Vedanta Limited: Consolidated Results for the Third Quarter Ended 31 December, 2017

MUMBAI, India, Jan. 31, 2018

Vedanta Limited today announced its unaudited consolidated results for the Third quarter ("Q3") ended 31 December, 2017.

Financial Highlights

• Continued strong financial performance
  -  Revenues of Rs 24,361 crore, up 19% y-o-y and 13% q-o-q 
  -  EBITDA of Rs. 6,780 crore, up 13% y-o-y and 17% q-o-q
  -  Robust EBITDA margin1 at 35% 
  -  Attributable PAT at Rs 2,173 crore, up 1% y-o-y and up 7% q-o-q 
  -  Strong Free Cash Flow of Rs 4,662 crore in 9 months 
• Strong Balance Sheet
  -  Gross Debt reduced by Rs. 11,450 crore2 since March 31, 2017
  -  Net Debt/EBITDA at 0.7x, among the lowest across Indian and global peers
  -  Strong financial position with cash & liquid investments of Rs 38,923 crore
  

Operational Highlights

• Robust production, and ramp-up on track
  -  Zinc India: Refined zinc-lead metal production at 245kt, up 7% q-o-q
  -  Zinc International: Strong production at BMM and Skorpion
  -  Aluminium: Continued ramp-up with Q3 production up 40% y-o-y and 11% q-o-q;  exit production run-rate of 1.8mtpa
  -  TSPL: Record plant availability of 97%
  -  Iron Ore: Granted additional mining allocation in Goa; increase in mining cap at Karnataka
• Progressing on growth projects
  -  Zinc International: Gamsberg on track to commence production in mid CY18
  -  Oil & Gas: Contracts awarded for growth projects announced in Nov 2017; rigs being mobilised at site

Copper India: EPC contract awarded for 400kt smelter expansion

1. Excludes custom smelting at Copper India and Zinc India operations
2. Excluding repayment of temporary borrowing by Zinc India and preference shares issued pursuant to Cairn merger in April.

Mr. Kuldip Kaura, Chief Executive Officer, Vedanta Ltd, said: "We delivered a robust quarter with EBITDA significantly higher y-o-y and q-o-q, with our EBITDA margin remaining strong. Our ramp-up plans across our well invested assets are on track, and are delivering industry leading growth. We maintain a strong balance sheet and are committed to our capital allocation framework. We are looking forward to a strong Q4 which will help us finish the year with healthy cash generation. The continued strength in the commodity market augurs well for us and we are positive on Vedanta's commodity mix and exposure to Indian growth to drive superior shareholder returns."