Vedanta Limited - Consolidated Results for the Second Quarter ended 30th September 2020

MUMBAI, India, Nov. 6, 2020

Financial & Corporate Highlights

• Strong financial performance in Q2 FY2021
• Revenues of ₹ 20,804 crores, up 33% q-o-q, primarily due to increase in commodity prices and better volumes at Zinc, Iron ore and Copper business
• Robust EBITDA margin¹ of 36%
• EBITDA of ₹ 6,531 crores, up 63% q-o-q
• Attributable PAT (before exceptional items and tax on dividend) of ₹ 1,979 crores, up 75% q-o-q
• Strong Balance Sheet
• Net Debt/EBITDA at 1.2x, maintained at low level
• Continuing double-digit Return on Capital Employed (ROCE) of c. 12%
• Strong financial position with total cash & cash equivalent at ₹ 35,569 crores

Operational Highlights

• Zinc India:
• Mined metal production at 238 kt, up 18% q-o-q. Refined metal production at 237 kt, up 18% q-o-q
• Lowest ever cost of production at $919/ton, since commencement of underground operations, down 10% sequentially
• Record silver production at 203 tonnes, up 73% q-o-q
• Zinc International:
• Gamsberg production at 35 kt in Q2 FY2021, up by 38% q-o-q
• Oil & Gas:
• Average gross production of 165 kboepd for the quarter, up by 4% q-o-q
• 239 wells drilled. 98 hooked-up, up by 14% q-o-q.
• Lower operating expense at Rajasthan block for Q2 FY2021 at $7.0/boe vs $8.2/boe in Q2 FY2020
• Aluminium:
• Alumina production of 462kt, down 3% q-o-q
• Aluminium COP at $ 1,288/ton, lower by 30% y-o-y, up 2% sequentially
• Iron Ore:
• Karnataka sales 1.3 Mnt, significantly up q-o-q
• Steel:
• Saleable production stood at 260 kt, down 3% q-o-q
• Value Added Product (VAP) mix increased to 71% in Q2 FY 2021 from 44% in Q1 FY 2021
• TSPL: Plant availability factor (PAF) at 81%

^{1.  Excludes custom smelting at Copper India and Zinc India operations}

Mr. Sunil Duggal, Chief Executive Officer, Vedanta, said "Vedanta has reported the highest quarterly operating result for more than 2 years. Our key growth projects are back on track and the expansion is being delivered through strict capital allocation and balance sheet focus, aimed at creating value for our stakeholders. Our large scale, diversified portfolio, positions us well to deliver strong margins and cash flows through the commodity cycle. Vedanta is fully committed to sustainable growth and contribute significantly towards building a self-reliant India".

Consolidated Financial Performance

The consolidated financial performance of the company during the period is as under:
                                                                                                            (In Rs. crore, except as stated)