Vedanta 6K Current report | VEDL 10 Nov 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 HALF YEAR ENDED SEPTEMBER 30, 2020


			(₹ in Crore except as stated)

		Quarter ended									Half Year ended						Year ended
S. No.	Particulars	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)			30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
1	Revenue from operations		20,804			15,687			21,739			36,491			42,906			83,545
2	Other operating income		303			286			219			589			426			902
3	Other income		637			1,025			856			1,662			1,236			2,510

	Total Income		21,744			16,998			22,814			38,742			44,568			86,957

4	Expenses
a)	Cost of materials consumed		5,295			4,471			5,050			9,766			10,598			21,261
b)	Purchases of stock-in-trade		4			13			0			17			0			225
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		192			264			1,501			456			1,287			1,017
d)	Power & fuel charges		3,905			2,416			4,805			6,321			9,389			16,392
e)	Employee benefits expense		596			659			713			1,255			1,457			2,672
f)	Finance costs		1,312			1,252			1,340			2,564			2,681			4,977
g)	Depreciation, depletion and amortization expense		1,938			1,733			2,395			3,671			4,550			9,093
h)	Other expenses		4,584			4,157			5,466			8,741			10,980			22,193

5	Total expenses		17,826			14,965			21,270			32,791			40,942			77,830

6	Profit before exceptional items and tax		3,918			2,033			1,544			5,951			3,626			9,127

7	Net exceptional gain/ (loss) (Refer note 3)		95			—			(422	)		95			(422	)		(17,386	)

8	Profit/ (Loss) before tax		4,013			2,033			1,122			6,046			3,204			(8,259	)

9	Tax expense/ (benefit)
	On other than exceptional items
a)	Net Current tax expense		589			297			338			886			953			1,788
b)	Net Deferred tax expense / (benefit) (Refer note 10)		560			118			(1,891	)		678			(2,368	)		(484	)
c)	Deferred tax on intra group profit distribution (including from accumulated profits)(Refer note 10)		1,187			96			—			1,283			—			1,701
	On Exceptional items
a)	Net Deferred tax expense/ (benefit) (Refer note 3)		33			—			(56	)		33			(56	)		(6,521	)

	Net tax expense/ (benefit):		2,369			511			(1,609	)		2,880			(1,471	)		(3,516	)

10	Profit/ (loss) after tax before share in profit / (loss) of jointly controlled entities and associates and non-controlling interests		1,644			1,522			2,731			3,166			4,675			(4,743	)

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

12	Profit/ (loss) after share in profit / (loss) of jointly controlled entities and associates (a)		1,644			1,522			2,730			3,166			4,674			(4,744	)


			(₹ in Crore except as stated)

		Quarter ended									Half Year ended						Year ended
S. No.	Particulars	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)			30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
13	Other Comprehensive Income/ (loss)
i.	(a) Items that will not be reclassified to profit or loss		34			10			(127	)		44			(152	)		(284	)
	(b) Tax (expense)/ benefit on items that will not be reclassified to profit or loss		(6	)		4			41			(2	)		42			71
ii.	(a) Items that will be reclassified to profit or loss		(188	)		7			399			(181	)		461			927
	(b) Tax (expense)/ benefit on items that will be reclassified to profit or loss		(49	)		36			(20	)		(13	)		(41	)		2

	Total Other Comprehensive (Loss)/ Income (b)		(209	)		57			293			(152	)		310			716

14	Total Comprehensive Income/ (loss) (a + b)		1,435			1,579			3,023			3,014			4,984			(4,028	)

15	Profit/ (loss) attributable to:
a)	Owners of Vedanta Limited		824			1,033			2,158			1,857			3,509			(6,664	)
b)	Non-controlling interests		820			489			572			1,309			1,165			1,920

16	Other Comprehensive (Loss)/ Income attributable to :
a)	Owners of Vedanta Limited		(220	)		64			347			(156	)		351			839
b)	Non-controlling interests		11			(7	)		(54	)		4			(41	)		(123	)

17	Total comprehensive Income/ (loss) attributable to:
a)	Owners of Vedanta Limited		604			1,097			2,505			1,701			3,860			(5,825	)
b)	Non-controlling interests		831			482			518			1,313			1,124			1,797

18	Net Profit after taxes, non-controlling interests and share in profit/ (loss) of jointly controlled entities and associates but before exceptional items, tax on intra group profit distribution and one time tax impact of Sec 15BAA (new tax regime) (Refer note 10)		1,979			1,129			(38	)		3,108			1,313			4,066

19	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372			372			372
20	Reserves excluding Revaluation Reserves as per balance sheet																	54,263
21	Earnings / (Loss) per share (₹) (*not annualised)
	-Basic		2.22	*		2.79	*		5.83	*		5.01	*		9.48	*		(18.00	)
	-Diluted		2.21	*		2.77	*		5.80	*		4.99	*		9.44	*		(18.00	)


			(₹ in Crore except as stated)

		Quarter ended									Half Year ended						Year ended
S. No.	Segment Information	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)			30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
1	Segment Revenue
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		4,249			3,207			3,820			7,456			8,115			15,715
	(ii) Silver - India		1,242			645			575			1,887			1,151			2,444

	Total		5,491			3,852			4,395			9,343			9,266			18,159
b)	Zinc - International		632			374			890			1,006			1,714			3,128
c)	Oil & Gas		1,666			1,389			3,196			3,055			6,327			12,661
d)	Aluminium		6,395			6,043			6,576			12,438			13,410			26,577
e)	Copper		2,904			1,377			3,185			4,281			4,962			9,053
f)	Iron Ore		878			639			757			1,517			1,554			3,463
g)	Power		1,860			1,018			1,646			2,878			3,349			5,860
h)	Others		1,011			1,029			1,122			2,040			2,376			4,782

	Total		20,837			15,721			21,767			36,558			42,958			83,683

Less: Inter Segment Revenue			33			34			28			67			52			138

	Revenue from operations		20,804			15,687			21,739			36,491			42,906			83,545

2	Segment Results
	[ Profit /(loss) before tax and interest]
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		1,199			488			970			1,687			2,367			4,322
	(ii) Silver - India		1,080			532			497			1,612			997			2,126

	Total		2,279			1,020			1,467			3,299			3,364			6,448
b)	Zinc - International		160			24			1			184			(9	)		(253	)
c)	Oil & Gas		478			220			1,104			698			2,282			4,557
d)	Aluminium		1,208			848			(575	)		2,056			(827	)		175
e)	Copper		(63	)		(115	)		(156	)		(178	)		(271	)		(509	)
f)	Iron Ore		235			164			178			399			268			777
g)	Power		300			230			247			530			469			979
h)	Others		52			(61	)		(114	)		(9	)		(41	)		(1	)

	Total		4,649			2,330			2,152			6,979			5,235			12,173

Less: Finance costs			1,312			1,252			1,340			2,564			2,681			4,977
Add: Other unallocable income net off expenses			581			955			732			1,536			1,072			1,931

	Profit before exceptional items and tax		3,918			2,033			1,544			5,951			3,626			9,127

Add:	Net exceptional gain/ (loss) (Refer note 3)		95			—			(422	)		95			(422	)		(17,386	)

	Profit / (loss) before tax		4,013			2,033			1,122			6,046			3,204			(8,259	)

3	Segment assets
a)	Zinc, Lead and Silver - India		21,468			22,059			20,518			21,468			20,518			21,989
b)	Zinc - International		5,289			5,264			5,818			5,289			5,818			5,175
c)	Oil & Gas (Refer note 3)		16,480			16,885			27,855			16,480			27,855			15,474
d)	Aluminium		54,123			55,257			55,930			54,123			55,930			55,876
e)	Copper		7,048			7,142			6,902			7,048			6,902			6,867
f)	Iron Ore		2,715			2,862			3,131			2,715			3,131			2,738
g)	Power		19,054			18,852			18,419			19,054			18,419			18,712
h)	Others		7,990			7,876			8,294			7,990			8,294			8,087
i)	Unallocated		48,397			43,418			44,762			48,397			44,762			48,704

	Total		182,564			179,615			191,629			182,564			191,629			183,622


			(₹ in Crore except as stated)

		Quarter ended									Half Year ended						Year ended
S. No.	Segment Information	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)			30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
4	Segment liabilities
a)	Zinc, Lead and Silver - India		5,146			5,477			5,506			5,146			5,506			5,996
b)	Zinc - International		857			882			1,313			857			1,313			1,226
c)	Oil & Gas		9,987			10,648			8,680			9,987			8,680			10,206
d)	Aluminium		17,472			19,568			23,896			17,472			23,896			20,811
e)	Copper		4,556			4,971			3,200			4,556			3,200			4,599
f)	Iron Ore		1,176			1,293			1,415			1,176			1,415			1,268
g)	Power		2,061			1,937			2,073			2,061			2,073			1,942
h)	Others		1,489			1,513			1,610			1,489			1,610			1,574
i)	Unallocated		67,540			62,414			61,459			67,540			61,459			64,253

	Total		110,284			108,703			109,152			110,284			109,152			111,875

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 5)

(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, steel and ferroy alloys. 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.


Consolidated Balance Sheet				(₹ in Crore)

		As at		As at
Particulars		30.09.2020		31.03.2020
		(Unaudited)		(Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		86,819		88,022
	(b) Capital work-in-progress		16,952		16,837
	(c) Intangible assets		883		882
	(d) Exploration intangible assets under development		2,078		1,748
	(e) Financial assets
	(i) Investments		136		95
	(ii) Trade receivables		3,398		3,111
	(iii) Loans		1,630		17
	(iv) Derivatives		—		3
	(v) Others		1,506		2,523
	(f) Deferred tax assets (net)		4,760		6,889
	(g) Income tax assets (net)		2,945		2,645
	(h) Other non-current assets		3,310		3,330

	Total Non-current assets		124,417		126,102

2	Current assets
	(a) Inventories		10,172		11,335
	(b) Financial Assets
	(i) Investments		16,373		24,658
	(ii) Trade receivables		3,474		2,697
	(iii) Cash and cash equivalents		7,817		5,117
	(iv) Other bank balances		11,338		7,385
	(v) Loans		2,438		85
	(vi) Derivatives		19		692
	(vii) Others		3,056		2,406
	(c) Income tax assets (net)		6		7
	(d) Other current assets		3,454		3,138

	Total Current assets		58,147		57,520

	Total assets		182,564		183,622

B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital		372		372
	Other Equity		55,903		54,263

	Equity attributable to owners of Vedanta Limited		56,275		54,635
2	Non-controlling interests		16,005		17,112

	Total Equity		72,280		71,747

	Liabilities
3	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		39,080		36,724
	(ii) Derivatives		97		45
	(iii) Other financial liabilities		1,376		1,501
	(b) Provisions		2,842		2,828
	(c) Deferred tax liabilities (net)		2,803		2,885
	(d) Other non-current liabilities		4,373		4,570

	Total Non-current liabilities		50,571		48,553

4	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		10,373		13,076
	(ii) Trade payables		15,615		16,972
	(iii) Derivatives		374		96
	(iv) Other financial liabilities		24,733		21,162
	(b) Provisions		361		355
	(c) Income tax liabilities (net)		322		188
	(d) Other current liabilities		7,935		11,473

		59,713		63,322

	Total Equity and Liabilities		182,564		183,622


					(₹ in Crore)
Vedanta Limited
Consolidated statement of cash flows
Particulars	Half Year ended September 30, 2020 (Unaudited)			Half Year ended September 30, 2019 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation		6,046			3,204
Adjustments for:
Depreciation, depletion and amortisation		3,683			4,576
Impairment charge		—			504
Other exceptional items		(95	)		(82	)
Reversal for doubtful debts/ advance/ bad debts written off		(35	)		(2	)
Exploration costs written off		2			—
Fair Value gain on financial assets held at fair value through profit or loss		(779	)		(254	)
(Profit)/ Loss on sale/ discard of property, plant and equipment (net)		(13	)		42
Foreign exchange (gain)/ loss (net)		(15	)		36
Unwinding of discount		34			46
Share based payment expense		36			46
Interest and dividend Income		(733	)		(939	)
Interest expense		2,520			2,631
Deferred government grant		(111	)		(100	)

Changes in assets and liabilities
(Increase)/ decrease in trade and other receivables		(1,183	)		4,015
Decrease in inventories		1,186			2,655
(Decrease) in trade and other payable		(4,436	)		(2,719	)

Cash generated from operations		6,107			13,659
Income taxes paid (net of refund))		(1,050	)		(172	)

Net cash generated from operating activities		5,057			13,487

CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (net of cash and cash equivalents acquired)		(45	)		—
Purchases of property, plant and equipment (including intangibles)		(2,909	)		(4,703	)
Proceeds from sale of property, plant and equipment		37			45
Loans repaid by related parties		374			—
Loans given to related parties		(4,312	)		(0	)
Short-term deposits made		(12,726	)		(845	)
Proceeds from redemption of short-term deposits		9,518			1,396
Short term investments made		(46,254	)		(37,718	)
Proceeds from sale of short term investments		54,409			40,103
Interest received		1,606			438
Dividends received		2			31
Payment made to Site Restoration fund		(23	)		—
Proceeds on liquidation of structured investments		—			3,077
Payment towards Structured Investments		—			(435	)

Net cash (used in)/ from investing activities		(323	)		1,389

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of short term borrowings (net)		(6,536	)		(6,333	)
Proceeds from current borrowings		5,708			2,167
Repayment of current borrowings		(2,282	)		(2,000	)
Proceeds from long-term borrowings		12,460			2,020
Repayment of long-term borrowings		(5,820	)		(6,357	)
Interest paid		(2,976	)		(3,464	)
Payment of dividends to non-controlling interests		(2,446	)		—
Exercise of Stock Options		0			—
Payment of lease liabilities		(166	)		(28	)

Net cash (used in) financing activities		(2,058	)		(13,995	)

Effect of exchange rate changes on cash and cash equivalents		25			(25	)

Net increase in cash and cash equivalents		2,701			856

Cash and cash equivalents at the beginning of the period		5,211			7,385

Cash and cash equivalents at end of the period		7,912			8,241

Notes:

1. The figures in brackets indicate outflows

2. The above cash flow has been prepared under the “Indirect Method” as set out in Indian Accounting Standard (Ind AS) 7—statement of cash flows


		Notes:-

1		The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries, jointly controlled entities, and associates for the quarter and half year ended September 30, 2020 have been reviewed by the Audit Committee at its meeting held on November 05, 2020 and approved by the Board of Directors at its meeting held on November 06, 2020. The statutory auditors have carried out limited review of the same.

2		Subsequent to the balance sheet date, the Board of Directors of the Company through resolution passed by circulation on October 24, 2020 have approved first interim dividend of ₹ 9.50 per equity share i.e. 950% on face value of Re. 1/- per share for the year ended March 31, 2021.

3		Exceptional items comprises of the following:


									(₹ in Crore)
Particulars	Quarter ended								Half Year ended						Year ended
Particulars	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)		30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
Impairment (charge)/ reversal
- relating to property, plant and equipment and exploration assets -Oil & gas segment *		—			—		—			—			—			(15,907	)
- relating to other property, plant and equipment and other assets- Copper segment (Refer note 5)		—			—		—			—			—			(669	)
- relating to other property, plant and equipment and other assets- Other segment		—			—		(504	)		—			(504	)		(504	)
Provision on receivables subject to litigation		—			—		—			—			—			(556	)
Interest income on claims based on Supreme Court order		—			—		82			—			82			82
Revision of Renewable Purchase Obligation (RPO) pursuant to respective state commission notification		95			—		—			95			—			168

Net exceptional gain/(loss)		95			—		(422	)		95			(422	)		(17,386	)
Tax (expense)/ benefit on above		(33	)		—		56			(33	)		56			6,521
Non-controlling interests on above		(30	)		—		207			(30)			207			208

Net exceptional gain/ (loss) net of tax and non-controlling interests		32			—		(159	)		32			(159	)		(10,657	)


		* The impairment was triggered majorly due to the significant fall in crude oil prices primarily consequent to the outbreak of COVID-19

The management is of the opinion that the Company is eligible for automatic extension of Production Sharing Contract (PSC) for Rajasthan (RJ) block on same terms w.e.f 15 May 2020, a matter which is sub-judice. In parallel, Government of India (GoI), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 7 April 2017, for RJ block by a period of 10 years w.e.f. 15th May 2020 vide its letter dated 26th October 2018 subject to fulfillment of certain conditions.

One of the conditions for extension relates to notification of certain audit exceptions raised for FY16-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability. In connection with the said audit exceptions, US$ 364 million (₹ 2,723 Crore), relating to the share of the Company and its subsidiary, has been raised by DGH on 12 May 2020. The Company has disputed the same together with all the other audit exceptions for the said year and for the subsequent year, notified till date, as in the Company’s view the audit notings are not in accordance with the PSC and are entirely unsustainable and as per PSC provisions, having been disputed, the notings do not prevail and accordingly do not result in creation of any liability. The Company has reasonable grounds to defend itself which are supported by independent legal opinions. The Company has also invoked the PSC process for resolution of disputed exceptions and has issued notice for arbitration. The Tribunal stands constituted. Further, on September 23, 2020, GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. The bench was not inclined to pass any ex-parte orders and now the matter is scheduled for hearing on November 11, 2020.

Due to extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, GoI has permitted the Company to continue Petroleum operations in the RJ Block with effect from 15 May 2020 until extension is signed or for a period upto January 31, 2021, whichever is earlier.

For reasons aforesaid, the Company is not expecting any material liability to devolve on account of the same or any disruptions in its petroleum operations.

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 had filed a writ petition before Madras High Court challenging various orders passed against the Company. On August 18, 2020, the Madras High Court delivered the judgement wherein it dismissed all the Writ Petitions filed by the Company. The Company has approached the Supreme Court and challenged the said High Court order by way of a Special Leave Petition (SLP) to Appeal and also filed an interim relief for care & maintenance of the plant. The case is listed for hearing on November 16, 2020.

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 also filed Appeals before the TNPCB Appellate Authority challenging withdrawal of CTE by the TNPCB, the matter is pending for adjudication.

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.

The Company vide letter dated May 12, 2020 had informed the stock exchanges that it has received a letter dated May 12,2020 from its Holding Company, Vedanta Resources Ltd. (“VRL”), wherein VRL has expressed its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the Company (“Equity Shares”) that are held by the public shareholders of the Company (as defined under the Delisting Regulations, to be referred to as “Public Shareholders”) and consequently voluntarily delist the Equity Shares from BSE Limited and National Stock Exchange of India Limited, the recognized stock exchanges where the Equity Shares are presently listed (“Stock Exchanges”), in accordance with the Delisting Regulations (“Delisting Proposal”) and if such delisting is successful, then to also delist the Company’s American Depositary Shares from the New York Stock Exchange (“NYSE”) and deregister the Company from the Securities and Exchange Commission (“SEC”), subject to the requirements of the NYSE and the SEC.

After obtaining due approvals, the Public Shareholders holding Equity Shares were invited to submit Bids pursuant to the reverse book building process conducted through the Stock Exchange Mechanism made available by BSE during the bid period (05 October 2020 to 09 October 2020), in accordance with the Delisting Regulations.

The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer was 1,25,47,16,610 Offer Shares, which was less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful in terms of Regulation 17(1)(a) of the Delisting Regulations. Thus, the Delisting Offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations.

Vedanta Limited has acquired control over Ferro Alloys Corporation Limited (“FACOR”) on September 21, 2020. FACOR 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 January 30, 2020 approved the resolution plan for acquiring controlling stake in FACOR. Pursuant to the approved resolution plan, the Company owns 100% share capital of FACOR. FACOR holds 90% in its subsidiary, Facor Power Limited (FPL).

The consideration paid for the acquisition of FACOR by the Company on debt and cash free basis under the approved Resolution Plan includes cash of ₹ 56 Crore through infusion of equity of ₹ 34 Crore and inter-corporate loan of ₹ 22 Crore as well as zero coupon, secured and unlisted Non-Convertible Debentures of aggregate face value of ₹ 287 Crore to the Financial Creditors payable equally over 4 years commencing March 2021. Net cash flow for the acquisition (net of cash and cash equivalents on the date of acquisition of ₹ 11 Crore) is ₹ 45 Crore. The transaction has been accounted for on a provisional basis under Ind AS 103 and has no impact on the profit for the quarter and half year ended September 30, 2020.

As part of its cash management activities, the Company’s overseas subsidiaries had extended certain loan and guarantee facilities to Vedanta Resources Limited (VRL) and its subsidiaries. As of date, loan of US $956 million carrying interest @ 7% p.a. is outstanding, while the guarantee has been extinguished. The auditors in their report on the financial results for the previous quarter ended June 30, 2020 expressed their inability to comment on whether these balances have been recorded at fair value in accordance with Ind AS 109. The management believes that these balances have been recorded at fair value and hence no adjustment is required in accordance with Ind AS 109.

As at September 30, 2020, the Company and its subsidiaries have an outstanding receivable equivalent to ₹ 429 Crore (net of provision of ₹ 209 Crore) from Konkola Copper Mines Plc (KCM), a company whose majority shares are held by Vedanta Resources Limited through its subsidiary (VRL Group), predominantly regarding monies advanced against future purchase of copper cathode/anode. A provisional liquidator has been managing KCM’s affairs since May 2019, whose appointment and the liquidation proceedings have been challenged by VRL. The Group, based on its assessment considering the actions taken by VRL Group, believes that there is a high probability of success and does not expect any material adjustment to the net carrying amount of the receivables.

Consequent to the declaration of dividend (including from accumulated profits) by the subsidiaries, the unabsorbed depreciation as per tax laws and MAT balances have been utilized by the Company leading to a deferred tax charge of ₹ 1,187 crores, ₹ 1,283 crores and ₹ 1,701 crores (including ₹ 119 Crores of MAT utilisation) in the results for the quarter ended September 30, 2020, half year ended September 30, 2020 and for the year ended March 31, 2020 respectively. Further, during the corresponding quarter ended September 30, 2019, section 115BAA of the Income Act was introduced and based on the expected timing of adoption of the same, the Group remeasured its deferred tax balances as at April 1, 2019 and recognised a deferred tax credit of ₹ 2,501 crores in the the quarter and half year ended ended September 30, 2019 and ₹ 1,774 crores in year ended March 31, 2020 respectively.

The Group has considered the possible effects of COVID-19 including on the recoverability of property, plant and equipment (PPE), loans and receivables, etc in accordance with Ind AS. The Group has considered forecast consensus, industry reports, economic indicators and general business conditions to make an assessment of the implications of the pandemic. Based on the assessment, no adjustment is required to these financial results.

12	Previous period/year figures have been re-grouped/ rearranged, wherever necessary.


	By Order of the Board

Dated : November 06, 2020	Navin Agarwal	GR Arun Kumar
Place : Mumbai	Executive Vice-Chairman	Whole-Time Director and Chief Financial 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 HALF YEAR ENDED SEPTEMBER 30, 2020


			(₹ in Crore except as stated)

		Quarter ended									Half year ended						Year ended
S. No.	Particulars	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)			30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
1	Revenue from operations		8,521			6,689			9,599			15,210			18,121			35,417
2	Other operating income		85			93			101			178			196			441
3	Other income		115			4,726			2,338			4,841			2,528			2,870

	Total Income		8,721			11,508			12,038			20,229			20,845			38,728

4	Expenses
a)	Cost of materials consumed		3,278			2,731			2,883			6,009			5,960			12,493
b)	Purchases of Stock-in-Trade		4			76			9			80			9			227
c)	Changes in inventories of finished goods, work-in-progress and stock - in- trade		60			(200	)		1,506			(140	)		1,718			1,430
d)	Power & fuel charges		1,687			1,316			2,403			3,003			4,534			7,728
e)	Employee benefits expense		181			176			206			357			437			765
f)	Finance costs		824			800			900			1,624			1,781			3,328
g)	Depreciation, depletion and amortization expense		636			596			848			1,232			1,642			3,264
h)	Other expenses		1,479			1,479			1,879			2,958			3,853			7,388

	Total expenses		8,149			6,974			10,634			15,123			19,934			36,623

5	Profit before exceptional items and tax		572			4,534			1,404			5,106			911			2,105

6	Net exceptional loss (Refer note 2)		—			—			—			—			—			(12,568	)

7	Profit/(Loss) before tax		572			4,534			1,404			5,106			911			(10,463	)

8	Tax expense/(benefit) on other than exceptional items:
a)	Net Current tax expense		—			—			—			—			—			4
b)	Net Deferred tax expense/(benefit) (Refer Note 10)		194			1,570			(1,509	)		1,764			(1,752	)		(592	)
	Tax benefit on exceptional items :
a)	Net Deferred tax benefit (Refer note 2)		—			—			—			—			—			(3,143	)

	Net tax expense/(benefit)		194			1,570			(1,509	)		1,764			(1,752	)		(3,731	)

9	Net Profit/(Loss) after tax (a)		378			2,964			2,913			3,342			2,663			(6,732	)

10	Net Profit after tax before exceptional items (net of tax) and one time tax impact of Sec 115BAA (new tax regime) (Refer note 10)		378			2,964			1,352			3,342			1,102			1,859

11	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		20			22			(23	)		42			(44	)		(85	)
	(b) Tax (expense)/ benefit on items that will not be reclassified to profit or loss		(1	)		0			5			(1	)		5			4
ii.	(a) Items that will be reclassified to profit or loss		7			(54	)		230			(47	)		238			423
	(b) Tax (expense)/ benefit on items that will be reclassified to profit or loss		(47	)		27			(4	)		(20	)		(19	)		42

	Total Other Comprehensive (Loss)/Income (b)		(21	)		(5	)		208			(26	)		180			384

12	Total Comprehensive Income/(Loss) (a+b)		357			2,959			3,121			3,316			2,843			(6,348	)

13	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372			372			372
14	Reserves excluding Revaluation Reserves as per balance sheet																	69,523
15	Earnings/(Loss) per share (₹) (*not annualised)
	- Basic & Diluted		1.02	*		7.97	*		7.84	*		8.98	*		7.16	*		(18.10	)


			(₹ in Crore)

		Quarter ended									Half year ended						Year ended
S. No.	Segment Information	30.09.2020 (Unaudited)			30.06.2020 (Unaudited)			30.09.2019 (Unaudited)			30.09.2020 (Unaudited)			30.09.2019 (Unaudited)			31.03.2020 (Audited)
1	Segment Revenue
a)	Oil & Gas		909			750			1,699			1,659			3,372			6,756
b)	Aluminium		4,464			4,277			4,720			8,741			9,742			19,022
c)	Copper		2,060			848			2,419			2,908			3,391			5,972
d)	Iron Ore		878			639			758			1,517			1,554			3,463
e)	Power		210			175			3			385			63			206

	Total		8,521			6,689			9,599			15,210			18,122			35,419

Less:	Inter Segment Revenue		—			—			—			—			1			2

	Revenue from operations		8,521			6,689			9,599			15,210			18,121			35,417

2	Segment Results
	[Profit/(Loss) before tax and interest]
a)	Oil & Gas		260			118			560			378			1,187			2,406
b)	Aluminium		900			511			(497	)		1,411			(725	)		237
c)	Copper		(41	)		(98	)		(122	)		(139	)		(234	)		(432	)
d)	Iron Ore		245			141			165			386			269			830
e)	Power		(8	)		(13	)		(61	)		(21	)		(146	)		(235	)

	Total		1,356			659			45			2,015			351			2,806

Less:	Finance costs		824			800			900			1,624			1,781			3,328
Add:	Other unallocable income net off expenses		40			4,675			2,259			4,715			2,341			2,627

	Profit before exceptional items and tax		572			4,534			1,404			5,106			911			2,105

Add:	Net exceptional loss (Refer note 2)		—			—			—			—			—			(12,568	)

	Profit/(Loss) before tax		572			4,534			1,404			5,106			911			(10,463	)

3	Segment assets
a)	Oil & Gas (Refer note 2)		11,719			12,264			16,091			11,719			16,091			10,900
b)	Aluminium		41,570			42,401			42,822			41,570			42,822			42,792
c)	Copper		5,725			6,113			5,890			5,725			5,890			5,865
d)	Iron Ore		2,534			2,687			2,938			2,534			2,938			2,549
e)	Power		3,414			3,445			3,320			3,414			3,320			3,342
f)	Unallocated		68,360			70,469			78,363			68,360			78,363			74,002

	Total		133,322			137,379			149,424			133,322			149,424			139,450

4	Segment liabilities
a)	Oil & Gas		7,429			8,790			6,733			7,429			6,733			8,501
b)	Aluminium		12,383			14,291			18,643			12,383			18,643			15,369
c)	Copper		3,914			4,548			2,942			3,914			2,942			4,155
d)	Iron Ore		2,205			2,118			1,270			2,205			1,270			1,098
e)	Power		257			206			132			257			132			156
f)	Unallocated		33,912			34,553			38,935			33,912			38,935			40,276

	Total		60,100			64,506			68,655			60,100			68,655			69,555

The main business segments are :

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

(b) Aluminium which consists 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.


Balance Sheet				(₹ in Crore)
Particulars		As at 30.09.2020 (Unaudited)		As at 31.03.2020 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		36,389		37,087
	(b) Capital work-in-progress		11,210		11,027
	(c) Intangible assets		31		31
	(d) Exploration intangible assets under development		1,347		1,059
	(e) Financial assets
	(i) Investments		60,865		60,787
	(ii) Trade receivables		1,477		1,346
	(iii) Loans		192		183
	(iv) Derivatives		—		3
	(v) Others		755		1,673
	(f) Deferred tax assets (net)		1,679		3,464
	(g) Income tax assets (net)		1,958		1,682
	(h) Other non-current assets		2,347		2,272

	Total non-current assets		118,250		120,614

2	Current assets
	(a) Inventories		5,286		5,689
	(b) Financial assets
	(i) Investments		37		2,118
	(ii) Trade receivables		782		832
	(iii) Cash and cash equivalents		1,233		1,846
	(iv) Other bank balances		696		347
	(v) Loans		565		1,596
	(vi) Derivatives		7		548
	(vii) Others		4,158		3,826
	(c) Other current assets		2,308		2,034

	Total current assets		15,072		18,836

	Total assets		133,322		139,450

B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital		372		372
	Other Equity		72,850		69,523

	Total Equity		73,222		69,895
	Liabilities
2	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		19,826		21,629
	(ii) Derivatives		57		9
	(iii) Other financial liabilities		183		288
	(b) Provisions		1,190		1,185
	(c) Other non-current liabilities		2,339		2,539

	Total Non-current liabilities		23,595		25,650

3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		4,148		10,819
	(ii) Trade payables
	(1) Total outstanding dues of micro, small and medium enterprises		150		182
	(2) Total outstanding dues of creditors other than micro, small and medium enterprises		9,582		10,457
	(iii) Derivatives		247		38
	(iv) Other financial liabilities		17,301		14,861
	(b) Provisions		103		95
	(c) Income tax liabilities (net)		46		46
	(d) Other current liabilities		4,928		7,407

	Total current liabilities		36,505		43,905

	Total Equity and Liabilities		133,322		139,450


Statement of Cash Flows				(₹ in Crore)
	Half Year ended
Particulars	30.09.2020 (Unaudited)			30.09.2019 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		5,106			911
Adjustments for:
Depreciation, depletion and amortisation		1,244			1,667
Provision/(reversal) for doubtful debts/ advance/ bad debts written off		(5	)		29
Exploration costs written off		1			—
Fair Value gain on financial assets held at fair value through profit or loss		(84	)		(122	)
Loss on sale of property, plant and equipment (net)		20			29
Foreign exchange loss (net)		69			124
Unwinding of discount on decommissioning liability		12			15
Share based payment expense		22			28
Interest and dividend income		(4,699	)		(2,342	)
Interest expense		1,612			1,766
Deferred government grant		(37	)		(37	)
Changes in assets and liabilities
(Increase)/ decrease in trade and other receivables		(84	)		1,750
Decrease in inventories		401			2,529
(Decrease) in trade and other payable		(2,895	)		(316	)

Cash generated from operations		683			6,031
Income taxes (paid)/ refund (net)		(277	)		497

Net cash generated from operating activities		406			6,528

CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (including transaction cost of ₹ 3 Crore)		(59	)		—
Purchases of property, plant and equipment (including intangibles)		(1,072	)		(1,375	)
Proceeds from sale of property, plant and equipment		5			32
Loans given to related parties		(445	)		(2,529	)
Loans repaid by related parties		1,490			400
Short-term deposits made		(608	)		(189	)
Proceeds from redemption of short-term deposits		943			519
Short term investments made		(10,596	)		(15,177	)
Proceeds from sale of short term investments		12,725			15,558
Interest received		231			181
Dividends received		4,528			2,134
Payments made to site restoration fund		(17	)		—

Net cash from/ (used in) investing activities		7,125			(446	)


Statement of Cash Flows				(₹ in Crore)
	Half Year ended
Particulars	30.09.2020 (Unaudited)			30.09.2019 (Unaudited)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of short term borrowings (net)		(8,588	)		(2,394	)
Proceeds from current borrowings		3,597			2,080
Repayment of current borrowings		(2,181	)		(1,764	)
Proceeds from long-term borrowings		4,920			700
Repayment of long-term borrowings		(3,836	)		(2,866	)
Interest paid		(1,983	)		(2,373	)
Payment of lease liabilities		(75	)		(11	)

Net cash (used in) financing activities		(8,146	)		(6,628	)

Net (decrease) in cash and cash equivalents		(615	)		(546	)

Cash and cash equivalents at the beginning of the period		1,920			3,284

Cash and cash equivalents at the end of the period		1,305			2,738


Notes:

1. The figures in bracket indicates outflow.

2. The above cash flow has been prepared under the “Indirect Method” as set out in Indian Accounting Standard (Ind AS) 7 - statement of cash flows


		Notes:-

1		The above results of Vedanta Limited (“the Company”), for the quarter and half year ended September 30, 2020 have been reviewed by the Audit Committee at its meeting held on November 05, 2020 and approved by the Board of Directors at its meeting held on November 06, 2020. The statutory auditors have carried out limited review of the same.

2		Exceptional items comprises of the following:

(₹ in Crore)

Quarter ended

Half year ended

Year ended

Particulars

30.09.2020
(Unaudited)

30.06.2020
(Unaudited)

30.09.2019
(Unaudited)

30.09.2020
(Unaudited)

30.09.2019
(Unaudited)

31.03.2020
(Audited)

Impairment (charge)/reversal

- relating to property, plant & equipment and exploration assets - Oil and gas segment ^*

—

(8,273

)

- relating to property, plant & equipment and other assets - Copper segment

(Refer note 3)

—

(669

)

- relating to investment in subsidiary - Cairn India Holdings Limited ^*

—

(3,339

)

- relating to investment in subsidiary - Sesa Resources Limited

—

(54

)

Provision on receivables subject to litigation

—

(401

)

Revision of Renewable Purchase Obligation (RPO) pursuant to the Odisha Electricity Regulatory Commission notification

—

168

Net exceptional loss

—

(12,568

)

Tax benefit on exceptional items

—

3,143

Net exceptional loss (net of tax)

—

(9,425

)



		* The impairment was triggered majorly due to the significant fall in crude oil prices primarily consequent to the outbreak of COVID-19.

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. On August 18, 2020, the Madras High Court delivered the judgment wherein it dismissed the Writ Petitions filed by the Company. The Company approached the Supreme Court and challenged the said High Court order by way of a Special Leave Petition (SLP) to Appeal and also sought interim relief in terms of access to the plant for purposes of care & maintenance of the Plant. The case is listed for hearing on November 16, 2020.



		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 also filed Appeals before the TNPCB Appellate Authority challenging withdrawal of CTE by the TNPCB, the matter is pending for adjudication. 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		The management is of the opinion that the Company is eligible for automatic extension of Production Sharing Contract (PSC) for Rajasthan (RJ) block on same terms w.e.f May 15, 2020, a matter which is sub-judice. In parallel, Government of India (GoI), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated April 07, 2017, for RJ block by a period of 10 years w.e.f. May 15, 2020 vide its letter dated October 26, 2018 subject to fulfillment of certain conditions. One of the conditions for extension relates to notification of certain audit exceptions raised for FY 16-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability. In connection with the said audit exceptions, US$ 364 million (₹ 2,723 Crore), relating to the share of the Company and its subsidiary, has been raised by DGH on May 12, 2020. The Company has disputed the same together with all the other audit exceptions for the said year and for the subsequent year, notified till date, as in the Company’s view the audit notings are not in accordance with the PSC and are entirely unsustainable and as per PSC provisions, having been disputed, the notings do not prevail and accordingly do not result in creation of any liability. The Company has reasonable grounds to defend itself which are supported by independent legal opinions. The Company has also invoked the PSC process for resolution of disputed exceptions and has issued notice for arbitration. The Tribunal stands constituted. Further, on September 23, 2020, GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. The bench was not inclined to pass any ex-parte orders and now the matter is scheduled for hearing on November 11, 2020. Due to extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, GoI has permitted the Company to continue Petroleum operations in the RJ Block with effect from May 15, 2020 until extension is signed or for a period up to January 31, 2021, whichever is earlier. For reasons aforesaid, the Company is not expecting any material liability to devolve on account of the same or any disruptions in its petroleum operations.

5		Vedanta Limited has acquired control over Ferro Alloys Corporation Limited (“FACOR”) on September 21, 2020. FACOR 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 January 30, 2020 approved the resolution plan for acquiring controlling stake in FACOR. Pursuant to the approved resolution plan, FACOR will be wholly owned subsidiary of the Company. FACOR holds 90% in its subsidiary, Facor Power Limited (FPL). The consideration paid for the acquisition of FACOR by the Company on debt and cash free basis under the approved Resolution Plan includes cash of ₹ 56 Crore through infusion of equity of ₹ 34 Crore and inter-corporate loan of ₹ 22 Crore as well as zero coupon, secured and unlisted Non-Convertible Debentures of aggregate face value of ₹ 287 Crore to the Financial Creditors payable equally over 4 years commencing March 2021.

6		As part of its cash management activities, the Company’s overseas subsidiaries had extended certain loan and guarantee facilities to Vedanta Resources Limited (VRL) and its subsidiaries. As of date, loan of US $956 million carrying interest @ 7% p.a. is outstanding, while the guarantee has been extinguished. The auditors in their report on the financial results for the previous quarter ended June 30, 2020 expressed their inability to comment on whether any impairment is to be recorded in carrying value of investments in these subsidiaries in accordance with Ind AS 109. The management believes that no impairment is required to be recorded in accordance with Ind AS 109.



7		As at September 30, 2020, the Company has an outstanding receivable equivalent to ₹ 106 Crore (net of provision of ₹ 52 Crore) from Konkola Copper Mines Plc (KCM), a company whose majority shares are held by Vedanta Resources Limited through its subsidiary (VRL Group), predominantly regarding monies advanced against future purchase of copper cathode/anode. A provisional liquidator has been managing KCM’s affairs since May 2019, whose appointment and the liquidation proceedings have been challenged by VRL. The Company, based on its assessment considering the actions taken by VRL Group, believes that there is a high probability of success and does not expect any material adjustment to the net carrying amount of the receivables.

8		The Company vide letter dated May 12, 2020 had informed the stock exchanges that it has received a letter dated May 12, 2020 from its Holding Company, Vedanta Resources Ltd. (“VRL”), wherein VRL has expressed its intention to, either individually or along with one or more subsidiaries, acquire all fully paid-up equity shares of the Company (“Equity Shares”) that are held by the public shareholders of the Company (as defined under the Delisting Regulations, to be referred to as “Public Shareholders”) and consequently voluntarily delist the Equity Shares from BSE Limited and National Stock Exchange of India Limited, the recognized stock exchanges where the Equity Shares are presently listed (“Stock Exchanges”), in accordance with the Delisting Regulations (“Delisting Proposal”) and if such delisting is successful, then to also delist the Company’s American Depositary Shares from the New York Stock Exchange (“NYSE”) and deregister the Company from the Securities and Exchange Commission (“SEC”), subject to the requirements of the NYSE and the SEC. After obtaining due approvals, the Public Shareholders holding Equity Shares were invited to submit Bids pursuant to the reverse book building process conducted through the Stock Exchange Mechanism made available by BSE during the bid period (October 05, 2020 to October 09, 2020), in accordance with the Delisting Regulations. The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer was 1,25,47,16,610 Offer Shares, which was less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful in terms of Regulation 17(1)(a) of the Delisting Regulations. Thus, the Delisting Offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations.

9	Additional disclosures as per Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2015 :

Previous due date of Interest/Principal repayment, payment made on respective due date:


		Previous Due Date (April 1, 2020 to September 30, 2020)
S. No.	Particulars	Principal Due Date	Interest Due Date
1	INE205A07139 bearing int @ 8.5%		April 5, 2020
2	INE205A07030 bearing int @ 9.45%	August 17, 2020	August 17, 2020
3	INE205A07048 bearing int @ 8.7%	April 20, 2020	April 20, 2020
4	INE205A07147 bearing int @ 8.5%		June 15, 2020
5	INE205A07188 bearing int @ 8.75%		June 30, 2020
6	INE205A07154 bearing int @ 9.18%		July 4, 2020

Next due date of Interest/Principal repayment along with amount due is as follows:

Next Due Date and Amount due (October 1, 2020 to March 31, 2021)

No.

Particulars

Principal Due Date

Amount Due
(₹ Crore)

Interest Due Date

Amount Due
(₹ Crore)

INE205A07170 bearing int @ 9.2%

December 9, 2020

INE205A07162 bearing int @ 8.9%

December 9, 2020

INE205A07196 bearing int @9.20%

February 25, 2021

184

During the six months ended September 30, 2020, the credit rating/outlook by CRISIL Limited (Crisil) has been maintained on the debt instruments of the company at ‘CRISIL AA/Negative/CRISIL A1+’ and the credit rating/outlook by India Ratings and Research Private Limited (Ind-Ra) has been maintained at ‘IND AA-/Negative/ IND A1+’

On October 28, 2020, CRISIL downgraded its ratings on the non-convertible debentures and long-term bank facilities to ‘CRISIL AA-’ from ‘CRISIL AA’ while revising the outlook to ‘Stable’ from ‘Negative. The Ratings on the commercial paper and short term bank facilities has been maintained at ‘CRISIL A1+’

The Listed Non-Convertible debentures of the company aggregating ₹ 10,420 Crore as on September 30, 2020 are secured by way of first mortgage/charge on certain assets of the company, and the asset cover thereof exceeds 125% and 100% of the principal amount of ₹ 2,000 Crore and ₹ 8,420 Crore respectively, as required as per the terms of the Issue.


		(₹ in Crore except otherwise stated)

	Particulars	September 30, 2020		March 31, 2020
e)	Net Worth (Equity + Reserves and surplus)		73,222		69,895
f)	Debenture Redemption Reserve		557		1,060
g)	Interest Service Coverage Ratio (No. of times)		3.61		2.68
h)	Debt Service Coverage Ratio (No. of times)		1.26		1.11
i)	Debt- Equity Ratio (No. of times)		0.45		0.56


Formulae for computation of ratios are as follows:
a)	Debt equity ratio	Debt / (paid up equity capital + reserves and surplus)
b)	Debt service coverage ratio	Earnings before interest, depreciation, tax and exceptional items/ (interest expense + principal payments of long term loans)
c)	Interest service coverage ratio	Earnings before interest, depreciation, tax and exceptional items / interest expense


10		During the quarter ended September 30, 2019, section 115BAA of the Income Act was introduced and based on the expected timing of adoption of the same, the Company remeasured its deferred tax balances as at April 1, 2019 and recognised a deferred tax credit of ₹ 1,561 Crore in the quarter and half year ended September 30, 2019 and ₹ 834 Crore in the year ended March 31, 2020.

11		Subsequent to the balance sheet date, the Board of Directors of the Company through resolution passed by circulation on October 24, 2020 have approved first interim dividend of ₹ 9.50 per equity share i.e. 950% on face value of Re. 1/- per share for the year ended March 31, 2021.

12		The Company has considered the possible effects of COVID-19 including on the recoverability of property, plant and equipment (PPE), loans and receivables, etc in accordance with Ind AS. The Company has considered forecast consensus, industry reports, economic indicators and general business conditions to make an assessment of the implications of the pandemic. Based on the assessment, no adjustment is required to these financial results.

13		Previous period/year figures have been re-grouped/rearranged, wherever necessary.


	By Order of the Board

Place : Mumbai	Navin Agarwal	GR Arun Kumar
November 06, 2020	Executive Vice-Chairman	Whole-Time Director and Chief Financial Officer

Vedanta (VEDL) 6-KCurrent report (foreign)