings with statutory auditors.

256
Governance
Reviewing minutes, summary reports of subsidiary companies audit committees;


Reviewing intercorporate loans, advances, guarantees;

Reviewing ethics (whistle blower, sexual harassment, insider trading) and statutory compliances;

Review of its own charter and processes;

Notices received from statutory authorities and the management’s response;

Regulatory updates; and

Reviewing feedback from the Audit & Risk Management Committee’s performance evaluation.

Nomination & Remuneration Committee
3 67%
Members Independent
6 83%
UK Sinha Anil Agarwal DD Jalan
Meetings Attendance
Chairperson Member Member
2.56
The NRC is accountable for overseeing the key processes
through which it can make recommendations to the Average Tenure
Board on the structure, size and composition of the
Board, KMP and Senior Management; and ensure that
the appropriate mix of skills, experience, diversity, and As on 31 March 2023, the NRC comprises of two (02)
independence is present on the Board and senior level Independent Directors and the Non-Executive Chairman
for it to function effectively. The NRC also leads the of the Company whose names, details and biographies
process for new Board appointments, advises the Board are set out in the Board and Committees section of this
on succession planning arrangements and oversees the Annual Report. The Committee fulfils the composition
development of management talent within the Group. requirement as required under the provisions of Act and
Listing Regulations. In the event of a conflict of interest,
Another key objective of the Committee is to ensure the Chairman of the Board abstains from the discussions
that competitive and fair awards are linked to key and other members of the NRC participate and vote. Other
deliverables and are also aligned with market practice Directors, members of the senior management team,
and shareholders’ expectations. The Committee ensures representatives from Human Resource department and
that remuneration policies and practices are designed external advisers may attend meetings at the invitation
to attract, retain, and motivate the Executive Directors of the Committee, as appropriate. In respect of each of its
and the senior management group, while focusing on the meetings, the Chairman of the NRC provides an update to
delivery of the Group’s strategic and business objectives. the Board.
The Committee is also focused on aligning the interests The schedule of NRC meetings held in FY 2023 along
of the Executive Directors and the senior management with its members’ attendance records are disclosed in
group with those of shareholders, to build a sustainable the earlier sections of the Corporate Governance Report.
performance culture. When setting remuneration for the
Executive Directors, the Committee takes into account As part of the Board’s annual evaluation of its
the business performance, developments in the natural effectiveness and that of its Committees, as described
resources sector and similar information for high- later in the report, the NRC assessed its own
performing Indian companies considering that majority of effectiveness. The members of the NRC agreed that its
the Group’s operations are based in India. overall performance had been effective during the year.
The Committee also carries out the entire process of The Board accepted all the recommendations made by
performance evaluation on an annual basis. the Committee in FY 2023.
257
The utilisation of the Committee’s time along with its major responsibilities is detailed below:
15%
Board Composition and Nomination
Compensation
40%
20% Evaluation of the Board, its Committees and
Individual Directors
Succession Planning and Governance

25%
Board Composition and Nomination

Review and recommend the structure, size and composition (including the skills, knowledge, experience and diversity) of the Board and

its Committees;
Formulate the criteria/policy for appointment of Directors, KMP and SMP (as defined by the NRC) in accordance with identified

criteria;
Review and appoint shortlisted candidates as Directors, KMPs and SMP (including evaluation of incumbent directors for potential

re-nomination) and make recommendations to the Board;
Evaluate the balance of skills, knowledge, experience and diversity on the Board for description of the role and capabilities, required

for an appointment; and
Formulate and recommend to the Board, the criteria for determining qualifications, positive attributes and independence of a Director.

Compensation
Recommend to the Board a policy relating to the remuneration of directors (both Executive and Non-Executive Directors), KMP and SMP;

Ensuring that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors to run the

Company successfully;
Ensuring relationship of remuneration to performance is clear and meets appropriate performance benchmarks;

Ensuring remuneration to Directors, KMP and SMP involves a balance between fixed and incentive pay reflecting short and long-term

performance objectives appropriate to the working of the Company and its goals;
Determine remuneration based on the Company’s financial position, trends and practices on remuneration prevailing in the industry as

considered appropriate by the NRC; and
Review of the Company’s Share Based Employee Benefit Scheme(s), if any, including overseeing the administration of the Scheme(s),

formulating the necessary terms and conditions for such Scheme(s) like quantum of options/rights to be granted, terms of vesting,
grant options/rights to eligible employees, in consultation with management; and allotment of shares/other securities when options/
rights are exercised etc. and recommend changes as may be necessary.
Evaluation of the Board, its Committees and Individual Directors

To develop, subject to approval of the Board, a process for an annual self-evaluation of the performance of the Board, its Committees

and the Individual Directors in the governance of the Company and to coordinate and oversee this annual self-evaluation;
To formulate a criterion for evaluation of Independent Directors and the Board and carry out evaluation of every Director’s performance

and present the results to the Board;
To review the performance of all the Executive Directors, on the basis of detailed performance parameters set for each of the executive

Directors at the beginning of the year and present the results to the Board;
Action report on suggestions made on evaluation; and

To maintain regular contact with the leadership of the Company. This should include interaction with the Company's Leadership

Institute, review of data from the employee survey and regular review of the results of the annual leadership evaluation process.
Succession Planning and Governance

Review of succession planning for Executive, Non-Executive Directors and other SMP;

Establishing policies and procedures to assess the requirements for induction of new members to the Board;

To maintain regular interaction and collaborate with the leadership including the HR team to review the overall HR vision and people

development strategy of the Company;
To review and reassess the adequacy of the NRC’s charter as required and recommend changes to the Board; and

To develop and recommend a policy on Board Diversity.

258
Equal Opportunity Policy

Vedanta provides equal opportunity to all persons. There is no unfair treatment in relation to the employment, promotion
or other related issues or termination of the employment for reasons of gender or disability. Your Company recognises the
value of diverse workforce and has reinforced its approach to diversity and inclusion by adopting Equal Opportunity Policy
(“Policy”).
The Policy aimed at providing equal employment opportunities, without any discrimination on the grounds of age, colour,
disability, marital status, nationality, geography, ethnicity, race, religion, sex, sexual orientation. It is our endeavour to maintain
a work environment that is free from any harassment, direct or indirect discrimination based on the above consideration.
Corporate Social Responsibility Committee (“CSR Committee")
4 75%
Members Independent
Akhilesh Joshi Priya Agarwal 2 100%

Chairperson Member
Meetings Attendance
3.41
Average Tenure
UK Sinha Padmini Sekhsaria

Member Member
The Company continues to focus on its long-term goal As part of the Board’s annual evaluation of its effectiveness
believing that while targeting to produce maximum yield and that of its Committees, as described earlier in the report,
for our shareholders during the year, we also lodge our the CSR Committee assessed its own effectiveness. The
contributions in furthering our responsibilities towards the members of the CSR Committee agreed that its overall
society and environment. As a responsible corporate citizen, performance had been effective during the year.
we recognise that those who reside in our operational areas
are our partners in growth and we seek to foster a mutually The Board accepted all the recommendations made by the
benefitting relationship with all our stakeholders. It is this Committee in FY 2023.
integration of business and CSR which provides us the
social licence to operate and helps us to usher in a different The utilisation of the Committee’s time along with its
developmental paradigm towards sustainable change in major responsibilities is detailed below:
society. As part of our CSR policy, we regularly engage
with government agencies, development organisations,
corporates, civil societies and community-based
15%
organisations to carry our durable and meaningful initiatives.
In this regard, the role of CSR Committee of the Company 40%

is to formulate and monitor the CSR Policy of the
Company along with formulation of Annual Action Plan
and recommending the CSR Budget. The additional
45%
disclosures in compliance with Companies (Corporate Social
Responsibility) Amendment Rules, 2021 forms part of this
Annual report.
The schedule of CSR meetings held in FY 2023 along with CSR Policy CSR Activities
its members’ attendance records are disclosed in the earlier
section of the Corporate Governance Report. CSR Budget
259
CSR Policy
Formulate and recommend to the Board, the CSR Policy and the activities to be undertaken; and

Review the CSR Policy and associated frameworks, processes and practices.

CSR Activities
Identify the areas of CSR activities and projects and to ensure that the Company is taking the appropriate measures to undertake and

implement CSR projects successfully;
Assess the performance and impact of CSR activities of the Company;

Evaluate CSR communication plans;

Set path for implementation and monitoring mechanism and the progress status to ensure achievement; and

Ensure the value, ethics and principles are upheld in all its activities.

CSR Budget
Decide and recommend to the Board, the amount of expenditure to be incurred on CSR activities;

Formulation of Annual Action Plan;

Evaluate and monitor expenditure towards CSR activities in compliance with the Act; and

Evaluation of need and impact assessment of the projects undertaken by the Company.

Stakeholders' Relationship Committee
4 75%
Members Independent
DD Jalan UK Sinha
Chairperson Member 2 100%
Meetings Attendance
2.58
Average Tenure
Padmini Sekhsaria Sunil Duggal
Member Member
Vedanta understands and nurtures the value of sustaining members of the SRC agreed that its overall performance
continuous and long-term relationships with our had been effective during the year.
stakeholders to secure a mutual understanding of the
The Board accepted all the recommendations made by the
Company’s strategy, performance, and governance in line
Committee in FY 2023.
with the business objectives.
The SRC cohesively supports the Company and its Board
in maintaining strong and long-lasting relations with The utilisation of the Committee’s time along with its
its stakeholders at large. The SRC majorly ensures and major responsibilities is detailed below:
oversees the prompt resolution of the grievances of security
holders; the implementation of ways to enhance shareholder
experience; assessment of performance of Registrar
15% Shareholder Grievances
and Transfer Agent (“RTA"); monitoring of shareholding
movements etc. 40% Enhancing Investor
Relations/Shareholder
The details of SRC composition and meetings are given in
Experience/Services
the earlier section of this report. 45%
As part of the Board’s annual evaluation of its effectiveness Shareholding Pattern
and that of its Committees, as described earlier in the
report, the SRC assessed its own effectiveness. The
260
Shareholder Grievances
Review and timely resolution of the grievances of Security holders related to issue, allotment, transfer/transmission,

dematerialisation, rematerialisation etc. of shares and/or other securities of the Company;
Review and timely redressal of all the Security holders grievances related to non-receipt of information demanded, if any, non-receipt

of annual report, non-receipt of declared dividend, issue of new/duplicate share certificates, general meeting etc.;
Review from time to time, the shares and dividend that are required to be transferred to the IEPF Authority; and

Review and closure of all Investor cases.

Enhancing Investor Relations/Shareholder Experience/Services

Review of measures taken for effective exercise of voting rights by shareholders;

Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring

timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company;
Initiatives for registration of email IDs, PAN and Bank Mandates and demat of shares;

Review reports on shareholder satisfaction surveys, if any;

Oversight of the performance and services standards of various services being rendered of/by RTA of the Company; and

To frame IR Strategy, perceptions, actively engaging and communicating with major shareholders of the Company.

Shareholding Pattern
Review of shareholding distribution;

Review of movement in shareholding pattern; and

Comparative details on demat and physical holding.

An analysis of investor queries and complaints received and responded/addressed during the year is provided below:
Investor Complaints
Company’s RTA entertains and resolves investor grievances in consultation with the Compliance Officer. All grievances can
be addressed either to RTA or to the Company directly. An update on the status of complaints is quarterly reported to the
Board and is also filed with stock exchanges.
The details of shareholders’ complaints during FY 2023:

S. No. Nature of complaints/letters and correspondence Received Replied Closing Balance
Complaints received through Stock Exchanges, SEBI and Ministry of Corporate Affairs
1 Non-receipt of dividends 339 339 0
2 Non-receipt of shares 6 6 0
3 Miscellaneous 42 42 0
Letters and Correspondence
1 Letters and correspondence from shareholders 30,300 30,300 0
TOTAL 30,687 30,687 0
Note: The Company received Nil complaints w.r.t. Non-Convertible Debentures.
Investor Complaints
129
129
140
119
117
120
100
86
84
80
60
40
16
20
14
12
12
7
7
8
2
2
0
0
2
0
0
0
0
0
0
0
0
0
0
Received Replied Closing Received Replied Closing Received Replied Closing Received Replied Closing
Balance Balance Balance Balance
Q1 Q2 Q3 Q4
Non-receipt of dividend Non-receipt of shares Miscellaneous
261
Investor Grievance Redressal Management
Reported to SRC
SEBI Scores

Resolved in time, by the
Requests/ Stock Exchange(s)

RTA (on behalf of the Reported to Stock
Investor
Grievances through RTA

Company) or company Exchanges
Directly to company
 directly
Reported to Board of
Directors
Unclaimed shares and transfer of unpaid and unclaimed amounts to Investor Education and Protection Fund ("IEPF")
The details of Unclaimed Suspense Account and IEPF are forming part of the Directors Report in this Annual Report.
ESG Committee
4 50%
Members Independent
UK Sinha Priya Agarwal

Chairperson Member 2 100%
Meetings Attendance
2.28
Average Tenure
Sunil Duggal Akhilesh Joshi
Member Member
The ESG Committee of the Board plays a central role in kept a track on how our ESG ratings are improving, given
ensuring that material ESG risks to Vedanta’s business are that the ratings from agencies such as MSCI, Sustainalytics,
addressed in a systematic and timely manner. It meets once and S&P have an influence on the Group’s overall reputation
in six months and is chaired by an independent director of and access to finance. The Board has appreciated the
the Board. It also has representation from executive Board positive movement that has been made in all of the
members and select KMP have standing invitations to the important ESG rating platforms – by not just Vedanta
meetings. This ensures that Board direction is effectively Limited, but also Hindustan Zinc and Vedanta Aluminium.
translated into corporate action.
Positive developments have included securing Board
In FY 2023, the Board focused on the following material approvals for more 838 MW of RE RTC power to be deployed
issues for the organisation: safety of the workforce, across our businesses and the introduction of an industry-
decarbonisation and managing carbon risks, effective leading EV purchase policy for all our full-time-employees.
management of our tailings facilities, and ensure that the
Safety of our workforce and BP remains a high focus area
Company remains compliant to environmental regulations.
by Board and substantial time is spent on the topic of safety
understanding long-term action by management on each
The Board has been happy to note the progress being made
catastrophic incidents.
to develop a comprehensive ESG governance, performance
and monitoring system. In line with the Group’s ambition The details of Committee composition and meetings are
of “Transforming for Good”, the Board has routinely sought provided in earlier section of this report.
updates on the progress being made on all nine aims –
particularly in the topics cited above. The Board has also
262
The utilisation of the Committee’s time along with its major responsibilities is detailed below:
ESG Performance
50% 50%
ESG Governance
ESG Performance
Safety

 Oversight on fatality investigations and learning dissemination across the organisation;
 Senior leadership involvement in driving safe work culture; and
 Engagement with expert agencies to improve systemic response to unsafe work conditions.
Climate and Decarbonisation

 Oversight on decarbonisation roadmap for the business, including long-term projections and scenario-planning;
 Review of semi-annual GHG performance;
 Budgetary allocation for decarbonisation pathway; and
 Inclusion of Scope 3 emission calculations for business.
ESG Governance
 Review of progress on all nine aims and select KPIs;
 Review of annualised roadmap for all nine aims;
 Oversight and guidance on future plans to deliver on Vedanta's ESG roadmap;
 Review of progress on Vedanta's ESG ratings; and
 Suggestions to enhance stakeholder engagement and communication.
Other Committees
In line with constant endeavour for adopting best governance practices and ensuring smooth functioning of the Board, the Board has
constituted various sub-committees and delegated certain roles and responsibilities to ensure prompt and timely decision-making on
significant matters of the Company. The minutes of the meeting of each committee are placed before the Board for its noting.
The Board also formulates several project specific sub-committees from time to time in order to secure speedy
implementation and execution of the projects to meet business needs. The Board is duly kept abreast of each of the meetings
of sub-committees as well.
As on 31 March 2023, the internal Board committees of the Company have been elucidated below:
Committee of Directors
The Committee of Directors ("COD") supports the Board

by considering, reviewing and approving all borrowing,
investments, finance, banking and treasury related
proposals, within the overall limits approved by the Board
from time to time. The COD enables seamless flow of
procedures and assists the Board by catering to various
Navin Agarwal Sunil Duggal DD Jalan*
routine requirements.
Chairperson Member Member
*Mr. DD Jalan has been appointed as Member of Committee of

Directors with effect from 06 July 2022.
263
The Committee is entrusted with the following responsibilities:
Financial Matters
Review and approve all policies related to the financial matters of the Company inter alia Investment policy, Foreign Exchange Policy,

Commodity Hedging Policy, Banking Authorisation Policy.
Investment
Review and approve inter-corporate loans, issuance of Corporate Guarantees, Letter of Comfort to and on behalf of Company/Wholly

Owned Subsidiaries/Subsidiaries/Associate Companies in relation to loans and facilities availed by them; and
Purchase, acquire, subscribe, transfer, sell, redeem or otherwise deal in the shares/securities of other Company/body corporate or any

other entity(s) other than for the purpose of trading.
Treasury
Consider, review and approve all the borrowing proposals including financing proposals within the overall limits approved by the Board

from time to time and to create security/charge(s) on all or any of the assets of the Company as may be required for the purpose of the
said borrowings and to do such other incidental and ancillary activities as may be deemed necessary for execution;
Assess and allocate the working capital limits to business units; and

Consider, review and approve treasury related proposals within the overall limit approved by the Board.

Security related proposals
Review, consider and approve securities related proposals including allotment of securities, issuance of duplicate share certificates

upon split, consolidation, renewal, remat; and
Consider and review the proposals for buyback of debentures/bonds issued by the Company from time.

General Authorisation
Nominate and appoint nominee directors on subsidiary, joint ventures, associate companies;

Authorisation w.r.t account operation including opening, closing and operation of bank account, demat account etc.; and

Subsidiary Governance and oversight.

The details of the meetings of COD are given in the earlier section to this report.
Share and Debenture Transfer Committee Executive Committee

The Share and Debenture Transfer Committee is primarily The Executive Committee ("EXCO") is responsible for
entrusted with the following responsibilities: day-to-day running of the Company and meets on
• Allotment of shares, debentures, or any other a monthly basis. It is entrusted with executing the
securities; and strategy adopted by the Board; allocating resources
• Review and approval of transfer, transmission, deletion in line with delegated authorities; managing risk; and
and transposition of shares, debentures, or any other monitoring the operational and financial performance
securities. of the Company. Authority is delegated by the Executive
Committee to the respective CEOs of each of the
The composition details of the Committee as on 31 March businesses. The Group CEO keeps the Board informed
2023 is provided below: of the EXCO’s activities through his standing reports
placed before the Board.
Share and Debenture Transfer Committee:
1. DD Jalan, Member Group Management Committee
2. Anupam Kumar, Member* Vedanta continues to embark upon the enriching journey
of growth and expansion with best-in-class safety,
3. Jagdeep Singh, Member
benchmark technology, and cost-efficient practices. The
*M
r. Ajay Goel ceased to be a member of Share and Debenture design and culture of our organisation is cohesively built
Transfer Committee with effect from close of business hours on in a manner which aims to ensure that the Group has the
09 April 2023.
M
r. Anupam Kumar, Dy. Chief Financial Officer of the Company right MIP to drive the business and take the organisation
has been inducted as the Member of the Share and Debenture to the next level.
Transfer Committee with effect from 12 May 2023.
264
In line with our long-term vision to create value, a fully empowered Group Management Committee has been formed
effective 01 April 2020 comprising of the Group CFO, CEO, Chief Human Resource Officer (“CHRO") and Chief Commercial
Officer (“CCO").
Since its inception, the Management Committee has been instrumental in executing its function as the top-level body
collectively responsible for all key decisions taken under the guidance of the Chairman and the Board. The Committee is
entrusted with driving all significant initiatives and empowered by the Board to establish operational efficiency in guiding
business strategy and achieving strong performance targets.
General Body Meetings

Annual General Meetings/Court Convened Meetings
The details of the last three years Annual General Meetings/Court Convened Meeting through Video Conferencing (“VC")/
Other Audio-Visual Means (“OAVM") are as follows:
Year Location Date and Time Special Resolutions passed Links

55 Annual General Meeting
th
2019-20 VC/OAVM 30 September 2020 No Special resolution passed Notice

at 3:00 p.m. IST Outcome
FAQs
56th Annual General Meeting
2020-21 VC/OAVM 10 August 2021 Re-appointment of Mr. UK Sinha as an Independent Director Notice
at 3:00 p.m. IST for the 2nd and final term of 3 years. Outcome
Video
Chairman Speech
FAQs
Speaker Criteria
57th Annual General Meeting
2021-22 VC/OAVM 10 August 2022 Re-appointment of Mr. Akhilesh Joshi as an Independent Notice
at 3:00 p.m. IST Director for 2nd and final term of 2 years. Outcome
Video
Chairman Speech
FAQs
Speaker Criteria
NCLT Convened Meeting
2022-23 VC/OAVM 11 October 2022 at Scheme of Arrangement between Vedanta Limited and Notice
3:00 p.m. IST its Shareholders under Section 230 and other applicable Outcome
provisions of the Companies Act, 2013 read with Companies Video
(Compromises, Arrangements and Amalgamations) Rules, FAQs
2016 Speaker Criteria
Postal Ballot
The details of the Business transacted through Postal Ballot during FY 2023 are as follows:
The Company had sought approval of the shareholders by way of Special Resolutions through notice of postal ballot dated
28 March 2023. The details of the same are as follows:
Date of Postal Ballot Notice 28 March 2023
Voting Period 30 March 2023 to 28 April 2023
Date of passing the resolution(s) 28 April 2023
Date of declaration of result 29 April 2023
Web link Notice
Outcome
Resolution(s) 1. Re-appointment of Ms. Padmini Sekhsaria as Non-Executive Independent Director of the Company for
a 2nd and final term of 2 years effective from 05 February 2023 to 04 February 2025; and
2. Re-appointment of Mr. DD Jalan as Non-Executive Independent Director of the Company for a 2nd and
final term of 3 years effective from 01 April 2023 to 31 March 2026.
Type of Resolution(s) Special
Mr. Upendra C. Shukla (Membership No. FCS No. 2727, CP No. 1654), Practising Company Secretaries, was appointed as the Scrutiniser
to scrutinise the postal ballot process by voting through electronic means only (remote e-voting) in a fair and transparent manner.
265
The details of the voting results are as follows:

Description of the Resolution Votes in favour of the resolution Votes against the resolution
Number Number of Percentage of Number Number of Percentage of
of valid votes total number of of valid votes total number
holders cast (Shares) valid votes cast holders cast (Shares) of valid votes
cast
Re-appointment of Ms. Padmini Sekhsaria as an 4,119 3,23,50,02,401 99.58% 365 1,35,01,155 0.42%
Independent Director for a 2nd and final term of 2 years
Re-appointment of Mr. DD Jalan as an Independent 3,643 2,71,70,27,292 93.27% 832 19,60,51,422 6.73%
Director for a 2nd and final term of 3 years
The resolutions were duly passed by the Shareholders with requisite majority on 28 April 2023.
Procedure for postal ballot: The postal ballot was carried out as per the provisions of Sections 108 and 110 and other
applicable provisions of the Act, read with the Rules framed thereunder and General Circular nos. 14/2020, 17/2020,
02/2021, 21/2021, 02/2022 and 10/2022 dated 08 April 2020, 13 April 2020, 13 January 2021, 14 December 2021, 05 May
2022 and 28 December 2022 respectively issued by MCA from time to time.
Proposal for Postal Ballot:
There is no immediate proposal for any resolution through postal ballot.
SHAREHOLDERS
Means of Communication
Financial Results Annual Report

The quarterly/half-yearly/annual results along with audit/
 In compliance with circulars issued by SEBI and MCA on

limited review report, press release and investor presentation account of COVID-19 pandemic, soft copies of Annual
is filed with the stock exchanges immediately after the Reports were sent to those shareholders whose email ids
approval of the Board;
were registered with the Company.
The results are also published in at least one prominent

national and one regional newspaper having wide circulation
vis-à-vis Business Standard, Financial Express, Economic
Times and Maharashtra Times, within 48 hours of the Shareholder Satisfaction Survey
conclusion of the meeting;
Quarterly financial results are sent to shareholders whose
 As a part of our constant endeavor to improve shareholder

email ids are registered with the RTA; services, the Company has provided a shareholders'
Financial results are also uploaded on the Company’s website
 satisfaction survey on its website for investors;
and can be accessed at www.vedantalimited.com. The same can be accessed at www.vedantalimited.com

News Releases
Chairman Communique
Stock exchanges are regularly updated on any developments/

events and the same are simultaneously displayed on the At every AGM, the Chairman addresses the shareholders on

Company’s website as well; Company’s operations and performance with his speech;
All the releases can be accessed on the website of the
 Further, Chairman’s statement addressing the shareholders is

Company at www.vedantalimited.com. also published in the Annual Report of the Company.
Institutional Investor/Analysts Presentation

Access to Documents
The schedule of analyst/investor meets are filed with the

stock exchanges and the presentations are uploaded on the Shareholders can also access the details of Corporate

website of the Company at www.vedantalimited.com; Governance Policies and Charters, Memorandum and
The transcripts and audio/video recordings of post earnings/
 Articles of Association, Financial information, Shareholding
quarterly calls/production release are filed with the Stock information, details of unclaimed dividends and shares
Exchanges and the same are uploaded on the website of the transferred/liable to transfer to IEPF, etc. on the Company’s
Company at www.vedantalimited.com. website.
Website
The Company has a dedicated section on ‘Investor Relation’

on its corporate website www.vedantalimited.com which
encompasses all the information for the investors like
financial results, policies and codes, stock exchange filings,
press releases, annual reports, SEC Filings etc.
266
Appeal to Shareholders
Updation of PAN Bank Mandate and Contact Details

Shareholders are requested to update their email ids, PAN and Bank Mandate with the Company to ensure faster communication and
credit of amounts. Regular reminders are also sent to shareholders in this regard. The shareholders having physical units can avail
the facility to update the details on the website of the Company at www.vedantalimited.com. and the demat holders can contact their
respective depository participant for updating the details.
SEBI vide Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated 03 November 2021, introduced common and simplified
norms for processing investor’s service request wherein all members holding securities of the Company in physical mode were
mandatorily required to furnish the PAN and Nomination (for all eligible folios) to the Company’s RTA by 31 March 2023 which has
been further extended to 30 September 2023 vide SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37 dated 16 March 2023.
Shareholders are requested to furnish the above details to enhance the ease of doing business in the securities market. A letter was
also sent to the shareholders detailing the above requirements. The forms can be downloaded from the website of the Company at
www.vedantalimited.com and also from the website of the RTA at www.kfintech.com.
Unclaimed Dividend/Shares
Reminders are sent to shareholders to encourage them to timely claim their unclaimed dividend and shares before the same is
transferred to the IEPF Account.
The Company has also uploaded the details of unpaid and unclaimed dividend amounts lying with the Company on the Company’s
website at www.vedantalimited.com.
Pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016,
as amended, the shares on which dividend remains unpaid/unclaimed for seven consecutive years or more shall be transferred to the
IEPF after giving due notices to the concerned shareholders. Accordingly, the details of equity shares transferred are also available on
the Company’s website at www.vedantalimited.com.
Registration of Nomination
Registration of nomination makes easy for dependents to access your investments and set out the proportion of your benefits to the
nominees.
The Company has duly provided the facility of updation of nominees to the shareholders.
The shareholders holding physical units can submit the nomination form SH-13 which is available on the website of the Company at
www.vedantalimited.com and the demat holders can contact their respective depository participant for the necessary updations.
Conversion of Securities into Dematerialised form

Shareholders are also encouraged to open Demat accounts to eliminate bad delivery, saves stamp duty on transfers, ensures faster
settlement, eases portfolio management and provides ‘on-line’ access through internet.
SEBI vide Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated 25 January 2022 issued guidelines for Issuance of Securities
in dematerialised form in case of investor service request. In accordance with the circular, the Company post 25 January 2022 shall
issue the securities in dematerialised form only while processing the investors’ requests for Issue of duplicate certificate, Claim from
Unclaimed Suspense Account, Renewal/Exchange/Endorsement/Sub-division/Splitting of certificate, Consolidation of certificates/
folios, Transmission and Transposition.
The security holder shall submit duly filled ISR-4 to the RTA for processing of service requests. The form is available at the website of
the Company at www.vedantalimited.com and also at the website of the RTA at www.kfintech.com.
Considering that SEBI has disallowed the physical transfer/issuance of equity shares in physical mode, shareholders are requested to
convert their equity holding into dematerialised form for ease of dealing in securities markets and processing the service requests.
267
Correspondence Details
All the Share Transfer, Dividend Payment Requests KFin Technologies Limited
and Investors Related queries, the shareholder can (formerly KFin Technologies Private Limited)
directly contact to our RTA Unit: Vedanta Limited
Selenium Building, Tower-B, Plot No. 31 & 32,
Financial District, Nanakramguda,
Serilingampally, Hyderabad, Rangareddi,
Telangana, India, 500 032
Tel: +91 40 6716 2222
Fax: +91 40 2300 1153
Email: [email protected]
The Shareholders can reach out to the designated persons of any department in case of any query for the matters
enumerated below:
Company Secretary and Compliance Officer for Ms. Prerna Halwasiya
queries related to Corporate Governance and Company Secretary and Compliance Officer
Secretarial matters/Details of Nodal Officer Vedanta Limited
Core 6, 3rd Floor, Scope Complex 7,
Lodhi Road, New Delhi - 110 003
Tel: +91 011 4226 2300
Investor Relations Ms. Prerna Halwasiya
Dy. Head Investor Relations
Vedanta Limited
Core 6, 3rd Floor, Scope Complex 7,
Lodhi Road, New Delhi - 110 003
Tel: +91 011 4226 2300
Corporate Communication related matters of the Mrs. Ritu Jhingon
Company Director – Communications, PR and Branding
Vedanta Limited
Core 6, 3rd Floor, Scope Complex 7, Lodhi Road, New Delhi - 110 003
Tel: +91 011 4226 2300
Sustainability Related Matters Mr. Rajinder Ahuja
Group Head – HSE and Sustainability
Vedanta Limited
Core 6, 3rd Floor, Scope Complex 7, Lodhi Road, New Delhi - 110 003
Tel: +91 011 4226 2300
Queries related to Debenture issued by the Debenture Trustee:
Company: Axis Trustee Services Limited
Axis House, 2nd Floor, Wadia International Centre, Pandurang
Budhkar Marg, Worli, Mumbai - 400 025
Tel: +91 22 2425 2525
Fax: +91 22 2425 4200
268
Annual General Meeting for FY 2023
Date and Time

• 12 July 2023
• 3:00 p.m IST
Virtual AGM
Virtual Annual General Meeting with live webcast and facility to participate through Video Conferencing/
other audio-visual means for shareholders for attending the AGM from their respective places. Respected
Shareholders are requested to kindly join the meeting through VC/OAVM facility by following the
instructions provided in the notes to the AGM Notice.
The joining links for the AGM and other details can be accessed at: www.vedantalimited.com/vedanta2023/
Frequently Asked Questions ("FAQs")

A set of FAQs made available for the shareholders on the Company’s website at www.vedantalimited.com
and NSDL website for a seamless participation through VC/OAVM.
Online Chat Facility

Facility to submit suggestions, feedbacks or questions online during the conduct of the meeting will be provided
to the members.
Online Speaker Registration

Members who desire to speak at the AGM can pre-register as speakers by sending request to the Company
as per the instructions provided in the Notice convening the Meeting.
Prior to AGM, site testing with the registered speaker shareholders shall be conducted to ensure smooth
participation during the AGM.
E-Voting Facility
• Remote e-voting facility will be provided to the shareholders before the date of AGM.
• The Company will also provide remote e-voting facility to the members during the AGM till 15 minutes post
conclusion of the meeting to ensure participation and voting through electronic means.
Transcript of AGM
Recorded transcript of AGM will be made available on the website of the Company.
Financial Year
The Financial Year of Company commences from 01 April and concludes on 31 March of each year. Each quarter, the
Company reviewed and approved its financials. The previous and tentative dates for approval of the financials for FY 2023
and FY 2024 are as follows:
1st Quarter: 28 July 2022

 2
nd Quarter: 28 October 2022
FY 2023
3rd Quarter: 27 January 2023
 4
th Quarter: 28 April 2023
1st Quarter: End of July 2023

 2
nd Quarter: End of October 2023
FY 2024
3rd Quarter: End of January 2024
 4
th Quarter: End of April 2024
269
Dividend and Capital Allocation

Dividend Distribution Policy
In terms of the provisions of Regulation 43A of the Listing Regulations, the Company has adopted Dividend Distribution
Policy to determine the distribution of dividends in accordance with the applicable provisions. The policy can be accessed
on the website of the Company at www.vedantalimited.com.
With consistent dividend as a healthy sign of our sustained growth, our firm belief in percolating the benefits of our business
progress for widespread socioeconomic welfare facilitates the equitable sharing of our economic value generated. Attaining
steady operational performance and a harmonised market environment in continuation of the historical trends helped us to
reaffirm the realisation of competent numbers for FY 2023.
Dividend for FY 2023

For the period under review, the Company has declared and paid interim dividend as detailed below:
1st Interim 2nd Interim 3rd Interim 4th Interim 5th Interim
Dividend Dividend Dividend Dividend Dividend Total
Dividend
`31.50 `19.50 `17.50 `12.50 `20.50
per share per share per share per share per share `101.50
per share
~30% dividend yield with record dividend declaration of `101.50/share in FY 2023
The complete details on date of declaration, date of payment, record date, total pay-out are detailed in the Directors’ Report
forming part of this Annual Report. The payment of the above-mentioned dividend was duly completed within the statutory
timelines.
Further, the Board has not recommended any final dividend for FY 2023.
Shareholders Value Creation

Vedanta has a consistent track record of rewarding its shareholders with strong dividend pay-out. The Company has paid
attractive dividend amounting to `84,647 crore in last 10 years. The details of the same have been summarised below:
Dividend History Dividend Payout in

Last 10 Years
Dividend Per Share (`)
101.50
`84,647
crore
45.00
21.20
19.45
18.85
9.50
3.25
3.50
3.90
4.10
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
270
Capital Allocation Policy

Your Company has always strived to maintain an optimal capital allocation to strengthen the balance sheet. The approach has
always been to grow sustainably and with financial prudence and in the line with the same, the below guiding principles forms
part of the Company’s Capital Allocation Policy:
• A consistent, disciplined, and balanced allocation of capital with long-term Balance Sheet management
• Maintain optimal leverage ratio (Net Debt/EBITDA) at consolidated level
• Overall capital allocation will maximise Total Shareholders Returns ("TSR")
Disciplined Capital Allocation Framework

• Intend to deleverage at group level
Key Strategic Priority Optimise Leverage Ratio
• Leverage ratio at the Company should not be more than 1.5x.
Project Capex Sustaining Capex

• Volume augmentation, cost reduction • All sustaining capital
Capital or creating value-added products are expenditure to be a part of
Expenditure key guiding principles for all projects Business Plan
• Growth projects to ensure minimum • Sustaining capex to be defined
guidelines for IRR - 18% and tracked in US$/tonne
• Minimum 30% of Attributable Profit after tax (before exceptional items) of

CAPITAL Company (excluding profits of HZL)
ALLOCATION • Dividend income received from HZL will be pass through within 6 months
Dividend
• Intent to enhance value via acquiring accretive assets/business that have:

synergies with existing line of core businesses
Mergers and
Acquisitions
Maximise Total Shareholder’s Return
Listing Details
Particular Scrip Code ISIN Code
Indian Stock Exchange BSE Limited ("BSE") 500295 INE205A01025
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai - 400 001
National Stock Exchange of India Limited ("NSE") VEDL INE205A01025
Exchange Plaza, Plot No. C/1, G-Block, Bandra Kurla
Complex, Bandra (East), Mumbai - 400 051
Notes:
1. Non-Convertible Debentures of the Company are listed on BSE, details of the same are provided later in this report.
2. Commercial Papers of the Company are listed on NSE, details of the same are provided later in this report.
3. Company has paid annual listing fees for FY 2024 to all the Stock Exchanges, where the securities of the Company are listed.
4. During the year, none of the securities of the Company were suspended from trading.
5. No funds were raised through Preferential Allotment or Qualified Institutional Placement as per the Regulation 32(7A) of Listing
Regulations.
271
Apr-22
20
40
60
80
0
100
120
0
50
100
150
200
250
300
272
440.75 397.10
Apr-22 May-22
412.00 279.80
High Price
May-22
Metal Index
Jun-22
01
2020
327.15 216.10
VEDL
January
Market Indices
Jun-22 Jul-22
VEDANTA LIMITED
261.50 206.10
Jul-22
VEDL Share Price

Aug-22
274.95 245.85
01
Aug-22
May
2020
Sep-22
Low Price
BSE: HIGH-LOW PRICE (in `)
Sep-22 320.90 255.30

Oct-22
Oct-22
BSE Metal
305.50 265.65
01
Stock Price Data for FY 2023
Nov-22
2020
Nov-22 324.65 281.00
BSE Sensex
September
Dec-22 Dec-22
VEDL Share Price v/s BSE Sensex v/s BSE

322.15 281.60
Jan-23 Jan-23
01
340.75 306.30
2021
January
Feb-23 Feb-23
338.25 262.00
BSE AIICAP
Mar-23 Mar-23
BSE Metal
294.70 265.00
01
May
2021
Apr-22
20
40
60
80
100
120
0
440.75 397.05
01
2021
BSE 500
Apr-22 May-22
September
412.00 279.55
May-22 High Price
Metal Index
Jun-22
325.20 216.10
Jun-22
01
Jul-22
2022
261.45 206.00
January
Jul-22
VEDL Share Price

Aug-22
Aug-22 275.00 245.75
Sep-22
Low Price
01
NSE: HIGH-LOW PRICE (in `)
Sep-22 320.90 255.20
May
2022
Oct-22
Oct-22 305.50 265.60
Nov-22
NIFTY 50
Nov-22 324.60 281.00
01
VEDL Share Price v/s NIFTY 50 v/s NSE
2022
Dec-22 Dec-22
322.20 281.80
September
Jan-23 Jan-23
340.75 306.20
Feb-23 Feb-23
01
2023
338.25 261.95
NSE Metal
January
Mar-23 Mar-23
294.60 266.15
EPS (`) Market Cap (` crore)
50.73
1,49,970
31.32
28.50
28.30
1,03,450
1,02,111
1,02,111
19.07
84,994
68,304
-18.00
24,069
2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2023 2023
Share Transfer System

As part of the effective shareholder management and grievance redressal processes, various shareholder requests received
by the Company through RTA are processed in the following manner:
Request received by RTA Document Verification Approval Communication to

Requests relating to The Company RTA, The Company also Shareholder
transfer, transmission, verifies the authenticity inspects and confirms the Post Committee
transposition, change of documents submitted veracity and validity of approval, RTA completes
of name, deletion of by shareholders; documents; the process and
name are received from communicates to the
shareholders having RTA thereafter, Requests are then respective shareholders;
physical shareholding; sends the requests approved by the duly
to the Company for constituted Share and Requests are generally
processing; Debenture Transfer processed within 15
Committee designated days of receipt of
for the share transfer the documents, if
procedures; documents are clear
and found to be in order
In addition to the above, a compliance certificate is issued in all respects.
on an yearly basis by a Company Secretary in Practice
pursuant to Regulation 40(9) of Listing Regulations
reiterating due compliance of share transfer formalities
share capital admitted with NSDL and CDSL and held in
by the Company within timelines as required under the
physical form, with the issued and listed capital. The reports
applicable provisions.
for Share Capital Audit Reconciliation and Compliance
Certificates obtained in line with the statutory requirements
Shareholders are informed that in case of any dispute
are meticulously filed with the Stock exchanges on a timely
against the Company and/or its RTA on delay or default in
basis and also placed before the Board of Directors.
processing your requests, as per SEBI Circular dated 30 May
2022, an arbitration can be filed with the Stock Exchanges
Capital Evolution
for resolution.
The details of capital evolution of the Company can be
Reconciliation of Share Capital Audit accessed on the website of the Company at
www.vedantalimited.com.
As required by the Listing Regulations, quarterly audit of the
Company’s share capital is being carried out by a Company
Secretary in Practice with a view to reconcile the total
273
Shareholding Distribution
Shareholding according to shareholders class as on 31 March 2023
Shareholding of No. of shareholders % of Total No. of Shareholding (%)
Nominal value of `1/- shareholders shares held
1-5000 14,47,938 99.29 25,14,02,256 6.76
5001- 10000 5,986 0.41 4,32,26,934 1.16
10001- 20000 2,451 0.17 3,44,54,947 0.93
20001- 30000 658 0.05 1,61,37,819 0.43
30001- 40000 313 0.02 1,09,36,035 0.30
40001- 50000 175 0.01 79,35,304 0.21
50001- 100000 321 0.02 2,28,64,201 0.62
100001 & Above 476 0.03 3,33,02,41,543 89.59
TOTAL 14,58,318 100.00 3,71,71,99,039 100.00
Sr. No. Category 31 March 2023

No. of Percentage of
shares held shareholding
Face value `1/-
(a) Promoter and Promoter Group
Indian promoters 1,60,656 0.00%
Foreign promoters 2,53,16,89,293 68.11%
Total (a) 2,53,18,49,949 68.11%
(b) Public
Domestic Institutional Investors (Mutual Funds, Venture Capital Funds, Alternate 37,92,97,083 10.20%
Investment Funds, Banks, Insurance Companies, Pension Funds/Provident
Funds, Asset Reconstruction Companies, Sovereign Wealth Funds, NBFCs etc.)
Foreign Institutional Investors (Foreign Direct Investment, Foreign Venture 29,32,24,835 7.89%
Capital Investors, Sovereign Wealth Funds, Foreign Portfolio Investors, Overseas
Depositories, Banks etc.)
Central Government/State Government(s) 25,31,674 0.07%
Associate Companies/Subsidiaries 0 0.00%
Directors and their relatives (excluding independent directors and nominee 1,02,023 0.00%
directors)
Key Managerial Personnel 11,175 0.00%
Relatives of promoters 0 0.00%
Trusts where any person belonging to 'Promoter and Promoter Group' category is 0 0.00%
'trustee', 'beneficiary', or 'author of the trust
Investor Education and Protection Fund ("IEPF") 55,42,888 0.15%
Resident Individuals 35,31,66,448 9.50%
Non-Resident Indians ("NRI") 1,32,16,204 0.36%
Foreign Nationals 3,059 0.00%
Foreign Companies 18,42,769 0.05%
Bodies Corporate 5,82,21,936 1.57%
Clearing Members 6,18,03,484 1.66%
HUF 1,17,00,596 0.31%
Trusts 6,79,841 0.02%
Total (b) 1,18,13,44,015 31.78%
(c) Non-Promoter Non-Public
ESOS Trust 40,05,075 0.11%
Total (c) 40,05,075 0.11%
Grand Total (a)+(b)+(c) 3,71,71,99,039 100.00%
1. As on 31 March 2023, the shareholding of Vedanta Netherlands Investment B.V. ("VNIB") (Promoter Group) in the Company has been
reduced to 50,14,714 equity shares. Hence, the total shareholding of Promoter and Promoter Group has been reduced from 69.69% to
68.11%.
2. 3,05,832 equity shares are under abeyance category, pending for allotment as they are sub judice.
274
Shareholding Distribution as on 31 March 2023 Dematerialisation of Shares and Liquidity
3.87% 0.20%
9.93%
14.43%
9.02%
1.18%
68.11%
7.89% 85.37%
Promoter and Promoter Group NSDL

Foreign Institutional Investors CDSL
Domestic Institutional Investors Physical
LIC
Individuals (Indian Resident, NRIs, Directors, KMP etc.)
Others - Bodies Corporate, HUF, Trusts, Foreign Nationals,
IEPF etc.
The shares of the Company are compulsorily traded in dematerialised form on the stock exchanges. As on 31 March 2023,
~99% shares of the Company are held in dematerialised form.
Pursuant to the amendment in Listing Regulations, post 01 April 2019, except in case of transmission or transposition
of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the
dematerialised form with a depository.
The equity shares of the Company are freely tradable in the market and are among the most liquid and actively traded shares
in the stock exchanges.
Listing of Debt Securities

Non-Convertible Debentures
The following Secured Redeemable Non-Convertible Debentures ("NCDs") are listed with BSE as on 31 March 2023:
S. ISIN Issuance date Maturity date Coupon rate Payment No. of NCDs Amount issued
No. frequency (Face value of (` in crore)
`10 lakh each)
1 INE205A07196 25 February 2020 25 February 2030 9.20% Annual 20,000 2,000
2 INE205A07212 31 December 2021 31 December 2024 7.68% Annual 10,000 1,000
3 INE205A07220 29 June 2022 29 June 2032 8.74% Annual 40,890 4,089
4 INE205A08012 16 December 2022 15 March 2024 3M T Bill Linked Annual 8,000 800
Commercial Papers
The following Commercial Papers ("CPs") are listed with NSE as on 31 March 2023:
S. ISIN Issuance date Maturity date Face Value (`) Total No. of Amount Issued
No. Securities (` in crore)
1 INE205A14WR8 18 July 2022 17 July 2023 5,00,000 10,000 500
275
Credit Ratings
Your Company is rated by CRISIL and India Rating and Research Private Limited (“India Ratings") on its various debt
instruments.
Status as on 31 March 2022 Status as on 31 March 2023 Date of Action
CRISIL India CRISIL India CRISIL India Ratings
Ratings Ratings
Bank Loans CRISIL IND AA/ CRISIL AA/ IND AA/ The long-term rating has been The long-term rating has been
AA/ Outlook Outlook Outlook maintained at “AA”. However, maintained at “AA”. However,
Outlook Stable Negative Negative Outlook has been revised to Outlook has been revised to
Stable negative in FY 2023. negative in FY 2023.
The ratings affirmation factors The affirmation reflects

in robust operating profitability expectation of the consolidated
significantly higher than pre- net adjusted leverage (including
pandemic levels. Further, VRL’s debt; (adjusted debt net of
consolidated EBITDA is expected cash/EBITDAR)) in the range of
to increase to more than `40,000- 2.5x-2.75x in FY 2024, FY 2025,
42,000 crore from fiscal 2024, supported by an improvement
driven by healthy commodity in VDL’s absolute EBITDA (`400
prices that are expected to remain billion - `450 billion) on account
stable around current levels, of the increased operating
robust operating rates across key leverage from higher capacities,
businesses, increased volume improving backward integration,
growth in Aluminium business healthy domestic demand,
supported by commissioning correction in commodity spreads
of new capacity during fiscal and cost-efficient operations in
2024 along with expected key business segments, despite
reduction in cost of production for a moderation from the historical
Aluminium business on the back levels.
of alumina refinery expansion and
commissioning of captive coal The Outlook revision reflects the
mines. elevated risk of refinancing at
an increased cost of borrowing
The revision in outlook reflects with scheduled material debt
possibility of higher-than- repayments at VDL and VRL in
expected financial leverage and FY 2024 and FY 2025.
lower financial flexibility with
reducing ratio of cash surplus to
1-year maturities for fiscals 2023
and 2024.
Working CRISIL CRISIL AA/ Same as above NA
Capital AA/ Outlook
Lines Outlook Negative/
Stable/ CRISIL A1+
CRISIL
A1+
Non- CRISIL IND AA/ CRISIL AA/ IND AA/ Same as above Same as above
Convertible AA/ Outlook Outlook Outlook
Debentures Outlook Stable Negative Negative
Stable
Commercial CRISIL IND A1+ CRISIL A1+ IND A1+ No Change No Change
Papers A1+
276
Plant Locations
Division Location
Copper Anodes (Smelter), Refinery, SIPCOT Industrial Complex, Madurai By-pass Road, T.V. Puram PO, Tuticorin – 628 002, Tamil
Continuous Cast Copper Rods Nadu, India
Copper Cathodes (Refinery) and 1/1/2 Chinchpada, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India
Continuous Cast Copper Rods/Wire 1/1/1/1 Chinchpada, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India
Gat 201, Plot no. 2, 3, 4, 5, 6 and 7 Pune Old Highway, Takwe Khurd. Post Kamshet. Taluka
Maval, Dist Pune – 410 405, Maharashtra, India**
Continuous Cast Copper Rods 209-B, Piparia Industrial Estate, Piparia, Silvassa – 396 230, Union Territory of Dadra and Nagar
Haveli, India
Ratnagiri – Y 1, R 57 Zaadzadgaon Block, MIDC, Zadgaon, Ratnagiri – 415 639, Maharashtra,
India **
Iron Ore – Mining Meghalahalli Office Complex, Near Meghalahalli Village, Bheemasamudra - 577 520,
Dist. Chitradurga, Karnataka
Amona Beneficiation Plant – Plot No. Survey No 39, 41, 36/1 (Part), 37 (Part), 42/1 (Part), 43/1
(Part), Survey No. 39, Marcel, Amona, Bicholim, North Goa – 403 107, India
Pig Iron Division 1 Plot No. Survey No. 39, 41, 36/1 (Part), 37 (Part), 42/1 (Part), 43/1 (Part), Survey No. 39, Marcel,
Amona, Bicholim, North Goa – 403 107, India
Metallurgical Coke (Met Coke) Plot No. Survey No. 205, 206, 207, 43/1, 44/4, 44/5, Navelim, P. O., Navelim, Bicholim, North Goa
– 403 505, India
Sy No. 192, 193, Vazare, Dodamarg, Sindhudurg, Maharashtra – 416 512, India
Pig Iron Division 2 Plot No. Survey No. 177 & 120 (part), Survey No. 120, Subdiv No.1, Navelim, P. O., Navelim,
Bicholim, North Goa – 403 505, India
Aluminium Smelters PMO Office, Bhurkahamuda, PO - Sripura, Dist. Jharsuguda, Odisha – 768 202, India
Alumina Refinery Alumina Refinery Project, At/PO – Lanjigarh, Via – Biswanathpur, Kalahandi, Lanjigarh, Odisha
– 766 027, India
Aluminium Post Box No. 4, Mettur Dam R.S. - 636 402, Salem District, Tamil Nadu, India
Gat No. 924, 925, 926 and 927. Sanaswadi Taluka Shirur. Dist. Pune – 412 208, Maharashtra,
India**
Power Bhurkahamunda, PO - Sripura, Dist. Jharsuguda, Odisha - 768 202, India
SIPCOT Industrial Complex, Meelavitan, Tuticorin, Tamil Nadu - 628 002, India
Oil & Gas  Assets
(a) RJ-ON-90/1 - Barmer Basin - India
(b) CB/OS-2 - Cambay Basin - India
(c) PKGM-1 Ravva - Krishna Godavari Basin - India
(d) KG-ONN-2003/1- Krishna Godavari Basin - India
(e) KG-OSN-2009/3 - Krishna Godavari Basin - India
(f) KG/ONDSF/Kaza/2018 - Krishna Godavari Basin - India
(g) AA-ONHP-2017/1 - Assam Basin - India
(h) AA-ONHP-2017/6 - Assam Basin - India
(i) AA-ONHP-2017/14 - Assam Basin - India
(j) AA-ONHP-2017/4 - Assam Basin - India
(k) AA-ONHP-2017/5 - Assam Basin - India
(l) AA-ONHP-2017/8 - Assam Basin - India
(m) AA-ONHP-2017/9 - Assam Basin - India
(n) AA-ONHP-2017/11 - Assam Basin - India
(o) AA-ONHP-2017/15 - Assam Basin - India
(p) AA-ONHP-2017/2 - Assam Basin - India
(q) AA-ONHP-2017/3 - Assam Basin - India
(r) AA/ONDSF/Hazarigaon/2018 - Assam Basin - India
(s) KG-OSHP-2017/1 - Krishna Godavari Basin - India
277
Division Location
(t) KG-DWHP-2017/1- KG Deepwater Basin - India
(u) CY-OSHP-2017/1- Cauvery Basin - India
(v) CY-OSHP-2017/2- Cauvery Basin - India
(w) GK-ONHP-2017/1- Gujarat Kutch Basin - India
(x) GK-OSHP-2017/1- Gujrat Kutch Basin - India
(y) GS-OSHP-2017/1- Gujrat Kutch Basin - India
(z) GS-OSHP-2017/2- Gujrat Kutch Basin - India
(aa) MB-OSHP-2017/2- Mumbai Basin - India
(bb) RJ-ONHP-2017/5- Barmer Basin - India
(cc) RJ-ONHP-2017/6- Barmer Basin - India
(dd) RJ-ONHP-2017/7- Barmer Basin - India
(ee) RJ-ONHP-2017/1- Barmer Basin - India
(ff) RJ-ONHP-2017/2- Barmer Basin - India
(gg) RJ-ONHP-2017/3- Barmer Basin - India
(hh) RJ-ONHP-2017/4- Barmer Basin - India
(ii) CB-ONHP-2017/1- Cambay Basin - India
(jj) CB-ONHP-2017/7- Cambay Basin - India
(kk) CB-ONHP-2017/10- Cambay Basin - India
(ll) CB-ONHP-2017/6- Cambay Basin - India
(mm) CB-ONHP-2017/2- Cambay Basin - India
(nn) CB-ONHP-2017/3- Cambay Basin - India
(oo) CB-ONHP-2017/4- Cambay Basin - India
(pp) CB-ONHP-2017/5- Cambay Basin - India
(qq) CB-ONHP-2017/11- Cambay Basin - India
(rr) HF-ONHP-2017/1- Himalaya Foreland Basin - India
(ss) GV-ONHP-2017/1- Ganga Valley Basin - India
(tt) CB-ONHP-2018/1- Cambay Basin - India
(uu) GK-OSHP-2018/1- Gujarat Kutch Basin - India
(vv) GK-OSHP-2018/2- Gujarat Kutch Basin - India
(ww) MN-OSHP-2018/1- Mahanadi Basin - India
(xx) RJ-ONHP-2018/1- Barmer Basin - India
(yy) AA-ONHP-2018/1- Assam Basin - India
(zz) CB-ONHP-2018/3- Cambay Basin - India
(aaa) CB-ONHP-2018/4- Cambay Basin - India
(bbb) AA/ONDSF/TUKBAI/2021- Assam Basin - India
(ccc) AA/ONDSF/PATHARIA/2021- Assam Basin - India
(ddd) CB/OSDSF/AMBE/2021- Cambay Basin - India
(eee) GK/OSDSF/GK1/2021- Gujarat Kutch Basin - India
(fff) MB/OSDSF/BH68/2021-Mumbai Basin - India
(ggg) MB/OSDSF/B174/2021-Mumbai Basin - India
(hhh) KG/OSDSF/G4/2021– Krishna Godavari Basin– India
(iii) VN/ONDSF/NOHTA/2021-Madhya Pradesh Basin - India
(jjj) SR-ONHP-CBM-2021/5-Chhattisgarh Basin - India
 Pipeline
(a) Radhanpur Terminal, Patan, Gujarat - 385 340, India
(b) Viramgam Terminal, Viramgam, Ahmedabad, Gujarat - 382 150, India
(c) Bhogat Terminal, Bhogat Jam Kalyanpur Devbhumi Dwarka, Gujarat - 361 315, India
278
Division Location
 Plant
(a) Mangala Processing Terminal, Barmer, Rajasthan
Nagana Village, Near Kawas,
NH112, Barmer - 344 035, Rajasthan, India
(b) Raageshwari Gas Terminal, Rajasthan, India
(c) Suvali Onshore Terminal, Gujarat, India
Survey No. 232, Suvali, Surat Hazira Road,
Surat - 394 510, Gujarat, India
(d) Raava Onshare Terminal, Andhra Pradesh
Surasani Yanam,
Uppalaguptam Mandal, East Godavari District -533 213,
Andhra Pradesh, India
(e) Nagayalanka EPS Facility, Andhra Pradesh
Nagayalanka GGS, Vakkapatlavaripalem Village,
Nagayalanka Mandal, Krishna District - 521 120,
Andhra Pradesh, India
(f) KW-2 updip: Khasra No. 513, 514, 514/1, 514/3, 524, 524/10, 524/12, 526, 532, 533,
Barmer to Gudamalani Road, Dholpaliyanada Barmer - 344 001, Rajasthan, India
(g) Jaya Jambusar: Land Survey Nos.: 317/319/320 and 321 of village Amanpur Mota,
Jambusar Bharuch - 392 180, Gujarat, India
(h) Hazarigaon: Hazarigaon Wellpad, Barapathar, Golaghat - 785 601, Assam, India
Paper GIDC Doswada, Ta. Fort Songadh, District Tapi, Gujarat - 394 365, India **
**Non-operational unit
Commodity Price Risk or Foreign Exchange Risk prices that are typically priced by reference to the US dollar,
and Hedging Activities a significant part of its expenses are incurred and paid in
local currency. Moreover, some of the Group borrowings
Fluctuation in commodity prices
are denominated in US dollars, while a large percentage of
Impact: Prices and demand for the Group’s products cash and liquid investments are held in other currencies,
are expected to remain volatile/uncertain and strongly mainly in the Indian rupee. Any material fluctuations of
influenced by global economic conditions. Volatility in these currencies against the US dollar could result in
commodity prices and demand may adversely affect our lower profitability or in higher cash outflows towards debt
earnings, cash flow and reserves. obligations.
Mitigation: Our Group has a well-diversified portfolio, Mitigation: We do not speculate in forex. We have developed
which acts as a hedge against fluctuations in commodities robust controls in forex management to monitor, measure
and delivers cash flows through the cycle. We consider and hedge currency risk liabilities. The Committee of
exposure to commodity price fluctuations to be an integral Directors reviews our forex-related matters periodically and
part of our Group’s business and its usual policy is to sell suggests necessary courses of action as may be needed
its products at prevailing market prices, and not to enter by businesses from time to time, and within the overall
into long-term price hedging arrangements. However, framework of our forex policy.
to minimise price risk for finished goods where price of
raw material is also determined by same underlying base Exposures on foreign currency loans are managed
metal prices (e.g. purchase of alumina, copper concentrate through the Group-wide hedging policy, which is reviewed
for manufacturing and selling copper and aluminium periodically to ensure that the results from fluctuating
products, respectively) we employ back-to-back hedging. currency exchange rates are appropriately managed. The
In exceptional circumstances, we may enter into strategic Group strives to achieve asset liability offset of foreign
hedging with prior approval of the EXCO. The Group currency exposures and only the net position is hedged. The
monitors the commodity markets closely to determine the Group uses forward exchange contracts, currency swaps
effect of price fluctuations on earnings, capital expenditure and other derivatives to hedge the effects of movements
and cash flows. in exchange rates on foreign currency denominated assets
and liabilities. The sources of foreign exchange risk are
Currency exchange rate fluctuations outstanding amounts payable for imported raw materials,
Impact: Our assets, earnings and cash flows are influenced capital goods and other supplies as well as financing
by a variety of currencies due to the diversity of the countries transactions and loans denominated in foreign currencies.
in which we operate. Fluctuations in exchange rates of those The Group is also exposed to foreign exchange risk on
currencies may have an impact on our financials. Although its net investment in foreign operations. Most of these
the majority of the Group’s revenue is tied to commodity transactions are denominated in US dollars. Short-term net
279
exposures are hedged progressively based on their maturity. A more conservative approach has been adopted for project
expenditures to avoid budget overruns, where cost of the project is calculated taking into account the hedge cost. However,
all new long-term borrowing exposures are being hedged. The hedge mechanisms are reviewed periodically to ensure that
the risk from fluctuating currency exchange rates is appropriately managed.
S. Commodity Exposure(2) Units Exposure in % of such exposure hedged through commodity derivatives
No. Name(1) in ` towards quantity towards Domestic market International market Total
the particular the particular OTC Exchange OTC Exchange
commodity commodity
1 Aluminium 39,263 kt 1,735 0% 0% 0% 38% 38%
2 Oil 6,679 mmboe 10 0% 0% 31% 0% 31%
3 Gas 1,552 mmscf 341 0% 0% 0% 0% 0%
4 Copper(3) 24,835 kt 351 0% 0% 0% 91% 91%
5 Silver(3) 30 Oz 1,73,854 0% 0% 85% 0% 85%
6 Gold(3) 890 Oz 61,641 0% 85% 0% 0% 85%
1. Commodity means a commodity whose price is fixed by reference to an international benchmark and having a material effect on the
financial statements.
2. Exposure for Aluminium and Oil is based on sales and closing stock and that for Gas is based on sales.
3. Gold and Silver are sold in the form of anode slime/copper concentrate. Anode slime is the residue formed while refining copper.
Exposure for Copper (including Gold and Silver) is based on opening stock, purchases and sales. Percentage of exposure not hedged
represents unpriced transactions as at 31 March 2023 as the same will be hedged as per the Company’s policy and contractual terms
once price period is fixed.
OTHER DISCLOSURES
Details of Loans and Advances by the Company and its Subsidiaries in the nature of loans to firms/companies in which
Directors are interested
The aforesaid details are provided in the financial statements of the Company forming part of this Annual Report. Please refer
to Note 41 of the standalone financial statements.
Total fees for all services on a consolidated basis to the Statutory Auditor
Particulars March 2023 (` in crore)*
Audit fees (audit and review of financial statements) 20
Certification and other attest services 0
Tax matters -
Others 1
Total 21
*exclusive of GST
Framework for monitoring Subsidiary Companies

The details of the material subsidiaries of the Company have been elucidated in the Directors' Report forming part of
Annual Report. The Company has complied with the provisions of Listing Regulations with respect to material subsidiary
for FY 2023.
The Company has in place a policy on Determining Material Subsidiary, duly approved by the Board in conformity with the
Listing Regulations. which can be accessed at www.vedantalimited.com.
The subsidiary companies have their separate independent Board of Directors authorised to exercise all the responsibilities,
duties and rights for effective monitoring and management of the subsidiaries.
280
The Company supervises and monitors the performance of Act for violation of Regulation 3(a),(b),(c),(d) Regulation 4(1)
subsidiary companies: and 4(2)(k) and (r) of SEBI (Prevention of Fraudulent and
Unfair Trade Practices) Regulations, 2003 and a penalty
On a quarterly basis, the minutes of each of the of `25 lakh under Section 15HB of SEBI Act for violation of
Board and Audit Committee Meeting of the subsidiary Regulation 19(1)(a) of SEBI (Buyback) Regulations, 2003
companies and a statement of all significant for not completing the buyback offer in the year 2014. The
transactions of the subsidiary companies are placed Company has filed an appeal against the said order. The
before the Board of Directors and Audit & Risk same is pending before Securities Appellate Tribunal and
Management Committee for their review and noting. the final order is awaited.
Vigil Mechanism/Whistle Blower Policy

Quarterly presentations are made to the Audit & Vedanta continues to assure utmost commitment
Risk Management Committee and Board on the Key towards highest standards of morals and ethics in the
accounting matters, tax matters and legal cases conduct of business. The employees have been provided
relating to subsidiaries. comprehensive access to lodge any complaint against the
Company’s accounting practices, internal controls, auditing
matters or any such suspected incidents of fraud or violation
Significant Internal Audit Observations of of the Company’s Code of Conduct that could adversely
the subsidiaries are made to the Audit & Risk impact Company operations, business performance and/or
Management Committee on a quarterly basis. reputation.
Presentations are made to the Company’s Board on

business performance by the senior management of 24x7 Hotline Web Based Portal
major subsidiaries of the Company.
Certain matters of the subsidiaries relating to Financial

and Planning and Commercial are reserved for approval Whistle
of the Board or Committee of Directors of the Company. Blower Policy
Subsidiaries are subject to applicable Statutory Audit

and Secretarial Audit. Dedicated Centralised
Email IDs Database
Further, appropriate disclosures related to subsidiaries

are made in Financial Statements/Directors’ Report of the All the employees of the Company and its subsidiaries
Company as per the Act and Listing Regulations. are encouraged and expected to raise their concerns. The
Audit & Risk Management Committee has laid down the
Materially Significant Related Party Transactions procedure governing the receipt, retention, and treatment
A comprehensive note on material significant related party of complaints. Your Company has a Whistle Blower Policy
transactions forms part of Directors' Report. in place as part of the Vigil Mechanism which can be
accessed at www.vedantalimited.com.
Your Company has in place a policy on Related Party
Transactions, which envisages the procedure governing All the complaints are reported to the Director – MAS,
Related Party Transactions entered into by the Company. who is independent of operating management and the
The said policy was revised in the Board meeting held on businesses. In line with global practices, dedicated email
28 March 2023 effective from 01 April 2023 and displayed IDs ([email protected]), a centralised
on the Company’s website at www.vedantalimited.com. database, a 24x7 whistle blower hotline and a web-based
portal (www.vedanta.ethicspoint.com) have been created
Non-Compliance by the Company, Penalties, and implemented to facilitate receipt and redressal of
Strictures imposed by Stock Exchange or SEBI or any complaints.
Statutory Authority on any matter related to capital
markets during the last three (03) years The Company hereby affirms that no personnel have
SEBI has vide its order dated 19 May 2021 imposed a been denied access to the Chairperson of Audit & Risk
penalty of `5 crore on erstwhile Cairn India Limited (merged Management Committee.
with Vedanta Limited in 2017) under Section 15HA of SEBI
281
Disclosure in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013
The detailed disclosure forms part of the Directors' Report.
COMPLIANCES
Discretionary Requirements
The Board Separation of Roles of CEO and Chairman
As on 31 March 2023, the Board of the Company is chaired The roles and responsibilities of the Chairman and CEO
by a Non-Executive Director who maintains the Chairman’s have been distinctively defined and the positions are
office at the Company’s expense. held by separate individuals for better efficiency.
Shareholder's Rights
ESG Committee
Quaterly financial results are sent to the shareholders whose
With the integration of ESG parameters into the decision-
E-mail IDs are registered with the Company.
making of investors; increasing focus of regulatory bodies
Additionally, news releases, institutional investor/analyst on ESG reporting and disclosures round the globe; and
presentations, annual reports and other governance in line with upholding our core commitment and Board
documents are also made available to the shareholders oversight on ESG priorities, the Board, in its meeting held on
through Company website. 26 July 2021, approved the enhancement of the scope of
the erstwhile Sustainability Committee and upgraded it to
Board-level ESG Committee to strengthen Board-level rigour
Unmodified Opinion in Audit Report and advice into all aspects of ESG.
During the year under review, the Independent Auditors

have issued an unmodified opinion on true and fair view
of the Company’s financial statements.
Board Diversity Policy

Reporting of Internal Auditors The Company as part of best governance practices has
adopted the Board Diversity Policy as a sub-set of NRC Policy
The same is reported by briefing the Audit & Risk Management to ensure an inclusive and diverse membership of the Board
Committee through discussion and presentation of the of Directors of the Company resulting in optimal decision-
observations, review, comments and recommendations, making and assisting in the development and execution
amongst others in the Internal Audit presentation by the of a strategy which promotes success of Company for the
Company’s Internal Management Assurance. collective benefit of its stakeholders.
Corporate Governance requirements specified in Regulation 17 to 27 and Regulation 46 of the Listing Regulations
Your Company has complied with all the mandatory corporate governance requirements under the Listing Regulations.
Your Company, specifically, confirms compliance with corporate governance requirements specified in Regulation 17 to 27 and
clauses (b) to (i) of Sub-Regulation (2) of Regulation 46 of the Listing Regulations.
Further, in compliance with the advisories issued by the respective Stock Exchanges for dissemination of certain
requirements under Regulation 46(2) and 62(1) of the Listing Regulations, a separate section has been created on the
website of the Company for the disclosures under the aforesaid Regulations.
The disclosures filed with Stock Exchanges from time to time can be accessed at www.vedantalimited.com.
Corporate Policies of the Company

Your Company is inclined towards following highest levels of ethical standards in all our business transactions. To ensure
the same, the Company has adopted various policies, codes and practices. The policies are reviewed periodically by the
Board and are updated in line with amended laws and requirements. The key policies/charters adopted are detailed below:
Category of Policy/Code Brief Summary Web Link Amendments

Code of Business Conduct and The Code provides the general rules for our professional www.vedantalimited.com There has been no
Ethics including Anti-Bribery conduct so that the business of the Company is consistent change in the policy
and Anti-Corruption Policy, with our values and core purpose. during FY 2023
Whistle Blower Policy and Anti-
Trust Guidance Notes
282
Category of Policy/Code Brief Summary Web Link Amendments

Corporate Social Responsibility This Policy provides guidance in achieving the objective of www.vedantalimited.com There has been no
Policy conducting its business in a socially responsible, ethical change in the policy
and environment-friendly manner and to continuously work during FY 2023
towards improving the quality of life of the communities
in and around its operational area and ensures that the
Company operates on a consistent and compliant basis.
Nomination & Remuneration The policy details the guidelines on identification and www.vedantalimited.com There has been no
Policy including the Criteria for appointment of individual as a Director, KMP and SMP change in the policy
determining the Independence including the criteria on their qualification and independence, during FY 2023
of Directors manner & criteria for effective evaluation of the performance
and Directors' & Officers Insurance. The Policy also details
the compensation principles responsibilities of senior
management and succession planning.
Insider Trading Prohibition The Code lays down the guideline to regulate, monitor and www.vedantalimited.com There has been no
Code report trading in securities of the Company; policy and change in the Code
procedure for inquiry in case of leak of UPSI; and code of during FY 2023
practices and procedures for fair disclosure of UPSI and
policy for determination of legitimate purpose.
Dividend Distribution Policy The policy details guidelines for dividend distribution for www.vedantalimited.com There has been no
equity shareholders as per the requirements of the Listing change in the policy
Regulations. during FY 2023
Related Party Transaction This Policy envisages the procedure governing Related www.vedantalimited.com The policy was
Policy Party Transactions required to be followed by the Company revised on
to ensure compliance with the Law and Regulations. The 28 March 2023
Company has voluntarily adopted a stringent policy as effective from 01
against the requirements under the law. April 2023
Policy on Determination of The policy determines the guidelines for material www.vedantalimited.com There has been no
Material Subsidiaries subsidiaries of the Company and also provides the change in the policy
governance framework for such material subsidiaries. during FY 2023
Policy for determination of The policy determines the requirements for disclosing www.vedantalimited.com There has been no
Materiality for Fair Disclosure material events including deemed material events for the change in the policy
of Material Events/Unpublished Company and its subsidiary companies which are in nature during FY 2023
Price Sensitive Information to of unpublished price sensitive information.
Stock Exchange(s) and Archival The policy also lays the guidelines on archival and retention
Policy of records of the Company.
Policy on Prevention, The purpose to this policy is to create and maintain www.vedantalimited.com There has been no
Prohibition and Redressal a healthy and conducive work environment, free of change in the policy
of Sexual Harassment at discrimination. This includes discrimination on any basis, during FY 2023
Workplace including gender and any form of sexual harassment.
Charter of Stakeholders’ The primary purpose of the SRC is to oversee all matters www.vedantalimited.com There has been no
Relationship Committee pertaining to investors of the Company. The Charter sets change in the Charter
(“SRC") out the terms of reference for functioning of the SRC. during FY 2023
ESG Committee Charter The Charter defines the role of the ESG Committee to assist www.vedantalimited.com There has been no
the Board in meeting its responsibilities in relation to the change in the Charter
Environmental, Social and Governance matters arising during FY 2023
out of the activities and operations of the Company and
its subsidiary companies (the Group) for aiming towards
enhanced sustainable development.
Board Diversity Policy The purpose of Board Diversity Policy is to ensure an www.vedantalimited.com There has been no
inclusive and diverse membership of the Board of Directors change in the policy
of the Company resulting in optimal decision-making and during FY 2023
assisting in the development and execution of a strategy
which promotes success of Company for the collective
benefit of its stakeholders.
Diversity and Inclusion Policy The policy highlights the commitment of the Company www.vedantalimited.com There has been no
towards the cause of promoting diversity and inclusion change in the policy
within the organisation and in larger communities who during FY 2023
we partner with. This policy is forward-looking as it
assimilates people with differences including but not
limited to nationality, geography, ethnicity, gender, sexual
orientation, age, physical abilities, family status, religious
beliefs, perspective, experience or other ideologies and sets
a vision for diversity and inclusion for businesses across
the Group.
For ease of reference of our stakeholders, all our policies and codes are available on our website in three different languages
i.e., English, Hindi and Marathi (since registered office of the Company is in Maharashtra) and can be accessed at:
www.vedantalimited.com
283
Awareness Sessions/Workshops on Governance practices

Vedanta as an organisation staunchly supports transparency and openness in its reporting as well as practice. Believing
in zero tolerance for unethical practices, employees across the Group are regularly sensitised about the policies and
governance practices through various multi-faceted interactive tools.
Insider Trading Monitoring Portal Online Gift Declaration Portal
• Company has a robust mechanism in place to prevent • The employees can neither accept nor send gifts/
insider trading. entertainment in exchange of any business/
services/giving off any confidential information etc.
• As a step towards digitisation, a web-based portal
to derive any benefit conflicting with the interest of
has been implemented for designated employees
the Company.
to enable them to manage and report dealings in
securities of the Company and ensure compliance • The Company has in place an online gift declaration
with the Insider Trading Prohibition Code. portal with the employees required to promptly declare
the gifts received by them in compliance with the Gift
• Employees are sensitised through various knowledge
Policy forming part of the Code of Business Conduct
sharing emails/updates on a regular basis in order to
and Ethics.
monitor and prevent any non-compliance as well as
ensure initial/continual disclosure.
Statutory Compliance System IT Security/Cybersecurity Governance
• In order to ensure best-in-class compliance • The Company conducted an awareness session

monitoring and reporting, the Company has in place for the Board of Directors in collaboration with
an internal standard operating procedure to manage the Data Security Council of India ("DSCI") to
statutory compliances across all businesses and a facilitate insights on how Cyber Security and Data
top of the line automated compliance management Governance were being understood, prioritised,
system with regular updates on checklists of all and addressed at the Board level.
applicable statutory requirements.
• An online comprehensive module on Cyber Security
• As a best practice, it is mandatory for all CEOs to Training and Assessment has been launched for
issue and sign-off on compliance certificates for their employees in order to enhance their awareness
respective businesses each quarter for placing before about information security through mandatory
the Audit & Risk Management Committee and Board. completion of training.
Digital Safety Module Code of Conduct - Training Module

and annual affirmation
• Continuing the spirit and reinforcing the vision of • Reinforcing the principles under the Code of Business
“Zero Harm, Zero Waste and Zero Discharge", your Conduct and Ethics, the Company has in place an
Company launched 5 Digital Safety e-learning automated training module for mandatory training for
Modules, across the Company to promote a all employees across the Group.
clear understanding of Safety standards to our • An annual affirmation for adherence with the
employees and Business Partners. Code is also obtained to reiterate commitment
• More than 2,500 employees and business partners and understanding.
completed the training on 5 Critical Safety
Standards. In Phase 2, 6 additional modules will be
launched. The modules will also be made available
in the regional language for business partners.
284
Launch of TCFD Report on Employee Sensitisation-

Climate Change Ethics and Governance
• The Company will release its third report on its • Awareness Video Clips and Mailers - With a firm belief
decarbonisation strategy based on the Taskforce on in zero tolerance for unethical practices, the Company
Climate-related Financial Disclosures (“TCFD") and the sensitises employees about various matters
guidelines issued by the FSB. including prevention of sexual harassment (“POSH"),
• The report documents Vedanta's journey to anti‑bribery, conflict of interest, gift policy, corruption,
substantially decarbonise its business by 2050 and can ESG etc. through short video clips and mailers to
be accessed on the Company website at make the workplace a better place each day.
www.vedantalimited.com. • Ethics Quiz - To assess the awareness and
• This report is in addition to the other disclosures that understanding of employees, an Ethics quiz is also
the Company makes on ESG – GRI based Sustainability conducted on periodic basis.
Report, BRSR, and the Integrated Report. This is
• Ethics Compliance Month - As part of special annual
reflective of our commitment to transparently disclose
initiative, the Company conducts Ethics Compliance
our ESG performance.
Month wherein awareness and training sessions are
conducted covering governance and internal policies
such as prevention of insider trading, POSH, anti-
bribery, corruption, anti-trust laws etc.
Innovation Portal and Cafes -

Digitalisation Initiatives
• Strengthening one of the core value, the Company UPSI Sharing Database
is promoting and developing digitalisation and
innovation culture strategically among the
The Company also has an online UPSI sharing database
employees including business partners.
where time stamp of UPSI shared by employees is
• Vedanta 360 - Innovation portal is developed maintained digitally. The full access of this UPSI
as a unique platform to capture all the thoughts database is only restricted with the Compliance Officer.
across the organisation. People are encouraged
to showcase their innovative thoughts, success
stories, ideas etc. and they may also seek
innovative solutions to business challenges. This
portal has end-to-end integration from Idea to Sustainability Academy
Reward in near future.
• Vedanta Innovation Cafe - A place at workplace • Following the success of the Sustainability 101
is established across the operations to provide training program to select employees in FY 2022,
conducive environment to think across business we have created a digital version of the course.
aspects and come out with Innovation Ideas. • The e-Sustainability 101 module will be open to all
• Top Ideas and success stories are published in employees and will be launched in FY 2024. This
Weekly Innovation Wrap across the Group to keep will enable more than 20,000 employees to access
to high-quality training materials on ESG – thereby
the momentum high and recognise the team efforts
helping in raising awareness on the topic among
across businesses.
all employees.
285
DECLARATIONS AND CERTIFICATIONS
Declaration by A Declaration by the CEO of the Company, stating that the members of Board of Directors
CEO on Code of and Senior Management Personnel have affirmed compliance with the Code of Business
Business Conduct Conduct and Ethics of the Company in enclosed as ‛Annexure I' to this Report.
and Ethics
CEO The Compliance Certificate from the CEO of the Company pursuant to Regulation 17(8) of the
Certification Listing Regulations is enclosed as ‛Annexure II' to this Report.
Certificate of A certificate from Chandrasekaran Associates, Company Secretary in Practice certifying that
Non‑Disqualification none of the Directors on the Board of the Company have been debarred or disqualified from
of Directors being appointed or continuing as Directors of Companies by the SEBI/Ministry of Corporate
Affairs or any such statutory authority pursuant to Regulation 34(3) and Schedule V Para C
clause (10)(i) of the Listing Regulations is enclosed as ‛Annexure III' to this Report.
Auditor’s Certificate The auditor’s certificate regarding compliance of conditions of corporate governance
on Corporate pursuant to Listing Regulations is enclosed as ‛Annexure IV' to this Report.
Governance
ANNEXURE I
Declaration by Chief Executive Officer on Code of Business Conduct and Ethics of the Company
In accordance with the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, I, Sunil Duggal, Whole-Time Director and Chief Executive Officer of Vedanta Limited,
hereby declare that all members of the Board and Senior Management Personnel have affirmed compliance with the Code of
Business Conduct and Ethics of the Company for FY 2023.
For Vedanta Limited
Sunil Duggal
Date: 12 May 2023 Whole-Time Director and
Place: Mumbai Chief Executive Officer
286
ANNEXURE II
CEO CERTIFICATION
I, Sunil Duggal, Whole-Time Director and Chief Executive Officer certify that:
A. I have reviewed financial statements and the cash flow statement for the year and that to the best of my knowledge and
belief:
(1) These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
(2) These statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
B. There are, to the best of my knowledge and belief, no transactions entered into by the Company during the year, which
are fraudulent, illegal or violative of the Company’s Code of Conduct.
C. I accept responsibility for establishing and maintaining internal controls for financial reporting. I have evaluated the
effectiveness of internal control systems of the Company pertaining to financial reporting, and I have disclosed to the
auditors and the Audit & Risk Management Committee, where applicable, deficiencies in the design or operation of such
internal controls, if any, of which I am aware and the steps I have taken or propose to take to rectify these deficiencies.
D. I have indicated to the Auditors and the Audit & Risk Management Committee, where applicable,
(1) significant changes in internal control over financial reporting during the year;
(2) significant changes in accounting policies during the year and that the same have been disclosed in the notes to the
financial statements; and
(3) instances of significant fraud of which I have become aware and the involvement therein, if any, of the management
or an employee having a significant role in the Company’s internal control system over financial reporting.
Sunil Duggal
Whole-Time Director and Chief Executive Officer
DIN: 07291685
Date: 12 May 2023

Place: Mumbai
287
ANNEXURE III
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members
Vedanta Limited
1st Floor, C Wing, Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East), Mumbai,
Maharashtra - 400 093
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Vedanta
Limited and having CIN L13209MH1965PLC291394 and having Registered Office at 1st Floor, C Wing, Unit 103, Corporate
Avenue, Atul Projects, Chakala, Andheri (East), Mumbai, Maharashtra - 400 093 (hereinafter referred to as "the Company"),
produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read
with Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
("DIN") status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company and
its officers, We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year
ending on 31 March 2023 have been debarred or disqualified from being appointed or continuing as Directors of Companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority:
S. Name of Director DIN Date of appointment

No. in Company*
1. Anil Kumar Agarwal 00010883 01.04.2020
2. Navin Agarwal 00006303 17.08.2013
3. Akhilesh Joshi 01920024 01.07.2021
4. Sunil Duggal 07291685 25.04.2021
5. Dindayal Jalan 00006882 01.04.2021
6. Upendra Kumar Sinha 00010336 13.03.2018
7. Priya Agarwal 05162177 17.05.2017
8. Padmini Sekhsaria 00046486 05.02.2021
*Original date of appointment.
Ensuring the eligibility of for the appointment/continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate
is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
For Chandrasekaran Associates

Company Secretaries
FRN: P1988DE002500
Peer Review Certificate No.: 1428/2021
Dr. S. Chandrasekaran
Senior Partner
Membership No. FCS 1644
Date: 27 April 2023 Certificate of Practice No. 715
Place: Delhi UDIN: F001644E000205111
Note:
Due to ongoing impact of COVID-19, we have verified the disclosures and declarations received by way of electronic mode from the Company
and could not be verified from the original records. The management has confirmed that the records submitted to us are true and correct.
288
ANNEXURE IV
Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per
provisions of Chapter IV of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
The Members of Vedanta Limited

1st Floor, ‘C’ Wing
Unit 103, Corporate Avenue, Atul Projects
Chakala, Andheri (E), Mumbai
1. The Corporate Governance Report prepared by Vedanta Limited (hereinafter the “Company”), contains details as
specified in regulations 17 to 27, clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D, and E of
Schedule V of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (“Listing Regulations”) ("Applicable Criteria") for the year ended 31 March 2023 as
required by the Company for annual submission to the Stock Exchange(s).
Management’s Responsibility
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the
design, implementation and maintenance of internal control relevant to the preparation and presentation of the Corporate
Governance Report.
3. The Management along with the Board of Directors are also responsible for ensuring that the Company complies with
the conditions of Corporate Governance as stipulated in Listing Regulations, issued by the SEBI.
Auditor’s Responsibility
4. Pursuant to the requirements of Listing Regulations, our responsibility is to provide a reasonable assurance in the form
of an opinion whether, the Company has complied with the conditions of Corporate Governance as specified in Listing
Regulations.
5. We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
or Certificates for Special Purposes and the Guidance Note on Certification of Corporate Governance, both issued by the
Institute of Chartered Accountants of India (“ICAI”). The Guidance Note on Reports or Certificates for Special Purposes
requires that we comply with the ethical requirements of the Code of Ethics issued by ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control ("SQC") 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in
compliance of the Corporate Governance Report with the applicable criteria. Summary of procedures performed include:
i. Read and understood the information prepared by the Company and included in its Corporate Governance Report;
ii. Obtained and verified that the Register of the Board of Directors with respect to the Executive and Non-Executive
Directors has been met throughout the reporting period;
iii. Obtained and read the Register of Directors as on 31 March 2023 and verified that atleast 01 (one) independent
woman director was on the Board of Directors throughout the year;
iv. Obtained and read the minutes of meetings of the following held during the period from 01 April 2022 to
31 March 2023:
(a) Board of Directors;
(b) Audit & Risk Management Committee;
(c) Annual General Meeting (“AGM");
(d) Nomination & Remuneration Committee;
289
(e) Stakeholders’ Relationship Committee;

(f) Corporate Social Responsibility Committee;
v. Obtained necessary declarations from the directors of the Company.
vi. Obtained and read the policy adopted by the Company for related party transactions.
vii. Obtained the schedule of related party transactions during the year and balances at the year-end. Obtained and
read the minutes of the Audit & Risk Management Committee meeting(s) where in such transactions have been pre-
approved by the said Committee.
viii. Performed necessary inquiries with the management and also obtained necessary specific representations from the
management.
8. The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purposes
of expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of the
Company taken as a whole.
Opinion
9. Based on the procedures performed by us, as referred in paragraph 7 above, and according to the information and
explanations given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance
as specified in Listing Regulations, as applicable for the year ended 31 March 2023, referred to in paragraph 4 above.
Other matters and Restriction on Use

10. This report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which
the management has conducted the affairs of the Company.
11. This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to comply
with its obligations under Listing Regulations with reference to compliance with the relevant regulations of Corporate
governance and should not be used by any other person or for any other purpose. Accordingly, we do not accept or
assume any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose
hands it may come without our prior consent in writing. We have no responsibility to update this report for events and
circumstances occurring after the date of this report.
For S.R. Batliboi & Co. LLP

Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005

per Vikas Pansari
Partner
Membership Number: 093649
UDIN: 23093649BGXPKS3593
Place: Mumbai
Date: 12 May 2023
290
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT REPORT REPORTS STATEMENTS
BUSINESS RESPONSIBILITY &

SUSTAINABILITY REPORT
1. SECTION A: GENERAL DISCLOSURES
1.1 Details of the listed entity
1 Corporate Identity Number (CIN) of L13209MH1965PLC291394

the Listed Entity
2 Name of the Listed Entity Vedanta Limited
3 Year of incorporation 1965
4 Registered office address 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East),
Mumbai, Maharashtra – 400 093, India
5 Corporate address Core-6, 3rd Floor, Scope Complex 7, Lodhi Road, New Delhi - 110 003
6 E-mail [email protected]
7 Telephone +91 22 6643 4500
8 Website www.vedantalimited.com
9 Financial year for which reporting is 01-04-2022 to 31-03-2023
being done
10 Name of the Stock Exchange(s) BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)
where shares are listed
11 Paid-up capital `3,71,75,04,871
12 Name and contact details of the Mr. Rajinder Ahuja
person who may be contacted in Group Head – HSE and Sustainability, Vedanta Limited
case of any queries on the BRSR Tel: +91 124 459 3000
report Email: [email protected]
13 Reporting boundary The disclosures covered under this report are made on a consolidated basis and provides
holistic information on Vedanta Limited (VEDL), a subsidiary of Vedanta Resources Limited,
and its Subsidiaries/Associate Companies/Joint Ventures.
1.2 Products/Services
14. Details of business activities (accounting for 90% of the turnover):
S. % of Turnover
Description of Main Activity Description of Business Activity
No. of the entity
1 Manufacturing Metal and metal products 56%
2 Mining and quarrying Mining of metal ores 29%
3 Mining and quarrying Extraction of crude petroleum and natural gas 10%
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. % of total Turnover
Product/Service NIC Code
No. contributed
1 Oil 0610 8.56%
2 Zinc metal 7296 19.95%
3 Lead metal 07296 3.32%
4 Silver metals and bars 24205 3.15%
6 Copper products 24201 11.74%
7 Aluminium products 24202 36.01%
8 Power 3510 3.64%
9 Steel products 2410 4.31%
291
1.2.1 Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total

National 82 26 108
International 9 8 17
17. Markets served by the entity:

a. Number of locations*
Locations Number
National (No. of States) 24
International (No. of Countries) 43
* Includes only for HZL
b. What is the contribution of exports as a percentage of the total turnover of the entity?
The contribution of exports is ~30% of the total turnover of the entity.
c. A brief on types of customers

Vedanta Limited (VEDL) is engaged in the business of supply of power, metals & minerals, and oil & gas. The Company
produces and supplies a range of minerals and metals, including aluminium, copper, iron ore, zinc, silver, and lead.
Our customers are industrial consumers, such as those in the automotive, steel, power generation, infrastructure,
battery manufacturing and oil sectors.
Details as at the end of Financial Year:

18. a. Employees and workers (including differently abled):
Total Male Female
S. No. Particulars
(A) No. (B) % (B/A) No. (C) % (C/A)
EMPLOYEES
1. Permanent (D) 12,064 9,858 82% 2,206 18%
2. Other than Permanent (E) 277 206 74% 71 26%
3. Total employees (D + E) 12,341 10,064 82% 2,277 18%
WORKERS
4. Permanent (F) 5,018 4,837 96% 181 4%
5. Other than Permanent (G) 70,154 67,628 96% 2,526 4%
6. Total workers (F + G) 75,172 72,465 96% 2,707 4%
18. b. Differently abled employees and workers:

S. Total Male Female
Particulars
No. (A) No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 9 6 67% 3 33%
2. Other than Permanent (E) 0 0 0
3. Total differently abled 9 6 67% 3 33%
employees (D + E)
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 14 12 86% 2 14%
5. Other than permanent (G) 15 15 100% 0 0%
6. Total differently abled 29 27 93% 2 7%
workers (F + G)
292
19. Participation/Inclusion/Representation of women
No. and percentage of Females

Total (A)
No. (B) % (B/A)
Board of Directors 8 2 25%
Key Management Personnel 4 1 25%
20. Turnover rate for permanent employees and workers
FY 2023 FY 2022 FY 2021

Male Female Total Male Female Total Male Female Total
Permanent Employees1 10.84% 15.29% 11.46% 14.85% 21.49% 15.62% 13.50% 16.36% 13.88%
Permanent Workers - - - - - - - - -
Note 1: Turnover rate calculated as per FTEs (includes both Permanent Employees and Permanent Workers)
1.2.2 Holding, Subsidiary and Associate Companies (including joint ventures)

21. (a) Names of Holding/Subsidiary/Associate Companies/Joint Ventures
Does the entity indicated at column

Indicate whether % of shares
S. Name of the Holding/Subsidiary/ A, participate in the Business
Holding/Subsidiary/ held by
No. Associate Companies/Joint Ventures (A) Responsibility initiatives of the
Associate/Joint Venture listed entity
listed entity? (Yes/No)
1 Copper Mines of Tasmania Pty Limited Subsidiary 100 Yes
(CMT)
2 Thalanga Copper Mines Pty Limited (TCM) Subsidiary 100 Yes
3 Athena Chhattisgarh Power Limited Subsidiary 100 Yes
4 Bharat Aluminium Company Limited Subsidiary 51 Yes
(BALCO)
5 Desai Cement Company Private Limited Subsidiary 100 Yes
6 ESL Steel Limited Subsidiary 95.49 Yes
7 Ferro Alloy Corporation Limited (FACOR) Subsidiary 99.99 Yes
8 Goa Sea Port Private Limited Subsidiary 100 No
9 Hindustan Zinc Alloys Private Limited Subsidiary 100 No
10 Hindustan Zinc Fertilizers Private Limited Subsidiary 100 No
11 Hindustan Zinc Limited (HZL) Subsidiary 64.9 Yes
12 MALCO Energy Limited (MEL) Subsidiary 100 No
13 Maritime Ventures Private Limited Subsidiary 100 No
14 Paradip Multi Cargo Berth Private Limited Subsidiary 100 No
15 Sesa Mining Corporation Limited Subsidiary 100 No
16 Sesa Resources Limited (SRL) Subsidiary 100 No
17 Sterlite Ports Limited Subsidiary 100 No
18 Talwandi Sabo Power Limited (TSPL) Subsidiary 100 Yes
19 Vedanta Zinc Football & Sports Foundation Subsidiary 200 Yes
20 Vizag General Cargo Berth Private Limited Subsidiary 100 Yes
21 Zinc India Foundation Subsidiary 100 No
22 Avanstrate Inc (ASI) Subsidiary 100 No
23 Cairn India Holdings Limited Subsidiary 100 Yes
24 AvanStrate Taiwan Inc. Subsidiary 100 No
25 Western Cluster Limited Subsidiary 100 No
26 Bloom Fountain Limited Subsidiary 100 No
27 CIG Mauritius Holdings Private Limited Subsidiary 100 No
28 CIG Mauritius Private Limited Subsidiary 100 No
29 Amica Guesthouse (Proprietary) Limited Subsidiary 100 No
30 Namzinc (Proprietary) Limited Subsidiary 100 No
293
Does the entity indicated at column

Indicate whether % of shares
S. Name of the Holding/Subsidiary/ A, participate in the Business
Holding/Subsidiary/ held by
No. Associate Companies/Joint Ventures (A) Responsibility initiatives of the
Associate/Joint Venture listed entity
listed entity? (Yes/No)
31 Skorpion Mining Company Proprietary Subsidiary 100 No
Limited (NZ)
32 Skorpion Zinc Proprietary Limited (SZPL) Subsidiary 100 No
33 THL Zinc Namibia Holdings (Proprietary) Subsidiary 100 No
Limited (VNHL)
34 Killoran Lisheen Mining Limited Subsidiary 100 No
35 Lisheen Milling Limited Subsidiary 100 No
36 Lisheen Mine Partnership Subsidiary 100 No
37 Vedanta Lisheen Mining Limited Subsidiary 100 No
38 Cairn Energy Hydrocarbons Limited Subsidiary 100 No
39 Black Mountain Mining (Proprietary) Subsidiary 74 No
Limited
40 Cairn Lanka Private Limited Subsidiary 100 No
41 AvanStrate Korea Inc Subsidiary 51.6 No
42 Lakomasko BV Subsidiary 100 No
43 Monte Cello BV (MCBV) Subsidiary 100 No
44 THL Zinc Holding BV Subsidiary 100 No
45 Vedanta Lisheen Holdings Limited Subsidiary 100 No
46 Fujairah Gold FZC Subsidiary 100 Yes
47 Gaurav Overseas Private Limited Associate/Joint Venture 50 No
48 Raykal Aluminium Company Private Associate/Joint Venture 24.5 No
Limited
49 Madanpur South Coal Company Limited Associate/Joint Venture 17.6 No
50 Goa Maritime Private Limited Associate/Joint Venture 50 No
51 Rosh Pinah Health Care (Proprietary) Associate/Joint Venture 69 No
Limited
52 Gergarub Exploration and Mining (Pty) Associate/Joint Venture 51 No
Limited
53 Roshskor Township (Pty) Limited Associate/Joint Venture 50 No
1.2.3 CSR Details

22. (i) Whether CSR is applicable as per section 135 of the Companies Act, 2013:
Yes.
(ii)
Turnover (in `) - 1,45,404 crore
(iii) Net worth (in `) - 15,902 crore
• These figures disclosed are as per section 2(57) of the Companies Act, 2013
• Net Worth = Paid up share capital + General Reserve + Securities Premium + Retained Earnings
• The highlights of Vedanta’s CSR interventions are available as part of the Integrated Report FY 2023
I. Transparency and Disclosure Compliances
294
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
FY 2023 FY 2022
Stakeholder Number of Number of
group from Number of complaints Number of complaints
Grievance Redressal
whom
Mechanism in Place (Yes/No) complaints pending
Remarks
complaints pending
Remarks
complaint is filed during resolution at filed during resolution at
received the year close of the the year close of the
year year
Communities Yes 24 13 - -
TS 4_Grievance Mechanisms.
pdf (www.vedantalimited.com)
Social Performance Standard
- Grievance Mechanism.pdf
(www.vedantalimited.com)
Investors Yes - -
(other) Contact Us | Queries,
Concerns and Enquiries or
Feedback - Vedanta
Shareholders Yes 391 0 92 0
Contact Us | Queries,
Concerns and Enquiries or
Feedback - Vedanta
Employees Yes 407 60 407
and workers Code of Business
Conduct and Ethics
Ethics Point - Vedanta
Note: Data except HZL and
Fujairah
Customers Yes 94 - 103

Vedanta (moglix.com)
Note: Data include Zinc and copper
Value Chain Yes - - Data not - -

Partners https://www.vedantalimited. consolidated
com/Media/VSFDocuments/ at Group
Technical%20Standard%20 Level
V-one/TS%204_Grievance%20
Mechanisms.pdf
Other (please
specify)
24. Overview of the entity’s material responsible business conduct issues

For this financial year, Vedanta undertook a detailed engagement exercise to identify new material issues that takes
various ESG KPIs into consideration under the Company’s three pillars: Transforming communities, transforming
the planet, and transforming the workplace. Materiality assessment was conducted at Vedanta Group level as well
as at 3 Business Units (Vedanta Aluminium, Cairn and HZL) individually. The assessment procedure involved the
following steps:
1. Identification of an initial list of material topics: By considering leading standards such as ICMM and SASB, as
well as peer company priorities, a total of 26 material topics were identified in this first step.
2. Stakeholder consultations for prioritising material topics: A wide spectrum of stakeholders (both internal and
external) were consulted using multiple channels to prioritise the 26 topics for Vedanta based on how it impacts
them.
3. Preparation of materiality matrix: Matrix was prepared by assigning different weightages to the responses from
various stakeholders based on their relative influence.
295
4. Finalisation of high priority material topics: Finally, the topics were categorised into highly material, material, and important topics. This is important as each priority
296
level requires a differentiated management approach. 8 highly material topics emerged for Vedanta Group.
Details of the top five high priority topics for the Company in the 2022 materiality assessment have been reported here. For further details, please refer to the section on materiality
assessment in the Integrated Report 2022-23.
VEDANTA LIMITED
Indicate Financial implications of

S. Material issue whether risk the risk or opportunity
Rationale for identifying the risk/opportunity In case of risk, approach to adapt or mitigate
No. identified or opportunity (Indicate positive or
(R/O) negative implications)
1 Climate Risk and Risk: Vedanta has conducted an in-depth climate risk assessment and scenario analysis Negative + Positive
Change and Opportunity to comprehensively understand the risks and opportunities posed by climate
Decarbonisation Transitioning to a lower-carbon economy requires change to our business. The findings of these studies are being used as inputs for
extensive changes in policies, regulations, technologies, the Company’s carbon strategy and roadmap to achieve Net Zero status by 2050.
and markets to address mitigation and adaptation
requirements related to climate change. Depending on Vedanta’s strategies for mitigating these risks include:
these changes, transition risks may pose varying levels
of financial and reputational risks to the Company. • Committed to being a Net Zero carbon business by 2050. Our climate targets
are aligned with SBTi’s 2-degree scenario
Increasing regulatory changes and investor pressures • Revised GHG emissions intensity targets in FY 2022, with a new goal to reduce
aimed at limiting or reducing GHG emissions are likely the GHG emissions intensity of our metal businesses by 20% by FY 2025 from
to impact the Company’s operations due to increased a FY 2021 baseline
costs for fossil fuels, levies for emissions exceeding
permitted levels, and increased administrative costs • Committed to work with long-term tier 1 suppliers to track their GHG reduction
for monitoring and reporting. For instance, the Carbon strategies
Border Adjustment Mechanism (CBAM) will be applicable • Actively working on decarbonisation projects to offset emissions from growth
for our Aluminium as well as Iron & Steel business and projects
if so, it may lead to increased compliance costs. The Vedanta has started inventorising Scope 3 emissions and plans to develop a Scope
Company would need to account for the carbon content 3 emissions reduction roadmap in FY 2024.
of its products and potentially pay additional fees or
taxes for imports into countries implementing CBAM.
Also, application of CBAM could potentially increase
the Company’s risk exposure due to decreased market
access.
Opportunity:
Vedanta recognises that transition towards a low carbon
economy has resulted in increasing demand for low/
zero carbon metals. Vedanta can leverage its expertise
and resources to tap into these opportunities while at the
same time reducing its carbon footprint.
In FY 2022, the Company launched India’s first line of low-
carbon aluminium under the brand names of Restora and
Restora Ultra. Similarly, the Company is also developing
a line of low-carbon copper and the plan is to expand the
production of these product-lines over the next decade,
thereby catering to the growing demand for low-carbon
metals.
2. Air Quality Risk Air pollution can have severe impacts on both public health As part of their mitigation approach, Vedanta ensures that all operations are Negative
& Emissions and the environment. Considering the emerging challenges confirming to the statutory limits for SOx and NOx. Other strategies include the
Management related to air pollution, Vedanta can expect new regulations introduction of Battery Electric Vehicles in underground mining by HZL, which will
or additional measures being implemented. help in reducing Suspended Particulate Matter (SPM) and other emissions.
With nearly 90% of Vedanta’s energy sourced from captive Vedanta will continue working towards better management of air emissions and
coal-based thermal power plants, stricter regulations the strategies/initiatives for FY 2024 include:
to reduce the Company’s non-GHG air emissions can
significantly impact revenues. These expenses could be Maintain all operations below statutory limits of air emissions.
in the form of: compliance costs, i.e., stricter regulations • Increase deployment of EVs at site
would require investments in emission control technologies • Flue-gas desulfurisation (FGD) installation at VAL L new power units
and operational changes to meet the new standards. This
can involve significant upfront capital investments and
ongoing operational costs for monitoring and maintaining
compliance. It can also impact the operational efficiency if
they are required to modify their processes or adopt cleaner
technologies.
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
Therefore, it is important for Vedanta to anticipate and

assess the potential impacts of increased regulations on
their business operations.
3. Water Risk Water is a critical input for Vedanta’s operations and has Vedanta is committed to become water positive and replenish and recover water Negative
Management the potential to disrupt operations, to impact productivity bodies by 2030. At the grassroots, the Company has nurtured water stewardship,
of staff as well as to impact revenues and logistics. With with a focus on minimising water withdrawal and maximising both reuse and
operations in both water-stressed areas and areas prone to recycle of water. The Company follows a zero-discharge philosophy.
flooding, change in water availability is a material risk for
businesses like BALCO, HZL and Cairn Oil and Gas. Vedanta has comprehensive water management strategy in place at operations to
ensure that fair allocation of water is maintained for key municipal, agricultural and
There could be water-related stakeholder conflicts, due industrial users in the regions where the Company operate in.
to which, availability and accessibility of the water with
required quality for our operations and stakeholders will be Vedanta has undertaken significant initiatives to progress towards becoming
impacted. These impacts can result in: water positive:
• Site-specific roadmaps are being developed, which involve identifying projects
REPORT
•
Decrease in the capacity utilisation of operation both within and outside the Company’s premises to improve the Company’s
resulting in productivity losses water positivity ratio. Four sites have attained water-positive status (HZL, IOB,
INTEGRATED
•
Legal conflicts resulting in loss of credibility and Cairn India and BMM)
reputation of the Company • To reduce freshwater usage, the Company is banking on technology deployment
across our sites for process improvement and recycling of wastewater. Out of
• Higher financial burdens and increase in specific water the total water projects pipeline, 77% are focussed on reducing waste from
cost of product due to high degree of pre-treatment operations as well as reusing wastewater in operations
REPORTS
if quality is the issue and handling, storage issues if

STATUTORY
availability is the cause of the conflict • During FY 2023, detailed site-wise water study was completed for each major
site including long-term basin study for water availability (2030 and beyond)
Vedanta believes that effective water management, • As part of their integrated watershed management initiatives (IWMI), the
especially Integrated watershed management initiatives Company is creating rainwater harvesting and groundwater recharging
(IWMI) will help them to manage water-related risks, projects for communities to improve freshwater availability. Almost 13% of the
maintain the social licence to operate and create value for Company’s water-related projects are in these areas
FINANCIAL
stakeholders.
• For FY 2024, the Company has set a target to achieve water positivity ratio of 0.7
STATEMENTS
297
298
4. Community Risk Maintaining a harmonious relationship with the communities • Vedanta’s social performance standards call for every site to have a Social Negative
Engagement in which the Company operates is crucial for obtaining and Performance Manager (SPM), whose role is to drive the implementation of
VEDANTA LIMITED
and retaining the social licence to operate. These communities social performance principles at the location
Development encompass a wide range of backgrounds, including agrarian • The Company regularly conducts community group meetings and village
societies, semi-urban populations, indigenous peoples, council meetings
and city-dwellers. Each community is in a unique stage
of development, and as a result, they possess different • Work begun to improve social licence to operate – perception surveys,
aspirations for themselves and varied expectations from the materiality assessment, social performance review, FPIC requirements review
Company.
The complexity of these diverse communities necessitates
an inclusive and transparent approach, guided by a process-
driven and need-based strategy when engaging with host
communities. Inclusivity ensures that all stakeholders
are represented, and their voices are heard, regardless
of their socioeconomic background or cultural heritage.
By involving community members in decision-making
processes, the Company can foster a sense of ownership
and create opportunities for them to actively contribute to
the development and planning of projects that may impact
their lives.
5. Health, Risk Neglecting the health and safety of Vedanta’s employees With a sincere commitment to improving safety performance, Vedanta undertakes Negative
Safety, and can have significant consequences for the Company. Firstly, a focussed approach to reducing fatalities and improving the overall workplace
Well-being it can lead to a reduction in the availability of manpower. safety.
When employees are injured or become ill due to unsafe
working conditions, they may be unable to perform their Following are some of the measures taken by the Company to ensure a safe and
duties, resulting in decreased productivity and efficiency. healthy workplace:
Additionally, the morale of the workforce can be greatly • Implementation of Critical Risk Management (CRM) Program across Vedanta
affected by a lack of focus on health and safety. sites: This program is aimed at analysing the root causes of fatalities, learning
Failing to prioritise health and safety can result in increased from them, and implementing corrective actions on the ground to prevent future
costs of litigation. In the event of accidents or injuries, incidents. The CRM implementation has started and for FY 2024, the major
employees may file lawsuits seeking compensation for focus will be on three areas of risk, which were identified as top three causes of
damages, medical expenses, and loss of income. fatalities this year, i.e., vehicle-pedestrian segregation, man-machine interaction,
and work at heights
Repeated safety violations or, in extreme cases, fatalities, • Improving safety infrastructure: With a focus on ensuring that fatal injuries do not
can trigger stringent consequence management for happen due to the lack of safe infrastructure, we have prioritised improvements
management teams. Regulatory bodies, industry watchdogs, in our safety infrastructure. This will help minimise risks such as those from
and stakeholders may impose penalties, fines, or even legal man/machine interaction, entanglement risk, etc
action against the Company.
• Employee and business partner training: The Company will continue to organise
on-site trainings, virtual webinars and group CEO sessions to reinforce the
importance of working safely and stopping work in case of any unsafe situation
on the ground
2. SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
The National Guidelines for Responsible Business Conduct (NGRBC) as prescribed by the Ministry of Corporate Affairs advocates
nine principles referred as P1-P9 as given below:
P1 Businesses should conduct and govern themselves with integrity in a manner that is ethical, transparent, and accountable
P2 Businesses should provide goods and services in a manner that is sustainable and safe
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains
P4 Businesses should respect the interests of and be responsive towards all its stakeholders
P5 Businesses should respect and promote human rights
P6 Businesses should respect, protect, and make efforts to restore the environment
P7 Businesses when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and
transparent
P8 Businesses should promote inclusive growth and equitable development
P9 Businesses should engage with and provide value to their consumers in a responsible manner
P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether Yes Yes Yes Yes Yes Yes Yes Yes Yes
your entity’s
policy/policies
cover each
principle and its
core elements
of the NGRBCs.
(Yes/No)
b. Has the Yes Yes Yes Yes Yes Yes Yes Yes Yes
policy been
approved by the
Board? (Yes/No)
c. Web Link Code of business Supplier and Human Rights Stakeholder Human Rights Health, Safety & Code of Social Policy: Stakeholder
of the Policies, if conduct and business partner Policy: Engagement Policy: Environment Policy: business Vedanta Social Engagement
available ethics: sustainability Vedanta Human Standard: Vedanta Human Vedanta HSE conduct and Policy.pdf (www. Standard:
Code of Business management Rights Policy. External- Rights Policy. Policy.pdf (www. ethics: vedantalimited. External-
Conduct and policy: pdf (www. Stakeholder- pdf (www. vedantalimited.com) Code of com) Stakeholder-
Ethics (www. Vedanta vedantalimited. Engagement. vedantalimited. Biodiversity Policy: Business Engagement.
vedantalimited. Supplier and com) pdf (www. com) Vedanta Biodiversity Conduct and pdf (www.
com) Business Partner Health, Safety vedantalimited. Policy.pdf (www. Ethics (www. vedantalimited.
Supplier Code of Sustainability & Environment com) vedantalimited.com) vedantalimited. com)
Conduct: Management Policy: Water Management com)
Supplier Code Policy.pdf (www. Vedanta HSE Policy:
of Conduct_May vedantalimited. Policy.pdf (www. Vedanta Water
2022.pdf com) vedantalimited. Policy.pdf (www.
com) vedantalimited.com)
Energy & Carbon
Policy:
Vedanta Energy
& Carbon Policy.
pdf (www.
vedantalimited.com)
2. Whether Yes Yes Yes Yes Yes Yes Yes Yes Yes
the entity has
translated the
policy into
procedures.
(Yes/No)
3. Do the Yes Yes Yes Yes Yes Yes Yes Yes Yes
enlisted policies
extend to your
value chain
partners?
(Yes/No)
299
P1 P2 P3 P4 P5 P6 P7 P8 P9
4. Name of the national ISO 31000 ISO 9001 ISO 45001, ISO 14001 ISO 9001
and international codes/ OHSAS ISO 27001
certifications/labels/standards 18001
(e.g., Forest Stewardship
Council, Fairtrade, Rainforest
Alliance, Trustea) standards
(e.g., SA 8000, OHSAS, ISO,
BIS) adopted by your entity and
mapped to each principle.
5. Specific commitments, In line with the Company's ESG strategy “Transforming for Good", there are nine goals listed under three
goals and targets set by the pillars: Transforming communities, transforming the planet, and transforming the workplace:
entity with defined timelines, if AIM 1: Keep community welfare at the core of business decisions.
any. AIM 2: Empowering over 2.5 million families with enhanced skillsets.
AIM 3: Uplifting over 100 million women and children through education, nutrition, healthcare and welfare
AIM 4: Net-carbon neutrality by 2050 or sooner.
AIM 5: Achieving net water positivity by 2030.
AIM 6: Innovating for a greener business model.
AIM 7: Prioritising safety and health of all employees.
AIM 8: Promote gender parity, diversity, and inclusivity.
AIM 9: Adhere to global business standards of corporate governance.
6. Performance of the To track our progress towards their aims and targets, Vedanta has developed an ESG scorecard. This
entity against the specific helps monitor the Company’s performance and take corrective actions where necessary. For FY 2023’s
commitments, goals, and performance on the set goals, please refer Vedanta's Sustainability Report 2023.
targets along with reasons in
case the same are not met.
Governance, leadership, and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets, and achievements
Please refer to Integrated Report FY 2022-23 for the statement.
8. Details of the highest The Group CEO, as a member of the Board-level ESG Committee and the chair of group ESG-Executive
authority responsible for Committee (ESG-ExCo) is responsible for the implementation and oversight of the Business Responsibility
implementation and oversight policy(ies).
of the Business Responsibility
policy (ies).
9. Does the entity have a Yes
specified Committee of the At Vedanta, the ESG Board Committee is the top decision-making body for all ESG matters. Together with
Board/Director responsible our Group Sustainability and ESG function, it is responsible for implementing, promoting, and monitoring
for decision-making on initiatives under our 'Transforming for Good' agenda. As per updated Terms of Reference of the ESG Board
sustainability related issues? Committee, the Group HSE Head and ESG Director are permanent invitees to the Committee meetings.
(Yes/No). If yes, provide details.
Committee Composition:
Mr. Upendra Kumar Sinha as the Chairperson
Members of the Committee are Mr. Akhilesh Joshi, Mr. Sunil Duggal, and Ms. Priya Agarwal.
10. Details of Review of NGRBCs by the Company:
Indicate whether review was undertaken by Director/ Frequency (Annually/Half Yearly/Quarterly/

Subject for Review
Committee of the Board/Any other Committee Any other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above Y Y Y Y Y Y Y Y Y The policies of the Company are reviewed
policies and follow-up action annually by department heads/director/
board committees/board members, wherever
applicable.
Compliance with statutory P1 P2 P3 P4 P5 P6 P7 P8 P9
requirements of relevance to Yes. Status of compliance with all the applicable statutory requirements is reviewed by the Board-level ESG
the principles, and rectification Committee on a half-yearly basis.
of any non-compliances
11. Has the entity carried out P1 P2 P3 P4 P5 P6 P7 P8 P9

independent assessment/
evaluation of the working of its
policies by an external agency? Each year, the Company undertakes an audit exercise, known as the Vedanta Sustainability Assurance
(Yes/No). If yes, provide name Process audit conducted by an external agency to evaluate the workings of these policies. This audit is
of the agency. conducted across all business locations to ensure Vedanta Sustainability Framework (VSF) compliance.
The VSAP outcomes are specifically tracked by the Board-level ESG Committee that reports to the Group
Executive Committee, which, in turn, reports to the Board.
The most recent VSAP audit was during FY 2022-23 and DNV-GL was engaged as the external agency for
the same.
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3. SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with
key processes and decisions. The information sought is categorised as “Essential” and “Leadership”. While the essential
indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be
voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally, and
ethically responsible.
3.1 PRINCIPLE 1
Businesses should conduct and govern themselves UN SDG mapped:
with integrity, and in a manner that is Ethical,

Transparent, and Accountable
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Total number %age of persons in
of training and respective category
Segment Topics/principles covered under the training and its impact
awareness covered by the
programmes held awareness programmes
Board of 3 Topic 1: T
raining on ESG topics for the Independent Directors in 75%
Directors collaboration with McKinsey & Company which included:
- Educating on key ESG issues for resources companies and
enable incorporation of ESG in decision making and operations;
- Build and scale internal capability through deeper knowledge
and understanding on key ESG topics for different functional
teams; and
- Advance the field of Sustainability through research and
outreach.
Topic 2: Training on Cybersecurity/Data Governance in collaboration with
Data Security Council of India (DSCI)
Topic 3: Engagement of directors in ESG and sustainability matters
through Board-level ESG Committee meetings, in turn, ensuring
participation in overall oversight and transformation initiatives.
Key Managerial 3 Topic 1: T

raining on ESG topics in collaboration with McKinsey & Company. 75%
Personnel Topic 2: T
raining on Sustainability topics via a 2-day Sustainability 101
course
Topic 3: E
ngagement of KMPs in ESG and sustainability matters
through Board-level ESG Committee meetings, in turn, ensuring
participation in overall oversight and transformation initiatives.
Employees - Topic 1: Training on Code of conduct 100%

other than BoD Topic 2: Training on Cyber security
and KMPs
Workers - Topic: Occupational Health and Safety 100%
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2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings (by the entity

or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial year, in the
following format:
Monetary
NGRBC Name of the regulatory/enforcement Amount Brief of the Has an appeal been
Principle agencies/judicial institutions (In `) Case preferred? (Yes/No)
Penalty/Fine There were 0 cases with the regulators/judicial institutions leading to
fines, penalties, punishment in the financial year.
Settlement
There was no settlement amount paid in proceedings by the entity
Compounding Fee or by directors/KMPs, in the financial year
Non-Monetary
NGRBC Name of the regulatory/enforcement Amount Brief of the Has an appeal been
Principle agencies/judicial institutions (In `) Case preferred? (Yes/No)
Imprisonment There were 0 cases with the regulators/judicial institutions leading to imprisonment,
punishment in the financial year.
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary or
non-monetary action has been appealed.
Case Details Name of the regulatory/enforcement agencies/judicial institutions
Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a
web-link to the policy.
Yes. Vedanta has developed and implemented a robust Policy on business conduct. The Code of Business Conduct &
Ethics (COBCE) covers aspects of anti-bribery, confidentiality, conflict of interest, anti-trust, insider trading, environment
health and safety, and whistle-blower policy. The same can be found on Page 5 of the following link: https://vedantalimited.
com/CorporateGovernance/Code%20of%20Business%20Conduct%20and%20Ethics.pdf
The implementation of COBCE is supported by the following additional policies and guidance notes:
• The Insider Trading Prohibition Policy (https://www.vedantalimited.com/uploads/corporate-governance/policies_
practices/VEDL-Insider-Trading-Prohibition-Code-November-06-2020-eng.pdf)
• Anti-Trust Guidance Notes (https://www.vedantalimited.com/uploads/corporate-governance/policies_practices/
Antitrust-guidance-notes-vedanta-eng.pdf)
• The Supplier Code of Conduct (https://www.vedantalimited.com/uploads/corporate-governance/policies_practices/
Supplier-Code-of-Conduct-May-2022.pdf)
• The Whistle Blower Policy (Annexure 3 of Code of Business Conduct & Ethics: https://vedantalimited.com/
CorporateGovernance/Code%20of%20Business%20Conduct%20and%20Ethics.pdf)
The Company policy endeavour to comply with all applicable Anti-Corruption Legislations that the Company is subject to,
including the Prevention of Corruption Act, 1988 which criminalises bribes accepted by Public Servants, the UK Bribery
Act, and the U.S. Foreign Corrupt Practices Act. Management of risks likely to result from any infringement to anti-
corruption/bribery policy of the Company is embedded in the Company’s risk management framework (Further details at
risk management section of IR 2022-23). Details on procedures adopted by Vedanta to deal with complaints on bribery/
corruption can be found on Page 22 of the Code of Business Conduct & Ethics.
Each year, all employees are required to affirm their commitment to the Code of Conduct, including the policies addressing
bribery and corruption. As part of Vedanta’s comprehensive approach, trainings are provided on anti-corruption and bribery
to 100% of our employees, as part of trainings on Code of Conduct.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/corruption:
FY 2023 FY 2022
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0
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6. Details of complaints with regard to conflict of interest:

FY 2023 FY 2022
Number Remarks Number Remarks
Number of complaints received in relation to No complaints No complaints
issues of Conflict of Interest of the Directors received received
Number of complaints received in relation to No complaints No complaints
issues of Conflict of Interest of the KMPs received received
7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest.
NA
3.2 PRINCIPLE 2
Businesses should provide goods UN SDG mapped:
and services in a manner that is

sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Previous
Current
Financial Details of improvements in environmental and social impact
Financial Year
Year
R&D* Value-Added 0%1 Vedanta recognises the importance of aligning with evolving consumer preferences for
Business (VAB)- environmentally friendly products in order to maintain our market share. To uphold this
`13.05 lakh commitment, the Company is directing a significant portion of their research and development
Aluminium - (R&D) expenditures towards the decarbonisation of their operations and the provision of
`67 lakh more sustainable products to customers. The Company has adopted a proactive approach by
HZL R&D Opex: embracing new technologies and enhancing their processes and standards. Some of the R&D
`1,120 lakh initiatives being undertaken across business segments:
HZL R&D Capex: • In their Aluminium business, Vedanta has established a dedicated R&D vertical with a
`64.25 lakh robust pipeline of over 20 initiatives spanning areas such as process improvement, waste
utilisation, and product development. In FY 2022, the Company achieved a milestone by
becoming the first Indian aluminium producer to manufacture low-carbon aluminium
products under the brand name 'Restora.' The Restora brand offers two product lines:
Restora (low-carbon aluminium) and Restora Ultra (ultra-low-carbon aluminium).
• At HZL, R&D around Zn metal recovery from treatment of lead concentrates, and process
for controlling concentrate impurities while using non-hazardous cost-effective reagents is
underway.
• Vedanta’s Iron and Steel business has partnered with IIT Bombay (IIT-B) on an R&D project to
develop cost-effective technology for producing Green Steel using hydrogen instead of coke in
their manufacturing process targeting significant carbon footprint reduction in iron and steel
space. We also have had good success with replacing coke with alternatives like Briquettes.
CAPEX** HZL- plant at Zinc 94% Commissioning of Zero Liquid discharge (RO-ZLD) plants, Dry plant, turbine revamping, etc.
Smelter Debari-
`46 crore
Dry Tailing Stack-
`485 crore
Turbine Revamping
-`124 crore
*% R&D calculated as ESG R&D/Total R&D expenditure. Total R&D expenditure is considered including salaries, material cost, R&M etc.
** % CAPEX calculated as CAPEX related to ESG/Total CAPEX expenditure
1. Numbers for FY2022 have not been consolidated
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2. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes. Sustainable sourcing is part of Vedanta’s Business Partner Management practices. The Company is committed
to conducting business only with those business partners who can align with the filtering criteria laid down during the
on-boarding process. The Company has integrated clauses related to HSE practices and use of child and forced labour
in our Supplier Code of Conduct (SCOC) and it is mandatory for all suppliers to sign the SCOC. All Business Units (BUs)
have a supply chain strategy in place that sets clear priorities for the vendors they engage with. Vedanta’s Supplier and
Contractor Sustainability Management Policy helps implement human rights practices across the supply chain. Through
this code and policy, the Company ensures that their suppliers comply with all the relevant legislation including labour
and human rights laws.
Vedanta has procedures in place to ensure adherence to the SCOC, including HSE criteria, MSA compliance, environmental
compliance, etc. All significant suppliers are required to have an adequate system in place to address the human rights
concerns of their workforce. The Company regularly undertakes inspections and audits of all key suppliers and problematic
issues are communicated to the contractor, and undertakes sustainability screening on human rights and child labour,
environment, and labour aspects for all new suppliers and contractors.
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life,
for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Ensuring safe and responsible waste management is a top priority for the Company’s businesses. Vedanta has established
a waste management system designed to handle waste efficiently and responsibly. The management of waste streams is
regulated by the "The resource use and waste management" Technical Standard, along with its accompanying guidance
notes. These standards are an integral part of the Vedanta Sustainability Framework and have been developed in
accordance with the guidelines set by ICMM (International Council on Mining and Metals) and IFC (International Finance
Corporation) Performance Standards.
Plastics (including packaging): Vedanta’s product portfolio includes metals and minerals which are supplied to the
(a)
customers without any packaging material. All the plastic waste acquired through suppliers is disposed through
certified third parties.
E-waste: Not Material to Vedanta’s operation. All the e-waste is disposed through certified third-party agencies as
(b)
per e-waste management and handling rules.
Hazardous waste: The hazardous waste comprises of used/spent oil, waste refractories, spent pot lining and residual
(c)
sludge from smelters. All the hazardous wastes are sent to government authorised handlers or recyclers.
Other waste: Non-hazardous wastes include fly-ash (from captive and merchant power plants), red mud (aluminium
(d)
refinery waste), jarofix (from zinc smelting), slag, lime grit (process residues from smelters and aluminium refineries)
and phosphor gypsum (phosphoric acid plant). These non-hazardous wastes are termed High-Volume-Low-Toxicity
(HVLT) wastes. HVLT wastes are stored in tailings dams/ash-dykes or other secure landfill structures before being
sent to other industries as raw materials – thereby recycling the waste stream.
Other non-hazardous wastes are sent for recycling, disposed, or incinerated.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, whether the
waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control
Boards? If not, provide steps taken to address the same.
No. Vedanta does not fall under Extended Producers Responsibility (EPR) regime under Plastic Waste Management Rules,
2016, according to which it is the responsibility of Producers, Importers and Brand-owners to ensure processing of their
plastic packaging waste through recycling, re-use, or end of life disposal.
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3.3 PRINCIPLE 3
Businesses should respect and UN SDG mapped:
promote the well-being of all

employees, including those in their
value chains
1.a. Details of measures for the well-being of employees
% Of employees covered by
Category Health insurance Accident insurance Maternity benefits Paternity benefits Day Care facilities
Total
(A) Number Number Number Number Number
% (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
Permanent employees
Male 9,858 9,858 100% 9,858 100% 0 9,858 100% 9,858 100%
Female 2,206 2,206 100% 2,206 100% 2,206 100% 2,206 100%
Total 12,064 12,064 100% 12,064 100% 2,206 12,064 100%
Other than Permanent employees
Male 191 112 59% 110 58% 0 165 86% 7 4%
Female 71 11 15% 11 15% 67 94% 0 2 3%
Total 262 123 47% 121 46% 67 165 9 3%
1.b. Details of measures for the well-being of workers:
% Of workers covered by
Category Health insurance Accident insurance Maternity benefits Paternity benefits Day Care facilities
Total
(A) Number Number Number Number Number
% (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
Permanent workers
Male 4,339 4,339 100% 4,339 100% 0 3,288 76% 3,499 81%
Female 84 84 100% 84 100% 80 95% 0 80 95%
Total 4,423 4,423 100% 4,423 100% 80 3,288 3,579 81%
Other than Permanent workers
Male 63,133 41,124 65% 41,124 65% 0 11,797 19% 28,344 45%
Female 1,796 891 50% 891 50% 884 49% 0 760 42%
Total 64,929 42,015 65% 42,015 65% 884 11,797 29,104 45%
2. Details of retirement benefits, for Current Financial Year and Previous Financial Year:
FY 2023 FY 2022
Deducted and Deducted and
Benefits No. of employees No. of workers No. of employees No. of workers
deposited with deposited with
covered as a % of covered as a % covered as a % of covered as a %
the authority the authority
total employees of total workers total employees of total workers
(Y/N/N.A.) (Y/N/N.A.)
PF 99% 100% Y 99% 100% Y
Gratuity 100% 100% Y 100% 100% Y
ESI 100% 99% Y 100% 100% Y
Others – medical, term - - - - - -
life and accidental
coverage
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3. Accessibility of workplaces
The premises/offices where people with disabilities are present are equipped with enabling infrastructure such as ramps,
elevators to accommodate wheelchair access, and washrooms with wheelchair access, which are as per requirements
of Rights of Persons with Disabilities Act 2016. Vedanta is in the process of increasing the inclusive infrastructure
that enables access to People with Disability across BUs. For instance, in BUs such as HZL and TSPL, 100% of office
buildings/spaces have ramps, as well as washrooms and elevators with wheelchair access. Moreover, HZL has also
implemented infrastructure to assist people with visual impairment. Infrastructure is also present at some locations of
Cairn, ESL and VZI.
As a next step, the Company is working on a roadmap in accordance with the guidelines and Space Standards for Barrier
Free environment for disabled persons, which will ensure standardised inclusive infrastructure across all our sites and
offices. This roadmap will help us establish standardised infrastructure across all our sites and offices, ensuring equal
accessibility for everyone.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
a web-link to the policy.
Vedanta takes all the efforts to maintain adequate representation of persons with disabilities in its workforce and is in
compliance with the provisions of the Rights of Persons with Disabilities Act, 2016. Some of the key provisions under
RPDA that Vedanta complies with includes:
• E
quality and Non-discrimination: Vedanta ensures that there is no discrimination against persons with disabilities in
aspects, including recruitment, promotion, training, and work-related opportunities.
• A
ccessibility: Vedanta ensures that their premises/facilities are accessible to persons with disabilities. This includes
making reasonable accommodations and modifications to physical infrastructure.
• E
qual Opportunities: Vedanta provides equal opportunities for career advancement, job security, and promotion for
persons with disabilities.
Vedanta as guided by their Code of Business Conduct and Ethics have zero tolerance against discrimination of any
kind. Policy can be accessed from- https://www.vedantalimited.com/CorporateGovernance/Code%20of%20Business%20
Conduct%20and%20Ethics.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent employees Permanent workers
Gender
Return to work rate Retention rate Return to work rate Retention rate
Male 100% 89% - -
Female 99% 84% - -
Total 100% 89% - -
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
workers? If yes, give details of the mechanism in brief.
Yes/No
Permanent Workers Yes. Employees can raise the grievances with their respective line managers, and/or HR. Furthermore,
Vedanta has formal channels in place including a 24*7 hotline which are accessible for all employees to raise
any grievances.
To ensure a streamlined process, Vedanta has implemented an online Portal across all BUs. This platform
allows employees to log their complaints and seek resolution. Additionally, the Company has dedicated HR
Single Points of Contact (SPoCs) who are responsible for handling and resolving grievances.
A unified Human Resource Management System (HRMS) system Darwinbox has also been implemented.
This system includes a dedicated employee helpdesk portal that is accessible to employees throughout the
Company, including business partners. This portal serves as a centralised hub for addressing employee
queries and concerns.
Other than Permanent Yes, as a mandatory requirement, all business partners have a formal grievance redressal mechanism to be
Workers used by contractual employees.
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7. Membership of employees and workers in association(s) or Unions recognised by the listed entity:
FY 2023 FY 2022
Total No. of employees/ Total No. of employees/
Category employees/ workers in respective employees/ workers in respective
workers in category, who are part % (B/A) workers in category, who are part % (D/C)
respective of association(s) or respective of association(s) or
category (A) Union (B) category (C) Union (D)
Total Permanent Employees 10,869.00 812.00 7% 9,949 625 6%
Male 8,926.00 710.00 8% 8,460 530 6%
Female 1,943.00 102.00 5% 1,489 95 6%
Total Permanent Workers 3,758.00 3,704.00 99% 3,750 3,696 99%
Male 3,677.00 3,625.00 99% 3,669 3,617 99%
Female 81.00 79.00 98% 81 79 98%
8. Details of training given to employees and workers:

FY 2023 FY 2022
On Health and Safety On Skill On Health and Safety On Skill
Category
Total (A) measures upgradation Total (D) measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 9,744 8,563 88% 9,271 95% 9,645 8,447 88% 8,503 88%
Female 2,145 1,684 79% 1,940 90% 1,689 1,378 82% 1,441 85%
Total 11,889 10,247 86% 11,211 94% 11,334 9,825 87% 9,944 88%
Workers
Male 29,517 23,941 81% 8,646 29% 29,275 19,786 68% 5,161 18%
Female 453 391 86% 156 34% 361 252 70% 114 32%
Total 29,970 24,332 81% 8,802 29% 29,636 20,038 68% 5,275 18%
9. Details of performance and career development reviews of employees and workers:

FY 2023 FY 2022
Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 9,714 9,205 95% 9,593 9,593 100%
Female 2,122 1,973 93% 1,679 1,679 100%
Total 11,836 11,178 94% 11,272 11,272 100%
Workers
Male 4,598 2,885 63% 4,683 3,574 76%
Female 111 94 85% 105 90 86%
Total 4,709 2,979 63% 4,788 3,664 77%
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/No). If yes,
the coverage of such system?
Yes, Vedanta has implemented a robust health and safety management system across their operations, including
subsidiaries, joint ventures, and acquisitions. It is guided by Vedanta Sustainability Framework (VSF) and is implemented
as per the Vedanta Safety Standards (VSS) and other relevant standards and guidance documents. We have 17 safety
performance standards and 20 health and safety technical and management standards in place which are aligned with
ICMM guidelines, IFC as well as other applicable international systems of health and safety.
In addition, all operational facilities and sites are certified with ISO 45001, OHSAS 18001.
Rolling out of VSF continues with the introduction of safety performance standards, formal safety risk assessment,
industrial hygiene baseline assessment and safety leadership coaching.
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b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by
the entity?
Vedanta’s Enterprise Risk Management Framework sets a threshold to classify the risks based on the severity and likelihood
of occurrence of the identified risks. The risks are identified, monitored and reported by the BU-wise risk management
team to the group risk officer on a regular basis.
Vedanta follows a systematic approach to manage health & safety risks as part of their Occupational Health & Safety
Management System. Hazard Identification and Risk Assessment (HIRA) process along with Job Safety Analysis (JSA) is
regularly conducted for identification of risks and development of mitigation plans. These mitigation plans are periodically
updated to ensure safety at workplace.
In addition, to improve safety at workplace, in FY 2023, Vedanta initiated the implementation of Critical Risk Management
Framework. Under this initiative, 13 critical risks have been identified across the business based on historical safety
incidents and learnings from fatal accidents. Detailed mitigation plans have been developed to minimise or eliminate each
of these 13 risks across the Company. This programme is led by the business CEOs from across the Group of companies.
At Vedanta, all fatalities and high potential incidents undergo detailed investigation using the Incident Cause Analysis
Method (ICAM) under the oversight of the Group CEO. A corrective action and preventive action (CAPA) plan is then
developed based on the findings of the investigation. The ESG Board reviews the findings. The learnings are implemented
across the Group to avoid repeat incidents and corrective actions are driven by site leadership of each location.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks.
(Yes/No)
Yes. All sites have incident and hazard reporting procedures laid down to assist the workforce to highlight unsafe working
conditions and remove themselves from such situations. A responsibility matrix is in place with site leadership driving
the closure of such unsafe observations and risks. An incident shall be reported to the relevant business or site personnel
on the same workday on which it occurs. Vedanta has implemented Enablon that facilitates the reporting, analysis,
and tracking of critical tasks related to safety and other sustainability issues. This digital platform has streamlined the
reporting of incidents, strengthened data-based analytics and decision-making processes, and improved the tracking and
implementation of corrective action plans.
The top management at every Vedanta BU regularly reviews (at least once a year) and documents the incident and
investigation data. Vedanta has laid out detailed procedure for incident reporting and investigation for each category of
safety and health incidents as defined in its Management Standard on Incident Reporting, Classification and Investigation
(https://www.vedantalimited.com/uploads/esg/esg-sustainability-framework/Incident-Reporting-Classification-and-
Investigation.pdf).
d. Do the employees/workers of the entity have access to non-occupational medical and healthcare services? (Yes/No)
Yes. All employees of the Company are covered under the company’s medical and healthcare services. Additionally, the
Company offers life insurance and accident coverage policies to provide financial protection and support in unforeseen
circumstances.
To promote a healthy workforce, Vedanta conducts regular periodic health check-ups for employees. These check-
ups help identify any potential health issues early on, enabling timely intervention and appropriate medical care.
Moreover, the Company organises awareness sessions to educate employees about maintaining good health and
adopting healthy habits.
Recognising the significance of mental health, Vedanta places great emphasis on fostering a supportive and balanced
work environment. In line with this commitment, we have set a goal for FY 2025 to implement a mental health program
for all employees. This program will focus on raising awareness about mental health, providing resources for employees
to address mental well-being, and promoting a healthy work-life balance.
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11. Details of safety-related incidents, in the following format:

Safety Incident/Number Category FY 2023 FY 2022
Lost Time Injury Frequency Rate (LTIFR) (per one Employees 0.44 0.55
million-person hours worked)
Workers 0.54 0.59
Total recordable work-related injuries (Nos.) Employees 30 37
Workers 271 279
No. of fatalities Employees 1 0
Workers 12 12
High consequence work-related injury or ill-health Employees NA NA
(excluding fatalities)
Workers NA NA
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
Vedanta’s safety culture is guided by a robust health and safety framework encompassing all activities across the Company.
Vedanta Sustainability Framework (VSF) puts significant emphasis on Safety & Occupational Health. The Company has
identified the following measures to improve their safety performance and prevent fatal injuries in the future:
i. Implementation of Critical Risk Management (CRM): A scientific approach is implemented to analysing root causes
of fatalities, learning from them, and implementing actions on the ground. Currently, focus is on three areas of risk
at the work site: vehicle-pedestrian segregation, man-machine interaction, and work at height.
ii. Improving safety infrastructure: Vedanta recognises the importance of providing a safe work environment to
employees and have therefore prioritised improving safety infrastructure. The Company is installing walking pathways
with guiderails, roads with markers and traffic signals, and separate roads for ash dumpers. The focus is on ensuring
that there are no fatal injuries due to lack of safe infrastructure in place.
iii. Provision of PPE: Vedanta ensures that the PPE provided is tailored to the specific risks faced by employees and
contractors. Further it is ensured that PPE is readily available to all employees and contractors who require it.
Employee and business partner training: Vedanta understands the importance of ensuring that all employees and
iv.
business partners work safely. To that end, on-site trainings, virtual webinars, and group CEO sessions are organised
to reinforce the importance of working safely and stopping work, if any unsafe situation exists on the ground. The
goal is to instil a culture of safety for both employees and business partners.
Other procedures in place to ensure a safe and healthy workplace include Observation Management, Process Hazard
Analysis, Contractor Safety Management, Audit and Inspection Management, Management of Change, Data Management,
and Risk Management.
All of Vedanta’s operational facilities are certified with ISO 45001 and align to ICMM guidelines and other applicable
international occupational health and safety management systems.
13. Number of Complaints on the following made by employees and workers:

FY 2023 FY 2022
Pending Pending
Filed during Filed during
resolution at the Remarks resolution at the Remarks
the year the year
end of year end of year
Working Conditions 0 0 0 0
Health & Safety 0 0 0 0
14. Assessments for the year:

% Of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health and Safety 100% (VSAP and AO audits)
Practices
All sites are ISO 45001:2018/OHSAS 18001 certified and are audited by the third party once in three years.
In addition, HSE is an important part of Vedanta Sustainability Assurance Programme Module assessment, and
all units are annually audited by third party under VSAP.
Working Conditions 100% (VSAP and AO audits)
Labour Practices, including working conditions is an important part of Vedanta Sustainability Assurance
Programme Module assessment, and all units are annually audited by a third party under VSAP.
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15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/concerns arising from assessments of health & safety practices and working conditions.
While safety is a top priority for the Company, Vedanta is deeply saddened to report that there were 13 fatalities in FY 2023.
This is a matter of significant concern, and the Company is fully committed to improving safety performance and ensuring
a safer workplace for employees. To address this issue, Vedanta has implemented a focussed approach to reduce fatalities
and enhance overall workplace safety. The details of the corrective actions being undertaken as below:
• I nvestigation of incidents: Every incident is thoroughly investigated by the leadership team, and for fatalities, a senior
leadership team nominated by the Group ExCo conducts the investigation. The findings from these investigations
are finalised, and Corrective and Preventive Actions (CAPA) are shared across all Vedanta sites to ensure consistent
implementation. The analysis of the fatal injuries revealed that man-machine interaction, vehicle driving, and
structural stability were the primary causes of fatalities this year. The Company recognises the critical nature of
these areas and have implemented measures to enhance safety in these specific aspects.
• I mplementation of Critical Risk Management (CRM): To prevent future fatal incidents, Vedanta has conducted a
comprehensive analysis of all fatal incidents that have occurred over the past decade. Based on this analysis, the
key contributors to these incidents have been identified and a targeted list of improvement measures have been
developed. This approach, known as Critical Risk Management (CRM), has been rolled out at Vedanta’s sites and is
currently being implemented.
By implementing these corrective actions, Vedanta aims to prevent future fatalities and improve overall safety across the
Company.
3.4 PRINCIPLE 4
Businesses should respect the UN SDG mapped:
interests of and be responsive to

all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
Vedanta’s stakeholders are those individuals or organisations who have an interest in, and/or whose actions impact the
Company’s ability to execute their strategy. The Company considers stakeholder identification as an ongoing process to
identify and understand who might be directly or indirectly affected or interested in Vedanta operations, either positively
or negatively as well as who can contribute to or hinder their success. Vedanta’s facilities are guided by Stakeholder
Engagement Standard (Stakeholder-Engagement.pdf (www.vedantalimited.com)) as part of the Vedanta Sustainability
Framework and is in line with IFC, UNGC and other global standards.
Vedanta recognises the importance of proactive stakeholder engagement and analysis in effectively managing social risks
and responsibilities, as well as building positive relationships and trust with stakeholders. To achieve this, the Company
undertakes a thorough process of stakeholder identification and analysis in consultation with multiple functions and
business units across Vedanta. The stakeholder identification process involves considering the interests and influence
of various stakeholders on our business. This enables Vedanta to prioritise engagement efforts and allocate resources
accordingly. More information about Vedanta’s stakeholder identification and analysis process can be found on Page 6
of the Stakeholder Engagement Standard. Currently, six key internal and external stakeholder groups have been identified:
the Local Community, Employees, Shareholders, Investors & Lenders, Civil Society, Industry (Suppliers, Customers, Peers,
Media), and Governments.
Vedanta periodically engages with different stakeholder groups and actively responds to their concerns and issues.
Grievance redressal is a critical part of the Company’s stakeholder engagement process, and Vedanta has a defined
grievance redressal process to identify, record, acknowledge, assess and assign, investigate, resolve, and close all
grievances. The grievance redressal mechanism in place help map Vedanta’s impact on the stakeholders and take steps to
address them. The success of the Company’s stakeholder engagement initiatives lies in continued emphasis on providing
information that is accurate and relevant to each group. The Company does this in a transparent and structured manner
and in addressing their concerns through effective processes and mechanisms.
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2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Whether Frequency of
identified as Channels of communication engagement
Stakeholder Vulnerable & (Email, SMS, Newspaper, Pamphlets, (Annually/Half Purpose and scope of engagement including key topics and
Group Marginalised Advertisement, Community Meetings, Yearly/Quarterly/ concerns raised during such engagement
Group Notice Board, Website, Other) Others – please
(Yes/No) specify)
Local Mixed • Community group meetings Monthly • The Social Performance Steering Committees
Community • Village council meetings, (SPSCs) takes a cross-functional approach to
• Community needs/social impact community engagement through community
assessments group meetings, village council meetings
• Public hearings • Developing and undertaking need-based
• Grievance mechanisms community projects
• Cultural events • Increasing community outreach via public
• Engaging with communities via hearings, grievance mechanisms and cultural
various community initiatives of events
Vedanta Foundation • Improving grievance mechanism for community
• Developing community needs/social impact
assessments to undertake need-based
community projects
FY 2023 engagement initiatives were:
• Completed baseline, need, impact and SWOT
assessments in all BUs
• Community grievance process followed at all
operations
Employees No • Chairman’s workshops Monthly The Company undertakes employee performance
• Chairman’s/CEO’s town hall management and employee feedback as primary
meetings mode of engaging with the employees. In addition,
• Feedback sessions other engagement objectives include:
• Performance management • Improving training on Health & Safety and other
systems pertinent material issues for the organisation
• Various meetings at plant level • Providing increased opportunities for career
• V-Connect mentor program growth through internal talent recognition
• Event management committee • Increasing the gender diversity of the workforce
and welfare committee FY 2023 engagement initiatives were:
• Women’s club • Identification of top talents and future leaders
through workshops
• Recruitment of global talent through hiring from
top global universities
• Strengthening gender and regional diversity with
V Lead and V-Engage respectively
• Dedicated hiring drive for women
Shareholders, No • Regular updates via: Quarterly and • Consistent disclosure on economic, social, and
Investors, – Investor meetings on case to environmental performance
& Lenders – Site visits (put on hold in the case basis • Spread awareness of the development in
last year due to COVID) business with respect to business and ESG
– AGM and conference initiatives
– Quarterly result calls FY 2023 engagement initiatives were:
• Dedicated contact channel: • Sustainability assurance audits conducted
[email protected] and through Vedanta Sustainability Assurance
[email protected] Programme (VSAP)
• Bi-weekly investor briefings and pro-active
engagement with the investment community on
ESG topics
Civil Society No • Partnerships with, and Semi-annually The Company has implemented multi-stakeholder
membership of international initiatives and partnerships with international
organisations organisations to align with the expectations of the
• Working relationships with global sustainability agenda. Any key concerns
organisations on specific or trends from engagements with international,
projects national, and local NGOs are reported to the relevant
• Engagement with international, community of practice. Conferences and workshops
national, and local NGOs are conducted as needed.
• Conferences and workshops FY 2023 engagement initiatives include:
• Dedicated contact channel – • Membership of international organisations
[email protected] including the United Nations Global Compact
(UNGC), The Energy and Resources Institute
(TERI), Confederation of Indian Industry (CII),
The World Business Council for Sustainable
Development (WBCSD), and Indian Biodiversity
Business Initiative (IBBI)
• Alignment to Sustainable Development Goals
• Compliance to the Modern Slavery Act
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Whether Frequency of
identified as Channels of communication engagement
Stakeholder Vulnerable & (Email, SMS, Newspaper, Pamphlets, (Annually/Half Purpose and scope of engagement including key topics and
Group Marginalised Advertisement, Community Meetings, Yearly/Quarterly/ concerns raised during such engagement
Group Notice Board, Website, Other) Others – please
(Yes/No) specify)
Industry No • Customer satisfaction surveys Quarterly • Consistent implementation of the Code of

(Suppliers, • Vendor score cards Business Conduct and Ethics
Customers, • In-person visits to customers, • Ensuring contractual integrity and data privacy
Peers, Media) suppliers, and vendor meetings Modes of engagement include:
(put on hold during COVID) • Hotline service and email ID to receive whistle-
blower complaints
• Vendor meets to understand vendors and
supplier’s issues
Governments No • Participation in government Continuous These engagements with government bodies are
consultation programs basis initiated with the objective of:
• Engagement with national, state, • Ensuring compliance with laws
and regional government bodies • Contributing towards the economic development
at business and operational level of the nation
• Meet all the regulatory Engagement initiatives are in the form of
requirements laid down participation in government consultation
programmes. The Company engages with national,
state, and regional government bodies at the
business and operational levels both directly and
through industrial associations.
FY 2023 engagement initiatives include:
• Partnership with UP government to eradicate
state’s malnutrition by 2024
• Partnership with Rajasthan government to
modernise 25,000 Anganwadis
3.5 PRINCIPLE 5
promote human rights.
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:
FY 2023 FY 2022
No. of No. of
Category employees/ employees/
Total (A) % (B/A) Total (C) % (D/C)
workers covered workers covered
(B) (D)
Employees
Permanent 10,892 10,133 93% 10,491 9,695 92%
Other permanent 605 594 98% 502 496 99%
Total Employees 11,497 10,727 93% 10,993 10,191 93%
Workers
Permanent 2,615 753 29% 3,415 1,326 39%
Other permanent 17,313 6,038 35% 16,052 4,671 29%
Total Workers 19,928 6,791 34% 19,467 5,997 31%
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2. Details of minimum wages paid to employees and workers, in the following format:
FY 2023 FY 2022
Equal to More than Equal to More than
Category
Total (A) minimum wage Minimum Wage Total (D) minimum wage minimum wage
No.(B) % (B/A) No.C % (C/A) No.E % (E/D) No.(F) % (F/D)
Employees
Permanent 7,077 0 0% 7,077 100% 6,583 0 0% 6,583 100%
Male 5,710 0 0% 5,710 100% 5,509 0 0% 5,509 100%
Female 1,367 0 0% 1,367 100% 1,074 0 0% 1,074 100%
Other 262 0 0% 262 100% 232 0 0% 232 100%
Permanent than
Male 175 0 0% 175 100% 192 0 0% 192 100%
Female 85 0 0% 85 100% 40 0 0% 40 100%
Workers
Permanent 4,423 19 0% 4,404 100% 4,597 24 1% 4,573 99%
Male 4,339 19 0% 4,320 100% 4,513 24 1% 4,489 99%
Female 84 0 0% 84 100% 84 4 5% 84 100%
Other 36,167 4,536 13% 31,631 87% 34,514 5,539 16% 30,523 88%
Permanent than
Male 35,467 4,580 13% 30,887 87% 34,801 5,421 16% 30,062 86%
Female 700 31 4% 669 96% 487 118 24% 461 95%
3. Details of remuneration/salary/wages, in the following format:

Male Female
Median remuneration/ Median remuneration/
Number salary/wages of Number salary/wages of
respective category respective category
Board of Directors (BoD) 6 1,00,00,000* 2 98,00,000*
Key Managerial Personnel 3 8,84,66,358.39* 1 1,30,57,665*
Employees other than BoD and KMP 6,382 904,348** 759 11,46,853**
Workers NA
Note *BoD, Key Managerial Personnel and Employee Data has been shared for VEDL Standalone
**Employee data has been shared for the employees active throughout the full financial year FY 2023 in VEDL
4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No)
Yes. At Vedanta, the Board ESG Committee is responsible for monitoring and guiding the organisation's approach to
addressing and managing human rights issues within its operations. The primary role of this Board-level Committee
overseeing Human Rights is to provide oversight and strategic guidance on human rights-related risks, policies, and
practices. In addition to the Board ESG Committee, several functions within the Company have specific responsibilities
for preventing and addressing human rights violations. These functions include the Human Resources (HR) department,
Commercial department, Security team, and Industrial Relations department. Each of these departments plays a crucial
role in upholding human rights standards and ensuring that appropriate measures are in place to safeguard the well-being
and rights of individuals affected by the Company's activities.
To oversee and drive the implementation of human rights practices, we have established Social Performance Steering
committee (SPSC) at all our sites. These committees play a crucial role in promoting local stakeholder engagement,
managing grievance mechanisms, and addressing any human rights impacts associated with the Company’s business
operations. They work towards ensuring that the Company’s activities are conducted in a manner that respects and
upholds human rights principles. The SPSC consists of representation from at least the following functions: External
Affairs/Public Relations, Operations, Security, CSR, Human Resources, HSE, Finance, and Corporate Communications.
The SPM is supported by a Community Liaison Officer (CLO), whose primary responsibility is to have regular interactions
with the local communities.
Each site has a Social Performance Manager (SPM), whose role is to drive the implementation of social performance
principles at the location. The SPM is the convening authority for the Social Performance Steering Committee (SPSC).
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To provide an avenue for employees and external stakeholders to raise concerns or grievances related to human rights
issues, Vedanta has implemented a comprehensive grievance mechanism. This mechanism is designed to receive and
facilitate the resolution of concerns raised by employees and to address complaints, disputes, or grievances brought
forward by external stakeholders. It serves as an important channel for individuals to seek redress and ensures that their
concerns are handled in a fair and timely manner.
By involving various functions and establishing robust mechanisms, Vedanta strives to create a work environment that
respects and safeguards human rights. The Company is committed to addressing any human rights issues that may arise
and continuously improving practices to uphold the well-being and dignity of all individuals impacted by our operations.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
All locations also have formal grievance mechanism cells where external stakeholders can register their grievances.
Grievance system at Vedanta sites is guided by Technical Standard and Guidance note on Grievance Mechanism which
are part of Vedanta Sustainability Framework (VSF).
All of Vedanta’s sites have a Social Performance Steering Committee (SPSC), oversee the resolution of all grievances
related to human rights in a timely manner. The Community Liaison Officer (CLO) must record, assess and assign the
grievance to the concerned department for investigation and resolution. Human Rights related grievances must be directly
assigned to the location head for investigation and closure.
Grievances are attempted to be resolved within 30 days from identification. If not possible, the CLO updates the Social
Performance Manager (SPM) and the grievance holder with bimonthly progress. Grievance once rejected or resolved is
considered closed after the CLO has shared a closure report and grievance holder’s feedback is obtained on Grievance
Mechanism process experience and outcome.
The SPM monitors quarterly performance of the GM against the principle outcome & expectations and share findings with
the location head, SPSC and Corporate HSES.
6. Number of Complaints on the following made by employees and workers*:

FY 2023 FY 2022
Filed during Pending Filed during Pending
the year resolution at the Remarks the year resolution at the Remarks
(2022-23) end of year (2021-22) end of year
Sexual Harassment 17 0
Discrimination at Workplace 5 0 1 0
Child Labour 0 0 0 0
Forced Labour/Involuntary Labour 0 0 0 0
Wages 8 3 23 14
Other Human Rights related issues 14 0 55 55
*HZL and Fujairah Gold are not included

7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Vedanta has a strict adherence to policy on discrimination and harassment where all information/names of employees
disclosed in investigations is strictly confidential to prevent any disadvantage to the complainant or the witnesses. In
line with Vedanta's Sexual Harassment Policy, the Company takes necessary steps to safeguard individuals who raise
complaints against victimisation or retaliation. Vedanta recognises the importance of providing a safe environment for
employees to come forward and address their concerns without fear of negative consequences.
To effectively address both sexual and non-sexual harassment, Vedanta has established an Internal Complaints Committee (ICC).
(https://www.vedantalimited.com/CorporateGovernance/policy_on_prevention_and_prohibition_of_sexual_harassment_
final.pdf). The committee comprises a diverse group of internal and external members with relevant backgrounds. While
well-defined criteria is already in place for handling sexual harassment cases, the Company has recently expanded the
committee's scope to include the redressal of non-sexual harassment cases as well. In the fiscal year 2021-22, this
additional provision was implemented.
To ensure awareness and sensitivity towards these issues, Vedanta will provide sensitisation and training programs to
all employees. These initiatives will be coordinated with the Human Resources department and other relevant functions
to ensure comprehensive coverage across the Company.
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8. Do human rights requirements form part of your business agreements and contracts?
(Yes/No)
Yes. Human rights requirements form part of Vedanta’s business agreements and contracts. The Company has been
complying with the Modern Slavery Act (UK) or MSA since 2016. With regular and systematic updates and audit
mechanisms, Vedanta has been making their systems robust to ensure that vendors and supply chain are entirely free of
slave labour. Vedanta also seeks MSA self-declaration from each of their vendors.
Key initiatives:
1. MSA clause included in vendor contracts, SCOC and recruitment procedures
2. MSA awareness and training programmes for vendors
3. MSA compliance for onboarding new vendors
4. Supply chain managers regularly trained on Vedanta Code, SCOC and Human Rights Policy
9. Assessments for the year:

% Of your plants and offices that
were assessed (by entity or statutory
authorities or third parties)
Child labour
Forced/involuntary labour
Sexual harassment 100%
Discrimination at workplace Human Rights self-assessment was
conducted across all BUs during the year.
Wages
Others – please specify
10. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the
assessments at Question 9 above.
The Company has established an Internal Complaints Committee (ICC) to handle sexual and non-sexual harassment
(bullying, discrimination). The ICC consists of both internal and external members from diverse backgrounds, ensuring a
fair and unbiased approach to handling complaints. The committee follows predefined criteria and guidelines specifically
tailored for addressing incidents of sexual harassment. (https://www.vedantalimited.com/CorporateGovernance/policy_
on_prevention_and_prohibition_of_sexual_harassment_final.pdf).
3.6 PRINCIPLE 6
make efforts to protect and

restore the environment.
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter FY 2023 FY 2022
Total electricity consumption (A) 5,86,12,317 3,32,11,181
Total fuel consumption (B) 50,03,09,642 53,07,64,592
Energy consumption through other sources (C) - -
Total energy consumption (A+B+C) 55,89,21,959 56,39,75,774
Energy intensity per rupee of turnover (Total energy consumption/turnover in rupees) 3,843 4,298
Energy intensity (optional) – the relevant metric may be selected by the entity - -
(Total energy consumption/tonne of metal)
* Energy intensity per rupee of turnover- (GJ/` crore)
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Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
Yes, an independent assurance has been carried out by Ernst & Young Associates LLP.
Following are the key indicators assured by independent Agency:
302-1 Energy consumption within the organisation
302-3 Energy intensity
302-4 Reduction of energy consumption
2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance, Achieve and
Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have
been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Vedanta’s Aluminium Business i.e., Balco and Vedanta Ltd Jharsuguda as well as their Independent Power Plants (IPPs)
i.e., TSPL, Vedanta Ltd Jharsuguda IPP and Balco IPP are designated consumers. These sites have successfully achieved
their targets under the Perform, Achieve, and Trade (PAT) scheme. Below are the accomplishments for each site:
• Balco smelter (including CPP): Achieved the target in PAT Cycle 2. Also, Bharat Aluminium Company Ltd has been
recognised as a Top Performer Designated Consumer for the Aluminium Sector in PAT Cycle-II under the National
Mission for Enhanced Energy Efficiency (NMEEE).
• TSPL: Achieved the target in PAT Cycle 3.
• VAL J smelter: Achieved the target in PAT Cycle 2.
• VAL J IPP: Achieved the target in PAT Cycle 3.
3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source (in kilolitres)
(i) Surface water 14,53,05,251 15,21,15,631
(ii) Groundwater 1,59,29,325 1,74,32,334
(iii) Third party water 36,02,979 2,24,001
(iv) Seawater/desalinated water - -
(v) Others: Wastewater from other Organisations, Rain Water and Produced Water 4,57,37,178 9,88,85,638
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 21,05,74,733 26,86,57,604
Total volume of water consumption (in kilolitres) 26,60,01,190 28,02,25,972
Water intensity per rupee of turnover (Water consumed/turnover) 1,815 2,135
Water intensity (optional) – the relevant metric may be selected by the entity - -
Water intensity per rupee of turnover- (Kiloliters/` crore)
ote: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
N
• 303-3 Water Withdrawal
• 303-5 Water Consumption
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Vedanta has a longstanding commitment to achieving zero waste and zero discharge, recognising the responsibility to
minimise any adverse environmental impacts.
HZL’s (of Vedanta Limited) sites are Zero Liquid Discharge (ZLD) plants with no liquid effluent into surface water,
groundwater, or third parties, eliminating the environmental pollution. To ensure this process, real time monitoring systems
along with flow meters and PTZ camera are installed at the plant outlets for all smelters and captive power plants. Vedanta
tracks the process water which is recycled after undergoing treatment at onsite ETP and a two stage RO system. The
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treated effluent conforms to the prescribed standards and is recycled in the process. Multiple Effective Evaporator (MEE)
and Mechanical Vapor Recompression (MVR) have been provided to ensure ZLD.
To provide an overview of the facilities available across our business units, here is a summary:
Facilities Available (Yes/No)

Business Unit
ETP/STP RO No water discharge
HZL Yes Yes Yes
VAL-JSG Yes Yes Yes
VAL-Lanjigarh Yes No Yes
Zinc Int. Yes No Yes
FACOR Yes Yes No
Sterlite Cu Yes No Yes
ESL Yes No Yes
IOK Yes No Yes
BALCO Yes Yes Yes
TSPL Yes Yes Yes
VAB Yes Yes No
CAIRN Yes Yes Yes
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Unit FY 2023 FY 2022
NOx MT 89,856 84,657
SOx MT 5,01,201 3,86,621
Particulate matter (PM) MT 18,275 11,898
Persistent organic pollutants (POP) - NA NA
Volatile organic compounds (VOC) - NA NA
Hazardous air pollutants (HAP) - NA NA
Other – please specify -
305-7 Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
Parameter Unit FY 2023 FY 2022
Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, Metric tonnes of 5,71,47,242 5,94,86,747
PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, Metric tonnes of 85,71,214 33,42,745
PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 1 and Scope 2 emissions per rupee of turnover tCO2e/` million 451 478
Total Scope 1 and Scope 2 emission intensity (optional)– the relevant
metric may be selected by the entity.
Total Scope 1 and Scope 2 Emissions per rupee of turnover- (MT/` crore)

305-1 Direct (Scope 1) GHG Emissions
305-2 Energy indirect (Scope 2) GHG Emissions
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305-3 Other indirect (Scope 3) GHG Emissions

305-4 GHG Emissions intensity
305-5 Reduction of GHG Emissions
7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
Yes. Vedanta is fully committed to becoming a "Net Zero Carbon" organisation by 2050, or potentially even sooner. To
achieve this goal, the Company has identified four key strategies, or levers, to reduce GHG emissions and meet their 2030
emission targets. These levers are increasing renewable energy, switching to low-carbon or zero-carbon fuels, improving
energy and process efficiency, and purchasing carbon offsets for residual emissions.
Lever 1: Increasing Renewable Energy
Vedanta is making significant progress in increasing their renewable energy capacity. By the end of FY 2023, the Company
has signed power delivery agreements (PDAs) for 788 MW of renewable energy, which will result in an estimated avoidance
of 6.6 million tonnes of CO2e per year. This represents 32% of our target to use 2,500 MW of RE RTC (eq.) power by 2030.
To coordinate these efforts, the Company has established an RE Steering Committee.
Lever 2: Switch to low-carbon/zero-carbon fuels

Lever 2 focusses on transitioning from coal to biomass and other low-carbon or zero-carbon fuels. Vedanta aims to
substitute 5% of coal used in thermal power plants with biomass, a net zero-carbon fuel. In FY 2023, the Company achieved
a four-fold increase in biomass usage compared to FY 2022, reaching approximately 78,000 MT.
Vedanta has also made positive progress on reducing emissions from LMV and mining fleet, through electrification and
other measures. HZL and ESL have initiated the use of electric vehicles. HZL has launched the first battery-powered electric
underground vehicle and LNG-powered 55-tonne heavy-duty trucks. A large electric forklift fleet of 27 is operating at our
Jharsuguda location. Biofuel trials have started at BALCO and VAL-Jharsuguda and planning is underway to start trials
at Sterlite Copper and Sesa Value-Added Business (VAB).
Lever 3: Improving the energy and process efficiency of our operations.

Vedanta has undertaken several projects to enhance efficiency in the Aluminium sector. Some of these projects include:
100% Graphitisation with copper inserted collected bar (potential 1.1 million tCO2e/year)
Vedanta pot controller implementation (potential 0.2 million tCO2e)
Commissioning of TRT and BPRT at ESL (potential 82,000 tCO2e/year)
Natural gas usage at Lanjigarh Alumina Refinery (potential 1,20,000 tCO2e/year)
While these are projects under progress, there are some major energy efficiency projects which are already completed at
Vedanta’s sites:
R&M of 1 unit of 600 MW at VAL Jharsuguda (3,70,000 tCO2e/year))
VAL Lanjigarh Evaporation - 1 Calendria 1 & 2 tubes replacement (18,000 tCO2e/year)
VAL Lanjigarh Boiler 2 junior APH replacement (16,000 tCO2e/year)
ESL Fuel crushing index improvement (31,000 tCO2e/year)
ESL LD gas recovery project completion (18,000 tCO2e/year)
Lever 4: Purchasing carbon offsets for residual emissions.

Vedanta has yet to initiate specific work on Lever 4, which involves purchasing carbon offsets for residual emissions.
The Company will consider options for addressing hard-to-abate GHG emission at the end of their target period.
Vedanta’s collective efforts over the past two years have resulted in significant emissions reductions, with 4.17 million
tonnes of CO2e avoided based on the FY 2021 baseline and 14.62 million tonnes of CO2e avoided based on the initial
FY 2012 baseline. For more detailed information, please refer to Vedanta’s Sustainability Report for FY 2022-23.
318
8. Provide details related to waste management by the entity, in the following format:
Total Waste generated (in metric tonnes)
Plastic waste (A) 372 85
E-waste (B) 141 121
Bio-medical waste (C) 1,297 1,223
Construction and demolition waste (D) NA NA
Battery waste (E) 252 130
Radioactive waste (F) - -
Other Hazardous waste. Please specify, if any. (G) (other than above mentioned HW) 5,31,595 5,16,245
Other Non-hazardous waste generated (H). Please specify, if any. (HVLT) (Excluding Plastic 1,80,98,325 1,90,10,000
waste, construction waste) (Break-up by composition i.e., by materials relevant to the sector)
Total (A + B + C + D + E + F + G + H) 1,86,31,982 1,95,27,804
For each category of waste generated, total waste recovered through recycling, re-using or
other recovery operations (in metric tonnes)
Category of waste
(i) Recycled 3,02,20,013 1,94,65,805
(ii) Re-used - -
(iii) Other recovery operations - -
Total 3,02,20,013 1,94,65,805
For each category of waste generated, total waste disposed by nature of disposal method
(in metric tonnes)
Category of waste - -
(i) Incineration 282 293
(ii) Landfilling 15,786 12,465
(iii) Other disposal operations 2,10,96,024 1,70,43,316
Total 2,11,12,092 1,70,56,074
* Recycle waste includes - Recycle, reuse and Other recovery operations

306-1 Waste generation and significant waste-related impacts
306-2 Management of significant waste-related impacts
306-3 Waste generated
306-4 Waste diverted from disposal/recycled
306-5 Waste directed to disposal
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your Company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes.
Vedanta has implemented a robust waste management system designed to handle waste efficiently and responsibly. As
part of their refreshed ESG vision, the Company is committed to becoming a "Zero Waste" organisation. To achieve this
goal, specific targets are set:
• Sustain the fly ash utilisation at 100%
• Achieve zero legacy waste by 2035
• Use 100% of High-Volume Low Toxicity (HVLT) waste generated by 2025
319
To fulfil these targets, Vedanta is deploying advanced technologies to minimise waste and increase metal recovery. The
Company is also establishing long-term collaborations with potential users of our HVLT waste (which includes fly ash,
bottom ash, slag, jarosite, and red mud), and partnering with academic and research institutes to explore alternative
applications for these wastes. For instance, Vedanta is working with the cement industry to use these wastes as raw
materials and collaborating with the National Highways Authority of India (NHAI) to incorporate them as substrates for
road construction. In the case of HVLT waste such as red mud, which contains traces of Rare Earth Minerals (REE), the
Company is conducting research and development projects to economically extract these minerals. Additionally, trials are
underway to explore the use of this waste as an alternative to sand. Vedanta is collaborating with esteemed institutions
such as CSIR, CRRI, IIT Kharagpur, IMMT, and NITI Aayog for these initiatives. For instance, during FY 2022-23, the Company
completed a lab scale feasibility study with CSIR-Central Road Research Institute (CSIR-CRRI) for utilisation of red mud
in highway construction.
Vedanta’s waste management efforts are guided by our HSE (Health, Safety, and Environment) policy, which outlines
their overall commitment to waste management and other environmental aspects. We follow ‛The resource use and
waste management' Technical Standard and supporting guidance notes, which are integral components of the Vedanta
Sustainability Framework. These standards are aligned with the national Hazardous Waste Management Rules of 2016.
Hazardous wastes, such as used/spent oil, waste refractories, spent pot lining, and residual sludge from smelters, are
sent to government-authorised handlers or recyclers in accordance with regulatory requirements.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental
approvals/clearances are required, please specify details in the following format:
Whether the conditions of environmental approval/clearance are being
S. Location of Type of
complied with? (Y/N) If no, the reasons thereof and corrective action
No. operations/offices operations
taken, if any.
1 Vedanta Lanjigarh Alumina Refinery Yes
(Lanjigarh, India)
2 Skorpan Zinc Mining Yes
(Rosh Pinah, Namibia)
3 Black Mountain Mines Mining Yes
(Gamsberg, South Africa)
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:
Whether Results
conducted by communicated
EIA
Name and brief details of project Date independent in public Relevant Web link
Notification No.
external agency domain
(Yes/No) (Yes/No)
Expansion within the existing S.O. 1533 (E) - Yes Yes https://parivesh.nic.
Chanderiya Lead Zinc Smelter Complex in/newupgrade/#/
at Villages: Putholi, Ajoliya Ka Khera department/
& Biliya, Tehsil: Gangrar & Chittorgarh, ec-proposal-
District: Chittorgarh (Rajasthan) detail/1722660
2EC for development and production in EIA Notification 2006 and - Yes No
Hazarigaon On-shore DSF II Block in its amendments
Golaghat Dist, Assam
Office Memorandum Submiited to
issued from MoEF&CC MoEF
vide no. IA3-22/23/2021-
IA.III (E 167077) dated
20.10.2021 and
IA3-22/10/2022-IA.III
(E 177258)
12. Is the entity compliant with the applicable environmental law/regulations/guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment Protection Act and
rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:
Yes. Vedanta adheres to and complies with the relevant environmental laws, regulations, and guidelines in India. This
includes the Water (Prevention and Control of Pollution) Act, the Air (Prevention and Control of Pollution) Act, the
Environment Protection Act, and the respective rules established under these Acts. The Company ensures that operations
align with these legal requirements to promote environmental stewardship and maintain regulatory compliance.
320
3.7 PRINCIPLE 7
Businesses, when engaging in UN SDG mapped:
influencing public and regulatory

policy, should do so in a manner that
is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/associations: 5
b. List the top 10 trade and industry chambers/associations (determined based on the total members of such body)
the entity is a member of/affiliated to.
S. Reach of trade and industry chambers/
Name of the trade and industry chambers/associations
No. associations (State/National)
1 Confederation of Indian Industry (CII) National
2 Federation of Indian Chambers of Commerce & Industry (FICCI) National
3 The Associated Chambers of Commerce and Industry of India National
(ASSOCHAM)
4 Federation of Indian Mineral Industry (FIMI) National
5 Federation of Indian Petroleum Industry (FIPI) National
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity,
based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken
Not Applicable. There were 0 cases related to anti-competitive conduct by Vedanta or its associated subsidiaries, joint ventures.
3.8 PRINCIPLE 8
Businesses should promote UN SDG mapped:
inclusive growth and equitable

development
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
financial year.
Whether conducted Results

SIA Notification Date of by independent communicated in Relevant
Name and brief details of project
No. notification external agency public domain Web link
(Yes/No) (Yes/No)
Onshore Oil and Gas Exploration, Appraisal Not Applicable External Agency Not required Not
and Early Production in AA-ONHP-2017/1 NA (as per Applicable
Block, Karbi Anglong and Golaghat Vedanta
Districts, Assam Sustainability
Onshore Oil and Gas Exploration, Appraisal Framework Not Applicable External Agency Not required Not
and Early Production in AA-ONHP-2017/2 requirement) Applicable
Block in Tirap District, Arunachal Pradesh
321
Whether conducted Results

SIA Notification Date of by independent communicated in Relevant
Name and brief details of project
No. notification external agency public domain Web link
(Yes/No) (Yes/No)
and Early Production in AA-ONHP-2017/3 Applicable
in Tinsukia District, Assam
Block, Jorhat District, Assam
Block in Jorhat, Lakhimpur and Sibsagar
Districts, Assam
Onshore Oil and Gas Exploration, Appraisal NA (as per Not Applicable External Agency Not required Not
and Early Production in AA-ONHP-2017/9 Vedanta Applicable
Block in Sibsagar District, Assam Sustainability
Onshore Oil and Gas Exploration, Appraisal Framework Not Applicable External Agency Not required Not
and Early Production in AA-ONHP-2017/11 requirement) Applicable
in Golaghat and Jorhat Districts, Assam
and Early Production in CB-ONHP-2018/1 Applicable
Block in Mehsana & Patan Districts, Gujarat
Block in Kheda & Anand Districts, Gujarat
Block in Vadodara District, Gujarat
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your
entity, in the following format:
No. of
Name of % of
Project
S. Project for PAFs
State District Affected Amounts paid to PAFs in FY (In `)
No. which R&R covered
Families
is ongoing by R&R
(PAFs)
1 Vedanta Odisha Kalahandi 261 100% Land Payments: `40.28 crore : Already done
Limited New RR Colony Construction: `54.28 crore : Ongoing
Lanjigarh R&R Package: 31.58 CR: Disbursement is in progress.
R&R Subsistence Allowances and Trainees Stipends: `7.02 crore: Ongoing
Skill development training cost: `4.56 crore: Ongoing
3. Describe the mechanisms to receive and redress grievances of the community.

Vedanta has established Social Performance Steering Committees (SPSCs) across all BUs to enhance various aspects
of their social performance. These committees play a vital role in tracking, investigating, and resolving grievances,
preventing any adverse impacts on communities, and involving them in economic activities. By adopting a cross-functional
approach to community engagement, the Company breaks down the perception that community engagement is solely the
responsibility of our CSR teams.
The SPSCs are entrusted with driving social performance standards, including the implementation of a grievance
mechanism at the site level, and addressing human rights-related issues. The grievance redressal system at Vedanta
sites is guided by the Technical Standard and Guidance note on Grievance Mechanism, which are integral parts of the
Vedanta Sustainability Framework (VSF). These standards align with the IFC Performance Standards and incorporate
global best practices in social performance.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2023 FY 2022
Directly sourced from MSMEs/small producers* 9.81% 10.22%
Sourced directly from within the district and 49.38% 43.28%
neighbouring districts*
*Only for Cairn
322
3.9 PRINCIPLE 9
Businesses should engage with and UN SDG mapped:
provide value to their consumers in

a responsible manner.
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
Vedanta has established formal feedback mechanisms to gather input from customers, which are guided by their Grievance
Redressal Performance Standard. Currently, the Company uses the "Vedanta Metal Bazaar" (Moglix Portal) to capture
all customer grievances (https://vedantametalbazaar.moglix.com/#/login). When a customer files a complaint through
the portal, it triggers email notifications to the relevant team members. After completing a thorough root cause analysis,
necessary actions are taken, and the complaint is resolved and closed. Throughout this process, customers can track the
stages of complaint closure and provide their consent.
Vedanta engages with customers proactively through online and offline channels, in line with the monthly customer
connect calendar, to gather their voices of concern (VOC). Based on the VOC, appropriate actions are taken, communicated
to customers, and feedback is recorded for future reference. Additionally, the Company conducts customer satisfaction
surveys to capture VOC and ensure their expectations are met.
2. Turnover of products and/services as a percentage of turnover from all products/services that carry information about:
% to total turnover
Environmental and social parameters relevant to the product This is not applicable as Vedanta supplies power,
metals & minerals, oil & gas which does not require any labelling.
Safe and responsible usage This is not applicable as Vedanta supplies power,
Recycling and/or safe disposal This is not applicable as Vedanta supplies power,
3. Number of consumer complaints in respect of the following:

FY 2023 FY 2022
Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy 0 0 No Complaint received 0 0 No Complaint received
Advertising - - - - - -
Cyber-security 0 0 No Complaint received 0 0 No Complaint received
Delivery of essential - - - - - -
services
Restrictive Trade - - - - - -
Practices
Unfair Trade Practices - - - - - -
Other - - - - - -
4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall
Voluntary Recalls 0 NA
323
5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
Yes. Vedanta has an Information Security Policy in place that covers aspects of cyber security and risks related to data
privacy (https://www.vedantalimited.com/CorporateGovernance/Information_security_Policy_V3_3.pdf). Vedanta has
implemented a robust Information Security Management Framework under their Enterprise Risk Management (ERM)
framework. This framework comprises policies, standard operating procedures (SOP), and technology standards for all
business units. It also includes a comprehensive security assessment and audit process aimed at preventing cyber-attacks
and enhancing overall information security across Vedanta's technology landscape (https://www.vedantalimited.com/
uploads/corporate-governance/policies_practices/IT%20Disclosure%20Cybersecurity%202022.pdf).
Vedanta’s cybersecurity framework follows a principle and objective-based approach to safeguard the confidentiality,
integrity, and availability of all technology and data assets, especially those critical to business and operational resilience,
stability, and regulatory compliance. The framework focusses on identifying risks and implementing critical controls for
our assets. Moreover, the Company adheres to various standards and guidelines governing information technology and
cybersecurity practices, including those related to information security management, personal data privacy, disaster
recovery, business continuity management, and risk management.
The Company’s Information Security Framework takes following aspects as an input:

1. Globally recognised Information Security Management Frameworks and Standards
2. Applicable Regulatory Requirements
3. Risk Assessment and Risk Control Matrix defined under Risk Management Process
4. Information Security Objectives aligned to Business Objectives
5. Prevailing Best Practices
6. Security Threat Intelligence
Cybersecurity is covered under the revised Risk Management Policy of the Company, which was updated in 2019. Vedanta
also conducts Vulnerability Assessment and Penetration Testing (VAPT) reviews with the assistance of cybersecurity
experts. At the Group level, the Company has a well-structured cybersecurity framework, and each BU has a Chief
Information Officer (CIO) experienced in information/cybersecurity. IT experts carry out annual cybersecurity reviews to
ensure the effectiveness of their security measures.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/action
taken by regulatory authorities on safety of products/services.
Not applicable
324
STANDALONE REPORT REPORTS STATEMENTS
FINANCIAL STATEMENTS
Standalone
Note Pg.No. Note Pg.No.
Independent Auditors’ Report 326 Financial Liabilities - Others 20 396
Balance Sheet 340 Lease liabilities 21 397
Statement of Profit and Loss 341 Financial Instruments 22 397
Statement of Cash Flows 342 Other liabilities 23 410
Statement of Changes in Equity 344 Provisions 24 411
Notes to the Financial Statements 346 Employee benefit plans 25 412
Company overview 1 346 Employee benefit expense 26 416
Basis of preparation and basis of Share based payments 27 417
measurement of financial statements 2 346
Revenue from operations 28 420
Significant accounting policies 3(a) 347
Other operating income 29 420
Application of new and amended standards 3(b) 363
Other income 30 421
Significant accounting estimates and judgements 3(c) 364
Changes in Inventories of Finished Goods
Business combinations/ Acquisitions/ and Work-in- Progress 31 421
Restructuring 3(d) 368
Finance cost 32 421
Segement Information 4 369
Other expenses 33 422
Property, Plant and Equipment, Intangible assest,
Exceptional items 34 423
Capital work-in-progress and Exploration
intangible assets under development 5 373 Tax expense 35 426
Financial Assets - Investments 6 378 Earnings per equity share (EPS) 36 428
Financial Assets - Trade Receivables 7 382 Dividends 37 428
Financial Assets - Loans 8 383 Commitments, contingencies and guarantees 38 428
Financial Assets - Others 9 383 Related Party Disclosures 39 431
Other assets 10 384 Subsequent events 40 437
Inventories 11 385 Corporate Social Responsibility (CSR) 41(a) 437
Cash and cash equivalents 12 385 MSME Disclosure 41(b) 438
Other bank balances 13 385 Details of Loans given, Investments made
and guarantee given covered under
Share Capital 14 386
regulation 34(3) and 53(f) of SEBI LODR, 2015
Other equity 15 388 and u/s 186 (4) of the Companies Act, 2013 41(c) 439
Capital Management 16 388 Other statutory information 41(d)-41(i) 439
Financial Liabilities - Borrowings 17 389 Financial ratios 42 440
Financial Liabilities - Trade payables 18 396 Oil & gas reserves and resources 43 441
Operational Buyers'/ Suppliers' Credit 19 396 Other matters 44 442
325
INDEPENDENT AUDITOR’S REPORT

To the Members of Vedanta Limited report. We are independent of the Company in accordance
with the ‘Code of Ethics’ issued by the Institute of Chartered
Report on the Audit of the Standalone Ind AS Accountants of India together with the ethical requirements
Financial Statements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules thereunder,
Opinion and we have fulfilled our other ethical responsibilities in
We have audited the accompanying standalone Ind AS accordance with these requirements and the Code of Ethics.
financial statements of Vedanta Limited (“the Company”), We believe that the audit evidence we have obtained is
which comprise the Balance sheet as at 31 March 2023, the sufficient and appropriate to provide a basis for our audit
Statement of Profit and Loss, including the statement of opinion on the standalone Ind AS financial statements.
Other Comprehensive Income, the Cash Flow Statement and
the Statement of Changes in Equity for the year then ended, Key Audit Matters
and notes to the standalone Ind AS financial statements, Key audit matters are those matters that, in our professional
including a summary of significant accounting policies and judgment, were of most significance in our audit of the
other explanatory information. standalone Ind AS financial statements for the financial
year ended 31 March 2023. These matters were addressed
In our opinion and to the best of our information and
in the context of our audit of the standalone Ind AS financial
according to the explanations given to us, the aforesaid
statements as a whole, and in forming our opinion thereon,
standalone Ind AS financial statements give the information
and we do not provide a separate opinion on these matters.
required by the Companies Act, 2013, as amended (“the
For each matter below, our description of how our audit
Act”) in the manner so required and give a true and fair
addressed the matter is provided in that context.
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as We have determined the matters described below to be the
at 31 March 2023, its profit including other comprehensive key audit matters to be communicated in our report. We
income, its cash flows and the changes in equity for the have fulfilled the responsibilities described in the Auditor’s
year ended on that date. responsibilities for the audit of the standalone Ind AS
financial statements section of our report, including in
Basis for Opinion relation to these matters. Accordingly, our audit included
We conducted our audit of the standalone Ind AS financial the performance of procedures designed to respond to our
statements in accordance with the Standards on Auditing assessment of the risks of material misstatement of the
(SAs), as specified under section 143(10) of the Act. standalone Ind AS financial statements. The results of our
Our responsibilities under those Standards are further audit procedures, including the procedures performed to
described in the ‘Auditor’s Responsibilities for the Audit of address the matters below, provide the basis for our audit
the Standalone Ind AS Financial Statements’ section of our opinion on the accompanying standalone Ind AS financial
statements.
Key audit matters How our audit addressed the key audit matter
Accounting and disclosure of related party transactions (as described in note 39 of the Standalone Ind AS financial statements)
The Company has undertaken transactions with Our procedures included the following:
related party, Vedanta Resources Limited (‘VRL’), • Obtained and read the Company’s policies, processes and procedures in
its intermediated holding company and its affiliates respect of identification of such related parties in accordance with relevant laws
including among others payment of brand and and standards, obtaining approval, recording and disclosure of related party
strategic management fee, agency commission, transactions and identified key controls. For selected controls we have performed
obtaining guarantees and payment of consideration tests of controls.
thereof. • Tested such related party transactions and balances with the underlying contracts,
Accounting and disclosure of such related party confirmation letters and other supporting documents provided by the Company.
transactions has been identified as a key audit • Examined the approvals of the board and/or audit committee of these transactions.
matter due to a) Significance of such related party • Obtained and assessed the legal and accounting opinion issued by experts
transactions; b) Risk of such transactions being engaged by the management for the accounting of agency commission with the
executed without proper authorizations; and c) parent company.
Risk of material information relating to aforesaid
• Obtained and assessed the benchmarking report issued by the experts engaged by
transactions not getting disclosed in the financial
the management for the brand and strategic management fee.
statements.
• Assessed the competence and objectivity of the external experts
• Engaged transfer pricing experts to assist us in corroborating the arms-length
assessment carried out by the management for brand and strategic fee.
• Held discussions and obtained representations from the management in relation to
such transactions.
• Read the disclosures made in this regard in the financial statements and assessed
whether relevant and material information have been disclosed.
326
Recoverability of carrying value of property plant and equipment capital work in progress and exploration intangible assets under
development and Non-current Investments (as described in note 3(a)(F), 3(a)(G)(iii), 3(c)(A)(i), 3(c)(A)(iii), 3(c)(A)(v), 5 and 34 of the
Standalone Ind AS financial statements)
As at 31 March 2023, the Company had significant Our audit procedures included the following:
amounts of property, plant and equipment, capital • Obtained and read the Company’s policies, processes and procedures in respect
work in progress and exploration intangible assets of identification of impairment indicators, recording and disclosure of impairment
under development which were carried at historical charge / (reversal) and identified key controls. For selected controls we have
cost less depreciation. performed tests of controls.
We focused our efforts on the Cash Generating • Assessed through an analysis of internal and external factors impacting the
Unit (“CGU”) at (a) Tuticorin within the copper Company, whether there were any indicators of impairment in line with Ind AS 36
segment; (b) Rajasthan block within the oil & and Ind AS 109.
gas segment; (c) Investments made in Western
Cluster Limited (WCL) in Liberia within the Iron • In relation to the CGU at (a) Tuticorin within the copper segment; (b) Rajasthan
Ore segment through the wholly owned subsidiary block within the oil & gas segment; (c) Investment made in WCL through wholly
Bloom Fountain Limited and d) Investments made owned subsidiary Bloom Fountain Limited within the Iron Ore segment and d)
in Optionally Convertible Redeemable Preference Investments made in Optionally Convertible Redeemable Preference Shares
Shares (OCRPS) of THL Zinc Ventures Limited (OCRPS) of THL Zinc Ventures Limited (THLZVL), a wholly owned subsidiary within
(THLZVL), a wholly owned subsidiary within the the Zinc International segment where impairment (charge) / reversal indicators
Zinc International segment; as it had identified were identified, obtained and evaluated the valuation models used to determine
impairment (charge) / reversal indicators. the recoverable amount by assessing the key assumptions used by management,
which included:
Recoverability of property plant and equipment,
capital work in progress and exploration intangible – Assessed the implications of withdrawal of Company’s license to operate the
assets being carried at cost has been identified as copper plant at Tuticorin. Read the external legal opinions in respect of the
a key audit matter due to: merits of the case and assessed management’s position through discussions
with the legal counsel to determine the basis of their conclusion and its
• The significance of the carrying value of assets consequential impact on the reopening of the plant.
being assessed.
– Evaluated the valuation methodology adopted by the management i.e.
• The fact that the assessment of the recoverable determination of Value In Use in light of the facts and circumstances of the
amount of the Company’s CGU involves matter.
significant judgements about the future cash
flow forecasts, start date of the plant and the – Assessed management’s forecasting accuracy by comparing prior year
discount rate that is applied. forecasts to actual results and assessed the potential impact of any variances.
• The withdrawal of the Company’s licenses to – Corroborated the sales price assumptions used in the models against analyst
operate the copper plant. consensus and assessing the reasonableness of costs.
• The revision to brent oil assumptions up to 2040 – Compared the production forecasts used in the impairment tests with
due to increased demand. management’s approved reserves and resources estimates,
• Changes in production forecasts due to – Compared the SAED forecast used in the impairment tests with actual levy of
adjustments in the future reserve estimates current year and obtained external legal opinion for the interpretations made
over the determination of amount due to the levy of SAED.
• Levy of Special Additional Excise Duty (‘SAED’)
on oil producers due to significant increase in – Tested the weighted average cost of capital used to discount the impairment
crude prices resulting windfall gains to domestic models.
crude producers. – Tested the integrity of the models together with their clerical accuracy.
• The fact that the Company’s subsidiary WCL – Tested the classification of expenses incurred in respect of the Bomi mines in
obtained the mining license and has started the Liberia to evaluate whether these are eligible for reversal.
mining activity at Bomi mine in Liberia, which – Tested arithmetical accuracy of bifurcation of expenses between the 3 mines in
were suspended since 2015 due to outbreak of Western cluster.
Ebola.
– Compared assumptions used by management in respect of price forecast and
• The fact that THLZVL has generated profitability ore grade against the consensus report and reserve and resource report.
owing to increase in reserves and production at
– Assessed the production and profitability trend in the Zinc International segment
Zinc International.
and compared the same with the projected cash flows for reasonableness.
The key judgements and estimates centered on
– Assessed reserves and resources estimation methods and policies and reading
the likely outcome of the litigations with respect to
reports provided by management’s external reserves experts for the oil and gas
withdrawal of license to operate the Copper plant,
assets of the Company and the assets located in the subsidiary companies i.e.
cash flow forecasts, likelihood of license extension,
WCL and THLZBVL and assessed the scope of work and findings of these third
interpretations on mechanism of levy of SAED,
parties;
discount rate assumptions and related disclosures
as given in note 5 (Property, plant and equipment) – Assessed the competence, capability and objectivity of experts engaged by
/ 34 (Exceptional items) of the accompanying management; through understanding their relevant professional qualifications
financial statements. and experience.
– Engaged valuation experts to assist in performance of the above procedures.
• Assessed the disclosures made by the Company in this regard and evaluated the
considerations leading to disclosure of above impairment (charge) / reversal as
exceptional items.
327
Recoverability of disputed trade receivables in Power segment (as described in note 3(c)(B)(ii) and 7 of the Standalone Ind AS financial
statements)
As of 31 March 2023 the value of disputed Our audit procedures included the following:
receivables in the power segment aggregated to • Examined the underlying power purchase agreements.
` 878 crore. • Examined the relevant state regulatory commission, appellate tribunal and court
Due to short supply or non-supply of power due to rulings.
transmission line constraints, order received from • Obtained and assessed the model prepared by the management for computation
Orissa State Electricity Regulatory Commission of Expected credit loss on the disputed receivables, including testing of key
(OERC) and disagreements over the quantification assumptions.
relating to aforementioned disputes or timing of • Engaged valuation experts to assist in performing above procedures.
the recovery of receivables, the recovery of said • Tested arithmetical accuracy of the models prepared by the management.
receivables are subject to increased risk. Some • Obtained independent external lawyer confirmation from Legal Counsel of the
of these balances are also subject to litigation. Company who is contesting the cases.
The risk is specifically related to receivables • Examined external legal opinions in respect of the merits of the case and assessed
from GRIDCO. These receivables include long management’s position through discussions with the management’s in-house legal
outstanding balances as well and are also subject team to determine the basis of their conclusion.
to counter party credit risk and hence considered • Assessed the competence and objectivity of the Company's experts.
as a key audit matter. • Assessed the disclosures made by the Company in this regard.
Claims and exposures relating to taxation and litigation (as described in note 3(c)(B)(i), 38D and 44 of the Standalone Ind AS financial
statements)
The Company is subject to a large number of tax Our audit procedures included the following:-
and legal disputes, including objections raised • Obtained an understanding of the process of identification of claims, litigations and
by auditors appointed by the Director General its classification as probable, possible or remote and identified key controls in the
Hydrocarbons in the oil and gas segment, vendor process. For selected controls we have performed tests of controls.
arbitrations, income tax disallowances and various • Obtained the summary of Company’s legal and tax cases and critically assessed
indirect tax disputes which have been disclosed / management’s position through discussions with the Legal Counsel, Head of Tax
provided for in the financial statements based on and operational management, on both the probability of success in significant
the facts and circumstances of each case. cases, and the magnitude of any potential loss.
Taxation and litigation exposures have been
• Obtained independent external lawyer confirmation from Legal Counsel of the
identified as a key audit matter due to the
Company who is contesting the cases.
complexities involved in these matters, timescales
involved for resolution and the potential financial • Examined external legal opinions (where considered necessary) and other evidence
impact of these on the financial statements. to corroborate management’s assessment of the risk profile in respect of legal
Further, significant management judgement is claims.
involved in assessing the exposure of each case • Assessed the competence and objectivity of the Company's experts.
and thus a risk that such cases and thus a higher • Engaged tax specialists to technically appraise the tax positions taken by
risk involved on adequacy of provision or disclosure management with respect to local tax issues.
of such cases. • Assessed whether management assessment of similar cases is consistent across
the divisions and subsidiaries or that differences in positions are adequately
justified.
• Assessed whether management assessment of similar cases is consistent with
the positions taken in earlier periods or that difference in positions are adequately
justified.
• Assessed the relevant disclosures made within the financial statements to address
accuracy of the amounts and whether they reflect the facts and circumstances of
the respective tax and legal exposures and the requirements of relevant accounting
standards.
Recognition and measurement of Deferred Tax Assets including Minimum Alternate Tax (MAT) (as described in note 3(c)(A)(ii) and 35 of the
Standalone Ind AS financial statements)
Deferred tax assets as at 31 March 2023 includes Our audit procedures included the following:-
MAT credits of ` 9,184 crore which is available • Obtained an understanding of the management’s process for estimating the
for utilization against future tax liabilities. Of the recoverability of the deferred tax assets and identified key controls in the process.
aforesaid, we focused our effort on MAT assets of For selected controls we have performed tests of controls.
` 2,689 Crore which is expected to be utilised in
the fourteenth year and fifteenth year, fifteen years • Obtained and analysed the future projections of taxable profits estimated by
being the maximum permissible time period to management, assessing the key assumptions used, including the analysis of the
utilize the same. consistency of the actual results obtained by the various segments with those
projected in the previous year. We further obtained evidence of the approval of the
The analysis of the recoverability of such deferred budgeted results included in the current year's projections, and the reasonableness
tax assets has been identified as a key audit matter of the future cash flow projections.
because the assessment process involves judgement
regarding the future profitability, allowability of tax • Assessed management’s forecasting accuracy by comparing prior year forecasts to
positions / deductions claimed by the management actual results and assessed the potential impact of any variances.
in the tax computations and likelihood of the • Tested the accuracy of the deductions availed under the Income Tax Act included in
realization of these assets, in particular whether the tax computation.
there will be taxable profits in future periods that • Tested the computation of the amounts recognized as deferred tax assets.
support the recognition of these assets. This requires
• Engaged valuation experts to assist in performance of the above procedures.
assumptions regarding future profitability, which
is inherently uncertain. Accordingly, the same is • Assessed the competence and objectivity of the experts engaged by us.
considered as a key audit matter. • Assessed the disclosures made by the Company in this regard.
328
Information Other than the Financial Statements Those Charged with Governance are also responsible for
and Auditor’s Report Thereon overseeing the Company’s financial reporting process.
The Company’s Board of Directors is responsible for the
other information. The other information comprises the Auditor’s Responsibilities for the Audit of the
information included in the Annual report, but does not Standalone Ind AS Financial Statements
include the standalone Ind AS financial statements and our Our objectives are to obtain reasonable assurance about
auditor’s report thereon. whether the standalone Ind AS financial statements as a
whole are free from material misstatement, whether due to
Our opinion on the standalone Ind AS financial statements fraud or error, and to issue an auditor’s report that includes
does not cover the other information and we do not express our opinion. Reasonable assurance is a high level of
any form of assurance conclusion thereon. assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
In connection with our audit of the standalone Ind AS misstatement when it exists. Misstatements can arise from
financial statements, our responsibility is to read the other fraud or error and are considered material if, individually
information and, in doing so, consider whether such other or in the aggregate, they could reasonably be expected to
information is materially inconsistent with the financial influence the economic decisions of users taken on the
statements or our knowledge obtained in the audit or basis of these standalone Ind AS financial statements.
otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a As part of an audit in accordance with SAs, we exercise
material misstatement of this other information, we are professional judgment and maintain professional
required to report that fact. We have nothing to report in skepticism throughout the audit. We also:
this regard.
• Identify and assess the risks of material misstatement of
Responsibilities of Management for the the standalone Ind AS financial statements, whether due
Standalone Ind AS Financial Statements to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
The Company’s Board of Directors is responsible for
that is sufficient and appropriate to provide a basis
the matters stated in section 134(5) of the Act with
for our opinion. The risk of not detecting a material
respect to the preparation of these standalone Ind AS
misstatement resulting from fraud is higher than for
financial statements that give a true and fair view of the
one resulting from error, as fraud may involve collusion,
financial position, financial performance including other
forgery, intentional omissions, misrepresentations, or the
comprehensive income, cash flows and changes in equity of
override of internal control.
the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
• Obtain an understanding of internal control relevant to
Standards (Ind AS) specified under section 133 of the Act
the audit in order to design audit procedures that are
read with the Companies (Indian Accounting Standards)
appropriate in the circumstances. Under section 143(3)
Rules, 2015, as amended. This responsibility also includes
(i) of the Act, we are also responsible for expressing our
maintenance of adequate accounting records in accordance
opinion on whether the Company has adequate internal
with the provisions of the Act for safeguarding of the assets
financial controls with reference to financial statements
of the Company and for preventing and detecting frauds and
in place and the operating effectiveness of such controls.
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
• Evaluate the appropriateness of accounting policies used
are reasonable and prudent; and the design, implementation
and the reasonableness of accounting estimates and
and maintenance of adequate internal financial controls,
related disclosures made by management.
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to
• Conclude on the appropriateness of management’s use
the preparation and presentation of the standalone Ind AS
of the going concern basis of accounting and, based
financial statements that give a true and fair view and are
on the audit evidence obtained, whether a material
free from material misstatement, whether due to fraud
uncertainty exists related to events or conditions that
or error.
may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a
In preparing the standalone Ind AS financial statements,
material uncertainty exists, we are required to draw
management is responsible for assessing the Company’s
attention in our auditor’s report to the related disclosures
ability to continue as a going concern, disclosing, as
in the financial statements or, if such disclosures are
applicable, matters related to going concern and using the
inadequate, to modify our opinion. Our conclusions are
going concern basis of accounting unless management
based on the audit evidence obtained up to the date of
either intends to liquidate the Company or to cease
our auditor’s report. However, future events or conditions
operations, or has no realistic alternative but to do so.
may cause the Company to cease to continue as a
going concern.
329
• Evaluate the overall presentation, structure and of India in terms of sub-section (11) of section 143 of
content of the standalone Ind AS financial statements, the Act, we give in the “Annexure 1” a statement on the
including the disclosures, and whether the standalone matters specified in paragraphs 3 and 4 of the Order.
Ind AS financial statements represent the underlying
transactions and events in a manner that achieves 2. As required by Section 143(3) of the Act, we report that:
fair presentation.
(a) We have sought and obtained all the information
We communicate with those charged with governance and explanations which to the best of our
regarding, among other matters, the planned scope and knowledge and belief were necessary for the
timing of the audit and significant audit findings, including purposes of our audit;
any significant deficiencies in internal control that we
identify during our audit. (b) In our opinion, proper books of account as
required by law have been kept by the Company
We also provide those charged with governance with a so far as it appears from our examination of those
statement that we have complied with relevant ethical books;
requirements regarding independence, and to communicate
with them all relationships and other matters that may (c) The Balance Sheet, the Statement of Profit
reasonably be thought to bear on our independence, and and Loss including the Statement of Other
where applicable, related safeguards. Comprehensive Income, the Cash Flow Statement
and Statement of Changes in Equity dealt with by
From the matters communicated with those charged with this Report are in agreement with the books of
governance, we determine those matters that were of most account;
significance in the audit of the standalone Ind AS financial
statements for the financial year ended 31 March 2023 and (d) In our opinion, the aforesaid standalone Ind AS
are therefore the key audit matters. We describe these matters financial statements comply with the Accounting
in our auditor’s report unless law or regulation precludes Standards specified under Section 133 of the
public disclosure about the matter or when, in extremely Act, read with Companies (Indian Accounting
rare circumstances, we determine that a matter should Standards) Rules, 2015, as amended;
not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to (e) On the basis of the written representations
outweigh the public interest benefits of such communication. received from the directors as on 31 March 2023
taken on record by the Board of Directors, none of
the directors is disqualified as on 31 March 2023
Other Matter
from being appointed as a director in terms of
We did not audit the financial statements and other financial Section 164 (2) of the Act;
information, in respect of an unincorporated joint venture,
whose financial statements include total assets of ` 149 (f) With respect to the adequacy of the internal
as at 31 March 2023, and total revenues of ` 100 Crore, financial controls with reference to these
total net profit after tax of ` 32 Crore, total comprehensive standalone Ind AS financial statements and the
income of ` 32 Crore for the year ended 31 March 2023, and operating effectiveness of such controls, refer to
net cash inflows of ` 0 Crore for the year ended our separate Report in “Annexure 2” to this report;
31 March 2023. These financial statements and other
financial information of the said unincorporated joint (g) In our opinion, the managerial remuneration for
venture have not been audited by other auditors, whose the year ended 31 March 2023 has been paid
unaudited financial statements and other unaudited / provided by the Company to its directors in
financial information have been furnished to us by accordance with the provisions of section 197
the management. Our opinion on the standalone Ind read with Schedule V to the Act;
AS financial statements, in so far as it relates to the
amounts and disclosures included in respect of the said (h) With respect to the other matters to be included in
unincorporated joint venture and our report in terms of the Auditor’s Report in accordance with Rule 11 of
sub‑sections (3) of Section 143 of the Act, in so far as it the Companies (Audit and Auditors) Rules, 2014,
relates to the aforesaid unincorporated joint venture, is as amended in our opinion and to the best of our
based solely on the unaudited information furnished to us information and according to the explanations
by the management. Our opinion is not modified in respect given to us:
of this matter.
i. The Company has disclosed the impact of
Report on Other Legal and Regulatory pending litigations on its financial position in
Requirements its standalone Ind AS financial statements –
Refer Note 38 and Note 44 to the standalone
1. As required by the Companies (Auditor’s Report) Order,
Ind AS financial statements;
2020 (“the Order”), issued by the Central Government
330
ii. The Company did not have any long-term foreign entities (“Funding Parties”), with
contracts including derivative contracts for the understanding, whether recorded in
which there were any material foreseeable writing or otherwise, that the Company
losses; shall, whether, directly or indirectly, lend
or invest in other persons or entities
iii. There has been no delay in transferring identified in any manner whatsoever
amounts, required to be transferred, to the by or on behalf of the Funding Party
Investor Education and Protection Fund by (“Ultimate Beneficiaries”) or provide any
the Company guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and
iv. a) The management has represented
that, to the best of its knowledge c) Based on such audit procedures
and belief, as disclosed in the note performed that have been considered
39 (H) to the standalone Ind AS reasonable and appropriate in the
financial statements, no funds have circumstances, nothing has come to
been advanced or loaned or invested our notice that has caused us to believe
(either from borrowed funds or share that the representations under sub-
premium or any other sources or kind clause (a) and (b) contain any material
of funds) by the Company to or in any misstatement.
other person(s) or entity(ies), including
foreign entities (“Intermediaries”), v. The interim dividend declared and paid by
with the understanding, whether the Company during the year and until the
recorded in writing or otherwise, that date of this audit report is in accordance with
the Intermediary shall, whether, directly section 123 of the Act.
or indirectly lend or invest in other
persons or entities identified in any vi. As proviso to Rule 3(1) of the Companies
manner whatsoever by or on behalf of (Accounts) Rules, 2014 is applicable only
the Company (“Ultimate Beneficiaries”) w.e.f. 01 April 2023 for the company, hence
or provide any guarantee, security the reporting under this clause is not
or the like on behalf of the Ultimate applicable.
Beneficiaries;
b) The management has represented Chartered Accountants
that, to the best of its knowledge and ICAI Firm Registration Number: 301003E/E300005
belief, as disclosed in the note 39(H)
to the standalone Ind AS financial per Vikas Pansari
statements, no funds have been Partner
received by the Company from any Place of Signature: Mumbai Membership Number: 093649
person(s) or entity(ies), including Date: 12 May 2023 UDIN: 23093649BGXPKQ3436
331
ANNEXURE-1
referred to in paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our report of even date
Re: Vedanta Limited

In terms of the information and explanations sought by us and given by the Company and the books of account and records
examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangibles assets.
(b) Property, Plant and Equipment have been physically verified by the management in accordance with a planned
programme of verifying them once in three years which is reasonable having regard to the size of the Company
and the nature of its assets, except for Property, Plant and Equipment located at Tuticorin Plant amounting to
` 1,033 Crore due to suspension of operations since April 2018 (refer Note 3(c)(A)(iii)). No material discrepancies
were noticed on such verification.
(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the lessee) are held in the name of the Company except for the
title deeds of immovable properties as per table below:
Whether
promoter,
Gross carrying Period held Reason for not being held in name
Particulars Held in the name of director or
value since of company
their relative or
employee
Land 53 Erstwhile Company Sterlite No 1965-2012 The title deeds are in the names of
Industries (India) Limited erstwhile Companies that merged
that merged with the with the Company under Section
Company 391 to 394 of the Companies Act,
1956 pursuant to Schemes of
ROU Land 50 Erstwhile Company Sterlite No 1993-2009
Amalgamation and Arrangement
Industries (India) Limited
as approved by the Honourable
that merged with the
High Courts.
Company
Land 20 Erstwhile Company No 2008-2012
Vedanta Aluminium
Limited that merged with
the Company
Land & 1,749 Oil and Natural Gas No 10 April 2009 The title deeds of Oil & Gas
Building Corporation Limited & exploration blocks are jointly
Cairn India Limited (now a owned by the JV partners and are
division of the company) in the name of ONGC the licensee
of these exploration blocks
The original title deeds amounting to ` 68 Crore pertaining to immovable properties have been pledged with
lenders, which have been confirmed by the lenders/trustees.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible
assets during the year ended 31 March 2023
(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The inventory has been physically verified by the management during the year except for inventories aggregating
` 269 Crore lying at Tuticorin plant which is under suspension (refer note 3(c)(A)(iii)) and inventories lying
with third parties amounting to ` 623 Crore. In our opinion, the frequency of verification by the management
is reasonable and the coverage and procedure for such verification is appropriate. Inventories lying with third
parties have been confirmed by them as at 31 March 2023 and no discrepancies were noticed in respect of such
confirmations. Discrepancies of 10% or more in aggregate for each class of inventory were not noticed in respect
of such verification.
332
(b) As disclosed in note 17B to the financial statements, the Company has been sanctioned working capital limits in
excess of ` five Crores in aggregate from banks and financial institutions during the year on the basis of security of
current assets of the Company. Based on the records examined by us in the normal course of audit of the financial
statements, the quarterly returns/statements filed by the Company with such banks and financial institutions are
in agreement with the audited books of accounts of the Company.
(iii) (a) During the year the Company has provided loans and stood guarantee to companies as follows:
Particulars (` In Crores) Guarantees Loans

Aggregate amount granted/ provided during the year
- Subsidiaries 1,174 543
Balance outstanding as at balance sheet date (including opening balances)
- Subsidiaries 9,541 630
- Ultimate parent company 115 -
- Other Parties - 53
The Company has not provided any security and advances in the nature of loans during the year.
(b) During the year the investments made, guarantees provided, and the terms and conditions of the grant of all
loans and guarantees provided to companies or any other party are not prejudicial to the Company's interest. The
Company has not given any security and has not granted any advances in nature of loans during the year.
(c) The Company has granted loans during the year to its wholly owned subsidiaries where the schedule of repayment
of principal and payment of interest has been stipulated and the repayment or receipts are regular. The Company
has not granted any advances in nature of loans during the year.
(d) There are no amounts of loans and advances in the nature of loans granted to companies, firms, limited liability
partnerships or any other parties which are overdue for more than ninety days.
(e) During the year, the Company had renewed loans to its wholly owned subsidiaries to settle the loans which had
fallen due during the year.
The aggregate amount of such dues renewed by fresh loans and the percentage of the aggregate to the total loans
or advances in the nature of loans granted during the year are as follows:
Aggregate
amount of loans Aggregate overdue amount
Percentage of the aggregate
or advances in settled by renewal or
to the total loans or advances
Name of the parties the nature of extension or by fresh loans
in the nature of loans granted
loans granted granted to same parties
during the year
during the year (INR Crore)
(in INR Crore)*
Malco Energy Limited (MEL) 503 147 29%
Sesa Mining Corporation 4 4 100%
Limited (SMCL)
Vizag General Cargo Berth 19 19 100%
Private limited (VGCB)
* loan renewed/ extended is considered as new loan granted during the year for the purpose of reporting under this clause
(f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without
specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other
parties. Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.
333
(iv) There are no loans, investments, guarantees, and (ix) (a) The Company has not defaulted in repayment of
security in respect of which provisions of sections 185 loans or other borrowings or in the payment of
of the Companies Act, 2013 are applicable. and hence interest thereon to any lender.
not commented upon. Loans, investments, guarantees
and security in respect of which provisions of Section (b) The Company has not been declared wilful
186 of the Companies Act, 2013 are applicable have defaulter by any bank or financial institution or
been complied with by the Company. government or any government authority.
(v) The Company has neither accepted any deposits (c) Term loans were applied for the purpose for which
from the public nor accepted any amounts which are the loans were obtained
deemed to be deposits during the year. However, in
regard to the unclaimed deposits the Company has (d) On an overall examination of the financial
complied with the provisions of Sections 73 to 76 of statements of the Company, the Company has
the Act and the rules made thereunder, to the extent used funds raised on short-term basis in the form
applicable. We are informed by the management that of working capital and short term borrowings from
no order has been passed by the Company Law Board, banks aggregating to ` 4,645 Crore for long-term
National Company Law Tribunal or Reserve Bank of purposes representing acquisition of property
India or any Court or any other Tribunal in this regard.
plant and equipment.
(vi) We have broadly reviewed the books of account
maintained by the Company pursuant to the rules (e) On an overall examination of the financial
made by the Central Government for the maintenance statements of the Company, the Company has
of cost records under section 148(1) of the Companies not taken any funds from any entity or person
Act, 2013, related to the manufacture of goods and on account of or to meet the obligations of its
generation of electricity, and are of the opinion that subsidiaries, associates or joint ventures.
prima facie, the specified accounts and records have
been made and maintained. We have not, however, (f) The Company has not raised loans during the year
made a detailed examination of the same. on the pledge of securities held in its subsidiaries,
joint ventures or associate companies. Hence, the
(vii) (a) Undisputed statutory dues including goods and requirement to report on clause (ix)(f) of the Order
services tax, provident fund, employees’ state is not applicable to the Company.
insurance, income-tax, sales-tax, service tax,
duty of custom, duty of excise, value added tax, (x) (a) The Company has not raised any money during
cess and other statutory dues have generally the year by way of initial public offer / further
been regularly deposited with the appropriate public offer (including debt instruments) hence,
authorities though there has been a slight delay the requirement to report on clause 3(x)(a) of the
in a few cases. According to the information and Order is not applicable to the Company.
explanations given to us and based on audit
procedures performed by us, no undisputed dues (b) The Company has not made any preferential
in respect of goods and services tax, provident allotment or private placement of shares /fully
fund, employees’ state insurance, income-tax, or partially or optionally convertible debentures
service tax, sales-tax, duty of custom, duty of during the year under audit and hence, the
excise, value added tax, cess and other statutory requirement to report on clause 3(x)(b) of the
dues which were outstanding, at the year end, for Order is not applicable to the Company.
a period of more than six months from the date
they became payable. (xi) (a) No fraud by the Company or no material fraud on
the Company has been noticed or reported during
(vii) (b) The dues of goods and services tax, provident
the year.
fund, employees’ state insurance, income-tax,
sales-tax, service tax, duty of custom, duty of
(b) During the year, no report under sub-section (12)
excise, value added tax, cess, and other statutory
of section 143 of the Companies Act, 2013 has
dues have not been deposited on account of any
been filed by cost auditor and secretarial auditor
dispute as listed in Appendix-1 at the end of
or by us in Form ADT – 4 as prescribed under Rule
this report.
13 of Companies (Audit and Auditors) Rules, 2014
(viii) The Company has not surrendered or disclosed any with the Central Government.
transaction, previously unrecorded in the books of
account, in the tax assessments under the Income Tax (c) We have taken into consideration the whistle
Act, 1961 as income during the year. Accordingly, the blower complaints received by the Company
requirement to report on clause 3(viii) of the Order is during the year while determining the nature,
not applicable to the Company. timing and extent of audit procedures.
334
(xii) The Company is not a nidhi Company as per the financial liabilities, other information accompanying
provisions of the Companies Act, 2013. Therefore, the the financial statements, our knowledge of the Board
requirement to report on clause 3(xii)(a), (b) & (c) of the of Directors and management plans and based on
Order is not applicable to the Company. our examination of the evidence supporting the
assumptions, nothing has come to our attention, which
(xiii) Transactions with the related parties are in compliance causes us to believe that any material uncertainty
with sections 177 and 188 of Companies Act, 2013 exists as on the date of the audit report that Company
where applicable and the details have been disclosed is not capable of meeting its liabilities existing at the
in the notes to the financial statements, as required by date of balance sheet as and when they fall due within
the applicable accounting standards. a period of one year from the balance sheet date. We,
however, state that this is not an assurance as to the
(xiv) (a) The Company has an internal audit system future viability of the Company. We further state that
commensurate with the size and nature of its our reporting is based on the facts up to the date of
business. the audit report and we neither give any guarantee nor
any assurance that all liabilities falling due within a
(b) The internal audit reports of the Company issued period of one year from the balance sheet date, will get
till the date of the audit report, for the period discharged by the Company as and when they fall due.
under audit have been considered by us.
(xx) (a) In respect of other than ongoing projects, there
(xv) The Company has not entered into any non-cash are no unspent amounts that are required to be
transactions with its directors or persons connected transferred to a fund specified in Schedule VII of
with its directors and hence requirement to report the Companies Act (the Act), in compliance with
on clause 3(xv) of the Order is not applicable to the second proviso to sub section 5 of section 135 of
Company. the Act. This matter has been disclosed in note 41
(a) to the financial statements.
(xvi) The provisions of section 45-IA of the Reserve Bank
of India Act, 1934 (2 of 1934) are not applicable to (b) There are no unspent amounts in respect
the Company. Accordingly, the requirement to report of ongoing projects, that are required to be
on clause (xvi)(a), (b), (c) & (d) of the Order is not transferred to a special account in compliance
applicable to the Company. of provision of sub section (6) of section 135 of
Companies Act. This matter has been disclosed in
(xvii) The Company has not incurred cash losses in the note 41 (a) to the financial statements.
current financial year.
(xviii)There has been no resignation of the statutory For S.R. Batliboi & Co. LLP
auditors during the year and accordingly requirement Chartered Accountants
to report on Clause 3(xviii) of the Order is not ICAI Firm Registration Number: 301003E/E300005
applicable to the Company
per Vikas Pansari
(xix) On the basis of the financial ratios disclosed in note Partner
42 to the financial statements, ageing and expected Place of Signature: Mumbai Membership Number: 093649
dates of realization of financial assets and payment of Date: 12 May 2023 UDIN: 23093649BGXPKQ3436
335
APPENDIX-1
Dues not deposited on account of dispute
(Amount in INR Crore)
31 March Period to which the
Name of the statute Nature of the dues Forum where the dispute is pending
2023 amount relates
Income Tax Act, 1961 Income tax 729.11 AY 2006-07 ; 2008-09 Commissioner of Income Tax (Appeals)
to 2013-14
Income Tax Act, 1961 Income tax 30.35 1999-00, 2008-09, Not applicable as application filed for rectification
2009-10
Income Tax Act, 1961 Income tax 2,014.30 2002-03; 2004-05 to Income Tax Appellate Tribunal
2009-10; 2014-15,
2015-16
Income Tax Act, 1961 Income tax 1,493.06 2007-08 to 2013-14; High Court
2019-20
Income Tax Act, 1961 Income tax 205.82 2007-08 Supreme Court
Custom Act, 1962 Customs duty on 47.99 FY 2017-18: FY 2018; Commissioner of Customs
exports 2004-05 to 2009-10
and 2013-14 and
2019-20
Custom Act, 1962 Customs duty on 116.99 FY 2004-05 to CESTAT
exports 2013-14
Custom Act, 1962 Customs duty on 89.4 FY 2015-16 to Assistant Commissioner
exports FY 2019-20
Custom Act, 1962 Customs Duty 0.18 1996-97, 2005-10, Supreme Court
2015
Custom Act, 1962 Customs Duty 47.34 2005-06 to 2006-07 High Court
Custom Act, 1962 Customs Duty - 2012-13 Deputy Commissioner, Customs
Custom Act, 1962 Customs Duty - 2012-13 to 2016-17; CESTAT
2018-19; 2019-20
Custom Act, 1962 Customs Duty 7.67 2012-13 Commissioner, Appeals
Central Excise Act, 1944 Cess Demand - Excess 0.04 02 June to 03 August CESTAT
quantity of Crude Oil
Central Excise Act, 1944 Demand of Edu.Cess 49.5 December 2013 to CESTAT
& Hr. Sec. Cess on Oil February 2015
Cess
Central Excise Act, 1944 Excise duty 142 1997-98 to 2012-13; CESTAT
FY 2014-15; 2017-18
and 2018-19
Central Excise Act, 1944 Excise Duty 21.73 2017-18 Assistant Commissioner
Central Excise Act, 1944 Penalty for Non 0.4 November 2007 to Additional Commissioner
payment of NCCD in July 2008
time
Central Excise Act, 1944 Excise duty 8.34 FY 1997-2013 Commissioner of Central Excise /Jt.Commisioner
Central Excise Act, 1944 Excise duty - FY 2020-21 Commissioner Appeals
Central Excise Act, 1944 Excise duty 4.53 2000-2006 High Court
Central Sales Tax, 1956 Sales tax 13.56 FY 2004-17; 2019-20 Additional Commissioner
Central Sales Tax, 1956 Sales Tax 1.69 2012-2020 Assistant Commissioner
Central Sales Tax, 1956 Sales Tax 0.02 2019-20 Assistant CTO
Central Sales Tax Act / Sales Tax 0.03 FY 14-15 & 15-16 Joint Commissioner of Commercial Tax
Gujarat VAT Act
Central Sales Tax Act / Sales Tax 0.11 2012-2015 Dy. Commissioner Appeals/Tribunal
Andhra Pradesh VAT Act
Central Sales Tax, 1956 Sales tax 1.84 FY 2008-12 VAT Tribunal
Central Sales Tax, 1956 Sales tax 18.39 98-99(CST); FY 2009- High Court
10; FY 2010-11
Central Sales Tax, 1956 Sales tax 16.15 2007-08 to 2014-15 Tamil Nadu Sales tax Tribunal
336
31 March Period to which the

Name of the statute Nature of the dues Forum where the dispute is pending
2023 amount relates
Central Sales Tax, 1956 Sales Tax 5.35 October 2015 to Dy. Commissioner
June 2017
Central Sales Tax, 1956 Sales Tax - 2014-15 Commercial tax board, Rajasthan
Electricity Duty Electricity Duty - 2017-18 to 2020-21 High Court
Entry Tax Act, 1976 Entry Tax 475.32 April 2007 to June High Court
2017
Entry Tax Act, 1976 Entry Tax 0.93 18 August 2013- Additional commissioner of commercial taxes
31 March 2015
Entry Tax Act, 1976 Entry Tax - October 2015 to Dy. Commissioner
June 2017
Entry Tax Act, 1976 Entry Tax - FY 2008-12 Joint Commissioner of Commercial Tax
Energy Cess Energy Cess 38.28 2014-19 High Court
Finance Act, 1994 Service tax 27.84 FY 2015-2016 to Assistant Commissioner (Central Tax) Audit
FY 2016-18
Finance Act, 1994 Service tax 209.22 2006-2017 and 2017- CESTAT
18 (Till 30 June 2017)
Finance Act, 1994 Service tax 18.55 FY 2016-17 Directorate General of Goods & Service Tax
Intelligance
Finance Act, 1994 Service Tax - 2007-13 Commissioner of Central Excise/Jt.Commissioner
Finance Act, 1994 Service Tax 23.51 FY 2006-07, 2007-08; High Court
FY 2016-17
Foreign Development Tax Forest Development tax 394.75 FY 2008 to till date Supreme Court
& Foreign Development
Fund
Goa Rural Improvement & Cess 126.52 FY 2010 to till date High court
Welfare Cess Act,2000
Goods and Service tax , GST 0.51 2018-19 Appellate authority
2017
Goods and Service tax , GST - 2017-18 Additional Commissioner of Central Tax, GST & CX
2017 Commissionarate
MMRDA Royalty 110.16 FY 2013-14 High Court
MMRDA Forest lease rent - FY 2009 High Court
Railways Act 1971 and Stacking and Warfare 4.09 FY 2010 High Court
wagon investment charge
scheme
Value Added Tax Act,2006 Value Added Tax 52.87 2007-08 to 2014-15 Commissioner
Value Added Tax Act,2006 Value Added Tax 0.34 October 2015 to Dy. Commissioner
June 2017
Value Added Tax Act,2006 Value Added Tax 321.92 1998-99 to 2014-15; High Court
2015-16, 2016-17
Total 6,870.70
337
ANNEXURE 2
to the Independent Auditor’s Report of even date on the Ind As Standalone Financial Statements of Vedanta Limted
Report on the Internal Financial Controls under effectiveness. Our audit of internal financial controls over
Clause (i) of Sub-section 3 of Section 143 of the financial reporting included obtaining an understanding
Companies Act, 2013 (“the Act”) of internal financial controls over financial reporting
with reference to these standalone financial statements,
We have audited the internal financial controls over
assessing the risk that a material weakness exists,
financial reporting of Vedanta Limited (“the Company”)
and testing and evaluating the design and operating
as of 31 March 2023 in conjunction with our audit of the
effectiveness of internal control based on the assessed
standalone Ind AS financial statements of the Company for
risk. The procedures selected depend on the auditor’s
the year ended on that date.
judgement, including the assessment of the risks of
material misstatement of the financial statements, whether
Management’s Responsibility for Internal due to fraud or error.
Financial Controls
The Company’s Management is responsible for establishing We believe that the audit evidence we have obtained is
and maintaining internal financial controls based on the sufficient and appropriate to provide a basis for our audit
internal control over financial reporting criteria established opinion on the internal financial controls over financial
by the Company considering the essential components reporting with reference to these standalone financial
of internal control stated in the Committee of Sponsoring statements.
Organisations of the Treadway Commission (2013
Framework) (“COSO 2013 Criteria”). These responsibilities Meaning of Internal Financial Controls Over
include the design, implementation and maintenance of Financial Reporting With Reference to these
adequate internal financial controls that were operating Financial Statements
effectively for ensuring the orderly and efficient conduct of
A company's internal financial control over financial
its business, including adherence to the Company’s policies,
reporting with reference to these standalone financial
the safeguarding of its assets, the prevention and detection
statements is a process designed to provide reasonable
of frauds and errors, the accuracy and completeness of the
assurance regarding the reliability of financial reporting
accounting records, and the timely preparation of reliable
and the preparation of financial statements for external
financial information, as required under the Companies Act,
purposes in accordance with generally accepted
2013.
accounting principles. A company's internal financial
control over financial reporting with reference to these
Auditor’s Responsibility standalone financial statements includes those policies and
Our responsibility is to express an opinion on the procedures that (1) pertain to the maintenance of records
Company's internal financial controls over financial that, in reasonable detail, accurately and fairly reflect the
reporting with reference to these standalone financial transactions and dispositions of the assets of the company;
statements based on our audit. We conducted our audit (2) provide reasonable assurance that transactions are
in accordance with the Guidance Note on Audit of Internal recorded as necessary to permit preparation of financial
Financial Controls Over Financial Reporting (the “Guidance statements in accordance with generally accepted
Note”) and the Standards on Auditing as specified under accounting principles, and that receipts and expenditures
section 143(10) of the Companies Act, 2013, to the extent of the company are being made only in accordance with
applicable to an audit of internal financial controls and, authorisations of management and directors of the
both issued by the Institute of Chartered Accountants of company; and (3) provide reasonable assurance regarding
India. Those Standards and the Guidance Note require that prevention or timely detection of unauthorised acquisition,
we comply with ethical requirements and plan and perform use, or disposition of the company's assets that could have
the audit to obtain reasonable assurance about whether a material effect on the financial statements.
adequate internal financial controls over financial reporting
with reference to these standalone financial statements Inherent Limitations of Internal Financial
was established and maintained and if such controls Controls Over Financial Reporting With
operated effectively in all material respects.
Reference to these Standalone Financial
Our audit involves performing procedures to obtain audit
Statements
evidence about the adequacy of the internal financial Because of the inherent limitations of internal financial
controls over financial reporting with reference to these controls over financial reporting with reference to these
standalone financial statements and their operating standalone financial statements, including the possibility
338
of collusion or improper management override of controls, such internal financial controls over financial reporting with
material misstatements due to error or fraud may occur reference to these standalone financial statements were
and not be detected. Also, projections of any evaluation of operating effectively as at 31 March 2023 based on the
the internal financial controls over financial reporting with internal control over financial reporting criteria established
reference to these standalone financial statements to future by the Company considering the essential components of
periods are subject to the risk that the internal financial internal control stated in COSO 2013 criteria.
standalone financial statements may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Opinion per Vikas Pansari

In our opinion, the Company has, in all material respects, Partner
adequate internal financial controls over financial reporting Place of Signature: Mumbai Membership Number: 093649
with reference to these standalone financial statements and Date: 12 May 2023 UDIN: 23093649BGXPKQ3436
339
BALANCE SHEET
As at 31 March 2023
(` in Crore)
As at As at
Particulars Note
31 March 2023 31 March 2022
ASSETS
Non-current assets
Property, Plant and Equipment 5 40,488 39,490
Capital work-in-progress 5 10,090 9,226
Intangible assets 5 834 26
Exploration intangible assets under development 5 2,094 1,488
Financial assets
Investments 6A 59,872 60,881
Trade receivables 7 847 1,075
Loans 8 126 154
Others 9 2,679 1,677
Deferred tax assets (net) 35 5,295 1,118
Income tax assets (net) 35 1,311 1,800
Other non-current assets 10 2,046 2,214
Total non-current assets 1,25,682 1,19,149
Current assets
Inventories 11 8,217 8,563
Financial assets
Investments 6B 4,973 585
Trade receivables 7 1,694 2,328
Cash and cash equivalents 12 5,147 5,518
Other bank balances 13 318 1,393
Loans 8 507 365
Derivatives 22 98 249
Others 9 7,240 7,394
Income tax assets (net) 190 -
Other current assets 10 4,717 3,197
Total current assets 33,101 29,592
Total Assets 1,58,783 1,48,741
EQUITY AND LIABILITIES
Equity
Equity Share Capital 14 372 372
Other Equity 15 67,440 77,277
Total Equity 67,812 77,649
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 17A 32,606 23,421
Lease liabilities 21 51 57
Derivatives 22 20 6
Other financial liabilities 20 - 192
Provisions 24 1,373 1,268
Other non-current liabilities 23 2,364 2,751
Total non-current liabilities 36,414 27,695
Current Liabilities
Borrowings 17B 9,417 13,275
Operational buyers' credit / suppliers' credit 19 10,485 9,261
Trade payables 18
(a) Total outstanding dues of micro, small and medium enterprises 218 195
(b) Total outstanding dues of creditors other than micro, small and medium enterprises 5,436 5,329
Other financial liabilities 20 18,425 9,802
Provisions 24 129 158
Income tax liabilities (net) 1,025 601
Other current liabilities 23 9,225 4,474
Total current liabilities 54,557 43,397
Total Equity and Liabilities 1,58,783 1,48,741
See accompanying notes to the financial statements
As per our report of even date For and on behalf of the Board of Directors
For S.R. Batliboi & Co. LLP Navin Agarwal Sunil Duggal
Chartered Accountants Executive Vice-Chairman and Whole-Time Director and Group
ICAI Firm Registration No. 301003E/E300005 Whole-Time Director Chief Executive Officer
DIN 00006303 DIN 07291685
per Vikas Pansari Prerna Halwasiya
Partner Company Secretary and Compliance Officer
Membership No:093649 ICSI Membership No. A20856
Place: Mumbai Place: Mumbai
Date: 12 May 2023 Date: 12 May 2023
340
STATEMENT OF PROFIT AND LOSS

For the year ended 31 March 2023
(` in Crore)
Year ended Year ended
Particulars Note
31 March 2023 31 March 2022
Revenue from operations 28 67,193 62,801
Other operating income 29 887 476
Other income 30 21,262 8,347
Total Income 89,342 71,624
Expenses:
Cost of materials consumed 27,619 23,976
Purchases of stock-in-trade 173 228
Changes in inventories of finished goods, work-in-progress and stock-in-trade 31 581 (1,172)
Power and fuel charges 17,019 11,649
Employee benefits expense 26 926 867
Finance costs 32 4,384 3,146
Depreciation, depletion and amortisation expense 5 3,661 2,945
Other expenses 33 12,322 10,051
Total expenses 66,685 51,690
Profit before exceptional items and tax 22,657 19,934
Net exceptional gain/ (loss) 34 4,353 (318)
Profit before tax 27,010 19,616
Tax (benefit)/ expense: 35
On other than exceptional items
Net current tax expense 3,790 3,505
Net deferred tax benefit, including tax credits (4,033) (1,023)
On exceptional items
Net current tax benefit (50) (281)
Net deferred tax (benefit)/ expense (53) 170
Net tax (benefit)/expense (346) 2,371
Net Profit after tax (A) 27,356 17,245
Net Profit after tax before exceptional items (net of tax) 22,900 17,452
Other Comprehensive income
Items that will not be reclassified to profit or loss
Re-measurements loss of defined benefit plans (15) (23)
Tax benefit 6 8
(Loss)/ Gain on FVOCI equity investment (37) 15
(46) 0
Items that will be reclassified to profit or loss
Net gain/ (loss) on cash flow hedges recognised during the year 2,418 (142)
Tax (expense)/ benefit (846) 51
Net (loss)/ gain on cash flow hedges recycled to statement of profit and loss (2,554) 375
Tax benefit/ (expense) 893 (131)
Exchange differences on translation 518 174
Tax benefit 36 6
465 333
Total Other Comprehensive Income for the year (B) 419 333
Total Comprehensive Income for the year (A+B) 27,775 17,578
Earnings per share (in `)
- Basic & Diluted 36 73.54 46.36
DIN 00006303 DIN 07291685
341
STATEMENT OF CASH FLOWS

(` in Crore)
Particulars
31 March 2023 31 March 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 27,010 19,616
Adjustments for:
Depreciation, depletion and amortisation 3,703 2,968
Reversal of impairment on assets/ capital work-in-progress written off (net) (18) (1,346)
Reversal of impairment on investments (4,694) -
Provision for doubtful debts/ advance/ bad debts written off 436 239
Liabilities written back (62) -
Exploration costs written off 315 1,412
Other exceptional items - 252
Fair Value gain on financial assets held at fair value through profit or loss (44) (1)
Net gain on sale of long term investments in subsidiary (Refer Note 34(b)) (183) (16)
Loss/ (Profit) on sale/ discard of property, plant and equipment (net) 21 (129)
Foreign exchange loss (net) 251 146
Unwinding of discount on decommissioning liability 30 24
Share based payment expense 48 29
Interest income (348) (221)
Dividend income (20,711) (7,829)
Interest expense 4,354 3,123
Deferred government grant (81) (78)
Changes in assets and liabilities
Decrease/ (Increase) in trade and other receivables 204 (4,996)
Decrease/ (Increase) in inventories 377 (3,008)
Increase in trade and other payable 4,911 5,064
Cash generated from operations 15,519 15,249
Income taxes paid (net) (3,028) (2,685)
Net cash generated from operating activities 12,491 12,564
CASH FLOWS FROM INVESTING ACTIVITES
Purchases of property, plant and equipment (including intangibles) (6,080) (3,674)
Proceeds from sale of property, plant and equipment 41 268
Loans given to related parties (Refer Note 39) (543) (383)
Loans repaid by related parties (Refer Note 39) 475 567
Deposits made (889) (1,067)
Proceeds from redemption of deposits 1,439 1,285
Short term investments made (50,153) (25,777)
Proceeds from sale of short-term investments 48,995 27,230
Interest received 346 206
Dividends received 20,711 7,829
Payment made to site restoration fund (60) (76)
Advance given for acquisition (Refer Note 3(d) and 39) (565) -
Purchase of long term investments (Refer Note 39) (70) (0)
Sale of long term investments in subsidiary (Refer Note 34(b)) 2,665 -
Net cash generated from investing activities 16,312 6,408
342
STATEMENT OF CASH FLOWS

(` in Crore)
Particulars
31 March 2023 31 March 2022
CASH FLOWS FROM FINANCING ACTIVITIES
(Repayment)/ proceeds from short-term borrowings (net) (900) 816
Proceeds from current borrowings 9,583 8,868
Repayment of current borrowings (12,247) (4,066)
Proceeds from long-term borrowings 15,333 18,942
Repayment of long-term borrowings (6,593) (20,250)
Interest paid (4,369) (3,872)
Payment of dividends to equity holders of the Company (net of tax) (29,959) (16,689)
Payment of lease liabilities (22) (64)
Net cash used in financing activities (29,174) (16,315)
Net (decrease)/ increase in cash and cash equivalents (371) 2,657
Cash and cash equivalents at the beginning of the year 5,518 2,861
Cash and cash equivalents at the end of the year (Refer note 12) 5,147 5,518
Notes :
1. The figures in parentheses indicate 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
DIN 00006303 DIN 07291685
343
STATEMENT OF CHANGES IN EQUITY

A. Equity Share Capital

Number of shares Amount
Equity shares of ` 1/- each issued, subscribed and fully paid up
(in Crore) (` in Crore)
As at 31 March 2023, 31 March 2022 and 31 March 2021* 372 372
*There are no prior period errors for the years ended 31 March 2022 and 31 March 2021.
B. Other Equity
(` in Crore)
Reserves and Surplus Items of Other comprehensive income
Other Foreign Total other
Particulars Equity
Capital Securities Retained reserves Hedging currency equity
instruments
reserve premium earnings (Refer reserve translation
through OCI
below) reserve
Balance as at 01 April 2021 26,027 19,009 13,038 16,443 93 (39) 1,847 76,418
Profit for the year - - 17,245 - - - - 17,245
Other comprehensive income - - (15) - 15 153 180 333
for the year, net of tax
Total Comprehensive Income - - 17,230 - 15 153 180 17,578
for the year
Transfer from debenture - - 557 (557) - - - -
redemption reserve
Recognition of share based - - - 43 - - - 43
payment
Stock options cancelled - - 24 (34) - - - (10)
during the year
Exercise of stock options - - (20) (43) - - - (63)
Dividends (Refer note 37) - - (16,689) - - - - (16,689)
Balance as at 31 March 2022 26,027 19,009 14,140 15,852 108 114 2,027 77,277
Profit for the year - - 27,356 - - - - 27,356
Other comprehensive income - - (9) - (37) (89) 554 419
for the year, net of tax
Total Comprehensive Income - - 27,347 - (37) (89) 554 27,775
for the year
Recognition of share based - - - 85 - - - 85
payment
Stock options cancelled - - 8 (15) - - - (7)
during the year
Exercise of stock options - - (80) (38) - - - (118)
Dividends (net of tax) (Refer - - (37,572) - - - - (37,572)
note 37)
Balance as at 31 March 2023 26,027 19,009 3,843 15,884 71 25 2,581 67,440
344
STATEMENT OF CHANGES IN EQUITY

Other reserves comprises:

(` in Crore)
Preference
Capital Debenture Share Based
share Amalgamation General
Particulars redemption redemption Payment Total
redemption Reserve reserve
reserve reserve Reserve
reserve
Balance as at 01 April 2021 38 557 3,087 3 12,587 171 16,443
Transfer to retained earnings - (557) - - - - (557)
Recognition of share based - - - - - 43 43
payment
Stock options cancelled - - - - - (34) (34)
during the year
Exercise of stock options - - - - - (43) (43)
Balance as at 31 March 2022 38 - 3,087 3 12,587 137 15,852
Recognition of share based - - - - - 85 85
payment
Stock options cancelled - - - - - (15) (15)
during the year
Exercise of stock options - - - - - (38) (38)
Balance as at 31 March 2023 38 - 3,087 3 12,587 169 15,884
DIN 00006303 DIN 07291685
345
NOTES
forming part of the financial statements as at and for the year ended 31 March 2023
1 Company overview: Bicholim mine and has received the Letter of Intent
Vedanta Limited (“the Company”) is a diversified natural (LOI) from the Government of Goa.
resource company engaged in exploring, extracting and • The Company’s copper business is principally
processing minerals and oil and gas. The Company one of custom smelting and includes captive
engages in the exploration, production and sale of oil power plants at Tuticorin in Southern India. The
and gas, aluminium, copper, iron ore and power. Company's copper business in Tamil Nadu, India
has received an order from the Tamil Nadu Pollution
The Company was incorporated on 08 September 1975 Control Board (“TNPCB”) on 09 April 2018, rejecting
under the laws of the Republic of India. The registered the Company’s application for renewal of consent
office of the Company is situated at 1st Floor, ‘C’ wing, to operate under the Air and Water Acts for the
Unit 103, Corporate Avenue, Atul Projects, Chakala, 400,000 tpa copper smelter plant in Tuticorin for
Andheri (East), Mumbai-400093, Maharashtra. The want of further clarification and consequently the
Company’s shares are listed on National Stock operations were suspended. The Company has filed
Exchange ("NSE") and Bombay Stock Exchange ("BSE") an appeal with TNPCB Appellate authority against
in India. In June 2007, the Company completed its the said order. During the pendency of the appeal,
initial public offering of American Depositary Shares, or TNPCB through its order dated 23 May 2018 ordered
ADS, each representing four equity shares, and listed for disconnection of electricity supply and closure
its ADSs on the New York Stock Exchange ("NYSE"). of copper smelter plant. Post such order, the state
government on 28 May 2018 ordered the permanent
The ADSs of the Company have been delisted from closure of the plant. We continue to engage with
NYSE effective close of trading on NYSE on 08 the Government of India and relevant authorities to
November 2021. The Company has been deregistered enable the restart of operations at Copper India.
from SEC under the Exchange Act effective 01 March
2023. Further, the Company’s copper business includes
refinery and rod plant Silvassa consisting of
The Company is majority owned by Twin Star Holdings a 133,000 MT of blister/ secondary material
Limited (“Twin Star”), Finsider International Company processing plant, a 216,000 tpa copper refinery plant
Limited (“Finsider”), Vedanta Holdings Mauritius and a copper rod mill with an installed capacity
II Limited ("VHM2L"), Vedanta Holdings Mauritius of 258,000 tpa. The plant continues to operate as
Limited ("VHML"), Welter Trading Limited (“Welter”) and usual, catering to the domestic market. (Refer note
Vedanta Netherlands Investments BV (“VNIBV”) which 3(c)(A)(iii)).
are in turn wholly-owned subsidiaries of Vedanta
Resources Limited ("VRL"), a company incorporated in • The Company’s aluminium business include a
the United Kingdom. VRL, through its subsidiaries, held refinery and captive power plant at Lanjigarh and
68.11% a smelter and captive power plants at Jharsuguda
(31 March 2022: 69.69%) of the Company's equity as at both situated in the State of Odisha in Eastern India.
31 March 2023. • The Company’s power operations include a thermal
coal-based commercial power facility of 600 MW at
Details of Company’s various businesses are as Jharsuguda in the State of Odisha in Eastern India.
follows:
• The Company’s oil and gas business consists Besides the above, the Company has business interest
of business of exploration and development and in zinc, lead, silver, iron ore, steel, ferro alloys and other
production of oil and gas. products and services through its subsidiaries in India
and overseas.
• The Company’s iron ore business consists of iron
ore exploration, mining and processing of iron ore, These are the Company’s separate financial
pig iron and metallurgical coke. The Company has statements.
iron ore mining operations in the States of Goa and
Karnataka. Pursuant to Honourable Supreme Court
2 Basis of preparation and basis of
of India order, mining operations in the state of
measurement of financial statements
Goa were suspended. During the current year, the
Government of Goa has initiated auction of mines in (a) Basis of preparation
which the Company has participated. The Company i) These financial statements have been prepared
has been declared as the principal bidder for the in accordance with Indian Accounting Standards
346
NOTES
(Ind AS) notified under the Companies (Indian to be entitled in exchange for those goods or
Accounting Standards) Rules, 2015 and other services. Revenue is recognised net of discounts,
relevant provisions of the Companies Act, volume rebates, outgoing sales taxes/ goods and
2013 (the Act) (as amended from time to time), service tax and other indirect taxes. Revenues
guidelines issued by the Securities and Exchange from sale of by-products are included in revenue.
Board of India (“SEBI”) and Guidance Note on
Accounting for Oil and Gas Producing Activities Certain of the Company's sales contracts provide
issued by the Institute of Chartered Accountants for provisional pricing based on the price on the
of India. London Metal Exchange (LME) and crude index,
as specified in the contract. Revenue in respect
These financial statements have been prepared in of such contracts is recognised when control
accordance with the accounting policies, set out passes to the customer and is measured at the
below and were consistently applied to all periods amount the entity expects to be entitled – being
presented unless otherwise stated. the estimate of the price expected to be received
at the end of the measurement period. Post
These financial statements are approved for issue transfer of control of goods, provisional pricing
by the Board of Directors on 12 May 2023. The features are accounted in accordance with Ind
revision to these financial statements is permitted AS 109 ‘Financial Instruments’ rather than Ind
by the Board of Directors after obtaining necessary AS 115 'Revenue from contracts with customers'
approvals or at the instance of regulatory and therefore the Ind AS 115 rules on variable
authorities as per provisions of the Act. consideration do not apply. These ‘provisional
pricing’ adjustments, i.e., the consideration
All financial information presented in Indian adjusted post transfer of control are included
Rupee has been rounded off to the nearest Crore in total revenue from operations on the face of
except when indicated otherwise. Amounts less the statement of profit and loss and disclosed
than ` 0.50 Crore have been presented as “0”. by way of note to the financial statements. Final
settlement of the price is based on the applicable
ii) Certain comparative figures appearing in these
price for a specified future period. The Company’s
financial statements have been regrouped and/
provisionally priced sales are marked to market
or reclassified to better reflect the nature of
using the relevant forward prices for the future
those items.
period specified in the contract and is adjusted
in revenue.
(b) Basis of measurement
The financial statements have been prepared on a Revenue from oil, gas and condensate sales
going concern basis using historical cost convention represent the Company’s share in the revenue
and on an accrual method of accounting, except from sale of such products, by the joint
for certain financial assets and liabilities which are operations, and is recognised as and when
measured at fair value as explained in the accounting control in these products gets transferred to the
policies below. customers. In computing its share of revenue, the
Company excludes government’s share of profit
3 a) Significant accounting policies oil which gets accounted for when the obligation
(A) Revenue recognition in respect of the same arises.
• Sale of goods/rendering of services (including
Revenue from sale of power is recognised when
revenue from contracts with customers)
delivered and measured based on rates as per
The Company's revenue from contracts with bilateral contractual agreements with buyers and
customers is mainly from the sale of oil and at a rate arrived at based on the principles laid
gas, aluminium, copper, iron ore and power. down under the relevant Tariff Regulations as
Revenue from contracts with customers is notified by the regulatory bodies, as applicable.
recognised when control of the goods or services
is transferred to the customer as per terms of A contract asset is the right to consideration in
contract, which usually is on delivery of the goods exchange for goods or services transferred to the
to the shipping agent at an amount that reflects customer. If the Company performs part of its
the consideration to which the Company expects obligation by transferring goods or services to a
347
NOTES
customer before the customer pays consideration dividend will flow to the Company, and the amount
or before payment is due, a contract asset is of the dividend can be measured reliably.
recognised for the earned consideration when
that right is conditional on the Company’s (B) Property, plant and equipment
future performance. i) Mining properties and leases
When a decision is taken that a mining property
A contract liability is the obligation to transfer is viable for commercial production (i.e., when the
goods or services to a customer for which the Company determines that the mining property
Company has received consideration from the will provide sufficient and sustainable return
customer. If a customer pays consideration relative to the risks and the Company decided
before the Company transfers goods or services to proceed with the mine development), all
to the customer, a contract liability is recognised further pre-production primary development
when the payment is received. The advance expenditure other than that on land, buildings,
payments received plus a specified rate of plant, equipment and capital work in progress
return/ discount, at the prevailing market rates, is capitalised as property, plant and equipment
is settled by supplying respective goods over under the heading “Mining properties and leases”
a period of up to twenty four months under an together with any amount transferred from
agreed delivery schedule as per the terms of the “Exploration and evaluation” assets. The costs of
respective agreements. As these are contracts mining properties and leases, include the costs of
that the Company expects, and has the ability, acquiring and developing mining properties and
to fulfil through delivery of a non-financial item, mineral rights.
these are presented as advance from customers
The stripping costs incurred during the production
and are recognised as revenue as and when
phase of a surface mine is deferred to the extent
control of respective commodities is transferred
the current period stripping cost exceeds the
to customers under the agreements. The fixed
average period stripping cost over the life of
rate of return/ discount is treated as finance
mine and recognised as an asset if such cost
cost. The portion of the advance where either
provides a benefit in terms of improved access to
the Company does not have a unilateral right to ore in future periods and certain criteria are met.
defer settlement beyond 12 months or expects When the benefit from the stripping costs are
settlement within 12 months from the balance realised in the current period, the stripping costs
sheet date is classified as a current liability. are accounted for as the cost of inventory. If the
costs of inventory produced and the stripping
• Interest income activity asset are not separately identifiable, a
Interest income from debt instruments is relevant production measure is used to allocate
recognised using the effective interest rate the production stripping costs between the
method. The effective interest rate is the rate that inventory produced and the stripping activity
exactly discounts estimated future cash receipts asset. The Company uses the expected volume
through the expected life of the financial asset to of waste compared with the actual volume of
the gross carrying amount of a financial asset. waste extracted for a given value of ore/mineral
When calculating the effective interest rate, the production for the purpose of determining the
Company estimates the expected cash flows cost of the stripping activity asset.
by considering all the contractual terms of the
Deferred stripping costs are included in mining
financial instrument (for example, prepayment,
properties within property, plant and equipment
extension, call and similar options) but does not
and disclosed as a part of mining properties. After
consider the expected credit losses.
initial recognition, the stripping activity asset
is depreciated on a unit of production method
• Dividends
over the expected useful life of the identified
Dividend income is recognised in the statement component of the ore body.
of profit and loss only when the right to receive
payment is established, provided it is probable In circumstances where a mining property is
that the economic benefits associated with the abandoned, the cumulative capitalised costs
348
NOTES
relating to the property are written off in the If significant parts of an item of property, plant
period in which it occurs i.e. when the Company and equipment have different useful lives, then
determines that the mining property will not they are accounted for as separate items (major
provide sufficient and sustainable returns relative components) of property, plant and equipment.
to the risks and the Company decides not to All other expenses on existing property, plant
proceed with the mine development. and equipment, including day-to-day repair and
maintenance expenditure and cost of replacing
Commercial reserves are proved and probable parts, are charged to the statement of profit and
reserves as defined by the 'JORC' Code, 'MORC' loss for the period during which such expenses
code or 'SAMREC' Code. Changes in the are incurred.
commercial reserves affecting unit of production
An item of property, plant and equipment is
calculations are dealt with prospectively over the
derecognised upon disposal or when no future
revised remaining reserves.
economic benefits are expected to arise from
the continued use of the asset. Gains and losses
ii) Oil and gas assets- (developing/producing
on disposal of an item of property, plant and
assets)
equipment computed as the difference between
For oil and gas assets, a "successful efforts" the net disposal proceeds and the carrying
based accounting policy is followed. Costs amount of the asset is included in the statement
incurred prior to obtaining the legal rights to of profit and loss when the asset is derecognised.
explore an area are expensed immediately to the Major inspection and overhaul expenditure is
statement of profit and loss. capitalised, if the recognition criteria are met.
All costs incurred after the technical feasibility iv) Assets under construction
and commercial viability of producing Assets under construction are capitalised in
hydrocarbons has been demonstrated are the assets under construction account. At the
capitalised within property, plant and equipment - point when an asset is capable of operating in
development/producing assets on a field-by-field the manner intended by management, the cost
basis. Subsequent expenditure is capitalised only of construction is transferred to the appropriate
where it either enhances the economic benefits of category of property, plant and equipment. Costs
the development/producing asset or replaces part associated with the commissioning of an asset
of the existing development/producing asset. Any and any obligatory decommissioning costs are
remaining costs associated with the part replaced capitalised until the period of commissioning
has been completed and the asset is ready for its
are expensed.
intended use.
Net proceeds from any disposal of development/
v) Depreciation, depletion and amortisation expense
producing assets are credited against the
previously capitalised cost. A gain or loss on Mining properties and other assets in the course
disposal of a development/producing asset is of development or construction and freehold land
are not depreciated or amortised.
recognised in the statement of profit and loss to
the extent that the net proceeds exceed or are less
•
Mining properties
than the appropriate portion of the net capitalised
The capitalised mining properties are
costs of the asset.
amortised on a unit-of-production basis over
the total estimated remaining commercial
iii) Other property, plant and equipment
proved and probable reserves of each property
The initial cost of property, plant and equipment or group of properties and are subject to
comprises its purchase price, including import impairment review. Costs used in the unit of
duties and non-refundable purchase taxes, and production calculation comprise the net book
any directly attributable costs of bringing an asset value of capitalised costs plus the estimated
to working condition and location for its intended future capital expenditure required to access
use. It also includes the initial estimate of the the commercial reserves. Changes in the
costs of dismantling and removing the item and estimates of commercial reserves or future
restoring the site on which it is located. capital expenditure are dealt with prospectively.
349
NOTES
• Oil and gas producing facilities overhaul cost is charged to the statement of
All expenditures carried within each field profit and loss if the next overhaul is undertaken
are amortised from the commencement of earlier than the previously estimated life of the
production on a unit of production basis, economic benefit.
which is the ratio of oil and gas production
in the period to the estimated quantities of The Company reviews the residual value and
depletable reserves at the end of the period useful life of an asset at least at each financial
plus the production in the period, generally on a year-end and, if expectations differ from previous
field-by-field basis or group of fields which are estimates, the change is accounted for as a
reliant on common infrastructure. change in accounting estimate.
Depletable reserves are proved reserves for (C) Intangible assets

acquisition costs and proved and developed Intangible assets acquired separately are measured
reserves for successful exploratory wells, on initial recognition at cost. Subsequently, intangible
development wells, processing facilities, assets are measured at cost less accumulated
distribution assets, estimated future amortisation and accumulated impairment losses,
abandonment cost and all other related if any.
costs. These assets are depleted within each
cost centre. Reserves for this purpose are Intangible assets are amortised over their estimated
considered on working interest basis which useful life on a straight line basis. Software is
are reassessed atleast annually. Impact amortised over the estimated useful life ranging from
of changes to reserves are accounted for 2-5 years. Amounts paid for securing mining rights are
prospectively. amortised over the period of the mining lease ranging
from 16-25 years.
•
Other assets
Depreciation on other property, plant and Gains or losses arising from derecognition of an
equipment is calculated using the straight-line intangible asset are measured as the difference
method (SLM) to allocate their cost, net of their between the net disposal proceeds and the carrying
residual values, over their estimated useful amount of the asset and are recognised in the
lives (determined by the management) as given statement of profit and loss when the asset is
below. derecognised.
Management's assessment takes into The amortization period and the amortization method
account, inter alia, the nature of the assets, the are reviewed at least at each financial year end. If
estimated usage of the assets, the operating the expected useful life of the asset is different from
conditions of the assets, past history of previous estimates, the change is accounted for
replacement and maintenance support. prospectively as a change in accounting estimate.
Estimated useful lives of assets are as follows: (D) Exploration and evaluation intangible assets
Exploration and evaluation expenditure incurred prior
Useful Life to obtaining the mining right or the legal right to
Asset
(in years) explore are expensed as incurred.
Buildings (Residential, factory etc.) 3-60
Plant and equipment 15-40 Exploration and evaluation expenditure incurred after
obtaining the mining right or the legal right to explore
Railway siding 15
are capitalised as exploration and evaluation assets
Office equipment 3-6
(intangible assets) and stated at cost less impairment,
Furniture and fixture 8-10 if any. Exploration and evaluation intangible assets
Vehicles 8-10 are transferred to the appropriate category of property,
plant and equipment when the technical feasibility and
Major inspection and overhaul costs are commercial viability has been determined. Exploration
depreciated over the estimated life of the intangible assets under development are assessed for
economic benefit to be derived from such costs. impairment and impairment loss, if any, is recognised
The carrying amount of the remaining previous prior to reclassification.
350
NOTES
Exploration expenditure includes all direct and capitalised costs. Any surplus/ deficit is recognised in
allocated indirect expenditure associated with finding the statement of profit and loss.
specific mineral resources which includes depreciation
and applicable operating costs of related support (E) Non-current assets held for sale
equipment and facilities and other costs of exploration Non-current assets and disposal groups are classified
activities: as held for sale if their carrying amount will be
• Acquisition costs - costs associated with recovered through a sale transaction rather than
acquisition of licenses and rights to explore, through continuing use. This condition is regarded
including related professional fees. as met only when the sale is highly probable and the
asset (or disposal group) is available for immediate
• General exploration costs - costs of surveys and sale in its present condition. Management must be
studies, rights of access to properties to conduct committed to the sale which should be expected to
those studies (e.g., costs incurred for environment qualify for recognition as a completed sale within one
clearance, defence clearance, etc.), and salaries and year from the date of classification.
other expenses of geologists, geophysical crews
and other personnel conducting those studies. Non-current assets and disposal groups classified as
• Costs of exploration drilling and equipping held for sale are not depreciated and are measured at
exploration and appraisal wells. the lower of carrying amount and fair value less costs
to sell. Such assets and disposal groups are presented
Exploration expenditure incurred in the process separately on the face of the balance sheet.
of determining oil and gas exploration targets is
capitalised within "Exploration and evaluation assets" (F) Impairment of non-financial assets
(intangible assets) and subsequently allocated to Impairment charges and reversals are assessed at the
drilling activities. Exploration drilling costs are initially level of cash-generating units. A cash-generating unit
capitalised on a well-by-well basis until the success (CGU) is the smallest identifiable group of assets that
or otherwise of the well has been established. The generate cash inflows that are largely independent of
success or failure of each exploration effort is judged the cash inflows from other assets or group of assets.
on a well-by-well basis. Drilling costs are written off
on completion of a well unless the results indicate that The Company assesses at each reporting date,
hydrocarbon reserves exist and there is a reasonable whether there is an indication that an asset may
prospect that these reserves are commercial. be impaired. The Company conducts an internal
review of asset values annually, which is used as a
Following appraisal of successful exploration wells, source of information to assess for any indications
if commercial reserves are established and technical of impairment or reversal of previously recognised
feasibility for extraction demonstrated, then the related impairment losses. Internal and external factors,
capitalised exploration costs are transferred into such as worse economic performance than expected,
a single field cost centre within property, plant and changes in expected future prices, costs and other
equipment - development/producing assets (oil and market factors are also monitored to assess for
gas properties) after testing for impairment. Where indications of impairment or reversal of previously
results of exploration drilling indicate the presence recognised impairment losses.
of hydrocarbons which are ultimately not considered
commercially viable, all related costs are written off to If any such indication exists then an impairment
the statement of profit and loss. review is undertaken and the recoverable amount is
calculated, as the higher of fair value less costs of
Expenditure incurred on the acquisition of a license disposal and the asset's value in use.
interest is initially capitalised on a license-by-license
basis. Costs are held, undepleted, within exploration Fair value less costs of disposal is the price that would
and evaluation assets until such time as the be received to sell the asset in an orderly transaction
exploration phase on the license area is complete or between market participants and does not reflect the
commercial reserves have been discovered. effects of factors that may be specific to the company
and not applicable to entities in general. Fair value for
Net proceeds from any disposal of an exploration mineral and oil and gas assets is generally determined
asset are initially credited against the previously as the present value of the estimated future cash flows
351
NOTES
expected to arise from the continued use of the asset, and the Company has decided to discontinue such
including any expansion prospects, and its eventual activities in the specific area;
disposal, using assumptions that an independent
• sufficient data exist to indicate that, although
market participant may take into account. These
a development in the specific area is likely to
cash flows are discounted at an appropriate post tax
proceed, the carrying amount of the exploration and
discount rate to arrive at the net present value.
evaluation asset is unlikely to be recovered in full
from successful development or by sale; and
Value in use is determined as the present value of the
estimated future cash flows expected to arise from • reserve information prepared annually by
the continued use of the asset in its present form and external experts.
its eventual disposal. The cash flows are discounted
using a pre-tax discount rate that reflects current When a potential impairment is identified, an
market assessments of the time value of money and assessment is performed for each area of interest
the risks specific to the asset for which estimates of in conjunction with the group of operating assets
future cash flows have not been adjusted. Value in (representing a cash-generating unit) to which the
use is determined by applying assumptions specific exploration and evaluation assets is attributed.
to the Company's continued use and cannot take into Exploration areas in which reserves have been
account future development. These assumptions are discovered but require major capital expenditure before
different to those used in calculating fair value and production can begin, are continually evaluated to
consequently the value in use calculation is likely to ensure that commercial quantities of reserves exist or
give a different result to a fair value calculation. to ensure that additional exploration work is underway
or planned. To the extent that capitalised expenditure
The carrying amount of the CGU is determined on a is no longer expected to be recovered, it is charged to
basis consistent with the way the recoverable amount the statement of profit and loss.
of the CGU is determined.
(G) Financial instruments
If the recoverable amount of an asset or CGU is A financial instrument is any contract that gives rise to
estimated to be less than its carrying amount, the a financial asset of one entity and a financial liability or
carrying amount of the asset or CGU is reduced to its equity instrument of another entity.
recoverable amount. An impairment loss is recognised
in the statement of profit and loss. (i) Financial assets – recognition and subsequent
measurement
Any reversal of the previously recognised impairment
All financial assets are recognised initially at
loss is limited to the extent that the asset's carrying
fair value plus, in the case of financial assets
amount does not exceed the carrying amount that
not recorded at fair value through profit or loss,
would have been determined if no impairment loss had
transaction costs that are attributable to the
previously been recognised.
acquisition of the financial asset. Purchases or
sales of financial assets that require delivery
Exploration and evaluation assets:
of assets within a time frame established by
In assessing whether there is any indication that an regulation or convention in the market place
exploration and evaluation asset may be impaired, (regular way trades) are recognised on the trade
the Company considers, as a minimum, the following date, i.e., the date that the Company commits to
indicators: purchase or sell the asset.
• the period for which the Company has the right to
explore in the specific area has expired during the Trade receivables that do not contain a significant
period or will expire in the near future, and is not financing component are measured at transaction
expected to be renewed; price as per Ind AS 115.
• substantive expenditure on further exploration for For purposes of subsequent measurement,

and evaluation of mineral resources in the specific financial assets are classified in four categories:
area is neither budgeted nor planned;
• exploration for and evaluation of mineral resources • Financial assets at amortised cost
in the specific area have not led to the discovery of A financial asset is measured at amortised cost if
commercially viable quantities of mineral resources both the following conditions are met:
352
NOTES
a) The asset is held within a business model no recycling of the amounts from OCI to the
whose objective is to hold assets for statement of profit and loss, even on sale of
collecting contractual cash flows, and investment. However, the Company may transfer
the cumulative gain or loss within equity.
b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely • Financial assets at fair value through profit or loss
payments of principal and interest (SPPI) on (FVTPL)
the principal amount outstanding.
FVTPL is a residual category for debt instruments
After initial measurement, such financial assets and default category for equity instruments.
are subsequently measured at amortised cost
using the Effective Interest Rate (EIR) method. Any debt instrument, which does not meet the
Amortised cost is calculated by taking into criteria for categorization as at amortized cost or
account any discount or premium on acquisition as FVOCI, is classified as at FVTPL.
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included in interest In addition, the Company may elect to designate
income in the statement of profit and loss. The a debt instrument, which otherwise meets
losses arising from impairment are recognised in amortized cost or FVOCI criteria, as at FVTPL.
the statement of profit and loss. However, such election is allowed only if doing
so reduces or eliminates a measurement
• Financial assets at fair value through other or recognition inconsistency (referred to as
comprehensive income (FVOCI) ‘accounting mismatch’). The Company has not
A financial asset is classified as at FVOCI if both designated any debt instrument at FVTPL.
of the following criteria are met:
Debt instruments included within the FVTPL
a) The objective of the business model is category are measured at fair value with all
achieved both by collecting contractual cash
changes being recognized in statement of profit
flows and selling the financial assets, and
and loss.
b) The asset's contractual cash flows represent

Any equity instrument in the scope of Ind AS 109
SPPI.
is measured at fair value. Equity instruments
Debt instruments included within the FVOCI which are held for trading and contingent
category are measured initially as well as at each consideration recognised by an acquirer in a
reporting date at fair value. Fair value movements business combination to which Ind AS 103
are recognized in other comprehensive income applies are classified as at FVTPL.
(OCI). However, interest income, impairment
losses and reversals and foreign exchange For equity instruments which are classified as
gain or loss are recognised in the statement of FVTPL all subsequent fair value changes are
profit and loss. On derecognition of the asset, recognised in the statement of profit and loss.
cumulative gain or loss previously recognised
in other comprehensive income is reclassified Further, the provisionally priced trade receivables
from the equity to statement of profit and loss. are marked to market using the relevant forward
Interest earned whilst holding fair value through prices for the future period specified in the
other comprehensive income debt instrument is contract and is adjusted in revenue.
reported as interest income using the EIR method.
(ii) Financial Assets - derecognition
For equity instruments, the Company may make
The Company derecognises a financial asset
an irrevocable election to present subsequent
changes in the fair value in OCI. The Company when the contractual rights to the cash flows
makes such election on an instrument-by- from the asset expire, or it transfers the rights to
instrument basis. If the Company decides to receive the contractual cash flows on the financial
classify an equity instrument as at FVOCI, then all asset in a transaction in which substantially
fair value changes on the instrument, excluding all the risks and rewards of ownership of the
dividends, are recognised in the OCI. There is financial asset are transferred.
353
NOTES
(iii) Impairment of financial assets ECL impairment loss allowance (or reversal)
In accordance with Ind AS 109, the Company recognised during the year is recognized as
applies expected credit loss (ECL) model for income/ expense in the statement of profit and
measurement and recognition of impairment loss loss. The balance sheet presentation for various
on the following financial assets: financial instruments is described below:
a) Financial assets that are debt instruments, a) Financial assets measured at amortised
and are measured at amortised cost, e.g., cost: ECL is presented as an allowance,
loans, debt securities and deposits; i.e., as an integral part of the measurement
of those assets. The Company does not
b) Financial assets that are debt instruments reduce impairment allowance from the gross
and are measured as at FVOCI; carrying amount.
c) Trade receivables or any contractual right to b) Debt instruments measured at FVOCI: Since
receive cash or another financial asset that financial assets are already reflected at fair
result from transactions that are within the
value, impairment allowance is not further
scope of Ind AS 115.
reduced from its value. Rather, ECL amount
is presented as 'accumulated impairment
The Company follows 'simplified approach' for
amount' in the OCI.
recognition of impairment loss allowance on trade
receivables, contract assets and lease receivables.
For assessing increase in credit risk and
The application of simplified approach does impairment loss, the Company combines financial
not require the Company to track changes in instruments on the basis of shared credit risk
credit risk. Rather, it recognises impairment characteristics with the objective of facilitating
loss allowance based on lifetime ECLs at each an analysis that is designed to enable significant
reporting date, right from its initial recognition. increases in credit risk to be identified on a timely
basis.
At each reporting date, for recognition of
impairment loss on other financial assets and The Company does not have any purchased or
risk exposure, the Company determines whether originated credit-impaired (POCI) financial assets,
there has been a significant increase in the credit i.e., financial assets which are credit impaired on
risk since initial recognition. If credit risk has not purchase/ origination.
increased significantly, 12-month ECL is used to
provide for impairment loss. However, if credit (iv) Financial liabilities – Recognition and Subsequent
risk has increased significantly, lifetime ECL is measurement
used. If, in a subsequent period, credit quality of
Financial liabilities are classified, at initial
the instrument improves such that there is no
recognition, as financial liabilities at fair value
longer a significant increase in credit risk since
through profit or loss, or as loans, borrowings and
initial recognition, then the Company reverts to
payables, or as derivatives designated as hedging
recognising impairment loss allowance based on
instruments in an effective hedge, as appropriate.
12-month ECL.
Lifetime ECL are the expected credit losses All financial liabilities are recognised initially at
resulting from all possible default events over fair value and, in the case of financial liabilities
the expected life of a financial instrument. The at amortised cost, net of directly attributable
12-month ECL is a portion of the lifetime ECL transaction costs.
which results from default events that are possible
within 12 months after the reporting date. The Company’s financial liabilities include
trade and other payables, loans and borrowings
ECL is the difference between all contractual cash including bank overdrafts, financial guarantee
flows that are due to the Company in accordance contracts and derivative financial instruments.
with the contract and all the cash flows that
the entity expects to receive, discounted at the The measurement of financial liabilities depends
original EIR. on their classification, as described below:
354
NOTES
• Financial liabilities at fair value through profit or EIR. The EIR amortisation is included as finance
loss costs in the statement of profit and loss.
Financial liabilities at fair value through profit or
loss include financial liabilities held for trading (v) Financial liabilities - Derecognition
and financial liabilities designated upon initial A financial liability is derecognised when the
recognition as at fair value through profit or obligation under the liability is discharged or
loss. Financial liabilities are classified as held cancelled or expires. When an existing financial
for trading if they are incurred for the purpose of liability is replaced by another from the same
repurchasing in the near term. This category also lender on substantially different terms, or the
includes derivative financial instruments entered terms of an existing liability are substantially
into by the Company that are not designated modified, such an exchange or modification
as hedging instruments in hedge relationships is treated as the derecognition of the original
as defined by Ind AS 109. Separated embedded liability and the recognition of a new liability. The
derivatives are also classified as held for difference in the respective carrying amounts is
trading unless they are designated as effective recognised in the statement of profit and loss.
hedging instruments.
(vi) Embedded derivatives
Gains or losses on liabilities held for trading are
An embedded derivative is a component of a
recognised in the statement of profit and loss.
hybrid (combined) instrument that also includes
a non-derivative host contract – with the effect
Financial liabilities designated upon initial
that some of the cash flows of the combined
recognition at fair value through profit or loss
instrument vary in a way similar to a stand-alone
are designated as such at the initial date of
derivative. An embedded derivative causes some
recognition, and only if the criteria in Ind AS 109
or all of the cash flows that otherwise would be
are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes required by the contract to be modified according
in own credit risk are recognized in OCI. These to a specified interest rate, financial instrument
gains/losses are not subsequently transferred price, commodity price, foreign exchange rate,
to statement of profit and loss. However, the index of prices or rates, credit rating or credit
Company may transfer the cumulative gain or index, or other variable, provided in the case of
loss within equity. All other changes in fair value a non-financial variable that the variable is not
of such liability are recognised in the statement of specific to a party to the contract. Reassessment
profit and loss. The Company has not designated only occurs if there is either a change in the terms
any financial liability at fair value through profit of the contract that significantly modifies the
or loss. cash flows that would otherwise be required or a
reclassification of a financial asset out of the fair
Further, the provisionally priced trade payables value through profit or loss.
are marked to market using the relevant forward
prices for the future period specified in the If the hybrid contract contains a host that is a
contract and is adjusted in costs. financial asset within the scope of Ind AS 109,
the Company does not separate embedded
• Financial liabilities at amortised cost (Loans, derivatives. Rather, it applies the classification
Borrowings and Trade and Other payables) requirements contained in Ind AS 109 to the entire
After initial recognition, interest-bearing loans, hybrid contract. Derivatives embedded in all other
borrowings and trade and other payables are host contracts are accounted for as separate
subsequently measured at amortised cost using derivatives and recorded at fair value if their
the EIR method. Gains and losses are recognised economic characteristics and risks are not closely
in the statement of profit and loss when the related to those of the host contracts and the host
liabilities are derecognised as well as through the contracts are not held for trading or designated at
EIR amortisation process. fair value though profit or loss. These embedded
derivatives are measured at fair value with
Amortised cost is calculated by taking into changes in fair value recognised in the statement
account any discount or premium on acquisition of profit and loss, unless designated as effective
and fees or costs that are an integral part of the hedging instruments.
355
NOTES
(vii) Equity instruments For the purpose of hedge accounting, hedges are
An equity instrument is any contract that classified as:
evidences a residual interest in the assets of • Fair value hedges when hedging the exposure to
an entity after deducting all of its liabilities. changes in the fair value of a recognised asset or
Equity instruments issued by the Company are liability or an unrecognised firm commitment;
recognised at the proceeds received, net of direct
issue costs. • Cash flow hedges when hedging the exposure to
variability in cash flows that is either attributable to
The Company recognises a liability to pay a particular risk associated with a recognised asset
dividend to equity holders of the Company when or liability or a highly probable forecast transaction
the distribution is authorised, and the distribution or the foreign currency risk in an unrecognised
is no longer at the discretion of the Company. As firm commitment;
per the corporate laws in India, a distribution with • Hedges of a net investment in a foreign operation.
respect to interim dividend is authorised when
it is approved by the board of directors of the At the inception of a hedge relationship, the Company
Company and final dividend is authorised when it formally designates and documents the hedge
is approved by the shareholders. A corresponding relationship to which the Company wishes to apply
amount is recognised directly in equity. hedge accounting. The documentation includes the
Company’s risk management objective and strategy
(viii) Offsetting of financial instruments for undertaking hedge, the hedging/ economic
Financial assets and financial liabilities are offset relationship, the hedged item or transaction, the
and the net amount is reported in the balance nature of the risk being hedged, hedge ratio and how
sheet if there is a currently enforceable legal right the entity will assess the effectiveness of changes in
to offset the recognised amounts and there is an the hedging instrument’s fair value in offsetting the
intention to settle on a net basis, or to realise the exposure to changes in the hedged item’s fair value
asset and settle the liability simultaneously. or cash flows attributable to the hedged risk. Such
hedges are expected to be highly effective in achieving
(H) Derivative financial instruments and hedge offsetting changes in fair value or cash flows and
accounting are assessed on an ongoing basis to determine that
Initial recognition and subsequent measurement they actually have been highly effective throughout
the financial reporting periods for which they were
In order to hedge its exposure to foreign exchange,
designated.
interest rate, and commodity price risks, the Company
enters into forward, option, swap contracts and
Hedges that meet the strict criteria for hedge
other derivative financial instruments. The Company
accounting are accounted for, as described below:
does not hold derivative financial instruments for
speculative purposes.
i) Fair value hedges
Such derivative financial instruments are initially Changes in the fair value of derivatives that are
recognised at fair value on the date on which designated and qualify as fair value hedges are
a derivative contract is entered into and are recognised in the statement of profit and loss
subsequently re-measured at fair value. Derivatives immediately, together with any changes in the
are carried as financial assets when the fair value is fair value of the hedged asset or liability that are
positive and as financial liabilities when the fair value attributable to the hedged risk.
is negative.
When an unrecognised firm commitment is
Any gains or losses arising from changes in the designated as a hedged item, the subsequent
fair value of derivatives are taken directly to the cumulative change in the fair value of the firm
statement of profit and loss, except for the effective commitment attributable to the hedged risk
portion of cash flow hedges, which is recognised in is recognised as an asset or liability with a
OCI and later reclassified to the statement of profit corresponding gain or loss recognised in the
and loss when the hedge item affects profit or loss statement of profit and loss. Hedge accounting
or treated as basis adjustment if a hedged forecast is discontinued when the Company revokes the
transaction subsequently results in the recognition of a hedge relationship, the hedging instrument or
non‑financial asset or non-financial liability.
356
NOTES
hedged item expires or is sold, terminated, or Leases are classified as finance leases when
exercised or no longer meets the criteria for hedge substantially all of the risks and rewards of
accounting. ownership transfer from the Company to the
lessee. Amounts due from lessees under finance
ii) Cash flow hedges leases are recorded as receivables at the
The effective portion of the gain or loss on the Company’s net investment in the leases. Finance
hedging instrument is recognised in OCI in the lease income is allocated to accounting periods
cash flow hedge reserve, while any ineffective so as to reflect a constant periodic rate of return
portion is recognised immediately in the on the net investment outstanding in respect of
statement of profit and loss. the lease.
Amounts recognised in OCI are transferred (b) Company as a lessee

to the statement of profit and loss when the The Company applies a single recognition and
hedged transaction affects profit or loss, such measurement approach for all leases, except
as when the hedged financial income or financial for short-term leases and leases of low-value
expense is recognised or when a forecast sale assets. The Company recognises lease liabilities
occurs. When the hedged item is the cost of a towards future lease payments and right-of-
non-financial asset or non-financial liability, the use assets representing the right to use the
amounts recognised in OCI are transferred to the underlying assets.
initial carrying amount of the non-financial asset
or liability. (i) Right-of-use assets
The Company recognises right-of-use assets
If the hedging instrument expires or is sold, at the commencement date of the lease
terminated or exercised without replacement (i.e., the date when the underlying asset is
or rollover (as part of the hedging strategy), available for use). Right-of-use assets are
or if its designation as a hedge is revoked, or measured at cost, less any accumulated
when the hedge no longer meets the criteria for depreciation and impairment losses, and
hedge accounting, any cumulative gain or loss adjusted for any remeasurement of lease
previously recognised in OCI remains separately liabilities. The cost of right-of-use assets
in equity until the forecast transaction occurs or includes the amount of lease liabilities
the foreign currency firm commitment is met. recognised, initial direct costs incurred,
and lease payments made at or before
(I) Leases the commencement date less any lease
The Company assesses at contract inception, all incentives received. The right-of-use assets
arrangements to determine whether they are, or are also subject to impairment.
contain, a lease. That is, if the contract conveys the
right to control the use of an identified asset for a Right-of-use assets are depreciated on a
period of time in exchange for consideration. straight-line basis over the shorter of the
lease term and the estimated useful lives of
(a) Company as a lessor the assets as described in 'B' above.
Leases in which the Company does not transfer
substantially all the risks and rewards of (ii) Lease liabilities
ownership of an asset are classified as operating At the commencement date of the lease,
leases. Rental income from operating lease is the Company recognises lease liabilities
recognised on a straight-line basis over the term measured at the present value of lease
of the relevant lease. Initial direct costs incurred payments to be made over the lease term.
in negotiating and arranging an operating lease The lease payments include fixed payments
are added to the carrying amount of the leased (and, in some instances, in-substance
asset and recognised over the lease term on the fixed payments) less any lease incentives
same basis as rental income. Contingent rents are receivable, variable lease payments that
recognised as revenue in the period in which they depend on an index or a rate, and amounts
are earned. expected to be paid under residual value
guarantees. The lease payments also
include the exercise price of a purchase
357
NOTES
option reasonably certain to be exercised on a weighted average basis except in Oil and Gas
by the Company and payments of penalties business where stores and spares are valued on
for terminating the lease, if the lease term FIFO basis;
reflects the Company exercising the option
• Finished products are valued at raw material cost
to terminate. Variable lease payments that
plus costs of conversion, comprising labour costs
do not depend on an index or a rate are
and an attributable proportion of manufacturing
recognised as expenses (unless they are
overheads based on normal levels of activity and
incurred to produce inventories) in the period
are moved out of inventory on a weighted average
in which the event or condition that triggers
basis (except in copper business where FIFO basis
the payment occurs.
is followed); and
In calculating the present value of lease • By-products and scrap are valued at net
payments, the Company uses its incremental realisable value.
borrowing rate at the lease commencement
date because the interest rate implicit in the Net realisable value is determined based on estimated
lease is generally not readily determinable. selling price, less further costs expected to be incurred
After the commencement date, the amount for completion and disposal.
of lease liabilities is increased to reflect
the accretion of interest and reduced for Inventories of 'Fuel Stock' mainly consist of coal which
the lease payments made. In addition, is used for generating power. On consumption, the
the carrying amount of lease liabilities is cost is charged off to 'Power and Fuel' charges in the
remeasured if there is a modification, a statement of profit and loss.
change in the lease term, a change in the
lease payments (e.g., changes to future (K) Government grants
payments resulting from a change in an Grants and subsidies from the government are
index or rate used to determine such lease recognised when there is reasonable assurance that (i)
payments) or a change in the assessment of the Company will comply with the conditions attached
an option to purchase the underlying asset. to them, and (ii) the grant/subsidy will be received.
The Company’s lease liabilities are disclosed When the grant or subsidy relates to revenue, it is
on the face of Balance sheet. recognised as income on a systematic basis in the
statement of profit and loss over the periods necessary
(iii) Short-term leases and leases of low-value to match them with the related costs, which they are
assets intended to compensate.
The Company applies the short-term lease
recognition exemption to its short-term Where the grant relates to an asset, it is recognised
leases of equipment (i.e., those leases that as deferred income and released to income in equal
have a lease term of 12 months or less from amounts over the expected useful life of the related
the commencement date and do not contain asset and presented within other income.
a purchase option). It also applies the lease
of low-value assets recognition exemption When the Company receives grants of non-monetary
to leases of office equipment that are assets, the asset and the grant are recorded at fair
considered to be low value. Lease payments value amounts and released to profit or loss over the
on short-term leases and leases of low‑value expected useful life in a pattern of consumption of the
assets are recognised as expense on a benefit of the underlying asset.
straight-line basis over the lease term.
When loans or similar assistance are provided by
(J) Inventories governments or related institutions, with an interest
rate below the current applicable market rate, the effect
Inventories and work-in-progress are stated at
of this favourable interest is regarded as a government
the lower of cost and net realisable value. Cost is
grant. The loan or assistance is initially recognised and
determined on the following basis:
measured at fair value and the government grant is
• purchased copper concentrate is recorded at measured as the difference between the initial carrying
cost on a first-in, first-out ("FIFO") basis; all other value of the loan and the proceeds received. The loan
materials including stores and spares are valued is subsequently measured as per the accounting policy
applicable to financial liabilities.
358
NOTES
(L) Taxation either most likely method or expected value method,

Tax expense represents the sum of current tax and depending on which method predicts better resolution
deferred tax. of the treatment.
Current tax is provided at amounts expected to be paid (M) Retirement benefit schemes
(or recovered) using the tax rates and laws that have The Company operates or participates in a number of
been enacted or substantively enacted by the reporting defined benefits and defined contribution schemes, the
date and includes any adjustment to tax payable in assets of which (where funded) are held in separately
respect of previous years. administered funds. For defined benefit schemes,
the cost of providing benefits under the plans is
Subject to the exceptions below, deferred tax is determined by actuarial valuation each year separately
provided, using the balance sheet method, on all for each plan using the projected unit credit method by
temporary differences at the reporting date between third party qualified actuaries.
the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes and on carry Remeasurement including, effects of asset ceiling and
forward of unused tax credits and unused tax losses; return on plan assets (excluding amounts included
in interest on the net defined benefit liability) and
• deferred income tax is not recognised on initial
actuarial gains and losses arising in the year are
recognition of an asset or liability in a transaction
recognised in full in other comprehensive income and
that is not a business combination and, at the time
are not recycled to the statement of profit and loss.
of the transaction, affects neither the accounting
profit nor taxable profit (tax loss); and
Past service costs are recognised in profit or loss on
• deferred tax assets (including MAT credit the earlier of:
entitlement) are recognised only to the extent that it
• the date of the plan amendment or curtailment, and
is more likely than not that they will be recovered.
• the date that the Company recognises related
Deferred tax assets and liabilities are measured at the restructuring costs
tax rates that are expected to apply to the year when
the asset is realized or the liability is settled, based Net interest is calculated by applying a discount
on tax rates (and tax laws) that have been enacted rate to the net defined benefit liability or asset at the
or substantively enacted at the reporting date. Tax beginning of the period. Defined benefit costs are split
relating to items recognized outside the statement of into current service cost, past service cost, net interest
profit and loss is recognised outside the statement of expense or income and remeasurement and gains
profit and loss (either in other comprehensive income and losses on curtailments and settlements. Current
or equity). service cost and past service cost are recognised
within employee benefit expense. Net interest expense
The carrying amount of deferred tax assets (including or income is recognized within finance costs.
MAT credit entitlement) is reviewed at each reporting
date and is adjusted to the extent that it is no longer For defined contribution schemes, the amount charged
probable that sufficient taxable profit will be available to the statement of profit and loss in respect of
to allow all or part of the asset to be recovered. pension costs and other post retirement benefits is the
contributions payable in the year, recognised as and
Deferred tax assets and deferred tax liabilities are when the employee renders related services.
offset, if a legally enforceable right exists to set off
current income tax assets against current income tax (N) Share-based payments
liabilities and the deferred taxes relate to the same Certain employees (including executive directors) of
taxable entity and the same taxation authority. the Company receive part of their remuneration in the
form of share-based payment transactions, whereby
Further, management periodically evaluates positions employees render services in exchange for shares or
taken in the tax returns with respect to situations rights over shares (‘equity-settled transactions’).
in which applicable tax regulations are subject to
interpretation and considers whether it is probable The cost of equity-settled transactions with employees
that a taxation authority will accept an uncertain tax is measured at fair value of share awards at the date at
treatment. The Company shall reflect the effect of which they are granted. The fair value of share awards
uncertainty for each uncertain tax treatment by using is determined with the assistance of an external valuer
359
NOTES
and the fair value at the grant date is expensed on a where there is a liability that cannot be recognised
proportionate basis over the vesting period based on because it cannot be measured reliably. The Company
the Company’s estimate of shares that will eventually does not recognize a contingent liability but discloses
vest. The estimate of the number of awards likely to its existence in the Balance Sheet.
vest is reviewed at each balance sheet date up to the
vesting date at which point the estimate is adjusted to Contingent assets are not recognised but disclosed in
reflect the current expectations. the financial statements when an inflow of economic
benefit is probable.
The resultant increase in equity is recorded in share
based payment reserve. The Company has significant capital commitments
in relation to various capital projects which are not
In case of cash-settled transactions, a liability recognised in the balance sheet.
is recognised for the fair value of cash-settled
transactions. The fair value is measured initially and at (P) Restoration, rehabilitation and environmental
each reporting date up to and including the settlement costs
date, with changes in fair value recognised in employee An obligation to incur restoration, rehabilitation and
benefits expense. The fair value is expensed over environmental costs arises when environmental
the period until the vesting date with recognition of a disturbance is caused by the development or ongoing
corresponding liability. The fair value is determined production of a mine or oil fields. Such costs,
with the assistance of an external valuer. discounted to net present value, are provided for and
a corresponding amount is capitalised at the start of
(O) Provisions, contingent liabilities and contingent each project, as soon as the obligation to incur such
assets costs arises. These costs are charged to the statement
The assessments undertaken in recognising provisions of profit and loss over the life of the operation through
and contingencies have been made in accordance with the depreciation of the asset and the unwinding of
the applicable Ind AS. the discount on the provision. The cost estimates are
reviewed periodically and are adjusted to reflect known
Provisions represent liabilities for which the amount developments which may have an impact on the cost
or timing is uncertain. Provisions are recognized estimates or life of operations. The cost of the related
when the Company has a present obligation (legal asset is adjusted for changes in the provision due to
or constructive), as a result of past events, and it factors such as updated cost estimates, changes to
is probable that an outflow of resources, that can lives of operations, new disturbance and revisions
be reliably estimated, will be required to settle such to discount rates. The adjusted cost of the asset is
an obligation. depreciated prospectively over the lives of the assets
to which they relate. The unwinding of the discount
If the effect of the time value of money is material, is shown as finance cost in the statement of profit
provisions are determined by discounting the and loss.
expected future cash flows to net present value using
an appropriate pre-tax discount rate that reflects Costs for the restoration of subsequent site damage,
current market assessments of the time value of which is caused on an ongoing basis during
money and, where appropriate, the risks specific to production, are provided for at their net present
the liability. Unwinding of the discount is recognized value and charged to the statement of profit and loss
in the statement of profit and loss as a finance cost. as extraction progresses. Where the costs of site
Provisions are reviewed at each reporting date and are restoration are not anticipated to be material, they are
adjusted to reflect the current best estimate. expensed as incurred.
A contingent liability is a possible obligation that (Q) Accounting for foreign currency transactions
arises from past events whose existence will be The functional currency of the Company is determined
confirmed by the occurrence or non-occurrence of one as the currency of the primary economic environment
or more uncertain future events beyond the control in which it operates. For all principal businesses of the
of the Company or a present obligation that is not Company, the functional currency is Indian rupee (`)
recognised because it is not probable that an outflow with an exception of oil and gas business operations
of resources will be required to settle the obligation. A which has a US dollar functional currency as that is
contingent liability also arises in extremely rare cases the currency of the primary economic environment
360
NOTES
in which it operates. The financial statements are asset are amortised over the remaining useful lives of
presented in Indian rupee (`). the assets.
In the financial statements of the Company, Exchange differences arising on translation/

transactions in currencies other than the functional settlement of long-term foreign currency monetary
currency are translated into the functional items, acquired post 01 April 2016, pertaining to the
currency at the exchange rates ruling at the date acquisition of a depreciable asset are charged to the
of the transaction. Monetary assets and liabilities statement of profit and loss.
denominated in other currencies are translated into
the functional currency at exchange rates prevailing on (R) Earnings per share
the reporting date. Non-monetary assets and liabilities The Company presents basic and diluted earnings per
denominated in other currencies and measured at share (“EPS”) data for its equity shares. Basic EPS is
historical cost or fair value are translated at the calculated by dividing the profit or loss attributable to
exchange rates prevailing on the dates on which such equity shareholders of the Company by the weighted
values were determined. average number of equity shares outstanding during
the period. Diluted EPS is determined by adjusting
All exchange differences are included in the statement the profit or loss attributable to equity shareholders
of profit and loss except those where the monetary and the weighted average number of equity shares
item designated as an effective hedging instrument outstanding for the effects of all dilutive potential
of the currency risk of designated forecasted sales equity shares.
or purchases, which are recognized in the other
comprehensive income. (S) Buyers' Credit/ Suppliers' Credit and vendor
financing
Exchange differences which are regarded as an
The Company enters into arrangements whereby
adjustment to interest costs on foreign currency
banks and financial institutions make direct payments
borrowings, are capitalized as part of borrowing costs
to suppliers for raw materials and project materials.
in qualifying assets.
The banks and financial institutions are subsequently
repaid by the Company at a later date providing
The statement of profit and loss of oil and gas business
working capital timing benefits. These are normally
is translated into Indian Rupees (INR) at the average
settled between twelve months (for raw materials) to
rates of exchange during the year / exchange rates as
thirty-six months (for project materials). Where these
on the date of the transaction. The Balance Sheet is
arrangements are with a maturity of up to twelve
translated at the exchange rate as at the reporting date.
months, the economic substance of the transaction
Exchange difference arising on translation is recognised
is determined to be operating in nature and these are
in other comprehensive income and would be recycled
recognised as operational buyers’ credit/ suppliers'
to the statement of profit and loss as and when these
credit and disclosed on the face of the balance
operations are disposed off.
sheet. Where these arrangements are with a maturity
beyond twelve months and up to thirty six months, the
The Company had applied paragraph 46A of AS 11
economic substance of the transaction is determined
under Previous GAAP. Ind AS 101 gives an option,
to be financing in nature, and these are presented
which has been exercised by the Company, whereby a
within borrowings in the balance sheet. Interest
first time adopter can continue its Indian GAAP policy
expense on these are recognised in the finance cost.
for accounting for exchange differences arising from
Payments made by banks and financial institutions to
translation of long-term foreign currency monetary
the operating vendors are treated as a non cash item
items recognised in the Indian GAAP financial
and settlement of due to operational buyer’s credit/
statements for the period ending immediately before
suppliers’ credit by the Company is treated as an
the beginning of the first Ind AS financial reporting
operating cash outflow reflecting the substance of the
period. Hence, foreign exchange gain/loss on long-
payment.
term foreign currency monetary items recognized
upto 31 March 2016 has been deferred/capitalized.
(T) Current and non-current classification
Such exchange differences arising on translation/
settlement of long-term foreign currency monetary The Company presents assets and liabilities in
items and pertaining to the acquisition of a depreciable the balance sheet based on current / non-current
classification.
361
NOTES
An asset is classified as current when it satisfies any specifically to finance a qualifying capital project, the
of the following criteria: income generated from such short-term investments
is deducted from the total capitalized borrowing
– it is expected to be realized in, or is intended for
cost. If any specific borrowing remains outstanding
sale or consumption in, the Company’s normal
after the related asset is ready for its intended use
operating cycle.
or sale, that borrowing then becomes part of general
– it is held primarily for the purpose of being traded; borrowing. Where the funds used to finance a
– it is expected to be realized within twelve months project form part of general borrowings, the amount
after the reporting date; or capitalised is calculated using a weighted average of
rates applicable to relevant general borrowings of the
– it is cash or cash equivalent unless it is restricted Company during the year.
from being exchanged or used to settle a liability
for at least twelve months after the reporting date. All other borrowing costs are recognised in the
statement of profit and loss in the year in which they
All other assets are classified as non-current. are incurred.
A liability is classified as current when it satisfies any Capitalisation of interest on borrowings related to
of the following criteria: construction or development projects is ceased when
– it is expected to be settled in the Company’s substantially all the activities that are necessary
normal operating cycle; to make the assets ready for their intended use are
complete or when delays occur outside of the normal
– it is held primarily for the purpose of being traded;
course of business.
– it is due to be settled within twelve months after
the reporting date; or EIR is the rate that exactly discounts the estimated
future cash payments or receipts over the expected
– the Company does not have an unconditional right
life of the financial liability or a shorter period, where
to defer settlement of the liability for at least twelve
appropriate, to the amortised cost of a financial
months after the reporting date. Terms of a liability
liability. When calculating the effective interest rate,
that could, at the option of the counterparty, result
the Company estimates the expected cash flows by
in its settlement by the issue of equity instruments
considering all the contractual terms of the financial
do not affect its classification.
instrument (for example, prepayment, extension, call
and similar options).
All other liabilities are classified as non-current.
(V) Cash and cash equivalents
Deferred tax assets and liabilities are classified as non
current only. Cash and cash equivalents comprise cash at bank
and on hand and short-term money market deposits
(U) Borrowing costs which have a maturity of three months or less from
Borrowing cost includes interest expense as per the date of acquisition, that are readily convertible to
effective interest rate ("EIR") and exchange differences known amounts of cash and which are subject to an
arising from foreign currency borrowings to the extent insignificant risk of changes in value.
they are regarded as an adjustment to the interest cost.
For the purpose of the statement of cash flows, cash
Borrowing costs directly relating to the acquisition, and cash equivalents consist of cash and short-term
construction or production of a qualifying capital deposits, as defined above.
project under construction are capitalised and added
to the project cost during construction until such
(W) Equity investment in subsidiaries, associates and
time that the assets are substantially ready for their joint ventures
intended use, i.e., when they are capable of commercial Investments representing equity interest in
production. subsidiaries, associates and joint ventures are carried
at cost. A subsidiary is an entity that is controlled
Where funds are borrowed specifically to finance a by the Company. Control is evidenced where the
qualifying capital project, the amount capitalised Company has the power over the investee or exposed,
represents the actual borrowing costs incurred. Where or has rights, to variable returns from its involvement
surplus funds are available out of money borrowed with the investee and has the ability to affect those
362
NOTES
returns through its power over the investee. Power by Ind AS 103. Such transactions are accounted for
is demonstrated through existing rights that give the using the pooling-of-interest method. The assets
ability to direct relevant activities, which significantly and liabilities of the acquired entity are recognised at
affect the entity returns. An associate is an entity their carrying amounts recorded in the parent entity’s
over which the Company has significant influence. consolidated financial statements with the exception
Significant influence is the power to participate in of certain income tax and deferred tax assets. No
the financial and operating policy decisions of the adjustments are made to reflect fair values, or recognise
investee, but is not control or joint control over those any new assets or liabilities. The only adjustments that
policies. are made are to harmonise accounting policies. The
components of equity of the acquired companies are
Joint Arrangements
added to the same components within the Company's
A Joint arrangement is an arrangement of which equity. The difference, if any, between the amounts
two or more parties have joint control. Joint control recorded as share capital issued plus any additional
is considered when there is contractually agreed
consideration in the form of cash or other assets
sharing of control of an arrangement, which exists
and the amount of share capital of the transferor is
only when decisions about the relevant activities
transferred to capital reserve. The Company’s shares
require the unanimous consent of the parties sharing
issued in consideration for the acquired companies are
control. Investments in joint arrangements are
recognized from the moment the acquired companies
classified as either joint operations or joint venture.
are included in these financial statements and the
The classification depends on the contractual rights
financial statements of the commonly controlled entities
and obligations of each investor, rather than the legal
structure of the joint arrangement. A joint operation are combined, retrospectively, as if the transaction
is a joint arrangement whereby the parties that have had occurred at the beginning of the earliest reporting
joint control of the arrangement have rights to the period presented. However, the prior year comparative
assets, and obligations for the liabilities, relating to the information is only adjusted for periods during which
arrangement. A joint venture is a joint arrangement entities were under common control.
whereby the parties that have joint control of the
arrangement have rights to the net assets of the (Y) Exceptional items
arrangement. Exceptional items are those items that management
considers, by virtue of their size or incidence
Joint Operations (including but not limited to impairment charges
The Company has joint operations within its Oil and acquisition and restructuring related costs),
and gas segment and participates in several should be disclosed separately to ensure that the
unincorporated joint operations which involve the financial information allows an understanding of the
joint control of assets used in oil and gas exploration underlying performance of the business in the year,
and producing activities. The Company accounts so as to facilitate comparison with prior periods. Also
for its share of assets and income and expenditure tax charges related to exceptional items and certain
of joint operations in which it holds an interest. one-time tax effects are considered exceptional. Such
Liabilities in unincorporated joint ventures, where the items are material by nature or amount to the year’s
Company is the operator, is accounted for at gross result and require separate disclosure in accordance
values (including share of other partners) with a
with Ind AS.
corresponding receivable from the venture partners.
These have been included in the financial statements
The determination as to which items should be
under the appropriate headings.
disclosed separately requires a degree of judgement.
The details of exceptional items are set out in note 34.
(X) Common Control transactions
A business combination involving entities or businesses
under common control is a business combination in
3(b) Application of new and amended standards
which all of the combining entities or businesses are (A) The Company has adopted, with effect from
ultimately controlled by the same party or parties both 01 April 2022, the following new and revised
before and after the business combination and the standards and interpretations. Their adoption has
control is not transitory. The transactions between not had any significant impact on the amounts
entities under common control are specifically covered reported in the financial statements.
363
NOTES
1. Amendment to Ind AS 37 regarding costs facts and circumstances, having regard to previous
that an entity needs to include when experience, but actual results may differ materially
assessing whether a contract is onerous or from the amounts included in the financial statements.
loss-making.
Estimates and underlying assumptions are reviewed on
2. Amendment to Ind AS 109 Financial an ongoing basis. Revisions to accounting estimates
Instrument regarding inclusion of fees in are recognised in the period in which the estimate is
the ’10 per cent’ test for derecognition of revised and future periods affected.
financial liabilities.
The information about significant areas of estimation
3. Amendment to Ind AS 103 Business uncertainty and critical judgements in applying
Combination, Reference to the Conceptual accounting policies that have the most significant
Framework for Financial Reporting. effect on the amounts recognised in the financial
statements are as given below:
(B) Standards notified but not yet effective
The Ministry of Corporate Affairs has notified (A) Significant Estimates
Companies (Indian Accounting Standards) (i) Carrying value of exploration and evaluation
Amendment Rules, 2023 dated 31 March 2023, assets
effective from 01 April 2023, resulting in certain Exploration assets are assessed by comparing
amendments as mentioned below:
the carrying value to higher of fair value less
cost of disposal or value in use if impairment
1. Ind AS 1 Presentation of financial
indicators, as contained in Ind AS 106, exists.
statements: The amendment requires
Change to the valuation of exploration assets
disclosure of material accounting policies
is an area of judgement. Further details on the
rather than significant accounting policies;
Company’s accounting policies on this are set
out in accounting policy above. The amounts
2. Ind AS 12 Income Taxes: The amendment
for exploration and evaluation assets represent
clarifies application of initial recognition
active exploration projects. These amounts will
exemption to transactions such as leases
be written off to the statement of profit and loss
and decommissioning obligations;
as exploration costs unless commercial reserves
3. Ind AS 8 Accounting Policies, Change in are established or the determination process is
Accounting Estimates and Errors: The not completed and there are no indications of
amendment replaces definition of ‘change in impairment. The outcome of ongoing exploration,
accounting estimates’ with the definition of and therefore whether the carrying value of
‘accounting estimates’ exploration and evaluation assets will ultimately
be recovered, is inherently uncertain.
These amendments are not expected to have
any impact in the financial statements of the Details of carrying values are disclosed in note 5.
Company.
(ii) Recoverability of deferred tax and other income
tax assets
3(c) Significant accounting estimates and
The Company has carry forward tax losses,
judgements
unabsorbed depreciation and MAT credit that are
The preparation of financial statements in conformity available for offset against future taxable profit.
with Ind AS requires management to make Deferred tax assets are recognised only to the
judgements, estimates and assumptions that affect
extent that it is probable that taxable profit will
the application of accounting policies and the reported
be available against which the unused tax losses
amounts of assets, liabilities, income, expenses and
or tax credits can be utilized. This involves an
disclosures of contingent assets and liabilities at the
assessment of when those assets are likely to
date of these financial statements and the reported
reverse, and a judgement as to whether or not
amounts of revenues and expenses for the years
there will be sufficient taxable profits available
presented. These judgments and estimates are based
to offset the assets. This requires assumptions
on management’s best knowledge of the relevant
regarding future profitability, which is inherently
364
NOTES
uncertain. To the extent assumptions regarding The State of Tamil Nadu and TNPCB approached
future profitability change, there can be an Supreme Court in Civil Appeals on 02 January
increase or decrease in the amounts recognised in 2019 challenging the judgement of NGT dated
respect of deferred tax assets and consequential 15 December 2018 and the previously passed
impact in the statement of profit and loss. judgement of NGT dated 08 August 2013. The
Supreme Court vide its judgement dated 18
The total deferred tax assets recognised in these February 2019 set aside the judgements of NGT
financial statements (Refer note 35) includes dated 15 December 2018 and 08 August 2013
MAT credit entitlements of ` 9,184 Crore (31 solely on the basis of maintainability and directed
March 2022: ` 4,839 Crore), of which ` 2,689 Crore the Company to file an appeal in High court.
(31 March 2022: ` 208 Crore) is expected to be
utilised in the fourteenth and fifteenth year, the The Company has filed a writ petition before
maximum permissible time period to utilise the the Madras High Court challenging the various
MAT credits. orders passed against the Company in FY 2018
and FY 2013. On 18 August 2020, the Madras
(iii) Copper operations in Tamil Nadu, India High Court delivered the judgement wherein
Tamil Nadu Pollution Control Board (“TNPCB”) it dismissed all the Writ Petitions filed by
had issued a closure order of the Tuticorin the Company. Thereafter, the Company has
Copper smelter, against which the Company had approached the Supreme Court and challenged
filed an appeal with the National Green Tribunal the said High Court order by way of a Special
(“NGT”). NGT had, on 08 August 2013, ruled that Leave Petition ("SLP").
the Copper smelter could continue its operations
subject to implementation of recommendations of The Interlocutory Applications filed by the
the Expert Committee appointed by the NGT. The Company seeking essential care and maintenance
TNPCB has filed an appeal against the order of of the plant and removal of materials from the
the NGT before the Supreme Court of India. plant premises were heard on 10 April 2023 where
the Supreme Court allowed certain activities such
In the meanwhile, the application for renewal of as gypsum evacuation, operation of secured
Consent to Operate ("CTO") for existing copper landfill ("SLF") leachate sump pump, bund
smelter was rejected by TNPCB in April 2018. The rectification of SLF and green-belt maintenance.
Company has filed an appeal before the TNPCB
Appellate Authority challenging the Rejection On 04 May 2023, Honourable Supreme Court
Order. During the pendency of the appeal, the further directed the State of Tamil Nadu to
TNPCB vide its order dated 23 May 2018 ordered conclude on any further supplementary directions
closure of existing copper smelter plant with to be issued with regard to the care and
immediate effect. Further, the Government of maintenance of the plant by 01 June 2023. The
Tamil Nadu issued orders on the same date with a SLP is now listed for hearing and final disposal at
direction to seal the existing copper smelter plant the top of the TNPCB on 22 August 2023 and 23
permanently. The Company believes these actions August 2023.
were not taken in accordance with the procedure
prescribed under applicable laws. Subsequently, As per the Company’s assessment, it is in
the Directorate of Industrial Safety and Health compliance with the applicable regulations and
passed orders dated 30 May 2018, directing the expects to get the necessary approvals in relation
immediate suspension and revocation of the to the existing operations and hence the Company
Factory License and the Registration Certificate does not expect any material adjustments to
for the existing smelter plant. these financial statements as a consequence of
above actions.
The Company appealed this before the NGT. NGT
vide its order on 15 December 2018 has set aside The Company has carried out an impairment
the impugned orders and directed the TNPCB analysis for existing plant assets during the
to pass fresh orders for renewal of consent and year ended 31 March 2023 considering various
authorization to handle hazardous substances, scenarios and possibilities, and concluded on
subject to appropriate conditions for protection of balance of probabilities that there exists no
environment in accordance with law. impairment.
365
NOTES
The carrying value of the assets as at 31 Property, plant and equipment of ` 1,033 Crore
March 2023 is ` 1,913 Crore (31 March 2022: (31 March 2022: ` 1,213 Crore) and inventories
` 1,982 Crore). of ` 269 Crore (31 March 2022: ` 301 Crore),
pertaining to existing and expansion plant, could
Expansion Project: not be physically verified, anytime during the year,
Separately, the Company has filed a fresh as the access to the plant is presently restricted.
application for renewal of the Environmental However, any difference between book and
Clearance for the proposed Copper Smelter Plant physical quantities is unlikely to be material.
2 ("Expansion Project") dated 12 March 2018
before the Expert Appraisal Committee of the (iv) Oil and Gas reserves
Ministry of Environment, Forests and Climate Significant technical and commercial judgements
Change ("the MoEFCC") wherein a sub-committee are required to determine the Company’s
was directed to visit the Expansion Project site estimated oil and natural gas reserves.
prior to prescribing the Terms of Reference. Reserves considered for computing depletion
are proved reserves for acquisition costs and
In the meantime, the Madurai Bench of Madras proved and developed reserves for successful
High Court in a Public Interest Litigation held vide exploratory wells, development wells, processing
its order dated 23 May 2018 that the application facilities, distribution assets, estimated future
for renewal of the Environmental Clearance for abandonment cost and all other related costs.
the Expansion Project shall be processed after Reserves for this purpose are considered on
a mandatory public hearing and in the interim, working interest basis which are reassessed
ordered the Company to cease construction at least annually. Details of such reserves are
and all other activities on site for the proposed given in note 43. Changes in reserves as a result
Expansion Project with immediate effect. The of change in management assumptions could
MoEFCC has delisted the Expansion Project since impact the depreciation rates and the carrying
the matter is sub-judice. Separately, SIPCOT value of assets (refer note 5).
vide its letter dated 29 May 2018, cancelled
342.22 acres of the land allotted for the proposed (v) Carrying value of developing/producing oil and
Expansion Project. Further, the TNPCB issued gas assets
orders on 07 June 2018 directing the withdrawal Management performs impairment tests on
of the Consent to Establish ("CTE") which was the Company’s developing/producing oil and
valid till 31 March 2023. gas assets where indicators of impairment are
identified in accordance with Ind AS 36.
The Company has also appealed this action
before the TNPCB Appellate Authority. The matter The impairment assessments are based on a
has been adjourned until the conclusion of special range of estimates and assumptions, including:
leave petition filed before the Supreme Court.
Estimates/
Basis
assumptions
The Company has approached Madras High
Future proved and probable reserves,
Court by way of writ petition challenging the
production production facilities, resource
cancellation of lease deeds by SIPCOT pursuant estimates and expansion projects
to which an interim stay has been granted. The Commodity management’s best estimate
Company has also appealed this action before the prices benchmarked with external sources of
TNPCB Appellate Authority. The matter has been information, to ensure they are within
adjourned until the conclusion of special leave the range of available analyst forecast
petition filed before the Supreme Court. Discount to management’s best estimate based
price on historical prevailing discount and
updated sales contracts
Considering the delay in existing plant matter and
accordingly delay in getting the required approval Period for Rajasthan block, cash flows are
considered based on economic life of
for Expansion Project, management considered the field
to make provision for impairment for Expansion
Discount rates cost of capital risk-adjusted for the risk
Project basis fair value less cost of disposal. The specific to the asset/ CGU
net carrying value of ` 17 Crore as at 31 March
2023 (31 March 2022: ` 41 Crore) approximates
its recoverable value.
366
NOTES
Any subsequent changes to cash flows due to support transition and fleet replacement is
changes in the above mentioned factors could part of normal lifecycle renewal. The Company
impact the carrying value of the assets. has also taken certain measures towards
water management such as commissioning of
Details of carrying values and impairment sewage treatment plants, rainwater harvesting,
charge/ (reversal) and the assumptions used are and reducing fresh water consumption. These
disclosed in note 5 and 34 respectively. initiatives are aligned with the group's ESG
strategy and no material changes were identified
(vi) Climate Change to the financial statements as a result.
The Company aims to achieve net carbon
neutrality by 2050, has committed reduction in As the Company’s assessment of the potential
emission by 25% by 2030 from 2021 baseline, impacts of climate change and the transition
net water positivity by 2030 as part of its climate to a low-carbon economy continues to mature,
risk assessment and has outlined its climate any future changes in the Company's climate
risk assessment and opportunities in the ESG change strategy, changes in environmental laws
strategy. Climate change may have various and regulations and global decarbonisation
impacts on the Company in the medium to measures may impact the Group's significant
long term. These impacts include the risks and judgments and key estimates and result in
opportunities related to the demand of products changes to financial statements and carrying
and services, impact due to transition to a values of certain assets and liabilities in future
low-carbon economy, disruption to the supply reporting periods. However, as of the balance
chain, risk of physical harm to the assets due to sheet date, the Group believes that there is no
extreme weather conditions, regulatory changes material impact on carrying values of its assets
etc. The accounting related measurement and or liabilities.
disclosure items that are most impacted by our
commitments, and climate change risk more (B) Significant Judgement
generally, relate to those areas of the financial (i) Contingencies:
statements that are prepared under the historical In the normal course of business, contingent
cost convention and are subject to estimation liabilities may arise from litigation, taxation and
uncertainties in the medium to long term. other claims against the Company. A provision
is recognised when the Company has a present
The potential effects of climate change may be on obligation as a result of past events and it is
assets and liabilities that are measured based on probable that the Company will be required to
an estimate of future cash flows. The main ways settle that obligation.
in which potential climate change impacts have
been considered in the preparation of the financial Where it is management’s assessment that
statements, pertain to (a) inclusion of capex in the outcome cannot be reliably quantified or is
cash flow projections, (b) review of estimates uncertain, the claims are disclosed as contingent
of useful lives of property, plant and equipment, liabilities unless the likelihood of an adverse
(c) recoverable amounts of existing assets, outcome is remote. Such liabilities are disclosed
(d) assets and liabilities carried at fair value. in the notes but are not provided for in the
The Company's strategy consists of mitigation
and adaptation measures. The Company is When considering the classification of legal
committed to reduce its carbon footprint by or tax cases as probable, possible or remote,
limiting its exposure to coal-based projects and there is judgement involved. This pertains
reducing its GHG emissions through high impact to the application of the legislation, which in
initiatives such as investment in Renewable certain cases is based upon management’s
Energy (1,826 MW on a group captive basis), fuel interpretation of country specific applicable
switch, electrification of vehicles and mining fleet law, in particular India, and the likelihood of
and energy efficiency opportunities. Renewable settlement. Management uses in-house and
sources have limitations in supplying round the external legal professionals to make informed
clock power, so existing power plants would decision.
367
NOTES
Although there can be no assurance regarding 3(d) Business combinations/ Acquisitions/

the final outcome of the legal proceedings, Restructuring:
the Company does not expect them to have a
Athena Chhattisgarh Power Limited
materially adverse impact on the Company’s
financial position or profitability. These are set out On 21 July 2022, the Company acquired Athena
in Note 38. Chhattisgarh Power Limited ("ACPL"), an unrelated
party, under the liquidation proceedings of the
For other significant litigations where the Insolvency and Bankruptcy Code, 2016 for a
possibility of an outflow of resources embodying consideration of ` 565 Crore, subject to National
economic benefits is remote, refer note 44. Company Law Tribunal (“NCLT”) approval. ACPL
is building a 1,200 MW (600 MW X 2) coal-based
(ii) Revenue recognition and receivable recovery in power plant located at Jhanjgir Champa district,
relation to the power division: Chhattisgarh. The plant is expected to fulfil the power
requirements for the Company’s aluminium business.
In certain cases, the Company’s power customers
The Company had filed its application with the NCLT
are disputing various contractual provisions of
in July 2022 and further amended the application
Power Purchase Agreements ("PPA"). Significant
in November 2022 praying for merger of ACPL with
judgement is required in both assessing the
itself. The Company has requested various reliefs
tariff to be charged under the PPA in accordance
from the applicable legal and regulatory provisions
with Ind AS 115 and to assess the recoverability
as part of the above applications. The NCLT approval
of withheld revenue currently accounted for as
of the Company’s resolution application is pending
receivables.
as on the balance sheet date.
In assessing this critical judgment, management
Amalgamation of Facor Power Limited into
considered favourable external legal opinions
Ferro Alloys Corporation Limited
that the Company has obtained in relation to the
claims. In addition, the fact that the contracts are During the current year, Hon’ble National Company
with government owned companies implies that Law Tribunal, Cuttack Bench vide its Order dated
the credit risk is low [refer note 7 (c)]. 15 November 2022 approved the Scheme of
Amalgamation of Facor Power Limited (“FPL”) into
Ferro Alloys Corporation Limited (“FACOR”). FPL is
a subsidiary of FACOR which in turn is a subsidiary
of the Company. Post the amalgamation becoming
effective on 21 November 2022, the Company directly
holds 99.99% in FACOR.
368
NOTES
4 Segment Information
A) Description of segment and principal activities
The Company is a diversified natural resource company engaged in exploring, extracting and processing minerals
and oil and gas. The Company produces oil and gas, aluminium, copper, iron ore and power. The Company has five
reportable segments: oil and gas, aluminium, copper, iron ore and power. The management of the Company is organized
by its main products: oil and gas, aluminium, copper, iron ore and power. Each of the reportable segments derives its
revenues from these main products and hence these have been identified as reportable segments by the Company’s
Chief Operating Decision Maker (“CODM”).
Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments
and amount allocated on a reasonable basis. Unallocated expenditure consist of common expenditure incurred for all
the segments and expenses incurred at corporate level. The assets and liabilities that cannot be allocated between the
segments are shown as unallocated assets and unallocated liabilities respectively.
The accounting policies of the reportable segments are the same as the Company’s accounting policies described in
Note 3. Earnings before Interest, Tax and Depreciation & Amortisation (EBITDA) are evaluated regularly by the CODM, in
deciding how to allocate resources and in assessing performance. The operating segments reported are the segments
of the Company for which separate financial information is available. The Company’s financing (including finance costs
and finance income) and income taxes are reviewed on an overall basis and are not allocated to operating segments.
Pricing between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.
The following table presents revenue and profit information and certain assets and liabilities information regarding the
Company’s business segments as at and for the year ended 31 March 2023 and 31 March 2022 respectively.

(` in Crore)
Business Segments
Particulars
Oil and Gas Aluminium Copper Iron Ore Power Eliminations Total
Revenue
External revenue 8,137 39,950 12,351 5,928 827 - 67,193
Inter segment revenue - - - - - - -
Segment revenue 8,137 39,950 12,351 5,928 827 - 67,193
Results
Segment Results (EBIDTA) a 4,221 5,160 (9) 930 (297) - 10,005
Less: Depreciation, depletion and 1,491 1,751 176 114 129 - 3,661
amortisation expense
Add: Other income, net of (315) 61 2 7 11 - (234)
expenses b,c
Add: Other unallocable income, 20,931
net of expenses
Less: Finance costs 4,384
Add: Net exceptional gain 4,353
Net profit before tax 27,010
Other information
Segment Assets 16,785 50,312 4,500 3,998 2,647 78,242
Financial asset investments 64,845
Deferred tax assets (net) 5,295
Income tax assets (net of 1,501
provisions)
Cash and cash equivalents 5,986
(including other bank balances
and bank deposits)
369
NOTES
(` in Crore)
Business Segments
Particulars
Others 2,914
Total Assets 1,58,783
Segment Liabilities 10,645 21,579 4,753 2,064 241 39,282
Borrowings 42,023
Income tax liabilities (net) 1,025
Others 8,641
Total Liabilities 90,971
Capital Expenditure d 2,436 4,541 87 225 - - 7,311
Net impairment reversal relating 18 - - - - 5,525
to assets e
a) EBITDA is a non-GAAP measure.

b) Oher income includes amortisation of duty benefits relating to assets recognised as government grant.
c) Includes cost of exploration wells written off.
d) Total capital expenditure includes capital expenditure of ` 22 Crore not allocable to any segment.
e) Total net impairment reversal includes impairment reversal on investments of ` 5,507 Crore, which is not allocable
to any segment (Refer Note 34).

(` in Crore)
Business Segments
Particulars
Revenue
External revenue 6,622 38,371 11,096 6,143 569 - 62,801
Inter segment revenue - - - - 218 (218) -
Segment revenue 6,622 38,371 11,096 6,143 787 (218) 62,801
Results
Segment Results (EBIDTA) a 3,137 13,024 (150) 2,187 (172) - 18,026
Less: Depreciation, depletion and 936 1,591 188 101 129 - 2,945
amortisation expense
Add: Other income b - 58 2 7 11 - 78
Add: Other unallocable income, net of 7,921
expenses
Less: Net exceptional loss 318
Other information
Segment Assets 16,420 47,307 5,383 3,590 2,826 75,526
Financial asset investments 61,466
Deferred tax asset 1,118
Income tax assets (net of provisions) 1,800
Cash and cash equivalents (including other 7,209
bank balances and bank deposits)
Others 1,622
Total Assets 1,48,741
370
NOTES
(` in Crore)
Business Segments
Particulars
Segment Liabilities 10,178 15,630 4,638 2,321 152 32,919
Borrowings 36,696
Income tax liabilities (net) 601
Others 876
Total Liabilities 71,092
Capital Expenditure c 1,378 2,731 4 80 - 4,213
Net (Impairment)/ reversal or write off/ (42) (125) - - - (191)
(write back) relating to assets d

b) Amortisation of duty benefits relating to assets recognised as government grant.
c) Total capital expenditure includes capital expenditure of ` 20 Crore not allocable to any segment.
d) Includes write off of ` 24 Crore which is not allocable to any segment.
B) Geographical segment analysis

The following table provides an analysis of the Company’s sales by region in which the customer is located, irrespective
of the origin of the goods.
(` in Crore)
Geographical Segment
31 March 2023 31 March 2022
Revenue by geographical segment
India 33,714 28,142
Europe 11,631 14,847
Mexico 3,817 2,089
The United States of America 3,426 3,231
China 2,535 5,055
Others 12,070 9,437
Total 67,193 62,801
The following is an analysis of the carrying amount of non-current assets, excluding deferred tax assets and financial
assets, analysed by the geographical area in which the assets are located:
(` in Crore)
As at As at
Carrying Amount of Segment Assets
31 March 2023 31 March 2022
India 56,863 54,244
Total 56,863 54,244
C) Information about major customers

No single customer has accounted for more than 10% of the Company’s revenue for the year ended 31 March 2023 and
31 March 2022.
371
NOTES
D) Disaggregation of revenue
Below table summarises the disaggregated revenue from contract with customers:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Oil 6,718 5,480
Gas 1,546 892
Aluminium products 39,189 37,696
Copper Cathode 11,950 10,267
Iron Ore 2,212 2,354
Metallurgical coke 447 314
Pig Iron 3,198 3,348
Power 827 570
Others 1,691 1,860
Revenue from contracts with customers* 67,778 62,781
(Loss)/ Gain from provisionally priced contracts under Ind AS 109 (585) 20
Total Revenue 67,193 62,801
*includes revenues from sale of services aggregating to ` 88 Crore (31 March 2022: ` 109 Crore) which is recorded over a period of
time and the balance revenue is recognised at a point in time.
372
Property, Plant and equipment, Intangible assets, Capital work-in-progress and Exploration intangible assets under development
(` in Crore)
Property, Plant and equipment Total including
capital work in
Capital Exploration
Right of progress and
Work in intangible NOTES
STANDALONE
Particulars Oil & gas Furniture exploration

Freehold Plant and Office Use assets progress assets under
Buildings producing and Vehicles Total intangible
Land equipment equipment (see note (CWIP) development
facilities fixtures assets under
below)
development
Gross Block
As at 01 April 2021 841 7,074 45,297 48,166 221 313 443 667 1,03,022 24,896 3,144 1,31,062
Additions 3 65 863 132 4 10 25 12 1,114 2,257 833 4,204
Transfers/ Reclassifications* 11 60 2,584 332 9 2 2 (346) 2,654 (2,658) - (4)
Disposals/ Adjustments (1) (5) (392) - (1) (3) (3) (8) (413) (1) - (414)
Exploration costs written off (Refer note 34) - - - - - - - - - - (1,412) (1,412)
Exchange differences 5 40 253 1,512 4 - 8 7 1,829 500 89 2,418
As at 31 March 2022 859 7,234 48,605 50,142 237 322 475 332 1,08,206 24,994 2,654 1,35,854
Additions 13 36 1,482 - 4 11 50 50 1,646 3,832 1,090 6,568
Transfers/ Reclassifications* 2 129 1,371 1,413 4 1 (2) - 2,918 (2,922) - (4)
Disposals/ Adjustments - (3) (780) (156) (51) (5) (66) - (1,061) - - (1,061)
Exploration costs written off (Refer note 33) - - - - - - - - - - (315) (315)
Exchange differences 15 125 827 4,610 (3) - (7) 3 5,570 959 248 6,777
As at 31 March 2023 889 7,521 51,505 56,009 191 329 450 385 1,17,279 26,863 3,677 1,47,819
Accumulated depreciation, depletion,
amortisation and impairment
As at 01 April 2021 146 2,970 14,181 46,685 152 113 404 149 64,800 15,800 1,539 82,139
Charge for the year 5 190 2,139 536 12 24 29 19 2,954 - - 2,954
Disposals/ Adjustments - (1) (316) - - (2) (3) (8) (330) 29 - (301)
Capital work-in-progress written off/ - - - (955) - - - - (955) 24 (415) (1,346)
Impairment charge/ (reversal) for the year
(Refer Note 34)
Transfers/ Reclassifications* - - 490 117 - - - (81) 526 (526) - -
Exchange differences 4 38 212 1,454 3 - 8 2 1,721 441 42 2,204

REPORT
As at 31 March 2022 155 3,197 16,706 47,837 167 135 438 81 68,716 15,768 1,166 85,650
Charge for the year 5 270 2,361 958 11 25 36 18 3,684 - - 3,684
INTEGRATED
Disposals/ Adjustments - (2) (346) - (50) (3) (64) - (465) - - (465)

Impairment charge/ (reversal) for the year - - (220) (103) - - - - (323) - 305 (18)
(Refer Note (g))
Transfers/ Reclassifications* - - 76 157 3 - (3) - 233 (233) - -
REPORTS
Exchange differences 12 113 646 4,186 (7) - (6) 2 4,946 1,238 112 6,296
STATUTORY
As at 31 March 2023 172 3,578 19,223 53,035 124 157 401 101 76,791 16,773 1,583 95,147
Net Book Value/Carrying amount
As at 01 April 2021 695 4,104 31,116 1,481 69 200 39 518 38,222 9,096 1,605 48,923
As at 31 March 2022 704 4,037 31,899 2,305 70 187 37 251 39,490 9,226 1,488 50,204
As at 31 March 2023 717 3,943 32,282 2,974 67 172 49 284 40,488 10,090 2,094 52,672
FINANCIAL
*Transfers/reclassification majorly includes capitalisation of CWIP to respective class of assets

STATEMENTS
373
NOTES
5 Property, Plant and equipment, Intangible assets, Capital work-in-progress and Exploration
intangible assets under development
Right of Use (ROU) assets
(` in Crore)
ROU Plant and
Particulars ROU Land ROU Building Total
Equipment
Gross Block
As at 01 April 2021 284 42 341 667
Additions 12 - - 12
Transfers/ Reclassifications - - (346) (346)
Disposals/ Adjustments (8) - - (8)
Exchange differences - 1 6 7
As at 31 March 2022 288 43 1 332
Additions 50 - - 50
Exchange differences - 3 - 3
As at 31 March 2023 338 46 1 385
Accumulated depreciation and impairment
As at 01 April 2021 54 15 80 149
Charge for the year 10 9 - 19
Transfers/ Reclassifications - - (81) (81)
Exchange differences - - 2 2
As at 31 March 2022 56 24 1 81
Charge for the year 10 8 - 18
Exchange differences - 2 - 2
As at 31 March 2023 66 34 1 101
As at 01 April 2021 230 27 261 518
As at 31 March 2022 232 19 - 251
As at 31 March 2023 272 12 - 284
Intangible Assets
(` in Crore)
Software
Particulars Mining Rights Total
License
Gross Block
As at 01 April 2021 298 227 525
Additions 10 - 10
Transfers/ Reclassifications 4 - 4
Exchange differences 7 - 7
As at 31 March 2022 319 227 546
Additions 7 815 822
Transfers/ Reclassifications 4 - 4
Disposals/ Adjustments (154) - (154)
Exchange differences (66) - (66)
As at 31 March 2023 110 1,042 1,152
374
NOTES
(` in Crore)
Software
Particulars Mining Rights Total
License
Accumulated amortisation and impairment
As at 01 April 2021 279 219 498
Charge for the year 15 - 15
Exchange differences 7 - 7
As at 31 March 2022 301 219 520
Charge for the year 14 5 19
Disposals/ Adjustments (154) - (154)
Exchange differences (67) - (67)
As at 31 March 2023 94 224 318
As at 01 April 2021 19 8 27
As at 31 March 2022 18 8 26
As at 31 March 2023 16 818 834
Capital Work-In-Progress (CWIP) Ageing Schedule

(` in Crore)
As at 31 March 2023 As at 31 March 2022
CWIP Projects Projects

Projects in Projects in
temporarily Total temporarily Total
progress progress
suspended suspended
Less than 1 year 3,620 3 3,623 2,358 2 2,360
1-2 years 1,167 3 1,170 464 6 470
2-3 years 250 5 255 1,098 33 1,131
More than 3 years 4,399 643 5,042 4,645 620 5,265
Total 9,436 654 10,090 8,565 661 9,226
CWIP completion schedule for projects whose completion is overdue or has exceeded its cost compared to its
original plan:
(` in Crore)
To be completed in To be completed in
CWIP
Less than More than Less than More than
1-2 years 2-3 years 1-2 years 2-3 years
1 year 3 years 1 year 3 years
Projects in Progress
Jharsuguda 1.25 MTPA 457 - - - 545 234 - -
aluminium smelter Project
Lanjigarh alumina 2-5 MTPA 6,666 21 - - 4,146 863 - -
expansion Project
RDG gas Project 336 - - - 58 155 - -
Oil & Gas development CWIP 226 121 - - 1,032 286 - -
Projects temporarily suspended
Lanjigarh alumina 5-6 MTPA - - - 371 - - - 371
expansion Project
Other iron ore business Projects 11 - - - 11 - - -
Copper 4LTPA expansion Project * * * * * * * *
* Excludes ageing for Copper 4 LTPA Expansion project which is on hold due to restrictions imposed by the State government. Refer Note
3(c)(A)(iii)
375
NOTES
Exploration intangible assets under development Ageing Schedule

(` in Crore)
As at As at
31 March 2023 31 March 2022
Intangible assets under development
progress progress
Less than 1 year 610 547
1-2 years 565 533
2-3 years 535 340
More than 3 years 384 68
Total 2,094 1,488
Title deeds of immovable properties not held in the name of Company

(` in Crore)
Whether title
deed holder
is a promoter,
director or
Relevant line Description Gross block Gross block Property held
Title deeds held in relative of Reason for not being held in
item in the of item of as at 31 as at 31 since which
the name of promoter/ the name of the company
Balance sheet property March 2023 March 2022 date
director or
employee of
promoter/
director
Property, Plant Land & 1,749 1,533 Oil and Natural Gas No 10 April 2009 The title deeds of Oil & Gas
and Equipment Building Corporation Limited exploration blocks jointly
(ONGC) and Cairn owned by the JV partners
India Limited (now are in the name of ONGC,
a division of the being the licensee of these
Company) exploration blocks.
Land 53 53 Erstwhile company No 1965-2012* The title deeds are in the
Sterlite Industries names of erstwhile companies
ROU Land 50 50 No 1993-2009*
(India) Limited, that that merged with the Company
merged with the under Section 391 to 394 of
Company the erstwhile Companies Act,
1956 pursuant to Schemes
Land 20 20 Erstwhile company No 2008-2012*
of Amalgamation and
Vedanta Aluminium
Arrangement as approved by
Limited, that merged
the Honourable High Courts.
with the Company
* Multiple dates of acquisitions during the period disclosed.
Notes
a) Plant and equipment include refineries, smelters, power plants, railway sidings, ships, river fleet and related facilities.
b) During the year ended 31 March 2023, interest capitalised was ` 331 Crore (31 March 2022: ` 267 Crore).
c) Certain property, plant and equipment are pledged as security against borrowings, the details related to which have
been described in Note 17 on “Borrowings”.
d) In accordance with the exemption given under Ind AS 101, which has been exercised by the Company, a first time
adopter can continue its previous GAAP policy for accounting for exchange differences arising from translation of
long-term foreign currency monetary items recognised in the previous GAAP financial statements for the period ending
immediately before the beginning of the first Ind AS financial reporting period, i.e., 01 April 2016.
Accordingly, foreign currency exchange differences arising on translation/settlement of long-term foreign currency
monetary items acquired before 01 April 2016 pertaining to the acquisition of a depreciable asset amounting to ` 11
Crore loss (31 March 2022: ` 16 Crore loss) is adjusted to the cost of respective item of property, plant and equipment.
376
NOTES
e) Property, Plant and Equipment, Capital work-in-progress and exploration and evaluation assets net block includes
share of jointly owned assets with the joint venture partners ` 5,776 Crore (31 March 2022: ` 5,801 Crore).
f) Reconciliation of depreciation, depletion and amortisation expense
(` in crore)
For the year ended For the year ended
Particulars
31 March 2023 31 March 2022
Depreciation/Depletion/Amortisation expense on:
Property, Plant and Equipment (Including ROU assets) 3,684 2,954
Intangible assets 19 15
As per Property, Plant and Equipment and Intangible assets schedule 3,703 2,969
Less: Cost allocated to joint ventures and other adjustments (42) (24)
As per Statement of Profit and Loss 3,661 2,945
g) (i) During the year ended 31 March 2023, the Company has recognised a net impairment reversal of ` 323 Crore
(after considering impairment reversal of ` 618 Crore on account of ONGC partial arbitration award (Refer note
(ii) for details)) on its assets in the oil and gas producing facilities and impairment charge of ` 305 Crore on its
assets in the oil and gas exploration intangible assets under development mainly due to revision of Reserve and
Capex estimates. The recoverable amount of the Company’s share in Rajasthan Oil and Gas cash generating unit
“RJ CGU” was determined to be ` 5,324 Crore (US$ 648 million) as at 31 March 2023. The recoverable amount of
the RJ CGU was determined based on the fair value less costs of disposal approach, a level-3 valuation technique
in the fair value hierarchy, as it more accurately reflects the recoverable amount based on the Company’s view
of the assumptions that would be used by a market participant. This is based on the cash flows expected to be
generated by the projected oil and natural gas production profiles up to 2040, the expected dates of cessation
of production sharing contract ("PSC")/ cessation of production from each producing field based on the current
estimates of reserves and risked resources. Reserves assumptions for fair value less costs of disposal tests
consider all reserves that a market participant would consider when valuing the asset, which are usually broader
in scope than the reserves used in a value-in-use test. Discounted cash flow analysis used to calculate fair value
less costs of disposal uses assumption for short-term oil price of US$ 84 per barrel for the next one year and
tapers down to long-term nominal price of US$ 73 per barrel three years thereafter derived from a consensus of
various analyst recommendations. Thereafter, these have been escalated at a rate of 2.4% per annum. The cash
flows are discounted using the post-tax nominal discount rate of 10.99% derived from the post-tax weighted
average cost of capital after factoring in the risks ascribed to PSC extension including successful implementation
of key growth projects. Based on the sensitivities carried out by the Company, change in crude price assumptions
by US $ 1/bbl and changes to discount rate by 1% would lead to a change in recoverable value by ` 41 Crore
(US$5 million) and ` 205 Crore (US$ 25 million) respectively.

(ii) In the Oil and Gas business, the Company operates the Rajasthan Block under a joint venture model with ONGC.
As the operator of the block, the Company raises cash calls to ensure the smooth functioning of the petroleum
operations.
During the current year ended 31 March 2023, the Company received a favourable partial arbitration award on
cash call claims made from ONGC, pursuant to which, reversal of previously recorded impairment of ` 618 Crore
(US$ 78 million) has been recognised against capitalised development costs. The Company had a liability
towards ONGC of ` 750 Crore (US$ 99 million) as of 31 March 2022 on account of revenue received in excess of
entitlement. Based on the partial arbitration award, the Company has adjusted the claims received in the favour of
the Company against the liability towards ONGC and the net payable as of 31 March 2023 amounts to ` 135 Crore
(US$ 16 million).
377
NOTES
6 Financial Assets : Investments

A) Non Current Investments
Particulars Amount Amount
No. No.
(` in Crore) (` in Crore)
(a) Investment in equity shares - at cost/
deemed costa
(fully paid up unless otherwise stated)
Subsidiary companies
Quoted
- Hindustan Zinc Limited, of 2,74,31,54,310 44,398 2,74,31,54,310 44,398
` 2/-eachb (Refer Note 17)
Unquoted
- Bharat Aluminium Company 11,25,18,495 553 11,25,18,495 553
Limited, of ` 10/- each (including
5 shares held jointly with
nominees)b
- Monte Cello BV, The Netherlands, 40 204 40 204
of Euro 453.78 each
Less: Reduction pursuant to (204) - (204) -
merger c
- Cairn India Holdings Limited 31,83,40,911 25,512 42,08,10,062 28,873
(CIHL) of GBP 1 each (Refer Note
34)
Less: Reduction pursuant to (15,067) 10,445 (15,067) 13,806
merger c
- Vizag General Cargo Berth Private 4,71,08,000 182 4,71,08,000 182
Limited, of ` 10 each (including 6
shares held jointly with nominees)
- Talwandi Sabo Power Limited, of 3,20,66,09,692 3,207 3,20,66,09,692 3,207
` 10 each (including 6 shares held
jointly with nominees)
- Sesa Resources Limited, of ` 10 12,50,000 757 12,50,000 757
each (including 6 shares held
jointly with nominees)
- Bloom Fountain Limited, of US$ 1 2,20,10,00,001 14,734 2,20,10,00,001 14,734
each
Less: Reduction pursuant to (14,320) 414 (14,320) 414
merger c
- MALCO Energy Limited, of ` 2 each 2,33,66,406 116 2,33,66,406 116
(including 6 shares held jointly
with nominees)
Less: Reduction pursuant to (23) 93 (23) 93
merger c
- THL Zinc Ventures Limited, of 1,00,001 46 1,00,001 46
1 ordinary share of US$ 1 and
1,00,000 Ordinary Shares of US$
100 each
merger c
- THL Zinc Holdings BV, of EURO 1 37,38,000 23 37,38,000 23
each
merger c
- ESL Steel Limited, of ` 10 each 1,76,55,53,040 1,770 1,76,55,53,040 1,770
(including 6 shares held jointly
with nominees)
- Ferro Alloys Corporation Limited, 34,00,00,000 37 34,00,00,000 37
of ` 1 each (including 6 shares
held jointly with nominees) (Refer
Note 3(d))
378
NOTES

No. No.
Associate companies - unquoted
- Gaurav Overseas Private Limited, 14,23,000 1 4,23,000 0
of ` 10 each
Investment in equity shares at fair
value through other comprehensive
income
Quoted
- Sterlite Technologies Limited, of 47,64,295 70 47,64,295 107
` 2 each
Unquoted
- Sterlite Power Transmission 19,05,718 11 9,52,859 11
Limited, of ` 2 each
- Goa Shipyard Limited of ` 5 each 2,50,828 0 2,50,828 0
(b) Investment in preference shares of
subsidiary companies - at cost
Unquoted
- Bloom Fountain Limited, 18,59,900 907 18,59,900 907
0.25% Optionally Convertible
Redeemable Preference shares of
US$ 1 each
- Bloom Fountain Limited, 3,60,500 215 3,60,500 215
US$ 100 each
- THL Zinc Ventures Limited, - - 70,00,000 3,187
US$ 1 each (Refer Note 34)
Less: Reduction pursuant to - - (3,187) -
merger c
- THL Zinc Holdings BV, 55,00,000 2,495 55,00,000 2,495
EURO 1 each
Less: Reduction pursuant to (2,495) - (2,495) -
merger c
(c) Investment in Preference shares -
Unquoted at fair value through profit
and loss
- Serentica Renewables Power 6,90,00,000 69 - -
Companies, Optionally Convertible
` 10 each (Refer Note 38 and 39)
(d) Investment in Government or Trust
securities at cost / amortised cost
- 7 Years National Savings NA 0 NA 0
Certificates (31 March 2023:
` 35,450; 31 March 2022:
` 35,450) (Deposit with Sales Tax
Authority)
- UTI Master gain of ` 10 each (31 100 0 100 0
March 2023: ` 4,072; 31 March
2022: ` 4,072)
- Vedanta Limited ESOS Trust (31 NA 0 NA 0
March 2023: ` 5,000; 31 March
2022: ` 5,000)
(e) Investments in debentures of
subsidiary companies at cost /
amortised cost
- MALCO Energy Limited, 6,13,54,483 6,136 6,13,54,483 6,136
compulsorily convertible
debentures of ` 1,000 each
Less: Reduction pursuant to (6,118) 18 (6,118) 18
merger c
379
NOTES

No. No.
(f) Investments in Co-operative societies
at fair value through profit and loss
- Sesa Ghor Premises Holders 40 0 40 0
Maintenance Society Limited, of
` 200 each (31 March 2023:
` 8,000; 31 March 2022: ` 8,000)
- Sesa Goa Sirsaim Employees 200 0 200 0
Consumers Co- operative Society
Limited, of ` 10 each (31 March
2023: ` 2,000; 31 March 2022:
` 2,000)
- Sesa Goa Sanquelim Employees 230 0 230 0
2023: ` 2,300; 31 March 2022:
` 2,300)
- Sesa Goa Sonshi Employees 468 0 468 0
2023: ` 4,680; 31 March 2022:
` 4,680)
- Sesa Goa Codli Employees 450 0 450 0
2023: ` 4,500; 31 March 2022:
` 4,500)
- Sesa Goa Shipyard Employees 500 0 500 0
Consumers Co-operative Society
2023: ` 5,000; 31 March 2022:
` 5,000)
- The Mapusa Urban Cooperative 40 0 40 0
Bank Limited, of ` 25 each (31
March 2023: ` 1,000; 31 March
2022: ` 1,000)
(g) Investment in Bonds/ Debentures -
Unquoted at fair value through profit
and loss
- Infrastructure Leasing & Financial 30 30
Services Limited
Less: Provision for diminution in
value of investments in:
Bloom Fountain Limited (Refer (756) (1,536)
Note 34)
Sesa Resources Limited (750) (750)
Cairn India Holdings Limited (1,799) (3,339)
(Refer Note 34)
Total 59,872 60,881
Aggregate amount of impairment (3,305) (5,625)
Aggregate amount of quoted 44,468 44,505
investments
Market value of quoted 80,554 85,062
investments
Aggregate carrying amount of 15,404 16,376
unquoted investments
380
NOTES
a. Carrying value of investment in equity shares of Hindustan Zinc Limited ("HZL") is at deemed cost and for all other
subsidiaries, it is at the cost of acquisition.
b. Pursuant to the Government of India’s policy of disinvestment, the Company in April 2002 acquired 26% equity interest
in HZL from the Government of India. Under the terms of the Shareholder’s Agreement (‘SHA’), the Company had two
call options to purchase all of the Government of India’s shares in HZL at fair market value. The Company also acquired
an additional 20% of the equity capital in HZL through an open offer. The Company exercised the first call option on
29 August 2003 and acquired an additional 18.9% of HZL’s issued share capital, increasing its shareholding to 64.9%.
The second call option provides the Company the right to acquire the Government of India’s remaining 29.5% share in
HZL. This call option is subject to the right of the Government of India to sell 3.5% of HZL shares to HZL employees.
The Company exercised the second call option on 21 July 2009. The Government of India disputed the validity of the
call option and has refused to act upon the second call option. Consequently, the Company invoked arbitration. The
Government of India without prejudice to the position on the Put / Call option issue has received approval from the
Cabinet for divestment and the Government is looking to divest through the auction route. Meanwhile, the Supreme
Court has, in January 2016, directed status quo pertaining to disinvestment of Government of India’s residual
shareholding while hearing the public interest petition filed.
On 13 August 2020, the Supreme Court passed an order partially removing the status quo order in place and has
allowed the arbitration proceedings to continue via its order passed on 18 November 2021, the Supreme Court of
India allowed the GOI’s proposal to divest its entire stake in HZL in the open market in accordance with the rules and
regulations of SEBI and also directed the Central Bureau of India to register a regular case in relation to the process
followed for the disinvestment of HZL in the year 2002 by the GOI. In line with the said order, the Company has
withdrawn its arbitration proceedings.
Pursuant to the Government of India’s policy of divestment, the Company in March 2001 acquired 51% equity interest
in BALCO from the Government of India. Under the terms of the SHA, the Company has a call option to purchase
the Government of India’s remaining ownership interest in BALCO at any point from 02 March 2004. The Company
exercised this option on 19 March 2004. However, the Government of India has contested the valuation and validity of
the option and contended that the clauses of the SHA violate the (Indian) Companies Act, 1956 by restricting the rights
of the Government of India to transfer its shares and that as a result such provisions of the SHA were null and void. In
the arbitration filed by the Company, the arbitral tribunal by a majority award rejected the claims of the Company on the
grounds that the clauses relating to the call option, the right of first refusal, the “tag-along” rights and the restriction on
the transfer of shares violate the erstwhile Companies Act, 1956 and are not enforceable. The Company has challenged
the validity of the majority award in the Hon'ble High Court of Delhi and sought for setting aside the arbitration award
to the extent that it holds these clauses ineffective and inoperative. The Government of India also filed an application
before the High Court of Delhi to partially set aside the arbitral award in respect of certain matters involving valuation.
The matter is currently scheduled for hearing by the Delhi High Court. Meanwhile, the Government of India without
prejudice to its position on the Put / Call option issue has received approval from the Cabinet for divestment and the
Government is looking to divest through the auction route.
On 09 January 2012, the Company offered to acquire the Government of India’s interests in HZL and BALCO for
` 15,492 Crore and ` 1,782 Crore respectively. This offer was separate from the contested exercise of the call options,
and Company proposed to withdraw the ongoing litigations in relation to the contested exercise of the options should
the offer be accepted. To date, the offer has not been accepted by the Government of India and therefore, there is no
certainty that the acquisition will proceed.
In view of the lack of resolution on the options, the non-response to the exercise and valuation request from the
Government of India, the resultant uncertainty surrounding the potential transaction and the valuation of the
consideration payable, the Company considers the strike price of the options to be at the fair value, which is effectively
nil, and hence the call options have not been recognised in the financial statements.
c. Reduction pursuant to merger of Cairn India Limited with Vedanta Limited accounted for in the year ended 31 March
2017.
d. The Company has not recognised any deferred tax asset on impairment of investments, including amount reduced
pursuant to merger (refer note c above) as the realisation of the same is not reasonably certain.
381
NOTES
B) Current Investment
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Investment in preference shares of subsidiary companies - at cost
THL Zinc Ventures Limited, 70,00,000 - 0.25% Optionally Convertible Redeemable Preference 3,187 -
shares of US$ 1 each (Refer Note 34)
Investments carried at fair value through profit and loss
Investment in mutual funds- unquoted 1,786 585
Investment in India Grid Trust - quoted - 0
Total 4,973 585
Aggregate amount of quoted investments, and market value thereof - 0
Aggregate amount of unquoted investments 4,973 585
7 Financial assets - Trade receivables

(` in Crore)
Particulars Non- Non-
Current Total Current Total
current current
Secured, Undisputed
Unbilled dues - - - - - -
Not due - 143 143 - 121 121
Less than 6 months - 162 162 - 53 53
6 months -1 year - 6 6 - - -
1-2 Years - - - - 0 0
2-3 years - - - - - -
More than 3 years - 3 3 - 3 3
sub-total - 314 314 - 177 177
Unsecured, disputed
Unbilled dues - - - 9 - 9
Not due - - - - - -
Less than 6 months 58 14 72 123 - 123
6 months -1 year 78 - 78 67 - 67
1-2 Years 190 - 190 106 - 106
2-3 years 106 - 106 153 - 153
More than 3 years 1,754 6 1,760 1,601 8 1,609
sub-total 2,186 20 2,206 2,059 8 2,067
Unsecured, Undisputed
Unbilled dues - 98 98 - - -
Not due - 472 472 - 571 571
Less than 6 months - 672 672 - 1,560 1,560
6 months -1 year - 120 120 - 17 17
1-2 Years - 10 10 - 3 3
2-3 years - - - - - -
sub-total - 1,377 1,377 - 2,160 2,160
Less: Provision for expected credit loss (1,339) (17) (1,356) (984) (17) (1,001)
Total 847 1,694 2,541 1,075 2,328 3,403
382
NOTES
(a) The credit period given to customers ranges from zero to 90 days. Also refer note 22(C)(d).
(b) For amounts due and terms and conditions relating to related party receivables, see note 39.
(c) Trade receivables includes ` 878 Crore (net of Provision for expected credit loss ("ECL") of ` 157 Crore recognised
during the year on account of time value of money) as at 31 March 2023 (31 March 2022: ` 1,097 Crore) withheld by
GRIDCO Limited ("GRIDCO") primarily on account of reconciliation and disputes relating to computation of power tariffs
and alleged short-supply of power by the Company under the terms of long term power supply agreement.
Out of the above, ` 374 Crore (net of ECL of ` 74 Crore recognised during the year on account of time value of money)
relates to the amounts withheld by GRIDCO due to tariff adjustments on account of transmission line constraints in
respect of which GRIDCO’s appeal against order of APTEL is pending before the Hon’ble Supreme Court of India and
` 234 crores (net of ECL of ` 47 Crore) relates to alleged short supply of power for which the Company’s appeal on
certain grounds are pending before APTEL.
(d) The total trade receivables as at 01 April 2021 were ` 2,241 Crore (net of provision for expected credit loss).
8 Financial assets - Loans

(` in Crore)
current current
Unsecured, considered good
Loans to related parties (Refer note 39 and 41(c)) 126 504 630 154 364 518
Loans and advances to employees - 3 3 - 1 1
Unsecured, considered credit impaired
Loans to related parties (Refer note 39) - 5 5 - 5 5
Less: Provision for expected credit loss - (5) (5) - (5) (5)
Total 126 507 633 154 365 519
9 Financial assets - Others

(` in Crore)
current current
Bank deposits a, b 521 - 521 298 - 298
Site restoration asset b
701 - 701 589 - 589
Security deposits 144 11 155 74 18 92
Advance recoverable (Oil and Gas Business) - 6,658 6,658 - 7,068 7,068
Others c 748 70 818 716 82 798
Long term advance to related party (Refer note 3(d) 565 - 565 - - -
and 39)
Receivable from related parties (Refer note 39) - 501 501 - 226 226
Others c 467 199 666 458 273 731
Less: Provision for expected credit loss (482) (200) (682) (473) (274) (747)
Total 2,679 7,240 9,919 1,677 7,394 9,071
383
NOTES
(a) Bank deposits includes fixed deposits with maturity more than 12 months of ` 107 Crore (31 March 2022: ` Nil Crore)
under lien with bank, ` 208 Crore (31 March 2022: ` 81 Crore) held as reserve created against principal payment on
loans from banks, ` 146 Crore (31 March 2022: ` 156 Crore) held as interest reserve created against interest payment
on loans from banks, ` 58 Crore (31 March 2022: ` 61 Crore) held as margin money created against bank guarantee and
` 2 Crore (31 March 2022: ` Nil Crore) held as fixed deposit for closure cost.
(b) Bank deposits and site restoration asset earns interest at fixed rate based on respective deposit rate.
(c) Government of India (GoI) vide Office Memorandum (“OM”) No. O-19025/10/2005-ONG-DV dated 01 February 2013
allowed for Exploration in the Mining Lease Area after expiry of Exploration period and prescribed the mechanism for
recovery of such Exploration Cost incurred. Vide another Memorandum dated 24 October 2019, GoI clarified that all
approved Exploration costs incurred on Exploration activities, both successful and unsuccessful, are recoverable in the
manner as prescribed in the OM and as per the provisions of PSC. Accordingly, the Company has started recognizing
revenue, for past exploration costs, through increased share in the joint operations revenue as the Company believes
that cost recovery mechanism prescribed under OM for profit petroleum payable to GoI is not applicable to its Joint
operation partner, a view which is also supported by an independent legal opinion. At year end, an amount of ` 859
Crore (US$ 105 million) (31 March 2022: ` 790 Crore (US$ 105 million)) is receivable from its joint operation partner
on account of this. However, the Joint operation partner carries a different understanding and the matter is pending
resolution.
10 Other assets
(` in Crore)
current current
Capital advances 687 - 687 766 - 766
Advances for related party supplies (Refer note 39) 25 1,569 1,594 61 84 145
Advances for supplies - 1,480 1,480 - 1,658 1,658
Others
Balance with government authorities a 631 1,006 1,637 607 619 1,226
Loan to employee benefit trust 53 - 53 178 - 178
Others b
650 662 1,312 602 836 1,438
Unsecured, considered doubtful
Balance with government authorities 3 106 109 3 9 12
Advance for supplies - 58 58 - 58 58
Others b
380 4 384 366 4 370
Less : Provision for doubtful advances (559) (168) (727) (542) (71) (613)
Total 2,046 4,717 6,763 2,214 3,197 5,411
(a) Includes ` 34 Crore (31 March 2022: ` 30 Crore), being Company’s share of gross amount of ` 97 Crore (31 March 2022:
` 86 Crore) paid under protest on account of Education Cess and Secondary Higher Education Cess for the financial
year 2013-14.
(b) Others include claim receivables, advance recoverable (oil and gas business), prepaid expenses and export incentive
receivables.
384
NOTES
11 Inventories
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Raw Materials 1,706 1,908
Goods-in transit 1,816 1,208
Work-in-progress 2,503 3,018
Finished goods 336 385

Fuel Stock 1,151 1,084
Goods-in transit 32 357
Stores and Spares 671 600

Total 8,217 8,563
(a) For method of valuation for each class of inventories, refer note 3(a)(J).
(b) Inventory held at net realisable value amounted to ` 1,824 Crore (31 March 2022: ` 2,632 Crore).
(c) Write down of inventories amounting to ` 43 Crore has been charged to the Statement of Profit and Loss during the year
(31 March 2022: ` 42 Crore).
12 Current financial assets - Cash and cash equivalents

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Balances with banks a 5,088 3,817
Deposits with original maturity of less than 3 months (including interest accrued thereon) b 59 1,701
Cash on hand 0 0
Total 5,147 5,518
(a) Including foreign inward remittances aggregating ` 223 Crore (US$ 27 million) (31 March 2022: ` 3,319 Crore (US$ 439
million)) held by banks in their nostro accounts on behalf of the Company.
(b) Bank deposits earn interest at fixed rate based on respective deposit rates.
13 Current financial assets - Other bank balances

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Bank deposits with original maturity of more than 3 months but less than 12 months (including 202 934
interest accrued thereon) a, b, d
Bank deposits with original maturity of more than 12 months (including interest accrued thereon) c, d 0 18
Earmarked unpaid dividend accounts e
114 439
Earmarked escrow account f 2 2
Total 318 1,393
(a) Includes ` 66 Crore (31 March 2022: ` 439 Crore) on lien with banks and margin money of ` 41 Crore (31 March 2022:
` 40 Crore).
(b) Restricted funds of ` 22 Crore (31 March 2022: ` 7 Crore) on lien with others and ` 64 Crore (31 March 2022: ` 57 Crore)
held as margin money created against bank guarantee.
385
NOTES
(c) Includes ` 0 Crore (31 March 2022: ` 3 Crore) of margin money with banks and fixed deposit under lien with others of
` 0 Crore (31 March 2022: ` 15 Crore).
(d) Bank deposits earn interest at fixed rate based on respective deposit rates.
(e) Earmarked unpaid dividend accounts are restricted in use as it relates to unclaimed or unpaid dividend, as per the
provisions of the Act.
(f) Earmarked escrow account is restricted in use as it relates to unclaimed redeemable preference shares.
14 Share capital
Particulars Number Amount Number Amount
(in Crore) (` in Crore) (in Crore) (` in Crore)
A. Authorised equity share capital
Opening and Closing balance [equity shares of ` 1/- each 4,402 4,402 4,402 4,402
with voting rights]
Authorised preference share capital
Opening and Closing balance [preference shares of ` 10/- 301 3,010 301 3,010
each]
B. Issued, subscribed and paid up
Equity shares of ` 1/- each with voting rights a, b 372 372 372 372
372 372 372 372
(a) Includes 3,05,832 (31 March 2022: 3,05,832) equity shares kept in abeyance. These shares are not part of listed equity
capital and pending allotment as they are sub-judice.
(b) Includes 40,05,075 (31 March 2022: 86,93,406) equity shares held by Vedanta Limited ESOS Trust (Refer note 27).
C. Shares held by the Ultimate holding company and its subsidiaries*

Particulars Number of Number of

Shares held % of holding Shares held % of holding
(in Crore) (in Crore)
Twin Star Holdings Limited 172.48 46.40 172.48 46.40
Finsider International Company Limited 16.35 4.40 16.35 4.40
Welter Trading Limited 3.82 1.03 3.82 1.03
Vedanta Holdings Mauritius Limited 10.73 2.89 10.73 2.89
Vedanta Netherland Investment BV 0.50 0.13 6.35 1.71
Vedanta Holdings Mauritius II Limited 49.28 13.26 49.28 13.26
Total 253.16 68.11 259.01 69.69
* The % of holding has been calculated on the issued and subscribed share capital as at the respective balance sheet dates.
All the above entities are subsidiaries of Volcan Investments Limited, the ultimate holding Company.
386
NOTES
D. Details of shareholders holding more than 5% shares in the Company *

Particulars Number of Number of

Life Insurance Corporation of India 33.54 9.02 32.11 8.64
* The % of holding has been calculated on the issued and subscribed share capital as at the respective balance sheet dates.
As per the records of the Company, including its register of shareholders/ members, the above shareholding represents legal
ownership of shares.
E. Disclosure of Shareholding of Promoters and Promoter Group

Promoter name Number of Number of

% Change
during the year
Twin Star Holdings Limited 172.48 46.40 - 172.48 46.40
Finsider International Company Limited 16.35 4.40 - 16.35 4.40
Welter Trading Limited 3.82 1.03 - 3.82 1.03
Vedanta Holdings Mauritius II Limited 49.28 13.26 - 49.28 13.26
Vedanta Holdings Mauritius Limited 10.73 2.89 - 10.73 2.89
Vedanta Netherland Investment BV 0.50 0.13 (1.58) 6.35 1.71
Mr. Pravin Agarwal 0.00 0.00 - 0.00 0.00
Ms. Suman Didwania 0.01 0.00 - 0.01 0.00
Mr. Ankit Agarwal 0.00 0.00 - 0.00 0.00
Ms. Sakshi Mody 0.00 0.00 - 0.00 0.00
Total 253.17 68.11 (1.58) 259.02 69.69
F. Other disclosures
(i) The Company has one class of equity shares having a par value of ` 1 per share. Each shareholder is eligible for
one vote per share held and dividend as and when declared by the Company. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim
dividend which is paid as and when declared by the Board of Directors. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all
preferential amounts, in proportion to their shareholding.
(ii) In terms of Scheme of Arrangement as approved by the Hon'ble High Court of Judicature at Mumbai, vide its order
dated 19 April 2002, the erstwhile Sterlite Industries (India) Limited (merged with the Company during FY 2013-14)
during FY 2002-2003 reduced its paid up share capital by ` 10 Crore. There are 2,00,038 equity shares (31 March 2022:
1,99,373 equity shares) of ` 1 each pending clearance from NSDL. The Company has filed an application in Hon'ble High
Court of Mumbai to cancel these shares, the final decision on which is pending. Hon'ble High Court of Judicature at
Mumbai, vide its interim order dated 06 September 2002 restrained any transaction with respect to subject shares.
387
NOTES
15 Other equity (Refer statement of changes in equity)

a) General reserve: Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of
net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was
to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for
that year, then the total dividend distribution is less than the total distributable reserves for that year. Consequent to
introduction of Companies Act, 2013 (“Act”), the requirement to mandatorily transfer a specified percentage of the net
profit to general reserve has been withdrawn.
The Board of Directors of the Company, on 29 October 2021, approved the Scheme of Arrangement between the
Company and its shareholders under Section 230 and other applicable provisions of the Act (“Scheme”). The Scheme
provides for capital reorganisation of the Company, inter alia, providing for transfer of amounts standing to the credit
of the General Reserves to the Retained Earnings of the Company with effect from the Appointed Date.
Post the requisite approvals obtained from Stock Exchanges and pursuant to the National Company Law Tribunal
("NCLT"), Mumbai Bench Order dated 26 August 2022 (“NCLT Order”), the proposed scheme was approved by the
shareholders with requisite majority on 11 October 2022.
The Company is in the process of complying with the further requirements specified in the NCLT Order.
b) Debenture redemption reserve: As per the earlier provisions under the Act, companies that issue debentures were
required to create debenture redemption reserve from annual profits until such debentures are redeemed. Companies
are required to maintain 25% as a reserve of outstanding redeemable debentures. The amounts credited to the
debenture redemption reserve may be utilized only to redeem debentures. The MCA vide its Notification dated 16
August 2019, had amended the Companies (Share Capital and Debenture) Rules, 2014, wherein the requirement
of creation of debenture redemption reserve has been exempted for certain class of companies. Accordingly, the
Company is now not required to create debenture redemption reserve.
c) Preference share redemption reserve: The Act provides that companies that issue preference shares may redeem
those shares from profits of the Company which otherwise would be available for dividends, or from proceeds of a
new issue of shares made for the purpose of redemption of the preference shares. If there is a premium payable on
redemption, the premium must be provided for, either by reducing the additional paid in capital (securities premium
account) or net income, before the shares are redeemed. If profits are used to redeem preference shares, the value
of the nominal amount of shares redeemed should be transferred from profits (retained earnings) to the preference
share redemption reserve. This amount should then be utilised for the purpose of redemption of redeemable
preference shares. This reserve can be used to issue fully paid-up bonus shares to the shareholders of the Company.
d) Capital reserve: The balance in capital reserve has mainly arisen consequent to merger of Cairn India Limited with the
Company.
16 Capital management
The Company’s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy
capital ratios in order to support its business and provide adequate return to shareholders through continuing growth.
The Company’s overall strategy remains unchanged from previous year.
The Company sets the amount of capital required on the basis of annual business and long-term operating plans which
include capital and other strategic investments.
The funding requirements are met through a mixture of equity, internal fund generation and borrowings. The Company’s
policy is to use current and non-current borrowings to meet anticipated funding requirements.
The Company monitors capital on the basis of the gearing ratio which is net debt divided by total capital (equity plus net
debt). The Company is not subject to any externally imposed capital requirements.
Net debt are non-current and current debts as reduced by cash and cash equivalents, other bank balances and short term
investments. Equity comprises all components including other comprehensive income.
388
NOTES
The following table summarizes the capital of the Company:
(` in crore, except otherwise stated)

As at As at
Particulars
31 March 2023 31 March 2022
Cash and cash equivalents (Refer note 12) 5,147 5,518
Other bank balances (Refer note 13)
a
116 873
Non-current bank deposits a (Refer note 9) 315 81
Short term investments (Refer note 6B) 1,786 585
Total cash (a) 7,364 7,057
Non-current borrowings (Refer note 17A) 32,606 23,421
Current borrowings (Refer note 17B) 9,417 13,275
Total borrowings (b) 42,023 36,696
Net debt c=(b-a) 34,659 29,639
Total equity 67,812 77,649
Total capital (equity + net debt) (d) 1,02,471 1,07,288
Gearing ratio (times) (c/d) 0.34 0.28
(a) The constituents of ‘total cash’ for the purpose of capital management disclosure include only those amounts of
restricted funds that are corresponding to liabilities (e.g. margin money deposits). Consequently, restricted funds
amounting to ` 408 Crore (31 March 2022: ` 737 Crore) have been excluded from ‘total cash’ in the capital management
disclosures.
17 Financial liabilities - Borrowings

A) Non- current borrowings
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
At amortised cost
Secured
Non-convertible debentures 7,087 5,016
Term loans from banks
- Rupee term loans 25,126 22,557
- Foreign currency term loans - 623
External commercial borrowings 3,261 1,119
Unsecured
Non-convertible debentures 800 -
Deferred sales tax liability 28 54
Rupee term loans from banks 1,295 500
Loan from Related parties (Refer Note 39) 1,109 -
Redeemable preference shares 2 2
Non current borrowings 38,708 29,871
Less: Current maturities of long term borrowings a
(6,102) (6,450)
Total Non current borrowings (Net) (A) 32,606 23,421
Current borrowings (Refer note 17B) (B) 9,417 13,275
Total borrowings (A+B) 42,023 36,696
389
NOTES
B) Current borrowings
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
At amortised cost
Secured
Working Capital Loan 70 -
Current maturities of long term borrowings a
4,213 5,921
Unsecured
Loans repayable on demand from banks 2,256 1,000
Commercial paper 489 4,986
Rupee term loans from banks 500 700
Amounts due on factoring - 139
Current maturities of long term borrowings a 1,889 529
Total 9,417 13,275
(a) Current Maturities of long term borrowings consists of:

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Secured
Non-convertible debentures - 2,018
- Foreign currency term loans - 623
External commercial borrowings 385 -
Unsecured
Non-convertible debentures 800 -
Total 6,102 6,450
b) Details of Non-convertible debentures issued by the Company have been provided below (Carrying Value):
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
8.74% due June 2032 4,089 -
9.20% due February 2030 2,000 2,000
7.68% due December 2024 998 997
3m T-bill rate + 240 bp due March 2024 * 800 -
9.20% due December 2022 - 749
8.75% due June 2022 - 1,270
Total 7,887 5,016
* 3 month treasury bill rate as at 31 March 2023 is 6.34%.
390
NOTES
c) The Company has taken borrowings towards funding of its acquisitions, capital expenditure and working capital
requirements. The borrowings comprise funding arrangements from various banks and financial institutions. The
details of security provided by the Company to various lenders on the assets of the Company are as follows:
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Secured non-current borrowings 31,261 23,394
Secured current borrowings 4,283 5,921
Total secured borrowings 35,544 29,315
(₹ in Crore)
As at As at
Facility Category Security details
31 March 2023 31 March 2022
Working capital loans First Pari passu charge by way of mortgage/hypothecation over the 70 -
specified immovable and movable fixed assets of the Company with a
minimum fixed asset cover of 1.1 times of the outstanding term loan
during the period of the facility. Security comprise of assets of the
aluminium and power division of the Company, comprising:
(i) 1.6 MTPA aluminium smelter along with 1,215 MW Captive power plant
("CPP") at Jharsuguda and,
(ii) 1 MTPA alumina refinery along with 90 MW CPP at Lanjigarh, Odisha.
External Commercial A first pari passu charge by way of hypothecation on the specified movable 2,037 1,119
Borrowings fixed assets of the Company pertaining to its manufacturing facilities
comprising:
(i) alumina refinery having output of 6 MTPA along with co-generation
captive power plant with an aggregate capacity of 90 MW at Lanjigarh,
Odisha and
(ii) aluminium smelter having output of 1.6 MTPA along with a 1,215
(9*135) MW CPP at Jharsuguda, Odisha.
First pari passu charge by way of hypothecation on all present and future 1,224 -
movable assets of the Company with a minimum fixed asset cover of
1.10 times of the outstanding facility during the period of the facility
comprising:
(i) 1.6 MTPA (proposed capacity of 1.8 MTPA) aluminium smelter along
with 1,215 MW CPP at Jharsuguda;
(ii) 1 MTPA (proposed capacity of 6 MTPA) alumina refinery along with 90
MW CPP at Lanjigarh, Odisha
(iii) 2,400 MW Power plant (1,800 MW CPP and 600 MW Independent
Power Plant ("IPP")) located at Jharsuguda, Odisha and
(iv) Oil and Gas division comprising RJ-ON-90/1 Oil and Gas Block
(Rajasthan), Cambay oil fields, Ravva Oil and Gas fields (under PKGM-1
block) and OALP blocks.
Non-Convertible Secured by way of first pari passu charge on whole of the movable fixed 2,000 2,000
Debentures assets of:
(i) alumina refinery having output of 1 MTPA along with co-generation
Odisha; and
(ii) aluminum smelter having output of 1.6 MTPA along with a 1,215
(9*135) MW CPP at Jharsuguda, Odisha.
Additionally, secured by way of mortgage on the freehold land comprising
18.92 acres situated at Jharsuguda, Odisha.
391
NOTES
(₹ in Crore)
As at As at
31 March 2023 31 March 2022
Non-Convertible First ranking pari passu charge by way of mortgage over 18.92 acres 4,089 -
Debentures freehold land in Jharsuguda, Odisha together with the building and
structures/ erections constructed/ to be constructed thereon and all the
plant and machinery and other furniture and fixtures erected/ installed
or to be erected/installed thereon and hypothecation over movable fixed
assets excluding capital work in progress in relation to the aluminium
division comprising 6 MTPA alumina refinery along with 90 MW co-
generation captive power plant in Lanjigarh, Odisha; and 1.6 MTPA
aluminium smelter plant along with 1,215 MW (9*135 MW) power plant
and 2400 MW power plant in Jharsuguda, Odisha including its movable
plant and machinery, machinery spares, tools and accessories and other
movable fixed assets.
Secured by way of first pari-passu charge on the specific movable fixed 998 997
assets. The whole of the movable fixed assets both present and future,
of the Company in relation to the aluminium division, comprising the
following facilities:
(i) 1 MTPA alumina refinery along with 90 MW co-generation captive
power plant in Lanjigarh, Odisha; and
(ii) 1.6 MTPA aluminium smelter plant along with 1,215 MW (9x135 MW)
power plant in Jharsuguda, Odisha
including its movable plant and machinery, capital work in progress,
machinery spares, tools and accessories, and other movable fixed
assets.
Other secured non-convertible debentures - 2,019
Term loans from banks Secured by a pari passu charge by way of hypothecation of all the movable 1,605 1,776
(includes rupee term fixed assets of the Company pertaining to its aluminium division project
loans and foreign consisting:
currency term loans)
(i) alumina refinery having output of 1 MTPA (Refinery) along with co-
generation captive power plant with an aggregate capacity of 90 MW
at Lanjigarh, Orissa (Power Plant); and
(9x135) MW CPP at Jharsuguda, Orissa (Smelter) (the Refinery, Power
Plant and Smelter).
Also, a first pari passu charge by way of equitable mortgage on the land
pertaining to the mentioned project of aluminium division.
Secured by a pari passu charge by way of hypothecation on the movable 359 402
fixed assets of the Lanjigarh Refinery Expansion Project including 210
MW Power Project. Lanjigarh Refinery Expansion Project shall specifically
exclude the 1 MTPA alumina refinery of the Company along with 90 MW
power plant in Lanjigarh and all its related expansions.
Secured by a pari passu charge by way of hypothecation on the movable 3,394 3,434
fixed assets of the the Company pertaining to its aluminium division
comprising 1 MTPA alumina refinery plant with 90 MW captive power plant
at Lanjigarh, Odisha and 1.6 MTPA aluminium smelter plant with 1,215 MW
captive power plant at Jharsuguda, Odisha.
Secured by a pari passu charge by way of hypothecation/ equitable 5,873 6,623
mortgage of the movable/ immovable fixed assets of the Company
pertaining to its aluminium division comprising 1 MTPA alumina refinery
plant with 90 MW captive power plant at Lanjigarh, Odisha and 1.6
MTPA aluminium smelter plant with 1,215 MW captive power plant at
Jharsuguda, Odisha.
First pari passu charge by way of hypothecation/ equitable mortgage on 780 999
the movable/ immovable assets of the aluminium Division of the Company
comprising alumina refinery having output of 1 MTPA along with co-
generation captive power plant with an aggregate capacity of 90 MW at
Lanjigarh, Orissa; aluminium smelter having output of 1.6 MTPA along with
a 1,215 (9x135) MW CPP at Jharsuguda, Orissa and additional charge on
Lanjigarh Expansion project, both present and future.
392
NOTES
(₹ in Crore)
As at As at
31 March 2023 31 March 2022
Term loans from banks Secured by a first pari passu charge on the identified fixed assets of the 7,221 7,821
(includes rupee term Company both present and future, pertaining to its aluminium business
loans and foreign (Jharsuguda Plant, Lanjigarh Plant), 2,400 MW power plant assets at
currency term loans) Jharsuguda, copper plant assets at Silvassa, iron ore business in the states of
Karnataka and Goa, dividends receivable from Hindustan Zinc Limited (“HZL”),
a subsidiary of the Company, and the debt service reserve account to be
opened for the facility along with the amount lying to the credit thereof h.
A first pari passu first charge by way of hypothecation on the Specified 1,137 -
movable fixed assets of the Company pertaining to its Manufacturing
facilities comprising:
(i) alumina refinery having output of 1 MTPA along with co- generation
Orissa
(9x135) MW CPP at Jharsuguda, Orissa.
A first pari passu charged by way of hypothecation on the specified 473 -
movable fixed assets (present and future) including movable plant and
machinery, machinery spares, tools and accessories, furniture and fixtures,
vehicle, capital work-in progress, etc of the Company pertaining to
aluminium business (Jharsuguda, Lanjigarh) and 2,400 MW power plant at
Jharsuguda as more particulary described as below :
(i) alumina refinery upto 6 MTPA along with cogeneration captive power
plant with aggregate capacity of 90 MW located in Lanjigarh, Odisha
(ii) alumina smelter output of 1.6 MTPA aluminium smelter including
1,215 (9x135) MW power plant in Jharsuguda, Odisha
(iii) 2,400 MW power plant (1,800 MW CPP and 600 MW IPP) located at
Jharsuguda, Odisha.
A first pari passu charge by way of mortgage/ hypothecation over the 1,191 -
specified movable fixed assets of the Company. Security shall comprise of
assets of the aluminum and power division of the Company, comprising:
(i) 1.6 MTPA aluminium smelter along with 1,215 MW CPP at Jharsuguda
and
Secured by first pari passu charge by way of movable fixed assets of the 743 -
aluminium division of the Company comprising:
(i) 6 MTPA aluminium refinery along with 90 MW Co-generation captive
power plant in Lanjigarh, Orissa;
(ii) 1.6 MTPA aluminium smelter along with 1,215 MW CPP at Jharsuguda,
(iii) 2,400 MW power plant (1,800 MW CPP and 600 MW IPP) located at
Jharsuguda, Odisha and
(iv) Oil and gas division comprising RJ-ON-90/91 Oil and Gas Block
(Rajasthan), Cambay Oil Fields, Ravva Oil and gas Fields under
(PKMGH-1 block) and OALP blocks
A first pari passu first charge by way of hypothecation on the specified 490 -
movable fixed assets of the Company pertaining to its Manufacturing
facilities comprising:
(i) 1.6 MTPA aluminium smelter along with 1,215 MW CPP at Jharsuguda
and
(ii) 1 MTPA alumina refinery along with CPP of 90 MW at Lanjigarh, Odisha
A first pari passu charge by way of mortgage/ hypothecation over the 927
specified immovable and movable fixed assets of the Company. Security
shall comprise of assets of the aluminum and power division of the
Company, comprising:
(i) 1.6 MTPA Aluminium Smelter along with 1,215 MW CPP at Jharsuguda
and
(ii) 1 MTPA Alumina refinery along with CPP of 90 MW CPP at Lanjigarh,
Odisha
393
NOTES
(₹ in Crore)
As at As at
31 March 2023 31 March 2022
Term loans from banks A first pari passu charge by way of hypothecation on all present and future 250 -
(includes rupee term movable Fixed Assets including movable plant and machinery, machinery
loans and foreign spares, tools and accessories, furniture and fixtures, vehicles, Capital
currency term loans) Work-in-Progress etc of the Company with a minimum fixed asset cover of
1.10 times as more particularly described as below:
(i) alumina refinery upto 6 MTPA along with co-generation CPP with an
aggregate capacity of 90 MW located at Lanjigarh, Orissa;
(9x135) MW CPP located at Jharsuguda, Orissa.
(iii) 2,400 MW Power Plant (1,800 MW CPP and 600 MW IPP) located at
Jharsuguda, Odisha; and
(iv) Oil and Gas division comprising of RJ-ON-90/1 Oil and Gas Block
(Rajasthan), Cambay Oil Fields and Ravva Oil and Gas Fields (under
PKGM-1 block)
First pari passu charge by way of hypothecation on all present and future 683 880
movable fixed assets of the Company including but not limited to plant and
machinery, spares, tools and accessories of 1.6 MTPA aluminium smelter
along with 1,215 MW CPP at Jharsuguda, Odisha and 1 MTPA alumina
refinery along with 90 MW CPP at Lanjigarh, Odisha
Other Secured term loans - 1,245
Total 35,544 29,315
d) The loan facilities are subject to certain financial and non-financial covenants. The primary covenants which must be
complied with include interest service coverage ratio, current ratio, debt service coverage ratio, total outside liabilities
to total net worth, fixed assets coverage ratio, ratio of total term liabilities to net worth and debt/EBITDA. The Company
has complied with the covenants as per the terms of the loan agreement.
Further, in case of borrowings having current assets as security, the quarterly statements of current assets filed by the
Company with its lenders are in agreement with the books of accounts.
e) Terms of repayment of total borrowings outstanding as at 31 March 2023 are provided below -
(` in Crore)
Weighted
average Total
1-3 3-5
Borrowings interest rate carrying <1 year >5 years Remarks
years years
as at 31 value
March 2023
Rupee term loan 8.39% 26,921 5,436 10,589 9,832 1,168 Repayable in 466 quarterly payments
2 half yearly payments
Commercial paper 7.80% 489 489 - - - Repayable in 1 bullet payment
Non-convertible 8.77% 7,887 800 1,000 - 6,089 Repayable in 4 bullet payments
debentures
Working capital loan 7.58% 2,326 2,326 - - - This includes loans repayable on
demand from banks for ` 2,256 Crore.
Deferred sales tax liability NA 28 18 10 0 - Repayable in 43 monthly installments
External commercial 7.42% 3,261 394 1,923 970 - Repayable in 35 half yearly payments
borrowing
Redeemable preference NA 2 2 - - - The redemption and dividend paid to
shares the preference shares unclaimed if
any, is payable on claim.
Loan from Related party 8.90% 1,109 - - - 1,109 Repayable in 1 bullet payment
Total 42,023 9,465 13,522 10,802 8,366
The above maturity is based on the total principal outstanding gross of issue expenses and discounting impact of deferred
sales tax liability.
394
NOTES
f) Terms of repayment of total borrowings outstanding as at 31 March 2022 are provided below -
(` in Crore)
Weighted
average Total
Borrowings interest rate carrying <1 year 1-3 years 3-5 years >5 years Remarks
as at 31 value
March 2022
Foreign currency term loan 3.92% 623 623 - - - Repayable in 7 quarterly installments
and 1 monthly installment
Rupee term loan 7.80% 23,757 4,504 7,033 8,336 3,969 Repayable in 671 quarterly
installments
Commercial paper 5.90% 4,986 4,986 - - - Repayable in 12 bullet payments
Non convertible 8.78% 5,016 2,020 1,000 - 2,000 Repayable in 4 bullet payments
debentures
Working capital loan* 4.98% 1,000 1,000 - - - Export packing credit, working capital
loan and loan repayable on demand
are repayable within one year from the
date of drawl
Amounts due on factoring 1.23% 139 139 - - - Repayable within one month
Deferred sales tax liability NA 54 27 27 0 - Repayable in 55 monthly installments
External commercial 3.50% 1,119 - 680 454 - Repayable in 5 half yearly payments
borrowing
Redeemable preference NA 2 2 - - - The redemption and dividend paid
shares to the preference shares unclaimed if
any, is payable on claim.
Total 36,696 13,301 8,740 8,790 5,969
The above maturity is based on the total principal outstanding gross of issue expenses and discounting impact of deferred
sales tax liability.
* Includes loans repayable on demand from banks for ` 1,000 Crore.
g) Movement in borrowings during the year is provided below-

(` in Crore)
Short-term Long-term
Particulars Total debt
borrowings borrowings*
Opening balance at 01 April 2021 1,140 31,026 32,166
Cash flow 5,618 (1,308) 4,310
Other non-cash changes 67 153 220
As at 31 March 2022 6,825 29,871 36,696
Cash flow (3,565) 8,740 5,175
Other non cash changes 55 97 152
As at 31 March 2023 3,315 38,708 42,023
*including Current maturities of Long term borrowings.
Other non-cash changes comprised of amortisation of borrowing costs and foreign exchange difference on borrowings.
h) In December 2021, the Company executed a ` 8,000 Crore facility agreement with Union Bank of India Limited to take
over a long term syndicated facility of ` 10,000 Crore. This loan is secured by the way of pledge over the shares held
by the Company in Hindustan Zinc Limited ("HZL") equal to minimum 1x outstanding loan value (calculated quarterly
at Value Weighted Average Price), currently representing 6.77% (31 March 2022: 5.77%) of the paid-up shares of HZL.
Further, the Company has also signed a Non-Disposal Undertaking ("NDU") in respect of its shareholding in HZL to
the extent of 50.10% of the paid-up share capital of HZL. As at 31 March 2023, the outstanding loan amount under the
facility is ` 7,240 Crore (31 March 2022: ` 7,840 Crore).
395
NOTES
18 Financial liabilities - Trade payables

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Undisputed dues – MSME
Not due 82 70
1-2 years 4 4
2-3 years 2 2
More than 3 years - 4
Sub-total 218 195
Undisputed dues - Others
Unbilled dues 1,316 1,173
Not due 2,893 2,817
Less than 1 year 1,056 1,193
1-2 Years 90 23
2-3 years 23 72
Sub-total 5,435 5,328
Disputed dues - Others
1-2 Years - 1
More than 3 years 1 -
Sub-total 1 1
Total 5,654 5,524
(a) Trade payables are non-interest bearing and are normally settled upto 180 days terms.
(b) For amount due and terms and conditions relating to related party payables. Refer note 39.
19 Operational Buyers'/ Suppliers' Credit is availed in foreign currency from offshore branches of Indian banks or foreign
banks at an interest rate ranging from 0.69% to 7.38% (31 March 2022: 0.29% to 3.16%) per annum and in rupee from
domestic banks at interest rate ranging from 4.35% to 8.80% (31 March 2022: 4.00% to 6.65%) per annum. These trade
credits are largely repayable within 180 days from the date of draw down. Operational Buyers' credit availed in foreign
currency is backed by Standby Letter of Credit issued under working capital facilities sanctioned by domestic banks.
Part of these facilities are secured by first pari passu charge over the present and future current assets of the Company.
20 Financial liabilities - Others

(` in Crore)
Particulars
Non-current Current Total Non-current Current Total
Liability for capital expenditure - 7,082 7,082 192 6,427 6,619
Security deposits and retentions - 39 39 - 29 29
Interest accrued but not due - 445 445 - 180 180
Unpaid/unclaimed dividend a - 114 114 - 96 96
Dividend payable - 7,613 7,613 - - -
Unpaid matured deposits and interest accrued - 0 0 - 0 0
thereon b
Profit petroleum payable - 1,849 1,849 - 1,413 1,413
Dues to related parties (Refer note 39) - 287 287 - 155 155
Other liabilities c - 996 996 - 1,502 1,502
Total - 18,425 18,425 192 9,802 9,994
396
NOTES
(a) Does not include any amounts, due and outstanding, to be credited to Investor Education and Protection Fund except
` 0.23 Crore (31 March 2022: ` 0.13 Crore) which is held in abeyance due to a pending legal case.
(b) Matured deposits of ` 0.01 Crore (31 March 2022: ` 0.01 Crore) due for transfer to Investor Education and Protection
Fund have not been transferred in view of pending litigation between the beneficiaries.
(c) Includes revenue received in excess of entitlement interest of ` 239 Crore (31 March 2022: ` 750 Crore) of which ` 135 Crore
is payable to ONGC, reimbursement of expenses, provision for expenses, liabilities related to compensation/ claim etc.
21 The movement in lease liabilities is as follows :

(` in Crore)
At 01 April 2021 133
Additions during the year 12
Interest on lease liabilities 7
Payments made (64)
FCTR and other adjustments (6)
At 01 April 2022 82
Payments made (22)
FCTR and other adjustments 2
At 31 March 2023 97
22 Financial instruments
A. Financial assets and liabilities:
The accounting classification of each category of financial instruments, and their carrying amounts, are set out below:
As at 31 March 2023
(` in Crore)
Fair value Derivatives
Fair value
through other designated Total carrying
Financial Assets through profit Amortised cost Total fair value
comprehensive as hedging value
or loss
income instruments
Investments* 1,885 81 - - 1,966 1,966
Trade receivables 171 - - 2,370 2,541 2,541
Cash and cash equivalents - - - 5,147 5,147 5,147
Other bank balances - - - 318 318 318
Loans - - - 633 633 633
Derivatives 19 - 79 - 98 98
Other financial assets - - - 9,919 9,919 9,919
Total 2,075 81 79 18,387 20,622 20,622
(` in Crore)
Derivatives
Fair value
designated Total carrying
Financial Liabilities through profit Amortised cost Total fair value
as hedging value
or loss
instruments
Borrowings - - 42,023 42,023 41,974
Trade payables 899 - 4,755 5,654 5,654
Operational buyers' credit / suppliers' credit - - 10,485 10,485 10,485
Derivatives 67 104 - 171 171
Other financial liabilities** - - 18,522 18,522 18,522
Total 966 104 75,785 76,855 76,806
397
NOTES
As at 31 March 2022
(` in Crore)
Fair value
through other designated Total carrying
Financial Assets through profit Amortised cost Total fair value
comprehensive as hedging value
or loss
income instruments
Investments* 615 118 - - 733 733
Other bank balances - - - 1,393 1,393 1,393
Loans - - - 519 519 519
Derivatives 3 - 246 - 249 249
Total 866 118 246 19,656 20,886 20,886
(` in Crore)
Derivatives
Fair value
designated Total carrying
Financial Liabilities through profit Amortised cost Total fair value
as hedging value
or loss
instruments
Borrowings - - 36,696 36,696 36,789
Trade payables 990 - 4,534 5,524 5,524
Operational buyers' credit / suppliers' credit - - 9,261 9,261 9,261
Derivatives 67 216 - 283 283
Other financial liabilities** - - 10,076 10,076 10,076
Total 1,057 216 60,567 61,840 61,933
* Excludes investments (in equity shares, preference shares and debentures) in subsidiaries, associates and joint ventures which are
carried at cost and hence are not required to be disclosed as per Ind AS 107 “Financial Instruments Disclosures”.
**Includes lease liabilities of ` 97 Crore (31 March 2022: ` 82 Crore).
B. Fair value hierarchy

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by
valuation techniques:
(i) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
(ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e., derived from prices).
(iii) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The below table summarises the categories of financial assets and liabilities as at 31 March 2023 and 31 March 2022
measured at fair value:
As at 31 March 2023
(` in Crore)
Financial Assets Level 1 Level 2 Level 3
At fair value through profit or loss
- Investments 1,786 - 99
- Derivative financial assets* - 19 -
- Trade receivables - 171 -
At fair value through other comprehensive income
- Investments 70 - 11
Derivatives designated as hedging instruments
Total 1,856 269 110
398
NOTES
(` in Crore)
Financial liabilities Level 1 Level 2 Level 3
- Derivative financial liabilities* - 67 -
- Trade payables - 899 -
Total - 1,070 -
As at 31 March 2022
(` in Crore)
- Trade receivables - 248 -
Total 692 497 41
(` in Crore)
Financial liabilities Level 1 Level 2 Level 3
- Trade payables - 990 -
Total - 1,273 -
* Refer “D” below.
The below table summarises the fair value of borrowings which are carried at amortised cost as at 31 March 2023 and
31 March 2022:
As at 31 March 2023
(` in Crore)
Financial Liabilities Level 1 Level 2 Level 3
Borrowings - 41,974 -
Total - 41,974 -
As at 31 March 2022
(` in Crore)
Total - 36,789 -
The fair value of the financial assets and liabilities are at the amount that would be received to sell an asset and paid
to transfer a liability in an orderly transaction between market participants at the measurement date. The following
methods and assumptions were used to estimate the fair values:
399
NOTES
Investments traded in active markets are determined by reference to quotes from the financial institutions; for example:
Net asset value (NAV) for investments in mutual funds declared by mutual fund house. For other listed securities
traded in markets which are not active, the quoted price is used wherever the pricing mechanism is same as for other
marketable securities traded in active markets. Other current investments are valued on the basis of market trades, poll
and primary issuances for securities issued by the same or similar issuer and for similar maturities or based on the
applicable spread movement for the security derived based on the aforementioned factor(s).
Trade receivables, cash and cash equivalents, other bank balances, loans, other financial assets, current borrowings,
trade payables and other current financial liabilities: Fair values approximate their carrying amounts largely due to the
short-term maturities of these instruments.
Other non-current financial assets and liabilities: Fair value is calculated using a discounted cash flow model with
market assumptions, unless the carrying value is considered to approximate to fair value.
Non-current fixed-rate and variable-rate borrowings: Fair value has been determined by the Company based on
parameters such as interest rates, specific country risk factors, and the risk characteristics of the financed project.
Derivative financial assets/ liabilities: The Company executes derivative financial instruments with various
counterparties. Interest rate swaps, foreign exchange forward contracts and commodity forward contracts are valued
using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation
techniques include the forward pricing and swap models, using present value calculations. The models incorporate
various inputs including foreign exchange spot and forward rates, yield curves of the respective currencies, currency
basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying
commodity. Commodity contracts are valued using the forward LME rates of commodities actively traded on the listed
metal exchange, i.e., London Metal Exchange, United Kingdom (U.K.).
For all other financial instruments, the carrying amount is either the fair value, or approximates the fair value.
The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives
designated in hedge relationship and the value of other financial instruments recognised at fair value.
The estimated fair value amounts as at 31 March 2023 and 31 March 2022 have been measured as at that date. As
such, the fair values of these financial instruments subsequent to reporting date may be different than the amounts
reported at each year-end.
There were no significant transfers between Level 1, Level 2 and Level 3 during the year.
C. Risk management framework

The Company’s businesses are subject to several risks and uncertainties including financial risks.
The Company’s documented risk management policies act as an effective tool in mitigating the various financial risks
to which the businesses are exposed in the course of their daily operations. The risk management policies cover areas
such as liquidity risk, commodity price risk, foreign exchange risk, interest rate risk, counterparty credit risk and capital
management. Risks are identified at both the corporate and individual subsidiary level with active involvement of senior
management. Each operating subsidiary in the Company has in place risk management processes which are in line
with the Company’s policy. Each significant risk has a designated ‘owner’ within the Company at an appropriate senior
level. The potential financial impact of the risk and its likelihood of a negative outcome are regularly updated.
The risk management process is coordinated by the Management Assurance function and is regularly reviewed by the
Company’s Audit and Risk Management Committee ("ARC"). The ARC is aided by the other Committees of the Board
including the Risk Management Committee, which meets regularly to review risks as well as the progress against
the planned actions. Key business decisions are discussed at the periodic meetings of the Executive Committee. The
overall internal control environment and risk management programme including financial risk management is reviewed
by the Audit Committee on behalf of the Board.
400
NOTES
The risk management framework aims to:
- improve financial risk awareness and risk transparency

- identify, control and monitor key risks
- identify risk accumulations
- provide management with reliable information on the Company’s risk situation
- improve financial returns
Treasury management
Treasury management focuses on liability management, capital protection, liquidity maintenance and yield
maximisation. The treasury policies are approved by the Committee of the Board. Daily treasury operations of the
business units are managed by their respective finance teams within the framework of the overall Group treasury
policies. Long-term fund raising including strategic treasury initiatives are managed jointly by the business treasury
team and the central team at corporate treasury while short-term funding for routine working capital requirements
is delegated to business units. A monthly reporting system exists to inform senior management of the Company’s
investments and debt position, exposure to currency, commodity and interest rate risk and their mitigants including
the derivative position. The Company has a strong system of internal control which enables effective monitoring of
adherence to Company’s policies. The internal control measures are effectively supplemented by regular internal
audits.
The Company uses derivative instruments to manage the exposure in foreign currency exchange rates, interest
rates and commodity prices. The Company does not acquire or issue derivative financial instruments for trading or
speculative purposes. The Company does not enter into complex derivative transactions to manage the treasury and
commodity risks. Both treasury and commodities derivative transactions are normally in the form of forward contracts,
interest rate and currency swaps and these are in line with the Company's policies.
Commodity price risk

The Company is exposed to the movement of base metal commodity prices on the London Metal Exchange. Any
decline in the prices of the base metals that the Company produces and sells will have an immediate and direct impact
on the profitability of the businesses. As a general policy, the Company aims to sell the products at prevailing market
prices. The commodity price risk in imported input commodity such as of alumina, anodes, etc., for our aluminium
and copper business respectively, is hedged on back-to-back basis ensuring no price risk for the business. Hedging
is used primarily as a risk management tool and, in some cases, to secure future cash flows in cases of high volatility
by entering into forward contracts or similar instruments. The hedging activities are subject to strict limits set out
by the Board and to a strictly defined internal control and monitoring mechanism. Decisions relating to hedging of
commodities are taken at the Executive Committee level, basis clearly laid down guidelines.
Whilst the Company aims to achieve average LME prices for a month or a year, average realised prices may not
necessarily reflect the LME price movements because of a variety of reasons such as uneven sales during the year and
timing of shipments.
The Company is also exposed to the movement of international crude oil price and the discount in the price of
Rajasthan crude oil to Brent price.
Financial instruments with commodity price risk are entered into in relation to following activities:
• economic hedging of prices realised on commodity contracts

• cash flow hedging of revenues, forecasted highly probable transactions
Aluminium
The requirement of the primary raw material, alumina, is partly met from own sources and the rest is purchased
primarily on negotiated price terms. Sales prices are linked to the LME prices. At present, the Company, on selective
401
NOTES
basis hedges the aluminium content in outsourced alumina to protect its margins. The Company also executes hedging
arrangements for its aluminium sales to realise average month of sale LME prices.
Copper
The Company’s custom refining copper operations at Silvassa is benefitted by a natural hedge except to the extent of
a possible mismatch in quotational periods between the purchase of anodes / blisters and the sale of finished copper.
The Company’s policy on custom smelting is to generate margins from Refining Charges or "RC”, improving operational
efficiencies, minimising conversion cost, generating a premium over LME on sale of finished copper, sale of by-products
and from achieving import parity on domestic sales. Hence, mismatches in quotational periods are managed to ensure
that the gains or losses are minimised. The Company hedges this variability of LME prices through forward contracts
and tries to make the LME price a pass-through cost between purchases of anodes/ blisters and sales of finished
products, both of which are linked to the LME price.
RCs are a major source of income for the Indian copper refining operations. Fluctuations in RCs are influenced by
factors including demand and supply conditions prevailing in the market for smelters output. The Company’s copper
business has a strategy of securing a majority of its anodes/ blisters feed requirement under long-term contracts with
smelters/ traders.
Iron ore
The Company sells its Iron Ore production from Goa on the prevailing market prices and from Karnataka through
e-auction route as mandated by State Government of Karnataka in India.
Oil and Gas

The prices of various crude oils are based upon the price of the key physical benchmark crude oil such as Dated Brent,
West Texas Intermediate, and Dubai/ Oman etc. The crude oil prices move based upon market factors like supply and
demand. The regional producers price their crude basis these benchmark crude with a premium or discount over the
benchmark based upon quality differential and competitiveness of various grades. The Company also hedges variability
of crude price through forward contracts on selective basis.
Natural gas markets are evolving differently in important geographical markets. There is no single global market for
natural gas. This could be owing to difficulties in large-scale transportation over long distances as compared to crude
oil. Globally, there are three main regional hubs for pricing of natural gas, which are USA (Henry Hub Prices), UK (NBP
Price) and Japan (imported gas price, mostly linked to crude oil).
Provisionally priced financial instruments

On 31 March 2023, the value of net financial liabilities linked to commodities (excluding derivatives) accounted for on
provisional prices was ` 728 Crore (31 March 2022: liabilities of ` 742 Crore). These instruments are subject to price
movements at the time of final settlement and the final price of these instruments will be determined in the financial
year beginning 01 April 2023.
Set out below is the impact of 10% increase in LME prices on pre-tax profit/ (loss) for the year and pre-tax total equity
as a result of changes in value of the Company’s commodity financial instruments:

(` in Crore)
Effect on profit/ Effect on total
(loss) of a 10% equity of a 10%
Total Exposure
increase in the increase in the
LME LME
Copper (967) (97) -
402
NOTES

(` in Crore)
Effect on profit/ Effect on total
(loss) of a 10% equity of a 10%
Total Exposure
increase in the increase in the
LME LME
Copper (891) (89) -
The above sensitivities are based on volumes, costs, exchange rates and other variables and provide the estimated
impact of a change in LME prices on profit and equity assuming that all other variables remain constant. A 10%
decrease in LME prices would have an equal and opposite effect on the Company’s financial statements.
The impact on pre-tax profit/ (loss) mentioned above includes the impact of a 10% increase in closing copper LME for
provisionally priced copper concentrate purchased at Copper division custom smelting operations in India of ` 129
Crore loss (31 March 2022: ` 122 Crore loss), which is pass through in nature and as such will not have any impact on
the profitability.
Financial risk
The Company’s Board approved financial risk policies include monitoring, measuring and mitigating the liquidity,
currency, interest rate and counterparty risk. The Company does not engage in speculative treasury activity but seeks
to manage risk and optimize interest and commodity pricing through proven financial instruments.
(a) Liquidity
The Company requires funds both for short-term operational needs as well as for long-term investment
programmes mainly in growth projects. The Company generates sufficient cash flows from the current operations
which together with the available cash and cash equivalents and short-term investments provide liquidity both
in the short-term as well as in the long-term. The Company has been rated by CRISIL Limited (CRISIL) and India
Ratings and Research Private Limited (India Rating) for its capital market issuance in the form of CPs and NCDs
and for its banking facilities in line with Basel II norms.
CRISIL ratings on the long-term bank facilities and debt instruments of the Company was maintained at 'CRISIL
AA' during FY 2023 after upgrade to 'CRISIL AA' from 'CRISIL AA-' in February 2022. However, Outlook has been
revised to negative in March 2023.
The short-term rating on bank facilities and commercial paper has been reaffirmed at 'CRISIL A1+'
India Ratings, after upgrading the Company’s long-term issuer ratings to “IND AA” from “IND AA-“ with stable
outlook in March 2022, reaffirmed its ratings at “IND AA” with stable outlook in May 2022. Outlook was revised to
“negative” in March 2023.
The ratings affirmation factors in robust operating profitability significantly higher than pre-pandemic levels.
Further, consolidated EBITDA is expected to increase driven by healthy commodity prices that are expected
to remain stable around current levels, robust operating rates across key businesses, increased volume
growth in Aluminium business supported by commissioning of new capacity during fiscal 2024 along with
expected reduction in cost of production for Aluminium business on the back of alumina refinery expansion and
commissioning of captive coal mines. The revision in outlook reflects possibility of higher-than-expected financial
leverage and lower financial flexibility.
Anticipated future cash flows, together with undrawn fund based committed facilities of ` 579 Crore, and cash,
bank and short term investments of ` 7,364 Crore as at 31 March 2023, are expected to be sufficient to meet the
liquidity requirement of the Company in the near future.
The Company remains committed to maintaining a healthy liquidity, a low gearing ratio, deleveraging and
strengthening its balance sheet. The maturity profile of the Company’s financial liabilities based on the remaining
403
NOTES
period from the date of balance sheet to the contractual maturity date is given in the table below. The figures
reflect the contractual undiscounted cash obligation of the Company.
As at 31 March 2023
(` in Crore)
Payments due by year <1 year 1-3 years 3-5 years >5 years Total
Borrowings * 12,955 17,650 13,063 10,690 54,358
Derivative financial liabilities 151 20 - - 171
Lease liabilities 46 19 3 29 97
Trade Payables and other 34,266 - - - 34,266
financial liabilities **
Total 47,418 17,689 13,066 10,719 88,892
As at 31 March 2022
(` in Crore)
Borrowings * 15,502 11,897 10,457 6,773 44,629
Trade Payables and other 24,478 192 - - 24,670
financial liabilities **
Total 40,282 12,122 10,460 6,800 69,664
*Includes Non-current borrowings, current borrowings, committed interest payments on borrowings and interest accrued on
borrowings.
**Includes both Non-current and current financial liabilities and committed interest payment, as applicable. Excludes interest
accrued on borrowings.
The Company had access to following funding facilities :

As at 31 March 2023
(` in Crore)
Funding facilities Total Facility Drawn Undrawn
Fund/non-fund based 58,039 52,754 5,285
As at 31 March 2022
(` in Crore)
Funding facilities Total Facility Drawn Undrawn
(b) Foreign exchange risk

Fluctuations in foreign currency exchange rates may have an impact on the statement of profit and loss, the
statement of changes in equity, where any transaction references more than one currency or where assets/
liabilities are denominated in a currency other than the functional currency of the Company.
Exposures on foreign currency loans are managed through the Company wide hedging policy, which is reviewed
periodically to ensure that the results from fluctuating currency exchange rates are appropriately managed. The
Company strives to achieve asset liability offset of foreign currency exposures and only the net position is hedged.
The Company’s presentation currency is the Indian Rupee (INR). The assets are located in India and the Indian
Rupee is the functional currency except for Oil and Gas business operations which have a dual functional currency.
Natural hedges available in the business are identified at each entity level and hedges are placed only for the
net exposure. Short-term net exposures are hedged progressively based on their maturity. A more conservative
approach has been adopted for project expenditures to avoid budget overruns, where cost of the project is
404
NOTES
calculated taking into account the hedge cost. The hedge mechanisms are reviewed periodically to ensure that the
risk from fluctuating currency exchange rates is appropriately managed.
The following analysis is based on the gross exposure as at the reporting date which could affect the statement
of profit and loss. The exposure is mitigated by some of the derivative contracts entered into by the Company as
disclosed under the section on “Derivative financial instruments”.
The carrying amount of the Company's financial assets and liabilities in different currencies are as follows:
(` in Crore)
Currency Financial Financial Financial Financial
Assets liabilities Assets liabilities
INR 16,304 53,560 12,975 43,582
USD 4,033 22,876 7,656 17,882
Others 285 419 255 376
Total 20,622 76,855 20,886 61,840
The Company’s exposure to foreign currency arises where an entity holds monetary assets and liabilities
denominated in a currency different to the functional currency of the respective business, with US dollar being the
major non-functional currency.
The foreign exchange rate sensitivity is calculated by the aggregation of the net foreign exchange rate exposure
with a simultaneous parallel foreign exchange rates shift in the foreign currencies by 10% against the functional
currency of the respective businesses.
Set out below is the impact of a 10% strengthening in the functional currencies of the respective businesses on
pre-tax profit/ (loss) and pre-tax equity arising as a result of the revaluation of the Company’s foreign currency
monetary financial assets/ liabilities:

(` in Crore)
Effect of 10%
strengthening Effect of 10%
of functional strengthening of
currency on foreign currency
pre-tax profit/ on equity
(loss)
USD 1,438 -
INR (456) -

(` in Crore)
Effect of 10%
strengthening Effect of 10%
of functional strengthening of
currency on foreign currency
pre-tax profit/ on equity
(loss)
USD 666 -
INR (384) -
A 10% weakening of functional currencies of the respective businesses would have an equal and opposite effect
on the Company’s financial statements.
405
NOTES
(c) Interest rate risk

At 31 March 2023, the Company’s net debt of ` 34,659 Crore (31 March 2022: ` 29,639 Crore) comprises debt of
` 42,023 Crore (31 March 2022: ` 36,696 Crore) offset by cash, bank and short term investments of ` 7,364 Crore
(31 March 2022: ` 7,057 Crore).
The Company is exposed to interest rate risk on short-term and long-term floating rate instruments and on the
refinancing of fixed rate debt. The Company’s policy is to maintain a balance of fixed and floating interest rate
borrowings and the proportion of fixed and floating rate debt is determined by current market interest rates. The
borrowings of the Company are principally denominated in Indian Rupees and US dollars with mix of fixed and
floating rates of interest. The USD floating rate debt is linked to US dollar LIBOR and INR Floating rate debt to
Bank’s base rate. The Company has a policy of selectively using interest rate swaps, option contracts and other
derivative instruments to manage its exposure to interest rate movements. These exposures are reviewed by
appropriate levels of management on a monthly basis. The Company invests cash and liquid investments in short-
term deposits and debt mutual funds, some of which generate a tax-free return, to achieve the Company’s goal of
maintaining liquidity, carrying manageable risk and achieving satisfactory returns.
Floating rate financial assets are largely mutual fund investments which have debt securities as underlying assets.
The returns from these financial assets are linked to market interest rate movements; however the counterparty
invests in the agreed securities with known maturity tenure and return and hence has manageable risk.
The exposure of the Company’s financial assets as at 31 March 2023 to interest rate risk is as follows:
(` in Crore)
Non-interest
Floating rate Fixed rate
As at 31 March 2023 Total bearing financial
Financial assets financial assets
assets
Financial Assets 20,622 1,786 2,317 16,519
The exposure of the Company’s financial liabilities as at 31 March 2023 to interest rate risk is as follows:
(` in Crore)
Floating rate Fixed rate Non-interest
As at 31 March 2023 Total Financial financial bearing financial
liabilities liabilities liabilities
Financial Liabilities 76,855 30,982 21,568 24,305
The exposure of the Company’s financial assets as at 31 March 2022 to interest rate risk is as follows:
(` in Crore)
Non-interest
Floating rate Fixed rate
As at 31 March 2022 Total bearing financial
Financial assets financial assets
assets
Financial Assets 20,886 585 4,314 15,987
The exposure of the Company’s financial liabilities as at 31 March 2022 to interest rate risk is as follows:
(` in Crore)
Floating rate Fixed rate Non-interest
As at 31 March 2022 Total Financial financial bearing financial
liabilities liabilities liabilities
Financial Liabilities 61,840 24,876 21,628 15,336
Considering the net debt position as at 31 March 2023 and the investment in bank deposits, corporate bonds and
debt mutual funds, any increase in interest rates would result in a net loss and any decrease in interest rates would
result in a net gain. The sensitivity analysis below has been determined based on the exposure to interest rates for
financial instruments at the balance sheet date.
406
NOTES
The table below illustrates the impact of a 0.5% to 2.0% movement in interest rates on floating rate financial
assets/ liabilities (net) on profit/ (loss) and equity assuming that the changes occur at the reporting date and has
been calculated based on risk exposure outstanding as of that date. The year-end balances are not necessarily
representative of the average debt outstanding during the year. This analysis also assumes that all other variables,
in particular foreign currency rates, remain constant.
(` in Crore)
Effect on pre-tax Effect on pre-tax
profit/(loss) profit/(loss)
Increase in interest rates during the year during the year
ended 31 March ended 31 March
2023 2022
0.50% (146) (121)
1.00% (292) (243)
2.00% (584) (486)
An equivalent reduction in interest rates would have an equal and opposite effect on the Company’s financial
statements.
(d) Counterparty and concentration of credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to
the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining
sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.
The Company is exposed to credit risk from trade receivables, contract assets, investments, loans, other financial
assets, and derivative financial instruments.
Credit risk on receivables is limited as almost all credit sales are against letters of credit and guarantees of banks
of national standing.
Moreover, given the diverse nature of the Company’s businesses trade receivables are spread over a number of
customers with no significant concentration of credit risk. The history of trade receivables shows a negligible
provision for bad and doubtful debts. Therefore, the Company does not expect any material risk on account of
non-performance by any of the Company’s counterparties.
The Company has clearly defined policies to mitigate counterparty risks. For current investments, counterparty
limits are in place to limit the amount of credit exposure to any one counterparty. This, therefore, results in
diversification of credit risk for our mutual fund and bond investments. For derivative and financial instruments,
the Company attempts to limit the credit risk by only dealing with reputable banks and financial institutions.
The carrying value of the financial assets represents the maximum credit exposure. The Company’s maximum
exposure to credit risk is ` 20,622 Crore and ` 20,886 Crore as at 31 March 2023 and 31 March 2022 respectively.
The maximum credit exposure on financial guarantees given by the Company for various financial facilities is
described in Note 38 on “Commitments, contingencies, and guarantees”.
None of the Company’s cash equivalents, including time deposits with banks, are past due or impaired. Regarding
trade receivables, loans and other financial assets (both current and non-current), there were no indications as at
the year end, that defaults in payment obligations will occur except as described in Notes 7 and 9 on allowance for
impairment of trade receivables and other financial assets.
Of the year end trade receivables, loans and other financial assets (excluding bank deposits, site restoration
fund and derivatives) balance the following, though overdue, are expected to be realised in the normal course of
business and hence, are not considered impaired as at 31 March 2023 and 31 March 2022:
407
NOTES
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Neither impaired nor past due 8,847 8,134
Past due but not impaired
- Less than 1 month 627 1,692
- Between 1–3 months 135 66
- Greater than 12 months 2,182 2,093
Total 11,871 12,106
Receivables are deemed to be past due or impaired with reference to the Company’s normal terms and conditions
of business. These terms and conditions are determined on a case to case basis with reference to the customer’s
credit quality and prevailing market conditions. Receivables that are classified as ‘past due’ in the above tables are
those that have not been settled within the terms and conditions that have been agreed with that customer. The
Company based on past experiences does not expect any material loss on its receivables.
The credit quality of the Company’s customers is monitored on an ongoing basis. Where receivables have been
impaired, the Company actively seeks to recover the amounts in question and enforce compliance with credit
terms.
Movement in allowances for Financial Assets (Trade receivables and financial assets - others)
The changes in the allowance for financial assets (current and non-current) is as follows:
(` in Crore)
Trade Financial assets Financial assets
Particulars
receivables - others - loans
As at 01 April 2021 803 730 5
Allowance made during the year 198 7 -
Exchange differences - 10 -
As at 31 March 2022 1,001 747 5
Allowance made during the year 355 - -
Reversals/ write-off during the year - (95)
Exchange differences - 30 -
As at 31 March 2023 1,356 682 5
D. Derivative financial instruments

The Company uses derivative instruments as part of its management of exposure to fluctuations in foreign currency
exchange rates, interest rates and commodity prices. The Company does not acquire or issue derivative financial
instruments for trading or speculative purposes. The Company does not enter into complex derivative transactions to
manage the treasury and commodity risks. Both treasury and commodities derivative transactions are normally in the
form of forward contracts and these are subject to the Company guidelines and policies.
The fair values of all derivatives are separately recorded in the balance sheet within current and non-current assets and
liabilities. Derivatives that are designated as hedges are classified as current or non-current depending on the maturity
of the derivative.
The use of derivatives can give rise to credit and market risk. The Company tries to control credit risk as far as possible
by only entering into contracts with reputable banks and financial institutions. The use of derivative instruments
is subject to limits, authorities and regular monitoring by appropriate levels of management. The limits, authorities
and monitoring systems are periodically reviewed by management and the Board. The market risk on derivatives is
mitigated by changes in the valuation of the underlying assets, liabilities or transactions, as derivatives are used only
for risk management purposes.
408
NOTES
(i) Cash flow hedges

The Company enters into forward exchange and commodity price contracts for hedging highly probable forecast
transaction and account for them as cash flow hedges and states them at fair value. Subsequent changes in fair
value are recognized in equity through OCI until the hedged transaction occurs, at which time, the respective gain
or losses are reclassified to profit or loss. These hedges have been effective for the year ended 31 March 2023.
The Company uses foreign exchange contracts from time to time to optimize currency risk exposure on its foreign
currency transactions. The Company hedged part of its foreign currency exposure on capital commitments
during the year ended 2022. Fair value changes on such forward contracts are recognized in other comprehensive
income.
The majority of cash flow hedges taken out by the Company during the year comprise non-derivative hedging
instruments for hedging the foreign exchange rate of highly probable forecast transactions and commodity price
contracts for hedging the commodity price risk of highly probable forecast transactions.
The cash flows related to above are expected to occur during the year ended 31 March 2024 and consequently
may impact profit or loss for that year depending upon the change in the commodity prices and foreign exchange
rates movements. For cash flow hedges regarded as basis adjustments to initial carrying value of the property,
plant and equipment, the depreciation on the basis adjustments made is expected to affect profit or loss over the
expected useful life of the property, plant and equipment.
(ii) Fair value hedge

The fair value hedges relate to forward covers taken to hedge currency exposure and commodity price risks.
The Company’s sales are on a quotational period basis, generally one month to three months after the date of
delivery at a customer’s facility. The Company enters into forward contracts for the respective quotational period
to hedge its commodity price risk based on average LME prices. Gains and losses on these hedge transactions are
substantially offset by the amount of gains or losses on the underlying sales. Net gains and losses are recognized
in the statement of profit and loss.
The Company uses foreign exchange contracts from time to time to optimize currency risk exposure on its foreign
currency transactions. Fair value changes on such forward contracts are recognized in the statement of profit
and loss.
(iii) Non- designated economic hedge

The Company enters into derivative contracts which are not designated as hedges for accounting purposes,
but provide an economic hedge of a particular transaction risk or a risk component of a transaction. Hedging
instruments include copper, aluminium future contracts on the LME and certain other derivative instruments. Fair
value changes on such derivative instruments are recognized in the statement of profit and loss.
The fair value of the Company’s derivative positions recorded under derivative financial assets and derivative
financial liabilities are as follows:
(` in Crore)
Derivative Financial Instruments
Assets Liabilities Assets Liabilities
Current
Cash flow hedge*
- Commodity contracts 30 - 231 62
- Interest rate swap - - 1 -
Fair Value hedge
- Commodity contracts 45 69 10 57
- Forward foreign currency contracts 4 15 4 91
Non - qualifying hedges/economic hedge
Sub-total (A) 98 151 249 277
409
NOTES
(` in Crore)
Non-current
Fair value hedge
- Forward foreign currency contracts - 20 - 6
Sub-total (B) - 20 - 6
Total (A+B) 98 171 249 283
* Refer statement of profit and loss and statement of changes in equity for the changes in the fair value of cash flow hedges.
E. Derivative contracts executed by the Company and outstanding as at Balance Sheet date :
(i) To hedge currency risks and interest related risks, the Company has executed various derivatives contracts. The
category wise break up of amount outstanding as at Balance Sheet date is given below :
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Forex forward cover (buy) 9,679 12,558
Forex forward cover (sell) 0 161
Interest rate swap 3,261 1,735
Total 12,940 14,454
(ii) For hedging commodity related risks :- Category wise break up is given below.

Particulars
Purchases Sales Purchases Sales
Forwards/ Futures
Crude (BBL) - - - 1,680,000
Copper (MT) 5,550 11,775 7,425 24,800
Gold (Oz) - 16,940 - 17,625
Silver (Oz) 13,987 68,455 16,091 66,770
Aluminium (MT) 63,100 2,750 12,750 78,425
23 Other liabilities
(` in Crore)
Particulars
Amount payable to owned post-employment - 14 14 - 14 14
benefit trust
Other statutory liabilities a - 931 931 - 1,097 1,097
Deferred government grant b 2,364 83 2,447 2,346 80 2,426
Advance from customers c
- 8,074 8,074 404 3,159 3,563
Advance from related party (Refer note 39) c - 3 3 - 2 2
Other liabilities - 120 120 1 122 123
Total 2,364 9,225 11,589 2,751 4,474 7,225
(a) Other statutory liabilities mainly include payable for PF, ESIC, withholding taxes, goods and service tax, VAT, etc.
(b) Represents government assistance in the form of the duty benefit availed under Export Promotion Capital Goods
(EPCG) Scheme and Special Economic Zone (SEZ) scheme on purchase of property, plant and equipment accounted for
as government grant and being amortised over the useful life of such assets.
410
NOTES
(c) Advance from customers are contract liabilities to be settled through delivery of goods. The amount of such balances
as on 01 April 2021 was ` 4,496 Crore. During the current year, the Company has recognised revenue of ` 3,511 Crore
(31 March 2022: ` 4,481 Crore) out of opening balances. All other changes are either due to receipt of fresh advances or
exchange differences.
24 Provisions
(` in Crore)
Particulars
Provision for employee benefits (Refer note 25) a
- Retirement Benefit 61 32 93 - 77 77
- Others - 93 93 - 79 79
Provision for restoration, rehabilitation and 1,312 4 1,316 1,268 2 1,270
environmental costs b,c
Total 1,373 129 1,502 1,268 158 1,426
a) Provision for employee benefits includes gratuity, compensated absences, deferred cash bonus, etc.
b) The movement in provisions for restoration, rehabilitation and environmental costs is as follows [Refer note 3(a)(P)]:
(` in Crore)
Restoration,
rehabilitation and
Particulars
environmental
costs (Refer c)
At 01 April 2021 1,169
Unwinding of discount (Refer note 32) 24
Revision in estimates 40
Exchange differences 37
At 31 March 2022 1,270
Additions 41
Amounts used (1)
Unwinding of discount (Refer note 32) 30
Revision in estimates (131)
Exchange differences 107
At 31 March 2023 1,316
c) Restoration, rehabilitation and environmental costs

The provisions for restoration, rehabilitation and environmental liabilities represent the management’s best estimate of
the costs which will be incurred in the future to meet the Company’s obligations under existing Indian law and the terms
of the Company’s exploration and other licences and contractual arrangements.
The principal restoration and rehabilitation provisions are recorded within oil and gas business where a legal obligation
exists relating to the oil and gas fields, where costs are expected to be incurred in restoring the site of production
facilities at the end of the producing life of an oil field. The Company recognises the full cost of site restoration as a
liability when the obligation to rectify environmental damage arises.
These amounts are calculated by considering discount rates within the range of 2% to 3%, and become payable at the
end of the producing life of an oil field and are expected to be incurred over a period of twenty one years.
An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is
caused by the development or ongoing production from a producing field.
411
NOTES
25 Employee Benefit Plans

The Company participates in defined contribution and benefit plans, the assets of which are held (where funded) in
separately administered funds.
For defined contribution plans, the amount charged to the statement of profit and loss is the total amount of
contributions payable in the year.
For defined benefit plans, the cost of providing benefits under the plans is determined by actuarial valuation separately
each year for each plan using the projected unit credit method by independent qualified actuaries as at the year end.
Remeasurement gains and losses arising in the year are recognised in full in other comprehensive income for the year.
i) Defined contribution plans

The Company contributed a total of ` 66 Crore for the year ended 31 March 2023 and ` 60 Crore for the year ended 31
March 2022 to the following defined contribution plans.
(` in Crore)
Particulars
31 March 2023 31 March 2022
Employer’s contribution to recognised provident fund and family pension fund 49 40
Employer’s contribution to superannuation 13 17
Employer's contribution to National Pension Scheme (NPS) 4 3
Total 66 60
Central recognised provident fund

In accordance with the ‘The Employee's Provident Funds and Miscellaneous Provisions Act ,1952', employees are
entitled to receive benefits under the Provident Fund. Both the employee and the employer make monthly contributions
to the plan at a predetermined rate (12% for the year ended 31 March 2023 and 12% for the year ended 31 March
2022) of an employee’s basic salary, and includes contribution made to Family Pension fund as explained below.
All employees have an option to make additional voluntary contributions. These contributions are made to the fund
administered and managed by the Government of India (GOI) or to independently managed and approved funds. The
Company has no further obligations under the fund managed by the GOI beyond its monthly contributions which are
charged to the statement of profit and loss in the year they are incurred.
Family pension fund

The Pension Fund was established in 1995 and is managed by the Government of India. The employee makes no
contribution to this fund but the employer makes a contribution of 8.33% of salary each month subject to a specified
ceiling per employee (included in the 12% rate specified above). This is provided for every permanent employee on the
payroll.
At the age of superannuation, contributions ceases and the individual receives a monthly payment based on the level of
contributions through the years, and on their salary scale at the time they retire, subject to a maximum ceiling of salary
level. The Government funds these payments, thus the Company has no additional liability beyond the contributions
that it makes, regardless of whether the central fund is in surplus or deficit.
Superannuation
Superannuation, another pension scheme applicable in India, is applicable only to senior executives. The Company
holds a policy with Life Insurance Corporation of India (“LIC”), to which it contributes a fixed amount relating to
superannuation and the pension annuity is met by LIC as required, taking into consideration the contributions made.
The Company has no further obligations under the scheme beyond its monthly contributions which are charged to the
statement of profit and loss in the year they are incurred.
412
NOTES
National Pension Scheme

National Pension Scheme is a retirement savings account for social security and welfare applicable for executives
covered under the superannuation benefit of Vedanta Limited, on a choice basis. It was introduced to enable employees
to select the treatment of superannuation component of their fixed salaries and avail the benefits offered by National
Pension Scheme launched by Government of India. Vedanta Limited holds a corporate account with one of the pension
fund managers authorized by the Government of India to which the Company contributes a fixed amount relating to
superannuation and the pension annuity will be met by the fund manager as per rules of National Pension Scheme.
The Company has no further obligations under the scheme beyond its monthly contributions which are charged to the
statement of profit and loss in the year they are incurred.
ii) Defined benefit plans

(a) Contribution to provident fund trust (the "trust")
The provident fund of the Iron Ore division is exempted under Section 17 of the Employees' Provident Funds and
Miscellaneous Provisions Act, 1952. Conditions for grant of exemption stipulates that the employer shall make good
deficiency, if any, between the return guaranteed by the statute and actual earning of the Fund. Based on actuarial
valuation in accordance with Ind AS 19 and the Guidance note issued by the Institute of Actuaries of India for interest
rate guarantee of exempted provident fund liability of employees, there is no interest shortfall in the funds managed
by the trust as at 31 March 2023 and 31 March 2022. Having regard to the assets of the Fund and the return on the
investments, the Company does not expect any deficiencies in the foreseeable future.
The Company contributed a total of ` 8 Crore for the year ended 31 March 2023 and ` 7 Crore for the year ended 31
March 2022. The present value of obligation and the fair value of plan assets of the trust are summarized below.
(` in Crore)
Particulars
31 March 2023 31 March 2022
Fair value of plan assets 283 262
Present value of defined benefit obligations (282) (257)
Net liability arising from defined benefit obligation of trust Nil Nil
Percentage allocation of plan assets of trust

Assets by category
31 March 2023 31 March 2022
Government Securities 53% 43%
Debentures/ bonds 41% 45%
Equity 6% 12%
Fixed deposits 0% 0%
(b) Gratuity plan

In accordance with the Payment of Gratuity Act, 1972, the Company contributes to a defined benefit plan (the “Gratuity
Plan”) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees
at retirement, disability or termination of employment being an amount based on the respective employee’s last drawn
salary and the number of years of employment with the Company. The Gratuity plan is a funded plan and the Company
makes contribution to recognised funds in India.
Based on actuarial valuations conducted as at year end using the projected unit credit method, a provision is
recognised in full for the benefit obligation over and above the funds held in the Gratuity Plan.
The iron ore and oil & gas division of the Company have constituted a trust recognised by Indian Income Tax Authorities
for gratuity to employees, contributions to the trust are funded with the Life Insurance Corporation of India (LIC) and
ICICI Prudential Life Insurance Company Limited (ICICI).
413
NOTES
Principal actuarial assumptions

Principal actuarial assumptions used to determine the present value of the Gratuity plan obligation are as follows:

Particulars
31 March 2023 31 March 2022
Discount rate 7.39% 7.16%
Expected rate of increase in compensation level of covered employees 2%-10% 2%-10%
In service mortality IALM (2012-14) IALM (2012-14)
Post retirement mortality LIC(1996-98) LIC(1996-98)
Ultimate Ultimate
Amount recognised in the balance sheet consists of:

(` in Crore)
Particulars
31 March 2023 31 March 2022
Net liability arising from defined benefit obligation (93) (77)
Amount recognised in the statement of profit and loss in respect of the Gratuity plan are as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Current service cost 23 21
Net interest cost 5 3
Components of defined benefit costs recognised in profit or loss 28 24
Amount recognised in the other comprehensive income in respect of the Gratuity plan are as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Re-measurement of the net defined benefit obligation:-
Actuarial losses arising from demographic adjustments 0 1
Actuarial losses/ (gains) arising from experience adjustments 15 (1)
Actuarial (gains)/ losses arising from changes in financial assumptions (2) 22
Losses on plan assets 2 1
Components of defined benefit costs recognised in other comprehensive income 15 23
Movement in present value of the Gratuity plan:

(` in Crore)
Particulars
31 March 2023 31 March 2022
Opening balance 228 188
Benefits paid (29) (16)
Interest cost 16 13
Actuarial losses/ (gains) arising from changes in assumptions 16 22
Closing balance 252 228
414
NOTES
Movement in the fair value of Gratuity plan assets is as follows:

(` in Crore)
Particulars
31 March 2023 31 March 2022
Contributions received 24 12
Re-measurement loss arising from return on plan assets (2) (1)
Interest income 11 10
The above plan assets have been invested in the qualified insurance policies.
The actual return on plan assets was ` 9 Crore for the year ended 31 March 2023 and ` 9 Crore for the year ended 31
March 2022.
The weighted average duration of the defined benefit obligation is 14.03 years and 15.67 years as at 31 March 2023 and
31 March 2022 respectively.
The Company expects to contribute ` 17 Crore to the funded defined benefit plans in during the year ended 31 March
2024.
Sensitivity analysis
Below is the sensitivity analysis determined for significant actuarial assumptions for the determination of defined
benefit obligations and based on reasonably possible changes of the respective assumptions occurring at the end of
the reporting period while holding all other assumptions constant.
(` in Crore)
Increase/ (Decrease) in defined benefit obligation
31 March 2023 31 March 2022
Discount rate
Increase by 0.50% (13) (11)
Decrease by 0.50% 13 11
Expected rate of increase in compensation level of covered employees
Increase by 0.50% 13 11
Decrease by 0.50% (13) (11)
The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change
in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using
the projected unit credit method at the end of reporting period, which is the same as that applied in calculating the
defined benefit obligation liability recognized in the balance sheet.
415
NOTES
Risk analysis
The Company is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined
benefit plans and management's estimation of the impact of these risks are as follows:
Investment risk
The Gratuity plan is funded with the LIC and ICICI. The Company does not have any liberty to manage the fund provided
to LIC and ICICI.
The present value of the defined benefit plan obligation is calculated using a discount rate determined by reference to
Government of India bonds. If the return on plan asset is below this rate, it will create a plan deficit.
Interest risk
A decrease in the interest rate on plan assets will increase the net plan obligation.
Longevity risk / Life expectancy

The present value of the defined benefit plan obligation is calculated by reference to the best estimate of the mortality
of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan
participants will increase the plan obligation.
Salary growth risk

The present value of the defined benefit plan obligation is calculated by reference to the future salaries of plan
participants. An increase in the salary of the plan participants will increase the plan obligation.
# Code on Social Security, 2020

The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However,
the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet
been issued. The Company will assess the impact of the Code when it comes into effect and will record any related
impact in the period the Code becomes effective.
26 Employee benefits expense a, b

(` in Crore)
Particulars
31 March 2023 31 March 2022
Salaries and Wages 1,244 1,216
Share based payments (Refer note 27) 48 29
Contributions to provident and other funds (Refer Note 25) 97 88
Staff welfare expenses 106 90
Less: Cost allocated/ directly booked in Joint ventures (569) (556)
Total 926 867
a. Net of recoveries of ` 49 Crore (31 March 2022: ` 52 Crore) from subsidiaries.

b. Net of capitalisation of ` 34 Crore (31 March 2022: ` 35 Crore).
416
NOTES
27 Share based payments

The Company offers equity based and cash based option plans to its employees, officers and directors through the
Company's stock option plan introduced in 2016 and Cairn India's stock option plan now administered by the Company
pursuant to its merger with the Company.
The Vedanta Limited Employee Stock Option Scheme (ESOS) 2016

The Company introduced an Employee Stock Option Scheme 2016 (“ESOS”), which was approved by the Vedanta Limited
shareholders to provide equity settled incentive to all employees of the Company including subsidiary companies. The ESOS
scheme includes tenure based, business performance based and market performance based stock options. The maximum
value of options that can be awarded to members of the wider management group is calculated by reference to the grade
average cost-to-company ("CTC") and individual grade of the employee. The performance conditions attached to the option
is measured by comparing Company’s performance in terms of Total Shareholder Return ("TSR") over the performance
period with the performance of two group of comparator companies (i.e. Indian and global comparator companies) defined
in the scheme. The extent to which an option vests will depend on the Company's TSR rank against a group or groups
of peer companies at the end of the performance period and as moderated by the Remuneration Committee. The ESOS
schemes are administered through VESOS trust and have underlying Vedanta Limited equity shares.
Options granted during the year ended 31 March 2023 and year ended 31 March 2022 includes business performance based,
sustained individual performance based, management discretion and fatality multiplier based stock options. Business
performances will be measured using Volume, Cost, Net Sales Realisation, EBITDA, Free Cash Flows, ESG and Carbon
footprint or a combination of these for the respective business/ SBU entities.
The exercise price of the options is ` 1 per share and the performance period is three years, with no re-testing being allowed.
The details of share options for the year ended 31 March 2023 is presented below:
Options Options
Options Options Options
transferred forfeited/ Options Options
Financial Year outstanding granted exercised
Exercise Period (to)/ from lapsed outstanding exercisable
of Grant 01 April during the during the
Parent/ fellow during the 31 March 2023 31 March 2023
2022 year year
subsidiaries year
2018-19 01 November 3,23,015 - - - 2,81,565 41,450 41,450*
2021 - 30
April 2022
2019-20 29 November 1,14,81,718 - - 61,53,328 41,76,303 11,52,087 11,52,087
2022 - 28
May 2023
2019-20 Cash settled 18,350 - - 9,740 8,610 - -
2020-21 06 November 1,08,07,521 - - 24,81,770 - 83,25,751 -
2023 - 05
May 2024
2020-21 Cash settled 19,164 - - 19,164 - - -
2021-22 01 November 1,13,04,599 - - 17,83,209 - 95,21,390 -
2024 - 30
April 2025
2021-22 Cash settled 16,907 - - 16,907 - - -
2022-23 01 November - 1,44,37,268 - 9,10,824 - 1,35,26,444 -
2025 - 30
April 2026
2022-23 Cash settled - 24,888 - - - 24,888 -
3,39,71,274 1,44,62,156 - 1,13,74,942 44,66,478 3,25,92,010 11,93,537
*Options for some employees could not be exercised within exercise period due to technical issues.
417
NOTES
Options Options
Options Options Options transferred Options Options
Financial Year forfeited/ exercised
Exercise Period outstanding granted during (to)/ from Parent/ outstanding 31 exercisable 31
of Grant lapsed during during the
01 April 2021 the year fellow subsidiaries March 2022 March 2022
the year year
2017-18 01 September 2020 3,76,940 - - 23,457 3,53,483 - -
- 28 February 2021
2018-19 01 November 2021 99,12,240 - - 69,06,444 26,82,781 3,23,015 3,23,015
- 30 April 2022
2018-19 Cash settled 99,086 - - - 99,086 - -
2019-20 29 November 2022 1,35,72,278 - - 20,90,560 - 1,14,81,718 -
- 28 May 2023
2019-20 Cash settled 80,050 - - 61,700 - 18,350 -
2020-21 06 November 2023 1,27,11,112 - - 19,03,591 - 1,08,07,521 -
- 05 May 2024
2020-21 Cash settled 87,609 - - 68,445 - 19,164 -
2021-22 01 November 2024 - 1,20,83,636 - 7,79,037 - 1,13,04,599 -
- 30 April 2025
2021-22 Cash settled - 16,907 - - - 16,907 -
3,68,39,315 1,21,00,543 - 1,18,33,234 31,35,350 3,39,71,274 3,23,015
The fair value of all options has been determined at the date of grant of the option allowing for the effect of any market-
based performance conditions. This fair value, adjusted by the Group’s estimate of the number of options that will eventually
vest as a result of non-market conditions, is expensed over the vesting period.
Business Performance-Based and Sustained Individual Performance-Based Options:

The fair values of stock options following these types of vesting conditions have been estimating using the Black-Scholes-
Merton Option Pricing model. The value arrived at under this model has been then multiplied by the expected % vesting
based on business performance conditions (only for business performance-based options) and the expected multiplier
on account of sustained individual performance (for both type of options). The inputs used in the Black-Scholes-Merton
Option Pricing model include the share price considered as of the valuation date, exercise price as per the scheme/ plan of
the options, expected dividend yield (estimated based on actual/ expected dividend trend of the company), expected tenure
(estimated as the remaining vesting period of the options), the risk-free rate (considered as the zero coupon yield as of the
valuation date for a term commensurate with the expected tenure of the options) and expected volatility (estimated based
on the historical volatility of the return in company’s share prices for a term commensurate with the expected tenure of the
options). The exercise period of 6 months post vesting period has not been considered as the options are expected to be
exercised immediately post the completion of the vesting period.
Total Shareholder Returns-Based Options:

The fair values of stock options following this type of vesting condition has been estimated using the Monte Carlo
Simulation method. This method has been used to simulate the expected share prices for Vedanta Limited and the
companies of the comparator group over the vesting period of the options. Based on the simulated prices, the expected
pay-off at the end of the vesting period has been estimated and present valued to the valuation date. Further, based on the
simulated share prices and expected dividends the relative rank of Vedanta Limited’s share price return has been estimated
vis-à-vis the Indian and Global Group of the comparator group. This rank has been used to estimate expected % vesting of
the options under this type of vesting condition. The inputs to the monte carlo simulation method include expected tenure
(estimated as the remaining vesting period of the options), the risk-free rate (considered as the zero coupon yield as of the
valuation date for a term commensurate with the expected tenure of the options), expected dividend yield (estimated based
on the actual dividend trend of the companies), expected volatility (estimated based on the historical volatility of the return
in the company’s share prices for a term commensurate with the expected tenure of the options). The exercise period of
6 months post the vesting period has not been considered as the options are expected to be exercised immediately post the
completion of the vesting period.
418
NOTES
The assumptions used in the calculations of the charge in respect of the ESOS options granted during the year ended 31
March 2023 and 31 March 2022 are set out below:

Particulars 31 March 2023 31 March 2022
ESOS 2022 ESOS 2021
Number of Options Cash settled - Cash settled -
24,888 16,907
Equity settled - Equity settled -
1,44,37,268 1,20,83,636
Exercise Price `1 `1
Share Price at the date of grant ` 286.90 ` 302.15
Contractual Life 3 years 3 years
Expected Volatility 50.95% 49.67%
Expected option life 3 years 3 years
Expected dividends 7.11% 6.80%
Risk free interest rate 7.07% 5.02%
Expected annual forfeitures 10% p.a 10% p.a
Fair value per option granted (Non-market performance based) ` 182.46 ` 193.97
Weighted average share price at the date of exercise of stock options was ` 303.80 (31 March 2022: ` 339.32)
The weighted average remaining contractual life for the share options outstanding was 1.76 years (31 March 2022: 1.62 years).
The Company recognised total expenses of ` 85 Crore (31 March 2022: ` 43 Crore) related to equity settled share based
payment transactions for the year ended 31 March 2023 out of which ` 33 Crore (31 March 2022: ` 15 Crore) was recovered
from group companies. The total (reversal)/ charge recognised on account of cash settled share based plan during the
year ended 31 March 2023 is ` (2) Crore (31 March 2022: ` 2 Crore) and the carrying value of cash settled share based
compensation liability as at 31 March 2023 is ` 2 Crore (31 March 2022: ` 4 Crore).
Employee stock option plans of erstwhile Cairn India Limited:

The Company has provided CIESOP share based payment scheme to its employees.
CIESOP plan
There are no specific vesting conditions under CIESOP plan other than completion of the minimum service period of 3 years
from the date of grant. Phantom options are exercisable proportionate to the period of service rendered by the employee
subject to completion of one year. The exercise period is 7 years from the vesting date.
Details of employees stock option plans is presented below
Year ended 31 March 2023 Year ended 31 March 2022

CIESOP Plan Weighted average Weighted average
Number of options Number of options
exercise price in ` exercise price in `
Outstanding at the beginning of the year 10,37,641 286.85 33,15,174 287.31
Granted during the year Nil NA Nil NA
Expired during the year Nil NA Nil NA
Exercised during the year 2,66,914 286.85 4,83,085 286.85
Forfeited/ cancelled during the year 7,70,727 286.85 17,94,448 287.70
Outstanding at the end of the year - - 10,37,641 286.85
Exercisable at the end of the year - - 10,37,641 286.85
419
NOTES
Weighted average
Range of exercise remaining Weighted average
Scheme
price in ` contractual life of exercise price in `
options (in years)
The details of exercise price for stock options outstanding as at 31 March 2023
are:
CIESOP Plan 286.85 - 286.85
The details of exercise price for stock options outstanding as at 31 March 2022
are:
CIESOP Plan 286.85 0.31 286.85
Out of the total expense of ` 50 Crore (31 March 2022: ` 30 Crore) pertaining to above options for the year ended 31 March
2023, the Company has capitalised ` 2 Crore (31 March 2022: ` 1 Crore) expense for the year ended 31 March 2023.
28 Revenue from operations

(` in Crore)
Particulars
31 March 2023 31 March 2022
Sale of products 67,105 62,692
Sale of services 88 109
Total 67,193 62,801
a) Revenue from sale of products and from sale of services for the year ended 31 March 2023 includes revenue from
contracts with customers of ` 67,778 Crore (31 March 2022: ` 62,781 Crore) and a net loss on mark-to-market of ` 585
Crore (31 March 2022: gain of ` 20 Crore) on account of gains/ losses relating to sales that were provisionally priced
as at the beginning of the year with the final price settled in the current year, gains/ losses relating to sales fully priced
during the year, and marked to market gains/ losses relating to sales that were provisionally priced as at the end of the
year.
b) Majority of the Company’s sales are against advance or are against letters of credit/ cash against documents/
guarantees of banks of national standing. Where sales are made on credit, the amount of consideration does not
contain any significant financing component as payment terms are within three months.
As per the terms of the contract with its customers, either all performance obligations are to be completed within one
year from the date of such contracts or the Company has a right to receive consideration from its customers for all
completed performance obligations. Accordingly, the Company has availed the practical expedient available under
paragraph 121 of Ind AS 115 and dispensed with the additional disclosures with respect to performance obligations
that remained unsatisfied (or partially unsatisfied) at the balance sheet date. Further, since the terms of the contracts
directly identify the transaction price for each of the completed performance obligations there are no elements of
transaction price which have not been included in the revenue recognised in the financial statements. Further, there is
no material difference between the contract price and the revenue from contract with customers.
29 Other operating income

Particulars
31 March 2023 31 March 2022
Export incentives 194 244
Scrap sales 182 130
Miscellaneous income (Refer Note 39(M)) 511 102
Total 887 476
420
NOTES
30 Other Income
(` in Crore)
Particulars
31 March 2023 31 March 2022
Net gain on investments measured at FVTPL 44 1
Net gain on sale of long term investments (Refer Note 39) - 16
Interest income from financial assets at amortised cost
- Bank deposits 103 78
- Loans 64 73
- Others 140 69
Interest on income tax refund 42 -
Dividend income from
- financial assets at FVOCI 0 1
- investment in subsidiaries 20,711 7,828
Profit on sale of assets - 129
Deferred government grant income 81 78
Miscellaneous income 77 74
Total 21,262 8,347
31 Changes in inventories of finished goods and work-in-progress

(` in Crore)
Particulars
31 March 2023 31 March 2022
Opening Stock:
Finished Goods 385 548
Work in progress 3,018 1,681
Total 3,403 2,229
Add: Foreign exchange translation 17 2
Less: Closing Stock
Work in progress 2,503 3,018
Total 2,839 3,403
Changes in Inventory 581 (1,172)
32 Finance Cost
(` in Crore)
Particulars
31 March 2023 31 March 2022
Interest expense on financial liabilities at amortised cost a 4,405 3,123
Other finance costs 276 265
Net interest on defined benefit arrangement 5 3
Unwinding of discount on provisions (Refer note 23) 30 24
Less: Allocated to Joint venture (1) (2)
Less: Capitalisation of finance costs b (Refer note 5) (331) (267)
Total 4,384 3,146
a) Includes interest expense on lease liabilities for the year ended 31 March 2023 is ` 6 Crore (31 March 2022: ` 7 Crore).
b) Interest rate of 6.75% (31 March 2022: 7.39%) was used to determine the amount of general borrowing costs eligible for
capitalization in respect of qualifying asset for the year ended 31 March 2023.
c) Interest expense on income taxes is ` 48 Crore (31 March 2022: ` NIL Crore).
421
NOTES
33 Other Expenses *
(` in Crore)
Particulars
31 March 2023 31 March 2022
Cess on crude oil 1,675 1,568
Royalty 335 375
Consumption of stores and spare parts 1,032 908
Repairs to plant and equipment 597 512
Carriage 1,342 1,359
Mine expenses 231 257
Net loss on foreign currency transactions and translations 352 134
Repairs to building 90 67
Insurance 110 98
Repairs others 93 88
Loss on sale/ discard of property, plant and equipment (net) 21 -
Rent d 18 17
Rates and taxes 13 8
Exploration costs written off (Refer note 5) 315 -
Directors sitting fees and commission 3 4
Remuneration to auditors a 9 11
Provision for doubtful advances/ expected credit loss 435 233
Bad debts written off 1 6
Share of expenses in producing oil & gas 1,884 1,472
Donation b 160 130
Miscellaneous expenses c
4,024 3,135
Less: Cost allocated/directly booked in Joint ventures (418) (331)
Total 12,322 10,051
* Net of recoveries of ` 66 Crore (31 March 2022: ` 79 Crore) from subsidiaries
(a) Remuneration to auditors comprises:

(` in Crore)
Particulars
31 March 2023 31 March 2022
Payment to auditors
For statutory audit (including quarterly reviews) 7 6
For overseas reporting 1 4
For certification and other attest services 0 0
For other services 1 1
For reimbursement of expenses 0 0
Total 9 11
(b) Includes contributions through electoral bonds of ` 155 Crore (31 March 2022: ` 123 Crore).
(c) Includes Corporate social responsibility expenses of ` 112 Crore (31 March 2022: ` 37 Crore) as detailed in note 41(a).
(d) Rent represents expense on short term/ low value leases.
422
NOTES
34 Exceptional Items
(` in Crore)
Particulars Tax effect of Tax effect of

Exceptional Exceptional Exceptional Exceptional
exceptional exceptional
Items items after tax Items items after tax
items items
Property, plant and equipment, exploration
intangible assets under development, capital
work-in-progress and other assets (impaired)/
reversal or (written off)/ written back in:
- Oil and Gas
1) Exploration wells written off a - - - (1,412) 493 (919)
2) Reversal of previously recorded impairment 910 - 910 1,370 (479) 891
b,c
- Aluminium d - - - (125) 44 (81)

- Unallocated
1) Reversal of previously recorded impairment 780 - 780 - - -
on investments in BFL e
2) Capital work-in-progress written off f - - - (24) 8 (16)
3) Impairment reversal on investments in 3,187 3,187 - - -
OCRPS g
SAED on Oil and Gas sector h (524) 103 (421) - - -
Provision for legal disputes (including change in -
law), force majeure and similar incidences in:
- Copper i - - - (54) 19 (35)
- Aluminium j - - - (73) 26 (47)
Total 4,353 103 4,456 (318) 111 (207)
a. During the year ended 31 March 2022, based on the outcome of exploration and appraisal activities in its PSC block
RJON-90/1 block and RSC blocks awarded under OALP (Open Acreage Licensing Policy), an amount of ` 1,412 Crore
towards unsuccessful exploration cost had been charged off to the statement of profit and loss during the previous
year, as these had proven to be either technically or commercially unviable.
b. During the year ended 31 March 2023, the Board of Cairn India Holdings Limited (“CIHL”), a wholly owned subsidiary
of the Company, approved the scheme of buyback upto US$ 500 mn @ approximately US$ 3.3 per share. Pursuant to
the same, CIHL has bought back 10,24,69,151 shares for ` 2,665 Crore (US$ 332 mn). Consequently, the Company has
recorded a net gain of ` 910 Crore, on account of:
i. Realised loss of ` 630 Crore on account of buy back of investment set off by reversal of previously recorded
impairment of ` 813 Crore on investment bought back.
ii. An earlier impairment charge of ` 727 Crore has been reversed during the year on remaining investment in CIHL.
c. During the year ended 31 March 2022, the Company had recognized an impairment reversal of ` 1,370 Crore on its
assets in the oil and gas segment comprising:
i) Impairment reversal of ` 1,254 Crore relating to Rajasthan oil and gas block (“CGU”) mainly due to increase in
crude price forecast. Of this reversal, ` 850 Crore impairment reversal had been recorded against oil and gas
producing facilities and ` 404 Crore impairment charge had been recorded against exploration intangible assets
under development.
The recoverable amount of the Company’s share in Rajasthan Oil and Gas cash generating unit “RJ CGU” was
determined to be ` 5,406 Crore (US$ 715 million) as at 31 March 2022.
423
NOTES
The recoverable amount of the RJ CGU was determined based on the fair value less costs of disposal approach,
a level-3 valuation technique in the fair value hierarchy, as it more accurately reflects the recoverable amount
based on the Company’s view of the assumptions that would be used by a market participant. This was based
on the cash flows expected to be generated by the projected oil and natural gas production profiles up to the
expected dates of cessation of production sharing contract (PSC)/cessation of production from each producing
field based on the current estimates of reserves and risked resources. Reserves assumptions for fair value less
costs of disposal tests consider all reserves that a market participant would consider when valuing the asset,
which are usually broader in scope than the reserves used in a value-in-use test. Discounted cash flow analysis
used to calculate fair value less costs of disposal uses assumption for short-term oil price of US$ 86 per barrel for
the next one year (and tapers down to long-term nominal price of US$ 68 per barrel three years thereafter derived
from a consensus of various analyst recommendations. Thereafter, these have been escalated at a rate of 2% per
annum. The cash flows are discounted using the post-tax nominal discount rate of 9.88% derived from the post-
tax weighted average cost of capital after factoring in the risks ascribed to PSC extension including successful
implementation of key growth projects. Based on the sensitivities carried out by the Company, change in crude
price assumptions by US$ 1/bbl and changes to discount rate by 1% would lead to a change in recoverable value
by ` 102 Crore (US$ 13 million) and ` 159 Crore (US$ 21 million) respectively.
ii. Impairment reversal of ` 116 Crore relating to KG-ONN-2003/1 CGU mainly due to increase in crude price forecast
and increase in recoverable reserves.
The recoverable amount of the Company’s share in this CGU was determined to be ` 208 Crore (US$ 27 million)
based on fair value less cost of disposal approach as described in above paragraph. Discounted cash flow
analysis used to calculate fair value less costs of disposal uses assumption for short-term oil price of US$ 86
per barrel for the next one year and tapers down to long-term nominal price of US$ 68 per barrel three years
thereafter derived from a consensus of various analyst recommendations. Thereafter, these have been escalated
at a rate of 2% per annum. The cash flows are discounted using the post-tax nominal discount rate of 10.63%.
The sensitivities around change in crude price assumptions and discount rate are not material to the financial
statements.
d. In relation to a mine in aluminium business of the Company, the Company had deposited ` 125 Crore with the
Government of India. Thereafter, the MoEF&CC and the Supreme Court declared the mining project inoperable on
environmental grounds. Later, in 2017, the mining license lapsed. Accordingly, the deposit was fully provided for during
the previous year.
e. During the year, the Company has recognised an impairment reversal of ` 780 Crore on its investments in Bloom
Fountain Limited ("BFL"), a wholly owned subsidiary of the Company, mainly due to restart of commercial mining
operations at Western Cluster Limited, Liberia ("WCL"), a wholly owned subsidiary of BFL.
During the current year, WCL has signed a Memorandum of Understanding with the Government of Liberia to restart its
mining operations and commenced commercial production at its Bomi Mines from July 2022.
Consequently, the net recoverable value of assets and liabilities of WCL has been assessed at ` 891 Crore based on the
value-in-use approach, using the Discounted Cash Flow Method, a level 3 valuation technique in the fair value hierarchy
as it more accurately reflects the recoverable amount. The impairment assessment is based on a range of estimates
and assumptions, including long-term selling price as per the consensus report, volumes based on the mine planning
and concentrate plant setup and a post-tax nominal discount rate of 14.45%. Any subsequent changes to cash flows
due to changes in the above-mentioned factors could impact the carrying value of the assets.
Based on the sensitivities carried out by the Company, a decrease in the long-term selling price by 1% would lead to a
decrease in the recoverable value by ` 50 Crore and an increase in the discount rate by 1% would lead to a decrease in
the recoverable value by ` 74 Crore.
f. During the previous year ended 31 March 2022, the Company had recognised a loss of ` 24 Crore relating to certain
items of capital work-in-progress at one of its closed unit in Gujarat, which were no longer expected to be used.
424
NOTES
g. During the current year ended 31 March 2023, the Company has recognised an impairment reversal of ` 3,187 Crore
on the investments in OCRPS (“Optionally Convertible Redeemable Preference Shares”) of THL Zinc Ventures Limited
(“THLZVL”), a wholly owned subsidiary of the Company.
Recoverable amount of the OCRPS has been determined based on the valuation of Zinc International business (“VZI”)
which is an indirect subsidiary of THLZVL. The recoverable amount of VZI has been determined based on the fair value
less cost of disposal approach, using the discounted cash flow method (“DCF method”), a level 3 valuation technique
in the fair value hierarchy. This is based on the cash generated by the extraction and sale of proved and probable
reserves/ natural estimated resources which are yet to be exploited during the estimated predetermined life of mine
(“LOM”) after deducting costs of closure and rehabilitation after expiry of LOM. The cash flows are discounted using
the post tax weighted average cost of capital ranging 8.40% to 10.44%. Based on the sensitivities carried out by the
Company using the risk adjustment factor of 5%, the recoverable amount is higher than the carrying value, resulting in
impairment reversal.
These investments has been reclassified from Non-current investments to current investments during the current year
(Refer Note 6).
h. The Government of India ("GoI") vide its notification dated 30 June 2022 levied Special Additional Excise Duty ("SAED")
on production of crude oil, i.e., cess on windfall gain triggered by increase in crude oil prices which is effective from 01
July 2022. The consequential net impact of the said duty has been presented as an exceptional item.
i. A provisional liquidator (‘PL’) was appointed to manage the affairs of Konkola Copper Mines plc (KCM) on 21 May 2019,
after ZCCM Investments Holdings Plc (ZCCM-IH), an entity majority 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 courts and have also commenced arbitration against ZCCM-IH, consistent with their position that arbitration
is the agreed dispute resolution process, together with an application to the South African courts to stay the winding up
proceedings consistent with the agreement to arbitrate.
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. During the previous year, the Company recognised provisions for expected credit losses
of ` 54 Crore. As of 31 March 2023, the Company carries provisions of ` 105 Crore (31 March 2022: ` 105 Crore).
Consequently, receivables from KCM as at 31 March 2023 is ` Nil Crore (31 March 2022: ` Nil Crore).
j. In December 2021, MoEF&CC notified guidelines for thermal power plants for disposal of fly ash and bottom ash
produced during power generation process. Effective 01 April 2022, the notification introduced a three-year cycle to
achieve average ash utilisation of 100 per cent. The first three-year cycle is extendable by another one year or two
years where ash utilisation percentage is in the range of 60-80 per cent or less than 60 per cent, respectively. Further,
unutilised accumulated ash, i.e., legacy fly ash stored with such power plants prior to the date of this notification
is required to be utilized fully over a ten year period with minimum twenty percent, thirty percent and fifty percent
utilisation of annual ash generation in year 1, year 2 and years 3-10 respectively. Such provisions are not applicable
where ash pond or dyke has stabilised and the reclamation has taken place with greenbelt or plantation. The Company
had performed detailed evaluations for its obligations under this notification and had recorded ` 73 Crore as an
exceptional item for the year ended 31 March 2022, towards estimated costs of legacy fly ash utilization including
reclamation costs.
425
NOTES
35 Tax expense
(a) Tax (benefit)/ charge recognised in profit or loss (including on exceptional items)
(` in Crore)
31 March 2023 31 March 2022
Current tax:
Current tax expense on profit for the year 3,790 3,505
Current tax benefit - exceptional items (Refer Note 34) (50) (281)
Total Current Tax (a) 3,740 3,224
Deferred tax:
Origination and reversal of temporary differences (4,033) (1,023)
(Benefit)/ Charge in respect of exceptional items (Refer Note 34) (53) 170
Total Deferred Tax (b) (4,086) (853)
Net tax (benefit)/ charge (a+b) (346) 2,371
Effective income tax rate (%) (1%) 12%
Tax expense
(` in Crore)
Particulars
31 March 2023 31 March 2022
Tax benefit on exceptional items (103) (111)
Tax (benefit)/ expense - others (243) 2,482
Net tax (benefit)/ charge (346) 2,371
(b) A reconciliation of income tax (benefit)/ expense applicable to profit before tax at the Indian statutory income tax rate
to recognised income tax (benefit)/ expense for the year indicated are as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Indian statutory income tax rate 34.944% 34.944%
Tax at statutory income tax rate 9,438 6,855
Non-taxable income - (4)
Deduction u/s 80M (7,254) (2,736)
Tax holidays (355) (1,702)
Unrecognised tax assets in respect of earlier years (net) (1,707) -
Change in deferred tax balances due to change in tax law 16 (71)
Capital gains/ Other income subject to lower tax rate* (505) -
Other permanent differences 21 29
Total (346) 2,371
*On account of dividend received from foreign subsidiary taxable at lower rate of 17.472%.
Certain businesses of the Company are eligible for specified tax incentives which are included in the table above as tax
holidays and similar exemptions. These are briefly described as under:
Sectoral Benefit - Power Plants

To encourage the establishment of certain power plants, provided certain conditions are met, tax incentives exist to
exempt 100% of profits and gains for any ten consecutive years within the 15 years period following commencement of
426
NOTES
the power plant’s operation subject to certain conditions under section 80IA of the Income tax Act, 1961. However, such
undertakings generating power would continue to be subject to the MAT provisions.
The Company has set up 80IA operations at aluminium division and iron ore division where such benefit has
been drawn.
(c) Deferred tax assets/ liabilities

The Company has accrued significant amounts of deferred tax. The majority of the deferred tax assets represents
unused tax credit in the form of MAT credits carried forward, net of deferred tax liability representing accelerated
tax relief for the depreciation of property, plant and equipment. Significant components of deferred tax (assets) and
liabilities recognised in the balance sheet are as follows :

(` in Crore)
Significant Charged/ Exchange difference
Opening Charged/ (credited) Charged/ Closing
components of (credited) to other transferred to
balance as at to statement of (credited) to balance as at
Deferred tax (assets) comprehensive translation of
01 April 2022 profit and loss equity 31 March 2023
and liabilities income foreign operation
Property, Plant and 4,327 410 - (9) - 4,728
Equipment
Voluntary retirement 1 - - - - 1
scheme
Employee benefits 8 (4) (6) - 7 5
Fair valuation of (23) - (52) - - (75)
derivative asset/
liability
Fair valuation of other (36) - - - - (36)
asset/ liability
MAT credit entitlement (4,839) (4,345) - - - (9,184)
Other temporary (556) (147) (31) - - (734)
differences
Total (1,118) (4,086) (89) (9) 7 (5,295)

(` in Crore)
Significant Charged/ Exchange difference
Opening Charged/ (credited) Charged/ Closing
components of (credited) to other transferred to
balance as at to statement of (credited) to balance as at
Deferred tax (assets) comprehensive translation of
01 April 2021 profit and loss equity 31 March 2022
and liabilities income foreign operation
Property, Plant and 3,848 471 - 8 - 4,327
Equipment
Voluntary retirement - 1 - - - 1
scheme
Employee benefits 15 (9) (8) - 10 8
Fair valuation of (23) - 0 - - (23)
derivative asset/liability
Fair valuation of other (36) (0) - - - (36)
asset/liability
MAT credit entitlement (3,701) (1,122) - - (16) (4,839)
Other temporary (436) (194) 74 - - (556)
differences
Total (333) (853) 66 8 (6) (1,118)
Recognition of deferred tax assets on MAT credit entitlement is based on the Company's present estimates and
business plans as per which the same is expected to be utilised within the stipulated fifteen year period from the date
of origination. (Refer Note 3(c)(A)(ii))
427
NOTES
(d) Non- current tax assets

Non- current tax assets of ` 1,311 Crore (31 March 2022: ` 1,800 Crore) mainly represents income tax receivable from
Indian tax authorities by the Company relating to the refund arising consequent to the Scheme of Amalgamation &
Arrangement made effective in August 2013 pursuant to approval by the jurisdiction High Court and receivables relating
to matters in tax disputes including tax holiday claim.
36 Earnings per equity share (EPS)

(` in Crore, except otherwise stated)
Particulars
31 March 2023 31 March 2022
Profit after tax attributable to equity share holders for Basic and Diluted EPS 27,356 17,245
Weighted Average no. of equity shares outstanding during the year for Basic and Dilutive EPS (in 372 372
Crore)
Basic and Diluted Earnings per share (in `) 73.54 46.36
Nominal value per share (in `) 1.00 1.00
37 Dividends
(` in Crore)
Particulars
31 March 2023 31 March 2022
Amounts recognised as distributions to equity shareholders:
Interim dividends: `101.50/- per share (31 March 2022: ` 45/- per share) 37,658 16,689
Refund of Dividend distribution tax (86) -
Total 37,572 16,689
38 Commitments, contingencies and guarantees

A) Commitments
The Company has a number of continuing operational and financial commitments in the normal course of business
including:
• Exploratory mining commitments;

• Oil & gas commitments;
• Mining commitments arising under production sharing agreements; and
• Completion of the construction of certain assets.
Estimated amount of contracts remaining to be executed on capital accounts and not provided for:
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Oil and Gas sector
Cairn 750 1,211
Aluminium sector
Lanjigarh Refinery (Phase II) 2,439 2,861
Jharsuguda 1.25 MTPA smelter 1,266 1,577
Copper sector
Tuticorin Smelter 400 KTPA* 3,066 3,051
Others 721 929
Total 8,242 9,629
*currently contracts are under suspension under the force majeure clause as per the contract
428
NOTES
Committed work programme (Other than capital commitment)

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Oil and Gas sector
Cairn (OALP - New Oil and Gas blocks) 5,184 5,615
Other Commitments
(i) The Power division of the Company has signed a long term power purchase agreement (PPA) with GRIDCO Limited
for supply of 25% of power generated from the power station with additional right to purchase power (5%/7%)
at variable cost as per the conditions referred to in PPA. The PPA has a tenure of twenty five years, expiring in
FY 2037. The Company received favourable order from OERC dated 05 October 2021 for conversion of Independent
Power Plant ("IPP") to Captive Power Plant ("CPP") w.e.f from 01 January 2022 subject to certain terms and
conditions. However, OERC vide order dated 19 February 2022 directed the Company to supply power to GRIDCO
from 19 February 2022 onwards. Thereafter, the Company has resumed supplying power to GRIDCO from 01 April
2022 as per GRIDCO’s requisition. The OERC vide its order dated 03 May 2023 has reviewed its previous order
dated 05 October 2021 and directed the Company to operate Unit 2 as an IPP. The Company is in process of filing
an appeal against the said order.
(ii) During the current year ended 31 March 2023, the Company has executed new Power Delivery Agreements ("PDA")
with Serentica group companies (Serentica Renewables India 3 Private Limited, Serentica Renewables India 6
Private Limited and Serentica Renewables India 9 Private Limited), which are associates of Volcan, for procuring
renewable power over twenty five years from date of commissioning of the combined renewable energy power
projects (“the Projects”) on a group captive basis. These Serentica group companies were incorporated for
building the Projects of approximately 691 MW (31 March 2022: 180 MW). During the current year, the Company
has invested ` 69 Crore in Optionally Convertible Redeemable Preference shares (“OCRPS”) of ` 10 each, of
Serentica group companies. These OCRPS will be converted into equity basis conversion terms of the PDA,
resulting in the Company holding twenty six percent stake in its equity. As at 31 March 2023, total outstanding
commitments related to PDA with Serentica group companies are ` 605 Crore (31 March 2022: ` 230 Crore).
B) Guarantees
The aggregate amount of indemnities and other guarantees on which the Company does not expect any material
losses was ` 16,899 Crore (31 March 2022: ` 17,046 Crore). The Company has given guarantees in the normal course of
business as stated below:
a) Guarantees and bonds advanced to the customs authorities in India of ` 1,304 Crore relating to the export and
payment of import duties on purchases of raw material and capital goods (31 March 2022: ` 470 Crore).
b) Guarantees issued for the Company’s share of minimum work programme commitments of ` 2,742 Crore (31
March 2022: ` 2,881 Crore).
c) Guarantees of ` 65 Crore (31 March 2022: ` 61 Crore) issued under bid bond.
d) Bank guarantees of ` 115 Crore (31 March 2022: ` 115 Crore) has been provided by the Company on behalf of
Volcan Investments Limited to Income tax department, India as a collateral in respect of certain tax disputes.
e) The Company has given corporate guarantees, bank guarantees and also assigned its bank limits to other group
companies primarily in respect of certain short-term and long-term borrowings amounting to ` 9,603 Crore (31
March 2022: ` 11,631 Crore) (Refer Note 39).
f) Other guarantees worth ` 3,070 Crore (31 March 2022: ` 1,888 Crore) issued for securing supplies of materials and
services, in lieu of advances received from customers, litigation, for provisional valuation of custom duty and also
to various agencies, suppliers and government authorities for various purposes. The Company does not anticipate
any liability on these guarantees.
429
NOTES
C) Export Obligations
The Company has export obligations of ` 1,262 Crore (31 March 2022: ` 831 Crore) on account of concessional rates of
import duty paid on capital goods under the Export Promotion Capital Goods Scheme and under the Advance Licence
Scheme for the import of raw material laid down by the Government of India.
In the event of the Company’s inability to meet its obligations, the Company’s liability would be ` 307 Crore (31 March
2022: ` 192 Crore) reduced in proportion to actual exports, plus applicable interest.
The Company has given bonds of ` 367 Crore (31 March 2022: ` 224 Crore) to custom authorities against these export
obligations.
D) Contingent Liabilities
The Company discloses the following legal and tax cases as contingent liabilities:
a) Ravva Joint Operations arbitration proceedings

The Ravva Production Sharing Contract (PSC) obliges the contractor parties (including the Company (Cairn
India Limited which subsequently merged with the Company, accordingly now referred to as the Company)) to
pay a proportionate share of ONGC’s exploration, development, production and contract costs in consideration
for ONGC’s payment of costs related to the construction and other activities it conducted in Ravva prior to the
effective date of the Ravva PSC (the ONGC Carry). The question as to how the ONGC Carry is to be recovered and
calculated, along with other issues, was submitted to an International Arbitration Tribunal in August 2002 which
rendered a decision on the ONGC Carry in favour of the contractor parties whereas four other issues were decided
in favour of Government of India (GOI) in October 2004 (Partial Award).
The GOI then proceeded to challenge the ONGC Carry decision before the Malaysian courts, as Kuala Lumpur was
the seat of the arbitration. The Federal Court of Malaysia upheld the Partial Award. As the Partial Award did not
quantify the sums, therefore, contractor parties approached the same Arbitration Tribunal to pass a Final Award in
the subject matter since it had retained the jurisdiction to do so. The Arbitral Tribunal was reconstituted and the
Final Award was passed in October 2016 in the Company’s favour. GOI’s challenge of the Final Award has been
dismissed by the Malaysian High Court and the next appellate court in Malaysia i.e. Malaysian Court of Appeal.
GOI then filed an appeal at Federal Court of Malaysia. The matter was heard on 28 February 2019 and the Federal
Court also dismissed GOI’s leave to appeal. Company has also filed for the enforcement of the Partial Award and
Final Award before the Hon'ble Delhi High Court. The matter is currently being heard.
While the Company does not believe the GOI will be successful in its challenge, if the Arbitral Awards in above
matters are reversed and such reversals are binding, the Company would be liable for approximately ` 526 Crore
(US$ 64 million) plus interest (31 March 2022: ` 484 Crore (US$ 64 million) plus interest).
b) Proceedings related to the imposition of entry tax

The Company challenged the constitutional validity of the local statutes and related notifications in the states of
Odisha and Rajasthan pertaining to the levy of entry tax on the entry of goods brought into the respective states
from outside. Post some contradictory orders of High Courts across India adjudicating on similar challenges, the
Supreme Court referred the matters to a nine judge bench. Post a detailed hearing, although the bench rejected
the compensatory nature of tax as a ground of challenge, it maintained status quo with respect to all other issues
which have been left open for adjudication by regular benches hearing the matters.
Following the order of the nine judge bench, the regular bench of the Supreme Court heard the matters and
remanded the entry tax matters relating to the issue of discrimination against domestic goods bought from
other States to the respective High Courts for final determination but retained the issue of jurisdiction for levy on
imported goods, for determination by the regular bench of the Supreme Court. Following the order of the Supreme
Court, the Company filed writ petitions in respective High Courts.
On 09 October 2017, the Supreme Court has held that states have the jurisdiction to levy entry tax on imported
goods. With this Supreme Court judgement, imported goods will rank pari-passu with domestic goods for the
430
NOTES
purpose of levy of Entry tax. The Company has amended its appeal (writ petitions) in Odisha to include imported
goods as well.
The issue pertaining to the levy of entry tax on the movement of goods into a Special Economic Zone (SEZ)
remains pending before the Odisha High Court. The Company has challenged the levy of entry tax on any
movement of goods into SEZ based on the definition of ‘local area’ under the Odisha Entry Tax Act which is very
clear and does not include a SEZ. In addition, the Government of Odisha further through its SEZ Policy 2015 and
the operational guidelines for administration of this policy dated 22 August 2016, exempted the entry tax levy on
SEZ operations.
The total claims against the Company (net of provisions made) are ` 774 Crore (31 March 2022: ` 774 Crore)
including interest and penalty till the date of order. Further, interest and penalty if any, would be additional.
c) Miscellaneous disputes- Income tax

The Company is involved in various tax disputes amounting to ` 543 Crore (31 March 2022: ` 543 Crore) relating
to income tax for the periods for which initial assessments have been completed. These mainly relate to the
disallowance of tax holiday for 100% Export Oriented Undertaking under section 10B of the Income Tax Act, 1961,
disallowance of tax holiday benefit on production of gas under section 80IB of the Income Tax Act, 1961, on
account of depreciation disallowances under the Income Tax Act and interest thereon which are pending at various
appellate levels.
The Company believes that these disallowances are not tenable and accordingly no provision is considered
necessary.
d) Miscellaneous disputes- Others

The Company is subject to various claims and exposures which arise in the ordinary course of conducting and
financing its business from the excise, indirect tax authorities and others. These claims and exposures mostly
relate to the assessable values of sales and purchases or to incomplete documentation supporting the Company’s
returns or other claims.
The approximate value of claims (excluding the items as set out separately above) against the Company totals to
` 2,733 Crore (31 March 2022: ` 2,500 Crore).
Based on evaluations of the matters and legal advice obtained, the Company believes that it has strong merits in
its favor. Accordingly, no provision is considered at this stage.
Except as described above, there are no pending litigations which the Company believes could reasonably be
expected to have a material adverse effect on the results of operations, cash flows or the financial position of the
Company.
39 RELATED PARTY DISCLOSURES

List of related parties and relationships
A) Entities controlling the Company (Holding Companies) Vedanta Resources Finance Limited (a)
Volcan Investments Limited Vedanta Resources Holdings Limited (a)
Volcan Investments Cyprus Limited Welter Trading Limited (a)
Intermediate Holding Companies Westglobe Limited (a)
Vedanta Resources Limited Vedanta Holdings Mauritius II Limited (a)
Finsider International Company Limited (a) Vedanta Holdings Mauritius Limited (a)
Richter Holdings Limited (a) Vedanta Holdings Jersey Limited (a)
Twin Star Holdings Limited (a) Vedanta Netherlands Investments BV (a)
Vedanta Resources Cyprus Limited (a) Vedanta UK Investments Limited (a)
431
NOTES
B) Fellow Subsidiaries (with whom transactions have Lakomasko BV (b)

taken place) Lisheen Milling Limited
Sterlite Grid 16 Limited Lisheen Mine Partnership
Sterlite Iron and Steel Company Limited Malco Energy Limited
Sterlite Power Transmission Limited Maritime Ventures Private Limited (g)
Sterlite Technologies Limited Monte Cello BV
STL Digital Limited Namzinc (Proprietary) Limited
Twin Star Technologies Limited Paradip Multi Cargo Berth Private Limited (g)
Sesa Mining Corporation Limited (g)
C) Associates of ultimate parent (with whom Sesa Resources Limited
transactions have taken place) Skorpion Mining Company (Proprietary) Limited
Serentica Renewables India 3 Private Limited (f) Skorpion Zinc (Proprietary) Limited
Serentica Renewables India 6 Private Limited (f) Sterlite Ports Limited (g)
Serentica Renewables India 9 Private Limited (f) Talwandi Sabo Power Limited
Thalanga Copper Mines (Proprietary) Limited
D) Associates and Joint ventures (With whom THL Zinc Holding BV
transaction have taken place)
THL Zinc Limited
Gaurav Overseas Private Limited
THL Zinc Namibia Holdings (Proprietary) Limited
THL Zinc Ventures Limited
E) Subsidiaries
Vedanta Lisheen Holdings Limited
Amica Guesthouse (Proprietary) Limited Vedanta Lisheen Mining Limited
Athena Chhattisgarh Power Limited (d) Vedanta Zinc Football & Sports Foundation
AvanStrate Inc, Japan Vizag General Cargo Berth Private Limited
AvanStrate Korea Inc, Korea Western Cluster Limited
AvanStrate Taiwan Inc, Taiwan Zinc India Foundation (c)
Bharat Aluminium Company Limited
Black Mountain Mining (Proprietary) Limited F) Post retirement benefit plans (with whom transactions
Bloom Fountain Limited have taken place)
Cairn Energy Gujarat Block 1 Limited (b) Sesa Group Employees Provident Fund
Cairn Energy Hydrocarbons Limited Sesa Group Employees Gratuity Fund and Sesa Group
Cairn India Holdings Limited Executives Gratuity Fund
Cairn Lanka (Private) Limited Sesa Group Executives Superannuation Scheme Fund
CIG Mauritius Private Limited (b)
CIG Mauritius Holdings Private Limited (b) G) Others (with whom transactions have taken place)
Enterprises over which key management personnel/
Copper Mines of Tasmania (Proprietary) Limited their relatives have control or significant influence.
Desai Cement Company Private Limited Anil Agarwal Foundation Trust
ESL Steel Limited Cairn Foundation
Facor Realty and Infrastructure Limited (b) Caitlyn India Private Limited
Ferro Alloys Corporation Limited (e) Janhit Electoral Trust
Facor Power Limited (e) Radha Madhav Investments Private Limited
Fujairah Gold FZC Runaya Refining LLP
Goa Sea Port Private Limited (g) Sesa Community Development Foundation
Hindustan Zinc Alloys Private Limited Vedanta Foundation
Hindustan Zinc Fertilisers Private Limited (c) Vedanta Medical Research Foundation
Hindustan Zinc Limited Vedanta Limited ESOS Trust
Killoran Lisheen Mining Limited
432
NOTES
a. These entities are subsidiary companies of VRL and VRL through its subsidiaries holds 68.11% in the Company.
b. Liquidated during the current year.
c. Incorporated during the current year.
d. Acquired during the current year (Refer note 3(d)).
e. Facor Power Limited (“FPL”) merged into Ferro Alloys Corporation Limited (“FACOR”), effective 21 November 2022
(Refer Note 3(d)).
f. During the current year, due to change in shareholding of the intermediate holding company of Serentica group
companies, the relationship of Vedanta group with these companies has changed from fellow subsidiaries to
associates of Volcan.
g. Refer Note 41(c)
Ultimate Controlling party
Vedanta Limited is a majority-owned and controlled subsidiary of Vedanta Resources Limited ("VRL"). Volcan
Investments Limited ("Volcan") and its wholly owned subsidiary together hold 100 % of the share capital and 100 %
of the voting rights of VRL. Volcan is 100 % beneficially owned and controlled by the Anil Agarwal Discretionary Trust
("Trust"). Volcan Investments Limited, Volcan Investments Cyprus Limited and other intermediate holding companies
except VRL do not produce Group financial statements.
H) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries")
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party
identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any
party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in
other persons or entities identified by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
I) For the year ended 31 March 2023

(` in Crore)
Entities
controlling the
Particulars Associates Others Total
company/ Fellow Subsidiaries
Subsidiaries
Income :
(i) Revenue from operations 1,602 - 1,432 6 3,040
(ii) Other Income
a) Interest and guarantee commission 28 - 100 - 128
b) Dividend income 0 - 20,711 - 20,711
c) Brand License and Strategic Service Fees M - - 318 - 318
d) Outsourcing service fees 5 - - - 5
e) Miscellaneous income - - 0 1 1
Expenditure and other transactions :
(i) Purchase of goods/ services P 11 - 656 72 739
(ii) Stock options expenses/ (recovery) - - 33 - 33
(iii) Allocation of Corporate Expenses - - 115 - 115
(iv) Management and Brand Fees M 1,701 - - - 1,701
(v) Reimbursement for other expenses (net of (2) - (75) (2) (79)
recovery)
(vi) Corporate Social Responsibility expenditure/ - - - 64 64
Donation
433
NOTES
(` in Crore)
Entities
controlling the
Subsidiaries
(vii) Contribution to Post retirement employee benefit - - - 8 8
trust
(viii) (Purchase)/ Sale of fixed assets (18) - 14 - (4)
(ix) Dividend paid
- To Holding companies 26,170 - - 0 26,170
- To key management personnel and their - - - 2 2
relatives
- To Non executive directors and their relatives - - - 0 0
(x) Commission/ Sitting Fees
- To Non executive directors - - - 5 5
- To other key management personnel - - - 0 0
- To relatives of key management personnel - - - 0 0
(xi) Interest and guarantee commission expense Q 157 - 46 - 203
(xii) Miscellaneous expenses - - 9 - 9
Transactions during the year :
(i) Financial guarantees given - - 1,174 - 1,174
(ii) Financial guarantees relinquished - - (3,298) - (3,298)
(iii) Loans given during the year - - 543 - 543
(iv) Loans repaid during the year K
- - 431 125 556
(v) Investments made during the year (refer note 38) - 1 - 69 70
(vi) Buy back made by subsidiary during the year - - 2,665 - 2,665
(refer note 34(b))
(vii) Long term borrowings taken during the year - - 1,084 - 1,084
Balances as at year end :
(i) Trade Receivables 11 - 220 - 231
(ii) Loans given O - - 630 53 683
(iii) Long term borrowings - - 1,109 - 1,109
(iv) Other receivables and advances (including brand 1,488 9 1,139 33 2,669
fee prepaid) M, Q
(v) Trade Payables 21 - 33 15 69
(vi) Other payables (including brand fee payable) M, N
244 - 46 18 308
(vii) Financial guarantee given - - 9,541 - 9,541
(viii) Banking Limits assigned/utilised to/for group 115 - 62 - 177
companies L
(ix) Sitting fee, commission and consultancy fees
payable
- To key management personnel - - - 0 0
(x) Dividend payable
- To key management personnel and their - - - 1 1
relatives
- To Non executive directors and their relatives - - - 0 0
434
NOTES
Remuneration of key management personnel

(` in Crore)
For the Year ended
Particulars
31 March 2023
Short-term employee benefits 36
Post employment benefits * 1
Share based payments 4
Total 41
* Does not include the provision made for gratuity and leave benefits, as they are determined on an actuarial basis for all the
employees together.
J) For the period ended 31 March 2022

(` in Crore)
Entities
controlling the
Subsidiaries
Income :
(i) Revenue from operations 1,176 - 1,831 2 3,009
(ii) Other Income
a) Interest and guarantee commission 11 - 103 - 114
b) Dividend income 1 - 7,828 - 7,829
c) Outsourcing service fees 4 - - - 4
d) Miscellaneous income - - 16 1 17
Expenditure and other transactions :
(i) Purchase of goods/ services 75 - 682 46 803
(ii) Stock options expenses/ (recovery) - - (15) - (15)
(iii) Allocation of Corporate Expenses - - 131 - 131
(iv) Management and Brand Fees M 1,294 - - - 1,294
(v) Reimbursement for other expenses (net of (0) - (45) (0) (45)
recovery)
(vi) Corporate Social Responsibility expenditure/ - - - 15 15
Donation
(vii) Contribution to Post retirement employee benefit - - - 8 8
trust
(viii) Sale/ (Purchase) of fixed assets - - (96) - (96)
(ix) Dividend paid
- To relatives of key management personnel - - - 1 1
(x) - To Non executive directors and their relatives
- To other key management personnel - - - 1 1
(xi) Interest and guarantee commission expense Q 127 - 51 - 178
(xii) Miscellaneous expenses - - 7 - 7
Transactions during the year :
(i) Financial guarantees given - - 5,106 - 5,106
(ii) Financial guarantees relinquished 1 - 4,524 - 4,525
(iii) Loans given during the year 0 - 383 - 383
(iv) Loans repaid during the year K - - 567 99 666
(v) Investments made/ (redeemed) during the year - 0 (0) - 0
(vi) Short-term borrowings taken/ (repaid) during the - - (200) - (200)
year
435
NOTES
(` in Crore)
Entities
controlling the
Subsidiaries
Balances as at year end :
(i) Trade Receivables 10 - 27 - 37
(ii) Loans given O - - 518 178 696
(iii) Other receivables and advances (including brand 145 9 224 2 380
fee prepaid) M, Q
(iv) Trade Payables 48 - 9 17 74
(v) Other payables 123 - 34 20 177
(vi) Financial guarantee given - - 11,569 - 11,569
(vii) Banking Limits assigned/utilised to/for group 115 - 62 - 177
companies L
(viii) Sitting fee, commission and consultancy fees
payable
- To Independent directors - - - 3 3

(` in Crore)
For the Year ended
Particulars
31 March 2022
Total 36
employees together.
K) The Company reduced its loan receivable from Vedanta Limited ESOS Trust by ` 125 Crore (31 March 2022: ` 99 Crore)
on exercise of stock options by employees.
L) Bank guarantee given by the Company on behalf of Volcan Investments Limited in favour of Income Tax department,
India as collateral in respect of certain tax disputes of Volcan Investments Limited.
M) The Company has a Brand license and strategic service fee agreement (“the Agreement”) with Vedanta Resources
Limited ("VRL") for the use of brand ‘Vedanta’ and providing strategic services which envisaged payment to VRL at 2%
of turnover of the Company. During the previous year, the Agreement was extended for a further period of fifteen years.
The Company has recorded an expense of ` 1,344 Crore (31 March 2022: ` 1,236 Crore) for the year ended 31 March
2023. Further, during the current year, based on updated benchmarking analysis conducted by independent experts, the
brand license and strategic service fee has been re-negotiated at 3% of the turnover of the Company with effect from 01
April 2023. The Company generally pays such fee in advance, based on its estimated annual turnover.
During the current year, the Company executed a sub-licensing agreement for its existing Brand License and Strategic
Services Fee agreement with VRL consequent to which it has sub-licensed the brand license and strategic services to
its subsidiary HZL with effect from 01 October 2022. Based on independent benchmarking analysis, an annual fee of 2%
of HZL's annual consolidated turnover has been agreed, of which 1.70% would be passed on as a sub-licensing fee to
VRL. Consequently, the Company has recognised an income of ` 318 Crore and an expense of ` 270 Crore for the year
ended 31 March 2023.
N) During the year ended 31 March 2021, the Directorate General of Foreign Trade (“DGFT”) has issued scrips worth ` 216
Crore to the Company under the Target Plus Scheme (“TPS”) that must be utilised by February 2023. Out of these,
scrips amounting to ` 48 Crore and ` 3 Crore has been allocated to HZL and BALCO, respectively and corresponding
436
NOTES
liabilities to HZL and BALCO has been recorded in the books of the Company. As at 31 March 2023, scrips of ` 28 Crore
and ` 3 Crore are yet to be utilised with respect to HZL and BALCO, respectively. As the TPS license has expired, the
Company has created a provision against these scrips and written back its payable to HZL and BALCO.
O) During the current year ended 31 March 2023, the Company has renewed loan provided to Sterlite Iron and Steel
Company Limited for a further period of 12 months. The loan balance as at 31 March 2023 is ` 5 Crore (31 March 2022:
` 5 Crore). The loan is unsecured in nature and carries an interest rate of 11.13% per annum. The loan including accrued
interest thereon have been fully provided for in the books of the Company.
P) During the current year ended 31 March 2023, the Company executed an agency contract with VRL pursuant to which,
the Company procured calcined alumina amounting to ` 735 Crore on which an agency commission of ` 4 Crore was
paid to VRL.
Q) Vedanta Resources Limited (“VRL”), as a parent company, has provided financial and performance guarantee to the
Government of India for erstwhile Cairn India group’s (“Cairn”) obligations under the Production Sharing Contract
(‘PSC’) provided for onshore block RJ-ON-90/1, for making available financial resources equivalent to Cairn’s share for
its obligations under the PSC, personnel and technical services in accordance with industry practices and any other
resources in case Cairn is unable to fulfil its obligations under the PSC.
Similarly, VRL has also provided financial and performance guarantee to the Government of India for the Company’s
obligations under the Revenue Sharing Contract ("RSC") in respect of 51 Blocks awarded under the Open Acreage
Licensing Policy (“OALP”) by the Government of India.
As a consideration for the guarantee with respect to the PSC, the Company pays an annual charge of 1.2% of net
exploration and development spend, subject to a minimum annual fee of ` 41 Crore (US$ 5 million), in ratio of
participating interests held equally by the Company and its step-down subsidiary, Cairn Energy Hydrocarbons Ltd
(“CEHL”). As regards the RSC, the Company paid a one-time charge of ` 183 crore (US$ 25 million), i.e., 2.5% of the total
estimated cost of initial exploration phase of approx. ` 7,330 Crore (US$ 1 billion), in the year ended 31 March 2021, and
pays an annual charge of 1% of spend, subject to a minimum fee of ` 80 Crore (US$ 10 million) and maximum fee of
` 160 Crore (US$ 20 million) per annum.
Accordingly, the Company has recorded a guarantee commission expense of ` 157 Crore (US$ 20 million) (31 March
2022: ` 127 Crore (US$ 17 million)) for the year ended 31 March 2023 and ` 75 Crore (US$ 9 million) (31 March 2022:
` 126 Crore (US$ 17 million)) is outstanding as a pre-payment as at 31 March 2023.
40 Subsequent events
There are no other material adjusting or non-adjusting subsequent events, except as already disclosed.
41 (a) The Company has incurred gross amount of ` 227 Crore (31 March 2022: ` 138 Crore) towards Corporate Social
Responsibility (CSR) as per Section 135 of the Companies Act, 2013:
(` in Crore)
Particulars
Yet to be Yet to be
In- Cash In- Cash
Paid in Cash Paid in Cash
(a) Gross amount required to be spend by the Company during 112 37
the year
(b) Amount approved by the Board to be spent during the year 142 138
(c) Amount spent on: *
i) Construction/acquisition of assets - - - -
ii) On purposes other than (i) above (for CSR projects) 94 32 126 12
Total 94 32 126 12
* includes ` 64 Crore (31 March 2022: ` 15 Crore) paid to related party (Refer note 39)
437
NOTES
Amount of expense excess spent

(` in Crore)
Particulars
31 March 2023 31 March 2022
Opening Balance 101 -
Amount spent during the year 126 138
Amount required to be spent during the year (112) (37)
Closing Balance* 115 101
*Excess spent at the end of the year is recognised as asset in the balance sheet which is proposed to be offset against future spend
obligations
Balance of CSR provision/ CSR expenses not yet paid in cash

(` in Crore)
Particulars
31 March 2023 31 March 2022
Opening Balance 12 18
Provision made during the year 126 138
Payments made during the year (106) (144)
Closing Balance 32 12
Nature of CSR Expenses

(` in Crore)
Particulars
31 March 2023 31 March 2022
Health and sanitation 19 14
Infrastructure development 55 7
Education sports and culture 33 17
Covid support and others 19 100
Utilisation of opening excess spent 101 -
Total 227 138
(b) Disclosures under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(` in Crore)
Particulars
31 March 2023 31 March 2022
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year 203 186
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year 15 9
(iii) The amount of interest paid along with the amounts of the payment made to the supplier - -
beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year - -
(vi) The amount of further interest due and payable even in the succeeding year, until such date - -
when the interest dues as above are actually paid
438
NOTES
(c ) Loans and Advance(s) in the nature of Loan (Regulations 34 (3) and 53 (f) read together with Para A of
Schedule V of the SEBI (Listing Obligations and Disclosure Requirements), 2015 and Section 186(4) of the
Companies Act, 2013):
(` in Crore)
Maximum
Balance as at Amount Balance as at
Name of the Company Relationship
31 March 2023 Outstanding 31 March 2022
during the year
Sesa Resources Limited ("SRL") Wholly owned Subsidiary - 85 74
Sterlite Ports Limited ("SPL") 2
Wholly owned Subsidiary - 4 4
Sesa Mining Corporation Limited (SMCL") 2 Wholly owned Subsidiary 8 27 20
ESL Steel Limited ("ESL") Subsidiary 132 258 158
Talwandi Sabo Power Limited ("TSPL") Wholly owned Subsidiary - 75 75
Ferro Alloys Corporation Limited Subsidiary (Refer Note 3(d)) 22 22 22
Malco Energy Limited Wholly owned Subsidiary 449 455 147
Vizag General Cargo Berth Private Limited ("VGCB") Wholly owned Subsidiary 19 19 19
Paradip Multi Cargo Berth Private Limited ("PMCB") Wholly owned Subsidiary
2
- 0 0
1 None of the loanee have made, per se, investment in the shares of the Company.
2 The Mumbai NCLT and Chennai NCLT has passed orders dated 06 June 2022 and 22 March 2023 respectively
sanctioning the scheme of amalgamation of SPL, PMCB, Maritime Ventures Private Limited ("MVPL"), Goa Sea Port
Private Limited ("GSPL"), wholly owned subsidiaries/step down subsidiaries of SRL, with SMCL. Statutory filing
with MCA is in progress.
Pre merger, investments made by SPL in MVPL - 10,000 equity shares and GSPL - 50,000 equity shares
Investments made by SRL in SMCL - 11,50,000 equity shares, Goa Maritime Private Limited - 5,000 Shares, SPL -
2,50,000 shares and PMCB - 10,000 shares
Investment made by SMCL in Desai Cement Company Private Limited - 18,52,646 shares
3 The above loans have been given for business purpose.
4 Details of investments made and guarantees provided are given in Note 6 and Note 38B, respectively.
(d) The Company does not have any material transactions with companies struck off as per the Companies Act, 2013.
(e) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(f) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.
(g) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(h) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.
(i) The Company has no any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).
439
NOTES
42 Financial ratios are as follows:

As at As at
Ratio % Variance
31 March 2023 31 March 2022
1 Current Ratio (in times) 0.68 0.80 -15%
2 Debt-Equity Ratio (in times) a 0.62 0.47 31%
3 Debt Service Coverage Ratio (in times) b
2.76 1.93 43%
4 Return on Equity Ratio (%) c 31% 23% 38%
5 Inventory turnover Ratio (in times) 6.92 6.41 8%
6 Trade Receivables turnover Ratio (in times) 22.90 22.42 2%
7 Trade payables turnover Ratio (in times) 10.33 10.35 0%
8 Net capital turnover Ratio (in times) * * *
9 Net profit Ratio (%) 34% 28% 20%
10 Return on Capital employed (%) d 6% 14% -57%
11 Return on investment (%) e 3.71% 0.06% 6041%
*Net working capital is negative
Formulae for computation of ratios is as follows:

Ratio Formula
1 Current Ratio (in times) Current Assets/ Current Liabilities (excluding current maturities of long-term
borrowing)
2 Debt-Equity Ratio (in times) Gross Debt/ Total Equity
3 Debt Service Coverage Ratio (in times) Income available for debt service/ (interest expense and principal payments
of long term loans), where income available for debt service = Profit before
exceptional items and tax + Depreciation, depletion and amortization expense +
Interest expense
4 Return on Equity Ratio (%) Net Profit after tax before exceptional items (net of tax)/ Average Equity
5 Inventory turnover Ratio (in times) Revenue from operations less EBITDA/ Average Inventory
6 Trade Receivables turnover Ratio (in times) Revenue from operations/ Average Trade Receivables
7 Trade payables turnover Ratio (in times) Total Purchases/ Average Trade Payables
8 Net capital turnover Ratio (in times) Revenue from operations/ Working capital (WC), where WC = Current Assets -
Current Liabilities (excluding current maturities of long-term borrowing)
9 Net profit Ratio (%) Net Profit after tax before exceptional items (net of tax)/ Revenue from
operations
10 Return on Capital employed (in times) Earnings before interest and tax/ Average Capital Employed, where capital
employed = Net Debt + Total Equity
11 Return on investment (%) Income from investments carried at FVTPL/ Average current investments
Notes:
a. The Debt Equity ratio has increased due to increase in debt during the current year.
b. The Debt Service Coverage Ratio has increased due to increase in net profits during the current year.
c. The Return on Equity Ratio has increased due to increase in net profits during the current year.
d. The Return on Capital employed has decreased due to decrease in earnings from operations during the current
year.
e. The Return on investment has increased as there has been increase in current investments during the year.
440
NOTES
43 Oil & gas reserves and resources

The Company's gross reserve estimates are updated atleast annually based on the forecast of production profiles,
determined on an asset-by-asset basis, using appropriate petroleum engineering techniques. The estimates of reserves
and resources have been derived in accordance with the Society for Petroleum Engineers “Petroleum Resources
Management System (2018)". The changes to the reserves are generally on account of future development projects,
application of technologies such as enhanced oil recovery techniques and true up of the estimates. The management’s
internal estimates of hydrocarbon reserves and resources at the year end, are as follows:
Gross proved and probable Gross proved and probable Net working interest proved and
hydrocarbons initially in place reserves and resources probable reserves and resources
Particulars Country (mmboe) (mmboe) (mmboe)
As at As at As at As at As at As at
31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022
Rajasthan Fields India 4,806 5,910 933 1,006 327 352
Ravva Fields India 704 704 18 23 4 5
KG-ONN fields India 292 292 36 36 20 20
CBOS/2 Fields India 298 298 22 25 9 10
Other fields India 561 535 146 61 146 62
Total 6,661 7,739 1,155 1,151 506 449
The Company’s net working interest proved and probable reserves is as follows:
Proved and probable Proved and probable reserves
reserves (developed)
Particulars
Oil Gas Oil Gas
(mmstb) (bscf) (mmstb) (bscf)
Reserves as of 31 March 2021* 134 133 84 87
Revisions/ additions during the year (8) (8) 2 (3)
Production during the year (18) (19) (17) (20)
Reserves as of 31 March 2022** 108 106 69 64
Revisions/ additions during the year (5) 7 9 16
Reserves as of 31 March 2023*** 88 94 63 61
* Includes probable oil reserves of 56.83 mmstb (of which 12.80 mmstb is developed) and probable gas reserves of 65.39 bscf (of
which 27.22 bscf is developed)
** Includes probable oil reserves of 40.86 mmstb (of which 9.82 mmstb is developed) and probable gas reserves of 45.90 bscf (of
*** Includes probable oil reserves of 29.91 mmstb (of which 10.59 mmstb is developed) and probable gas reserves of 33.40 bscf (of
mmboe = million barrels of oil equivalent
mmstb = million stock tank barrels
bscf = billion standard cubic feet
1 million metric tonnes = 7.4 mmstb
1 standard cubic meter =35.315 standard cubic feet
441
NOTES
44 Other matters
a) The Company purchases bauxite under long term linkage arrangement with Orissa Mining Corporation Ltd (hereafter
referred as “OMC”) at provisional price of ` 1,000/MT from October 2020 onwards based on interim order dated 08 October
2020 of the Hon’ble High Court of Odisha, which is subject to final outcome of the writ petition filed by the Company.
The last successful e-auction based price discovery was done by OMC in April 2019 at ` 673/MT and supplied bauxite
at this rate from September 2019 to September 2020 against an undertaking furnished by the Company to compensate
any differential price discovered through future successful national e-auctions. Though OMC conducted the next
e-auction on 31 August 2020 with floor price of ` 1,707/MT determined on the basis of Rule 45 of Minerals Concession
Rules, 2016 (hereafter referred as the ‘Rules’), no bidder participated at that floor price and hence the auction was not
successful. However, OMC raised demand of ` 281 Crore on the Company towards differential pricing and interest for
bauxite supplied till September 2020 considering the auction base price of ` 1,707/MT.
The Company had then filed a writ petition before Hon’ble High Court of Odisha in September 2020, which issued
an interim Order dated 08 October 2020 directing that the petitioner shall be permitted to lift the quantity of bauxite
mutually agreed on payment of ` 1,000/MT and furnishing an undertaking for the differential amount, subject to final
outcome of the writ petition.
OMC re-conducted e-auction on 09 March 2021 with floor price of ` 2,011/MT, which again was not successful. On
18 March 2021, Cuttack HC issued an order that the current arrangement of bauxite price @ ` 1000/MT will continue
for the FY 2021-22. Further, on 06 April 2022, the honourable Cuttack HC directed that the current arrangement will
continue for the FY 2022-23 also.
Supported by legal opinions, management believes that the provisions of Rule 45 of the Rules are not applicable to
commercial sale of bauxite ore and hence, it is not probable that the Company will have any financial obligation towards
the aforesaid commitments over and above the price of ` 673/MT discovered vide last successful e-auction.
However, as an abundant precaution, the Company has recognised purchase of Bauxite from September 2019 onwards
at the aforesaid rate of ` 1,000/MT.
(b) The Ministry of Environment, Forest and Climate Change ("MOEF&CC") has revised emission norms for coal-based
power plants in India. Accordingly, both captive and independent coal-based power plants in India are required
to comply with these revised norms for reduction of sulphur oxide (SOx) emissions for which the current plant
infrastructure is to be modified or new equipments have to be installed. The Company is required to comply with the
norms by 31 December 2026 via MoEF&CC’s notification dated 05 September 2022.
(c) On 26 October 2018, the Government of India (GoI), acting through the Directorate General of Hydrocarbons (DGH)
granted its approval for a ten-year extension of the Production Sharing Contract (PSC) for the Rajasthan Block
(RJ), with effect from 15 May 2020 subject to certain conditions and pay additional 10% profit petroleum. Pending
the outcome of arbitration and petition filed with Supreme court on applicability of policy, MoPNG vide letter dated
21 October 2022 has conveyed the grant of approval of extension of PSC for 10 years from 15 May 2020 to 14 May
2030 and the PSC addendum has been executed by the parties on 27 October 2022.
DGH, in September 2022, has trued up the earlier demand raised till 31 March 2018 up to 14 May 2020 for Government’s
additional share of Profit oil based on its computation of disallowance of cost incurred over retrospective re-allocation
of certain common costs between Development Areas (DAs) of Rajasthan Block and certain other matters aggregating
to ` 9,545 Crore (US$ 1,162 million) applicable interest thereon representing share of the Company and its subsidiary.
442
NOTES
The Company has disputed the aforesaid demand and the other audit exceptions, notified till date, as in the Company’s
view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC
provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company
believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance
with PSC terms, the Company had commenced arbitration proceedings. The final hearing and arguments were
concluded in September 2022. Post hearing briefs was filed by both the parties and award is awaited.
For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters.

DIN 00006303 DIN 07291685


443
FINANCIAL STATEMENTS
Consolidated
Note Pg.No. Note Pg.No.
Independent Auditors’ Report 445 Financial Liabilities - Trade payables 20 515
Balance Sheet 456 Operational Buyers'/ Suppliers' Credit 21 515
Statement of Profit and Loss 457 Financial Liabilities - Others 22 516
Statement of Cash Flows 458 Lease liabilities 23 516
Statement of Changes in Equity 460 Financial Instruments 24 516
Notes to the Financial Statements 462 Provisions 25 530
Group overview 1 462 Other liabilities 26 531
Basis of preparation and basis of Revenue from operations 27 531
measurement of financial statements 2 463
Other operating income 28 532
Significant accounting policies 3(a) 464
Other income 29 532
Application of new and amended standards 3(b) 483
Changes in Inventories of Finished Goods
Significant accounting estimates and Work-in- Progress 30 532
and judgements 3(c) 483
Employee benefit expense 31 533
Business combinations/ Acquisitions/
Share based payments 32 533
Restructuring 4 487
Employee benefit plans 33 536
Segement Information 5 488
Finance cost 34 541
Property, Plant and Equipment, Intangible
assest, Capital work-in-progress and Other expenses 35 542
Exploration intangible assets under development 6 492 Exceptional items 36 542
Financial Assets - Investments 7 497 Tax expense 37 544
Financial Assets - Trade Receivables 8 499 Earnings per equity share (EPS) 38 548
Financial Assets - Loans 9 500 Dividends 39 548
Financial Assets - Others 10 500 Commitments, contingencies and guarantees 40 548
Other assets 11 501 Other matters 41 553
Inventories 12 501 Related Party Disclosures 42 556
Cash and cash equivalents 13 502 Interest in other entities 43 562
Other bank balances 14 502 Oil & gas reserves and resources 44 565
Share Capital 15 502 Financial information pursuant to
Other equity 16 504 Schedule III of the Companies Act, 2013 45 566
Non-controlling interests 17 505 Other Statutory Information 46 572
Capital Management 18 507 Subsequent events 47 572
Financial Liabilities - Borrowings 19 508
444
CONSOLIDATED REPORT REPORTS STATEMENTS
INDEPENDENT AUDITOR’S REPORT

To the Members of Vedanta Limited Our responsibilities under those Standards are further
described in the ‘Auditor’s Responsibilities for the Audit
Report on the Audit of the Consolidated of the Consolidated Financial Statements’ section of our
Financial Statements report. We are independent of the Group, associates and
joint ventures in accordance with the ‘Code of Ethics’
Opinion issued by the Institute of Chartered Accountants of India
We have audited the accompanying consolidated Ind together with the ethical requirements that are relevant to
AS financial statements of Vedanta Limited (hereinafter our audit of the financial statements under the provisions
referred to as “the Holding Company”), its subsidiaries (the of the Act and the Rules thereunder, and we have fulfilled
Holding Company and its subsidiaries together referred to our other ethical responsibilities in accordance with
as “the Group”) its associates and joint ventures comprising these requirements and the Code of Ethics. We believe
of the consolidated Balance sheet as at 31 March 2023, that the audit evidence we have obtained is sufficient and
the consolidated Statement of Profit and Loss, including appropriate to provide a basis for our audit opinion on the
other comprehensive income, the consolidated Cash Flow consolidated financial statements.
Statement and the consolidated Statement of Changes
in Equity for the year then ended, and notes to the Key Audit Matters
consolidated financial statements, including a summary Key audit matters are those matters that, in our professional
of significant accounting policies and other explanatory judgment, were of most significance in our audit of the
information (hereinafter referred to as “the consolidated consolidated financial statements for the financial year
financial statements”). ended 31 March 2023. These matters were addressed
in the context of our audit of the consolidated financial
In our opinion and to the best of our information and
statements as a whole, and in forming our opinion thereon,
according to the explanations given to us and based on
and we do not provide a separate opinion on these matters.
the consideration of reports of other auditors on separate
For each matter below, our description of how our audit
financial statements and on the other financial information
addressed the matter is provided in that context.
of the subsidiaries, associates and joint ventures, the
aforesaid consolidated financial statements give the We have determined the matters described below to be
information required by the Companies Act, 2013, as the key audit matters to be communicated in our report.
amended (“the Act”) in the manner so required and give We have fulfilled the responsibilities described in the
a true and fair view in conformity with the accounting Auditor’s responsibilities for the audit of the consolidated
principles generally accepted in India, of the consolidated financial statements section of our report, including in
state of affairs of the Group, its associates and joint relation to these matters. Accordingly, our audit included
ventures as at 31 March 2023, their consolidated profit the performance of procedures designed to respond to
including other comprehensive income, their consolidated our assessment of the risks of material misstatement
cash flows and the consolidated statement of changes in of the consolidated financial statements. The results of
equity for the year ended on that date. audit procedures performed by us and by other auditors of
components not audited by us, as reported by them in their
Basis for Opinion audit reports furnished to us by the management, including
We conducted our audit of the consolidated financial those procedures performed to address the matters below,
statements in accordance with the Standards on Auditing provide the basis for our audit opinion on the accompanying
(SAs), as specified under section 143(10) of the Act. consolidated financial statements.
445
Accounting and disclosure of related party transactions (as described in note 42(I), 42(J), 42(L), 42(N), 42(M) of the consolidated Ind AS
financial statements)
The Group has undertaken transactions with Our procedures included the following:
related party, Vedanta Resources Limited (‘VRL’), • Obtained and read the Group’s policies, processes and procedures in respect
its intermediated holding company and its affiliates of identification of such related parties in accordance with relevant laws
including among others determination of credit and standards, obtaining approval, recording and disclosure of related party
losses / (reversals) of loans, payment of brand and transactions and identified key controls. For selected controls we have performed
strategic management fee, agency commission, tests of controls.
obtaining guarantees and payment of consideration
thereof • Tested such related party transactions and balances with the underlying contracts,
confirmation letters and other supporting documents provided by the Group.
Accounting and disclosure of such related party
transactions has been identified as a key audit • Examined the approvals / modification of the board and/or audit committee of
matter due to a) Significance of such related these transactions.
party transactions; b) Risk of such transactions • Obtained and assessed the legal and accounting opinion issued by experts
being executed without proper authorizations; engaged by the management for the accounting of agency commission with the
c) Judgments and estimation involved in parent company.
determination of fair value of loans and guarantees • Obtained and assessed the benchmarking report issued by the experts engaged by
given and expected credit losses on subsequent the management for the brand and strategic management fee.
measurement; and d) Risk of material information
• Assessed the competence and objectivity of the external experts
relating to aforesaid transactions not getting
disclosed in the financial statements. • Tested the methodology adopted by the Group for determination of subsequent
credit losses/(reversals) on loans to parent company and its affiliates.
• Engaged valuation experts to assist us in performing the said procedures.
• Engaged transfer pricing experts to assist us in corroborating the arms-length
assessment carried out by the management for brand and strategic fee.
• Held discussions and obtained representations from the management in relation to
such transactions.
Read the disclosures made in this regard in the financial statements and assessed
whether relevant and material information have been disclosed.
Recoverability of carrying value of property plant and equipment capital work in progress and exploration intangible assets under
development (as described in note 3(a)(H), 3(c)(A)(i), 3(c)(A)(iii), 3(c)(A)(v), 3(c)(A)(vi), 6 and 36 of the consolidated Ind AS financial
statements)
As at 31 March 2023, the Group had significant Our audit procedures included the following:
amounts of property, plant and equipment, capital • Obtained and read the Group’s policies, processes and procedures in respect of
work in progress and exploration intangible assets identification of impairment indicators, recording and disclosure of impairment
under development which were carried at historical charge / (reversal) and identified key controls. For selected controls we have
cost less depreciation. performed tests of controls.
We focused our efforts on the Cash Generating Unit • Assessed through an analysis of internal and external factors impacting the Group,
(“CGU”) at (a) Tuticorin within the copper segment; whether there were any indicators of impairment in line with Ind AS 36.
(b) Rajasthan block within the oil & gas segment
and (c) Western Cluster Limited in Liberia within the • In relation to the CGU at (a) Tuticorin within the copper segment; (b) the Rajasthan
Iron Ore segment; as it had identified impairment block within the oil & gas segment and (c) Western Cluster within the Iron Ore
(charge) / reversal indicators. segment where impairment (charge) / reversal indicators were identified, obtained
and evaluated the valuation models used to determine the recoverable amount by
Recoverability of property plant and equipment, assessing the key assumptions used by management, which included:
capital work in progress and exploration intangible
assets being carried at cost has been identified as – Assessed the implications of withdrawal of Holding Company’s license to
a key audit matter due to: operate the copper plant at Tuticorin. Read the external legal opinions in
respect of the merits of the case and assessed management’s position through
• The significance of the carrying value of assets discussions with the legal counsel to determine the basis of their conclusion
being assessed. and its consequential impact on the reopening of the plant.
• The fact that the assessment of the recoverable – Evaluated the valuation methodology adopted by the management i.e.
amount of the Group’s CGU involves significant determination of Value In Use in light of the facts and circumstances of the
judgements about the future cash flow matter.
forecasts, start date of the plant and the
discount rate that is applied. – Assessed management’s forecasting accuracy by comparing prior year
forecasts to actual results and assessed the potential impact of any variances.
• The withdrawal of the Holding Company’s
licenses to operate the copper plant. – Corroborated the sales price assumptions used in the models against analyst
consensus and assessing the reasonableness of costs.
• The revision to brent oil assumptions up to 2040
due to increased demand. – Compared the production forecasts used in the impairment tests with
management’s approved reserves and resources estimates,
• Changes in production forecasts due to
adjustments in the future reserve estimates – Compared the SAED forecast used in the impairment tests with actual levy of
current year and obtained external legal opinion for the interpretations made
• Levy of Special Additional Excise Duty (‘SAED’) over the determination of amount due to the levy of SAED.
on oil producers due to significant increase in
crude prices resulting windfall gains to domestic – Tested the weighted average cost of capital used to discount the impairment
crude producers models.
– Tested the integrity of the models together with their clerical accuracy.
446
• The fact that the Group obtained the mining – Tested the classification of expenses incurred in respect of the Bomi mines in
license and have started the mining activity at Liberia to evaluate whether these are eligible for reversal.
Bomi mine in Liberia, which were suspended – Tested arithmetical accuracy of bifurcation of expenses between the 3 mines in
since 2015 due to outbreak of Ebola. Western cluster.
The key judgements and estimates centered on – Compared assumptions used by management in respect of price forecast and
the likely outcome of the litigations with respect to ore grade against the consensus report, reserve and resource report.
withdrawal of license to operate the Copper plant,
cash flow forecasts, likelihood of license extension, – Assessed Group’s reserves and resources estimation methods and policies
interpretations on mechanism of levy of SAED, and reading reports provided by management’s external reserves experts and
discount rate assumptions and related disclosures assessed the scope of work and findings of these third parties;
as given in note 6 (Property, plant and equipment) – Assessed the competence, capability and objectivity of experts engaged by
/ 36 (Exceptional items) of the accompanying management; through understanding their relevant professional qualifications
financial statements and experience.
– Engaged valuation experts to assist in performance of the above procedures
• Assessed the disclosures made by the Group in this regard and evaluated the
considerations leading to disclosure of above impairment (charge) / reversal as
exceptional items.
Recoverability of disputed trade receivables in Power segment (as described in note 3(c)(B)(iii) and Note 8 of the consolidated Ind AS
As of 31 March 2023 the value of disputed Our audit procedures included the following:
receivables in the power segment aggregated to • Examined the underlying power purchase agreements.
`2,354 Crore.
• Examined the relevant state regulatory commission, appellate tribunal and court
Due to short supply or non-supply of power due to rulings.
transmission line constraints, order received from
Orissa State Electricity Regulatory Commission • Obtained and assessed the model prepared by the management for computation
(OERC), matters related to change of law following of Expected credit loss on the disputed receivables, including testing of key
execution of power purchase agreement and assumptions.
disagreements over the quantification relating to • Engaged valuation experts to assist in performing above procedures.
aforementioned disputes or timing of the recovery • Tested arithmetical accuracy of the models prepared by the management.
of receivables, the recovery of said receivables are
• Obtained independent external lawyer confirmation from Legal Counsel of the
subject to increased risk. Some of these balances
Group who is contesting the cases.
are also subject to litigation. The risk is specifically
related to receivables from Punjab State Power • Examined external legal opinions in respect of the merits of the case and assessed
Corporation Limited (PSPCL) and GRIDCO. These management’s position through discussions with the management’s in-house legal
receivables include long outstanding balances as team to determine the basis of their conclusion.
well and are also subject to counter party credit risk • Assessed the competence and objectivity of the Group's experts.
and hence considered as a key audit matter • Assessed the disclosures made by the Group in this regard.
Claims and exposures relating to taxation and litigation (as described in note 3(c)(B)(ii), 37e, 40D and 41 of the consolidated Ind AS
The Group is subject to a large number of tax Our audit procedures included the following:-
and legal disputes, including objections raised • Obtained an understanding of the process of identification of claims, litigations and
by auditors appointed by the Director General its classification as probable, possible or remote and identified key controls in the
Hydrocarbons in the oil and gas segment, vendor process. For selected controls we have performed tests of controls.
arbitrations, mining royalty demand, income tax
disallowances and various indirect tax disputes • Obtained the summary of Group’s legal and tax cases and critically assessed
which have been disclosed / provided for in the management’s position through discussions with the Legal Counsel, Head of Tax
financial statements based on the facts and and operational management, on both the probability of success in significant
circumstances of each case. cases, and the magnitude of any potential loss.
Taxation and litigation exposures have been • Obtained independent external lawyer confirmation from Legal Counsel of the
identified as a key audit matter due to the Group who is contesting the cases.
complexities involved in these matters, timescales • Examined external legal opinions (where considered necessary) and other evidence
involved for resolution and the potential financial to corroborate management’s assessment of the risk profile in respect of legal
impact of these on the financial statements. claims.
Further, significant management judgement is • Assessed the competence and objectivity of the Group's experts.
involved in assessing the exposure of each case
• Engaged tax specialists to technically appraise the tax positions taken by
and thus a risk that such cases and thus a higher
management with respect to local tax issues.
risk involved on adequacy of provision or disclosure
of such cases. • Assessed whether management assessment of similar cases is consistent across
the divisions and subsidiaries or that differences in positions are adequately
justified.
• Assessed whether management assessment of similar cases is consistent with
the positions taken in earlier periods or that difference in positions are adequately
justified.
• Assessed the relevant disclosures made within the financial statements to address
accuracy of the amounts and whether they reflect the facts and circumstances of
the respective tax and legal exposures and the requirements of relevant accounting
standards.
447
Recognition and measurement of Deferred Tax Assets including Minimum Alternate Tax (MAT) (as described in note 3(c)(A)(ii) and 37 of
the consolidated Ind AS financial statements)
Deferred tax assets as at 31 March 2023 includes Our audit procedures included the following:-
MAT credits of ` 9,382 Crore which is available • Obtained an understanding of the management’s process for estimating the
for utilization against future tax liabilities. Of the recoverability of the deferred tax assets and identified key controls in the process.
aforesaid, we focused our effort on MAT assets of For selected controls we have performed tests of controls.
` 2,689 Crore which is expected to be utilised in
the fourteenth year and fifteenth year, fifteen years • Obtained and analysed the future projections of taxable profits estimated by
being the maximum permissible time period to management, assessing the key assumptions used, including the analysis of the
utilize the same. consistency of the actual results obtained by the various segments with those
projected in the previous year. We further obtained evidence of the approval of the
Additionally, ESL Steel Limited, one of the budgeted results included in the current year's projections, and the reasonableness
component of the Group, has recognized deferred of the future cash flow projections.
tax assets of ` 3,184 Crore during earlier years.
• Assessed management’s forecasting accuracy by comparing prior year forecasts to
The analysis of the recoverability of such deferred actual results and assessed the potential impact of any variances.
tax assets has been identified as a key audit
matter because the assessment process involves • Tested the accuracy of the deductions availed under the Income Tax Act included in
judgement regarding the future profitability, the tax computation.
allowability of tax positions / deductions claimed • Tested the computation of the amounts recognized as deferred tax assets.
by the management in the tax computations and • Engaged valuation experts to assist in performance of the above procedures.
likelihood of the realization of these assets, in
• Assessed the competence and objectivity of the experts engaged by us.
particular whether there will be taxable profits
in future periods that support the recognition of • Assessed the disclosures made by the Group in this regard.
these assets. This requires assumptions regarding
future profitability, which is inherently uncertain.
Accordingly, the same is considered as a key
audit matter.
Information Other than the Financial Statements India, including the Indian Accounting Standards (Ind
AS) specified under section 133 of the Act read with the
and Auditor’s Report Thereon
Companies (Indian Accounting Standards) Rules, 2015,
The Holding Company’s Board of Directors is responsible as amended. The respective Board of Directors of the
for the other information. The other information comprises companies included in the Group and of its associates and
the information included in the Annual report, but does joint ventures are responsible for maintenance of adequate
not include the consolidated financial statements and our accounting records in accordance with the provisions of
auditor’s report thereon. the Act for safeguarding of the assets of the Group and of
its associates and joint ventures and for preventing and
Our opinion on the consolidated financial statements does detecting frauds and other irregularities; selection and
not cover the other information and we do not express any application of appropriate accounting policies; making
form of assurance conclusion thereon. judgments and estimates that are reasonable and prudent;
and the design, implementation and maintenance of
In connection with our audit of the consolidated financial
adequate internal financial controls, that were operating
statements, our responsibility is to read the other
effectively for ensuring the accuracy and completeness
information and, in doing so, consider whether such other
of the accounting records, relevant to the preparation and
information is materially inconsistent with the consolidated
presentation of the consolidated financial statements
financial statements or our knowledge obtained in the audit
that give a true and fair view and are free from material
or otherwise appears to be materially misstated. If, based
misstatement, whether due to fraud or error, which
on the work we have performed, we conclude that there is
have been used for the purpose of preparation of the
a material misstatement of this other information, we are
consolidated financial statements by the Directors of the
required to report that fact. We have nothing to report in
Holding Company, as aforesaid.
this regard.
In preparing the consolidated financial statements, the
Responsibilities of Management for the respective Board of Directors of the companies included
Consolidated Financial Statements in the Group and of its associates and joint ventures are
The Holding Company’s Board of Directors is responsible responsible for assessing the ability of their respective
for the preparation and presentation of these consolidated company(ies) to continue as a going concern, disclosing,
financial statements in terms of the requirements of the Act as applicable, matters related to going concern and using
that give a true and fair view of the consolidated financial the going concern basis of accounting unless management
position, consolidated financial performance including either intends to liquidate the Group or to cease operations,
other comprehensive income, consolidated cash flows and or has no realistic alternative but to do so.
consolidated statement of changes in equity of the Group
including its associates and joint ventures in accordance Those respective Board of Directors of the companies
with the accounting principles generally accepted in included in the Group and of its associates and joint
448
ventures are also responsible for overseeing the financial • Evaluate the overall presentation, structure and content
reporting process of their respective company(ies). of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
Auditor’s Responsibilities for the Audit of the statements represent the underlying transactions and
Consolidated Financial Statements events in a manner that achieves fair presentation.
Our objectives are to obtain reasonable assurance about • Obtain sufficient appropriate audit evidence regarding
whether the consolidated financial statements as a whole the financial information of the entities or business
are free from material misstatement, whether due to fraud activities within the Group and its associates and joint
or error, and to issue an auditor’s report that includes ventures of which we are the independent auditors and
our opinion. Reasonable assurance is a high level of whose financial information we have audited, to express
assurance, but is not a guarantee that an audit conducted an opinion on the consolidated financial statements.
in accordance with SAs will always detect a material We are responsible for the direction, supervision and
misstatement when it exists. Misstatements can arise from performance of the audit of the financial statements
fraud or error and are considered material if, individually of such entities included in the consolidated financial
or in the aggregate, they could reasonably be expected to statements of which we are the independent auditors.
influence the economic decisions of users taken on the For the other entities included in the consolidated
basis of these consolidated financial statements. financial statements, which have been audited by other
auditors, such other auditors remain responsible for the
As part of an audit in accordance with SAs, we exercise direction, supervision and performance of the audits
professional judgment and maintain professional carried out by them. We remain solely responsible for our
skepticism throughout the audit. We also: audit opinion.
• Identify and assess the risks of material misstatement We communicate with those charged with governance of
of the consolidated financial statements, whether due the Holding Company and such other entities included in
to fraud or error, design and perform audit procedures the consolidated financial statements of which we are the
responsive to those risks, and obtain audit evidence independent auditors regarding, among other matters, the
that is sufficient and appropriate to provide a basis planned scope and timing of the audit and significant audit
for our opinion. The risk of not detecting a material findings, including any significant deficiencies in internal
misstatement resulting from fraud is higher than for control that we identify during our audit.
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the We also provide those charged with governance with a
override of internal control. statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
• Obtain an understanding of internal control relevant to
with them all relationships and other matters that may
the audit in order to design audit procedures that are
reasonably be thought to bear on our independence, and
appropriate in the circumstances. Under section 143(3)
where applicable, related safeguards.
(i) of the Act, we are also responsible for expressing our
opinion on whether the Holding Company has adequate From the matters communicated with those charged with
internal financial controls with reference to financial governance, we determine those matters that were of
statements in place and the operating effectiveness of most significance in the audit of the consolidated financial
such controls. statements for the financial year ended 31 March 2023
• Evaluate the appropriateness of accounting policies used and are therefore the key audit matters. We describe these
and the reasonableness of accounting estimates and matters in our auditor’s report unless law or regulation
related disclosures made by management. precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
• Conclude on the appropriateness of management’s use
should not be communicated in our report because the
of the going concern basis of accounting and, based
adverse consequences of doing so would reasonably
on the audit evidence obtained, whether a material
be expected to outweigh the public interest benefits of
uncertainty exists related to events or conditions that
such communication.
may cast significant doubt on the ability of the Group
and its associates and joint ventures to continue as a
going concern. If we conclude that a material uncertainty Other Matter
exists, we are required to draw attention in our auditor’s (a) We did not audit the financial statements and other
report to the related disclosures in the consolidated financial information, in respect of 18 subsidiaries,
financial statements or, if such disclosures are whose financial statements include total assets of
inadequate, to modify our opinion. Our conclusions are ` 31,100 Crore as at 31 March 2023, and total revenues
based on the audit evidence obtained up to the date of of ` 13,463 Crore, total net profit after tax of ` 1,480
our auditor’s report. However, future events or conditions Crore, total comprehensive income of ` 1,493 Crore,
may cause the Group and its associates and joint and net cash outflows of ` 76 Crore for the year ended
ventures to cease to continue as a going concern. on that date. These financial statement and other
449
financial information have been audited by other as considered in the consolidated financial statements,
auditors, which financial statements, other financial in respect of 1 associate and 3 joint ventures, whose
information and auditor’s reports have been furnished financial statements, other financial information
to us by the management. The consolidated financial have not been audited and whose unaudited financial
statements also include the Group’s share of total statements, other unaudited financial information
assets of ` Nil, total revenues of ` Nil, total net loss have been furnished to us by the Management. The
of ` 3 Crore, total comprehensive loss of ` 3 Crore, consolidated Ind AS financial statements also includes
and net cash inflows of ` Nil for the year ended group’s share of total assets of ` 149 Crore as at
31 March 2023, as considered in the consolidated 31 March 2023, total revenues of ` 100 Crore, total
financial statements, in respect of 1 associate and net profit after tax of ` 32 Crore, total comprehensive
1 joint venture, whose financial statements, other income of ` 32 Crore for the year ended 31 March
financial information have been audited by other 2023, and net cash inflows of ` 0 Crore for the year
auditors and whose reports have been furnished to us ended 31 March 2023 in respect of unincorporated
by the Management. Our opinion on the consolidated joint venture not operated by the Group. Our opinion, in
financial statements, in so far as it relates to the so far as it relates amounts and disclosures included
amounts and disclosures included in respect of in respect of these subsidiaries, joint ventures and
these subsidiaries, joint venture and associate, and associate, and our report in terms of sub-sections
our report in terms of sub-sections (3) of Section (3) of Section 143 of the Act in so far as it relates
143 of the Act, in so far as it relates to the aforesaid to the aforesaid subsidiaries, joint ventures and
subsidiaries, joint venture and associate, is based associate, is based solely on such unaudited financial
solely on the report(s) of such other auditors. statements and other unaudited financial information.
In our opinion and according to the information and
Certain of these subsidiaries, associate and joint explanations given to us by the Management, these
venture are located outside India whose financial financial statements and other financial information
statements and other financial information have been are not material to the Group.
prepared in accordance with accounting principles
generally accepted in their respective countries and Our opinion above on the consolidated financial
which have been audited by other auditors under statements, and our report on Other Legal and
generally accepted auditing standards applicable in Regulatory Requirements below, is not modified in
their respective countries. The Holding Company’s respect of the above matters with respect to our
management has converted the financial statements reliance on the work done and the reports of the
of such subsidiaries, associate and joint venture other auditors and the financial statements and other
located outside India from accounting principles financial information certified by the Management.
generally accepted in their respective countries to
accounting principles generally accepted in India. We Report on Other Legal and Regulatory
have audited these conversion adjustments made by Requirements
the Holding Company’s management. Our opinion
1. As required by the Companies (Auditor’s Report) Order,
in so far as it relates to the balances and affairs of
2020 (“the Order”), issued by the Central Government
such subsidiaries, joint venture and associate located
of India in terms of sub-section (11) of section 143 of
outside India is based on the report of other auditors
the Act, based on our audit and on the consideration
and the conversion adjustments prepared by the
of report of the other auditors on separate financial
management of the Holding Company and audited
statements and the other financial information of the
by us.
subsidiary companies, associate companies and joint
(b) The accompanying consolidated financial statements ventures companies, incorporated in India, as noted in
include unaudited financial statements and other the ‘Other Matter’ paragraph we give in the
unaudited financial information in respect of 9 “Annexure 1” a statement on the matters specified in
subsidiaries, whose financial statements and other paragraph 3(xxi) of the Order.
financial information reflect total assets of ` 1,651
2. As required by Section 143(3) of the Act, based on our
Crore as at 31 March 2023, total revenues of ` 5,205
audit and on the consideration of report of the other
Crore, total net loss after tax of ` 116 Crore, total
auditors on separate financial statements and the
comprehensive loss of ` 115 Crore and net cash
other financial information of subsidiaries, associates
inflows of ` 33 Crore for the year ended on that date.
and joint ventures, as noted in the ‘other matter’
These unaudited financial statements and other
paragraph we report, to the extent applicable, that:
unaudited financial information have been furnished
to us by the management. The consolidated financial
(a) We/the other auditors whose report we have
statements also include the Group’s share of total
relied upon have sought and obtained all the
assets of ` Nil, total revenues of ` Nil, total net profit
information and explanations which to the best
of ` Nil, total comprehensive income of ` Nil and net
of our knowledge and belief were necessary
cash inflows of ` Nil for the year ended 31 March 2023,
450
for the purposes of our audit of the aforesaid 2023 has been paid /provided in excess of the
consolidated financial statements; provisions of section 197 read with Schedule
V to the Act and the terms of appointment and
(b) In our opinion, proper books of account as remuneration paid to the new Whole Time Director
required by law relating to preparation of is yet to be approved by the shareholders of the
the aforesaid consolidation of the financial subsidiary. Management of the subsidiary is in
statements have been kept so far as it appears the process of obtaining waiver of the aforesaid
from our examination of those books and reports excess remuneration and approval of the terms
of the other auditors; of appointment and remuneration for the new
whole time director from the shareholders of the
(c) The Consolidated Balance Sheet, the Consolidated subsidiary (Refer Note 41(e)(iii));
Statement of Profit and Loss including the
Statement of Other Comprehensive Income, (h) With respect to the other matters to be included in
the Consolidated Cash Flow Statement and the Auditor’s Report in accordance with Rule 11 of
Consolidated Statement of Changes in Equity the Companies (Audit and Auditors) Rules, 2014,
dealt with by this Report are in agreement as amended, in our opinion and to the best of our
with the books of account maintained for the information and according to the explanations
purpose of preparation of the consolidated given to us and based on the consideration of the
financial statements; report of the other auditors on separate financial
statements as also the other financial information
(d) In our opinion, the aforesaid consolidated of the subsidiaries, associates and joint ventures,
financial statements comply with the Accounting as noted in the ‘Other matter’ paragraph:
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting i. The consolidated financial statements
Standards) Rules, 2015, as amended; disclose the impact of pending litigations
on its consolidated financial position of the
(e) On the basis of the written representations Group, its associates and joint ventures
received from the directors of the Holding in its consolidated financial statements –
Company as on 31 March 2023 taken on record Refer Note 3(c)(B)(ii), 37e, 40D and 41 to the
by the Board of Directors of the Holding Company consolidated financial statements;
and the reports of the statutory auditors who are
appointed under Section 139 of the Act, of its ii. The Group, its associates and joint ventures
subsidiary companies, associate companies and did not have any material foreseeable
joint ventures, none of the directors of the Group’s losses in long-term contracts including
companies, its associates and joint ventures, derivative contracts during the year ended
incorporated in India, is disqualified as on 31 March 2023;
31 March 2023 from being appointed as a director
in terms of Section 164 (2) of the Act; iii. There has been no delay in transferring
amounts, required to be transferred, to the
(f) With respect to the adequacy of the internal Investor Education and Protection Fund
financial controls with reference to consolidated by the Holding Company, its subsidiaries,
financial statements of the Holding Company and associates and joint ventures, incorporated
its subsidiary companies, associate companies in India during the year ended
and joint ventures, incorporated in India, and the 31 March 2023.
operating effectiveness of such controls, refer to
our separate Report in “Annexure 2” to this report; iv. a) The respective managements of the
Holding Company and its subsidiaries,
(g) In our opinion and based on the consideration associate and joint ventures which
of reports of other statutory auditors of the are companies incorporated in India
subsidiaries, associates and joint ventures whose financial statements have been
incorporated in India, the managerial audited under the Act have represented
remuneration for the year ended 31 March to us and the other auditors of such
2023 has been paid / provided by the Holding subsidiaries, associate and joint
Company, its subsidiaries, associates and joint ventures respectively that, to the best of
ventures incorporated in India to their directors its knowledge and belief, as disclosed
in accordance with the provisions of section 197 in the note 42(O) to the consolidated
read with Schedule V to the Act, except in case financial statements, no funds have
of 1 subsidiary incorporated in India, wherein been advanced or loaned or invested
the managerial remuneration in respect of a (either from borrowed funds or share
whole time director for the year ended 31 March premium or any other sources or kind
451
of funds) by the Holding Company or (“Ultimate Beneficiaries”) or provide any

any of such subsidiaries, associate guarantee, security or the like on behalf
and joint ventures to or in any other of the Ultimate Beneficiaries; and
person(s) or entity(ies), including
foreign entities (“Intermediaries”), c) Based on the audit procedures that
with the understanding, whether have been considered reasonable
recorded in writing or otherwise, and appropriate in the circumstances
that the Intermediary shall, whether, performed by us and that performed
directly or indirectly lend or invest in by the auditors of the subsidiaries,
other persons or entities identified associate and joint ventures which
in any manner whatsoever by or are companies incorporated in India
on behalf of the respective Holding whose financial statements have been
Company or any of such subsidiaries, audited under the Act, nothing has come
associate and joint ventures (“Ultimate to our or other auditor’s notice that
Beneficiaries”) or provide any guarantee, has caused us or the other auditors to
security or the like on behalf of the believe that the representations under
Ultimate Beneficiaries; sub-clause (a) and (b) contain any
material mis-statement.
b) The respective managements of the
Holding Company and its subsidiaries, v) he interim dividend declared and paid
T
associate and joint ventures which during the year by the Holding Company,
are companies incorporated in India its subsidiaries, associate and joint venture
whose financial statements have been companies incorporated in India and until
audited under the Act have represented the date of the respective audit reports
to us and the other auditors of such of such Holding Company, subsidiaries,
subsidiaries, associate and joint associate and joint ventures is in
ventures respectively that, to the best of accordance with section 123 of the Act.
its knowledge and belief, as disclosed
in the note 42(O) to the consolidated vi) As proviso to Rule 3(1) of the Companies
financial statements, no funds have (Accounts) Rules, 2014 is applicable only
been received by the respective Holding w.e.f. April 1, 2023 for the Holding Company,
Company or any of such subsidiaries, its subsidiaries, associate and joint venture
associate and joint ventures from companies incorporated in India, hence
any person(s) or entity(ies), including reporting under this clause is not applicable.
foreign entities (“Funding Parties”), with
the understanding, whether recorded in For S.R. Batliboi & Co. LLP
writing or otherwise, that the Holding Chartered Accountants
Company or any of such subsidiaries, ICAI Firm Registration Number: 301003E/E300005
associate and joint ventures shall,
whether, directly or indirectly, lend per Vikas Pansari
or invest in other persons or entities Partner
identified in any manner whatsoever Place of Signature: Mumbai Membership Number: 093649
by or on behalf of the Funding Party Date: 12 May 2023 UDIN: 23093649BGXPKQ3436
452
ANNEXURE-1
referred to paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our report of even date
Re: Vedanta Limited (‘the Company’)

In terms of the information and explanations sought by us and given by the Company and the books of account and records
examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
Qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the
companies included in the consolidated financial statements are:
Holding company/ Clause number of the

S.No Name CIN subsidiary/ associate/ CARO report which is
joint venture qualified or is adverse
1 Bharat Aluminium Company Limited U74899DL1965PLC004518 Subsidiary (ix)(d)
2 Sesa Resources Limited U13209GA1965PLC000030 Subsidiary (i)(c)
3 Malco Energy Limited U31300TN2001PLC069645 Subsidiary (ix)(d)

per Vikas Pansari

Partner
Place of Signature: Mumbai Membership Number: 093649
Date: 12 May 2023 UDIN: 23093649BGXPKQ3436
453
ANNEXURE 2
to the Independent Auditor’s Report of even date on the Ind As Consolidated Financial Statements of Vedanta Limted
Report on the Internal Financial Controls under Our audit involves performing procedures to obtain audit
Clause (i) of Sub-section 3 of Section 143 of the evidence about the adequacy of the internal financial
Companies Act, 2013 (“the Act”) controls over financial reporting with reference to these
consolidated Ind AS financial statements and their
In conjunction with our audit of the consolidated Ind AS
operating effectiveness. Our audit of internal financial
financial statements of Vedanta Limited as of and for the
controls over financial reporting included obtaining an
year ended 31 March 2023, we have audited the internal
understanding of internal financial controls over financial
financial controls over financial reporting of Vedanta
reporting with reference to these consolidated Ind AS
Limited (hereinafter referred to as the “Holding Company”)
financial statements, assessing the risk that a material
and its subsidiary companies, its associate companies and
weakness exists, and testing and evaluating the design
joint ventures, which are companies incorporated in India,
and operating effectiveness of internal control based on
as of that date.
the assessed risk. The procedures selected depend on
the auditor’s judgement, including the assessment of the
Management’s Responsibility for Internal risks of material misstatement of the financial statements,
Financial Controls whether due to fraud or error.
The respective Board of Directors of the Holding Company,
its 19 subsidiary companies, its 1 associate company We believe that the audit evidence we have obtained and
and 2 joint ventures, which are companies incorporated the audit evidence obtained by the other auditors in terms
in India, are responsible for establishing and maintaining of their reports referred to in the Other Matters paragraph
internal financial controls based on the internal control below, is sufficient and appropriate to provide a basis for
over financial reporting criteria established by the Holding our audit opinion on the internal financial controls over
Company considering the essential components of financial reporting with reference to these consolidated Ind
internal control stated in the Committee of Sponsoring AS financial statements.
Organisations of the Treadway Commission (2013
Framework) (“COSO 2013 Criteria”). These responsibilities Meaning of Internal Financial Controls Over
include the design, implementation and maintenance of Financial Reporting With Reference to these
adequate internal financial controls that were operating Consolidated Ind AS Financial Statements
effectively for ensuring the orderly and efficient conduct
A company's internal financial control over financial
of its business, including adherence to the respective
reporting with reference to these consolidated Ind AS
company’s policies, the safeguarding of its assets, the
financial statements is a process designed to provide
prevention and detection of frauds and errors, the accuracy
reasonable assurance regarding the reliability of financial
and completeness of the accounting records, and the timely
reporting and the preparation of financial statements for
preparation of reliable financial information, as required
external purposes in accordance with generally accepted
under the Act.
accounting principles. A company's internal financial
Auditor’s Responsibility consolidated financial statements includes those policies
Our responsibility is to express an opinion on the company's and procedures that (1) pertain to the maintenance of
internal financial controls over financial reporting with records that, in reasonable detail, accurately and fairly
reference to these consolidated financial statements based reflect the transactions and dispositions of the assets
on our audit. We conducted our audit in accordance with of the company; (2) provide reasonable assurance
the Guidance Note on Audit of Internal Financial Controls that transactions are recorded as necessary to permit
Over Financial Reporting (the “Guidance Note”) and the preparation of financial statements in accordance with
Standards on Auditing, both, issued by Institute of Chartered generally accepted accounting principles, and that receipts
Accountants of India, and deemed to be prescribed under and expenditures of the company are being made only
section 143(10) of the Act, to the extent applicable to an in accordance with authorisations of management and
audit of internal financial controls. Those Standards and directors of the company; and (3) provide reasonable
the Guidance Note require that we comply with ethical assurance regarding prevention or timely detection
requirements and plan and perform the audit to obtain of unauthorised acquisition, use, or disposition of the
reasonable assurance about whether adequate internal company's assets that could have a material effect on the
financial controls over financial reporting with reference financial statements.
to these consolidated Ind AS financial statements was
established and maintained and if such controls operated
effectively in all material respects.
454
Inherent Limitations of Internal Financial over financial reporting with reference to these consolidated
Controls Over Financial Reporting With Ind AS financial statements were operating effectively as at
Reference to these Consolidated Financial 31 March 2023, based on the internal control over financial
reporting criteria established by the Holding Company
Statements
considering the essential components of internal control
Because of the inherent limitations of internal financial
stated in the COSO 2013 criterion.
controls over financial reporting with reference to these
consolidated Ind AS financial statements, including the
possibility of collusion or improper management override Other Matters
of controls, material misstatements due to error or fraud Our report under Section 143(3)(i) of the Act on the
may occur and not be detected. Also, projections of any adequacy and operating effectiveness of the internal
evaluation of the internal financial controls over financial financial controls over financial reporting with reference
reporting with reference to these consolidated Ind AS to these consolidated financial statements of the Holding
financial statements to future periods are subject to the risk Company, insofar as it relates to 6 subsidiary companies,
that the internal financial control over financial reporting 1 associate and 2 joint ventures which is a company
with reference to these consolidated financial statements incorporated in India, is based on the corresponding reports
may become inadequate because of changes in conditions, of the auditors of such subsidiary.
or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Holding Company, its subsidiary
companies, its associate company and joint ventures, which per Vikas Pansari
are companies incorporated in India, have, maintained in all Partner
material respects, adequate internal financial controls over Place of Signature: Mumbai Membership Number: 093649
financial reporting with reference to these consolidated Ind Date: 12 May 2023 UDIN: 23093649BGXPKQ3436
AS financial statements and such internal financial controls
455
CONSOLIDATED BALANCE SHEET

As at 31 March 2023
(` in Crore)
As at As at
Particulars Note
31 March 2023 31 March 2022
ASSETS
Non-current assets
Property, Plant and Equipment 6 93,607 91,990
Capital work-in-progress 6 17,434 14,230
Intangible assets 6 1,976 1,476
Exploration intangible assets under development 6 2,256 1,649
Financial assets
Investments 7A 514 151
Loans 9 10 3,166
Others 10 3,784 3,092
Deferred tax assets (net) 37 8,495 5,085
Income tax assets (net) 37 1,635 2,762
Other non-current assets 11 3,606 3,442
Total non-current assets 1,35,849 1,30,044
Current assets
Inventories 12 15,012 14,313
Financial assets
Investments 7B 12,636 17,140
Cash and cash equivalents 13 6,926 8,671
Other bank balances 14 2,328 6,684
Loans 9 3,760 2,304
Others 10 7,868 8,724
Income tax assets (net) 1,256 25
Other current assets 11 6,493 5,273
Total current assets 60,507 68,338
Total Assets 1,96,356 1,98,382
EQUITY AND LIABILITIES
Equity
Equity share capital 15 372 372
Other equity 16 39,051 65,011
Equity attributable to owners of Vedanta Limited 39,423 65,383
Non-controlling interests 17 10,004 17,321
Total Equity 49,427 82,704
Liabilities
Non-current liabilities
Borrowings 19A 43,476 36,205
Derivatives 24 20 6
Provisions 25 3,426 3,386
Deferred tax liabilities (net) 37 5,922 4,435
Other non-current liabilities 26 4,309 4,674
Total non-current liabilities 58,903 50,183
Current liabilities
Borrowings 19B 22,706 16,904
Operational buyers' credit / suppliers' credit 21 13,701 11,151
Trade payables 20 11,043 10,380
Provisions 25 381 417
Income tax liabilities (net) 1,601 917
Other current liabilities 26 13,238 7,777
Total current liabilities 88,026 65,495
Total Equity and Liabilities 1,96,356 1,98,382
Chartered Accountants Executive Vice-Chairman and Whole-Time Director and
ICAI Firm Registration No. 301003E/E300005 Whole-Time Director Group Chief Executive Officer
DIN 00006303 DIN 07291685
Membership No: 093649 ICSI Membership No. A20856
456
CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(` in Crore)
Particulars Note
31 March 2023 31 March 2022
Revenue from operations 27 1,45,404 1,31,192
Other operating income 28 1,904 1,540
Other income 29 2,851 2,600
Total income 1,50,159 1,35,332
Expenses
Cost of materials consumed 44,470 37,397
Purchases of stock-in-trade 57 133
Changes in inventories of finished goods, work-in-progress and stock in trade 30 (377) (2,049)
Power and fuel charges 30,950 20,939
Employee benefits expense 31 3,098 2,811
Finance costs 34 6,225 4,797
Depreciation, depletion and amortisation expense 6 10,555 8,895
Other expenses 35 34,688 28,677
Total expenses 1,29,666 1,01,600
Profit before exceptional items and tax 20,493 33,732
Net exceptional loss 36 (217) (768)
Tax expense: 37
Net current tax expense 7,624 6,889
Net deferred tax (benefit)/ expense (1,580) 2,544
On exceptional items
Net deferred tax (benefit)/ expense (152) 402
Net current tax benefit (122) (580)
Net tax expense: 5,770 9,255
Profit after tax for the period before share in (loss)/ profit of jointly controlled entities and 14,506 23,709
associates
Add: Share in (loss)/ profit of jointly controlled entities and associates (3) 1
Profit for the period after share in (loss)/ profit of jointly controlled entities and associates (A) 14,503 23,710
Other comprehensive income
Items that will not be reclassified to profit or loss
Re-measurement loss on defined benefit plans (11) (18)
Tax benefit 11 1
(Loss)/ gain on FVOCI equity investment (37) 15
(37) (2)
Items that will be reclassified to profit or loss
Net gain/ (loss) on cash flow hedges recognised during the period 3,451 (271)
Tax (expense)/ benefit (1,201) 90
Net (loss)/ gain on cash flow hedges recycled to profit or loss (3,433) 371
Tax benefit/ (expense) 1,201 (131)
Net loss on FVOCI debt investment (34) -
Tax benefit 4 -
Exchange differences on translation 886 793
Tax benefit 84 13
958 865
Total other comprehensive income (B) 921 863
Total comprehensive income for the period (A+B) 15,424 24,573
Profit attributable to:
Owners of Vedanta Limited 10,574 18,802
Non-controlling interests 3,929 4,908
Other comprehensive income attributable to:
Owners of Vedanta Limited 987 823
Non-controlling interests (66) 40
Total comprehensive income attributable to:
Owners of Vedanta Limited 11,561 19,625
Non-controlling interests 3,863 4,948
Earnings per equity share (`):
- Basic 38 28.50 50.73
- Diluted 38 28.32 50.38
DIN 00006303 DIN 07291685
457
CONSOLIDATED STATEMENT OF CASH FLOWS

(` in Crore)
Particulars
31 March 2023 31 March 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 20,276 32,964
Adjustments for:
Depreciation, depletion and amortisation 10,597 8,919
Impairment charge/(reversal) of assets/ Capital work-in-progress written off (771) (2,621)
Provision for doubtful debts/ advance/ bad debts written off 426 244
Exploration costs written off 327 2,618
Liabilities written back (256) (65)
Other exceptional items - 771
Other non-cash item (66) -
Fair value gain on financial assets held at fair value through profit or loss (74) (209)
Loss/ (Profit) on sale/ discard of property, plant and equipment (net) 9 (128)
Foreign exchange loss (net) 492 235
Unwinding of discount on decommissioning liability 96 78
Transfer of CSR assets (Refer note 6) 117 -
Share based payment expense 77 79
Interest and dividend income (2,283) (1,887)
Interest expense 6,129 4,712
Deferred government grant (273) (245)
Changes in assets and liabilities
Decrease/ (Increase) in trade and other receivables 1,662 (8,199)
Increase in inventories (728) (4,373)
Increase in trade and other payables 3,665 7,806
Cash generated from operations 39,422 40,699
Income taxes paid (net) (6,357) (5,736)
Net cash generated from operating activities 33,065 34,963
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (including intangibles) (13,787) (10,630)
Proceeds from sale of property, plant and equipment 133 325
Loans repaid by related parties (Refer Note 42) 2,408 1,623
Deposits made (4,203) (11,966)
Proceeds from redemption of deposits 9,238 16,960
Short term investments made (1,11,039) (87,135)
Proceeds from sale of short term investments 1,15,244 86,848
Interest received 1,674 1,868
Dividends received 18 1
Payment made to site restoration fund (129) (147)
Purchase of long term investments (Refer Note 42) (250) 0
Net cash used in investing activities (693) (2,253)
458
CONSOLIDATED STATEMENT OF CASH FLOWS

(` in Crore)
Particulars
31 March 2023 31 March 2022
CASH FLOWS FROM FINANCING ACTIVITIES
(Repayment)/ Proceeds of short-term borrowings (net) (951) 875
Proceeds from current borrowings 23,846 13,256
Repayment of current borrowings (18,319) (10,337)
Proceeds from long-term borrowings 18,624 20,916
Repayment of long-term borrowings (10,464) (28,758)
Interest paid (5,530) (5,274)
Payment for acquiring non-controlling interest (17) -
Payment of dividends to equity holders of the Company, net of taxes (29,959) (16,681)
Payment of dividends to non-controlling interests (11,190) (2,668)
Payment of lease liabilities (182) (232)
Net cash used in financing activities (34,142) (28,903)
Effect of exchange rate changes on cash and cash equivalents 25 10
Net (decrease)/ increase in cash and cash equivalents (1,745) 3,817
Cash and cash equivalents at the beginning of the year 8,671 4,854
Cash and cash equivalents at end of the year (Refer note 13) 6,926 8,671
Notes:
1. The figures in parentheses indicate 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
DIN 00006303 DIN 07291685
459
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

A. Equity Share Capital

Number of shares Amount
Equity shares of ` 1 each issued, subscribed and fully paid
(in Crore) (` in Crore)
As at 31 March 2023, 31 March 2022 and 31 March 2021* 372 372
*There are no prior period errors for the years ended 31 March 2022 and 31 March 2021.
B. Other Equity
(` in Crore)
Reserves and surplus Items of OCI
Other Foreign Effective
Particulars Total Non-
Capital Securities Retained reserves currency Instruments portion of
other controlling Total
reserve premium earnings (Refer note translation through OCI cash flow
equity interests
below) reserve hedges
Balance as at 01 April 2021 18,512 19,009 1,623 19,672 3,045 93 (48) 61,906 15,138 77,044
Profit for the year - - 18,802 - - - - 18,802 4,908 23,710
Other comprehensive income - - (17) - 734 15 91 823 40 863
for the year (net of tax impact)
Total comprehensive income - - 18,785 - 734 15 91 19,625 4,948 24,573
for the year
Recognition of share based - - - 43 - - - 43 - 43
payment
Stock options cancelled - - 24 (34) - - - (10) - (10)
during the year
Exercise of stock option - - (19) 49 - - - 30 - 30
Transfer from debenture - - 584 (584) - - - - - -
redemption reserve
Recognition of put option 98 - - - - - - 98 (97) 1
liability/derecognition of non
controlling interest
Dividend - - (16,681) - - - - (16,681) (2,668) (19,349)
Balance as at 31 March 2022 18,610 19,009 4,316 19,146 3,779 108 43 65,011 17,321 82,332
Profit for the year - - 10,574 - - - - 10,574 3,929 14,503
Other comprehensive income - - (3) - 1,072 (57) (25) 987 (66) 921
for the year (net of tax impact)
Total comprehensive income - - 10,571 - 1,072 (57) (25) 11,561 3,863 15,424
for the year
Recognition of share - - - 85 - - - 85 - 85
based payment
Stock options cancelled - - 8 (15) - - - (7) - (7)
during the year
Exercise of stock option - - (78) 88 - - - 10 - 10
Recognition of put option 21 - - - - - - 21 (31) (10)
liability/derecognition of non
controlling interest
Acquisition of non-controlling (58) - - - - - - (58) 41 (17)
interest in FPL (Refer note 4)
Dividend including tax - - (37,572) - - - - (37,572) (11,190) (48,762)
(Refer note 39)
Balance as at 31 March 2023 18,573 19,009 (22,755) 19,304 4,851 51 18 39,051 10,004 49,055
460
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Note:
Other reserves comprise:
(` in Crore)
Preference Share
Capital Debenture Capital
share based Legal Treasury General
Particulars redemption redemption reserve on Total
redemption payment reserve shares reserve
reserve reserve consolidation
reserve reserve
Balance as at 01 April 2021 23 584 3,087 10 171 25 (323) 16,095 19,672
Recognition of share based - - - - 43 - - - 43
payment
Stock options cancelled during - - - - (34) - - - (34)
the year
Exercise of stock options - - - - (44) - 93 - 49
Transfer to retained earnings - (584) - - - - - - (584)
Balance as at 31 March 2022 23 - 3,087 10 136 25 (230) 16,095 19,146
Recognition of share based - - - - 85 - - - 85
payment
Stock options cancelled during - - - - (15) - - - (15)
the year
Exercise of stock options - - - - (38) - 126 - 88
Balance as at 31 March 2023 23 - 3,087 10 168 25 (104) 16,095 19,304
DIN 00006303 DIN 07291685
461
NOTES
1 Group overview through Vedanta Lisheen Holdings Limited

Vedanta Limited (“the Company”) and its consolidated (“Lisheen”) (Lisheen mine ceased operations
subsidiaries (collectively, the “Group”) is a diversified in December 2015) and Black Mountain Mining
natural resource group engaged in exploring, extracting (Proprietary) Limited (“BMM”), whose assets include
and processing minerals and oil and gas. The Group the operational Black Mountain mine and the
engages in the exploration, production and sale of Gamsberg mine project located in South Africa.
zinc, lead, silver, copper, aluminium, iron ore and oil • The Group’s oil and gas business is owned and
and gas and has a presence across India, South Africa, operated by the Company and its subsidiary, Cairn
Namibia, Ireland, Australia, Liberia and UAE. The Energy Hydrocarbons Limited and consists of
Group is also in the business of commercial power exploration and development and production of oil
generation, steel manufacturing and port operations and gas.
in India and manufacturing of glass substrate in South
• The Group’s iron ore business is owned by the
Korea and Taiwan.
Company, and by its wholly owned subsidiary, i.e.,
The Company was incorporated on 08 September 1975 Sesa Resources Limited and consists of exploration,
under the laws of the Republic of India. The registered mining and processing of iron ore, pig iron and
office of the Company is situated at 1st Floor, ‘C’ wing, metallurgical coke and generation of power for
Unit 103, Corporate Avenue, Atul Projects, Chakala, captive use. Pursuant to the Honourable Supreme
Andheri (East), Mumbai-400093, Maharashtra. The Court of India order, mining operations in the state
Company’s shares are listed on National Stock of Goa were suspended. During the current year, the
Exchange ('NSE') and Bombay Stock Exchange ('BSE') Government of Goa has initiated auction of mines in
in India. In June 2007, the Company completed its which the Company has participated. The Company
initial public offering of American Depositary Shares, or has been declared as the principal bidder for the
ADS, each representing four equity shares, and listed Bicholim mine and has received the Letter of Intent
its ADSs on the New York Stock Exchange ('NYSE'). (LOI) from the Government of Goa.
The ADSs of the Company have been delisted from I n addition, the Group’s iron ore business also
NYSE effective close of trading on NYSE on 08 includes a wholly owned subsidiary, Western
November 2021. The Company has been deregistered Cluster Limited (“WCL”) in Liberia which has iron
from SEC under the Exchange Act effective 01 ore assets. WCL’s assets include development
March 2023. rights to Western Cluster and a network of iron ore
deposits in West Africa. During the current year,
The Company is majority owned by Twin Star Holdings WCL has signed a Memorandum of Understanding
Limited (“Twin Star”), Finsider International Company with the Government of Liberia to re-start its mining
Limited (“Finsider”), Vedanta Holdings Mauritius operations in Liberia. Commercial production of
II Limited ("VHM2L"), Vedanta Holdings Mauritius saleable ore commenced from July 2022 followed
Limited ("VHML"), Welter Trading Limited (“Welter”) and by shipments from December 2022.
Vedanta Netherlands Investments BV (“VNIBV”) which • The Group’s copper business is owned and operated
are in turn wholly-owned subsidiaries of Vedanta by the Company, Copper Mines of Tasmania Pty Ltd
Resources Limited ("VRL"), a company incorporated in (“CMT”) and Fujairah Gold FZC and is principally
the United Kingdom. VRL, through its subsidiaries, held one of custom smelting and includes captive power
68.11% (31 March 2022: 69.69%) of the Company's plants at Tuticorin in Southern India.
equity as at 31 March 2023.
he Group’s copper business in Tamil Nadu, India
T
Details of Group’s various businesses are as follows. has received an order from the Tamil Nadu Pollution
The Group’s percentage holdings in each of the below Control Board (“TNPCB”) on 09 April 2018, rejecting
businesses are disclosed in note 43. the Company’s application for renewal of consent
• Zinc India business is owned and operated by to operate under the Air and Water Acts for the
Hindustan Zinc Limited (“HZL”). 4,00,000 TPA copper smelter plant in Tuticorin for
want of further clarification and consequently the
• Zinc international business comprises Skorpion operations were suspended. The Company has filed
mine and refinery in Namibia operated through an appeal with TNPCB Appellate authority against
THL Zinc Namibia Holdings (Proprietary) Limited the said order. During the pendency of the appeal,
(“Skorpion”), Lisheen mine in Ireland operated TNPCB through its order dated 23 May 2018 ordered
462
NOTES
for disconnection of electricity supply and closure (three units of 660 MW each) thermal coal- based
of copper smelter plant. Post such order, the state commercial power facilities. Power business also
government on 28 May 2018 ordered the permanent includes the wind power plants commissioned by
closure of the plant. We continue to engage with HZL and a power plant at MALCO Energy Limited
the Government of India and relevant authorities (“MEL”) (under care and maintenance) situated
to enable the restart of operations at Copper India. at Mettur Dam in the State of Tamil Nadu in
[Refer note 3(c)(A)(iii)]. southern India.
• The Group’s other activities include ESL Steel
urther, the Company’s copper business includes
F
Limited ("ESL") (formerly known as Electrosteel
refinery and rod plant at Silvassa consisting of
Steels Limited). ESL is engaged in the
a 2,45,000 MT of blister/ secondary material
manufacturing and supply of billets, TMT bars, wire
processing plant, a 2,16,000 TPA copper refinery
rods and ductile iron pipes in India.
plant and a copper rod mill with an installed
capacity of 2,58,000 TPA. The plant continues to
The Group’s other business also include Vizag General
operate as usual, catering to the domestic market.
Cargo Berth Private Limited (“VGCB”) and Maritime
I n addition, the Group owns and operates the Mt. Ventures Private Limited (“MVPL”). Vizag port project
Lyell copper mine in Tasmania, Australia through includes mechanization of coal handling facilities and
its subsidiary, CMT and a precious metal refinery upgradation of general cargo berth for handling coal
and copper rod plant in Fujairah, UAE through its at the outer harbour of Visakhapatnam Port on the
subsidiary Fujairah Gold FZC. The operations of Mt east coast of India. MVPL is engaged in the business
Lyell copper mine were suspended in January 2014 of rendering logistics and other allied services inter
following a mud slide incident and were put into alia rendering stevedoring, and other allied services
care and maintenance since 09 July 2014 following in ports and other allied sectors. VGCB commenced
a rock fall incident in June 2014. In November 2021, operations in the fourth quarter of fiscal 2013. The
the Group executed an arrangement with a third Group’s other business also include AvanStrate Inc.
party for further exploration with an option to fully (“ASI”), Ferro Alloys Corporation Limited ("FACOR") and
divest its shareholding in return for royalties on Desai Cement Company Private Limited ("DCCPL").
successful mining and production. ASI is involved in the manufacturing of glass substrate
in South Korea and Taiwan. FACOR is involved in
• The Group’s Aluminium business is owned and
manufacturing of Ferro Alloys, mining of chrome ore
operated by the Company and by Bharat Aluminium
and generation of power. It owns a ferro chrome plant
Company Limited (“BALCO”). The aluminium
with a capacity of approximately 1,40,000 TPA, a
operations include a refinery and captive power
100MW power plant and a mine in Sukinda valley with
plant at Lanjigarh and a smelter and captive power
current capacity of 2,90,000 TPA. DCCPL is involved in
plants at Jharsuguda both situated in the State of
business of producing slag cements and owns three
Odisha in Eastern India. BALCO’s partially integrated
ball mills with capacity of 2,18,000 TPA.
aluminium operations comprise two bauxite mines,
captive power plants, smelting and fabrication
facilities in the State of Chhattisgarh in central India. 2 Basis of preparation and basis of
measurement of financial statements
• The Group’s power business is owned and operated
by the Company, BALCO, and Talwandi Sabo Power (A) Basis of preparation
Limited (“TSPL”), a wholly owned subsidiary of i) hese consolidated financial statements have been
T
the Company, which are engaged in the power prepared in accordance with Indian Accounting
generation business in India. The Company's Standards (Ind AS) notified under the Companies
power operations include a thermal coal- based (Indian Accounting Standards) Rules, 2015 and other
commercial power facility of 600 MW at Jharsuguda relevant provisions of the Companies Act, 2013 (the
in the State of Odisha in Eastern India. BALCO power "Act") (as amended from time to time), guidelines
operations included 600 MW (2 units of 300 MW issued by the Securities and Exchange Board of India
each) thermal coal based power plant at Korba, of (“SEBI”) and Guidance Note on Accounting for Oil and
which a unit of 300 MW was converted to be used Gas Producing Activities issued by the Institute of
for captive consumption vide order from the Central Chartered Accountants of India.
Electricity Regulatory Commission (CERC) dated
01 January 2019. Talwandi Sabo Power Limited These consolidated financial statements have been
(“TSPL”) power operations include 1,980 MW prepared in accordance with the accounting policies,
463
NOTES
set out below and were consistently applied to all Liability for put option issued to non-controlling
periods presented unless otherwise stated. interests which do not grant present access to
ownership interest to the Group is recognised at
These consolidated financial statements are approved present value of the redemption amount and is
for issue by the Board of Directors on 12 May reclassified from equity. At the end of each reporting
2023. The revision to these consolidated financial period, the non-controlling interests subject to put
statements is permitted by the Board of Directors after option is derecognised and the difference between
obtaining necessary approvals or at the instance of the amount derecognised and present value of the
regulatory authorities as per provisions of the Act. redemption amount, which is recorded as a financial
liability, is accounted for as an equity transaction.
All financial information presented in Indian Rupees
has been rounded off to the nearest crore except when For acquisitions of additional interests in subsidiaries,
indicated otherwise. Amounts less than ` 0.50 Crore where there is no change in control, the Group
have been presented as “0”. recognises a reduction to the non-controlling interest
of the respective subsidiary with the difference
ii) Certain comparative figures appearing in these between this figure and the cash paid, inclusive of
consolidated financial statements have been transaction fees, being recognised in equity. Similarly,
regrouped and/or reclassified to better reflect the upon dilution of controlling interests the difference
nature of those items. between the cash received from sale or listing of the
subsidiary shares and the increase to non-controlling
(B) Basis of measurement interest is also recognised in equity. The results of
The consolidated financial statements have been subsidiaries acquired or disposed off during the year
prepared on a going concern basis using historical are included in the consolidated statement of profit
cost convention and on an accrual method of and loss from the effective date of acquisition or up to
accounting, except for certain financial assets and the effective date of disposal, as appropriate.
liabilities which are measured at fair value as explained
in the accounting policies below. Intra-Group balances and transactions, and any
unrealized profit arising from intra-Group transactions,
are eliminated. Unrealized losses are eliminated unless
3(a) Significant accounting policies
costs cannot be recovered.
(A) Basis of Consolidation
i) Subsidiaries: ii) Joint arrangements
The consolidated financial statements incorporate the A Joint arrangement is an arrangement of which
results of the Company and all its subsidiaries (the two or more parties have joint control. Joint control
"Group"), being the entities that it controls. Control is considered when there is contractually agreed
is evidenced where the Group has power over the sharing of control of an arrangement, which exists
investee, is exposed, or has rights, to variable returns only when decisions about the relevant activities
from its involvement with the investee and has the require the unanimous consent of the parties sharing
ability to affect those returns through its power over control. Investments in joint arrangements are
the investee. Power is demonstrated through existing classified as either joint operations or joint venture.
rights that give the ability to direct relevant activities, The classification depends on the contractual rights
which significantly affect the entity's returns. and obligations of each investor, rather than the legal
structure of the joint arrangement. A joint operation
The financial statements of subsidiaries are prepared is a joint arrangement whereby the parties that have
for the same reporting year as the parent company. joint control of the arrangement have rights to the
Where necessary, adjustments are made to the assets, and obligations for the liabilities, relating to the
financial statements of subsidiaries to align the arrangement. A joint venture is a joint arrangement
accounting policies in line with accounting policies of whereby, the parties that have joint control of
the Group. the arrangement have rights to the net assets of
the arrangement.
For non-wholly owned subsidiaries, a share of the
profit/(loss) for the financial year and net assets is The Group has both joint operations and joint ventures.
attributed to the non-controlling interests as shown
in the consolidated statement of profit and loss and
consolidated balance sheet.
464
NOTES
Joint operations are not recognized. Losses recognised under the

The Group has joint operations within its Oil and gas equity method in excess of the Group's investment in
segment. It participates in several unincorporated ordinary shares are applied to the other components
joint operations which involve the joint control of of the Group's interest that forms part of Group's net
assets used in oil and gas exploration and producing investment in the investee in the reverse order of their
activities. The Group accounts for its share of assets, seniority (i.e., priority in liquidation).
liabilities, income and expenditure of joint operations
in which the Group holds an interest. Liabilities in If the Group's share of losses in an associate or joint
unincorporated joint operations, where the Group is the venture equals or exceeds its interests in the associate
operator, is accounted for at gross values (including or joint venture, the Group discontinues the recognition
share of other partners) with a corresponding of further losses. Additional losses are provided for,
receivable from the venture partner. These have been only to the extent that the Group has incurred legal or
included in the consolidated financial statements constructive obligations or made payments on behalf
under the appropriate headings. of the associate/joint venture.
Details of joint operations are set out in Note 43. Unrealised gains arising from transactions with
associates and joint ventures are eliminated against
Joint venture the investment to the extent of the Group’s interest in
these entities. Unrealised losses are eliminated in the
The Group accounts for its interest in joint venture
same way as unrealized gains, but only to the extent
using the equity method (see (iv) below), after initially
that there is no evidence of impairment of the asset
being recognised at cost in the consolidated balance
transferred. Accounting policies of equity accounted
sheet. Goodwill arising on the acquisition of joint
investees is changed where necessary to ensure
venture is included in the carrying value of investments
consistency with the policies adopted by the Group.
in joint venture.
The carrying amount of equity accounted investments
iii) Investments in associates
are tested for impairment in accordance with the policy
An associate is an entity over which the Group has described in Note 3(a)(H) below.
significant influence. Significant influence is the power
to participate in the financial and operating policy (B) Business combination
decisions of the investee, but is not control or joint
Business combinations are accounted for under
control over those policies. Investments in associates
the purchase method. The acquiree's identifiable
are accounted for using the equity method (see (iv)
assets, liabilities and contingent liabilities that meet
below). Goodwill arising on the acquisition of associate
the conditions for recognition under Ind AS 103
is included in the carrying value of investments
‘Business Combinations’ are recognised at their fair
in associate.
value at the acquisition date, except certain assets
and liabilities required to be measured as per the
iv) Equity method of accounting
applicable standards.
Under the equity method of accounting applicable
for investments in associates and joint ventures, Excess of fair value of purchase consideration and
investments are initially recorded at the cost to the the acquisition date non-controlling interest over
Group and then, in subsequent periods, the carrying the acquisition date fair value of identifiable assets
value is adjusted to reflect the Group's share of the acquired and liabilities assumed is recognised as
post-acquisition profits or losses of the investee, and goodwill. Goodwill arising on acquisitions is reviewed
the Group's share of other comprehensive income for impairment annually. Where the fair values of the
of the investee, other changes to the investee's net identifiable assets and liabilities exceed the purchase
assets and is further adjusted for impairment losses, consideration, the Group re-assesses whether it has
if any. Dividend received or receivable from associates correctly identified all of the assets acquired and all
and joint-ventures are recognised as a reduction in of the liabilities assumed and reviews the procedures
carrying amount of the investment. used to measure the amounts to be recognized at the
acquisition date. If the reassessment still results in
The consolidated statement of profit and loss include an excess of the fair value of net assets acquired over
the Group's share of investee's results, except where the aggregate consideration transferred, then the gain
the investee is generating losses, share of such losses is recognized in other comprehensive income and
in excess of the Group's interest in that investee accumulated in equity as capital reserve. However,
465
NOTES
if there is no clear evidence of bargain purchase, the assets or liabilities. The only adjustments that are
Group recognizes the gain directly in equity as capital made are to harmonise accounting policies.
reserve, without routing the same through other
comprehensive income. The components of equity of the acquired companies
are added to the same components within Group
Where it is not possible to complete the determination equity. The difference, if any, between the amounts
of fair values by the date on which the first post- recorded as share capital issued plus any additional
acquisition financial statements are approved, a consideration in the form of cash or other assets
provisional assessment of fair value is made and any and the amount of share capital of the transferor
adjustments required to those provisional fair values is transferred to capital reserve and is presented
are finalised within 12 months of the acquisition date. separately from other capital reserves. The company's
shares issued in consideration for the acquired
Those provisional amounts are adjusted through companies are recognised at face value from the
goodwill during the measurement period, or additional moment the acquired companies are included in these
assets or liabilities are recognised, to reflect new financial statements and the financial statements of
information obtained about facts and circumstances the commonly controlled entities would be combined,
that existed at the acquisition date that, if known, retrospectively, as if the transaction had occurred
would have affected the amounts recognised at that at the beginning of the earliest reporting period
date. These adjustments are called as measurement presented. However, the prior year comparative
period adjustments. The measurement period does not information is only adjusted for periods during which
exceed twelve months from the acquisition date. entities were under common control.
Any non-controlling interest in an acquiree is (C) Revenue recognition

measured at fair value or at the non-controlling • Sale of goods/rendering of services (Including
interest's proportionate share of the acquiree's net Revenue from contracts with customers)
identifiable assets. This accounting choice is made on
The Group’s revenue from contracts with customers
a transaction by transaction basis.
is mainly from the sale of copper, aluminium, iron
ore, zinc, oil and gas, power, steel, glass substrate
Acquisition expenses are charged to the consolidated
and port operations. Revenue from contracts with
statement of profit and loss.
customers is recognised when control of the goods or
If the Group acquires a group of assets in a company services is transferred to the customer as per terms
that does not constitute a business combination in of contract, which usually is on delivery of the goods
accordance with Ind AS 103 ‘Business Combinations’, to the shipping agent at an amount that reflects the
the cost of the acquired group of assets is allocated consideration to which the Group expects to be entitled
to the individual identifiable assets acquired based on in exchange for those goods or services. Revenue is
their relative fair value. recognised net of discounts, volume rebates, outgoing
sales taxes/ goods and service tax and other indirect
Common control transactions taxes. Revenues from sale of by-products are included
in revenue.
A business combination involving entities or
businesses under common control is a business
Certain of the Group’s sales contracts provide for
combination in which all of the combining entities
provisional pricing based on the price on the London
or businesses are ultimately controlled by the same
Metal Exchange (LME) and crude index, as specified
party or parties both before and after the business
in the contract. Revenue in respect of such contracts
combination and the control is not transitory. The
is recognised when control passes to the customer
transactions between entities under common
and is measured at the amount the entity expects to
control are specifically covered by Ind AS 103. Such
be entitled – being the estimate of the price expected
transactions are accounted for using the pooling-
to be received at the end of the measurement period.
of-interest method. The assets and liabilities of
Post transfer of control of goods, provisional pricing
the acquired entity are recognised at their carrying
features are accounted in accordance with Ind AS
amounts recorded in the parent entity's consolidated
109 ‘Financial Instruments’ rather than Ind AS 115
financial statements with the exception of certain
‘Revenue from contracts with customers’ and therefore
income tax and deferred tax assets. No adjustments
the Ind AS 115 rules on variable consideration do not
are made to reflect fair values, or recognise any new
apply. These ‘provisional pricing’ adjustments, i.e., the
466
NOTES
consideration adjusted post transfer of control are when control of respective commodities is transferred
included in total revenue from operations on the face to customers under the agreements. The fixed rate of
of the consolidated statement of profit and loss and return/discount is treated as finance cost. The portion
disclosed by way of note to the financial statements. of the advance where either the Group does not have a
Final settlement of the price is based on the applicable unilateral right to defer settlement beyond 12 months
price for a specified future period. The Group’s or expects settlement within 12 months from the
provisionally priced sales are marked to market balance sheet date is classified as current liability.
using the relevant forward prices for the future period
specified in the contract and is adjusted in revenue. • Interest income
Interest income from debt instruments is recognised
Revenue from oil, gas and condensate sales represent using the effective interest rate method. The effective
the Group’s share in the revenue from sale of such interest rate is the rate that exactly discounts
products, by the joint operations, and is recognised as estimated future cash receipts through the expected
and when control in these products gets transferred to life of the financial asset to the gross carrying amount
the customers. In computing its share of revenue, the of a financial asset. When calculating the effective
Group excludes government’s share of profit oil which interest rate, the Group estimates the expected cash
gets accounted for when the obligation in respect of flows by considering all the contractual terms of
the same arises. the financial instrument (for example, prepayment,
extension, call and similar options) but does not
Revenue from sale of power is recognised when consider the expected credit losses.
delivered and measured based on rates as per bilateral
contractual agreements with buyers and at a rate • Dividends
arrived at based on the principles laid down under the
Dividend income is recognised in the consolidated
relevant Tariff Regulations as notified by the regulatory
statement of profit and loss only when the right to
bodies, as applicable.
receive payment is established, provided it is probable
that the economic benefits associated with the
Where the Group acts as a port operator, revenues
dividend will flow to the Group, and the amount of the
relating to operating and maintenance phase of the
dividend can be measured reliably.
port contract are measured at the amount that Group
expects to be entitled to for the services provided.
(D) Property, Plant and Equipment
A contract asset is the right to consideration in i) Mining properties and leases
exchange for goods or services transferred to the When a decision is taken that a mining property
customer. If the Group performs part of its obligation is viable for commercial production (i.e., when the
by transferring goods or services to a customer before Group determines that the mining property will
the customer pays consideration or before payment provide sufficient and sustainable return relative
is due, a contract asset is recognised for the earned to the risks and the Group decided to proceed with
consideration when that right is conditional on the the mine development), all further pre-production
Group's future performance. primary development expenditure other than that on
land, buildings, plant, equipment and capital work
A contract liability is the obligation to transfer in progress is capitalized as property, plant and
goods or services to a customer for which the Group equipment under the heading “Mining properties
has received consideration from the customer. If and leases” together with any amount transferred
a customer pays consideration before the Group from “Exploration and evaluation” assets. The costs
transfers goods or services to the customer, a contract of mining properties and leases include the costs
liability is recognised when the payment is received. of acquiring and developing mining properties and
The advance payments received plus a specified mineral rights.
rate of return/ discount, at the prevailing market
rates, is settled by supplying respective goods over a The stripping cost incurred during the production
period of up to twenty four months under an agreed phase of a surface mine is deferred to the extent the
delivery schedule as per the terms of the respective current period stripping cost exceeds the average
agreements. As these are contracts that the Group period stripping cost over the life of mine and
expects, and has the ability, to fulfil through delivery of recognised as an asset if such cost provides a benefit
a non-financial item, these are presented as advance in terms of improved access to ore in future periods
from customers and are recognised as revenue as and and certain criteria are met. When the benefit from
467
NOTES
the stripping costs are realised in the current period, Net proceeds from any disposal of development/
the stripping costs are accounted for as the cost of producing assets are credited against the previously
inventory. If the costs of inventory produced and the capitalised cost. A gain or loss on disposal of a
stripping activity asset are not separately identifiable, development/producing asset is recognised in the
a relevant production measure is used to allocate consolidated statement of profit and loss to the
the production stripping costs between the inventory extent that the net proceeds exceed or are less than
produced and the stripping activity asset. The Group the appropriate portion of the net capitalised costs of
uses the expected volume of waste compared with the the asset.
actual volume of waste extracted for a given value of
ore/ mineral production for the purpose of determining iii) Other property, plant and equipment
the cost of the stripping activity asset. The initial cost of property, plant and equipment
comprises its purchase price, including import duties
Deferred stripping costs are included in mining and non-refundable purchase taxes, and any directly
properties within property, plant and equipment and attributable costs of bringing an asset to working
disclosed as a part of mining properties. After initial condition and location for its intended use. It also
recognition, the stripping activity asset is depreciated includes the initial estimate of the costs of dismantling
on a unit of production method over the expected and removing the item and restoring the site on which
useful life of the identified component of the ore body. it is located.
In circumstances where a mining property is Subsequently, property plant and equipment is
abandoned, the cumulative capitalised costs relating measured at cost less accumulated depreciation and
to the property are written off in the period in which it accumulated impairment losses, if any.
occurs, i.e., when the Group determines that the mining
property will not provide sufficient and sustainable If significant parts of an item of property, plant and
returns relative to the risks and the Group decides not equipment have different useful lives, then they are
to proceed with the mine development. accounted for as separate items (major components)
of property, plant and equipment. All other expenses
Commercial reserves are proved and probable reserves on existing property, plant and equipment, including
as defined by the ‘JORC’ Code, ‘MORC’ code or day-to-day repair and maintenance expenditure and
‘SAMREC’ Code. Changes in the commercial reserves cost of replacing parts, are charged to the consolidated
affecting unit of production calculations are dealt with statement of profit and loss for the period during which
prospectively over the revised remaining reserves. such expenses are incurred.
ii) Oil and gas assets- (developing/producing assets) An item of property, plant and equipment is
For oil and gas assets, a "successful efforts" based derecognised upon disposal or when no future
accounting policy is followed. Costs incurred prior economic benefits are expected to arise from the
to obtaining the legal rights to explore an area are continued use of the asset. Gains and losses on
expensed immediately to the consolidated statement disposal of an item of property, plant and equipment
of profit and loss. computed as the difference between the net disposal
proceeds and the carrying amount of the asset is
All costs incurred after the technical feasibility and included in the consolidated statement of profit and
commercial viability of producing hydrocarbons has loss when the asset is derecognised. Major inspection
been demonstrated are capitalised within property, and overhaul expenditure is capitalized, if the
plant and equipment - development/producing assets recognition criteria are met.
on a field-by-field basis. Subsequent expenditure is
capitalised only where it either enhances the economic iv) Assets under construction
benefits of the development/producing asset or Assets under construction are capitalised in the assets
replaces part of the existing development/producing under Capital work in progress. At the point when an
asset. Any remaining costs associated with the part asset is capable of operating in the manner intended
replaced are expensed. by management, the cost of construction is transferred
to the appropriate category of property, plant and
equipment. Costs associated with the commissioning
468
NOTES
of an asset and any obligatory decommissioning costs Management's assessment takes into account, inter
are capitalised until the period of commissioning alia, the nature of the assets, the estimated usage of
has been completed and the asset is ready for its the assets, the operating conditions of the assets, past
intended use. history of replacement and maintenance support.
Capital work in progress is carried at cost less Estimated useful life of assets are as follows
accumulated impairment losses, if any.
Asset Useful life (in years)
v) Depreciation, depletion and amortisation expense Buildings (Residential; factory etc.) 3-60
Mining properties and other assets in the course of Plant and equipment 15-40
development or construction and freehold land and Railway siding 15
goodwill are not depreciated or amortised. Office equipment 3-6
Furniture and fixture 8-10
• Mining properties Vehicles 8-10
The capitalised mining properties are amortised on
a unit-of-production basis over the total estimated Major inspection and overhaul costs are depreciated
remaining commercial proved and probable reserves of over the estimated life of the economic benefit to be
each property or group of properties and are subject to derived from such costs. The carrying amount of the
impairment review. Costs used in the unit of production remaining previous overhaul cost is charged to the
calculation comprise the net book value of capitalised consolidated statement of profit and loss if the next
costs plus the estimated future capital expenditure overhaul is undertaken earlier than the previously
required to access the commercial reserves. Changes estimated life of the economic benefit.
in the estimates of commercial reserves or future
capital expenditure are dealt with prospectively. The Group reviews the residual value and useful
life of an asset at least at each financial year-end
• Oil and gas producing facilities and, if expectations differ from previous estimates,
All expenditures carried within each field are amortised the change is accounted for as a change in
from the commencement of production on a unit of accounting estimate.
production basis, which is the ratio of oil and gas
production in the period to the estimated quantities (E) Intangible assets
of depletable reserves at the end of the period plus Intangible assets acquired separately are measured
the production in the period, generally on a field- on initial recognition at cost. Subsequently, intangible
by-field basis or group of fields which are reliant on assets are measured at cost less accumulated
common infrastructure. amortisation and accumulated impairment losses,
if any.
Depletable reserves are proved reserves for acquisition
costs and proved and developed reserves for The Group recognises port concession rights as
successful exploratory wells, development wells, "Intangible Assets" arising from a service concession
processing facilities, distribution assets, estimated arrangements, in which the grantor controls or
future abandonment cost and all other related regulates the services provided and the prices charged,
costs. These assets are depleted within each cost and also controls any significant residual interest
centre. Reserves for this purpose are considered on in the infrastructure such as property, plant and
working interest basis which are reassessed atleast equipment, irrespective whether the infrastructure
annually. Impact of changes to reserves are accounted is existing infrastructure of the grantor or the
for prospectively. infrastructure is constructed or purchased by the
Group as part of the service concession arrangement.
• Other assets Such an intangible asset is recognised by the
Depreciation on other Property, plant and equipment Group initially at cost determined as the fair value
is calculated using the straight-line method (SLM) of the consideration received or receivable for the
to allocate their cost, net of their residual values, construction service delivered and is capitalised when
over their estimated useful lives (determined by the the project is complete in all respects. Port concession
management) as given below. rights are amortised on straight line basis over the
469
NOTES
balance of license period. The concession period is • A

cquisition costs - costs associated with
30 years from the date of the award. Any addition to acquisition of licenses and rights to explore,
the port concession rights are measured at fair value including related professional fees.
on recognition. Port concession rights also include
• G
eneral exploration costs - costs of surveys and
certain property, plant and equipment in accordance
studies, rights of access to properties to conduct
with Appendix C of Ind AS 115 “service concession
those studies (e.g., costs incurred for environment
arrangements".
clearance, defence clearance, etc.), and salaries and
other expenses of geologists, geophysical crews
Intangible assets are amortised over their estimated
and other personnel conducting those studies.
useful life on a straight line basis. Software is
amortised over the estimated useful life ranging from • C
osts of exploration drilling and equipping
2-5 years. Amounts paid for securing mining rights exploration and appraisal wells.
are amortised over the period of the mining lease
ranging from 16-25 years. Technological know-how Exploration expenditure incurred in the process
and acquired brand are amortised over the estimated of determining oil and gas exploration targets is
useful life of ten years. capitalised within "Exploration and evaluation assets"
(intangible assets) and subsequently allocated to
Gains or losses arising from derecognition of an drilling activities. Exploration drilling costs are initially
intangible asset are measured as the difference capitalised on a well-by-well basis until the success
between the net disposal proceeds and the carrying or otherwise of the well has been established. The
amount of the asset and are recognised in the success or failure of each exploration effort is judged
consolidated statement of profit and loss when the on a well-by-well basis. Drilling costs are written off
asset is derecognised. on completion of a well unless the results indicate that
hydrocarbon reserves exist and there is a reasonable
The amortization period and the amortization method prospect that these reserves are commercial.
are reviewed at least at each financial year end. If
the expected useful life of the asset is different from Following appraisal of successful exploration wells,
previous estimates, the change is accounted for if commercial reserves are established and technical
prospectively as a change in accounting estimate. feasibility for extraction demonstrated, then the related
capitalised exploration costs are transferred into
(F) Exploration and evaluation intangible assets a single field cost centre within property, plant and
Exploration and evaluation expenditure incurred prior equipment - development/producing assets (oil and
to obtaining the mining right or the legal right to gas properties) after testing for impairment. Where
explore are expensed as incurred. results of exploration drilling indicate the presence
of hydrocarbons which are ultimately not considered
Exploration and evaluation expenditure incurred after commercially viable, all related costs are written off to
obtaining the mining right or the legal right to explore the consolidated statement of profit and loss.
are capitalised as exploration and evaluation assets
(intangible assets) and stated at cost less impairment, Expenditure incurred on the acquisition of a license
if any. Exploration and evaluation intangible assets interest is initially capitalised on a license-by-license
are transferred to the appropriate category of property, basis. Costs are held, undepleted, within exploration
plant and equipment when the technical feasibility and and evaluation assets until such time as the
commercial viability has been determined. Exploration exploration phase on the license area is complete or
intangible assets under development are assessed for commercial reserves have been discovered.
impairment and impairment loss, if any, is recognised
prior to reclassification. Net proceeds from any disposal of an exploration
asset are initially credited against the previously
Exploration expenditure includes all direct and capitalised costs. Any surplus/ deficit is recognised in
allocated indirect expenditure associated with the consolidated statement of profit and loss.
finding specific mineral resources which includes
depreciation and applicable operating costs of related (G) Non-current assets held for sale
support equipment and facilities and other costs of Non-current assets and disposal groups are classified
exploration activities: as held for sale if their carrying amount will be
recovered through a sale transaction rather than
470
NOTES
through continuing use. This condition is regarded Value in use is determined as the present value of the
as met only when the sale is highly probable and the estimated future cash flows expected to arise from
asset (or disposal group) is available for immediate the continued use of the asset in its present form and
sale in its present condition. Management must be its eventual disposal. The cash flows are discounted
committed to the sale which should be expected to using a pre-tax discount rate that reflects current
qualify for recognition as a completed sale within one market assessments of the time value of money and
year from the date of classification. the risks specific to the asset for which estimates of
future cash flows have not been adjusted. Value in
Non-current assets and disposal groups classified as use is determined by applying assumptions specific
held for sale are not depreciated and are measured to the Group's continued use and cannot take into
at the lower of carrying amount and fair value less account future development. These assumptions are
costs to sell. Such assets and disposal groups are different to those used in calculating fair value and
presented separately on the face of the consolidated consequently the value in use calculation is likely to
balance sheet. give a different result to a fair value calculation.
(H) Impairment of non-financial assets The carrying amount of the CGU is determined on a
Impairment charges and reversals are assessed at the basis consistent with the way the recoverable amount
level of cash-generating units. A cash-generating unit of the CGU is determined. The carrying value is net
(CGU) is the smallest identifiable group of assets that of deferred tax liability recognised in the fair value of
generate cash inflows that are largely independent of assets acquired in the business combination.
the cash inflows from other assets or group of assets.
If the recoverable amount of an asset or CGU is
The Group assesses at each reporting date, whether estimated to be less than its carrying amount, the
there is an indication that an asset may be impaired. carrying amount of the asset or CGU is reduced to its
The Group conducts an internal review of asset values recoverable amount. An impairment loss is recognised
annually, which is used as a source of information to in the consolidated statement of profit and loss.
assess for any indications of impairment or reversal of
previously recognised impairment losses. Internal and Any reversal of the previously recognised impairment
external factors, such as worse economic performance loss is limited to the extent that the asset's carrying
than expected, changes in expected future prices, amount does not exceed the carrying amount that
costs and other market factors are also monitored to would have been determined if no impairment loss had
assess for indications of impairment or reversal of previously been recognised except if initially attributed
previously recognised impairment losses. to goodwill.
If any such indication exists or in case of goodwill Exploration and evaluation intangible assets:
where annual testing of impairment is required, then an In assessing whether there is any indication
impairment review is undertaken and the recoverable that an exploration and evaluation asset may be
amount is calculated, as the higher of fair value less impaired, the Group considers, as a minimum, the
costs of disposal and the asset's value in use. following indicators:
• t he period for which the Group has the right to
Fair value less costs of disposal is the price that would
explore in the specific area has expired during the
be received to sell the asset in an orderly transaction
period or will expire in the near future, and is not
between market participants and does not reflect the
expected to be renewed;
effects of factors that may be specific to the Group
and not applicable to entities in general. Fair value for • substantive expenditure on further exploration for
mineral and oil and gas assets is generally determined and evaluation of mineral resources in the specific
as the present value of the estimated future cash flows area is neither budgeted nor planned;
expected to arise from the continued use of the asset,
• exploration for and evaluation of mineral resources
including any expansion prospects, and its eventual
in the specific area have not led to the discovery of
disposal, using assumptions that an independent
commercially viable quantities of mineral resources
market participant may take into account. These
and the Group has decided to discontinue such
cash flows are discounted at an appropriate post tax
activities in the specific area;
discount rate to arrive at the net present value.
471
NOTES
• sufficient data exist to indicate that, although a) The asset is held within a business model
a development in the specific area is likely to whose objective is to hold assets for collecting
proceed, the carrying amount of the exploration and contractual cash flows, and
evaluation asset is unlikely to be recovered in full
b) Contractual terms of the asset give rise on
from successful development or by sale; and
specified dates to cash flows that are solely
• r eserve information prepared annually by payments of principal and interest (SPPI) on the
external experts. principal amount outstanding.
When a potential impairment is identified, an After initial measurement, such financial assets are
assessment is performed for each area of interest subsequently measured at amortised cost using the
in conjunction with the group of operating assets Effective Interest Rate (EIR) method. Amortised cost
(representing a cash-generating unit) to which the is calculated by taking into account any discount or
exploration and evaluation assets is attributed. premium on acquisition and fees or costs that are
Exploration areas in which reserves have been an integral part of the EIR. The EIR amortisation is
discovered but require major capital expenditure before included in interest income in consolidated statement
production can begin, are continually evaluated to of profit and loss. The losses arising from impairment
ensure that commercial quantities of reserves exist or are recognised in consolidated statement of profit
to ensure that additional exploration work is underway and loss.
or planned. To the extent that capitalised expenditure
is no longer expected to be recovered, it is charged to • Financial assets at fair value through other
the consolidated statement of profit and loss. comprehensive income (FVOCI)
A 'debt instrument' is classified as at FVOCI if both of
(I) Financial instruments the following criteria are met:
A financial instrument is any contract that gives rise to
a) The objective of the business model is achieved
a financial asset of one entity and a financial liability or
both by collecting contractual cash flows and
equity instrument of another entity.
selling the financial assets, and
(i) Financial assets - recognition and subsequent b) The asset's contractual cash flows
measurement represent SPPI.
All financial assets are recognised initially at fair value
plus, in the case of financial assets not recorded at fair Debt instruments included within the FVOCI category
value through profit or loss, transaction costs that are are measured initially as well as at each reporting date
attributable to the acquisition of the financial asset. at fair value. Fair value movements are recognized
Purchases or sales of financial assets that require in other comprehensive income (OCI). However,
delivery of assets within a time frame established by interest income, impairment losses and reversals
regulation or convention in the market place (regular and foreign exchange gain or loss are recognized
way trades) are recognised on the trade date, i.e., in the consolidated statement of profit and loss.
the date that the Group commits to purchase or sell On derecognition of the asset, cumulative gain or
the asset. loss previously recognised in other comprehensive
income is reclassified from the equity to consolidated
Trade receivables that do not contain a significant statement of profit and loss. Interest earned whilst
financing component are measured at transaction holding fair value through other comprehensive income
price as per Ind AS 115. debt instrument is reported as interest income using
the EIR method.
For purposes of subsequent measurement, financial
assets are classified in four categories: For equity instruments, the Company may make an
irrevocable election to present subsequent changes
• Financial assets at amortised cost in the fair value in OCI. The Company makes such
election on an instrument-by-instrument basis. If the
A 'Financial asset' is measured at amortised cost if
Company decides to classify an equity instrument as
both the following conditions are met:
at FVOCI, then all fair value changes on the instrument,
excluding dividends, are recognized in the OCI.
There is no recycling of the amounts from OCI to the
472
NOTES
consolidated statement of profit and loss, even on sale a) Financial assets that are debt instruments, and
of investment. However, the Company may transfer the are measured at amortised cost, e.g., loans, debt
cumulative gain or loss within equity. securities and deposits;
b) Financial assets that are debt instruments and are
• Financial assets at fair value through profit or loss
measured as at FVOCI;
(FVTPL)
FVTPL is a residual category for debt instruments c) Trade receivables or any contractual right to
and default category for equity instruments. Any receive cash or another financial asset that result
debt instrument, which does not meet the criteria for from transactions that are within the scope of Ind
categorization as at amortized cost or as FVOCI, is AS 115.
classified as at FVTPL.
The Group follows 'simplified approach' for recognition
In addition, the Group may elect to designate a debt of impairment loss allowance on trade receivables,
instrument, which otherwise meets amortized cost or contract assets and lease receivables. The application
FVOCI criteria, as at FVTPL. However, such election of simplified approach does not require the Group
is allowed only if doing so reduces or eliminates a to track changes in credit risk. Rather, it recognises
measurement or recognition inconsistency (referred impairment loss allowance based on lifetime ECLs at
to as 'accounting mismatch'). The Group has not each reporting date, right from its initial recognition.
designated any debt instrument at FVTPL.
At each reporting date, for recognition of impairment
Debt instruments included within the FVTPL category loss on other financial assets and risk exposure, the
are measured at fair value with all changes being Group determines whether there has been a significant
recognized in the consolidated statement of profit increase in the credit risk since initial recognition. If
and loss. credit risk has not increased significantly, 12-month
ECL is used to provide for impairment loss. However,
An equity instrument in the scope of Ind AS 109 is if credit risk has increased significantly, lifetime ECL
measured at fair value. Equity instruments which is used. If, in a subsequent period, credit quality
are held for trading and contingent consideration of the instrument improves such that there is no
recognised by an acquirer in a business combination longer a significant increase in credit risk since initial
to which Ind AS 103 applies are classified as at FVTPL. recognition, then the Group reverts to recognising
impairment loss allowance based on 12-month ECL.
For equity instruments which are classified as FVTPL,
all subsequent fair value changes are recognised in the Lifetime ECL are the expected credit losses resulting
consolidated statement of profit and loss. from all possible default events over the expected
life of a financial instrument. The 12-month ECL is a
Further, the provisionally priced trade receivables are portion of the lifetime ECL which results from default
marked to market using the relevant forward prices events that are possible within 12 months after the
for the future period specified in the contract and is reporting date.
adjusted in revenue.
ECL is the difference between all contractual cash
(ii) Financial Assets - derecognition flows that are due to the Group in accordance with the
The Group derecognises a financial asset when contract and all the cash flows that the entity expects
the contractual rights to the cash flows from the to receive, discounted at the original EIR.
asset expire, or it transfers the rights to receive
ECL impairment loss allowance (or reversal) during the
the contractual cash flows on the financial asset
year is recognized as income/ expense in consolidated
in a transaction in which substantially all the risks
statement of profit and loss. The balance sheet
and rewards of ownership of the financial asset
presentation for various financial instruments is
are transferred.
described below:
(iii) Impairment of financial assets a) Financial assets measured at amortised cost: ECL
In accordance with Ind AS 109, the Group applies is presented as an allowance, i.e., as an integral
expected credit loss ("ECL") model for measurement part of the measurement of those assets. The
and recognition of impairment loss on the following Group does not reduce impairment allowance
financial assets: from the gross carrying amount.
473
NOTES
b) Debt instruments measured at FVOCI: Since Gains or losses on liabilities held for trading are
financial assets are already reflected at fair value, recognised in the consolidated statement of profit
impairment allowance is not further reduced from and loss.
its value. Rather, ECL amount is presented as
'accumulated impairment amount' in the OCI. Financial liabilities designated upon initial recognition
at fair value through profit or loss are designated
For assessing increase in credit risk and impairment as such at the initial date of recognition, and
loss, the Group combines financial instruments on only if the criteria in Ind AS 109 are satisfied. For
the basis of shared credit risk characteristics with the liabilities designated as FVTPL, fair value gains/
objective of facilitating an analysis that is designed losses attributable to changes in own credit risk
to enable significant increases in credit risk to be are recognized in OCI. These gains/ losses are not
identified on a timely basis. subsequently transferred to consolidated income
statement. However, the Group may transfer the
The Group does not have any purchased or cumulative gain or loss within equity. All other changes
originated credit-impaired (POCI) financial assets, in fair value of such liability are recognised in the
i.e., financial assets which are credit impaired on consolidated statement of profit and loss. The Group
purchase/ origination. has not designated any financial liability at fair value
through profit or loss.
(iv) Financial liabilities – Recognition and Subsequent
measurement Further, the provisionally priced trade payables are
Financial liabilities are classified, at initial recognition, marked to market using the relevant forward prices for
as financial liabilities at fair value through profit or the future period specified in the contract.
loss, or as loans and borrowings, payables, or as
derivatives designated as hedging instruments in an • Financial liabilities at amortised cost (Loans,
effective hedge, as appropriate. Borrowings and Trade and Other payables)
After initial recognition, interest-bearing loans
All financial liabilities are recognised initially at and borrowings and trade and other payables are
fair value, and in the case of financial liabilities subsequently measured at amortised cost using the
at amortised cost, net of directly attributable EIR method. Gains and losses are recognised in the
transaction costs. consolidated statement of profit and loss when the
liabilities are derecognised as well as through the EIR
The Group's financial liabilities include trade and amortisation process.
other payables, loans and borrowings including bank
overdrafts, financial guarantee contracts and derivative Amortised cost is calculated by taking into account
financial instruments. any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
The measurement of financial liabilities depends on EIR amortisation is included as finance costs in the
their classification, as described below: consolidated statement of profit and loss.
• Financial liabilities at fair value through profit or loss (v) Financial liabilities - Derecognition
Financial liabilities at fair value through profit or loss A financial liability is derecognised when the obligation
include financial liabilities held for trading and financial under the liability is discharged or cancelled or
liabilities designated upon initial recognition as at expires. When an existing financial liability is replaced
fair value through profit or loss. Financial liabilities by another from the same lender on substantially
are classified as held for trading if they are incurred different terms, or the terms of an existing liability
for the purpose of repurchasing in the near term. This are substantially modified, such an exchange or
category also includes derivative financial instruments modification is treated as the derecognition of the
entered into by the Group that are not designated as original liability and the recognition of a new liability.
hedging instruments in hedge relationships as defined The difference in the respective carrying amounts is
by Ind AS 109. Separated embedded derivatives are recognised in the consolidated statement of profit
also classified as held for trading unless they are and loss.
designated as effective hedging instruments.
474
NOTES
(vi) Embedded derivatives (viii) Offsetting of financial instruments

An embedded derivative is a component of a hybrid Financial assets and financial liabilities are offset
(combined) instrument that also includes a non- and the net amount is reported in the consolidated
derivative host contract - with the effect that some balance sheet if there is a currently enforceable legal
of the cash flows of the combined instrument vary right to offset the recognised amounts and there is an
in a way similar to a stand-alone derivative. An intention to settle on a net basis or to realise the asset
embedded derivative causes some or all of the cash and settle the liability simultaneously.
flows that otherwise would be required by the contract
to be modified according to a specified interest rate, (J) Derivative financial instruments and hedge
financial instrument price, commodity price, foreign accounting
exchange rate, index of prices or rates, credit rating or Initial recognition and subsequent measurement
credit index, or other variable, provided in the case of a
In order to hedge its exposure to foreign exchange,
non-financial variable that the variable is not specific
interest rate, and commodity price risks, the Group
to a party to the contract. Reassessment only occurs
enters into forward, option, swap contracts and
if there is either a change in the terms of the contract
other derivative financial instruments. The Group
that significantly modifies the cash flows that would
does not hold derivative financial instruments for
otherwise be required or a reclassification of a financial
speculative purposes.
asset out of the fair value through profit or loss.
Such derivative financial instruments are initially
If the hybrid contract contains a host that is a financial
recognised at fair value on the date on which
asset within the scope of Ind AS 109, the Group
a derivative contract is entered into and are
does not separate embedded derivatives. Rather, it
subsequently re-measured at fair value. Derivatives
applies the classification requirements contained in
are carried as financial assets when the fair value is
Ind AS 109 to the entire hybrid contract. Derivatives
positive and as financial liabilities when the fair value
embedded in all other host contracts are accounted
is negative.
for as separate derivatives and recorded at fair value
if their economic characteristics and risks are not Any gains or losses arising from changes in the
closely related to those of the host contracts and the fair value of derivatives are taken directly to the
host contracts are not held for trading or designated consolidated statement of profit and loss, except
at fair value through profit or loss. These embedded for the effective portion of cash flow hedges, which
derivatives are measured at fair value with changes is recognised in OCI and later reclassified to the
in fair value recognised in the consolidated statement consolidated statement of profit and loss when
of profit and loss, unless designated as effective the hedge item affects profit or loss or treated as
hedging instruments. basis adjustment if a hedged forecast transaction
subsequently results in the recognition of a non-
(vii) Equity instruments
financial asset or non-financial liability.
An equity instrument is any contract that evidences
a residual interest in the assets of an entity after For the purpose of hedge accounting, hedges are
deducting all of its liabilities. Equity instruments issued classified as:
by the Group are recognised at the proceeds received,
• F
air value hedges when hedging the exposure to
net of direct issue costs.
changes in the fair value of a recognised asset or
The Company recognises a liability to pay dividend to liability or an unrecognised firm commitment;
equity holders of the company when the distribution • C
ash flow hedges when hedging the exposure to
is authorised, and the distribution is no longer at variability in cash flows that is either attributable to
the discretion of the Company. As per the corporate a particular risk associated with a recognised asset
laws in India, a distribution with respect to interim or liability or a highly probable forecast transaction
dividend is authorised when it is approved by the or the foreign currency risk in an unrecognised
board of directors of the Company and final dividend is firm commitment;
authorised when it is approved by the shareholders. A
• Hedges of a net investment in a foreign operation;
corresponding amount is recognised directly in equity.
475
NOTES
At the inception of a hedge relationship, the Group non-financial liability, the amounts recognised in OCI
formally designates and documents the hedge are transferred to the initial carrying amount of the
relationship to which the Group wishes to apply non-financial asset or liability.
hedge accounting. The documentation includes the
Group's risk management objective and strategy If the hedging instrument expires or is sold, terminated
for undertaking hedge, the hedging/ economic or exercised without replacement or rollover (as part of
relationship, the hedged item or transaction, the the hedging strategy), or if its designation as a hedge
nature of the risk being hedged, hedge ratio and how is revoked, or when the hedge no longer meets the
the Group will assess the effectiveness of changes in criteria for hedge accounting, any cumulative gain or
the hedging instrument's fair value in offsetting the loss previously recognised in OCI remains separately
exposure to changes in the hedged item's fair value in equity until the forecast transaction occurs or the
or cash flows attributable to the hedged risk. Such foreign currency firm commitment is met.
hedges are expected to be highly effective in achieving
offsetting changes in fair value or cash flows and (iii) Hedges of a net investment
are assessed on an ongoing basis to determine that Hedges of a net investment in a foreign operation,
they actually have been highly effective throughout including a hedge of a monetary item that is accounted
the financial reporting periods for which they for as part of the net investment, are accounted for in
were designated. a way similar to cash flow hedges. Gains or losses on
the hedging instrument relating to the effective portion
Hedges that meet the strict criteria for hedge of the hedge are recognised in OCI while any gains or
accounting are accounted for, as described below: losses relating to the ineffective portion are recognised
in the consolidated statement of profit and loss. On
(i) Fair value hedges disposal of the foreign operation, the cumulative
Changes in the fair value of derivatives that are value of any such gains or losses recorded in equity is
designated and qualify as fair value hedges are reclassified to the consolidated statement of profit and
recognised in the consolidated statement of profit loss (as a reclassification adjustment).
and loss immediately, together with any changes in
the fair value of the hedged asset or liability that are (K) Leases
attributable to the hedged risk. The Group assesses at contract inception, all
arrangements to determine whether they are, or
When an unrecognised firm commitment is designated contain, a lease. That is, if the contract conveys the
as a hedged item, the subsequent cumulative change right to control the use of an identified asset for a
in the fair value of the firm commitment attributable to period of time in exchange for consideration.
the hedged risk is recognised as an asset or liability
with a corresponding gain or loss recognised in the (a) Group as a lessor
consolidated statement of profit and loss. Hedge
Leases in which the Group does not transfer
accounting is discontinued when the group revokes the
substantially all the risks and rewards of ownership
hedge relationship, the hedging instrument or hedged
of an asset are classified as operating leases.
item expires or is sold, terminated, or exercised or no
Rental income from operating lease is recognised
longer meets the criteria for hedge accounting.
on a straight-line basis over the term of the relevant
lease. Initial direct costs incurred in negotiating and
(ii) Cash flow hedges
arranging an operating lease are added to the carrying
The effective portion of the gain or loss on the hedging amount of the leased asset and recognised over
instrument is recognised in OCI in the cash flow hedge the lease term on the same basis as rental income.
reserve, while any ineffective portion is recognised Contingent rents are recognised as revenue in the
immediately in the consolidated statement of profit period in which they are earned.
and loss.
Leases are classified as finance leases when
Amounts recognised in OCI are transferred to the substantially all of the risks and rewards of ownership
consolidated statement of profit and loss when the transfer from the Group to the lessee. Amounts due
hedged transaction affects profit or loss, such as when from lessees under finance leases are recorded as
the hedged financial income or financial expense is receivables at the Group’s net investment in the leases.
recognised or when a forecast sale occurs. When the Finance lease income is allocated to accounting
hedged item is the cost of a non-financial asset or periods so as to reflect a constant periodic rate of
476
NOTES
return on the net investment outstanding in respect of in the lease is generally not readily determinable.
the lease. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of
(b) Group as a lessee interest and reduced for the lease payments made.
The Group applies a single recognition and In addition, the carrying amount of lease liabilities
measurement approach for all leases, except for is remeasured if there is a modification, a change in
short-term leases and leases of low-value assets. The the lease term, a change in the lease payments (e.g.,
Group recognises lease liabilities towards future lease changes to future payments resulting from a change
payments and right-of-use assets representing the in an index or rate used to determine such lease
right to use the underlying assets. payments) or a change in the assessment of an option
to purchase the underlying asset.
(i) Right-of-use assets
The Group’s lease liabilities are disclosed on the face
The Group recognises right-of-use assets at the
of Balance sheet.
commencement date of the lease (i.e., the date when
the underlying asset is available for use). Right-of-use
(iii) Short-term leases and leases of low-value assets
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted The Group applies the short-term lease recognition
for any remeasurement of lease liabilities. The cost exemption to its short-term leases of equipment (i.e.,
of right-of-use assets includes the amount of lease those leases that have a lease term of 12 months or
liabilities recognised, initial direct costs incurred, and less from the commencement date and do not contain
lease payments made at or before the commencement a purchase option). It also applies the lease of low-
date less any lease incentives received. The right-of- value assets recognition exemption to leases of office
use assets are also subject to impairment. equipment that are considered to be low value. Lease
payments on short-term leases and leases of low-
Right-of-use assets are depreciated on a straight- value assets are recognised as expense on a straight-
line basis over the shorter of the lease term and the line basis over the lease term.
estimated useful lives of the assets as described in
'D' above. (L) Inventories
Inventories and work-in-progress are stated at
(ii) Lease liabilities the lower of cost and net realisable value. Cost is
At the commencement date of the lease, the Group determined on the following basis:
recognises lease liabilities measured at the present • P
urchased copper concentrate is recorded at
value of lease payments to be made over the lease cost on a first-in, first-out (“FIFO”) basis; all other
term. The lease payments include fixed payments materials including stores and spares are valued
(and, in some instances, in-substance fixed payments) on weighted average basis except in Oil and Gas
less any lease incentives receivable, variable lease business where stores and spares are valued on
payments that depend on an index or a rate, and FIFO basis;
amounts expected to be paid under residual value
guarantees. The lease payments also include the • Finished products are valued at raw material cost
exercise price of a purchase option reasonably plus costs of conversion, comprising labour cost
certain to be exercised by the Group and payments of and an attributable proportion of manufacturing
penalties for terminating the lease, if the lease term overheads based on normal levels of activity and
reflects the Group exercising the option to terminate. are moved out of inventory on a weighted average
Variable lease payments that do not depend on an basis (except in copper business where FIFO basis
index or a rate are recognised as expenses (unless is followed); and
they are incurred to produce inventories) in the period • B
y-products and scrap are valued at net
in which the event or condition that triggers the realisable value.
payment occurs.
Net realisable value is determined based on estimated
In calculating the present value of lease payments, the selling price, less further costs expected to be incurred
Group uses its incremental borrowing rate at the lease for completion and disposal.
commencement date because the interest rate implicit
477
NOTES
Inventories of 'Fuel Stock' mainly consist of coal which amounts for financial reporting purposes and on carry
is used for generating power. On consumption, the forward of unused tax credits and unused tax losses:
cost is charged off to 'Power and Fuel' expenses in the
• t ax payable on the future remittance of the past
consolidated statement of profit and loss.
earnings of subsidiaries where the timing of the
reversal of the temporary differences can be
(M) Government grants
controlled and it is probable that the temporary
Grants and subsidies from the government are differences will not reverse in the foreseeable future;
recognised when there is reasonable assurance that (i)
the Group will comply with the conditions attached to • d
eferred income tax is not recognised on initial
them, and (ii) the grant/subsidy will be received. recognition as well as on the impairment of goodwill
which is not deductible for tax purposes or on
When the grant or subsidy relates to revenue, it is the initial recognition of an asset or liability in a
recognised as income on a systematic basis in the transaction that is not a business combination and,
consolidated statement of profit and loss over the at the time of the transaction, affects neither the
periods necessary to match them with the related accounting profit nor taxable profit (tax loss); and
costs, which they are intended to compensate. • d
eferred tax assets (including MAT credit
entitlement) are recognised only to the extent that it
Where the grant relates to an asset, it is recognised is more likely than not that they will be recovered.
as deferred income and released to income in equal
amounts over the expected useful life of the related Deferred tax assets and liabilities are measured at the
asset and presented within other income. tax rates that are expected to apply to the year when
the asset is realized or the liability is settled, based
When the Group receives grants of non-monetary on tax rates (and tax laws) that have been enacted
assets, the asset and the grant are recorded at fair or substantively enacted at the reporting date. Tax
value amounts and released to profit or loss over the relating to items recognized outside the consolidated
expected useful life in a pattern of consumption of the statement of profit and loss is recognised outside the
benefit of the underlying asset. consolidated statement of profit and loss (either in
other comprehensive income or equity).
When loans or similar assistance are provided by
governments or related institutions, with an interest The carrying amount of deferred tax assets (including
rate below the current applicable market rate, the effect MAT credit entitlement) is reviewed at each reporting
of this favourable interest is regarded as a government date and is adjusted to the extent that it is no longer
grant. The loan or assistance is initially recognised and probable that sufficient taxable profit will be available
measured at fair value and the government grant is to allow all or part of the asset to be recovered.
measured as the difference between the initial carrying
value of the loan and the proceeds received. The loan Deferred tax assets and deferred tax liabilities are
is subsequently measured as per the accounting policy offset, if a legally enforceable right exists to set off
applicable to financial liabilities. current income tax assets against current income tax
liabilities and the deferred taxes relate to the same
(N) Taxation taxable entity and the same taxation authority.
Tax expense represents the sum of current tax and
deferred tax. Deferred tax is provided on temporary differences
arising on acquisitions that are categorised as
Current tax is provided at amounts expected to be paid Business Combinations. Deferred tax is recognised
(or recovered) using the tax rates and laws that have at acquisition as part of the assessment of the fair
been enacted or substantively enacted by the reporting value of assets and liabilities acquired. Subsequently
date and includes any adjustment to tax payable in deferred tax is charged or credited in the consolidated
respect of previous years. statement of profit and loss/other comprehensive
income as the underlying temporary difference
Subject to the exceptions below, deferred tax is is reversed.
provided, using the balance sheet method, on all
temporary differences at the reporting date between Further, management periodically evaluates positions
the tax bases of assets and liabilities and their carrying taken in the tax returns with respect to situations
in which applicable tax regulations are subject to
478
NOTES
interpretation and considers whether it is probable employees render services in exchange for shares or
that a taxation authority will accept an uncertain rights over shares (‘equity-settled transactions’).
tax treatment. The Group shall reflect the effect of
uncertainty for each uncertain tax treatment by using The cost of equity-settled transactions with employees
either most likely method or expected value method, is measured at fair value of share awards at the date at
depending on which method predicts better resolution which they are granted. The fair value of share awards
of the treatment. is determined with the assistance of an external valuer
and the fair value at the grant date is expensed on a
(O) Retirement benefit schemes proportionate basis over the vesting period based on
The Group operates or participates in a number of the Group’s estimate of shares that will eventually vest.
defined benefits and defined contribution schemes, the The estimate of the number of awards likely to vest is
assets of which (where funded) are held in separately reviewed at each balance sheet date up to the vesting
administered funds. For defined benefit schemes, date at which point the estimate is adjusted to reflect
the cost of providing benefits under the plans is the current expectations.
determined by actuarial valuation each year separately
for each plan using the projected unit credit method by The resultant increase in equity is recorded in share-
third party qualified actuaries. based payment reserve.
Remeasurement including, effects of asset ceiling and In case of cash-settled transactions, a liability
return on plan assets (excluding amounts included is recognised for the fair value of cash-settled
in interest on the net defined benefit liability) and transactions. The fair value is measured initially and at
actuarial gains and losses arising in the year are each reporting date up to and including the settlement
recognised in full in other comprehensive income and date, with changes in fair value recognised in employee
are not recycled to the consolidated statement of profit benefits expense. The fair value is expensed over
and loss. the period until the vesting date with recognition of a
corresponding liability. The fair value is determined
Past service costs are recognised in the consolidated with the assistance of an external valuer.
statement of profit and loss on the earlier of:
(Q) Provisions, contingent liabilities and contingent
• the date of the plan amendment or curtailment, and assets
• the date that the Group recognises related The assessments undertaken in recognising provisions
restructuring costs and contingencies have been made in accordance with
the applicable Ind AS.
Net interest is calculated by applying a discount
rate to the net defined benefit liability or asset at the Provisions represent liabilities for which the amount
beginning of the period. Defined benefit costs are split or timing is uncertain. Provisions are recognized
into current service cost, past service cost, net interest when the Group has a present obligation (legal or
expense or income and remeasurement and gains constructive), as a result of past events, and it is
and losses on curtailments and settlements. Current probable that an outflow of resources, that can be
service cost and past service cost are recognised reliably estimated, will be required to settle such
within employee benefit expense. Net interest expense an obligation.
or income is recognized within finance costs.
If the effect of the time value of money is material,
For defined contribution schemes, the amount provisions are determined by discounting the expected
charged to the consolidated statement of profit future cash flows to net present value using an
and loss in respect of pension costs and other post appropriate pre-tax discount rate that reflects current
retirement benefits is the contributions payable in the market assessments of the time value of money and,
year, recognised as and when the employee renders where appropriate, the risks specific to the liability.
related services. Unwinding of the discount is recognized in the
consolidated statement of profit and loss as a finance
(P) Share-based payments cost. Provisions are reviewed at each reporting date
Certain employees (including executive directors) of and are adjusted to reflect the current best estimate.
the Group receive part of their remuneration in the
form of share-based payment transactions, whereby A contingent liability is a possible obligation that
arises from past events whose existence will be
479
NOTES
confirmed by the occurrence or non-occurrence of one (S) Accounting for foreign currency transactions and
or more uncertain future events beyond the control of translations
the Group or a present obligation that is not recognised The functional currency for each entity in the Group is
because it is not probable that an outflow of resources determined as the currency of the primary economic
will be required to settle the obligation. A contingent environment in which it operates. For all principal
liability also arises in extremely rare cases where operating subsidiaries, the functional currency is
there is a liability that cannot be recognised because normally the local currency of the country in which it
it cannot be measured reliably. The Group does not operates with the exception of oil and gas business
recognize a contingent liability but discloses its operations which have a US dollar functional currency
existence in the consolidated balance sheet. as that is the currency of the primary economic
environment in which it operates. The financial
Contingent assets are not recognised but disclosed in statements are presented in Indian rupee (`).
the financial statements when an inflow of economic
benefit is probable. In the financial statements of individual group
companies, transactions in currencies other than
The Group has significant capital commitments in the respective functional currencies are translated
relation to various capital projects which are not into their functional currencies at the exchange rates
recognized in the balance sheet. ruling at the date of the transaction. Monetary assets
and liabilities denominated in other currencies are
(R) Restoration, rehabilitation and environmental translated into functional currencies at exchange rates
costs prevailing on the reporting date. Non-monetary assets
An obligation to incur restoration, rehabilitation and and liabilities denominated in other currencies and
environmental costs arises when environmental measured at historical cost or fair value are translated
disturbance is caused by the development or ongoing at the exchange rates prevailing on the dates on which
production of a mine or oil fields. Such costs, such values were determined.
discounted to net present value, are provided for and
a corresponding amount is capitalised at the start All exchange differences are included in the
of each project, as soon as the obligation to incur consolidated statement of profit and loss except those
such costs arises. These costs are charged to the where the monetary item is designated as an effective
consolidated statement of profit and loss over the life hedging instrument of the currency risk of designated
of the operation through the depreciation of the asset forecasted sales or purchases, which are recognized in
and the unwinding of the discount on the provision. the other comprehensive income.
The cost estimates are reviewed periodically and
are adjusted to reflect known developments which Exchange differences which are regarded as an
may have an impact on the cost estimates or life of adjustment to interest costs on foreign currency
operations. The cost of the related asset is adjusted borrowings, are capitalized as part of borrowing costs
for changes in the provision due to factors such as in qualifying assets.
updated cost estimates, changes to lives of operations,
new disturbance and revisions to discount rates. The For the purposes of the consolidation of financial
adjusted cost of the asset is depreciated prospectively statements, items in the consolidated statement of
over the lives of the assets to which they relate. The profit and loss of those businesses for which the
unwinding of the discount is shown as finance cost in Indian Rupees is not the functional currency are
the consolidated statement of profit and loss. translated into Indian Rupees at the average rates of
exchange during the year/ exchange rates as on the
Costs for the restoration of subsequent site damage, date of transaction. The related consolidated balance
which is caused on an ongoing basis during sheet is translated into Indian rupees at the rates as
production, are provided for at their net present value at the reporting date. Exchange differences arising on
and charged to the consolidated statement of profit translation are recognised in consolidated statements
and loss as extraction progresses. Where the costs of of other comprehensive income. On disposal of such
site restoration are not anticipated to be material, they entities the deferred cumulative exchange differences
are expensed as incurred. recognised in equity relating to that particular
foreign operation are recognised in the consolidated
statement of profit and loss.
480
NOTES
The Group had applied paragraph 46A of AS 11 under institutions to the operating vendors are treated as a
Previous GAAP. Ind AS 101 gives an option, which non-cash item and settlement of operational buyer’s
has been exercised by the Group, whereby a first credit/ suppliers’ credit by the Group is treated as cash
time adopter can continue its Indian GAAP policy for flows from operating activity reflecting the substance
accounting for exchange differences arising from of the payment.
translation of long-term foreign currency monetary
items recognised in the Indian GAAP financial Where such arrangements are with a maturity beyond
statements for the period ending immediately before twelve months and up to thirty six months, the
the beginning of the first Ind AS financial reporting economic substance of the transaction is determined
period. Hence, foreign exchange gain/loss on long- to be financing in nature, and these are presented
term foreign currency monetary items recognized within borrowings in the consolidated balance sheet.
upto 31 March 2016 has been deferred/capitalized. Payments made to vendors are treated as cash
Such exchange differences arising on translation/ item and disclosed as cash flows from operating/
settlement of long-term foreign currency monetary investing activity depending on the nature of the
items and pertaining to the acquisition of a depreciable underlying transaction. Settlement of dues to banks
asset are amortised over the remaining useful lives of and financial institution are treated as cash flows from
the assets. financing activity.
Exchange differences arising on translation/ (V) Current and non-current classification

settlement of long-term foreign currency monetary The Group presents assets and liabilities in the
items, acquired post 01 April 2016, pertaining to the consolidated balance sheet based on current / non-
acquisition of a depreciable asset are charged to the current classification.
An asset is classified as current when it satisfies any
(T) Earnings per share of the following criteria:
The Group presents basic and diluted earnings per
• it is expected to be realized in, or is intended
share ("EPS") data for its equity shares. Basic EPS is
for sale or consumption in, the Group's normal
calculated by dividing the profit or loss attributable to
operating cycle.
equity shareholders of the Company by the weighted
average number of equity shares outstanding during • it is held primarily for the purpose of being traded;
the period. Diluted EPS is determined by adjusting • it is expected to be realized within 12 months after
the profit or loss attributable to equity shareholders the reporting date; or
and the weighted average number of equity shares
outstanding for the effects of all dilutive potential • it is cash or cash equivalent unless it is restricted
equity shares. from being exchanged or used to settle a liability for
at least 12 months after the reporting date.
(U) Buyers' Credit/ Suppliers' Credit and vendor
financing All other assets are classified as non-current.
The Group enters into arrangements whereby banks
A liability is classified as current when it satisfies any
and financial institutions make direct payments to
of the following criteria:
suppliers for raw materials and project materials.
The banks and financial institutions are subsequently • it is expected to be settled in the Group's normal
repaid by the Group at a later date providing working operating cycle;
capital timing benefits. These are normally settled
• it is held primarily for the purpose of being traded;
between twelve months (for raw materials) to thirty
six months (for project and materials). Where these • it is due to be settled within 12 months after the
arrangements are with a maturity of up to twelve reporting date; or
months, the economic substance of the transaction
• the Group does not have an unconditional right
is determined to be operating in nature and these are
to defer settlement of the liability for at least 12
recognised as operational buyers’ credit/ suppliers'
months after the reporting date. Terms of a liability
credit and disclosed on the face of the balance sheet.
that could, at the option of the counterparty, result in
Interest expense on these are recognised in the
its settlement by the issue of equity instruments do
finance cost. Payments made by banks and financial
not affect its classification.
481
NOTES
All other liabilities are classified as non-current. considering all the contractual terms of the financial
instrument (for example, prepayment, extension, call
Deferred tax assets and liabilities are classified as non and similar options).
current only.
(X) Treasury shares
(W) Borrowing costs The Group has created an Employee Benefit Trust
Borrowing cost includes interest expense as per (EBT) for providing share-based payment to its
effective interest rate (EIR) and exchange differences employees. The Group uses EBT as a vehicle for
arising from foreign currency borrowings to the distributing shares to employees under the employee
extent they are regarded as an adjustment to the remuneration schemes. The EBT buys shares of
interest cost. the company from the market, for giving shares to
employees. The shares held by EBT are treated as
Borrowing costs directly relating to the acquisition, treasury shares.
construction or production of a qualifying capital
project under construction are capitalised and Own equity instruments that are reacquired (treasury
added to the project cost during construction until shares) are recognised at cost and deducted from
such time that the assets are substantially ready equity. No gain or loss is recognised in profit or loss on
for their intended use, i.e., when they are capable of the purchase, sale, issue or cancellation of the Group’s
commercial production. Borrowing costs relating own equity instruments. Any difference between the
to the construction phase of a service concession carrying amount and the consideration, if reissued,
arrangement is capitalised as part of the cost of the is recognised in equity. Share options whenever
intangible asset. Where funds are borrowed specifically exercised, would be satisfied with treasury shares.
to finance a qualifying capital project, the amount
capitalised represents the actual borrowing costs (Y) Cash and cash equivalents
incurred. Where surplus funds are available out of Cash and cash equivalents comprise cash at bank
money borrowed specifically to finance a qualifying and on hand and short-term money market deposits
capital project, the income generated from such short- which have maturity of three months or less from
term investments is deducted from the total capitalized the date of acquisition, that are readily convertible to
borrowing cost. If any specific borrowing remains known amounts of cash and which are subject to an
outstanding after the related asset is ready for its insignificant risk of changes in value.
intended use or sale, that borrowing then becomes part
of general borrowing. Where the funds used to finance For the purpose of the consolidated statement of cash
a project form part of general borrowings, the amount flows, cash and cash equivalents consist of cash and
capitalised is calculated using a weighted average of short-term deposits, as defined above.
rates applicable to relevant general borrowings of the
Group during the year. (Z) Exceptional items
Exceptional items are those items that management
All other borrowing costs are recognised in the
considers, by virtue of their size or incidence
consolidated statement of profit and loss in the year in
(including but not limited to impairment charges
which they are incurred.
and acquisition and restructuring related costs),
should be disclosed separately to ensure that the
Capitalisation of interest on borrowings related to
financial information allows an understanding of the
construction or development projects is ceased when
underlying performance of the business in the year,
substantially all the activities that are necessary
so as to facilitate comparison with prior periods. Also
to make the assets ready for their intended use are
tax charges related to exceptional items and certain
complete or when delays occur outside of the normal
one-time tax effects are considered exceptional. Such
course of business.
items are material by nature or amount to the year’s
result and require separate disclosure in accordance
EIR is the rate that exactly discounts the estimated
with Ind AS.
future cash payments or receipts over the expected
life of the financial liability or a shorter period, where
The determination as to which items should be
appropriate, to the amortised cost of a financial
disclosed separately requires a degree of judgement.
liability. When calculating the effective interest rate,
The details of exceptional items are set out in note 36.
the Group estimates the expected cash flows by
482
NOTES
3(b) Application of new and amended standards the reported amounts of assets, liabilities, income,
(A) The Group has adopted, with effect from 01 April expenses and disclosures of contingent assets and
2022, the following new and revised standards. liabilities at the date of these consolidated financial
Their adoption has not had any significant impact statements and the reported amounts of revenues and
on the amounts reported in the consolidated expenses for the years presented. These judgments
financial statements. and estimates are based on management’s best
knowledge of the relevant facts and circumstances,
1. Amendment to Ind AS 37 regarding costs that an having regard to previous experience, but actual results
entity needs to include when assessing whether a may differ materially from the amounts included in the
contract is onerous or loss-making. financial statements.
2. Amendment to Ind AS 109 Financial Instrument
regarding inclusion of fees in the ’10 per cent’ test Estimates and underlying assumptions are reviewed on
for derecognition of financial liabilities. an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
3. Amendment to Ind AS 103 Business Combination, revised and future periods affected.
Reference to the Conceptual Framework for
Financial Reporting. The information about significant areas of estimation
uncertainty and critical judgements in applying
4. Amendment to Ind AS 16 Property, Plant accounting policies that have the most significant
and Equipment regarding proceeds before effect on the amounts recognized in the financial
intended use. statements are as given below.
(B) Standards notified but not yet effective (A) Significant estimates
The Ministry of Corporate Affairs has notified i) Carrying value of exploration and evaluation assets
Companies (Indian Accounting Standards) Amendment
Exploration assets are assessed by comparing the
Rules, 2023 dated 31 March 2023, effective from
carrying value to higher of fair value less cost of
01 April 2023, resulting in certain amendments as
disposal or value in use if impairment indicators,
mentioned below :
as contained in Ind AS 106, exists. Change to
1. Ind AS 1 Presentation of financial statements: the valuation of exploration assets is an area of
The amendment requires disclosure of material judgement. Further details on the Group’s accounting
accounting policies rather than significant policies on this are set out in accounting policy above.
accounting policies; The amounts for exploration and evaluation assets
represent active exploration projects. These amounts
2. Ind AS 12 Income Taxes: The amendment
will be written off to the consolidated statement of
clarifies application of initial recognition
profit and loss as exploration costs unless commercial
exemption to transactions such as leases and
reserves are established or the determination process
decommissioning obligations;
is not completed and there are no indications of
3. Ind AS 8 Accounting Policies, Change in impairment. The outcome of ongoing exploration, and
Accounting Estimates and Errors: The amendment therefore whether the carrying value of exploration
replaces definition of ‘change in accounting and evaluation assets will ultimately be recovered, is
estimates’ with the definition of ‘accounting inherently uncertain.
estimates’
Details of carrying values are disclosed in note 6.
These amendments are not expected to have any
impact in the financial statements of the Group. ii) Recoverability of deferred tax and other income tax
assets
3(c) Significant accounting estimates and The Group has carry forward tax losses, unabsorbed
judgements depreciation and MAT credit that are available for
offset against future taxable profit. Deferred tax assets
The preparation of consolidated financial statements
are recognised only to the extent that it is probable
in conformity with Ind AS requires management to
that taxable profit will be available against which the
make judgements, estimates and assumptions that
unused tax losses or tax credits can be utilized. This
affect the application of accounting policies and
483
NOTES
involves an assessment of when those assets are Health passed orders dated 30 May 2018, directing the
likely to reverse, and a judgement as to whether or not immediate suspension and revocation of the Factory
there will be sufficient taxable profits available to offset License and the Registration Certificate for the existing
the assets. This requires assumptions regarding future smelter plant.
profitability, which is inherently uncertain. To the extent
assumptions regarding future profitability change, The Company appealed this before the NGT. NGT
there can be an increase or decrease in the amounts vide its order on 15 December 2018 has set aside the
recognised in respect of deferred tax assets and impugned orders and directed the TNPCB to pass fresh
consequential impact in the consolidated statement of orders for renewal of consent and authorization to
profit and loss. handle hazardous substances, subject to appropriate
conditions for protection of environment in accordance
The total deferred tax assets recognised in these with law.
financial statements include MAT credit entitlements
of ` 9,382 Crore (31 March 2022: ` 6,746 Crore), of The State of Tamil Nadu and TNPCB approached
which ` 2,689 Crore (31 March 2022: ` 208 Crore) is Supreme Court in Civil Appeals on 02 January 2019
expected to be utilised in the fourteenth and fifteenth challenging the judgement of NGT dated 15 December
year, the maximum permissible time period to utilise 2018 and the previously passed judgement of NGT
the MAT credits. dated 08 August 2013. The Supreme Court vide its
judgement dated 18 February 2019 set aside the
During year ended 31 March 2021, ESL recognised judgements of NGT dated 15 December 2018 and 08
deferred tax assets of ` 3,184 Crore based on August 2013 solely on the basis of maintainability and
management’s estimate of future outlook, financial directed the Company to file an appeal in High court.
projections and requirements of Ind AS 12. During
the year ended 31 March 2023, ESL derecognized The Company has filed a writ petition before the
deferred tax assets on losses expired in the current Madras High Court challenging the various orders
year amounting to ` 100 Crore (31 March 2022: ` 122 passed against the Company in FY 2018 and
Crore). Based on revised financial forecasts, it is FY 2013. On 18 August 2020, the Madras High Court
probable to realise the remaining deferred tax assets. delivered the judgement wherein it dismissed all the
Writ Petitions filed by the Company. Thereafter, the
iii) Copper operations in Tamil Nadu, India Company has approached the Supreme Court and
Tamil Nadu Pollution Control Board (“TNPCB”) had challenged the said High Court order by way of a
issued a closure order of the Tuticorin Copper smelter, Special Leave Petition ("SLP").
against which the Company had filed an appeal with
the National Green Tribunal (“NGT”). NGT had, on 08 The Interlocutory Applications filed by the Company
August 2013, ruled that the Copper smelter could seeking essential care and maintenance of the Plant
continue its operations subject to implementation of and removal of materials from the plant premises
recommendations of the Expert Committee appointed were heard on 10 April 2023 where the Supreme Court
by the NGT. The TNPCB has filed an appeal against the allowed certain activities such as gypsum evacuation,
order of the NGT before the Supreme Court of India. operation of Secured Landfill (SLF) leachate
sump pump, Bund rectification of SLF and green-
In the meanwhile, the application for renewal of belt maintenance.
Consent to Operate ("CTO") for existing copper
smelter was rejected by TNPCB in April 2018. The On 4 May 2023, Honourable Supreme Court further
Company has filed an appeal before the TNPCB directed the State of Tamil Nadu to conclude on any
Appellate Authority challenging the Rejection Order. further supplementary directions to be issued with
During the pendency of the appeal, the TNPCB vide its regard to the care & maintenance of the Plant by 01
order dated 23 May 2018 ordered closure of existing June 2023. The SLP is now listed for hearing and final
copper smelter plant with immediate effect. Further, disposal at the top of the TNPCB on 22 August 2023
the Government of Tamil Nadu issued orders on and 23 August 2023.
the same date with a direction to seal the existing
copper smelter plant permanently. The Company As per the Company’s assessment, it is in compliance
believes these actions were not taken in accordance with the applicable regulations and expects to get
with the procedure prescribed under applicable laws. the necessary approvals in relation to the existing
Subsequently, the Directorate of Industrial Safety and operations and hence the Company does not expect
484
NOTES
any material adjustments to these financial statements Expansion Project basis fair value less cost of
as a consequence of above actions. disposal. The net carrying value of ` 17 Crore as at 31
March 2023 (31 March 2022: ` 41 Crore) approximates
The Company has carried out an impairment analysis its recoverable value.
for existing plant assets during the year ended 31
March 2023 considering various scenarios and Property, plant and equipment of ` 1,033 Crore (31
possibilities, and concluded on balance of probabilities March 2022: ` 1,213 Crore) and inventories of ` 269
that there exists no impairment. Crore (31 March 2022: ` 301 Crore), pertaining to
existing and expansion plant, could not be physically
The carrying value of the assets as at 31 March 2023 verified, anytime during the year, as the access to the
is ` 1,913 Crore (31 March 2022: ` 1,982 Crore). plant is presently restricted. However, any difference
between book and physical quantities is unlikely to
Expansion Project: be material.
Separately, the Company has filed a fresh application
for renewal of the Environmental Clearance for the (iv) ESL Steel Limited ("ESL"), had filed application for
proposed Copper Smelter Plant 2 ("Expansion Project") renewal of CTO on 24 August 2017 for the period of five
dated 12 March 2018 before the Expert Appraisal years which was denied by Jharkhand State Pollution
Committee of the Ministry of Environment, Forests Control Board ("JSPCB") on 23 August 2018, as JSPCB
and Climate Change ("the MoEFCC") wherein a sub- awaited response from the MoEFCC over a 2012
committee was directed to visit the Expansion Project show-cause notice. After a personal hearing towards
site prior to prescribing the Terms of Reference. the show cause notice, the MoEFCC revoked the
Environment Clearance ("EC") on 20 September 2018.
In the meantime, the Madurai Bench of the Madras The High Court of Jharkhand granted stay against both
High Court in a Public Interest Litigation held vide revocation orders and allowed the continuous running
its order dated 23 May 2018 that the application of the plant operations under regulatory supervision
for renewal of the Environmental Clearance for of the JSPCB. Jharkhand High Court, on 16 September
the Expansion Project shall be processed after a 2020, passed an order vacating the interim stay in
mandatory public hearing and in the interim, ordered place beyond 23 September 2020, while listed the
the Company to cease construction and all other matter for final hearing. ESL urgently filed a petition
activities on site for the proposed Expansion Project in the Hon’ble Supreme Court, and on 22 September
with immediate effect. The MoEFCC has delisted the 2020, ESL was granted permission to run the plant till
Expansion Project since the matter is sub-judice. further orders.
Separately, SIPCOT vide its letter dated 29 May
2018, cancelled 342.22 acres of the land allotted The Forest Advisory Committee ("FAC") of the MoEFCC
for the proposed Expansion Project. Further, the granted the Stage 1 clearance and the MoEFCC
TNPCB issued orders on 07 June 2018 directing the approved the related Terms of Reference ("TOR") on
withdrawal of the Consent to Establish ("CTE") which 25 August 2020. ESL presented its proposal before the
was valid till 31 March 2023. Expert Appraisal Committee ("EAC") after completing
the public consultation process and the same has
The Company has also appealed this action before been recommended for grant of EC subject to Forest
the TNPCB Appellate Authority. The matter has been Clearance by the EAC in its 41st meeting dated 29
adjourned until the conclusion of special leave petition and 30 July 2021. Vide letter dated 25 August 2021,
filed before the Supreme Court. the MoEFCC rejected the EC “as of now” due to stay
granted by Madras High Court vide order dated 15 July
The Company has approached Madras High Court 2021 in a Public Interest Litigation filed against the
by way of writ petition challenging the cancellation Standard Operating Procedure which was issued by
of lease deeds by SIPCOT pursuant to which an the MoEFCC for regularization of violation case on 07
interim stay has been granted. The Company has July 2021. The Hon’ble Supreme Court vide order dated
also appealed this action before the TNPCB Appellate 09 December 2021 decided the matter by directing
Authority. The matter has been adjourned until the the MoEFCC to process the EC application of ESL as
conclusion of special leave petition filed before the per the applicable law within a period of three months.
Supreme Court. Considering the delay in existing The MoEFCC vide its letter dated 02 February 2022
plant matter and accordingly delay in getting the has deferred the grant of EC till Forest Clearance ("FC")
required approval for Expansion Project, management Stage-II is granted to ESL. ESL has submitted its reply
considered to make provision for impairment for against the MoEFCC letter vide letter dated 11 February
485
NOTES
2022 for reconsidering the decision of linking EC with Estimates/

Basis
FC as the grant of FC Stage – II is not a condition assumptions
precedent for grant of EC. As per Stage 1 clearance, Discount cost of capital risk-adjusted for the risk
the Group is required to provide non-forest land in rates specific to the asset/ CGU
addition to the afforestation cost. The Group, based
on the report of an Environment Impact Assessment Any subsequent changes to cash flows due to changes
consultant, had recognised a provision of ` 213 Crore in the above mentioned factors could impact the
as part of exceptional item during the year ended 31 carrying value of the assets.
March 2021 with respect to the costs to be incurred
by it for obtaining EC and an additional ` 7 Crore Details of carrying values and impairment charge/
was provided against final order relating to wildlife (reversal) and the assumptions used are disclosed in
conservation plan received during the year ended 31 note 6 and 36 respectively.
March 2022. Management believes no further provision
is required. (vii) Climate Change
The Group aims to achieve net carbon neutrality by
(v) Oil and Gas reserves 2050, has committed reduction in emission by 25%
Significant technical and commercial judgements by 2030 from 2021 baseline, net water positivity by
are required to determine the Company’s estimated 2030 as part of its climate risk assessment and has
oil and natural gas reserves. Reserves considered outlined its climate risk assessment and opportunities
for computing depletion are proved reserves for in the ESG strategy. Climate change may have various
acquisition costs and proved and developed reserves impacts on the Group in the medium to long term.
for successful exploratory wells, development wells, These impacts include the risks and opportunities
processing facilities, distribution assets, estimated related to the demand of products and services, impact
future abandonment cost and all other related costs. due to transition to a low-carbon economy, disruption
Reserves for this purpose are considered on working to the supply chain, risk of physical harm to the
interest basis which are reassessed at least annually. assets due to extreme weather conditions, regulatory
Details of such reserves are given in note 44. Changes changes etc. The accounting related measurement
in reserves as a result of change in management and disclosure items that are most impacted by our
assumptions could impact the depreciation rates and commitments, and climate change risk more generally,
the carrying value of assets (Refer note 6). relate to those areas of the financial statements that
are prepared under the historical cost convention and
(vi) Carrying value of developing/producing oil and gas are subject to estimation uncertainties in the medium
assets to long term.
Management performs impairment tests on the
Company’s developing/producing oil and gas assets The potential effects of climate change may be on
where indicators of impairment are identified in assets and liabilities that are measured based on
accordance with Ind AS 36. an estimate of future cash flows. The main ways
in which potential climate change impacts have
The impairment assessments are based on a range of been considered in the preparation of the financial
estimates and assumptions, including: statements, pertain to (a) inclusion of capex in cash
flow projections, (b) review of estimates of useful
Estimates/ lives of property, plant and equipment, (c) recoverable
Basis
assumptions
amounts of existing assets, (d) assets and liabilities
Future proved and probable reserves, production carried at fair value.
production facilities, resource estimates and expansion
projects
The Group's strategy consists of mitigation and
Commodity management’s best estimate benchmarked
adaptation measures. The Group is committed to
prices with external sources of information, to ensure
they are within the range of available analyst reduce its carbon footprint by limiting its exposure to
forecast coal-based projects and reducing its GHG emissions
Discount to management’s best estimate based on through high impact initiatives such as investment
price historical prevailing discount and updated in Renewable Energy (1,826 MW on a group captive
sales contracts basis), fuel switch, electrification of vehicles and
Period For Rajasthan block, cash flows are mining fleet and energy efficiency opportunities.
considered based on economic life of the Renewable sources have limitations in supplying
fields.
486
NOTES
round the clock power, so existing power plants would events and it is probable that the Group will be required
support transition and fleet replacement is part of to settle that obligation.
normal lifecycle renewal. The group has also taken
certain measures towards water management such as Where it is management’s assessment that the
commissioning of sewage treatment plants, rainwater outcome cannot be reliably quantified or is uncertain,
harvesting, and reducing fresh water consumption. the claims are disclosed as contingent liabilities
These initiatives are aligned with the group's ESG unless the likelihood of an adverse outcome is remote.
strategy and no material changes were identified to the Such liabilities are disclosed in the notes but are not
financial statements as a result. provided for in the financial statements.
As the Group’s assessment of the potential impacts When considering the classification of legal or tax
of climate change and the transition to a low-carbon cases as probable, possible or remote, there is
economy continues to mature, any future changes judgement involved. This pertains to the application
in Group's climate change strategy, changes in of the legislation, which in certain cases is based
environmental laws and regulations and global upon management’s interpretation of country specific
decarbonisation measures may impact the Group's applicable law, in particular India, and the likelihood of
significant judgments and key estimates and result in settlement. Management uses in-house and external
changes to financial statements and carrying values of legal professionals to make informed decision.
certain assets and liabilities in future reporting periods. Although there can be no assurance regarding the final
However, as of the balance sheet date, the Group outcome of the legal proceedings, the Group does not
believes that there is no material impact on carrying expect them to have a materially adverse impact on the
values of its assets or liabilities. Group’s financial position or profitability. These are set
out in note 40. For other significant litigations where
(B) Significant judgements the possibility of an outflow of resources embodying
(i) Determining whether an arrangement contains a lease: economic benefits is remote, refer note 41.
The Group has ascertained that the Power Purchase
(iii) Revenue recognition and receivable recovery in relation
Agreement (PPA) entered into between one of
to the power division
the subsidiaries and a State grid qualifies to be
an operating lease under Ind AS 116 “Leases”. In certain cases, the Group’s power customers are
Accordingly, the consideration receivable under the disputing various contractual provisions of Power
PPA relating to recovery of capacity charges towards Purchase Agreements (PPA). Significant judgement
capital cost have been recognised as operating lease is required in both assessing the tariff to be charged
rentals and in respect of variable cost that includes under the PPA in accordance with Ind AS 115 and
fuel costs, operations and maintenance, etc. is to assess the recoverability of withheld revenue
considered as revenue from sale of products/services. currently accounted for as receivables.
Significant judgement is required in segregating In assessing this critical judgment, management
the capacity charges due from the State grid, considered favourable external legal opinions that
between fixed and contingent payments. The Group the Group has obtained in relation to the claims.
has determined that since the capacity charges In addition, the fact that the contracts are with
under the PPA are based on the number of units of government owned companies implies that the credit
electricity made available by its Subsidiary which risk is low (refer note 8).
would be subject to variation on account of various
factors like availability of coal and water for the 4 Business Combinations/ Acquisitions/
plant, there are no fixed minimum payments under Restructuring
the PPA, which requires it to be accounted for on a A. Athena Chhattisgarh Power Limited
straight line basis. The contingent rents recognised
On 21 July 2022, the Company acquired Athena
are disclosed in Note 27.
Chhattisgarh Power Limited ("ACPL"), an unrelated
party, under the liquidation proceedings of the
(ii) Contingencies and other litigations
Insolvency and Bankruptcy Code, 2016 for a
In the normal course of business, contingent liabilities consideration of ` 565 Crore, subject to National
may arise from litigation, taxation and other claims Company Law Tribunal (“NCLT”) approval. ACPL
against the Group. A provision is recognised when is building a 1,200 MW (600 MW X 2) coal-based
the Group has a present obligation as a result of past power plant located at Jhanjgir Champa district,
487
NOTES
Chhattisgarh. The plant is expected to fulfil the power by its main products: copper, Zinc (comprises zinc
requirements for the Company’s aluminium business. and lead India, silver India and zinc international),
The Company had filed its application with the NCLT aluminium, iron ore, oil and gas, power and others.
in July 2022 and further amended the application "Others" segment mainly comprises port/berth, steel,
in November 2022 praying for merger of ACPL with glass substrate, ferro alloys and cement business and
itself. The Company has requested various reliefs those segments which do not meet the quantitative
from the applicable legal and regulatory provisions threshold for separate reporting. Each of the reportable
as part of the above applications. The NCLT approval segments derives its revenues from these main
of the Company’s resolution application is pending products and hence these have been identified as
as on the balance sheet date. On consolidation, the reportable segments by the Group’s chief operating
consideration paid for acquisition of ACPL represents decision maker (“CODM”).
mainly Capital work in progress.
Segment Revenue, Results, Assets and Liabilities
B. Amalgamation of Facor Power Limited into Ferro include the respective amounts identifiable to
Alloys Corporation Limited each of the segments and amount allocated on a
During the current year, Hon’ble National Company reasonable basis. Unallocated expenditure consist of
Law Tribunal, Cuttack Bench vide its Order dated common expenditure incurred for all the segments
15 November 2022 approved the Scheme of and expenses incurred at corporate level. The assets
Amalgamation of Facor Power Limited (“FPL”) into and liabilities that cannot be allocated between the
Ferro Alloys Corporation Limited (“FACOR”). FPL was segments are shown as unallocated assets and
a subsidiary of FACOR which in turn is a subsidiary unallocated liabilities respectively.
of the Company. Post the amalgamation becoming
effective on 21 November 2022, the Company directly The accounting policies of the reportable segments are
holds 99.99% in FACOR. There is no material impact on the same as the Group’s accounting policies. The operating
the consolidated financial statements of the Group due segments reported are the segments of the Group for which
to this amalgamation. separate financial information is available. Earnings before
interest, depreciation and amortisation and tax ("EBITDA")
are evaluated regularly by the CODM in deciding how to
5 Segment Information allocate resources and in assessing performance. The
A) Description of segment and principal activities Group’s financing (including finance costs and finance
The Group is a diversified natural resource group income) and income taxes are reviewed on an overall basis
engaged in exploring, extracting and processing and are not allocated to operating segments.
minerals and oil and gas. The Group produces zinc,
lead, silver, copper, aluminium, iron ore, oil and gas, Pricing between operating segments are on an arm’s
ferro alloys, steel, cement and commercial power and length basis in a manner similar to transactions with
has a presence across India, South Africa, Namibia, third parties.
U.A.E, Ireland, Australia, Japan, South Korea, Taiwan
and Liberia. The Group is also in the business of port The following table presents revenue and profit
operations and manufacturing of glass substrate. information and certain assets and liabilities information
The Group has seven reportable segments: copper, regarding the Group’s business segments as at and for the
aluminium, iron ore, power, Zinc India (comprises zinc year ended 31 March 2023 and 31 March 2022 respectively.
and lead India), Zinc international, oil and gas and
others. The management of the Group is organized
488
NOTES

(` in Crore)
Business Segments
Particulars Zinc Zinc
Oil & Gas Aluminium Copper Iron Ore Power Others Eliminations Total
India International
Revenue
External revenue 33,120 5,209 15,038 52,360 17,491 6,046 6,982 9,158 - 1,45,404
Inter segment revenue - - - 43 - 457 218 88 (806) -
Segment revenue 33,120 5,209 15,038 52,403 17,491 6,503 7,201 9,245 (806) 1,45,404
Results
Segment results (EBITDA) a 17,474 1,934 7,782 5,837 (4) 988 851 379 - 35,241
Less: Depreciation, 3,290 487 2,577 2,490 194 146 689 682 - 10,555
depletion and amortisation
Add: Other income, net of 161 - (327) 87 2 8 16 1 - (52)
expenses b, c
Add: Other unallocable 2,084
income, net of expenses
Other information
Segment assets 22,848 6,846 24,485 64,238 5,104 5,375 16,495 10,977 1,56,368
Financial assets 13,150
investments
Deferred tax assets 8,495
Income tax assets 2,891
Cash and bank balances 9,948
(including restricted cash
and bank balances)
Others 5,504
Total assets 1,96,356
Segment liabilities 6,399 1,076 14,985 26,436 5,249 2,597 2,339 3,694 62,775
Deferred tax liabilities 5,922
Borrowing 66,182
Income tax liabilities 1,601
(net of payments)
Others 10,449
Total liabilities 1,46,929
Capital expenditure d 3,811 1,242 3,647 5,972 127 512 631 1,303 - 17,267
Net impairment reversal - - 18 - - 644 - 109 - 771
relating to assets

b) Includes amortisation of duty benefits relating to assets recognised as government grant.
c) Includes cost of exploration wells written off in Oil & Gas segment.
d) Includes capital expenditure of ` 22 Crore which is not allocable to any segment.
489
NOTES

(` in Crore)
Business Segments
Particulars Zinc Zinc
Oil & Gas Aluminium Copper Iron Ore Power Others Eliminations Total
India International
Revenue
External Revenue 28,624 4,484 12,430 50,809 15,151 6,233 5,501 7,960 - 1,31,192
Inter segment revenue - - - 72 - 117 325 12 (526) -
Segment revenue 28,624 4,484 12,430 50,881 15,151 6,350 5,826 7,972 (526) 1,31,192
Results
Segment results (EBITDA) a 16,161 1,533 5,992 17,337 (115) 2,280 1,082 1,049 - 45,319
Less: Depreciation, 2,951 513 1,633 2,238 208 118 685 549 - 8,895
depletion and amortisation
Add: Other income b 139 - - 80 2 8 15 1 - 245
Add: Other unallocable 1,860
income, net of expenses
Other information
Segment assets 22,822 6,984 24,149 60,407 5,912 4,156 16,977 9,197 1,50,604
Financial Assets 17,291
investments
Deferred tax Assets 5,085
Income tax Assets 2,787
Cash and bank balances 15,805
(including restricted cash
and bank balances)
Others 6,810
Total assets 1,98,382
Segment liabilities 6,229 1,159 16,138 20,013 5,028 2,601 1,976 2,694 55,838
Deferred tax liabilities 4,435
Borrowing 53,109
Income tax liabilities 917
(net of payments)
Others 1,379
Total liabilities 1,15,678
Capital expenditure c 3,705 1,016 1,805 3,535 8 298 105 1,250 - 11,742
Net (impairment)/ reversal - - 79 (125) - - - (52) - (122)
or (write off)/ write back
relating to assets d

b) Includes amortisation of duty benefits relating to assets recognised as government grant.
c) Total of capital expenditure includes capital expenditure of ` 20 Crore which is not allocable to any segment.
d) Includes write off of ` 24 Crore which is not allocable to any segment.
490
NOTES
B) Geographical segment analysis

The following table provides an analysis of the Group’s sales by region in which the customer is located, irrespective of the
origin of the goods.
(` in Crore)
Geographical Segments
31 March 2023 31 March 2022
Revenue by geographical segment
India 87,099 73,619
Europe 18,360 21,028
China 5,296 9,667
The United States of America 3,839 3,487
Mexico 4,619 2,311
Others 26,191 21,080
Total 1,45,404 1,31,192
The following is an analysis of the carrying amount of non-current assets, excluding deferred tax assets and financial
assets, analysed by the geographical area in which the assets are located:
(` in Crore)
As at As at
Geographical Segments
31 March 2023 31 March 2022
Carrying amount of non-current assets
India 1,11,637 1,07,915
South Africa 5,316 5,105
Namibia 888 990
Taiwan 1,041 893
Other 1,632 646
Total 1,20,514 1,15,549
C) Information about major customer

o single customer has accounted for more than 10% of the Group’s revenue for the year ended 31 March 2023 and 31
N
March 2022.
D) Disaggregation of Revenue
Below table summarises the disaggregated revenue from contracts with customers
(` in Crore)
Particulars
31 March 2023 31 March 2022
Zinc metal 29,002 24,709
Lead metal 4,821 4,240
Silver metals and bars 4,577 4,215
Oil 12,448 10,275
Gas 2,807 1,712
Aluminium products 52,356 51,253
Copper products 17,070 14,281
Iron ore 2,328 2,354
Metallurgical coke 463 406
Pig iron 4,059 4,123
Power 5,288 3,886
Steel products 6,272 5,698
Ferro alloys 768 830
Others 3,725 3,119
Revenue from contracts with customers* 1,45,984 1,31,101
Revenue from contingent rents 1,543 1,381
Losses on provisionally priced contracts under Ind AS 109 (2,123) (1,290)
Total revenue 1,45,404 1,31,192
* includes
revenues from sale of services aggregating to ` 326 Crore (31 March 2022: ` 301 Crore) which is recorded over a period of time.
The balance revenue from contracts with customers is recognised at a point in time.
491
6 Property, Plant and Equipment, Intangible assets, Capital work-in-progress and Exploration intangible assets under development
492
(` in Crore)
Total including
Right of Capital Exploration capital work-
Oil & gas Furniture
Freehold Plant and Mining Office Use assets work-in- intangible in-progress
Particulars Buildings producing and Vehicles Total
Land equipment property
facilities fixtures
equipment (Refer note progress assets under and Exploration
NOTES
VEDANTA LIMITED
below) (CWIP) development intangible assets

under development
Property, Plant and Equipment
Gross Block
As at 01 April 2021 2,138 14,900 1,09,133 16,769 89,968 456 376 1,078 1,760 2,36,578 45,230 9,548 2,91,356
Additions 91 114 1,438 638 132 21 35 77 115 2,661 7,032 977 10,670
Transfers/ Reclassifications (i) 26 134 5,864 2,057 674 22 2 2 (697) 8,084 (7,939) (156) (11)
Disposals/ Adjustments (86) (7) (1,056) (33) (8) (3) (11) (9) (9) (1,222) (116) - (1,338)
Exploration cost written off (Refer note 35) - - - - - - - - - - - (2,618) (2,618)
Exchange differences 11 78 618 256 2,823 3 - 16 7 3,812 1,030 267 5,109
As at 31 March 2022 2,180 15,219 1,15,997 19,687 93,589 499 402 1,164 1,176 2,49,913 45,237 8,018 3,03,168
Additions 36 57 1,791 576 - 9 19 86 157 2,731 12,111 1,542 16,384
Transfers/ Reclassifications (i), (ii) 8 441 4,185 2,547 2,440 9 (1) 5 - 9,634 (8,855) (148) 631
Disposals/ Adjustments (17) 13 (2,197) (13) (284) (53) (14) (78) (10) (2,653) - - (2,653)
Exploration cost written off (Refer note 35) - - - - - - - - - - - (327) (327)
Exchange differences 31 163 1,237 (572) 8,611 3 (10) (12) 1 9,452 1,869 712 12,033
As at 31 March 2023 2,238 15,893 1,21,013 22,225 1,04,356 467 396 1,165 1,324 2,69,077 50,362 9,797 3,29,236
Accumulated depreciation, depletion,
amortisation and impairment
As at 01 April 2021 345 6,758 40,924 9,936 87,500 348 127 888 323 1,47,149 31,350 7,114 1,85,613
Charge for the year 9 478 5,246 1,938 878 17 34 138 63 8,801 - - 8,801
Disposals/ Adjustments (28) (1) (855) - - (2) (7) (7) (9) (909) (65) - (974)
Impairment charge/(reversal) for the year - - - - (1,743) - - - - (1,743) 24 (953) (2,672)
(Refer note 36)
Transfers/ Reclassifications (i) - - 1,098 - 261 - - - (162) 1,197 (1,197) - -
Exchange differences 9 71 499 103 2,725 2 - 18 1 3,428 895 208 4,531

As at 31 March 2022 335 7,306 46,912 11,977 89,621 365 154 1,037 216 1,57,923 31,007 6,369 1,95,299
Charge for the year 10 571 5,747 2,224 1,541 29 37 110 87 10,356 - - 10,356
Disposals/ Adjustments (7) 6 (1,392) (2) (6) (52) (9) (76) (10) (1,548) - - (1,548)
Impairment charge/(reversal) for the year - - (410) - (206) - - - - (616) (753) 598 (771)
(Refer note 6(l))
Transfers/ Reclassifications (i), (ii) - - 166 - 312 3 - (3) - 478 166 - 644
Exchange differences 25 174 1,107 (237) 7,833 (1) (8) (17) 1 8,877 2,508 574 11,959
As at 31 March 2023 363 8,057 52,130 13,962 99,095 344 174 1,051 294 1,75,470 32,928 7,541 2,15,939
Net Book Value/Carrying Amount
As at 01 April 2021 1,793 8,142 68,209 6,833 2,468 108 249 190 1,437 89,429 13,880 2,434 1,05,743
As at 31 March 2022 1,845 7,913 69,085 7,710 3,968 134 248 127 960 91,990 14,230 1,649 1,07,869
As at 31 March 2023 1,875 7,836 68,883 8,263 5,261 123 222 114 1,030 93,607 17,434 2,256 1,13,297
(i) Transfers/reclassification majorly includes capitalisation of CWIP to respective class of assets.

(ii) Transfer/reclassification from CWIP Accumulated Impairment to Mining Property Gross block amounting to ` 644 Crore.
NOTES
Right of Use (ROU) Assets

(` in Crore)
ROU Plant and
Particulars ROU Land ROU Building Total
Equipment
Gross Block
As at 01 April 2021 962 61 737 1,760
Additions 92 4 19 115
Transfers/ Reclassification (5) - (692) (697)
Disposals/ Adjustments (8) (1) - (9)
Exchange differences (6) 1 12 7
As at 31 March 2022 1,035 65 76 1,176
Additions 112 1 44 157
Exchange differences - 3 (2) 1
As at 31 March 2023 1,137 69 118 1,324
Accumulated depreciation & impairment
As at 01 April 2021 120 29 174 323
Charge for the year 41 13 9 63
Disposals/ Adjustments (8) (1) - (9)
Transfers/Reclassification - - (162) (162)
Exchange differences (2) - 3 1
As at 31 March 2022 151 41 24 216
Charge for the year 53 12 22 87
Exchange differences - 2 (1) 1
As at 31 March 2023 194 55 45 294
Net Book Value
As at 01 April 2021 842 32 563 1,437
As at 31 March 2022 884 24 52 960
As at 31 March 2023 943 14 73 1,030
(` in Crore)
Port concession Brand &
Software Right to use
Particulars Mining Rights rights (refer Technological Total
License (refer note k)
note i) know-how
Intangible assets
Gross Block
As at 01 April 2021 384 144 601 684 236 2,049
Additions 16 - 539 1 - 556
Transfers/Reclassification 11 - - - - 11
Exchange differences 7 - - - (15) (8)
As at 31 March 2022 418 144 1,140 685 221 2,608
Additions 14 - 824 - - 838
Transfers/Reclassification 7 - - 6 - 13
Disposals/ Adjustments (152) (144) - (1) - (297)
Exchange differences (67) - - - (1) (68)
As at 31 March 2023 220 - 1,964 690 220 3,094
Accumulated amortisation and
impairment
As at 01 April 2021 355 25 360 195 73 1,008
Charge for the year 17 6 50 25 24 122
Exchange differences 8 - - - (6) 2
As at 31 March 2022 380 31 410 220 91 1,132
Charge for the year 22 4 169 25 21 241
Disposals/ Adjustments (153) (35) - - - (188)
Exchange differences (67) - - - - (67)
As at 31 March 2023 182 - 579 245 112 1,118
Net Book Value/Carrying Amount
As at 01 April 2021 29 119 241 489 163 1,041
As at 31 March 2022 38 113 730 465 130 1,476
As at 31 March 2023 38 - 1,385 445 108 1,976
493
NOTES
6 Capital Work in Progress (CWIP) ageing schedule

(` in Crore)
Particulars Projects Projects

temporarily temporarily
progress progress
suspended suspended
Less than 1 year 8,674 7 4,548 3
1-2 years 1,878 2 1,096 5
2-3 years 534 5 1,943 33
More than 3 years 5,690 644 5,982 620
Total 16,776 658 13,569 661
CWIP completion schedule for projects whose completion is overdue or has exceeded its cost compared to its
original plan
(` in Crore)
To be completed in To be completed in
Particulars
Less than More than Less than More than
1-2 years 2-3 years 1-2 years 2-3 years
1 year 3 years 1 year 3 years
Projects in progress
Lanjigarh alumina 2-5 MTPA 6,666 21 - - 4,147 884 - -
expansion project
Oil & Gas development CWIP projects 330 135 - - 1,930 572 - -
Others* 2,576 - - - 1,437 545 - -
Projects temporarily suspended** 11 - - 371 11 - - 371
* Includes projects which are individually less than 10% of CWIP balance.
** Excludes completion schedule for the Copper 4 LTPA Expansion project which is on hold due to restrictions imposed by the State
government (Refer note 3(c)(A)(iii)).
Exploration intangible assets under development ageing schedule

(` in Crore)
Intangible assets under development
Projects in progress Projects in progress
1-2 years 577 534
2-3 years 536 352
Total 2,256 1,649
Title deeds of immovable properties not held in the name of Company

(` in Crore)
Whether title
Gross Gross
Relevant deed holder is a
block block
line item Description promoter, director Property
as at as at Title deeds held in Reason for not being held in the name of
in the of item of or relative of held since
31 31 the name of the company
Balance property promoter/ director which date
March March
sheet or employee of
2023 2022
promoter/ director
Property, Land & 3,524 3,061 Oil & Natural Gas No 10 April The title deeds of Oil & Gas exploration
Plant and Building Corporation Limited 2009 blocks jointly owned by the JV partners are
Equipment (ONGC) & Cairn in the name of ONGC, being the licensee of
India Ltd these exploration blocks.
494
NOTES
(` in Crore)
Whether title
Gross Gross
Relevant deed holder is a
block block
line item Description promoter, director Property
as at as at Title deeds held in Reason for not being held in the name of
in the of item of or relative of held since
31 31 the name of the company
Balance property promoter/ director which date
March March
sheet or employee of
2023 2022
promoter/ director
Property, Land 4 4 National Thermal No 20 June The 206.18 acres land transferred to BALCO
Plant and Power Corporation 2002 by NTPC is yet to be registered in favour of
Equipment Ltd (NTPC) BALCO due to non-availability of title deeds
from NTPC. In the matter, arbitration was
held where the Arbitrator passed the award
in favour of BALCO but directed that transfer
of title deeds of land will be effected by the
Central Government with the assistance of
State Government. The matter is sub-judice
before the Delhi High Court.
Land 53 53 Erstwhile company No 1965-2012* The title deeds are in the names of erstwhile
Sterlite Industries companies that merged with the Company
ROU Land 50 50 No 1993-2009*
(India) Limited, that under Section 391 to 394 of the erstwhile
merged with the Companies Act, 1956 pursuant to Schemes
Company of Amalgamation and Arrangement as
* approved by the Honourable High Courts.
Land 20 20 Erstwhile company No 2008-2012
Vedanta Aluminium
Limited, that
merged with the
Company
* Multiple dates of acquisitions during the period disclosed.
a) Plant and equipment include refineries, smelters, power plants, railway sidings, ships, river fleets and related facilities.
b) During the year ended 31 March 2023, interest capitalised was ` 483 Crore (31 March 2022: ` 313 Crore).
c) Certain property, plant and equipment are pledged as security against borrowings, the details related to which have
been described in Note 19 on “Borrowings”.
d) Freehold land includes 40 quarters at Bidhan Bagh Unit and 300.88 acres of land at Korba which have been occupied
without authorisation for which Group is evaluating evacuation options and the Group has filed the civil suits for the same.
e) The Division Bench of the Hon’ble High Court of Chhattisgarh has vide its order dated 25 February 2010, upheld
that BALCO is in legal possession of 1,804.67 acres of Government land. Subsequent to the said Order, the State
Government has decided to issue the lease deed in favour of BALCO after the issue of forest land is decided by the
Hon’ble Supreme Court. In the proceedings before the Hon’ble Supreme Court, pursuant to public interest litigations
filed, it has been alleged that the land in possession of BALCO is being used in contravention of the Forest Conservation
Act, 1980 even though the said land has been in its possession prior to the promulgation of the Forest Conservation
Act, 1980 on which its Aluminium complex, allied facilities and township were constructed between 1971-76. The
Central Empowered Committee of the Supreme Court has already recommended ex-post facto diversion of the forest
land in possession of BALCO. BALCO has also filed two Interlocutory Applications (IAs) before the Supreme Court,
first challenging the order of the Tehsildar Korba whereby he rejected BALCO’s applications for eviction of illegal
encroachers on BALCO’s land on the ground that land matter is subjudice before the Supreme Court and the other
application whereby BALCO has challenged the State Government’s action for allotment of land to illegal encroachers
under the Rajiv Ashray Yojna. The matter is to be listed for hearing in the due course.
f) Property, Plant and Equipment, Capital work-in-progress and exploration and evaluation assets net block includes
share of jointly owned assets with the joint venture partners ` 10,534 Crore (31 March 2022: ` 10,665 Crore).
g) In accordance with the exemption given under Ind AS 101, which has been exercised by the Group, a first time adopter
can continue its previous GAAP policy for accounting for exchange differences arising from translation of long-
495
NOTES
term foreign currency monetary items recognised in the previous GAAP financial statements for the period ending
immediately before the beginning of the first Ind AS financial reporting period, i.e., 01 April 2016.
Accordingly, foreign currency exchange differences arising on translation/settlement of long-term foreign currency
monetary items acquired before 01 April 2016 pertaining to the acquisition of a depreciable asset amounting to ` 11
Crore (31 March 2022: ` 22 Crore) are adjusted to the cost of respective item of property, plant and equipment.
h) Reconciliation of depreciation, depletion and amortisation expense

(` in Crore)
Particulars
31 March 2023 31 March 2022
Depreciation/Depletion/Amortisation expense on:
Property, Plant and Equipment 10,356 8,801
Intangible assets 241 122
As per Property, Plant and Equipment and Intangibles schedule 10,597 8,923
Less: Depreciation capitalised - (4)
Less: Cost allocated to joint ventures and other adjustments (42) (24)
As per Consolidated Statement of Profit and Loss 10,555 8,895
i) Vizag General Cargo Berth Private Limited (VGCB), a special purpose vehicle and wholly owned by the Company,
was incorporated for the coal berth mechanisation and upgradation at Visakhapatnam port. The project was to be
carried out on a design, build, finance, operate, transfer basis and the concession agreement between Visakhapatnam
Port Trust ('VPT') and the Company was signed in June 2010. In October 2010, the Company was awarded with
the concession after fulfilling conditions stipulated as a precedent to the concession agreement. Visakhapatnam
port trust has provided, in lieu of license fee an exclusive license to the Company for designing, engineering,
financing, constructing, equipping, operating, maintaining, and replacing the project/project facilities and services.
The concession period is 30 years from the date of the award. The upgraded capacity is 10.18 mmtpa and the
Visakhapatnam port trust would be entitled to receive 38.10% share of the gross revenue as royalty. The Company is
entitled to recover a tariff from the user(s) of the project facilities and services as per its Tariff Authority for Major Ports
(TAMP) notification. The tariff rates are linked to the Wholesale Price Index (WPI) and would accordingly be adjusted
as specified in the concession agreement every year. The ownership of all infrastructure assets, buildings, structures,
berths, wharfs, equipment and other immovable and movable assets constructed, installed, located, created or provided
by the Company at the project site and/or in the port’s assets pursuant to concession agreement would be with the
Company until expiry of this concession agreement. The cost of any repair, replacement or restoration of the project
facilities and services shall be borne by the Company during the concession period. The Company has to transfer all
its rights, titles and interest in the project facilities and services free of cost to VPT at the end of the concession period.
The Company has entered into a supplementary agreement to the original concession agreement with VPT dated 20
October 2021, wherein VPT can handle other compatible cargos at VGCB during idling of the berth. Intangible asset port
concession rights represents consideration for construction services. No revenue from construction contract of service
concession arrangements on exchanging construction services for the port concession rights was recognised for the
years ended 31 March 2023 and 31 March 2022.
j) As at 31 March 2023, TSPL's assets consisting of land (including ROU land), building and plant and machinery having
net carrying value of ` 399 Crore (31 March 2022: ` 391 Crore), ` 153 Crore (31 March 2022: ` 169 Crore) and ` 8,228
Crore (31 March 2022: ` 8,640 Crore) respectively have been given on operating lease (refer note 3(c)(B)(i)).
k) During the current year, consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021
(“the Rules”), HZL has transferred its CSR assets, after obtaining regulatory approvals, having carrying value of ` 117
Crore as on the date of transfer, at nominal consideration to Zinc India Foundation (a wholly owned subsidiary of HZL),
incorporated during the current year under Section 8 of the Companies Act, 2013. The carrying value of these assets
has been included as CSR expense in the financial statements owing to such transfer.
496
NOTES
l) (i) During the year ended 31 March 2023, the Group has recognized a net impairment reversal of ` 616 Crore (after
considering impairment reversal of ` 1,236 Crore on account of ONGC partial arbitration award (refer note (ii) for
details)) on its assets in the oil and gas producing facilities and impairment charge of ` 598 Crore on its assets
in the oil and gas exploration intangible assets under development mainly due to revision of Reserve and Capex
estimates. The recoverable amount of the Company’s share in Rajasthan Oil and Gas cash generating unit “RJ
CGU” was determined to be ` 10,179 Crore (US $ 1,239 million) as at 31 March 2023. The recoverable amount of
the RJ CGU was determined based on the fair value less costs of disposal approach, a level-3 valuation technique
in the fair value hierarchy, as it more accurately reflects the recoverable amount based on the Company’s view
of the assumptions that would be used by a market participant. This is based on the cash flows expected to be
generated by the projected oil and natural gas production profiles up to 2040, the expected dates of cessation
of production sharing contract (PSC)/cessation of production from each producing field based on the current
estimates of reserves and risked resources. Reserves assumptions for fair value less costs of disposal tests
consider all reserves that a market participant would consider when valuing the asset, which are usually broader
in scope than the reserves used in a value-in-use test. Discounted cash flow analysis used to calculate fair value
less costs of disposal uses assumption for short-term oil price of US $ 84 per barrel for the next one year and
tapers down to long-term nominal price of US $ 73 per barrel three years thereafter derived from a consensus of
various analyst recommendations. Thereafter, these have been escalated at a rate of 2.4% per annum. The cash
flows are discounted using the post-tax nominal discount rate of 10.99% derived from the post-tax weighted
average cost of capital after factoring in the risks ascribed to PSC extension including successful implementation
of key growth projects. Based on the sensitivities carried out by the Company, change in crude price assumptions
by US $ 1/bbl and changes to discount rate by 1% would lead to a change in recoverable value by ` 74 Crore (US $
9 million) and ` 378 Crore (US $ 46 million) respectively.
(ii) In the Oil and Gas business, the Group operates the Rajasthan Block under a joint venture model with ONGC. As the
operator of the block, the Company raises cash calls to ensure the smooth functioning of the petroleum operations.
During the current year ended 31 March 2023, the Group received a favourable partial arbitration award on cash call
claims made from ONGC, pursuant to which, reversal of previously recorded impairment of ` 1,236 Crore (US$ 155
million) has been recognised against capitalised development costs. The Group had a liability towards ONGC of
` 1,507 Crore (US$ 199 million) as of 31 March 2022 on account of revenue received in excess of entitlement. Based
on the partial arbitration award, the Group has adjusted the claims received in the favour of the Group against the
liability towards ONGC and the net payable as of 31 March 2023 amounts to ` 279 Crore (US$ 34 million)
7 Financial assets - Investments

A) Non-current Investments
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
(I) Investments at fair value through other comprehensive income
Investment in Equity Shares - quoted
Sterlite Technologies Limited- 47,64,295 shares of ` 2 each 70 107
Investment in Equity Shares - unquoted
Sterlite Power Transmission Limited - 19,05,718 equity shares of ` 2 each (31 March 2022: 11 11
9,52,859 equity shares of ` 2 each)
Investment in Bonds - quoted 153 -
(II) Investments at fair value through profit and loss
Investment in Bonds - quoted
Infrastructure Leasing & Financial Services Limited 30 30
Investment in Optionally Convertible Redeemable Preference Shares - unquoted
Serentica Renewable Power Companies - 24,90,00,000 shares of ` 10 each (31 March 2022: NIL) 249 -
(Refer Note 40)
497
NOTES
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
(III) Investment in Equity Shares (fully paid)
Associate Companies and Joint ventures – unquoted
Gaurav Overseas Private Limited - 14,23,000 equity shares of ` 10 each (31 March 2022: 4,23,000 1 0
equity shares of ` 10 each)
RoshSkor Township (Proprietary) Limited - 50 equity shares of NAD 1 each 0 3
Madanpur South Coal Company Limited - 1,14,421 equity shares of ` 10 each 2 2
Goa Maritime Private Limited - 5,000 equity shares of ` 10 each 0 0
Rosh Pinah Health Care (Proprietary) Limited- 69 equity shares of NAD 1 each 0 0
Less: Impairment in the value of investment (2) (2)
(IV) Others 0 0
Total 514 151
Aggregate amount of quoted investments, and market value thereof 253 137
Aggregate amount of unquoted investments 263 16
Aggregate amount of impairment in the value of investments (2) (2)
Total 514 151
B) Current Investments
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Investments carried at fair value through other comprehensive income (fully paid)
Investment in Bonds - quoted* 4,239 -
Investments carried at fair value through profit and loss (fully paid)
Investment in mutual funds - quoted - 1,196
Investment in mutual funds - unquoted 4,563 7,207
Investment in bonds - quoted 3,834 8,587
Investment in commercial paper - quoted - 150
Investment in India Grid Trust - quoted - 0
Total 12,636 17,140
* Includes investments amounting to ` 1,812 Crore (31 March 2022: ` Nil Crore) are pledged as security for repurchase liability (Refer Note
19(c)). The Group continues to record these investments as it retains rights to contractual cash flows on such investments and thus do not
meet the criteria for derecognition or transfer of financial asset as per Ind AS 107.
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Aggregate amount of quoted investments, and market value thereof 8,073 9,933
Aggregate amount of unquoted investments 4,563 7,207
Total 12,636 17,140
498
NOTES
8 Financial assets - Trade receivables

(` in Crore)
Particulars
Secured, Undisputed
Not due - 319 319 - 186 186
Less than 6 months - 292 292 - 57 57
6 months -1 year - 6 6 - - -
1-2 Years - - - - - -
2-3 years - - - - - -
Sub-total - 620 620 - 246 246
Unsecured, disputed
Unbilled dues 34 - 34 43 - 43
Not due 26 - 26 28 - 28
Less than 6 months 189 14 203 246 19 265
6 months -1 year 241 - 241 126 - 126
1-2 Years 441 - 441 651 21 672
2-3 years 389 - 389 442 9 451
More than 3 years 2,585 7 2,592 2,515 14 2,529
Sub-Total 3,905 21 3,926 4,051 63 4,114
Unsecured, Undisputed
Unbilled dues - 98 98 - 0 0
Not due - 2,242 2,242 1 2,233 2,234
Less than 6 months - 1,007 1,007 1 2,361 2,362
6 months -1 year - 17 17 - 19 19
1-2 Years - 23 23 - 36 36
2-3 years - 4 4 - 1 1
Sub-Total - 3,396 3,396 2 4,665 4,667
Less: Provision for expected credit loss (1,373) (23) (1,396) (1,052) (28) (1,080)
Total 2,532 4,014 6,546 3,001 4,946 7,947
a) The credit period given to customers is up to 180 days. Also refer note 24 (C)(d)
b) For amount due and terms and conditions of related party receivables, refer note 42.
c) In a matter between TSPL and Punjab State Power Corporation Limited (PSPCL) relating to assessment of whether there has been
a change in law following the execution of the Power Purchase Agreement, the Appellate Tribunal for Electricity has dismissed the
appeal in July 2017 filed by TSPL. TSPL later filed an appeal before the Honourable Supreme Court to seek relief, which is yet to be
listed.
The outstanding trade receivables in relation to this dispute and other matters is ` 1,476 Crore as at 31 March 2023 (31 March 2022:
` 1,725 Crore). The Group, based on external legal opinion and its own assessment of the merits of the case, remains confident that it
is highly probable that the Supreme court will uphold TSPL’s appeal and has thus continued to treat these balances as recoverable.
d) Trade receivables includes ` 878 Crore (net of Provision for expected credit loss ("ECL") of ` 157 Crore recognised during the year on
account of time value of money) as at 31 March 2023 (31 March 2022: ` 1,097 Crore) withheld by GRIDCO Limited ("GRIDCO") primarily
on account of reconciliation and disputes relating to computation of power tariffs and alleged short-supply of power by the Group
under the terms of long term power supply agreement.
Out of the above, ` 374 Crore (net of ECL of ` 74 Crore recognised during the year on account of time value of money) relates to the
amounts withheld by GRIDCO due to tariff adjustments on account of transmission line constraints in respect of which GRIDCO’s
appeal against order of APTEL is pending before the Hon’ble Supreme Court of India and ` 234 Crore (net of ECL of ` 47 Crore) relates
to alleged short supply of power for which the Group’s appeal on certain grounds are pending before APTEL.
e) The total trade receivables as at 01 April 2021 were ` 6,431 Crore (net of provision for expected credit loss).
499
NOTES
9 Financial assets - Loans

(` in Crore)
Particulars
Loans to related parties (Refer note 42) 9 3,749 3,758 3,164 2,298 5,462
Loans and advances to employees 1 11 12 2 6 8
Loans to related parties (Refer note 42) - 87 87 - 78 78
Less: Provision for expected credit loss - (87) (87) - (78) (78)
Total 10 3,760 3,770 3,166 2,304 5,470
10 Financial assets - Others

(` in Crore)
Particulars
Bank deposits a, b, c 688 - 688 444 - 444
Site Restoration asset c 1,228 - 1,228 1,023 - 1,023
Receivables from related parties - 18 18 - 151 151
(Refer note 42)
Others
Advance recoverable (oil and gas business) - 7,622 7,622 - 8,176 8,176
Others d 1,523 171 1,694 1,438 343 1,781
Balance with government authorities - 3 3 - 3 3
Others d 584 241 825 565 436 1,001
Less: Provision for expected credit loss (627) (245) (872) (608) (440) (1,048)
Total 3,784 7,868 11,652 3,092 8,724 11,816
a) Bank deposits includes fixed deposit with maturity more than twelve months of ` 208 Crore (31 March 2022: ` NIL Crore) under lien
with bank, ` 208 Crore (31 March 2022: ` 101 Crore) reserve created against principal payment on loans from banks, restricted funds
of ` 146 Crore (31 March 2022: ` 156 Crore) held as interest reserve created against interest payment on loans from banks and margin
money of ` 39 Crore (31 March 2022: ` 39 Crore).
b) Restricted funds of ` 7 Crore (31 March 2022: ` 5 Crore) held as lien with Others, ` 58 Crore (31 March 2022: ` 61 Crore) held as margin
money against bank guarantees and ` 2 Crore (31 March 2022: ` NIL Crore) held as fixed deposit for closure cost.
c) Bank deposits and site restoration asset earn interest at fixed rate based on respective deposit rates.
d) Government of India (GoI) vide Office Memorandum (“OM”) No. O-19025/10/2005-ONG-DV dated 01 February 2013 allowed for
Exploration in the Mining Lease Area after expiry of Exploration period and prescribed the mechanism for recovery of such Exploration
Cost incurred. Vide another Memorandum dated 24 October 2019, GoI clarified that all approved Exploration costs incurred on
Exploration activities, both successful and unsuccessful, are recoverable in the manner as prescribed in the OM and as per the
provisions of PSC. Accordingly, the Group has started recognizing revenue for past exploration costs, through increased share in the
joint operations revenue as the Group believes that cost recovery mechanism prescribed under OM for profit petroleum payable to GoI
is not applicable to its Joint operation partner, a view which is also supported by an independent legal opinion. At year end, an amount
of ` 1,718 Crore (US$ 209 million) (31 March 2022: ` 1,581 Crore (US$ 209 million)) is receivable from its joint operation partner on
account of this. However, the Joint operation partner carries a different understanding and the matter is pending resolution.
500
NOTES
11 Other assets
(` in Crore)
Particulars
Capital advances 1,747 - 1,747 1,702 - 1,702
Advances other than capital advances
Advances for supplies to related party 25 1,663 1,688 61 84 145
(Refer note 42)
Advances for supplies 40 2,128 2,168 - 2,706 2,706
Others
Balance with government authorities a 809 1,525 2,334 761 1,084 1,845
Others b
985 1,177 2,162 918 1,399 2,317
Unsecured, considered doubtful
Advance for supplies - 76 76 - 74 74
Balance with government authorities 3 109 112 3 12 15
Claims and other receivables
Others b 1,068 4 1,072 1,021 6 1,027
Less: Provision for doubtful advances (1,259) (189) (1,448) (1,209) (92) (1,301)
Total 3,606 6,493 10,099 3,442 5,273 8,715
a) Includes ` 66 Crore (31 March 2022: ` 58 Crore), being Company’s share of gross amount of ` 97 Crore (31 March 2022: ` 86 Crore)
paid under protest on account of Education Cess and Secondary Higher Education Cess for the year ended 2013-14.
b) Others include claim receivables, advance recoverable (oil and gas business), prepaid expenses and export incentive receivables.
12 Inventories
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Raw materials 2,864 2,906
Goods-in transit 2,239 1,471
Work-in-progress 5,081 5,039
Goods-in transit - 1
Finished good 1,028 783
Goods-in transit - 46
Fuel stock 1,598 1,279
Stores and spares 1,915 1,909
Total 15,012 14,313
a) Inventory held at net realisable value of ` 2,051 Crore as at 31 March 2023 (31 March 2022: ` 2,707 Crore).
b) A write down of inventories amounting to ` 113 Crore (31 March 2022: ` 172 Crore) has been charged to the consolidated statement of
profit and loss during the year.
c) For method of valuation for each class of inventories, refer Note 3(a)(L).
501
NOTES
13 Cash and cash equivalents

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Balances with banks a 6,078 5,408
Bank deposits with original maturity of less than 3 months (including interest accrued thereon) b 848 3,263
Cash on hand 0 0
Total 6,926 8,671
a) Including foreign inward remittances aggregating ` 325 Crore (US$ 40 million) (31 March 2022: ` 3,495 Crore (US$ 462 million) held by
banks in their nostro accounts on behalf of the Group.
b) Bank deposits earn interest at fixed rate based on respective deposit rates.
14 Other bank balances

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Bank deposits with original maturity of more than 3 months but less than 12 months (including 859 2,053
interest accrued thereon) a, b, c
Bank deposits with original maturity of more than 12 months (including interest accrued thereon) c, d 0 4,164
Earmarked unpaid dividend accounts e, f 1,467 465
Earmarked escrow account g 2 2
Total 2,328 6,684
a) The above bank deposits includes ` 97 Crore (31 March 2022: ` 441 Crore) on lien with banks, margin money of ` 41 Crore (31 March
2022: ` 40 Crore).
b) `42 Crore (31 March 2022: ` 40 Crore) held as collateral in respect of closure costs, ` 22 Crore (31 March 2022: ` 6 Crore) held as lien
with Others and ` 63 Crore (31 March 2022: ` 57 Crore) held as margin money against bank guarantees.
c) Bank deposits earn interest at fixed rate based on respective deposit rates.
d) Includes ` 0 Crore (31 March 2022: ` 4 Crore) margin money with banks and fixed deposit under lien with others of ` 0 Crore (31 March
2022: ` 15 Crore).
e) Includes ` 1,322 Crore (31 March 2022: ` NIL Crore) in unpaid dividend account of a subsidiary.
f) Earmarked unpaid dividend accounts are restricted in use as it relates to unclaimed dividends or unpaid dividend as per the provisions
of the Companies Act, 2013.
g) Earmarked escrow account includes amount restricted in use as it relates to unclaimed redeemable preference shares.
15 Share capital
(` in Crore)
Particulars Number Amount Number Amount
(in Crore) (` in Crore) (in Crore) (` in Crore)
A) Authorised equity share capital
Opening and closing balance 4,402 4,402 4,402 4,402
(equity shares of ` 1 each with voting rights)
Authorised preference share capital
Opening and closing balance 301 3,010 301 3,010
(preference shares of ` 10 each)
B) Issued, subscribed and paid up
Equity shares of ` 1 each with voting rights a, b 372 372 372 372
Total 372 372 372 372
a) Includes 3,05,832 (31 March 2022: 3,05,832) equity shares kept in abeyance. These shares are not part of listed equity capital and
pending allotment as they are sub-judice.
b) Includes 40,05,075 (31 March 2022: 86,93,406) equity shares held by Vedanta Limited ESOS Trust (Refer Note 16).
502
NOTES
C) Shares held by ultimate holding company and its subsidiaries*

(` in Crore)
Particulars No. of Shares No. of Shares
% of holding % of holding
held (in Crore) held (in Crore)
Finsider International Company Limited 16.35 4.40 16.35 4.40
Welter Trading Limited 3.82 1.03 3.82 1.03
Vedanta Holdings Mauritius Limited 10.73 2.89 10.73 2.89
Vedanta Netherlands Investment BV 0.50 0.13 6.35 1.71
Total 253.16 68.11 259.01 69.69
* The % of holding has been calculated on the issued and subscribed share capital as at the respective balance sheet date.
All the above entities are subsidiaries of Volcan Investments Limited, the ultimate holding company.
D) Details of shareholders holding more than 5% shares in the Company *

(` in Crore)
Particulars No. of Shares No. of Shares
held (in Crore) held (in Crore)
Life Insurance Corporation of India 33.54 9.02 32.11 8.64
* The % of holding has been calculated on the issued and subscribed share capital as at respective balance sheet dates.
As per the records of the Company, including its register of shareholders/members, the above shareholding represents legal ownership of
shares.
E) Disclosure of Shareholding of Promoters and Promoter Group

(` in Crore)
Particulars No. of Shares % Change during No. of Shares
held (in Crore) the year held (in Crore)
Twin Star Holdings Limited 172.48 46.40 - 172.48 46.40
Finsider International Company Limited 16.35 4.40 - 16.35 4.40
Welter Trading Limited 3.82 1.03 - 3.82 1.03
Vedanta Holdings Mauritius II Limited 49.28 13.26 - 49.28 13.26
Vedanta Holdings Mauritius Limited 10.73 2.89 - 10.73 2.89
Vedanta Netherlands Investment BV 0.50 0.13 (1.58) 6.35 1.71
Mr. Pravin Agarwal 0.00 0.00 - 0.00 0.00
Ms. Suman Didwania 0.01 0.00 - 0.01 0.00
Mr. Ankit Agarwal 0.00 0.00 - 0.00 0.00
Ms. Sakshi Mody 0.00 0.00 - 0.00 0.00
Total 253.17 68.11 (1.58) 259.02 69.69
503
NOTES
F) Other disclosures
i) The Company has one class of equity shares having a par value of ` 1 per share. Each shareholder is eligible for
one vote per share held and dividend as and when declared by the Company. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim
dividend which is paid as and when declared by the Board of Directors. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all
preferential amounts, in proportion to their shareholding.
ii) In terms of Scheme of Arrangement as approved by the Hon'ble High Court of Judicature at Mumbai, vide its order
dated 19 April 2002, the erstwhile Sterlite Industries (India) Limited (merged with the Company during 2013-14) during
2002-2003 reduced its paid up share capital by ` 10 Crore. There are 2,00,038 equity shares (31 March 2022: 1,99,373
equity shares) of ` 1 each pending clearance from NSDL. The Company has filed an application in Hon'ble High Court
of Mumbai to cancel these shares, the final decision on which is pending. Hon'ble High Court of Judicature at Mumbai,
vide its interim order dated 06 September 2002 restrained any transaction with respect to subject shares.
16 Other equity (Refer consolidated statement of changes in equity)

a) General reserve: Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer
of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers
was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for
that year, then the total dividend distribution is less than the total distributable reserves for that year. Consequent to
introduction of Companies Act, 2013 ("Act"), the requirement to mandatory transfer a specified percentage of the net
profit to general reserve has been withdrawn.
(i) The Board of Directors of the Company, on 29 October 2021, approved the Scheme of Arrangement between the
Company and its shareholders under Section 230 and other applicable provisions of the Companies Act, 2013
(“Act”) (“Scheme”). The Scheme provides for capital reorganization of the Company, inter alia, providing for transfer
of amounts standing to the credit of the General Reserves to the Retained Earnings of the Company with effect
from the Appointed Date.
Post the requisite approvals obtained from Stock Exchanges and pursuant to the National Company Law Tribunal,
Mumbai Bench (“NCLT”) Order dated 26 August 2022 (“NCLT Order”), the proposed scheme was approved by the
shareholders with requisite majority on 11 October 2022.
The Company is in the process of complying with the further requirements specified in the NCLT Order.
(ii) The Board of Directors of HZL, on 21 January 2022, approved the Scheme of Arrangement between HZL and its
shareholders under Section 230 and other applicable provisions of the Companies Act, 2013 (“Act”) (“Scheme”).
The Scheme provides for capital reorganization of HZL, inter alia, providing for transfer of amounts standing to the
credit of the General Reserves to the Retained Earnings of the HZL with effect from the Appointed Date.
Post the requisite approvals obtained from Stock Exchanges and pursuant to the National Company Law Tribunal,
Mumbai Bench (“NCLT”) Order dated 06 February 2023 (“NCLT Order”), the proposed scheme was approved by the
shareholders with requisite majority on 29 March 2023.
HZL is in the process of complying with the further requirements specified in the NCLT Order.
b) ebenture redemption reserve: As per the earlier provisions under the Act, companies that issue debentures were
D
required to create debenture redemption reserve from annual profits until such debentures are redeemed. Companies
are required to maintain 25% as a reserve of outstanding redeemable debentures.
The amounts credited to the debenture redemption reserve may only be utilized redeem debentures. The MCA vide its
Notification dated 16 August 2019, had amended the Companies (Share Capital and Debenture) Rules, 2014, wherein
the requirement of creation of Debenture Redemption Reserve has been exempted for certain class of companies.
Accordingly, the Company is now not required to create Debenture Redemption Reserve.
504
NOTES
c) reference share redemption reserve: The Companies Act, 2013 provides that companies that issue preference shares
P
may redeem those shares from profits of the Company which otherwise would be available for dividends, or from
proceeds of a new issue of shares made for the purpose of redemption of the preference shares. If there is a premium
payable on redemption, the premium must be provided for, either by reducing the additional paid up capital (securities
premium account) or net income, before the shares are redeemed. If profits are used to redeem preference shares,
the value of the nominal amount of shares redeemed should be transferred from profits (retained earnings) to the
preference share redemption reserve. This amount should then be utilised for the purpose of redemption of redeemable
preference shares. This reserve can be used to issue fully paid-up bonus shares to the shareholders of the Company.
d) Capital reserve: The balance in capital reserve has mainly arisen pursuant to extinguishment of non-controlling
interests of erstwhile Cairn India Limited, acquisition of ASI and FACOR. Further, changes in capital reserve are due to
recognition/derecognition of put option liability and non controlling interests pertaining to ASI.
e) Legal reserve is created at Fujairah Gold FZC in accordance with free zone regulations.
f) Treasury share represents 40,05,075 (31 March 2022: 86,93,406) equity shares (face value of ` 1 each) of the Company
purchased by Vedanta Limited ESOP Trust pursuant to the Company's stock option scheme as detailed in note 32.
17 Non-controlling interests (NCI)

he Non-controlling interests that are material to the Group relate to Hindustan Zinc Limited (HZL) and Bharat Aluminium
T
Company Limited (BALCO).
As at 31 March 2023, NCIs hold an economic interest by virtue of their shareholding of 35.08%, 49.00%, 26.00%, 48.37%,
4.51% and 0.00% in Hindustan Zinc Limited (HZL), Bharat Aluminium Company Limited (BALCO), Black Mountain Mining
(BMM), Avanstrate Inc. (ASI), ESL Steel Limited (ESL) and Ferro Alloys Corporation Limited (FACOR) respectively.
As at 31 March 2022, NCIs hold an economic interest by virtue of their shareholding of 35.08%, 49.00%, 26.00%, 48.37%,
4.51% and 10.00% in Hindustan Zinc Limited (HZL), Bharat Aluminium Company Limited (BALCO), Black Mountain Mining
(BMM), Avanstrate Inc. (ASI), ESL Steel Limited (ESL) and Facor Power Limited (FPL) respectively.
The principal place of business of HZL, BALCO, ESL and FACOR is in India, that of BMM is in South Africa, that of Avanstrate
Inc. is in Japan, South Korea and Taiwan.
The table below shows summarized financial information of subsidiaries of the Group that have non-controlling interests.
The amounts are presented before inter-company elimination.
(` in Crore)
As at 31 March 2023
Particulars
HZL BALCO Others Total
Non-current assets 21,156 13,144 15,887 50,187
Current assets 14,805 2,748 3,997 21,550
Non-current liabilities 5,257 2,439 5,915 13,611
Current liabilities 17,452 4,878 5,359 27,689
Equity attributable to owners of the Group 8,603 4,373 7,863 20,839
Non-controlling interests a
4,649 4,202 1,153 10,004
(a) ` 406 Crore loss attributable to NCI of ASI transferred to put option liability. Refer note 22.
505
NOTES
(` in Crore)
As at 31 March 2022
Particulars
Non-current assets 21,234 12,362 15,184 48,780
Current assets 23,986 3,091 4,089 31,166
Non-current liabilities 4,491 2,612 8,065 15,168
Current liabilities 6,094 4,235 4,231 14,560
Equity attributable to owners of the Group 22,485 4,389 6,460 33,334
Non-controlling interests a
12,150 4,217 954 17,321
(a) ` 437 Crore loss attributable to NCI of ASI transferred to put option liability. Refer note 22.
(` in Crore)
Particulars
Total Income 35,465 13,496 15,074 64,035
Profit/ (loss) after tax for the year 10,479 (64) 941 11,356
Profit/ (loss) attributable to the equity shareholders of the 6,803 (33) 657 7,427
Company
Profit/ (loss) attributable to the non-controlling interests 3,676 (31) 284 3,929
Other comprehensive income/ (loss) during the year 40 33 (381) (308)
Other comprehensive income/ (loss) attributable to the equity 27 17 (286) (242)
shareholders of the Company
Other comprehensive income/ (loss) attributable to non- 13 16 (95) (66)
controlling interests
Total comprehensive income/ (loss) during the year 10,519 (31) 560 11,048
Total comprehensive income/ (loss) attributable to the equity 6,830 (16) 371 7,185
Total comprehensive income/ (loss) attributable to non- 3,689 (15) 189 3,863
controlling interests
Dividends paid to non-controlling interests 11,190 - - 11,190
Net cash inflow from operating activities 15,161 1,219 2,511 18,891
Net cash inflow/ (outflow) from investing activities 6,529 (1,127) (1,436) 3,966
Net cash outflow from financing activities (23,223) (220) (1,241) (24,684)
Net cash outflow (1,533) (128) (166) (1,827)
(` in Crore)
Particulars
Total Income 30,632 13,944 12,270 56,846
Profit after tax for the year 9,593 2,651 752 12,996
Profit attributable to the equity shareholders of the Company 6,227 1,352 509 8,088
Profit attributable to the non-controlling interests 3,366 1,299 243 4,908
Other comprehensive (loss)/ income during the year (56) (17) 204 131
Other comprehensive (loss)/ income attributable to the equity (36) (9) 136 91
Other comprehensive (loss)/ income attributable to (20) (8) 68 40
non‑controlling interests
Total comprehensive income during the year 9,537 2,634 956 13,127
506
NOTES
(` in Crore)
Particulars
Total comprehensive income attributable to the equity 6,191 1,343 645 8,179
Total comprehensive income attributable to non-controlling 3,346 1,291 311 4,948
interests
Dividends paid to non-controlling interests 2,668 - - 2,668
Net cash inflow from operating activities 13,291 2,610 2,902 18,803
Net cash outflow from investing activities (87) (183) (2,177) (2,447)
Net cash outflow from financing activities (11,925) (2,099) (510) (14,534)
Net cash inflow 1,279 328 215 1,822
18 Capital management
The Group’s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital
ratios in order to support its business and provide adequate return to shareholders through continuing growth. The Group’s
overall strategy remains unchanged from previous year.
The Group sets the amount of capital required on the basis of annual business and long-term operating plans which include
capital and other strategic investments.
The funding requirements are met through a mixture of equity, internal fund generation and borrowings. The Group’s policy
is to use current and non-current borrowings to meet anticipated funding requirements.
The Group monitors capital on the basis of the net gearing ratio which is Net debt/ Total Capital (equity + net debt). The
Group is not subject to any externally imposed capital requirements.
Net debt are non-current and current debt as reduced by cash and cash equivalents, other bank balances and current
investments. Equity comprises all components including other comprehensive income.
The following table summarizes the capital of the Group:
(` in Crore except otherwise stated)
As at As at
Particulars
31 March 2023 31 March 2022
Cash and cash equivalents (Refer note 13) 6,926 8,671
Other bank balancesa (including interest accrued) (Refer note 14) 732 5,860
Non-current Bank deposits (Refer note 10)
a
475 459
Long term investments (Refer note 7A) 153 -
Short term investments (Refer note 7B) 12,636 17,140
Total cash (a) 20,922 32,130
Non-current borrowings (Note 19A) 43,476 36,205
Current borrowings (Note 19B) 22,706 16,904
Total borrowings (b) 66,182 53,109
Net debt (c=(b-a)) 45,260 20,979
Total equity (d) 49,427 82,704
Total capital (e = equity + net debt) 94,687 1,03,683
Gearing ratio (times) (c/e) 0.48 0.20
a) The constituents of ‘total cash’ for the purpose of capital management disclosure include only those amounts of
restricted funds that are corresponding to liabilities (e.g., margin money deposits). Restricted funds amounting to ` 1,809
Crore (31 March 2022: ` 807 Crore) have been excluded from ‘total cash’ in the capital management disclosures.
507
NOTES
19 Financial liabilities - Borrowings

A) Non-current borrowings
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
At amortised cost
Secured
Non convertible debentures 7,138 5,123
- Foreign currency term loans 2,662 2,588
- External commercial borrowings 3,261 1,233
Others 494 499
Unsecured
Non convertible debentures 2,911 2,814
Non convertible bonds 31 31
- Rupee term loans 2,795 499
- Foreign currency term loans 4 72
Non-current Borrowings 53,724 45,675
Less: Current maturities of long term borrowings a (10,248) (9,470)
Total non-current Borrowings (Net) (A) 43,476 36,205
Current Borrowings (Refer Note 19B) (B) 22,706 16,904
Total Borrowings (A+B) 66,182 53,109
B) Current borrowings
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
At amortised cost
Secured
Working capital loan 208 565
Packing credit in foreign currencies from banks 300 -
Amounts due on factoring 22 -
Current maturities of long term borrowings a 6,247 8,237
Others - 12
Unsecured
Loans repayable on demand from banks 2,255 1,000
Commercial paper 4,714 4,987
Working capital loan 100 9
Amounts due on factoring - 138
Current maturities of long term borrowings a 4,001 1,233
Total 22,706 16,904
508
NOTES
In the event Vedanta Resources Limited (together with its subsidiaries) ceases to be the Company’s majority shareholder,
the Group will be required to immediately repay some of its outstanding long-term debt.
a) Current maturities of long term borrowings consists of:
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Secured
Non convertible debentures 51 2,074
- Foreign currency term loans 27 1,231
External commercial borrowings 385 113
Others 497 498
Unsecured
Non convertible debentures 2,911 703
Term loans from banks 1,070 499
Total 10,248 9,470
b) Details of Non-convertible debentures issued by Group have been provided below (Carrying value)
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
8.74% due June 2032 4,089 -
9.20% due February 2030 2,000 2,000
7.68% due December 2024 998 997
3m T-bill rate + 240 bp due March 2024* 800 -
5.35% due September 2023 2,111 2,814
0.00% due September 2023 51 107
9.20% due December 2022 - 749
8.75% due June 2022 - 1,270
Total 10,049 7,937
* The 3-month Treasury bill rate as at 31 March 2023 is 6.34%.
c)
The Group has taken borrowings in various countries towards funding of its acquisitions, capital expenditure and
working capital requirements. The borrowings comprises funding arrangements from various banks and financial
institutions taken by the parent and subsidiaries. The details of security provided by the Group in various countries, to
various lenders on the asset of the parent and subsidiaries are as follows -
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Secured non-current borrowings 41,706 33,966
Secured current borrowings 8,634 8,837
Total 50,340 42,803
509
NOTES
(` in Crore)
Facility As at As at
Security details
Category 31 March 2023 31 March 2022
Working capital First Pari passu charge by way of mortgage/hypothecation over the specified 70 -
loans* immovable and movable fixed assets of the Company with a minimum fixed asset
cover of 1.1 times of the outstanding term loan during the period of the facility.
Security comprise of assets of the aluminium and power division of the Company,
comprising:
(i) 1.6 MTPA aluminium smelter along with 1,215 MW Captive power plant ("CPP")
at Jharsuguda and,
First pari pasu charge on current assets of FACOR 22 -
Secured by second pari passu charge on fixed assets of TSPL and first pari passu 110 515
charge on current assets of TSPL, both present and future
Secured by hypothecation of stock of raw materials, work-in progress, semi- 300 50
finished, finished products, consumable stores and spares, bills receivables, book
debts and all other movables, both present and future in BALCO. The charges rank
pari passu among banks under the multiple banking arrangements, for fund based
facilities
First pari passu charge on all current assets of Malco Energy Limited (MEL) 29 -
External First pari passu charge by way of hypothecation on all present and future movable 1,224 -
Commercial assets of the Company with a minimum fixed asset cover of 1.10 times of the
Borrowings outstanding facility during the period of the facility comprising:
(i) 1.6 MTPA (proposed capacity of 1.8 MTPA) aluminium smelter along with 1,215
MW CPP (Captive power plant) at Jharsuguda
(ii) 1 MTPA (proposed capacity of 6 MTPA) alumina refinery along with CPP of 90
MW (Captive power plant) at Lanjigarh, Odisha
(iii) 2,400 MW Power plant (1,800 MW CPP and 600 MW IPP) located at Jharsuguda,
Odisha and
(iv) Oil & Gas division comprising RJ-ON-90/1 Oil & Gas Block (Rajasthan), Cambay
oil fields, Ravva Oil & Gas fields (under PKGM-1 block) and OALP blocks.
A First pari passu charge by way of hypothecation on the specified movable fixed 2,037 1,119
assets of the Company pertaining to its manufacturing facilities comprising:
(i) alumina refinery having output of 6 MTPA along with co-generation captive
power plant with an aggregate capacity of 90 MW at Lanjigarh, Odisha;
(ii) aluminium smelter having output of 1.6 MTPA along with a 1,215 (9*135) MW
CPP at Jharsuguda, Odisha
Other secured external commercial borrowings - 114
Non convertible Secured by way of charge against all existing assets of FACOR 52 107
debentures
First ranking pari passu charge by way of mortgage over 18.92 acres freehold 4,089 -
land in Jharsuguda, Odisha together with the building and structures/ erections
constructed/ to be constructed thereon and all the plant and machinery and other
furniture and fixtures erected/ installed or to be erected/installed thereon and
hypothecation over movable fixed assets excluding capital work in progress in
relation to the aluminium division comprising 6 MTPA alumina refinery alongwith
90 MW co-generation captive power plant in Lanjigarh, Odisha; and 1.6 MTPA
aluminium smelter plant along with 1,215 MW (9*135 MW) power plant and 2,400
MW power plant in Jharsuguda, Odisha including its movable plant and machinery,
machinery spares, tools and accessories and other movable fixed assets.
Secured by way of first pari passu charge on whole of the movable fixed assets of: 2,000 2,000
(i) alumina refinery having output of 1 MTPA along with co-generation captive
power plant with an aggregate capacity of 90 MW at Lanjigarh, Odisha; and
(ii) aluminum smelter having output of 1.6 MTPA along with a 1,215 (9*135) MW
CPP at Jharsuguda, Odisha.
Additionally, secured by way of mortgage on the freehold land comprising 18.92
acres situated at Jharsuguda, Odisha.
510
NOTES
(` in Crore)
Security details
Non convertible Secured by way of first pari-passu charge on the specific movable Fixed Assets. 998 997
debentures The whole of the movable Fixed Assets both present and future, of the Company in
relation to the aluminium division, comprising the following facilities:
(i) 1 MTPA alumina refinery alongwith 90 MW co-generation captive power plant in
Lanjigarh, Odisha; and
(ii) 1.6 MTPA aluminium smelter plant along with 1,215 MW (9*135 MW) power
plant in Jharsuguda, Odisha including its movable plant and machinery, capital
work in progress, machinery spares, tools and accessories, and other movable
fixed assets
Other secured non-convertible debentures - 2,019
Term loans Secured by first pari passu charge on fixed assets of TSPL and second pari passu 6,168 6,498
from banks charge on current assets of TSPL, both present and future
(Includes rupee
Secured by a pari passu charge by way of hypothecation of all the movable fixed 1,605 1,776
term loans and
assets of the Company pertaining to its aluminium division project consisting:
foreign currency
term loans) (i) alumina refinery having output of 1 MTPA (Refinery) along with co-generation
captive power plant with an aggregate capacity of 90 MW at Lanjigarh, Orissa
(Power Plant); and
(ii) aluminium smelter having output of 1.6 MTPA along with a 1,215 (9x135) MW
CPP at Jharsuguda, Orissa (Smelter) (the Refinery, Power Plant and Smelter).
Also, a first pari passu charge by way of equitable mortgage on the land pertaining
to the mentioned project of aluminium division.
Secured by a pari passu charge by way of hypothecation on the movable fixed 359 402
assets of the Lanjigarh Refinery Expansion Project including 210 MW Power Project.
Lanjigarh Refinery Expansion Project shall specifically exclude the 1 MTPA alumina
refinery of the Company along with 90 MW power plant in Lanjigarh and all its
related expansions.
Secured by a pari passu charge by way of hypothecation on the movable fixed 3,394 3,434
assets of the Company pertaining to its aluminium division comprising 1 MTPA
alumina refinery plant with 90 MW captive power plant at Lanjigarh, Odisha and 1.6
MTPA aluminium smelter plant with 1,215 MW captive power plant at Jharsuguda,
Odisha.
Secured by a pari passu charge by way of hypothecation/ equitable mortgage of 5,873 6,623
the movable/ immovable fixed assets of the Company pertaining to its aluminium
division comprising 1 MTPA alumina refinery plant with 90 MW captive power plant
at Lanjigarh, Odisha and 1.6 MTPA aluminium smelter plant with 1,215 MW captive
power plant at Jharsuguda, Odisha.
First pari passu charge by way of hypothecation/ equitable mortgage on the 780 999
movable/ immovable assets of the aluminium Division of the Company comprising
alumina refinery having output of 1 MTPA along with co-generation captive power
plant with an aggregate capacity of 90 MW at Lanjigarh, Orissa; aluminium smelter
having output of 1.6 MTPA along with a 1,215 (9x135) MW CPP at Jharsuguda,
Orissa and additional charge on Lanjigarh Expansion project, both present and
future.
Secured by a first pari passu charge on the identified fixed assets of the Company 7,221 7,821
both present and future, pertaining to its aluminium business (Jharsuguda Plant,
Lanjigarh Plant), 2,400 MW power plant assets at Jharsuguda, copper plant
assets at Silvassa, iron ore business in the states of Karnataka and Goa, dividends
receivable from Hindustan Zinc Limited (“HZL”), a subsidiary of the Company, and
the debt service reserve account to be opened for the facility along with the amount
lying to the credit thereof h.
Secured by 2,662 1,602
(i) floating charge on the Company collection account and associated permitted
investments and
(ii) corporate guarantee from Cairn Energy Hydrocarbons Limited (CEHL) and
floating charge on collection account and current assets of CEHL
511
NOTES
(` in Crore)
Security details
Term loans A first pari passu first charge by way of hypothecation on the Specified movable 1,137 -
from banks fixed assets of the Company pertaining to its Manufacturing facilities comprising:
(Includes rupee (i) alumina refinery having output of 1 MTPA along with co- generation captive
term loans and power plant with an aggregate capacity of 90 MW at Lanjigarh, Orissa
foreign currency
term loans) (ii) aluminium smelter having output of 1.6 MTPA along with a 1,215 (9x135) MW
CPP at Jharsuguda, Orissa.
Secured by first pari passu charge on all present and future movable fixed assets 831 890
including but not limited to plant and machinery, spares, tools and accessories of
BALCO (excluding of coal block assets) by way of a deed of hypothecation
First ranking pari passu charge by way of hypothecation/mortgage on all fixed/ 2,273 2,705
immovable assets of ESL Steel Limited but excluding any current assets or pledge
over any shares.
A first pari passu charged by way of hypothecation on the specified movable fixed 473 -
assets (present and future) including movable plant and machinery, machinery
spares, tools and accessories, furniture and fixtures, vehicle, Capital work-in
progress etc. of the Company pertaining to Aluminium division (Jharsuguda plant,
Lanjigarh plant) and 2,400 MW power plant at JSG as more particularly described as
below:
(i) Alumina refinery upto 6 MTPA along with cogeneration captive power plant with
aggregate capacity of 90 MW located in Lanjigarh, Odisha
(ii) Alumina smelter output of 1.6 MTPA aluminium Smelter including 1,215 (9x135)
MW power plant in Jharsuguda, Odisha
(iii) 2,400 MW power plant (1,800 MW CPP and 600 MW IPP) located as Jharsuguda,
Odisha
A first pari passu charge by way of mortgage/ hypothecation over the specified 1,191 -
movable fixed assets of the Company. Security shall comprise of assets of the
aluminum and power division of the Company, comprising:
(i) 1.6 MTPA aluminium smelter along with 1,215 MW CPP at Jharsuguda and
Secured by first pari passu charge by way of movable fixed assets of the aluminium 743 -
division of the Company comprising:
(i) 6 MTPA aluminium refinery along with 90 MW Co-generation captive power
plant in Lanjigarh, Orissa;
(ii) 1.6 MTPA aluminium smelter along with 1,215 MW CPP at Jharsuguda,
(iii) 2,400 MW power plant (1,800 MW CPP and 600 MW IPP) located at Jharsuguda,
Odisha and
(iv) Oil and gas division comprising RJ-ON-90/91 Oil and Gas Block (Rajasthan),
Cambay Oil Fields, Ravva Oil and gas Fields under (PKMGH-1 block) and
OALP blocks
First pari passu charge on the movable fixed and current assets (except for the 352 375
Concession assets) of VGCB at Visakhapatnam, Andhra Pradesh
A first pari passu first charge by way of hypothecation on the Specified movable 490 -
fixed assets of the Company pertaining to its Manufacturing facilities comprising:
(i) 1.6 MTPA Aluminium smelter along with 1,215 MW CPP (captive power plant) at
Jharsuguda and
(ii) 1 MTPA Alumina refinery along with CPP of 90 MW (captive power plant) at
Lanjigarh, Odisha
A first pari passu charge by way of mortgage/ hypothecation over the specified 927 -
immovable and movable fixed assets of the Company. Security shall comprise of
assets of the aluminum and power division of the Company, comprising:
(i) 1.6 MTPA Aluminium Smelter along with 1215 MW CPP at Jharsuguda and
(ii) 1 MTPA Alumina refinery along with CPP of 90 MW CPP at Lanjigarh, Odisha
512
NOTES
(` in Crore)
Security details
Term loans First pari passu charge by way of hypothecation on all present and future movable 683 880
from banks fixed assets of the Company including but not limited to plant and machinery,
(Includes rupee spares, tools and accessories of 1.6 MTPA aluminium smelter along with 1,215 MW
term loans and CPP at Jharsuguda, Odisha and 1 MTPA alumina refinery along with 90 MW CPP at
foreign currency Lanjigarh, Odisha
term loans)
A first pari passu charge by way of hypothecation on all present and future movable 250 -
Fixed Assets including movable plant and machinery, machinery spares, tools
and accessories, furniture and fixtures, vehicles, Capital Work-in-Progress etc. of
the Company with a minimum fixed asset coverage ratio of 1.10 times as more
particularly described as below:
(i) Alumina refinery upto 6 MTPA along with co-generation captive power plant
with an aggregate capacity of 90 MW located at Lanjigarh, Orissa;
(ii) Aluminium smelter having output of 1.6 MTPA along with a 1,215 (9x135) MW
CPP located at Jharsuguda, Orissa.
(iii) 2,400 MW Power Plant (1,800 MW CPP and 600 MW IPP) located at Jharsuguda,
Odisha; and
(iv) Oil & Gas division comprising of RJ-ON-90/1 Oil & Gas Block (Rajasthan),
Cambay Oil Fields and Ravva Oil & Gas Fields (under PKGM-1 block)
Secured by tax free perpetual bonds** 1,505 -
Other secured term loans - 1,366
Others Secured by Fixed asset (platinum) of AvanStrate Inc. 493 499
Other Secured borrowings - 12
Total 50,340 42,803
* Includes loans repayable on demand from banks, export packing credit from banks and amounts due on factoring.
** Repurchase liability as on 31 March 2023 carry an effective interest rate in the range of 7.99% p.a. to 8.15% p.a. (31 March 2022: Nil),
secured by current investments amounting to ` 1,812 Crore and are repayable in 102 to 109 days (31 March 2022: Nil days) from the date of
borrowings through repurchase obligation.
d) The loan facilities are subject to certain financial and non- financial covenants. The primary covenants which must
be complied with include interest service coverage ratio, current ratio, debt service coverage ratio, total outside liabilities
to total net worth, fixed assets coverage ratio, ratio of total term liabilities to net worth and debt/ EBITDA. The Group has
complied with the covenants as per the terms of the respective loan agreements. Further, in case of borrowings having
current assets as security, the quarterly statements of current assets filed by the Group with its lenders are in agreement
with the books of accounts.
e) Term of repayment of total borrowings outstanding as at 31 March 2023 are provided below -
(` in Crore)
Weighted
Total
average of <1 1-3 3-5 >5
Borrowings carrying Remarks
interest as at year years years years
value
31 March 2023
Foreign currency 8.90% 2,662 27 541 2,136 - Repayable in 7 quarterly installments
term loan
Rupee term loan 8.50% 42,052 11,255 14,787 11,824 4,320 Repayable in 156 monthly, 661 quarterly, 56 half yearly
installments and 21 bullet payments
External 7.42% 3,261 394 1,923 970 - Repayable in 35 half yearly payments
commercial
borrowings
Non convertible 8.51% 10,049 2,984 1,000 - 6,089 Repayable in 5 bullet and 2 annual installments
debentures
Commercial paper 7.69% 4,714 4,714 - - - Repayable in 7 bullet payments
513
NOTES
(` in Crore)
Weighted
Total
average of <1 1-3 3-5 >5
value
31 March 2023
Working capital 8.07% 2,864 2,864 - - - Export packing credit and working capital loan are
loan* repayable within one year from the date of drawal, cash
credit can be repaid anytime as per the availability of
business surplus during the validity of the facility
Amounts due on 8.70% 22 22 - - - Repayable within 1 month
factoring
Deferred sales tax NA 28 18 10 - - Repayable in 43 monthly installments
liability
Redeemable NA 2 2 - -
- The redemption and dividend paid to the preference
preference shares shares unclaimed if any, is payable on claim.
Non-convertible 0.28%** 35 3 9 7 15 Repayable in 10 annual installments starting from
bonds FY 2023-24
Others 5.00% 493 493 - - - Repayable in 1 year as per lender's demand
Total 66,182 22,776 18,270 14,937 10,424
The above maturity is based on the total principal outstanding gross of issue expenses and discounting impact of deferred sales tax liability.
*Includes loans repayable on demand from banks of ` 2,255 Crore
** Increasing interest rate to 0.50% till maturity
f) Term of repayment of total borrowings outstanding as at 31 March 2022 are provided below -
(` in Crore)
Weighted
Total
average of <1 1-3 3-5 >5
value
31 March 2022
Foreign currency 3.99% 2,660 1,232 1,189 72 172 Repayable in 57 quarterly installments, 11 annual
term loan installments and 1 monthly installment
Rupee term loan 8.22% 33,982 5,568 10,180 10,383 7,974 Repayable in 889 quarterly installments and 168 monthly
installments
External 3.48% 1,233 113 680 454 - Repayable in 1 annual installment and 5 half yearly
commercial installments
borrowings
Non convertible 8.79% 7,937 2,796 3,184 - 2,000 Repayable in 4 bullet payments and 4 annual
debentures installments
Commercial paper 5.90% 4,986 4,986 - - - Repayable in 12 bullet payment
Working capital 5.93% 1,574 1,574 - - - Export packing credit and working capital loan are
loan * repayable within one year from the date of drawal, cash
credit can be repaid anytime as per the availability of
business surplus during the validity of the facility
Amounts due on 1.23% 139 139 - - - Repayable within one month
factoring
Deferred sales tax NA 54 29 25 - - Repayable in 55 monthly installments
liability
Redeemable NA 2 2 - -
- The redemption and dividend paid to the preference
preference shares shares unclaimed if any, is payable on claim.
Non-convertible 0.00%** 31 0 8 5 18 Repayable in 10 annual installments starting from
bonds FY 2023-24
Others 5.01% 511 511 - - - Suppliers credit is repayable in 1 bullet payment and
Loan repayable within one year on demand
Total 53,109 16,950 15,266 10,914 10,164
The above maturity is based on the total principal outstanding gross of issue expenses and discounting impact of deferred sales tax liability.
*Includes loans repayable on demand from banks of ` 1,000 Crore
** Increasing interest rate from 0.00% to 0.50% till maturity
514
NOTES
g) Movement in borrowings during the period is provided below -

(` in Crore)
Short term Long term
Particulars Total
borrowing borrowing*
Net cash inflow/ (outflow) 3,794 (7,842) (4,048)
Other non-cash changes (80) 138 58
Foreign exchange currency translation differences 5 66 71
As at 31 March 2022 7,434 45,675 53,109
Net cash inflow 4,576 8,160 12,736
Other non-cash changes (232) (254) (486)
Foreign exchange currency translation differences 680 143 823
As at 31 March 2023 12,458 53,724 66,182
*including Current maturities of Long term borrowing
Other non-cash changes include amortisation of borrowing costs and foreign exchange difference on borrowings.
h) In December 2021, the Company executed a ` 8,000 Crore facility agreement with Union Bank of India Limited to take
over a long term syndicated facility of ` 10,000 Crore. This loan is secured by the way of pledge over the shares held by
the Company in HZL equal to minimum 1x outstanding loan value (calculated quarterly at Value Weighted Average Price),
currently representing 6.77% (31 March 2022: 5.77%) of the paid-up shares of HZL. Further, the Company has also signed a
Non-Disposal Undertaking (NDU) in respect of its shareholding in HZL to the extent of 50.1% of the paid-up share capital of
HZL. As at 31 March 2023, the outstanding loan amount under the facility is ` 7,240 Crore (31 March 2022: ` 7,840 Crore).
20 Financial liabilities -Trade payables

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Undisputed dues
Unbilled dues 2,319 2,042
Not due 3,380 3,441
Less than 1 year 4,690 4,373
1-2 years 144 107
2-3 years 108 91
Sub-total 10,735 10,150
Disputed dues
1-2 Years 28 36
2-3 years 21 22
Sub-total 308 230
Total 11,043 10,380
a) Trade payables are majorly non-interest bearing and are normally settled upto 180 days terms.
b) For amount due and terms and conditions of related party payables, refer note 42.
21 Operational Buyers' /Suppliers' Credit is availed in foreign currency from offshore branches of Indian banks or foreign
banks at an interest rate ranging from 0.69% - 7.80% (31 March 2022: 0.28% - 3.16%) per annum and in rupee from domestic
banks at interest rate ranging from 4.34% - 8.80% (31 March 2022: 4.00% - 8.00%) per annum. These trade credits are largely
repayable within 180 days from the date of draw down. Operational Buyers' credit availed in foreign currency is backed by
Standby Letter of Credit issued under working capital facilities sanctioned by domestic banks. Part of these facilities are
secured by first pari passu charge over the present and future current assets of the Group.
515
NOTES
22 Financial liabilities - Others

(` in Crore)
Particulars
Liabilities for capital expenditure 1,241 10,076 11,317 962 10,998 11,960
Security deposits from vendors and others - 307 307 - 237 237
Interest accrued but not due - 691 691 - 381 381
Put option liability with non-controlling 41 219 260 245 - 245
interest a
Unpaid/unclaimed dividend - 145 145 - 122 122
Profit petroleum payable - 2,869 2,869 - 2,180 2,180
Dues to related parties (Refer note 42) - 279 279 - 166 166
Dividend payable - 8,223 8,223 - - -
Other liabilities b 324 2,052 2,376 120 3,228 3,348
Total 1,606 24,861 26,467 1,327 17,312 18,639
a) The non-controlling shareholders of ASI have an option to sell their shareholding to the Group. The option is exercisable at any time
within the period of three years following the fifth anniversary of the date of shareholders’ agreement (22 December 2017) at a price
higher of ` 52 (US$ 0.757) per share and the fair market value of the share. Therefore, the liability is carried at higher of the two.
Subsequent changes to the put option liability are treated as equity transaction and hence accounted for in equity.
b) Includes revenue received in excess of entitlement interest of ` 487 Crore (31 March 2022: ` 1,507 Crore) of which ` 279 Crore is
payable to ONGC, and reimbursement of expenses, interest accrued on other than borrowings, liabilities related to claim, liability for
stock options etc.
23 Movement in lease liabilities is as follows:

Particulars (` in Crore)
At 01 April 2021 641
Payments made (232)
As at 31 March 2022 474
Payments made (182)
As at 31 March 2023 446
24 Financial instruments
A. Financial assets and liabilities:
The accounting classification of each category of financial instruments, their carrying amounts and their fair values are set
out below:
As at 31 March 2023
(` in Crore)
Fair value
through other designated Amortised Total carrying Total fair
Financial Assets through profit
comprehensive as hedging cost value value
or loss
income instruments
Investments* 8,676 4,473 - - 13,149 13,149
Loans - - - 3,770 3,770 3,770
516
NOTES
(` in Crore)
Fair value
through other designated Amortised Total carrying Total fair
Financial Assets through profit
comprehensive as hedging cost value value
or loss
income instruments
Derivatives 87 - 127 - 214 214
Total 9,148 4,473 127 30,837 44,585 44,585
(` in Crore)
Derivatives
Fair value Total
designated Amortised Total fair
Financial Liabilities through profit Others*** carrying
as hedging cost value
or loss value
instruments
Borrowings - - 66,182 - 66,182 66,109
Trade payables 988 - 10,055 - 11,043 11,043
Operational buyers' credit / suppliers' - - 13,701 - 13,701 13,701
credit
Derivatives 71 142 - - 213 213
Other financial liabilities** - - 26,653 260 26,913 26,913
Total 1,059 142 1,16,591 260 1,18,052 1,17,979
As at 31 March 2022
(` in Crore)
Fair value Total
through other designated Amortised Total fair
Financial Assets through profit carrying
comprehensive as hedging cost value
or loss value
income instruments
Investments* 17,170 118 - - 17,288 17,288
Loans - - - 5,470 5,470 5,864
Derivatives 10 - 248 - 258 258
Total 17,701 118 248 40,067 58,134 58,528
(` in Crore)
Derivatives
Fair value Total
designated Amortised Total fair
Financial Liabilities through profit Others*** carrying
as hedging cost value
or loss value
instruments
Borrowings - - 53,109 - 53,109 53,202
Trade payables 1,033 - 9,347 - 10,380 10,380
Operational buyers' credit / suppliers' - - 11,151 - 11,151 11,151
credit
Derivatives 135 402 - - 537 537
Other financial liabilities** - - 18,650 245 18,895 18,895
Total 1,168 402 92,257 245 94,072 94,165
* Investments exclude equity investment in associates and joint ventures which are accounted as per the equity method of accounting.
**includes lease liability of ` 446 Crore (31 March 2022: ` 474 Crore)
*** Represents net put option liability with non-controlling interests accounted for at fair value.
517
NOTES
B. Fair value hierarchy

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:
(i) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
(ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices).
(iii) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The below table summarises the categories of financial assets and liabilities as at 31 March 2023 and 31 March 2022
measured at fair value:
As at 31 March 2023
(` in Crore)
Investments 4,563 3,834 279
Derivative financial assets - 87 -
Trade receivables - 385 -
Investments 70 4,392 11
Total 4,633 8,825 290
(` in Crore)
Derivative financial liabilities - 71 -
Trade payables - 988 -
Other financial liabilities - Net put option liability with non-controlling - - 260
interests accounted for at fair value.
Total - 1,201 260
As at 31 March 2022
(` in Crore)
Investments 7,208 9,933 29
Trade receivables - 521 -
Investments 107 - 11
Total 7,315 10,712 40
518
NOTES
(` in Crore)
Trade payable - 1,033 -
Other financial liabilities - Net put option liability with non-controlling - - 245
interests accounted for at fair value.
Total - 1,570 245
The below table summarises the fair value of loans and borrowings which are carried at amortised cost as at 31 March
2023 and 31 March 2022
As at 31 March 2023

(` in Crore)
Loans* - 3,770 -
Total - 3,770 -
(` in Crore)
Total - 66,109 -
As at 31 March 2022
(` in Crore)
Loans* - 5,864 -
Total - 5,864 -
(` in Crore)
Total - 53,202 -
*Refer note 42 (J)
The fair value of the financial assets and liabilities are at the amount that would be received to sell an asset and paid
to transfer a liability in an orderly transaction between market participants at the measurement date. The following
methods and assumptions were used to estimate the fair values:
• Investments traded in active markets are determined by reference to quotes from the financial institutions; for
example: Net asset value (NAV) for investments in mutual funds declared by mutual fund house. For other listed
securities traded in markets which are not active, the quoted price is used wherever the pricing mechanism is same
as for other marketable securities traded in active markets. Other current investments are valued by referring to
market inputs including quotes, trades, poll, primary issuances for securities and /or underlying securities issued by
the same or similar issuer for similar maturities and movement in benchmark security etc.
• Trade receivables, cash and cash equivalents, other bank balances, other financial assets, current borrowings, trade
payables, operational buyers' credit and other current financial liabilities: Fair values approximate their carrying
amounts largely due to the short-term maturities of these instruments.
519
NOTES
• Non-current fixed-rate and variable-rate borrowings: Fair value has been determined by the Group based on
parameters such as interest rates, specific country risk factors, and the risk characteristics of the financed project.
• Derivative financial assets/liabilities: The Group executes derivative financial instruments with various
counterparties. Interest rate swaps, foreign exchange forward contracts and commodity forward contracts are
valued using valuation techniques, which employs the use of market observable inputs. The most frequently
applied valuation techniques include the forward pricing and swap models, using present value calculations. The
models incorporate various inputs including foreign exchange spot and forward rates, yield curves of the respective
currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves
of the underlying commodity. Commodity contracts are valued using the forward LME rates of commodities actively
traded on the listed metal exchange, i.e., London Metal Exchange, United Kingdom (U.K.).
• Other non-current financial assets and liabilities: Fair value is calculated using a discounted cash flow model with
market assumptions, unless the carrying value is considered to approximate to fair value.
For all other financial instruments, the carrying amount is either the fair value, or approximates the fair value.
The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives
designated in hedge relationship and the value of other financial instruments recognised at fair value.
The estimated fair value amounts as at 31 March 2023 and 31 March 2022 have been measured as at respective date.
As such, the fair values of these financial instruments subsequent to reporting date may be different than the amounts
reported at each period-end.
There were no significant transfers between Level 1, Level 2 and Level 3 during the year.
C. Risk management framework

The Group’s businesses are subject to several risks and uncertainties including financial risks.
The Group’s documented risk management policies act as an effective tool in mitigating the various financial risks to
which the businesses are exposed in the course of their daily operations. The risk management policies cover areas
such as liquidity risk, commodity price risk, foreign exchange risk, interest rate risk, counterparty credit risk and capital
management. Risks are identified at both the corporate and individual subsidiary level with active involvement of senior
management. Each operating subsidiary in the Group has in place risk management processes which are in line with
the Group’s policy. Each significant risk has a designated ‘owner’ within the Group at an appropriate senior level. The
potential financial impact of the risk and its likelihood of a negative outcome are regularly updated.
The risk management process is coordinated by the Management Assurance function and is regularly reviewed by the
Group’s Audit and Risk Management Committee. The Audit and Risk Management Committee is aided by the other
Committees of the Board including the Risk Management Committee, which meets regularly to review risks as well
as the progress against the planned actions. Key business decisions are discussed at the periodic meetings of the
Executive Committee. The overall internal control environment and risk management programme including financial
risk management is reviewed by the Audit Committee on behalf of the Board.
The risk management framework aims to:

- improve financial risk awareness and risk transparency
- identify, control and monitor key risks
- identify risk accumulations
- provide management with reliable information on the Group’s risk situation
- improve financial returns
520
NOTES
Treasury management
Treasury management focuses on liability management, capital protection, liquidity maintenance and yield
maximisation. The treasury policies are approved by the Committee of the Board. Daily treasury operations of the
subsidiary companies are managed by their respective finance teams within the framework of the overall Group
treasury policies. Long-term fund raising including strategic treasury initiatives are managed jointly by the business
treasury team and the central team at corporate treasury while short-term funding for routine working capital
requirements is delegated to subsidiary companies. A monthly reporting system exists to inform senior management of
the Group’s investments and debt position, exposure to currency, commodity and interest rate risk and their mitigants
including the derivative position. The Group has a strong system of internal control which enables effective monitoring
of adherence to Group’s policies. The internal control measures are effectively supplemented by regular internal audits.
The Group uses derivative instruments to manage the exposure in foreign currency exchange rates, interest rates and
commodity prices. The Group does not acquire or issue derivative financial instruments for trading or speculative
purposes. The Group does not enter into complex derivative transactions to manage the treasury and commodity risks.
Both treasury and commodities derivative transactions are normally in the form of forward contracts, interest rate and
currency swaps and these are in line with the Group's policies.
Commodity price risk

The Group is exposed to the movement of base metal commodity prices on the London Metal Exchange. Any decline
in the prices of the base metals that the Group produces and sells will have an immediate and direct impact on the
profitability of the businesses. As a general policy, the Group aims to sell the products at prevailing market prices.
The commodity price risk in imported input commodity such as Alumina, anodes, etc., for our aluminium and Copper
business respectively, is hedged on back-to-back basis ensuring no price risk for the business. Hedging is used
primarily as a risk management tool and, in some cases, to secure future cash flows in cases of high volatility by
entering into forward contracts or similar instruments. The hedging activities are subject to strict limits set out by
the Board and to a strictly defined internal control and monitoring mechanism. Decisions relating to hedging of
commodities are taken at the Executive Committee level, basis clearly laid down guidelines.
Whilst the Group aims to achieve average LME prices for a month or a year, average realised prices may not necessarily
reflect the LME price movements because of a variety of reasons such as uneven sales during the year and timing
of shipments.
The Group is also exposed to the movement of international crude oil price and the discount in the price of Rajasthan
crude oil to Brent price.
Financial instruments with commodity price risk are entered into in relation to following activities:
• economic hedging of prices realised on commodity contracts
• cash flow hedging of revenues, forecasted highly probable transactions
Aluminium
The requirement of the primary raw material, alumina, is partly met from own sources and the rest is purchased
primarily on negotiated price terms. Sales prices are linked to the LME prices. At present, the Group, on selective
basis hedges the aluminium content in outsourced alumina to protect its margins. The Group also executes hedging
arrangements for its aluminium sales to realise average month of sale LME prices.
Copper
The Group’s custom refining copper operations at Silvassa is benefitted by a natural hedge except to the extent of a
possible mismatch in quotational periods between the purchase of anodes / blisters and the sale of finished copper.
The Group’s policy on custom smelting is to generate margins from Refining Charges or "RCs”, improving operational
efficiencies, minimising conversion cost, generating a premium over LME on sale of finished copper, sale of by-products
and from achieving import parity on domestic sales. Hence, mismatches in quotational periods are managed to ensure
that the gains or losses are minimised. The Group hedges this variability of LME prices through forward contracts and
521
NOTES
tries to make the LME price a pass-through cost between purchases of anodes / blisters and sales of finished products,
both of which are linked to the LME price.
RCs are a major source of income for the Indian copper refining operations. Fluctuations in RCs are influenced by
factors including demand and supply conditions prevailing in the market for smelters output. The Group’s copper
business has a strategy of securing a majority of its anodes / blisters feed requirement under long-term contracts with
smelters / traders.
Zinc, lead and silver

The sales prices are linked to the LME prices. The Group also executes hedging arrangements for its Zinc, Lead and
Silver sales to realise average month of sale LME prices. In exceptional circumstances, we may enter into strategic
hedging with prior approval of the Committee of Directors.
Zinc International
Raw material for zinc and lead is mined in Namibia and South Africa with sales prices linked to the LME prices.
Iron ore
The Group sells its Iron Ore production from Goa on the prevailing market prices and from Karnataka through e-auction
route as mandated by State Government of Karnataka in India.
Oil and gas

The prices of various crude oils are based upon the price of the key physical benchmark crude oil such as Dated Brent,
West Texas Intermediate, and Dubai/Oman etc. The crude oil prices move based upon market factors like supply and
demand. The regional producers price their crude basis these benchmark crude with a premium or discount over the
benchmark based upon quality differential and competitiveness of various grades. The Group also hedges variability of
crude price through forward contracts on selective basis.
Natural gas markets are evolving differently in important geographical markets. There is no single global market for
natural gas. This could be owing to difficulties in large-scale transportation over long distances as compared to crude
oil. Globally, there are three main regional hubs for pricing of natural gas, which are USA (Henry Hub Prices), UK (NBP
Price) and Japan (imported gas price, mostly linked to crude oil).
Provisionally priced financial instruments

On 31 March 2023, the value of net financial liabilities linked to commodities (excluding derivatives) accounted for on
provisional prices was ` 603 Crore (31 March 2022: ` 512 Crore). These instruments are subject to price movements at
the time of final settlement and the final price of these instruments will be determined in the financial year beginning 01
April 2023.
Set out below is the impact of 10% increase in LME prices on pre-tax profit for the year and pre-tax equity as a result of
changes in value of the Group’s commodity financial instruments:
(` in Crore)
Effect on pre-tax profit of a Effect on equity of a 10%
For the year ended 31 March 2023 Total Exposure
10% increase in the LME increase in the LME
Copper (875) (87) -
(` in Crore)
Effect on pre-tax profit of a Effect on equity of a 10%
For the year ended 31 March 2022 Total Exposure
10% increase in the LME increase in the LME
Copper (830) (83) -
522
NOTES
The above sensitivities are based on volumes, costs, exchange rates and other variables and provide the estimated
impact of a change in LME prices on profit and equity assuming that all other variables remain constant. A 10%
decrease in LME prices would have an equal and opposite effect on the Group’s financial statements.
The impact on pre-tax profit/(loss) mentioned above includes the impact of a 10% increase in closing copper LME for
provisionally priced copper concentrate purchased at Copper division custom smelting operations in India of ` 134
Crore loss (31 March 2022: ` 130 Crore loss), which is pass through in nature and as such will not have any impact on
the profitability.
(a) Financial risk

The Group’s Board approved financial risk policies include monitoring, measuring and mitigating the liquidity, currency,
interest rate and counterparty risk. The Group does not engage in speculative treasury activity but seeks to manage risk
and optimize interest and commodity pricing through proven financial instruments.
Liquidity risk
The Company requires funds both for short-term operational needs as well as for long-term investment programmes
mainly in growth projects. The Company generates sufficient cash flows from the current operations which together
with the available cash and cash equivalents and short-term investments provide liquidity both in the short-term as
well as in the long-term. The Company has been rated by CRISIL Limited (CRISIL) and India Ratings and Research
Private Limited (India Rating) for its capital market issuance in the form of CPs and NCDs and for its banking facilities
in line with Basel II norms.
CRISIL ratings on the long-term bank facilities and debt instruments of the Company was maintained at 'CRISIL AA'
during FY 2023 after upgrade to 'CRISIL AA' from 'CRISIL AA-' in February 2022. However, outlook has been revised to
negative in March 2023.
The short-term rating on bank facilities and commercial paper has been reaffirmed at 'CRISIL A1+'
India Ratings, after upgrading the Company’s long-term issuer ratings to “IND AA” from “IND AA-“ with stable outlook
in March 2022, reaffirmed its ratings at “IND AA” with stable outlook in May 2022. Outlook was revised to “negative” in
March 2023.
The ratings affirmation factors in robust operating profitability significantly higher than pre-pandemic levels. Further,
consolidated EBITDA is expected to increase driven by healthy commodity prices that are expected to remain stable
around current levels, robust operating rates across key businesses, increased volume growth in Aluminium business
supported by commissioning of new capacity during fiscal 2024 along with expected reduction in cost of production for
Aluminium business on the back of alumina refinery expansion and commissioning of captive coal mines. The revision
in outlook reflects possibility of higher-than-expected financial leverage and lower financial flexibility.
Anticipated future cash flows, together with undrawn fund based committed facilities of ` 5,763 Crore, and cash, bank
and current investments of ` 20,922 Crore as at 31 March 2023, are expected to be sufficient to meet the liquidity
requirement of the Group in the near future.
The Group remains committed to maintaining a healthy liquidity, a low gearing ratio, deleveraging and strengthening
its balance sheet. The maturity profile of the Group’s financial liabilities based on the remaining period from the
date of balance sheet to the contractual maturity date is given in the table below. The figures reflect the contractual
undiscounted cash obligation of the Group.
523
NOTES
As at 31 March 2023
(` in Crore)
Borrowings* 26,047 24,013 18,282 14,161 82,503
Trade Payables, Operational buyers' 49,153 300 1,241 - 50,694
credit / suppliers' credit
75,695 24,442 19,528 14,191 1,33,856
As at 31 March 2022
(` in Crore)
Borrowings* 19,028 18,180 13,103 11,654 61,965
Trade Payables, Operational buyers' 38,544 1,098 - - 39,642
credit / suppliers' credit
58,427 19,397 13,112 11,682 1,02,618
*Includes non-current borrowings, current borrowings, committed interest payments on borrowings and interest accrued on

borrowings.
**Includes both non-current and current financial liabilities and committed interest payment, as applicable. Excludes interest accrued

on borrowings.
The Group had access to following funding facilities:
As at 31 March 2023

(` in Crore)
Funding facility Level 1 Level 2 Level 3
As at 31 March 2022
(` in Crore)
Funding facility Level 1 Level 2 Level 3
(b) Foreign exchange risk

Fluctuations in foreign currency exchange rates may have an impact on the consolidated statement of profit and
loss, the consolidated statement of change in equity, where any transaction references more than one currency
or where assets/liabilities are denominated in a currency other than the functional currency of the respective
consolidated entities.
Considering the countries and economic environment in which the Group operates, its operations are subject to risks
arising from the fluctuations primarily in the US dollar, Australian dollar, Namibian dollar, AED, ZAR, GBP, JPY, INR and
Euro against the functional currencies of Vedanta Limited and its subsidiaries.
Exposures on foreign currency loans are managed through the Group wide hedging policy, which is reviewed
periodically to ensure that the results from fluctuating currency exchange rates are appropriately managed. The Group
strives to achieve asset liability offset of foreign currency exposures and only the net position is hedged.
The Group’s presentation currency is the Indian Rupee (INR). The majority of the assets are located in India and the
Indian Rupee is the functional currency for the Indian operating subsidiaries except for Oil and Gas business operations
524
NOTES
which have a US dollar functional currency. Natural hedges available in the business are identified at each entity level
and hedges are placed only for the net exposure. Short-term net exposures are hedged progressively based on their
maturity. A more conservative approach has been adopted for project expenditures to avoid budget overruns, where
cost of the project is calculated taking into account the hedge cost. The hedge mechanisms are reviewed periodically to
ensure that the risk from fluctuating currency exchange rates is appropriately managed.
The following analysis is based on the gross exposure as at the reporting date which could affect the consolidated
statement of profit and loss. The exposure is mitigated by some of the derivative contracts entered into by the Group as
disclosed under the section on “Derivative financial instruments”.
The carrying amount of the Group's financial assets and liabilities in different currencies are as follows:
(` in Crore)
Particulars Financial Financial Financial Financial
Asset liabilities Asset liabilities
INR 33,082 84,810 38,952 64,683
USD 10,515 30,012 17,885 26,183
Others 988 3,230 1,297 3,206
Total 44,585 1,18,052 58,134 94,072
The Group’s exposure to foreign currency arises where a Group entity holds monetary assets and liabilities
denominated in a currency different to the functional currency of the respective business, with US dollar being the
major non-functional currency.
The foreign exchange rate sensitivity is calculated by the aggregation of the net foreign exchange rate exposure with a
simultaneous parallel foreign exchange rates shift in the foreign currencies by 10% against the functional currency of
the respective entities.
Set out below is the impact of a 10% strengthening in the functional currencies of the respective businesses on pre-tax
profit and pre-tax equity arising as a result of the revaluation of the Group’s foreign currency monetary financial assets/
liabilities:

(` in Crore)
Effect of 10% strengthening of Effect of 10% strengthening of
functional currency on pre-tax profit functional currency on equity
USD 1,408 -
INR (631) -

(` in Crore)
Effect of 10% strengthening of Effect of 10% strengthening of
functional currency on pre-tax profit functional currency on equity
USD 884 -
INR (452) -
A 10% weakening of functional currencies of the respective businesses would have an equal and opposite effect on the
Group’s financial statements.
In respect of loans granted to group companies, there have been no non-compliances of the relevant provisions of the
Foreign Exchange Management Act, 1992 and the Prevention of Money Laundering Act, 2002.
525
NOTES
(c) Interest rate risk

At 31 March 2023, the Group’s net debt of ` 45,260 Crore (31 March 2022: ` 20,979 Crore) comprises debt of ` 66,182
Crore (31 March 2022: ` 53,109 Crore) offset by cash, bank and current investments of ` 20,922 Crore (31 March 2022:
` 32,130 Crore).
The Group is exposed to interest rate risk on short-term and long-term floating rate instruments and on the refinancing
of fixed rate debt. The Group’s policy is to maintain a balance of fixed and floating interest rate borrowings and the
proportion of fixed and floating rate debt is determined by current market interest rates. The borrowings of the Group
are principally denominated in Indian Rupees and US dollars with mix of fixed and floating rates of interest. The USD
floating rate debt is linked to US dollar LIBOR and INR Floating rate debt to Bank’s base rate. The Group has a policy
of selectively using interest rate swaps, option contracts and other derivative instruments to manage its exposure
to interest rate movements. These exposures are reviewed by appropriate levels of management on a monthly
basis. The Group invests cash and liquid investments in short-term deposits and debt mutual funds, some of which
generate a tax-free return, to achieve the Group’s goal of maintaining liquidity, carrying manageable risk and achieving
satisfactory returns.
Floating rate financial assets are largely mutual fund investments which have debt securities as underlying assets. The
returns from these financial assets are linked to market interest rate movements; however the counterparty invests in
the agreed securities with known maturity tenure and return and hence has manageable risk.
The exposure of the Group’s financial assets as at 31 March 2023 to interest rate risk is as follows:
(` in Crore)
Floating rate financial Fixed rate financial Non-interest bearing
Funding facility Total
assets assets financial assets
Financial Assets 44,585 4,673 16,175 23,737
The exposure of the Group’s financial liabilities as at 31 March 2023 to interest rate risk is as follows:
(` in Crore)
liabilities liabilities financial liabilities
Fund/non-fund based 1,18,052 48,140 31,894 38,018
The exposure of the Group’s financial assets as at 31 March 2022 to interest rate risk is as follows:
(` in Crore)
assets assets financial assets
Fund/non-fund based 58,134 9,113 24,576 24,445
The exposure of the Group’s financial liabilities as at 31 March 2022 to interest rate risk is as follows:
(` in Crore)
liabilities liabilities financial liabilities
Fund/non-fund based 94,072 35,579 29,899 28,594
Considering the net debt position as at 31 March 2023 and the investment in Bank deposits, corporate bonds and debt
mutual funds, any increase in interest rates would result in a net loss and any decrease in interest rates would result
in a net gain. The sensitivity analysis below has been determined based on the exposure to interest rates for financial
instruments at the balance sheet date.
The table below illustrates the impact of a 0.5% to 2.0% movement in interest rates on floating rate financial
assets/ liabilities (net) on profit/(loss) and equity assuming that the changes occur at the reporting date and has
been calculated based on risk exposure outstanding as of that date. The year end balances are not necessarily
representative of the average debt outstanding during the year. This analysis also assumes that all other variables, in
particular foreign currency rates, remain constant.
526
NOTES
(` in Crore)
Effect on pre-tax profit/(loss) during Effect on pre-tax profit/(loss) during
Increase in interest rates
the year ended 31 March 2023 the year ended 31 March 2022
0.50% (217) (132)
1.00% (435) (265)
2.00% (869) (530)
An equivalent reduction in interest rates would have an equal and opposite effect on the Group’s financial statements.
(d) Counterparty and concentration of credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient, where
appropriate, as a means of mitigating the risk of financial loss from defaults.
The Group is exposed to credit risk from trade receivables, contract assets, investments, loans, other financial assets,
and derivative financial instruments.
Credit risk on receivables is limited as almost all credit sales are against letters of credit and guarantees of banks of
national standing.
Moreover, given the diverse nature of the Group’s businesses, trade receivables are spread over a number of customers
with no significant concentration of credit risk. The history of trade receivables shows a negligible provision for bad and
doubtful debts. Therefore, the Group does not expect any material risk on account of non-performance by any of the
Group’s counterparties.
The Group has clearly defined policies to mitigate counterparty risks. For short-term investments, counterparty limits
are in place to limit the amount of credit exposure to any one counterparty. This, therefore, results in diversification of
credit risk for our mutual fund and bond investments. For derivative and financial instruments, the Group attempts to
limit the credit risk by only dealing with reputable banks and financial institutions.
The carrying value of the financial assets represents the maximum credit exposure. The Group’s maximum exposure to
credit risk is ` 44,585 Crore (31 March 2022: ` 58,134 Crore).
The maximum credit exposure on financial guarantees given by the Group for various financial facilities is described in
Note 40 on “Contingent liability and capital commitments”.
None of the Group’s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade
receivables, loans and other financial assets (both current and non-current), there were no indications as at the year
end, that defaults in payment obligations will occur except as described in Notes 8 and 10 on allowance for impairment
of trade receivables and other financial assets.
Of the year end trade receivables, loans and other financial assets (excluding Bank deposits and site restoration fund)
balance the following, though overdue, are expected to be realised in the normal course of business and hence, are not
considered impaired as at 31 March 2023 and 31 March 2022:
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Neither impaired nor past due 13,793 15,828
Past due but not impaired
- Less than 1 month 1,116 2,108
- Greater than 12 months 4,581 5,071
Total 20,052 23,766
527
NOTES
Receivables are deemed to be past due or impaired with reference to the Group’s normal terms and conditions of
business. These terms and conditions are determined on a case to case basis with reference to the customer’s credit
quality and prevailing market conditions. Receivables that are classified as ‘past due’ in the above tables are those that
have not been settled within the terms and conditions that have been agreed with that customer. The Group based on
past experiences does not expect any material loss on its receivables.
The credit quality of the Group’s customers is monitored on an ongoing basis. Where receivables have been impaired,
the Group actively seeks to recover the amounts in question and enforce compliance with credit terms.
Movement in allowances for Financial Assets (Trade receivables and Financial assets - others)
The change in the allowance for financial assets (current and non-current) is as follows:
(` in Crore)
Trade Financial assets Financial assets
Funding facility
receivables - Others - Loans
As at 01 April 2021 883 1,020 78
Allowance made during the year 197 13 0
Reversals/ write-off during the year 0 1 -
Exploration cost written off 0 0 -
Exchange differences 0 14 -
As at 31 March 2022 1,080 1,048 78
Allowance made during the year 356 0 0
Reversals/ write-off during the year (40) (225) -
Exploration cost written off 0 0 0
Exchange differences 0 49 9
As at 31 March 2023 1,396 872 87
D Derivative financial instruments

The Group uses derivative instruments as part of its management of exposure to fluctuations in foreign currency
exchange rates, interest rates and commodity prices. The Group does not acquire or issue derivative financial
instruments for trading or speculative purposes. The Group does not enter into complex derivative transactions to
manage the treasury and commodity risks. Both treasury and commodities derivative transactions are normally in the
form of forward contracts and these are subject to the Group guidelines and policies.
The fair values of all derivatives are separately recorded in the consolidated balance sheet within current and non-
current assets and liabilities. Derivatives that are designated as hedges are classified as current or non-current
depending on the maturity of the derivative.
The use of derivatives can give rise to credit and market risk. The Group tries to control credit risk as far as possible
by only entering into contracts with reputable banks and financial institutions. The use of derivative instruments
is subject to limits, authorities and regular monitoring by appropriate levels of management. The limits, authorities
and monitoring systems are periodically reviewed by management and the Board. The market risk on derivatives is
mitigated by changes in the valuation of the underlying assets, liabilities or transactions, as derivatives are used only
for risk management purposes.
Cash flow hedges

The Group enters into forward exchange and commodity price contracts for hedging highly probable forecast transaction
and account for them as cash flow hedges and states them at fair value. Subsequent changes in fair value are recognized
in equity through OCI until the hedged transaction occurs, at which time, the respective gain or losses are reclassified to
profit or loss. These hedges have been effective for the year ended 31 March 2023 and 31 March 2022.
The Group uses foreign exchange contracts from time to time to optimize currency risk exposure on its foreign
currency transactions. The Group hedged part of its foreign currency exposure on capital commitments during the
year ended 31 March 2023 and 31 March 2022. Fair value changes on such forward contracts are recognized in other
comprehensive income.
528
NOTES
The majority of cash flow hedges taken out by the Group during the year comprise non-derivative hedging instruments
for hedging the foreign exchange rate of highly probable forecast transactions and commodity price contracts for
hedging the commodity price risk of highly probable forecast transactions.
The cash flows related to above are expected to occur during the year ending 31 March 2024 and consequently may
impact profit or loss for that year depending upon the change in the commodity prices and foreign exchange rates
movements. For cash flow hedges regarded as basis adjustments to initial carrying value of the property, plant and
equipment, the depreciation on the basis adjustments made is expected to affect profit or loss over the expected useful
life of the property, plant and equipment.
Fair value hedges

The fair value hedges relate to forward covers taken to hedge currency exposure and commodity price risks.
The Group’s sales are on a quotational period basis, generally one month to three months after the date of delivery
at a customer’s facility. The Group enters into forward contracts for the respective quotational period to hedge its
commodity price risk based on average LME prices. Gains and losses on these hedge transactions are substantially
offset by the amount of gains or losses on the underlying sales. Net gains and losses are recognized in the
The Group uses foreign exchange contracts from time to time to optimize currency risk exposure on its foreign currency
transactions. Fair value changes on such forward contracts are recognized in the consolidated statement of profit and loss.
Non-designated economic hedges

The Group enters into derivative contracts which are not designated as hedges for accounting purposes, but provide
an economic hedge of a particular transaction risk or a risk component of a transaction. Hedging instruments include
copper, aluminium future contracts on the LME and certain other derivative instruments. Fair value changes on such
derivative instruments are recognized in the consolidated statement of profit and loss.
The fair value of the Group’s derivative positions recorded under derivative financial assets and derivative financial
liabilities are as follows:
(` in Crore)
Current
Cash flow hedge*
- Interest rate swap - - 1 -
Fair Value hedge
Non - qualifying hedges/economic hedge
- Commodity contracts 52 - 2 10
Sub-total (A) 214 193 258 531
Non-current
Fair Value hedge
- Forward foreign currency contracts - 20 - 6
Sub-total (B) - 20 - 6
Total (A+B) 214 213 258 537
* Refer the Consolidated Statement of Profit and Loss and the Consolidated Statement of Changes in Equity for the change in the fair

value of cash flow hedges.
529
NOTES
25 Provisions
(` in Crore)
Particulars
Provision for employee benefits a
(Refer note 33)
- Retirement benefit 218 63 281 158 100 258
- Others 14 174 188 10 177 187
Provision for restoration, rehabilitation and 3,194 30 3,224 3,218 28 3,246
environmental costs b
Other provisions b - 114 114 - 112 112
Total 3,426 381 3,807 3,386 417 3,803
a) Provision for employee benefits includes gratuity, compensated absences, deferred cash bonus etc.
(` in Crore)
b) Restoration,
rehabilitation and Others
Particulars
environmental costs (Refer d)
(Refer c)
As at 01 April 2021 3,002 56
Additions 35 56
Amounts utilised (4) -
Unwinding of discount (Refer note 34) 78 -
Revision in estimates 53 -
Exchange differences 82 -
As at 31 March 2022 3,246 112
Additions 45 5
Amounts utilised (20) -
Unused amounts reversed - (2)
Unwinding of discount (Refer note 34) 96 -
Revision in estimates (296) (1)
Exchange differences 153 -
As at 31 March 2023 3,224 114
c) Restoration, rehabilitation and environmental costs

The provisions for restoration, rehabilitation and environmental liabilities represent the management’s best
estimate of the costs which will be incurred in the future to meet the Group’s obligations under existing Indian,
Australian, Namibian, South African and Irish law and the terms of the Group’s exploration and other licences and
contractual arrangements.
Within India, the principal restoration and rehabilitation provisions are recorded within Oil & Gas business where a
legal obligation exists relating to the oil and gas fields, where costs are expected to be incurred in restoring the site of
production facilities at the end of the producing life of an oil field. The Group recognises the full cost of site restoration
as a liability when the obligation to rectify environmental damage arises.
These amounts are calculated by considering discount rates within the range of 1% to 10%, and become payable on
closure of mines and are expected to be incurred over a period of one to forty-six years. The lower range of discount
rate is at ASI, Oil and Gas business and Zinc International operations in Ireland and higher range is at Zinc International
operations in African Countries.
An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is
caused by the development or ongoing production from a producing field.
530
NOTES
d) Other provisions
Other provisions include provision for disputed cases and claims.
26 Other liabilities
(` in Crore)
Particulars
Amount payable to owned post- - 32 32 - 33 33
employment benefit trust
Other statutory liabilities a - 3,805 3,805 - 3,157 3,157
Deferred government grants b 4,309 282 4,591 4,270 250 4,520
Advance from customer c - 8,931 8,931 404 4,127 4,531
Advance from related party - 3 3 - 2 2
Other liabilities - 185 185 - 208 208
Total 4,309 13,238 17,547 4,674 7,777 12,451
a) Statutory liabilities mainly includes payables for Provident fund, ESIC, withholding taxes, goods and services tax, VAT, service tax, etc.
b) Represents government assistance in the form of the duty benefit availed under Export Promotion Capital Goods (EPCG) Scheme and
SEZ scheme on purchase of property, plant and equipment accounted for as government grant and being amortised over the useful life
of such assets.
c) Advance from customers are contract liabilities to be settled through delivery of goods. The amount of such balances as on 01 April
2021 was ` 6,233 Crore. During the current year, the Group has recognised revenue of ` 4,380 Crore (31 March 2022: ` 6,221 Crore) out
of opening balances. All other changes are either due to receipt of fresh advances or exchange differences.
27 Revenue from operations

(` in Crore)
Particulars
31 March 2023 31 March 2022
Sale of products 1,43,535 1,29,510
Sale of services 326 301
Revenue from contingent rents 1,543 1,381
Total 1,45,404 1,31,192
a) Revenue from sale of products and from sale of services for the year ended 31 March 2023 includes revenue from
contracts with customers of ` 1,45,984 Crore (31 March 2022: ` 1,31,101 Crore) and a net loss on mark-to-market of
` 2,123 Crore (31 March 2022: ` 1,290 Crore) on account of gains/ losses relating to sales that were provisionally priced
as at 31 March 2022 with the final price settled in the current year, gains/ losses relating to sales fully priced during the
year, and marked to market gains/ losses relating to sales that were provisionally priced as at 31 March 2023.
b) Majority of the Group’s sales are against advance or are against letters of credit/ cash against documents/ guarantees
of banks of national standing. Where sales are made on credit, the amount of consideration does not contain any
significant financing component as payment terms are within the normal credit period.
As per the terms of the contract with its customers, either all performance obligations are to be completed within one year
from the date of such contracts or the Group has a right to receive consideration from its customers for all completed
performance obligations. Accordingly, the Group has availed the practical expedient available under paragraph 121 of Ind
AS 115 and dispensed with the additional disclosures with respect to performance obligations that remained unsatisfied
(or partially unsatisfied) at the balance sheet date. Further, since the terms of the contracts directly identify the transaction
price for each of the completed performance obligations, in all material respects, there are no elements of transaction
price which have not been included in the revenue recognised in the financial statements.
Further, there is no material difference between the contract price and the revenue from contract with customers.
531
NOTES
28 Other operating income

(` in Crore)
Particulars
31 March 2023 31 March 2022
Export incentives 483 488
Scrap sales 781 573
Total 1,904 1,540
29 Other Income
(` in Crore)
Particulars
31 March 2023 31 March 2022
Net gain on investment measured at FVTPL 74 209
Interest income from investments measured at FVTPL 504 392
Interest income from investments measured at FVOCI 281 -
Interest income from financial assets at amortised cost
- Bank deposits 379 537
- Loans (Refer note 42) 560 708
- Others 372 246
Interest on income tax refund 166 2
Dividend income from
- financial assets at FVTPL 21 -
- financial assets at FVOCI - 2
Profit on sale of assets - 128
Deferred government grant income 273 245
Total 2,851 2,600
30 Changes in inventories of finished goods and work-in-progress*

(` in Crore)
Particulars
31 March 2023 31 March 2022
Opening Stock:
Work in Progress 5,040 3,013
Total 5,869 3,868
Add: Foreign exchange translation 15 14
(Less): Capitalisation and other adjustments (152) (51)
(Less): Raw material sold during the year - (11)
Less: Closing Stock
Finished Goods 1,028 829
Work in Progress 5,081 5,040
Total 6,109 5,869
Changes in inventory (377) (2,049)
* Inventories include goods-in-transit
532
NOTES
31 Employee benefits expense a

(` in Crore)
Particulars
31 March 2023 31 March 2022
Salaries and wages 2,988 2,776
Share based payments 77 79
Contributions to provident and other funds 268 226
Staff welfare expenses 334 286
Less: Cost allocated/directly booked in joint ventures (569) (556)
Total 3,098 2,811
(a) net of capitalisation of ` 158 Crore (31 March 2022: ` 115 Crore).
32 Share based payments

The Company offers equity based and cash based option plans to its employees, officers and directors through the
Company's stock option plan introduced in 2016 and Cairn India's stock option plan now administered by the Company
pursuant to its merger with the Company.
The Vedanta Limited Employee Stock Option Scheme (ESOS) 2016

The Company introduced an Employee Stock Option Scheme 2016 (“ESOS”), which was approved by the Vedanta Limited
shareholders to provide equity settled incentive to all employees of the Company including subsidiary companies. The ESOS
scheme includes tenure based, business performance based (EBITDA) and market performance based stock options. The
maximum value of options that can be awarded to members of the wider management group is calculated by reference to
the grade average cost-to-company ("CTC") and individual grade of the employee. The performance conditions attached
to the option is measured by comparing Company’s performance in terms of Total Shareholder Return ("TSR") over the
performance period with the performance of two group of comparator companies (i.e. Indian and global comparator
companies) defined in the scheme. The extent to which an option vests will depend on the Company's TSR rank against a
group or groups of peer companies at the end of the performance period and as moderated by the Remuneration Committee.
The ESOS schemes are administered through VESOS trust and have underlying Vedanta Limited equity shares.
Options granted during the year ended 31 March 2023 and year ended 31 March 2022 includes business performance based,
sustained individual performance based, management discretion and fatality multiplier based stock options. Business
performances will be measured using Volume, Cost, Net Sales Realisation, EBITDA, Free Cash Flows, ESG & Carbon footprint
or a combination of these for the respective business/ SBU entities.
The exercise price of the options is ` 1 per share and the performance period is three years, with no re-testing being allowed.
Options Options Options Options Options Options

Financial
outstanding granted forfeited/ exercised outstanding exercisable
Year of Exercise Period
01 April during the lapsed during during the 31 March 31 March
Grant
2022 year the year year 2023 2023
2018-19 01 November 2021 - 30 April 2022 3,23,015 - - 2,81,565 41,450 41,450*
2019-20 29 November 2022 - 28 May 2023 1,14,81,718 - 61,53,328 41,76,303 11,52,087 11,52,087
2019-20 Cash settled 6,80,401 - 3,58,428 3,21,973 - -
2020-21 06 November 2023 - 05 May 2024 1,08,07,521 - 24,81,770 - 83,25,751 -
2020-21 Cash settled 7,24,923 - 1,07,282 - 6,17,641 -
2021-22 01 November 2024 - 30 April 2025 1,13,04,599 - 17,83,209 - 95,21,390 -
2021-22 Cash settled 8,41,767 - 1,34,067 - 7,07,700 -
2022-23 01 November 2025 - 30 April 2026 - 1,44,37,268 9,10,824 - 1,35,26,444 -
2022-23 Cash settled - 10,35,172 18,601 - 10,16,571 -
3,61,63,944 1,54,72,440 1,19,47,509 47,79,841 3,49,09,034 11,93,537
*Options for some employees could not be exercised within exercise period due to technical issues.
533
NOTES
Options Options Options Options Options Options

Financial
outstanding granted forfeited/ exercised outstanding exercisable
Year of Exercise Period
01 April during the lapsed during during the 31 March 31 March
Grant
2021 year the year year 2022 2022
2017-18 01 September 2020 - 28 February 2021 3,76,940 - 23,457 3,53,483 - -
2018-19 01 November 2021 - 30 April 2022 99,12,240 - 69,06,444 26,82,781 3,23,015 3,23,015
2018-19 Cash settled 7,28,856 - 4,89,731 2,39,125 - -
2019-20 29 November 2022 - 28 May 2023 1,35,72,278 - 20,90,560 - 1,14,81,718 -
2019-20 Cash settled 8,77,451 - 1,97,050 - 6,80,401 -
2020-21 06 November 2023 - 05 May 2024 1,27,11,112 - 19,03,591 - 1,08,07,521 -
2020-21 Cash settled 10,20,889 - 2,95,966 - 7,24,923 -
2021-22 01 November 2024 - 30 April 2025 - 1,20,83,636 7,79,037 - 1,13,04,599 -
2021-22 Cash settled - 8,64,537 22,770 - 8,41,767 -
3,91,99,766 1,29,48,173 1,27,08,606 32,75,389 3,61,63,944 3,23,015
The fair value of all options has been determined at the date of grant of the option allowing for the effect of any market-
based performance conditions. This fair value adjusted by the Group’s estimate of the number of options that will eventually
vest as a result of non-market conditions is expensed over the vesting period.
Business Performance-Based and Sustained Individual Performance-Based Options:

The fair values of stock options following these types of vesting conditions have been estimating using the Black-Scholes-
Merton Option Pricing model. The value arrived at under this model has been then multiplied by the expected % vesting
based on business performance conditions (only for business performance-based options) and the expected multiplier
on account of sustained individual performance (for both type of options). The inputs used in the Black-Scholes-Merton
Option Pricing model include the share price considered as of the valuation date exercise price as per the scheme/ plan of
the options expected dividend yield (estimated based on actual/ expected dividend trend of the company) expected tenure
(estimated as the remaining vesting period of the options) the risk-free rate (considered as the zero coupon yield as of the
valuation date for a term commensurate with the expected tenure of the options) and expected volatility (estimated based
on the historical volatility of the return in company’s share prices for a term commensurate with the expected tenure of the
options). The exercise period of 6 months post vesting period has not been considered as the options are expected to be
exercised immediately post the completion of the vesting period.
Total Shareholder Returns-Based Options:

The fair values of stock options following this type of vesting condition has been estimated using the Monte Carlo
Simulation method. This method has been used to simulate the expected share prices for Vedanta Limited and the
companies of the comparator group over the vesting period of the options. Based on the simulated prices the expected
pay-off at the end of the vesting period has been estimated and present valued to the valuation date. Further based on the
simulated share prices and expected dividends the relative rank of Vedanta Limited’s share price return has been estimated
vis-à-vis the Indian and Global Group of the comparator group. This rank has been used to estimate expected % vesting of
the options under this type of vesting condition. The inputs to the monte carlo simulation method include expected tenure
(estimated as the remaining vesting period of the options) the risk-free rate (considered as the zero coupon yield as of the
valuation date for a term commensurate with the expected tenure of the options) expected dividend yield (estimated based
on the actual dividend trend of the companies) expected volatility (estimated based on the historical volatility of the return
in the company’s share prices for a term commensurate with the expected tenure of the options). The exercise period of 6
months post the vesting period has not been considered as the options are expected to be exercised immediately post the
completion of the vesting period.
534
NOTES
The assumptions used in the calculations of the charge in respect of the ESOS options granted during the years ended 31
March 2023 and 31 March 2022 are set out below:
(` in Crore)
Particulars 31 March 2023 31 March 2022
ESOS 2022 ESOS 2021
Number of Options Cash settled - Cash settled -
10,35,172 8,64,537
equity settled - equity settled -
1,44,37,268 1,20,83,636
Exercise Price `1 `1
Share Price at the date of grant ` 286.90 ` 302.15
Contractual Life 3 years 3 years
Expected Volatility 50.95% 49.67%
Expected option life 3 years 3 years
Expected dividends 7.11% 6.80%
Risk free interest rate 7.07% 5.02%
Expected annual forfeitures 10% p.a 10% p.a
Fair value per option granted (Non-market performance based) ` 182.46 ` 193.97
The weighted average remaining contractual life for the share options outstanding was 1.76 years (31 March 2022: 1.62
years).
The Group recognized total expenses of ` 85 Crore (31 March 2022: ` 43 Crore) related to equity settled share-based
payment transactions for the year ended 31 March 2023. The total expense recognised on account of cash settled share
based plan during the year ended 31 March 2023 is ` 1 Crore (31 March 2022: ` 14 Crore) and the carrying value of cash
settled share based compensation liability as at 31 March 2023 is ` 11 Crore (31 March 2022: ` 19 Crore).
Employee stock option plans of erstwhile Cairn India Limited:

The Company has provided CIESOP share based payment scheme to its employees.
CIESOP plan
There are no specific vesting conditions under CIESOP plan other than completion of the minimum service period of 3 years
from the date of grant. Phantom options are exercisable proportionate to the period of service rendered by the employee
subject to completion of one year. The exercise period is 7 years from the vesting date.
Details of employees stock option plans is presented below

(` in Crore)
CIESOP Plan Weighted Weighted

Number of Number of
average exercise average exercise
options options
price in ` price in `
Outstanding at the beginning of the year 10,37,641 286.9 33,15,174 287.3
Granted during the year Nil NA Nil NA
Expired during the year Nil NA Nil NA
Exercised during the year 2,66,914 286.85 4,83,085 286.85
Forfeited / cancelled during the year 7,70,727 286.85 17,94,448 287.70
Outstanding at the end of the year - - 10,37,641 286.85
Exercisable at the end of the year - - 10,37,641 286.85
535
NOTES
(` in Crore)
Weighted average
Range of Weighted
remaining
Scheme exercise average exercise
contractual life of
price in ` price in `
options (in years)
The details of exercise price for stock options outstanding as at 31 March 2023 are:
CIESOP Plan 286.85 - 286.85
The details of exercise price for stock options outstanding as at 31 March 2022 are:
CIESOP Plan 286.85 0.31 286.85
In respect of one of the Group's subsidiary, the Group has awarded certain cash settled share based options indexed to
equity valuation of the subsidiary. The total (reversal)/expense recognised on account of cash settled share based plan
during the year ended 31 March 2023 is ` (5) Crore (31 March 2022: ` 24 Crore) and the carrying value of cash settled share
based compensation liability as at 31 March 2023 is ` 44 Crore (31 March 2022: ` 112 Crore).
Out of the total expense of ` 80 Crore (31 March 2022: ` 81 Crore) pertaining to equity settled and cash settled options for
the year ended 31 March 2023, the Group has capitalised ` 3 Crore (31 March 2022: ` 2 Crore).
33 Employee Benefit Plans

The Group participates in defined contribution and benefit plans, the assets of which are held (where funded) in separately
administered funds.
For defined contribution plans, the amount charged to the consolidated statement of profit and loss is the total amount of
contributions payable in the year.
For defined benefit plans, the cost of providing benefits under the plans is determined by actuarial valuation separately
each year for each plan using the projected unit credit method by independent qualified actuaries as at the year end.
Remeasurement gains and losses arising in the year are recognised in full in other comprehensive income for the year.
i) Defined contribution plans

The Group contributed a total of ` 146 Crore and ` 139 Crore for the year ended 31 March 2023 and 31 March 2022
respectively to the following defined contribution plans.
(` in Crore)
Particulars
31 March 2023 31 March 2022
Employer’s contribution to recognised provident fund and family pension fund 118 111
Employer’s contribution to superannuation 21 23
Employer’s contribution to National Pension Scheme 7 5
146 139
Indian pension plans

Central recognised provident fund
In accordance with the ‘The Employee's Provident Funds and Miscellaneous Provisions Act, 1952’, employees are
entitled to receive benefits under the Provident Fund. Both the employee and the employer make monthly contributions
to the plan at a predetermined rate (12% for 2023 and 2022) of an employee’s basic salary, and includes contribution
made to Family Pension fund as explained below. All employees have an option to make additional voluntary
contributions. These contributions are made to the fund administered and managed by the Government of India (GOI)
or to independently managed and approved funds. The Group has no further obligations under the fund managed by
the GOI beyond its monthly contributions which are charged to the consolidated statement of profit and loss in the year
they are incurred.
536
NOTES
Family pension fund

The Pension Fund was established in 1995 and is managed by the Government of India. The employee makes no
contribution to this fund but the employer makes a contribution of 8.33% of salary each month subject to a specified
ceiling per employee (included in the 12% rate specified above). This is provided for every permanent employee on
the payroll.
At the age of superannuation, contributions ceases and the individual receives a monthly payment based on the level of
contributions through the years, and on their salary scale at the time they retire, subject to a maximum ceiling of salary
level. The Government funds these payments, thus the Group has no additional liability beyond the contributions that it
makes, regardless of whether the central fund is in surplus or deficit.
Superannuation
Superannuation, another pension scheme, is applicable only to executives above certain grade. However, in case of the
oil & gas business (applicable from the second year of employment) and Iron Ore Segment, the benefit is applicable
to all executives. Vedanta Limited and each relevant Indian subsidiary holds a policy with Life Insurance Corporation
of India (“LIC”), to which each of these entities contributes a fixed amount relating to superannuation and the pension
annuity is met by LIC as required, taking into consideration the contributions made. The Group has no further
obligations under the scheme beyond its monthly contributions which are charged to the consolidated statement of
profit and loss in the year they are incurred.
National Pension Scheme

National Pension Scheme is a retirement savings account for social security and welfare applicable for executives
covered under the superannuation benefit of Vedanta Limited and each relevant Indian subsidiary, on a choice basis. It
was introduced to enable employees to select the treatment of superannuation component of their fixed salaries and
avail the benefits offered by National Pension Scheme launched by Government of India. Vedanta Limited and each
relevant entity holds a corporate account with one of the pension fund managers authorized by the Government of India
to which each of the entity contributes a fixed amount relating to superannuation and the pension annuity will be met
by the fund manager as per rules of National Pension Scheme. The Group has no further obligations under the scheme
beyond its monthly contributions which are charged to the consolidated statement of profit and loss in the year they
are incurred.
Australian pension scheme

The Group also participates in defined contribution superannuation schemes in Australia. The contribution of a
proportion of an employee’s salary in a superannuation fund is a compulsory legal requirement in Australia. The
employer contributes, into the employee’s fund of choice, 10.00% (2022: 10.00%) of an employee’s gross remuneration
where the employee is covered by an industrial agreement and 13.00% (2022: 13.00%) of the basic remuneration for all
other employees. All employees have an option to make additional voluntary contributions. The Group has no further
obligations under the scheme beyond its monthly contributions which are charged to the consolidated statement of
Skorpion Zinc Provident Fund, Namibia

The Skorpion Zinc Provident Fund is a defined contribution fund and is compulsory to all full time employees under the
age of 60. The Group contribution to the fund is a fixed percentage of 9% per month of pensionable salary, whilst the
employee contributes 7% with the option of making additional contributions, over and above the normal contribution, up
to a maximum of 12%.
Normal retirement age is 60 years and benefit payable is the member’s fund credit which is equal to all employer and
employee contributions plus interest. The same applies when an employee resigns from Skorpion Zinc. The Fund
provides disability cover which is equal to the member’s fund credit and a death cover of two times annual salary in the
event of death before retirement.
537
NOTES
The Group has no additional liability beyond the contributions that it makes. Accordingly, this scheme has been
accounted for on a defined contribution basis and contributions are charged directly to the consolidated statement of
Black Mountain (Pty) Limited, South Africa Pension and Provident Funds
Black Mountain Mining (Pty) Ltd has two retirement funds, both administered by Alexander Forbes, a registered
financial service provider. The purpose of the funds is to provide retirement and death benefits to all eligible employees.
The Group contributes at a fixed percentage of 10.5% for up to supervisor grade and 15% for others.
Membership of both funds is compulsory for all permanent employees under the age of 60.
The Group has no additional liability beyond the contributions that it makes. Accordingly, this scheme has been
accounted for on a defined contribution basis and contributions are charged directly to the consolidated statement of
ii) Defined benefit plans

(a) Contribution to provident fund trust (the “trusts”) of Iron ore division, Bharat Aluminium Company Limited (BALCO),
Hindustan Zinc Limited (HZL), Sesa Resources Limited (SRL) and Sesa Mining Corporation Limited (SMCL)
The provident funds of Iron ore division, BALCO, HZL, SRL and SMCL are exempted under section 17 of the Employees'
Provident Funds and Miscellaneous Provisions Act, 1952. Conditions for grant of exemption stipulates that the
employer shall make good deficiency, if any, between the return guaranteed by the statute and actual earning of the
Fund. Based on actuarial valuation in accordance with Ind AS 19 and the Guidance note issued by the Institute of
Actuaries of India for interest rate guarantee of exempted provident fund liability of employees, there is no interest
shortfall that is required to be met by Iron ore division, BALCO, HZL, SRL, and SMCL as at 31 March 2023 and 31
March 2022. Having regard to the assets of the fund and the return on the investments, the Group does not expect any
deficiency in the foreseeable future.
The Group contributed a total of ` 78 Crore for the year ended 31 March 2023 and ` 47 Crore for the year ended 31
March 2022 in relation to the independently managed and approved funds. The present value of obligation and the fair
value of plan assets of the trust are summarised below.
(` in Crore)
Particulars
31 March 2023 31 March 2022
Fair value of plan assets of trusts 2,626 2,532
Present value of defined benefit obligation (2,618) (2,510)
Net liability arising from defined benefit obligation NIL NIL
(` in Crore)
Percentage allocation of plan assets of the trust
31 March 2023 31 March 2022
Assets by category
Government Securities 45.15% 58.62%
Debentures / bonds 38.32% 35.54%
Equity 16.53% 4.64%
Money Market Instruments 0.00% 1.20%
Fixed deposits 0.00% 0.00%
(b) Post-Retirement Medical Benefits:

The Group has a scheme of medical benefits for employees at BMM and BALCO subsequent to their retirement on
completion of tenure including retirement on medical grounds and voluntary retirement on contributory basis. The
scheme includes an employee’s spouse as well. Based on an actuarial valuation conducted as at year-end, a provision
538
NOTES
is recognised in full for the benefit obligation. The obligation relating to post-retirement medical benefits as at 31 March
2023 was ` 101 Crore (31 March 2022: ` 100 Crore). The obligation under this plan is unfunded. The Group considers
these amounts as not material and accordingly has not provided further disclosures as required by Ind AS 19 ‘Employee
benefits’. The current service cost for the year ending 31 March 2023 of ` 1 Crore (31 March 2022: ` 1 Crore) has been
recognised in consolidated statement of profit and loss. The remeasurement losses and net interest on the obligation
of post-retirement medical benefits of ` 1 Crore (31 March 2022: ` 7 Crore) and ` 9 Crore (31 March 2022: ` 9 Crore) for
the year ended 31 March 2023 have been recognised in other comprehensive income and finance cost respectively.
(c) Other Post-employment Benefits:

India - Gratuity plan
In accordance with the Payment of Gratuity Act of 1972, Vedanta Limited and its Indian subsidiaries contribute to a
defined benefit plan (the “Gratuity Plan”) covering certain categories of employees. The Gratuity Plan provides a lump
sum payment to vested employees at retirement, disability or termination of employment being an amount based on the
respective employee’s last drawn salary and the number of years of employment with the Group.
Based on actuarial valuations conducted as at year end using the projected unit credit method, a provision is
recognised in full for the benefit obligation over and above the funds held in the Gratuity Plan. For entities where the
plan is unfunded, full provision is recognised in the consolidated balance sheet.
The iron ore and oil & gas division of Vedanta Limited, SRL, SMCL, HZL and FACOR have constituted a trust recognized
by Income Tax Authorities for gratuity to employees and contributions to the trust are funded with the Life Insurance
Corporation of India (LIC), ICICI Prudential Life Insurance Company Limited (ICICI) and HDFC Life Insurance Company
Limited (HDFC).
Principal actuarial assumptions

Principal actuarial assumptions used to determine the present value of the Other post-employment benefit plan
obligation are as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Discount rate 7.39% 7.16%
Expected rate of increase in compensation level of covered employees 2%-15% 2%-15%
Mortality table IALM (2012-14) IALM (2012-14)
Amount recognised in the consolidated balance sheet consists of:

(` in Crore)
Particulars
31 March 2023 31 March 2022
Net liability arising from defined benefit obligation (180) (158)
Amounts recognised in the consolidated statement of profit and loss in respect of Other post-employment benefit plan
are as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Net interest cost 12 12
Components of defined benefit costs recognised in consolidated statement of profit and loss 55 51
539
NOTES
Amounts recognised in other comprehensive income in respect of Other post-employment benefit plan are as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Re-measurement of the net defined benefit obligation:-
Actuarial losses arising from changes in financial assumptions 1 17
Actuarial losses/ (gains) arising from experience adjustments 9 (5)
Actuarial gains arising from changes in demographic assumptions (3) (3)
Actuarial losses on plan assets (excluding amounts included in net interest cost) 3 2
Components of defined benefit costs recognised in Other comprehensive income 10 11
The movement of the present value of the Other post-employment benefit plan obligation is as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Interest cost 42 39
Actuarial losses / (gains) arising from changes in assumptions 10 9
The movement in the fair value of Other post-employment benefit plan assets is as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Contributions received 28 69
Re-measurement gain/(loss) arising from return on plan assets (3) (2)
Interest income 31 27
The above plan assets have been invested in the qualified insurance policies.
The actual return on plan assets was ` 28 Crore (31 March 2022: ` 25 Crore).
The weighted average duration of the defined benefit obligation is 11.58 years (31 March 2022: 13.25 years).
The Group expects to contribute ` 54 Crore to the funded defined benefit plans during the year ending 31 March 2024.
Sensitivity analysis for Defined Benefit Plan

Below is the sensitivity analysis determined for significant actuarial assumptions for the determination of defined
benefit obligation and based on reasonably possible changes of the respective assumptions occurring at the end of the
reporting period while holding all other assumptions constant.
(` in Crore)
Increase/(Decrease) in defined
benefit obligation
Particulars
31 March 2023 31 March 2022
Discount rate
Increase by 0.50% (24) (23)
Decrease by 0.50% 26 25
Expected rate of increase in compensation level of covered employees
Increase by 0.50% 23 22
Decrease by 0.50% (22) (21)
540
NOTES
The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change
in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using
the projected unit credit method at the end of reporting period, which is the same as that applied in calculating the
defined obligation liability recognized in the consolidated balance sheet.
Risk analysis
Group is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined benefit
plans and management estimation of the impact of these risks are as follows:
Investment risk
Most of the Indian defined benefit plans are funded with the LIC, ICICI and HDFC. The Group does not have any liberty to
manage the fund provided to LIC, ICICI and HDFC.
The present value of the defined benefit plan obligation is calculated using a discount rate determined by reference to
Government of India bonds for the Group’s Indian operations. If the return on plan asset is below this rate, it will create
a plan deficit.
Interest risk
A decrease in the interest rate on plan assets will increase the net plan obligation.
Longevity risk / Life expectancy

The present value of the defined benefit plan obligation is calculated by reference to the best estimate of the mortality
of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan
participants will increase the plan obligation.
Salary growth risk

The present value of the defined benefit plan obligation is calculated by reference to the future salaries of plan
participants. An increase in the salary of the plan participants will increase the plan obligation.
# Code on Social Security, 2020

The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However,
the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet
been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact
in the period the Code becomes effective.
34 Finance cost
(` in Crore)
Particulars
31 March 2023 31 March 2022
Interest expense on financial liabilities at amortised cost 6,212 4,712
Other finance costs 380 294
Net interest on defined benefit arrangement 21 21
Unwinding of discount on provisions 96 78
Exchange difference regarded as an adjustment to borrowing cost - 7
Less: Capitalisation of finance cost/borrowing cost (483) (313)
Total 6,225 4,797
a) Interest rate of 6.75 % (31 March 2022: 7.39%) was used to determine the amount of general borrowing costs eligible for capitalization
in respect of qualifying asset for the year ended 31 March 2023.
b) Interest expense on income taxes is ` 77 Crore (31 March 2022: ` 0 Crore).
c) Interest expense on lease liabilities for the year ended is ` 14 Crore (31 March 2022: ` 14 Crore)
541
NOTES
35 Other expenses
(` in Crore)
Particulars
31 March 2023 31 March 2022
Cess on crude oil 3,238 3,036
Royalty 5,860 4,385
Consumption of stores and spare parts 3,769 3,304
Share of expenses in producing oil and gas blocks 3,593 2,770
Repairs to plant and equipment 3,332 2,896
Repairs to building 277 215
Repairs others 213 215
Carriage 2,827 2,927
Mine expenses 3,163 2,661
Net loss on foreign currency transactions and translations 554 156
Other selling expenses 29 17
Insurance 292 269
Loss on sale/disposal of fixed asset (net) 9 -
Rent* 61 38
Rates and taxes 39 78
Exploration costs written off 327 -
Bad trade receivables and advances written off 11 11
Provision for doubtful advances/ expected credit loss 415 233
Miscellaneous expenses 7,097 5,797
Total 34,688 28,677
*Rent represents expense on short term/ low value leases.
36 Exceptional items
(` in Crore)
Particulars Tax effect of Exceptional Tax effect of Exceptional

Exceptional Exceptional
Exceptional items after Exceptional items after
items items
items tax items tax
Property, plant and equipment, exploration intangible
assets under development, capital work-in-progress
and other assets (impaired)/ reversal or (written off)/
written back in:
- Oil & Gas
1) Exploration cost written off a - - - (2,618) 1,020 (1,598)
2) Reversal of previously recorded impairment b - - - 2,697 (1,059) 1,638
- Iron Ore
-R eversal of previously recorded impairment of 644 - 644 - - -
assets in Liberia on commencement of mining
operations c
- Aluminium d - - - (125) 44 (81)
- Others e, f 109 (38) 71 (52) 17 (35)
- Unallocated g - - - (24) 8 (16)
SAED on Oil and Gas sector h (970) 312 (658)
Provision for legal disputes (including change in law),
force majeure and similar incidences in:
- Aluminium i - - - (288) 80 (208)
- Copper j - - - (217) 19 (198)
- Zinc, Lead and Silver - India k - - - (134) 47 (87)
- Other segment l - - - (7) 2 (5)
Total (217) 274 57 (768) 178 (590)
542
NOTES
a) During the year ended 31 March 2022, based on the outcome of exploration and appraisal activities in its PSC block RJON-90/1
block and RSC blocks awarded under OALP (Open Acreage Licensing Policy), an amount of ` 2,618 Crore towards unsuccessful
exploration cost had been charged off to the consolidated statement of profit and loss, as these had proven to be either technically or
commercially unviable.
b) During the year ended 31 March 2022, the Group had recognized an impairment reversal of ` 2,697 Crore on its assets in the oil and
gas segment comprising:
1) Impairment reversal of ` 2,581 Crore relating to Rajasthan oil and gas block (“CGU”) mainly due to increase in crude price
forecast. Of this, ` 1,638 Crore impairment reversal had been recorded against oil and gas producing facilities and ` 943 Crore
impairment reversal had been recorded against exploration intangible assets under development.
The recoverable amount of the Company’s share in Rajasthan Oil and Gas cash generating unit “RJ CGU” was determined to be
` 10,285 Crore (US$ 1,361 million) as at 31 March 2022.
The recoverable amount of the RJ CGU was determined based on the fair value less costs of disposal approach, a level-3
valuation technique in the fair value hierarchy, as it more accurately reflects the recoverable amount based on the Company’s
view of the assumptions that would be used by a market participant. This was based on the cash flows expected to be generated
by the projected oil and natural gas production profiles up to the expected dates of cessation of production sharing contract
(PSC)/cessation of production from each producing field based on the current estimates of reserves and risked resources.
Reserves assumptions for fair value less costs of disposal tests consider all reserves that a market participant would consider
when valuing the asset, which are usually broader in scope than the reserves used in a value-in-use test. Discounted cash flow
analysis used to calculate fair value less costs of disposal uses assumption for short-term oil price of US $ 86 per barrel for the
next one year and tapers down to long-term nominal price of US $ 68 per barrel three years thereafter derived from a consensus
of various analyst recommendations. Thereafter, these have been escalated at a rate of 2% per annum. The cash flows are
discounted using the post-tax nominal discount rate of 9.88% derived from the post-tax weighted average cost of capital after
factoring in the risks ascribed to PSC extension including successful implementation of key growth projects. Based on the
sensitivities carried out by the Company, change in crude price assumptions by US$ 1/bbl and changes to discount rate by 1%
would lead to a change in recoverable value by ` 204 Crore (US$ 27 million) and ` 311 Crore (US$ 41 million) respectively.
2) Impairment reversal of ` 116 Crore relating to KG-ONN-2003/1 CGU mainly due to increase in crude price forecast and increase
in recoverable reserves.
The recoverable amount of the Company’s share in this CGU was determined to be ` 208 Crore (US$ 27 million) based on fair
value less cost of disposal approach as described in above paragraph. Discounted cash flow analysis used to calculate fair
value less costs of disposal uses assumption for short-term oil price of US $ 86 per barrel for the next one year and tapers
down to long-term nominal price of US$ 68 per barrel three years thereafter derived from a consensus of various analyst
recommendations. Thereafter, these have been escalated at a rate of 2% per annum. The cash flows are discounted using the
post-tax nominal discount rate of 10.63%. The sensitivities around change in crude price and discount rate are not material to
the financial statements.
c) During the current year, WCL has signed a Memorandum of Understanding with the Government of Liberia to re-start its mining
operations and commenced commercial production at its Bomi Mines from July 2022.
Consequently, the net recoverable value of assets and liabilities of WCL has been assessed at ` 891 Crore based on the value-in-use
approach, using the Discounted Cash Flow Method, a level 3 valuation technique in the fair value hierarchy as it more accurately
reflects the recoverable amount. The impairment assessment is based on a range of estimates and assumptions, including long-term
selling price as per the consensus report, volumes based on the mine planning and concentrate plant setup and a post-tax nominal
discount rate of 14.45%. Any subsequent changes to cash flows due to changes in the above-mentioned factors could impact the
carrying value of the assets.
Based on the sensitivities carried out by the Company, a decrease in the long-term selling price by 1% would lead to a decrease in the
recoverable value by ` 50 Crore and an increase in the discount rate by 1% would lead to a decrease in the recoverable value by ` 74
Crore.
Accordingly, the impairment recorded in previous periods has been reversed, to an extent of ` 644 Crore pertaining only to the assets
of the Bomi Mine.
d) In relation to a mine in Aluminium business of the Company, the Company had deposited ` 125 Crore with the Government of India.
Thereafter, the MoEF&CC and the Supreme Court declared the mining project inoperable on environmental grounds. Later, in 2017, the
mining license lapsed. Accordingly, the deposit was fully provided for during the previous year.
e) During the year ended 31 March 2022, ESL Steel Limited had recognised a provision of ` 46 Crore relating to certain items of capital
work-in-progress basis the physical verification.
f) During the year ended 31 March 2022, ` 6 Crore was written off being the cost of land located outside the plant for which details of
original owners/sellers etc., were not available and the physical possession or the registered ownership of the same as such cannot be
obtained.
g) During the year ended 31 March 2022, the Company had recognised a loss of ` 24 Crore relating to certain items of capital work-in-
progress at one of its closed unit in Gujarat, which are no longer expected to be used.
h) The Government of India ("GoI") vide its notification dated 30 June 2022 levied Special Additional Excise Duty ("SAED") on production
of crude oil, i.e., cess on windfall gain triggered by increase in crude oil prices which is effective from 01 July 2022. The consequential
net impact of the said duty has been presented as an exceptional item.
i) During the year ended 31 March 2022, MoEF&CC notified guidelines for thermal power plants for disposal of fly ash and bottom
543
NOTES
ash produced during power generation process. Effective 01 April 2022, the notification introduced a three-year cycle to achieve
average ash utilisation of 100 per cent. The first three-year cycle is extendable by another one year or two years where ash utilisation
percentage is in the range of 60-80 per cent or less than 60 per cent, respectively. Further, unutilised accumulated ash, i.e., legacy
fly ash stored with such power plants prior to the date of this notification is required to be utilized fully over a ten year period
with minimum twenty percent, thirty percent and fifty percent utilisation of annual ash generation in year 1, year 2 and years 3-10
respectively. Such provisions are not applicable where ash pond or dyke has stabilised and the reclamation has taken place with
greenbelt or plantation. The Group had performed detailed evaluations for its obligations under this notification and had recorded
` 288 Crore as an exceptional item for the year ended 31 March 2022, towards estimated costs of legacy fly ash utilization including
reclamation costs.
j) A provisional liquidator (‘PL’) was appointed to manage the affairs of Konkola Copper Mines plc (KCM) on 21 May 2019, after ZCCM
Investments Holdings Plc (ZCCM-IH), an entity majority 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 courts and have also commenced arbitration
against ZCCM-IH, consistent with their position that arbitration is the agreed dispute resolution process, together with an application
to the South African courts to stay the winding up proceedings consistent with the agreement to arbitrate.
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. During the previous year, the Group recognised provisions for expected credit losses of ` 217 Crore. As of 31 March 2023,
the Group carries provisions of ` 644 Crore (31 March 2022: ` 644 Crore). Consequently, receivables from KCM as at 31 March 2023
are ` NIL Crore (31 March 2022: ` NIL Crore).
k) During the year ended 31 March 2022, HZL had recognised an expense of ` 134 Crore relating to amount charged in respect of
settlement of entry tax dispute under Amnesty Scheme launched by the Government of Rajasthan.
l) Refer note 3(c)(A)(v).
37 Tax
(a) Tax charge/(credit) recognised in profit or loss (including on exceptional items)
(` in Crore)
Particulars
31 March 2023 31 March 2022
Current tax:
Current tax on profit for the year 7,739 6,892
Benefit in respect of current tax for earlier years (115) (3)
Benefit in respect of exceptional items (Refer note 36) (122) (580)
Total Current Tax (a) 7,502 6,309
Deferred tax:
(Benefit)/ Reversal of temporary differences (1,503) 2,627
Benefit in respect of deferred tax for earlier years (77) (83)
(Benefit)/ Reversal in respect of exceptional items (Refer note 36) (152) 402
Deferred Tax (b) (1,732) 2,946
Total income tax expense for the year (a+d) 5,770 9,255
Effective income tax rate (%) 28% 28%
Tax expense
(` in Crore)
Particulars
31 March 2023 31 March 2022
Tax effect on exceptional items (274) (178)
Tax expense- others 6,044 9,433
Net tax expense 5,770 9,255
544
NOTES
(b) A reconciliation of income tax expense applicable to profit before tax at the Indian statutory income tax rate to
recognise income tax expense for the year indicated are as follows
(` in Crore)
Particulars
31 March 2023 31 March 2022
Indian statutory income tax rate 34.944% 34.944%
Tax at statutory income tax rate 7,085 11,519
Non-taxable income (94) (137)
Tax holidays and similar exemptions (534) (1,953)
Effect of tax rate differences of subsidiaries operating at other tax rates 97 128
Unrecognised tax assets (net) (i)
63 10
Change in deferred tax balances due to change in tax law (288) (114)
Capital gains/ Other income subject to lower tax rate (ii) (522) (344)
Credit in respect of earlier years (192) (86)
Other permanent differences 155 233
Total 5,770 9,255
(i) Current year includes ` 180 Crore of deferred tax assets on brought forward losses of Facor Power Limited recognised post its
merger with Facor Alloys Corporation Limited. Based on the financial forecasts of the merged entity, it is probable to realise the
deferred tax assets. (Refer Note 4)
(ii) Current year majorly includes ` 505 Crore on account of dividend received from foreign subsidiary taxable at lower rate of
17.472%
Certain businesses of the Group within India are eligible for specified tax incentives which are included in the table
above as tax holidays and similar exemptions. Most of such tax exemptions are relevant for the companies operating in
India. These are briefly described as under:
The location based exemption

In order to boost industrial and economic development in undeveloped regions, provided certain conditions are met,
profits of newly established undertakings located in certain areas in India may benefit from tax holiday under section
80IC of the Income tax Act, 1961. Such tax holiday works to exempt 100% of the profits for the first five years from the
commencement of the tax holiday, and 30% of profits for the subsequent five years. This deduction is available only
for units established up to 31 March 2012. However, such undertaking would continue to be subject to the Minimum
Alternative tax (‘MAT’).
Sectoral Benefit - Power Plants and Port Operations

To encourage the establishment of infrastructure certain power plants and ports have been offered income tax
exemptions of upto 100% of profits and gains for any ten consecutive years within the 15 year period following
commencement of operations subject to certain conditions under section 80IA of the Income tax Act, 1961. The Group
currently has total operational capacity of 8.25 Giga Watts (GW) of thermal based power generation facilities and wind
power capacity of 274 Mega Watts (MW) and port facilities. However, such undertakings would continue to be subject
to MAT provisions.
The Group has power plants which benefit from such deductions, at various locations of Hindustan Zinc Limited,
Vedanta Limited (where such benefits has been drawn), Talwandi Sabo Power Limited and Bharat Aluminium Company
Limited (where no benefit has been drawn).
Further, tax incentives exist for certain other infrastructure facilities to exempt 100% of profits and gains for any ten
consecutive years within the 20 year period following commencement of these facilities’ operation, provided certain
conditions are met. HZL currently has certain eligible facilities. However, such facilities would continue to be subject to
the MAT provisions.
545
NOTES
The Group operates a zinc refinery in Export Processing Zone, Namibia which has been granted tax exempt status by
the Namibian government.
In addition, the subsidiaries incorporated in Mauritius are eligible for tax credit to the extent of 80% of the applicable tax
rate on foreign source income.
The total effect of such tax holidays and exemptions was ` 534 Crore for the year ended 31 March 2023 (31 March
2022: ` 1,953 Crore).
(c) Deferred tax assets/liabilities

The Group has accrued significant amounts of deferred tax. The majority of the deferred tax assets represents
unabsorbed depreciation and carried forward losses and unused tax credits in the form of MAT credits carried forward,
net of deferred tax liability representing accelerated tax relief for the depreciation of property, plant and equipment,
depreciation of mining reserves and the fair value uplifts created on acquisitions.
Significant components of Deferred tax (assets) and liabilities recognized in the consolidated balance sheet are as follows:

(` in Crore)
Charged / Charged/ Exchange
Opening Closing
(credited) to (credited) Charged / difference
Significant components of Deferred tax balance as balance as
statement to other (credited) transferred to
(assets) and liabilities at 01 April at 31 March
of profit or comprehensive to equity translation of
2022 2023
loss income foreign operation
Property, Plant and Equipment 11,506 957 - - (48) 12,415
Voluntary retirement scheme (39) 14 - - - (25)
Employee benefits (377) 20 (11) 7 5 (356)
Fair valuation of derivative asset/liability (97) 28 (6) - - (75)
Fair valuation of other asset/liability 628 126 - - 6 760
MAT credit entitlement (6,746) (2,586) (50) - - (9,382)
Unabsorbed depreciation and business (4,490) (398) - - - (4,888)
losses
Other temporary differences (1,035) 106 (32) - (62) (1,023)
Total (650) (1,733) (99) 7 (99) (2,574)

(` in Crore)
Charged / Charged/ Exchange
Opening Closing
(credited) to (credited) Charged / difference
Significant components of Deferred tax balance as balance as
statement to other (credited) transferred to
(assets) and liabilities at 01 April at 31 March
of profit or comprehensive to equity translation of
2022 2023
loss income foreign operation
Property, Plant and Equipment 9,683 1,735 - - 88 11,506
Voluntary retirement scheme (54) 15 - - - (39)
Employee benefits (174) (201) (1) 10 (11) (377)
Fair valuation of derivative asset/liability (37) (21) (39) - - (97)
Fair valuation of other asset/liability 701 (31) - - (42) 628
MAT credit entitlement (8,232) 1,505 (7) (16) 4 (6,746)
Unabsorbed depreciation and business (4,698) 208 - - - (4,490)
losses
Other temporary differences (834) (264) 74 - (11) (1,035)
Total (3,645) 2,946 27 (6) 28 (650)
546
NOTES
Deferred tax assets and liabilities have been offset where they arise in the same taxing jurisdiction with a legal right to
offset current income tax assets against current income tax liabilities but not otherwise. Accordingly, the net deferred
tax (assets)/liability has been disclosed in the Consolidated Balance Sheet as follows:
(` in Crore)
Particulars
31 March 2023 31 March 2022
Deferred tax assets (8,495) (5,085)
Deferred tax liabilities 5,922 4,435
Net Deferred tax assets (2,573) (650)
Recognition of deferred tax assets on MAT credit entitlement is based on the respective legal entity's present estimates
and business plans as per which the same is expected to be utilized within the stipulated fifteen year period from the
date of origination (Refer note 3(c)(A)(ii)).
Deferred tax assets in the Group have been recognised to the extent there are sufficient taxable temporary differences
relating to the same taxation authority and the same taxable entity which are expected to reverse. For certain
components of the Group, deferred tax assets on carry forward unused tax losses have been recognised to the extent
of deferred tax liabilities on taxable temporary differences available. It is expected that any reversals of the deferred tax
liability would be offset against the reversal of the deferred tax asset at respective entities.
Unused tax losses / unused tax credit for which no deferred tax asset has been recognized amount to ` 7,335 Crore and
` 9,818 Crore as at 31 March 2023 and 31 March 2022 respectively.
As at 31 March 2023
(` in Crore)
Greater than
Within one Greater than No expiry
Unused tax losses/ unused tax credit one year, less Total
year five years date
than five years
Unutilised business losses 689 2,621 2,040 - 5,350
Unabsorbed depreciation - - - 1,985 1,985
Unutilised R&D credit - 0 - - 0
Total 689 2,622 2,040 1,985 7,335
As at 31 March 2022
(` in Crore)
Greater than
Within one Greater than No expiry
Unused tax losses/ unused tax credit one year, less Total
year five years date
than five years
Unutilised business losses 31 3,217 3,116 2,005 8,369
Unabsorbed depreciation - - - 1,439 1,439
Unutilised R&D credit - - - 10 10
Total 31 3,217 3,116 3,454 9,818
No deferred tax assets has been recognised on these unused tax losses/ unused tax credit as there is no evidence that
sufficient taxable profit will be available in future against which these can be utilised by the respective entities.
The Group has not recognised any deferred tax liabilities for taxes that would be payable on the Group’s share in
unremitted earnings of certain of its subsidiaries because the Group controls when the liability will be incurred and it is
probable that the liability will not be incurred in the foreseeable future. The amount of unremitted earnings are ` 24,130
Crore and ` 36,947 Crore as at 31 March 2023 and 31 March 2022 respectively.
547
NOTES
(d) Non- current tax assets

Non- current tax assets of ` 1,635 Crore (31 March 2022: ` 2,762 Crore) mainly represents income tax receivable from
Indian tax authorities by Vedanta Limited relating to the refund arising consequent to the Scheme of Amalgamation &
Arrangement made effective in August 2013 pursuant to approval by the jurisdiction High Court and receivables relating
to matters in tax disputes in Group companies including tax holiday claim.
(e) The tax department had issued demands on account of remeasurement of certain tax incentives, under section 80IA
and 80 IC of the Income-tax Act, 1961. During the year ended 31 March 2020, based on the favorable orders from
Income Tax Appellate Tribunal relating to AY 09-10 to AY 12-13, the Commissioner of Income Tax (Appeals) has
allowed these claims for AY 14-15 to AY 15-16, which were earlier disallowed and has granted refund of amounts
deposited under protest. Against the Tribunal order, the department had filed an appeal in Hon’ble Rajasthan High Court
in financial year 17-18 which is yet to be admitted. As per the view of external legal counsel, Department’s appeal seeks
re-examination of facts rather than raising any substantial question of law and hence it is unlikely that appeal will be
admitted by the High Court. Accordingly, there is a high probability that the case will go in favour of the Company. The
amount involved in this dispute as of 31 March 2023 is ` 12,447 Crore (31 March 2022: ` 11,369 Crore) plus applicable
interest upto the date of settlement of the dispute.
38 Earnings per equity share (EPS)

Particulars
31 March 2023 31 March 2022
Profit after tax attributable to equity share holders for Basic and Diluted EPS A 10,574 18,802
Computation of weighted average number of shares
Weighted average number of ordinary shares outstanding during the year excluding B 370.97 370.65
shares acquired for ESOP for basic earnings per share
Effect of dilution:
Potential ordinary shares relating to share option awards 2.41 2.56
Adjusted weighted average number of shares of the Company in issue C 373.38 373.21
Basic earnings per equity share (`) A/B 28.50 50.73
Diluted earnings per equity share (`) A/C 28.32 50.38
Nominal Value per Share (in `) 1.00 1.00
39 Distributions made and proposed

Particulars
31 March 2023 31 March 2022
Amounts recognised as distributions to equity share holders:
Interim dividends: ` 101.50/- per share (31 March 2022:` 45.00/- per share) 37,658 16,681
Refund of dividend distribution tax (86) -
37,572 16,681
40 Commitments, contingencies and guarantees

A) Commitments
The Group has a number of continuing operational and financial commitments in the normal course of
business including:
• Exploratory mining commitments;
• Oil and gas commitments;
• Mining commitments arising under production sharing agreements; and
• Completion of the construction of certain assets.
548
NOTES
a) Estimated amount of contracts remaining to be executed on capital accounts and not provided for:
(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Oil & Gas sector
Cairn India 1,412 2,169
Aluminium sector
Lanjigarh Refinery (Phase II) 2,439 2,861
Jharsuguda 1.25 MTPA smelter 1,266 1,577
BALCO smelter expansion 0.57 MTPA to 1 MTPA 6,700 4,643
Zinc sector
Zinc India (mines expansion and smelter) 1,750 507
Gamsberg mining and milling project - 206
Gamsberg mining and milling project (Phase II) 1,950 -
Copper sector
Tuticorin Smelter 400 KTPA* 3,066 3,051
Others 3,843 3,843
Total 22,426 18,857
*currently contracts are under suspension under the force majeure clause as per the contract

b) Committed work programme (Other than capital commitment):

(` in Crore)
As at As at
Particulars
31 March 2023 31 March 2022
Oil & Gas sector
Cairn India (OALP - New Oil and Gas blocks) 5,184 5,615
c) Other Commitments
(i) The Power Division of the Group has signed a long term power purchase agreement (PPA) with GRIDCO Limited
for supply of 25% of power generated from the power station with additional right to purchase power (5%/7%)
at variable cost as per the conditions referred to in PPA. The PPA has a tenure of twenty five years, expiring in
FY 2037. The Group received favourable order from OERC dated 05 October 2021 for conversion of Independent
Power Plant ("IPP") to Captive Power Plant ("CPP") w.e.f from 01 January 2022 subject to certain terms and
conditions. However, OERC vide order dated 19 February 2022 directed the Group to supply power to GRIDCO from
19 February 2022 onwards. Thereafter, the Group has resumed supplying power to GRIDCO from 01 April 2022 as
per GRIDCO’s requisition.
The OERC vide its order dated 03 May 2023 has reviewed its previous order dated 05 October 2021 and directed
the Group to operate Unit 2 as an IPP. The Group is in process of filing an appeal against the said order.
(ii) TSPL has signed a long term PPA with the Punjab State Power Corporation Limited (PSPCL) for supply of power
generated from the power plant. The PPA has tenure of twenty five years, expiring in FY 2042.
(iii) During the current year ended 31 March 2023, the Group has executed new Power Delivery Agreements ("PDA")
with Serentica group companies (Serentica Renewables India 1 Private Limited, Serentica Renewables India 3
Private Limited, Serentica Renewables India 4 Private Limited, Serentica Renewables India 5 Private Limited,
Serentica Renewables India 6 Private Limited, Serentica Renewables India 7 Private Limited and Serentica
Renewables India 9 Private Limited), which are associates of Volcan, for procuring renewable power over twenty
five years from date of commissioning of the combined renewable energy power projects (“the Projects”)
on a group captive basis. These Serentica group companies were incorporated for building the Projects of
approximately 1,246 MW (31 March 2022: 380 MW). During the current year, the Group has invested ` 249 Crore
in Optionally Convertible Redeemable Preference shares (“OCRPS”) of ` 10 each of Serentica group companies.
These OCRPS will be converted into equity basis conversion terms of the PDA, resulting in Vedanta Group holding
549
NOTES
twenty six percent stake in its equity. As at 31 March 2023, total outstanding commitments related to PDA with
Serentica Group Companies are ` 1,598 Crore (31 March 2022: ` 480 Crore).
B) Guarantees
The aggregate amount of indemnities and other guarantees on which the Group does not expect any material losses,
was ` 8,470 Crore (31 March 2022: ` 6,564 Crore).
a) Guarantees and bonds advanced to the customs authorities in India of ` 1,339 Crore relating to the export and
payment of import duties on purchases of raw material and capital goods (31 March 2022: ` 492 Crore).
b) Guarantees issued for Group’s share of minimum work programme commitments of ` 2,742 Crore (31 March 2022:
` 2,881 Crore).
c) Guarantees of ` 80 Crore issued under bid bond (31 March 2022: ` 98 Crore).
d) Bank guarantees of ` 115 Crore (31 March 2022: ` 115 Crore) has been provided by the Group on behalf of Volcan
Investments Limited to Income tax department, India as a collateral in respect of certain tax disputes. Other
guarantees worth ` 4,194 Crore (31 March 2022: ` 2,978 Crore) issued for securing supplies of materials and
services, in lieu of advances received from customers, litigation, for provisional valuation of custom duty and also
to various agencies, suppliers and government authorities for various purposes. The Group does not anticipate any
liability on these guarantees.
C) Export Obligations
The Indian entities of the Group have export obligations of ` 1,381 Crore (31 March 2022: ` 950 Crore) on account of
concessional rates of import duty paid on capital goods under the Export Promotion Capital Goods Scheme and under
the Advance Licence Scheme for the import of raw material laid down by the Government of India.
In the event of the Group’s inability to meet its obligations, the Group’s liability would be ` 322 Crore (31 March 2022:
` 207 Crore) reduced in proportion to actual exports, plus applicable interest.
The Group has given bonds of ` 809 Crore (31 March 2022: ` 1,915 Crore) to custom authorities against these
export obligations.
D) Contingent Liabilities
a) Hindustan Zinc Limited (HZL): Department of Mines and Geology
The Department of Mines and Geology of the State of Rajasthan issued several show cause notices to HZL in August,
September and October 2006 aggregating ` 334 Crore (31 March 2022: ` 334 Crore) claiming unlawful occupation
and unauthorised mining of associated minerals other than zinc and lead at HZL’s Rampura Agucha, Rajpura Dariba
and Zawar mines in Rajasthan during the period from July 1968 to March 2006. In response, HZL filed a writ petition
against these show cause notices before the High Court of Rajasthan in Jodhpur. In October 2006, the High Court
issued an order granting a stay and restrained the Department of Mines and Geology from undertaking any coercive
measures to recover the penalty. In January 2007, the High Court issued another order granting the Department of
Mines and Geology additional time to file their reply and also ordered the Department of Mines and Geology not to
issue any orders cancelling the lease. The State Government filed for an early hearing application in the High Court.
The High Court has passed an order rejecting the application stating that Central Government should file their replies.
HZL believes it is unlikely that the claim will lead to a future obligation and thus no provision has been made in these
b) Ravva Joint Operations arbitration proceedings

The Ravva Production Sharing Contract (PSC) obliges the contractor parties (including the Company (Cairn India
Limited which subsequently merged with the Company, accordingly now referred to as the Company)) to pay a
proportionate share of ONGC’s exploration, development, production and contract costs in consideration for ONGC’s
550
NOTES
payment of costs related to the construction and other activities it conducted in Ravva prior to the effective date of
the Ravva PSC (the ONGC Carry). The question as to how the ONGC Carry is to be recovered and calculated, along with
other issues, was submitted to an International Arbitration Tribunal in August 2002 which rendered a decision on the
ONGC Carry in favour of the contractor parties whereas four other issues were decided in favour of Government of India
(GOI) in October 2004 (Partial Award).
The GOI then proceeded to challenge the ONGC Carry decision before the Malaysian courts, as Kuala Lumpur was the
seat of the arbitration. The Federal Court of Malaysia upheld the Partial Award. As the Partial Award did not quantify
the sums, therefore, contractor parties approached the same Arbitration Tribunal to pass a Final Award in the subject
matter since it had retained the jurisdiction to do so. The Arbitral Tribunal was reconstituted and the Final Award was
passed in October 2016 in Group’s favour. GOI’s challenge of the Final Award has been dismissed by the Malaysian
High Court and the next appellate court in Malaysia i.e. Malaysian Court of Appeal. GOI then filed an appeal at Federal
Court of Malaysia. The matter was heard on 28 February 2019 and the Federal Court dismissed GOI’s leave to appeal.
The Group has also filed for the enforcement of the Partial Award and Final Award before the Hon'ble Delhi High Court.
The matter is currently being heard.
While the Group does not believe the GOI will be successful in its challenge, if the Arbitral Awards in above matters
are reversed and such reversals are binding, Group would be liable for approximately ` 526 Crore (US$ 64 million) plus
interest. (31 March 2022: ` 484 Crore (US$ 64 million) plus interest).
c) Proceedings related to the imposition of entry tax

Vedanta Limited and other Group companies, i.e., BALCO and HZL challenged the constitutional validity of the local
statutes and related notifications in the states of Odisha and Rajasthan pertaining to the levy of entry tax on the entry
of goods brought into the respective states from outside.
Post some contradictory orders of High Courts across India adjudicating on similar challenges, the Supreme Court
referred the matters to a nine judge bench. Post a detailed hearing, although the bench rejected the compensatory
nature of tax as a ground of challenge, it maintained status quo with respect to all other issues which have been left
open for adjudication by regular benches hearing the matters.
Following the order of the nine judge bench, the regular bench of the Supreme Court heard the matters and remanded
the entry tax matters relating to the issue of discrimination against domestic goods bought from other States to the
respective High Courts for final determination but retained the issue of jurisdiction for levy on imported goods, for
determination by the regular bench of the Supreme Court. Following the order of the Supreme Court, the Group filed writ
petitions in respective High Courts.
On 09 October 2017, the Supreme Court has held that states have the jurisdiction to levy entry tax on imported goods.
With this Supreme Court judgement, imported goods will rank pari-passu with domestic goods for the purpose of
levy of Entry tax. Vedanta Limited and its subsidiaries have amended their appeals (writ petitions) in Odisha and
Chhattisgarh to include imported goods as well.
The issue pertaining to the levy of entry tax on the movement of goods into a Special Economic Zone (SEZ) remains
pending before the Odisha High Court. The Group has challenged the levy of entry tax on any movement of goods into
SEZ based on the definition of ‘local area’ under the Odisha Entry Tax Act which is very clear and does not include
a SEZ. In addition, the Government of Odisha further through its SEZ Policy 2015 and the operational guidelines for
administration of this policy dated 22 August 2016, exempted the entry tax levy on SEZ operations.
During the previous year, HZL has, under an Amnesty Scheme, settled the entry tax matter by making a payment of
` 134 Crore against total claims of ` 200 Crore.
The total claims against Vedanta Limited and its subsidiaries (net of provisions made) are ` 823 Crore (31 March 2022:
` 825 Crore) including interest and penalty till the date of order. Further interest and penalty if any, would be additional.
551
NOTES
d) BALCO: Challenge against imposition of Energy Development Cess

"BALCO challenged the imposition of Energy Development Cess levied on generators and distributors of electrical
energy @ 10 paise per unit on the electrical energy sold or supplied before the High Court on the grounds that the Cess
is effectively on production and not on consumption or sale since the figures of consumption are not taken into account
and the Cess is discriminatory since captive power plants are required to pay @ 10 paise while the State Electricity
Board is required to pay @ 5 paise. The High Court of Chhattisgarh by order dated 15 December 2006 declared the
provisions imposing ED Cess on CPPs as discriminatory and therefore ultra vires the Constitution. BALCO has sought
refund of ED Cess paid till March 2006 amounting to ` 35 Crore.
The State of Chhattisgarh moved an SLP in the Supreme Court and whilst issuing notice has stayed the refund of the
Cess already deposited and the Supreme Court has also directed the State of Chhattisgarh to raise the bills but no
coercive action be taken for recovery for the same. Final argument in this matter has started before the Supreme Court.
Considering the high court judgement in Group's favor, we do not believe the state will succeed in their claims. However,
should the Supreme Court reverse the judgement, the Group will be liable to pay an additional amount of ` 1,091
Crore (31 March 2022: ` 1,017 Crore). As at 31 March 2023, an amount of ` 1,126 Crore relating to principal has been
considered as a contingent liability (31 March 2022: ` 1,052 Crore).
e) BALCO: Electricity Duty

The Group operates a 1,200 MW power plant (“the Plant”) which commenced production in July 2015. Based on the
Memorandum of Understanding signed between the Group and the Chhattisgarh State Government, the management
believes that the Plant is covered under the Chhattisgarh Industrial policy 2004-09 which provides exemption of electricity
duty for 15 years. In June 2021, the Chief Electrical Inspectorate, Raipur (“CIE”) issued a demand notice for electricity duty
and interest thereon of ` 888 Crore and ` 588 Crore respectively for the period March 2015 to March 2021.
The Group carries an accrual for electricity duty of ` 639 Crore (31 March 2022: ` 817 Crore), net of ` 570 Crore (31
March 2022: ` 226 Crore) paid under protest. BALCO has requested the CIE to allow payment of the principal amount
over a period of 5 years along with a waiver of interest demand. BALCO has received a reply from CIE that the matter will
be discussed with appropriate authorities. As at 31 March 2023, no confirmation has been received on this matter and
therefore an amount of ` 916 Crore (31 March 2022: ` 731 Crore) relating to interest is considered as a contingent liability.
f) ESL: MDPA
Mine Development and Production Agreement (MDPA) entered into by ESL with respect to the Nadidihi Iron Ore Block
(74.50 Ha) and the Nadidihi Iron & Manganese Ore Block (117.206 Ha) in Orissa obligates certain minimum despatch
requirement for each year from the commencement of mining, as prescribed under Sub Rule-1 of Rule 12(A) of the
Minerals (other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016 (MCR 2016).
ESL has received demand notices dated 03 December 2022 aggregating ` 1,708 Crore towards penalty for annual
shortfall in minimum despatch required under Sub Rule-1 of Rule 12(A) of MCR 2016, for the first year of the lease
for both the mines. Management believes that the aforesaid demands are unreasonable and arbitrary to the law on
various grounds including the fact that the State Government has erroneously considered the wrong period to calculate
the MDPA requirement as per Sub Rule 1 of Rule 12 (A) of MCR 2016. Further, ESL was unable to carry out mining
operation for significant part of the first year owing to reasons beyond its control (Force Majeure) and for the said the
period, is entitled to be afforded an additional period in terms of Section 12(1)(ff) of the Mineral (Other than Atomic
and Hydrocarbons Energy Minerals) Concession Rules, to meet the said minimum despatch requirement. Based on
aforesaid grounds that are supported by a legal opinion obtained in this regard, Inter-alia, the Group has filed the
Revision Application under Section 30 of the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act)
to keep the above demand notice in abeyance during the pendency of the proceedings before the Revisional Authority,
Ministry of Mines and the same has been informed to Office of the Deputy Director of mines through intimation letter.
The Revisional Authority vide its order dated 14 March 2023 has put stay on the impugned demand notices and directed
the State Government not to take any coercive action to realize the demand till further orders.
Also, ESL has received the demand notices dated 11 April 2023 aggregating ` 50 Crore for the first quarter of the
second-year lease period from 20 November 2022 till 19 November 2023 for both the mines, to which ESL has replied
stating that these demand notices shall be kept in abeyance till the pendency of the proceedings before the Revisionary
552
NOTES
Authority, Ministry of Mines as the similar contentions were taken by the Management in the revision application filed
against the earlier demand notices for shortfall in the first year of lease period. Management believes that the aforesaid
demands are unreasonable and arbitrary to the law on various grounds including the fact that the State Government
has erroneously considered the wrong period to calculate the MDPA requirement as per Sub Rule 1 of Rule 12 (A) of
MCR 2016.
Basis MDPA and legal opinion received, any obligation in this regard can be termed as a remote. As a matter
of prudence, aforesaid demand notices of ` 1,758 Crore have been disclosed as contingent liability in the
g) Miscellaneous disputes- Income tax

"The Group is involved in various tax disputes amounting to ` 1,455 Crore (31 March 2022: ` 1,359 Crore) relating to
income tax. It also includes similar matters where initial assessment is pending for subsequent periods and where the
Group has made claims and assessments are in progress. These mainly relate to the disallowances of tax holidays
and depreciation under the Income-tax Act, 1961 and interest thereon which are pending at various appellate levels.
Penalties, if any, may be additional.
Based on detailed evaluations and supported by external legal advice, where necessary, the Group believes that it has
strong merits and no material adverse impact is expected.
h) Miscellaneous disputes- Others

The Group is subject to various claims and exposures which arise in the ordinary course of its operations, from indirect
tax authorities and others, pertaining to the assessable values of sales and purchases or incomplete documentation
supporting the Company’s returns or other claims.
The approximate value of claims (excluding the items as set out separately above) against the Group companies total
` 4,907 Crore (31 March 2022: ` 4,655 Crore).
Based on evaluations of the matters and legal advice obtained, the Group believes that it has strong merits in its favor.
Accordingly, no provision is considered at this stage.
Except as described above, there are no pending litigations which the Group believes could reasonably be expected to
have a material adverse effect on the results of operations, cash flows or the financial position of the Group.
41 Other Matters
a) The Group purchases bauxite under long term linkage arrangement with Orissa Mining Corporation Ltd (hereafter
referred as “OMC”) at provisional price of ` 1,000/MT from October 2020 onwards based on interim order dated 08
October 2020 of the High Court of Odisha, which is subject to final outcome of the writ petition filed by the Group.
The last successful e-auction based price discovery was done by OMC in April 2019 at ` 673/MT and supplied bauxite
at this rate from September 2019 to September 2020 against an undertaking furnished by the Group to compensate
any differential price discovered through future successful national e-auctions. Though OMC conducted the next
e-auction on 31 August 2020 with floor price of ` 1,707/MT determined on the basis of Rule 45 of Minerals Concession
Rules, 2016 (hereafter referred as the ‘Rules’), no bidder participated at that floor price and hence the auction was
not successful. However, OMC raised demand of ` 281 Crore on the Group towards differential pricing and interest for
bauxite supplied till September 2020 considering the auction base price of ` 1,707/MT.
The Group had then filed a writ petition before High Court of Odisha in September 2020, which issued an interim Order dated
08 October 2020 directing that the petitioner shall be permitted to lift the quantity of bauxite mutually agreed on payment of
` 1,000/MT and furnishing an undertaking for the differential amount, subject to final outcome of the writ petition.
OMC re-conducted e-auction on 09 March 2021 with floor price of ` 2,011/MT, which again was not successful. On
18 March 2021, Cuttack High Court issued an order that the current arrangement of bauxite price @ ` 1,000/MT will
553
NOTES
continue for the FY 2021-22. Further, on 06 April 2022, the Cuttack High Court directed that the current arrangement will
continue for the FY 2022-23 also.
Supported by legal opinions, management believes that the provisions of Rule 45 of the Rules are not applicable to
commercial sale of bauxite ore and hence, it is not probable that the Group will have any financial obligation towards
the aforesaid commitments over and above the price of ` 673/MT discovered vide last successful e-auction.
However, as an abundant precaution, the Group has recognised purchase of Bauxite from September 2019 onwards at
the aforesaid rate of ` 1,000/MT.
b) The Department of Mines and Geology (DMG) of the State of Rajasthan initiated the royalty assessment process from
January 2008 to 2019 and issued a show cause notice vide an office order dated 31 January 2020 amounting to ` 1,925
Crore. Further, an additional demand was issued vide an office order dated 14 December 2020 for ` 311 Crore. The Group
has challenged the show cause notice and computation mechanism of the royalty itself, and the High Court has granted
a stay on the notice and directed DMG not to take any coercive action. State Government has also been directed to not
take any coercive action to recover such miscomputed dues. Further, Revisionary Authority(RA), has granted a stay on the
recovery under the March 2022 notice of ` 1,423 Crore & the recovery of ` 311 Crore vide its order dated 15 June 2022 & 07
September 2022 respectively. Based on the opinion of external counsel, the Group believes that it has strong grounds of a
successful appeal, and the chances of an outcome which is not in favor of the Group is remote.
c) The Scheme of Amalgamation and Arrangement amongst Sterlite Energy Limited ('SEL'), Sterlite Industries (India)
Limited ('Sterlite'), Vedanta Aluminium Limited ('VAL'), Ekaterina Limited ('Ekaterina'), Madras Aluminium Group
Limited ('Malco') and the Group (the “Scheme”) had been sanctioned by the Honourable High Court of Madras and the
Honourable High Court of Judicature of Bombay at Goa and was given effect to in the year ended 31 March 2014.
Subsequently, the above orders of the honourable High Court of Bombay and Madras have been challenged by
Commissioner of Income Tax, Goa and Ministry of Corporate Affairs through a Special Leave Petition before the
honourable Supreme Court and also by a creditor and a shareholder of the Group. The said petitions are currently
pending for hearing.
d) Flue-gas desulfurization (FGD) implementation:

The Ministry of Environment, Forest and Climate Change (MoEF&CC) has revised emission norms for coal based power
plants in India. Accordingly, both captive and independent coal-based power plants in India are required to comply
with these revised norms for reduction of sulphur oxide (SOx) emissions for which the current plant infrastructure
is to be modified or new equipment have to be installed. Timelines for compliance to the revised norm for various
plants in the Group range from December 2024 to December 2026. Different power plants are at different stages of the
implementation process.
TSPL filed a petition before Punjab State Electricity Regulatory Commission (PSERC) for approval of MoEF&CC
notification as change in law in terms of Article 13 of PPA on 30 June 2017. PSERC vide its order dated 21 December
2018 has held that MoEF&CC notification is not a change in law as it does not impose any new requirements. TSPL had
filed an appeal before Hon’ble Appellate Tribunal for Electricity (APTEL) challenging the said order of PSERC. APTEL has
pronounced the order dated 28 August 2020 in favour of TSPL allowing the cost pass through.
PSPCL has filed an appeal against this order in the Supreme Court. The matter was listed on 03 February 2022 wherein
respondents including TSPL have been directed to file counter affidavits in the matter. On 09 November 2022, TSPL filed
its Counter Affidavit. The matter is pending for hearing.
e) i) Pursuant to the Government of India’s policy of disinvestment, the Group in April 2002 acquired 26% equity interest
in Hindustan Zinc Limited (HZL) from the Government of India. Under the terms of the Shareholder’s Agreement
(‘SHA’), the Group had two call options to purchase all the Government of India’s shares in HZL at fair market
value. The Group exercised the first call option on 29 August 2003 and acquired an additional 18.9% of HZL’s
issued share capital. The Group also acquired an additional 20% of the equity capital in HZL through an open
554
NOTES
offer, increasing its shareholding to 64.9%. The second call option provides the Group the right to acquire the
Government of India’s remaining 29.5% share in HZL. This call option was subject to the right of the Government
of India to sell 3.5% of HZL shares to HZL employees. The Group exercised the second call option on 21 July 2009.
The Government of India disputed the validity of the call option and refused to act upon the second call option.
Consequently, the Group invoked arbitration which is in the early stages. The next date of hearing is to be notified.
The Government of India without prejudice to the position on the Put/Call option issue has received approval from
the Cabinet for divestment and the Government is looking to divest through the auction route. In January 2016, the
Supreme Court had directed status quo pertaining to disinvestment of Government of India’s residual shareholding
in a public interest petition filed.
On 13 August 2020, the Supreme Court passed an order partially removing the status quo order in place and has
allowed the arbitration proceedings to continue via its order passed on 18 November 2021, the Supreme Court of
India allowed the GOI’s proposal to divest its entire stake in HZL in the open market in accordance with the rules
and regulations of SEBI and also directed the Central Bureau of India to register a regular case in relation to the
process followed for the disinvestment of HZL in the year 2002 by the GOI. In line with the said order, the Group
has withdrawn its arbitration proceedings.
ii) Pursuant to the Government of India’s policy of divestment, the Group in March 2001 acquired 51% equity interest
in BALCO from the Government of India. Under the terms of the SHA, the Group had a call option to purchase
the Government of India’s remaining ownership interest in BALCO at any point from 02 March 2004. The Group
exercised this option on 19 March 2004. However, the Government of India contested the valuation and validity of
the option and contended that the clauses of the SHA violate the erstwhile Companies Act, 1956 by restricting the
rights of the Government of India to transfer its shares and that as a result such provisions of the SHA were null
and void. In the arbitration filed by the Group, the arbitral tribunal by a majority award rejected the claims of the
Group on the ground that the clauses relating to the call option, the right of first refusal, the “tag along” rights and
the restriction on the transfer of shares violate the erstwhile Companies Act, 1956 and are not enforceable.
The Group has challenged the validity of the majority award before the Hon'ble High Court at Delhi and sought
for setting aside the arbitration award to the extent that it holds these clauses ineffective and inoperative. The
Government of India also filed an application before the High Court to partially set aside the arbitral award
in respect of certain matters involving valuation. The matter is currently scheduled for hearing at the Delhi
High Court. Meanwhile, the Government of India without prejudice to its position on the Put/Call option issue
has received approval from the Cabinet for divestment and the Government is looking to divest through the
auction route.
On 09 January 2012, the Group offered to acquire the Government of India’s interests in HZL and BALCO for
` 15,492 Crore and ` 1,782 Crore respectively. This offer was separate from the contested exercise of the call
options, and the Group proposed to withdraw the ongoing litigations in relation to the contested exercise of the
options should the offer be accepted. To date, the offer has not been accepted by the Government of India and
therefore, there is no certainty that the acquisition will proceed.
In view of the lack of resolution on the options, the non-response to the exercise and valuation request from the
Government of India, the resultant uncertainty surrounding the potential transaction and the valuation of the
consideration payable, the Group considers the strike price of the options to be at the fair value, which is effectively
nil, and hence the call options have not been recognized in the financial statements.
iii) During the year, BALCO has paid remuneration to an erstwhile whole-time director (ceased to be a whole-time
director with effect from 15 February 2023) for the year ended 31 March 2023, which is in excess of the limits
applicable under section 197 of the Companies Act, 2013 (“Act”), read with Schedule V thereto, by ` 4 Crore. The
waiver of recovery of excess remuneration has already been approved by Board of Directors of BALCO in their
meeting held on 20 April 2023 and is subject to approval of BALCO shareholders (comprising the Company and
the Government of India) in its ensuing Annual General Meeting ('AGM'). BALCO is in the process of obtaining such
approval from its shareholders at its ensuing AGM in compliance of provisions of Section 197, Schedule V and
other applicable provisions of the Act.
555
NOTES
Further, a whole-time director has been appointed by the Board of Directors of BALCO with effect from 15 February
2023. The terms and conditions of the appointment and remuneration of such whole-time director is approved by the
Board of Directors of BALCO and is pending approval of the shareholders at its ensuing AGM as required under Sections
196 and 197 and Schedule V of the Act read with the rules thereunder and other applicable provisions of the Act. During
the year ended 31 March 2023, a sum of ` 0 Crore was paid as remuneration to such whole-time director.
f) On 26 October 2018, the Government of India (GoI), acting through the Directorate General of Hydrocarbons (DGH)
granted its approval for a ten-year extension of the Production Sharing Contract (PSC) for the Rajasthan Block (RJ),
with effect from 15 May 2020 subject to certain conditions and pay additional 10% profit petroleum. Pending the
outcome of arbitration and petition filed with Supreme Court on applicability of policy, MoPNG vide letter dated 21
October 2022 has conveyed the grant of approval of extension of PSC for 10 years from 15 May 2020 to 14 May 2030
and the PSC addendum has been executed by the parties on 27 October 2022.
DGH, in September 2022, has trued up the earlier demand raised till 31 March 2018 upto 14 May 2020 for Government’s
additional share of Profit oil based on its computation of disallowance of cost incurred over retrospective re-
allocation of certain common costs between Development Areas (DAs) of Rajasthan Block and certain other matters
aggregating to ` 9,545 Crore (US$ 1,162 million) applicable interest thereon representing share of Vedanta Limited and
its subsidiary.
The Group has disputed the aforesaid demand and the other audit exceptions, notified till date, as in the Group’s view
the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions,
disputed notings do not prevail and accordingly do not result in creation of any liability. The Group believes it has
reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms,
the Group had commenced arbitration proceedings. The final hearing and arguments were concluded in September
2022. Post hearing briefs was filed by both the parties and award is awaited.
For reasons aforesaid, the Group is not expecting any material liability to devolve on account of these matters.
42 Related party Disclosures

List of related parties and relationships
A) Entities controlling the Company (Holding Companies)
Volcan Investments Limited (Volcan)
Volcan Investments Cyprus Limited
Intermediate Holding Companies
Vedanta Resources Limited (VRL) Welter Trading Limited#
Finsider International Company Limited# Westglobe Limited#
Richter Holdings Limited# Vedanta Holdings Mauritius II Limited#
Twin Star Holdings Limited# Vedanta Holdings Mauritius Limited#
Vedanta Resources Cyprus Limited# Vedanta Holdings Jersey Limited#
Vedanta Resources Finance Limited# Vedanta Netherlands Investments BV#
Vedanta Resources Holdings Limited# Vedanta UK Investments Limited#
B) Fellow subsidiaries (with whom transactions have taken place)

Sterlite Iron and Steel Company Limited
Sterlite Power Transmission limited
Sterlite Technologies Limited
Sterlite Power Grid Ventures Limited
STL Digital Limited
Sterlite Grid 16 Limited
Twin Star Technologies Limited
556
NOTES
C) Associate of ultimate parent (with whom transactions have taken place)

Serentica Renewables India 1 Private Limited* Serentica Renewables India 5 Private Limited*
Serentica Renewables India 9 Private Limited*
D) Post retirement benefit plans

BALCO Employees Provident Fund Trust
HZL Employee Group Gratuity Trust
HZL Superannuation Trust
Hindustan Zinc Ltd Employees Contributory Provident Fund Trust
Sesa Group Employees Gratuity Fund and Sesa Group Executives Gratuity Fund
Sesa Group Employees Provident Fund
Sesa Group Executives Superannuation Scheme Fund
Sesa Mining Corporation Limited Employees Gratuity Fund
Sesa Mining Corporation Limited Employees Provident Fund Trust
Sesa Resources Limited Employees Gratuity Fund
Sesa Resources Limited and Sesa Mining Corporation Limited Employees Superannuation Fund
Sesa Resources Limited Employees Provident Fund Trust
FACOR Superannuation Trust
FACOR Employees Gratuity Scheme
E) Associates and Joint Ventures (with whom transactions have taken place)
RoshSkor Township (Pty) Limited
Gaurav Overseas Private Limited
Goa Maritime Private Limited
Madanpur South Coal Company Limited
Gergarub Exploration and Mining (Pty) Limited
F) Others (with whom transactions have taken place)

Enterprises over which key management personnel/their relatives have control or significant influence
Anil Agarwal Foundation Trust Minova Runaya Private Limited
Cairn Foundation Runaya Refining LLP
Caitlyn India Private Limited Sesa Community Development Foundation
Fujairah Gold Ghana Vedanta Foundation
Fujairah Metals LLC Vedanta Limited ESOS Trust
Janhit Electoral Trust Vedanta Medical Research Foundation
Voorspoed Trust
# These entities are subsidiary companies of VRL and VRL through its subsidiaries holds 68.11% in the Company.
* During the current year, due to change in shareholding of the intermediate holding company of Serentica group companies, the
relationship of Vedanta group with these companies has changed from fellow subsidiaries to associates of Volcan.
Ultimate Controlling party

Vedanta Limited is a majority-owned and controlled subsidiary of Vedanta Resources Limited (‘VRL’). Volcan
Investments Limited (‘Volcan’) and its wholly owned subsidiary together hold 100 % of the share capital and 100 %
of the voting rights of VRL. Volcan is 100 % beneficially owned and controlled by the Anil Agarwal Discretionary Trust
(‘Trust’). Volcan Investments Limited, Volcan Investments Cyprus Limited and other intermediate holding companies
except VRL do not produce Group financial statements.
557
NOTES
G) A summary of significant related party transactions for the year ended 31 March 2023 are noted below.
Transactions and balances with own subsidiaries are eliminated on consolidation.
(` in Crore)
Entities controlling Associates/
Particulars the Company/ Joint Others Total
Fellow subsidiaries ventures
Income:
(i) Revenue from operations 1,831 - 56 1,887
(ii) Other income
a) Interest and guarantee commission 420 - - 420
b) Outsourcing service fees 5 - - 5
c) Dividend income 0 - - 0
d) Miscellaneous income - - 1 1
Expenditure and other transactions:
(i) Purchase of goods/ services 13 4 283 300
(ii) Stock options (recovery) - - - -
(ii) Management and brand fees J 2,082 - - 2,082
(iii) Reimbursement for other expenses (net of recovery) (2) - (1) (3)
(iv) Corporate social responsibility expenditure/ Donation - - 77 77
(v) Contribution to post retirement employee benefit trust/fund - - 78 78
(vi) Remuneration to relatives of key management personnel - - 20 20
(vii) Purchase of fixed assets (19) - - (19)
(viii) Commission/sitting fees
- To Non executive directors - - 5 5
- To key management personnel - - 0 0
- To relatives of key management personnel - - 1 1
(ix) Dividend paid
- To holding companies 26,171 - - 26,171
- To key management personnel and their relatives - - 2 2
- To Non executive directors and their relatives - - 0 0
(x) Interest and guarantee commission expense N 177 - - 177
Other Transactions during the year:
(i) Loans given/ (repayment thereof) L (2,408) 5 - (2,403)
(ii) Financial guarantees relinquished during the year - - (0) (0)
(iii) Investment purchased during the year (refer note 40) - 1 249 250
Balances as at period end:
(i) Trade receivables 11 - - 11
(ii) Loan given L, K 3,749 9 - 3,758
(iii) Other receivables and advances (including brand fee prepaid) J, N 1,664 9 33 1,706
(iv) Trade payables 29 0 31 60
(v) Other payables (including brand fee payable) J 270 - 44 314
(vi) Bank guarantee given I 115 - - 115
(vii) Sitting fee, remuneration, commission and consultancy fees - - 7 7
payable to KMP and their relatives
(viii) Dividend payable
- To Holding companies 4,887 - 0 4,887
- To key management personnel and their relatives - - 1 1
- To Non executive directors and their relatives - - 0 0
558
NOTES

(` in Crore)
For the year ended
Particulars
31 March 2023
Post employment benefits* 1
41
employees together.
H) A summary of significant related party transactions for the year ended 31 March 2022 are noted below.
Transactions and balances with own subsidiaries are eliminated on consolidation.
(` in Crore)
Income :
(i) Revenue from operations 1,395 - 59 1,454
(ii) Other income
a) Interest and guarantee commission 721 - - 721
b) Outsourcing service fees 4 - - 4
c) Dividend income 1 - - 1
d) Miscellaneous income - - 1 1
Expenditure and other transactions:
(i) Purchase of goods/ services 75 - 165 240
(ii) Stock options (recovery) - - - -
(ii) Management and brand fees J
1,617 - - 1,617
(iii) Reimbursement for other expenses (net of recovery) 13 - 0 13
(iv) Corporate social responsibility expenditure/ Donation - - 45 45
(v) Contribution to post retirement employee benefit trust/fund - - 114 114
(vi) Remuneration to relatives of key management personnel - - 23 23
(vii) Commission/sitting fees
- To Non executive directors - - 4 4
(viii) Dividend paid
- To holding companies 11,346 - - 11,346
(ix) Interest and guarantee commission expense N 147 - - 147
Other Transactions during the year:
(i) Loans given/ (repayment thereof) L (1,623) - - (1,623)
(ii) Financial guarantees relinquished during the year 1 - 4 5
(iii) Investment purchased/ (redeemed) during the year - 0 - 0
(iv) Loan taken/ (repayment thereof) (0) - - (0)
Balances as at period end:
(i) Trade receivables 13 - 5 18
(ii) Loan given L,K 5,457 5 - 5,462
559
NOTES
(` in Crore)
(iii) Other receivables and advances (including brand fee prepaid) J,N 294 10 2 306
(iv) Trade payables 67 - 31 98
(v) Other payables (including brand fee payable) J 168 - 38 206
(vi) Financial guarantee given - - 0 0
(vii) Bank guarantee given I
115 - - 115
(viii) Sitting fee, remuneration, commission and consultancy fees - - 8 8
payable to KMP and their relatives

(` in Crore)
For the year ended
Particulars
31 March 2022
36

employees together.
I) Bank guarantee given by Vedanta Limited on behalf of Volcan Investments Limited in favour of Income Tax department,
India as collateral in respect of certain tax disputes of Volcan Investments Limited.
J) he Group has a Brand license and strategic service fee agreement (“the Agreement”) with Vedanta Resources Ltd
T
("VRL") for the use of brand ‘Vedanta’ and providing strategic services which envisaged payment to VRL ranging from
0.75%-2% of turnover of the Company and certain subsidiaries. During the previous year, the Agreement was extended
for a further period of fifteen years. The Group has recorded an expense of ` 1,718 Crore (31 March 2022: ` 1,553 Crore)
for the year ended 31 March 2023. Further, during the current year, based on updated benchmarking analysis conducted
by independent experts, the brand license and strategic service fee has been re-negotiated at 3% of the turnover of the
Company with effect from 01 April 2023, while the previous rates remain unchanged for the subsidiaries. The Group
generally pays such fee in advance, at the beginning of the year based on estimated annual turnover.
Furthermore, during the current year, the Company executed a sub-licensing agreement for its existing Agreement with
VRL consequent to which it has sub-licensed the brand and strategic services to its subsidiary Hindustan Zinc Limited
(”HZL”) with effect from 01 October 2022. Based on independent benchmarking analysis, the Group has agreed a net
sub-licensing fee of 1.70% of HZL’s annual consolidated turnover with VRL, resulting in an expense of ` 270 Crore for
the year ended 31 March 2023.
K) D
uring the current year ended 31 March 2023, the Group has renewed loan provided to Sterlite Iron and Steel Company
Limited for a further period of 12 months. The loan balance as at 31 March 2023 is ` 5 Crore (31 March 2022: ` 5 Crore).
The loan is unsecured in nature and carries an interest rate of 11.13% per annum.
In 2016, a subsidiary of the Company had executed an agreement with Twin Star Holding Limited, the intermediate
parent of the Group, to provide an unsecured loan at an interest rate of 2.1% per annum. The loan balance of the loan
as at 31 March 2023 is ` 82 Crore (US $10 million) (31 March 2022: ` 74 Crore (US $10 million)). These loans including
accrued interest thereon have been fully provided for in the books of accounts.
560
NOTES
L) During the year ended 31 March 2021, as part of its cash management activities, the overseas subsidiaries of the
Company extended certain loans and guarantee facilities to Vedanta Resources Limited (“VRL”) and its subsidiaries
(collectively “the VRL group”).
During the previous year, the overseas subsidiaries of the Company, executed agreements with Twin Star Holdings
Limited, "TSH", to novate ` 2,408 Crore (US$ 300 million) due for repayment in June 2022 to another subsidiary of
VRL, which is guaranteed by VRL, at an interest rate of 10.1% pursuant to novation. The said loan has been fully repaid
during the current year.
As of 31 March 2023, loans having contractual value of ` 3,689 Crore (US$ 449 million) (31 March 2022: ` 5,661 Crore
(US$ 749 million)) were outstanding from the VRL group at an interest rate of 9.6%.
M) During the current year ended 31 March 2023, the Group executed an agency contract with VRL pursuant to which,
the Group procured calcined alumina amounting to ` 735 Crore on which an agency commission of ` 4 Crore was paid
to VRL.
N) Vedanta Resources Limited (“VRL”), as a parent company, has provided financial and performance guarantee to the
Government of India for erstwhile Cairn India group’s (“Cairn”) obligations under the Production Sharing Contract
(‘PSC’) provided for onshore block RJ-ON-90/1, for making available financial resources equivalent to Cairn’s share for
its obligations under the PSC, personnel and technical services in accordance with industry practices and any other
resources in case Cairn is unable to fulfil its obligations under the PSC.
Similarly, VRL has also provided financial and performance guarantee to the Government of India for the Group’s
obligations under the Revenue Sharing Contract (‘RSC’) in respect of 51 Blocks awarded under the Open Acreage Licensing
Policy (“OALP”) by the Government of India.
As a consideration for the guarantee with respect to the PSC, the Group pays an annual charge of 1.2% of net
exploration and development spend, subject to a minimum annual fee of ` 41 Crore (US$ 5 million), in ratio of
participating interests held equally by the Company and its step-down subsidiary, Cairn Energy Hydrocarbons Ltd
(“CEHL”). As regards the RSC, the Group paid a one-time charge of ` 183 Crore (US$ 25 million), i.e., 2.5% of the total
estimated cost of initial exploration phase of approximately ` 7,330 Crore (US$ 1 billion), in the year ended 31 March
2021, and pays an annual charge of 1% of spend, subject to a minimum fee of ` 80 Crore (US$ 10 million) and maximum
fee of ` 160 Crore (US$ 20 million) per annum.
Accordingly, the Group has recorded a guarantee commission expense of ` 177 Crore (US$ 23 million) (31 March 2022:
` 147 Crore (US$ 20 million)) for the period ended 31 March 2023 and ` 75 Crore (US$ 9 million) (31 March 2022: ` 126 Crore
(US$ 17 million) is outstanding as a pre-payment as at 31 March 2023.
O) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Group to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified
by or on behalf of the Group (Ultimate Beneficiaries). The Group has not received any fund from any party(s) (Funding
Party) with the understanding that the Group shall whether, directly or indirectly lend or invest in other persons or
entities identified by or on behalf of the Group (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
561
NOTES
43 Interest in other entities

a) Subsidiaries
The Group consists of a parent company, Vedanta Limited, incorporated in India and a number of subsidiaries held
directly and indirectly by the Group which operate and are incorporated around the world. Following are the details of
shareholdings in the subsidiaries.
The Company's / Immediate
holding company's
S. Country of Immediate holding percentage holding (in %)
Subsidiaries Principal activities
No Incorporation company As at As at
31 March 31 March
2023 2022
1 Copper Mines of Tasmania Copper Mining Australia Monte Cello BV 100.00 100.00
Pty Limited ("CMT")
2 Thalanga Copper Mines Pty Copper Mining Australia Monte Cello BV 100.00 100.00
Limited ("TCM")
3 Athena Chattisgarh Power Power Generation India Vedanta Limited N/A -
Limited (a)
4 Bharat Aluminium Company Aluminium mining and India Vedanta Limited 51.00 51.00
Limited ("BALCO") smelting
5 Desai Cement Company Cement India Sesa Mining 100.00 100.00
Private Limited Corporation Limited
6 ESL Steel Limited Manufacturing of Steel & DI India Vedanta Limited 95.49 95.49
Pipe
7 FACOR Power Ltd Power generation India Ferro Alloy - 90.00
(Refer Note 4(b)) Corporation Limited
("FACOR")
8 Facor Realty and Real estate India FACOR - 100.00
Infrastructure Limited (b)
9 Ferro Alloy Corporation Manufacturing of Ferro Alloys India Vedanta Limited 99.99 100.00
Limited ("FACOR") and Mining and generation of
(Refer Note 4(b)) power
10 Goa Sea Port Private Infrastructure India Sterlite Ports Limited 100.00 100.00
Limited 2
11 Hindustan Zinc Alloys Private Manufacturing of metals and India Hindustan Zinc 100.00 100.00
Limited its alloys Limited
12 Hindustan Zinc Fertilizers Manufacturing of phosphatic India Hindustan Zinc 100.00 -
Private Limited (c) fertilisers Limited
13 Hindustan Zinc Limited Exploring, extracting, India Vedanta Limited 64.92 64.92
("HZL") processing of minerals and
manufacturing of metals
14 MALCO Energy Limited Power Generation India Vedanta Limited 100.00 100.00
("MEL")
15 Maritime Ventures Private Infrastructure India Sterlite Ports 100.00 100.00
Limited 2 Limited
16 Paradip Multi Cargo Berth Infrastructure India Sesa Resources 100.00 100.00
Private Limited 2 Limited
17 Sesa Mining Corporation Iron ore mining India Sesa Resources 100.00 100.00
Limited 2 Limited
18 Sesa Resources Limited Iron ore mining India Vedanta Limited 100.00 100.00
("SRL")
19 Sterlite Ports Limited 2 Infrastructure India Sesa Resources 100.00 100.00
Limited
20 Talwandi Sabo Power Power Generation India Vedanta Limited 100.00 100.00
Limited ("TSPL")
21 Vedanta Zinc Football & Sports Foundation India Hindustan Zinc 100.00 100.00
Sports Foundation Limited
22 Vizag General Cargo Berth Infrastructure India Vedanta Limited 100.00 100.00
Private Limited
23 Zinc India Foundation (d) CSR Activities India Hindustan Zinc 100.00 -
Limited
24 AvanStrate Inc. (''ASI'') Manufacturing of LCD Glass Japan Cairn India Holdings 51.63 51.63
Substrate Limited
25 Cairn India Holdings Limited Investment company Jersey Vedanta Limited 100.00 100.00
562
NOTES

holding company's
31 March 31 March
2023 2022
26 AvanStrate Taiwan Inc Manufacturing of LCD Glass Taiwan ASI 100.00 100.00
Substrate
27 Western Cluster Limited Iron ore mining Liberia Bloom Fountain 100.00 100.00
Limited
28 Bloom Fountain Limited Operating (Iron ore) and Mauritius Vedanta Limited 100.00 100.00
Investment Company
29 CIG Mauritius Holdings Investment Company Mauritius Cairn Energy - 100.00
Private Limited (e) Hydrocarbons Ltd.
30 CIG Mauritius Private Investment Holding Company Mauritius CIG Mauritius - 100.00
Limited (e) and to provide services and Holding Private Ltd.
resources relevant to oil & gas
exploration, production and
development
31 THL Zinc Ltd Investment Company Mauritius THL Zinc Ventures 100.00 100.00
Limited
32 THL Zinc Ventures Limited Investment Company Mauritius Vedanta Limited 100.00 100.00
33 Amica Guesthouse Accommodation and catering Namibia Skorpion Zinc 100.00 100.00
(Proprietary) Limited services (Proprietary) Limited
34 Namzinc (Proprietary) Owns and operates a zinc Namibia Skorpion Zinc 100.00 100.00
Limited refinery (Proprietary) Limited
35 Skorpion Mining Company Exploration, development, Namibia Skorpion Zinc 100.00 100.00
(Proprietary) Limited ('NZ') treatment, production and sale (Proprietary) Limited
of zinc ore
36 Skorpion Zinc (Proprietary) Operating (zinc) and investing Namibia THL Zinc 100.00 100.00
Limited (''SZPL'') company Namibia Holdings
(Proprietary) Ltd
37 THL Zinc Namibia Holdings Mining and Exploration and Namibia THL Zinc Ltd 100.00 100.00
(Proprietary) Limited Investment company
(“VNHL”)
38 Killoran Lisheen Mining Development of a zinc/lead Republic of Vedanta Lisheen 100.00 100.00
Limited mine Ireland Holdings Limited
39 Lisheen Milling Limited Manufacturing (f) Republic of Vedanta Lisheen 100.00 100.00
Ireland Holdings Limited
40 Lisheen Mine Partnership Development and operation of Republic of 50% each held by 100.00 100.00
a zinc/lead mine Ireland Killoran Lisheen
Mining Limited and
Vedanta Lisheen
Mining Limited
41 Vedanta Lisheen Mining Zinc and lead mining Republic of Vedanta Lisheen 100.00 100.00
Limited Ireland Holdings Limited
42 Cairn Energy Gujarat Block 1 Oil and gas exploration, Scotland Cairn India Holdings - 100.00
Limited (g) development and production Limited
43 Cairn Energy Hydrocarbons Oil and gas exploration, Scotland (h) Cairn India Holdings 100.00 100.00
Limited development and production Limited
44 Black Mountain Mining Exploration, development, South Africa THL Zinc Ltd 74.00 74.00
(Proprietary) Limited production and sale of zinc,
lead, copper and associated
mineral concentrates
45 Cairn Lanka Private Limited Oil and gas exploration, Sri Lanka Cairn Energy 100.00 100.00
development and production Hydrocarbons
Limited
46 AvanStrate Korea Inc Manufacturing of LCD Glass Korea ASI 100.00 100.00
Substrate
47 Lakomasko BV (i) Investment company The THL Zinc Holding BV - 100.00
Netherlands
48 Monte Cello BV (“MCBV”) Holding company The Vedanta Limited 100.00 100.00
Netherlands
563
NOTES

holding company's
31 March 31 March
2023 2022
49 THL Zinc Holding BV Investment company The Vedanta Limited 100.00 100.00
Netherlands
50 Vedanta Lisheen Holdings Investment company The THL Zinc Holding BV 100.00 100.00
Limited Netherlands
51 Fujairah Gold FZC Manufacturing of Copper United Malco Energy 100.00 100.00
Rod and Refining of Precious Arab Limited
Metals (Gold & Silver) Emirates
(a) Acquired on 21 July 2022 under the liquidation proceedings of the Insolvency and Bankruptcy Code, 2016, subject to National
Company Law Tribunal (“NCLT”) approval which is pending as on the balance sheet date (refer note 4)
(b) Struck off on 13 January 2023
(c) Incorporated on 07 September 2022
(d) Incorporated on 05 August 2022
(e) Dissolved on 01 March 2023
(f) Activity of the company ceased in February 2016
(g) Deregistered effective from 05 July 2022
(h) Principal place of business in India
(i) Liquidated on 03 March 2023.
1 The Group also has interest in certain trusts which are neither significant nor material to the Group.
2 The Mumbai NCLT and Chennai NCLT has passed orders dated 06 June 2022 and 22 March 2023 respectively sanctioning the
scheme of amalgamation of Sterlite Ports Limited ('SPL'), Paradip Multi Cargo Berth Private Limited ('PMCB'), Maritime Ventures
Private Limited ('MVPL'), Goa Sea Port Private Limited ('GSPL'), wholly owned subsidiaries/step down subsidiaries of Sesa
Resources Limited ('SRL'), with Sesa Mining Corporation Limited ('SMCL'). Statutory filing with MCA is in progress.
b) Joint operations
The Group participates in several unincorporated joint operations which involve the joint control of assets used in oil
and gas exploration and producing activities which are as follows:
(%) Participating Interest
Oil & Gas blocks/fields Area As at As at
31 March 2023 31 March 2022
Operating Blocks
Ravva block-Exploration, Development and Production Krishna Godavari 22.50 22.50
CB-OS/2 – Exploration Cambay Offshore 60.00 60.00
CB-OS/2 - Development & production Cambay Offshore 40.00 40.00
RJ-ON-90/1 – Exploration Rajasthan Onshore 100.00 100.00
RJ-ON-90/1 – Development & production Rajasthan Onshore 70.00 70.00
KG-OSN-2009/3 – Exploration Krishna Godavari Offshore 100.00 100.00
Non-Operating Blocks
KG-ONN-2003/1 Krishna Godavari Onshore 49.00 49.00
c) Interest in associates and joint ventures

Set out below are the associates and joint ventures of the Group as at 31 March 2023 and 31 March 2022 which, in
the opinion of the management, are not material to the Group. The country of incorporation or registration is also their
principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held.
% Ownership interest
S.
Associates and Jointly controlled entities Country of incorporation As at As at
No.
31 March 2023 31 March 2022
1 Gaurav Overseas Private Limited India 50.00 50.00
2 Madanpur South Coal Company Limited India 17.62 17.62
3 Goa Maritime Private Limited India 50.00 50.00
4 Rosh Pinah Health Care (Proprietary) Limited Namibia 69.00 69.00
5 Gergarub Exploration and Mining (Pty) Limited Namibia 51.00 51.00
6 RoshSkor Township (Pty) Limited Namibia 50.00 50.00
564
NOTES
44 Oil & gas reserves and resources

The Group's gross reserve estimates are updated atleast annually based on the forecast of production profiles, determined
on an asset-by-asset basis, using appropriate petroleum engineering techniques. The estimates of reserves and resources
have been derived in accordance with the Society for Petroleum Engineers “Petroleum Resources Management System
(2018)". The changes to the reserves are generally on account of future development projects, application of technologies
such as enhanced oil recovery techniques and true up of the estimates. The management’s internal estimates of
hydrocarbon reserves and resources at the year end, are as follows:
Gross proved and probable Gross proved and probable Net working interest proved and
hydrocarbons initially in place reserves and resources probable reserves and resources
Particulars Country (mmboe) (mmboe) (mmboe)
As at As at As at As at As at As at
31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022
Rajasthan Block India 4,806 5,910 933 1,006 653 704
Ravva PKGM-1 India 704 704 18 23 4 5
CB-OS/2 Fields India 298 298 22 25 9 10
KG-ONN-2003/1 India 260 260 32 32 16 16
KG-OSN-2009/3 India 32 32 4 4 4 4
DSF India 30 4 86 2 86 2
OALP India 530 530 60 60 60 60
Total 6,660 7,738 1,155 1,152 832 801
The Group’s net working interest proved and probable reserves is as follows:
Proved and probable Proved and probable reserves

reserves (developed)
Particulars
Oil Gas Oil Gas
(mmstb) (bscf) (mmstb) (bscf)
Reserves as of 01 April 2021* 261 259 162 166
Revisions/ Additions during the year (19) (34) 5 (9)
Reserves as of 31 March 2022** 210 189 135 121
Revisions/ Additions during the year (15) (3) 14 18
Reserves as of 31 March 2023*** 167 152 121 105
* Includes probable oil reserves of 111.14 mmstb (of which 23.08 mmstb is developed) and probable gas reserves of 128.41 bscf (of which
52.06 bscf is developed)
** Includes probable oil reserves of 78.48 mmstb (of which 18.15 mmstb is developed) and probable gas reserves of 75.98 bscf
(of which 26.30 bscf is developed)
*** Includes probable oil reserves of 55.68 mmstb (of which 18.99 mmstb is developed) and probable gas reserves of 46.91 bscf
(of which 16.91 bscf is developed)
mmboe = million barrels of oil equivalent
mmstb = million stock tank barrels
bscf = billion standard cubic feet
1 million metric tonnes = 7.4 mmstb
1 standard cubic meter =35.315 standard cubic feet
565
45 Financial information pursuant to Schedule III of the Companies Act, 2013
566
Net Assets
Share in other Share in total
(Total assets less total Share in profit and loss
comprehensive income (OCI) comprehensive income (TCI)
liabilities)
S. As at Year ended Year ended Year ended
No
Name of the entity
31 March 2023 31 March 2023 31 March 2023 31 March 2023 NOTES
VEDANTA LIMITED
As % of As % of
Amount As % of Amount Amount As % of Amount
consolidated consolidated
(` in Crore) consolidated profit (` in Crore) (` in Crore) consolidated TCI (` in Crore)
net assets OCI
Parent
Vedanta Limited 172.01% 67,812 258.71% 27,356 42.45% 419 240.25% 27,775
Indian Subsidiaries
1 Hindustan Zinc Limited 32.83% 12,942 99.48% 10,519 4.18% 41 91.34% 10,560
2 Bharat Aluminium Company Limited 19.65% 7,748 0.40% 42 3.32% 33 0.65% 75
3 MALCO Energy Limited 0.05% 20 (2.53%) (267) (0.43%) (4) (2.35%) (271)
4 Talwandi Sabo Power Limited 7.66% 3,020 (0.66%) (70) 0.00% - (0.61%) (70)
5 Sesa Resources Limited 1.09% 428 3.56% 376 0.00% - 3.25% 376
6 Sesa Mining Corporation Limited(1) 0.04% 16 0.96% 101 0.16% 2 0.89% 103
(1)
7 Sterlite Ports Limited 0.00% - 0.00% - 0.00% - 0.00% -
8 Vizag General Cargo Berth Private Limited 0.05% 20 0.29% 31 0.00% 0 0.27% 31
9 Paradip Multi Cargo Berth Private 0.00% - 0.00% - 0.00% - 0.00% -
Limited(1)
10 Maritime Ventures Private Limited(1) 0.00% - 0.00% - 0.00% - 0.00% -
(1)
11 Goa Sea Port Private Limited 0.00% - 0.00% - 0.00% - 0.00% -
12 Vedanta Limited ESOS Trust 0.13% 51 0.04% 4 0.00% - 0.03% 4
13 ESL Steel Limited 14.12% 5,567 (5.28%) (558) (0.30%) (3) (4.85%) (561)
14 Ferro Alloy Corporation Limited (FACOR)(2) 1.43% 565 2.47% 261 (0.10%) (1) 2.25% 260
(a)
15 Facor Realty and Infrastructure Limited 0.00% - 0.00% - 0.00% - 0.00% -
16 FACOR Power Ltd (2) 0.00% - 0.00% - 0.00% - 0.00% -
17 Desai Cement Company Private Limited (0.03%) (10) (0.04%) (4) (0.10%) (1) (0.04%) (5)
18 Hindustan Zinc Alloys Private Limited 0.00% 0 (0.01%) (1) 0.00% - (0.01%) (1)
19 Vedanta Zinc Football & Sports 0.00% 0 (0.01%) (1) 0.00% - (0.01%) (1)
Foundation
20 Hindustan Zinc Fertilizers Private Limited (c) 0.00% 0 0.00% 0 0.00% - 0.00% 0
21 Zinc India Foundation (c) (0.01%) (3) (0.03%) (3) 0.00% - (0.03%) (3)
Foreign Subsidiaries
1 Copper Mines of Tasmania Pty Limited (1.63%) (644) (0.80%) (85) 0.00% - (0.74%) (85)
2 Thalanga Copper Mines Pty Limited 0.12% 48 (0.02%) (2) 0.00% - (0.02%) (2)
Net Assets
liabilities)
Name of the entity
No 31 March 2023 31 March 2023 31 March 2023 31 March 2023
As % of As % of NOTES
CONSOLIDATED

net assets OCI
3 Monte Cello BV 0.55% 218 0.04% 4 0.00% - 0.03% 4
4 Bloom Fountain Limited (25.91%) (10,216) 5.49% 580 0.00% - 5.02% 580
5 Western Cluster Limited (0.80%) (315) 6.65% 703 0.00% - 6.08% 703
6 Fujairah Gold FZC (1.80%) (711) (0.51%) (54) 0.10% 1 (0.46%) (53)
7 THL Zinc Ventures Limited (10.33%) (4,072) (0.01%) (1) 0.00% - (0.01%) (1)
8 THL Zinc Limited (8.49%) (3,346) 0.05% 5 0.00% - 0.04% 5
9 THL Zinc Holding BV (6.67%) (2,631) 0.51% 54 0.00% - 0.47% 54
10 THL Zinc Namibia Holdings (Proprietary) 2.81% 1,107 (0.63%) (67) 0.00% - (0.58%) (67)
Limited
11 Skorpion Zinc (Proprietary) Limited 0.02% 9 (0.20%) (21) 0.00% - (0.18%) (21)
12 Skorpion Mining Company (Proprietary) (3.65%) (1,440) (0.20%) (21) 0.00% - (0.18%) (21)
Limited
13 Namzinc (Proprietary) Limited 1.51% 595 (0.43%) (45) 0.00% - (0.39%) (45)
14 Amica Guesthouse (Proprietary) Limited 0.01% 2 0.00% - 0.00% - 0.00% -
15 Black Mountain Mining Proprietary 9.45% 3,726 10.52% 1,112 1.61% 16 9.76% 1,128
Limited
16 Vedanta Lisheen Holdings Limited 0.52% 204 0.23% 24 0.00% - 0.21% 24
17 Vedanta Lisheen Mining Limited 0.20% 79 0.07% 7 0.00% - 0.06% 7
18 Killoran Lisheen Mining Limited 0.06% 25 0.09% 9 0.00% - 0.08% 9
19 Lisheen Milling Limited 0.25% 100 0.09% 10 0.00% - 0.09% 10

REPORT
20 Lisheen Mine Partnership 0.38% 150 0.05% 5 0.00% - 0.04% 5

21 Lakomasko BV (d) 0.00% - 0.00% - 0.00% - 0.00% -
INTEGRATED
22 Cairn India Holdings Limited 21.38% 8,429 (0.49%) (52) 0.00% - (0.45%) (52)
23 Cairn Energy Hydrocarbons Limited 10.04% 3,957 9.82% 1,038 0.00% - 8.98% 1,038
24 Cairn Lanka (Private) Limited 0.00% - 0.11% 12 0.00% - 0.10% 12
(e)
REPORTS
25 CIG Mauritius Holding Private Limited 0.00% - 0.00% - 0.00% - 0.00% -

STATUTORY
26 CIG Mauritius Private Limited(e) 0.00% - 0.00% - 0.00% - 0.00% -

(f)
27 Cairn Energy Gujarat Block 1 Limited 0.00% - 0.00% - 0.00% - 0.00% -
28 AvanStrate Inc (5.80%) (2,287) (2.99%) (316) 0.00% - (2.73%) (316)
29 AvanStrate Korea Inc (5.44%) (2,143) (1.94%) (205) 0.00% - (1.77%) (205)
FINANCIAL
30 AvanStrate Taiwan Inc 6.34% 2,498 (0.84%) (89) 0.00% - (0.77%) (89)
STATEMENTS
567
Net Assets
568
liabilities)
Name of the entity
As % of
Amount As % of Amount
As % of
Amount As % of Amount NOTES
VEDANTA LIMITED
net assets OCI
Non-controlling interests in all (25.38%) (10,004) (37.16%) (3,929) 6.69% 66 (33.41%) (3,863)
subsidiaries
Associates and Joint ventures (per Equity
method)
Indian
1 Gaurav Overseas Private Limited 0.00% 1 (0.00%) (0) (0.05%) (1) (0.01%) (1)
2 Madanpur South Coal Company Limited 0.01% 5 0.03% 4 0.00% - 0.03% 4
3 Goa Maritime Private Limited 0.00% 0 0.00% 0 0.00% - 0.00% 0
Foreign
1 Rosh Pinah Health Care (Proprietary) 0.01% 4 (0.01%) (1) 0.00% - (0.01%) (1)
Limited
2 Gergarub Exploration and Mining (Pty) 0.00% 0 0.00% - 0.00% - 0.00% -
Limited
3 RoshSkor Township (Pty) Ltd 0.00% 2 (0.01%) (1) 0.00% - (0.01%) (1)
Consolidation Adjustments/ Eliminations (g) (106.80%) (42,103) (244.85%) (25,891) 42.47% 419 (220.32%) (25,472)
Total 100.00% 39,423 100.00% 10,574 100.00% 987 100.00% 11,561
(a)
Struck off during the year (b) Acquired during the year (c) Incorporated during the year (d) Liquidated during the year (e) Dissolved during the year (f) De-registered during the year.
(g)
Consolidation adjustments/eliminations include intercompany eliminations, consolidation adjustments and GAAP differences.
1. The Mumbai NCLT and Chennai NCLT has passed orders dated 06 June 2022 and 22 March 2023 respectively sanctioning the scheme of amalgamation of Sterlite Ports Limited
(SPL), Paradip Multi Cargo Berth Private Limited (PMCB), Maritime Ventures Private Limited (MVPL), Goa Sea Port Private Limited (GSPL), wholly owned subsidiaries/step down
subsidiaries of Sesa Resources Limited (SRL), with Sesa Mining Corporation Limited (SMCL). Statutory filing with MCA is in progress.
2. During the current year, Hon’ble National Company Law Tribunal, Cuttack Bench vide its Order dated 15 November 2022 approved the Scheme of Amalgamation of Facor Power Limited
(“FPL”) into Ferro Alloys Corporation Limited (“FACOR”). FPL was a subsidiary of FACOR which in turn is a subsidiary of the Company. Post the amalgamation becoming effective
on 21 November 2022, the Company directly holds 99.99% in FACOR. There is no material impact on the consolidated financial statements of the Group due to this amalgamation.
Exchange Rates as at 31 March 2023: 1 AUD= ` 55.0383, 1 USD = ` 82.1643, 1 AED = ` 22.3668, 1 NAD = ` 4.6176, 1 ZAR = ` 4.6176, 1 JPY = ` 0.617788
Average Exchange Rates for the year ended 31 March 2023: 1 AUD= ` 54.9328, 1 USD = ` 80.2724, 1 AED = ` 21.8517, 1 NAD = ` 4.5020, 1 ZAR = ` 4.7239, 1 JPY = `0.593777
Net Assets
liabilities)
Name of the entity
NOTES
CONSOLIDATED
As % of As % of
net assets OCI
Parent
Vedanta Limited 118.76% 77,649 91.72% 17,245 40.46% 333 89.57% 17,578
Indian Subsidiaries
1 Hindustan Zinc Limited 52.43% 34,282 51.22% 9,630 (6.68%) (55) 48.79% 9,575
2 Bharat Aluminium Company Limited 11.74% 7,673 14.55% 2,736 (2.01%) (17) 13.86% 2,719
3 MALCO Energy Limited 0.45% 291 0.08% 15 (0.00%) (0) 0.08% 15
4 Talwandi Sabo Power Limited 4.73% 3,092 (0.65%) (122) 0.00% - (0.62%) (122)
5 Sesa Resources Limited 0.08% 52 0.13% 24 0.00% - 0.12% 24
6 Sesa Mining Corporation Limited(1) (0.17%) (110) 0.29% 54 (0.12%) (1) 0.27% 53
7 Sterlite Ports Limited(1) (0.01%) (6) (0.00%) (0) 0.00% - (0.00%) (0)
8 Vizag General Cargo Berth Private Limited (0.02%) (11) (0.12%) (23) 0.02% 0 (0.12%) (23)
9 Paradip Multi Cargo Berth Private (0.00%) (2) (0.00%) (0) 0.00% - (0.00%) (0)
Limited(1)
10 Maritime Ventures Private Limited(1) 0.06% 36 0.08% 15 0.00% - 0.08% 15
11 Goa Sea Port Private Limited(1) (0.00%) (3) 0.00% - 0.00% - 0.00% -
12 Vedanta Limited ESOS Trust 0.08% 51 0.00% - 0.00% - 0.00% -
13 ESL Steel Limited 9.37% 6,128 (0.51%) (95) (0.36%) (3) (0.50%) (98)
14 Ferro Alloy Corporation Limited (FACOR)(2) 0.96% 629 1.35% 253 (0.24%) (2) 1.28% 251
15 Facor Realty and Infrastructure Limited (a) 0.00% - (0.00%) (0) 0.00% - (0.00%) (0)
16 FACOR Power Ltd (2) (1.09%) (715) (0.27%) (50) 0.00% - (0.26%) (50)
17 Desai Cement Company Private Limited(b) 0.02% 13 (0.02%) (3) 0.00% - 0.00% -
REPORT
18 Hindustan Zinc Alloys Private Limited(c) 0.00% - 0.00% - 0.00% - 0.00% -

19 Vedanta Zinc Football & Sports 0.00% - 0.00% - 0.00% - 0.00% -
INTEGRATED
Foundation(c)
Foreign Subsidiaries
1 Copper Mines of Tasmania Pty Limited (0.93%) (605) (0.34%) (64) 0.00% - (0.33%) (64)
2 Thalanga Copper Mines Pty Limited 0.11% 75 0.54% 102 0.00% - 0.52% 102
REPORTS
3 Monte Cello BV 0.30% 197 0.02% 3 0.00% - 0.02% 3

STATUTORY
4 Bloom Fountain Limited (12.64%) (8,265) (1.27%) (239) 0.00% - (1.22%) (239)
5 Western Cluster Limited (1.45%) (951) (0.17%) (32) 0.00% - (0.16%) (32)
6 Sterlite (USA) Inc. (d) 0.00% - 0.00% - 0.00% - 0.00% -
7 Fujairah Gold FZC (0.92%) (604) (1.23%) (232) (0.36%) (3) (1.20%) (235)
FINANCIAL
8 THL Zinc Ventures Limited (5.73%) (3,745) (0.01%) (2) 0.00% - (0.01%) (2)
STATEMENTS
569
Net Assets
570
liabilities)
Name of the entity
As % of As % of NOTES
VEDANTA LIMITED

net assets OCI
9 THL Zinc Limited (4.72%) (3,083) 0.03% 6 0.00% - 0.03% 6
10 THL Zinc Holding BV (3.78%) (2,471) 0.15% 29 0.00% - 0.15% 29
11 THL Zinc Namibia Holdings (Proprietary) 0.99% 646 0.00% - 0.00% - 0.00% -
Limited
12 Skorpion Zinc (Proprietary) Limited 0.02% 10 0.00% 0 0.00% - 0.00% 0
13 Skorpion Mining Company (Proprietary) (2.44%) (1,597) (0.05%) (9) 0.00% - (0.05%) (9)
Limited
14 Namzinc (Proprietary) Limited 1.10% 719 (0.07%) (14) 0.00% - (0.07%) (14)
15 Amica Guesthouse (Proprietary) Limited 0.00% 2 (0.00%) (0) 0.00% - (0.00%) (0)
16 Black Mountain Mining Proprietary 4.51% 2,951 4.12% 775 (1.54%) (13) 3.88% 762
Limited
17 Vedanta Lisheen Holdings Limited 0.25% 165 0.02% 3 0.00% - 0.02% 3
18 Vedanta Lisheen Mining Limited 0.12% 79 (0.01%) (1) 0.00% - (0.01%) (1)
19 Killoran Lisheen Mining Limited 0.04% 24 0.01% 2 0.00% - 0.01% 2
20 Killoran Lisheen Finance Limited(d) 0.00% - 0.00% - 0.00% - 0.00% -
21 Lisheen Milling Limited 0.12% 76 (0.02%) (3) 0.00% - (0.02%) (3)
22 Lisheen Mine Partnership (0.03%) (21) (0.01%) (2) 0.00% - (0.01%) (2)
23 Lakomasko BV (0.00%) (1) (0.00%) (0) 0.00% - (0.00%) (0)
24 Vedanta Exploration Ireland Limited(d) 0.00% - 0.00% - 0.00% - 0.00% -
25 Cairn India Holdings Limited 13.96% 9,129 4.83% 909 0.00% - 4.63% 909
26 Cairn Energy Hydrocarbons Limited 4.33% 2,828 3.77% 709 0.00% - 3.61% 709
27 Cairn Lanka (Private) Limited (0.75%) (491) 0.03% 5 0.00% - 0.03% 5

28 Cairn South Africa (Pty) Limited(d) 0.00% - 0.00% - 0.00% - 0.00% -
29 CIG Mauritius Holding Private Limited(e) 0.00% - 0.00% - 0.00% - 0.00% -
30 CIG Mauritius Private Limited(e) 0.00% - 0.00% - 0.00% - 0.00% -
31 Cairn Energy Gujarat Block 1 Limited(e) 0.00% - 0.00% - 0.00% - 0.00% -
32 AvanStrate Inc (3.01%) (1,968) (0.03%) (5) 0.00% - (0.03%) (5)
33 AvanStrate Korea Inc (2.96%) (1,938) (0.72%) (135) 0.00% - (0.69%) (135)
34 AvanStrate Taiwan Inc 3.98% 2,602 (0.37%) (69) 0.00% - (0.35%) (69)
Non-controlling interests in all (26.49%) (17,321) (26.10%) (4,908) (4.86%) (40) (25.21%) (4,948)
subsidiaries
Net Assets
liabilities)
Name of the entity
NOTES
CONSOLIDATED
As % of As % of
net assets OCI
Associates and Joint ventures (per Equity
method) (g)
Indian
1 Gaurav Overseas Private Limited 0.00% 0 (0.00%) (0) (0.06%) (1) (0.00%) (1)
2 Madanpur South Coal Company Limited 0.00% 1 0.00% 0 0.00% - 0.00% 0
3 Goa Maritime Private Limited (0.00%) (0) 0.00% 0 0.00% - 0.00% 0
Foreign
1 Rosh Pinah Health Care (Proprietary) 0.00% 1 (0.00%) (0) 0.00% - (0.00%) (0)
Limited
2 Gergarub Exploration and Mining (Pty) 0.00% 0 0.00% - 0.00% - 0.00% -
Limited
3 RoshSkor Township (Pty) Ltd 0.00% 2 (0.00%) (1) 0.00% - (0.00%) (1)
Consolidation Adjustments/ Eliminations (f) (61.35%) (40,114) (40.97%) (7,704) 75.76% 624 (36.09%) (7,083)
Total 100.00% 65,383 100.00% 18,802 100.00% 823 100.00% 19,625
(a)
Passed a resolution for striking off (b) Acquired during the year (c) Incorporated during the year (d) Liquidated during the year (e) Under Liquidation
(f)
Consolidation adjustments/eliminations include intercompany eliminations, consolidation adjustments and GAAP differences. (g) Excludes Rampia Coal Mines & Energy Private Limited
which was struck off by Ministry of Corporate Affairs ("MCA") on 19 April 2021.
1. The Group has filed an application at Mumbai NCLT on 25 September 2021 and at Chennai NCLT on 29 September 2021 for the merger of Maritime Ventures Private Limited, Sterlite
Ports Limited, Paradip Multi Cargo Berth Private Limited, Goa Sea Port Private Limited with Sesa Mining Corporation Limited.
2. The Group has filed an application at NCLT Cuttack on 16 September 2021 for the merger of FACOR Power Limited with Ferro Alloy Corporation Limited ("FACOR") .
Exchange Rates as at 31 March 2022: 1 AUD= ` 56.6197, 1 USD = ` 75.5874, 1 AED = ` 20.5764, 1 NAD = ` 5.1941, 1 ZAR = ` 5.1941, 1 JPY = ` 0.620436
REPORT
Average Exchange Rates for the year ended 31 March 2022: 1 AUD= ` 55.0435, 1 USD = ` 74.4623, 1 AED = ` 20.2701, 1 NAD = ` 5.0119, 1 ZAR = ` 5.0119, 1 JPY = ` 0.663175
INTEGRATED
REPORTS
STATUTORY
FINANCIAL
STATEMENTS
571
NOTES
46 Other Statutory Information

a) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group
for holding any Benami property.
b) The Group has not been declared wilful defaulter by any bank or financial Institution or other lender.
c) The Group does not have any transactions with companies struck off as per Companies Act, 2013.
d) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
e) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
f) The Group has no any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).
47 Subsequent events
There are no other material adjusting or non-adjusting subsequent events, except as already disclosed.
DIN 00006303 DIN 07291685
572
Form AOC-I
Salient features of Subsidiaries pursuant to first proviso to sub section (3) of section 129 read with rule 5 of the Companies (Accounts) Rules, 2014
(` in Crore)
Proposed
Investments Profit/ Provision Profit/
Dividend -
SI. Reporting Reporting Share Reserves Total Total (excluding (Loss) for (Loss) % of
Name of the Subsidiary Turnover Proposed
No. Period currency Capital & Surplus Assets Liabilities Investment in Before Taxation/ After shareholding
Final
Subsidiary) Taxation (credit) Taxation
Dividend
1 Bharat Aluminium Company April to INR - INDIAN 221 7,526 14,654 6,906 141 13,249 73 31 42 - 51
Limited March RUPEE
2 Copper Mines of Tasmania April to AUD - - (644) 113 757 - 50 (84) 1 (85) - 100
Pty Limited March Australian
Dollar
3 Thalanga Copper Mines Pty April to AUD - 3 44 83 35 - 3 (2) - (2) - 100
Limited March Australian
Dollar
4 Monte Cello BV April to USD - United 0 218 245 27 - - 6 1 4 - 100
March States Dollar
5 Hindustan Zinc Limited April to INR - INDIAN 845 12,096 35,454 22,512 9,850 34,098 15,296 4,777 10,519 - 64.92
March RUPEE
6 MALCO Energy Limited April to INR - INDIAN 5 15 1,053 1,033 16 538 (267) - (267) - 100
March RUPEE
7 Fujairah Gold FZC April to AED - Emirati 7,513 (8,224) 595 1,307 - 5,206 (54) - (54) - 100
March Dirham
8 Talwandi Sabo Power Limited April to INR - INDIAN 3,207 (186) 11,308 8,288 - 5,801 (93) (23) (70) - 100
March RUPEE
9 THL Zinc Ventures Limited April to USD - United 82 (4,154) 1,685 5,756 - - (1) - (1) - 100
March States Dollar
10 THL Zinc Ltd April to USD - United 74 (3,420) 4,078 7,424 - - 5 - 5 - 100
March States Dollar
11 THL Zinc Holding BV April to USD - United 42 (2,673) 1,889 4,519 - - 54 (0) 54 - 100
March States Dollar
REPORT
12 THL Zinc Namibia Holdings April to NAD - Namibian 7 1,100 1,452 345 - - (67) - (67) - 100
(Proprietary) Ltd March Dollar
INTEGRATED
13 Skorpion Zinc (Proprietary) April to NAD - Namibian 2 7 463 454 - - (21) - (21) - 100
Limited March Dollar
14 Skorpion Mining Company April to NAD - Namibian 0 (1,440) 1,480 2,920 - - (21) - (21) - 100
(Proprietary) Limited March Dollar
REPORTS
15 Namzinc (Proprietary) Limited April to NAD - Namibian 0 596 2,257 1,662 - - (45) - (45) - 100
STATUTORY
March Dollar
16 Amica Guesthouse April to NAD - Namibian 0 2 3 1 - 3 - - - - 100
(Proprietary) Limited March Dollar
17 Black Mountain Mining April to ZAR - South 0 3,726 6,119 2,393 - 5,224 1,463 351 1,112 - 74
(Proprietary) Limited March African Rand
18 Vedanta Lisheen Holdings April to USD - United 0 204 232 28 - - 25 1 24 - 100
FINANCIAL
Limited March States Dollar

STATEMENTS
573
(` in Crore)
574
Proposed
Dividend -
Final
Dividend
VEDANTA LIMITED
19 Vedanta Lisheen Mining April to USD - United 28 52 79 - - - 7 (0) 7 - 100

20 Killoran Lisheen Mining April to USD - United 1 24 25 - - - 8 (0) 9 - 100
21 Lisheen Milling Limited April to USD - United 0 100 110 10 - - 11 1 10 - 100
March States Dollar
22 Lisheen Mine Partnership April to USD - United - - 75 (75) - - 5 1 5 - 100
March States Dollar
23 Sterlite Ports Limited6 April to INR - INDIAN - - - - - - - - - - 100
March RUPEE
24 Vizag General Cargo Berth April to INR - INDIAN 47 (27) 542 522 3 177 (27) (58) 31 - 100
Private Limited March RUPEE
25 Cairn India Holdings Limited April to USD - United 4,696 3,733 11,396 2,967 74 - (39) 13 (52) - 100
March States Dollar
26 Cairn Energy Hydrocarbons April to USD - United 3,911 46 9,418 5,461 1,122 7,000 1,779 741 1,038 - 100
27 Cairn Lanka (Private) Limited April to USD - United 1,921 (1,921) - - - - 12 - 12 - 100
March States Dollar
28 CIG Mauritius Holding Private April to USD - United - - - - - - - - - - 100
Limited1 March States Dollar
29 CIG Mauritius Private Limited1 April to USD - United - - - - - - - - - - 100
March States Dollar
30 Cairn Energy Gujarat Block1 April to USD - United - - - - - - - - - -
Limited2 March States Dollar
31 Paradip Multi Cargo Berth April to INR - INDIAN - - - - - - - - - - 100
Private Limited6 March RUPEE
32 Bloom Fountain Limited April to USD - United 18,084 (28,300) 856 11,072 - - 580 - 580 - 100
March States Dollar
33 Western Cluster Limited April to USD - United - (315) 1,093 1,408 - 105 703 - 703 - 100
March States Dollar
34 Sesa Resources Limited April to INR - INDIAN 1 427 465 37 - 97 376 - 376 - 100
March RUPEE
35 Sesa Mining Corporation April to INR - INDIAN 22 (6) 342 325 - 177 79 (21) 101 - 100
Limited6 March RUPEE
36 Maritime Ventures Private April to INR - INDIAN - - - - - - - - - - 100
Limited6 March RUPEE
37 Lakomasko BV1 April to USD - United - - - - - - - - - -
March States Dollar
38 Goa Sea Port Private Limited6 April to INR - INDIAN - - - - - - - - - - 100
March RUPEE
(` in Crore)
Proposed
Dividend -
Final
Dividend
39 Vedanta Limited ESOS Trust April to INR - INDIAN 0 51 230 179 0 6 6 2 4 - 100
March RUPEE
40 AvanStrate Inc April to JPY - Japanese 6 (2,294) 2,854 5,141 - - (316) - (316) - 51.63
March Yen
41 AvanStrate April to JPY - Japanese 791 (2,935) 560 2,703 - 36 (205) - (205) - 100
Korea Inc March Yen
42 AvanStrate Taiwan Inc April to JPY - Japanese 323 2,175 3,077 579 - 255 (89) - (89) - 100
March Yen
43 Ferro Alloy Corporation April to INR - INDIAN 34 531 908 343 - 778 62 (199) 261 - 99.99
Limited (FACOR)5 March RUPEE
44 Facor Realty and April to INR - INDIAN - - - - - - - - - - -
Infrastructure Limited3 March RUPEE
45 FACOR Power Ltd5 April to INR - INDIAN - - - - - - - - - - -
March RUPEE
46 ESL Steel Limited April to INR - INDIAN 1,849 3,718 11,246 5,679 20 8,008 (471) 87 (558) - 95.49
March RUPEE
47 Desai Cement Company November INR - INDIAN 2 (12) 15 25 - 7 (4) - (4) - 100
Private Limited to March RUPEE
48 Hindustan Zinc Alloys Private November INR - INDIAN 0 (1) 144 145 - - (1) - (1) - 100
Limited to March RUPEE
49 Vedanta Zinc Football & November INR - INDIAN 0 (1) - 1 - 6 (1) - (1) - 100
Sports Foundation to March RUPEE
50 Hindustan Zinc Fertilizers September INR - INDIAN 0 (0) 0 0 - - 0 - 0 - 100
Private Limited4 to March RUPEE
51 Zinc India Foundation4 August to INR - INDIAN 0 (3) 1 4 - - (3) - (3) - 100
March RUPEE
REPORT
A. Exchange Rates as at 31 March 2023: 1 AUD= `55.0383 , 1 USD = ` 82.1673, 1 AED = ` 22.3668, 1 NAD = ` 4.6176, 1 ZAR = ` 4.6176, 1 JPY = ` 0.617788
INTEGRATED
B. Average Exchange Rates for the year ended 31 March 2023: 1 AUD= ` 54.9382, 1 USD = ` 80.2724, 1 AED = ` 21.8517, 1 NAD = ` 4.7239, 1 ZAR = ` 4.7239, 1 JPY = ` 0.593777
1
Liquidated during the year.
2
Deregistered during the year.
3
Struck off during the year.
REPORTS
4
Incorporated during the year.
STATUTORY
5
During the current year, Hon’ble National Company Law Tribunal, Cuttack Bench vide its Order dated 15 November 2022 approved the Scheme of Amalgamation of Facor Power Limited (“FPL”) into
Ferro Alloys Corporation Limited (“FACOR”). FPL was a subsidiary of FACOR which in turn is a subsidiary of the Company. Post the amalgamation becoming effective on 21 November 2022, the Company
directly holds 99.99% in FACOR. There is no material impact on the consolidated financial statements of the Group due to this amalgamation.
6
The Mumbai NCLT and Chennai NCLT has passed orders dated 06 June 2022 and 22 March 2023 respectively sanctioning the scheme of amalgamation of Sterlite Ports Limited (SPL), Paradip Multi
Cargo Berth Private Limited (PMCB), Maritime Ventures Private Limited (MVPL), Goa Sea Port Private Limited (GSPL), wholly owned subsidiaries/step down subsidiaries of Sesa Resources Limited (SRL),
with Sesa Mining Corporation Limited (SMCL). Statutory filing with MCA is in progress..
FINANCIAL
STATEMENTS
575
Form AOC-I
576
Salient features of Subsidiaries pursuant to first proviso to sub section (3) of section 129 read with rule 5 of the Companies (Accounts) Rules, 2014
Rosh Pinah Health Gergarub Exploration

RoshSkor Township Gaurav Overseas Madanpur South Coal Goa Maritime Private
S.No Name of Associates/Joint Ventures (a) Care (Proprietary) and Mining (Pty)
(Pty) Ltd Private Limited Company Limited Limited
Limited Limited
VEDANTA LIMITED
1 Latest audited Balance sheet date 30 June 2022 31 March 2023 31 March 2023 31 March 2023 31 December 2022 30 December 2020
2 Shares of Associate/Joint Ventures held by the
Company at the year end
- Number 50 3,23,000 1,14,421 5,000 69 51
- Amount of investment (` in Crore) 0.00 0.32 1.96 0.01 0.00 0.00
- % of holding 50.00% 50.00% 17.62% 50.00% 69.00% 51.00%
3 Description of how there is significant influence By way of By way of N.A. N.A. Joint control Joint control
ownership ownership of the entity of the entity
4 Networth attributable to shareholding as per 1.69 1.21 4.84 0.01 4.09 0.00
latest audited Balance sheet (` in Crore)
5 (Loss)/ Profit for the year (` in Crore) (0.58) (0.12) 3.62 0.06 (1.44) -
a) Excludes Rampia Coal Mines & Energy Private Limited which was struck off by Ministry of Corporate Affairs ("MCA") on 19 April 2021.
For and on behalf of the Board of Directors
Navin Agarwal Sunil Duggal Prerna Halwasiya

Executive Vice-Chairman and Whole-Time Director and Company Secretary and Compliance Officer
Whole-Time Director Group Chief Executive Officer
DIN 00006303 DIN 07291685 ICSI Membership No. A20856
Place: Mumbai
Date: 12 May 2023
ABBREVIATIONS
ABBREVIATIONS GLOSSARY
ABH Aishwariya Barmer Hill CSR Corporate Social Responsibility
ACT-UP Accelerated Tracking and Upgradation Process CSUSP Cairn Sustainability & Safety Performance
Program
ADB Asian Development Bank
CTE Consent to Establish
AGI Above Ground Installations
CTO Consent to Operate
AI Artificial Intelligence
CXO Chief Experience Officer
AIML Artificial Intelligence and Machine Learning
CY Calendar Year
APC Advanced Process Control
DAERDLR Department of Agriculture, Environmental Affairs,
APH Air Pre-heaters
Rural Development and Land Reform
ASP Alkaline Surfactant Polymer
DGH Directorate General of Hydrocarbons
ASSOCHAM The Associated Chambers of Commerce &
DGPO Data Governance Professionals Organization
Industry of India
DJSI Dow Jones Sustainability Indices
BALCO Bharat Aluminium Company Limited
DLP Data Leakage Prevention
BDZ Bio Degradable Zone
DSC Dariba Smelting Complex
BEV Battery Electric Vehicles
DSF Discovered Small Field
BMM Black Mountain Mining
E&Y Ernst & Young Pvt. Ltd.
BMP Biodiversity Management Plan
EBITDA Earnings before interest, taxes, depreciation, and
BOA Biodiversity Offset Agreement
amortisation
boe Barrel of Oil Equivalent
EC Environmental Clearance
Boz Billion ounces
EOR Enhanced Oil Recovery
BRSR Business Responsibility and Sustainability
EPS Earnings Per Share
Reporting
ESG Environmental, Social and Governance
BU Business Unit
ESL Electrosteel Limited
CAGR Compound Annual Growth Rate
ESOP Employees’ Stock Option Scheme
CAPA Corrective and Preventive Actions
ETF Exchange Traded Fund
CAPEX Capital Expenditure
EU The European Union
CARES Certification Authority for Reinforcing Steels
EV Electric Vehicle
CBM Coal Bed Methane
ExCo Executive Committee
CCP Charge Chrome Plant
FACOR Ferro Alloys Corporation Limited
CDP Carbon Disclosure Project
FCF Free Cash Flow
CEIC Census and Economic Information Centre
FDI Foreign Direct Investment
CEO Chief Executive Officer
FGD Flue Gas Desulfurization
CFD Condensed Flash Drum
FICCI Federation of Indian Chambers of Commerce &
CFO Chief Financial Officer
Industry
CHRO Chief Human Resource Officer
FIMI Federation of Indian Mineral Industries
CII Confederation of Indian Industry
FMCG Fast-moving Consumer Goods
CIO Chief Information Officer
FOG Fall of Ground
CISO Chief Information Security Officer
FRHC Fire-refined High Conductivity
CLZS Chanderiya Lead Zinc Smelter
FTSE Financial Times Stock Exchange
CMDPA Coal Mine Development and Production
FY Financial Year
Agreement
GCC Gulf Cooperation Council
CMIE Centre for Monitoring Indian Economy
GDP Gross Domestic Product
CNG Compressed Natural Gas
GHG Greenhouse Gas
COD Committee of Directors
GISTM Global Industry Standard on Tailing Management
COE Centre of Excellence
GoI Government of India
CoP Cost of Production
GRI Global Reporting Initiative
CRM Critical Risk Management
GRMC Group Risk Management Committee
CRRI Central Road Research Institute
GW Giga Watt
CSO Chief Security Officer
577
HCFC High Carbon Ferro Chrome MEAI Mining Engineers Association of India
HR Human Resource MGMI Mining Geological & Metallurgical Institute of
India
HSE Health, Safety and Environment
MIS Management Information Systems
HVLT High Volume Low Toxicity
mmboe Million barrels of oil equivalent
HZAPL Hindustan Zinc Alloys Private Limited
mmscfd million standard cubic feet per day
HZL Hindustan Zinc Limited
mnt Million tonnes
IBAT Integrated Biodiversity Assessment Tool
MoEF&CC Ministry of Environment, Forests and Climate
IBBI Indian Biodiversity Business Initiative
Change
ICMM International Council on Mining and Metals
MOSPI Ministry of Statistics and Program
ICSI Institute of Company Secretaries of India Implementation
IFC International Finance Corporation MoU Memorandum of Understanding
IHS Information Handling Services Moz Million ounces
IIM Indian Institute of Management MSCI Morgan Stanley Capital International.
IIME Indian Institute of Mineral Engineers MSME Ministry of Micro, Small & Medium Enterprises
IIRC International Integrated Reporting MT Management Trainees
IMD International Institute for Management MTPA Metric Tonnes Per Annum
Development
MW Megawatt
IMF International Monetary Fund
NELP New Exploration and Licensing Policy
Ind AS Indian Accounting Standards
NGO Non-governmental Organization
IOB Iron Ore Business
NHAI National Highway Authority of India
IR Integrated Reporting
NiSo4 Nickel sulphate
ISO International Organization for Standardization
NNL No Net Loss
ISP Integrated Steel Plant
NPI Net Positive Impact
ICP Internal carbon pricing
NPWI Net Water Positive Impact
ITGC IT General Control
O&G Oil and Gas
IUCN International Union for Conservation of Nature
O&M Operations and Maintenance
JPC Joint Plant Committee
OALP Open Acreage Licensing Programme
kA kiloampere
OECD The Organization for Economic Cooperation and
kboepd thousand barrels of oil equivalent per day Development
KLD Kilo Litres Per Day OLAP Online Analytical Processing
KPI Key Performance Indicator OMS Operational Maintenance and Surveillance
KPMG Klynveld Peat Marwick Goerdeler International OPEC Organization of the Petroleum Exporting Countries
Limited
PAT Profit After Tax
KRA Key Responsibility Area
PDA Power Delivery Agreements
kt Kilo Tonnes
PLF Plant Load Factor
KTPA Kilo-Tonnes Per Annum
PLI Production Linked Incentives
kWh Kilowatt hours
PMI Purchasing Managers Index
LBMA London Bullion Metals Association
PPP Purchasing Power Parity
LEAP Leadership Execution and Action Planning
PSC Production Sharing Contract
LF Lower Fatehgarh
PT Penetration Testing
LGBTQ+ Lesbian, Gay, Bisexual, Transgender, Queer or
PTS Plant Technical System
Questioning Persons or the Community
PwC PricewaterhouseCoopers
LME London Metal Exchange
R&R Reserves & Resources
LMV Light Motor Vehicle
RBI Reserve Bank of India
LOI Letter of Intent
RCA Root Cause Analysis
LTIFR Lost Time Injury Frequency Rate
RCM Risk Control Matrix
M&A Mergers and Acquisitions
RDG Raageshwari Deep Gas
MALCO The Madras Aluminium Company Limited
RE Renewable Energy
ManCom Management Committee
RE RTC Round the Clock Renewable Energy
MAS Management Assurance Services
ROCE Return on Capital Employed
MBA Master of Business Administration
RoW Rest of the world
mbpd million barrels per day
SANBI South Africa Biodiversity Institute
MD Managing Director
578
ABBREVIATIONS
SAPS South Africa Police Services UF Upper Fatehgarh

SBTi Science Based Targets initiative UN United Nations
SDG Sustainable Development Goals UNEP United Nations Environment Programme
SEBI Securities and Exchange Board of India UNGC United Nations Global Compact
SEL Sterlite Energy Ltd US United States
SFSS Semi Fire Suppression System USGS United States Geological Survey
SHFE Shanghai Futures Exchange VA Vulnerability Assessment
SIEM Security Incident and Event Management VAB Value Added Businesses
SLP Special Leave Petition VAL Vedanta Aluminium Limited
SOP Standard Operating Procedure VAPT Vulnerability Assessment and Penetration Testing
SOx Sarbanes-Oxley Act VEDL Vedanta Limited
SPSC Social Performance Steering Committee V-EXCEL Vedanta Exemplary Campus Emerging Leaders
SR Sustainability Report VGCB Vizag General Cargo Berth
SSC Specific Stream Consumption VLDP Vedanta Leadership Development Program
SSR Slope Stability Radars VPI Vehicle Pedestrian Interaction
SWOT Strengths, Weaknesses, Opportunities, and VPSHR Voluntary Principles on Security and Human
Threats analysis Rights
TACO The Animal Care Organization VSAP Vedanta Sustainability Assurance Programme
TC/RC Treatment Charges and Refining Charges VSAP Vedanta Sustainability Assurance Framework
TCFD Taskforce on Climate-related Financial VSAP Vedanta Sustainability Assurance Process
Disclosures
VSF Vedanta Sustainability Framework
tCO2e Tonnes of carbon dioxide equivalent
WAH Work At Height
TERI The Energy and Resources Institute
WBCSD The World Business Council for Sustainable
TMT Thermo Mechanically Treated Development
TNFD Taskforce on Nature-Related Financial WCL Western Coalfields Limited
Disclosures
WEO World Economic Outlook
TNPCB Tamil Nadu Pollution Control Board
WIP Work In Progress
TO Transformation Office
YoY Year on Year
toz troy ounce
YUVA Young Upcoming Vedanta Achievers
TRIFR Total Recordable Injury Frequency Rate
ZLD Zero Liquid Discharge
TSF Tailing Storage Facility
ZM Zawar Mine
TSPL Talwandi Sabo Power Limited
ZSD Zinc Smelter Debari
TTR Tax Transparency Report
UAE United Arab Emirates
579
NOTES
1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects,
Chakala, Andheri (E), Mumbai - 400 093, Maharashtra
CIN: L13209MH1065PLC291394 | www.vedantalimited.com

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VEDL/Sec.

/SE/23-24/47 June 19, 2023

BSE Limited National Stock Exchange of India Limited

Scrip Code: 500295 Scrip Code: VEDL

The other details for the AGM are given below:

Sr. No. Particulars Details

Sensitivity: Internal (C3)

Sr. No. Name of the Report Website Link

We request you to please take the above on record.

HALWASIYA Date: 2023.06.19 15:36:39

Sensitivity: Internal (C3)

Notice of the 58th Annual General Meeting

(B) Financial transactions: “RESOLVED THAT pursuant to the provisions of

31. Mr. Upendra Shukla, Practicing Company Secretary g) 

a) A member can opt for only single mode of voting, i) 

Step 1: Access to NSDL e-Voting system

Type of Shareholders Login Method

4. Your User ID details are given below :

8. General Guidelines for shareholders 3. Alternatively, Shareholders/Members may send a

E-VOTING RESULT: (a) Basic Salary: In the range of `25,00,000 –

The same is subject to claw-back provisions

(c) Perquisites: In addition to salary and incentives

Remuneration from Group Companies

Sr. Particulars Details/Information pertaining to Transaction

Sr. Particulars Details/Information pertaining to Transaction

By Order of the Board of Directors

Annexure to the Notice of AGM

At Vedanta, we are inspired to consolidate our market-leading

Approach to stakeholder engagement and Board and management assurance

Performance Review Management Discussion

journey with 48 Strategic Priorities and Statutory Reports

VEDL reporting suite

Standards/guidelines used: Standards/guidelines used:

Vedanta Limited Tax Vedanta Limited TCFD

INTEGRATED THINKING AT VEDANTA

Financial Manufactured Intellectual Human Social and Natural

M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14

Continue to focus Augment our Operational Optimise capital Deliver

5. With a consistent eye on

R8 R9 R10 R11 R12 R13

6. Creating consistent value for

Shareholders, Local Employees Industry Governments Civil societies

VALUE-CREATION HIGHLIGHTS FY 2023

Key FY 2023 outcomes

Revenue EBITDA Net Debt/EBITDA

` 1,45,404 crore ` 35,241 crore 1.3X

EBITDA margin1 ROCE Historic dividend

28% ~21% `101.5 per share

` 14,449 crore ` 18,077 crore

Cash and cash equivalents Net debt

` 20,922 crore ` 45,260 crore

Note 1: Excluding custom smelting at copper business

Key FY 2023 outcomes

16.74 million tonnes

Zinc International Oil & Gas Aluminium

Power Iron Ore

14,835 million units

Steel Copper India

1.37 million tonnes

(B) Financial transactions: “RESOLVED THAT pursuant to the provisions of

31. Mr. Upendra Shukla, Practicing Company Secretary g)

a) A member can opt for only single mode of voting, i)

8. General Guidelines for shareholders 3. Alternatively, Shareholders/Members may send a

E-VOTING RESULT: (a) Basic Salary: In the range of `25,00,000 –

The same is subject to claw-back provisions

(c) Perquisites: In addition to salary and incentives

journey with 48 Strategic Priorities and Statutory Reports

1 Silvassa Copper 13 Rajpura Dariba Mine & Zinc-Lead-Silver

4 Jharsuguda Aluminium (VAL), Commercial 14 Zawar Mine Zinc-Lead-Silver & Captive