Exhibit 99.4
Exhibit 99.4 Vedanta transforming elements VEDANTA LIMITED INVESTOR PRESENTATION Q3 FY 2020 January 2020 We Are… GROWING RESPONSIBILY OIL & GAS ZINC-LEAD-SILVER ALUNINIUM & POWER COPPER IRON ORE & STEEL
Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources plc and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance. This presentation contains ‘forward-looking statements’ – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as ‘expects,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ or ‘will.’ Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources plc and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. 2
Contents Section Presenter Page Q3 FY20 Review Venkat, CEO 4 Financial Update Arun Kumar, CFO 17 Appendix 22 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 3
VEDANTA LIMITED INVESTOR PRESENTATIONQ3 FY2020 Review Venkat Chief Executive Officer
Indian Economy: Many Factors are Expected to Drive Resurgence in Growth Corporate tax cut Biggest corporate tax cut in 28 years, rates slashed by up to 10%. Outflow up to 1.45 lakh crores Real Estate Fund₹ 25,000 crore fund for the real estate sector, for over 1,600 stalled housing projects Bank Merger Capital infusion of₹ 70,000 crore into PSBs, to boost lending and improve the liquidity. 10 PSBs to be merged into 4 entities IBC Amendment Enforce a strict 330 day timeline for the insolvency resolution process, including any legal challenge RCEP Withdrawal India pulled out of the16-nation trade bloc citing adverse impact of the deal FDI Rules 100% FDI in coal mining and contract manufacturing. Eased sourcing norms for single-brand retailers , approved 26% FDI in digital media
The Reforms Push: Many Big Steps in 2019
India expected to grow fastest among emerging economies with real GDP growth rates >7% from 2020
Purchasing Manager’s Index (PMI – Mfg.)
54.3 54
53.9 52.7 52.5 52.7 53.2 51.4 51.2 52.6 52.1 51.8 51.4 50.6
PMI-Mfg. shoots up fromtwo-year low in October
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
GDP growth %
10.0
8.0 7.4 7.4 7.4
7.0 7.3
5.8 5.9 5.7
6.0 5.6
4.6 5.5
4.8 4.8 4.8 4.8
4.0 3.6
3.4 3.6 3.6 3.6
2.0
1.4
1.6 1.4 1.3 1.3
0.0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
India China World G7 Emerging market and developing economies
Source : IMF World Economic update, Oct 2019; GDP at constant prices
5
Key Highlights: Q3 FY2020 Operational Financial Awards & Recognition Zinc India Mined Metal production 235 kt, up 7%q-o-q, Silver production up 11%q-o-q at 149 tonnes Zinc International Gamsberg production up 28%q-o-q with cost lower by 4% O&G Early gas production facility ramped up to design capacity of 90 mmscfd Aluminum continues structural reduction in cost, down 9%q-o-q at $1,691/t Highest ever Lanjigarh alumina production 476kt, up 16%q-o-q with COP $269/t down 9%q-o-q TSPL achieved 94% plant availability Iron Ore achieved highest ever sales of 1.5 million tonnes at Karnataka Electrosteel production at 317 kt, up 18%q-o-q, lowest cost of sales since acquisition EBITDA^ of₹ 6,531 crore, up 10%y-o-y (up 45%q-o-q) with Industry leading EBITDA Margin* of 34% Attributable PAT at₹ 2,348 crore, up 49%y-o-y (up 9%q-o-q) Net debt at₹ 23,384 crores with strong Net debt/EBITDA at 1.0x, lowest amongst Indian peers. Strong financial position with total cash & liquid investments of₹ 35,205 cr. Zinc India recognized as “Disclosure Champion” in FTI Asia Disclosure Index 2019
Vedanta Oil & Gas and BALCO won “National Safety Awards” for consistent safety performance
BALCO won “Indian Manufacturing Excellence Awards 2019” by Frost & Sullivan
^EBITDA includes one off for past exploration cost recovery at Oil & Gas business (₹ 1,276 cr.) &true-up of RPO liability in line with Regulatory changes at Aluminium Business (₹ 460 cr.)
*EBITDA Margin excludes custom smelting at Copper India & Zinc India and includes impact ofone-offs. EBITDA Margin (excl. customs & impact ofone-off) is 27%
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 6
Heading Towards – Zero Harm, Zero Waste, Zero Discharge
1 fatality in Q3
Visible felt leadership
Controls-in-place for safety critical tasks
Business partner engagement
Safety Program Update
Investigation completed; action-plan in place to prevent repeats
Toolkit to ease communication during VFL rolled out @ Cairn Revised VFL scorecard @ BALCO
LOTOV implementation @ ESL Logistic Safety Council @ HZL
Launch of driver simulator @ Cairn
Review of BPpre-qualification andon-boarding process Committee established to aid BP enhance safety deliverables
Environment Update
Tailings Continuous improvements as
Management per Golder recommendations
are taking place across all Bus
Responded to the Church of
England request for TSF
disclosures
Air emissions Dust suppression mechanisms
management installed at Jharsuguda and
VGCB
Water Consumed & Recycled Waste Recycling (mMT)
(m3) (High volume low toxicity) Fatality LTIFR 245 242 242 17 17
12 0.71 180 14 14 13
9 9 1110
7 0.49 0.46 8
0.40 0.35
5 71
65 67
53
2016 2017 2018 2019 9M 2016 2017 2018 2019 9M 2017 2018 2019 9M FY20 2017 2018 2019 9M FY20
FY20 FY20 Generation
Consumed Recycled
1250th Nand Ghar* Vedanta’s flagship CSR project has touched a new milestone in transforming lives of India’s
Women and Children
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION * women and children care center 7
Zinc India: Strong Foundation Driving Growth and Transformation
RAM UG Crusher Commissioned
Hauling from RAM UG Shaft expected to start in Feb 2020
All major Projects under 1.2 Mtpa MIC Capacity to be completed in Q4
Smelter Debottlenecking to 1.13 Mtpa completed, in line of MIC capacity of 1.2 Mtpa
Vedanta set to become the Largest Zinc-Lead Miner Globally in next 2 years
1500
Kt in 1200
Metal 900
Mined
600 India
2019
300 Zinc 0
Glencore Vedanta Teck Nexa Boliden Sumitomo MMG Zhongjin Zijin Minera Resources Limited Lingnan Mining Volcan
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
Fully integrated operations with matching mining and smelting capacities
1200 1000
800 tonnes 600 ‘000 400
200
0
FY 2018 FY 2019 FY 2020e
Zinc Capacity Lead Capacity MIC Production
Quadrupled UG Performance since start of Expansion in FY 2013 >54%
Mnt
13.8 10.9 8.6 Production
6.0 3.8
4.4 Ore 2.5
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020e
8
Zinc India: Production Grows as Projects Approach Completion
Performance Update
Quarter Performance:
MIC Production 235kt, up 7%q-o-q
Metal Production 219kt, up 4%q-o-q
Silver Production 149 tonnes, up 11%q-o-q
COP at $1,077/t, up 3%q-o-q due to higher mine
development and one time repair & maintenance
cost partly offset by higher volume, operational
efficiencies and lower coal cost
Strong Underground Mine Performance with 25% CAGR
>54%
249 360 481 724 936
638 529 426 223
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020e
Open Cast Underground
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
Mine Performance / Expansion Update
Rampura Agucha
Mine crosses 4.0 Mtpa Ore Production run rate
in Q3
Set to achieve 4.5 Mtpa Ore production run
rate in Q4
Sindesar Khurd
Q3 Mined Metal Production up 16%q-o-q
Q3 Silver Grades up 16%q-o-q
Zawar
Set to deliver record Mined Metal Production in
FY20
16% higher production in 9M vs last year
Dry Tailing Plant commissioned
Two Paste Fill commissioning is underway in
Zawar expected to start back filling in Feb 2020
9
Zinc International: Gamsberg Positioning for Long Term Value Creation
Performance Update
Quarter Performance:
Q3 production at 60kt, 5% lower
COP of $1,580/t, slightly lowerq-o-q
Nine Months Performance:
Production 183kt, up 95%
COP of $1,628/t, down 24%
Consolidated Production and COP
2,131 183
1,724
1,584 1,580
94 1,628
60 63 60
Q1 FY20 Q2 FY20 Q3 FY20 9M FY19 9M FY20
MIC (kt) Cost ($/t)
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
Gamsberg
Production at 31kt, up 28%q-o-q
COP at $1,420 ($833/t excl. TCRCs), down 4%q-o-q
Ore mining run rate sustainably ramped up to 4.0 Mtpa
~1.8 Mt of healthy ore stockpile ahead of plant
Crusher consistently running on throughput of ~700 tph better than design throughput of 685 tph
Best ever Plant production in Nov with 12kt MIC
Production and COP
1474 1397 1477 1420
912 833 961 1,005
14 23 24 31 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 MIC (
kt
) Cost
Excl
TCRCs(
$/t) Cost ($/t)
10
Oil & Gas: Portfolio being monetized to drive multi-fold growth
Performance Update Production Ramp Up (kboepd)
193 wells drilled, 72 wells hooked up
Early gas production facility ramped up to design capacity of 90 mmscfd. New Terminal construction progressing as per plan.
All wells drilled in Mangala Infill, Bhagyam and Aishwariya Polymer and ABH program; well hook up in progress.
MPT shutdown planned in February for maintenance & key growth projectstie-ins to enable production enhancement. The overall impact of shutdown will be7-10 days equivalent production. This shutdown will facilitate next growth phase.
Ravva drilling commenced
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
225
178
9M FY20 FY20 Exit
Key Drivers for Production Ramp Up
Q3 FY20 Exit H2 FY20 Exit
Wells Drilled 193 240
Wells Hooked Up 72 120
Liquid Handling
1.20 mmblpd 1.25 mmblpd
Capacity
11
Oil & Gas: Building for Future Growth
OALP Blocks
Well Diversified 60,000
~ Acreage
51 40 Onshore
sq km
11 Offshore
Peak Production 5.5 Resources (bnboe) 500 (kboepd)
Upside Scenario Upside Scenario
Capex
$800
Exploratory Wells commitment
192
mn
For
exploration To be drilled phase
Full Tensor Gravity (FTG) survey completed in Assam block; to be extended to other blocks as well
Seismic Contracts awarded for Assam, Rajasthan and Cambay blocks; acquisition commenced in Assam
Drilling contract expected to be awarded in Q4
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
PSC Blocks
Investment Resources Work Drilling ($
mn
) (
mmboe
) Program Status (Wells)
Rajasthan
EOI released for integrated exploration &
Exploration appraisal work program
Rajasthan 75 200 14 5 wells
Tight Oil drilled Appraisal
KG—Evaluation of
60 300 2 discoveries
Offshore ongoing
Strong exploration fundamentals supports reserves & resources growth
12
Aluminium: Achieving Design Structure
Structural Reduction in Cost
2,018 1,852
1,764 1,769 1,691
Q1 FY20 Q2 FY20 Q3 FY20 9M FY19 9M FY20
Alumina Production & COP
1,332
1,077
446 476 410
293 333
284 269 281
Q1 FY20 Q2 FY20 Q3 FY20 9M FY19 9M FY20 Production (kt) COP ($/T)
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
Performance Update
Quarter Performance:
Aluminium COP at $1,691/t, down 9%q-o-q
Highest ever Lanjigarh production 476 kt, up 16%q-o-q
Lanjigarh COP at $269/t, down 8%q-o-q
First steps in Jamkhani coal block: Entered into Coal Mines Development and Production Agreement (CMDPA) with Govt of India
Nine Months Performance:
Aluminium COP at $1,769/t, down 12% Lanjigarh production 1,332 kt, up 24% Lanjigarh COP at $281/t, down 16%
Local bauxite meeting over half of the total requirement
13
Aluminium: Significant progress on Strategic levers Continues
2,074
1,691
1,576 1,500
Coal Alumina Bauxite
Initiatives Others Ramp Up Sourcing
Q3 FY19 Q3 FY20 Dec 2019 Target
Initiatives Action Plan
Increase Linkages through participation in Tranche V & VI, Coal Block Auctions
Coal Target coal security 90% of requirement, currently at 72%
Initiatives Balance Requirements:E-Auctions, Actively evaluate options available for best deals
Phase-I expansion to 2.7 Mtpa
Alumina Medium term expansion to 4 Mtpa
Ramp Up Easing of Alumina prices to sub $300/t levels
Bauxite Efforts to significantly increase mine output
Sourcing Exploration of new resources under the New Mineral Policy
Logistics: Shifting from road to rail
Carbon & Procurement efficiencies: Strategic partnerships with key suppliers, long-term contracts
Others Ongoing improvement in power plant operating parameters, Fixed cost reduction
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 14
Other Assets: Iron ore and Electrosteel Steels
Iron Ore Electrosteel Steels Performance Update Performance Update
Quarter Performance: Quarter Performance:
Karnataka sales 1.5 Mnt, highest ever
Pig Iron production 179kt, up 2%q-o-q
Nine Months Performance:
Karnataka sales 4.1 Mnt, significantly up
Pig Iron production 533kt, up 6%
Karnataka Sales (Mnt)
4.1
1.2 1.4 1.5 1.2
Q1 FY20 Q2 FY20 Q3 FY20 9M FY19 9M FY20
Pig Iron Production (kt)
502 533
178 176 179
Q1 FY20 Q2 FY20 Q3 FY20 9M FY19 9M FY20
VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION
Production 317kt, up 18%q-o-q Sales 317kt, up 12%q-o-q
Margin at $55/t, up significantlyq-o-q on account of operational efficiencies and favourable input commodity prices
Nine Months Performance:
Production 911kt, up 7%
Sales 874kt, up 10%
Margin at $61/t, down 47% on account of softening
of steel prices in domestic market
Sales (kt) 874
792
273 283 317
Q1 FY20 Q2 FY20 Q3 FY20 9M FY19 9M FY20
15
Strategy to Enhance Long Term Value Continue Focus on World Class ESG Performance Augment Our Reserves & Resources Base Delivering on Growth Opportunities Optimise Capital Allocation & Maintain Strong Balance Sheet Operational Excellence VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 16
Q3 FY 2020 Financial Update Arun Kumar Chief Financial Officer
Financial snapshot Q3 EBITDA^ Attributable PAT ND/EBITDA 6,531 cr 2,348 cr 1.0x Up 45%q-o-q Up 9%q-o-q Lowest among Indian peers EBITDA Margin * ROCE # Cash & Cash Equivalents 34% 10.9% 35,205 cr Industry leading margin Remains strong Strong liquidity ^ Includes one off for past exploration cost recovery at Oil & Gas business ( 1,276cr) &true-up of RPO liability in line with Regulatory changes at Aluminium Business ( 460cr) * EBITDA Margin excludes custom smelting at Copper India and Zinc-India and includes impact of one offs. Excluding one offs margin is 27%. # ROCE has been calculated based on LTM basis VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 18
EBITDA Bridge (Q2 FY 2020 vs. Q3 FY 2020) (In crore) Oil & Gas 1435 HZL (42) Zinc, lead & Silver 52 Oil & Gas (98) RPO 517 6,531 1,327 Aluminium (76) Profit Petroleum (282) Electrosteel (65) 416 248 4,788 195 105 4,497 257 Al 261 ESL 130 Cairn (125) HZL 98 IOB 56 Market & Regulatory 291 crore Q2 FY 20 LME/ Brent / Input Commodity Currency Regulatory & Adjusted EBITDA Volume, Cost & Others Q3 FY 20 Premiums Inflation Profit Petroleum Marketing VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 19
Net Debt for Q3 FY 2020 (In crore) Creditors/Customer Advance (5,067) Debtor Movement (920) InventoryBuilt-up (180) 26,956 211 2,624 78 23,384 20,081 5,355 6,167 FCF Post Capex (3,436) Cr st WC Capex ESL Translation Net Debt 31st Net Debt 31 Net Debt 30th CF from Mar’19 Movements Share & others Dec’19 Sep’19 Operations (Incl Buyer’s Acquisition credit) VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 20
Balance Sheet Term Debt Maturities— 41,374 Crore ($5.8 bn) (as of Dec 31, 2019) Liquidity 12.7 – Cash and investments at 35,205 cr 3.8 9.8 8.4 rated Tier I by CRISIL; – Undrawn line of credit c. 8,400 crore 3.0 Crore 5.4 4.3 5.3 Net Interest – ‘000 8.9 2.7 0.8 5.4 4.5 Interest Income – Returns ~7.2%. 3.1 0.1 2.7 0.7 1.2 Interest Expense – Maintained ~8% FY20 FY21 FY22 FY23 FY24 FY25 & Later Average term debt maturity maintained above 3 years Standalone Subsidiaries Average Term Debt Maturity (years) Net Debt / EBITDA – lowest among peers 1.1 1.3 3.3 3.3 1.0 3.2 3.2 3.1 3.1 0.9 0.9 2.7 0.6 0.4Mar-16Mar-17Mar-18Mar-19Jun-19Sep-19Dec-19 FY’16 FY’17 FY’18 FY’19 Q1 FY’20 Q2 FY’20 Q3 FY’20 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 21
Q3 FY 2020
Investor presentation
Appendix
Income Statement Depreciation & Amortization Q3 Q3 Q2 In Crore • Higher 4%y-o-y due to increased ore production at Zinc FY’20 FY’19 FY’20 India and commencement of Gamsberg operations Revenue from operations 21,126 23,435 21,739 partially offset by lower charge at Skorpion. Other operating income 234 234 219 • Lower 4%q-o-q on account of lower volumes at Oil & EBITDA^ Gas and Skorpion business and accelerated 6,531 5,953 4,497 depreciation in Zinc India taken in the last quarter. Depreciation & amortization (2,291) (2,207) (2,395) Finance Cost Finance Cost (1,232) (1,358) (1,340) • Lower 9%y-o-y and 8%q-o-q, primarily due to Investment Income 628 1,043 832 repayment of high cost debt and fall in interest rates in Exchange gain/(loss)—47 (50) line with market trend. Exceptional item Credit/(Expense) 168—(422) Investment Income Profit Before Taxes 3,806 3,478 1,122 • Investment income for Q3 FY20 was at 628 crore, lower by 40%y-o-y and 25%q-o-q primarily on account Tax Charge/(Credit) 1,141 1,146 (1,609) of mark to market loss in Q3 FY20 compared to mark to Profit After Taxes 2,665 2,332 2,731 market gain in Q3 FY19 and Q2 FY20. Attributable profit 2,348 1,574 2,158 Taxes Basic Earnings Per Share (EPS) • Normalised tax rate for the quarter is 30% in line with 6.34 4.25 5.83 ( /share) the prior guidance, compared to 33% in Q3 FY19 due to Minorities % (after exceptional item) change in profit mix amongst businesses. 12% 33% 21% ^EBITDA includes one off for past exploration cost recovery at Oil & Gas business ( 1,276 cr) &true-up of RPO liability in line with Regulatory changes at Aluminium Business ( 460 cr) Note: Previous period figures have been regrouped orre-arranged wherever necessary to conform to the current period’s presentation VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 23
Entity Wise Cash and Debt (In crore) Dec 31, 2019 Sep 30, 2019 Dec 31, 2018 Company Debt Cash & LI Net Debt Debt Cash & LI Net Debt Debt Cash & LI Net Debt Vedanta Limited Standalone 36,569 3,808 32,761 37,956 7,162 30,794 42,708 4,784 37,924 Cairn India Holdings 3,157 6,900 (3,743) 1,213 5,180 (3,968) 3,330 7,195 (3,865) Limited1 Zinc India 2,990 22,535 (19,545)—19,655 (19,655) 4,935 17,483 (12,548) Zinc International 428 395 33 423 833 (410) 133 275 (142) BALCO 4,173 11 4,162 4,412 169 4,243 5,019 9 5,010 Talwandi Sabo 6,289 181 6,108 6,477 1,265 5,212 8,814 10 8,804 Vedanta Star Limited2 3,381 30 3,351 3,386 27 3,359 3,367 32 3,335 Others3 1,602 1,345 257 2,031 1,526 506 1,755 742 1,013 Vedanta Limited 58,589 35,205 23,384 55,898 35,817 20,081 70,061 30,530 39,531 Consolidated Notes: Debt numbers are at Book Value and excludes inter-company eliminations. 1. Cairn India Holdings Limited is a wholly owned subsidiary of Vedanta Limited which holds 50% of the group’s share in the RJ Block 2. Vedanta Star limited, 100% subsidiary of VEDL which owns 96% (FY19: 90%) stake in ESL 3. Others includes MALCO Energy, CMT, VGCB, Electrosteel, Fujairah Gold, Vedanta Limited’s investment companies and ASI. VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 24
EBITDA Bridge (Q3 FY2019 vs. Q3 FY2020) (In crore) Aluminum (767) Oil & Gas 1264 Oil & Gas (270) Aluminum (444) Steel (242) Others (98) Zinc, Lead & Silver (211) IOB (94) RPO 347 Profit Petroleum (55) 687 6,531 5,953 1,584 241 113 281 5,603 1,066 Al 441 IOB 162 ESL 89 HZL (329) Cairn (152) Market & Regulatory (350) crore Q3 FY19 LME/ Brent / Input Currency Regulatory & Adjusted Volume and Others Q3 FY20 Premiums Commodity Profit EBITDA Cost & Mktg Inflation Petroleum VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 25
Segment Summary – Zinc India Q3 Q2 9M Production (in ’000 tonnes, or as stated) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Mined metal content 235 247 (5)% 219 668 Integrated metal 219 242 (9)% 210 649 Refined Zinc – Integrated 178 188 (5)% 166 516 Refined Lead – Integrated1 41 54 (24)% 44 132 Refined Saleable Silver—Integrated (in tonnes)2 149 178 (16)% 134 442 Financials (In crore, except as stated) Revenue 4,600 5,467 (16)% 4,395 13,866 EBITDA 2,274 2,839 (20)% 2,066 6,769 Zinc CoP without Royalty ( /MT) 76,600 71,900 7% 73,800 74,900 Zinc CoP without Royalty ($/MT) 1,077 997 8% 1,048 1,065 Zinc CoP with Royalty ($/MT) 1,402 1,332 5% 1,361 1,401 Zinc LME Price ($/MT) 2,388 2,631 (9)% 2,348 2,495 Lead LME Price ($/MT) 2,045 1,964 4% 2,028 1,988 Silver LBMA Price ($/oz) 17.3 14.5 19% 17.0 16.4 1. Excludes captive consumption of 1,937 tonnes in Q3 FY 2020 vs 1,554 tonnes in Q3 FY 2019. 2. Excludes captive consumption of 10.1 MT in Q3 FY 2020 vs 8.1 MT in Q3 FY 2019. VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 26
Segment Summary – Zinc International Q3 Q2 9M Production (in’000 tonnes, or as stated) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Refined Zinc – Skorpion 11 20 (45)% 23 52 Mined metal content- BMM 18 18 2% 16 53 Mined metal content- Gamsberg* 31 3—24 78 Total 60 41 48% 63 183 Financials (In Crore, except as stated) Revenue 681 622 9% 890 2,395 EBITDA 106 206 (49)% 207 441 Consolidated CoP – ($/MT) 1,580 1,757 (10)% 1,584 1,628 Zinc LME Price ($/MT) 2,388 2,631 (9)% 2,348 2,495 Lead LME Price ($/MT) 2,045 1,964 4% 2,028 1,988 *Including Trial Run Production of 3kt in Q3 FY’19 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 27
Segment Summary – Oil & Gas Q3 Q2 9M Production (in boepd, or as stated) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Average Daily Production Gross operated 172,189 187,191 (8)% 178,744 176,986 Oil 153,472 176,997 (13)% 160,991 160,127 Gas (Mmscfd) 112 61 84% 107 101 Non operated- Working interest 596 108—565 442 Rajasthan (BlockRJ-ON-90/1) Gross operated 145,075 151,574 (4)% 150,421 148,213 Oil 131,360 146,534 (10)% 137,235 136,304 Gas (Mmscfd) 82 30—79 71 Ravva (BlockPKGM-1) Gross operated 13,360 16,775 (20)% 12,544 13,130 Oil 9,972 13,881 (28)% 9,966 10,290 Gas (Mmscfd) 20 17 18% 15 17 Cambay (BlockCB/OS-2) Gross operated 13,754 18,842 (27)% 15,780 15,643 Oil 12,139 16,581 (27)% 13,791 13,534 Gas (Mmscfd) 10 14 (29)% 12 13 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 28
Segment Summary – Oil & Gas Q3 Q2 9M Production (in boepd, or as stated) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Average Daily Working Interest Production 110,656 117,521 (6)% 114,994 113,403 Rajasthan 101,553 106,102 (4)% 105,294 103,749 Ravva 3,006 3,774 (20)% 2,822 2,954 Cambay 5,501 7,537 (27)% 6,312 6,257KG-ONN 2003/1 596 108—565 442 Average Price Realization Brent Price ($/bbl) 63.3 68.8 (7)% 61.9 64.7 Cairn Total (US$/boe) 55.3 64.6 (14)% 58.7 59.6 Oil (US$/bbl) 57.2 65.1 (12)% 61.1 61.8 Gas (US$/mscf) 6.5 8.7 (25)% 5.7 6.3 Financials (In crore, except as stated) Revenue 3,930 3,350 17% 3,196 10,257 EBITDA 2,761 1,973 40% 1,817 6,402 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 29
Segment Summary – Aluminium Particulars (in’000 tonnes, or as stated) Q3 Q2 9M FY 2020 FY 2019 % change YoY FY2020 FY 2020 Alumina – Lanjigarh 476 404 18% 410 1,332 Total Aluminum Production 483 502 (4)% 476 1,429 Jharsuguda-I 139 137—137 409 Jharsuguda-II 1 203 221 (7)% 201 604 245kt Korba-I 65 66 (2)% 63 190 325kt Korba-II 76 79 (3)% 75 226 BALCO 900 MW (MU) 202 29—392 958 Financials (In crore, except as stated) Revenue 6,789 7,605 (11)% 6,576 20,199 EBITDA – BALCO 35 356 (90)% 62 179 EBITDA – Vedanta Aluminium 761 (94)—(176) 682 EBITDA Aluminum Segment 796 262—(114) 861 Alumina CoP – Lanjigarh ($/MT) 269 308 (13)% 293 281 Alumina CoP – Lanjigarh ( /MT) 19,100 22,200 (14)% 20,600 19,800 Aluminium CoP – ($/MT) 1,691 2,074 (19)% 1,852 1,769 Aluminium CoP – ( /MT) 120,100 1,49,500 (20)% 130,300 124,400 Aluminum CoP – Jharsuguda ($/MT) 1,675 2,072 (19)% 1,883 1,771 Aluminium CoP – Jharsuguda( /MT) 119,000 1,49,300 (20)% 132,500 124,600 Aluminum CoP – BALCO ($/MT) 1,727 2,079 (17)% 1,775 1,763 Aluminium CoP – BALCO ( /MT) 122,700 1,49,900 (18)% 124,900 124,000 Aluminum LME Price ($/MT) 1,752 1,971 (11)% 1,762 1,769 1. Including trial run production of nil in Q3 FY2020 and 14 kt in Q3 FY2019. VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 30
Aluminium profitability $/t Q2 ‘20 1,761 61 83 1,905 (697) (774) (381) (81) (28)—(28)—(133) (245) (406) 1,852 Q3 ‘20 1,691 67 1,879 1,752 59 625 698 132* 49* 138 368 230 90 247 98 (106) 245 LME Ingot Value Realisation Alumina Power Other Hot Conversion Underlying RPO Reported Exceptional Dep Int PBT Premium addition Metal & Others EBITDA EBITDA Item*True-up of RPO liability in line with regulatory changes at Aluminium business of 628 Crore VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 31
Segment Summary – Power Q3 Q2 9M Particulars (in million units) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Total Power Sales 2,282 3,165 (28)% 3,253 9,055 Jharsuguda 7 136 (94)% 20 294 BALCO1 387 438 (12)% 454 1,266 HZL Wind Power 68 48 41% 165 366 TSPL 1,820 2,543 (28)% 2,615 7,129 Financials (in crore except as stated) Revenue 1,307 1,623 (20)% 1,646 4,656 EBITDA 379 364 4% 419 1,191 Average Cost of Generation( /unit) ex. TSPL 3.14 2.92 8% 2.35 2.61 Average Realization ( /unit) ex. TSPL 3.91 3.58 9% 3.88 3.65 TSPL PAF (%) 94% 81%—92% 94% TSPL Average Realization ( /unit) 3.47 4.19 (17)% 4.29 4.07 TSPL Cost of Generation ( /unit) 2.42 3.18 (24)% 3.29 3.04 1. BALCO IPP: received an order dated January 1, 2019 from CSERC for Conversion of 300 MW IPP to CPP. VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 32
Segment Summary – Iron Ore Particulars (in million dry metric tonnes, or Q3 Q2 9M as stated) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Sales 1.7 0.7—1.4 4.3 Goa 0.2 0.1—0.0 0.2 Karnataka 1.5 0.6—1.4 4.1 Production of Saleable Ore 1.2 0.7 75% 1.3 3.6 Goa 1.2 Karnataka 0.7 75% 1.3 3.6 Production (’000 tonnes)— Pig Iron 179 163 10% 176 533 Financials (In crore, except as stated) Revenue 836 658 27% 757 2,390 EBITDA 214 101—201 529 Segment Summary – Steel Particulars (‘000 tonnes, or Q3 Q2 9M as stated) FY 2020 FY 2019 % change YoY FY2020 FY 2020 Total Production 317 325 (2)% 270 911 Pig Iron 48 47 2% 45 121 Billet 1 (11) 24—27 31 TMT Bar 122 111 10% 89 339 Wire Rod 114 103 10% 78 300 Ductile Iron Pipes 44 40 9% 31 120 Financials (In crore, except as stated) Revenue 1,067 1,198 (11)% 986 3,157 EBITDA 107 249 (57)% 18 321 Margin ($/t) 55 120 (38)% 25 61 1. Opening stock of billets used for further rolling of TMT Bars, Wire rods in Q3. VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 33
Segment Summary – Copper India Q3 Q2 9M Production (in ’000 tonnes, or as stated) FY 2020 FY 2019 % change YoY FY 2020 FY 2020 Copper—Cathodes 20 23 (13)% 16 52 Financials (In crore, except as stated) Revenue 1,835 2,763 (34)% 3,185 6,797 EBITDA (61) (75) (18)% (105) (232) Copper LME Price ($/MT) 5,881 6,172 (5)% 5,802 5,928 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 34
Sales Summary Sales volume Q3 FY2020 Q3 FY2019 Q2 FY2020 9M FY2020 Zinc-India Sales Refined Zinc (kt) 172 187 168 507 Refined Lead (kt) 41 54 44 132 Total Zinc-Lead (kt) 213 241 212 639 Silver (tonnes) 153 178 135 442 Zinc-International Sales Zinc Refined (kt) 6 16 23 46 Metal in Zinc Concentrate (kt) 37 6 34 99 Total Zinc (Refined+Conc) 43 22 57 145 Metal in Lead Concentrate (kt) 10 11 11 32 Total Zinc-Lead (kt) 53 33 67 177 Aluminium Sales Sales—Wire rods (kt) 76 90 78 238 Sales—Rolled products (kt) 7 6 7 20 Sales—Busbar and Billets (kt) 68 105 89 285 Total Value added products (kt) 151 201 174 543 Sales—Ingots (kt) 336 294 307 906 Total Aluminium sales (kt) 487 495 481 1,449 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 35
Sales Summary Q3 Q3 Q2 9M Sales volume Q3 Q3 Q2 9M Sales volume FY 2020 FY 2019 FY 2020 FY2020 Power Sales (mu) FY 2020 FY 2019 FY 2020 FY 2020Iron-Ore Sales Jharsuguda 7 136 20 294 TSPL 1,820 2,543 2,615 7,129 Goa (Mn DMT) 0.2 0.1—0.2 BALCO 2 387 438 454 1,266 Karnataka (Mn DMT) 1.5 0.6 1.4 4.1 HZL Wind power 68 48 165 366 Total (Mn DMT) 1.7 0.7 1.4 4.4 Total sales 2,282 3,165 3,253 9,055 Pig Iron (kt) 176 155 159 507 Power Realisations (INR/kWh) Copper-India Sales Jharsuguda—3.15 1.68 2.18 Copper Cathodes (kt) 1.0 2 0.7 1.76 1 TSPL 3.47 4.19 4.29 4.07 Copper Rods (kt) 25 31 22 68 Balco 2 4.01 3.67 3.90 3.88 Total Steel Sales (kt) 317 290 283 874 HZL Wind power 3.79 3.93 4.06 4.04 Pig Iron 46 50 47 117 Average Realisations3 3.91 3.58 3.88 3.65 Billet 4 3 16 21 Power Costs (INR/kWh) TMT Bar 126 102 100 335 Jharsuguda 600 MW 55.68 4.68 17.28 6.20 Wire Rod 102 99 93 296 1 TSPL 2.42 3.18 3.29 3.04 Ductile Iron Pipes 39 36 29 105 2 Balco 2.35 2.45 2.33 2.27 HZL Wind power 1.86 2.18 0.62 0.88 Average costs3 3.14 2.92 2.35 2.61 1. Based on Availability 2. BALCO IPP: received an order dated January 1, 2019 from CSERC for Conversion of 300 MW IPP to CPP. 3. Average excludes TSPL VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 36
Currency and Commodity Sensitivities Foreign Currency—Impact of 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~ 600 crore / year Commodity prices – Impact of a 10% increase in Commodity Prices Q3 FY 2020 Full Year Impact on Commodity Average price EBITDA ($mn) Oil ($/bbl) 63 103 Zinc ($/t) 2,388 195 Aluminium ($/t) 1,752 275 Lead ($/t) 2,045 37 Silver ($/oz) 17 33 VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 37
Group Structure Vedanta Resources Ltd Divisions of Vedanta Limited 79.4% 50.1% Sesa Iron Ore Sterlite Copper Konkola Power (600 MW Jharsuguda) Copper Vedanta Ltd Mines (KCM) Aluminium (Odisha aluminium and power assets) Cairn Oil & Gas* Subsidiaries of Vedanta Ltd 64.9% 51% 100% 100% 96% Zinc Bharat Talwandi Sabo Zinc India International Electrosteels Aluminium Power (HZL) (Skorpion-100% Steel limited (BALCO) (1,980 MW)BMM-74%) Note: Shareholding as on Dec 31, 2019 Listed entities Unlisted entities *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 38
Results Conference Call Details Results conference call is scheduled at 6:00 PM (IST) on January 31, 2020. Thedial-in numbers for the call are given below: Event Telephone Number Earnings conference call on January 31, 2020 India – 6:00 PM (IST) India: Local Dial In: +91 7045671221 Toll free: 1800 120 1221, 1800 266 1221 Universal access: +91 22 7115 8015 +91 22 6280 1114 Singapore – 8:30 PM (Singapore Time) Toll free number: 800 101 2045 Toll number: 6531575746 Hong Kong – 8:30 PM (Hong Kong Time) Toll free number 800 964 448 Toll number: 85230186877 Toll free number 0 808 101 1573 UK – 12:30 PM (UK Time) Toll number: 442034785524 Toll free number 1 866 746 2133 US – 7:30 AM (Eastern Time) Toll number: 13233868721 https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=1 For online registration 06340&linkSecurityString=35240b00 Replay of Conference Call India +91 22 7194 5757 (January 31, 2020 to February 7, 2020) Passcode: 63835# VEDANTA LIMITED – Q3 FY2020 INVESTOR PRESENTATION 39