Vedanta (VEDL) 6-K Statement of Audited Consolidated Results for the Quarter and Year Ended 31 March 2022

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 AUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022

(₹ in Crore, except as stated)

		Quarter ended									Year ended
S. No.	Particulars	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Revenue from operations		39,342			33,697			27,874			131,192			86,863
2	Other operating income		480			400			332			1,540			1,158
3	Other income		611			577			859			2,600			3,421
	Total income		40,433			34,674			29,065			135,332			91,442
4	Expenses
a)	Cost of materials consumed		11,235			9,563			7,331			37,172			22,849
b)	Purchases of stock-in-trade		35			10			18			133			41
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(643	)		(440	)		143			(2,049	)		792
d)	Power and fuel charges		6,333			6,501			3,972			21,164			13,674
e)	Employee benefits expense		720			714			709			2,811			2,861
f)	Finance costs		1,333			1,216			1,325			4,797			5,210
g)	Depreciation, depletion and amortization expense		2,379			2,274			2,055			8,895			7,638
h)	Other expenses		8,509			6,939			6,996			28,677			20,486
5	Total expenses		29,901			26,777			22,549			101,600			73,551
6	Profit before exceptional items and tax		10,532			7,897			6,516			33,732			17,891
7	Net exceptional loss (Refer note 4)		(336	)		(105	)		(773	)		(768	)		(678	)
8	Profit before tax		10,196			7,792			5,743			32,964			17,213
9	Tax expense/ (benefit)
	On other than exceptional items
a)	Net current tax expense		1,949			2,111			33			6,889			2,066
b)	Net deferred tax expense/ (benefit)		1,014			362			(1,732	)		2,544			268
i)	Deferred tax on intra group profit distribution (including from accumulated profits) (Refer note 8(b))		—			—			(132	)		—			869
ii)	Other deferred tax expense/ (benefit) (Refer note 8(a))		1,014			362			(1,600	)		2,544			(601	)
	On exceptional items
c)	Net tax benefit on exceptional items (Refer note 4)		(28	)		(35	)		(187	)		(178	)		(154	)
	Net tax expense/ (benefit) (a+b+c)		2,935			2,438			(1,886	)		9,255			2,180
10	Profit after tax before share in profit/ (loss) of jointly controlled entities and associates		7,261			5,354			7,629			23,709			15,033
11	Add: Share in profit/ (loss) of jointly controlled entities and associates		0			0			(1	)		1			(1	)
12	Profit after share in profit/ (loss) of jointly controlled entities and associates (a)		7,261			5,354			7,628			23,710			15,032

(₹ in Crore, except as stated)

		Quarter ended									Year ended
S. No.	Particulars	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
13	Other Comprehensive Income/ (Loss)
i.	(a) Items that will not be reclassified to profit or loss		(49	)		(1	)		5			(3	)		62
	(b) Tax benefit/ (expense) on items that will not be reclassified to profit or loss		3			(0	)		(9	)		1			(11	)
ii.	(a) Items that will be reclassified to profit or loss		841			(99	)		118			893			187
	(b) Tax (expense)/ benefit on items that will be reclassified to profit or loss		(5	)		(32	)		10			(28	)		(35	)
	Total Other Comprehensive Income/ (Loss) (b)		790			(132	)		124			863			203
14	Total Comprehensive Income (a + b)		8,051			5,222			7,752			24,573			15,235
15	Profit attributable to:
a)	Owners of Vedanta Limited		5,799			4,164			6,432			18,802			11,602
b)	Non-controlling interests		1,462			1,190			1,196			4,908			3,430
16	Other Comprehensive Income/ (Loss) attributable to:
a)	Owners of Vedanta Limited		725			(114	)		99			823			110
b)	Non-controlling interests		65			(18	)		25			40			93
17	Total Comprehensive Income attributable to:
a)	Owners of Vedanta Limited		6,524			4,050			6,531			19,625			11,712
b)	Non-controlling interests		1,527			1,172			1,221			4,948			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		6,027			4,233			7,013			19,279			12,151
19	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372			372
20	Reserves excluding revaluation reserves as per balance sheet											65,011			61,906
21	Earnings per share (₹) (*not annualised)
	-Basic		15.66	*		11.24	*		17.37	*		50.73			31.32
	-Diluted		15.56	*		11.17	*		17.25	*		50.38			31.13

(₹ in Crore)

		Quarter ended									Year ended
S. No.	Segment information	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Segment Revenue
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		7,551			6,736			5,349			24,418			17,550
	(ii) Silver - India		1,036			1,081			1,350			4,206			4,382
	Total		8,587			7,817			6,699			28,624			21,932
b)	Zinc - International		1,242			1,079			900			4,484			2,729
c)	Oil & Gas		3,940			3,113			2,584			12,430			7,531
d)	Aluminium		15,475			13,024			8,828			50,881			28,644
e)	Copper		4,351			3,741			3,945			15,151			10,890
f)	Iron Ore		1,866			1,416			1,727			6,350			4,528
g)	Power		1,687			1,638			1,449			5,826			5,375
h)	Others		2,556			1,943			1,785			7,972			5,377
	Total		39,704			33,771			27,917			131,718			87,006
Less:	Inter Segment Revenue		362			74			43			526			143
	Revenue from operations		39,342			33,697			27,874			131,192			86,863
2	Segment Results (EBITDA) i
a)	Zinc, Lead and Silver		4,988			4,384			3,846			16,161			11,620
b)	Zinc - International		467			367			201			1,533			811
c)	Oil & Gas		2,053			1,492			1,069			5,992			3,206
d)	Aluminium		5,218			3,747			2,739			17,337			7,751
e)	Copper		15			15			(71	)		(115	)		(177	)
f)	Iron Ore		548			410			793			2,280			1,804
g)	Power		188			283			172			1,082			1,407
h)	Others		291			240			358			1,049			919
	Total Segment results (EBITDA)		13,768			10,938			9,107			45,319			27,341
Less: Depreciation, depletion and amortization expense			2,379			2,274			2,055			8,895			7,638
Add: Other income ii			63			60			59			245			229
Less: Finance costs			1,333			1,216			1,325			4,797			5,210
Add: Other unallocable income, net of expenses			413			389			730			1,860			3,169
	Profit before exceptional items and tax		10,532			7,897			6,516			33,732			17,891
Add: Net exceptional loss (Refer note 4)			(336	)		(105	)		(773	)		(768	)		(678	)
	Profit before tax		10,196			7,792			5,743			32,964			17,213
3	Segment assets
a)	Zinc, Lead and Silver - India		22,822			21,948			21,302			22,822			21,302
b)	Zinc - International		6,984			6,259			6,065			6,984			6,065
c)	Oil & Gas		24,149			21,438			18,915			24,149			18,915
d)	Aluminium		60,407			59,970			54,764			60,407			54,764
e)	Copper		5,912			6,196			6,273			5,912			6,273
f)	Iron Ore		4,156			3,572			2,722			4,156			2,722
g)	Power		17,195			17,455			17,565			17,195			17,565
h)	Others		9,197			9,141			7,876			9,197			7,876
i)	Unallocated		47,778			43,017			50,229			47,778			50,229
	Total		198,600			188,996			185,711			198,600			185,711

i) Earnings before interest, depreciation, tax and exceptional items (‘EBITDA’) is a non- GAAP measure.

ii) Amortisation of duty benefits relating to assets recognised as government grant.

(₹ in Crore)

		Quarter ended						Year ended
S. No.	Segment information	31.03.2022 (Audited) (Refer note 2)		31.12.2021 (Unaudited)		31.03.2021 (Audited) (Refer note 2)		31.03.2022 (Audited)		31.03.2021 (Audited)
4	Segment liabilities
a)	Zinc, Lead and Silver—India		6,229		5,736		5,929		6,229		5,929
b)	Zinc—International		1,159		868		1,067		1,159		1,067
c)	Oil & Gas		16,138		14,396		11,178		16,138		11,178
d)	Aluminium		20,231		17,761		18,565		20,231		18,565
e)	Copper		5,028		4,408		4,388		5,028		4,388
f)	Iron Ore		2,601		1,852		1,319		2,601		1,319
g)	Power		1,976		2,147		2,123		1,976		2,123
h)	Others		2,694		2,369		2,140		2,694		2,140
i)	Unallocated		59,840		60,010		61,586		59,840		61,586
	Total		115,896		109,547		108,295		115,896		108,295

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

(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 7);

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

Consolidated Balance Sheet				(₹ in Crore)
Particulars		As at 31.03.2022 (Audited)		As at 31.03.2021 (Audited)
A	ASSETS
	Non-current assets
	(a) Property, plant and equipment		91,990		89,429
	(b) Capital work-in-progress		14,230		13,880
	(c) Intangible assets		1,476		1,041
	(d) Exploration intangible assets under development		1,649		2,434
	(e) Financial assets
	(i) Investments		151		156
	(ii) Trade receivables		3,219		3,158
	(iii) Loans		3,166		5,057
	(iv) Others		2,855		2,532
	(f) Deferred tax assets (net)		5,085		5,860
	(g) Income tax assets (net)		2,762		2,748
	(h) Other non-current assets		3,442		3,210
	Total non-current assets		130,025		129,505
	Current assets
	(a) Inventories		14,313		9,923
	(b) Financial assets
	(i) Investments		17,140		16,504
	(ii) Trade receivables		4,946		3,491
	(iii) Cash and cash equivalents		8,671		4,854
	(iv) Other bank balances		6,921		11,775
	(v) Loans		2,304		2,019
	(vi) Derivatives		258		70
	(vii) Others		8,724		4,245
	(c) Income tax assets (net)		25		7
	(d) Other current assets		5,273		3,318
	Total current assets		68,575		56,206
	Total Assets		198,600		185,711
B	EQUITY AND LIABILITIES
	Equity
	Equity share capital		372		372
	Other equity		65,011		61,906
	Equity attributable to owners of Vedanta Limited		65,383		62,278
	Non-controlling interests		17,321		15,138
	Total Equity		82,704		77,416
	Liabilities
	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		36,205		37,962
	(ii) Lease liabilities		150		160
	(iii) Derivatives		6		76
	(iv) Other financial liabilities		1,327		1,285
	(b) Provisions		3,386		3,132
	(c) Deferred tax liabilities (net)		4,435		2,215
	(d) Other non-current liabilities		4,674		4,327
	Total non-current liabilities		50,183		49,157
	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		16,904		19,066
	(ii) Lease liabilities		324		481
	(iii) Operational buyers’ credit / suppliers’ credit		10,993		8,265
	(iv) Trade payables		10,538		7,624
	(v) Derivatives		531		279
	(vi) Other financial liabilities		17,312		12,971
	(b) Provisions		417		353
	(c) Income tax liabilities (net)		917		277
	(d) Other current liabilities		7,777		9,822
	Total current liabilities		65,713		59,138
	Total Equity and Liabilities		198,600		185,711

Vedanta Limited

Consolidated statement of cash flows

				(₹ in Crore)
Particulars	Year ended 31.03.2022 (Audited)			Year ended 31.03.2021 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation		32,964			17,213
Adjustments for:
Depreciation, depletion and amortisation		8,919			7,662
Capital work-in-progress written off/ impairment of assets (reversal)/charge		(2,621	)		244
Provision for doubtful debts/ advance/ bad debts written off		244			308
Exploration costs written off		2,618			7
Liabilities written back		(65	)		—
Other exceptional items		771			434
Fair value gain on financial assets held at fair value through profit or loss		(209	)		(934	)
Profit on sale/ discard of property, plant and equipment (net)		(128	)		(75	)
Foreign exchange loss/ (gain) (net)		235			(119	)
Unwinding of discount on provisions		78			72
Share based payment expense		79			59
Interest and dividend income		(1,887	)		(2,106	)
Interest expense		4,712			5,123
Deferred government grant		(245	)		(229	)
Changes in assets and liabilities					—
Increase in trade and other receivables		(8,199	)		(3,215	)
(Increase)/ decrease in inventories		(4,373	)		1,409
Increase in trade and other payable		7,806			235
Cash generated from operations		40,699			26,088
Income taxes paid (net)		(5,736	)		(2,108	)
Net cash generated from operating activities		34,963			23,980
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)		(10,630	)		(6,886	)
Proceeds from sale of property, plant and equipment		325			168
Loans repaid by related parties		1,623			1,112
Loans given to related parties		—			(7,660	)
Short-term deposits made		(11,966	)		(18,040	)
Proceeds from redemption of short-term deposits		16,960			14,563
Short term investments made		(87,135	)		(75,160	)
Proceeds from sale of short term investments		86,848			83,330
Interest received		1,868			2,035
Dividends received		1			2
Payment made to site restoration fund		(147	)		(169	)
Net cash used in investing activities		(2,253	)		(6,750	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/ (repayment) of short-term borrowings (net)		875			(9,593	)
Proceeds from current borrowings		13,256			11,298
Repayment of current borrowings		(10,337	)		(11,056	)
Proceeds from long-term borrowings		20,916			16,707
Repayment of long-term borrowings		(28,758	)		(9,577	)
Interest paid		(5,274	)		(5,348	)
Payment of dividends to equity holders of the Company		(16,681	)		(3,519	)
Loan given to parent in excess of fair value		—			(536	)
Payment of dividends to non-controlling interests		(2,668	)		(5,603	)
Payment of lease liabilities		(232	)		(338	)
Net cash used in financing activities		(28,903	)		(17,565	)
Effect of exchange rate changes on cash and cash equivalents		10			72
Net increase/ (decrease) in cash and cash equivalents		3,817			(263	)
Cash and cash equivalents at the beginning of the year		4,854			5,117
Cash and cash equivalents at end of the year		8,671			4,854
Notes:
1. The figures in parentheses indicate 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 consolidated results of Vedanta Limited (“the Company”) and its subsidiaries (“the Group”), jointly controlled entities, and associates for the quarter and year ended 31 March 2022 have been reviewed by the Audit and Risk Management Committee at its meeting held on 27 April 2022 and approved by the Board of Directors at its meeting held on 28 April 2022.
2	These results have been prepared on the basis of the audited financial statements for the year ended 31 March 2022 and the interim financial results for the quarter and nine months ended 31 December 2021, which are prepared in accordance with the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015. The figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited year to date figures up to the third quarter of the respective financial year.
3	During the quarter, the Board of Directors of the Company, through resolution passed by circulation on 02 March 2022, have approved third interim dividend of ₹ 13 per equity share, i.e., 1,300% on face value of ₹ 1/- per equity share for the year ended 31 March 2022. With this, the total dividend declared for FY 2021-22 stands at ₹ 45 per equity share of ₹ 1/- each.
4	Net exceptional loss comprise the following:
														(₹ in Crore)
	Particulars	Quarter ended									Year ended
		31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
	Property, plant and equipment, exploration intangible assets under development, capital work-in-progress and other assets (impaired)/ reversal or (written off)/ written back in:
	- Oil & Gas
	a) Exploration cost written off		(2,403	)		(68	)		—			(2,618	)		—
	b) Reversal of previously recorded impairment		2,697			—			—			2,697			—
	- Aluminium		(125	)		—			(181	)		(125	)		(181	)
	- Others		—			(6	)		(63	)		(52	)		(63	)
	- Unallocated		—			(24	)		—			(24	)		—
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium		(288	)		—			—			(288	)		95
	- Copper		(217	)		—			(213	)		(217	)		(213	)
	- Zinc, Lead and Silver - India		—			—			—			(134	)		—
	- Others		—			(7	)		(213	)		(7	)		(213	)
	Other exceptional items - Unallocated		—			—			(103	)		—			(103	)
	Net exceptional loss		(336	)		(105	)		(773	)		(768	)		(678	)
	Current tax benefit on above		496			11			—			580			—
	Net deferred tax (expense)/ benefit on above		(468	)		24			187			(402	)		154
	Non-controlling interests on above		80			1			5			113			(25	)
	Net exceptional loss, net of tax and non-controlling interests		(228	)		(69	)		(581	)		(477	)		(549	)

5

Subsequent to the balance sheet date, the Board of Directors of the Company in their meeting held on 28 April 2022 have approved first interim dividend of ₹ 31.50 per equity share, i.e., 3,150% on face value of ₹ 1/- per equity share for FY 2022-23 amounting to ₹ 11,710 Crore.

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. The Company has appealed this order in the Supreme Court. 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 ₹ 2,752 Crore (US$ 364 million) 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 ₹ 3,465 Crore (US$ 458 million) 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 (“the 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 25 May 2022.

Further, on 23 September 2020, the GOI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues, which is currently being heard. 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 14 May 2022 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 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 had 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 hearing on care and maintenance could not be listed at Supreme Court. Instead, the matter is now being heard on merits.

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.

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 recognized deferred tax assets of ₹ 3,184 Crore during the year ended 31 March 2021. Consequent to recognition of the said deferred tax credit of ₹ 3,184 Crore, the net tax expense for the quarter and year ended 31 March 2021 was lower to that extent.

During the quarter ended 31 December 2021, ESL has derecognized deferred tax assets on losses expired in the current year amounting to ₹ 122 Crore. Based on revised financial forecasts, management is confident of realising the remaining deferred tax assets fully.

b) During the previous year, consequent to the declaration of dividend (including from accumulated profits) by the subsidiaries of the Company, the unabsorbed depreciation as per tax laws has been utilized by the Company leading to a deferred tax charge as disclosed in line 9(b)(i) of the above results.

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

		Year ended
	Particulars	31.03.2022 (Audited)			31.03.2021 (Audited)
a)	Debt-Equity Ratio (in times)		0.64			0.74
b)	Debt Service Coverage Ratio (in times)		2.36			2.11
c)	Interest Service Coverage Ratio (in times)		10.05			5.93
d)	Current Ratio (in times)		1.22			1.28
e)	Long term debt to working capital Ratio (in times)		3.70			4.29
f)	Bad debts to Account receivable Ratio (in times)		0.00			0.00
g)	Current liability Ratio (in times)		0.49			0.40
h)	Total debts to total assets Ratio (in times)		0.27			0.31
i)	Debtors Turnover Ratio (in times)		17.92			14.13
j)	Inventory Turnover Ratio (in times)		7.21			5.71
k)	Operating-Profit Margin (%)		27.44	%		22.39	%
l)	Net-Profit Margin (%)		18.31	%		17.67	%
m)	Debenture Redemption Reserve (₹ in Crore)		—			583
n)	Net Worth (Total Equity) (₹ in Crore)		82,704			77,416

Formulae for computation of ratios are as follows:

a)	Debt-Equity Ratio	Total Debt/ Total Equity
b)	Debt Service Coverage Ratio	Income available for debt service/ (interest expense + repayments made during the period for long term loans), where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortization expense + Interest expense
c)	Interest Service Coverage Ratio	Income available for debt service/ interest expense
d)	Current Ratio	Current Assets/ Current Liabilities (excluding current maturities of long term borrowing)
e)	Long term debt to working capital Ratio	Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = Current Assets - Current Liabilities (excluding current maturities of long term borrowing)
f)	Bad debts to Account receivable Ratio	Bad Debts written off/ Average Trade Receivables
g)	Current liability Ratio	Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities
h)	Total debts to total assets Ratio	Total Debt/ Total Assets
i)	Debtors Turnover Ratio	(Revenue from operations + Other operating income)/ Average Trade Receivables
j)	Inventory Turnover Ratio	(Revenue from operations + Other operating income) less EBITDA/ Average Inventory
k)	Operating-Profit Margin (%)	(EBITDA - Depreciation, depletion and amortization expense)/ (Revenue from operations + Other operating income)
l)	Net-Profit Margin (%)	Net profit after tax before exceptional items (net of tax) / (Revenue from operations + Other operating income)

10

The Non- Convertible debentures (‘NCDs’) of the Group outstanding as on 31 March 2022 are ₹ 7,937 Crore, out of which, listed secured NCDs are ₹ 5,016 Crore. The listed secured NCDs are secured by way of first pari passu mortgage/charge on certain movable fixed assets and freehold land of Vedanta Limited. The Group has maintained asset cover of more than 125% and 100% for NCDs with face value of ₹ 2,000 Crore and ₹ 3,020 Crore respectively.

11

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

	By Order of the Board
Place : New Delhi		Sunil Duggal
Date : 28 April 2022		Whole -Time Director and Group 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 AUDITED STANDALONE RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022

	(₹ in Crore, except as stated)
		Quarter ended									Year ended
S.No.	Particulars	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Revenue from operations		18,841			16,102			12,305			62,801			37,120
2	Other operating income		168			85			86			476			320
3	Other income (Refer note 8)		1,218			5,040			92			8,347			10,948
	Total Income		20,227			21,227			12,483			71,624			48,388
4	Expenses
a)	Cost of materials consumed		7,378			6,195			4,521			23,751			13,990
b)	Purchases of stock-in-trade		54			9			76			228			204
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(470	)		(223	)		92			(1,172	)		70
d)	Power and fuel charges		3,621			3,813			1,941			11,874			6,763
e)	Employee benefits expense		233			222			217			867			903
f)	Finance costs		868			840			813			3,146			3,193
g)	Depreciation, depletion and amortization expense		742			772			654			2,945			2,519
h)	Other expenses		2,953			2,338			2,482			10,051			6,850
	Total expenses		15,379			13,966			10,796			51,690			34,492
5	Profit before exceptional items and tax		4,848			7,261			1,687			19,934			13,896
6	Net exceptional loss (Refer note 4)		(96	)		(75	)		(232	)		(318	)		(232	)
7	Profit before tax		4,752			7,186			1,455			19,616			13,664
8	Tax expense/ (benefit) on other than exceptional items:
a)	Net current tax expense/ (benefit)		850			1,282			(453	)		3,505			104
b)	Net deferred tax (benefit)/ expense		(221	)		(543	)		548			(1,023	)		3,138
	Net tax benefit on exceptional items:
c)	Net tax benefit on exceptional items (Refer note 4)		(34	)		(26	)		(81	)		(111	)		(81	)
	Net tax expense (a+b+c)		595			713			14			2,371			3,161
9	Net profit after tax (a)		4,157			6,473			1,441			17,245			10,503
10	Net profit after tax before exceptional items (net of tax)		4,219			6,522			1,592			17,452			10,654
11	Other Comprehensive Income/ (Loss)
a)	(i) Items that will not be reclassified to profit or loss		(34	)		(1	)		3			(8	)		63
	(ii) Tax benefit/ (expense) on items that will not be reclassified to profit or loss		2			0			(1	)		8			(3	)
b)	(i) Items that will be reclassified to profit or loss		277			67			5			407			(91	)
	(ii) Tax (expense)/ benefit on items that will be reclassified to profit or loss		(58	)		(21	)		12			(74	)		(26	)
	Total Other Comprehensive Income/ (Loss) (b)		187			45			19			333			(57	)
12	Total Comprehensive Income (a+b)		4,344			6,518			1,460			17,578			10,446
13	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372			372
14	Reserves excluding revaluation reserves as per balance sheet											77,277			76,418
15	Earnings per share (₹) (*not annualised)
	- Basic and diluted		11.17	*		17.40	*		3.87	*		46.36			28.23

															(₹ in Crore)
		Quarter ended									Year ended
S. No.	Segment information	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Segment revenue
a)	Oil & Gas		2,067			1,672			1,395			6,622			4,086
b)	Aluminium		11,766			9,849			6,312			38,371			20,162
c)	Copper		3,286			3,010			2,735			11,096			7,623
d)	Iron Ore		1,714			1,361			1,727			6,143			4,529
e)	Power		226			210			136			787			720
	Total		19,059			16,102			12,305			63,019			37,120
Less:	Inter segment revenue		218			—			—			218			—
	Revenue from operations		18,841			16,102			12,305			62,801			37,120
2	Segment Results (EBITDA) i
a)	Oil & Gas		1,042			793			566			3,137			1,743
b)	Aluminium		3,896			2,799			1,942			13,024			5,471
c)	Copper		30			(77	)		(58	)		(150	)		(106	)
d)	Iron Ore		514			411			752			2,187			1,735
e)	Power		(135	)		(32	)		(107	)		(172	)		(55	)
	Total Segment results (EBITDA)		5,347			3,894			3,095			18,026			8,788
Less:	Depreciation, depletion and amortization expense		742			772			654			2,945			2,519
Add:	Other income ii		20			21			18			78			76
Less:	Finance costs		868			840			813			3,146			3,193
Add:	Other unallocable income net of expenses (Refer note 8)		1,091			4,958			41			7,921			10,744
	Profit before exceptional items and tax		4,848			7,261			1,687			19,934			13,896
Add:	Net exceptional loss (Refer note 4)		(96	)		(75	)		(232	)		(318	)		(232	)
	Profit before tax		4,752			7,186			1,455			19,616			13,664
3	Segment assets
a)	Oil & Gas		16,420			14,272			13,161			16,420			13,161
b)	Aluminium		47,307			47,049			42,303			47,307			42,303
c)	Copper		5,383			5,393			5,289			5,383			5,289
d)	Iron Ore		3,590			3,026			2,548			3,590			2,548
e)	Power		3,044			3,180			3,161			3,044			3,161
f)	Unallocated		73,215			71,771			71,269			73,215			71,269
	Total		148,959			144,691			137,731			148,959			137,731
4	Segment liabilities
a)	Oil & Gas		10,178			8,941			7,403			10,178			7,403
b)	Aluminium		15,848			13,418			13,508			15,848			13,508
c)	Copper		4,638			4,008			3,895			4,638			3,895
d)	Iron Ore		2,321			1,697			2,301			2,321			2,301
e)	Power		152			269			210			152			210
f)	Unallocated		38,173			38,242			33,624			38,173			33,624
	Total		71,310			66,575			60,941			71,310			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 6);

(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.

i) Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure.

ii) Amortisation of duty benefits relating to assets recognised as government grant.

Balance Sheet

(₹ in Crore)

	Particulars	As at 31.03.2022 (Audited)		As at 31.03.2021 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		39,490		38,222
	(b) Capital work-in-progress		9,226		9,096
	(c) Intangible assets		26		27
	(d) Exploration intangible assets under development		1,488		1,605
	(e) Financial assets
	(i) Investments		60,881		60,887
	(ii) Trade receivables		1,293		1,323
	(iii) Loans		154		180
	(iv) Others		1,440		1,258
	(f) Deferred tax assets (net)		1,118		333
	(g) Income tax assets (net)		1,800		1,787
	(h) Other non-current assets		2,214		2,371
	Total non-current assets		119,130		117,089
2	Current assets
	(a) Inventories		8,563		5,555
	(b) Financial assets
	(i) Investments		585		2,016
	(ii) Trade receivables		2,328		1,136
	(iii) Cash and cash equivalents		5,518		2,861
	(iv) Other bank balances		1,630		1,475
	(v) Loans		365		523
	(vi) Derivatives		249		66
	(vii) Others		7,394		5,071
	(c) Other current assets		3,197		1,939
	Total current assets		29,829		20,642
	Total assets		148,959		137,731
B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital		372		372
	Other Equity		77,277		76,418
	Total Equity		77,649		76,790
	Liabilities
2	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		23,421		20,913
	(ii) Lease liabilities		57		60
	(iii) Derivatives		6		50
	(iv) Other financial liabilities		192		190
	(b) Provisions		1,268		1,169
	(c) Other non-current liabilities		2,751		2,360
	Total Non-current liabilities		27,695		24,742
3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		13,275		11,253
	(ii) Lease liabilities		25		73
	(iii) Operational buyers’ credit / suppliers’ credit		9,261		6,029
	(iv) Trade payables
	(1) Total outstanding dues of micro, small and medium enterprises		195		209
	(2) Total outstanding dues of creditors other than micro, small and medium enterprises		5,329		3,594
	(v) Derivatives		277		139
	(vi) Other financial liabilities		10,020		9,169
	(b) Provisions		158		98
	(c) Income tax liabilities (net)		601		46
	(d) Other current liabilities		4,474		5,589
	Total current liabilities		43,615		36,199
	Total Equity and Liabilities		148,959		137,731

Statement of Cash Flows

				(₹ in Crore)
Particulars	Year ended 31.03.2022 (Audited)			Year ended 31.03.2021 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		19,616			13,664
Adjustments for:
Depreciation, depletion and amortisation		2,968			2,543
Capital work-in-progress written off/ impairment of assets (reversal)/ charge		(1,346	)		181
Provision for doubtful debts/ advance/ bad debts written off		239			129
Exploration costs written off		1,412			6
Other exceptional items		252			51
Fair value gain on financial assets held at fair value through profit or loss		(1	)		(93	)
Net gain on sale of long term investments		(16	)		—
(Profit)/ Loss on sale/ discard of property, plant and equipment (net)		(129	)		28
Foreign exchange loss (net)		146			80
Unwinding of discount on provisions		24			23
Share based payment expense		29			36
Interest and dividend income		(8,050	)		(10,730	)
Interest expense		3,123			3,170
Deferred government grant		(78	)		(75	)
Changes in assets and liabilities
Increase in trade and other receivables		(4,996	)		(1,339	)
(Increase)/ decrease in inventories		(3,008	)		53
Increase/ (decrease) in trade and other payable		5,064			(1,452	)
Cash generated from operations		15,249			6,275
Income taxes paid (net)		(2,685	)		(228	)
Net cash generated from operating activities		12,564			6,047
CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (net of cash and cash equivalents acquired)		—			(59	)
Purchases of property, plant and equipment (including intangibles)		(3,674	)		(2,669	)
Proceeds from sale of property, plant and equipment		268			18
Loans repaid by related parties		567			1,684
Loans given to related parties		(383	)		(579	)
Short-term deposits made		(1,067	)		(1,441	)
Proceeds from redemption of short-term deposits		1,285			962
Short term investments made		(25,777	)		(18,468	)
Proceeds from sale of short-term investments		27,230			18,628
Interest received		205			415
Dividends received		7,830			10,371
Payments made to site restoration fund		(76	)		(94	)
Net cash generated from investing activities		6,408			8,768
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/ (repayment) of short-term borrowings (net)		816			(8,726	)
Proceeds from current borrowings		8,868			5,499
Repayment of current borrowings		(4,066	)		(6,908	)
Proceeds from long-term borrowings		18,942			9,021
Repayment of long-term borrowings		(20,250	)		(5,564	)
Interest paid		(3,872	)		(3,439	)
Payment of dividends to equity holders of the Company		(16,689	)		(3,519	)
Payment of lease liabilities		(64	)		(164	)
Net cash used in financing activities		(16,315	)		(13,800	)
Net increase in cash and cash equivalents		2,657			1,015
Cash and cash equivalents at the beginning of the year		2,861			1,846
Cash and cash equivalents at the end of the year		5,518			2,861

Notes:

1. The figures in parentheses indicate 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 year ended 31 March 2022 have been reviewed by the Audit and Risk Management Committee at its meeting held on 27 April 2022 and approved by the Board of Directors at its meeting held on 28 April 2022.
2	These results have been prepared on the basis of the audited financial statements for the year ended 31 March 2022 and the interim financial results for the quarter and nine months ended 31 December 2021, which are prepared in accordance with the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015. The figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited year to date figures up to the third quarter of the respective financial year.
3	During the quarter, the Board of Directors of the Company, through resolution passed by circulation on 02 March 2022, have approved third interim dividend of ₹ 13 per equity share, i.e., 1,300% on face value of ₹ 1/- per equity share for the year ended 31 March 2022. With this, the total dividend declared for FY 2021-22 stands at ₹ 45 per equity share of ₹ 1/- each.
4	Net exceptional loss comprise the following:
														(₹ in Crore)
	Particulars	Quarter ended									Year ended
		31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
	Property, plant and equipment, exploration intangible assets under development, capital work-in-progress and other assets (impaired)/ reversal or (written off)/ written back in:
	- Oil & Gas
	a) Exploration wells written off		(1,214	)		(51	)		—			(1,412	)		—
	b) Reversal of previously recorded impairment		1,370			—			—			1,370			—
	- Aluminium		(125	)		—			(181	)		(125	)		(181	)
	- Unallocated		—			(24	)		—			(24	)		—
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium		(73	)		—			—			(73	)		—
	- Copper		(54	)		—			(51	)		(54	)		(51	)
	Net exceptional loss		(96	)		(75	)		(232	)		(318	)		(232	)
	Current tax benefit on above		247			9			—			281			—
	Net deferred tax (expense)/ benefit on above		(213	)		17			81			(170	)		81
	Net Exceptional loss (net of tax)		(62	)		(49	)		(151	)		(207	)		(151	)
5	Subsequent to the balance sheet date, the Board of Directors of the Company in their meeting held on 28 April 2022 have approved first interim dividend of ₹ 31.50 per equity share, i.e., 3,150% on face value of ₹ 1/- per equity share for FY 2022-23 amounting to ₹ 11,710 Crore.
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 had 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 hearing on care and maintenance could not be listed at Supreme Court. Instead, the matter is now being heard on merits.
	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	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. The Company has appealed this order in the Supreme Court. 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 ₹ 2,752 Crore (US$ 364 million) 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 ₹ 3,465 Crore (US$ 458 million) 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 (“the 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 25 May 2022.
	Further, on 23 September 2020, the GOI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues, which is currently being heard. 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 14 May 2022 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.
8	Other income includes dividend income from subsidiaries of ₹ 1,062 Crore, ₹ 4,938 Crore, ₹ NIL Crore, ₹ 7,828 Crore and ₹ 10,369 Crore for the quarter ended 31 March 2022, 31 December 2021, 31 March 2021, year ended 31 March 2022 and 31 March 2021 respectively.

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

		Quarter ended									Year ended
	Particulars	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
a)	Debt-Equity Ratio (in times)*		0.47			0.45			0.42			0.47			0.42
b)	Debt Service Coverage Ratio (in times) (annualised)		1.96			1.76			2.01			1.96			2.01
c)	Interest Service Coverage Ratio (in times)*		7.55			11.41			3.98			8.33			5.99
d)	Current Ratio (in times)*		0.80			0.77			0.79			0.80			0.79
e)	Long term debt to working capital Ratio (in times)*		*	*		*	*		*	*		*	*		*	*
f)	Bad debts to Account receivable Ratio (in times)*		0.00			—			0.00			0.00			0.00
g)	Current liability Ratio (in times)*		0.52			0.50			0.43			0.52			0.43
h)	Total debts to total assets Ratio (in times)*		0.25			0.24			0.23			0.25			0.23
i)	Debtors Turnover Ratio (in times)*		5.31			4.75			4.62			20.81			16.15
j)	Inventory Turnover Ratio (in times)*		1.71			1.75			1.60			6.41			5.10
k)	Operating-Profit Margin (%)*		24	%		19	%		20	%		24	%		17	%
l)	Net-Profit Margin (%)*		24	%		40	%		13	%		28	%		28	%
m)	Debenture Redemption Reserve (₹ in Crore)		—			—			557			—			557
n)	Net Worth (Total Equity) (₹ in Crore)		77,649			78,115			76,790			77,649			76,790

* Not annualised, except for the year ended 31 March 2022 and 31 March 2021

** Net working capital is negative

Formulae for computation of ratios are as follows:

a)	Debt-Equity Ratio	Total Debt/ Total Equity
b)	Debt Service Coverage Ratio	Income available for debt service/ (interest expense + repayments made during the period for long term loans), where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortization expense + Interest expense
c)	Interest Service Coverage Ratio	Income available for debt service/ interest expense
d)	Current Ratio	Current Assets/ Current Liabilities (excluding current maturities of long term borrowing)
e)	Long term debt to working capital Ratio	Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = Current Assets - Current Liabilities (excluding current maturities of long term borrowing)
f)	Bad debts to Account receivable Ratio	Bad Debts written off/ Average Trade Receivables
g)	Current liability Ratio	Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities
h)	Total debts to total assets Ratio	Total Debt/ Total Assets
i)	Debtors Turnover Ratio	(Revenue from operations + Other operating income)/ Average Trade Receivables
j)	Inventory Turnover Ratio	(Revenue from operations + Other operating income) less EBITDA/ Average Inventory
k)	Operating-Profit Margin (%)	(EBITDA - Depreciation, depletion and amortization expense)/ (Revenue from operations + Other operating income)
l)	Net-Profit Margin (%)	Net profit after tax before exceptional items (net of tax) / (Revenue from operations + Other operating income)

10	The listed secured Non-Convertible debentures (‘NCDs’) of the Company aggregating ₹ 5,016 Crore as on 31 March 2022 are secured by way of first Pari Passu mortgage/charge on certain movable fixed assets and freehold land of the Company. The Company has maintained asset cover of more than 125% and 100% for NCDs with face value of ₹ 2,000 Crore and ₹ 3,020 Crore respectively.
11	The Company is in compliance with the requirements of SEBI circular dated 26 November 2018 applicable to large corporate borrowers.
12	Previous period/ year figures have been re-grouped/rearranged, wherever necessary.

	By Order of the Board
Place : New Delhi		Sunil Duggal
Date : 28 April 2022		Whole - Time Director and Group Chief Executive Officer