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Vedanta Resources Limited Interim Results for the Six Months Ended 30 September 2020

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Vedanta Resources Limited Interim Results for the Six Months Ended 30 September 2020 Vedanta Resources Limited 30 Berkeley Square London, W1J 6EX Tel: +44 (0) 20 7499 5900 Fax: +44 (0) 20 7491 8440 www.vedantaresources.com 29th December 2020 Vedanta Resources Limited Interim results for the six months ended 30 September 2020 Financial highlights ◼ Revenue for the period decreased by 20% to US$ 4,875 million (H1 FY2020: US$ 6,132 million). This was mainly driven by lower commodity prices, lower volumes at Zinc International, Oil & Gas, Aluminium and power business, partially offset by higher volumes at Zinc India business. ◼ EBITDA at US$ 1,440 million, up 3% y-o-y (H1 FY2020: US$ 1,395 million) ◼ Operating Profit before special items at US$ 0.9 billion, up 33% y-o-y (H1 FY2020: US$ 0.7 billion) primarily driven by lower input commodity price environment and lower depreciation charge partially offset by lower volumes amidst COVID disruption. ◼ Adjusted EBITDA margin2 of 34% (H1 FY2020: 26%) ◼ ROCE at 11.9% in H1 FY2021 (H1 FY2020: 9.4%) ◼ Profit after tax from continuing operation at US$ 78 million (H1 FY2020: US$ 310 million) primarily driven by higher tax expense, partially offset by lower depreciation and net interest cost. ◼ Consequent to the declaration of dividend (including from accumulated profits) by the subsidiaries, the unabsorbed depreciation as per tax laws have been utilized by the Company leading to a deferred tax charge of US$ 171 million in the half year ended 30 September 2020. ◼ The free cash flow (FCF) post-capex for the period was US$ (146) million (H1 FY2020: US $ 814 million). This was driven by working capital movements, capital expenditure and tax outflow. ◼ Gross debt increased to US$ 17.6 billion (FY2020: $15.1 billion) and net debt to US$ 10.7 billion (FY2020: US$ 10.0 billion), mainly due to temporary borrowing for the purpose of VEDL delisting and increase in borrowings at Zinc India. ◼ Proactive management of average debt maturity, maintained at c. three years for the entire debt portfolio ◼ Strong liquidity position with cash and liquid investments of US$ 6.9 billion (H1 2020: US$ 5.1 billion) ◼ On 21 September 2020, the Company acquired control over Ferro Alloys Corporation Limited ("FACOR"). FACOR was admitted under Corporate insolvency resolution process in terms of the Insolvency and Bankruptcy Code, 2016 of India. The National Company Law Tribunal (NCLT) vide its order dated 30 January 2020 approved the resolution plan for acquiring controlling stake in FACOR. Pursuant to the approved resolution plan, FACOR will be wholly owned subsidiary of the Company. FACOR holds 90% in its subsidiary, Facor Power Limited (FPL). Sensitivity: Internal (C3) Vedanta Resources Limited Page 2 of 122 Interim results for the Six months ended 30 September 2020 Business highlights Zinc India ◼ Mined metal production at 440kt, up 2% y-o-y ◼ Refined metal production at 439kt, up 2% y-o-y ◼ Silver production at 10.3 million ounces, up 9% y-o-y Zinc International ◼ Lower cost of production at $1,349/ton, down 18% y-o-y Oil & Gas ◼ Average gross operated production of 162 kboepd, down 10% y-o-y due to impact of COVID- 19 on growth projects completion and natural field decline ◼ Key growth projects update: ➢ Construction of new gas processing terminal to complete in Q3 (incremental sales of ~100 mmscfd) ➢ Aishwariya Barmer Hill well hook up & surface facility completion in Q3 ➢ Liquid handing capacity upgradation by 30% on track for completion ➢ Ravva drilling program completed; ~11 kboepd of incremental volumes ◼ Early drilling opportunities being evaluated in Rajasthan, Assam & Cambay regions. First well KW-2-Udip spudded on 14th November. Aluminium ◼ Alumina production from Lanjigarh refinery at 938 kt, up 10% y-o-y ◼ Aluminium production at 941 kt, down 1% y-o-y ◼ Hot metal production cost stood at US$ 1,278 per tonne, down by 29% y-o-y Power ◼ The 1,980MW Talwandi Sabo power plant achieved 89% availability in H1 FY2021 ◼ The 600 MW Jharsuguda IPP operated at plant load factor (PLF) of 61% in H1 FY2021 ◼ The 300 MW BALCO IPP operated at a PLF of 68% in H1 FY2021 Iron Ore ◼ Iron ore sales at 2.5 million tonnes in H1 FY2021, down 5% y-o-y ◼ Continuously engaging with State and Central governments for the resumption of mining in Goa Steel ◼ Hot metal production 577kt, down 10% y-o-y ◼ EBITDA margin at $ 67 per tonne, with strong Q2 FY 2021 margin of $ 94 per tonne. Copper India ◼ Due legal process being followed to achieve a sustainable restart of operations Sensitivity: Internal (C3) Vedanta Resources Limited Page 3 of 122 Interim results for the Six months ended 30 September 2020 Health, Safety & Environment ◼ We are deeply saddened by the loss of three lives at our businesses during H1 FY2021. In order to mitigate the risk, company has doubled the efforts on monitoring of our safety culture and have taken various initiatives for HSE across businesses ◼ Launched a COVID taskforce for an effective group wide COVID response ◼ 16.65% reduction in GHG emissions intensity from 2012 baseline; ~10 million TCO2e in avoided emissions ◼ Contributed ₹ 101 crores to PM Cares. Set-up ₹ 100 cr. corpus for daily workers, preventive healthcare & welfare of employees & contract partners. ◼ Contributed ₹ 17.25 crore to Rajasthan, Odisha, Tamil Nadu, Karnataka, Goa and Punjab Government. ◼ Balco Hospital has set isolation ward and 100 bed hospital in Korba to deal with COVID cases. Consolidated Group results (US$ million, unless stated) Six months to Six months to % Year ended 30 September 2020 30 September 2019 change 31 March 2020 Revenue1 4,875 6,132 (21%) 11,790 EBITDA1 1,440 1,395 3% 3,003 EBITDA margin1 30% 23% - 25% Adjusted EBITDA margin 2 34% 26% - 29% Operating profit before special items1 911 684 32% 1,591 Profit/(loss) attributable to equity holders (195) (743) - (1,568) of the parent Underlying attributable profit/(loss)3 (156) (9) - (171) ROCE % 11.9% 9.4% - 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 4 of 122 Interim results for the Six months ended 30 September 2020 STRATEGIC OVERVIEW Over the last few years, our strategic priorities have remained consistently focussed on delivering growth and long-term value to our stakeholders while upholding operational excellence and sustainable development through our diversified portfolio. In FY2019, we invested in the next phase of growth and announced expansion projects in our Oil & Gas and Zinc business. We continued with these investments in FY2020. These projects in addition to the ramp-ups are already underway in other businesses, which will provide Vedanta with significant growth in its production capacities. At the same time, we continually strive to improve our operations to achieve benchmark performance, optimise costs and improve realisations. We are committed to achieving our objective of zero harm, zero wastage and discharge, thus creating sustainable value for all our stakeholders. The success of our existing operations and future projects are in part dependent on broad support and a healthy relationship with our respective local communities. Our BU teams proactively engage with communities and stakeholders through a proper and structured engagement plan, with the objective of working with them as partners. Summary of strategic priorities: Operational excellence: We strive for all-round operational excellence to achieve benchmark performance across our business by debottlenecking our assets to enhance production, supported by improved digital and technology solutions. Our efforts are focused on enhancing profitability by optimising our cost and improving realisation through the right marketing strategies Commitment to the larger purpose with focus on world-class ESG performance We operate as a responsible business, focusing on achieving ‘zero harm, zero wastage and zero discharge’, and thus minimising our environmental impact. We promote social inclusion across our operations to promote inclusive growth. We establish management systems and processes in place to ensure our operations create sustainable value for all our stakeholders. Optimise capital allocation and maintain a strong balance sheet: Our focus is on generating strong business cash flows and maintaining strict capital discipline in investing in profitable high IRR projects. Our aim is to maintain a strong balance sheet through proactive liability management. We also review all investments (organic and inorganic) based on our strict capital allocation framework, with a view to maximising returns to shareholders. Delivering on growth opportunities: We are focused on growing our operations organically by developing brownfield opportunities in our existing portfolio. Our large, well-diversified, low-cost and long-life asset portfolio offers us attractive expansion opportunities, which are evaluated based on our return criteria for long-term value creation for all stakeholders. Augment our reserves & resources (R&R) base: We look at ways to expand our R&R base through targeted and disciplined exploration programmes. Our exploration teams aim to discover mineral and oil deposits in a safe and responsible way, to replenish the resources that support our future growth. Sensitivity: Internal (C3) Vedanta Resources Limited Page 5 of 122 Interim results for the Six months ended 30 September 2020 FINANCE REVIEW Executive summary We continued strong operational performance in H1 FY2021 despite of the challenging operating environment of low commodity prices and lower demand amidst the disruption caused by the pandemic. The company continues to focus on controllable factors such as cost optimisation, marketing initiatives & volume. The first half of FY2021 saw a 3% increase in EBITDA (H1 FY2021: US$ 1.4 billion) with an EBITDA margin of 34% (H1 FY2020: US$ 1.4 billion, EBITDA margin: 26%).
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