VEDL Press Release Q4 FY21

Vedanta Limited
Regd. Office: Vedanta Limited 1st Floor, ‘C’ Wing,

Unit 103, Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai 400093, Maharashtra.
www.vedantalimited.com
CIN: L13209MH1965PLC291394
13th May 2021
Vedanta Limited
Consolidated Results for the Fourth Quarter
and Full Year ended 31st March 2021
All time high EBITDA for Q4 FY2021 at ₹ 9,107 Crore, up 88% Y-o-Y
Strong Financial Performance, Att. PAT (before exceptional items) at ₹ 7,013 crore
Mumbai, India: Vedanta Limited today announced its audited consolidated results for the
fourth quarter (Q4) and full year ended 31st March 2021 (FY2021).
Financial Highlights
Q4 FY2021 FY2021
• EBITDA up by 88% Y-o-Y to ₹ 9,107 crore • EBITDA up by 30% Y-o-Y, at ₹ 27,341 crore
• Robust EBITDA margin1 of 38% • Robust EBITDA margin1 of 36%
• Att. PAT (before exceptional items) at • Att. PAT (before exceptional items) at
₹ 7,013 crore ₹ 12,151 crore
Other Financial Highlights FY2021

▪ Improved double-digit ROCE at c.19%
▪ ND/EBITDA at 0.9x, maintained at low level
▪ Net Debt at ₹ 24,414 crore, reduction of 32% compared to 31st December 2020
▪ Strong liquidity position with total cash & cash equivalent at ₹ 32,614 crore
▪ Contribution to the ex-chequer of ₹ 35,018 crore
Registered Office: Vedanta Limited 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Page 1 of 9
Andheri (East), Mumbai 400093, Maharashtra, India.
CIN: L13209MH1965PLC291394
Sensitivity: Internal (C3)

Results for the Year Ended 31 March 2021
Operational Highlights FY2021
• Zinc India
o Record ore production of 15.5 million tonnes despite disruptions on account of
the pandemic
o Highest ever mined metal production of 972kt, up 6% Y-o-Y
o Record Silver production of 706 tonnes
• Zinc International:
o Gamsberg record production volume at 145 kt in FY2021, up by 34% Y-o-Y
o Gamsberg cost of production at $1,288/t, down 11% Y-o-Y
• Oil & Gas:

o Average gross operated production of 162 kboepd for FY2021, down 6% Y-o-Y
o 74 wells hooked up during FY2021
o New gas processing terminal commissioned; ramp up underway expected to add
~ 15 kboepd by Q1 FY2022
• Aluminium & Power:
o Highest ever Aluminium production of 1,969kt, with 2.1 Mtpa run rate achieved
in Q4
o Highest ever Alumina production at 1,841 kt, up 2% Y-o-Y
o Lowest cost of production in last 7 years at US$ 1,347 per tonne, 20% lower Y-o-Y
• Iron Ore:
o Production of saleable ore at Karnataka at 5 million tons, up 15% Y-o-Y
o Iron ore sales in Goa at 2.1 million tonnes in FY2021
o Continued engagement with the Stakeholders for resumption of Goa mining
• Steel:
o Steel production at 1.19 million tonnes, down 4% due to covid lockdown
o EBITDA Margin at $95/t, up by ~23%
• Copper India:
o Due legal process is being followed to achieve a sustainable restart of the
operations
CIN: L13209MH1965PLC291394

Mr Sunil Duggal, Chief Executive Officer, Vedanta, said “We are delighted to announce an
outstanding quarter. Our key businesses delivered record operational performance,
maintaining the trajectory of cost and volumes, driven by structural integration and
technology adoption. Our businesses have shown resilience in uncertain market
environment as we continue with our winning streak, reporting the highest ever quarterly
EBITDA. We are fully supporting our employees, partners, and communities to navigate
through these tough times. We are well on our path to execute on strategic priorities to
maximize value for stakeholders”
Consolidated Financial Performance
The consolidated financial performance of the company during the period is as under:
(In ₹ crore, except as stated)

Q4 % Q3 % FY %
Particulars
FY2021 FY2020 Change FY2021 Change FY2021 FY2020 Change
Net Sales/Income from operations 27,874 19,513 43% 22,498 24% 86,863 83,545 4%
Other Operating Income 332 242 37% 237 40% 1,158 902 28%
EBITDA 9,107 4,844 88% 7,695 18% 27,341 21,060 30%
EBITDA Margin1 38% 28% - 39% - 36% 29% -
Finance cost 1,325 1,064 24% 1,321 0% 5,210 4,977 5%
Investment Income 860 611 41% 771 12% 3,269 2,443 34%
Exchange gain/(loss) - (Non operational) (71) (274) - 177 - 129 (306) -
Profit before Depreciation and Taxes 8,571 4,115 - 7,322 17% 25,529 18,220 40%
Depreciation & Amortization 2,055 2,252 (9%) 1,912 7% 7,638 9,093 (16%)
Profit before Exceptional items 6,516 1,863 - 5,410 20% 17,891 9,127 96%
Exceptional Items Credit/(Expense) 2 (773) (17,132) - (0) - (678) (17,386) -
Profit Before Tax 5,743 (15,269) - 5,410 6% 17,213 (8,259) -
Tax Charge/ (Credit) (1,699) 3,338 - 1,186 - 2,334 3,005 (22%)
Tax on Exceptional items/ (Credit) (187) (6,524) - 0 - (154) (6,521) -
Profit After Taxes 7,629 (12,083) - 4,224 81% 15,033 (4,743) -
Profit After Taxes before exceptional items 8,216 (1,475) - 4,224 95% 15,557 6,122 -
Minority Interest 1,196 438 - 925 29% 3,430 1,920 79%
Attributable PAT 6,432 (12,521) - 3,299 95% 11,602 (6,664) -
Attributable PAT before Exceptional Items 7,013 (1,914) - 3,299 - 12,151 3,993 -
Basic Earnings per Share (₹/share) 17.37 (33.82) - 8.91 95% 31.32 (18.00) -
Basic EPS before Exceptional items 18.94 (5.17) - 8.91 - 32.80 10.78 -
Exchange rate (₹/$) - Average 72.95 72.45 1% 73.74 (1%) 74.11 70.86 5%
Exchange rate (₹/$) - Closing 73.30 74.81 (2%) 73.02 0% 73.30 74.81 (2%)
1. Excludes custom smelting at Copper India and Zinc India operations

2. Exceptional Items Gross of Tax
3. Previous period figures have been regrouped or re-arranged wherever necessary to conform to current period’s presentation
CIN: L13209MH1965PLC291394

Revenue
Revenue for Q4 FY2021 was at ₹ 27,874 crore, higher 24% Q-o-Q & 43% Y-o-Y, primarily due
to higher volume at Aluminium business, Zinc India, Iron ore business, higher power sales at
TSPL and improved commodity prices.
Revenue for FY2021 was at ₹ 86,863 crore, higher 4%, mainly due to higher volume at Zinc
India, Aluminium business, Iron ore & Steel business, higher commodity prices & rupee
depreciation in FY2021. This was partially offset by lower volumes at Oil & Gas and Skorpion
mine being under care and maintenance, lower power sales at TSPL and lower oil prices.
EBITDA and EBITDA Margin
EBITDA for Q4 FY2021 was at ₹ 9,107 crore, higher 18% Q-o-Q & 88% Y-o-Y, primarily due to
higher volumes at Zinc India, Aluminium & Iron Ore business and higher commodity & oil
prices in Q4 FY2021, partially offset by higher COP at Aluminium and steel business majorly
due to input commodity inflation.
EBITDA for the FY2021 was at ₹ 27,341 crore, higher 30%, mainly on account of higher volume
at Zinc India, Aluminium & Iron Ore business and structural reduction in COP at Aluminium
business. This was partially offset by lower oil prices and lower volumes at Oil & Gas
business.
We had a robust EBITDA margin1 of 36% for the year (FY 2020: 29%)
Depreciation & Amortization
Depreciation & amortisation for Q4 FY2021 was at ₹ 2,054 crore, higher 7% Q-o-Q, primarily
due to higher volume & projects capitalization at Zinc India and capitalization of pots in
Aluminium business.
Depreciation & amortisation for Q4 FY2021 was lower by 9% Y-o-Y, primarily on account of
lower charge at Oil & Gas business due to impairment of assets in Q4 FY2020, lower charge
at Zinc International due to Skorpion mines under care and maintenance, partially offset by
higher depreciation charge at Zinc India on account of higher ore production and additional
capitalisation.
Depreciation & amortisation for FY2021 was at ₹ 7,638 crore, lower 16%, primarily on account
of lower charge at Oil & Gas business due to impairment of assets in Q4 FY2020, lower charge
at Zinc International due to Skorpion mines under care and maintenance, partially offset by
higher depreciation charge at Zinc India on account of higher ore production and additional
capitalisation.
CIN: L13209MH1965PLC291394

Finance Cost and Investment Income
Finance cost for Q4 FY2021 was at ₹ 1,325 crore, flat Q-o-Q, higher interest cost due to lower
interest capitalisation offset by repayment of borrowings.
Finance cost for Q4 FY2021 higher 24% Y-o-Y, primarily due to lower interest capitalisation.
Finance cost for FY2021 was at ₹ 5,210 crore, higher 5%, primarily due to lower interest
capitalisation.
Investment Income for Q4 FY2021 was at ₹ 860 crore, higher 12% Q-o-Q & 41% Y-o-Y,
primarily due to increase in interest income with a change in mix of investments.
Investment Income for FY2021 was at ₹ 3,269 crore, higher 34%, primarily due to increase in
interest income with a change in mix of investments partially offset by lower investment
corpus.
Exceptional Items
Exceptional items for Q4 FY2021 was at ₹ 773 crore, primarily due to provision in Steel
business for obtaining environmental clearance, provision against advances, settlement of
structured investments and CWIP impairment in Aluminium.
Exceptional items during FY2021 were ₹ 678 crore which pertains to provision in Steel
business for obtaining environmental clearance, provision against advances, settlement of
structured investments and CWIP impairment partly offset by RPO liability reversal in
Aluminium.
Taxes
Tax credit for Q4 FY2021 stood at ₹ 1,886 crore (Q3 FY2021: Tax charge of ₹ 1,186 crore). The
normalized ETR is 28% (excluding tax on exceptional items and deferred tax asset of ₹ 3,111
crore recognized on carry forward losses in ESL) compared to 27% in Q3. The normalized ETR
for Q4 FY2020 was 49%.
The normalized ETR for FY2021 is 27% (excluding tax on exceptional items, tax on intra group
dividend and deferred tax asset of ₹ 3,111 crore recognized on carry forward losses in ESL)
compared to 34% in FY2020 which is primarily on account of change in profit mix and
adoption of new tax regime in one of the major subsidiaries.
CIN: L13209MH1965PLC291394

Attributable Profit after Tax and Earnings per Share (EPS)
Attributable Profit after Tax (PAT) before exceptional items for the quarter was at ₹ 7,013 crore.
For FY2021, Attributable Profit after Tax (PAT) before exceptional items was at ₹ 12,151 crore.
EPS for the year before exceptional items was at ₹ 32.80 per share compared to ₹ 10.78 per
share in FY2020.
Balance Sheet
We have robust cash and cash equivalents of ₹ 32,614 crore. The Company follows a Board-
approved investment policy and invests in high quality debt instruments with mutual funds,
bonds and fixed deposits with banks. The portfolio is rated by CRISIL, which has assigned a
rating of “Tier-I” (implying Highest Safety) to our portfolio. Further, the Company has
undrawn committed facilities of c. ₹ 7800 crore as on March 31, 2021.
Gross debt was at ₹ 57,028 crore on 31st March 2021, decreased by ₹ 2,159 crore Y-o-Y. This
was mainly due to repayment of debt at Aluminum and Zinc Business.
Net debt was at ₹ 24,414 crore on 31st March 2021, higher by ₹ 2,988 crore Y-o-Y, primarily
driven by dividend payment during the year and inter-company loan (ICL) to VRL, partially
offset by strong cash flow from operations post capex.
• CRISIL Ratings at AA- with stable outlook

• India Ratings at AA- with stable outlook
CIN: L13209MH1965PLC291394

Key Recognitions
Vedanta has been consistently recognized through the receipt of various awards and
accolades. During the past quarter, we received the following recognitions:
• Hindustan Zinc ranked 1st position in Asia Pacific Region in metals and mining sector and
7th Globally in Environment by the Dow Jones Sustainability Index 2020.
• Hindustan Zinc recognized as ‘A’ rated company for Climate Change CDP (Carbon
Disclosure Project) is among the top 2 companies in metals and mining sector across the
globe along with Anglo American Platinum.
• Hindustan Zinc Evolve E-commerce portal received “Best E-commerce Technology
Innovation” award at 21st Inflection Conference Awards 2020.
• Hindustan Zinc Dariba and Chanderiya Captive Power Plant received “Water
Optimization Award 2020” in the category of Best water efficient plant <=500 MW & Best
Zero Liquid discharge plant.
• Hindustan Zinc identified as “Responsible Business of the Year” and awarded with Grant
Thornton SABERA Award 2020 for community development.
• Cairn Oil & Gas Midstream received British Safety Council, “Sword of Honor”
• Cairn Oil & Gas Won TechCircle Business Transformation Awards 2020 for Excellence in
Digital Execution for Quality Transformation for the “Next Generation Workplace –
Office 365”
• Cairn Oil & Gas Won Sustainability 4.0 Award, the leaders awards under the mega large
business category and the first runner-up award under the Jury special Mention award on
“Recycling of Produced water for Injection Purpose”.
• Vedanta Ltd, Jharsuguda plant received National Energy Conservation Award for
Operational Excellence by Bureau of Energy Efficiency, Govt of India
• Vedanta Ltd, Jharsuguda plant received Greentech Safety Award 2020 and Greentech
Sustainability Award 2020 for Operational Excellence.
• Balco received Golden Peacock Award for Sustainability for Operational Excellence.
• Balco Won Gold Medal at the National Awards for Manufacturing Competitiveness 2019-
20 for Operational Excellence.
• Vedanta Aluminium and Power Business received “Gold Award” in Marketing
communication for Aluminium and Internal communication for Social Media Brand
Ambassadors Program at 11th India PR & Corporate Communication (IPRCCA) Awards.
• ESL Steel won Greentech Safety Award for Corona Protection Initiatives.
CIN: L13209MH1965PLC291394

Results Conference Call

Please note that the results presentation is available in the Investor Relations section of the
company website http://www.vedantalimited.com/investor-relations/results-reports.aspx
Following the announcement, there will be a conference call at 6:30 PM (IST) on May 13, 2021, where
senior management will discuss the company’s results and performance. The dial-in numbers for
the call are as below:
Event Telephone Number

Earnings conference call on India – 6:30 PM (IST) India:
May 13, 2021 Local Dial In: +91 7045671221
Toll free: 1800 120 1221, 1800 266 1221
Universal access:
+91 22 7115 8015
+91 22 6280 1114
Singapore – 9:00 PM (Singapore Time) Toll free number: 800 101 2045
Toll number: 6531575746
Hong Kong – 9:00 PM (Hong Kong Time) Toll free number 800 964 448
Toll free number 0 808 101 1573
UK – 02:00 PM (UK Time)
Toll free number 1 866 746 2133
US – 9:00 AM (Eastern Time)
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumb
Online Registration Link
er=1447150&linkSecurityString=4e57c1638
Will be available on Vedanta limited website at following URL:
Call Recording
https://www.vedantalimited.com/Pages/FinancialReports.aspx
For further information, please contact:
Investor Relations
Varun Kapoor
Director – Investor Relations Tel: +91 124 476 4096
[email protected]
Raksha Jain
Manager – Investor Relations
Communications
Ms. Roma Balwani Tel: +91 11 4916 6250
Director - Communications and Brand [email protected]
Mr. Abhinaba Das

Head, Media Relations
CIN: L13209MH1965PLC291394

About Vedanta Limited
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company
with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India,
South Africa, Namibia, and Australia. For two decades, Vedanta has been contributing significantly to nation building.
Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and
environment. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Under
the aegis of Vedanta Cares, the flagship social impact program, Nand Ghars have been set up as model Anganwadis
focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill
development. Vedanta and its group companies have been featured in Dow Jones Sustainability Index 2020, and were
conferred Frost & Sullivan Sustainability Awards 2020, CII Environmental Best Practices Award 2020, CSR Health Impact
Award 2020, CII National Award 2020 for Excellence in Water Management, CII Digital Transformation Award 2020, ICSI
National Award 2020 for excellence in Corporate Governance, People First HR Excellence Award 2020, ‘Company with
Great Managers 2020’ by People Business and certified as a Great Place to Work 2021. Vedanta’s flagship Nand Ghar
Project was identified as best CSR project by the Government of Rajasthan. Vedanta Limited is listed on the Bombay Stock
Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
For more information, please visit www.vedantalimited.com
Vedanta Limited
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
www.vedantalimited.com
Registered Office:
Regd. Office: 1st Floor, ‘C’ wing, Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai – 400 093
CIN: L13209MH1965PLC291394
Disclaimer
This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected future business and financial performance, and often
contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–
looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise
from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and
or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of
national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be materially different that those expressed in our forward-
looking statements. We do not undertake to update our forward-looking statements.
CIN: L13209MH1965PLC291394

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Vedanta Limited

Regd. Office: Vedanta Limited 1st Floor, ‘C’ Wing,

13th May 2021

Other Financial Highlights FY2021

Sensitivity: Internal (C3)

Operational Highlights FY2021

• Oil & Gas:

Sensitivity: Internal (C3)

Consolidated Financial Performance

(In ₹ crore, except as stated)

1. Excludes custom smelting at Copper India and Zinc India operations

Sensitivity: Internal (C3)

EBITDA and EBITDA Margin

Depreciation & Amortization

Sensitivity: Internal (C3)

Finance Cost and Investment Income

Sensitivity: Internal (C3)

Attributable Profit after Tax and Earnings per Share (EPS)

• CRISIL Ratings at AA- with stable outlook

Sensitivity: Internal (C3)

Sensitivity: Internal (C3)

Results Conference Call

Event Telephone Number

For further information, please contact:

Mr. Abhinaba Das

Sensitivity: Internal (C3)

About Vedanta Limited

Sensitivity: Internal (C3)

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