Vedanta (VEDL) 6-K Statement of Unaudited Consolidated Results for the Quarter Ended

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 ENDED

30 JUNE 2021

			(₹  in Crore except as stated)
		Quarter ended								Year ended
S. No.	Particulars	30.06.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)		31.03.2021 (Audited)
1	Revenue from operations		28,105			27,874			15,687		86,863
2	Other operating income		307			332			286		1,158
3	Other income		739			859			1,025		3,421
	Total Income		29,151			29,065			16,998		91,442
4	Expenses
a)	Cost of materials consumed		8,207			7,331			4,471		22,849
b)	Purchases of stock-in-trade		88			18			13		41
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(766	)		143			264		792
d)	Power & fuel charges		3,918			3,972			2,499		13,674
e)	Employee benefits expense		683			709			659		2,861
f)	Finance costs		1,182			1,325			1,252		5,210
g)	Depreciation, depletion and amortization expense		2,124			2,055			1,733		7,638
h)	Other expenses (Refer note 4)		6,411			6,996			4,074		20,486
5	Total expenses		21,847			22,549			14,965		73,551
6	Profit before exceptional items and tax		7,304			6,516			2,033		17,891
7	Net exceptional loss (Refer note 3)		(134	)		(773	)		—		(678	)
8	Profit before tax		7,170			5,743			2,033		17,213
9	Tax expense/ (benefit)
	On other than exceptional items
a)	Net Current tax expense		1,413			33			297		2,066
b)	Net Deferred tax expense/ (benefit) (Refer note 8)		522			(1,732	)		214		268
i)	Deferred tax on intra group profit distribution (including from accumulated profits)		—			(132	)		96		869
ii)	Other Deferred tax expense/ (benefit)		522			(1,600	)		118		(601	)
	On exceptional items
c)	Net tax benefit on exceptional items (Refer note 3)		(47	)		(187	)		—		(154	)
	Net tax expense/ (benefit) (a+b+c)		1,888			(1,886	)		511		2,180
10	Profit after tax before share in profit/ (loss) of jointly controlled entities and associates and non-controlling interests		5,282			7,629			1,522		15,033
11	Add: Share in profit/ (loss) of jointly controlled entities and associates		1			(1	)		0		(1	)
12	Profit after share in profit/ (loss) of jointly controlled entities and associates (a)		5,283			7,628			1,522		15,032

			(₹  in Crore except as stated)
		Quarter ended									Year ended
S. No.	Particulars	30.06.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)			31.03.2021 (Audited)
13	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		32			5			10			62
	(b) Tax benefit/ (expense) on items that will not be reclassified to profit or loss		0			(9	)		4			(11	)
ii.	(a) Items that will be reclassified to profit or loss		371			118			7			187
	(b) Tax benefit/ (expense) on items that will be reclassified to profit or loss		15			10			36			(35	)
	Total Other Comprehensive Income (b)		418			124			57			203
14	Total Comprehensive Income (a + b)		5,701			7,752			1,579			15,235
15	Profit attributable to:
a)	Owners of Vedanta Limited		4,224			6,432			1,033			11,602
b)	Non-controlling interests		1,059			1,196			489			3,430
16	Other Comprehensive Income/ (Loss) attributable to :
a)	Owners of Vedanta Limited		393			99			64			110
b)	Non-controlling interests		25			25			(7	)		93
17	Total comprehensive Income attributable to:
a)	Owners of Vedanta Limited		4,617			6,531			1,097			11,712
b)	Non-controlling interests		1,084			1,221			482			3,523
18	Net Profit after taxes, non-controlling interests and share in profit/ (loss) of jointly controlled entities and associates but before exceptional items		4,280			7,013			1,033			12,151
19	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372
20	Reserves excluding Revaluation Reserves as per balance sheet											61,906
21	Earnings per share (₹) (**not annualised)
	-Basic		11.40	**		17.37	**		2.79	**		31.32
	-Diluted		11.31	**		17.25	**		2.77	**		31.13

			(₹ in Crore except as stated)
		Quarter ended									Year ended
S. No.	Segment Information	30.06.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)			31.03.2021 (Audited)
1	Segment Revenue
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		5,217			5,349			3,207			17,550
	(ii) Silver - India		1,106			1,350			645			4,382
	Total		6,323			6,699			3,852			21,932
b)	Zinc - International		1,119			900			374			2,729
c)	Oil & Gas		2,485			2,584			1,389			7,531
d)	Aluminium		10,263			8,828			6,043			28,644
e)	Copper		3,499			3,945			1,377			10,890
f)	Iron Ore		1,576			1,727			639			4,528
g)	Power		1,225			1,449			1,018			5,375
h)	Others		1,641			1,785			1,029			5,377
	Total		28,131			27,917			15,721			87,006
Less:	Inter Segment Revenue		26			43			34			143
	Revenue from operations		28,105			27,874			15,687			86,863
2	Segment Results
	[Profit/ (loss) before tax and interest]
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		1,883			1,940			488			5,302
	(ii) Silver - India		995			1,226			532			3,851
	Total		2,878			3,166			1,020			9,153
b)	Zinc - International		271			109			24			491
c)	Oil & Gas		576			740			220			1,983
d)	Aluminium		3,235			2,260			848			5,898
e)	Copper		(157	)		(132	)		(115	)		(392	)
f)	Iron Ore		739			770			164			1,716
g)	Power		179			7			230			731
h)	Others		151			191			(61	)		352
	Total		7,872			7,111			2,330			19,932
Less:	Finance costs		1,182			1,325			1,252			5,210
Add:	Other unallocable income net off expenses		614			730			955			3,169
	Profit before exceptional items and tax		7,304			6,516			2,033			17,891
Add:	Net exceptional loss (Refer note 3)		(134	)		(773	)		—			(678	)
	Profit before tax		7,170			5,743			2,033			17,213
3	Segment assets
a)	Zinc, Lead and Silver - India		21,001			21,302			22,059			21,302
b)	Zinc - International		6,495			6,065			5,264			6,065
c)	Oil & Gas		20,270			18,915			16,885			18,915
d)	Aluminium		56,358			54,764			55,257			54,764
e)	Copper		6,323			6,273			7,142			6,273
f)	Iron Ore		3,302			2,722			2,862			2,722
g)	Power		17,526			17,565			18,852			17,565
h)	Others		8,163			7,862			7,876			7,862
i)	Unallocated		47,215			50,229			43,169	*		50,229
	Total		186,653			185,697			179,366			185,697
	*   Restated, refer Note 7

			(₹ in Crore except as stated)
		Quarter ended							Year ended
S. No.	Segment Information	30.06.2021 (Unaudited)		31.03.2021 (Audited) (Refer Note 2)		30.06.2020 (Unaudited)			31.03.2021 (Audited)
4	Segment liabilities
a)	Zinc, Lead and Silver - India		4,951		5,929		5,477			5,929
b)	Zinc - International		1,034		1,067		882			1,067
c)	Oil & Gas		12,551		11,178		10,648			11,178
d)	Aluminium		18,579		18,565		19,568			18,565
e)	Copper		4,103		4,388		4,971			4,388
f)	Iron Ore		1,463		1,319		1,293			1,319
g)	Power		1,889		2,123		1,937			2,123
h)	Others		1,985		2,126		1,513			2,126
i)	Unallocated		56,965		61,586		62,524	*		61,586
	Total		103,520		108,281		108,813			108,281
	*   Restated, refer Note 7

The main business segments are :

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

(b) Zinc - International, which consists of exploration, mining, treatment and production of zinc, lead, copper and associated mineral concentrates for sale;

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

(d) Aluminium, which consist of mining of bauxite and manufacturing of alumina and various aluminium products;

(e) 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 and phosphoric acid (Refer note 6);

(f) Iron ore, which consists of mining of ore and manufacturing of pig iron and metallurgical coke;

(g) Power, excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power; and

(h) Other business segment comprises 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.

	Notes:-
1	The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries ("the Group"), jointly controlled entities, and associates for the quarter ended 30 June 2021 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 26 July 2021.
2	The figures for the quarter ended 31 March 2021 are the balancing figures between audited figures for the full financial year ended 31 March 2021 and unaudited figures for the nine months ended 31 December 2020.
3	Net exceptional loss comprise the following:

	(₹ in Crore)
Particulars	Quarter ended								Year ended
	30.06.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)		31.03.2021 (Audited)
Capital work-in-progress written off in following segments:
- Aluminium		—			(181	)		—		(181)
- Others		—			(63	)		—		(63)
Provision on advances subject to litigation - primarily in Copper segment a		—			(213	)		—		(213)
Transaction costs paid to the ultimate parent company on structured investment sold in previous year		—			(103	)		—		(103	)
Provision for settlement of dispute regarding environmental clearance - Others segment		—			(213	)		—		(213	)
Revision of Renewable Purchase Obligation pursuant to respective state electricity regulation commission notifications - Aluminium segment		—			—			—		95
One time settlement of entry tax under amnesty scheme - Zinc, Lead and Silver - India segment		(134	)		—			—		—
Net exceptional loss		(134	)		(773	)		—		(678	)
Current tax benefit on above		47			—			—		—
Net deferred tax benefit on above		—			187			—		154
Non-controlling interests on above		31			5			—		(25)
Net exceptional loss net of tax and non-controlling interests		(56	)		(581	)		—		(549)

a) Represents a provision of ₹ 213 Crore on advances given to Konkola Copper Mines plc (KCM), an overseas company, whose majority shares are ultimately held by Vedanta Resources Limited ("VRL") and on which a liquidation suit has been filed. The outstanding balance as at 30 June 2021 from KCM net of provisions is ₹ 214 Crore (31 March 2021: ₹ 211 Crore).

4 Other expenses include cost of exploration wells written off amounting to ₹ 99 Crore, ₹ 1 Crore, ₹ 0 Crore and ₹ 7 Crore for the quarter ended 30 June 2021, 31 March 2021, 30 June 2020 and the year ended 31 March 2021 respectively.

5 The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract (“PSC”). The management is of the opinion that the Company is eligible for extension of the PSC for Rajasthan ("RJ") block on same terms w.e.f. 15 May 2020, a matter which was being adjudicated at the Delhi High Court. The Division Bench of the Delhi High Court in March 2021 set aside the single judge order of May 2018 which allowed extension of PSC on same terms and conditions. We have filed Special Leave Petition in Supreme court against this Delhi High court judgement. In parallel, the Government of India ("GoI"), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 07 April 2017 (“Pre-NELP Policy”), for RJ block by a period of 10 years, w.e.f. 15 May 2020 vide its letter dated 26 October 2018, subject to fulfilment 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, a demand of US$ 364 million (₹ 2,705 Crore) has been raised by DGH on 12 May 2020, relating to the share of the Company and its subsidiary. This amount was subsequently revised to US$ 458 million (₹ 3,405 Crore) till March 2018 vide DGH letter dated 24 December 2020. The Company has disputed the demand and the other audit exceptions, notified till date, as in the Company’s view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms the Company has also commenced arbitration proceedings. The arbitration tribunal stands constituted and Vedanta also filed its application for interim relief. The interim relief application was heard by the Tribunal on 15 December 2020 wherein it was directed that GOI should not take any coercive action to recover the disputed amount of audit exceptions which is presently in arbitration and that during the arbitration period, GOI should continue to extend the tenure of the Rajasthan Block PSC on terms of current extension. The GOI has challenged the said order before the Delhi High Court which is next listed for hearing on 04 August 2021. The GoI has also filed application before the Tribunal objecting to its jurisdiction to decide issues arising out of or relating to the PSC extension policy dated 07 April 2017, the Office Memorandum dated 01 February 2013, as amended and audit exceptions notified for FY 2016-18.

Further, on 23 September 2020, the GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. This matter is also scheduled for hearing on 04 August 2021.

Simultaneously, the Company is also pursuing with the GoI for executing the RJ PSC addendum at the earliest. In view of extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, the GoI has been granting permission to the Company to continue Petroleum operations in the RJ block. The latest permission is valid upto 31 July 2021 or signing of the PSC addendum, whichever is earlier.

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

6 The Company’s application for renewal of Consent to Operate (“CTO”) for existing copper smelter at Tuticorin was rejected by the 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. The Principal Bench of National Green Tribunal (“NGT”) ruled in favour of the Company but its order was set aside by the Supreme Court vide its judgment dated 18 February 2019, on the sole basis of maintainability. Vedanta Limited has filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The Supreme Court Bench did not allow the interim relief. The matter shall now be heard on merits. The matter was again mentioned before the bench on 17 March 2021, wherein the matter was posted for hearing on 17 August 2021.

However, during the current period, the Company approached the Supreme Court offering to supply medical oxygen from the said facility in view of prevailing COVID-19 situation, which was allowed by the Supreme Court, under supervision of a committee constituted by the Government of Tamil Nadu until 31 July 2021. Further the Company has moved an application on 29 June 2021 providing status report on running Oxygen plant and seeking extension for another 6 months for operating the Oxygen plant. The matter is listed for hearing on 27 July 2021.

The Company was also in the process of expanding its capacities at an adjacent site (‘Expansion Project’). 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. In the meanwhile, SIPCOT cancelled the land allotted for the Expansion Project, which was later stayed by the Madras High Court. Further, TNPCB issued an order directing the withdrawal of the Consent to Establish (“CTE”) which was valid till 31 March 2023. The Company has also appealed this action before the TNPCB Appellate Authority and the matter is pending for adjudication.

As per the Company's assessment, it is in compliance with the applicable regulations and hence it does not expect any material adjustments to these financial results as a consequence of the above actions.

7 During the previous year ended 31 March 2021, as part of its cash management activities, the Company, through its overseas subsidiaries extended certain loans and guarantee facilities to Vedanta Resources Limited (“VRL”) and its subsidiaries (collectively “the VRL group”). Further, during the previous year, certain terms of the facilities were modified which resulted in substantial modification of the instruments. The guarantees were also extinguished. Consequently, the loans were fair valued and the difference in the fair value of the loan and its carrying value was debited to equity as a transaction with the shareholder. As of 31 March 2021, loans of ₹ 7,065 Crore (US$ 966 million) were outstanding and held by a single subsidiary of VRL, namely, Twinstar Holdings Limited (“TSH”).

During the current quarter ended 30 June 2021, the VRL group has repaid ₹ 1,514 Crore (US$ 207 million) of the aforesaid loans, along with interest thereon. In May 2021, the overseas subsidiaries of the Company, executed agreements with TSH to novate ₹ 2,194 Crore (US$ 300 million) due for repayment in June 2022 to another subsidiary of VRL, which is guaranteed by VRL. This transaction did not have any material impact on the financial results for the current quarter. The results for the quarter ended 30 June 2020 have been restated by reducing the equity and carrying value of assets and increasing the liabilities by ₹ 358 Crore (US$ 48 million), ₹ 249 Crore (US$ 33 million) and ₹ 110 Crore (US$ 15 million) respectively.

8 Income taxes

a) In June 2018, the Company acquired majority stake in ESL Steel Limited (“ESL”), which has since been focusing on operational turnaround. Based on management’s estimate of future outlook, financial projections and requirements of Ind AS 12 – Income taxes, ESL has recognized deferred tax assets of ₹ 3,184 Crore during the quarter ended March 31, 2021.

b) Consequent to the declaration of dividend (including from accumulated profits) by the subsidiaries of the Company, the unabsorbed depreciation as per tax laws and MAT balances have been utilized by the Company leading to a deferred tax (benefit)/ charge as disclosed in line 9(b)(i) of the above results.

9 As per information received from VRL, during the current period, VRL together with Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, as persons acting in concert with VRL (“PACs”), acquired 37,42,31,161 equity shares of the Company under the voluntary open offer made to the public shareholders of the Company in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and thereby increasing their shareholding in the Company from the current 55.1% to 65.18%.

10 The Group has considered the possible effects of COVID-19 including on the recoverability of property, plant and equipment, loans and receivables, etc in accordance with the applicable 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. The impact of the pandemic may be different from that as estimated as at the date of approval of these results and the management continues to closely monitor any material changes to future economic conditions.

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

By Order of the Board
	Sunil Duggal
Dated : 26 July 2021 Place : New Delhi	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 ENDED 30 JUNE 2021

			(₹ in Crore, except as stated)
		Quarter ended									Year ended
S. No.	Particulars	30.06.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)			31.03.2021 (Audited)
1	Revenue from operations		12,883			12,305			6,689			37,120
2	Other operating income		75			86			93			320
3	Other income (Refer note 9)		1,399			92			4,726			10,948
	Total Income		14,357			12,483			11,508			48,388
4	Expenses
a)	Cost of materials consumed		4,950			4,521			2,731			13,990
b)	Purchases of Stock-in-Trade		162			76			76			204
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(546	)		92			(200	)		70
d)	Power & fuel charges		2,056			1,941			1,384			6,763
e)	Employee benefits expense		198			217			176			903
f)	Finance costs		722			813			800			3,193
g)	Depreciation, depletion and amortization expense		704			654			596			2,519
h)	Other expenses (Refer note 4)		2,370			2,482			1,411			6,850
	Total expenses		10,616			10,796			6,974			34,492
5	Profit before exceptional items and tax		3,741			1,687			4,534			13,896
6	Exceptional loss (Refer note 3)		—			(232	)		—			(232	)
7	Profit before tax		3,741			1,455			4,534			13,664
8	Tax expense/ (benefit) on other than exceptional items:
a)	Net Current tax expense/ (benefit)		661			(453	)		—			104
b)	Net Deferred tax (benefit)/ expense		(256	)		548			1,570			3,138
	Tax benefit on exceptional items :
c)	Deferred tax benefit (Refer note 3)		—			(81	)		—			(81	)
	Net tax expense (a+b+c)		405			14			1,570			3,161
9	Net Profit after tax (a)		3,336			1,441			2,964			10,503
10	Net Profit after tax before exceptional items (net of tax)		3,336			1,592			2,964			10,654
11	Other Comprehensive Income/ (Loss)
i.	(a) Items that will not be reclassified to profit or loss		36			3			22			63
	(b) Tax (expense)/ benefit on items that will not be reclassified to profit or loss		(1	)		(1	)		0			(3	)
ii.	(a) Items that will be reclassified to profit or loss		51			5			(54	)		(91	)
	(b) Tax benefit/ (expense) on items that will be reclassified to profit or loss		11			12			27			(26	)
	Total Other Comprehensive Income/ (Loss) (b)		97			19			(5	)		(57	)
12	Total Comprehensive Income (a+b)		3,433			1,460			2,959			10,446
13	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372
14	Reserves excluding Revaluation Reserves as per balance sheet											76,418
15	Earnings per share (₹) (*not annualised)
	- Basic & Diluted		8.97	*		3.87	*		7.97	*		28.23

			(₹ in Crore)
		Quarter ended									Year ended
S. No.	Segment Information	30.06.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)			31.03.2021 (Audited)
1	Segment Revenue
a)	Oil & Gas		1,339			1,395			750			4,086
b)	Aluminium		7,617			6,312			4,277			20,162
c)	Copper		2,206			2,735			848			7,623
d)	Iron Ore		1,576			1,727			639			4,529
e)	Power		145			136			175			720
	Total		12,883			12,305			6,689			37,120
Less:	Inter Segment Revenue		—			—			—			—
	Revenue from operations		12,883			12,305			6,689			37,120
2	Segment Results
	[Profit/ (Loss) before tax and interest]
a)	Oil & Gas		251			388			118			1,035
b)	Aluminium		2,393			1,590			511			4,138
c)	Copper		(133	)		(113	)		(98	)		(308	)
d)	Iron Ore		666			730			141			1,652
e)	Power		(38	)		(136	)		(13	)		(172	)
	Total		3,139			2,459			659			6,345
Less:	Finance costs		722			813			800			3,193
Add:	Other unallocable income net off expenses		1,324			41			4,675			10,744
	Profit before exceptional items and tax		3,741			1,687			4,534			13,896
Add:	Exceptional loss (Refer note 3)		—			(232	)		—			(232	)
	Profit before tax		3,741			1,455			4,534			13,664
3	Segment assets
a)	Oil & Gas		14,119			13,161			12,264			13,161
b)	Aluminium		43,784			42,303			42,401			42,303
c)	Copper		5,394			5,289			6,113			5,289
d)	Iron Ore		2,889			2,548			2,687			2,548
e)	Power		3,228			3,161			3,445			3,161
f)	Unallocated		68,029			71,269			70,469			71,269
	Total		137,443			137,731			137,379			137,731
4	Segment liabilities
a)	Oil & Gas		8,194			7,403			8,790			7,403
b)	Aluminium		13,415			13,508			14,291			13,508
c)	Copper		3,698			3,895			4,548			3,895
d)	Iron Ore		2,235			2,301			2,118			2,301
e)	Power		165			210			206			210
f)	Unallocated		29,500			33,624			34,553			33,624
	Total		57,207			60,941			64,506			60,941

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 5);

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

(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 ended 30 June 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at its respective meetings held on 26 July 2021. The statutory auditors have carried out limited review of the same.
2	The figures for the quarter ended 31 March 2021 are the balancing figures between audited figures for the full financial year ended 31 March 2021 and unaudited figures for the nine months ended 31 December 2020.
3	Exceptional loss comprise the following:

	(₹ in Crore)
	Quarter ended							Year Ended
Particulars	30.06.2021 (Unaudited)		31.03.2021 (Audited) (Refer Note 2)			30.06.2020 (Unaudited)		31.03.2021 (Audited)
Capital work-in-progress written off in Aluminium segment		—		(181	)		—		(181	)
Provision on advances subject to litigation in Copper segmenta		—		(51	)		—		(51	)
Exceptional loss		—		(232	)		—		(232	)
Tax benefit on exceptional items		—		81			—		81
Exceptional loss (net of tax)		—		(151	)		—		(151	)

a) Represents a provision of ₹ 51 Crore on advances given to Konkola Copper Mines plc (KCM), an overseas company, whose majority shares are ultimately held by Vedanta Resources Limited ("VRL") and on which a liquidation suit has been filed. The outstanding balance as at 30 June 2021 from KCM net of provisions is ₹ 51 Crore (31 March 2021 : ₹ 51 Crore).

4	Other expenses include cost of exploration wells written off amounting to ₹ 99 Crore, ₹ 1 Crore, ₹ 0 Crore and ₹ 6 Crore for the quarter ended 30 June 2021, 31 March 2021, 30 June 2020 and the year ended 31 March 2021 respectively.
5	The Company’s application for renewal of Consent to Operate (“CTO”) for existing copper smelter at Tuticorin was rejected by the 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. The Principal Bench of National Green Tribunal (“NGT”) ruled in favour of the Company but its order was set aside by the Supreme Court vide its judgment dated 18 February 2019, on the sole basis of maintainability. Vedanta Limited has filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The Supreme Court Bench did not allow the interim relief. The matter shall now be heard on merits. The matter was again mentioned before the bench on 17 March 2021, wherein the matter was posted for hearing on 17 August 2021. However, during the current period, the Company approached the Supreme Court offering to supply medical oxygen from the said facility in view of prevailing COVID-19 situation, which was allowed by the Supreme Court, under supervision of a committee constituted by the Government of Tamil Nadu until 31 July 2021. Further the Company has moved an application on 29 June 2021 providing status report on running Oxygen plant and seeking extension for another 6 months for operating the Oxygen plant. The matter is listed for hearing on 27 July 2021.
	The Company was also in the process of expanding its capacities at an adjacent site (‘Expansion Project’). 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. In the meanwhile, SIPCOT cancelled the land allotted for the Expansion Project, which was later stayed by the Madras High Court. Further, TNPCB issued an order directing the withdrawal of the Consent to Establish (“CTE”) which was valid till 31 March 2023. The Company has also appealed this action before the TNPCB Appellate Authority and the matter is pending for adjudication.
	As per the Company's assessment, it is in compliance with the applicable regulations and hence it does not expect any material adjustments to these financial results as a consequence of the above actions.

6	The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract (“PSC”). The management is of the opinion that the Company is eligible for extension of the PSC for Rajasthan ("RJ") block on same terms w.e.f. 15 May 2020, a matter which was being adjudicated at the Delhi High Court. The Division Bench of the Delhi High Court in March 2021 set aside the single judge order of May 2018 which allowed extension of PSC on same terms and conditions. We have filed Special Leave Petition in Supreme court against this Delhi High court judgement. In parallel, the Government of India ("GoI"), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 07 April 2017 (“Pre-NELP Policy”), for RJ block by a period of 10 years, w.e.f. 15 May 2020 vide its letter dated 26 October 2018, subject to fulfilment 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, a demand of US$ 364 million (₹ 2,705 Crore) has been raised by DGH on 12 May 2020, relating to the share of the Company and its subsidiary. This amount was subsequently revised to US$ 458 million (₹ 3,405 Crore) till March 2018 vide DGH letter dated 24 December 2020. The Company has disputed the demand and the other audit exceptions, notified till date, as in the Company’s view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms the Company has also commenced arbitration proceedings. The arbitration tribunal stands constituted and Vedanta also filed its application for interim relief. The interim relief application was heard by the Tribunal on 15 December 2020 wherein it was directed that GOI should not take any coercive action to recover the disputed amount of audit exceptions which is presently in arbitration and that during the arbitration period, GOI should continue to extend the tenure of the Rajasthan Block PSC on terms of current extension. The GOI has challenged the said order before the Delhi High Court which is next listed for hearing on 04 August 2021. The GoI has also filed application before the Tribunal objecting to its jurisdiction to decide issues arising out of or relating to the PSC extension policy dated 07 April 2017, the Office Memorandum dated 01 February 2013, as amended and audit exceptions notified for FY 2016-18.
	Further, on 23 September 2020, the GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. This matter is also scheduled for hearing on 04 August 2021. Simultaneously, the Company is also pursuing with the GoI for executing the RJ PSC addendum at the earliest. In view of extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, the GoI has been granting permission to the Company to continue Petroleum operations in the RJ block. The latest permission is valid upto 31 July 2021 or signing of the PSC addendum, whichever is earlier. For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters or any disruptions in its petroleum operations.
7	As per information received from VRL, during the current period, VRL together with Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, as persons acting in concert with VRL (“PACs”), acquired 37,42,31,161 equity shares of the Company under the voluntary open offer made to the public shareholders of the Company in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and thereby increasing their shareholding in the Company from the current 55.1% to 65.18%.
8	The Company has considered the possible effects of COVID-19 including on the recoverability of property, plant and equipment, loans and receivables, etc in accordance with the applicable 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. The impact of the pandemic may be different from that as estimated as at the date of approval of these results and the management continues to closely monitor any material changes to future economic conditions.
9	Other income includes dividend income from subsidiaries of ₹ 1,316 Crore and ₹ 10,369 Crore for the quarter ended 30 June 2021 and year ended 31 March 2021 respectively.

	By Order of the Board
Place : New Delhi	Sunil Duggal
Date : 26 July 2021	Whole-Time Director and Chief Executive Officer