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Vedanta Resources Limited Results for the Year Ended 31 March 2021

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Vedanta Resources Limited Results for the Year Ended 31 March 2021 Vedanta Resources Limited 30 Berkeley Square London, W1J 6EX Tel: +44 (0) 20 7499 5900 Fax: +44 (0) 20 7491 8440 www.vedantaresources.com 18th June 2021 Vedanta Resources Limited Results for the year ended 31 March 2021 Financial Highlights ◼ Revenue for FY2021, decreased by 1% to $11.7 billion (FY2020: $ 11.8 billion). This was primarily driven by rupee depreciation, lower power sales at TSPL, lower volume at Oil & Gas, Skorpion mine put under maintenance and care, and lower cost recovery at Oil & Gas business, partially offset by higher commodity prices, higher volumes at Zinc India, Copper, Iron Ore and Aluminium business, inclusion of FACOR in FY2021. ◼ EBITDA at $3.8 billion, 27% higher y-o-y (FY2020: $3.0 billion) ◼ Robust adjusted EBITDA margin1 of 37% (FY2020: 29%) ◼ ROCE at c.19.4% in FY2021 (FY2020: 10.3%) ◼ Profit Attributable to equity holders (before exceptional items) at $303 million (FY2020: $(202) million) ◼ Free cash flow (FCF) post-capex of $1.3 billion (FY2020: $0.8 billion), driven by strong cash flow from operations and lower sustaining and project capital expenditure. ◼ Gross debt at $16.4 billion (FY2020: $15.1 billion), higher by $1.3 billion mainly due to the increase in borrowings at Vedanta Resources Limited standalone level. ◼ Net debt at $10.7 billion (FY2020: $ 10.0 billion), primarily driven by dividend payment during the year, increase in working capital, stake increase in VEDL, capital expenditure partially offset by strong cash flow from operations. ◼ Strong financial position with cash and cash equivalents of $5.6 billion (FY2020: $5.1 billion) ◼ Moody’s downgraded corporate Family ratings of Vedanta Resources from B1 to B2 (and the ratings of senior unsecured notes from B3 to Caa1) and placed the ratings “under review for downgrade’ in December 2020 upon failure of take private transaction and expectation of high refinancing needs and weak liquidity at VRL. On 17th February 2021, Moody’s confirmed Vedanta Resources Limited’s B2 Corporate Family Rating and Caa1 rating on the senior unsecured notes of the company and changed the outlook on the rating to “Negative” from ratings “under review for downgrade”. The rating confirmation reflects the reduced immediate refinancing risk at VRL. Further to downgrade of VRL in March 2020 by S&P to B- with a stable outlook, S&P placed the ratings on ‘Negative’ outlook in October 2020 upon failure of Take private transaction. On 25th January 2021, S&P revised the outlook to ‘Stable’ from ‘Negative’ on account of reduced refinancing risk and improving liquidity position at the holding company level while affirming the ratings at ‘B-‘. ◼ Contribution to the exchequer of c. $4.7 billion in FY2021 (FY2020: $4.6 billion) 1. Excludes custom smelting at Copper India and Zinc India Operations. Sensitivity: Internal (C3) Vedanta Resources Limited Page 2 of 124 Results for the year ended 31st March 2021 Business highlights Zinc India ◼ Highest ever ore production of 15.5 million tonnes despite disruptions on account of the pandemic ◼ Highest ever mined metal production of 972 kt, up 6% y-o-y ◼ Refined zinc-lead production of 930 kt, up 7% y-o-y Zinc International ◼ Cost of production at US$1,307 per tonne, down 22% y-o-y. ◼ Increase in Gamsberg production volume from 108kt in FY2020 to 145kt in FY2021. ◼ BMM started a new product line of recovering magnetite through its tailings with potential capacity of 0.7 million tonnes of production per annum Oil & Gas ◼ Average gross operated production of 162 kboepd, down 6% y-o-y due to impact of the pandemic on growth projects completion and natural field decline ◼ Key growth projects update: • New gas processing terminal construction completed; commissioning underway expected to add ~ 100mmscfd by Q1 FY2022 • Liquid handing capacity upgraded by 30%, major facility systems commissioned • Enhanced Oil Recovery project implemented in Bhagyam and Aishwariya Fields • Aishwariya Barmer Hill surface facility commissioned; wells being hooked up progressively ◼ Drilling activities across the portfolio in Rajasthan, North East & Cambay regions. First well KW-2-Udip drilled in Rajasthan. ◼ Capex growth projects update: • 74 wells hooked up during FY2021 • Ravva drilling program completed; ~11 kboepd of incremental volumes Aluminium ◼ Highest ever aluminium production at 1,969 kt, retaining our position as the largest aluminium producer in the country ◼ Highest ever alumina production from Lanjigarh refinery at 1,841 kt, up 2% y-o-y ◼ Lowest ever hot metal cost of production at US$ 1,347 per tonne, 20% lower y-o-y Power ◼ Lowest ever APC of 7.19% at the 1,980MW TSPL plant in FY2021 ◼ Sustained operations with zero import coal in FY21 through coal substitution scheme of GoI (Government of India) Sensitivity: Internal (C3) Vedanta Resources Limited Page 3 of 124 Results for the year ended 31st March 2021 Iron Ore ◼ Goa operations remains suspended during the year due to state-wide directive from the Hon’ble Supreme Court, continuous engagement with the stakeholders for a resumption of mining operations ◼ Production of saleable ore at Karnataka at 5 million tons, up 15% y-o-y ◼ Iron Ore Sales at Goa at 2.1 million tons ◼ Value Added Business achieved highest ever EBITDA Margin of $104/T supported by strengthening steel prices Steel ◼ Annual steel production at 1.19 million tonnes for FY2021 ◼ Robust margin of US$ 131 per tonne during the last quarter (~22% EBITDA Margin) Copper India ◼ Due legal process being followed to achieve a sustainable restart of the operations ESG Highlights • We are deeply saddened by the loss of eight lives in FY 2021. We have completed in-depth incident investigations for the fatalities and the action pointers from lessons learned are being tracked and monitored at ExCo.We reiterate our commitment and vision to ensure all employees go home safely. • Vedanta Cares initiative to add 1,000 beds across 10 locations in India as part of second wave relief of COVID • Vedanta arranged 500 thousand vaccines for its employees, families & communities • 42 million community beneficiaries through our social investments (FY2020: 3.26 million) • Carbon footprint of 60 million mt (FY2020: 59 million mt) • Water recycling rate of 30.7% (FY2020: 29%) • 1.89 million GJ energy conserved (FY2020: 1.75 million GJ) • Community investment of c.$45 million. (FY2020: $42 million) Sensitivity: Internal (C3) Vedanta Resources Limited Page 4 of 124 Results for the year ended 31st March 2021 Consolidated Group results (US$ million, unless stated) Particulars Year ended Year ended % 31 March 2021 31 March 2020 change Revenue1 11,722 11,790 (1)% EBITDA1 3,800 3,003 27% EBITDA margin1 32% 25% - Adjusted EBITDA margin 2 37% 29% - Operating profit before special items1 2,701 1,591 70% Profit/(loss) attributable to equity holders of the 323 (1,568) - parent Underlying attributable profit/(loss)3 334 (171) - ROCE % 19.4% 10.3% - 1. Excludes Copper Zambia as its operations have been discontinued & deconsolidated in books w.e.f. 21 May 2019 2. Excludes custom smelting at Copper India, and Zinc India Operations. 3. Previous period figures have been regrouped or re-arranged wherever necessary to conform to current period’s presentation except ROCE Sensitivity: Internal (C3) Vedanta Resources Limited Page 5 of 124 Results for the year ended 31st March 2021 Message from the Chairman Strength meets responsibility The year 2020 was a very unusual year for all of us. A year that was challenging on multiple fronts, but what stood out was the extraordinary resilience and adaptability of individuals and enterprises. There was a tectonic shift in the way we live or conduct our businesses, and Vedanta was no different. As a large natural resources company, we have had our fair share of challenges. However, we were quick to adapt to the emerging realties, backed by the relentless support of our dynamic workforce. In India, where our key subsidiary Vedanta Limited has maximum footprint, we extended our support to the nation’s fight against Covid-19 during its first wave through contributions to the PM CARES fund and undertaking initiatives that positively impacted the lives of over 15 lakh people. We have now pledged Rs c.$20 million to help the country in its fight against the second wave of Covid-19 along with setting up of 1000 specialty beds in 10 locations across India. Sterlite Copper, which has a capacity to produce 1,000 tonnes of oxygen at Tuticorin, is catering to the needs of Covid patients in the region. A year of continued excellence and learning Vedanta Resources Limited is one of the world’s largest suppliers of natural resources, with primary operations in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil & gas. Our portfolio of world-class, low-cost, scalable assets consistently generate strong profitability and deliver robust cash flows. We are actively deleveraging our balance sheet and are raising the bar in operational excellence, across our wide canvas of operations. During FY 2021, Vedanta continued to live up to its promises to its stakeholders and operated a resilient and responsible business that contributed to a self-reliant India. Even as temporary disruptions materialized, we were able to bounce back strongly with industry-leading EBITDA margins and exceptional quarters for key businesses. We continued to deliver on all strategic levers, building on our strengths and commitment to operational excellence. We remained cash flow positive; liquidity was maintained at comfortable levels. It also gives me great pleasure in informing you that we performed exceedingly well on key environmental, social and governance (ESG) aspects during the year. This is validated by our improved ranking in the Dow Jones Sustainability Index. It’s a true reflection of our belief that business and sustainability are synergistic in nature.
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