Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of June 2020

Commission File 001 — 33175

Vedanta Limited

(Exact name of registrant as specified in the charter)

1^st Floor, ‘C’ wing, Unit 103,

Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai-400 093

Maharashtra, India

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Table of Contents

The Board of Directors of the Company at their meeting held on June 6, 2020, have considered and approved the Audited Consolidated and Standalone Financial Results of the Company for the Fourth quarter and Year ended March 31, 2020.

In this regard, please find enclosed herewith the following:

1.	The Audited Consolidated and Standalone Financial Results of the Company for the Fourth quarter and year ended March 31, 2020 (‘Financial Results’); - Exhibit 99.1

2.	Audit Report for Financial Results from our Statutory Auditors, M/s S.R. Batliboi & Co., LLP Chartered Accountants in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’); Exhibi 99.2

The report of Auditors is with unmodified opinion w.r.t. the Financial Results;

3.	A Press Release in respect to the Financial Results; Exhibit 99.3

4.	Investor Presentation on the Financial Results. Exhibit 99.4

Further, disclosure w.r.t. material impact of COVID–19 pandemic, pursuant to the SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2020/84 dated May 20, 2020 is also enclosed, Exhibit 99.5

We request you to kindly take the above information on record.

Forward looking statement:

In addition to historical information, this Form 6K and the exhibits included herein contain forward-looking statements within the meaning of Section 27A of the Securities Act, of 1933, as amended, and Section 21E of the Securities Exchange Act, 1934, as amended. The forward looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled “Special Note Regarding Forward-Looking Statements” in our Annual Report on Form 20F dated July 15, 2019. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our management’s analysis only as of the date of the exhibits to this Form 6K. In addition, you should carefully review the other information in our Annual Report and other documents filed with the United States Securities and Exchange Commission (the “SEC”) from time to time. Our filings with the SEC are available on the SEC’website,www.sec.gov.

Exhibits

Exhibit 99.1 - The Unaudited Consolidated and Standalone Financial Results of the Company for the Fourth quarter and Year ended March 31, 2020 (‘Financial Results’);

Exhibit 99.2 - Limited Review Report for Financial Results from our Statutory Auditors, M/s S.R. Batliboi & Co., LLP Chartered Accountants in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; The report of Auditors is with unmodified opinion w.r.t. the Financial Results;

Exhibit 99.3 - A Press Release in respect to the Financial Results;

Exhibit 99.4 - Investor Presentation on the Financial Results.

Exhibit 99.5 - Disclosure pursuant to the SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2020/84 dated May 20, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 6, 2020


VEDANTA LIMITED

By:		/s /Prerna Halwasiya
Name:		Prerna Halwasiya
Title:		Company Secretary & Compliance Officer

EX-99.1

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 MARCH 31, 2020


			(₹ in Crore except as stated)

		Quarter ended									Year ended
S. No.	Particulars	31.03.2020 (Audited) (Refer note 2)			31.12.2019 (Unaudited)			31.03.2019 (Audited) (Refer note 2)			31.03.2020 (Audited)			31.03.2019 (Audited)
1	Revenue from operations (Refer note 8)		19,513			21,126			23,092			83,545			90,901
2	Other operating income		242			234			376			902			1,147
3	Other income		627			647			1,628			2,510			4,018

	Total Income		20,382			22,007			25,096			86,957			96,066

4	Expenses
a)	Cost of materials consumed		5,419			5,244			6,538			21,261			25,490
b)	Purchases of stock-in-trade		20			205			6			225			588
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		199			(469	)		222			1,017			72
d)	Power & fuel charges		3,313			3,690			4,334			16,392			18,144
e)	Employee benefits expense		487			728			768			2,672			3,023
f)	Finance costs		1,064			1,232			1,401			4,977			5,689
g)	Depreciation, depletion and amortization expense		2,252			2,291			2,258			9,093			8,192
h)	Other expenses		5,765			5,448			5,465			22,193			21,628

5	Total expenses		18,519			18,369			20,992			77,830			82,826

6	Profit before exceptional items and tax		1,863			3,638			4,104			9,127			13,240

7	Net exceptional (loss) /gain (Refer note 4)		(17,132	)		168			—			(17,386	)		320

8	(Loss) / Profit before tax		(15,269	)		3,806			4,104			(8,259	)		13,560

9	Tax (benefit)/ expense
	On other than exceptional items
a)	Net Current tax expense		320			515			679			1,788			2,677
b)	Net Deferred tax expense / (benefit) (Refer note 11)		1,317			567			207			(484	)		1,073
c)	Deferred tax on intra group profit distribution		1,701			—			—			1,701			—
	On Exceptional items
a)	Net Deferred tax (benefit) /expense (Refer note 4)		(6,524	)		59			—			(6,521	)		112

	Net tax (benefit) /expense:		(3,186	)		1,141			886			(3,516	)		3,862

10	(Loss) / Profit after tax before share in profit / (loss) of jointly controlled entities and associates and non-controlling interests		(12,083	)		2,665			3,218			(4,743	)		9,698

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

12	(Loss) / Profit after share in profit / (loss) of jointly controlled entities and associates (a)		(12,083	)		2,665			3,218			(4,744	)		9,698

13	Other Comprehensive Income/ (loss)
i.	(a) Items that will not be reclassified to profit or loss		(96	)		(36	)		(48	)		(284	)		(85	)
	(b) Tax benefit on items that will not be reclassified to profit or loss		23			6			5			71			25
ii.	(a) Items that will be reclassified to profit or loss		(73	)		539			(389	)		927			516
	(b) Tax benefit on items that will be reclassified to profit or loss		28			15			33			2			1

	Total Other Comprehensive (Loss) / Income (b)		(118	)		524			(399	)		716			457

14	Total Comprehensive (Loss) / Income (a + b)		(12,201	)		3,189			2,819			(4,028	)		10,155

15	Profit/ (loss) attributable to:

a)	Owners of Vedanta Limited		(12,521	)		2,348			2,615			(6,664	)		7,065
b)	Non-controlling interests		438			317			603			1,920			2,633

16	Other Comprehensive Income/ (Loss) attributable to :

a)	Owners of Vedanta Limited		0			488			(379	)		839			585
b)	Non-controlling interests		(118	)		36			(20	)		(123	)		(128	)

17	Total comprehensive Income/ (loss) attributable to:

a)	Owners of Vedanta Limited		(12,521	)		2,836			2,236			(5,825	)		7,650
b)	Non-controlling interests		320			353			583			1,797			2,505

18	Net (Loss) / profit after taxes, non-controlling interests and share in (loss)/ profit of jointly controlled entities and associates but before exceptional items		(1,914	)		2,239			2,615			3,993			6,857

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											54,263			61,925
21	Earnings / (Loss) per share (₹) (*not annualised)
	-Basic		(33.82	)*		6.34	*		7.06	*		(18.00	)		19.07
	-Diluted		(33.82	)*		6.31	*		7.04	*		(18.00	)		18.98


			(₹ in Crore except as stated)

		Quarter ended									Year ended
S. No.	Segment Information	31.03.2020 (Audited) (Refer note 2)			31.12.2019 (Unaudited)			31.03.2019 (Audited) (Refer note 2)			31.03.2020 (Audited)			31.03.2019 (Audited)
1	Segment Revenue
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		3,692			3,908			4,610			15,715			18,088
	(ii) Silver - India		601			692			744			2,444			2,568

	Total		4,293			4,600			5,354			18,159			20,656
b)	Zinc - International		733			681			1,002			3,128			2,738
c)	Oil & Gas (Refer note 8)		2,404			3,930			3,175			12,661			13,223
d)	Aluminium		6,378			6,789			6,547			26,577			29,229
e)	Copper		2,256			1,835			2,803			9,053			10,739
f)	Iron Ore		1,073			836			853			3,463			2,911
g)	Power		1,204			1,307			1,593			5,860			6,524
h)	Others		1,224			1,182			1,783			4,782			5,023

	Total		19,565			21,160			23,110			83,683			91,043

Less: Inter Segment Revenue			52			34			18			138			142

	Revenue from operations		19,513			21,126			23,092			83,545			90,901

2	Segment Results
	[ (Loss) / Profit before tax and interest]
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		887			1,068			1,586			4,322			6,512
	(ii) Silver - India		516			613			638			2,126			2,207

	Total		1,403			1,681			2,224			6,448			8,719
b)	Zinc - International		(212	)		(32	)		233			(253	)		269
c)	Oil & Gas		200			2,075			1,183			4,557			5,164
d)	Aluminium		667			335			(123	)		175			399
e)	Copper		(124	)		(114	)		(122	)		(509	)		(438	)
f)	Iron Ore		317			192			208			777			474
g)	Power		301			209			197			979			832
h)	Others		92			(52	)		319			(1	)		584

	Total		2,644			4,294			4,119			12,173			16,003

Less: Finance costs			1,064			1,232			1,401			4,977			5,689
Add: Other unallocable income net off expenses			283			576			1,386			1,931			2,926

	Profit before exceptional items and tax		1,863			3,638			4,104			9,127			13,240

Add: Net exceptional (loss) /gain (Refer note 4)			(17,132	)		168			—			(17,386	)		320

	(Loss) / Profit before tax		(15,269	)		3,806			4,104			(8,259	)		13,560

3	Segment assets
a)	Zinc, Lead and Silver - India		21,989			21,322			19,884			21,989			19,884
b)	Zinc - International		5,175			6,498			6,034			5,175			6,034
c)	Oil & Gas (Refer note 4)		15,474			28,497			28,519			15,474			28,519
d)	Aluminium		55,876			55,867			58,422			55,876			58,422
e)	Copper		6,867			7,332			8,347			6,867			8,347
f)	Iron Ore		2,738			3,122			3,122			2,738			3,122
g)	Power		18,712			18,802			19,573			18,712			19,573
h)	Others		8,087			8,177			8,844			8,087			8,844
i)	Unallocated		48,704			43,350			49,298			48,704			49,298

	Total		183,622			192,967			202,043			183,622			202,043

4	Segment liabilities
a)	Zinc, Lead and Silver - India		5,996			4,639			6,155			5,996			6,155
b)	Zinc - International		1,226			1,156			1,361			1,226			1,361
c)	Oil & Gas		10,206			7,347			9,851			10,206			9,851
d)	Aluminium		20,811			22,118			23,062			20,811			23,062
e)	Copper		4,599			3,113			4,163			4,599			4,163
f)	Iron Ore		1,268			1,202			1,367			1,268			1,367
g)	Power		1,942			1,996			2,045			1,942			2,045
h)	Others		1,574			1,419			1,463			1,574			1,463
i)	Unallocated		64,253			64,293			75,052			64,253			75,052

	Total		111,875			107,283			124,519			111,875			124,519

The main business segments are

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

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

(d) Copper which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid, phosphoric acid (Refer note 9)

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

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

(g) Other business segment comprises of port/berth, glass substrate and steel. The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively.

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


Consolidated Balance Sheet				(₹ in Crore)

		As at		As at
Particulars		31.03.2020		31.03.2019
		(Audited)		(Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		88,022		95,515
	(b) Capital work-in-progress		16,837		22,236
	(c) Intangible assets		882		882
	(d) Exploration intangible assets under development		1,748		2,723
	(e) Financial assets
	(i) Investments		95		4,891
	(ii) Trade receivables		3,111		3,688
	(iii) Loans		17		20
	(iv) Derivatives		3		—
	(v) Others		2,523		1,083
	(f) Deferred tax assets (net)		6,889		3,475
	(g) Income tax assets (net)		2,645		3,484
	(h) Other non-current assets		3,330		4,218

	Total Non-current assets		126,102		142,215

2	Current assets
	(a) Inventories		11,335		13,198
	(b) Financial Assets
	(i) Investments		24,658		28,174
	(ii) Trade receivables		2,697		3,982
	(iii) Cash and cash equivalents		5,117		7,289
	(iv) Other bank balances		7,385		1,080
	(v) Loans		85		82
	(vi) Derivatives		692		78
	(vii) Others		2,406		2,482
	(c) Income tax assets (net)		7		8
	(d) Other current assets		3,138		3,455

	Total Current assets		57,520		59,828

	Total assets		183,622		202,043

B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital		372		372
	Other Equity		54,263		61,925

	Equity attributable to owners of Vedanta Limited		54,635		62,297
2	Non-controlling interests		17,112		15,227

	Total Equity		71,747		77,524

	Liabilities
3	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		36,724		34,721
	(ii) Derivatives		45		99
	(iii) Other financial liabilities		1,501		1,569
	(b) Provisions		2,828		2,596
	(c) Deferred tax liabilities (net)		2,885		4,484
	(d) Other non-current liabilities		4,570		4,409

	Total Non-current liabilities		48,553		47,878

4	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		13,076		22,982
	(ii) Trade payables		16,972		17,352
	(iii) Derivatives		96		451
	(iv) Other financial liabilities		21,162		22,288
	(b) Provisions		355		387
	(c) Income tax liabilities (net)		188		409
	(d) Other current liabilities		11,473		12,772

		63,322		76,641

	Total Equity and Liabilities		183,622		202,043


					(₹ in Crore)
Vedanta Limited
Consolidated statement of cash flows for the year ended March 31, 2020
Particulars	Year ended March 31, 2020 (Audited)			Year ended March 31, 2019 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/ Profit before taxation		(8,259	)		13,560
Adjustments for:
Depreciation, depletion and amortisation		9,152			8,220
Impairment charge/(reversal)		17,080			(261	)
Other exceptional items		306			(59	)
Provision for doubtful debts/ advance/ bad debts written off		121			—
Exploration costs written off		3			50
Fair Value gain on financial assets held at fair value through profit or loss		(558	)		(1,988	)
Loss on sale/ discard of property, plant and equipment (net)		56			68
Foreign exchange loss (net)		317			512
Unwinding of discount		96			93
Share based payment expense		72			81
Interest and dividend Income		(1,683	)		(1,447	)
Interest expenses		4,874			5,593
Deferred government grant		(205	)		(183	)

Changes in assets and liabilities
Decrease/(increase) in trade and other receivables		462			(2,690	)
Decrease/(increase) in inventories		1,990			(418	)
(Decrease)/ increase in trade and other payable		(3,391	)		5,236

Cash generated from operation		20,433			26,367
Income taxes paid (net)		(1,135	)		(2,613	)

Net cash generated from operating activities		19,298			23,754

CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (net of cash and cash equivalents acquired)		(33	)		(5,075	)
Purchases of property, plant and equipment (including intangibles)		(7,814	)		(8,942	)
Proceeds from sale of property, plant and equipment		145			125
Short-term deposits made		(11,190	)		(1,926	)
Proceeds from redemption of short-term deposits		4,564			4,406
Short term investments made		(98,358	)		(81,523	)
Proceeds from sale of short term investments		103,339			83,362
Interest received		830			884
Dividends received		18			30
Payment made to Site Restoration fund		(37	)		(55	)
Proceeds on liquidation of structured investments		3,077			—
Payment towards Structured Investments		(435	)		(1,816	)

Net cash (used in) investing activities		(5,894	)		(10,530	)

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of short term borrowings (net)		(11,264	)		(626	)
Proceeds from current borrowings		4,473			4,429
Repayment of current borrowings		(4,397	)		(3,179	)
Proceeds from long-term borrowings		11,826			16,835
Repayment of long-term borrowings		(8,996	)		(9,760	)
Interest paid		(5,322	)		(6,009	)
Payment of dividends to equity holders of the parent, including dividend distribution tax		(1,444	)		(8,076	)
Payment of dividends to non-controlling interests, including dividend distribution tax		—			(3,716	)
Exercise of Stock Options		0			4
Purchase of Treasury Shares for Stock options		—			(144	)
Payment for acquiring non-controlling interest		(107	)		—
Payment of lease liabilities		(316	)		—

Net cash (used in) financing activities		(15,547	)		(10,242	)

Effect of exchange rate changes on cash and cash equivalents		(31	)		(64	)

Net (decrease)/ increase in cash and cash equivalents		(2,174	)		2,918

Cash and cash equivalents at the beginning of the year		7,385			4,467

Cash and cash equivalents at end of the year		5,211			7,385

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 year ended March 31, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on June 06, 2020.

2		These results have been prepared on the basis of the consolidated audited financial statements for the year ended March 31, 2020 and the consolidated interim financial results for the quarter and nine months ended December 31, 2019, which are prepared in accordance with the 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		The Board of Directors of the Company through resolution passed by circulation on February 27, 2020 have approved first interim dividend of ₹ 3.9 per equity share i.e. 390% on face value of Re. 1/- per share for the year ended March 31, 2020.

4		Exceptional items comprises of the following:


									(₹ in Crore)
Particulars	Quarter ended								Year ended
Particulars	31.03.2020 (Audited) (Refer note 2)			31.12.2019 (Unaudited)			31.03.2019 (Audited) (Refer note 2)		31.03.2020 (Audited)			31.03.2019 (Audited)
Impairment charge/(reversal) relating to
Impairment (charge)/ reversal
- relating to property, plant and equipment and exploration assets -Oil & gas segment *		(15,907	)		—			—		(15,907)			261
- relating to other property, plant and equipment and other assets- Copper segment (Refer note 9)		(669	)		—			—		(669)			—
- relating to other property, plant and equipment and other assets- Other segment		—			—			—		(504)			—
Provision on receivables subject to litigation		(556	)		—			—		(556	)		—
Interest income on claims based on Supreme Court order		—			—			—		82			—
Reversal pursuant to Supreme Court order		—			—			—		—			59
Revision of Renewable Purchase Obligation (RPO) pursuant to the Odisha Electricity Regulatory Commission notification		—			168			—		168			—
Net exceptional (loss)/gain		(17,132	)		168			—		(17,386)			320

Tax benefit / (expense) on above		6,524			(59	)		—		6,521			(112	)
Non-controlling interests on above		1			—			—		208			—

Net exceptional (loss)/ gain net of tax and non-controlling interests		(10,607	)		109			—		(10,657)			208


		* The impairment was triggered majorly due to the significant fall in crude oil prices primarily consequent to the outbreak of COVID-19 (refer note 7)

5		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. 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 of three months therefrom, 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.

6	As at March 31, 2020, the Company and its subsidiaries have an outstanding receivable equivalent to Rs. 437 crore (net of provision of Rs. 209 crore) from Konkola Copper Mines Plc (KCM), predominantly regarding monies advanced against future purchase of copper cathode/anode.

A provisional liquidator was appointed to manage KCM’s affairs on 21 May 2019, after ZCCM Investments Holdings Plc (ZCCM-IH), an entity majorly owned by the Government of Zambia and a 20.6% shareholder in KCM, filed a winding up petition against KCM. KCM’s majority shareholder, Vedanta Resources Holdings Limited (VRHL), and its parent company, Vedanta Resources Limited (VRL), are contesting the winding up petition in the Zambian courts. The appeal was listed for hearing on 25 March 2020 but has been adjourned due to COVID-19 pandemic. In the meantime, the winding up petition continues to be stayed, pending the decision on VRHL’s application regarding arbitration.

VRHL and VRL had also commenced arbitration proceedings against ZCCM-IH with seat in Johannesburg consistent with their position that arbitration is the agreed dispute resolution process. Hearing is expected in January 2021. Meanwhile, KCM has not been supplying goods to the Company and/or its subsidiaries, which it was supposed to as per the terms of the advance.

The Group, based on its assessment considering the actions taken by VRL and VRHL, believes that there is a high probability of success and does not expect any material adjustment to the net carrying amount of the receivables.

The outbreak of novel Coronavirus (COVID-19) pandemic globally and in India and the consequent lockdown restrictions imposed by national governments is causing significant disturbance and slowdown of economic activity across the globe. The commodity prices including oil have seen significant volatility with downward price pressures due to major demand centers affected by lockdown.

The Group is in the business of metals and mining, Oil & gas and generation of electricity which are considered as either essential goods and services or were generally allowed to continue to carry out the operations with adequate safety measures. The Group has taken proactive measures to comply with various regulations/guidelines issued by the Government and local bodies to ensure safety of its workforce and the society in general.

The Group has considered possible effects of COVID-19 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. The Group has also performed sensitivity analysis on the assumptions used basis the internal and external information/ indicators of future economic condition. Based on the assessment, the Group has recorded an impairment to the extent the carrying amount exceeds the recoverable amount and has disclosed the same as exceptional item in these financial results.The actual effects of COVID-19 could be different from what is presently assessed and would be known only in due course of time.

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

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. Continuous hearings were conducted from June 2019 to January 2020. Rejoinder and sur-rejoinder arguments on behalf of all the parties concluded on January 08, 2020. Writs reserved for judgement and Bench assured that it will endeavor to deliver judgement as early as possible.

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. During the quarter, the Group has assessed the recoverable value of its expansion project, including capital work in progress, and has recognised an impairment of Rs. 669 crore.

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

Effective April 01, 2019, the Group has adopted Ind AS 116 Leases under the modified retrospective approach without adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 01, 2019. The application of the Standard did not have any significant impact on the retained earnings as at April 01, 2019 and financial results for the quarter and year ended March 31, 2020.

Section 115BAA of the Income Tax Act, 1961 was introduced during the year. Based on the expected timing of exercising of the option under Section 115BAA, the Group had re-measured its deferred tax balances as at March 31, 2019 leading to a deferred tax credit of Rs 2,501 Crore being recognised in the quarter ended September 30, 2019. Due to the changes introduced by the Finance Act, 2020 and the effect of COVID-19, the Group has revised its business forecasts and consequently is expecting the timing of exercise of the aforesaid option to be deferred, leading to reversal of Rs. 727 Crore in the previously recorded credit getting recognized in the current quarter.

The Company vide letter dated May 12, 2020 has 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. Further, the board of directors of the Company in their meeting held on May 18, 2020 have considered and granted their approval for the said Delisting Proposal and to seek shareholders’ approval for the said proposal.

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


	By Order of the Board

Dated : June 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 AUDITED STANDALONE RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020


			(₹ in Crore except as stated)

		Quarter ended									Year ended
S. No.	Particulars	31.03.2020 (Audited) (Refer Note 2)			31.12.2019 (Unaudited)			31.03.2019 (Audited) (Refer Note 2)			31.03.2020 (Audited)			31.03.2019 (Audited)
1	Revenue from operations (Refer note 9)		8,343			8,953			9,099			35,417			38,098
2	Other operating income		113			132			157			441			546
3	Other income		184			158			193			2,870			6,152

	Total Income		8,640			9,243			9,449			38,728			44,796

4	Expenses
a)	Cost of materials consumed		3,356			3,177			4,063			12,493			15,508
b)	Purchases of Stock-in-Trade		21			197			1			227			505
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(65	)		(223	)		(124	)		1,430			307
d)	Power & fuel charges		1,564			1,630			2,223			7,728			9,179
e)	Employee benefits expense		121			207			227			765			862
f)	Finance costs		728			819			885			3,328			3,757
g)	Depreciation, depletion and amortization expense		820			802			766			3,264			3,243
h)	Other expenses		1,766			1,769			1,602			7,388			6,812

	Total expenses		8,311			8,378			9,643			36,623			40,173

5	Profit/(Loss) before exceptional items and tax		329			865			(194	)		2,105			4,623

6	Net exceptional (loss)/gain (Refer note 4)		(12,697	)		129			—			(12,568	)		324

7	(Loss)/Profit before tax		(12,368	)		994			(194	)		(10,463	)		4,947

8	Tax expense/(benefit) on other than exceptional items:
a)	Net Current tax expense		4			—			3			4			5
b)	Net Deferred tax expense/(benefit) (Refer note 8)		1,116			44			(236	)		(592	)		(245	)
	Tax (benefit)/expense on exceptional items :
a)	Net Deferred tax (benefit)/expense (Refer note 4)		(3,202	)		59			—			(3,143	)		112

	Net tax (benefit)/expense		(2,082	)		103			(233	)		(3,731	)		(128	)

9	Net (Loss)/Profit after tax (a)		(10,286	)		891			39			(6,732	)		5,075

10	Net (Loss)/Profit after tax before exceptional items (net of tax)		(791	)		821			39			2,693			4,863

11	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		(19	)		(22	)		(40	)		(85	)		(49	)
	(b) Tax (expense)/benefit on items that will not be reclassified to profit or loss		(2	)		1			2			4			1
ii.	(a) Items that will be reclassified to profit or loss		111			74			(131	)		423			415
	(b) Tax benefit on items that will be reclassified to profit or loss		43			18			16			42			50

	Total Other Comprehensive Income/(Loss) (b)		133			71			(153	)		384			417

12	Total Comprehensive (Loss)/Income (a+b)		(10,153	)		962			(114	)		(6,348	)		5,492

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											69,523			77,508
15	Earnings/(Loss) per share (₹) (*not annualised)
	- Basic & Diluted		(27.65	)*		2.40	*		0.10	*		(18.10	)		13.65


			(₹ in Crore)

		Quarter ended
S. No.	Segment Information	31.03.2020 (Audited) (Refer Note 2)			31.12.2019 (Unaudited)			31.03.2019 (Audited) (Refer Note 2)			31.03.2020 (Audited)			31.03.2019 (Audited)
1	Segment Revenue
a)	Oil & Gas (Refer note 9)		1,320			2,064			1,715			6,756			7,104
b)	Aluminium		4,417			4,863			4,302			19,022			21,000
c)	Copper		1,389			1,192			2,084			5,972			6,833
d)	Iron Ore		1,074			835			852			3,463			2,911
e)	Power		143			0			146			206			252

	Total		8,343			8,954			9,099			35,419			38,100

Less:	Inter Segment Revenue		—			1			—			2			2

	Revenue from operations		8,343			8,953			9,099			35,417			38,098

2	Segment Results
	[(Loss) / Profit before tax and interest]
a)	Oil & Gas		146			1,073			626			2,406			2,588
b)	Aluminium		532			430			(66	)		237			14
c)	Copper		(102	)		(96	)		(104	)		(432	)		(409	)
d)	Iron Ore		327			234			214			830			523
e)	Power		(20	)		(69	)		(106	)		(235	)		(309	)

	Total		883			1,572			564			2,806			2,407

Less:	Finance costs		728			819			885			3,328			3,757
Add:	Other unallocable income net off expenses		174			112			127			2,627			5,973

	Profit/(Loss) before exceptional items and tax		329			865			(194	)		2,105			4,623

Add:	Net exceptional (loss)/gain (Refer note 4)		(12,697	)		129			—			(12,568	)		324

	(Loss)/Profit before tax		(12,368	)		994			(194	)		(10,463	)		4,947

3	Segment assets
a)	Oil & Gas (Refer note 4)		10,900			16,839			16,299			10,900			16,299
b)	Aluminium		42,792			42,710			45,101			42,792			45,101
c)	Copper		5,865			6,169			7,141			5,865			7,141
d)	Iron Ore		2,549			2,930			2,927			2,549			2,927
e)	Power		3,342			3,308			3,321			3,342			3,321
f)	Unallocated		74,002			74,230			76,078			74,002			76,078

	Total		139,450			146,186			150,867			139,450			150,867

4	Segment liabilities
a)	Oil & Gas		8,501			6,383			6,961			8,501			6,961
b)	Aluminium		15,369			16,491			17,499			15,369			17,499
c)	Copper		4,155			2,745			3,743			4,155			3,743
d)	Iron Ore		1,098			1,052			1,235			1,098			1,235
e)	Power		156			136			162			156			162
f)	Unallocated		40,276			37,624			43,387			40,276			43,387

	Total		69,555			64,431			72,987			69,555			72,987

The main business segments are :

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

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

(c) Copper which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of sulphuric acid, phosphoric acid (Refer note 5)

(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 31.03.2020 (Audited)		As at 31.03.2019 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		37,087		40,972
	(b) Capital work-in-progress		11,027		14,148
	(c) Intangible assets		31		34
	(d) Exploration intangible assets under development		1,059		1,583
	(e) Financial assets
	(i) Investments		60,787		64,204
	(ii) Trade receivables		1,346		1,248
	(iii) Loans		183		197
	(iv) Derivatives		3		—
	(v) Others		1,673		619
	(f) Deferred tax assets (net)		3,464		3
	(g) Income tax assets (net)		1,682		2,175
	(h) Other non-current assets		2,272		3,027

	Total non-current assets		120,614		128,210

2	Current assets
	(a) Inventories		5,689		7,657
	(b) Financial assets
	(i) Investments		2,118		4,378
	(ii) Trade receivables		832		1,966
	(iii) Cash and cash equivalents		1,846		3,209
	(iv) Other bank balances		347		682
	(v) Loans		1,596		118
	(vi) Derivatives		548		46
	(vii) Others		3,826		2,630
	(c) Other current assets		2,034		1,971

	Total current assets		18,836		22,657

	Total assets		139,450		150,867

B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital		372		372
	Other Equity		69,523		77,508

	Total Equity		69,895		77,880

	Liabilities
2	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		21,629		20,521
	(ii) Derivatives		9		—
	(iii) Other financial liabilities		288		281
	(b) Provisions		1,185		988
	(c) Other non-current liabilities		2,539		2,468

	Total Non-current liabilities		25,650		24,258

3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		10,819		17,180
	(ii) Trade payables
	(1) Total outstanding dues of micro, small and medium enterprises		182		59
	(2) Total outstanding dues of creditors other than micro, small and medium enterprises		10,457		11,203
	(iii) Derivatives		38		343
	(iv) Other financial liabilities		14,861		11,483
	(b) Provisions		95		140
	(c) Income tax liabilities (net)		46		46
	(d) Other current liabilities		7,407		8,275

	Total current liabilities		43,905		48,729

	Total Equity and Liabilities		139,450		150,867


Statement of Cash Flows				(₹ in Crore)
	Year ended
Particulars	31.03.2020 (Audited)			31.03.2019 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/ Profit before tax		(10,463	)		4,947
Adjustments for:
Depreciation, depletion and amortisation		3,321			3,271
Impairment charge/(reversal)		12,335			(265	)
Other exceptional items		233			(59	)
Provision for doubtful debts/ advance/ bad debts written off		68			—
Exploration costs written off		1			48
Fair Value gain on financial assets held at fair value through profit or loss		(152	)		(96	)
Loss on sale of property, plant and equipment (net)		77			76
Foreign exchange loss (net)		123			71
Unwinding of discount on decommissioning liability		31			30
Share based payment expense		40			51
Interest and dividend income		(2,597	)		(5,947	)
Interest expense		3,297			3,727
Deferred government grant		(74	)		(72	)
Changes in assets and liabilities
Increase in trade and other receivables		(857	)		(1,697	)
Decrease in inventories		2,088			490
(Decrease)/ increase in trade and other payable		(791	)		2,819
Cash generated from operations		6,680			7,394
Income taxes refund (net)		518			305

Net cash generated from operating activities		7,198			7,699

CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (net of cash and cash equivalents acquired)		(33	)		(1,770	)
Purchases of property, plant and equipment (including intangibles)		(2,161	)		(2,498	)
Proceeds from sale of property, plant and equipment		35			60
Loans given to related parties		(2,870	)		(380	)
Loans repaid by related parties		1,403			30
Short-term deposits made		(913	)		(1,068	)
Proceeds from redemption of short-term deposits		547			840
Short term investments made		(34,231	)		(25,321	)
Proceeds from sale of short term investments		36,580			26,571
Interest received		404			370
Dividends received		2,142			7,147
Payments made to site restoration fund		(16	)		(27	)

Net cash from investing activities		887			3,954

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of short term borrowings (net)		(7,663	)		(1,833	)
Proceeds from current borrowings		4,457			3,407
Repayment of current borrowings		(3,805	)		(2,739	)
Proceeds from long-term borrowings		7,636			10,270
Repayment of long-term borrowings		(4,681	)		(7,658	)
Interest paid		(3,790	)		(4,042	)
Payment of dividends to equity holders of the parent, including dividend distribution tax		(1,444	)		(7,005	)
Payment of lease liabilities		(159	)		—

Net cash (used in) financing activities		(9,449	)		(9,600	)

Net (decrease)/ increase in cash and cash equivalents		(1,364	)		2,053

Cash and cash equivalents at the beginning of the year		3,284			1,231
Cash and cash equivalents at the end of the year		1,920			3,284


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 year ended March 31, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on June 06, 2020.

2		These results have been prepared on the basis of the audited financial statements for the year ended March 31, 2020 and the interim financial results for the quarter and nine months ended December 31, 2019, which are prepared in accordance with the 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		The Board of Directors of the Company through resolution passed by circulation on February 27, 2020 have approved first interim dividend of ₹ 3.9 per equity share i.e. 390% on face value of Re. 1/- per share for the year ended March 31, 2020.

4		Exceptional items comprises of the following:


									(₹ in Crore)
	Quarter ended								Year ended
Particulars	31.03.2020 (Audited) (Refer Note 2)			31.12.2019 (Unaudited)			31.03.2019 (Audited) (Refer Note 2)		31.03.2020 (Audited)		31.03.2019 (Audited)
Impairment (charge)/reversal
- relating to property, plant & equipment and exploration assets - Oil and gas segment ^*		(8,273	)		—			—		(8,273)		261
- relating to property, plant & equipment and other assets - Copper segment (Refer note 5)		(669	)		—			—		(669)		—
- relating to investment in subsidiary - Cairn India Holdings Limited ^*		(3,339	)		—			—		(3,339)		52
- relating to investment in subsidiary - Sesa Resources Limited		(15	)		(39	)		—		(54)		(48	)
Provision on receivables subject to litigation		(401	)		—			—		(401)		—
Revision of Renewable Purchase Obligation (RPO) pursuant to the Odisha Electricity Regulatory Commission notification		—			168			—		168		—
Reversal pursuant to Supreme Court order		—			—			—		—		59

Net exceptional (loss)/gain		(12,697	)		129			—		(12,568)		324

Tax benefit/(expense) on exceptional items		3,202			(59	)		—		3,143		(112	)

Net exceptional (loss)/gain (net of tax)		(9,495	)		70			—		(9,425)		212



		* The impairment was triggered majorly due to the significant fall in crude oil prices primarily consequent to the outbreak of COVID-19 (Refer Note 11).

5		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. Continuous hearings were conducted from June 2019 to January 2020. Rejoinder and sur-rejoinder arguments on behalf of all the parties concluded on January 08, 2020. Writs reserved for judgement and Bench assured that it will endeavor to deliver judgement as early as possible.

		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. During the quarter, the Company has assessed the recoverable value of its expansion project, including capital work in progress, and has recognised an impairment of ₹ 669 Crore. As per the Company’s assessment, it is in compliance with the applicable regulations and hence does not expect any additional material adjustments to these financial results as a consequence of the above actions.



6		Effective April 01, 2019, the Company has adopted Ind AS 116 Leases under the modified retrospective approach without adjustment of comparatives. The Standard is applied to contracts that remain in force as at April 01, 2019. The application of the Standard did not have any significant impact on the retained earnings as at April 01, 2019 and financial results for the quarter and year ended March 31, 2020.

7		As at March 31, 2020, the Company has an outstanding receivable equivalent to ₹ 106 Crore (net of provision of ₹ 52 Crore) from Konkola Copper Mines Plc (KCM), predominantly regarding monies advanced against future purchase of copper cathode/anode. A provisional liquidator was appointed to manage KCM’s affairs on 21 May 2019, after ZCCM Investments Holdings Plc (ZCCM-IH), an entity majorly owned by the Government of Zambia and a 20.6% shareholder in KCM, filed a winding up petition against KCM. KCM’s majority shareholder, Vedanta Resources Holdings Limited (VRHL), and its parent company, Vedanta Resources Limited (VRL), are contesting the winding up petition in the Zambian courts. The appeal was listed for hearing on 25 March 2020 but has been adjourned due to COVID-19 pandemic. In the meantime, the winding up petition continues to be stayed, pending the decision on VRHL’s application regarding arbitration. VRHL and VRL had also commenced arbitration proceedings against ZCCM-IH with seat in Johannesburg consistent with their position that arbitration is the agreed dispute resolution process. Hearing is expected in January 2021. Meanwhile, KCM has not been supplying goods to the Company and/or its subsidiaries, which it was supposed to as per the terms of the advance.

		The Company, based on its assessment considering the actions taken by VRL and VRHL, 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		Section 115BAA of the Income Tax Act, 1961 was introduced during the year. Based on the expected timing of exercising of the option under Section 115BAA, the Company had re-measured its deferred tax balances as at March 31, 2019 leading to a deferred tax credit of ₹ 1,561 Crore being recognised in the quarter ended September 30, 2019. Due to the changes introduced by the Finance Act, 2020 and the effect of COVID-19, the Company has revised its business forecasts and consequently is expecting the timing of exercise of the aforesaid option to be deferred, leading to a reversal of ₹ 727 Crore in the previously recorded credit getting recognised in the current quarter.

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



10		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.

		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 of three months therefrom, 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.

11		The outbreak of novel Coronavirus (COVID-19) pandemic globally and in India and the consequent lockdown restrictions imposed by national governments is causing significant disturbance and slowdown of economic activity across the globe. The commodity prices including oil have seen significant volatility with downward price pressures due to major demand centers affected by lockdown. The Company is in the business of metals and mining, Oil & gas and generation of power which are considered as either essential goods and services or were generally allowed to continue to carry out the operations with adequate safety measures. The Company has taken proactive measures to comply with various regulations/guidelines issued by the Government and local bodies to ensure safety of its workforce and the society in general. The Company has considered possible effects of COVID-19 on the recoverability of its investments, 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. The Company has also performed sensitivity analysis on the assumptions used basis the internal and external information/ indicators of future economic condition. Based on the assessment, the Company has recorded an impairment to the extent the carrying amount exceeds the recoverable amount and has disclosed the same as exceptional item in these financial results. The actual effects of COVID-19 could be different from what is presently assessed and would be known only in due course of time.

12	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 (October 1, 2019 to March 31, 2020)
S. No.	Particulars	Principal Due Date	Interest Due Date
1	INE205A07089 bearing int @ 8.25%	October 28, 2019	October 28, 2019
2	INE205A07097 bearing int @ 7.95%#	November 22, 2019	November 22, 2019
3	INE205A07105 bearing int @ 7.50%	November 29, 2019	November 29, 2019

#	Put option was excercised by the NCD holders, basis which NCDs became due for repayment.

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


		Next Due Date and Amount due (April 1, 2020 to September 30, 2020)
S. No.	Particulars	Principal Due Date		Amount Due (₹ Crore)		Interest Due Date	Amount Due (₹ Crore)
1	INE205A07139 bearing int @ 8.5%					April 5, 2020		200
2	INE205A07030 bearing int @ 9.45%		August 17, 2020		2,000	August 17, 2020		189
3	INE205A07048 bearing int @ 8.7%		April 20, 2020		600	April 20, 2020		207
4	INE205A07147 bearing int @ 8.5%					June 15, 2020		140
5	INE205A07188 bearing int @ 8.75%					June 30, 2020		46
6	INE205A07154 bearing int @ 9.18%					July 4, 2020		92

During the six months ended March 31, 2020, CRISIL Limited (Crisil) has reaffirmed its ratings on the debt instruments of the company at ‘CRISIL AA/Stable/CRISIL A1+’ and India Ratings and Research Private Limited (Ind-Ra) has revised Outlook to ‘Negative’ from ‘Stable’ while affirming its Long-Term Rating at ‘IND AA’ and Short-Term Rating at ‘IND A1+’.

On April 3, 2020, Crisil has revised its rating outlook on the non-convertible debentures and long-term bank facilities to ‘Negative’ from ‘Stable’, while reaffirming the rating at ‘CRISIL AA’. On May 22, 2020, Ind-Ra downgraded Long-Term Issuer Rating to ‘IND AA-’ from ‘IND AA’ and maintaining ‘Negative’ Outlook.

The Listed Non-Convertible debentures of the company aggregating ₹ 13,020 Crore as on March 31, 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 ₹ 4,000 Crore and ₹ 9,020 Crore respectively, as required as per the terms of the Issue.


			(₹ in Crore except otherwise stated)

	Particulars	March 31, 2020		March 31, 2019
e)	Net Worth (Equity + Reserves and surplus)		69,895		77,880
f)	Debenture Redemption Reserve		1,060		1,240
g)	Interest Service Coverage Ratio (No. of times)		2.68		3.24
h)	Debt Service Coverage Ratio (No. of times)		1.11		1.03
i)	Debt- Equity Ratio (No. of times)		0.56		0.54


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


13		During the year ended March 31, 2019, the Company redeemed 301 Crores, 7.5% redeemable non-cummulative preference shares having face value of ₹ 10 per share along with dividend at the rate of 7.5% p.a. from April 1, 2018 till October 27, 2018, as per their terms of issuance.

14		The Company vide letter dated May 12, 2020 has 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. Further, the board of directors of the Company in their meeting held on May 18, 2020 have considered and granted their approval for the said Delisting Proposal and to seek shareholders’ approval for the said proposal.

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


	By Order of the Board

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

EX-99.2

Exhibit 99.2

Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

The Board of Directors of

Vedanta Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Vedanta Limited (the “Company”) for the quarter ended March 31, 2020 and for the year ended March 31, 2020 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i.	is presented in accordance with the requirements of the Listing Regulations in this regard; and

ii.

gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2020 and for the year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to:

a) Note 10 of the accompanying standalone financial results which describes the uncertainty arising out of the demands that have been raised on the Company, with respect to government’s share of profit oil by the Director General of Hydrocarbons. Further, one of the pre-conditions for the extension of the Production Sharing Contract (PSC) for the Rajasthan oil block is the settlement of these demands. The Company, believes it is in compliance with the necessary conditions to secure an extension of this PSC, and based on the legal advice believes that the demands are untenable and hence no provision is required in respect of these demands.

Page 1 of 3

b) Note 11 of the accompanying standalone financial results which, describes the uncertainties related to Covid-19 and its consequential effects on the affairs of the Company.

Our opinion is not modified in respect of the above matters.

Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net loss and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

•

Page 2 of 3

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

We did not audit the financial results and other financial information, in respect of an unincorporated joint venture not operated by the Company, whose Ind AS financial results include total assets of Rs 154 crore as at March 31, 2020. The Ind AS financial results and other financial information of the said unincorporated joint venture not operated by the Company have not been audited and such unaudited financial results and other unaudited financial information have been furnished to us by the management and our report on the Ind AS financial statements of the Company, in so far as it relates to the amounts and disclosures included in respect of the said unincorporated joint venture, is based solely on such unaudited information furnished to us by the management. In our opinion and according to the information and explanations given to us by the Management, these financial results and other financial information of joint venture, is not material to the Company. Our opinion on the Statement is not modified in respect of this matter

The Statement includes the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & CO. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Sudhir Soni

Partner

Membership No.: 41870

UDIN: 20041870AAAAAN9753

Place: Mumbai

Date: June 06, 2020

Page 3 of 3

Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

The Board of Directors of

Vedanta Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Vedanta Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures for the quarter ended March 31, 2020 and for the year ended March 31, 2020 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial information of the subsidiaries, associates, joint ventures, the Statement:

i.	includes the results of the entities as mentioned in Annxure-1;

ii.	are presented in accordance with the requirements of the Listing Regulations in this regard; and

iii.

gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss of the Group for the quarter and year ended March 31, 2020 and other comprehensive loss and other comprehensive income of the Group for the quarter and year ended March 31, 2020 respectively and other financial information of the Group for the quarter and year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group, its associates and joint ventures in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to:

a) Note 5 of the accompanying consolidated financial results which describes the uncertainty arising out of the demands that have been raised on the Group, with respect to government’s share of profit oil by the Director General of Hydrocarbons. Further, one of the pre-conditions for the extension of the Production Sharing Contract (PSC) for the Rajasthan oil block is the settlement of these demands. The Group, believes it is in compliance with the necessary conditions to secure an extension of this PSC, and based on the legal advice believes that the demands are untenable and hence no provision is required in respect of these demands.

Page 1 of 6

b) Note 7 of the accompanying consolidated financial results which, describes the uncertainties related to Covid-19 and its consequential effects on the affairs of the Group.

Our opinion is not modified in respect of the above matters.

Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net loss and other comprehensive income and other financial information of the Group including its associates and joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of the Group and of its associates and joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act,we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operatingeffectiveness of such controls.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Page 2 of 6

•

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and its associates and joint ventures of which we are the independent auditors, and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial statements and other financial information, in respect of:

•

13 subsidiaries, whose financial statements include total assets of Rs 17,206 crore as at March 31, 2020, total revenues of Rs 1,884 crore and Rs 7,531 crore, total net loss after tax of Rs. 132 crore and Rs. 278 crore, total comprehensive loss of Rs. 132 crore and Rs. 279 crore, for the quarter and for the year ended on that date respectively, and net cash outflows of Rs. 427 crore for the year ended March 31, 2020, as considered in the Statement which have been audited by their respective independent auditors;

•

1 associate, whose financial statements include Group’s share of net loss of Rs. Nil and Group’s share of total comprehensive loss of Rs. Nil for the quarter and for the year ended March 31, 2020, as considered in the Statement whose financial statements and other financial information have been audited by their respective independent auditors.

The independent auditor’s report on the financial statements and other financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and associates is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Certain of these subsidiaries and associates are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company’s management has converted the financial statements of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far

Page 3 of 6

as it relates to the balances and affairs of such subsidiaries and associates located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

The accompanying Statement includes unaudited financial statements and other unaudited financial information in respect of:

•

4 subsidiaries whose financial statements and other financial information reflect total assets of Rs 2,294 crore as at March 31, 2020, and total revenues of Rs 39 crore and Rs 293 crore, total net loss after tax of Rs. 82 crore and Rs. 847 crore, total comprehensive loss of Rs. 83 crore and Rs.849 crore, for the quarter and the year ended on that date respectively and net cash outflowsof Rs. 76 crore for the year ended March 31, 2020;

•

1 associate and 3 joint ventures, whose financial statements includes the Group’s share of net loss of Rs. Nil and Group’s share of total comprehensive loss of Rs. Nil for the quarter and for the year ended March 31, 2020 respectively;

•

1 unincorporated joint venture not operated by the Group, whose financial statements includes the Group’s share of total assets of Rs 154 crore as at March 31, 2020

as considered in the Statement whose financial statements and other financial information have not been audited by their auditor(s).

These unaudited financial statements and other financial information have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures ,unincorporated joint venture and associate, is based solely on such unaudited financial statements and other financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and financial information are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management.

The Statement includes the results for the quarter ended March 31, 2020 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & CO. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Sudhir Soni

Partner

Membership No.: 41870

UDIN: 20041870AAAAAO7198

Place: Mumbai

Date: June 06, 2020

Page 4 of 6

Annexure 1

List of subsidiaries/associates/ joint ventures

Subsidiaries


S. No.		Name
1		Bharat Aluminium Company Limited (BALCO)
2		Copper Mines of Tasmania Pty Limited (CMT)
3		Fujairah Gold FZE
4		Hindustan Zinc Limited (HZL)
5		Monte Cello BV (MCBV)
6		Sesa Resources Limited (SRL)
7		Sesa Mining Corporation Limited
8		Thalanga Copper Mines Pty Limited (TCM)
9		MALCO Energy Limited (MEL)
10		Lakomasko B.V.
11		THL Zinc Ventures Limited
12		THL Zinc Limited
13		Sterlite (USA) Inc.
14		Talwandi Sabo Power Limited
15		THL Zinc Namibia Holdings (Pty) Limited (VNHL)
16		Skorpion Zinc (Pty) Limited (SZPL)
17		Namzinc (Pty) Limited (SZ)
18		Skorpion Mining Company (Pty) Limited (NZ)
19		Amica Guesthouse (Pty) Ltd
20		Rosh Pinah Healthcare (Pty) Ltd
21		Black Mountain Mining (Pty) Ltd
22		THL Zinc Holding BV
23		Vedanta Lisheen Holdings Limited (VLHL)
24		Vedanta Exploration Ireland Limited
25		Vedanta Lisheen Mining Limited (VLML)
26		Killoran Lisheen Mining Limited
27		Killoran Lisheen Finance Limited
28		Lisheen Milling Limited
29		Vizag General Cargo Berth Private Limited
30		Paradip Multi Cargo Berth Private Limited
31		Sterlite Ports Limited (SPL)
32		Maritime Ventures Private Limited
33		Goa Sea Port Private Limited
34		Bloom Fountain Limited (BFM)
35		Western Cluster Limited
36		Cairn India Holdings Limited
37		Cairn Energy Hydrocarbons Ltd
38		Cairn Exploration (No. 2) Limited
39		Cairn Energy Gujarat Block 1 Limited
40		Cairn Energy Discovery Limited
41		Cairn Energy India Pty Limited
42		CIG Mauritius Holdings Private Limited
43		CIG Mauritius Private Limited
44		Cairn Lanka Private Limited
45		Cairn South Africa Pty Limited

Page 5 of 6


S. No.		Name
46		Vedanta ESOS Trust
47		Avanstrate (Japan) Inc. (ASI)
48		Avanstrate (Korea) Inc
49		Avanstrate (Taiwan) Inc
50		Electrosteel Steels Limited
51		Lisheen Mine Partnership
52		Vedanta Star Limited (Merged with Electrosteel Steel Limited during the year)

Associates


S. No.		Name
1		RoshSkor Township (Proprietary) Limited
2		Gaurav Overseas Private Limited

Joint Ventures


S. No.		Name
1		Goa Maritime Private Limited
2		Rampia Coal Mines and Energy Private limited
3		Madanpur South Coal Company Limited

Page 6 of 6

EX-99.3

Exhibit 99.3

Vedanta Limited

Regd. Office: Vedanta Limited 1^st Floor, ‘C’ Wing,

Unit 103, Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai 400093, Maharashtra.

www.vedantalimited.com

CIN: L13209MH1965PLC291394

6^th June 2020

Vedanta Limited

Consolidated Results for the fourth Quarter

and full year ended 31 March 2020

EBITDA for Q4 FY2020 at ₹ 4,844 Crore, down 23% y-o-y

Mumbai, India: Vedanta Limited today announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2020 (FY2020).

Financial Highlights

Q4 FY2020

•

EBITDA down 26% q-o-q to ₹ 4,844 crore

•

EBITDA margin² of 28%

FY2020

•

EBITDA down 12% y-o-y, at ₹ 21,060 crore

•

Stable EBITDA margin² of 29%

•

Att. PAT¹ at ₹ 3,993 crore

Other Financial Highlights FY2020

•

Interim dividend of ₹ 3.9 per share declared during FY2020

•

Cash & liquid investments of ₹ 37,914 crore

•

Net Debt at ₹ 21,273 crores, decreased by ₹ 5,683 crores compared to 31^st March 2019

•

Contribution to the ex-chequer of c.₹ 32,400 crores

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 1 of 11

Results for the Year Ended 31 March 2020

Operational Highlights FY2020

•

Zinc India

•

Mined metal production of 917kt, down 2% y-o-y

•

Refined zinc-lead production of 870 kt, down 3% y-o-y

•

Zinc International:

•

Gamsberg production volume at 108 kt in FY2020, up from 17kt in FY2019

•

Improved cost of production at $1,665/t, down 13% y-o-y

•

Oil & Gas:

•

Average gross production of 174 kboepd for FY2020, down 8% y-o-y

•

9 rigs are currently deployed; 136 wells drilled during FY2020

•

Early gas production facility fully commissioned to design capacity of 90 mmscfd

•

Production sharing contracts (PSC) signed for Ravva block extended for 10 years

•

FTG survey completed in Assam and Kutch basins; Seismic survey ongoing in OALP Blocks

•

Aluminium & Power:

•

Aluminium production at 1,904 kt

•

Record alumina production at 1,811 kt, up 21% y-o-y

•

Alumina cost of production in Q4 FY2020 at $258/t

•

Record plant availability of 91% at the 1,980MW TSPL plant in FY2020

•

Iron Ore:

•

Continued engagement with the Government for resumption of Goa mining operations

•

Saleable ore production in Karnataka at 4.4 million tonnes, up 6% y-o-y

•

Iron ore sales in Karnataka at 5.8 million tonnes, up 125% y-o-y

•

Steel: Record annual steel production at 1.23 million tonnes for FY2020, up 3% y-o-y

•

Copper India: Due legal process is being followed to achieve a sustainable restart of the Tuticorin operations

1.	Att. PAT before exceptional items

2.	Excludes custom smelting at Copper and Zinc India operations

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 2 of 11

Results for the Year Ended 31 March 2020

Mr Sunil Duggal, Chief Executive Officer, Vedanta, said “Vedanta has a rich legacy as India’s only diversified natural resources group. We will continue to further strengthen it in the years to come. It is a company with a strong purpose of giving back for the greater good, a track record of achievement with an equally compelling sense of selflessness. The Covid pandemic has hit the world and us in the last quarter of the year. We have taken a pro-active approach to keep our assets and people safe while ensuring optimum operations during these difficult times. During these difficult times, our efforts are aligned to the singular vision of making our communities, the state and nation self-reliant and self-sufficient.”

Consolidated Financial Performance

The consolidated financial performance of the company during the period is as under:

(In ₹ crore, except as stated)


Particulars	Q4						% Change			Q3			FY
Particulars	FY2020			FY2019			% Change			FY 2020			2020			2019			% change
Net Sales/Income from operations		19,513			23,092			(16	%)		21,126			83,545			90,901			(8	%)
Other Operating Income		242			376			0	%		234			902			1,147			(21	%)
EBITDA		4,844			6,330			(23	%)		6,530			21,060			24,012			(12	%)
EBITDA Margin1		28	%		31	%		—			34	%		29	%		30	%		—
Finance cost		1,064			1,401			(24	%)		1,232			4,977			5,689			(13	%)
Investment Income		611			1,598			(62	%)		629			2,443			3,617			(32	%)
Exchange gain/(loss) - (Non operational)		(274	)		(167	)		—			—			(306	)		(509	)		(40	%)
Profit before Depreciation and Taxes		4,115			6,362			(35	%)		5,929			18,220			21,432			(15	%)
Depreciation & Amortization		2,252			2,258			(0	%)		2,291			9,093			8,192			11	%
Profit before Exceptional items and tax		1,863			4,104			(55	%)		3,638			9,127			13,240			(31	%)
Exceptional Items Credit/(Expense)2		(17,132	)		(0	)		—			168			(17,386	)		320			—
Profit Before Tax		(15,269	)		4,104			—			3,806			(8,259	)		13,560			—
Tax excluding exceptional items - Charge/(Credit)		3,338			886			—			1,082			3,005			3,750			(20	%)
Tax on Exceptional items		(6,524	)		—			—			59			(6,521	)		112			—
Profit After Taxes		(12,083	)		3,218			—			2,665			(4,743	)		9,698			—
Profit After Taxes before exceptional items		(1,475	)		3,218			—			2,556			6,122			9,490			(35	%)
Minority Interest		438			603			(27	%)		317			1,920			2,633			(27	%)
Attributable PAT after exceptional items		(12,521	)		2,615			—			2,348			(6,664	)		7,065			—
Attributable PAT before exceptional items		(1,914	)		2,615			—			2,239			3,993			6,857			(42	%)
Basic Earnings per Share (`/share)		(33.82	)		7.06			—			6.34			(18.00	)		19.07			—
Basic EPS before Exceptional items		(5.17	)		7.06			—			6.05			10.78			18.50			(42	%)
Exchange rate (`/$ ) - Average		72.45			70.49			3	%		71.06			70.86			69.89			1	%
Exchange rate (`/$ ) - Closing		74.81			69.17			8	%		71.27			74.81			69.17			8	%

1.	Excludes custom smelting at Copper and Zinc India operations

2.	Exceptional Items Gross of Tax

3.	Previous period figures have been regrouped or re-arranged wherever necessary to conform to current period’s presentation

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 3 of 11

Results for the Year Ended 31 March 2020

Revenue

Revenue for Q4 FY2020 was at ₹ 19,513 crore, lower by 8% sequentially, primarily due to lower commodity prices further impacted by COVID-19, lower volume at Aluminium business and lower power sales at TSPL, past exploration cost recovery at Oil & Gas business in Q3 FY2020 partially offset by higher sales volume at Zinc & Iron Ore business and rupee depreciation.

Revenue for Q4 FY2020 was lower by 16% y-o-y, primarily due to lower commodity prices further impacted by COVID-19, lower volumes at Zinc, Oil & Gas, Steel business and lower power sales at TSPL partially offset by higher volume at Aluminium and Iron Ore business, and rupee depreciation.

Revenue for FY2020 was at ₹ 83,545 crore, lower by 8% y-o-y, mainly due to subdued commodity prices, lower volume at Oil & Gas, Zinc India and lower power sales at TSPL. This was partially offset by higher volume from Gamsberg operations, higher sales at Aluminium, Iron Ore and Steel business, past exploration cost recovery at Oil & Gas business and rupee depreciation.

EBITDA and EBITDA Margin

EBITDA for Q4 FY2020 was at ₹ 4,844 crore, lower by 26% sequentially, primarily due to lower commodity prices further impacted by COVID-19, past exploration cost recovery at Oil & Gas business and RPO reversal at Aluminium business in Q3 FY2020, partially offset by improved cost of production at Aluminium and Steel business, lower input commodity prices and rupee depreciation.

EBITDA for Q4 FY2020 was lower by 23% y-o-y, primarily due to lower commodity prices further impacted by COVID-19, lower volume Zinc, Oil & Gas and Steel business, partially offset by higher sales at Iron Ore business, improved cost of production at Aluminium & Steel business, lower input commodity prices and rupee depreciation.

EBITDA for the FY2020 was at ₹ 21,060 crore, lower by 12% y-o-y, mainly on account of lower commodity prices, lower volume and higher cost at Zinc India & Oil & Gas business partially offset by higher volume from Gamsberg operations, higher sales at Aluminium, Iron Ore and Steel business, improved cost of production at Aluminium business, lower input commodity prices, past exploration cost recovery at Oil & Gas business and rupee depreciation.

We had a robust EBITDA margin of 29% for the year amidst strong headwinds (FY 2019: 30%).

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 4 of 11

Results for the Year Ended 31 March 2020

Depreciation & Amortization

Depreciation for Q4 FY2020 was at ₹ 2,252 crore, lower by 2% sequentially, primarily due to lower amortization charge at Zinc India due to increase in reserves estimates and lower amortization charge at Oil & Gas business due to lower production volumes.

Depreciation for Q4 FY2020 is flat y-o-y.

Depreciation and amortisation for FY2020 was at ₹ 9,093 crore, higher by 11% y-o-y, primarily on account of higher charge at Oil & Gas business due to capitalisation of new wells partially offset by lower production; higher depreciation charge at Zinc India on account of higher ore production& additional capitalisation; higher charge at Zinc international due to increased production from Gamsberg and acquisitions of Steel business in June’2018.

Finance Cost and Investment Income

Finance cost for Q4 FY2020 was at ₹ 1,064 crore, lower by 14% sequentially and 24% y-o-y, primarily due to lower average borrowing cost in line with market trends and repayment of debt at various businesses.

Finance cost for FY2020 was at ₹ 4,977 crore, lower by 13% y-o-y, mainly on account of deleveraging and lower average borrowing cost in line with market trends.

Investment Income for Q4 FY2020 was at ₹ 611 crore, lower by 3% sequentially, primarily due to mark to market (MTM) loss on investment and decline in investment corpus.

Investment Income is lower by 62% y-o-y, primarily due to mark to market gain on a structured investment in Q4 FY2019, partially offset by increase in income due to increase in average investment corpus.

Investment Income for FY2020 was at ₹ 2,443 crore, lower by 32% y-o-y, primarily due to mark to market gain on a structured investment in Q4 FY2019, partially offset by increase in income due to increase in average investment corpus.

Exceptional Items

Exceptional items for Q4 FY2020 was at ₹ 17,132 crores, primarily due to impairment of assets at Oil & Gas, Copper and Iron Ore business.

Exceptional loss for FY2020 was at ₹ 17,386 crores, mainly due to impairment of assets at Oil & Gas, triggered majorly due to significant fall in crude oil prices primarily consequent to the

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 5 of 11

Results for the Year Ended 31 March 2020

outbreak of COVID-19, partially offset by RPO liability true up at Aluminium, and interest accrued on power debtors at TSPL in line with positive Supreme Court order.

Taxes

Tax credit was at ₹ 3,516 crore (FY2019: Tax charge of ₹ 3,862 crores) during the year. The normalized ETR for FY2020 is at 34% compared to 28% in FY2019 due to change in profit mix amongst businesses.

As per Section 115BAA of the Income- tax Act, 1961 and based on the expected timing of exercising the option, the Group has re-measured its deferred tax balances leading to a deferred tax credit of Rs 1,774 crore being recognized during the year.

The above is largely offset with the tax recognized on distributable reserves of / dividend from subsidiary Rs 1,701 crore.

Tax (Exceptional Items) of ₹ 6,521 crore primarily includes tax credit on impairment recognised during the year.

Attributable Profit/Loss after Tax and Earnings per Share (EPS)

Attributable Loss after Tax before exceptional items for the quarter was at ₹ 1,914 crores.

For FY2020, Attributable Profit after Tax (PAT) before exceptional items was at ₹ 3,993 crore, lower by 42% y-o-y.

EPS for the year before exceptional items and was at ₹ 10.78 per share compared to ₹ 18.50 per share in FY2019.

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 6 of 11

Results for the Year Ended 31 March 2020

Balance Sheet

We have robust cash and liquid investments of ₹ 37,914 crore. The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds and fixed deposits with banks. The portfolio is rated by CRISIL, which has assigned a rating of “Tier-I” (implying Highest Safety) to our portfolio. Further, the Company has undrawn committed facilities of c. ₹ 5300 crore as on March 31, 2020.

Gross debt was at ₹ 59,187 crore on 31^st March 2020, decreased by ₹ 7,038 crore y-o-y. This was mainly due to the repayment of debt at various businesses.

Net debt was at ₹ 21,273 crore on 31^st March 2020, lower by ₹ 5,683 crore y-o-y, primarily due to the repayment of debt and unwinding of working capital partially offset by dividend payment by CIHL.

CRISIL changed the outlook on Company’s rating (CFR) from ‘AA/Positive’ to ‘AA/Negative’ driven by subdued commodity prices. India ratings changed the outlook on Company’s rating (CFR) from ‘AA/Positive’ to ‘AA/Negative’ driven by delay in deleveraging on account of fall in commodity prices and delay in volume ramp-up in zinc and oil business

Dividend

Given the current market dislocation and uncertainties caused by the coronavirus pandemic, it is important to maximise financial flexibility across the group. The board of Vedanta Limited will decide on the size and timing of any future dividend payments once there is greater clarity on the outlook for the economy and commodity markets. We believe this is the correct decision for all the stakeholders as we navigate through an unprecedented period of volatility for the global economy and our business.

Delisting Notice

On May 12, 2020, the Promoter expressed its intention to voluntarily delist the Equity Shares in accordance with Delisting Regulations and highlighted an Indicative Offer Price of INR 87.5 per Equity Share (determined in accordance with the Delisting Regulations). On May 18, 2020, the board of directors of Company approved the proposal and authorised the Company, amongst other things, to seek shareholders’ approval with respect to the proposal. The details of the next steps for the proposed delisting can be accessed on the company website.

https://www.vedantalimited.com/MediaDocuments/VEDL%20Delisting%20process%20FAQs%20-%20Final.pdf

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 7 of 11

Results for the Year Ended 31 March 2020

Key Recognitions

Vedanta has been consistently recognized through the receipt of various awards and accolades. During the past quarter, we received the following recognitions:

•

Hindustan Zinc, the only Indian Metal & Mining company was featured in The Sustainability Yearbook 2020 by S & P Global in association with Robeco SAM for 3rd consecutive year as Sustainability Leaders (as Member) out of 79 Metal and Mining companies globally.

•

Hindustan Zinc’s Corporate Communication Team bagged the Udaipur Media Awards 2020 for their efforts as a corporate towards local and regional media of Rajasthan.

•

Hindustan Zinc receives “Excellent Renewable Initiative under Platinum Category” for 22 MW Solar Power Project at Rampura Agucha Mine.

•

Hindustan Zinc received recognition in the category of “Significant Achievement in HR Excellence Award” in the 10th CII National HR Excellence Award Confluence 2019-20.

•

Cairn Oil & Gas Won Best Technology Implementation of the Year Award 2020 under Oil &Gas for the project ‘Next Generation Workplace – Office 365’ at the CIO Conclave Award 2020.

•

Cairn Oil & Gas, Vedanta Ltd. was awarded for ‘Good work on Road Safety’ in Rajasthan at district and state level during the 31st National Road Safety Week celebrations by Ministry of Transport and Highways, Government of Rajasthan.

•

Maru Samvad, a Cairn communication-led community engagement campaign, won gold for Best Regional Communication Campaign under the Practice Area Awards category; won bronze for Best Campaign in Energy (Power / Oil & Gas / Renewables) under the Industry Awards category at ET Brand Equity Kaleido Awards 2020.

•

Jharsuguda was adjudged winner of CII-EHS Award 2019 at the 15th State Level Competition for Best Practices In Environment, Health & Safety (EHS).

•

Balco won the Golden Peacock Award in Corporate Social Responsibility

•

Balco received Significant Achievement HR Excellence Award organized by CII

•

Sesa Goa’s Value-Added Business won Social Impact Award by Indian Chamber of Commerce under Healthcare under Large Enterprise category

•

Sesa Goa’s Value-Added Business won IMC RBNQ Performance Excellence Trophy-2019’ under manufacturing category

•

Sterlite Copper Silvassa unit won Par Excellence Award for Kaizen Competition by Quality Circle Forum India at 6th National Conclave on 5S

•

Sterlite Copper Silvassa unit Silver Award for Case study by Quality Circle Forum India at 33rd Annual chapter Convention on Quality Concepts CCQC-2019 at Mumbai

•

Nand Ghar was awarded for ‘Best CSR Practices’ at ET Now World CSR Awards 2020.

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 8 of 11

Results for the Year Ended 31 March 2020

Results Conference Call

Please note that the results presentation is available in the Investor Relations section of the company website

http://www.vedantalimited.com/investor-relations/results-reports.aspx

Following the announcement, there will be a conference call at 6:00 PM (IST) on June 8, 2020, where senior management will discuss the company’s results and performance. The dial-in numbers for the call are as below:


Event		Telephone Number

Earnings conference call on June 08, 2020	India – 6:00 PM (IST)	Universal access: +91 22 7115 8015 +91 22 6280 1114 India: Local Dial In: +91 7045671221 Toll free: 1800 120 1221, 1800 266 1221
	Singapore – 8:30 PM (Singapore Time)	Toll free number: 800 101 2045 Toll number: 6531575746
	Hong Kong – 8:30 PM (Hong Kong Time)	Toll free number 800 964 448 Toll number: 85230186877
	UK – 1:30 PM (UK Time)	Toll free number 0 808 101 1573 Toll number: 442034785524
	US – 8:30 AM (Eastern Time)	Toll free number 1 866 746 2133 Toll number: 13233868721

Online Registration	https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=119082&linkSecurityString=48b976fc

Replay of Conference Call (June 08, 2020 to June 13, 2020)		India +91 22 7194 5757; +91 22 66635757 Passcode: 63835#

For further information, please contact:


Investor Relations James Cartwright Head – Investor Relations		Tel: +44 (0) 20 7659 4732 Tel: +91 124 476 4096 vedantaltd.ir@vedanta.co.in

Suruchi Daga Associate General Manager – Investor Relations Raksha Jain Manager – Investor Relations Shweta Arora Manager – Investor Relations

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 9 of 11

Results for the Year Ended 31 March 2020


Communications Ms. Roma Balwani Director, Communications and Brand		Tel: +91 11 4916 6250 gc@vedanta.co.in

Mr. Abhinaba Das Head, Media Relations

Mr. Anirvan Bhattacharjee / Lennon D’Souza Adfactors PR		Tel: +91 22 67574444 / +91 11 40565100 adfactorsvedanta@adfactorspr.com

About Vedanta Limited

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa, Namibia, and Australia. For two decades, Vedanta has been contributing to India’s growth story, currently contributing 1 percent of India’s GDP. The company is among the top private sector contributors to the exchequer with the highest ever contribution of INR 42,560 Crore in FY 2019.

Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and environment and on enhancing the lives of local communities. The company has been conferred the CII-ITC Sustainability Award, the FICCI CSR Award, Dun & Bradstreet Awards in Metals & Mining, and certified as a Great Place to Work. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

For more information please visit www.vedantalimited.com

Vedanta Limited

Vedanta, 75, Nehru Road,

Vile Parle (East), Mumbai—400 099

www.vedantalimited.com

Registered Office:

Regd. Office: 1st Floor, ‘C’ wing, Unit 103,

Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai – 400 093

CIN: L13209MH1965PLC291394

Disclaimer

This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 10 of 11

Results for the Year Ended 31 March 2020

materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

Registered Office: Vedanta Limited 1^st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,

Andheri (East), Mumbai 400093, Maharashtra, India.

CIN: L13209MH1965PLC291394

Page 11 of 11

EX-99.4

June 2020 FY2020 Exhibit 99.4

Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources plc and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources plc and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Contents Section Presenter Page FY20 Review & Business Update Sunil Duggal, CEO 4 Financial Update Arun Kumar, CFO 15 Appendix 23

FY2020 Review & Business Update Sunil Duggal Chief Executive Officer FY2020

Employee Safety & Welfare Global Standards to Manage Health & Hygiene at Workplace. Strict adherence to WHO standards. Interpersonal distancing in place. Extensive cleaning at all facilities and workplaces. Quarantine areas on site. Established 24*7 health helpline for employees and their family members. Supporting Government Contributed ₹ 101 cr to PM Cares Sets up ₹ 100 cr corpus for daily workers, preventive healthcare & welfare of employees & contract partners. Contributed 17.25 crore to Rajasthan, Odisha, Tamil Nadu, Karnataka, Goa and Punjab Government. Balco Hospital has set isolation ward and 100 bed hospital in Korba. Cairn Centre of Excellence (CCoE) in Jodhpur handed over to district administration as quarantine facility with 20 bed capacity. Supporting Nation Provided >9 lakh meals to daily wage earners. Supported 13,500 fisherman families. Distributed ~39,000 dry packets to local communities. Feeding >50,000 stray animals daily. Distributed ~5.9 lacs mask to communities & Government. Supported District Hospitals with surgical masks & gloves. Imported 23 PPE machines in collaboration with Ministry of Textiles, manufacturing 5,000 PPEs daily. UNITED AGAINST COVID-19

Vedanta Work Readiness in COVID-19 Work Remotely Sanitize frequently Practice Social Distancing Sanitize frequently Stay Home Robust business continuity plan in place Implemented wide ranging controls across operations Use of PPEs, alcohol based sanitizer and mask is compulsory Continuous monitoring of workforce for signs of COVID-19 symptoms Established flexible, remote working plan for employees Substitution Engineering Controls Elimination Administrative Controls PPE

Zinc India Zinc International Oil & Gas Aluminium Electrosteel Steels Iron Ore Q4 FY20 FY20 MIC production up 6% q-o-q Metal Production up 1% q-o-q MIC production down 2% Metal Production down 3% Overall Production down 5% q-o-q Gamsberg production at 30kt Overall Production up 63% Gamsberg Production ramped up to 108kt Gross Production at 162 kboepd Gross Production at 174 kboepd RDG Early Gas Production ramped up to 90 mmscfd Aluminium Cost down 14% q-o-q Lanjigarh cost down 4% q-o-q Aluminium production at 1.9 Mtpa Aluminium Cost $1,690/t, down 14% Record production at Lanjigarh 1.8 Mtpa, up 21% Lanjigarh cost $275/t, down 15% Production marginally up 1% q-o-q Margin up 132% q-o-q Record Production 1,231kt, up 3% Sales 1,179kt almost flat IOK Sales at 1.6 Mt up 8% q-o-q Pig Iron Production down 17% q-o-q Key Highlights IOK - Sales at 5.8 Mnt up 125% Pig Iron – Production marginally down 1%

Heading Towards – Zero Harm, Zero Waste, Zero Discharge Safety Program Update 2 fatalities in Q4 Increased focus on isolation procedures & adequate infra-in-place to prevent repeats Visible felt leadership Guidance Note of VFL developed VFL part of each leader’s annual KPI Controls-in-place for safety critical tasks Enhanced bow-tie risk assessments Update of the Permit to Work System Business partner engagement Review of BP pre-qualification, on-boarding and monitoring process Cross-functional committee established to aid BP enhance their safety deliverables Environment Update Water conservation ~7 million m3 of water savings over three years GHG Management 13.81% reduction in GHG emissions intensity from 2012 baseline; ~9 million TCO2e in avoided emissions Fly Ash Management >100% fly-ash utilization for 2nd year running Water Consumed & Recycled (m3) LTIFR Fatality Water Recycling (mMT) (High Volume Low Toxicity)

Contributing to the communities Benefitting the lives of 3.26 million people across 868 villages Children’s Well-being and Education 135,000 Children Benefited >50 Initiatives Healthcare 1.6 Million people benefited > 35 Initiatives Drinking Water and Sanitation 350,000 people benefited > 25 Initiatives Women’s Empowerment >35,000 Women benefited > 10 Initiatives >2,400 Self Help Groups 120+ Micro - Enterprises Community Infrastructure 200,000 people and 3000+ families benefited > 25 Initiatives Sports & Culture > 65,000 Million sports person benefitted > 20 Initiatives 1250th Nand Ghar established in 4 states Vedanta Medical Research Foundation Flagship Programs Football Academy Environmental Protection & Restoration > 100,000 saplings planted Agriculture and Animal Husbandry >30,000 people benefited > 30 Initiatives

Zinc India: Strong Foundation Driving Growth Performance Update Quarter Performance: MIC Production 249kt, up 6% q-o-q and 2% y-o-y Metal Production 221kt, up 1% q-o-q and down 3% y-o-y Silver Production 168 tonnes, up 12% q-o-q and down 12% y-o-y COP at $997/t, down 7% q-o-q and up 4% y-o-y Full Year Performance: MIC Production 917kt, marginally down 2% Metal Production 870kt, down 3% Silver Production 610 tonnes, down 10% COP at $1,047/t, up 4% Metal in Concentrate and Metal Production Year of Achievements Rampura Agucha All major projects for 1.2 Mtpa MIC capacity completed Achieved ore production run rate of 4.5 Mtpa Ore production up 18% MIC production up 6% Zawar Record MIC production up 26% - Ore production up 14% - Ore grade up 3% - Dry tail plant commissioned - Sindesar Khurd Shaft ramp up completed

Zinc International: Gamsberg Positioning for Long Term Value Creation Performance Update Quarter Performance: Production at 57kt, down 5% q-o-q and up 7% y-o-y COP at $1,784/t, up 13% q-o-q and 20% y-o-y Full Year Performance: Production 240kt, up 63% COP at $1,665/t, down 13% Skorpion mining will go under care and maintenance from April 2020 onwards Gamsberg Quarter Performance: Production at 30kt with best ever production of 13kt in Jan COP at $1,484/t ($892/t excl TCRC), up 4% q-o-q Full Year Performance: Production ramped up to 108kt COP at $1,445/t ($915/t excl TCRC)

75 wells hooked up. 2 new wells in Ravva, achieved peak production of 10 kboepd All wells drilled in Mangala Infill, Bhagyam and Aishwariya Polymer and ABH program; well hook up in progress 235 Wells Drilled 10 Years Production Sharing Contract for Ravva block extended 90 mmscfd Early gas production facility ramped up to design capacity. New Terminal construction to take overall capacity to 240 mmscfd ongoing Oil & Gas: Portfolio being monetized to drive multi-fold growth Gross Production (kboepd) Won 10 blocks in OALP Round II & III (total 51 blocks under OALP) 65000 Sq.km. - One of the largest Private acreage holder across 58 blocks 10 new blocks

Aluminium: Achieving Design Structure Structural Reduction in Cost Lanjigarh Production and Cost Performance Update Quarter Performance: Aluminium COP at $1,451/t, down 14% q-o-q and 20% y-o-y Lanjigarh production 479 kt, flat q-o-q and up 13% y-o-y Lanjigarh COP at $258/t, down 4% q-o-q and 11% y-o-y Full Year Performance: Aluminium Production of 1,904kt, marginally down 3% Aluminium COP at $1,690/t, down 14% Record Lanjigarh production of 1,811 kt, up 21% Lanjigarh COP at $275/t, down 15% Local bauxite meeting nearly half of total requirement Chotia Mine achieved full capacity of 1.0 Mtpa

Other Assets: Iron ore and Electrosteel Steels Pig Iron Production (kt) Karnataka Sales (Mnt) Electrosteel Steels Performance Update Quarter Performance: Production 320kt, up 1% q-o-q and down 8% y-o-y Sales 305kt, down 4% q-o-q and 22% y-o-y Margin at $127/t, up 132% q-o-q and up 4% y-o-y Full Year Performance: Production 1,231kt, up 3% Sales 1,179kt, flat Margin at $78/t, down 32% on account of softening of steel prices in domestic market and macro economic factors Iron Ore Performance Update Quarter Performance: Karnataka sales 1.6 Mnt, up 8% q-o-q & 17% y-o-y Pig Iron production 148kt, down 17% q-o-q & 19% y-o-y Full Year Performance: Karnataka sales 5.8 Mnt, up 125% Pig Iron production 681kt, marginally down 1%

Financial Update Arun Kumar Chief Financial Officer FY2020

Financial snapshot EBITDA Net Debt ND/EBITDA 21,060 cr ₹ 21,273 cr 1.0x Down 12% y-o-y Down 21% y-o-y Maintained at low level EBITDA Margin* Cash & Cash equivalent ROCE^ 29% ~₹ 37,914 cr c. 11% Robust Margin Strong liquidity Continuing double digit * Excludes custom smelting at Copper and Zinc India operations ^ ROCE is calculated as EBIT net of tax outflow divided by average capital employed

Q3 FY2020 LME / Brent /premiums Input Commodity Inflation Regulatory & Profit Petroleum Cost & Mktg Adjusted EBITDA Currency Q4 FY2020 EBITDA Bridge (Q3 FY 2020 vs. Q4 FY 2020) Zinc, Lead & Silver (471) Brent (243) Aluminium (193) Steel 82 Iron ore 73 (In crore) Aluminium 503 ESL 79 Cairn (59) Market & Regulatory (653) crore Operational 520 crore Past Exploration Cost recovery at Cairn in Q3 FY20

Q4 FY2019 LME / Brent /premiums Input Commodity Inflation Regulatory & Profit Petroleum Cost & Mktg Adjusted EBITDA Currency Q4 FY2020 EBITDA Bridge (Q4 FY 2019 vs. Q4 FY 2020) Market & Regulatory (876) crore Operational (415) crore Zinc, Lead & Silver (886) Aluminium (595) Brent (409) Steel (127) (In crore) Iron ore 503 HZL (263) Cairn (233) ZI (79)

Net Debt for FY 2020 (In ₹ crore) (Incl Buyer’s credit) Capex Dividend Paid Net Debt 31st Mar’20 Net Debt 1st Apr’19 Disputed Power Debtors Realization 900 Inventory and debtors 460 Creditors / Customers advance (2,806)

Balance Sheet Net Debt / EBITDA Liquidity – Cash and investments at 37,914 cr – Undrawn line of credit c. ₹ 5,300 crore Net Interest – Interest Income – Returns ~6.9%. Interest Expense – Maintained ~7.9% Average term debt maturity maintained above 3 years Average Term Debt Maturity (years)

Full year Capex guidance ROCE1 2.4 2.8 2.0 2.8 ~1.8 ~5% ~15% ~17% ~13% ~11% Capex and Returns Profile Growth CAPEX Profile, $bn 0.7 1.0 1.2 1.5 FCF pre capex, $bn 1. ROCE is calculated as EBIT net of tax outflow divided by average capital employed 1.2

Key Investment Highlights Large Low Cost, Long Life and Diversified Asset Base with an Attractive Commodity Mix 1 Ideally Positioned to Capitalise on Favourable Geographic Presence Operational Excellence and Technology Driving Efficiency and Sustainability 4 Well-Invested Assets Driving Cash Flow Growth 3 Strong Financial Profile 5 Proven Track Record 6 2

Appendix FY2020

Income Statement Depreciation & Amortization Higher FY vs FY on account of new well capitalisation at Oil and Gas business , higher ore production at Zinc India, commencement of operations in Gamsberg. Lower q-o-q primarily due to lower amortization charge at Zinc India due to increase in reserves estimates and lower amortization charge at Oil & Gas business due to lower production volume. Finance Cost Lower in FY20 and Q4 due to repayment of debt and lower average interest cost in line with market trends. Investment income Lower in FY20 and Q4 primarily on account of MTM gain on structured investment in previous period. Taxes The normalized ETR for FY20 is 34% compared to FY19: 28% due to change in profit mix amongst business. In Crore FY’20 FY’19 Q4 FY’20 Q4 FY’19 Revenue from operations 83,545 90,901 19,513 23,092 Other operating income 902 1,147 242 376 EBITDA 21,060 24,012 4,844 6,330 Depreciation & amortization (9,093) (8,192) (2,252) (2,258) Finance Cost (4,977) (5,689) (1,064) (1,401) Investment Income 2,443 3,618 611 1,599 Exchange gain/(loss) (306) (509) (274) (166) Exceptional items - credit/(expense) (17,386) 320 (17,132) - Taxes (3,005) (3,750) (3,338) (886) Taxes on exceptional items 6,521 (112) 6,524 - Profit After Taxes (before exceptional items) 6,122 9,490 (1,475) 3,218 Profit/(Loss) After Taxes (4,743) 9,698 (12,083) 3,218 Attributable profit (before exceptional items) 3,993 6,857 (1,914) 2,615 Attributable PAT (6,664) 7,065 (12,521) 2,615 Minorities % (before exceptional items) 35% 28% (30)% 19% Note: Previous period figures have been regrouped or re-arranged wherever necessary to conform to the current period’s presentation

Income Statement – Exceptional Items In Crore FY’20 FY’19 Exceptional Items – credit / (expense) (17,386) 320 Taxes on Exceptional Items 6,521 (112) Exceptional items net of tax (10,865) 208 Breakup of Exceptional Items / Impairment net of tax FY’20 FY’19 Cairn (9,710 ) 170 Rajasthan Fields (9,218) Exploration / KG Field (492) 170 Copper (469) Iron Ore (274) Others (412) 38

Project Capex Capex in Progress Status Approved Capex3 ($mn) Spent up to 31 Mar’194 Spent in FY20204,6 Unspent as at 31 Mar’20205 Cairn India1 – Mangala Infill, Liquid handling, Bhagyam & Aishwariya EOR, Tight Oil & Gas etc 2,493 651 492 1,350 Aluminium Sector Jharsuguda 1.25mtpa smelter Line 3: Fully capitalised Line 4: Fully Capitalised Line 5: Six Section capitalised 2,920 2,915 10 - Zinc India 1.2mtpa mine expansion Phase-wise by FY2020 2,076 1,569 157 350 Others 261 124 35 102 Zinc International Gamsberg Mining Project2 Completed Capitalisation 400 364 22 13 Copper India Tuticorin Smelter 400ktpa Project is under Force Majeure 717 198 - 519 Avanstrate Furnace Expansion and Cold Line Repair 56 41 7 8 Capex Flexibility Metals and Mining Lanjigarh Refinery (Phase II) – 5mtpa Under evaluation 1,570 857 52 661 Zinc India (1.2 Mtpa to 1.35mtpa mine expansion) Subject to Board approval 698 1 - 697 Skorpion Refinery Conversion Currently deferred till Pit 112 extension 156 14 - 142 Capex approved for Cairn represents Net capex, however Gross capex is $3.2 bn. Capex approved for Gamsberg $400mn excludes interest during construction. Is based on exchange rate at the time of approval. Is based on exchange rate at the time of incurrence Unspent capex represents the difference between total capex approved and cumulative spend as on 31st March 2020. 6. Spent in FY20 does not include ROU capex ~$118mn

Entity Wise Cash and Debt Company 31 Mar 2020 (₹ Crore) 31 Mar 2019 (₹ Crore) Debt Cash & LI Net Debt Debt Cash & LI Net Debt Vedanta Limited Standalone 38,937 5,029 33,908 42,204 8,269 33,935 Cairn India Holdings Limited1 3,696 7,776 (4,080) 2,624 8,326 (5,702) Zinc India 611 22,253 (21,642) 2,538 19,512 (16,974) Zinc International 404 553 (149) 415 926 (511) BALCO 4,564 414 4,150 4,416 436 3,980 Talwandi Sabo 6,088 135 5,953 8,665 262 8,403 Vedanta Star Limited2 - - - 3,375 31 3,344 Others3 4,887 1,754 3,133 1,988 1,507 481 Vedanta Limited Consolidated 59,187 37,914 21,273 66,225 39,269 26,956 Notes:Debt numbers are at Book Value and excludes inter-company eliminations. 1. Cairn India Holdings Limited is a wholly owned subsidiary of Vedanta Limited which holds 50% of the group’s share in the RJ Block 2. Vedanta Star limited, 100% subsidiary of VEDL which owns 96% (FY19: 90%) stake in ESL 3. Others includes MALCO Energy, CMT, VGCB, Electrosteel, Fujairah Gold, Vedanta Limited’s investment companies and ASI.

Debt Breakdown & Funding Sources Debt breakdown as of 31 March 2020 (in $bn) ( in 000’ Cr) Term debt 6.2 46.6 Working capital 0.7 5.0 Short term borrowing 1.0 7.6 Total consolidated debt 7.9 59.2 Cash and Liquid Investments 5.1 37.9 Net Debt 2.8 21.3 Debt breakup ($7.9bn) - INR Debt 87% - USD / Foreign Currency Debt 13% Diversified Funding Sources for Term Debt of $6.2bn (as of 31st Mar 2020) Note: USD–INR: 74.81 at 31 Mar 2020 Term debt of $3.7bn at Standalone and $2.5bn at Subsidiaries, total consolidated $6.2bn Debt Breakdown (as of 31 Mar 2020)

FY 2019 LME / Brent /premiums Input Commodity Inflation Regulatory & Profit Petroleum Cost & Mktg Adjusted EBITDA Currency FY 2020 EBITDA Bridge (FY2019 vs. FY2020) Aluminum (3,954) Zinc, Lead & Silver (2,153) Brent (1,026) Steel (508) Iron ore (199) (In crore) Iron ore 531 ZI 396 ESL 125 Aluminium 70 HZL (628) Cairn (638) Market & Regulatory (3,660) crore Operational 320 crore

Segment Summary – Zinc India Production (in ’000 tonnes, or as stated) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Mined metal content 249 245 2% 235 917 936 (2)% Underground mines 249 245 2% 235 917 936 (2)% Open cast mines - - - - - - - Integrated metal 221 227 (3)% 219 870 894 (3)% Refined Zinc – Integrated 172 175 (2)% 178 688 696 (1)% Refined Lead – Integrated1 49 53 (7)% 41 181 198 (8)% Refined Saleable Silver - Integrated (in tonnes)2 168 191 (12)% 149 610 679 (10)% Financials (In crore, except as stated) Revenue 4,293 5,354 (20)% 4,600 18,159 20,656 (12)% EBITDA 1,945 2,777 (30)% 2,274 8,714 10,600 (18)% Zinc CoP without Royalty ( /MT) 72,200 67,400 7% 76,600 74,200 70,400 5% Zinc CoP without Royalty ($/MT) 997 956 4% 1,077 1,047 1,008 4% Zinc CoP with Royalty ($/MT) 1,290 1,373 (6)% 1,402 1,371 1,381 (1)% Zinc LME Price ($/MT) 2,128 2,702 (21)% 2,388 2,402 2,743 (12)% Lead LME Price ($/MT) 1,847 2,036 (9)% 2,045 1,952 2,121 (8)% Silver LBMA Price ($/oz) 16.9 15.6 9% 17.3 16.5 15.4 7% Excludes captive consumption of 1,755 tonnes in Q4 FY 2020 vs 1,403 tonnes in Q4 FY 2019 & 1,937 tonnes in Q3 FY 2020. For FY2020 it was 7,088 MT as compared to 6,534 MT in FY2019. Excludes captive consumption of 9.0 MT in Q4 FY 2020 and 7.5 MT in Q4 FY 2019 & 10.1 MT in Q3 FY 2020. For FY2020 it was 36.7 MT as compared with 34.2 MT in FY2019.

Segment Summary – Zinc International Production (in’000 tonnes, or as stated) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Refined Zinc – Skorpion 15 21 (28)% 11 67 66 2% Mined metal content- BMM 12 19 (34)% 18 66 65 1% Mined metal content- Gamsberg* 30 14 - 31 108 17 - Total 57 54 7% 60 240 148 63% Financials (In Crore, except as stated) Revenue 733 1,002 (27)% 681 3,128 2,738 (14)% EBITDA (61) 391 - 106 380 698 (45)% CoP – ($/MT) 1,784 1,488 20% 1,580 1,665 1,912 (13)% Zinc LME Price ($/MT) 2,128 2,702 (21)% 2,388 2,402 2,743 (12)% Lead LME Price ($/MT) 1,847 2,036 (9)% 2,045 1,952 2,121 (8)% * Including trial run production of NIL in Q4 FY2020 and 6.6 kt in Q4 FY2019 and NIL in Q3 FY2020. For FY 2020 Trial run production was NIL vs 9.6 kt in FY 2019.

Segment Summary – Oil & Gas OIL AND GAS (boepd) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Average Daily Gross Operated Production (boepd) 160,838 187,063 (14)% 172,189 172,971 188,784 (8)% Rajasthan 132,315 152,825 (13)% 145,075 144,260 155,903 (7)% Ravva 17,562 15,067 17% 13,360 14,232 14,890 (4)% Cambay 10,961 19,170 (43)% 13,754 14,479 17,991 (20)% Average Daily Working Interest Production (boepd) 101,565 118,135 (14)% 110,656 110,459 119,798 (8)% Rajasthan 92,621 106,978 (13)% 101,553 100,982 109,132 (7)% Ravva 3,951 3,390 17% 3,006 3,202 3,350 (4)% Cambay 4,384 7,668 (43)% 5,501 5,792 7,196 (20)% KG-ONN 2003/1 608 99 - 596 483 119 - Total Oil and Gas (million boe) Oil & Gas- Gross operated 14.6 16.8 (13)% 15.8 63.3 68.9 (8)% Oil & Gas-Working Interest 9.2 10.6 (13)% 10.2 40.4 43.7 (8)% Financials (In crore, except as stated) Revenue 2,404 3,175 (24)% 3,930 12,661 13,223 (4)% EBITDA 869 1,805 (52)% 2,761 7,271 7,656 (5)% Average Oil Price Realization ($ / bbl) 48.8 62.1 (21)% 57.2 58.8 66.0 (11)% Brent Price ($/bbl) 50.1 63.1 (21)% 63.3 60.9 70.4 (13)%

Segment Summary – Oil & Gas OIL AND GAS (boepd) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Average Daily Production Gross operated 160,838 187,063 (14%) 172,189 172,971 188,784 (8%) Oil 138,205 172,859 (20%) 153,472 154,677 178,207 (13%) Gas (Mmscfd) 136 85 60% 112 110 64 72% Non operated- Working interest 608 99 - 596 483 119 - Working Interest 101,565 118,135 (14%) 110,656 110,459 119,798 (8%) Rajasthan (Block RJ-ON-90/1) Gross operated 132,315 152,825 (13%) 145,075 144,260 155,903 (7%) Oil 115,251 143,975 (20%) 131,360 131,069 149,964 (13%) Gas (Mmscfd) 102 53 93% 82 79 36 - Gross DA 1 120,424 134,310 (10%) 130,257 129,398 137,076 (6%) Gross DA 2 11,609 18,171 (36%) 14,415 14,564 18,342 (21%) Gross DA 3 282 345 (18%) 403 298 485 (39%) Working Interest 92,621 106,978 (13%) 101,553 100,982 109,132 (7%) Ravva (Block PKGM-1) Gross operated 17,562 15,067 17% 13,360 14,232 14,890 (4%) Oil 13,120 12,202 8% 9,972 10,994 12,443 (12%) Gas (Mmscfd) 27 17 57% 20 19 15 30% Working Interest 3,951 3,390 17% 3,006 3,202 3,350 (4%) Cambay (Block CB/OS-2) Gross operated 10,961 19,170 (43%) 13,754 14,479 17,991 (20%) Oil 9,833 16,682 (41%) 12,139 12,614 15,800 (20%) Gas (Mmscfd) 7 15 (55%) 10 11 13 (14%) Working Interest 4,384 7,668 (43%) 5,501 5,792 7,196 (20%) Average Price Realization Cairn Total (US$/boe) 46.9 61.2 (23%) 55.3 56.6 65.3 (13%) Oil (US$/bbl) 48.8 62.1 (21%) 57.2 58.8 66.0 (11%) Gas (US$/mscf) 5.6 7.9 (29%) 6.5 6.1 8.5 (28%)

Segment Summary – Aluminium Particulars (in’000 tonnes, or as stated) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Alumina – Lanjigarh 479 424 13% 476 1,811 1,501 21% Total Aluminum Production 474 481 (2)% 483 1,904 1,959 (3)% Jharsuguda-I 133 135 (1)% 139 543 545 0% Jharsuguda-II 1 196 203 (3)% 203 800 843 (5)% 245kt Korba-I 66 66 - 65 256 260 (2)% 325kt Korba-II 79 77 2% 76 305 311 (2)% BALCO 900 MW (MU) 245 127 93% 202 1,203 337 - Financials (In crore, except as stated) Revenue 6,378 6,547 (3)% 6,789 26,577 29,229 (9)% EBITDA – BALCO 277 132 - 35 456 957 (52)% EBITDA – Vedanta Aluminium 860 265 - 761 1,542 1,245 24% EBITDA Aluminum Segment 1,137 397 - 796 1,998 2,202 (9)% Alumina CoP – Lanjigarh ($/MT) 258 290 (11)% 269 275 322 (15)% Alumina CoP – Lanjigarh ( /MT) 18,700 20,400 (8)% 19,100 19,500 22,500 (13)% Aluminium CoP – ($/MT) 1,451 1,810 (20)% 1,691 1,690 1,967 (14)% Aluminium CoP – ( /MT) 1,05,100 127,500 (18)% 1,20,100 1,19,700 137,600 (13)% Aluminum CoP – Jharsuguda ($/MT) 1,422 1,807 (21)% 1,675 1,686 1,970 (14)% Aluminium CoP – Jharsuguda( /MT) 1,03,000 127,400 (19)% 1,19,000 1,19,500 137,700 (13)% Aluminum CoP – BALCO ($/MT) 1,516 1,813 (16)% 1,727 1,700 1,962 (13)% Aluminium CoP – BALCO ( /MT) 1,09,800 127,800 (14)% 1,22,700 1,20,400 137,200 (12)% Aluminum LME Price ($/MT) 1,690 1,859 (9)% 1,752 1,749 2,035 (14)% Including trial run production of NIL in Q4 FY2020 and 13.5 kt in Q4 FY2019 and NIL in Q3 FY2020. For FY 2020 Trial run production was NIL vs 60.5 kt in FY 2019.

Aluminium profitability Q3 ‘20 $/t Q4 ‘20 72 34 62 - 249 340 (55) 1,752 59 67 1,879 (625) (698) (368) (90) (98) 132 230 49 (138) (247) (106) Reported RPO Exceptional Item 340 Underlying 1,691 1,451

Segment Summary – Power Particulars (in million units) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Total Power Sales 2,107 3,520 (40)% 2,282 11,162 13,517 (17)% Jharsuguda 600 MW 482 615 (22)% 7 776 1,039 (25)% BALCO 600 MW* 460 593 (22)% 387 1,726 2,168 (20)% HZL Wind Power 71 77 (8)% 68 437 449 (3)% MALCO - - - - - - - TSPL 1,094 2,235 (51)% 1,820 8,223 9,858 (17)% Financials (in crore except as stated) Revenue 1,204 1,593 (24)% 1,307 5,860 6,524 (10)% EBITDA 458 360 27% 379 1,649 1,527 8% Average Cost of Generation( /unit) ex. TSPL 2.27 3.10 (27)% 3.14 2.49 2.90 (14)% Average Realization ( /unit) ex. TSPL 3.45 3.09 12% 3.91 3.58 3.38 6% TSPL PAF (%) 85% 85% - 94% 91% 88% - TSPL Average Realization ( /unit) 2.67 3.96 (33)% 3.47 3.73 4.09 (9)% TSPL Cost of Generation ( /unit) 1.56 2.9 (46)% 2.42 2.68 3.08 (13)% * Balco IPP received an order dated January 1, 2019 from CSERC for conversion of 300 MW IPP to CPP

Segment Summary – Iron Ore Particulars (in million dry metric tonnes, or as stated) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Sales 2.3 1.4 62% 1.7 6.6 3.8 73% Goa 0.6 0.0 0% .20 0.9 1.3 (33)% Karnataka 1.6 1.4 17% 1.5 5.8 2.6 - Production of Saleable Ore 0.8 0.9 (11)% 1.2 4.4 4.4 0% Goa 0.0 - - - 0.0 0.2 - Karnataka 0.8 0.9 (12)% 1.2 4.4 4.1 6% Production (’000 tonnes) Pig Iron 148 184 (19)% 179 681 686 (1)% Financials (In crore, except as stated) Revenue 1,073 853 26% 836 3,463 2,911 19% EBITDA 349 240 45% 214 878 584 50% Segment Summary – Steel* Particulars (in million dry metric tonnes, or as stated) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY2020 FY 2020 FY 2019 % change YoY Total Production 320 347 (8)% 317 1,231 1,199 3% Pig Iron 46 35 31% 48 167 142 18% Billet (3) 9 - (11) 27 39 (30)% TMT Bar 129 134 (4)% 122 468 441 6% Wire Rod 113 116 (3)% 114 413 427 (3)% Ductile Iron Pipes 35 53 (33)% 44 155 150 3% Financials (In crore, except as stated) Revenue 1,126 1,581 (29)% 1,067 4,283 4,909 (13)% EBITDA 268 337 (21)% 107 588 970 (39)% Margin ($/t) 127 122 4% 55 78 115 (32)%

Segment Summary – Copper India Production (in ’000 tonnes, or as stated) Q4 Q3 Full year FY 2020 FY 2019 % change YoY FY 2020 FY 2020 FY 2019 % change YoY Copper - Cathodes 26 26 (3)% 20 77 90 (13)% Financials (In crore, except as stated) Revenue 2,256 2,803 (20)% 1,835 9,053 10,739 (16)% EBITDA (68) (69) 2% (61) (300) (235) (28)% Copper LME Price ($/MT) 5,637 6,215 (9)% 5,881 5,855 6,337 (8)%

Sales Summary Sales volume Q4 FY2020 Q4 FY2019 FY2020 FY 2019 Q3 FY2020 Zinc-India Sales Refined Zinc (kt) 173 177 680 694 172 Refined Lead (kt) 48 52 180 198 41 Total Zinc-Lead (kt) 220 229 860 892 213 Silver (tonnes) 144 196 586 676 153 Zinc-International Sales Zinc Refined (kt) 20 26 67 66 6 Zinc Concentrate (MIC) 38 22 137 42 37 Total Zinc (Refined+Conc) 58 47 204 108 43 Lead Concentrate (MIC) 6 9 38 36 10 Total Zinc-Lead (kt) 64 56 242 144 53 Aluminium Sales Sales - Wire rods (kt) 88 106 326 367 76 Sales - Rolled products (kt) 7 9 27 26 7 Sales - Busbar and Billets (kt) 87 78 372 383 68 Total Value added products (kt) 183 192 725 776 151 Sales - Ingots (kt) 291 275 1,197 1,139 336 Total Aluminium sales (kt) 473 467 1,922 1,916 487

Sales Summary Sales volume Q4 FY 2020 Q4 FY 2019 FY2020 FY2019 Q3 FY2020 Iron-Ore Sales Goa (mn DMT) 0.6 0.0 0.9 1.3 0.2 Karnataka (mn DMT) 1.6 1.4 5.8 2.6 1.5 Total (mn DMT) 2.3 1.4 6.6 3.8 1.7 Pig Iron (kt) 159 191 666 684 176 Copper-India Sales Copper Cathodes (kt) 0.7 3 2.5 6 1.0 Copper Rods (kt) 30 28 98 112 25 Total Steel Sales (kt) 305 392 1,179 1,185 317 Pig Iron 41 37 158 142 46 Billet 1 15 22 32 4 TMT Bar 118 152 454 442 126 Wire Rod 106 125 402 421 102 Ductile Iron Pipes 38 63 143 148 39 Sales volume Power Sales (mu) Q4 FY 2020 Q4 FY 2019 FY 2020 FY2019 Q3 FY2020 Jharsuguda 600 MW 482 615 776 1,039 7 TSPL 1,094 2,235 8,223 9,858 1,820 BALCO 600 MW3 460 593 1,726 2,168 387 HZL Wind power 71 77 437 449 68 Total sales 2,107 3,520 11,162 13,517 2,282 Power Realisations (INR/kWh) Jharsuguda 600 MW 2.94 2.38 2.65 2.42 - TSPL2 2.67 3.96 3.73 4.09 3.47 Balco 600 MW3 3.88 3.71 3.88 3.67 4.01 HZL Wind power 4.07 4.04 4.05 4.20 3.79 Average Realisations1 3.45 3.09 3.58 3.38 3.91 Power Costs (INR/kWh) Jharsuguda 600 MW 2.42 3.63 3.85 4.28 55.68 TSPL2 1.56 2.90 2.68 3.08 2.42 Balco 600 MW3 2.24 2.75 2.26 2.65 2.35 HZL Wind power 1.39 1.46 0.96 0.88 1.86 Average costs1 2.27 3.10 2.49 2.90 3.14 1. Average excludes TSPL 2. Based on Availability 3. Balco IPP received an order dated January 1, 2019 from CSERC for conversion of 300 MW IPP to CPP

Currency and Commodity Sensitivities Commodity prices – Impact of a 10% increase in Commodity Prices Commodity FY‘20 Average price EBITDA ($mn) Oil ($/bbl) 61 96 Zinc ($/t) 2,402 190 Aluminium ($/t) 1,749 278 Lead ($/t) 1,952 37 Silver ($/oz) 17 33 Foreign Currency - Impact of 1 Rs depreciation in FX Rate Currency Increase in EBITDA INR/USD ~ INR 600 crs / year

Focused exploration to expand our reserves and resources base for support our future growth through Augment our Reserves and Resources Base Targeted and disciplined exploration Offsetting depletion and bringing on stream more discoveries Team aim to discover mineral and oil deposits in a safe and responsible way Zinc India (Million tonnes) Oil & Gas (mmboe) Zinc International (Million tonnes)

Group – Present Debt Structure 50.1% 64.9% 79.4% Subsidiaries of Vedanta Ltd Sesa Iron Ore Sterlite Copper Power (600 MW Jharsuguda) Aluminium (Odisha aluminium and power assets) Cairn Oil & Gas* Divisions of Vedanta Limited Unlisted entities Listed entities 95.5% 100% 51% Note: Shareholding as on March 31, 2020 *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd 96% Vedanta Resources (Consolidated) FY20 EBITDA 3.00 Net Debt 10.00 Vedanta Resources (Standalone) FY20 % EBITDA 0.03 1% Net Debt 7.15 72% Vedanta Ltd (Consolidated) FY20 % EBITDA 2.97 99% Net Debt 2.84 28% Konkola Copper Mines (KCM) FY20 % EBITDA - - Net Debt - - Zinc India (HZL) FY20 % EBITDA 1.25 41% Net Cash 2.89 Bharat Aluminium (BALCO) FY20 % EBITDA 0.10 2% Net Debt 0.55 6% Zinc International FY20 % EBITDA 0.05 2% Net Cash 0.02 Electrosteel Steels FY20 % EBITDA 0.08 2% Net Debt 0.26 3% Talwandi Sabo Power FY20 % EBITDA 0.20 8% Net Debt 0.80 8% Volcan FY20 EBITDA - Net Debt 0.33 ($ bn)

Results Conference Call Details Results conference call is scheduled at 6:00 PM (IST) on June 8, 2020. The dial-in numbers for the call are given below: Event Telephone Number Earnings conference call on June 8, 2020 India – 6:00 PM (IST) India: +91 7045671221 Toll free: 1800 120 1221 Universal access: +91 22 7115 8015 +91 22 6280 1114 Singapore – 8:30 PM (Singapore Time) Toll free number 800 101 2045 Hong Kong – 8:30 PM (Hong Kong Time) Toll free number 800 964 448 UK – 1:30 PM (UK Time) Toll free number 0 808 101 1573 US – 8:30 AM (Eastern Time) Toll free number 1 866 746 2133 For online registration https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=119082&linkSecurityString=48b976fc Replay of Conference Call (June 8, 2020 to June 13, 2020) Mumbai +91 22 7194 5757 Passcode: 63835#

EX-99.5

Exhibit 99.5

vedanta

transforming elements

Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with reference to SEBI Circular bearing reference no. SEBI/HO/CFD/CMD1/CIR/P/2020/84 dated May 20, 2020

This is further to our letter no. VEDL/Sec./SE/19-20/172 dated March 30, 2020, we would like to inform you the impact of COVID-19 pandemic and ensuing nation-wide lockdown on the Company pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1.	Impact of the COVID-19 pandemic on the business, supply chain and demand. Ability to maintain operations including the factories/units/office spaces functioning and closed down

The COVID-19 pandemic has had an unprecedented impact on the nation, its citizens, the economy and business. The virus outbreak which saw lockdown across geographies has become one of the biggest threats to the global economy, disrupting businesses and supply chains world over. To slowdown the spread of COVID-19, the Government announced a series of nationwide lockdowns from March 25, 2020.

We have taken a pro-active approach to keep our assets and people safe while ensuring continuity of business. Most of our operations were continuing during the lockdown period being ‘essential’ or ‘continuous’ in nature though we have had temporary disruptions leading to production being down to 80% of the capacity during lockdown which we have now been able to ramp-up to ~90% of normative levels. All of our sites are open with the requisite government permissions and adherence to highest safety standards. Our focus during these times have been to ensure that we operate optimally with lowest possible cost of production. The pandemic has severely impacted the global commodity market with weaker prices seen across oil and bulk metals. In order to maintain sales we accessed the export market largely due to constraints in the domestic market.

VEDANTA LIMITED

REGISTERED OFFICE: Vedanta Limited, 1^st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India | T +91 22 6643 4500 | F +91 22 6643 4530

CIN: L13209MH1965PLC291394

vedanta

transforming elements

2.	Steps taken to ensure smooth and safe functioning of operations

During these testing times our priority is to ensure the health and safety of our employees, contractors and stake holders, while ensuring the business continuity to the extent possible. Our strategy has been threefold: practice physical distancing for all essential workstreams, rely on early diagnosis for our workforce to prevent an outbreak and share knowledge and best practices across our business entities to ensure safe workplaces. While the average footfall at our plants has been reduced significantly, our employees are actively involved in building homegrown solutions to the challenges created by COVID-19. For example, we now have no-touch based hand washing system which was built by our employees. Additional safety measures in terms of sanitizer fogging, social distancing measures through on ground marking etc. are also in place to ensure minimum contact. We have also launched a healthcare helpline for our employees in partnership with Apollo hospitals, through which they can tele-consult with a General Physician or a Psychologist.

3.	Estimation of the future impact of COVID on Operations

The future impact on operations is difficult to assess at this point, as the situation is unravelling at a fast pace. Even though the current situation is very volatile, we are confident about our ability to manage the crisis and emerge as a stronger entity.

4.	Details on impact of COVID-19 on capital and financial resources, profitability, liquidity position, ability to service debt and other financial arrangements, assets, internal financial reporting and control

We are systematically reviewing all areas of cash generation and usage and re-evaluating all costs in the prevailing circumstances, so that we can continue to manage our operations and invest towards the best opportunities. At the same time, we continue to work to support our partners in the aim of reestablishing normalcy in the extended supply chain.

The pandemic has caused significant concerns over global economic growth. Weaker commodity prices seen over recent months will have a negative impact on our profitability . As to the longer-term implications, it is difficult to give a clear assessment of any systemic demand destruction caused by COVID-19 for the time being. We will endeavor to update the market in future quarterly results or indeed when visibility is achieved. There has been no impact on the internal financial reporting and controls of the Company.

5.	Existing contracts/agreements where non-fulfilment of the obligations by any party will have significant impact

The Company operates and aims to fulfil its obligations with respect to all the existing contracts and agreements. We do not foresee any material impact arising from non-fulfilment of obligation by any party in existing contracts or agreements.

VEDANTA LIMITED

CIN: L13209MH1965PLC291394

vedanta

transforming elements

6.	Impact on the financial statements

There will be no impact of COVID-19 on the publishing of financial statements. The Company will publish its results for the quarter and year ended March 31, 2020 with annual audited accounts within the stipulated timelines. The Company will be holding its Annual General Meeting through Video Conferencing / Other Audio-Visual Means in accordance with the relevant circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India.

7.	Partnering with the Government and the community.

Our responsibility to the communities we work in remains paramount to what we do. With that, amongst other measures, Vedanta set-up a dedicated ₹ 201 crore fund catering to three specific areas – Livelihood of the daily wage workers across the nation, preventive health care, support to all our employees and contract partners across our plant location, as part of its endeavour to join ranks with the Government of India to combat the widespread outbreak of COVID-19. Multiple relief measures were taken across the country through initiatives like providing meals to 10 lac daily wage earners and feeding over 50,000 stray animals daily for an entire month to name a few. We also leveraged our existing community programs like Sakhi, Khushi, etc to create grass-root capabilities at villages to make interventions sustainable and locally owned .In a move aimed at supporting frontline healthcare workers and doctors during COVID-19 times, Vedanta Limited, has enabled mass production of Personal Protective Equipment (PPEs) in Gurugram. The Company has imported 23 PPE machines recently in collaboration with the Ministry of Textiles and has teamed up with authorised apparel manufacturers to roll out over 5000 PPEs per day.

During these difficult times, our efforts are aligned to the singular vision of making our communities, the state and nation self-reliant and self-sufficient. We are committed to extending all help possible to help alleviate the pain the pandemic has caused. We are closely working with the government alongside our people and partners to emerge from these trying times stronger and better together.

VEDANTA LIMITED

CIN: L13209MH1965PLC291394