Form 6-K Vedanta Ltd For: Nov 02

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November 3, 2017 9:52 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

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

of the Securities Exchange Act of 1934

For the month of November 2017

Commission File 001 — 33175

Vedanta Limited

(Exact name of registrant as specified in the charter)

1^st Floor, ‘C’ wing, Unit 103,

Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai-400 093

Maharashtra, India

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

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

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

Table of Contents

The Board of Directors of the Company at their meeting held today, have considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half Year ended September 30, 2017.

In this regard, please find enclosed herewith the following:

1.	the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half Year ended September 30, 2017 as Exhibit 99.1

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

The report of Auditors is with unmodified opinion wrt the Quarterly Financial Results as Exhibit 99.2

3.	Press Release in respect to the Quarterly Financial Results as Exhibit 99.3

4.	Investor Presentation on Quarterly Financial Results as Exhibit 99.4

Forward looking statement:

In addition to historical information, this Form 6K and the exhibits included herein contain forward-looking statements within the meaning of Section 27A of the Securities Act, of 1933, as amended, and Section 21E of the Securities Exchange Act, 1934, as amended. The forward looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled “Special Note Regarding Forward-Looking Statements” in our Annual Report on Form 20F dated August 15, 2017. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our management’s analysis only as of the date of the exhibits to this Form 6K. In addition, you should carefully review the other information in our Annual Report and other documents filed with the United States Securities and Exchange Commission (the “SEC”) from time to time. Our filings with the SEC are available on the SEC’website,www.sec.gov.

Exhibits

Ex-99.1 the Unaudited Standalone and Consolidated Financial Results of the Company for the Second Quarter and Half Year ended September 30, 2017;

Ex-99.2 Limited Review Report for the Quarterly Financial Results from our Statutory Auditors, M/s S.R. Batliboi & Co., LLP Chartered Accountants

Ex-99.3 Press Release in respect to the Quarterly Financial Results

Ex-99.4 Investor Presentation on Quarterly Financial Results

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

Date: November 2, 2017


VEDANTA LIMITED

By:		/s/ GR Arun Kumar
Name:		GR Arun Kumar
Title:		Whole Time Director & Chief Financial Officer

Exhibit 99.1

Vedanta Limited

CIN no. L13209MH1965PLC291394

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

Mumbai–400093, Maharashtra

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2017


		(₹ in Crore except as stated)

		Quarter ended									Half Year ended						Year Ended
S. No.	Particulars	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			31.03.2017 (Audited)
1	Revenue

	a) Revenue from Operations (Net of excise duty)		10,375			8,928			7,731			19,303			15,876			36,663

	Add: Excise duty		—			450			439			450			911			1,877

	Revenue from Operations (Gross of excise duty)		10,375			9,378			8,170			19,753			16,787			38,540

	b) Other Income		347			568			452			915			884			9,705

	Total Income		10,722			9,946			8,622			20,668			17,671			48,245

2	Expenses

	a) Cost of materials consumed		6,337			4,911			3,935			11,248			8,076			18,788

	b) Purchases of stock-in-trade		—			128			14			128			184			580

	c) Changes in inventories of finished goods and work-in-progress		(291	)		(307	)		60			(598	)		(156	)		(417	)

	d) Employee benefits expense		200			194			190			394			420			784

	e) Depreciation, depletion and amortisation expense		729			706			756			1,435			1,541			2,986

	f) Power and fuel charges		1,476			1,256			991			2,732			2,013			4,582

	g) Excise duty on sales		—			450			439			450			911			1,877

	h) Share of expenses in producing oil and gas blocks		234			230			245			464			510			1,000

	i) Other expenses		1,158			1,229			917			2,387			2,050			4,695

	j) Finance costs		888			1,103			984			1,991			1,854			3,896

	Total expenses		10,731			9,900			8,531			20,631			17,403			38,771

3	Profit/(loss) before exceptional items and tax		(9	)		46			91			37			268			9,474

4	Exceptional (gain)/loss (Refer note 6)		(472	)		—			(238	)		(472	)		1,017			(1,324	)

5	Profit/(loss) before tax		463			46			329			509			(749	)		10,798
6	Tax Expense
	Net Current tax expense		—			—			—			—			—			2
	Net Deferred tax expense/(benefit)		(8	)		12			(30	)		4			(76	)		(273	)
	Net tax expense/(benefit)		(8	)		12			(30	)		4			(76	)		(271	)

7	Net profit/(loss) for the period/year (a)		471			34			359			505			(673	)		11,069

8	Net profit/(loss) for the period/year before exceptional items		(39	)		34			121			(5	)		344			9,832


9	Other Comprehensive Income

(i)	(a) Items that will not be reclassified to profit or loss		35			8			(5	)		43			(2	)		28

	(b) Tax (benefit)/expense on items that will not be reclassified to profit or loss		(6	)		(1	)		(2	)		(7	)		(1	)		(1	)

(ii)	(a) Items that will be reclassified to profit or loss		(32	)		(44	)		(72	)		(76	)		13			(81	)

	(b) Tax (benefit)/expense on items that will be reclassified to profit or loss		(33	)		(11	)		10			(44	)		23			32

	Total Other Comprehensive Income (b)		42			(24	)		(85	)		18			(11	)		(84	)

10	Total Comprehensive Income for the period/ year (a+b)		513			10			274			523			(684	)		10,985


11	Paid-up equity share capital (face value of ₹ 1 each)		372			372			297			372			297			297


12	Reserves excluding revaluation reserve as per balance sheet																	79,396


13	Earnings/(Loss) per share after exceptional items (₹) *(not annualised)

	-Basic & Diluted		1.27	*		0.04	*		0.81	*		1.31	*		(2.11	)*		29.04

14	Earnings/(Loss) per share before exceptional items (₹) *(not annualised)

	-Basic & Diluted		(0.10	)*		0.04	*		0.17	*		(0.06	)*		0.62	*		25.72


														(₹ in Crore)

		Quarter ended									Half Year ended						Year Ended
S. No	Segment Information	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 5)			31.03.2017 (Audited)
1	Segment Revenue
a)	Copper		5,282			4,440			4,201			9,722			8,492			19,011
b)	Iron Ore		542			719			529			1,261			1,540			4,290
c)	Aluminium		3,413			2,853			2,168			6,266			4,248			9,898
d)	Power		10			135			148			145			352			802
e)	Oil & Gas		1,111			1,201			1,082			2,312			2,084			4,357

	Total		10,358			9,348			8,128			19,706			16,716			38,358
Less:	Inter Segment Revenue		5			2			—			7			5			13

	Sales/Income from Operations		10,353			9,346			8,128			19,699			16,711			38,345

Add:	Other Operating Revenue		22			32			42			54			76			195

	Revenue from operations		10,375			9,378			8,170			19,753			16,787			38,540


2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Copper		341			178			316			519			743			1,527
b)	Iron Ore		3			(1	)		76			2			387			1,108
c)	Aluminium		69			106			114			175			113			757
d)	Power		(51	)		(3	)		(18	)		(54	)		0			50
e)	Oil & Gas		258			380			99			638			65			454

	Total		620			660			587			1,280			1,308			3,896

Less:	Finance costs		888			1,103			984			1,991			1,854			3,896
Add:	Other unallocable income net off expenses		259			489			488			748			814			9,474

	Profit/(loss) before tax and exceptional items		(9	)		46			91			37			268			9,474

Less:	Exceptional (gain)/loss		(472	)		—			(238	)		(472	)		1,017			(1,324	)

	Profit/(loss) before tax		463			46			329			509			(749	)		10,798

3	Segment Assets
a)	Copper		9,722			8,999			7,943			9,722			7,943			7,830
b)	Iron Ore		3,618			3,474			3,314			3,618			3,314			3,283
c)	Aluminium		42,488			41,930			41,408			42,488			41,408			41,710
d)	Power		3,134			3,006			2,978			3,134			2,978			3,230
e)	Oil & Gas		9,395			10,035			12,593			9,395			12,593			10,052
f)	Unallocated		78,046			81,712			122,196			78,046			122,196			100,079

	Total		146,403			149,156			190,432			146,403			190,432			166,184

4	Segment Liabilities
a)	Copper		11,957			11,561			11,825			11,957			11,825			10,863
b)	Iron Ore		1,532			1,504			854			1,532			854			1,446
c)	Aluminium		10,084			9,197			7,980			10,084			7,980			9,367
d)	Power		273			208			259			273			259			177
e)	Oil & Gas		3,040			3,189			4,030			3,040			4,030			3,233
f)	Unallocated		39,219			43,716			87,200			39,219			87,200			61,330

	Total		66,105			69,375			112,148			66,105			112,148			86,416


The main business segments are (a) Copper which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime including from purchased concentrate and manufacturing of sulphuric acid, phosphoric acid (b) Iron ore including pig iron & metallurgical coke (c) Aluminium which consist of manufacturing of alumina and various aluminium products and (d) Power which consists of power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power (e) Oil & Gas which consists of exploration, development and production of oil and gas . The assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate assets and liabilities, respectively. Export incentives have been included under respective segment revenues.

Statement of Assets and Liabilities


				(₹ in Crore)

	Particulars	As at September 30, 2017 (Unaudited)		As at March 31, 2017 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		36,257		36,042
	(b) Capital Work in Progress		11,279		12,215
	(c) Exploration Intangibles under development		4,930		5,028
	(d) Other Intangible assets		147		155
	(e) Financial assets
	(i) Investments		60,301		66,417
	(ii) Trade receivables		551		551
	(iii) Others		427		388
	(f) Deferred tax assets (net)		1,997		1,958
	(g) Other non-current assets		2,066		1,863
	(h) Advance tax assets		2,216		2,189

	Total non-current assets		120,171		126,806

2	Current assets
	(a) Inventories		7,676		5,540
	(b) Financial Assets
	(i) Investments		11,382		19,668
	(ii) Trade receivables		1,860		1,529
	(iii) Cash and cash equivalents		383		638
	(iv) Other Bank Balances		603		776
	(v) Loans		339		286
	(vi) Others		1,598		9,274
	(c) Other Current Assets		2,391		1,667

	Total current assets		26,232		39,378

	Total assets		146,403		166,184

B	EQUITY AND LIABILITIES
1	EQUITY
	(a) Share capital *		372		372
	(b) Other equity (Reserves and Surplus)		79,926		79,396

	Total Equity attributable to shareholders		80,298		79,768

	LIABILITIES
2	Non-current Liabilities
	(a) Financial liabilities
	(i) Borrowings		18,071		22,248
	(ii) Other financial liabilities		304		3,208
	(b) Provisions		799		808
	(c) Other non-current liabilities		2,545		2,541

	Total non-current liabilities		21,719		28,805

3	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings		12,759		14,309
	(ii) Trade payables		17,731		14,975
	(iii) Other financial liabilities		11,050		24,639
	(b) Other current liabilities		2,665		3,561
	(c) Provisions		136		82
	(d) Current Tax Liabilities		45		45

	Total current liabilities		44,386		57,611

	Total Equity and Liabilities		146,403		166,184


* Equity share capital as at March 31, 2017 includes ₹ 75.25 crores on account of equity shares which were issued post year end pursuant to the merger (Refer Note 4).



		Notes:-

1		The above results of Vedanta Limited (“the Company”) for the quarter and half year ended September 30, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 2, 2017. The statutory auditors have carried out limited review of the same.

2		With effect from July 01, 2017, Goods and Service tax (‘GST’) has been implemented which has replaced several indirect taxes including excise duty. While Ind-AS required excise duty to be included while computing revenues, GST is required to excluded from revenue computation. Accordingly ‘Revenue from Operations (Net of excise duty)’ has been additionally disclosed in these results to enhance comparability of financial information.

3		Till March 31, 2017, proved and probable reserves (or 2P reserves) on entitlement interest basis were being considered for providing depletion on oil and gas assets. As per the Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India, applicable from April 1, 2017, proved and developed reserves (or 1P reserves) on working interest basis are to be considered for computing depletion. The change has been applied prospectively and as a result, depreciation, depletion and amortization expense for the quarter and half year ended September 30, 2017 is lower by ₹ 43 Crore and ₹ 120 Crore respectively and profit after tax is higher by ₹ 23 Crore and ₹ 78 Crore respectively.

4		Upon implementation of Scheme of Arrangement between Vedanta Limited and erstwhile Cairn India Limited and their respective shareholders’ and Creditors, the Company has issued 75.25 Crore equity shares of ₹ 1 each and 301 Crore, 7.5% Redeemable Preference Shares with a face value of ₹ 10 each to non-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current half year. No shares were issued to the subsidiaries of Vedanta Limited for their shareholding in erstwhile Cairn India Limited.

5		The financial results of the Company have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The Company had previously issued its unaudited financial results for the quarter and half year ended September 30, 2016, based on its preliminary selection of exemptions and accounting policies. All such policies and exemptions were finalized during the quarter ended March 31, 2017. Further, during the quarter ended March 31, 2017, the Company received all substantive approvals, necessary for effecting the merger of erstwhile Cairn India Limited with Vedanta Limited. In accordance with Ind AS 103 “Business Combinations”, the financial results for all periods on or after April 1, 2015 were restated. Accordingly, financial results for the quarter and half year ended September 30, 2016 have been restated to give effect of the above, which has resulted in a net increase in profit before tax for the quarter by ₹ 604 Crore and decrease in profit before tax for the half year by ₹ 355 Crore as against the previously reported amounts.

6		Exceptional items comprises of the following:


							(₹ in Crore)

	Quarter ended						Half Year ended				Year Ended
Particulars	30.09.2017 (Unaudited)		30.06.2017 (Unaudited)		30.09.2016 (Unaudited)		30.09.2017 (Unaudited)		30.09.2016 (Unaudited)		31.03.2017 (Audited)
Impairment charge/(reversal) on
- Property, plant and equipment and exploration assets		109		—		—		109		—		(51)
- Investments in subsidiaries		(581)		—		—		(581)		—		(313)
Net (gain)/expense on recognition or settlement of obligations undertaken pursuant to the merger referred to in note 4 above		—		—		(238)		—		1,017		(960)

Net exceptional (gain)/loss		(472)		—		(238)		(472)		1,017		(1,324)

Deferred tax /(benefit) on above		(38)		—		—		(38)		—		87

Net exceptional (gain)/loss (net of tax)		(510)		—		(238)		(510)		1,017		(1,237)

Additional disclosures as per Regulation 52(4) & 52(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Previous due date of Interest/Principal repayment for NCD’s, payment made on respective due date:

S.
No.

Particulars

Previous Due Date (April 01 to September 30, 2017)

Principal Due Date

Interest Due Date

NCD - INE268A07152 bearing int @ 9.17%

—

July 4, 2017

NCD - INE268A07160 bearing int @ 9.17%

—

July 5, 2017

NCD - INE268A07145 bearing int @ 9.10%

—

April 5, 2017

NCD - INE205A07030 bearing int @ 9.70%

—

August 18, 2017

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

S.
No.

Particulars

Next Due Date and Amount due (October 01 to March 31, 2018)

Principal Due Date

Amount Due
(₹ Crore)

Interest Due Date

Amount Due
(₹ Crore)

NCD - INE205A07014 bearing int @ 9.36%

October 30, 2017

975

October 30, 2017

NCD - INE268A07103 bearing int @ 9.40% ^#

October 25, 2017

500

October 25, 2017

NCD - INE268A07111 bearing int @ 9.40% ^#

November 27, 2017

500

November 27, 2017

NCD - INE205A07022 bearing int @ 9.36%

December 30, 2017

525

October 30, 2017

NCD - INE205A07022 bearing int @ 9.36%

—

December 30, 2017

NCD - INE268A07137 bearing int @ 9.24%

—

December 20, 2017

NCD - INE205A07097 bearing int @ 7.95%

—

November 22, 2017

NCD - INE205A07105 bearing int @ 7.50%

—

November 30, 2017

NCD - INE268A07129 bearing int @ 9.24%

—

December 06, 2017

NCD - INE205A07089 bearing int @ 8.25%

—

October 27, 2017

Call Option exercised by the Company, basis which these NCD’s became due for repayment.

For the half year ended September 30, 2017 the credit rating by CRISIL for the NCD’s issued has improved from “AA-/Positive” to “AA/Stable”.

In addition, certain NCD’s worth ₹ 5,700 Crore have been additionally rated by India Ratings. Credit rating by India Ratings has improved from “AA/Negative” to “AA/Stable” during the half year ended September 30, 2017, and with a further improvement from “AA/Stable” to “AA/Positive”.

The listed non-convertible debentures of the Company aggregating ₹ 11,600 Crore as on September 30, 2017 are secured by way of first mortgage/charge on certain assets of the Company, and the asset cover thereof exceeds 125% and 100% of the principal amount of ₹ 9,200 Crore and ₹ 2,400 Crore respectively, as required as per the terms of the issue.

(₹ in Crore except as stated)

Particulars*

September 30, 2017

September 30, 2016

Net Worth (Equity + Reserves and surplus)

80,298

78,284

Debenture Redemption Reserve

2,021

1,363

Interest Service Coverage Ratio (No. of times)

4.60

4.86

Debt Service Coverage Ratio (No. of times)

2.46

2.51

Debt- Equity Ratio (No. of times)

0.48

0.53

* The given ratio’s/financial parameters for comparative period has been restated. (Refer note 4 & 5)

The Company is also having 301 Crores, 7.50% redeemable non-cumulative preference shares having face value of ₹ 10/share issued to non-controlling shareholders of erstwhile Cairn India Limited on April 28, 2017, total outstanding amount as on September 30, 2017 is ₹ 3,010 Crores. These preference shares are reedemable on October 27, 2018. The free reserves balance as on September 30, 2017 is ₹ 31,562 Crores.

Formulae for computation of ratios are as follows:

Debt equity ratio

Debt / (paid up equity capital + reserves and surplus)

Debt service coverage ratio*

Earnings before interest, depreciation, tax and exceptional
items/ (interest expense + principal payments of long term
loans)

Interest service coverage ratio*

Earnings before interest, depreciation, tax and exceptional
items/ interest expense

* Ratio’s have been computed based on last twelve month numbers.


		By Order of the Board

Place : Mumbai		Navin Agarwal
Dated : November 02, 2017		Executive Chairman

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 SEPTEMBER 30, 2017


		(₹ in Crore except as stated)

		Quarter ended									Half year ended						Year ended
S. No.	Particulars	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)			30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)			31.03.2017 (Audited)
1	Revenue

a)	Revenue from operations (Net of excise duty)		21,590			18,285			15,861			39,875			30,299			72,225

	Add: Excise duty		—			1,057			918			1,057			1,790			3,946

	Revenue from operations (Gross of excise duty)		21,590			19,342			16,779			40,932			32,089			76,171

b)	Other income		876			1,055			1,375			1,931			2,646			4,581

	Total Income		22,466			20,397			18,154			42,863			34,735			80,752

2	Expenses

a)	Cost of materials consumed		7,992			6,385			4,864			14,377			9,832			22,460

b)	Purchases of Stock-in-Trade		8			68			25			76			454			649

c)	Changes in inventories of finished goods and work-in-progress		(293	)		(319	)		(102	)		(612	)		(593	)		(1,229	)

d)	Power & fuel charges		3,453			2,501			2,259			5,954			4,466			10,233

e)	Employee benefits expense		653			581			550			1,234			1,129			2,339

f)	Excise Duty on sales		—			1,057			918			1,057			1,790			3,946

g)	Finance costs		1,384			1,592			1,451			2,976			2,844			5,855

h)	Depreciation, depletion and amortization expense		1,426			1,386			1,557			2,812			3,107			6,292

i)	Other expenses		4,108			4,195			3,592			8,303			6,896			16,441

3	Total expenses		18,731			17,446			15,114			36,177			29,925			66,986

4	Profit before exceptional items and tax		3,735			2,951			3,040			6,686			4,810			13,766

5	Exceptional (gain)/loss (Refer note 5)		(186	)		—			—			(186	)		—			114

6	Profit/(loss) before tax		3,921			2,951			3,040			6,872			4,810			13,652

7	Tax expense/(benefit) :

a)	Net Current tax expense		719			571			616			1,290			934			2,302
b)	Distribution tax on dividend from subsidiaries (note 4)		—			—			18			—			27			196
c)	Net Deferred tax expense/(benefit)		216			110			(89	)		326			(4	)		(165	)

	Net Tax expense/(benefit):		935			681			545			1,616			957			2,333

8	Profit after tax for the quarter/year before share in profit/(loss) of jointly controlled entities and associates and Non-controlling interests		2,986			2,270			2,495			5,256			3,853			11,319

9	Add: Share in (loss)/profit of jointly controlled entities and associates		0			(0	)		0			(0	)		0			(3	)

10	Profit for the period/year after Share in Profit/(loss) of jointly controlled entities and associates (a)		2,986			2,270			2,495			5,256			3,853			11,316

11	Other Comprehensive Income
i.	(a) Items that will not be reclassified to profit or loss		25			5			(6	)		30			(12	)		22
	(b) Tax expense/(benefit) on items that will not be reclassified to profit or loss		(9	)		(1	)		(2	)		(10	)		(2	)		(3	)
ii.	(a) Items that will be reclassified to profit or loss		(140	)		68			61			(72	)		181			(286	)
	(b) Tax expense/(benefit) on items that will be reclassified to profit or loss		(63	)		(9	)		10			(72	)		48			4

	Total Other Comprehensive Income (b)		(43	)		83			47			40			123			(265	)

12	Total Comprehensive Income for the period/year (a+b)		2,943			2,353			2,542			5,296			3,976			11,051

13	Profit attributable to:
a)	Owners of Vedanta Limited		2,091			1,525			1,424			3,616			2,178			6,958
b)	Non-controlling interests		895			745			1,071			1,640			1,675			4,358

14	Other comprehensive income attributable to:
a)	Owners of Vedanta Limited		1			53			188			54			24			(18	)
b)	Non-controlling interests		(44	)		30			(141	)		(14	)		99			(247	)

15	Total comprehensive income attributable to:
a)	Owners of Vedanta Limited		2,092			1,578			1,612			3,670			2,202			6,940
b)	Non-controlling interests		851			775			930			1,626			1,774			4,111

16	Net profit after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items		2,036			1,525			1,424			3,561			2,178			7,127


17	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			297			372			297			297

18	Reserves excluding Revaluation Reserves as per balance sheet																	60,128

19	Earnings per share after exceptional items (₹) (*not annualised)

	-Basic		5.64	*		4.37	*		4.80	*		10.04	*		7.35	*		23.47

	-Diluted		5.63	*		4.36	*		4.80	*		10.03	*		7.35	*		23.46

20	Earnings per share before exceptional items (₹) (*not annualised)

	-Basic		5.49	*		4.37	*		4.80	*		9.89	*		7.35	*		24.04

	-Diluted		5.48	*		4.36	*		4.80	*		9.88	*		7.35	*		24.03


					(₹ in Crore)

		Quarter ended								Half year ended					Year ended
S. No.	Segment Information	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)		30.09.2017 (Unaudited)			30.09.2016 (Unaudited) (Refer note 3)		31.03.2017 (Audited)
1	Segment Revenue
a)	Oil & Gas		2,099			2,275			2,039		4,374			3,924		8,204
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		4,641			4,478			3,270		9,119			5,624		16,577
	(ii) Silver - India		556			436			480		992			841		1,888
	Total		5,197			4,914			3,750		10,111			6,465		18,465
c)	Zinc - International		853			801			683		1,654			1,138		2,230
d)	Iron Ore		542			719			530		1,261			1,541		4,291
e)	Copper		6,237			5,322			4,954		11,559			9,886		22,129
f)	Aluminium		5,212			4,550			3,287		9,762			6,325		14,835
g)	Power		1,431			733			1,384		2,164			2,567		5,608
h)	Others		24			23			33		47			67		98

	Total		21,595			19,337			16,660		40,932			31,913		75,860

Less:	Inter Segment Revenue		75			77			77		152			93		193

	Sales/income from operations		21,520			19,260			16,583		40,780			31,820		75,667

	Other operating income		70			82			196		152			269		504

	Revenue from operations (Gross of excise duty)		21,590			19,342			16,779		40,932			32,089		76,171

2	Segment Results
	[Profit / (loss) before tax and interest]
a)	Oil & Gas		653			870			283		1,523			282		1,137
b)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		2,273			1,815			1,418		4,088			2,000		7,070
	(ii) Silver - India		484			341			375		825			660		1,486

	Total		2,757			2,156			1,793		4,913			2,660		8,556
c)	Zinc - International		342			282			282		624			490		742
d)	Iron Ore		(41	)		(12	)		61		(53	)		380		1,140
e)	Copper		340			160			323		500			708		1,479
f)	Aluminium		120			199			148		319			137		1,135
g)	Power		225			(34	)		237		191			482		1,113
h)	Others		(6	)		(7	)		2		(13	)		3		(19	)

	Total		4,390			3,614			3,129		8,004			5,142		15,283

Less:	Finance costs		1,384			1,592			1,451		2,976			2,844		5,855
Add:	Other unallocable income net off expenses		729			929			1,362		1,658			2,512		4,338

	Profit before tax and exceptional items		3,735			2,951			3,040		6,686			4,810		13,766

Less:	Exceptional (gain)/loss		(186	)		—			—		(186	)		—		114

	Profit before tax		3,921			2,951			3,040		6,872			4,810		13,652

3	Segment assets
a)	Oil & Gas		16,194			16,820			20,554		16,194			20,554		16,914
b)	Zinc, Lead and Silver - India		17,170			17,246			15,765		17,170			15,765		16,482
c)	Zinc - International		4,101			3,945			3,145		4,101			3,145		3,588
d)	Iron Ore		5,760			5,684			5,599		5,760			5,599		5,514
e)	Copper		10,256			9,642			8,614		10,256			8,614		8,317
f)	Aluminium		54,588			54,126			53,450		54,588			53,450		53,513
g)	Power		19,170			19,205			19,313		19,170			19,313		19,596
h)	Others		596			601			616		596			616		595
i)	Unallocated		51,390			59,600			65,343		51,390			65,343		74,511

	Total		179,225			186,869			192,399		179,225			192,399		199,030

4	Segment liabilities
a)	Oil & Gas		4,442			4,614			5,989		4,442			5,989		4,709
b)	Zinc, Lead and Silver - India		3,880			4,165			3,653		3,880			3,653		4,753
c)	Zinc - International		830			811			690		830			690		1,127
d)	Iron Ore		1,670			1,654			995		1,670			995		1,547
e)	Copper		12,320			11,951			12,171		12,320			12,171		11,158
f)	Aluminium		14,696			13,588			11,709		14,696			11,709		13,280
g)	Power		2,098			1,893			2,192		2,098			2,192		1,881
h)	Others		69			70			54		69			54		63
i)	Unallocated		59,673			71,338			70,753		59,673			70,753		86,084

	Total		99,678			110,084			108,206		99,678			108,206		124,602

The main business segments are, (a) Oil & Gas which consists of exploration, development and production of oil and gas (b) Zinc which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate (c) Iron ore including pig iron, metallurgical coke (d) Copper which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid, phosphoric acid (e) Aluminium which consist of mining of bauxite and manufacturing of alumina and various aluminium products (f) Power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power and (g) Other business segment represents port/berth. 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. Export incentives have been included under respective segment revenues.

Consolidated Statement of Assets and Liabilities


				(₹ in Crore)

	Particulars	As at 30.09.2017 (Unaudited)		As at 31.03.2017 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		76,355		75,835
	(b) Capital work-in-Progress		16,792		17,671
	(c) Intangible assets		903		921
	(d) Exploration intangible assets under development		9,790		9,886
	(e) Financial assets
	(i) Investments		121		73
	(ii) Trade receivables		1,498		1,169
	(iii) Loans		25		26
	(iv) Others		2,955		2,989
	(f) Deferred tax assets (net)		7,236		7,492
	(g) Income Tax assets (net of provisions)		2,913		2,817
	(h) Other non-current assets		3,656		3,355

	Total Non-current assets		122,244		122,234

2	Current assets
	(a) Inventories		11,685		9,628
	(b) Financial Assets
	(i) Investments		34,561		46,889
	(ii) Trade receivables		2,634		2,240
	(iii) Cash and cash equivalents		1,738		9,864
	(iv) Other bank balances		1,571		4,259
	(v) Loans		82		79
	(vi) Others		1,294		1,106
	(c) Current Tax Assets (Net)		4		14
	(d) Other Current Assets		3,412		2,717

	Total Current assets		56,981		76,796

	Total assets		179,225		199,030

B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital*		372		372
	Other Equity		63,621		60,128
	Equity attributable to owners of Vedanta Limited		63,993		60,500
2	Non-controlling interests		15,554		13,928
	Total Equity		79,547		74,428
	Liabilities
3	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		30,315		30,255
	(ii) Other financial liabilities		528		3,376
	(b) Provisions		2,109		2,054
	(b) Deferred tax liabilities (Net)		2,090		2,084
	(c) Other non-current liabilities		4,189		4,158

	Total Non-current liabilities		39,231		41,927

4	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings		15,861		32,245
	(ii) Trade payables		22,133		18,459
	(iii) Other financial liabilities		16,570		24,305
	(b) Other current liabilities		5,000		7,170
	(c) Provisions		351		293
	(d) Current Tax Liabilities (Net)		532		203

	Total Current Liabilities		60,447		82,675

	Total Equity and Liabilities		179,225		199,030

*	Equity share capital as at March 31, 2017 includes ₹ 75.25 crores on account of equity shares which were issued post year end pursuant to the merger (Refer note 7).

Notes:-

The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries, jointly controlled entities and associates for the quarter and half year ended September 30, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 02, 2017. The statutory auditors have carried out limited review of the same.

With effect from July 01, 2017, Goods and Service tax (‘GST’) has been implemented which has replaced several indirect taxes including excise duty. While Ind-AS required excise duty to be included while computing revenues, GST is required to excluded from revenue computation. Accordingly ‘Revenue from Operations (Net of excise duty)’ has been additionally disclosed in these results to enhance comparability of financial information.

The financial results of the Company have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The Company had previously issued its unaudited financial results for the quarter and half year ended September 30, 2016, based on its preliminary selection of exemptions and accounting policies. All such policies and exemptions were finalized during the quarter ended March 31, 2017. Accordingly, the financial results for the quarter and half year ended September 30, 2016 have been restated to give effect of the same, has resulted in a net increase in profit before tax of ₹100 Crore and ₹222 Crore for the quarter and half year ended September 30, 2016, respectively as against the previously reported amounts.

In view of clarification issued by Ind AS Transition Facilitation Group, the Company has revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. DDT on profits of subsidiaries which is to be utilized against the equity dividend declared by the Company, is recognised in statement of changes in equity as against the hitherto followed policy of recognizing the same in the statement of profit and loss. The financial results for the previous periods/year have been restated to give effect of the same. Accordingly, the above results reflect a lower tax charge of ₹ 70 Crore, ₹ 117 Crore and ₹1,445 Crore for the quarter ended September 30, 2016, half year ended September 30,2016 and for the year ended March 31, 2017 respectively as compared to the previously reported amounts.

5	Exceptional items comprises of the following:


											(₹ in Crore)
	Quarter ended							Half year ended					Year ended
	30.09.2017 (Unaudited)			30.06.2017 (Unaudited)		30.09.2016 (Unaudited)		30.09.2017 (Unaudited)			30.09.2016 (Unaudited)		31.03.2017 (Audited)
Impairment charge relating to property, plant and equipment and exploration assets		109			—		—		109			—		114
Reversal of provision of DMF*		(295	)		—		—		(295	)		—		—
Deferred tax expense /(benefit) on above		62			—		—		62			—		34
Non-controlling interests on above		69			—		—		69			—		21

*Exceptional gain of ₹ 295 Crore represents reversal of provision for contribution to District Mineral Foundation (DMF) for the period related to January 12, 2015 to September 16, 2015 pursuant to a recent Supreme Court ruling.

Till March 31, 2017, proved and probable reserves (or 2P reserves) on entitlement interest basis were being considered for providing depletion on oil and gas assets. As per the Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India, applicable from April 1, 2017, proved and developed reserves (or 1P reserves) on working interest basis are to be considered for computing depletion. The change has been applied prospectively and as a result, depreciation, depletion and amortization expense for the quarter and half year ended September 30, 2017 is lower by ₹ 164 Crore and ₹ 376 Crore respectively and profit after tax is higher by ₹88 Crore and ₹223 Crore respectively.

Upon implementation of Scheme of Arrangement between Vedanta Limited and erstwhile Cairn India Limited and their respective shareholders’ and Creditors, the Company has issued 75.25 Crore equity shares of ₹ 1 each and 301 Crore, 7.5% Redeemable Preference Shares with a face value of ₹ 10 each to non-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current half year. No shares were issued to the subsidiaries of Vedanta Limited for their shareholding in erstwhile Cairn India Limited.

In July 2017, the Appellate Tribunal for Electricity dismissed the appeal(s) filed by one of the Company’s subsidiary, Talwandi Sabo Power Limited (TSPL), engaged in power generation. The matters under disputes effect the computation of tariff being charged by TSPL to its customer. TSPL has filed an appeal before the Hon’ble Supreme Court to seek relief. The outstanding receivables on account of the said dispute as on September 30, 2017 was ₹ 889 Crore (including ₹ 749 Crore as on March 31, 2017). The Group, based on its assessment of the grounds of appeal and external legal opinions, is of the opinion that there is a strong probability of success in the said matters and has thus continued to treat these balances as recoverable.

By Order of the Board


Place : Mumbai		Navin Agarwal
Dated : November 02, 2017		Executive Chairman

Exhibit 99.2

LOGO

S.R. BATLIBOI & Co. LLP Chartered Accountants Review Report to The Board of Directors Vedanta Limited Limited Review Report Golf View Corporate Tower· B Sector 42, Sector Road Gurgaon 122 002, Haryana, lrdia Tel : +91 124 464 4000 fax : +91 124 464 4050 We have reviewed the accompanying statement of unaudited standalone financial results of Vedanta Limited (the ‘Company’) for the quarter ended September 30, 20 17 and year to date from April I, 20 17 to September 30, 20 17 (the “Statement’’) attached herewith. being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015. read with SE BI Circular No. CIR.ICFD/fAC/62/2016 dated July 5, 2016. The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (lnd AS 34) prescribed under Section 133 of the Companies Act,2013, read with Rule 3 of Companies (Indian Accounting Standards) Rules. 2015 and with SEB I Circular No. CIR/CFD/FAC/62/20 16 dated July 5, 20 16], is the responsibility of the Company’s management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review. We conducted our review in accordance with the Standard on Review mangagements (SRE) 2410, Review of interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primaril) to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Based on our review conducted as above. nothing has come to our attention that causes us to believe that the accompanying Statement. prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (‘ lnd AS’) specified under Section 133 of the Companies Act, 2013, read with re levant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement~) Regulations. 2015. read with SEB I Circular No. CIR/CFD’FAC/62’2016 dated Jul} 5, 2016, including the manner in which it is to be disclosed. or that it contains any material misstatement. For S.R. Batliboi & Co. LLP Chartered Accountants I CAl Firm registration number: 30 I 003E/E300005 per Raj Agarwal Partner Membership No.: 82028 Mumbai November 02, 20 17

LOGO

S.R. BArLtBot & Co. LLP Golf V1ew Corporate Tower· B Sector 42. Sector Road Chartered Accountants Review Report to The Board of Directors Vedanta Limited Gurgaon 122 002, Haryana. lnd1a Tel :+911244644000 Fax: +91 124 464 4050 Limited Review Report I. We have reviewed the accompanying statement of unaudited consolidated financial results of Vedanta Limited (the ·company’) comprising its subsidiaries (together referred to as ·the Group’), its associates and jointly controlled entities, for the quarter ended September 30. 2017 and year to date from April I. 20 17 to September 30. 2017 (the ·‘Statement’’) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015. read with SEBI Circular No. CIR/CFO/FAC/62/20 16 dated July 5, 2016. 2. The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34. Interim Financial Reporting (lnd AS 34) prescribed under Section 133 of the Companies Act. 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015 and with SEBI Circular No. CIR/CFDIFAC/62 12016 dated July 5. 2016, is the responsibility of the Company’s management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410. Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted as above and based on the consideration of the reports of other auditors on the unaudited separate quarterly and half yearly financial results and on the other financial information of subsidiaries. associates and jointly controlled entities, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited consolidated financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013. read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 20 IS, read with SEBI Circular No. CIR/CFD/FAC/62120 16 dated July 5, 2016. including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We did not review the financial statements and other financial information, in respect of7 subsidiaries, whose lnd AS financial statements include total assets of Rs. 3.841 crore and net assets of Rs 2,652 crore as af September 30, 2017, and total revenues of Rs. 860 crore and Rs 1,672 crore for the quarter and the half year period ended on that date. These lnd AS financial statements and other financial information have been reviewed by other auditors. which financial statements, other financial information and review reports have been furnished to us by the management. The consolidated lnd AS financial statements also include the Group’s share of net profit of Rs. Nil for the quarter and for the half year period ended September 30. 2017. as considered in the consolidated lnd AS financial statements, in respect of I associate. Who see financial statements and other financial information have been reviewed by other auditors. which financial statements. other financial information and review reports have been furnished to us by the management. Our opinion. In so far as it relates to the affairs of such subsidiaries. associates and jointly controlled entities is based solely on the report of other auditors. Our opinion is not modified in respect of this matter. Certain of these subsidiaries. Associates and jointly controlled entities are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Company’s management has converted the financial statements of such subsidiaries. associates and jointly controlled entities located outside India from accounting principles generally accepted in their respective countries to

LOGO

S.R. BATLJBOJ & Co. LLP Chartered Accountants accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Company’s management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries, associates and jointly controlled entities located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Company and reviewed by us. 6. We did not review the financial statements and other financial information, in respect of 6 subsidiaries, whose lnd AS financial statements include total assets of Rs. I,979 crore and net assets of Rs 754 crore as at September 30, 2017, and total revenues of Rs. Nil for the quarter and the half year period ended on that date. These lnd AS financial statements and other financial information have not been reviewed by their auditors. The consolidated lnd AS linancial statements also include the Group’s share of net loss of Rs. Nil for the quarter and for the half year period ended September 30, 2017, as considered in the consolidated lnd AS financial statements, in respect of I associate and 3 jointly controlled entities, whose financial statements and other financial information have not been reviewed by lheir auditors. Our opinion, in so far as it relates to the affairs of such subsidiaries. associates and joint controlled entities is based solely on the management accounts of those entities. Our opinion is not modified in respect of this matter. For S.R. BATLIBOI & CO. LLP Mumbai November 02, 20 17

Exhibit 99.3

Vedanta Limited

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

Unit 103, Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai 400093, Maharashtra.

www.vedantalimited.com

CIN: L13209MH1965PLC291394

02 November 2017

Vedanta Limited

Consolidated Results for the Second Quarter

ended 30 September 2017

Q2 PAT up 41% y-o-y to Rs 2,036 crore

Debt reduction by Rs 11,466 crore in past 6 months

Mumbai, India: Vedanta Limited today announced its unaudited consolidated results for the Second quarter (“Q2”) ended 30 September 2017.

Financial Highlights

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Continued strong financial performance

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Revenues of Rs 21,520 crore up 37% y-o-y

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Attributable PAT at Rs 2,036 crore, up 41% y-o-y

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EBITDA of Rs. 5,776 crore, up 24% y-o-y

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Robust EBITDA margin¹ of 35%

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Free Cash flow of Rs 3,280 Crore

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Strong Balance Sheet

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Gross debt reduced by Rs. 11,466 crore² since March 31, 2017

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Net Debt/EBITDA at 0.6x – among the lowest across Indian and global peers

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Strong financial position with total cash & liquid investments of Rs 40,206 crore

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Contribution to the exchequer in H1 FY 2018 c. Rs. 13,000 crore

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

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

CIN: L13209MH1965PLC291394

Page 1 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

Operational Highlights

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Copper India: Record quarterly copper cathode production of 106 kt

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Zinc International: Highest quarterly production of 20kt at Black Mountain in the last 4 years; Gamsberg on track for mid CY18 production

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Oil & Gas: Commenced 15-well infill drilling campaign at Mangala; first well brought online

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Zinc India: Record Silver Production, Refined zinc-lead metal production at 230kt, up 27% y-o-y

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Aluminium: Record quarterly Aluminium production of 401 kt, Exit production run-rate of 1.6mtpa

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TSPL: Plant availability of 87%

1.	Excludes custom smelting at Copper India and Zinc India operations

2.	Excluding temporary borrowing by Zinc India & preference shares issued pursuant to the Cairn merger

Mr. Kuldip Kaura, Chief Executive Officer, Vedanta Ltd, said: “PAT for the quarter was up 41% and EBITDA was up 24% compared to last year on the back of solid operational performance in our Zinc and Copper businesses, supported by strong commodity prices. Key contracts on our announced Oil & Gas projects are at advanced stages of being awarded. We expect H2 of this fiscal year to be more robust with the continuing production ramp up and we continue to maintain a strong balance sheet and remain focused on creating long term shareholder value”

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

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

CIN: L13209MH1965PLC291394

Page 2 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

Consolidated Financial Performance

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

(In Rs. crore, except as stated)


FY 2017				Q2			Q2			% Change			Q1			% Change			H1			H1
Actual				FY 2018			FY 2017			% Change			FY 2018			% Change			FY 2018			FY 2017
	71,721		Net Sales/Income from operations		21,520			15,665			37	%		18,203			18	%		39,723			30,030
	21,437		EBITDA		5,776			4,647			24	%		4,965			16	%		10,741			8,186
	39	%	EBITDA Margin¹		35	%		39	%		-9	%		36	%		-2	%		36	%		36	%
	5,855		Finance cost		1,384			1,451			-5	%		1,592			-13	%		2,976			2,844
	4,581		Other Income		876			1,375			-36	%		1055			-17	%		1,931			2,646
	20,058		Profit before Depreciation and Taxes		5,161			4,597			12	%		4,337			19	%		9,498			7,917
	6,292		Depreciation & Amortization		1,426			1,557			-8	%		1,386			3	%		2,812			3,107
	13,766		Profit before Exceptional items		3,735			3,040			23	%		2,951			27	%		6,686			4,810
	114		Exceptional Items (Credit)/Expense ²		(186	)		—						—						(186	)		—
	2,103		Tax		873			527			66	%		681			28	%		1,554			930
	196		Dividend Distribution Tax (DDT)		—			18			—			—									27
	34		Tax on Exceptional items		62						—			—						62
	11,319		Profit After Taxes		2,986			2,495			20	%		2,270			32	%		5,256			3,853
	11,467		Profit After Taxes before Exceptional items		2,862			2,495			15	%		2,270			26	%		5,132			3,853
	11,663		Profit After Taxes before Exceptional items & DDT³		2,862			2,513			14	%		2,270			26	%		5,132			3,880
	4,358		Minority Interest		895			1,071			-16	%		745			20	%		1,640			1,675
	(3	)	Share of Profit of Associate		0			0						0
	6,958		Attributable PAT after exceptional items		2,091			1,424			47	%		1,525			37	%		3,616			2,178
	7,127		Attributable PAT before exceptional items		2,036			1,424			43	%		1,525			34	%		3,561			2,178
	7,323		Attributable PAT before exceptional items & DDT³		2,036			1,442			41	%		1,525			34	%		3,561			2,205
	23.47		Basic Earnings per Share (Rs./share)		5.64			4.80			17	%		4.37			29	%		10.04			7.35
	24.04		Basic EPS before Exceptional Items		5.49			4.80			14	%		4.37			26	%		9.89			7.35
	24.70		Basic EPS before Exceptional Items & DDT³		5.49			4.86			13	%		4.37			26	%		9.89			7.43
	67.09		Exchange rate (Rs./$) – Average		64.29			66.93			-4	%		64.46			0	%		64.37			66.95
	64.84		Exchange rate (Rs./$) – Closing		65.36			67.62			-3	%		64.74			1	%		65.36			66.66

1.	Excludes custom smelting at Copper India and Zinc India operations

2.	Exceptional Items Gross of Tax

In view of clarification issued by Ind AS Transition Facilitation Group, we have revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. DDT on profits of subsidiaries which is to be utilized against the equity dividend declared by the Company, is recognised in statement of changes in equity as against the previous policy of recognizing the same in the statement of profit and loss. The financial results for the previous periods/year have been restated to give effect of the same

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

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

CIN: L13209MH1965PLC291394

Page 3 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

Revenues

Revenue in Q2 was up 37% y-o-y on account of higher volume at Copper India, Zinc India, Zinc International, ramp up at Aluminium business and higher commodity prices partially offset by currency appreciation, lower volumes at Oil & Gas.

Revenues were 18% up sequentially on account of higher volume at Copper India, Zinc India, restart of TSPL plant in Q2 following the shutdown in Q1, ramp up at Aluminium business and higher commodity prices partially offset by lower volumes at Oil & Gas and Iron ore.

EBITDA and EBITDA Margins

EBITDA for Q2 at Rs 5,776 crore was up 24% on y-o-y basis on account of higher volumes at Zinc India, Zinc International and Copper India; ramp up of volumes at the Aluminium business, and higher commodity prices. This was partially offset by currency appreciation, higher costs due to input commodity inflation and lower volume at Oil & Gas.

On sequential basis, EBITDA was 16% higher on account of higher plant availability at TSPL following shutdown in Q1, higher volume at Copper India, Zinc India and ramp up at Aluminium businesses partially offset by higher costs due to input commodity inflation and lower volume at Oil & Gas and Iron ore.

EBITDA margin¹during the quarter was at 35.3% compared to 35.9% in Q1 FY 18.

Depreciation & Amortization

Depreciation at Rs. 1,426 crore, was lower on y-o-y basis by Rs. 131 crore driven by lower depreciation at Oil & Gas business due to change in method of calculation of Unit of production (UOP) charge to “Proved and Developed Oil and Gas Reserves” (1P) in accordance with the Guidance Note on Accounting for Oil and Gas Producing Activities which was effective April 1, 2017 instead of earlier approach of “Proved and Probable Reserves” (2P). This was partially offset by capitalization at aluminium & business and higher production at Zinc India.

Depreciation was higher by Rs. 40 crore q-o-q due to higher production at Zinc India and further capitalisation at aluminium business..

Finance Cost and Other Income

Finance cost during the quarter was Rs. 1,384 crore, lower by Rs. 67 crore on y-o-y basis on account of lower debt level due to the de-leveraging during H1 FY 2018 and lower interest rates, partially offset by interest cost on temporary borrowing at Zinc India which was repaid towards the end of the quarter, and interest on preference shares issued to the shareholders of Cairn India pursuant to the merger with the Company.

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

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

CIN: L13209MH1965PLC291394

Page 4 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

On sequential basis, finance cost was lower by Rs 208 Crore on account de-leveraging during H1 FY 2018 and repayment of Zinc India temporary borrowing in Q2 FY 18.

Other income was at Rs 876 crore, lower compared to Q2 FY 17 by Rs 499 crore mainly due to lower investment corpus at Zinc India following with special dividend payout of Rs 13,985 crore (including DDT) in March-April 2017 and lower mark to market gain on investments. On q-o-q basis, it was lower on account on lower investment corpus on account of de-leveraging.

Exceptional items

Exceptional item is a credit of Rs 186 crore, primarily relating to reversal of royalty of Rs 291 crore at Zinc India due to write back of excess District Mineral Foundation liability for the period January 12, 2015 to September 16, 2015 pursuant to a judicial pronouncement during the quarter. This was partially offset by Rs 109 crore of exploratory assets write off at Oil & Gas business.

Taxes

Tax expense (before Exceptional items) was at Rs. 873 crore during the quarter, resulting in tax rate of 23%, same as Q1 FY 18. Tax rate during the quarter was higher y-o-y on account of phasing out of investment allowance claims allowed until FY 2017, and lower tax charge in FY 2017 on account of currency appreciation gain resulting in deferred tax movements.

Attributable Profit after Tax and Earnings per Share (EPS)

Attributable Profit after Tax (PAT) before exceptional items for the quarter was Rs. 2,036 crore.

EPS for the quarter before exceptional items was at Rs. 5.49 per share. Minority interest was at 29%.

Balance Sheet

Our financial position remains strong with cash and liquid investments of Rs. 40,206 crore. The Company follows a Board approved investment policy and invests in high quality debt instruments with mutual funds, bonds and fixed deposits with banks. The portfolio is rated by CRISIL which has assigned a rating of “Very Good” (meaning Highest Safety) to our portfolio. Further, the Company has undrawn fund based committed facilities of Rs 5,300 Crores as on September 30, 2017.

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As on 30 September 2017, gross debt was at Rs 55,798 crore including temporary Short term borrowings of Rs 593 crore at Zinc India and Preference shares of Rs 3,010 crore issued pursuant to the Cairn merger. Gross Debt reduced by Rs 11,466 crore (excluding repayment of temporary borrowing by Zinc India) since March 2017.

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

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

CIN: L13209MH1965PLC291394

Page 5 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

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Net debt was at Rs. 15,592 crore on 30 September, lower q-o-q on account of improved operating performance resulting in higher free cash flows.

Corporate

Key Recognitions

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

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Vedanta limited ranked 15^th globally in the Dow Jones Sustainability Index in the Industry Group - Mining and Metal improving its position from rank 17 last year while Hindustan Zinc Limited ranked 11th overall & 3^rd in the environmental dimension

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Sterlite Copper received the prestigious “Sword of Honour Award 2017” that recognizes organizations that are at the forefront of achieving best in class Safe, Healthy and Sustainable workplace and business practices. Only 57 companies globally, of which 13 are from India were conferred with “Sword of Honour Award 2017”

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Cairn Oil & Gas was awarded the CSR Best Practices Award for its comprehensive processes followed in governing of CSR activities, at the 7th Asia CSR Best Practices Awards. It also won the Community Project of the Year Award for its Jeevan Amrit Project.

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Vedanta Iron Ore Business received the National Award for Excellence in Water Management 2017 and the Excellence in Energy Management Award 2017 from the Confederation of Indian Industry. In addition, senior leaders were honored at the Future Women Leader Summit & Awards 2017.

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Vedanta Limited- Jharsuguda received the Kalinga CSR Award from the Institute of Environment & Quality Management. Vedanta Limited- Lanjigarh bagged the Best Corporate Communications Award at an event organized by the Odisha Bhaskar Group.

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Sterlite Copper was also honored by ASSOCHAM and the Ministry of Skill Development & Entrepreneurship, winning the Silver Trophy for Best Higher Vocational Institute for Skill Development, for its CSR initiative ‘Tamira Muthukkal’. In addition, Sterlite Copper was recognized as an Excellent Energy Efficient Unit, at the 18th National Energy Management Awards 2017, organized by CII.

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

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

CIN: L13209MH1965PLC291394

Page 6 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

Results Conference Call

Please note that the results presentation is available in the Investor Relations section of the company website www.vedantalimited.com - http://www.vedantalimited.com/investor-relations/results-reports.aspx

Following the announcement, there will be a conference call at 6:30 PM (IST) on Thursday, 2 November 2017, where senior management will discuss the company’s results and performance. The dial-in numbers for the call are as below:


Event		Telephone Number
Earnings conference call on November 2, 2017	India – 6:30 PM (IST)	Mumbai main access +91 22 3938 1017 Toll Free number 1 800 120 1221 1 800 200 1221
	Singapore – 9:00 PM (Singapore Time)	Toll free number 800 101 2045
	Hong Kong – 9:00 PM (Hong Kong Time)	Toll free number 800 964 448
	UK – 1:00 PM (UK Time)	Toll free number 0 808 101 1573
	US – 9:00 AM (Eastern Time)	Toll free number 1 866 746 2133

For online registration	http://services.choruscall.in/diamondpass/registration?confirmationNumber=5267915

Replay of Conference Call (2 November 2017 to 9 November 2017)		Mumbai +91 22 3065 2322 Passcode: 68610#

For further information, please contact:


Communications Arun Arora Head, Corporate Communications		Tel: +91 124 459 3000 [email protected]

Investor Relations Ashwin Bajaj Director – Investor Relations		Tel: +91 22 6646 1531 [email protected]
Aarti Raghavan VP – Investor Relations

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

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

CIN: L13209MH1965PLC291394

Page 7 of 8

Unaudited Results for the Second Quarter ended 30 September 2017

Sneha Tulsyan

Associate Manager – Investor Relations

About Vedanta Limited

Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.

Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta’s strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) ‘Sustainable Plus Platinum label’, ranking among the top 10 most sustainable companies in India. To access the Vedanta Sustainable Development Report 2017, please visit http://sd.vedantaresources.com/SustainableDevelopment2016-17/ Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

For more information please visit www.vedantalimited.com

Vedanta Limited

Vedanta, 75, Nehru Road,

Vile Parle (East), Mumbai - 400 099

www.vedantalimited.com

Registered Office:

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

Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai – 400 093

CIN: L13209MH1965PLC291394

Disclaimer

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

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

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

CIN: L13209MH1965PLC291394

Page 8 of 8

Exhibit 99.4

LOGO

Vedanta Limited Q2 FY2018 Results 2 November 2017 Elements for a Sustainable Future VEDANTALIMITED – OIL&GAS ZINC POWER ALUMINIUM IRONORE COPPER

Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources plc and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance. This presentation contains ‘forward- looking statements’ – that is, statements related to future, not past, events. In this context, forward- looking statements often address our expected future business and financial performance, and often contain words such as ‘expects,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ or ‘will.’ Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward- looking statements. We do not undertake to update our forward- looking statements. We caution you that reliance on any forward- looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward- looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward- looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources plc and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 2

Contents Section Presenter Page Strategic Update Kuldip Kaura, CEO 4 Financial Update Arun Kumar, CFO 9 Kuldip Kaura, CEO Business Review 17 Sudhir Mathur, Acting CEO— Cairn Oil & Gas Appendix 26 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 3

Vedanta Limited Q2 FY2018 Results 2 November 2017 Strategic Update Kuldip Kaura Chief Executive Officer Value Creation

Sustainable Development – Focused on Building a Zero Harm Culture Safety Regrettably 2 fatalities from 2 incidents during H1 FY18 High Potential (HIPO) Incident reduced by 46% in H1 Reinvigorated Leadership Action Program initiated towards vision of Zero Harm, Zero Waste and Zero Discharge Environment Wall of ash dyke at Jharsuguda breached, spilling ash on adjacent land; most of the land belongs to the company Third party assurance program to be launched on tailing/ ash management practices across the group Contaminated site management standard rolled out for the group Social Licence to Operate— Improved position at #15 in ranking given by Dow Jones Sustainability Index from #17 last year while HZL secured rank #11— 95 Nandghars constructed benefitting 2500 children and 1500 women; pilot complete and now in process to scale up LTIFR – (per million man- hours worked) 0.89 0.52 0.49 0.41 0.43 0.40 0.31 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 H1 FY2018 Note: ICMM 2014 methodology adopted from FY2016 onwards HZL’s corporate office— Yashad Bhawan is Rajasthan’s First CII- IGBC Certified Platinum Green Building VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 5

Q2 FY2018 Results Highlights Operations: Record volumes with ramp- up on track High zinc- lead and record silver volume at Zinc India Highest quarterly production at BMM in last 4 years; Gamsberg on track for mid CY18 production Aluminium smelters continue ramp up, with record quarterly production and current run- rate of 1.6mtpa High PAF at TSPL of 87%, following the shutdown in Q1 Record quarterly copper cathode production at Copper India Financial: Strong free cash flow EBITDA at Rs. 5,776 crore, up 24% y- o- y at 35% margin Attributable PAT2 at Rs 2,036 crore, 41% higher y- o- y Gross debt reduced by Rs. 11,466 crore in H1 FY20181 Strong FCF of Rs. 3,280 Cr in Q2 Contribution to exchequer of c. Rs. 13,000 cr in H1 FY2018 Notes: 1. Excluding repayment of temporary borrowing by Zinc India & preference shares issued pursuant to the Cairn India merger in April Before exceptional items and DDT Excludes custom smelting at Copper and Zinc India operations EBITDA mix Q2 FY2018 7% 6% 8% 20% 59% Zinc Oil & Gas Aluminium Power Copper Iron Ore Key Financials In Rs. Crore Q2 FY18 Q2 FY17 Q1 FY18 EBITDA 5,776 4647 4,965 Attributable PAT2 2,036 1,442 1,525 EBITDA Margin3 35% 39% 36% Divisional EBITDA Zinc - India 3,001 1,977 2,369 Zinc – Intl. 389 339 321 Oil & Gas 1,176 1,047 1,385 Iron Ore (4) 105 40 Copper - India 392 371 213 Aluminium 457 397 528 Power 366 403 110 Others (1) 8 (1) VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 6

A diversified resources company with an attractive commodity mix, market leading growth and strong balance sheet Commodity diversification1 Attractive commodity mix Global demand CAGR 2017- 30E Aluminium 2.8% 87% of O&G India 2.2% Vedanta’s Lead 2.2% Q2 FY18 EBITDA 2 Zinc 2.0% Peers Nickel 1.6% Copper 1.5% Met Coal 0.9% Thermal Coal 0.6% % Revenue (CY 2016) O&G 0.4% Oil and Gas Zinc Aluminium Copper Power Iron Ore Coal Precious Other Iron ore 0.3% Sector leading growth Strong balance sheet 9% Peers3 . 6.7% 70% International equiv 6% 60% Domestic Cu CAGR 3% 50% Vedanta Ltd 2019E 0% 4 40% CRISIL rating AA – (3)% (1.0)% (1.6)% Production (2.5)% Gearing 30% 2017E (6)% (4.8)% (5.1)% (6.0)% 20% (9)% (8.7)% 10% 0% Peers2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Net Debt/EBITDA5 Source: Consensus, Company filings, Bloomberg, Wood Mackenzie, US EIA, CRU, Company data for Vedanta Notes: 1. All companies have been calenderised to a Dec YE; Glencore revenue split accounts only for their ‘Industrial activities’; Revenues from copper smelting for Vedanta Ltd and Hindalco are based on benchmark Tc/Rc Peers include BHP Billiton, Rio Tinto, Anglo American, Glencore, Teck Resources, Freeport and Hindalco Peers include BHP Billiton, Rio Tinto, Anglo American, Glencore, Teck Resources, Freeport, Hindalco, Tata Steel and JSW Steel Gearing is calculated as Net debt divided by the sum of Net debt and Equity (based on reported numbers) Net Debt as per last reported, EBITDA as per CY 2017 consensus estimates VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 7

Capital Allocation: Focus on Shareholder Returns World class assets and operational excellence to deliver strong and sustainable cash flows Production growth and asset optimization Strong Shareholder Returns Maintain Strong Balance Sheet Grow Existing Businesses Announced dividend policy at Continued reduction of gross Focus on full capacity Vedanta Ltd debt utilisation and production - pass through of HZL’s regular growth in existing businesses dividend, plus Target for AA+ rating from - minimum 30% pay out of current AA rating (CRISIL) Any investment opportunities Attributable PAT (ex HZL PAT) to clear hurdle rate of return HZL dividend policy - minimum 30% pay out

VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 8 CAPITAL MARKETS DAY, MARCH 2015 Vedanta Limited Q2 FY2018 Results 2 November 2017 Financial Update Arun Kumar Chief Financial Officer Empowering Growth

Q2 Financial Highlights EBITDA higher 24% y- o- y and 16% q- o- q, driven by higher production volumes and higher commodity prices partially offset by input commodity inflation Gross Debt reduced by Rs. 11,466 crore1 in H1 FY2018 Rs. crore or as stated Q2 FY2018 Q2 FY2017 Change Q1 FY2018 Change EBITDA 5,776 4,647 24% 4,965 16% EBITDA margin2 35% 39% - 36% - Attributable PAT3 (Before exceptional items & DDT) 2,036 1,442 41% 1,525 34% EPS (Rs./share) 5.49 4.86 4.37 (Before exceptional items & DDT) Gross Debt4 55,798 66,794 67,342 Cash 40,206 54,833 48,318 Net Debt5 15,592 11,961 19,024 Net Debt/EBITDA (LTM) 0.6 0.8 0.8 Net Gearing 16% 13% 20% Notes: 1. Excluding repayment of temporary borrowing by Zinc India & preference shares issued pursuant to the Cairn India merger in April Excludes custom smelting at Copper India and Zinc- India operations In view of clarification issued by Ind- AS Transition Facilitation Group, we have revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. Hence the previous periods have been restated to give effect of the same Gross Debt of Q1 and Q2 FY 2018 includes preference shares of Rs 3,010 crore issued pursuant to the Cairn India Merger in April. Pro- forma Net debt as on 31st Mar 2017 was Rs 15,322 Cr. (Pro- forma for HZL and Vedanta Ltd special dividends and temporary short- term borrowing at HZL) VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 10

EBITDA Bridge (Q2 FY2018 vs. Q1 FY2018) Q2 FY2018 vs. Q1 FY2018 (In Rs. crore) Zinc & Lead 538 Aluminum 236 Zinc India 168 Brent 58 Aluminum 121 Brent Discount (51) TSPL 344 Metal Premium (72) Iron ore (18) Rupee (41) Others (11) ZAR & NAD 6 7,000 622 29 271 6,000 692 100 5,776 35 80 12 5,454 4,965 5,000 Operational 4,000 Market & Regulatory Rs. 593 crore Rs.488 crore 3,000 2,000 1,000 0 Q1 FY18 LME/ Brent / Input Currency Regulatory Profit Adjusted Volume Cost Others1 Q2 FY18 Premiums Commodity Petroleum EBITDA Inflation 1. Others includes cost of power import due to temporary coal shortages and ash dyke incident, pot revival cost at Jharsuguda and lower profitability from ancillary business VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 11

Income Statement Depreciation & Amortization Marginally higher q- o- q on account of higher production at Zinc India and capitalization of pots at Aluminium business Lower y- o- y due to change in depreciation method in Oil & Gas business from 2P to 1P reserve based on guidance under Ind- AS w.e.f. 1st April 17; partly offset by capitalization at Aluminium business and higher production at Zinc India Finance cost Lower q- o- q and y- o- y driven by de- leveraging the balance sheet during H1 FY2018 and lower interest rates Other income Lower q- o- q and y- o- y on account of lower investment corpus and lower MTM gain Exceptional Items Reversal of royalty (DMF) of Rs. 291 crore at Zinc India pursuant to a judicial pronouncement during the quarter. Partially offset by Rs. 109 crore of exploratory assets write- off at Oil & Gas business In Rs. crore Q2 Q2 Q1 FY’18 FY’17 FY’18 Revenue EBITDA Depreciation & amortisation Finance Cost Other Income Exceptional items - credit/(expense) Taxes Taxes - DDT Taxes on exceptional items Profit After Taxes (before exceptional items and DDT) Profit After Taxes (before exceptional items) Profit After Taxes Attributable profit (before exceptional items and DDT)1 Attributable profit (before exceptional items)1 Attributable PAT Minorities % (before exceptional items) 21,520 15,665 18,203 5,776 4,647 4,965 (1,426) (1,557) (1,386) (1,384) (1,451) (1,592) 876 1,375 1,055 186 - - (873) (527) (681) - (18) - (62) - - 2,862 2,513 2,270 2,862 2,495 2,270 2,986 2,495 2,270 2,036 1,442 1,525 2,036 1,424 1,525 2,091 1,424 1,525 29% 43% 33% Note 1. In view of clarification issued by Ind- AS Transition Facilitation Group, we have revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. Hence the previous periods have been restated to give effect of the same VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 12

Net Debt for Q2 FY2018 (In Rs. crore) 20,000 19,024 4,594 18,000 1,448 152 15,592 16,000 134 14,000 12,000 FCF Post Capex Rs. 3280 crore 10,000 8,000 6,000 Net Debt CF from Operations WC Movements Capex Translation & Others Net Debt 30th Jun 17 30th Sep 17 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 13

Optimising Capex to drive Cash Flow Generation Prioritised capital to high- return, low- risk projects to maximize cash flows H1 Capex spent $0.3bn, H2 FY 2017 expected at $0.8bn Revised capex guidance to $1.1bn for FY 2018 ($0.9bn+$0.2bn optional capex) compared to original guidance of $1.2bn (1bn+$0.2bn optional capex) $0.3bn for Zinc India and $0.2bn for Gamsberg $0.1bn for Aluminium and Power $0.3bn for O&G – capex cycle to restart with full swing in H2 Optionality capex includes capex flexibility for Lanjigarh refinery expansion and 400ktpa Copper smelter expansion Growth Capex Profile and Free Cash Flow pre capex - $bn 2.8 Oil & Gas Zinc 2.4 Al & Power Copper Optionality Capex Free Cash Flow (pre- capex) 1.3 0.4 0.8 0.8 0.1 0.7 0.6 0.01 0.2 0.1 0.2 0.3 0.5 0.3 0.3 0.2 0.3 0.1 0.3 0.2 0.05 0.02 0.2 0.2 FY16 FY17 H1 FY18 H2 FY18e FY19e VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 14

Gross Debt Reduction of Rs. 11,466 Crore* since March 2017 Consolidated Gross debt* trend since March 2017 Crore ‘000 63.7 57.4 52.2 . Rs Mar’17 June’17 Sep’17 Continued focus on gross debt reduction Reduced debt by Rs. 11,466 cr* during H1 FY2018 HZL temporary borrowing paid down by Rs. 7,315 cr during H1 FY2018 Strong liquidity Cash and liquid investments of Rs. 40,206 crore *Excluding short term temporary borrowings of HZL and preference shares issued pursuant to the Cairn India merger in April VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 15

Financial Priorities: Strong shareholder returns while continuing to strengthen Balance Sheet Disciplined Capital Allocation; focus on FCF Deleveraging; Strong Liquidity Focus Cost Savings Long Term Shareholder Value Continued focus on generating cash flows from ramp up of assets Optimization of opex Further enhance credit rating to AA+ Continued reduction in gross debt Debt being refinanced at longer maturities and lower interest cost Strong Liquidity Focus Delivering on savings program Cost in 1st/2nd quartile of cost curve across all businesses Dividend policy announced VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 16

Vedanta Limited Q2 FY2018 Results 2 November 2017 Business Review Kuldip Kaura, Chief Executive Officer Sudhir Mathur, Acting CEO – Cairn Oil & Gas Operational Excellence

Zinc India Q2 FY2018 Results MIC at 219kt; refined zinc- lead production at 230kt Refined silver production at a record high of 140 tonnes CoP at $984/t; impacted by high input commodity prices Projects – key highlights Capacity expansion to 1.2mtpa MIC by FY2020 on track RAM U/G mine main shaft service winder commissioned, production winder installation completed; production from shaft to start in Q3 FY2019 SK mine main shaft equipping commenced; production from shaft to start in Q3 FY2019 New mill of 1.5mtpa will take total milling capacity to 5.8mtpa, targeted commissioning in Q2 FY 2019 Zawar mill de- bottlenecking completed to upgrade capacity to 2.7mtpa; order for second mill of 2mtpa capacity awarded, targeted commissioning by Q3 FY 2019 Fumer project progressing as per schedule for completion by mid FY 2019 FY2018 Outlook FY2018 integrated Zn- Pb production c.950kt; silver 500t+ FY 2018 CoP likely to be in the range of $900- $950/t due to significant increase in commodity prices as compared to last year [Graphic Appears Here] Rampura Sindesar Kayad Zawar Rajpura Agucha UG Khurd Dariba Pre Expansion Planned (FY 2020) VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 18

Zinc International Q2 FY2018 Results Significant progress at 250kt Gamsberg project Total production at 42kt: On target for first production by mid CY2018, with ramp- up to its Skorpion at 23kt: highest in last 3 quarters full mining capacity in the next 9- 12 months following full mobilization of mine outsourcing On budget for a capex target of $400mn BMM at 20kt: highest quarterly production in First phase expected to have a mine life of 13 years the last 4 years, driven by better grades and CoP Contractor expected at Camp $1000- 1150/t higher recoveries Excavation of 50% of waste rock of total pre- stripping CoP at $1,470/t, lower q- o- q, driven by higher requirement completed till date Construction works for infrastructure progressing well with all production and efficiency improvements contractors (>1600 construction manpower) fully mobilised to site Site activities including water and power lines installation on Projects schedule Skorpion pit 112 extension Manufacturing and supply of all equipment is on schedule with mills expected to be at site in November 2017 Waste mining fully ramped up in Q2; ore extraction from Q4 FY2018 Project to extend mine life by further 3 years and increase reserves by c.3mt (9.7% grade) Continued focus on exploration program across all the locations (>$10mn) Outlook FY18 Production of c.160kt; CoP at c. $1500/t North access ramp including mining workshops Civil footprint for the concentrator works VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 19

Cairn Oil & Gas Q2 FY 2018 Results Gross average production at 180,955 boepd Rajasthan production at 153,238 boepd Offshore production at 27,718 boepd Commenced 15 wells infill drilling campaign at Mangala with first well brought in Sept 2017; 4 wells online currently Operating cost RJ waterflood operating cost at $ 4.4/boe, in line with previous quarter RJ blended cost including EOR at $6.3/boe, in line with previous quarter FY 2018 Outlook Rajasthan production expected at 165 kboepd; upside from growth projects to contribute from H2 Net capex estimated at $250mn 90% for development including EOR, Tight oil and Tight gas projects 10% for Exploration and Appraisal Source: For peer company Opex - Rystad Energy, Nov 2015 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 20

Rajasthan: Mangala Processing Terminal Cairn has one of the lowest operating costs globally Brazil 32 United Kingdom 31 Canada 22 Colombia MPT: 20 Facility modifications Angola 17 Nigeria 15 United States 15 China 14 Venezuela 14 Norway 12 Kazakhstan 12 (US$/bbl) Mexico 11 Russia 8 Libya 7 Algeria 7 Cairn 6 Iran 6 UAE 6 Iraq 5 Saudi Arabia 5 Kuwait 5 Cairn Oil & Gas Key Projects Exploration Rajasthan: Studies contract awarded for Shallow Oil and Deep Gas prospects. Tendering underway for integrated exploration and appraisal drilling campaign KG Offshore: 2 wells exploration program to commence from Q4FY18; Contract award in place RDG Gas project Phase- 1: 40- 45 mmscfd from November 2017 Phase- 2: Gas production of 100mmscfd and condensate production of 5kboed by H1 CY2019 Key Oil projects Aishwariya Barmer Hill: Production from appraisal wells commenced, Phase - 2 FDP submitted to JV Partner Mangala Infill (15 well): Drilling progressing as per plan Mangala Infill (45 wells): Firmed up drilling program; Proposal under discussion with JV Partner Bhagyam EOR: FDP submitted to JV Partner Aishwariya EOR: FDP approved by Operating Committee Liquid handling: Upgrading infrastructure to support incremental oil volumes in phased manner Cambay Infill: 3 wells drilling program to commence from Q4FY18 Rajasthan: Central Polymer Facility Summary of key projects EUR1 Estimated Key Projects Gross Capex (mmboe) (US$m) RDG 105 460 Aishwariya Barmer Hill 32 180 Mangala Infill (15 wells) 4 40 Mangala Infill (45 wells) 18 100 Bhagyam Polymer EOR 25 95 Aishwariya Polymer EOR 15 60 Liquid Handling Upgrade 12 120 Cambay Infill (3 wells) 7 30 Note 1. Estimated Ultimate Recovery VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 21

Aluminium Q2 FY2018 Results Record Aluminium production of 401kt and Alumina 269kt Aluminum CoP at $1,857/t, higher q- o- q due to high power cost on account of coal shortages and ash dyke incident. High inflation on key inputs like caustic and carbon offset by lower imported Alumina cost Alumina CoP at $331/t vs. $ 383/t for imported alumina Operations 500kt Jharsuguda- I smelter: outage in April 2017 impacted 228 of the 608 pots; 121 pots re- started, full ramp- up by Q3 FY2018 Ramp- up at 1.25mt Jharsuguda- II smelter: 1st line: 301 pots operational, full ramp up by Q3 FY2018 2nd line was fully capitalized in Q4 FY2017 3rd line: 156 pots operational, full ramp up by Q4 FY2018 4th line: Under evaluation Inspection by Pollution board of 2 closed power units in early November FY2018 Outlook Aluminium production 1.5 to 1.6mt (excl. trial run); Alumina production 1.3 to 1.4mt CoP estimated at $1850- 1900/t for Q3 FY2018 given higher input costs of coal and Alumina. Q4 CoP expected to be substantially lower with improvement in domestic coal situation and production ramp- up Working with Odisha State Government on bauxite allocation Aluminium Costs and Margins (in $/t, for Q2 FY2018) Q1 ‘18 1909 98 62 2,070 (745) (607) (373) (72) $271/t (172) (339) (240) 2,012 78 63 2,153 (718) (709) (430) (84) 211 (146) (259) (194) Cost Cost Hot Dep Int Costs Costs Addition EBITDA LMEPremium Realisation Power Other others Ingot Value Alumina Metal & EBITDA PBT Total Conversion Note: Q1 CoP numbers have been regrouped to make them comparable Movements in Aluminium COP (in $/t) 28 1,857 28 29 47 55 1,727 Commodity Inflation Largely One- offs Q1’18 Coal Power Outage Alumina Carbon Q2’18 Import revival Reported cost VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 22

Power Talwandi Sabo Power Limited (TSPL) 1,980 MW Thermal Power Plant (3 units of 660 MW each) Plant availability of 87% in the quarter; Targeting availability of c. 75% for FY 2018 ‘Take or Pay’ arrangement based on availability with EBITDA margin of c. Re.1/unit Input coal cost is a pass through [Graphic Appears Here] Other IPPs BALCO 600MW: Q2 PLF of 27% on account of temporary coal shortage Jharsuguda 600MW: Low PLF of 7%. Impacted due to the shut down of the plant and temporary coal shortage. Coal Outlook – Aluminium CPPs Coal linkage of 8 mtpa secured in Tranche 1 & 2 Curtailment of linkage due to coal unavailability We intend to deal with the current challenges in domestic coal supply by Working towards better materialisation of linkages Importing coal from international miners Coal linkage Tranche III auction in progress We expect the challenges in domestic coal to be resolved by Q4 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 23

Iron Ore and Copper India Q2 FY2018 Results Iron Ore Volumes: Sales of 0.7mt and production of 1.2mt (Goa and Karnataka) Lower production and sales on a q- o- q basis due to monsoons Karnataka to achieve full allocation production in Q3 FY2018 production allocation: 5.5mtpa at Goa & 2.3mtpa at Karnataka Engaged with respective state governments for additional allocation Realizations: Beneficiation and blending to increase grades and Iron Ore Mine in Goa realisations at Goa Saleable ore at Goa in H2 to be c. 3mt post beneficiation Karnataka had steady realizations of $24/t in Q2 Working towards better realizations in the domestic market Copper India Record production at 106kt on improved operational efficiencies Net cost of conversion lower q- o- q due to higher volumes FY2018 production estimated at 400kt 400ktpa smelter expansion under final evaluation Tuticorin Copper Smelter VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 24

Strategic Priorities Production Growth and Asset optimisation Optimise Capital Allocation and Maintain Strong Balance Sheet Protect and preserve our License to Operate Identify next generation of Resources VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 25

Vedanta Limited Q2 FY2018 Results 2 November 2017 Appendix

Guidance Segment FY18e Comments Zinc- Lead Integrated: 950kt Earlier guidance on CoP for FY2018 was Zinc India Silver volume: +500 tonnes marginally higher than FY17 CoP. CoP ($/t): $900- 950/t Revised guidance due to input commodity inflation Zinc- Lead volume: c.160kt Zinc International Gamsberg expected CoP: $1000- 1,150/t CoP: c.$1,500/t RJ Gross Volume: 165kboepd Oil & Gas Ravva Gross volume: 16kboepd Cambay Gross volume: 10kboepd Alumina: 1.3- 1.4mt Aluminium: 1.5- 1.6mt (excl. trial- run) Earlier guidance on aluminium CoP for H2 Aluminium Aluminium CoP: $1,850- 1,900/t for Q3 FY2018 FY2018 was $1,575- 1,600/t. Revised We expect Q4 CoP will be substantially lower with guidance due to higher input costs of coal improvement in domestic coal situation and and Alumina production ramp- up Power TSPL plant availability: c. 75% Earlier guidance for FY2018 plant availability was 70%+ Engaged with respective State Iron Ore 5.5mtpa at Goa and 2.3mtpa at Karnataka Governments for additional allocation Copper - India Production: 400kt VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 27

Project Capex Spent up Capex to Mar Spent in H1 Unspent as at Capex in Progress Status ($mn) 2017 FY2018 30 Sept 171 Cairn India – Mangala Infill, Liquid handling, 306 56 22 228 Bhagyam & Aishwariya EOR, Tight Oil & Gas etc Aluminium Sector BALCO – Korba- II 325ktpa Smelter and Smelter: fully operational 1,872 1965 (6) 4 (86) 1200MW power plant(4x300MW)2 Line 3: 2 Section capitalised Jharsuguda 1.25mtpa smelter Line 4: Fully Capitalised 2,920 2746 72 102 Line 5: 2 Section capitalised Zinc Sector Zinc India (Mines Expansion) Phase- wise by FY2020 1,600 1015 111 474 Others 150 12 8 129 Zinc International Gamsberg Mining Project3 First production by mid CY 2018 400 68 62 270 Capex Flexibility Metals and Mining Under evaluation, subject to Lanjigarh Refinery (Phase II) – 5mtpa 1,570 822 1 748 Bauxite availability Tuticorin Smelter 400ktpa Under final evaluation - 139 2 - Currently deferred till Pit 112 Skorpion Refinery Conversion 156 14 - 142 extension Unspent capex represents the difference between total projected capex and cumulative spend as on 30th Sep 2017 Cost overrun on account of changes in exchange rates. Total overrun expected to be $120mn upto FY2018- 19 Capex approved is $400mn excluding IDC Positive on account of sale of trial run production VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 28

EBITDA Bridge (Q2 FY2018 vs. Q2 FY2017) Q2 FY2018 vs. Q2 FY2017 Zinc India 611 Zinc & Lead 989 (In Rs. crore) Aluminum 231 Aluminum 964 Cairn (136) Brent 216 Others 57 Brent Discount (80) Rupee (417) Power 33 7,000 Metal Premium (38) ZAR/NAD (14) Iron ore (103) 648 1,948 797 185 281 6,000 434 5,776 90 22 5,445 5,000 4,647 Operational 4,000 Rs. 611 crore Market & Regulatory Rs. 798 crore 3,000 2,000 1,000 0 Q2 FY17 LME/ Brent / Input Currency Regulatory Profit Adjusted Volume Cost Others Q2 FY18 Premiums Commodity Petroleum EBITDA Inflation Others include power import due to temporary coal shortage and ash dyke incident, pot revival cost at Jharsugda and lower profitability from ancillary business. VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 29

Entity Wise Cash and Debt (in Rs. crore) 30 Sept 2017 30 June 2017 30 Sept 2016 Company Debt Cash & LI Net Debt Debt Cash & LI Net Debt Debt Cash & LI Net Debt Vedanta Limited Standalone 38,232 12,375 25,857 42,711 16,698 26,013 41,285 2,114 39,171 Cairn India1 NA NA NA NA NA NA 0 24,339 (24,339) Cairn India Holdings Limited2 3,554 6,562 (3,008) 4,155 6,759 (2,604) NA NA NA Zinc India 593 19,986 (19,393) 6,959 23,967 (17,009) 1,928 27,186 (25,258) Zinc International - 705 (705) - 614 (614) 0 909 (909) BALCO 4,647 82 4,565 4,765 102 4,663 5,521 22 5,499 Talwandi Sabo 8,055 294 7,761 8,029 70 7,960 7,643 56 7,587 Twin Star Mauritius Holdings Limited and 717 202 515 723 108 615 10,417 207 10,210 Others3 Vedanta Limited Consolidated 55,798 40,206 15,592 67,342 48,318 19,024 66,794 54,833 11,961 Notes: Debt numbers are at Book Value and excludes inter- company eliminations. Merged with Vedanta Limited with effect from April 2017. Cairn India Holdings Limited is a subsidiary of Vedanta Limited which holds 50% of the share in the RJ Block Others includes MALCO Energy, CMT, VGCB, Sesa Resources, Fujairah Gold, and Vedanta Limited’s investment companies. VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 30

Strong Credit Profile and Balance Sheet at VEDL Maturity Profile of Term Debt (Rs.36,927 Crore) (as of 30th Sept 2017) 8.4 Subsidiaries Standalone 6.8 6.4 3.2 6.5 2.2 4.3 2.3 4.5 Crore 0.7 3.8 2.2 ‘000 5.2 4.6 4.1 . Rs 3.6 2.3 2.7 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 & Later Term debt of Rs. 36,927 crore ( Rs.22,463 cr at Standalone and Rs. 14,464 crore at Subsidiaries) Maturity profile excludes working capital / short term of Rs.15,269 crore, HZL borrowing of Rs.593 crore and preference share of Rs. 3010 crore Continued focus on gross debt reduction and cost optimization Long Term debt reduced by c. Rs.9200 crore during YTD FY2018 Tapped Rs.1900 crore through competitively priced capital market instruments to refinance high cost bank debt Lowered the average cost of borrowing by c. 70- 80 bps on bank debt portfolio due to improving credit profile Strong liquidity: Cash and liquid investments of Rs.40,206 crore and undrawn fund based line of credit of c. Rs.5,300 crore VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 31

Debt Breakdown & Funding Sources Diversified Funding Sources for Term Debt of $5.7bn (as of 30th Sept 2017) 1% [Graphic Appears Here] Term debt of $ 3.4bn at Standalone and $2.3bn at Subsidiaries, total consolidated $5.7bn Note: USD–INR: Rs. 65.3552 at 30 Sep 2017 Debt Breakdown (as of 30 Sept 2017) Debt breakdown as of 30 Sep (in $bn) 2017 Term debt 5.7 Working capital 0.1 Short term borrowing 2.1 Short term borrowing at HZL 0.1 Preference shares issued pursuant 0.5 to merger Total consolidated debt 8.5 Cash and Liquid Investments 6.2 Net Debt 2.4 Debt breakup ($8.5bn) - INR Debt 91% - USD Debt 9% VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 32

Segment Summary – Zinc India Q2 Q1 H1 Production (in ‘000 tonnes, or as stated) % change % change FY 2018 FY 2017 FY2018 FY 2018 FY 2017 YoY YoY Mined metal content 219 192 14% 233 452 318 42% Refined Zinc – Total 192 150 28% 194 386 252 53% Refined Zinc – Integrated 192 149 29% 194 386 250 54% Refined Zinc – Custom - 1 - - 2 - Refined Lead - Total 1 38 31 24% 35 73 55 32% Refined Lead – Integrated 38 31 24% 35 73 55 32% Refined Lead – Custom - - - - - - Refined Saleable Silver - Total (in tonnes) 2 140 107 31% 115 255 196 30% Refined Saleable Silver - Integrated (in tonnes) 140 107 31% 115 255 196 30% Refined Saleable Silver - Custom (in tonnes) - - - - - - Financials (In Rs. crore, except as stated) Revenue 5197 3400 53% 4477 9674 5842 66% EBITDA 3001 1977 52% 2369 5369 3054 76% Zinc CoP without Royalty (Rs. /MT)3 63300 54200 - 17% 62700 63000 57000 - 10% Zinc CoP without Royalty ($/MT) 3 984 809 - 22% 973 979 852 - 15% Zinc CoP with Royalty ($/MT) 3 1358 1106 - 23% 1317 1345 1131 - 19% Zinc LME Price ($/MT) 2963 2255 31% 2596 2784 2089 33% Lead LME Price ($/MT) 2334 1873 25% 2161 2250 1797 25% Silver LBMA Price ($/oz) 16.8 19.6 - 14% 17.2 17.0 18.2 - 7% Excludes captive consumption of 1,634 tonnes in Q2 FY 2018 vs 837 tonnes in Q2 FY 2017 & 1,956 tonnes in Q1 FY 2018. For H1 it was 3590 MT as compared to 1921 MT in H1 FY2017 Excludes captive consumption of 8.8MT in Q2 FY 2018 and 4.3 MT in Q2 FY 2017 & 10.2 MT in Q1 FY 2018. For H1 it was 19.0 MT as compared with 9.8 MT in H1 FY2017 The COP numbers are after adjusting for deferred mining expenses under Ind- AS. Without this adjustment, Zinc CoP per MT would have been Rs. 63,300 ($984) as compared with Rs. 62,000 ($926) in Q2 FY 2017 and Rs. 63,100 ($980) in Q1 FY 2018. For H1, this would be Rs. 63,200 ($982) compared to Rs 67,800 ($1,013) in H1 FY 2017 During the quarter, the Company sold 220kt of zinc and 30kt of lead forward at a price of $3,084 and $2,418 respectively. Of this, 165kt is for the period January to March 2018 and remaining is for April to June 2018. VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 33

Segment Summary – Zinc International Q2 Q1 H1 Production (in’000 tonnes, or as stated) % change % change FY 2018 FY 2017 FY2018 FY 2018 FY 2017 YoY YoY Refined Zinc – Skorpion 23 23 0% 14 36 47 - 22% Mined metal content- BMM 20 16 23% 18 38 35 8% Mined metal content- Lisheen - - - - - - - Total 42 39 13% 32 74 82 - 9% Financials (In Rs. Crore, except as stated) Revenue 853 685 25% 801 1654 1138 45% EBITDA 389 339 15% 321 710 590 20% CoP – ($/MT) 1470 1446 - 2% 1690 1564 1331 18% Zinc LME Price ($/MT) 2963 2255 31% 2596 2784 2089 33% Lead LME Price ($/MT) 2334 1873 25% 2161 2250 1797 25% VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 34

Segment Summary – Oil & Gas Q2 Q1 H1 OIL AND GAS (boepd) FY 2018 FY 2017 % change FY2018 FY 2018 FY 2017 % change YoY YoY Average Daily Total Gross Operated Production 190,389 206,230 - 8% 196,656 193,505 206,342 - 6% (boepd)* Average Daily Gross Operated Production (boepd) 180,955 196,399 - 8% 187,203 184,062 196,629 - 6% Rajasthan 153,238 167,699 - 9% 159,351 156,278 167,323 - 7% Ravva 17,266 18,823 - 8% 18,361 17,810 19,228 - 7% Cambay 10,452 9,877 6% 9,491 9,974 10,078 - 1% Average Daily Working Interest Production 115,332 125,575 - 8% 119,473 117,391 125,484 - 6% (boepd) Rajasthan 107,267 117,390 - 9% 111,546 109,935 117,126 - 7% Ravva 3,885 4,235 - 8% 4,131 4,007 4,326 - 7% Cambay 4,181 3,951 6% 3,796 3,990 4,031 - 1% Total Oil and Gas (million boe) Oil & Gas- Gross 16.6 18.1 - 8% 17.0 33.7 36.0 - 6% Oil & Gas- Working Interest 10.6 11.6 - 8% 10.9 21.5 23.0 - 6% Financials (In Rs. crore, except as stated) Revenue 2099 2039 3% 2275 4374 3924 11% EBITDA 1176 1047 12% 1385 2561 1841 39% Average Oil Price Realization ($ / bbl) 45.1 41.8 8% 44.9 45.0 39.9 13% Brent Price ($/bbl) 52.1 45.9 14% 49.6 50.9 45.7 11% * Including internal gas consumption VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 35

Segment Summary – Oil & Gas (contd.) Q2 Q1 H1 OIL AND GAS (boepd) % change % change FY 2018 FY 2017 FY2018 FY 2018 FY 2017 YoY YoY Average Daily Production Gross operated 180,955 196,399 - 8% 187,203 184,062 196,629 - 6% Oil 173,408 189,873 - 9% 179,892 176,632 190,088 - 7% Gas 45.3 39.2 16% 43.9 44.6 39.2 14% Working Interest 115,332 125,575 - 8% 119,473 117,391 125,484 - 6% Rajasthan (Block RJ- ON- 90/1) Gross operated 153,238 167,699 - 9% 159,351 156,278 167,323 - 7% Oil 150,245 164,833 - 9% 155,952 153,083 164,691 - 7% Gas (Mmscfd) 18.0 17.2 5% 20.4 19.2 15.8 21% Gross DA 1 137,562 151,880 - 9% 142,148 139,843 151,293 - 8% Gross DA 2 15,606 15,820 - 1% 16,988 16,293 16,031 2% Gross DA 3 70 215 142 Working Interest 107,267 117,390 - 9% 111,546 109,395 117,126 - 7% Ravva (Block PKGM- 1) Gross operated 17,266 18,823 - 8% 18,361 17,810 19,228 - 7% Oil 14,771 16,736 - 12% 16,053 15,408 16,874 - 9% Gas (Mmscfd) 15.0 12.5 20% 13.8 14.4 14.1 2% Working Interest 3,885 4,235 - 8% 4,131 4,007 4,326 - 7% Cambay (Block CB/OS- 2) Gross operated 10,452 9,877 6% 9,491 9,974 10,078 - 1% Oil 8,392 8,304 1% 7,887 8,141 8,523 - 4% Gas (Mmscfd) 12.4 9.4 32% 9.6 11.0 9.3 18% Working Interest 4,181 3,951 6% 3,796 3,990 4,031 - 1% Average Price Realization Cairn Total (US$/boe) 44.9 41.9 7% 44.7 44.8 40.0 12% Oil (US$/bbl) 45.1 41.8 8% 44.9 45.0 39.9 13% Gas (US$/mscf) 6.4 7.5 - 14% 6.7 6.6 7.3 - 10% VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 36

Segment Summary – Aluminium Q2 Q1 H1 Particulars (in’000 tonnes, or as stated) % change % change FY 2018 FY 2017 FY2018 FY 2018 FY 2017 YoY YoY Alumina – Lanjigarh 269 292 (8)% 303 572 567 1% Total Aluminium Production 401 296 36% 352 753 541 39% Jharsuguda- I 99 132 (25)% 92 191 261 (27)% Jharsuguda- II 1 157 48 - 120 277 77 - 245kt Korba- I 65 63 4% 63 128 126 2% 325kt Korba- II 2 79 52 51% 77 156 77 - BALCO 270 MW (MU) - - - - - - - Jharsuguda 1800 MW (MU) - 156 - - - 511 - Financials (In Rs. crore, except as stated) Revenue 5,212 3,027 72% 4,236 9,449 5,994 58% EBITDA – BALCO 140 103 36% 175 315 167 89% EBITDA – Vedanta Aluminium 317 294 8% 352 669 499 34% EBITDA Aluminum Segment 457 397 15% 528 984 666 48% Alumina CoP – Lanjigarh ($/MT) 331 260 27% 312 319 276 16% Alumina CoP – Lanjigarh (Rs. /MT) 21,400 17,400 23% 20,100 20,600 18,500 11% Aluminium CoP – ($/MT) 1,857 1,462 27% 1,727 1,797 1,473 22% Aluminium CoP – (Rs. /MT) 119,400 97,800 22% 111,300 115,700 98,600 17% Aluminum CoP – Jharsuguda ($/MT) 1,853 1,412 31% 1,692 1,781 1,435 24% Aluminium CoP – Jharsuguda(Rs. /MT) 119,100 94,600 26% 109,100 114,600 96,100 19% Aluminum CoP – BALCO ($/MT) 1,865 1,545 21% 1,780 1,825 1,541 18% Aluminium CoP – BALCO (Rs. /MT) 119,900 103,500 16% 114,700 117,500 103,200 14% Aluminum LME Price ($/MT) 2,012 1,620 24% 1,909 1,962 1,596 23% Including trial run production of 15 kt in Q2 FY2018 and 19 kt in Q2 FY2017 and 19kt in Q1 FY2018 and 34kt in H1 FY2018 vs 29kt in H1 FY2017 Including trial run production of 1 kt in Q2 FY2018 and 22 kt in Q2 FY2017 and 15kt in Q1 FY2018 and 16kt in H1 FY2018 vs 28kt in H1 FY2017 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 37

Segment Summary – Power Q2 Q1 H1 Particulars (in million units) FY 2018 FY 2017 % change FY2018 FY 2018 FY 2017 % change YoY YoY Total Power Sales 2,950 3,030 (3)% 1,838 4,787 6,039 - 21% Jharsuguda 600 MW 93 605 (85)% 564 657 1,497 - 56% BALCO 600 MW 132 549 (76)% 551 682 1,156 - 41% MALCO 0 25 - 4 4 115 - 97% HZL Wind Power 143 172 (17)% 156 299 320 - 7% TSPL 2,582 1,679 54% 563 3,145 2,951 7% Financials (in Rs. crore except as stated) Revenue 1431 1385 3% 733 2164 2567 - 16% EBITDA 366 403 - 9% 110 476 742 - 36% Average Cost of Generation(Rs. /unit) ex. TSPL 2.09 2.09 0% 1.87 1.93 2.03 5% Average Realization (Rs. /unit) ex. TSPL 2.85 3.09 - 8% 2.71 2.77 2.92 - 5% TSPL PAF (%) 87% 77% 13% 20% 54% 75% - 28% TSPL Average Realization (Rs. /unit) 3.61 3.63 0.4% 3.62 3.62 3.54 2% TSPL Cost of Generation (Rs. /unit) 2.64 2.55 3% 3.67 2.83 2.51 - 13% VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 38

Segment Summary – Iron Ore Particulars (in million dry metric tonnes, or Q2 Q1 H1 as stated) % change % change FY 2018 FY 2017 FY2018 FY 2018 FY 2017 YoY YoY Sales 0.7 0.8 (7)% 2.3 3.0 3.4 (12)% Goa 0.1 0.3 (59)% 1.9 2.0 2.4 (18)% Karnataka 0.6 0.5 30% 0.4 1.0 1.0 3% Production of Saleable Ore 1.2 1.5 (14)% 3.2 4.5 4.7 (4)% Goa 0.4 0.5 (25)% 2.2 2.6 2.9 (12)% Karnataka 0.9 0.9 (8)% 1.1 1.9 1.7 11% Production (‘000 tonnes) Pig Iron 137 192 (29)% 163 300 372 (19)% Financials (In Rs. crore, except as stated) Revenue 542 490 11% 687 1229 1460 - 16% EBITDA (4) 105 - 40 36 469 - 92% VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 39

Segment Summary – Copper India Q2 Q1 H1 Production (in ‘000 tonnes, or as stated) % change % change FY 2018 FY 2017 FY 2018 FY 2018 FY 2017 YoY YoY Copper - Cathodes 106 97 9% 90 197 198 (1)% Tuticorin power sales (million units) 4 30 (86)% 30 34 90 (62)% Financials (In Rs. crore, except as stated) Revenue 6237 4686 33% 5048 11286 9340 21% EBITDA 392 371 6% 213 605 811 - 25% Net CoP – cathode (US¢/lb) 4.5 5.3 15% 8.4 6.3 5.6 14% Tc/Rc (US¢/lb) 21.6 20.5 5% 20.8 21.2 21.7 - 2% Copper LME Price ($/MT) 6349 4772 33% 5662 6013 4751 27% VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 40

Segment Summary – Power (contd.) Power Generation Capacity – c. 9GW IPP: 3.6GW CPP:5.1GW 600MW Jharsuguda (of 1,215MW Jharsuguda 2400MW plant) 3*600MW Jharsuguda (of 1,980MW TSPL 2400MW plant) 2*300MW BALCO (of 41% 540MW BALCO 1200MW plant) 270MW BALCO 274MW HZL Wind Power 59% 2*300MW BALCO (of 1200 MW 100MW MALCO plant) 90MW Lanjigarh 474MW HZL 160MW Tuticorin Note: MALCO 100MW (IPP) is under care and maintenance since 26th May 2017 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 41

Sales Summary Sales volume Q2 FY2018 H1FY2018 Q2 FY 2017 H1 2017 Q1 FY2018 Zinc- India Sales Refined Zinc (kt) 193 383 148 268 190 Refined Lead (kt) 39 73 32 55 34 Zinc Concentrate (DMT) - - - - - Lead Concentrate (DMT) - - - - - Total Zinc (Refined+Conc) kt 193 383 148 268 190 Total Lead (Refined+Conc) kt 39 73 32 55 34 Total Zinc- Lead (kt) 232 456 179 323 224 Silver (moz) 4.7 8.3 3.5 6.3 3.6 Zinc- International Sales Zinc Refined (kt) 24 36 27 45 12 Zinc Concentrate (MIC) 7 21 7 13 15 Total Zinc (Refined+Conc) 31 57 33 58 27 Lead Concentrate (MIC) 12 30 11 21 18 Total Zinc- Lead (kt) 43 88 44 78 45 Aluminium Sales Sales - Wire rods (kt) 87 173 74 160 86 Sales - Rolled products (kt) 7 13 4 4 6 Sales - Busbar and Billets (kt) 73 125 34 61 52 Total Value added products (kt) 167 310 112 225 144 Sales - Ingots (kt) 213 408 173 291 195 Total Aluminium sales (kt) 380 717 284 516 338 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 42

Sales Summary Sales volume Q2 FY H1FY Q2 FY H1 FY Q1 2018 2018 2017 2017 FY2018 Iron- Ore Sales Goa (mn DMT) 0.1 2.0 0.3 2.4 1.9 Karnataka (mn DMT) 0.6 1.0 0.5 1.0 0.4 Total (mn DMT) 0.7 3.0 0.8 3.4 2.3 Pig Iron (kt) 154 288 201 370 134 Copper- India Sales Copper Cathodes (kt) 59 97 43 86 38 Copper Rods (kt) 46 97 53 108 51 Sulphuric Acid (kt) 133 241 103 270 108 Phosphoric Acid (kt) 51 97 53 95 46 Average excludes TSPL Based on Availability Sales volume H1 Q2 H1 Q1 Q2 FY2018 Power Sales (mu) FY2018 FY2017 FY2017 FY2018 Jharsuguda 600 MW 93 657 605 1497 564 TSPL 2582 3145 1679 2951 563 BALCO 270 MW - - - - - BALCO 600 MW 132 682 549 1156 551 MALCO 0 4 25 115 4 HZL Wind power 143 299 172 320 156 Total sales 2950 4787 3030 6039 1838 Power Realisations (INR/kWh) Jharsuguda 600 MW 1.10 2.21 2.45 2.36 2.39 TSPL2 3.61 3.62 3.63 3.54 3.62 BALCO 270 MW - - - - - Balco 600 MW 1.10 2.64 3.14 2.99 2.67 MALCO - 3.07 7.89 5.50 3.07 HZL Wind power 4.29 4.29 4.44 4.38 4.00 Average Realisations1 2.85 2.77 3.09 2.92 2.71 Power Costs (INR/kWh) Jharsuguda 600 MW 3.46 2.19 2.23 2.01 1.97 TSPL2 2.64 2.83 2.55 2.51 3.67 BALCO 270 MW - - - - - Balco 600 MW 2.78 2.25 2.31 2.30 2.13 MALCO - 18.57 5.35 4.06 18.57 HZL Wind power 0.57 0.38 0.45 0.48 0.20 Average costs1 2.09 1.93 2.09 2.03 1.87 VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 43

Group Structure Vedanta Resources Plc 79.4% 50.1% Konkola Copper Vedanta Ltd Mines (KCM) Subsidiaries of Vedanta Ltd Divisions of Vedanta Limited [Graphic Appears Here] Sesa Iron Ore Sterlite Copper (Tuticorin) Power (600 MW Jharsuguda) Aluminium (Odisha aluminium and power assets) Cairn Oil & Gas* 64.9% 51% 100% 100% 100% 100% 100% Skorpion & Bharat Western Talwandi MALCO Australian Zinc India Lisheen - Aluminium Cluster Sabo Power Power Copper (HZL) 100% (BALCO) (Liberia) (1,980 MW) (100 MW) Mines BMM- 74% Zinc International Listed entities Unlisted entities Note: Shareholding as on Sept 30, 2017 *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 44

Results Conference Call Details Results conference call is scheduled at 6:30 PM (IST) on Thursday, 2 November 2017. The dial- in numbers for the call are given below: Event Telephone Number Mumbai main access Earnings conference call on November India – 6:30 PM (IST) +91 22 3938 1017 2, 2017 Toll Free number 1 800 120 1221 1 800 200 1221 Singapore – 9:00 PM (Singapore Toll free number Time) 800 101 2045 Hong Kong – 9:30 PM (Hong Kong Toll free number Time) 800 964 448 UK – 1:00 PM (UK Time) Toll free number 0 808 101 1573 Toll free number US – 9:00 AM (Eastern Time) 1 866 746 2133 http://services.choruscall.in/diamondpass/registration?confirmationNu For online registration mber=5267915 Replay of Conference Call Mumbai (2 November 2017 to 9 November +91 22 3065 2322 2017) Passcode: 68610# VEDANTA LIMITED – Q2 FY2018 RESULTS PRESENTATION 45

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