Vedanta 6K Current report | VEDL 1 Feb 18

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 NINE MONTHS ENDED

DECEMBER 31, 2017


		(₹ in Crore except as stated)

		Quarter ended									Nine months ended						Year ended
S. No.	Particulars	31.12.2017 (Unaudited)			30.09.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 5)			31.12.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 5)			31.03.2017 (Audited)
1	Revenue

	a) Revenue from operations (Net of excise duty)		12,185			10,375			9,685			31,488			25,561			36,663

	Add: Excise duty		—			—			447			450			1,358			1,877

	Revenue from operations (Gross of excise duty)		12,185			10,375			10,132			31,938			26,919			38,540

	b) Other income		703			390			922			1,694			1,805			9,705

	Total Income		12,888			10,765			11,054			33,632			28,724			48,245

2	Expenses

	a) Cost of materials consumed		6,824			6,337			5,085			18,072			13,161			18,788

	b) Purchases ofStock-in-Trade		145			—			155			273			339			580

	c) Changes in inventories of finished goods and work-in-progress		(15	)		(291	)		(384	)		(613	)		(540	)		(417	)

	d) Employee benefits expense		200			200			190			594			610			784

	e) Depreciation, depletion and amortization expense		752			729			753			2,187			2,294			2,986

	f) Power & fuel charges		1,865			1,476			1,153			4,597			3,166			4,582

	g) Excise Duty on sales		—			—			447			450			1,358			1,877

	h) Share of expenses in producing oil and gas blocks		245			234			247			709			757			1,000

	i) Other expenses		1,185			1,158			1,316			3,572			3,367			4,695

	j) Finance costs		887			931			1,022			2,954			2,876			3,896

	Total expenses		12,088			10,774			9,984			32,795			27,388			38,771

3	Profit/(Loss) before exceptional items and tax		800			(9	)		1,070			837			1,336			9,474

4	Net exceptional gain/(loss) (Refer note 6)		(38	)		472			(1,180	)		434			(2,197	)		1,324

5	Profit/(Loss) before tax		762			463			(110	)		1,271			(861	)		10,798

6	Tax expense/(benefit)
a)	Net Current tax expense		—			—			1			—			1			2
b)	Net Deferred tax expense/(benefit)		83			(8	)		(153	)		87			(230	)		(273	)

	Net Tax expense/(benefit)		83			(8	)		(152	)		87			(229	)		(271	)

7	Net Profit/(Loss) after tax (a)		679			471			42			1,184			(632	)		11,069

8	Net Profit/(Loss) after tax before exceptional items (net of tax)		678			(39	)		1,222			673			1,565			9,832


9	Other Comprehensive Income

i.	(a) Items that will not be reclassified to profit or loss		34			35			9			77			7			28

	(b) Tax benefit/(expense) on items that will not be reclassified to profit or loss		(1	)		6			(2	)		6			(1	)		1

ii.	(a) Items that will be reclassified to profit or loss		(50	)		(32	)		158			(126	)		171			(81	)

	(b) Tax benefit/(expense) on items that will be reclassified to profit or loss		(34	)		33			1			10			(22	)		(32	)

	Total Other Comprehensive Income (b)		(51	)		42			166			(33	)		155			(84	)

10	Total Comprehensive Income (a+b)		628			513			208			1,151			(477	)		10,985


11	Paid-up equity share capital (Face value of₹ 1 each)		372			372			297			372			297			297

12	Reserves excluding Revaluation Reserves as per balance sheet																	79,396

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

	-Basic & Diluted		1.83	*		1.27	*		(0.07	)*		3.14	*		(2.15	)*		29.04

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

	-Basic & Diluted		1.82	*		(0.10	)*		3.10	*		1.76	*		3.75	*		25.72


																	(₹ in Crore)

		Quarter ended									Nine months ended						Year ended
S. No.	Segment Information	31.12.2017 (Unaudited)			30.09.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 5)			31.12.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 5)			31.03.2017 (Audited)
1	Segment Revenue
a)	Copper		5,522			5,282			4,753			15,244			13,245			19,011
b)	Iron Ore		843			542			1,448			2,104			2,988			4,290
c)	Aluminium		4,454			3,413			2,535			10,720			6,783			9,898
d)	Power		21			10			217			166			569			802
e)	Oil & Gas		1,270			1,111			1,144			3,582			3,228			4,357

	Total		12,110			10,358			10,097			31,816			26,813			38,358

Less:	Inter Segment Revenue		5			5			4			12			9			13

	Sales/income from operations		12,105			10,353			10,093			31,804			26,804			38,345

	Other operating income		80			22			39			134			115			195

	Revenue from operations (Gross of excise duty)		12,185			10,375			10,132			31,938			26,919			38,540


2	Segment Results
	[Profit / (Loss) before tax and interest]
a)	Copper		272			341			384			791			1,126			1,527
b)	Iron Ore		224			3			428			226			815			1,108
c)	Aluminium		195			69			243			370			357			757
d)	Power		(56	)		(51	)		38			(110	)		38			50
e)	Oil & Gas		367			258			154			1,005			218			454

	Total		1,002			620			1,247			2,282			2,554			3,896

Less:	Finance costs		887			931			1,022			2,954			2,876			3,896
Add:	Other unallocable income net off expenses		685			302			845			1,509			1,658			9,474

	Profit/(Loss) before tax and exceptional items		800			(9	)		1,070			837			1,336			9,474

Add:	Net exceptional gain/(loss)		(38	)		472			(1,180	)		434			(2,197	)		1,324

	Profit/(Loss) before tax		762			463			(110	)		1,271			(861	)		10,798

S. No.	Segment Information
3	Segment assets
a)	Copper		10,882			9,722			8,713			10,882			8,713			7,830
b)	Iron Ore		3,735			3,618			3,502			3,735			3,502			3,283
c)	Aluminium		43,435			42,488			41,777			43,435			41,777			41,710
d)	Power		3,072			3,134			3,116			3,072			3,116			3,230
e)	Oil & Gas		9,747			9,395			11,949			9,747			11,949			10,052
f)	Unallocated		77,395			78,046			124,334			77,395			124,334			100,079

	Total		148,266			146,403			193,391			148,266			193,391			166,184

4	Segment liabilities
a)	Copper		12,291			11,957			12,344			12,291			12,344			10,863
b)	Iron Ore		1,395			1,532			1,197			1,395			1,197			1,446
c)	Aluminium		11,843			10,084			7,927			11,843			7,927			9,367
d)	Power		294			273			360			294			360			177
e)	Oil & Gas		3,732			3,040			3,831			3,732			3,831			3,233
f)	Unallocated		37,771			39,219			87,600			37,771			87,600			61,330

	Total		67,326			66,105			113,259			67,326			113,259			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.



		Notes:-

1		The above results of Vedanta Limited (“the Company”) for the quarter and nine months ended December 31, 2017 have been reviewed by the Audit Committee on January 30, 2018 and approved by the Board of Directors at its meeting held on January 31, 2018. 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 be 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 is higher by₹ 5 Crore and profit after tax is lower by₹ 3 Crore for the quarter ended December 31, 2017 and depreciation, depletion and amortization expense is lower by₹ 43 Crore and₹ 115 Crore and profit after tax is higher by₹ 23 Crore and₹ 75 Crore for quarter ended September 30, 2017 and nine months ended December 31, 2017 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 tonon-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current nine months ended December 31, 2017. 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 nine months ended December 31, 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 previous periods have been restated to give effect of the same and has resulted in a net decrease in profit before tax by₹ 760 Crore and₹ 1,116 Crore for the quarter and nine months ended December 31, 2016 respectively.

6		Exceptional items comprises of the following:


							(₹ in Crore)

	Quarter ended						Nine months ended				Year Ended
Particulars	31.12.2017 (Unaudited)		30.09.2017 (Unaudited)		31.12.2016 (Unaudited) (Refer note 5)		31.12.2017 (Unaudited)		31.12.2016 (Unaudited) (Refer note 5)		31.03.2017 (Audited)
Impairment (charge)/reversal on
- Property, plant and equipment and exploration assets		—		(109)		—		(109)		—		51
- Investments in subsidiaries		75		581		—		656		—		313
Charge pursuant to adverse arbitration order		(113)		—		—		(113)		—		—

Net gain/(expense) on recognition or settlement of obligations recognised pursuant to the merger referred to in note 4 above		—		—		(1,180)		—		(2,197)		960

Net exceptional gain / (loss)		(38)		472		(1,180)		434		(2,197)		1,324

Tax (expense) / benefit on above		39		38		—		77		—		(87)

Net exceptional gain / (loss) (net of tax)		1		510		(1,180)		511		(2,197)		1,237



7		Previous period figures have been regrouped/rearranged, wherever necessary, to conform to the current period’s presentation.


				By Order of the Board

		Place : Mumbai		Navin Agarwal
		Dated : January 31, 2018		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 NINE MONTHS ENDED DECEMBER 31, 2017


		(₹ in Crore except as stated)

		Quarter ended									Nine months ended						Year ended
S. No.	Particulars	31.12.2017 (Unaudited)			30.09.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 3)			31.12.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 3)			31.03.2017 (Audited)
1	Revenue

a)	Revenue from operations (Net of excise duty)		24,361			21,590			19,415			64,236			49,714			72,225

	Add: Excise duty		—			—			976			1,057			2,766			3,946

	Revenue from operations (Gross of excise duty)		24,361			21,590			20,391			65,293			52,480			76,171

b)	Other income		573			919			1,014			2,581			3,660			4,581

	Total Income		24,934			22,509			21,405			67,874			56,140			80,752

2	Expenses

a)	Cost of materials consumed		8,205			7,992			6,078			22,582			15,910			22,460

b)	Purchases ofStock-in-Trade		134			8			94			210			548			649

c)	Changes in inventories of finished goods andwork-in-progress		(11	)		(293	)		(763	)		(623	)		(1,356	)		(1,229	)

d)	Power & fuel charges		3,992			3,453			2,782			9,946			7,248			10,233

e)	Employee benefits expense		601			653			619			1,835			1,748			2,339

f)	Excise Duty on sales		—			—			976			1,057			2,766			3,946

g)	Finance costs		1,306			1,427			1,508			4,359			4,352			5,855

h)	Depreciation, depletion and amortization expense		1,549			1,426			1,581			4,361			4,688			6,292

i)	Other expenses		4,677			4,108			4,738			12,980			11,634			16,441

3	Total expenses		20,453			18,774			17,613			56,707			47,538			66,986

4	Profit before exceptional items and tax		4,481			3,735			3,792			11,167			8,602			13,766

5	Net exceptional gain/(loss) (Refer note 6)		(158	)		186			—			28			—			(114	)

6	Profit before tax		4,323			3,921			3,792			11,195			8,602			13,652

7	Tax expense:

a)	Net Current tax expense		726			719			608			2,016			1,542			2,302
b)	Distribution tax on dividend from subsidiaries (note 4)		—			—			15			—			42			196
c)	Net Deferred tax expense/(benefit)		638			216			(71	)		964			(75	)		(165	)

	Net Tax expense		1,364			935			552			2,980			1,509			2,333

8	Profit after tax for the period/year before share in profit/(loss) of jointly controlled entities and associates andnon-controlling interests		2,959			2,986			3,240			8,215			7,093			11,319

9	Add: Share in profit/(loss) of jointly controlled entities and associates		0			0			(2	)		0			(2	)		(3	)

10	Profit for the period/year after Share in Profit/(loss) of jointly controlled entities and associates (a)		2,959			2,986			3,238			8,215			7,091			11,316

11	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		33			25			1			63			(11	)		22
	(b) Tax (expense)/benefit on items that will not be reclassified to profit or loss		0			9			(2	)		10			0			3
ii.	(a) Items that will be reclassified to profit or loss		(327	)		(140	)		380			(399	)		561			(286	)
	(b) Tax (expense)/benefit on items that will be reclassified to profit or loss		78			63			3			150			(45	)		(4	)

	Total Other Comprehensive Income (b)		(216	)		(43	)		382			(176	)		505			(265	)

12	Total Comprehensive Income (a + b)		2,743			2,943			3,620			8,039			7,596			11,051

13	Profit attributable to:
a)	Owners of Vedanta Limited		2,053			2,091			2,133			5,669			4,311			6,958
b)	Non-controlling interests		906			895			1,105			2,546			2,780			4,358

14	Other comprehensive income attributable to:
a)	Owners of Vedanta Limited		(172	)		1			110			(118	)		134			(18	)
b)	Non-controlling interests		(44	)		(44	)		272			(58	)		371			(247	)

15	Total comprehensive income attributable to:
a)	Owners of Vedanta Limited		1,881			2,092			2,243			5,551			4,445			6,940
b)	Non-controlling interests		862			851			1,377			2,488			3,151			4,111

16	Net profit after taxes,non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items		2,173			2,036			2,133			5,734			4,311			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		5.54	*		5.64	*		7.19	*		15.59	*		14.54	*		23.47

	-Diluted		5.52	*		5.63	*		7.19	*		15.55	*		14.54	*		23.46

20	Earnings per share before exceptional items (₹) (*not annualised)


	-Basic		5.86	*		5.49	*		7.19	*		15.77	*		14.54	*		24.04

	-Diluted		5.85	*		5.48	*		7.19	*		15.73	*		14.54	*		24.03


					(₹ in Crore)

		Quarter ended									Nine months ended						Year ended
S. No.	Segment Information	31.12.2017 (Unaudited)			30.09.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 3)			31.12.2017 (Unaudited)			31.12.2016 (Unaudited) (Refer note 3)			31.03.2017 (Audited)
1	Segment Revenue
a)	Oil & Gas		2,413			2,099			2,149			6,787			6,073			8,204
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		5,334			4,641			4,845			14,453			10,469			16,577
	(ii) Silver - India		519			556			483			1,511			1,324			1,888

	Total		5,853			5,197			5,328			15,964			11,793			18,465
c)	Zinc - International		970			853			588			2,624			1,726			2,230
d)	Iron Ore		843			542			1,449			2,104			2,990			4,291
e)	Copper		5,898			6,237			5,440			17,457			15,326			22,129
f)	Aluminium		6,514			5,212			3,858			16,276			10,183			14,835
g)	Power		1,724			1,431			1,532			3,888			4,099			5,608
h)	Others		37			24			15			84			82			98

	Total		24,252			21,595			20,359			65,184			52,272			75,860

Less:	Inter Segment Revenue		48			75			63			200			156			193

	Sales/income from operations		24,204			21,520			20,296			64,984			52,116			75,667

	Other operating income		157			70			95			309			364			504

	Revenue from operations (Gross of excise duty)		24,361			21,590			20,391			65,293			52,480			76,171

2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Oil & Gas		791			653			340			2,314			622			1,137
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		2,523			2,273			2,125			6,611			4,125			7,070
	(ii) Silver - India		450			484			381			1,275			1,041			1,486

	Total		2,973			2,757			2,506			7,886			5,166			8,556
c)	Zinc - International		400			342			160			1,024			650			742
d)	Iron Ore		145			(41	)		421			92			801			1,140
e)	Copper		244			340			394			744			1,102			1,479
f)	Aluminium		266			120			322			585			459			1,135
g)	Power		451			225			310			642			793			1,113
h)	Others		(2	)		(6	)		(14	)		(15	)		(11	)		(19	)

	Total		5,268			4,390			4,439			13,272			9,582			15,283

Less:	Finance costs		1,306			1,427			1,508			4,359			4,352			5,855
Add:	Other unallocable income net off expenses		519			772			861			2,254			3,372			4,338

	Profit before exceptional items and tax		4,481			3,735			3,792			11,167			8,602			13,766

Add:	Net exceptional gain/(loss)		(158	)		186			—			28			—			(114	)

	Profit before tax		4,323			3,921			3,792			11,195			8,602			13,652

3	Segment assets
a)	Oil & Gas		16,499			16,194			19,831			16,499			19,831			16,914
b)	Zinc, Lead and Silver - India		18,175			17,170			16,602			18,175			16,602			16,482
c)	Zinc - International		4,842			4,101			3,446			4,842			3,446			3,588
d)	Iron Ore		5,747			5,760			5,744			5,747			5,744			5,514
e)	Copper		11,719			10,256			9,565			11,719			9,565			8,317
f)	Aluminium		55,731			54,588			53,898			55,731			53,898			53,513
g)	Power		19,452			19,170			19,481			19,452			19,481			19,596
h)	Others		2,613			596			604			2,613			604			595
i)	Unallocated		49,971			51,390			66,121			49,971			66,121			74,511

	Total		184,749			179,225			195,292			184,749			195,292			199,030

4	Segment liabilities
a)	Oil & Gas		5,660			4,442			5,678			5,660			5,678			4,709
b)	Zinc, Lead and Silver - India		3,899			3,880			3,479			3,899			3,479			4,753
c)	Zinc - International		933			830			732			933			732			1,127
d)	Iron Ore		1,532			1,670			1,310			1,532			1,310			1,547
e)	Copper		12,809			12,320			12,810			12,809			12,810			11,158
f)	Aluminium		16,430			14,696			11,693			16,430			11,693			13,280
g)	Power		2,173			2,098			2,179			2,173			2,179			1,881
h)	Others		287			69			59			287			59			63
i)	Unallocated		59,057			59,673			70,494			59,057			70,494			86,084

	Total		102,780			99,678			108,434			102,780			108,434			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 and glass substrate. The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively. Increase in assets and liabilities of ‘Others Segment’ is pursuant to acquisition of glass substrate business (Refer Note 5). 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.

Notes:-

The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries, Jointly controlled entities, and associate for the quarter and nine months ended December 31, 2017 have been reviewed by the Audit Committee on January 30, 2018 and approved by the Board of Directors at its meeting held on January 31, 2018. The statutory auditors of the Company have carried out a limited review of the same.

With effect from July 01, 2017, Goods and Service tax (‘GST’) has been implemented which has replaced several indirect taxes including excise duty. WhileInd-AS required excise duty to be included while computing revenues, GST is required to be 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.

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 nine months ended December 31, 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 previous periods have been restated to give effect of the same and has resulted in a net decrease in profit before tax of₹ 92 Crore for the quarter ended December 31, 2016 and net increase in profit before tax of₹ 130 Crore for the nine months ended December 31, 2016.

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₹ 92 Crore,₹ 208 Crore and₹ 1,445 Crore for the quarter ended December 31, 2016, nine months ended December 31, 2016 and for the year ended March 31, 2017 respectively as compared to the previously reported amounts.

In December, 2017, the Company through its wholly owned subsidiary, acquired 51.6% equity stake in AvanStrate Inc. (ASI) for a cash consideration of JPY 1 million (₹ 0.06 Crore) and acquired debts for JPY 17,058 million (₹ 964 Crore). Additionally, a loan of JPY 814.8 million (₹ 46 Crore) was extended to ASI. The transaction has been accounted for on a provisional basis during the quarter and has no material impact on the profit or loss for the quarter and nine months ended December 31, 2017.

6	Exceptional items comprises of the following:


											(₹ in Crore)

	Quarter ended						Nine months ended				Year ended
Particulars	31.12.2017 (Unaudited)		30.09.2017 (Unaudited)		31.12.2016 (Unaudited)		31.12.2017 (Unaudited)		31.12.2016 (Unaudited)		31.03.2017 (Audited)
Impairment charge relating to property, plant and equipment and exploration assets		—		(109)		—		(109)		—		(114)
Reversal of provision for DMF*		—		295		—		295		—		—
Charge pursuant to adverse arbitration order		(113)		—		—		(113)		—		—
Acquisition expenses (Refer Note 5)		(45)		—		—		(45)		—		—

Net exceptional gain/(loss)		(158)		186		—		28		—		(114)
Tax (expense)/benefit on above		38		(62)		—		(24)		—		(34)
Non-controlling interests on above		—		(69)		—		(69)		—		(21)

Net exceptional (loss)/gain net of tax andnon-controlling interests		(120)		55		—		(65)		—		(169)

*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 Supreme Court ruling.

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 is lower by₹ 68 Crore,₹ 164 Crore and₹ 443 Crore and profit after tax is higher by₹ 38 Crore,₹ 88 Crore and₹ 262 Crore for the quarter ended December 31, 2017, September 30, 2017 and nine months ended December 31, 2017 respectively.

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 tonon-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current nine months ended December 31, 2017. No shares were issued to the subsidiaries of Vedanta Limited for their shareholding in erstwhile Cairn India Limited.


9		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 December 31, 2017 was₹ 993 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.

10		Previous period figures have been regrouped/rearranged, wherever necessary, to conform to the current period’s presentation.


		By Order of the Board

Place : Mumbai		Navin Agarwal
Dated : January 31, 2018		Executive Chairman

Vedanta (VEDL) 6-KCurrent report (foreign)