Vedanta 6K Current report | VEDL 4 Feb 20

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 CONSOLIDATED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019


			(₹ in Crore except as stated)

		Quarter ended									Nine months ended						Year ended
S. No.	Particulars	31.12.2019 (Unaudited)			30.09.2019 (Unaudited)			31.12.2018 (Unaudited)			31.12.2019 (Unaudited)			31.12.2018 (Unaudited)			31.03.2019 (Audited)
1	Revenue from operations (Refer note 7)		21,126			21,739			23,435			64,032			67,809			90,901
2	Other operating income		234			219			234			660			771			1,147
3	Other income		647			856			1,398			1,883			2,390			4,018

	Total Income		22,007			22,814			25,067			66,575			70,970			96,066

4	Expenses
a)	Cost of materials consumed		5,244			5,050			7,148			15,842			18,952			25,490
b)	Purchases ofstock-in-trade		205			0			107			205			582			588
c)	Changes in inventories of finished goods,work-in-progress andstock-in-trade		(469	)		1,501			(369	)		818			(150	)		72
d)	Power & fuel charges		3,690			4,805			4,949			13,079			13,810			18,144
e)	Employee benefits expense		728			713			744			2,185			2,255			3,023
f)	Finance costs		1,232			1,340			1,358			3,913			4,288			5,689
g)	Depreciation, depletion and amortization expense		2,291			2,395			2,207			6,841			5,934			8,192
h)	Other expenses		5,448			5,466			5,445			16,428			16,163			21,628

5	Total expenses		18,369			21,270			21,589			59,311			61,834			82,826

6	Profit before exceptional items and tax		3,638			1,544			3,478			7,264			9,136			13,240

7	Net exceptional gain / (loss) (Refer note 2)		168			(422	)		—			(254	)		320			320

8	Profit before tax		3,806			1,122			3,478			7,010			9,456			13,560

9	Tax expense /(benefit)
	On other than exceptional items
a)	Net Current tax expense		515			338			774			1,468			1,998			2,677
b)	Net Deferred tax expense/ (benefit) (Refer note 6)		567			(1,891	)		372			(1,801	)		866			1,073
	On Exceptional items
a)	Net Deferred tax expense/ (benefit) (Refer note 2)		59			(56	)		—			3			112			112

	Net tax expense /(benefit):		1,141			(1,609	)		1,146			(330	)		2,976			3,862

10	Profit after tax before share in profit / (loss) of jointly controlled entities and associates andnon-controlling interests		2,665			2,731			2,332			7,340			6,480			9,698

11	Add: Share in profit / (loss) of jointly controlled entities and associates		0			(1	)		0			(1	)		0			0

12	Profit after share in profit / (loss) of jointly controlled entities and associates (a)		2,665			2,730			2,332			7,339			6,480			9,698

13	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		(36	)		(127	)		(3	)		(188	)		(37	)		(85	)
	(b) Tax benefit on items that will not be reclassified to profit or loss		6			41			1			48			20			25
ii.	(a) Items that will be reclassified to profit or loss		539			399			(759	)		1,000			905			516
	(b) Tax benefit / (expense) on items that will be reclassified to profit or loss		15			(20	)		(111	)		(26	)		(32	)		1

	Total Other Comprehensive Income (b)		524			293			(872	)		834			856			457

14	Total Comprehensive Income (a + b)		3,189			3,023			1,460			8,173			7,336			10,155

15	Profit attributable to:
a)	Owners of Vedanta Limited		2,348			2,158			1,574			5,857			4,450			7,065
b)	Non-controlling interests		317			572			758			1,482			2,030			2,633

16	Other Comprehensive Income attributable to:
a)	Owners of Vedanta Limited		488			347			(850	)		839			964			585
b)	Non-controlling interests		36			(54	)		(22	)		(5	)		(108	)		(128	)

17	Total comprehensive income attributable to:
a)	Owners of Vedanta Limited		2,836			2,505			724			6,696			5,414			7,650
b)	Non-controlling interests		353			518			736			1,477			1,922			2,505

18	Paid-up equity share capital (Face value of₹1 each)		372			372			372			372			372			372
19	Reserves excluding Revaluation Reserves as per balance sheet																	61,925
20	Earnings per share (₹) (*not annualised)
	-Basic		6.34	*		5.83	*		4.25	*		15.82	*		12.01	*		19.07
	-Diluted		6.31	*		5.80	*		4.23	*		15.74	*		11.96	*		18.98


			(₹ in Crore)

		Quarter ended									Nine months ended						Year ended
S. No.	Segment Information	31.12.2019 (Unaudited)			30.09.2019 (Unaudited)			31.12.2018 (Unaudited)			31.12.2019 (Unaudited)			31.12.2018 (Unaudited)			31.03.2019 (Audited)
1	Segment Revenue
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		3,908			3,820			4,789			12,023			13,478			18,088
	(ii) Silver - India		692			575			678			1,843			1,824			2,568

	Total		4,600			4,395			5,467			13,866			15,302			20,656
b)	Zinc - International		681			890			622			2,395			1,736			2,738
c)	Oil & Gas (Refer note 7)		3,930			3,196			3,350			10,257			10,048			13,223
d)	Aluminium		6,789			6,576			7,605			20,199			22,682			29,229
e)	Copper		1,835			3,185			2,763			6,797			7,936			10,739
f)	Iron Ore		836			757			658			2,390			2,058			2,911
g)	Power		1,307			1,646			1,623			4,656			4,931			6,524
h)	Others		1,182			1,122			1,404			3,558			3,240			5,023

	Total		21,160			21,767			23,492			64,118			67,933			91,043

Less:	Inter Segment Revenue		34			28			57			86			124			142

	Revenue from operations		21,126			21,739			23,435			64,032			67,809			90,901

2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		1,068			970			1,763			3,435			4,926			6,512
	(ii) Silver - India		613			497			588			1,610			1,569			2,207

	Total		1,681			1,467			2,351			5,045			6,495			8,719
b)	Zinc - International		(32	)		1			83			(41	)		36			269
c)	Oil & Gas		2,075			1,104			1,276			4,357			3,981			5,164
d)	Aluminium		335			(575	)		(229	)		(492	)		522			399
e)	Copper		(114	)		(156	)		(122	)		(385	)		(316	)		(438	)
f)	Iron Ore		192			178			76			460			266			474
g)	Power		209			247			185			678			635			832
h)	Others		(52	)		(114	)		171			(93	)		265			584

	Total		4,294			2,152			3,791			9,529			11,884			16,003

Less:	Finance costs		1,232			1,340			1,358			3,913			4,288			5,689
Add:	Other unallocable income net off expenses		576			732			1,045			1,648			1,540			2,926

	Profit before exceptional items and tax		3,638			1,544			3,478			7,264			9,136			13,240

Add:	Net exceptional gain / (loss) (Refer note 2)		168			(422	)		—			(254	)		320			320

	Profit before tax		3,806			1,122			3,478			7,010			9,456			13,560

3	Segment assets
a)	Zinc, Lead and Silver - India		21,322			20,518			20,099			21,322			20,099			19,884
b)	Zinc - International		6,498			5,818			6,003			6,498			6,003			6,034
c)	Oil & Gas		28,497			27,855			27,949			28,497			27,949			28,519
d)	Aluminium		55,867			55,930			57,073			55,867			57,073			58,422
e)	Copper		7,332			6,902			9,235			7,332			9,235			8,347
f)	Iron Ore		3,122			3,131			3,058			3,122			3,058			3,122
g)	Power		18,802			18,419			20,842			18,802			20,842			19,573
h)	Others		8,177			8,294			8,977			8,177			8,977			8,844
i)	Unallocated		43,350			44,762			41,572			43,350			41,572			49,298

	Total		192,967			191,629			194,808			192,967			194,808			202,043

4	Segment liabilities
a)	Zinc, Lead and Silver - India		4,639			5,506			4,150			4,639			4,150			6,155
b)	Zinc - International		1,156			1,313			991			1,156			991			1,361
c)	Oil & Gas		7,347			8,680			9,222			7,347			9,222			9,851
d)	Aluminium		22,118			23,896			18,130			22,118			18,130			23,062
e)	Copper		3,113			3,200			3,575			3,113			3,575			4,163
f)	Iron Ore		1,202			1,415			1,078			1,202			1,078			1,367
g)	Power		1,996			2,073			2,006			1,996			2,006			2,045
h)	Others		1,419			1,610			1,082			1,419			1,082			1,463
i)	Unallocated		64,293			61,459			79,026			64,293			79,026			75,052

	Total		107,283			109,152			119,260			107,283			119,260			124,519

The main business segments are

(a) Zinc which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate

(b) Oil & Gas which consists of exploration, development and production of oil and gas

(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 3)

(e) Iron ore which consists of mining of ore and manufacturing of pig iron and metallurgical coke

(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.

Additional intra segment information of revenues and results for the Zinc, Lead and Silver segment have been provided to enhance understanding of segment business.


		Notes:-

1		The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries, jointly controlled entities, and associates for the quarter and nine months ended December 31, 2019 have been reviewed by the Audit Committee at its meeting held on January 30, 2020 and approved by the Board of Directors at its meeting held on January 31, 2020. The statutory auditors have carried out limited review of the same.

2		Exceptional items comprises of the following:


		(₹ in Crore)

	Quarter ended								Nine months ended						Year ended
Particulars	31.12.2019 (Unaudited)			30.09.2019 (Unaudited)			31.12.2018 (Unaudited)		31.12.2019 (Unaudited)			31.12.2018 (Unaudited)			31.03.2019 (Audited)
Impairment (charge)/ reversal relating to property, plant and equipment and exploration assets		—			(504	)		—		(504	)		261			261
Interest income on claims based on Supreme Court order		—			82			—		82			—			—
Reversal pursuant to Supreme Court order		—			—			—		—			59			59
Revision of Renewable Purchase Obligation (RPO) pursuant to the Odisha Electricity Regulatory Commission notification		168			—			—		168			—			—

Net exceptional gain / (loss)		168			(422	)		—		(254	)		320			320
Tax (expense)/ credit on above		(59	)		56			—		(3	)		(112	)		(112	)
Non-controlling interests on above		—			207			—		207			—			—

Net exceptional gain / (loss) net of tax andnon-controlling interests		109			(159	)		—		(50	)		208			208



3		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. Subsequently the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. Principal Bench of National Green Tribunal (NGT) ruled in favour of the Company but the same was set aside by the Supreme Court vide its judgment dated February 18, 2019 on the basis of maintainability alone. Vedanta Limited has filed a writ petition before Madras High Court challenging various orders passed against the Company. The hearings, rejoinders and sur-rejoinders on behalf of all the parties concluded on Jan 08, 2020. The order has been reserved.

		Further, the High Court of Madras in a Public Interest Litigation held that the application for renewal of the Environmental Clearance (EC) for the Expansion Project shall be processed after a mandatory public hearing and in the interim ordered the Company to cease construction and all other activities on the site with immediate effect. However, in the meanwhile, SIPCOT cancelled the land allotted for the proposed Expansion Project, which was later stayed by the order of Madras High Court and TNPCB issued order directing the withdrawal of the Consent to Establish (CTE) which was valid till March 31, 2023. The Company has filed Appeals before the TNPCB Appellate Authority challenging withdrawal of CTE by the TNPCB and the same is scheduled for hearing on February 19, 2020.

		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.

4		Effective April 01, 2019, the Group has adopted Ind AS 116 Leases under the modified retrospective approach without adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 01, 2019. The application of the Standard did not have any significant impact on the retained earnings as at April 01, 2019 and financial results for the current quarter and nine months ended December 31, 2019

5		As at December 31, 2019, the Company and its subsidiaries have an outstanding receivable equivalent to Rs. 609 crore from one of its fellow subsidiary in Zambia, Konkola Copper Mines Plc (KCM), predominantly regarding monies advanced against future purchase of copper cathode/anode.

		A provisional liquidator was appointed to manage KCM’s affairs on 21 May 2019, after ZCCM Investments Holdings Plc(ZCCM-IH), an entity majority owned by the Government of Zambia and a 20.6% shareholder in KCM, filed a winding up petition against KCM. KCM’s majority shareholder, Vedanta Resources Holdings Limited (VRHL), and its parent company, Vedanta Resources Limited (VRL), are contesting the winding up petition in the Zambian courts and have also commenced arbitration againstZCCM-IH consistent with their position that arbitration is the agreed dispute resolution process , together with an application to the South African courts to stay the winding up proceedings consistent with the agreement to arbitrate. The winding up petition has currently been stayed, pending the decision on VRHL’s application regarding arbitration. Meanwhile, KCM has not been supplying goods to the Company and/or its subsidiaries, which it was supposed to as per the terms of the advance.

		The Group, based on its assessment considering the actions taken by VRL and VRHL, believes that it should be able to recover the advance and has continued to treat these balances as recoverable.

6		During the quarter ended September 30, 2019, Section 115BAA of the Income- tax Act, 1961 was introduced by the Taxation Laws (Amendment) Ordinance, 2019. Based on the expected timing of exercising of the option under Section 115BAA by the respective entities, the Group hasre-measured its deferred tax balances leading to a deferred tax credit of Rs 2,501 crore on deferred tax balances as at March 31, 2019 and the same was recognized in the quarter ended September 30, 2019.



7		Government of India (GoI) vide Office Memorandum (“OM”) No. O-19025/10/2005-ONG-DV dated 1st February 2013 allowed for Exploration in the Mining Lease Area after expiry of Exploration period and prescribed the mechanism for recovery of such Exploration Cost incurred. Vide another Memorandum dated October 24, 2019, GoI clarified that all approved Exploration costs incurred on Exploration activities, both successful and unsuccessful, are recoverable in the manner as prescribed in the OM and as per the provisions of PSC. Accordingly, in the current quarter, the Group has recognized revenue of Rs 1,276 Crore, for past exploration costs, through increased entitlement interest in the joint venture revenue as the Group believes that cost recovery mechanism prescribed under OM is not applicable to its Joint venture partner, view which is also supported by an independent legal opinion.

8		Previous period/year figures have beenre-grouped/ rearranged, wherever necessary.



	By Order of the Board

Place : Mumbai Dated : January 31, 2020	GR Arun Kumar	Srinivasan Venkatakrishnan
Place : Mumbai Dated : January 31, 2020	Whole- Time Director and Chief Financial Officer	Whole- Time Director and Chief Executive Officer

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, 2019


			(₹ in Crore except as stated)

		Quarter ended									Nine months ended						Year ended
S. No.	Particulars	31.12.2019 (Unaudited)			30.09.2019 (Unaudited)			31.12.2018 (Unaudited)			31.12.2019 (Unaudited)			31.12.2018 (Unaudited)			31.03.2019 (Audited)
1	Revenue from operations (Refer note 7)		8,953			9,599			9,878			27,074			28,999			38,098
2	Other operating income		132			101			129			328			388			546
3	Other income		158			2,338			5,733			2,686			5,959			6,152

	Total Income		9,243			12,038			15,740			30,088			35,346			44,796

4	Expenses
a)	Cost of materials consumed		3,177			2,883			4,292			9,137			11,445			15,508
b)	Purchases ofStock-in-Trade		197			9			107			206			504			505
c)	Changes in inventories of finished goods,work-in-progress and stock -in- trade		(223	)		1,506			29			1,495			432			307
d)	Power & fuel charges		1,630			2,403			2,610			6,164			6,956			9,179
e)	Employee benefits expense		207			206			206			644			635			862
f)	Finance costs		819			900			892			2,600			2,872			3,757
g)	Depreciation, depletion and amortization expense		802			848			893			2,444			2,477			3,243
h)	Other expenses		1,769			1,879			1,858			5,622			5,209			6,812

	Total expenses		8,378			10,634			10,887			28,312			30,530			40,173

5	Profit before exceptional items and tax		865			1,404			4,853			1,776			4,816			4,623

6	Net exceptional gain/(loss) (Refer note 2)		129			—			(48	)		129			324			324

7	Profit before tax		994			1,404			4,805			1,905			5,140			4,947

8	Tax expense/(benefit) on other than exceptional items:
a)	Net Current tax expense		—			—			2			—			2			5
b)	Net Deferred tax expense/ (benefit) (Refer note 6)		44			(1,509	)		(75	)		(1,708	)		(8	)		(245	)
	Tax expense on exceptional items:
a)	Net Deferred tax expense (Refer note 2)		59			—			—			59			112			112

	Net tax expense/ (benefit):		103			(1,509	)		(73	)		(1,649	)		106			(128	)

9	Net Profit after tax (a)		891			2,913			4,878			3,554			5,034			5,075

10	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		(22	)		(23	)		(0	)		(66	)		(8	)		(49	)
	(b) Tax benefit/ (expense) on items that will not be reclassified to profit or loss		1			5			0			6			(0	)		1
ii.	(a) Items that will be reclassified to profit or loss		74			230			(2	)		312			546			415
	(b) Tax benefit/ (expense) on items that will be reclassified to profit or loss		18			(4	)		(128	)		(1	)		34			50

	Total Other Comprehensive Income (b)		71			208			(130	)		251			572			417

11	Total Comprehensive Income (a+b)		962			3,121			4,748			3,805			5,606			5,492

12	Paid-up equity share capital (Face value of₹1 each)		372			372			372			372			372			372
13	Reserves excluding Revaluation Reserves as per balance sheet																	77,508
14	Earnings per share (₹) (*not annualised)
	- Basic & Diluted		2.40	*		7.84	*		13.12	*		9.56	*		13.54	*		13.65


																		(₹ in Crore)

		Quarter ended									Nine months ended						Year ended
S. No.	Segment Information	31.12.2019 (Unaudited)			30.09.2019 (Unaudited)			31.12.2018 (Unaudited)			31.12.2019 (Unaudited)			31.12.2018 (Unaudited)			31.03.2019 (Audited)
1	Segment Revenue
a)	Oil & Gas (Refer note 7)		2,064			1,699			1,812			5,436			5,389			7,104
b)	Aluminium		4,863			4,720			5,591			14,605			16,699			21,000
c)	Copper		1,192			2,419			1,774			4,583			4,749			6,833
d)	Iron Ore		835			758			660			2,389			2,059			2,911
e)	Power		0			3			42			63			105			252

	Total		8,954			9,599			9,879			27,076			29,001			38,100

Less:	Inter Segment Revenue		1			—			1			2			2			2

	Revenue from operations		8,953			9,599			9,878			27,074			28,999			38,098

2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Oil & Gas		1,073			560			655			2,260			1,962			2,588
b)	Aluminium		430			(497	)		(480	)		(295	)		80			14
c)	Copper		(96	)		(122	)		(107	)		(330	)		(305	)		(409	)
d)	Iron Ore		234			165			97			503			309			523
e)	Power		(69	)		(61	)		(51	)		(215	)		(203	)		(309	)

	Total		1,572			45			114			1,923			1,843			2,407

Less:	Finance costs		819			900			892			2,600			2,872			3,757
Add:	Other unallocable income net off expenses		112			2,259			5,631			2,453			5,845			5,973

	Profit before exceptional items and tax		865			1,404			4,853			1,776			4,816			4,623

Add:	Net exceptional gain/(loss) (Refer note 2)		129			—			(48	)		129			324			324

	Profit before tax		994			1,404			4,805			1,905			5,140			4,947

3	Segment assets
a)	Oil & Gas		16,839			16,091			14,781			16,839			14,781			16,299
b)	Aluminium		42,710			42,822			44,386			42,710			44,386			45,101
c)	Copper		6,169			5,890			8,217			6,169			8,217			7,141
d)	Iron Ore		2,930			2,938			2,861			2,930			2,861			2,927
e)	Power		3,308			3,320			3,260			3,308			3,260			3,321
f)	Unallocated		74,230			78,363			72,906			74,230			72,906			76,078

	Total		146,186			149,424			146,411			146,186			146,411			150,867

4	Segment liabilities
a)	Oil & Gas		6,383			6,733			6,268			6,383			6,268			6,961
b)	Aluminium		16,491			18,643			13,375			16,491			13,375			17,499
c)	Copper		2,745			2,942			3,087			2,745			3,087			3,743
d)	Iron Ore		1,052			1,270			950			1,052			950			1,235
e)	Power		136			132			168			136			168			162
f)	Unallocated		37,624			38,935			43,910			37,624			43,910			43,387

	Total		64,431			68,655			67,758			64,431			67,758			72,987

The main business segments are :

(a) Oil & Gas which consists of exploration, development and production of oil and gas.

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

(c) 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 3).

(d) Iron ore which consists of mining of ore and manufacturing of pig iron and metallurgical coke.

(e) Power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power.

The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively.


		Notes:-

1		The above results of Vedanta Limited (“the Company”), for the quarter and nine months ended December 31, 2019 have been reviewed by the Audit Committee at its meeting held on January 30, 2020 and approved by the Board of Directors at its meeting held on January 31, 2020. The statutory auditors have carried out limited review of the same.

2		Exceptional items comprises of the following:


		(₹ in Crore)

	Quarter ended								Nine months ended						Year ended
Particulars	31.12.2019 (Unaudited)			30.09.2019 (Unaudited)		31.12.2018 (Unaudited)			31.12.2019 (Unaudited)			31.12.2018 (Unaudited)			31.03.2019 (Audited)
Impairment reversal/(charge)
- relating to investment in subsidiary- Cairn India Holdings Limited		—			—		—			—			52			52
- relating to property, plant & equipment and exploration assets- Oil & gas segment		—			—		—			—			261			261
- relating to investment in subsidiary- Sesa Resources Limited		(39	)		—		(48	)		(39	)		(48	)		(48	)
Reversal pursuant to Supreme court order		—			—		—			—			59			59
Revision of Renewable Purchase Obligation (RPO) pursuant to the Odisha Electricity Regulatory Commission notification		168			—		—			168			—			—

Net exceptional gain/(loss)		129			—		(48	)		129			324			324

Tax (expense) on exceptional items		(59	)		—		—			(59	)		(112	)		(112	)

Net exceptional gain/(loss) (net of tax)		70			—		(48	)		70			212			212



3		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. Subsequently the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. Principal Bench of National Green Tribunal (NGT) ruled in favour of the Company but the same was set aside by the Supreme Court vide its judgment dated February 18, 2019 on the basis of maintainability alone. Vedanta Limited has filed a writ petition before Madras High Court challenging various orders passed against the Company. The hearings, rejoinders andsur-rejoinders on behalf of all the parties concluded on Jan 08, 2020. The order has been reserved.

		Further, the High Court of Madras in a Public Interest Litigation held that the application for renewal of the Environmental Clearance (EC) for the Expansion Project shall be processed after a mandatory public hearing and in the interim ordered the Company to cease construction and all other activities on the site with immediate effect. However, in the meanwhile, SIPCOT cancelled the land allotted for the proposed Expansion Project, which was later stayed by the order of Madras High Court and TNPCB issued order directing the withdrawal of the Consent to Establish (CTE) which was valid till March 31, 2023. The Company has filed Appeals before the TNPCB Appellate Authority challenging withdrawal of CTE by the TNPCB and the same is scheduled for hearing on February 19, 2020.

		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.

4		Effective April 01, 2019, the Company has adopted Ind AS 116 Leases under the modified retrospective approach without adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 01, 2019. The application of the Standard did not have any significant impact on the retained earnings as at April 01, 2019 and financial results for the current quarter and nine months ended December 31, 2019.

5		As at December 31, 2019, the Company and its subsidiaries have an outstanding receivable equivalent to Rs 609 crore from one of its fellow subsidiary in Zambia, Konkola Copper Mines Plc (KCM), predominantly regarding monies advanced against future purchase of copper cathode/anode.

		A provisional liquidator was appointed to manage KCM’s affairs on 21 May 2019, after ZCCM Investments Holdings Plc(ZCCM-IH), an entity majority owned by the Government of Zambia and a 20.6% shareholder in KCM, filed a winding up petition against KCM. KCM’s majority shareholder, Vedanta Resources Holdings Limited (VRHL), and its parent company, Vedanta Resources Limited (VRL), are contesting the winding up petition in the Zambian courts and have also commenced arbitration againstZCCM-IH consistent with their position that arbitration is the agreed dispute resolution process, together with an application to the South African courts to stay the winding up proceedings consistent with the agreement to arbitrate. The winding up petition has currently been stayed, pending the decision on VRHL’s application regarding arbitration. Meanwhile, KCM has not been supplying goods to the Company and/or its subsidiaries, which it was supposed to as per the terms of the advance.

		The Group, based on its assessment considering the actions taken by VRL and VRHL, believes that it should be able to recover the advance and has continued to treat these balances as recoverable.

6		During the quarter ended September 30, 2019, Section 115BAA of the Income- tax Act, 1961 was introduced by the Taxation Laws (Amendment) Ordinance, 2019. Based on the expected timing of exercising of the option under Section 115BAA, the Company hasre-measured its deferred tax balances leading to a deferred tax credit of Rs 1,561 crore on deferred tax balances as at March 31, 2019 and the same was recognised in the quarter ended September 30, 2019.

7		Government of India (GoI) vide Office Memorandum (“OM”) No.O-19025/10/2005-ONG-DV dated 1st February 2013 allowed for Exploration in the Mining Lease Area after expiry of Exploration period and prescribed the mechanism for recovery of such Exploration Cost incurred. Vide another Memorandum dated October 24, 2019, GoI clarified that all approved Exploration costs incurred on Exploration activities, both successful and unsuccessful, are recoverable in the manner as prescribed in the OM and as per the provisions of PSC. Accordingly, in the current quarter, the Company has recognized revenue of Rs 638 Crore, for past exploration costs, through increased entitlement interest in the joint venture revenue as the Company believes that cost recovery mechanism prescribed under OM is not applicable to its Joint venture partner, view which is also supported by an independent legal opinion.

8		Previous period/year figures have beenre-grouped/rearranged, wherever necessary.



	By Order of the Board

Place : Mumbai Dated : January 31, 2020	GR Arun Kumar	Srinivasan Venkatakrishnan
Place : Mumbai Dated : January 31, 2020	Whole -Time Director and Chief Financial Officer	Whole -Time Director and Chief Executive Officer

Vedanta (VEDL) 6-KCurrent report (foreign)