Vedanta : The Unaudited Consolidated and Standalone Financial Results of the Company for the First quarter ended June 30, 2021 (‘Financial Results'); (Form 6-K)

Vedanta Limited

CIN no. L13209MH1965PLC291394

Regd. Office: Vedanta Limited 1st Floor, 'C' wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai-400093, Maharashtra

STATEMENT OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER ENDED

30 JUNE 2021

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

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

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

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

The main business segments are :

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

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

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

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

(e) Copper, which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid and phosphoric acid (Refer note 6);

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

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

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

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

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

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

a)

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

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

5

The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract ('PSC'). The management is of the opinion that the Company is eligible for extension of the PSC for Rajasthan ('RJ') block on same terms w.e.f. 15 May 2020, a matter which was being adjudicated at the Delhi High Court. The Division Bench of the Delhi High Court in March 2021 set aside the single judge order of May 2018 which allowed extension of PSC on same terms and conditions. We have filed Special Leave Petition in Supreme court against this Delhi High court judgement. In parallel, the Government of India ('GoI'), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 07 April 2017 ('Pre-NELP Policy'), for RJ block by a period of 10 years, w.e.f. 15 May 2020 vide its letter dated 26 October 2018, subject to fulfilment of certain conditions.

One of the conditions for extension relates to notification of certain audit exceptions raised for FY 16-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability. In connection with the said audit exceptions, a demand of US$ 364 million (₹ 2,705 Crore) has been raised by DGH on 12 May 2020, relating to the share of the Company and its subsidiary. This amount was subsequently revised to US$ 458 million (₹ 3,405 Crore) till March 2018 vide DGH letter dated 24 December 2020. The Company has disputed the demand and the other audit exceptions, notified till date, as in the Company's view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms the Company has also commenced arbitration proceedings. The arbitration tribunal stands constituted and Vedanta also filed its application for interim relief. The interim relief application was heard by the Tribunal on 15 December 2020 wherein it was directed that GOI should not take any coercive action to recover the disputed amount of audit exceptions which is presently in arbitration and that during the arbitration period, GOI should continue to extend the tenure of the Rajasthan Block PSC on terms of current extension. The GOI has challenged the said order before the Delhi High Court which is next listed for hearing on 04 August 2021. The GoI has also filed application before the Tribunal objecting to its jurisdiction to decide issues arising out of or relating to the PSC extension policy dated 07 April 2017, the Office Memorandum dated 01 February 2013, as amended and audit exceptions notified for FY 2016-18.

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

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

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

6

The Company's application for renewal of Consent to Operate ('CTO') for existing copper smelter at Tuticorin was rejected by the Tamil Nadu Pollution Control Board ('TNPCB') in April 2018. Subsequently, the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. The Principal Bench of National Green Tribunal ('NGT') ruled in favour of the Company but its order was set aside by the Supreme Court vide its judgment dated 18 February 2019, on the sole basis of maintainability. Vedanta Limited has filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The Supreme Court Bench did not allow the interim relief. The matter shall now be heard on merits. The matter was again mentioned before the bench on 17 March 2021, wherein the matter was posted for hearing on 17 August 2021.

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

The Company was also in the process of expanding its capacities at an adjacent site ('Expansion Project'). The High Court of Madras, in a Public Interest Litigation, held that the application for renewal of the Environmental Clearance ('EC') for the Expansion Project shall be processed after a mandatory public hearing and in the interim, ordered the Company to cease construction and all other activities on the site with immediate effect. In the meanwhile, SIPCOT cancelled the land allotted for the Expansion Project, which was later stayed by the Madras High Court. Further, TNPCB issued an order directing the withdrawal of the Consent to Establish ('CTE') which was valid till 31 March 2023. The Company has also appealed this action before the TNPCB Appellate Authority and the matter is pending for adjudication.

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

7

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

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

8	Income taxes

a)

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

b)

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

9

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

10

The Group has considered the possible effects of COVID-19 including on the recoverability of property, plant and equipment, loans and receivables, etc in accordance with the applicable Ind AS. The Group has considered forecast consensus, industry reports, economic indicators and general business conditions to make an assessment of the implications of the pandemic. Based on the assessment, no adjustment is required to these financial results. The impact of the pandemic may be different from that as estimated as at the date of approval of these results and the management continues to closely monitor any material changes to future economic conditions.

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

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

Vedanta Limited

CIN no. L13209MH1965PLC291394

Regd. Office: Vedanta Limited 1st Floor, 'C' wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai-400093, Maharashtra

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER ENDED 30 JUNE 2021

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

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

The main business segments are:

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

(b) Aluminium, which consists of manufacturing of alumina and various aluminium products;

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

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

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

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

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

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

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

4		Other expenses include cost of exploration wells written off amounting to ₹ 99 Crore, ₹ 1 Crore, ₹ 0 Crore and ₹ 6 Crore for the quarter ended 30 June 2021, 31 March 2021, 30 June 2020 and the year ended 31 March 2021 respectively.
5		The Company's application for renewal of Consent to Operate ('CTO') for existing copper smelter at Tuticorin was rejected by the Tamil Nadu Pollution Control Board ('TNPCB') in April 2018. Subsequently, the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. The Principal Bench of National Green Tribunal ('NGT') ruled in favour of the Company but its order was set aside by the Supreme Court vide its judgment dated 18 February 2019, on the sole basis of maintainability. Vedanta Limited has filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The Supreme Court Bench did not allow the interim relief. The matter shall now be heard on merits. The matter was again mentioned before the bench on 17 March 2021, wherein the matter was posted for hearing on 17 August 2021. However, during the current period, the Company approached the Supreme Court offering to supply medical oxygen from the said facility in view of prevailing COVID-19 situation, which was allowed by the Supreme Court, under supervision of a committee constituted by the Government of Tamil Nadu until 31 July 2021. Further the Company has moved an application on 29 June 2021 providing status report on running Oxygen plant and seeking extension for another 6 months for operating the Oxygen plant. The matter is listed for hearing on 27 July 2021.
	The Company was also in the process of expanding its capacities at an adjacent site ('Expansion Project'). The High Court of Madras, in a Public Interest Litigation, held that the application for renewal of the Environmental Clearance ('EC') for the Expansion Project shall be processed after a mandatory public hearing and in the interim, ordered the Company to cease construction and all other activities on the site with immediate effect. In the meanwhile, SIPCOT cancelled the land allotted for the Expansion Project, which was later stayed by the Madras High Court. Further, TNPCB issued an order directing the withdrawal of the Consent to Establish ('CTE') which was valid till 31 March 2023. The Company has also appealed this action before the TNPCB Appellate Authority and the matter is pending for adjudication.
	As per the Company's assessment, it is in compliance with the applicable regulations and hence it does not expect any material adjustments to these financial results as a consequence of the above actions.

6		The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract ('PSC'). The management is of the opinion that the Company is eligible for extension of the PSC for Rajasthan ('RJ') block on same terms w.e.f. 15 May 2020, a matter which was being adjudicated at the Delhi High Court. The Division Bench of the Delhi High Court in March 2021 set aside the single judge order of May 2018 which allowed extension of PSC on same terms and conditions. We have filed Special Leave Petition in Supreme court against this Delhi High court judgement. In parallel, the Government of India ('GoI'), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 07 April 2017 ('Pre-NELP Policy'), for RJ block by a period of 10 years, w.e.f. 15 May 2020 vide its letter dated 26 October 2018, subject to fulfilment of certain conditions.
	One of the conditions for extension relates to notification of certain audit exceptions raised for FY 16-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability. In connection with the said audit exceptions, a demand of US$ 364 million (₹ 2,705 Crore) has been raised by DGH on 12 May 2020, relating to the share of the Company and its subsidiary. This amount was subsequently revised to US$ 458 million (₹ 3,405 Crore) till March 2018 vide DGH letter dated 24 December 2020. The Company has disputed the demand and the other audit exceptions, notified till date, as in the Company's view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms the Company has also commenced arbitration proceedings. The arbitration tribunal stands constituted and Vedanta also filed its application for interim relief. The interim relief application was heard by the Tribunal on 15 December 2020 wherein it was directed that GOI should not take any coercive action to recover the disputed amount of audit exceptions which is presently in arbitration and that during the arbitration period, GOI should continue to extend the tenure of the Rajasthan Block PSC on terms of current extension. The GOI has challenged the said order before the Delhi High Court which is next listed for hearing on 04 August 2021. The GoI has also filed application before the Tribunal objecting to its jurisdiction to decide issues arising out of or relating to the PSC extension policy dated 07 April 2017, the Office Memorandum dated 01 February 2013, as amended and audit exceptions notified for FY 2016-18.
	Further, on 23 September 2020, the GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. This matter is also scheduled for hearing on 04 August 2021. Simultaneously, the Company is also pursuing with the GoI for executing the RJ PSC addendum at the earliest. In view of extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, the GoI has been granting permission to the Company to continue Petroleum operations in the RJ block. The latest permission is valid upto 31 July 2021 or signing of the PSC addendum, whichever is earlier. For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters or any disruptions in its petroleum operations.
7		As per information received from VRL, during the current period, VRL together with Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, as persons acting in concert with VRL ('PACs'), acquired 37,42,31,161 equity shares of the Company under the voluntary open offer made to the public shareholders of the Company in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and thereby increasing their shareholding in the Company from the current 55.1% to 65.18%.
8		The Company has considered the possible effects of COVID-19 including on the recoverability of property, plant and equipment, loans and receivables, etc in accordance with the applicable Ind AS. The Company has considered forecast consensus, industry reports, economic indicators and general business conditions to make an assessment of the implications of the pandemic. Based on the assessment, no adjustment is required to these financial results. The impact of the pandemic may be different from that as estimated as at the date of approval of these results and the management continues to closely monitor any material changes to future economic conditions.
9		Other income includes dividend income from subsidiaries of ₹ 1,316 Crore and ₹ 10,369 Crore for the quarter ended 30 June 2021 and year ended 31 March 2021 respectively.

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