Vedanta : Unaudited Consolidated and Standalone Financial Results of the Company for the Second Quarter and Half Year ended September 30, 2022 (‘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 AND HALF YEAR ENDED 30 SEPTEMBER 2022

(₹ in Crore, except as stated)

				Quarter ended			Half year ended			Year ended
S. No.		Particulars		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
1		Revenue from operations			36,237				38,251				30,048				74,488				58,153				131,192
2		Other operating income			417				371				353				788				660				1,540
3		Other income			697				733				673				1,430				1,412				2,600
	Total income			37,351				39,355				31,074				76,706				60,225				135,332
4		Expenses
a)		Cost of materials consumed			10,666				10,774				8,167				21,440				16,374				37,172
b)		Purchases of stock-in-trade			1				12				0				13				88				133
c)		Changes in inventories of finished goods, work-in-progress and stock-in-trade			769				(813	)			(200	)			(44	)			(966	)			(2,049	)
d)		Power and fuel charges			8,553				8,953				4,412				17,506				8,330				21,164
e)		Employee benefits expense			783				780				694				1,563				1,377				2,811
f)		Finance costs			1,642				1,206				1,066				2,848				2,248				4,797
g)		Depreciation, depletion and amortisation expense			2,624				2,464				2,118				5,088				4,242				8,895
h)		Other expenses			8,183				8,719				6,914				16,902				13,229				28,677
5		Total expenses			33,221				32,095				23,171				65,316				44,922				101,600
6		Profit before exceptional items and tax			4,130				7,260				7,903				11,390				15,303				33,732
7		Net exceptional gain/(loss) (Refer note 3)			234				-				(97	)			234				(327	)			(768	)
8		Profit before tax			4,364				7,260				7,806				11,624				14,976				32,964
9		Tax expense
	On other than exceptional items
a)		Net current tax expense			2,194				1,516				1,399				3,710				2,829				6,889
b)		Net deferred tax (benefit)/ expense, net of tax credits			(366	)			152				629				(214	)			1,168				2,544
	On exceptional items
c)		Net tax benefit on exceptional items (Refer note 3)			(154	)			-				(34	)			(154	)			(115	)			(178	)
	Net tax expense (a+b+c)			1,674				1,668				1,994				3,342				3,882				9,255
10		Profit after tax before share in (loss)/ profit of jointly controlled entities and associates			2,690				5,592				5,812				8,282				11,094				23,709
11		Add: Share in (loss)/ profit of jointly controlled entities and associates			(3	)			1				0				(2	)			1				1
12		Profit after share in (loss)/ profit of jointly controlled entities and associates (a)			2,687				5,593				5,812				8,280				11,095				23,710

(₹ in Crore, except as stated)

				Quarter ended			Half year ended			Year ended
S. No.		Particulars		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
13		Other Comprehensive (Loss)/ Income
i.		(a) Items that will not be reclassified to profit or loss			19				(38	)			15				(19	)			47				(3	)
	(b) Tax (expense)/ benefit on items that will not be reclassified to profit or loss			(3	)			1				(2	)			(2	)			(2	)			1
ii.		(a) Items that will be reclassified to profit or loss			(1,208	)			2,763				(220	)			1,555				151				893
	(b) Tax benefit/ (expense) on items that will be reclassified to profit or loss			687				(757	)			(6	)			(70	)			9				(28	)
	Total Other Comprehensive (Loss)/ Income (b)			(505	)			1,969				(213	)			1,464				205				863
14		Total Comprehensive Income (a + b)			2,182				7,562				5,599				9,744				11,300				24,573
15		Profit attributable to:
a)		Owners of Vedanta Limited			1,808				4,421				4,615				6,229				8,839				18,802
b)		Non-controlling interests			879				1,172				1,197				2,051				2,256				4,908
16		Other Comprehensive (Loss)/ Income attributable to:
a)		Owners of Vedanta Limited			(296	)			1,754				(181	)			1,458				212				823
b)		Non-controlling interests			(209	)			215				(32	)			6				(7	)			40
17		Total Comprehensive Income attributable to:
a)		Owners of Vedanta Limited			1,512				6,175				4,434				7,687				9,051				19,625
b)		Non-controlling interests			670				1,387				1,165				2,057				2,249				4,948
18		Net Profit after taxes, non-controlling interests and share in (loss)/ profit of jointly controlled entities and associates but before exceptional items			1,424				4,421				4,677				5,845				9,019				19,279
19		Paid-up equity share capital (Face value of ₹ 1 each)			372				372				372				372				372				372
20		Reserves excluding revaluation reserves as per balance sheet								65,011
21		Earnings per share (₹) (*not annualised)
	-Basic			4.88	*			11.92	*			12.46	*			16.79	*			23.85	*			50.73
	-Diluted			4.85	*			11.84	*			12.38	*			16.69	*			23.70	*			50.38

(₹ in Crore)

				Quarter ended			Half year ended			Year ended
S. No.		Segment information		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
1		Segment Revenue
a)		Zinc, Lead and Silver
	(i) Zinc & Lead - India			6,999				8,066				4,914				15,065				10,131				24,418
	(ii) Silver - India			1,079				1,109				983				2,188				2,089				4,206
	Total			8,078				9,175				5,897				17,253				12,220				28,624
b)		Zinc - International			1,440				1,459				1,044				2,899				2,163				4,484
c)		Oil & Gas			3,869				4,083				2,892				7,952				5,377				12,430
d)		Aluminium			13,486				14,644				12,119				28,130				22,382				50,881
e)		Copper			4,011				4,215				3,560				8,226				7,059				15,151
f)		Iron Ore			1,506				1,367				1,492				2,873				3,068				6,350
g)		Power			1,844				1,770				1,276				3,614				2,501				5,826
h)		Others			2,245				1,856				1,832				4,101				3,473				7,972
	Total			36,479				38,569				30,112				75,048				58,243				131,718
Less:		Inter Segment Revenue			242				318				64				560				90				526
	Revenue from operations			36,237				38,251				30,048				74,488				58,153				131,192
2		Segment Results (EBITDA) i
a)		Zinc, Lead and Silver			4,342				5,230				3,280				9,572				6,789				16,161
b)		Zinc - International			591				589				299				1,180				699				1,533
c)		Oil & Gas			2,018				2,081				1,384				4,099				2,448				5,992
d)		Aluminium			761				2,251				4,647				3,012				8,372				17,337
e)		Copper			15				(14	)			(38	)			1				(145	)			(115	)
f)		Iron Ore			213				363				559				576				1,321				2,280
g)		Power			141				81				264				222				610				1,082
h)		Others			(43	)			160				187				117				518				1,049
	Total Segment results (EBITDA)			8,038				10,741				10,582				18,779				20,612				45,319
Less:		Depreciation, depletion and amortisation expense			2,624				2,464				2,118				5,088				4,242				8,895
Add:		Other income, net of expenses ii			(27	)*			3	*			61				(24	)*			123				245
Less:		Finance costs			1,642				1,206				1,066				2,848				2,248				4,797
Add:		Other unallocable income, net of expenses			385				186				444				571				1,058				1,860
	Profit before exceptional items and tax			4,130				7,260				7,903				11,390				15,303				33,732
Add:		Net exceptional gain/(loss) (Refer note 3)			234				-				(97	)			234				(327	)			(768	)
	Profit before tax			4,364				7,260				7,806				11,624				14,976				32,964
3		Segment assets
a)		Zinc, Lead and Silver - India			23,541				24,452				21,481				23,541				21,481				22,822
b)		Zinc - International			6,300				6,859				6,429				6,300				6,429				6,984
c)		Oil & Gas			29,922				26,983				20,926				29,922				20,926				24,149
d)		Aluminium			63,632				65,340				57,499				63,632				57,499				60,407
e)		Copper			5,062				5,898				6,150				5,062				6,150				5,912
f)		Iron Ore			5,504				5,182				3,521				5,504				3,521				4,156
g)		Power			17,337				17,296				17,157				17,337				17,157				17,195
h)		Others			10,110				9,823				8,114				10,110				8,114				9,197
i)		Unallocated			40,675				47,826				46,489				40,675				46,489				47,778
	Total			202,083				209,659				187,766				202,083				187,766				198,600

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

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

* Includes cost of exploration wells written off of ₹ 96 Crore, ₹ 62 Crore and ₹ 158 Crore in Oil & Gas segment for the quarters ended 30 September 2022, 30 June 2022 and half year ended 30 September 2022, respectively in Oil & Gas segment.

(₹ in Crore)

				Quarter ended			Half year ended			Year ended
S. No.		Segment information		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
4		Segment liabilities
a)		Zinc, Lead and Silver - India			6,291				6,537				5,141				6,291				5,141				6,229
b)		Zinc - International			1,161				1,163				1,211				1,161				1,211				1,159
c)		Oil & Gas			20,904				19,140				13,800				20,904				13,800				16,138
d)		Aluminium			23,301				21,983				19,066				23,301				19,066				20,231
e)		Copper			4,620				5,186				4,265				4,620				4,265				5,028
f)		Iron Ore			2,691				3,123				1,912				2,691				1,912				2,601
g)		Power			2,694				2,390				1,976				2,694				1,976				1,976
h)		Others			3,129				2,861				1,896				3,129				1,896				2,694
i)		Unallocated			66,780				68,586				56,584				66,780				56,584				59,840
	Total			131,571				130,969				105,851				131,571				105,851				115,896

The main business segments are:

(a) Zinc, Lead and Silver - India, which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate. Additional intra segment information of revenues for the Zinc & Lead and Silver segment have been provided to enhance understanding of segment business;

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

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

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

(e) Copper, which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid and phosphoric acid (Refer note 5);

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

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

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

Consolidated Balance Sheet					(₹ in Crore)
Particulars		As at 30.09.2022 (Unaudited)			As at 31.03.2022 (Audited)
A		ASSETS
	Non-current assets
	(a) Property, plant and equipment			92,182				91,990
	(b) Capital work-in-progress			17,060				14,230
	(c) Intangible assets			1,416				1,476
	(d) Exploration intangible assets under development			2,381				1,649
	(e) Financial assets
	(i) Investments			246				151
	(ii) Trade receivables			3,101				3,219
	(iii) Loans			1,006				3,166
	(iv) Derivatives			62				-
	(v) Others			3,048				2,855
	(f) Deferred tax assets (net)			5,747				5,085
	(g) Income tax assets (net)			2,849				2,762
	(h) Other non-current assets			3,854				3,442
	Total non-current assets			132,952				130,025
	Current assets
	(a) Inventories			16,160				14,313
	(b) Financial assets
	(i) Investments			14,496				17,140
	(ii) Trade receivables			3,683				4,946
	(iii) Cash and cash equivalents			6,119				8,671
	(iv) Other bank balances			6,002				6,921
	(v) Loans			2,744				2,304
	(vi) Derivatives			1,747				258
	(vii) Others			12,213				8,724
	(c) Income tax assets (net)			20				25
	(d) Other current assets			5,947				5,273
	Total current assets			69,131				68,575
	Total Assets			202,083				198,600
B		EQUITY AND LIABILITIES
	Equity
	Equity share capital			372				372
	Other equity			53,867				65,011
	Equity attributable to owners of Vedanta Limited			54,239				65,383
	Non-controlling interests			16,273				17,321
	Total Equity			70,512				82,704
	Liabilities
	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings			39,101				36,205
	(ii) Lease liabilities			159				150
	(iii) Derivatives			-				6
	(iv) Other financial liabilities			1,703				1,327
	(b) Provisions			3,699				3,386
	(c) Deferred tax liabilities (net)			4,750				4,435
	(d) Other non-current liabilities			4,842				4,674
	Total non-current liabilities			54,254				50,183
	Current liabilities
	(a) Financial liabilities
	(i) Borrowings			19,497				16,904
	(ii) Lease liabilities			263				324
	(iii) Operational buyers' credit / suppliers' credit			13,901				10,993
	(iv) Trade payables			10,664				10,538
	(v) Derivatives			212				531
	(vi) Other financial liabilities			20,431				17,312
	(b) Provisions			459				417
	(c) Income tax liabilities (net)			2,334				917
	(d) Other current liabilities			9,556				7,777
	Total current liabilities			77,317				65,713
	Total Equity and Liabilities			202,083				198,600

Vedanta Limited

Consolidated statement of cash flows

					(₹ in Crore)
		Half year ended
Particulars		30.09.2022 (Unaudited)			30.09.2021 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation			11,624				14,976
Adjustments for:
Depreciation, depletion and amortisation			5,100				4,255
Impairment (reversal)/ capital work in progress written off			(818	)			46
Provision for doubtful debts (net)/ advance/ bad debts written off			160				51
Exploration costs written off			158				147
Liabilities written back			(189	)			-
Other exceptional items			-				134
Fair value loss/ (gain) on financial assets held at fair value through profit or loss			21				(162	)
Profit on sale/ discard of property, plant and equipment (net)			(10	)			(85	)
Foreign exchange loss (net)			509				126
Unwinding of discount on decommissioning liability			43				37
Share based payment expense			46				51
Interest and dividend income			(1,101	)			(1,020	)
Interest expense			2,805				2,210
Deferred government grant			(134	)			(123	)
Changes in assets and liabilities
Increase in trade and other receivables			(3,100	)			(3,951	)
Increase in inventories			(1,818	)			(1,541	)
Increase in trade and other payable			6,945				2,061
Cash generated from operations			20,241				17,212
Income taxes paid (net)			(2,173	)			(1,884	)
Net cash generated from operating activities			18,068				15,328
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (including intangibles)			(8,030	)			(4,541	)
Proceeds from sale of property, plant and equipment			60				172
Loans repaid by related parties			2,352				1,610
Deposits made			(3,381	)			(8,792	)
Proceeds from redemption of deposits			4,174				11,478
Short term investments made			(52,841	)			(42,741	)
Proceeds from sale of short term investments			55,468				41,740
Interest received			941				1,379
Dividends received			0				1
Payment made to site restoration fund			-				(9	)
Purchase of long term investments			(125	)			-
Net cash (used in)/ from investing activities			(1,382	)			297

					(₹ in Crore)
		Half year ended
Particulars		30.09.2022 (Unaudited)			30.09.2021 (Unaudited)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/ (repayment) of short-term borrowings (net)			755				(250	)
Proceeds from current borrowings			6,754				3,649
Repayment of current borrowings			(5,855	)			(3,706	)
Proceeds from long-term borrowings			9,119				6,690
Repayment of long-term borrowings			(5,477	)			(12,269	)
Interest paid			(2,530	)			(2,871	)
Payment for acquiring non-controlling interest			(17	)			-
Payment of dividends to equity holders of the Company			(18,917	)			(6,845	)
Payment of dividends to non-controlling interests			(3,113	)			-
Refund of dividend distribution tax			86				-
Payment of lease liabilities			(62	)			(110	)
Net cash used in financing activities			(19,257	)			(15,712	)
Effect of exchange rate changes on cash and cash equivalents			19				11
Net decrease in cash and cash equivalents			(2,552	)			(76	)
Cash and cash equivalents at the beginning of the period			8,671				4,854
Cash and cash equivalents at end of the period			6,119				4,778
Notes:
1.  The figures in parentheses indicate outflow. 2.  The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.

	Notes:-
1		The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries ("the Group"), jointly controlled entities, and associates for the quarter and half year ended 30 September 2022 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at its respective meetings held on 28 October 2022. The statutory auditors have carried out a limited review on these results and issued an unmodified conclusion.
2		During the quarter ended 30 September 2022, the Board of Directors of the Company, at its meeting held on 19 July 2022, approved the second interim dividend of ₹ 19.50 per equity share, i.e., 1,950% on face value of ₹ 1/- per equity share for the year ended 31 March 2023. With this, the total dividend declared for FY 2022-23 currently stands at ₹ 51 per equity share of ₹ 1/- each.
3		Net exceptional gain/ (loss) comprise the following:

																			(₹ in Crore)
		Particulars		Quarter ended			Half year ended			Year ended
		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
	Property, plant and equipment, exploration intangible assets under development, capital work-in-progress and other assets write back/ (written off) or reversal/(impaired):
	- Oil & Gas
	a) Exploration cost written off			-				-				(51	)			-				(147	)			(2,618	)
	b) Reversal of previously recorded impairment			-				-				-				-				-				2,697
	- Aluminium			-				-				-				-				-				(125	)
	- Iron Ore
	- Reversal of previously recorded impairment of assets in Liberia on commencement of mining operations.			644				-				-				644				-				-
	- Others			109				-				(46	)			109				(46	)			(52	)
	- Unallocated			-				-				-				-				-				(24	)
	SAED on Oil and Gas sector*			(519	)			-				-				(519	)			-				-
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium			-				-				-				-				-				(288	)
	- Copper			-				-				-				-				-				(217	)
	- Zinc, Lead and Silver - India			-				-				-				-				(134	)			(134	)
	- Others			-				-				-				-				-				(7	)
	Net exceptional gain/ (loss)			234				-				(97	)			234				(327	)			(768	)
	Current tax benefit on above			86				-				9				86				73				580
	Net deferred tax benefit/ (expense) on above			68				-				25				68				42				(402	)
	Non-controlling interests on above			(4	)			-				1				(4	)			32				113
	Net exceptional gain/ (loss), net of tax and non-controlling interests			384				-				(62	)			384				(180	)			(477	)

*		The Government of India ("GoI") vide its notification dated 30 June 2022 levied Special Additional Excise Duty ('SAED') on production of crude oil, i.e., cess on windfall gain triggered by increase in crude oil prices which is effective from 01 July 2022. The consequential net impact of the said duty on the quarterly results has been presented as an exceptional item.
4		The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract ("PSC"). The GoI accorded its approval for extension of the PSC for the RJ Block for a period of 10 years till 14 May 2030, under the Pre-NELP Extension policy as per notification dated 07 April 2017 ("Pre-NELP Policy"), vide its letter dated 26 October 2018, subject to fulfilment of certain conditions.
	The management believes that the Company is eligible for extension of the PSC on same terms and challenged the applicability of above-mentioned policy. The Company's petition was allowed by Single Bench, however was overturned by Division Bench in appeal filed by GoI. The Company has filed an appeal against the order of Division Bench before the Supreme court. However, the Company has been paying additional 10% profit petroleum to the Government as per the conditions of extension.
	One of the conditions for extension relates to notification of certain audit exceptions raised for FY 2016-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability.
	Director General of Hydrocarbons ("DGH") has further updated its demand on account of audit exceptions vide letter dated 06 September 2022 for period up to 14 May 2020 for total amount of ₹ 9,474 Crore (US$ 1,162 million) and applicable interest thereon relating to the share of the Company and one of its subsidiaries.
	The Company has disputed the aforesaid 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 had commenced arbitration proceedings. The final hearing and arguments were concluded in September 2022. Post hearing briefs would be filed by the parties on 11 November 2022.
	For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters.
	Pursuant to GOI's approval for extension vide letter dated 26 October 2018, the parties have now executed the addendum for PSC extension for 10 years from 15 May 2020 to 14 May 2030 on 27 October 2022.

5		The Company has a copper smelter plant in Tuticorin. The Company's application for renewal of Consent to Operate ("CTO") for the plant 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. The Company had filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The hearing on care and maintenance could not be listed at the Supreme Court. Instead, the matter is now being heard on merits.
	The Company was also in the process of expanding its capacities at an adjacent site ("Expansion Project"). The High Court of Madras, in a Public Interest Litigation, held that the application for renewal of the Environmental Clearance ("EC") for the Expansion Project shall be processed after a mandatory public hearing and in the interim, ordered the Company to cease construction and all other activities on the site with immediate effect. In the meanwhile, State Industries Promotion Corporation of Tamil Nadu ("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 and the matter is now being heard on merits. As per the Company's assessment, it is in compliance with the applicable regulations and hence there is no impact on the carrying value of the assets.
6		On 21 July 2022, the Company acquired Athena Chhattisgarh Power Limited ("ACPL") under the liquidation proceedings of the Insolvency and Bankruptcy Code, 2016 for a consideration of ₹ 565 Crore. ACPL is building a 1,200 MW (600 MW X 2) coal-based power plant located at Jhanjgir Champa district, Chhattisgarh. The plant is expected to fulfill the power requirements for the Company's aluminium business. On consolidation, the consideration paid for acquisition of ACPL represents mainly Capital work in progress.
7		The Company had filed a Scheme of Arrangement ("Scheme") for its capital reorganization, whereby the balance of the General Reserves of ₹ 12,587 Crore as at 31 March 2022 is proposed to be transferred to Retained Earnings. Pursuant to the Order of Hon'ble National Company Law Tribunal, Mumbai Bench, a meeting of the shareholders of the Company was held on 11 October 2022, where the matter was approved with requisite majority. The Scheme is subject to completion of further compliances as may be required under Section 230 and other applicable provisions of the Companies Act, 2013.
8		Previous period/ year figures have been re-grouped/ rearranged, wherever necessary.

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

	Vedanta Limited CIN no. L13209MH1965PLC291394

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

Mumbai-400093, Maharashtra

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2022

(₹ in Crore, except as stated)

				Quarter ended			Half year ended			Year ended
S. No.		Particulars		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
1		Revenue from operations			16,878				17,779				14,975				34,657				27,858				62,801
2		Other operating income			120				134				148				254				223				476
3		Other income (Refer note 7)			5,889				174				690				6,063				2,089				8,347
	Total Income			22,887				18,087				15,813				40,974				30,170				71,624
4		Expenses
a)		Cost of materials consumed			6,478				6,593				5,228				13,071				10,178				23,751
b)		Purchases of stock-in-trade			8				47				3				55				165				228
c)		Changes in inventories of finished goods, work-in-progress and stock-in-trade			712				(480	)			67				232				(479	)			(1,172	)
d)		Power and fuel charges			4,794				5,375				2,384				10,169				4,440				11,874
e)		Employee benefits expense			220				231				214				451				412				867
f)		Finance costs			1,057				858				716				1,915				1,438				3,146
g)		Depreciation, depletion and amortisation expense			950				873				727				1,823				1,431				2,945
h)		Other expenses			2,921				3,250				2,486				6,171				4,760				10,051
	Total expenses			17,140				16,747				11,825				33,887				22,345				51,690
5		Profit before exceptional items and tax			5,747				1,340				3,988				7,087				7,825				19,934
6		Net exceptional gain/(loss) (Refer note 3)			502				-				(51	)			502				(147	)			(318	)
7		Profit before tax			6,249				1,340				3,937				7,589				7,678				19,616
8		Tax expense/ (benefit) on other than exceptional items:
a)		Net current tax expense			980				218				695				1,198				1,373				3,505
b)		Net deferred tax benefit, including tax credits			(770	)			(552	)			(20	)			(1,322	)			(259	)			(1,023	)
	Net tax benefit on exceptional items:
c)		Net tax benefit on exceptional items (Refer note 3)			(87	)			-				(17	)			(87	)			(51	)			(111	)
	Net tax expense/ (benefit) (a+b+c)			123				(334	)			658				(211	)			1,063				2,371
9		Net profit after tax (A)			6,126				1,674				3,279				7,800				6,615				17,245
10		Net profit after tax before exceptional items (net of tax)			5,537				1,674				3,313				7,211				6,711				17,452
11		Other Comprehensive (Loss)/ Income
a)		(i) Items that will not be reclassified to profit or loss			13				(35	)			(9	)			(22	)			27				(8	)
	(ii) Tax (expense)/ benefit on items that will not be reclassified to profit or loss			(1	)			0				7				(1	)			6				8
b)		(i) Items that will be reclassified to profit or loss			(608	)			1,547				12				939				63				407
	(ii) Tax benefit/ (expense) on items that will be reclassified to profit or loss			404				(456	)			(6	)			(52	)			5				(74	)
	Total Other Comprehensive (Loss)/ Income (B)			(192	)			1,056				4				864				101				333
12		Total Comprehensive Income (A+B)			5,934				2,730				3,283				8,664				6,716				17,578
13		Paid-up equity share capital (Face value of ₹ 1 each)			372				372				372				372				372				372
14		Reserves excluding revaluation reserves as per balance sheet								77,277
15		Earnings per share (₹) (*not annualised)
	- Basic and diluted			16.47	*			4.50	*			8.81	*			20.97	*			17.78	*			46.36

(₹ in Crore)

				Quarter ended			Half year ended			Year ended
S. No.		Segment information		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
1		Segment revenue
a)		Oil and Gas			2,098				2,122				1,544				4,220				2,883				6,622
b)		Aluminium			10,444				11,171				9,139				21,615				16,756				38,371
c)		Copper			2,754				3,040				2,594				5,794				4,800				11,096
d)		Iron Ore			1,406				1,214				1,492				2,620				3,068				6,143
e)		Power			176				232				206				408				351				787
	Total			16,878				17,779				14,975				34,657				27,858				63,019
Less:		Inter segment revenue			-				-				-				-				-				218
	Revenue from operations			16,878				17,779				14,975				34,657				27,858				62,801
2		Segment Results (EBITDA) i
a)		Oil and Gas			1,092				1,043				734				2,135				1,302				3,137
b)		Aluminium			910				1,890				3,570				2,800				6,329				13,024
c)		Copper			8				(3	)			(17	)			5				(103	)			(150	)
d)		Iron Ore			143				287				574				430				1,262				2,187
e)		Power			(78	)			(97	)			4				(175	)			(5	)			(172	)
	Total Segment results (EBITDA)			2,075				3,120				4,865				5,195				8,785				18,026
Less:		Depreciation, depletion and amortisation expense			950				873				727				1,823				1,431				2,945
Add:		Other income, net of expenses ii			(75	)*			(30	)*			18				(105	)*			37				78
Less:		Finance costs			1,057				858				716				1,915				1,438				3,146
Add:		Other unallocable income, net of expenses (Refer note 7)			5,754				(19	)			548				5,735				1,872				7,921
	Profit before exceptional items and tax			5,747				1,340				3,988				7,087				7,825				19,934
Add:		Net exceptional gain/(loss) (Refer note 3)			502				-				(51	)			502				(147	)			(318	)
	Profit before tax			6,249				1,340				3,937				7,589				7,678				19,616
3		Segment assets
a)		Oil and Gas			19,466				16,870				14,095				19,466				14,095				16,420
b)		Aluminium			50,043				51,773				44,920				50,043				44,920				47,307
c)		Copper			4,463				5,310				5,401				4,463				5,401				5,383
d)		Iron Ore			4,084				4,597				3,016				4,084				3,016				3,590
e)		Power			2,929				2,973				3,200				2,929				3,200				3,044
f)		Unallocated			72,341				71,405				68,172				72,341				68,172				73,215
	Total			153,326				152,928				138,804				153,326				138,804				148,959
4		Segment liabilities
a)		Oil and Gas			13,335				12,290				8,904				13,335				8,904				10,178
b)		Aluminium			18,855				17,706				13,916				18,855				13,916				15,848
c)		Copper			4,132				4,767				4,037				4,132				4,037				4,638
d)		Iron Ore			2,243				2,908				2,503				2,243				2,503				2,321
e)		Power			295				217				206				295				206				152
f)		Unallocated			46,949				46,296				32,555				46,949				32,555				38,173
	Total			85,809				84,184				62,121				85,809				62,121				71,310

The main business segments are:

(a) Oil and 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 4);

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

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

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

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

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

* Includes cost of exploration wells written off of ₹ 95 Crore, ₹ 50 Crore and ₹ 145 Crore for the quarters ended 30 September 2022, 30 June 2022 and half year ended 30 September 2022, respectively in Oil and Gas segment.

Balance Sheet					(₹ in Crore)
		Particulars		As at 30.09.2022 (Unaudited)			As at 31.03.2022 (Audited)
A		ASSETS
1		Non-current assets
	(a) Property, Plant and Equipment			39,583				39,490
	(b) Capital work-in-progress			10,386				9,226
	(c) Intangible assets			30				26
	(d) Exploration intangible assets under development			2,019				1,488
	(e) Financial assets
	(i) Investments			61,632				60,881
	(ii) Trade receivables			1,254				1,293
	(iii) Loans			142				154
	(iv) Derivatives			62				-
	(v) Others			2,134				1,440
	(f) Deferred tax assets (net)			2,385				1,118
	(g) Income tax assets (net)			1,700				1,800
	(h) Other non-current assets			2,449				2,214
	Total non-current assets			123,776				119,130
2		Current assets
	(a) Inventories			8,752				8,563
	(b) Financial assets
	(i) Investments			454				585
	(ii) Trade receivables			1,520				2,328
	(iii) Cash and cash equivalents			2,602				5,518
	(iv) Other bank balances			1,097				1,630
	(v) Loans			392				365
	(vi) Derivatives			1,350				249
	(vii) Others			9,288				7,394
	(c) Other current assets			4,095				3,197
	Total current assets			29,550				29,829
	Total assets			153,326				148,959
B		EQUITY AND LIABILITIES
1		Equity
	Equity Share Capital			372				372
	Other Equity			67,145				77,277
	Total Equity			67,517				77,649
	Liabilities
2		Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings			31,223				23,421
	(ii) Lease liabilities			56				57
	(iii) Derivatives			-				6
	(iv) Other financial liabilities			-				192
	(b) Provisions			1,425				1,268
	(c) Other non-current liabilities			2,935				2,751
	Total Non-current liabilities			35,639				27,695
3		Current liabilities
	(a) Financial liabilities
	(i) Borrowings			14,073				13,275
	(ii) Lease liabilities			25				25
	(iii) Operational buyers' credit / suppliers' credit			10,818				9,261
	(iv) Trade payables
	(1) Total outstanding dues of micro, small and medium enterprises			202				195
	(2) Total outstanding dues of creditors other than micro, small and medium enterprises			5,377				5,329
	(v) Derivatives			104				277
	(vi) Other financial liabilities			12,568				10,020
	(b) Provisions			142				158
	(c) Income tax liabilities (net)			981				601
	(d) Other current liabilities			5,880				4,474
	Total current liabilities			50,170				43,615
	Total Equity and Liabilities			153,326				148,959

Statement of Cash Flows

					(₹ in Crore)
		Half year ended
Particulars		30.09.2022 (Unaudited)			30.09.2021 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax			7,589				7,678
Adjustments for:
Depreciation, depletion and amortisation			1,835				1,445
Reversal of impairment of investments			(780	)			-
Provision for doubtful debts/ advance/ bad debts written off			209				34
Liabilities written back			(47	)			-
Exploration costs written off			145				147
Fair value (gain)/ loss on financial assets held at fair value through profit or loss			(24	)			10
Loss/ (Profit) on sale/ discard of property, plant and equipment (net)			5				(97	)
Foreign exchange loss (net)			202				66
Unwinding of discount on decommissioning liability			14				12
Share based payment expense			23				32
Interest and dividend income			(5,914	)			(1,931	)
Interest expense			1,901				1,426
Deferred government grant			(40	)			(39	)
Changes in assets and liabilities
Increase in trade and other receivables			(2,221	)			(2,729	)
Increase in inventories			(117	)			(1,041	)
Increase in trade and other payables			4,871				2,129
Cash generated from operations			7,651				7,142
Income taxes paid (net)			(665	)			(756	)
Net cash generated from operating activities			6,986				6,386
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (including intangibles)			(3,396	)			(1,871	)
Proceeds from sale of property, plant and equipment			23				156
Loans given to related parties			(170	)			(65	)
Loans repaid by related parties			165				83
Deposits made			(788	)			(982	)
Proceeds from redemption of deposits			1,001				929
Short term investments made			(22,313	)			(9,809	)
Proceeds from sale of short-term investments			22,471				11,593
Interest received			150				81
Dividends received			5,761				1,830
Payments made to site restoration fund			-				(6	)
Advance given for acquisition (Refer note 6)			(565	)			-
Net cash generated from investing activities			2,339				1,939
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/ (repayment) of short-term borrowings (net)			804				(300	)
Proceeds from current borrowings			6,568				1,845
Repayment of current borrowings			(5,640	)			(1,265	)
Proceeds from long-term borrowings			10,102				5,068
Repayment of long-term borrowings			(3,441	)			(7,083	)
Interest paid			(1,793	)			(1,951	)
Refund of dividend distribution tax			86				-
Payment of dividends to equity holders of the Company			(18,917	)			(6,855	)
Payment of lease liabilities			(10	)			(57	)
Net cash used in financing activities			(12,241	)			(10,598	)
Net decrease in cash and cash equivalents			(2,916	)			(2,273	)
Cash and cash equivalents at the beginning of the period			5,518				2,861
Cash and cash equivalents at the end of the period			2,602				588

Notes:

1.	The figures in parentheses indicate outflow.

2.	The above cash flow has been prepared under the "Indirect Method" as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.

	Notes:-
1		The above results of Vedanta Limited ("the Company"), for the quarter and half year ended 30 September 2022 have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at their respective meetings held on 28 October 2022. The statutory auditors have carried out a limited review on these results and issued an unmodified conclusion.
2		During the quarter ended 30 September 2022, the Board of Directors of the Company, at its meeting held on 19 July 2022, approved the second interim dividend of ₹ 19.50 per equity share, i.e., 1,950% on face value of ₹ 1/- per equity share for the year ended 31 March 2023. With this, the total dividend declared for FY 2022-23 currently stands at ₹ 51 per equity share of ₹ 1/- each.
3		Net exceptional gain/ (loss) comprise the following:

																			(₹ in Crore)
		Particulars		Quarter ended			Half year ended			Year ended
	30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
	Property, plant and equipment, exploration intangible assets under development, capital work-in-progress and other assets (impaired)/ reversal or (written off)/ written back in:
	- Oil and Gas
	a) Exploration wells written off			-				-				(51	)			-				(147	)			(1,412	)
	b) Reversal of previously recorded impairment			-				-				-				-				-				1,370
	- Aluminium			-				-				-				-				-				(125	)
	- Unallocated
	a) Reversal of previously recorded impairment on investments due to commencement of mining operations in Liberia			780				-				-				780				-				-
	b) Capital work-in-progress written off			-				-				-				-				-				(24	)
	SAED on Oil and Gas sector*			(278	)			-				-				(278	)			-				-
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium			-				-				-				-				-				(73	)
	- Copper			-				-				-				-				-				(54	)
	Net exceptional gain/ (loss)			502				-				(51	)			502				(147	)			(318	)
	Current tax benefit on above			47				-				8				47				25				281
	Net deferred tax benefit/ (expense) on above			40				-				9				40				26				(170	)
	Net Exceptional gain/ (loss) (net of tax)			589				-				(34	)			589				(96	)			(207	)

*		The Government of India ("GoI") vide its notification dated 30 June 2022 levied Special Additional Excise Duty ('SAED') on production of crude oil, i.e., cess on windfall gain triggered by increase in crude oil prices which is effective from 01 July 2022. The consequential net impact of the said duty on the quarterly results has been presented as an exceptional item.

4		The Company has a copper smelter plant in Tuticorin. The Company's application for renewal of Consent to Operate ("CTO") for the plant 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. The Company had filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The hearing on care and maintenance could not be listed at the Supreme Court. Instead, the matter is now being heard on merits.
	The Company was also in the process of expanding its capacities at an adjacent site ("Expansion Project"). The High Court of Madras, in a Public Interest Litigation, held that the application for renewal of the Environmental Clearance ("EC") for the Expansion Project shall be processed after a mandatory public hearing and in the interim, ordered the Company to cease construction and all other activities on the site with immediate effect. In the meanwhile, State Industries Promotion Corporation of Tamil Nadu ("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 and the matter is now being heard on merits. As per the Company's assessment, it is in compliance with the applicable regulations and hence there is no impact on the carrying value of the assets.
5		The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract ("PSC"). The GoI accorded its approval for extension of the PSC for the RJ Block for a period of 10 years till 14 May 2030, under the Pre-NELP Extension policy as per notification dated 07 April 2017 ("Pre-NELP Policy"), vide its letter dated 26 October 2018, subject to fulfilment of certain conditions.
	The management believes that the Company is eligible for extension of the PSC on same terms and challenged the applicability of above-mentioned policy. The Company's petition was allowed by Single Bench, however was overturned by Division Bench in appeal filed by GoI. The Company has filed an appeal against the order of Division Bench before the Supreme court. However, the Company has been paying additional 10% profit petroleum to the Government as per the conditions of extension.
	One of the conditions for extension relates to notification of certain audit exceptions raised for FY 2016-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability.
	Director General of Hydrocarbons ("DGH") has further updated its demand on account of audit exceptions vide letter dated 06 September 2022 for period up to 14 May 2020 for total amount of ₹ 9,474 Crore (US$ 1,162 million) and applicable interest thereon relating to the share of the Company and one of its subsidiaries.
	The Company has disputed the aforesaid 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 had commenced arbitration proceedings. The final hearing and arguments were concluded in September 2022. Post hearing briefs would be filed by the parties on 11 November 2022.
	For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters.
	Pursuant to GOI's approval for extension vide letter dated 26 October 2018, the parties have now executed the addendum for PSC extension for 10 years from 15 May 2020 to 14 May 2030 on 27 October 2022.
6		On 21 July 2022, the Company acquired Athena Chhattisgarh Power Limited ("ACPL") under the liquidation proceedings of the Insolvency and Bankruptcy Code, 2016 for a consideration of ₹ 565 Crore, pending receipt of share certificate. ACPL is building a 1,200 MW (600 MW X 2) coal-based power plant located at Jhanjgir Champa district, Chhattisgarh. The plant is expected to fulfill the power requirements for the Company's aluminium business.
7		Other income includes dividend income from subsidiaries of ₹ 5,761 Crore, ₹ Nil Crore, ₹ 513 Crore, ₹ 5,761 Crore, ₹ 1,829 Crore and ₹ 7,828 Crore for the quarters ended 30 September 2022, 30 June 2022, 30 September 2021, half years ended 30 September 2022, 30 September 2021 and year ended 31 March 2022, respectively.
8		Additional disclosures as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2015:

		Particulars		Quarter ended			Half year ended			Year ended
		30.09.2022 (Unaudited)			30.06.2022 (Unaudited)			30.09.2021 (Unaudited)			30.09.2022 (Unaudited)			30.09.2021 (Unaudited)			31.03.2022 (Audited)
a)		Debt-Equity Ratio (in times)*			0.67				0.66				0.40				0.67				0.40				0.47
b)		Debt Service Coverage Ratio (in times) (annualised)			2.61				2.24				1.89				2.61				1.89				1.96
c)		Interest Service Coverage Ratio (in times)*			7.29				3.56				7.42				5.62				7.29				8.33
d)		Current Ratio (in times)*			0.66				0.71				0.71				0.66				0.71				0.80
e)		Long term debt to working capital Ratio (in times)*			**				**				**				**				**				**
f)		Bad debts to Account receivable Ratio (in times)*			0.00				0.00				0.00				0.00				0.00				0.00
g)		Current liability Ratio (in times)*			0.52				0.54				0.46				0.52				0.46				0.52
h)		Total debts to total assets Ratio (in times)*			0.30				0.30				0.22				0.30				0.22				0.25
i)		Debtors Turnover Ratio (in times)*			5.78				5.32				4.47				10.92				9.79				20.81
j)		Inventory Turnover Ratio (in times)*			1.56				1.56				1.57				3.43				3.18				6.41
k)		Operating-Profit Margin (%)*			7	%			13	%			27	%			10	%			26	%			24	%
l)		Net-Profit Margin (%)*			33	%			9	%			22	%			21	%			24	%			28	%
m)		Capital Redemption Reserve (₹ in Crore)			3,125				3,125				3,125				3,125				3,125				3,125
n)		Net Worth (Total Equity) (₹ in Crore)			67,517				68,745				76,683				67,517				76,683				77,649

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

** Net working capital is negative

Formulae for computation of ratios are as follows:

a)		Debt-Equity Ratio		Total Debt/ Total Equity
b)		Debt Service Coverage Ratio		Income available for debt service/ (interest expense + repayments made during the period for long term loans), where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortisation expense + Interest expense
c)		Interest Service Coverage Ratio		Income available for debt service/ interest expense
d)		Current Ratio		Current Assets/ Current Liabilities (excluding current maturities of long term borrowing)
e)		Long term debt to working capital Ratio		Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = Current Assets - Current Liabilities (excluding current maturities of long term borrowing)
f)		Bad debts to Account receivable Ratio		Bad Debts written off/ Average Trade Receivables
g)		Current liability Ratio		Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities
h)		Total debts to total assets Ratio		Total Debt/ Total Assets
i)		Debtors Turnover Ratio		(Revenue from operations + Other operating income)/ Average Trade Receivables
j)		Inventory Turnover Ratio		(Revenue from operations + Other operating income) less EBITDA/ Average Inventory
k)		Operating-Profit Margin (%)		(EBITDA- Depreciation, depletion and amortisation expense)/ (Revenue from operations + Other operating income)
l)		Net-Profit Margin (%)		Net profit after tax before exceptional items (net of tax) / (Revenue from operations + Other operating income)
m)		Capital Redemption Reserve includes Preference Share Redemption Reserve created on redemption of preference shares.
9		The listed secured Non-Convertible debentures ("NCDs") of the Company aggregating ₹ 7,836 Crore as on 30 September 2022 are secured by way of first Pari Passu mortgage/charge on certain movable fixed assets and freehold land of the Company. The Company has maintained asset cover of more than 125% and 100% for NCDs with face value of ₹ 6,089 Crore and ₹ 1,750 Crore respectively.
10		The Company had filed a Scheme of Arrangement ("Scheme") for its capital reorganization, whereby the balance of the General Reserves of ₹ 12,587 Crore as at 31 March 2022 is proposed to be transferred to Retained Earnings. Pursuant to the Order of Hon'ble National Company Law Tribunal, Mumbai Bench, a meeting of the shareholders of the Company was held on 11 October 2022, where the matter was approved with requisite majority. The Scheme is subject to completion of further compliances as may be required under Section 230 and other applicable provisions of the Companies Act, 2013.
11		Previous period/ year figures have been re-grouped/ rearranged, wherever necessary.

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