Vedanta (VEDL) 6-K Current report (foreign)

Exhibit 99.1

Vedanta Limited

CIN no. L13209MH1965PLC291394

Regd. Office: Vedanta Limited 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East),

Mumbai–400093, Maharashtra

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2017

		(₹ in Crore except as stated)
		Quarter ended									Half Year ended						Year Ended
S. No.	Particulars	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			31.03.2017 (Audited)
1	Revenue
	a) Revenue from Operations (Net of excise duty)		10,375			8,928			7,731			19,303			15,876			36,663
	Add: Excise duty		—			450			439			450			911			1,877
	Revenue from Operations (Gross of excise duty)		10,375			9,378			8,170			19,753			16,787			38,540
	b) Other Income		347			568			452			915			884			9,705
	Total Income		10,722			9,946			8,622			20,668			17,671			48,245
2	Expenses
	a) Cost of materials consumed		6,337			4,911			3,935			11,248			8,076			18,788
	b) Purchases of stock-in-trade		—			128			14			128			184			580
	c) Changes in inventories of finished goods and work-in-progress		(291	)		(307	)		60			(598	)		(156	)		(417	)
	d) Employee benefits expense		200			194			190			394			420			784
	e) Depreciation, depletion and amortisation expense		729			706			756			1,435			1,541			2,986
	f) Power and fuel charges		1,476			1,256			991			2,732			2,013			4,582
	g) Excise duty on sales		—			450			439			450			911			1,877
	h) Share of expenses in producing oil and gas blocks		234			230			245			464			510			1,000
	i) Other expenses		1,158			1,229			917			2,387			2,050			4,695
	j) Finance costs		888			1,103			984			1,991			1,854			3,896
	Total expenses		10,731			9,900			8,531			20,631			17,403			38,771
3	Profit/(loss) before exceptional items and tax		(9	)		46			91			37			268			9,474
4	Exceptional (gain)/loss (Refer note 6)		(472	)		—			(238	)		(472	)		1,017			(1,324	)
5	Profit/(loss) before tax		463			46			329			509			(749	)		10,798
6	Tax Expense
	Net Current tax expense		—			—			—			—			—			2
	Net Deferred tax expense/(benefit)		(8	)		12			(30	)		4			(76	)		(273	)
	Net tax expense/(benefit)		(8	)		12			(30	)		4			(76	)		(271	)
7	Net profit/(loss) for the period/year (a)		471			34			359			505			(673	)		11,069
8	Net profit/(loss) for the period/year before exceptional items		(39	)		34			121			(5	)		344			9,832
9	Other Comprehensive Income
(i)	(a) Items that will not be reclassified to profit or loss		35			8			(5	)		43			(2	)		28
	(b) Tax (benefit)/expense on items that will not be reclassified to profit or loss		(6	)		(1	)		(2	)		(7	)		(1	)		(1	)
(ii)	(a) Items that will be reclassified to profit or loss		(32	)		(44	)		(72	)		(76	)		13			(81	)
	(b) Tax (benefit)/expense on items that will be reclassified to profit or loss		(33	)		(11	)		10			(44	)		23			32
	Total Other Comprehensive Income (b)		42			(24	)		(85	)		18			(11	)		(84	)
10	Total Comprehensive Income for the period/ year (a+b)		513			10			274			523			(684	)		10,985
11	Paid-up equity share capital (face value of₹ 1 each)		372			372			297			372			297			297
12	Reserves excluding revaluation reserve as per balance sheet																	79,396
13	Earnings/(Loss) per share after exceptional items (₹) *(not annualised)
	-Basic & Diluted		1.27	*		0.04	*		0.81	*		1.31	*		(2.11	)*		29.04
14	Earnings/(Loss) per share before exceptional items (₹) *(not annualised)
	-Basic & Diluted		(0.10	)*		0.04	*		0.17	*		(0.06	)*		0.62	*		25.72

1

														(₹ in Crore)
		Quarter ended									Half Year ended						Year Ended
S. No	Segment Information	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			31.03.2017 (Audited)
1	Segment Revenue
a)	Copper		5,282			4,440			4,201			9,722			8,492			19,011
b)	Iron Ore		542			719			529			1,261			1,540			4,290
c)	Aluminium		3,413			2,853			2,168			6,266			4,248			9,898
d)	Power		10			135			148			145			352			802
e)	Oil & Gas		1,111			1,201			1,082			2,312			2,084			4,357
	Total		10,358			9,348			8,128			19,706			16,716			38,358
Less:	Inter Segment Revenue		5			2			—			7			5			13
	Sales/Income from Operations		10,353			9,346			8,128			19,699			16,711			38,345
Add:	Other Operating Revenue		22			32			42			54			76			195
	Revenue from operations		10,375			9,378			8,170			19,753			16,787			38,540
2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Copper		341			178			316			519			743			1,527
b)	Iron Ore		3			(1	)		76			2			387			1,108
c)	Aluminium		69			106			114			175			113			757
d)	Power		(51	)		(3	)		(18	)		(54	)		0			50
e)	Oil & Gas		258			380			99			638			65			454
	Total		620			660			587			1,280			1,308			3,896
Less:	Finance costs		888			1,103			984			1,991			1,854			3,896
Add:	Other unallocable income net off expenses		259			489			488			748			814			9,474
	Profit/(loss) before tax and exceptional items		(9	)		46			91			37			268			9,474
Less:	Exceptional (gain)/loss		(472	)		—			(238	)		(472	)		1,017			(1,324	)
	Profit/(loss) before tax		463			46			329			509			(749	)		10,798
3	Segment Assets
a)	Copper		9,722			8,999			7,943			9,722			7,943			7,830
b)	Iron Ore		3,618			3,474			3,314			3,618			3,314			3,283
c)	Aluminium		42,488			41,930			41,408			42,488			41,408			41,710
d)	Power		3,134			3,006			2,978			3,134			2,978			3,230
e)	Oil & Gas		9,395			10,035			12,593			9,395			12,593			10,052
f)	Unallocated		78,046			81,712			122,196			78,046			122,196			100,079
	Total		146,403			149,156			190,432			146,403			190,432			166,184
4	Segment Liabilities
a)	Copper		11,957			11,561			11,825			11,957			11,825			10,863
b)	Iron Ore		1,532			1,504			854			1,532			854			1,446
c)	Aluminium		10,084			9,197			7,980			10,084			7,980			9,367
d)	Power		273			208			259			273			259			177
e)	Oil & Gas		3,040			3,189			4,030			3,040			4,030			3,233
f)	Unallocated		39,219			43,716			87,200			39,219			87,200			61,330
	Total		66,105			69,375			112,148			66,105			112,148			86,416
The main business segments are (a) Copper which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime including from purchased concentrate and manufacturing of sulphuric acid, phosphoric acid (b) Iron ore including pig iron & metallurgical coke (c) Aluminium which consist of manufacturing of alumina and various aluminium products and (d) Power which consists of power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power (e) Oil & Gas which consists of exploration, development and production of oil and gas . The assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate assets and liabilities, respectively. Export incentives have been included under respective segment revenues.

Statement of Assets and Liabilities

				(₹ in Crore)
	Particulars	As at September 30, 2017 (Unaudited)		As at March 31, 2017 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		36,257		36,042
	(b) Capital Work in Progress		11,279		12,215
	(c) Exploration Intangibles under development		4,930		5,028
	(d) Other Intangible assets		147		155
	(e) Financial assets
	(i) Investments		60,301		66,417
	(ii) Trade receivables		551		551
	(iii) Others		427		388
	(f) Deferred tax assets (net)		1,997		1,958
	(g) Other non-current assets		2,066		1,863
	(h) Advance tax assets		2,216		2,189
	Total non-current assets		120,171		126,806
2	Current assets
	(a) Inventories		7,676		5,540
	(b) Financial Assets
	(i) Investments		11,382		19,668
	(ii) Trade receivables		1,860		1,529
	(iii) Cash and cash equivalents		383		638
	(iv) Other Bank Balances		603		776
	(v) Loans		339		286
	(vi) Others		1,598		9,274
	(c) Other Current Assets		2,391		1,667
	Total current assets		26,232		39,378
	Total assets		146,403		166,184
B	EQUITY AND LIABILITIES
1	EQUITY
	(a) Share capital *		372		372
	(b) Other equity (Reserves and Surplus)		79,926		79,396
	Total Equity attributable to shareholders		80,298		79,768
	LIABILITIES
2	Non-current Liabilities
	(a) Financial liabilities
	(i) Borrowings		18,071		22,248
	(ii) Other financial liabilities		304		3,208
	(b) Provisions		799		808
	(c) Other non-current liabilities		2,545		2,541
	Total non-current liabilities		21,719		28,805
3	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings		12,759		14,309
	(ii) Trade payables		17,731		14,975
	(iii) Other financial liabilities		11,050		24,639
	(b) Other current liabilities		2,665		3,561
	(c) Provisions		136		82
	(d) Current Tax Liabilities		45		45
	Total current liabilities		44,386		57,611
	Total Equity and Liabilities		146,403		166,184
*       Equity share capital as at March 31, 2017 includes₹ 75.25 crores on account of equity shares which were issued post year end pursuant to the merger (Refer Note 4).

	Notes:-
1	The above results of Vedanta Limited (“the Company”) for the quarter and half year ended September 30, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 2, 2017. The statutory auditors have carried out limited review of the same.
2	With effect from July 01, 2017, Goods and Service tax (‘GST’) has been implemented which has replaced several indirect taxes including excise duty. While Ind-AS required excise duty to be included while computing revenues, GST is required to excluded from revenue computation. Accordingly ‘Revenue from Operations (Net of excise duty)’ has been additionally disclosed in these results to enhance comparability of financial information.
3	Till March 31, 2017, proved and probable reserves (or 2P reserves) on entitlement interest basis were being considered for providing depletion on oil and gas assets. As per the Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India, applicable from April 1, 2017, proved and developed reserves (or 1P reserves) on working interest basis are to be considered for computing depletion. The change has been applied prospectively and as a result, depreciation, depletion and amortization expense for the quarter and half year ended September 30, 2017 is lower by₹ 43 Crore and₹ 120 Crore respectively and profit after tax is higher by₹ 23 Crore and₹ 78 Crore respectively.
4	Upon implementation of Scheme of Arrangement between Vedanta Limited and erstwhile Cairn India Limited and their respective shareholders’ and Creditors, the Company has issued 75.25 Crore equity shares of₹ 1 each and 301 Crore, 7.5% Redeemable Preference Shares with a face value of₹ 10 each to non-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current half year. No shares were issued to the subsidiaries of Vedanta Limited for their shareholding in erstwhile Cairn India Limited.
5	The financial results of the Company have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The Company had previously issued its unaudited financial results for the quarter and half year ended September 30, 2016, based on its preliminary selection of exemptions and accounting policies. All such policies and exemptions were finalized during the quarter ended March 31, 2017. Further, during the quarter ended March 31, 2017, the Company received all substantive approvals, necessary for effecting the merger of erstwhile Cairn India Limited with Vedanta Limited. In accordance with Ind AS 103 “Business Combinations”, the financial results for all periods on or after April 1, 2015 were restated. Accordingly, financial results for the quarter and half year ended September 30, 2016 have been restated to give effect of the above, which has resulted in a net increase in profit before tax for the quarter by₹ 604 Crore and decrease in profit before tax for the half year by₹ 355 Crore as against the previously reported amounts.
6	Exceptional items comprises of the following:

							(₹ in Crore)
	Quarter ended						Half Year ended				Year Ended
Particulars	30.09.2017 (Unaudited)		30.06.2017 (Unaudited)		30.09.2016 (Unaudited)		30.09.2017 (Unaudited)		30.09.2016 (Unaudited)		31.03.2017 (Audited)
Impairment charge/(reversal) on
- Property, plant and equipment and exploration assets		109		—		—		109		—		(51)
- Investments in subsidiaries		(581)		—		—		(581)		—		(313)
Net (gain)/expense on recognition or settlement of obligations undertaken pursuant to the merger referred to in note 4 above		—		—		(238)		—		1,017		(960)
Net exceptional (gain)/loss		(472)		—		(238)		(472)		1,017		(1,324)
Deferred tax /(benefit) on above		(38)		—		—		(38)		—		87
Net exceptional (gain)/loss (net of tax)		(510)		—		(238)		(510)		1,017		(1,237)

7	Additional disclosures as per Regulation 52(4) & 52(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:
	a)	Previous due date of Interest/Principal repayment for NCD’s, payment made on respective due date:
	S. No.	Particulars	Previous Due Date (April 01 to September 30, 2017)
			Principal Due Date				Interest Due Date
	1	NCD - INE268A07152 bearing int @ 9.17%		—			July 4, 2017
	2	NCD - INE268A07160 bearing int @ 9.17%		—			July 5, 2017
	3	NCD - INE268A07145 bearing int @ 9.10%		—			April 5, 2017
	4	NCD - INE205A07030 bearing int @ 9.70%		—			August 18, 2017
	b)	Next due date of Interest/Principal repayment along with amount due is as follow:
	S. No.	Particulars	Next Due Date and Amount due (October 01 to March 31, 2018)
			Principal Due Date		Amount Due (₹ Crore)		Interest Due Date	Amount Due (₹ Crore)
	1	NCD - INE205A07014 bearing int @ 9.36%		October 30, 2017		975	October 30, 2017		91
	2	NCD - INE268A07103 bearing int @ 9.40%#		October 25, 2017		500	October 25, 2017		47
	3	NCD - INE268A07111 bearing int @ 9.40%#		November 27, 2017		500	November 27, 2017		47
	4	NCD - INE205A07022 bearing int @ 9.36%		December 30, 2017		525	October 30, 2017		49
	5	NCD - INE205A07022 bearing int @ 9.36%		—		—	December 30, 2017		8
	6	NCD - INE268A07137 bearing int @ 9.24%		—		—	December 20, 2017		46
	7	NCD - INE205A07097 bearing int @ 7.95%		—		—	November 22, 2017		24
	8	NCD - INE205A07105 bearing int @ 7.50%		—		—	November 30, 2017		15
	9	NCD - INE268A07129 bearing int @ 9.24%		—		—	December 06, 2017		46
	10	NCD - INE205A07089 bearing int @ 8.25%		—		—	October 27, 2017		26
	#	Call Option exercised by the Company, basis which these NCD’s became due for repayment.
	c)	For the half year ended September 30, 2017 the credit rating by CRISIL for the NCD’s issued has improved from “AA-/Positive” to “AA/Stable”. In addition, certain NCD’s worth₹ 5,700 Crore have been additionally rated by India Ratings. Credit rating by India Ratings has improved from “AA/Negative” to “AA/Stable” during the half year ended September 30, 2017, and with a further improvement from “AA/Stable” to “AA/Positive”.
	d)	The listed non-convertible debentures of the Company aggregating₹ 11,600 Crore as on September 30, 2017 are secured by way of first mortgage/charge on certain assets of the Company, and the asset cover thereof exceeds 125% and 100% of the principal amount of₹ 9,200 Crore and₹ 2,400 Crore respectively, as required as per the terms of the issue.
					(₹ in Crore except as stated)
		Particulars*	September 30, 2017				September 30, 2016
	e)	Net Worth (Equity + Reserves and surplus)		80,298			78,284
	f)	Debenture Redemption Reserve		2,021			1,363
	g)	Interest Service Coverage Ratio (No. of times)		4.60			4.86
	h)	Debt Service Coverage Ratio (No. of times)		2.46			2.51
	i)	Debt- Equity Ratio (No. of times)		0.48			0.53
		* The given ratio’s/financial parameters for comparative period has been restated. (Refer note 4 & 5)
	j)	The Company is also having 301 Crores, 7.50% redeemable non-cumulative preference shares having face value of₹ 10/share issued to non-controlling shareholders of erstwhile Cairn India Limited on April 28, 2017, total outstanding amount as on September 30, 2017 is₹ 3,010 Crores. These preference shares are reedemable on October 27, 2018. The free reserves balance as on September 30, 2017 is₹ 31,562 Crores.
	Formulae for computation of ratios are as follows:
	a)	Debt equity ratio		Debt / (paid up equity capital + reserves and surplus)
	b)	Debt service coverage ratio*		Earnings before interest, depreciation, tax and exceptional items/ (interest expense + principal payments of long term loans)
	c)	Interest service coverage ratio*		Earnings before interest, depreciation, tax and exceptional items/ interest expense
		* Ratio’s have been computed based on last twelve month numbers.

	By Order of the Board
Place : Mumbai	Navin Agarwal
Dated : November 02, 2017	Executive Chairman

Vedanta Limited

CIN no. L13209MH1965PLC291394

Regd. Office: Vedanta Limited 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East),

Mumbai–400093, Maharashtra

STATEMENT OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2017

		(₹ in Crore except as stated)
		Quarter ended									Half year ended						Year ended
S. No.	Particulars	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)			30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)			31.03.2017 (Audited)
1	Revenue
a)	Revenue from operations (Net of excise duty)		21,590			18,285			15,861			39,875			30,299			72,225
	Add: Excise duty		—			1,057			918			1,057			1,790			3,946
	Revenue from operations (Gross of excise duty)		21,590			19,342			16,779			40,932			32,089			76,171
b)	Other income		876			1,055			1,375			1,931			2,646			4,581
	Total Income		22,466			20,397			18,154			42,863			34,735			80,752
2	Expenses
a)	Cost of materials consumed		7,992			6,385			4,864			14,377			9,832			22,460
b)	Purchases of Stock-in-Trade		8			68			25			76			454			649
c)	Changes in inventories of finished goods and work-in-progress		(293	)		(319	)		(102	)		(612	)		(593	)		(1,229	)
d)	Power & fuel charges		3,453			2,501			2,259			5,954			4,466			10,233
e)	Employee benefits expense		653			581			550			1,234			1,129			2,339
f)	Excise Duty on sales		—			1,057			918			1,057			1,790			3,946
g)	Finance costs		1,384			1,592			1,451			2,976			2,844			5,855
h)	Depreciation, depletion and amortization expense		1,426			1,386			1,557			2,812			3,107			6,292
i)	Other expenses		4,108			4,195			3,592			8,303			6,896			16,441
3	Total expenses		18,731			17,446			15,114			36,177			29,925			66,986
4	Profit before exceptional items and tax		3,735			2,951			3,040			6,686			4,810			13,766
5	Exceptional (gain)/loss (Refer note 5)		(186	)		—			—			(186	)		—			114
6	Profit/(loss) before tax		3,921			2,951			3,040			6,872			4,810			13,652
7	Tax expense/(benefit) :
a)	Net Current tax expense		719			571			616			1,290			934			2,302
b)	Distribution tax on dividend from subsidiaries (note 4)		—			—			18			—			27			196
c)	Net Deferred tax expense/(benefit)		216			110			(89	)		326			(4	)		(165	)
	Net Tax expense/(benefit):		935			681			545			1,616			957			2,333
8	Profit after tax for the quarter/year before share in profit/(loss) of jointly controlled entities and associates and Non-controlling interests		2,986			2,270			2,495			5,256			3,853			11,319
9	Add: Share in (loss)/profit of jointly controlled entities and associates		0			(0	)		0			(0	)		0			(3	)
10	Profit for the period/year after Share in Profit/(loss) of jointly controlled entities and associates (a)		2,986			2,270			2,495			5,256			3,853			11,316
11	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		25			5			(6	)		30			(12	)		22
	(b) Tax expense/(benefit) on items that will not be reclassified to profit or loss		(9	)		(1	)		(2	)		(10	)		(2	)		(3	)
ii.	(a) Items that will be reclassified to profit or loss		(140	)		68			61			(72	)		181			(286	)
	(b) Tax expense/(benefit) on items that will be reclassified to profit or loss		(63	)		(9	)		10			(72	)		48			4
	Total Other Comprehensive Income (b)		(43	)		83			47			40			123			(265	)
12	Total Comprehensive Income for the period/year (a+b)		2,943			2,353			2,542			5,296			3,976			11,051
13	Profit attributable to:
a)	Owners of Vedanta Limited		2,091			1,525			1,424			3,616			2,178			6,958
b)	Non-controlling interests		895			745			1,071			1,640			1,675			4,358
14	Other comprehensive income attributable to:
a)	Owners of Vedanta Limited		1			53			188			54			24			(18	)
b)	Non-controlling interests		(44	)		30			(141	)		(14	)		99			(247	)
15	Total comprehensive income attributable to:
a)	Owners of Vedanta Limited		2,092			1,578			1,612			3,670			2,202			6,940
b)	Non-controlling interests		851			775			930			1,626			1,774			4,111
16	Net profit after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items		2,036			1,525			1,424			3,561			2,178			7,127
17	Paid-up equity share capital (Face value of₹ 1 each)		372			372			297			372			297			297
18	Reserves excluding Revaluation Reserves as per balance sheet																	60,128
19	Earnings per share after exceptional items (₹) (*not annualised)
	-Basic		5.64	*		4.37	*		4.80	*		10.04	*		7.35	*		23.47
	-Diluted		5.63	*		4.36	*		4.80	*		10.03	*		7.35	*		23.46
20	Earnings per share before exceptional items (₹) (*not annualised)
	-Basic		5.49	*		4.37	*		4.80	*		9.89	*		7.35	*		24.04
	-Diluted		5.48	*		4.36	*		4.80	*		9.88	*		7.35	*		24.03

					(₹ in Crore)
		Quarter ended								Half year ended					Year ended
S. No.	Segment Information	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)		30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)		31.03.2017 (Audited)
1	Segment Revenue
a)	Oil & Gas		2,099			2,275			2,039		4,374			3,924		8,204
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		4,641			4,478			3,270		9,119			5,624		16,577
	(ii) Silver - India		556			436			480		992			841		1,888
	Total		5,197			4,914			3,750		10,111			6,465		18,465
c)	Zinc - International		853			801			683		1,654			1,138		2,230
d)	Iron Ore		542			719			530		1,261			1,541		4,291
e)	Copper		6,237			5,322			4,954		11,559			9,886		22,129
f)	Aluminium		5,212			4,550			3,287		9,762			6,325		14,835
g)	Power		1,431			733			1,384		2,164			2,567		5,608
h)	Others		24			23			33		47			67		98
	Total		21,595			19,337			16,660		40,932			31,913		75,860
Less:	Inter Segment Revenue		75			77			77		152			93		193
	Sales/income from operations		21,520			19,260			16,583		40,780			31,820		75,667
	Other operating income		70			82			196		152			269		504
	Revenue from operations (Gross of excise duty)		21,590			19,342			16,779		40,932			32,089		76,171
2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Oil & Gas		653			870			283		1,523			282		1,137
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		2,273			1,815			1,418		4,088			2,000		7,070
	(ii) Silver - India		484			341			375		825			660		1,486
	Total		2,757			2,156			1,793		4,913			2,660		8,556
c)	Zinc - International		342			282			282		624			490		742
d)	Iron Ore		(41	)		(12	)		61		(53	)		380		1,140
e)	Copper		340			160			323		500			708		1,479
f)	Aluminium		120			199			148		319			137		1,135
g)	Power		225			(34	)		237		191			482		1,113
h)	Others		(6	)		(7	)		2		(13	)		3		(19	)
	Total		4,390			3,614			3,129		8,004			5,142		15,283
Less:	Finance costs		1,384			1,592			1,451		2,976			2,844		5,855
Add:	Other unallocable income net off expenses		729			929			1,362		1,658			2,512		4,338
	Profit before tax and exceptional items		3,735			2,951			3,040		6,686			4,810		13,766
Less:	Exceptional (gain)/loss		(186	)		—			—		(186	)		—		114
	Profit before tax		3,921			2,951			3,040		6,872			4,810		13,652
3	Segment assets
a)	Oil & Gas		16,194			16,820			20,554		16,194			20,554		16,914
b)	Zinc, Lead and Silver - India		17,170			17,246			15,765		17,170			15,765		16,482
c)	Zinc - International		4,101			3,945			3,145		4,101			3,145		3,588
d)	Iron Ore		5,760			5,684			5,599		5,760			5,599		5,514
e)	Copper		10,256			9,642			8,614		10,256			8,614		8,317
f)	Aluminium		54,588			54,126			53,450		54,588			53,450		53,513
g)	Power		19,170			19,205			19,313		19,170			19,313		19,596
h)	Others		596			601			616		596			616		595
i)	Unallocated		51,390			59,600			65,343		51,390			65,343		74,511
	Total		179,225			186,869			192,399		179,225			192,399		199,030
4	Segment liabilities
a)	Oil & Gas		4,442			4,614			5,989		4,442			5,989		4,709
b)	Zinc, Lead and Silver - India		3,880			4,165			3,653		3,880			3,653		4,753
c)	Zinc - International		830			811			690		830			690		1,127
d)	Iron Ore		1,670			1,654			995		1,670			995		1,547
e)	Copper		12,320			11,951			12,171		12,320			12,171		11,158
f)	Aluminium		14,696			13,588			11,709		14,696			11,709		13,280
g)	Power		2,098			1,893			2,192		2,098			2,192		1,881
h)	Others		69			70			54		69			54		63
i)	Unallocated		59,673			71,338			70,753		59,673			70,753		86,084
	Total		99,678			110,084			108,206		99,678			108,206		124,602
The main business segments are, (a) Oil & Gas which consists of exploration, development and production of oil and gas (b) Zinc which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate (c) Iron ore including pig iron, metallurgical coke (d) Copper which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid, phosphoric acid (e) Aluminium which consist of mining of bauxite and manufacturing of alumina and various aluminium products (f) Power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power and (g) Other business segment represents port/berth. The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively. Additional intra segment information of revenues and results for the Zinc, Lead and Silver segment have been provided to enhance understanding of segment business. Export incentives have been included under respective segment revenues.

Consolidated Statement of Assets and Liabilities

				(₹ in Crore)
	Particulars	As at 30.09.2017 (Unaudited)		As at 31.03.2017 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		76,355		75,835
	(b) Capital work-in-Progress		16,792		17,671
	(c) Intangible assets		903		921
	(d) Exploration intangible assets under development		9,790		9,886
	(e) Financial assets
	(i) Investments		121		73
	(ii) Trade receivables		1,498		1,169
	(iii) Loans		25		26
	(iv) Others		2,955		2,989
	(f) Deferred tax assets (net)		7,236		7,492
	(g) Income Tax assets (net of provisions)		2,913		2,817
	(h) Other non-current assets		3,656		3,355
	Total Non-current assets		122,244		122,234
2	Current assets
	(a) Inventories		11,685		9,628
	(b) Financial Assets
	(i) Investments		34,561		46,889
	(ii) Trade receivables		2,634		2,240
	(iii) Cash and cash equivalents		1,738		9,864
	(iv) Other bank balances		1,571		4,259
	(v) Loans		82		79
	(vi) Others		1,294		1,106
	(c) Current Tax Assets (Net)		4		14
	(d) Other Current Assets		3,412		2,717
	Total Current assets		56,981		76,796
	Total assets		179,225		199,030
B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital*		372		372
	Other Equity		63,621		60,128
	Equity attributable to owners of Vedanta Limited		63,993		60,500
2	Non-controlling interests		15,554		13,928
	Total Equity		79,547		74,428
	Liabilities
3	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		30,315		30,255
	(ii) Other financial liabilities		528		3,376
	(b) Provisions		2,109		2,054
	(b) Deferred tax liabilities (Net)		2,090		2,084
	(c) Other non-current liabilities		4,189		4,158
	Total Non-current liabilities		39,231		41,927
4	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings		15,861		32,245
	(ii) Trade payables		22,133		18,459
	(iii) Other financial liabilities		16,570		24,305
	(b) Other current liabilities		5,000		7,170
	(c) Provisions		351		293
	(d) Current Tax Liabilities (Net)		532		203
	Total Current Liabilities		60,447		82,675
	Total Equity and Liabilities		179,225		199,030

* Equity share capital as at March 31, 2017 includes₹ 75.25 crores on account of equity shares which were issued post year end pursuant to the merger (Refer note 7).

Notes:-

1 The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries, jointly controlled entities and associates for the quarter and half year ended September 30, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 02, 2017. The statutory auditors have carried out limited review of the same.

2 With effect from July 01, 2017, Goods and Service tax (‘GST’) has been implemented which has replaced several indirect taxes including excise duty. While Ind-AS required excise duty to be included while computing revenues, GST is required to excluded from revenue computation. Accordingly ‘Revenue from Operations (Net of excise duty)’ has been additionally disclosed in these results to enhance comparability of financial information.

3 The financial results of the Company have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The Company had previously issued its unaudited financial results for the quarter and half year ended September 30, 2016, based on its preliminary selection of exemptions and accounting policies. All such policies and exemptions were finalized during the quarter ended March 31, 2017. Accordingly, the financial results for the quarter and half year ended September 30, 2016 have been restated to give effect of the same, has resulted in a net increase in profit before tax of₹100 Crore and₹222 Crore for the quarter and half year ended September 30, 2016, respectively as against the previously reported amounts.

4 In view of clarification issued by Ind AS Transition Facilitation Group, the Company has revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. DDT on profits of subsidiaries which is to be utilized against the equity dividend declared by the Company, is recognised in statement of changes in equity as against the hitherto followed policy of recognizing the same in the statement of profit and loss. The financial results for the previous periods/year have been restated to give effect of the same. Accordingly, the above results reflect a lower tax charge of₹ 70 Crore,₹ 117 Crore and₹1,445 Crore for the quarter ended September 30, 2016, half year ended September 30,2016 and for the year ended March 31, 2017 respectively as compared to the previously reported amounts.

5 Exceptional items comprises of the following:

											(₹ in Crore)
	Quarter ended							Half year ended					Year ended
	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)		30.09.2016 (Unaudited)		30.09.2017 (Unaudited)			30.09.2016 (Unaudited)		31.03.2017 (Audited)
Impairment charge relating to property, plant and equipment and exploration assets		109			—		—		109			—		114
Reversal of provision of DMF*		(295	)		—		—		(295	)		—		—
Deferred tax expense /(benefit) on above		62			—		—		62			—		34
Non-controlling interests on above		69			—		—		69			—		21

*Exceptional gain of₹ 295 Crore represents reversal of provision for contribution to District Mineral Foundation (DMF) for the period related to January 12, 2015 to September 16, 2015 pursuant to a recent Supreme Court ruling.

6 Till March 31, 2017, proved and probable reserves (or 2P reserves) on entitlement interest basis were being considered for providing depletion on oil and gas assets. As per the Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India, applicable from April 1, 2017, proved and developed reserves (or 1P reserves) on working interest basis are to be considered for computing depletion. The change has been applied prospectively and as a result, depreciation, depletion and amortization expense for the quarter and half year ended September 30, 2017 is lower by₹ 164 Crore and₹ 376 Crore respectively and profit after tax is higher by₹88 Crore and₹223 Crore respectively.

7 Upon implementation of Scheme of Arrangement between Vedanta Limited and erstwhile Cairn India Limited and their respective shareholders’ and Creditors, the Company has issued 75.25 Crore equity shares of₹ 1 each and 301 Crore, 7.5% Redeemable Preference Shares with a face value of₹ 10 each to non-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current half year. No shares were issued to the subsidiaries of Vedanta Limited for their shareholding in erstwhile Cairn India Limited.

8 In July 2017, the Appellate Tribunal for Electricity dismissed the appeal(s) filed by one of the Company’s subsidiary, Talwandi Sabo Power Limited (TSPL), engaged in power generation. The matters under disputes effect the computation of tariff being charged by TSPL to its customer. TSPL has filed an appeal before the Hon’ble Supreme Court to seek relief. The outstanding receivables on account of the said dispute as on September 30, 2017 was₹ 889 Crore (including₹ 749 Crore as on March 31, 2017). The Group, based on its assessment of the grounds of appeal and external legal opinions, is of the opinion that there is a strong probability of success in the said matters and has thus continued to treat these balances as recoverable.

By Order of the Board

Place : Mumbai	Navin Agarwal
Dated : November 02, 2017	Executive Chairman