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 ENDED JUNE 30, 2018

			(₹ in Crore except as stated)
		Quarter ended									Year ended
S. No.	Particulars	30.06.2018 (Unaudited)			31.03.2018 (Audited) (Refer Note 2)			30.06.2017 (Unaudited)			31.03.2018 (Audited)
1	Revenue
a)	Revenue from operations (Net of excise duty)		9,690			14,036			8,928			45,524
	Add: Excise duty		—			—			450			450
	Revenue from operations (Gross of excise duty)		9,690			14,036			9,378			45,974
b)	Other income		107			2,172			602			3,866
	Total Income		9,797			16,208			9,980			49,840
2	Expenses
a)	Cost of materials consumed		3,026			7,137			4,911			25,209
b)	Purchases ofstock-in-trade		308			153			128			426
c)	Changes in inventories of finished goods andwork-in-progress		506			602			(307	)		(11	)
d)	Power & fuel charges		2,028			2,046			1,256			6,643
e)	Employee benefits expense		205			208			194			802
f)	Excise Duty on sales		—			—			450			450
g)	Finance costs		1,078			946			1,137			3,900
h)	Depreciation, depletion and amortization expense		784			655			706			2,842
i)	Other expenses		1,376			1,186			1,229			4,758
j)	Share of expenses in producing oil and gas blocks		286			295			230			1,004
	Total expenses		9,597			13,228			9,934			46,023
3	Profit before exceptional items and tax		200			2,980			46			3,817
4	Net exceptional gain (Refer note 4)		52			4,973			—			5,407
5	Profit before tax		252			7,953			46			9,224
6	Tax expense on other than exceptional items:
a)	Net Current tax expense		—			—			—			—
b)	Net Deferred tax expense		122			862			12			1,026
	Tax expense on exceptional items (Refer note 4):
a)	Net Current tax expense		—			—			—			—
b)	Net Deferred tax expense on exceptional items		—			1,019			—			942
	Net tax expense		122			1,881			12			1,968
7	Net Profit after tax (a)		130			6,072			34			7,256
8	Net Profit after tax before exceptional items (net of tax)		78			2,118			34			2,791
9	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		(17	)		14			8			91
	(b) Tax benefit/(expense) on items that will not be reclassified to profit or loss		—			(1	)		1			5
ii.	(a) Items that will be reclassified to profit or loss		355			170			(44	)		44
	(b) Tax benefit/ (expenses) on items that will be reclassified to profit or loss		42			(15	)		11			(5	)
	Total Other Comprehensive Income (b)		380			168			(24	)		135
10	Total Comprehensive Income (a+b)		510			6,240			10			7,391
11	Paid-up equity share capital (Face value of₹1 each)		372			372			372			372
12	Reserves excluding Revaluation Reserves as per balance sheet											78,941
13	Earnings per share after exceptional items (₹) (*not annualised)
	- Basic & Diluted		0.35	*		16.33	*		0.04	*		19.47
14	Earnings per share before exceptional items (₹) (*not annualised)
	- Basic & Diluted		0.21	*		5.70	*		0.04	*		7.46
		Quarter ended									Year ended
S. No.	Segment Information	30.06.2018 (Unaudited)			31.03.2018 (Audited) (Refer Note 2)			30.06.2017 (Unaudited)			31.03.2018 (Audited)
1	Segment Revenue
a)	Copper		1,650			6,033			4,440			21,277
b)	Iron Ore		788			1,070			719			3,174
c)	Aluminium		5,465			5,107			2,853			15,827
d)	Power		36			246			135			412
e)	Oil & Gas		1, 721			1,503			1,201			5,085
	Total		9,660			13,959			9,348			45,775
Less:	Inter Segment Revenue		—			4			2			16
	Sales/income from operations		9,660			13,955			9,346			45,759
Add:	Other operating income		30			81			32			215
	Revenue from operations (Gross of excise duty)		9,690			14,036			9,378			45,974
2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Copper		(145	)		368			178			1,159
b)	Iron Ore		157			121			(1	)		347
c)	Aluminium		646			410			106			780
d)	Power		(71	)		43			(3	)		(67	)
e)	Oil & Gas		619			891			380			1,896
	Total		1,206			1,833			660			4,115
Less:	Finance costs		1,078			946			1,137			3,900
Add:	Other unallocable income net off expenses		72			2,093			523			3,602
	Profit before tax and exceptional items		200			2,980			46			3,817
Add:	Net exceptional gain		52			4,973			—			5,407
	Profit before tax		252			7,953			46			9,224
S. No.	Segment Information
3	Segment assets
a)	Copper		8,745			9,968			8,999			9,968
b)	Iron Ore		3,075			3,094			3,474			3,094
c)	Aluminium		43,988			43,426			41,930			43,426
d)	Power		3,257			3,263			3,006			3,263
e)	Oil & Gas		15,166			12,842			10,035			12,842
f)	Unallocated		73,653			74,576			81,712			74,576
	Total		147,884			147,169			149,156			147,169
4	Segment liabilities
a)	Copper		4,881			8,667			11,561			8,667
b)	Iron Ore		1,314			1,558			1,504			1,558
c)	Aluminium		12,056			11,919			9,197			11,919
d)	Power		266			275			208			275
e)	Oil & Gas		5,131			3,755			3,189			3,755
f)	Unallocated		44,398			41,682			43,716			41,682
	Total		68,046			67,856			69,375			67,856

The main business segments are :

(a) Copper which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of sulphuric acid, phosphoric acid (Refer note 6).

(b) Iron ore including pig iron & metallurgical coke.

(c) Aluminium which consist of manufacturing of alumina and various aluminium products.

(d) 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 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 ended June 30, 2018 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 31, 2018. The statutory auditors have carried out limited review of the same.
2	The figures for the quarter ended March 31, 2018 are the balancing figures between audited figures for the full financial year ended March 31, 2018 and unaudited figures for the nine months ended December 31, 2017.
3	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.
4	Exceptional items comprises of the following:

								(₹ in Crore)
	Quarter ended							Year ended
Particulars	30.06.2018 (Unaudited)		31.03.2018 (Audited) (Refer Note 2)			30.06.2017 (Unaudited)		31.03.2018 (Audited)
Impairment (charge)/reversal
- relating to investment in subsidiary- Cairn India Holdings Limited		52		2,702			—		3,358
- relating to property, plant & equipment and exploration assets-Oil & gas segment		—		3,622			—		3,513
- relating to assets in Goa - Iron ore segment		—		(452	)		—		(452	)
- relating to investment in subsidiary- Sesa Resources Limited		—		(648	)		—		(648	)
Charge pursuant to adverse arbitration order		—		—			—		(113	)
Loss onnon-usable items of CWIP		—		(251	)		—		(251	)
Net exceptional gain		52		4,973			—		5,407
Tax expense on above		—		(1,019	)		—		(942	)
Net exceptional gain (net of tax)		52		3,954			—		4,465

5	Effective April 01, 2018, the Company has adopted Ind AS 115 Revenue from Contracts with customers under the modified retrospective approach without adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 01, 2018. The application of the standard did not have any significant impact on the retained earnings as at April 01, 2018 and financial results for the current quarter.
6	The Company’s application for renewal of Consent to Operate (CTO) for existing copper smelter, was rejected by Tamil Nadu Pollution Control Board (TNPCB) in April 2018. The Company has filed an appeal before the TNPCB Appellate Authority challenging the Rejection Order. During the pendency of the appeal there were protests by a section of local community raising environmental concerns and subsequently the Government of Tamil Nadu issued directions to seal the existing copper smelter plant permanently. The Company believes these actions were not taken in accordance with the procedure prescribed under applicable laws. Further, the Madurai Bench of the High Court of Madras in a Public Interest Litigation held vide its order dated May 23, 2018 that the application for renewal of the Environmental Clearance for the Expansion Project shall be processed after a mandatory public hearing and the said application shall be decided by the competent authority on or before September 23, 2018. In the interim, the High Court ordered the Company to cease construction and all other activities on site for the proposed Expansion Project with immediate effect. Separately, SIPCOT cancelled 342.22 acres of the land allotted for the proposed Expansion Project and TNPCB issued orders directing the withdrawal of the Consent to Establish (CTE) which was valid till December 31, 2022.
	The Company is taking appropriate legal measures to address the matters. As per the Company’s assessment, it is in compliance with the applicable regulations and hence does not expect any material adjustments to these financial results as a consequence of the above actions.
7	Previous period/year figures have beenre-grouped/rearranged, wherever necessary.

		By Order of the Board
	Place : Mumbai	Navin Agarwal
.	Dated : July 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 ENDED JUNE 30, 2018

		(₹ in Crore except as stated)
		Quarter ended									Year ended
S. No.	Particulars	30.06.2018 (Unaudited)			31.03.2018 (Audited) (Refer note 2)			30.06.2017 (Unaudited)			31.03.2018 (Audited)
1	Revenue
a)	Revenue from operations (Net of excise duty)		22,206			27,630			18,285			91,866
	Add: Excise duty		—			—			1,057			1,057
	Revenue from operations (Gross of excise duty)		22,206			27,630			19,342			92,923
b)	Other income		418			993			1,089			3,574
	Total Income		22,624			28,623			20,431			96,497
2	Expenses
a)	Cost of materials consumed		5,124			9,000			6,385			31,582
b)	Purchases ofstock-in-trade		308			10			68			220
c)	Changes in inventories of finished goods andwork-in-progress		398			1,094			(338	)		450
d)	Power & fuel charges		4,098			4,080			2,501			14,026
e)	Employee benefits expense		725			661			581			2,496
f)	Excise duty on sales		—			—			1,057			1,057
g)	Finance costs		1,546			1,424			1,626			5,783
h)	Depreciation, depletion and amortization expense		1,796			1,683			1,448			6,283
i)	Other expenses		5,269			4,948			4,195			17,928
3	Total expenses		19,264			22,900			17,523			79,825
4	Profit before exceptional items and tax		3,360			5,723			2,908			16,672
5	Net exceptional gain (Refer note 4)		—			2,869			—			2,897
6	Profit before tax		3,360			8,592			2,908			19,569
7	Tax expense:
	On other than exceptional items
a)	Net Current tax expense		669			868			575			2,867
b)	Net Deferred tax expense		443			1,535			100			2,472
c)	Distribution tax credit on dividend from subsidiaries		—			(1,536	)		—			(1,536	)
	On Exceptional items (Refer note 4)
a)	Net Current tax expense		—			—			—			51
b)	Net Deferred tax expense		—			2,050			—			2,023
	Net tax expense:		1,112			2,917			675			5,877
8	Profit after tax before share in profit of jointly controlled entities and associates andnon-controlling interests		2,248			5,675			2,233			13,692
9	Add: Share in profit of jointly controlled entities and associates		0			0			0			0
10	Profit after share in profit of jointly controlled entities and associates (a)		2,248			5,675			2,233			13,692
11	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		(35	)		34			5			97
	(b) Tax (expense)/benefit on items that will not be reclassified to profit or loss		6			(7	)		1			3
ii.	(a) Items that will be reclassified to profit or loss		703			2,452			68			2,053
	(b) Tax (expense)/benefit on items that will be reclassified to profit or loss		(30	)		(116	)		9			34
	Total Other Comprehensive Income (b)		644			2,363			83			2,187
12	Total Comprehensive Income (a + b)		2,892			8,038			2,316			15,879
13	Profit attributable to:
a)	Owners of Vedanta Limited		1,533			4,802			1,501			10,342
b)	Non-controlling interests		715			873			732			3,350
14	Other comprehensive income attributable to:
a)	Owners of Vedanta Limited		702			2,237			53			2,119
b)	Non-controlling interests		(58	)		126			30			68
15	Total comprehensive income attributable to:
a)	Owners of Vedanta Limited		2,235			7,039			1,554			12,461
b)	Non-controlling interests		657			999			762			3,418
16	Net profit after taxes,non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items		1,533			3,956			1,501			9,561
17	Paid-up equity share capital (Face value of₹ 1 each)		372			372			372			372
18	Reserves excluding Revaluation Reserves as per balance sheet											63,136
19	Earnings per share after exceptional items (₹) (*not annualised)
	-Basic		4.13	*		12.95	*		4.04	*		28.30
	-Diluted		4.12	*		12.92	*		4.04	*		28.24
20	Earnings per share before exceptional items (₹) (*not annualised)
	-Basic		4.13	*		10.67	*		4.04	*		26.17
	-Diluted		4.12	*		10.64	*		4.04	*		26.11

					(₹ in Crore)
		Quarter ended									Year ended
S. No.	Segment Information	30.06.2018 (Unaudited)			31.03.2018 (Audited) (Refer note 2)			30.06.2017 (Unaudited)			31.03.2018 (Audited)
1	Segment Revenue
a)	Oil & Gas		3,219			2,749			2,275			9,536
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		4,674			5,546			4,478			19,999
	(ii) Silver - India		547			637			436			2,148
	Total		5,221			6,183			4,914			22,147
c)	Zinc - International		573			822			801			3,446
d)	Iron Ore		788			1,070			719			3,174
e)	Copper		2,797			7,518			5,322			24,975
f)	Aluminium		7,394			7,158			4,550			23,434
g)	Power		1,590			1,764			733			5,652
h)	Others		515			196			23			280
	Total		22,097			27,460			19,337			92,644
Less:	Inter Segment Revenue		29			15			77			215
	Sales/income from operations		22,068			27,445			19,260			92,429
	Other operating income		138			185			82			494
	Revenue from operations (Gross of excise duty)		22,206			27,630			19,342			92,923
2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Oil & Gas		1,278			1,538			870			3,852
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		1,887			2,560			1,772			8,953
	(ii) Silver - India		473			547			341			1,822
	Total		2,360			3,107			2,113			10,775
c)	Zinc - International		26			208			282			1,232
d)	Iron Ore		138			150			(12	)		242
e)	Copper		(139	)		353			160			1,097
f)	Aluminium		830			494			199			1,079
g)	Power		282			457			(34	)		1,099
h)	Others		1			(21	)		(7	)		(36	)
	Total		4,776			6,286			3,571			19,340
Less:	Finance costs		1,546			1,424			1,626			5,783
Add:	Other unallocable income net off expenses		130			861			963			3,115
	Profit before exceptional items and tax		3,360			5,723			2,908			16,672
Add:	Net exceptional gain		—			2,869			—			2,897
	Profit before tax		3,360			8,592			2,908			19,569
								(₹ in Crore)
		Quarter ended									Year ended
S. No.	Segment Information	30.06.2018 (Unaudited)			31.03.2018 (Audited) (Refer note 2)			30.06.2017 (Unaudited)			31.03.2018 (Audited)
3	Segment assets
a)	Oil & Gas		26,761			23,361			16,820			23,361
b)	Zinc, Lead and Silver - India		18,957			17,777			17,203			17,777
c)	Zinc - International		5,425			5,597			3,945			5,597
d)	Iron Ore		3,211			3,246			5,684			3,246
e)	Copper		9,117			10,168			9,642			10,168
f)	Aluminium		56,582			55,523			54,126			55,523
g)	Power		20,797			20,615			19,205			20,615
h)	Others		8,442			2,821			601			2,821
i)	Unallocated		44,388			45,690			59,610			45,690
	Total		193,680			184,798			186,836			184,798
4	Segment liabilities
a)	Oil & Gas		7,939			5,525			4,614			5,525
b)	Zinc, Lead and Silver - India		4,864			5,074			4,165			5,074
c)	Zinc - International		978			1,108			811			1,108
d)	Iron Ore		1,452			1,688			1,654			1,688
e)	Copper		5,153			9,016			11,951			9,016
f)	Aluminium		16,256			16,382			13,588			16,382
g)	Power		2,067			2,130			1,893			2,130
h)	Others		1,040			229			70			229
i)	Unallocated		71,557			64,181			71,342			64,181
	Total		111,306			105,333			110,088			105,333

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 (Refer note 7)

(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 comprises of port/berth, glass substrate and steel. 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 mainly on account of acquisition of Electrosteel Steels Limited. (Refer note 6)

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:-
1	The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries, jointly controlled entities, and associates for the quarter ended June 30, 2018 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 31, 2018. The statutory auditors have carried out limited review of the same.
2	The figures for the quarter ended March 31, 2018 are the balancing figures between audited figures for the full financial year ended March 31, 2018 and unaudited figures for the nine months ended December 31, 2017.
3	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.
4	Exceptional items comprises of the following:

								(₹ in Crore)
	Quarter ended							Year ended
Particulars	30.06.2018 (Unaudited)		31.03.2018 (Audited) (Refer note 2)			30.06.2017 (Unaudited)		31.03.2018 (Audited)
Reversal of impairment charge relating to property, plant and equipment and exploration assets – Oil and Gas		—		7,016			—		6,907
Impairment charge relating to iron ore segment		—		(2,329	)		—		(2,329)
Loss relating tonon-usable items of CWIP		—		(251	)		—		(251)
Reversal of provision for District mineral fund pursuant to a ruling by the Supreme Court		—		—			—		295
Foreign Currency Translation Reserve reclassified from equity to profit and loss relating to subsidiaries under liquidation		—		(1,485	)		—		(1,485)
Others		—		(82	)		—		(240)
Net exceptional gain		—		2,869			—		2,897
Tax expense on above		—		(2,050	)		—		(2,074)
Non-controlling interests on above		—		27			—		(42)
Net exceptional gain net of tax andnon-controlling interests		—		846			—		781

5	Effective April 01, 2018, the Group has adopted Ind AS 115 Revenue from Contracts with customers under the modified retrospective approach without adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 01, 2018. The application of the standard did not have any significant impact on the retained earnings as at April 01, 2018 and financial results for the current quarter.
6	Vedanta Limited through its wholly owned subsidiary, Vedanta Star Limited (VSL), has acquired control over Electrosteel Steels Limited (ESL) on June 4, 2018. ESL was admitted under Corporate insolvency resolution process in terms of the Insolvency and Bankruptcy Code, 2016 of India. The National Company Law Tribunal (‘NCLT’) vide its order dated April 17, 2018 approved the resolution plan submitted by the Company for acquiring the controlling stake of ESL. National Company Law Appellate Tribunal (NCLAT) in a challenge to the aforementioned NCLT order allowed Vedanta Limited to acquire ESL by depositing the upfront payment to the Committee of Creditors, subject to its final order. Total cash consideration of₹ 5,320 Crore has been paid for the acquisition. The transaction has been accounted for on a provisional basis under Ind AS 103 during the quarter and has no material impact on the profit or loss for the quarter ended June 30, 2018.
7	The Company’s application for renewal of Consent to Operate (CTO) for existing copper smelter, was rejected by Tamil Nadu Pollution Control Board (TNPCB) in April 2018. The Company has filed an appeal before the TNPCB Appellate Authority challenging the Rejection Order. During the pendency of the appeal there were protests by a section of local community raising environmental concerns and subsequently the Government of Tamil Nadu issued directions to seal the existing copper smelter plant permanently. The Company believes these actions were not taken in accordance with the procedure prescribed under applicable laws. Further, the Madurai Bench of the High Court of Madras in a Public Interest Litigation held vide its order dated May 23, 2018 that the application for renewal of the Environmental Clearance for the Expansion Project shall be processed after a mandatory public hearing and the said application shall be decided by the competent authority on or before September 23, 2018. In the interim, the High Court ordered the Company to cease construction and all other activities on site for the proposed Expansion Project with immediate effect. Separately, SIPCOT cancelled 342.22 acres of the land allotted for the proposed Expansion Project and TNPCB issued orders directing the withdrawal of the Consent to Establish (CTE) which was valid till December 31, 2022. The Company is taking appropriate legal measures to address the matters. As per the Company’s assessment, it is in compliance with the applicable regulations and hence does not expect any material adjustments to these financial results as a consequence of the above actions.
8	Previous period/year figures have beenre-grouped/rearranged, wherever necessary.

	By Order of the Board
Place : Mumbai	Navin Agarwal
Dated : July 31, 2018	Executive Chairman