Vedanta Ltd Form 6-K Current Report Filed 2022-04-29

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 April 2022

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

Sub: Outcome of the Board Meeting held on April 28, 2022

The Board of Directors of the Company at its meeting held on April 28, 2022 have considered and approved the audited Consolidated and Standalone Financial Results of the Company for the Fourth Quarter and Year ended March 31, 2022.

In this regard, please find enclosed herewith the following:

1.	Audited Consolidated and Standalone Financial Results of the Company for the Fourth Quarter and Year ended March 31, 2022 (‘Financial Results’); Exhibit 99.1

Audit Reports for Financial Results from our Statutory Auditors, M/s S.R. Batliboi & Co. LLP, Chartered Accountants, in terms of Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’); Exhibit 99.2

3.	A Press Release in respect to the Financial Results; and Exhibit 99.3

4.	Investor Presentation on the Financial Results. Exhibit 99.4

We wish to inform you that the Board of Directors of the Company have approved First Interim Dividend of ₹ 31.5 per equity share i.e. 3150% on face value of Re. 1/- per share for the Financial Year 2022-23 amounting to c. ₹ 11,710 Crores. The record date for the purpose of payment of dividend is Monday, May 9, 2022. The interim dividend will be paid within stipulated timelines as prescribed under law.

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 July 19, 2021. 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


1.		Exhibit 99.1 - Audited Consolidated and Standalone Financial Results of the Company for the Fourth Quarter and Year ended March 31, 2022 (‘Financial Results’);

2.		Exhibit 99.2 - Audit Reports for Financial Results from our Statutory Auditors, M/s S.R. Batliboi & Co. LLP, Chartered Accountants, in terms of Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’);

3.		Exhibit 99.3 - A Press Release in respect to the Financial Results; and

4.		Exhibit 99.4 - Investor Presentation on the 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: April 28, 2022


VEDANTA LIMITED

By:		/s/ Prerna Halwasiya
Name:		Prerna Halwasiya
Title:		Company Secretary & Compliance 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 AUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022

(₹ in Crore, except as stated)



		Quarter ended									Year ended
S. No.	Particulars	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Revenue from operations		39,342			33,697			27,874			131,192			86,863
2	Other operating income		480			400			332			1,540			1,158
3	Other income		611			577			859			2,600			3,421

	Total income		40,433			34,674			29,065			135,332			91,442

4	Expenses
a)	Cost of materials consumed		11,235			9,563			7,331			37,172			22,849
b)	Purchases of stock-in-trade		35			10			18			133			41
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(643	)		(440	)		143			(2,049	)		792
d)	Power and fuel charges		6,333			6,501			3,972			21,164			13,674
e)	Employee benefits expense		720			714			709			2,811			2,861
f)	Finance costs		1,333			1,216			1,325			4,797			5,210
g)	Depreciation, depletion and amortization expense		2,379			2,274			2,055			8,895			7,638
h)	Other expenses		8,509			6,939			6,996			28,677			20,486

5	Total expenses		29,901			26,777			22,549			101,600			73,551

6	Profit before exceptional items and tax		10,532			7,897			6,516			33,732			17,891

7	Net exceptional loss (Refer note 4)		(336	)		(105	)		(773	)		(768	)		(678	)

8	Profit before tax		10,196			7,792			5,743			32,964			17,213

9	Tax expense/ (benefit)
	On other than exceptional items
a)	Net current tax expense		1,949			2,111			33			6,889			2,066
b)	Net deferred tax expense/ (benefit)		1,014			362			(1,732	)		2,544			268
i)	Deferred tax on intra group profit distribution (including from accumulated profits) (Refer note 8(b))		—			—			(132	)		—			869
ii)	Other deferred tax expense/ (benefit) (Refer note 8(a))		1,014			362			(1,600	)		2,544			(601	)
	On exceptional items
c)	Net tax benefit on exceptional items (Refer note 4)		(28	)		(35	)		(187	)		(178	)		(154	)

	Net tax expense/ (benefit) (a+b+c)		2,935			2,438			(1,886	)		9,255			2,180

10	Profit after tax before share in profit/ (loss) of jointly controlled entities and associates		7,261			5,354			7,629			23,709			15,033

11	Add: Share in profit/ (loss) of jointly controlled entities and associates		0			0			(1	)		1			(1	)

12	Profit after share in profit/ (loss) of jointly controlled entities and associates (a)		7,261			5,354			7,628			23,710			15,032

(₹ in Crore, except as stated)



		Quarter ended									Year ended
S. No.	Particulars	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
13	Other Comprehensive Income/ (Loss)
i.	(a) Items that will not be reclassified to profit or loss		(49	)		(1	)		5			(3	)		62
	(b) Tax benefit/ (expense) on items that will not be reclassified to profit or loss		3			(0	)		(9	)		1			(11	)
ii.	(a) Items that will be reclassified to profit or loss		841			(99	)		118			893			187
	(b) Tax (expense)/ benefit on items that will be reclassified to profit or loss		(5	)		(32	)		10			(28	)		(35	)

	Total Other Comprehensive Income/ (Loss) (b)		790			(132	)		124			863			203

14	Total Comprehensive Income (a + b)		8,051			5,222			7,752			24,573			15,235

15	Profit attributable to:
a)	Owners of Vedanta Limited		5,799			4,164			6,432			18,802			11,602
b)	Non-controlling interests		1,462			1,190			1,196			4,908			3,430

16	Other Comprehensive Income/ (Loss) attributable to:
a)	Owners of Vedanta Limited		725			(114	)		99			823			110
b)	Non-controlling interests		65			(18	)		25			40			93

17	Total Comprehensive Income attributable to:
a)	Owners of Vedanta Limited		6,524			4,050			6,531			19,625			11,712
b)	Non-controlling interests		1,527			1,172			1,221			4,948			3,523

18	Net Profit after taxes, non-controlling interests and share in profit/ (loss) of jointly controlled entities and associates but before exceptional items		6,027			4,233			7,013			19,279			12,151

19	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372			372
20	Reserves excluding revaluation reserves as per balance sheet											65,011			61,906
21	Earnings per share (₹) (*not annualised)
	-Basic		15.66	*		11.24	*		17.37	*		50.73			31.32
	-Diluted		15.56	*		11.17	*		17.25	*		50.38			31.13

(₹ in Crore)



		Quarter ended									Year ended
S. No.	Segment information	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Segment Revenue
a)	Zinc, Lead and Silver
	(i) Zinc & Lead - India		7,551			6,736			5,349			24,418			17,550
	(ii) Silver - India		1,036			1,081			1,350			4,206			4,382

	Total		8,587			7,817			6,699			28,624			21,932
b)	Zinc - International		1,242			1,079			900			4,484			2,729
c)	Oil & Gas		3,940			3,113			2,584			12,430			7,531
d)	Aluminium		15,475			13,024			8,828			50,881			28,644
e)	Copper		4,351			3,741			3,945			15,151			10,890
f)	Iron Ore		1,866			1,416			1,727			6,350			4,528
g)	Power		1,687			1,638			1,449			5,826			5,375
h)	Others		2,556			1,943			1,785			7,972			5,377

	Total		39,704			33,771			27,917			131,718			87,006

Less:	Inter Segment Revenue		362			74			43			526			143

	Revenue from operations		39,342			33,697			27,874			131,192			86,863

2	Segment Results (EBITDA) ⁱ
a)	Zinc, Lead and Silver		4,988			4,384			3,846			16,161			11,620
b)	Zinc - International		467			367			201			1,533			811
c)	Oil & Gas		2,053			1,492			1,069			5,992			3,206
d)	Aluminium		5,218			3,747			2,739			17,337			7,751
e)	Copper		15			15			(71	)		(115	)		(177	)
f)	Iron Ore		548			410			793			2,280			1,804
g)	Power		188			283			172			1,082			1,407
h)	Others		291			240			358			1,049			919

	Total Segment results (EBITDA)		13,768			10,938			9,107			45,319			27,341

Less: Depreciation, depletion and amortization expense			2,379			2,274			2,055			8,895			7,638
Add: Other income ⁱⁱ			63			60			59			245			229
Less: Finance costs			1,333			1,216			1,325			4,797			5,210
Add: Other unallocable income, net of expenses			413			389			730			1,860			3,169

	Profit before exceptional items and tax		10,532			7,897			6,516			33,732			17,891

Add: Net exceptional loss (Refer note 4)			(336	)		(105	)		(773	)		(768	)		(678	)

	Profit before tax		10,196			7,792			5,743			32,964			17,213

3	Segment assets
a)	Zinc, Lead and Silver - India		22,822			21,948			21,302			22,822			21,302
b)	Zinc - International		6,984			6,259			6,065			6,984			6,065
c)	Oil & Gas		24,149			21,438			18,915			24,149			18,915
d)	Aluminium		60,407			59,970			54,764			60,407			54,764
e)	Copper		5,912			6,196			6,273			5,912			6,273
f)	Iron Ore		4,156			3,572			2,722			4,156			2,722
g)	Power		17,195			17,455			17,565			17,195			17,565
h)	Others		9,197			9,141			7,876			9,197			7,876
i)	Unallocated		47,778			43,017			50,229			47,778			50,229

	Total		198,600			188,996			185,711			198,600			185,711

i) Earnings before interest, depreciation, tax and exceptional items (‘EBITDA’) is a non- GAAP measure.

ii) Amortisation of duty benefits relating to assets recognised as government grant.

(₹ in Crore)

Quarter ended

Year ended

S. No.

Segment information

31.03.2022
(Audited)
(Refer note 2)

31.12.2021
(Unaudited)

31.03.2021
(Audited)
(Refer note 2)

31.03.2022
(Audited)

31.03.2021
(Audited)

Segment liabilities

Zinc, Lead and Silver—India

6,229

5,736

5,929

6,229

5,929

Zinc—International

1,159

868

1,067

1,159

1,067

Oil & Gas

16,138

14,396

11,178

16,138

11,178

Aluminium

20,231

17,761

18,565

20,231

18,565

Copper

5,028

4,408

4,388

5,028

4,388

Iron Ore

2,601

1,852

1,319

2,601

1,319

Power

1,976

2,147

2,123

1,976

2,123

Others

2,694

2,369

2,140

2,694

2,140

Unallocated

59,840

60,010

61,586

59,840

61,586

Total

115,896

109,547

108,295

115,896

108,295

The main business segments are:

(a) Zinc, Lead and Silver - India, which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate. Additional intra segment information of revenues for the Zinc & Lead and Silver segment have been provided to enhance understanding of segment business.

(b) Zinc - International, which consists of exploration, mining, treatment and production of zinc, lead, copper and associated mineral concentrates for sale;

(d) Aluminium, which consist of mining of bauxite and manufacturing of alumina and various aluminium products;

(e) 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 and phosphoric acid (Refer note 7);

(f) Iron ore, which consists of mining of ore and manufacturing of pig iron and metallurgical coke;

(g) Power, excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power; and

(h) Other business segment comprises port/berth, glass substrate, steel, ferroy alloys and cement. The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively.


Consolidated Balance Sheet				(₹ in Crore)

Particulars		As at 31.03.2022 (Audited)		As at 31.03.2021 (Audited)
A	ASSETS
	Non-current assets
	(a) Property, plant and equipment		91,990		89,429
	(b) Capital work-in-progress		14,230		13,880
	(c) Intangible assets		1,476		1,041
	(d) Exploration intangible assets under development		1,649		2,434
	(e) Financial assets
	(i) Investments		151		156
	(ii) Trade receivables		3,219		3,158
	(iii) Loans		3,166		5,057
	(iv) Others		2,855		2,532
	(f) Deferred tax assets (net)		5,085		5,860
	(g) Income tax assets (net)		2,762		2,748
	(h) Other non-current assets		3,442		3,210

	Total non-current assets		130,025		129,505

	Current assets
	(a) Inventories		14,313		9,923
	(b) Financial assets
	(i) Investments		17,140		16,504
	(ii) Trade receivables		4,946		3,491
	(iii) Cash and cash equivalents		8,671		4,854
	(iv) Other bank balances		6,921		11,775
	(v) Loans		2,304		2,019
	(vi) Derivatives		258		70
	(vii) Others		8,724		4,245
	(c) Income tax assets (net)		25		7
	(d) Other current assets		5,273		3,318

	Total current assets		68,575		56,206

	Total Assets		198,600		185,711

B	EQUITY AND LIABILITIES
	Equity
	Equity share capital		372		372
	Other equity		65,011		61,906

	Equity attributable to owners of Vedanta Limited		65,383		62,278
	Non-controlling interests		17,321		15,138

	Total Equity		82,704		77,416

	Liabilities
	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		36,205		37,962
	(ii) Lease liabilities		150		160
	(iii) Derivatives		6		76
	(iv) Other financial liabilities		1,327		1,285
	(b) Provisions		3,386		3,132
	(c) Deferred tax liabilities (net)		4,435		2,215
	(d) Other non-current liabilities		4,674		4,327

	Total non-current liabilities		50,183		49,157

	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		16,904		19,066
	(ii) Lease liabilities		324		481
	(iii) Operational buyers’ credit / suppliers’ credit		10,993		8,265
	(iv) Trade payables		10,538		7,624
	(v) Derivatives		531		279
	(vi) Other financial liabilities		17,312		12,971
	(b) Provisions		417		353
	(c) Income tax liabilities (net)		917		277
	(d) Other current liabilities		7,777		9,822

	Total current liabilities		65,713		59,138

	Total Equity and Liabilities		198,600		185,711

Vedanta Limited

Consolidated statement of cash flows


				(₹ in Crore)

Particulars	Year ended 31.03.2022 (Audited)			Year ended 31.03.2021 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation		32,964			17,213
Adjustments for:
Depreciation, depletion and amortisation		8,919			7,662
Capital work-in-progress written off/ impairment of assets (reversal)/charge		(2,621	)		244
Provision for doubtful debts/ advance/ bad debts written off		244			308
Exploration costs written off		2,618			7
Liabilities written back		(65	)		—
Other exceptional items		771			434
Fair value gain on financial assets held at fair value through profit or loss		(209	)		(934	)
Profit on sale/ discard of property, plant and equipment (net)		(128	)		(75	)
Foreign exchange loss/ (gain) (net)		235			(119	)
Unwinding of discount on provisions		78			72
Share based payment expense		79			59
Interest and dividend income		(1,887	)		(2,106	)
Interest expense		4,712			5,123
Deferred government grant		(245	)		(229	)

Changes in assets and liabilities					—
Increase in trade and other receivables		(8,199	)		(3,215	)
(Increase)/ decrease in inventories		(4,373	)		1,409
Increase in trade and other payable		7,806			235

Cash generated from operations		40,699			26,088
Income taxes paid (net)		(5,736	)		(2,108	)

Net cash generated from operating activities		34,963			23,980

CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (net of cash and cash equivalents acquired)		—			(45	)
Purchases of property, plant and equipment (including intangibles)		(10,630	)		(6,886	)
Proceeds from sale of property, plant and equipment		325			168
Loans repaid by related parties		1,623			1,112
Loans given to related parties		—			(7,660	)
Short-term deposits made		(11,966	)		(18,040	)
Proceeds from redemption of short-term deposits		16,960			14,563
Short term investments made		(87,135	)		(75,160	)
Proceeds from sale of short term investments		86,848			83,330
Interest received		1,868			2,035
Dividends received		1			2
Payment made to site restoration fund		(147	)		(169	)

Net cash used in investing activities		(2,253	)		(6,750	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/ (repayment) of short-term borrowings (net)		875			(9,593	)
Proceeds from current borrowings		13,256			11,298
Repayment of current borrowings		(10,337	)		(11,056	)
Proceeds from long-term borrowings		20,916			16,707
Repayment of long-term borrowings		(28,758	)		(9,577	)
Interest paid		(5,274	)		(5,348	)
Payment of dividends to equity holders of the Company		(16,681	)		(3,519	)
Loan given to parent in excess of fair value		—			(536	)
Payment of dividends to non-controlling interests		(2,668	)		(5,603	)
Payment of lease liabilities		(232	)		(338	)

Net cash used in financing activities		(28,903	)		(17,565	)

Effect of exchange rate changes on cash and cash equivalents		10			72

Net increase/ (decrease) in cash and cash equivalents		3,817			(263	)

Cash and cash equivalents at the beginning of the year		4,854			5,117

Cash and cash equivalents at end of the year		8,671			4,854

Notes:
1. The figures in parentheses indicate outflow. 2. The above cash flow has been prepared under the “Indirect Method” as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.


	Notes:-

1	The above consolidated results of Vedanta Limited (“the Company”) and its subsidiaries (“the Group”), jointly controlled entities, and associates for the quarter and year ended 31 March 2022 have been reviewed by the Audit and Risk Management Committee at its meeting held on 27 April 2022 and approved by the Board of Directors at its meeting held on 28 April 2022.

2	These results have been prepared on the basis of the audited financial statements for the year ended 31 March 2022 and the interim financial results for the quarter and nine months ended 31 December 2021, which are prepared in accordance with the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015. The figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited year to date figures up to the third quarter of the respective financial year.

3	During the quarter, the Board of Directors of the Company, through resolution passed by circulation on 02 March 2022, have approved third interim dividend of ₹ 13 per equity share, i.e., 1,300% on face value of ₹ 1/- per equity share for the year ended 31 March 2022. With this, the total dividend declared for FY 2021-22 stands at ₹ 45 per equity share of ₹ 1/- each.

4	Net exceptional loss comprise the following:
														(₹ in Crore)

	Particulars	Quarter ended									Year ended
	Particulars	31.03.2022 (Audited) (Refer note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
	Property, plant and equipment, exploration intangible assets under development, capital work-in-progress and other assets (impaired)/ reversal or (written off)/ written back in:
	- Oil & Gas
	a) Exploration cost written off		(2,403	)		(68	)		—			(2,618	)		—
	b) Reversal of previously recorded impairment		2,697			—			—			2,697			—
	- Aluminium		(125	)		—			(181	)		(125	)		(181	)
	- Others		—			(6	)		(63	)		(52	)		(63	)
	- Unallocated		—			(24	)		—			(24	)		—
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium		(288	)		—			—			(288	)		95
	- Copper		(217	)		—			(213	)		(217	)		(213	)
	- Zinc, Lead and Silver - India		—			—			—			(134	)		—
	- Others		—			(7	)		(213	)		(7	)		(213	)
	Other exceptional items - Unallocated		—			—			(103	)		—			(103	)

	Net exceptional loss		(336	)		(105	)		(773	)		(768	)		(678	)
	Current tax benefit on above		496			11			—			580			—
	Net deferred tax (expense)/ benefit on above		(468	)		24			187			(402	)		154
	Non-controlling interests on above		80			1			5			113			(25	)

	Net exceptional loss, net of tax and non-controlling interests		(228	)		(69	)		(581	)		(477	)		(549	)



5		Subsequent to the balance sheet date, the Board of Directors of the Company in their meeting held on 28 April 2022 have approved first interim dividend of ₹ 31.50 per equity share, i.e., 3,150% on face value of ₹ 1/- per equity share for FY 2022-23 amounting to ₹ 11,710 Crore.

6		The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract (“PSC”). The management is of the opinion that the Company is eligible for extension of the PSC for Rajasthan (“RJ”) block on same terms w.e.f. 15 May 2020, a matter which was being adjudicated at the Delhi High Court. The Division Bench of the Delhi High Court in March 2021 set aside the single judge order of May 2018 which allowed extension of PSC on same terms and conditions. The Company has appealed this order in the Supreme Court. In parallel, the Government of India (“GoI”), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 07 April 2017 (“Pre-NELP Policy”), for RJ block by a period of 10 years, w.e.f. 15 May 2020 vide its letter dated 26 October 2018, subject to fulfilment of certain conditions.

One of the conditions for extension relates to notification of certain audit exceptions raised for FY 16-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability. In connection with the said audit exceptions, a demand of ₹ 2,752 Crore (US$ 364 million) has been raised by DGH on 12 May 2020, relating to the share of the Company and its subsidiary. This amount was subsequently revised to ₹ 3,465 Crore (US$ 458 million) till March 2018 vide DGH letter dated 24 December 2020. The Company has disputed the demand and the other audit exceptions, notified till date, as in the Company’s view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms, the Company has also commenced arbitration proceedings. The arbitration tribunal (“the Tribunal”) stands constituted and Vedanta also filed its application for interim relief. The interim relief application was heard by the Tribunal on 15 December 2020 wherein it was directed that GOI should not take any coercive action to recover the disputed amount of audit exceptions which is presently in arbitration and that during the arbitration period, GOI should continue to extend the tenure of the Rajasthan Block PSC on terms of current extension. The GOI has challenged the said order before the Delhi High Court which is next listed for hearing on 25 May 2022.

Further, on 23 September 2020, the GOI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues, which is currently being heard. Simultaneously, the Company is also pursuing with the GOI for executing the RJ PSC addendum at the earliest. In view of extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, the GOI has been granting permission to the Company to continue Petroleum operations in the RJ block. The latest permission is valid upto 14 May 2022 or signing of the PSC addendum, whichever is earlier. For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters or any disruptions in its petroleum operations.

The Company’s application for renewal of Consent to Operate (“CTO”) for existing copper smelter at Tuticorin was rejected by the Tamil Nadu Pollution Control Board (“TNPCB”) in April 2018. Subsequently, the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. The Principal Bench of National Green Tribunal (“NGT”) ruled in favour of the Company but its order was set aside by the Supreme Court vide its judgment dated 18 February 2019, on the sole basis of maintainability. Vedanta Limited had filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The hearing on care and maintenance could not be listed at Supreme Court. Instead, the matter is now being heard on merits.

The Company was also in the process of expanding its capacities at an adjacent site (‘Expansion Project’). The High Court of Madras, in a Public Interest Litigation, held that the application for renewal of the Environmental Clearance (“EC”) for the Expansion Project shall be processed after a mandatory public hearing and in the interim, ordered the Company to cease construction and all other activities on the site with immediate effect. In the meanwhile, SIPCOT cancelled the land allotted for the Expansion Project, which was later stayed by the Madras High Court. Further, TNPCB issued an order directing the withdrawal of the Consent to Establish (“CTE”) which was valid till 31 March 2023. The Company has also appealed this action before the TNPCB Appellate Authority and the matter is pending for adjudication. As per the Company’s assessment, it is in compliance with the applicable regulations and hence it does not expect any material adjustments to these financial results as a consequence of the above actions.

8	Income taxes

In June 2018, the Company acquired majority stake in ESL Steel Limited (“ESL”), which has since been focusing on operational turnaround. Based on management’s estimate of future outlook, financial projections and requirements of Ind AS 12 – Income taxes, ESL recognized deferred tax assets of ₹ 3,184 Crore during the year ended 31 March 2021. Consequent to recognition of the said deferred tax credit of ₹ 3,184 Crore, the net tax expense for the quarter and year ended 31 March 2021 was lower to that extent.

During the quarter ended 31 December 2021, ESL has derecognized deferred tax assets on losses expired in the current year amounting to ₹ 122 Crore. Based on revised financial forecasts, management is confident of realising the remaining deferred tax assets fully.

During the previous year, consequent to the declaration of dividend (including from accumulated profits) by the subsidiaries of the Company, the unabsorbed depreciation as per tax laws has been utilized by the Company leading to a deferred tax charge as disclosed in line 9(b)(i) of the above results.


9		Additional disclosures as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2015:


		Year ended
	Particulars	31.03.2022 (Audited)			31.03.2021 (Audited)
a)	Debt-Equity Ratio (in times)		0.64			0.74
b)	Debt Service Coverage Ratio (in times)		2.36			2.11
c)	Interest Service Coverage Ratio (in times)		10.05			5.93
d)	Current Ratio (in times)		1.22			1.28
e)	Long term debt to working capital Ratio (in times)		3.70			4.29
f)	Bad debts to Account receivable Ratio (in times)		0.00			0.00
g)	Current liability Ratio (in times)		0.49			0.40
h)	Total debts to total assets Ratio (in times)		0.27			0.31
i)	Debtors Turnover Ratio (in times)		17.92			14.13
j)	Inventory Turnover Ratio (in times)		7.21			5.71
k)	Operating-Profit Margin (%)		27.44	%		22.39	%
l)	Net-Profit Margin (%)		18.31	%		17.67	%
m)	Debenture Redemption Reserve (₹ in Crore)		—			583
n)	Net Worth (Total Equity) (₹ in Crore)		82,704			77,416

Formulae for computation of ratios are as follows:


a)	Debt-Equity Ratio	Total Debt/ Total Equity
b)	Debt Service Coverage Ratio	Income available for debt service/ (interest expense + repayments made during the period for long term loans), where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortization expense + Interest expense
c)	Interest Service Coverage Ratio	Income available for debt service/ interest expense
d)	Current Ratio	Current Assets/ Current Liabilities (excluding current maturities of long term borrowing)
e)	Long term debt to working capital Ratio	Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = Current Assets - Current Liabilities (excluding current maturities of long term borrowing)
f)	Bad debts to Account receivable Ratio	Bad Debts written off/ Average Trade Receivables
g)	Current liability Ratio	Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities
h)	Total debts to total assets Ratio	Total Debt/ Total Assets
i)	Debtors Turnover Ratio	(Revenue from operations + Other operating income)/ Average Trade Receivables
j)	Inventory Turnover Ratio	(Revenue from operations + Other operating income) less EBITDA/ Average Inventory
k)	Operating-Profit Margin (%)	(EBITDA - Depreciation, depletion and amortization expense)/ (Revenue from operations + Other operating income)
l)	Net-Profit Margin (%)	Net profit after tax before exceptional items (net of tax) / (Revenue from operations + Other operating income)


10		The Non- Convertible debentures (‘NCDs’) of the Group outstanding as on 31 March 2022 are ₹ 7,937 Crore, out of which, listed secured NCDs are ₹ 5,016 Crore. The listed secured NCDs are secured by way of first pari passu mortgage/charge on certain movable fixed assets and freehold land of Vedanta Limited. The Group has maintained asset cover of more than 125% and 100% for NCDs with face value of ₹ 2,000 Crore and ₹ 3,020 Crore respectively.

11		Previous period/ year figures have been re-grouped/rearranged, wherever necessary.


	By Order of the Board

Place : New Delhi		Sunil Duggal
Date : 28 April 2022		Whole -Time Director and Group Chief Executive Officer

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 AUDITED STANDALONE RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022


	(₹ in Crore, except as stated)

		Quarter ended									Year ended
S.No.	Particulars	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Revenue from operations		18,841			16,102			12,305			62,801			37,120
2	Other operating income		168			85			86			476			320
3	Other income (Refer note 8)		1,218			5,040			92			8,347			10,948

	Total Income		20,227			21,227			12,483			71,624			48,388

4	Expenses
a)	Cost of materials consumed		7,378			6,195			4,521			23,751			13,990
b)	Purchases of stock-in-trade		54			9			76			228			204
c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade		(470	)		(223	)		92			(1,172	)		70
d)	Power and fuel charges		3,621			3,813			1,941			11,874			6,763
e)	Employee benefits expense		233			222			217			867			903
f)	Finance costs		868			840			813			3,146			3,193
g)	Depreciation, depletion and amortization expense		742			772			654			2,945			2,519
h)	Other expenses		2,953			2,338			2,482			10,051			6,850

	Total expenses		15,379			13,966			10,796			51,690			34,492

5	Profit before exceptional items and tax		4,848			7,261			1,687			19,934			13,896

6	Net exceptional loss (Refer note 4)		(96	)		(75	)		(232	)		(318	)		(232	)

7	Profit before tax		4,752			7,186			1,455			19,616			13,664

8	Tax expense/ (benefit) on other than exceptional items:
a)	Net current tax expense/ (benefit)		850			1,282			(453	)		3,505			104
b)	Net deferred tax (benefit)/ expense		(221	)		(543	)		548			(1,023	)		3,138
	Net tax benefit on exceptional items:
c)	Net tax benefit on exceptional items (Refer note 4)		(34	)		(26	)		(81	)		(111	)		(81	)

	Net tax expense (a+b+c)		595			713			14			2,371			3,161

9	Net profit after tax (a)		4,157			6,473			1,441			17,245			10,503

10	Net profit after tax before exceptional items (net of tax)		4,219			6,522			1,592			17,452			10,654

11	Other Comprehensive Income/ (Loss)
a)	(i) Items that will not be reclassified to profit or loss		(34	)		(1	)		3			(8	)		63
	(ii) Tax benefit/ (expense) on items that will not be reclassified to profit or loss		2			0			(1	)		8			(3	)
b)	(i) Items that will be reclassified to profit or loss		277			67			5			407			(91	)
	(ii) Tax (expense)/ benefit on items that will be reclassified to profit or loss		(58	)		(21	)		12			(74	)		(26	)

	Total Other Comprehensive Income/ (Loss) (b)		187			45			19			333			(57	)

12	Total Comprehensive Income (a+b)		4,344			6,518			1,460			17,578			10,446

13	Paid-up equity share capital (Face value of ₹ 1 each)		372			372			372			372			372
14	Reserves excluding revaluation reserves as per balance sheet											77,277			76,418
15	Earnings per share (₹) (*not annualised)
	- Basic and diluted		11.17	*		17.40	*		3.87	*		46.36			28.23


															(₹ in Crore)

		Quarter ended									Year ended

S. No.	Segment information	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
1	Segment revenue
a)	Oil & Gas		2,067			1,672			1,395			6,622			4,086
b)	Aluminium		11,766			9,849			6,312			38,371			20,162
c)	Copper		3,286			3,010			2,735			11,096			7,623
d)	Iron Ore		1,714			1,361			1,727			6,143			4,529
e)	Power		226			210			136			787			720

	Total		19,059			16,102			12,305			63,019			37,120

Less:	Inter segment revenue		218			—			—			218			—

	Revenue from operations		18,841			16,102			12,305			62,801			37,120

2	Segment Results (EBITDA) ⁱ
a)	Oil & Gas		1,042			793			566			3,137			1,743
b)	Aluminium		3,896			2,799			1,942			13,024			5,471
c)	Copper		30			(77	)		(58	)		(150	)		(106	)
d)	Iron Ore		514			411			752			2,187			1,735
e)	Power		(135	)		(32	)		(107	)		(172	)		(55	)

	Total Segment results (EBITDA)		5,347			3,894			3,095			18,026			8,788

Less:	Depreciation, depletion and amortization expense		742			772			654			2,945			2,519
Add:	Other income ⁱⁱ		20			21			18			78			76
Less:	Finance costs		868			840			813			3,146			3,193
Add:	Other unallocable income net of expenses (Refer note 8)		1,091			4,958			41			7,921			10,744

	Profit before exceptional items and tax		4,848			7,261			1,687			19,934			13,896

Add:	Net exceptional loss (Refer note 4)		(96	)		(75	)		(232	)		(318	)		(232	)

	Profit before tax		4,752			7,186			1,455			19,616			13,664

3	Segment assets
a)	Oil & Gas		16,420			14,272			13,161			16,420			13,161
b)	Aluminium		47,307			47,049			42,303			47,307			42,303
c)	Copper		5,383			5,393			5,289			5,383			5,289
d)	Iron Ore		3,590			3,026			2,548			3,590			2,548
e)	Power		3,044			3,180			3,161			3,044			3,161
f)	Unallocated		73,215			71,771			71,269			73,215			71,269

	Total		148,959			144,691			137,731			148,959			137,731

4	Segment liabilities
a)	Oil & Gas		10,178			8,941			7,403			10,178			7,403
b)	Aluminium		15,848			13,418			13,508			15,848			13,508
c)	Copper		4,638			4,008			3,895			4,638			3,895
d)	Iron Ore		2,321			1,697			2,301			2,321			2,301
e)	Power		152			269			210			152			210
f)	Unallocated		38,173			38,242			33,624			38,173			33,624

	Total		71,310			66,575			60,941			71,310			60,941

The main business segments are:

(a) Oil & Gas, which consists of exploration, development and production of oil and gas;

(b) Aluminium, which consists of manufacturing of alumina and various aluminium products;

(c) Copper, which consists of manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of sulphuric acid, phosphoric acid (Refer note 6);

(d) Iron ore, which consists of mining of ore and manufacturing of pig iron and metallurgical coke; and

(e) Power, excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power.

The assets and liabilities that cannot be allocated between the segments are shown as unallocated assets and liabilities, respectively.

i) Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-GAAP measure.

ii) Amortisation of duty benefits relating to assets recognised as government grant.

Balance Sheet

(₹ in Crore)


	Particulars	As at 31.03.2022 (Audited)		As at 31.03.2021 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment		39,490		38,222
	(b) Capital work-in-progress		9,226		9,096
	(c) Intangible assets		26		27
	(d) Exploration intangible assets under development		1,488		1,605
	(e) Financial assets
	(i) Investments		60,881		60,887
	(ii) Trade receivables		1,293		1,323
	(iii) Loans		154		180
	(iv) Others		1,440		1,258
	(f) Deferred tax assets (net)		1,118		333
	(g) Income tax assets (net)		1,800		1,787
	(h) Other non-current assets		2,214		2,371

	Total non-current assets		119,130		117,089

2	Current assets
	(a) Inventories		8,563		5,555
	(b) Financial assets
	(i) Investments		585		2,016
	(ii) Trade receivables		2,328		1,136
	(iii) Cash and cash equivalents		5,518		2,861
	(iv) Other bank balances		1,630		1,475
	(v) Loans		365		523
	(vi) Derivatives		249		66
	(vii) Others		7,394		5,071
	(c) Other current assets		3,197		1,939

	Total current assets		29,829		20,642

	Total assets		148,959		137,731

B	EQUITY AND LIABILITIES
1	Equity
	Equity Share Capital		372		372
	Other Equity		77,277		76,418

	Total Equity		77,649		76,790
	Liabilities
2	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings		23,421		20,913
	(ii) Lease liabilities		57		60
	(iii) Derivatives		6		50
	(iv) Other financial liabilities		192		190
	(b) Provisions		1,268		1,169
	(c) Other non-current liabilities		2,751		2,360

	Total Non-current liabilities		27,695		24,742

3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings		13,275		11,253
	(ii) Lease liabilities		25		73
	(iii) Operational buyers’ credit / suppliers’ credit		9,261		6,029
	(iv) Trade payables
	(1) Total outstanding dues of micro, small and medium enterprises		195		209
	(2) Total outstanding dues of creditors other than micro, small and medium enterprises		5,329		3,594
	(v) Derivatives		277		139
	(vi) Other financial liabilities		10,020		9,169
	(b) Provisions		158		98
	(c) Income tax liabilities (net)		601		46
	(d) Other current liabilities		4,474		5,589

	Total current liabilities		43,615		36,199

	Total Equity and Liabilities		148,959		137,731

Statement of Cash Flows


				(₹ in Crore)

Particulars	Year ended 31.03.2022 (Audited)			Year ended 31.03.2021 (Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		19,616			13,664
Adjustments for:
Depreciation, depletion and amortisation		2,968			2,543
Capital work-in-progress written off/ impairment of assets (reversal)/ charge		(1,346	)		181
Provision for doubtful debts/ advance/ bad debts written off		239			129
Exploration costs written off		1,412			6
Other exceptional items		252			51
Fair value gain on financial assets held at fair value through profit or loss		(1	)		(93	)
Net gain on sale of long term investments		(16	)		—
(Profit)/ Loss on sale/ discard of property, plant and equipment (net)		(129	)		28
Foreign exchange loss (net)		146			80
Unwinding of discount on provisions		24			23
Share based payment expense		29			36
Interest and dividend income		(8,050	)		(10,730	)
Interest expense		3,123			3,170
Deferred government grant		(78	)		(75	)

Changes in assets and liabilities
Increase in trade and other receivables		(4,996	)		(1,339	)
(Increase)/ decrease in inventories		(3,008	)		53
Increase/ (decrease) in trade and other payable		5,064			(1,452	)

Cash generated from operations		15,249			6,275
Income taxes paid (net)		(2,685	)		(228	)

Net cash generated from operating activities		12,564			6,047

CASH FLOWS FROM INVESTING ACTIVITIES
Consideration paid for business acquisition (net of cash and cash equivalents acquired)		—			(59	)
Purchases of property, plant and equipment (including intangibles)		(3,674	)		(2,669	)
Proceeds from sale of property, plant and equipment		268			18
Loans repaid by related parties		567			1,684
Loans given to related parties		(383	)		(579	)
Short-term deposits made		(1,067	)		(1,441	)
Proceeds from redemption of short-term deposits		1,285			962
Short term investments made		(25,777	)		(18,468	)
Proceeds from sale of short-term investments		27,230			18,628
Interest received		205			415
Dividends received		7,830			10,371
Payments made to site restoration fund		(76	)		(94	)

Net cash generated from investing activities		6,408			8,768

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/ (repayment) of short-term borrowings (net)		816			(8,726	)
Proceeds from current borrowings		8,868			5,499
Repayment of current borrowings		(4,066	)		(6,908	)
Proceeds from long-term borrowings		18,942			9,021
Repayment of long-term borrowings		(20,250	)		(5,564	)
Interest paid		(3,872	)		(3,439	)
Payment of dividends to equity holders of the Company		(16,689	)		(3,519	)
Payment of lease liabilities		(64	)		(164	)

Net cash used in financing activities		(16,315	)		(13,800	)

Net increase in cash and cash equivalents		2,657			1,015

Cash and cash equivalents at the beginning of the year		2,861			1,846

Cash and cash equivalents at the end of the year		5,518			2,861

Notes:

1.	The figures in parentheses indicate outflow.

2.	The above cash flow has been prepared under the “Indirect Method” as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.


	Notes:-

1	The above results of Vedanta Limited (“the Company”), for the quarter and year ended 31 March 2022 have been reviewed by the Audit and Risk Management Committee at its meeting held on 27 April 2022 and approved by the Board of Directors at its meeting held on 28 April 2022.

2	These results have been prepared on the basis of the audited financial statements for the year ended 31 March 2022 and the interim financial results for the quarter and nine months ended 31 December 2021, which are prepared in accordance with the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015. The figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited year to date figures up to the third quarter of the respective financial year.

3	During the quarter, the Board of Directors of the Company, through resolution passed by circulation on 02 March 2022, have approved third interim dividend of ₹ 13 per equity share, i.e., 1,300% on face value of ₹ 1/- per equity share for the year ended 31 March 2022. With this, the total dividend declared for FY 2021-22 stands at ₹ 45 per equity share of ₹ 1/- each.

4	Net exceptional loss comprise the following:

														(₹ in Crore)

	Particulars	Quarter ended									Year ended
	Particulars	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
	Property, plant and equipment, exploration intangible assets under development, capital work-in-progress and other assets (impaired)/ reversal or (written off)/ written back in:
	- Oil & Gas
	a) Exploration wells written off		(1,214	)		(51	)		—			(1,412	)		—
	b) Reversal of previously recorded impairment		1,370			—			—			1,370			—
	- Aluminium		(125	)		—			(181	)		(125	)		(181	)
	- Unallocated		—			(24	)		—			(24	)		—
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium		(73	)		—			—			(73	)		—
	- Copper		(54	)		—			(51	)		(54	)		(51	)

	Net exceptional loss		(96	)		(75	)		(232	)		(318	)		(232	)
	Current tax benefit on above		247			9			—			281			—
	Net deferred tax (expense)/ benefit on above		(213	)		17			81			(170	)		81

	Net Exceptional loss (net of tax)		(62	)		(49	)		(151	)		(207	)		(151	)


5	Subsequent to the balance sheet date, the Board of Directors of the Company in their meeting held on 28 April 2022 have approved first interim dividend of ₹ 31.50 per equity share, i.e., 3,150% on face value of ₹ 1/- per equity share for FY 2022-23 amounting to ₹ 11,710 Crore.

6	The Company’s application for renewal of Consent to Operate (“CTO”) for existing copper smelter at Tuticorin was rejected by the Tamil Nadu Pollution Control Board (“TNPCB”) in April 2018. Subsequently, the Government of Tamil Nadu issued directions to close and seal the existing copper smelter plant permanently. The Principal Bench of National Green Tribunal (“NGT”) ruled in favour of the Company but its order was set aside by the Supreme Court vide its judgment dated 18 February 2019, on the sole basis of maintainability. Vedanta Limited had filed a writ petition before the Madras High Court challenging various orders passed against the Company. On 18 August 2020, the Madras High Court dismissed the writ petitions filed by the Company, which has been challenged by the Company in the Supreme Court while also seeking interim relief to access the plant for care and maintenance. The hearing on care and maintenance could not be listed at Supreme Court. Instead, the matter is now being heard on merits.

	The Company was also in the process of expanding its capacities at an adjacent site (‘Expansion Project’). The High Court of Madras, in a Public Interest Litigation, held that the application for renewal of the Environmental Clearance (“EC”) for the Expansion Project shall be processed after a mandatory public hearing and in the interim, ordered the Company to cease construction and all other activities on the site with immediate effect. In the meanwhile, SIPCOT cancelled the land allotted for the Expansion Project, which was later stayed by the Madras High Court. Further, TNPCB issued an order directing the withdrawal of the Consent to Establish (“CTE”) which was valid till 31 March 2023. The Company has also appealed this action before the TNPCB Appellate Authority and the matter is pending for adjudication. As per the Company’s assessment, it is in compliance with the applicable regulations and hence it does not expect any material adjustments to these financial results as a consequence of the above actions.

7	The Company operates an oil and gas production facility in Rajasthan under a Production Sharing Contract (“PSC”). The management is of the opinion that the Company is eligible for extension of the PSC for Rajasthan (“RJ”) block on same terms w.e.f. 15 May 2020, a matter which was being adjudicated at the Delhi High Court. The Division Bench of the Delhi High Court in March 2021 set aside the single judge order of May 2018 which allowed extension of PSC on same terms and conditions. The Company has appealed this order in the Supreme Court. In parallel, the Government of India (“GOI”), accorded its approval for extension of the PSC, under the Pre-NELP Extension policy as per notification dated 07 April 2017 (“Pre-NELP Policy”), for RJ block by a period of 10 years, w.e.f. 15 May 2020 vide its letter dated 26 October 2018, subject to fulfilment of certain conditions.

	One of the conditions for extension relates to notification of certain audit exceptions raised for FY 16-17 as per PSC provisions and provides for payment of amounts, if such audit exceptions result into any creation of liability. In connection with the said audit exceptions, a demand of ₹ 2,752 Crore (US$ 364 million) has been raised by DGH on 12 May 2020, relating to the share of the Company and its subsidiary. This amount was subsequently revised to ₹ 3,465 Crore (US$ 458 million) till March 2018 vide DGH letter dated 24 December 2020. The Company has disputed the demand and the other audit exceptions, notified till date, as in the Company’s view the audit notings are not in accordance with the PSC and are entirely unsustainable. Further, as per PSC provisions, disputed notings do not prevail and accordingly do not result in creation of any liability. The Company believes it has reasonable grounds to defend itself which are supported by independent legal opinions. In accordance with PSC terms, the Company has also commenced arbitration proceedings. The arbitration tribunal (“the Tribunal”) stands constituted and Vedanta also filed its application for interim relief. The interim relief application was heard by the Tribunal on 15 December 2020 wherein it was directed that GOI should not take any coercive action to recover the disputed amount of audit exceptions which is presently in arbitration and that during the arbitration period, GOI should continue to extend the tenure of the Rajasthan Block PSC on terms of current extension. The GOI has challenged the said order before the Delhi High Court which is next listed for hearing on 25 May 2022.

	Further, on 23 September 2020, the GOI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues, which is currently being heard. Simultaneously, the Company is also pursuing with the GOI for executing the RJ PSC addendum at the earliest. In view of extenuating circumstances surrounding COVID-19 and pending signing of the PSC addendum for extension after complying with all stipulated conditions, the GOI has been granting permission to the Company to continue Petroleum operations in the RJ block. The latest permission is valid upto 14 May 2022 or signing of the PSC addendum, whichever is earlier. For reasons aforesaid, the Company is not expecting any material liability to devolve on account of these matters or any disruptions in its petroleum operations.

8	Other income includes dividend income from subsidiaries of ₹ 1,062 Crore, ₹ 4,938 Crore, ₹ NIL Crore, ₹ 7,828 Crore and ₹ 10,369 Crore for the quarter ended 31 March 2022, 31 December 2021, 31 March 2021, year ended 31 March 2022 and 31 March 2021 respectively.


9		Additional disclosures as per Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement) Regulations, 2015:


		Quarter ended									Year ended
	Particulars	31.03.2022 (Audited) (Refer Note 2)			31.12.2021 (Unaudited)			31.03.2021 (Audited) (Refer Note 2)			31.03.2022 (Audited)			31.03.2021 (Audited)
a)	Debt-Equity Ratio (in times)*		0.47			0.45			0.42			0.47			0.42
b)	Debt Service Coverage Ratio (in times) (annualised)		1.96			1.76			2.01			1.96			2.01
c)	Interest Service Coverage Ratio (in times)*		7.55			11.41			3.98			8.33			5.99
d)	Current Ratio (in times)*		0.80			0.77			0.79			0.80			0.79
e)	Long term debt to working capital Ratio (in times)*		*	*		*	*		*	*		*	*		*	*
f)	Bad debts to Account receivable Ratio (in times)*		0.00			—			0.00			0.00			0.00
g)	Current liability Ratio (in times)*		0.52			0.50			0.43			0.52			0.43
h)	Total debts to total assets Ratio (in times)*		0.25			0.24			0.23			0.25			0.23
i)	Debtors Turnover Ratio (in times)*		5.31			4.75			4.62			20.81			16.15
j)	Inventory Turnover Ratio (in times)*		1.71			1.75			1.60			6.41			5.10
k)	Operating-Profit Margin (%)*		24	%		19	%		20	%		24	%		17	%
l)	Net-Profit Margin (%)*		24	%		40	%		13	%		28	%		28	%
m)	Debenture Redemption Reserve (₹ in Crore)		—			—			557			—			557
n)	Net Worth (Total Equity) (₹ in Crore)		77,649			78,115			76,790			77,649			76,790

*	Not annualised, except for the year ended 31 March 2022 and 31 March 2021

**	Net working capital is negative

Formulae for computation of ratios are as follows:

Debt-Equity Ratio

Total Debt/ Total Equity

Debt Service Coverage Ratio

Income available for debt service/ (interest expense + repayments made during the period for long term loans), where income available for debt service = Profit before exceptional items and tax + Depreciation, depletion and amortization expense + Interest expense

Interest Service Coverage Ratio

Income available for debt service/ interest expense

Current Ratio

Current Assets/ Current Liabilities (excluding current maturities of long term borrowing)

Long term debt to working capital Ratio

Non-current borrowing (including current maturities of long term borrowing)/ Working capital (WC), where WC = Current Assets - Current Liabilities (excluding current maturities of long term borrowing)

Bad debts to Account receivable Ratio

Bad Debts written off/ Average Trade Receivables

Current liability Ratio

Current Liabilities (excluding current maturities of long term borrowing)/ Total Liabilities

Total debts to total assets Ratio

Total Debt/ Total Assets

Debtors Turnover Ratio

(Revenue from operations + Other operating income)/ Average Trade Receivables

Inventory Turnover Ratio

(Revenue from operations + Other operating income) less EBITDA/ Average Inventory

Operating-Profit Margin (%)

(EBITDA - Depreciation, depletion and amortization expense)/ (Revenue from operations + Other operating income)

Net-Profit Margin (%)

Net profit after tax before exceptional items (net of tax) / (Revenue from operations + Other operating income)


10		The listed secured Non-Convertible debentures (‘NCDs’) of the Company aggregating ₹ 5,016 Crore as on 31 March 2022 are secured by way of first Pari Passu mortgage/charge on certain movable fixed assets and freehold land of the Company. The Company has maintained asset cover of more than 125% and 100% for NCDs with face value of ₹ 2,000 Crore and ₹ 3,020 Crore respectively.
11		The Company is in compliance with the requirements of SEBI circular dated 26 November 2018 applicable to large corporate borrowers.
12		Previous period/ year figures have been re-grouped/rearranged, wherever necessary.


	By Order of the Board
Place : New Delhi		Sunil Duggal
Date : 28 April 2022		Whole - Time Director and Group Chief Executive Officer

Exhibit 99.2

Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

The Board of Directors of

Vedanta Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Vedanta Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures for the quarter ended March 31, 2022 and for the year ended March 31, 2022 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”)

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial information of the subsidiaries, associates, joint ventures, the Statement:

includes the results of the entities as mentioned in Annexure-1;

ii.

are presented in accordance with the requirements of the Listing Regulations in this regard; and

iii.

gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2022 and for the year ended March 31, 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group, its associates and joint ventures in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 6 of the accompanying consolidated financial results which describes the uncertainty arising out of the demands that have been raised on the Group, with respect to government’s share of profit oil by the Director General of Hydrocarbons and one of the pre-conditions for the extension of the Production Sharing Contract (PSC) for the Rajasthan oil block is the settlement of these demands. While the Government has granted permission to the Group to continue operations in the block till May 14, 2022 or signing of the PSC addendum, whichever is earlier, the Group, based on external legal advice, believes it is in compliance with the necessary conditions to secure an extension of this PSC, and based on the legal advice, believes that it is in compliance with the necessary conditions to secure an extension of this PSC and that the demands are untenable and hence no provision is required in respect of these demands.

Our opinion is not modified in respect of this matter.

Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates and joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of the Group and of its associates and joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

•

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and its associates and joint ventures of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial statements and other financial information, in respect of:

•

18 subsidiaries, whose financial statements include total assets of Rs 23,861 crore as at March 31, 2022, total revenues of Rs 3,796 crore and Rs 12,118 crore, total net profit after tax of Rs. 274 crore and Rs. 854 crore, total comprehensive income of Rs. 260 crore and Rs. 838 crore, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 38 crore for the year ended March 31, 2022, as considered in the Statement which have been audited by their respective independent auditors.

•

1 associates and 1 joint ventures, whose financial statements include Group’s share of net loss of Rs. Nil and Rs. Nil and Group’s share of total comprehensive loss of Rs. Nil and Rs. Nil for the quarter and for the year ended March 31, 2022 respectively, as considered in the Statement whose financial results/financial statements, other financial information have been audited by their respective independent auditors.

The independent auditor’s report on the financial statements and other financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint operations, joint ventures and associates is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Certain of these subsidiaries and associates are located outside India whose financial statements and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company’s management has converted the financial statements of such subsidiaries and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries and associates located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

The accompanying Statement includes unaudited financial statements and other unaudited financial information in respect of:

•

3 subsidiaries, whose financial statements and other financial information reflect total assets of Rs 2,199 crore as at March 31, 2022, and total revenues of Rs 64 crore and Rs 468 crore, total net loss after tax of Rs. 130 crore and Rs. 8 crore, total comprehensive loss of Rs. 130 crore and Rs. 8 crore, for the quarter and the year ended on that date respectively and net cash inflows of Rs. 192 crore for the year ended March 31, 2022;

•

3 associates and 3 joint ventures, whose financial statements includes the Group’s share of net loss of Rs. Nil and Rs Nil and Group’s share of total comprehensive loss of Rs. Nil and Rs. Nil for the quarter and for the year ended March 31, 2022 respectively;

•

1 unincorporated joint venture not operated by the Group, whose financial statements includes the Group’s share of total assets of Rs 99 crore as at March 31, 2022

as considered in the Statement whose financial statements and other financial information have not been audited by their auditor(s).

These unaudited financial statements and other financial information have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures, unincorporated joint venture and associates, is based solely on such unaudited financial statements and other financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and other financial information are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management.

The Statement includes the results for the quarter ended March 31, 2022 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2022 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Sudhir Soni

Partner

Membership No.: 41870

UDIN: 22041870AHZGCM5093

Place: Mumbai

Date: April 28, 2022

Annexure 1 to our report dated April 28, 2022 on the consolidated financial results of Vedanta Limited for quarter ended March 31, 2022

List of subsidiaries/associates/ joint ventures


S. No.		Name
1		Bharat Aluminium Company Limited (BALCO)
2		Copper Mines of Tasmania Pty Limited (CMT)
3		Fujairah Gold FZE
4		Hindustan Zinc Limited (HZL)
5		Monte Cello BV (MCBV)
6		Sesa Resources Limited (SRL)
7		Sesa Mining Corporation Limited
8		Thalanga Copper Mines Pty Limited (TCM)
9		MALCO Energy Limited (MEL)
10		Lakomasko B.V.
11		THL Zinc Ventures Limited
12		THL Zinc Limited
13		Sterlite (USA) Inc.*
14		Talwandi Sabo Power Limited
15		THL Zinc Namibia Holdings (Pty) Limited (VNHL)
16		Skorpion Zinc (Pty) Limited (SZPL)
17		Namzinc (Pty) Limited (SZ)
18		Skorpion Mining Company (Pty) Limited (NZ)
19		Amica Guesthouse (Pty) Ltd
20		Black Mountain Mining (Pty) Ltd
21		THL Zinc Holding BV
22		Vedanta Lisheen Holdings Limited (VLHL)
23		Vedanta Lisheen Mining Limited (VLML)
24		Killoran Lisheen Mining Limited
25		Lisheen Milling Limited
26		Vizag General Cargo Berth Private Limited
27		Paradip Multi Cargo Berth Private Limited
28		Sterlite Ports Limited (SPL)
29		Maritime Ventures Private Limited
30		Goa Sea Port Private Limited
31		Bloom Fountain Limited (BFM)
32		Western Cluster Limited
33		Cairn India Holdings Limited
34		Cairn Energy Hydrocarbons Ltd
35		Cairn Energy Gujarat Block 1 Limited
36		CIG Mauritius Holdings Private Limited
37		CIG Mauritius Private Limited
38		Cairn Lanka Private Limited
39		Cairn South Africa Pty Limited**
40		Ferro Alloy Corporation Limited (FACOR)
41		Facor Power Limited (FPL)
42		Facor Realty and Infrastructure Limited
43		Vedanta ESOS Trust
44		Avanstrate (Japan) Inc. (ASI)
45		Avanstrate (Korea) Inc
46		Avanstrate (Taiwan) Inc
47		Electrosteel Steels Limited


S. No.		Name
48		Lisheen Mine Partnership
49		Hindustan Zinc Alloy Private Limited
50		Desai Cement Company Private Limited (DCCPL)
51		Vedanta Zinc Football & Sports Foundation

*	Sterlite (USA) Inc. has been dissolved w.e.f. December 20, 2021

**	Cairn South Africa (Pty) Ltd has been deregistered effective from April 06, 2021

Associates


S. No.		Name
1		RoshSkor Township (Proprietary) Limited
2		Gaurav Overseas Private Limited
3		Raykal Aluminium Company Private Limited
4		Rampia Coal Mines and Energy Private limited (Struck off by MCA on April 19, 2021)

Joint Ventures


S. No.		Name
1		Goa Maritime Private Limited
2		Madanpur South Coal Company Limited
3		Rosh Pinah Healthcare (Pty) Ltd
4		Gergarub Exploration and Mining (Pty) Limited

Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

The Board of Directors of

Vedanta Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Vedanta Limited (the “Company”) for the quarter ended March 31, 2022 and for the year ended March 31, 2022 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

is presented in accordance with the requirements of the Listing Regulations in this regard; and

ii.

gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2022 and for the year ended March 31, 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to note 7 of the accompanying standalone financial results which describes the uncertainty arising out of the demands that have been raised on the Company, with respect to government’s share of profit oil by the Director General of Hydrocarbons and one of the pre-conditions for the extension of the Production Sharing Contract (PSC) for the Rajasthan oil block is the settlement of these demands. While the Government has granted permission to the Company to continue operations in the block till May 14, 2022 or signing of the PSC addendum, whichever is earlier, the Company, based on external legal advice, believes it is in compliance with the necessary conditions to secure an extension of this PSC and that the demands are untenable and hence no provision is required in respect of these demands. Our opinion is not modified in respect of this matter.

Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

•

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

We did not audit the financial results and other financial information, in respect of an unincorporated joint venture not operated by the Company, whose Ind AS financial results include total assets of Rs 99 crore as at March 31, 2022. The Ind AS financial results and other financial information of the said unincorporated joint venture not operated by the Company have not been audited and such unaudited financial results and other unaudited financial information have been furnished to us by the management and our report on the Ind AS financial statements of the Company, in so far as it relates to the amounts and disclosures included in respect of the said unincorporated joint venture, is based solely on such unaudited information furnished to us by the management. In our opinion and according to the information and explanations given to us by the Management, these financial results and other financial information of joint venture, is not material to the Company. Our opinion on the Statement is not modified in respect of this matter.

The Statement includes the results for the quarter ended March 31, 2022 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2022 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Sudhir Soni

Partner

Membership No.: 41870

UDIN: 22041870AHZEYI8361

Place: Mumbai

Date: April 28, 2022

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

Vedanta Limited reports highest ever quarterly consolidated EBITDA of ₹ 13,768 crore; Net debt declines by ₹ 6,590 crore

Mumbai, April 28, 2022: Consolidated Results for the Fourth Quarter and Full Year ended 31st March 2022

Financial Highlights –

•

4QFY22:

•

Record consolidated quarterly revenue of ₹39,342 crore, up 41% YoY

•

Highest ever quarterly EBITDA of ₹13,768 crore, up 51% YoY

•

PAT (before exceptional and one-time tax credit) of ₹7,570 crore, up 48% YoY

•

Net Debt at ₹20,979 crore, declined by ₹6,590 crore since 31^st Dec 2021

•

FY22:

•

All time high consolidated revenue of ₹131,192 crore, up 51% YoY

•

Highest ever annual EBITDA of ₹45,319 crore, up 66% YoY

•

Robust Industry leading EBITDA margin¹ of 39%

•

PAT (before exceptional and one-time tax credit) of ₹24,299 crore, up 95% YoY

•

Free cash flow before capex ₹27,154 crore, up 69% YoY

•

Strong double-digit ROCE² at c.30%, ~1.6 times YoY

•

Net Debt/EBITDA at 0.5x lowest in 5 years; net debt to equity at 0.25x

•

Strong liquidity position with total cash and cash equivalent at ₹32,130 crore

•

Record dividend payout of ₹45/share; ~14% dividend yield

•

Credit rating upgrade by both CRISIL and India Rating to AA with stable outlook

Shareholders value creation -

Vedanta has consistent track record of rewarding its shareholders with strong dividend pay-out. Last year we paid ₹ 45 per share amounting to ₹ 16,728 crore which translates into ~14% dividend yield one of the highest among peers in FY22 and had record total shareholder’s return. The board, in its meeting held today 28^th April, has approved first interim dividend for FY23 of ₹ 31.5 per share amounting to ₹ 11,710 crore. This is line with our robust performance on profitability and cash flows. This will also help the Vedanta group in deleveraging, in line with latest capital allocation policy.

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

Page 1 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

Operational Highlights FY22 –

•

Record annual volume across key businesses with stable production from Oil and Gas

•

Maintained 1^st quartile cost curve positioning globally, across key segments

•

Strong margins across key businesses despite increase in input commodity prices and power cost

•

Aluminium:

•

Record Aluminium production at 2,268kt, up 15%YoY

•

Highest ever Alumina production at 1,968kt, up 7%YoY

•

Zinc India

•

Highest ever Mined metal production, crossed 1 million tonnes mark

•

Best ever metal production of 967kt, up 4%YoY

•

Zinc International:

•

Record mined metal production at Gamsberg of 170 kt, up 18%YoY

•

Oil & Gas:

•

Sustained average gross operated production at 161 kboepd

•

Two new discoveries named Durga and Jaya in OALP block

•

Iron Ore:

•

Highest ever sales of 5.7 million tonnes at Karnataka, up 30%YoY

•

Record pig iron production of 790 kt, up 33%YoY

•

Continued engagement with the stakeholders for resumption of Goa mining

•

Steel:

•

Record Hot metal production of 1.36 million tonnes, up 5%YoY

•

Saleable Steel production at 1.26 million tonnes, up 6%YoY

•

Commenced commercial production from recently acquired two Iron ore mines in Orissa

•

FACOR:

•

Record Ferro Chrome production of 75 kt

•

EBITDA margin increased by 3x to $534 per tonne

•

Copper India:

•

Due legal process is being followed to achieve a sustainable restart of the operations

ESG Highlights –

•

3,200+ Nand Ghars created for women and child welfare, signed MoU with Government of Rajasthan for developing 25,000 Nand Ghars

•

₹ 359 crores Social Investment; improving the lives of 4.36 million people

•

₹ 54,104 crore contribution to the National Exchequer

•

~13.75 million tonnes GHG emissions avoided

•

31% water recycled

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

Page 2 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

•

Electric mobility: Jharsuguda partners with GEAR India to supply 23 e-forklifts; deployed 50+ electric vehicles at Hindustan Zinc and ESL steel together

•

10-year MoU signed with TERI to develop implementation programs to further our ESG vision

•

Signed Power Distribution Agreement for 580 MW renewable energy - a significant milestone towards 2.5 GW RE Round the Clock commitment

•

Launched green Aluminium under the brands ‘Restora’ & ‘Restora Ultra’ to usher new era of green metals

•

Collaboration with TUV-SUD to develop roadmap for our ‘Net Water Positive’ Initiative

•

1st fly ash rake from Jharsuguda dispatched to ACC-Holcim

•

Commenced Ash backfilling in one of the coal India’s open cast mines in Mar’22

•

Used 17kt biomass in Hindustan Zinc; committed to using 5% biomass in our thermal power plants

Mr Sunil Duggal, Chief Executive Officer, Vedanta, said “I am delighted to share record operational and financial performance for FY22. We have delivered historical best EBITDA of ₹45,319 crore and PAT (before exceptional and one-time tax credit) of ₹24,299 crore. This reflects our relentless focus on volume growth and operational efficiency, underpinned by structural integration and technology adoption. The strong free cash flow (pre capex) of ₹27,154 crore has allowed us to reinvest for growth, further strengthen our balance sheet and continue our attractive dividend pay-out. As a part of our ESG Journey, we have signed an agreement for 580 MW renewable power distribution which brings us one step closer towards becoming a Net Zero Carbon organization. As we leap forward, we are committed to make Vedanta stronger through growth, vertical integration, operational efficiencies and renewed ESG purpose.”

1.	Excluding custom smelting

2.	Return on capital employed on LTM basis

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

Page 3 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

Consolidated Financial Performance –

(In ₹ crore, except as stated)


	Q4						%			Q3			%			FY						%
Particulars	FY2022			FY2021			Change			FY2022			Change			FY2022			FY2021			Change
Net Sales/Income from operations		39,342			27,874			41	%		33,697			17	%		131,192			86,863			51	%
Other Operating Income		480			332			45	%		400			20	%		1,541			1,158			33	%
EBITDA		13,768			9,107			51	%		10,938			26	%		45,319			27,341			66	%
EBITDA Margin¹		39	%		38	%		3	%		37	%		7	%		39	%		36	%		8	%
Finance cost		1,333			1,325			1	%		1,216			10	%		4,797			5,210			(8	%)
Investment Income		520			860			(40	%)		516			1	%		2,341			3,269			(28	%)
Exchange gain/(loss) - (Non operational)		(45	)		(71	)		(37	%)		(67	)		(33	%)		(235	)		129			—
Profit before Depreciation and Taxes		12,911			8,571			51	%		10,171			27	%		42,627			25,529			67	%
Depreciation & Amortization		2,379			2,055			16	%		2,274			5	%		8,895			7,638			16	%
Profit before Exceptional items		10,532			6,516			62	%		7,897			33	%		33,732			17,891			89	%
Exceptional Items Credit/(Expense)²		(336	)		(773	)		(56	%)		(105	)		—			(769	)		(678	)		13	%
Profit Before Tax		10,195			5,743			78	%		7,792			31	%		32,964			17,213			92	%
Tax Charge/ (Credit)		2,962			1,412			—			2,474			20	%		9,433			5,445			73	%
One-time tax charge/ (Credit)³		—			(3,111	)		—			0			—						(3,111	)		—
Tax on Exceptional items/ (Credit)		(28	)		(187	)		(85	%)		(35	)		(19	%)		(178	)		(154	)		16	%
Profit After Taxes before exceptional and one time tax credit		7,570			5,105			48	%		5,424			40	%		24,299			12,446			95	%
Profit After Taxes		7,261			7,629			(5	%)		5,354			36	%		23,709			15,033			58	%
Minority Interest		1,463			1,196			22	%		1,190			23	%		4,908			3,430			43	%
Basic Earnings per Share (₹/share)		15.66			17.37			(10	%)		11.24			39	%		50.73			31.32			62	%
Basic EPS before Exceptional items		16.27			18.94			(14	%)		11.42			42	%		52.02			32.80			59	%
Exchange rate (₹/$ ) - Average		75.17			72.95			3	%		74.90			0	%		74.46			74.11			0	%
Exchange rate (₹/$ ) - Closing		75.59			73.30			3	%		74.37			2	%		75.59			73.30			3	%

1.	Excludes custom smelting at Copper business

2.	Exceptional Items Gross of Tax

3.	One time tax credit includes deferred tax asset on losses recognised in ESL

•

Revenue:

•

Achieved record consolidated revenue of ₹39,342 crore in 4QFY22 with 41%YoY and 17%QoQ growth; supported by higher sale volumes and improved commodity prices.

•

FY22 consolidated revenue at ₹131,192 crore was also best ever with 51%YoY growth.

•

EBITDA and EBITDA Margin:

•

Achieved highest ever consolidated EBITDA of ₹13,768 crore in 4QFY22. This 51%YoY and 26%QoQ growth was mainly due to higher sales volume, supportive commodity prices and operational efficiencies despite higher Cost of production amidst input commodity inflation.

•

FY22 consolidated EBITDA at ₹45,319 crore was also historically high with 66%YoY growth; EBITDA margin¹ stood robust at 39%.

•

Depreciation & Amortization:

•

4QFY22 Depreciation & amortisation increased by 16%YoY to ₹2,379 crore, mainly due to increase in amortisation with increased Ore production at Zinc Business. On QoQ basis, it was up by 5% as impact of increased in Ore production at Zinc Business was partially offset by decrease in overall working interest production at Oil & Gas business.

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

Page 4 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

•

FY22 Depreciation & amortisation increased by 16%YoY to ₹8,895 crore, mainly due to increase in amortisation because of increased – a) Ore production at Zinc Business, b) higher depletion at Oil & Gas business, and c) capitalisation at Aluminium business.

•

Finance Cost:

•

4QFY22 Finance cost increased 1%YoY to ₹1,333 crore as one-time charges paid on Vedanta Aluminium loan were broadly offset by lower average borrowings and decreased cost of borrowings. On QoQ basis, Finance cost was up by 10%, mainly due to increase in average borrowings and one time charges paid on Vedanta Aluminium loan after a partial offset from decreased cost of borrowings.

•

FY22 Finance cost decreased 8%YoY to ₹4,797 crore, mainly due to lower average borrowings and decreased cost of borrowings.

•

Investment Income:

•

4QFY22 Investment Income decreased 40%YoY to ₹520 crore, mainly due to Mark to Market movement and change in Investment mix.

•

FY22 Investment Income decreased 28%YoY to ₹2,341 crore, due to Mark to Market movement and change in Investment mix.

•

Exceptional Items:

•

4QFY22 Exceptional items at ₹(336) crore; primarily relates to ₹2,697 crore gain from impairment reversal in Oil & Gas which was partially offset by exploration cost written off in cairn ₹2,403 crore.

•

FY22 Exceptional items at ₹ (769) crore; primarily relates to ₹2,697 crore gain on account of impairment reversal in Oil and Gas which was partially offset by exploration cost written off in cairn ₹2,618 crore, exceptional loss on account of provision against KCM receivables ₹217 crore, deposit write of ₹125 crore in Aluminium business, fly ash provision ₹288 crore, payment under amnesty scheme at Zinc India ₹134 crore.

•

Taxes:

•

4QFY22 normalized Effective tax rate (ETR) was 28% (excluding tax on exceptional items of ₹28 crore) compared to 28% in 4QFY21 and 30% in 3QFY22 on account of higher benefit u/s 10AA and change in profit mix.

•

FY22 normalized ETR is 28% (excluding ₹178 crore tax on exceptional items) compared to 27% in FY21 (excluding ₹3,111 crore Deferred tax assets recognized on account of losses in steel business).

•

Profit after Tax before exceptional and one-time tax credit and Earnings per Share (EPS):

•

4QFY22 Profit after Tax (before exceptional item and one-time tax credit) was at ₹7,570 crore, up 48% YoY.

•

For FY22, Profit after Tax (before exceptional item and one-time tax credit) was at ₹24,299 crore, up 95%YoY.

•

EPS for FY22 before exceptional items was at ₹52.02 per share compared to ₹32.80 per share in FY21.

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

Page 5 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

•

Leverage, liquidity, and credit rating:

•

Gross debt declined by ₹3,919 crore YoY in FY22 to ₹53,109 crore as on 31^st Mar 2022; primarily with deleveraging at Balco and CIHL.

•

Net debt declined by ₹3,435 crore YoY in FY22 to ₹20,979 crore on 31^st Mar 2022; driven by strong cash flow from operations after ₹11,043 crore capex and ₹19,356 crore dividend pay-out.

•

Cash and cash equivalents position is robust at ₹32,130 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 company has investment grade credit; both CRISIL and India Ratings upgraded rating to ‘AA’ with stable outlook.

Key Recognitions –

Vedanta has been consistently received various awards and accolades. Few recognitions received during 4QFY22 are given below:

•

Hindustan Zinc was included in the ‘Sustainability Yearbook 2021’

•

Hindustan Zinc was bestowed with outstanding accomplishment in corporate excellence in the 16th CII – ITC sustainability award

•

Cairn was awarded the “Sustainability 4.0 Award 2021: Leaders’ Award’ Under Mega Large Business Sector by Frost and Sullivan & TERI

•

Cairn was awarded the ‘Global CSR Excellence and Leadership Award’ for the ‘Best Rural Health Initiative’ by the ‘World CSR Congress Forum’

•

‘Vedanta Jharsuguda won the ‘Gold Awards’ in ‘Manufacturing Excellence & Digital Smart Manufacturer categories at IMexl Integrated Manufacturing Excellence Initiative

•

Vedanta Limited Jharsuguda was awarded the ‘Greentech Award for Safety Excellence’

•

ESL Steel Limited was awarded the ‘Best Indirect Tax Team Award of the Year’ at the 5th Annual GST Summit & Awards 2022

•

ESL awarded the ‘CHRO Inclusion Vision Award’ and ‘HR Excellence in Change Management Award’ in 2nd Edition CHRO Vision & Innovation Awards 2022

•

FACOR bagged one Excellent and two Distinguished Award at National Convention on Quality Concepts (NCQC) 2021 organized by QCFI Coimbatore

•

FACOR was awarded the ‘British Safety Award’

•

Vedanta Iron ore Karnataka bagged the ‘CII HR Excellence Award’

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

Page 6 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

Results Conference Call –

Please note that the results presentation is available in the Investor Relations section of the company website https://www.vedantalimited.com/Pages/FinancialReports.aspx

Following the announcement, a conference call is scheduled at 5:15 PM (IST) on Apr 28, 2022, where the 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 April 28, 2022, from 5:15 - 6:15 PM (IST)	Universal Dial-In	+91 22 6280 1114 +91 22 7115 8015
	India National Toll Free	1 800 120 1221

		Canada	01180014243444
		Hong Kong	800964448
		Japan	00531161110
	International Toll Free*	Netherlands	08000229808
		Singapore	8001012045
		UK	08081011573
		USA	18667462133

	International Toll*	HongKong	+852 30186877
		Japan	+81 345899421
		Singapore	+65 31575746
		SouthAfrica	+27 110623033
		UK	+44 2034785524
		USA	+1 3233868721

Online Registration Link	https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=5455737&linkSecurityString=16f7b60119

Call Recording	Will be available on website April 29, 2022, onwards

*	In case of dial-ins from any other country, please use the online registration link for relevant dial in numbers

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

Page 7 of 8

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

CIN: L13209MH1965PLC291394

Results for the fourth quarter and full Year ended 31^st Mar 2022

About Vedanta Limited:

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta’s strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company’s flagship social impact program, Nand Ghars, have been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programs with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta and the group companies company have been featured in Dow Jones Sustainability Index 2020, and was conferred Frost & Sullivan Sustainability Awards 2020, CII Environmental Best Practices Award 2020, CSR Health Impact Award 2020, CII National Award 2020 for Excellence in Water Management, CII Digital Transformation Award 2020, People First HR Excellence Award 2020, ‘Company with Great Managers 2020’ by People Business and certified as a Great Place to Work 2021. Vedanta’s flagship Nand Ghar Project was identified as best CSR project by Government of Rajasthan. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India.

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.

For any Investor enquiries, please contact:

Mr. Sandep Agrawal, Vice President - Investor Relations (Sandep.Agrawal@vedanta.co.in)

For any media queries, please contact:

Mrs. Ritu Jhingon, Group Director – Communications (Ritu.Jhingon@vedanta.co.in)

Mr. Abhinaba Das, Group Head - Media Relations (Abhinaba.Das@vedanta.co.in; +91-9820426346)

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

Page 8 of 8

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

CIN: L13209MH1965PLC291394

4QFY22 Earnings Presentation VEDANTA LIMITED INVESTOR PRESENTATION 28th April 2022 Exhibit 99.4

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 Limited and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources Limited 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 Limited 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.

4QFY22 Review and Business Update Sunil Duggal Group CEO & Chief Safety Officer VEDANTA LIMITED INVESTOR PRESENTATION 4QFY22

Record annual production across key businesses and stable Oil & Gas performance: Aluminium and Alumina production grew to 2.3 mn tonnes and 2 mn tonnes, respectively Zinc India Mined metal production crossed 1 mn tonnes mark Gamsberg delivered 170kt mined metal VAB: Pig Iron production grew 33%YoY ESL: Hot Metal production grew 5% YoY Maintained 1st quartile cost curve positioning globally, across key segments Strong margins across key businesses despite higher COP amidst input commodity inflation and power cost Won 3rd coal mine – Kurloi North; Jharsuguda coal security will be 100% Won 2 Iron ore mines in Orissa; Iron ore security for Steel business will be 100% Record Revenue of ₹ 131,192 crore with 51%YoY growth All time high consolidated EBITDA driven by volumes, LME and operational efficiencies; EBITDA grew 66%YoY to 45,319 crore Industry leading EBITDA margin of 39%* All time high Free cash flow (pre- capex) of ₹ 27,154 crore Strong liquidity position with cash and cash equivalents of 32,130 crores Net debt declined by ₹ 3,435 crores Net debt / EBITDA at 0.5x and debt equity ratio at 0.6x – lowest in 5 years Strong ~30% ROCE; 1.6 times YoY ~14% dividend yield with record pay-out of ₹45/share 3,200+ Nand Ghars created for social welfare ₹ 359 crores Social Investment; improving the lives of 4.36 million people ₹ 54,104 crore contribution to the National Exchequer ~13.75 mn tonnes GHG emissions avoided from 2012 baseline 31% water recycled Electric mobility: Jharsuguda partners with GEAR India to supply 23 e-forklifts; deployed 50+ EVs at HZL and ESL together 10-year MoU signed with TERI to develop implementation programs to further our ESG vision Operational VAB: Value added business; ESL: ESL steel limited; COP: Cost of production; Nand Ghars: Women and children care center; HZL: Hindustan Zinc Limited ; *Excluding custom smelting at Copper business FY22 Highlights Financial ESG

FY20 FY21 FY22 EBITDA contribution by key businesses Aluminium: 2nd largest contributor to the group EBITDA with increase in contribution from 9%in FY20 to 38% in FY22; driven by 364kt higher volumes and operational efficiencies including structural cost reduction Zinc: continues to be primary contributor with 39% to group EBITDA; driven by volume increase and operational efficiencies Oil and Gas: in absolute terms remain key contributor to group EBITDA

Strong quarterly volume growth at key businesses: Aluminium production grew 8%YoY Zinc India achieved Highest ever mined metal production of 295 kt, since underground transition Gamsberg mined metal production grew 9%YoY to 45kt VAB: Pig iron production grew 14%YoY ESL: Hot Metal production grew to 344 kt Margins improved across key businesses despite input commodity inflation and higher power cost Commenced commercial production from recently acquired Iron ore mines in Orissa New discovery named ‘Durga-1’ in OALP blocks located in Barmer basin Record Revenue of ₹ 39,342 crore, up 41%YoY Highest ever EBITDA of 13,768 crore, up 51% YoY Industry leading EBITDA margin of 39%* Reduced net debt by ₹ 6,590 crore QoQ Net debt / EBITDA of 0.5x – lowest in 5 years Strong liquidity position with cash and cash equivalents of 32,130 crores Interim dividend paid ₹ 4,832 crore (₹13/share) Investment grade credit rating; both CRISIL and India Ratings upgraded rating to ‘AA’ with stable outlook Annual capital allocation and dividend policy Committed $2bn growth capex for projects across key businesses Signed PDA for 580 MW RE - a significant step towards 2.5 GW RE commitment Launched green Aluminium under the brands ‘Restora’ & ‘Restora Ultra’ to usher new era of green metals Collaboration with TUV-SUD to develop roadmap for our ‘Net Water Positive’ initiative 1st Fly ash rake from Jharsuguda dispatched to cement plant Commenced Ash backfilling in one of the coal India’s open-cast mine in Mar’22 Used 17kt biomass in HZL; committed to using 5% biomass in our thermal power plants Operational VAB: Value added business; ESL: ESL steel limited; PDA Power delivery agreement; RE: Renewable energy; HZL: Hindustan Zinc Limited OALP: Open acreage licensing policy; *Excluding custom smelting at Copper business 4Q FY22 Highlights Financial ESG

Healthcare: Nearly 2.23 million people benefited > 38 Initiatives Drinking water and sanitation: More than 325,000 people benefited >20 Initiatives Community infrastructure: > 0.96 million people benefitted > 50 Initiatives Children’s well-being and education Over 680,000 children benefited > 44 Initiatives Sports & culture: Nearly 70,000 sports persons and culture enthusiasts benefitted > 16 Initiatives Women’s empowerment: > 46,000 women benefited > 11 Initiatives Environmental protection & restoration: Nearly 75,000 saplings planted and under maintenance Agriculture and animal husbandry: > 36,000 people benefited > 16 Initiatives Nand Ghar: women and child care centre Pillar 1: Transforming communities - benefitting the lives of 4.36 million people across 1268 villages 3,200+ Nand Ghar across India Vedanta Medical Research Foundation Football Academy Nearly 4.36 million beneficiaries through Vedanta-wide 180 programs

RE: renewable energy; RTC: round the clock; PDA: power delivery agreement; HZL: Hindustan Zinc Limited LMV: light motor vehicle; ESL: ESL steel; Pillar 2: Transforming the planet Net Zero Carbon Company by 2050 or sooner | 25% absolute GHG reduction by 2030 Renewable power: Committed to use 2.5 GW of RE RTC equivalent by 2030 Signed PDA for 580 MW of RE by FY25 200 MW at BALCO 180 MW at VAL-Jharsuguda 200 MW at HZL 3 billion units of green power purchased by Aluminium sector in FY2022 – largest consumer of RE in India Green Metals: Launched pilot programs to support the green economy Low Carbon Green Aluminium: Launched ‘Restora’ & ‘Restora Ultra’ Green Copper: Pilot project to produce Copper from recycled Copper; 2,909 MT in FY22; target to scale up to 20,000 MT in FY23 Global Standard Restora Restora Ultra 4 TCO2e/T of metal 2.36 TCO2e/T of metal 0.37 TCO2e/T of metal Fuel Switch Programs: Biomass firing: Committed to use 5% biomass in thermal power plants 15.7KT of biomass used in HZL Pilot programs at BALCO, Jharsuguda, Lanjigarh Natural Gas: Vedanta Aluminium-Lanjigarh partnership with GAIL to supply natural gas for calciner - substituting coal use; potential to decrease plant GHG intensity by 20% Electric mobility: Committed to decarbonize 100% of LMV fleet by 2030 and 75% of mining fleet by 2035 Jharsuguda partners with GEAR India to supply 23 e-forklifts 11 EVs deployed at HZL 40 EVs deployed at ESL

HVLT: High volume low toxicity; CLZS: Chanderiya lead zinc smelter; IUCN: International Union for Conservation of Nature CII: Confederation of Indian Industry Pillar 2: Transforming the planet Achieve Water Positivity by 2030: Collaboration with TUV-SUD to develop roadmap for ‘Net Water Positive’ initiative 31% of water recycled in FY22 Waste Management: Committed to 100% utilization of HVLT wastes; bring legacy waste to zero Nearly 100% HVLT utilized in FY22 One rake of red mud (3309 MT) dispatched to one of the largest Indian cement company 1st Fly ash rake from Jharsuguda dispatched to Cement Plant Commenced Ash backfilling in one of the coal India’s open-cast mine in Mar’22 with all requisite regulatory approvals 6.25 Ha of Jarofix Yard Phase 2 at CLZS restored via plantation using Mycorrhiza technique in partnership with TERI Water Positivity | Waste Management | Partnerships Partnerships: Green Spark: Program to collaborate with technology start-ups to solve ESG challenges across our BUs. TERI: 10-year MoU to further our ESG vision, 600+ opportunities to development implementation programs in the areas of research, policy facilitation, stakeholder management, environmental awareness and on-ground implementation IUCN: Partnership with HZL to upgrade biodiversity management plans to align with ‘No Net Loss’ or ‘Net Positive Impact’ targets CII: Signatory to the CII Climate Charter

Pillar 2: Transforming the planet - Green Spark Spark vision: To achieve corporate innovation and growth outcomes through strategic partnerships and investments with Digital or Technology Start-ups Green spark objective: Strategic investments in start-ups to unlock value across Vedanta. Offers opportunities to explore breakthrough products or technologies, new markets, additional revenue streams in the long term and accelerate journey towards ESG leadership FY23 Challenge curation and startup discovery process: To execute quarterly sprints of challenge curation and startup discovery Each sprint to include 1/3rd challenges on ESG themes 1500+ start-ups to be scouted for 20+ opportunity themes and 50+ innovation challenges 100+ start-ups to be selected for engagement across Vedanta; ~$100 mn business value realisation potential to be targeted over next 12 months ChallengeCuration Startups Screening 50 500+ Startups Outreach 1,500+ Startups Engagement 100+ Startups Evaluation 200+ Themes being targeted in 1QFY23: ESG – Communities first Green excellence Zero harm Core – Asset optimization and predictive maintenance Allied – Commercial and marketing excellence Quality excellence Core and Allied – Emerging technologies

In decision making bodies 30% Diversity & inclusion (D&I) council CAPA: corrective action and preventive action Pillar 3: Transforming workplace Safety & health: Focus on “Critical Risk Management” to reduce hazardous activities Launched cross business audit to ensure best safety practices Lunched lift safety standard 12 fatalities in FY22 (all with business partners’ employees); Business units CEOs focusing to drive 100% CAPA closure of learnings Health Community of Practice formed to review all health-related major issues, and to ensure exposure reduction and 100% Periodic Medical Examination 100% double vaccination of COVID-19 vaccine; started Covid -19 booster dose for all eligible employees Sustainability academy Strengthening policy Announced 1st D&I council of the group; includes leaders from operations & enabling functions Setting up organization’s first employee resource group Empanelment of diversity focused institutes/search firms Building all women teams and internal women networks Focus on women representation in all talent management, and award & reward programs Introducing anti-harassment policy, board diversity policy Revamping Human Rights Policy, and 15+ diversity focused policies for workforce including aspects like - flexible working hours, Work from home, Part time working Organizational design to ensure right people in right roles; Launch of ‘People’ CoP to have globally benchmarked HR practices on ESG side 2030 target FY22 Status Overall 50% 27% 29% 11.5% Leadership roles 40% 29% Group Diversity Enabling roles 50% ESG academy phase 1 completed – 100+ senior executives completed “Sustainability 101” training “Sustainability 101” training made compulsory for all employees Completed training on ESG topics for the Board in March 2022 ESG Academy development is on-track

Alumina: achieved best ever annual production COP: Cost of production; JSG: Jharsuguda; VAP: Value added products; *Ex China 1: CY21 global cost curve; 2: Contribution to full year FY22 group EBITDA Aluminium: value creation through continued focus on growth and integrated operations Key highlights: Record annual Aluminium production at 15%YoY growth driven by JSG ramp-up; quarterly production grew 8%YoY Highest ever annual Alumina production with 7%YoY growth; quarterly production grew 7%QoQ Highest ever annual VAP sales at 819 kt; grew 23%YoY Margins improved despite higher COP amidst increase in input commodity prices and power cost Completed debottlenecking of Jharsuguda Billet facility from 400 ktpa to 460 ktpa capacity First in India to launch Low Carbon Aluminium under the brand “Restora” and “Restora Ultra” Secured 15.3 million tons of Coal in Tranche V at competitive price for next 5 years Continued to be in 1st quartile cost curve globally1 2nd largest contributor in group EBITDA, contributed 38%2 in FY22 Aluminium: achieved record production, margins continue to improve

CLZS: Chanderiya lead zinc smelter Zinc India: touched a new milestone with >1 mn tonnes Mined metal production Key performance highlights: Highest ever annual mined Metal production - crossed 1 MTPA mark; best ever quarterly production since underground transition Highest ever annual refined Metal production with 4%YoY growth; supported by better plant and concentrate availability. Quarterly production grew 2%YoY Quarterly integrated zinc production increased 8%YoY. Integrated Lead production decreased with change in Pyro plant (at CLZS) operations to Zinc-Lead mode. Silver production was lower in line with the lower Lead production High margins driven by volumes, improved recoveries and rising LME prices; partially offset by input commodity inflation Continues to be in 1st quartile cost curve globally Mined Metal Refined Metal Silver

MIC: Metal in concentrate; COP: Cost of production Zinc International: Gamsberg achieved 220 kt annualized run rate of MIC production in Mar’22 Key highlights: Achieved highest ever annual production of mined metal with 18%YoY growth; Crushing throughput increased to 827tph in FY22 from 767tph in FY21 Quarterly mined metal production grew 10%QoQ with highest ever quarterly Ore production of 935kt; Throughput & recovery improvement projects in beneficiation plant completed in 4Q: Zinc Rougher Cell and lead pump box commissioning resulted in 3% to 5% recovery improvement Reagent skid upgrade to meet requirement of 600tph throughput COP increased mainly due to spend on south pit recovery project, exchange rate appreciation and input commodity inflation Gamsberg - Production Gamsberg - COP

O&M: Operations and management; Kboepd: Thousand barrel of oil equivalent per day; Boe: barrel of oil equivalent ABH: Aishwarya barmer hills Oil & Gas: stable operations with focus on growth projects Gross production (kboepd) Key highlights: Production: annual production was broadly stable as impact of natural decline was largely offset by – Polymer injection in Bhagyam & Aishwariya fields, Infill wells in Mangala, NI and ABH fields, and Ramp-up of gas production at Rajasthan block Opex: Annual and quarterly Opex increased to $10/boe and $12.4/boe, respectively; primarily due to increased polymer prices O&M contracts: awarded key O&M contracts for End-to-end management across assets Growth: Drilled 25 infill wells in FY22 across producing fields Exploration focused across Rajasthan, Cambay & Northeast Notified hydrocarbon discovery in Durga -1 in Rajasthan and Jaya-1 in Cambay with resource addition of > 50 mmboe Opex ($/boe)

Iron ore: continue to improve performance trajectory VAB : Production and Margin Karnataka Iron ore sales Iron ore Karnataka: Achieved highest ever annual sales of 5.7 mn tonnes with 30%YoY growth; Quarterly sales increased 22%YoY driven by support from all key operational projects Annual Iron ore production was up by 8%YoY; Quarterly production grew 18%YoY Value added business (VAB): VAB achieved record annual production with a 33%YoY growth; Quarterly production increased 14%YoY VAB achieved highest ever annual margins of $111/t; Quarterly margins were impacted mainly by higher Coking coal cost; partially offset by higher Steel prices Iron Ore Goa: Continuously engaging with the state and Central governments for earliest resumption of mining

ESL Steel and FACOR ESL: key performance highlights Record Annual Hot Metal production of 1,355 kt since acquisition, up 5% YoY Quarterly Hot Metal production grew 3%YoY to 344 kt Quarterly saleable production grew 3% YoY; annual production was up 6% with enhanced furnace operations Margins increased 11%QoQ, driven by improved market Commenced commercial production in Mar’22 from two recently acquired Iron ore mines in Orissa: “Nadidih BICO” and “Nadidih FEEGRADE” FACOR: key performance highlights Highest ever Annual Chrome Ore production at 250kt, since acquisition, up 70%YoY Quarterly Ore production was in line with statutory limits Historic high annual Ferro Chrome Production with 10%YoY growth; Quarterly Ferro Chrome production was lower due to maintenance shutdown FY22 margin increased by 3x to $534/t

Aluminium: $1.4 bn growth capex over 2 years; vertical integration focus to reduce market volatility impact and create value Aluminium capacity expansion to 3 MTPA JSG capacity ramp-up to 1.8 MTPA – 1QFY23 Balco capacity expansion to 1 MTPA – 1QFY24 Debottlenecking for balance 0.2 MTPA – 3QFY24 Value added product capacity expansion to 90% JSG VAP expansion to 1.6 MTPA – 2QFY24 Balco VAP expansion to 1.1 MTPA – 2QFY24 Alumina capacity expansion to 6 MTPA Environmental clearance is in place New 3MTPA expansion project – 4QFY23 1 MTPA via debottleneck initiatives – FY24 Bauxite security: Enhance delivery from exiting mine Participation in new mines auction Coal security: 100% operationalization of 3 coal mines Jamkhani - mining commencement in 1QFY23 Radhikapur (W) – mining targeted by 3QF23 Kurloi (North) – mining targeted by 3QFY24 Oil & Gas: $687mn new growth capex projects, this includes $360mn to monetize 52.6mmboe reserves and $327mn to grow resources Infill wells: ~70 wells across operating fields viz Aishwarya, Bhagyam, Tight Oil, Tight Gas and Offshore to augment reserves & mitigate natural decline Exploration PSC/OALP: 30 exploration wells both onshore & offshore across the PSC and OALP blocks to establish resource potential Shale: 5 pilot wells program in Barmer, in partnership with global service providers to leverage technology, to unlock unconventional resources potential ASP: a) ASP surface facility award for Mangala field, b) Early ASP injection in select pads, c) Pilot project in Bhagyam and Aishwariya fields Partnership-model with leading OFS companies from concept to execution OALP: oil acerage licensing policy; PSC: production sharing contract; ASP: Alkali surfactant polymer; OFS: Oilfield service companies Upcoming growth projects – Oil & Gas and Aluminium

MIC: metal in concentrate; VAP: value added product; HDPE: high density polyethylene; MLD: million of liter per day Upcoming growth projects – Zinc International and ESL $466 mn capex on Gamsberg phase 2 project New 4 MTPA Concentrator (200 kt MIC) Completion by 1HFY24 and commissioning in 3QFY24 Key facilities include: Open cast mine expansion from 4 MTPA to 8 MTPA New 4 MTPA concentrator for additional MIC of 200ktpa New tailing dam – adjacent to current dam with HDPE lining as per environmental regulations New 20km, 22 MVA power line to site 6.5km line for 7.5 MLD water Capex investment of $348 mn Doubling Hot Metal Capacity to 3.0 MTPA from 1.5 MTPA Completion of project by end of FY23 Key project activities: Debottlenecking of Blast furnace - 3 by 0.2 MTPA Additional blast furnace of ~ 1.1 MTPA Additional Coke oven capacity of 0.5 MTPA Pellet plant 1.8 MPTA Oxygen plant 800tpd New ductile Iron plant 0.18 MTPA to maximize the VAP Other auxiliary and infrastructure upgradation Zinc International ESL Steel

Finance Update Ajay Goel Acting Chief Financial Officer VEDANTA LIMITED INVESTOR PRESENTATION 4QFY22

Excludes custom smelting at Copper Business PAT – Profit after tax Trailing 12-month ROCE (return on capital employed) is calculated as EBIT net of tax outflow divided by average capital employed Financial snapshot 4QFY22 Revenue EBITDA EBITDA Margin 1 PAT 2 (before exceptional and one-time tax gain) ₹ 39,342 crore ₹ 13,768 crore 39% ₹ 7,570 crore 41% YoY 51% YoY Industry leading margin 48% YOY ROCE 3 Cash and Cash equivalents Net Debt Net Debt / EBITDA c.30% ₹ 32,130 crore ₹ 20,979 crore 0.5x 1.6 times YoY Strong liquidity position 14% YoY lowest in 5 years

(In crore) Market & Regulatory 2,612 crore Aluminium 2,162 Zinc, Lead & Silver 664 Oil & Gas (O&G) 338 IOB, ESL 255 IOB 149 Zinc 134 Aluminium 93 O&G (29) Zinc 53 O&G (17) IOB: iron ore business; ESL: ESL steel limited EBITDA bridge 4QFY22 vs. 3QFY22 (QoQ comparison)

Market & Regulatory 4,969 crore Aluminium 5,070 Zinc, Lead & Silver 1,685 Oil & Gas (O&G) 810 ESL 409 Aluminium 274 ESL 73 Power 53 Zinc (148) AL (702) Zinc (169) O&G (108) EBITDA bridge 4QFY22 vs. 4QFY21 (YoY comparison) (In crore)

*Others – Includes movement in restricted cash Net debt movement during 4QFY22 (In crore) Inventory, Debtor & others (1,336) Creditors/Advances 3,780 FCF Post Capex 11,011 Cr

*Closing rate 7.7% Balance sheet and debt breakdown Net debt / EBITDA – maintained at low level Liquidity: Cash and cash equivalents at 32,130 crore Net Interest: Interest Income – Returns ~4.4%. Interest Expense – Maintained ~7.9%* Maturity: proactive credit management; average term debt maturity maintained above 3.4 years Credit Rating: CRISIL rating at AA with stable outlook India ratings at IND AA with stable outlook Gross Debt In $bn In ₹ 000’ crores Term debt 6.1 46.4 Working capital 0.2 1.6 Short term borrowing 0.7 5.1 Total consolidated debt 7.0 53.1 Cash and Cash Equivalents 4.2 32.1 Net Debt 2.8 21.0 Debt breakup ($7.0bn) - INR Debt 91% - USD / Foreign Currency Debt 9% Debt breakdown (as of 31st Mar 2022)

Disciplined capital allocation framework Key Strategic Priority Optimize Leverage Ratio Intend to deleverage at group level Leverage ratio at Vedanta Limited should not be more than 1.5x. Capital Allocation CAPITAL EXPENDITURE Project Capex Volume augmentation, cost reduction or creating value added products are key guiding principles for all projects Growth projects to ensure minimum guidelines for IRR ~18% Sustaining Capex All sustaining capital expenditure to be a part of Business Plan Sustaining capex to be defined and tracked in $/tonne DIVIDEND Minimum 30% of Attributable Profit after tax (before exceptional items) of Company (excluding profits of HZL) Dividend income received from HZL will be pass through within 6 months MERGERS & ACQUISITIONS Intent to enhance value via acquiring accretive assets/business that have synergies with existing line of core businesses Maximize Total Shareholder’s Return (TSR) 1 2 3

Growth capex and returns profile Full year Capex guidance 1.0 1.2 1.5 1.2 0.7 1.1 FCF pre capex, $bn ~2.8 ~2.0 ~2.8 ~1.8 ~2.2 ~3.6 ROCE1 ~15% ~17% ~13% ~11% ~19% ~30% Growth Capex profile, $bn 1. ROCE is calculated as EBIT net of tax outflow divided by average capital employed on LTM basis

Strategy to enhance long term value Committed to ESG leadership Augment reserves & resources base Operational excellence and cost leadership Optimise capital allocation & maintain strong Balance Sheet Delivering on growth opportunities

Appendix VEDANTA LIMITED INVESTOR PRESENTATION 4QFY22

FY23 guidance Zinc India Mined Metal and Finished Metal: 1,000 - 1,025 Kt Silver: c. 700 - 725 tonnes COP: $1,125/t - $1175/t excluding royalty Aluminium Alumina: 2.0 - 2.1 Mtpa Aluminium: 2.2 - 2.3 Mtpa Zinc International BMM: 60 – 70 Kt Gamsberg: 200 - 225 tonnes COP: $1,300/t - $1400/t Oil & Gas Average Gross Volume: 155-165 kboepd Opex: c. $11/boe Iron Ore Karnataka (WMT): 5.0 – 5.5 Mtpa Pig Iron: 850 - 900 Ktpa Goa: To be updated on re-start of operations ESL Hot Metal – c 1.5 Mtpa Power TSPL plant availability: >85% Copper - India To be updated on re-start of operations

* Deferred tax asset of ₹ 3,111 crore recognized on losses in ESL Note: Previous period figures have been regrouped or re-arranged wherever necessary to conform to the current period’s presentation Income statement In Crore 4Q FY’22 4Q FY’21 FY’22 FY’21 Revenue from operations 39,342 27,874 131,192 86,863 Other operating income 480 332 1,541 1,158 EBITDA 13,768 9,107 45,319 27,341 Depreciation & amortization (2,379) (2,055) (8,895) (7,638) Finance Cost (1,333) (1,325) (4,797) (5,210) Investment Income 520 860 2,341 3,269 Exchange gain/(loss) (45) (71) (235) 129 Exceptional item Credit/(Expense) (336) (773) (769) (678) Tax (Charge)/Credit (2,962) (1,412) (9,433) (5,445) Tax credit/(charge) on exceptional items 28 187 178 154 One time tax credit/(charge)* - 3,111 - 3,111 PAT before exceptional & one time tax credit 7,570 5,105 24,299 12,446 Profit/(Loss) After Taxes 7,261 7,629 23,709 15,033 Minorities % (after exceptional items) 20% 16% 21% 23% Depreciation & Amortization Higher by 16%YoY in 4QFY22 mainly due to increase in amortization as a result of increase in Ore production at Zinc Business. Higher by 16%YoY in FY22 mainly due to increase in amortization as a result of increased Ore production at Zinc Business and higher depletion at O&G business. Finance Cost Reduced by 8% YoY in FY22 mainly due to lower average borrowings and decreased cost of borrowings. Investment Income Lower primarily on account of mark to market movement and change in investment mix. Taxes FY22 vs FY21 The normalized ETR is 28% (excluding ₹ 178 crore tax on exceptional items) compared to the normalized ETR of 27% excluding Deferred Tax Asset of 3,111cr recognized on losses at steel business.

Capex approved for Cairn represents Net capex, however Gross capex is $4.2 bn. Is based on exchange rate at the time of approval. Is based on exchange rate at the time of incurrence Unspent capex represents the difference between total capex approved and cumulative spend as on 31st Mar 2022. Project capex Capex in Progress (In $ mn) Status Approved Capex2 Spent up to 31 Mar’213 Spent in FY223 Unspent as at 31 Mar 20224 Cairn India1 – Mangala infill, Bhagyam & Aishwariya Polymer, Liquid handling , ASP , OALP, Tight oil & gas etc. 3,100 1,028 184 1,888 Aluminium Sector Balco smelter and rolled product capacity expansion In Progress 935 1 69 865 Jharsuguda 1.25mtpa smelter, 550ktpa VAP capacity expansion In progress 3,280 2,961 74 245 Zinc India Mine expansion 2,077 1,770 39 267 Others 261 165 1 94 Zinc International Gamsberg Phase II Project In Progress 466 - - 466 Iron Ore Project In Progress 37 - 9 28 Copper India Tuticorin Smelter 400ktpa Project is under Force Majeure 717 198 - 519 ESL- Growth Project 349 - 24 325 Avanstrate Furnace Expansion and Cold Line Repair 116 54 26 36 Capex Flexibility Metals and Mining Lanjigarh Refinery (Phase II) – 5mtpa Ongoing 1,563 919 45 599 Skorpion Refinery Conversion Currently deferred till Pit 112 extension 156 14 - 142

Entity-wise Cash and Debt Company Mar 31, 2022 Mar 31, 2021 Debt Cash & Cash Eq3 Net Debt3 Debt Cash & Cash Eq3 Net Debt3 Vedanta Limited Standalone 36,696 7,057 29,639 32,166 5,851 26,315 Cairn India Holdings Limited1 1,602 1,389 213 2,810 1,402 1,408 Zinc India 2,823 20,789 (17,966) 7,178 22,308 (15,130) Zinc International 45 601 (555) 220 457 (237) BALCO 1,142 742 399 3,271 1,134 2,138 Talwandi Sabo 7,013 90 6,923 7,189 460 6,729 ESL 2,704 862 1,843 3,135 813 2,322 Others2 1,083 601 482 1,059 188 871 Vedanta Limited Consolidated 53,109 32,130 20,979 57,028 32,614 24,414 Notes: Debt numbers are at Book Value and excludes inter-company eliminations 1. Cairn India Holdings Limited is a wholly owned subsidiary of Vedanta Limited which holds 50% of the group’s share in the RJ Block 2. Others includes MALCO Energy, CMT, VGCB, Fujairah Gold, FACOR, Vedanta Limited’s investment companies and ASI 3. CIHL does not include ICL of $749 mn to VRL (In crore)

*Others incl. movement in restricted cash and ICL receipt from VRL Net debt movement during FY22 (In crore) FCF (post Capex) 21,715 Crore Inventory, Debtor and others (5,918) Creditors/Advances 1,284

Note: USD–INR: 75.6 on 31st Mar 2022 Funding sources and term debt maturities Term debt of $3.8bn at Standalone and $2.3bn at Subsidiaries, total consolidated $6.1bn Diversified Funding Sources for Term Debt of $6.1bn (as of 31st Mar 2022) Term Debt Maturities : 46,442 crore ($6.1bn) (as on 31st Mar’22) In ₹ 000’ crore

Segment Summary – Aluminium Particulars (in’000 tonnes, or as stated) Quarter Q4 Q3 Full year Full year 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Alumina – Lanjigarh 503 496 1% 472 1,968 1,841 7% Total Aluminum Production 572 531 8% 578 2,268 1,969 15% Jharsuguda 428 387 11% 431 1,687 1,400 20% Korba 144 144 - 147 582 570 2% Financials (In crore, except as stated) Revenue 15,475 8,828 76% 13,024 50,881 28,644 78% EBITDA – BALCO 1,322 802 65% 931 4,355 2,286 90% EBITDA – Vedanta Aluminium 3,896 1,938 101% 2,816 13,002 5,465 138% EBITDA Aluminum Segment 5,218 2,739 91% 3,747 17,337 7,751 124% Alumina CoP – Lanjigarh ($/MT) 332 246 35% 290 291 235 24% Alumina CoP – Lanjigarh ( /MT) 24,900 18,000 38% 21,700 21,600 17,400 24% Aluminium CoP – ($/MT) 2,182 1,433 52% 2,055 1,858 1,347 38% Aluminium CoP – ( /MT) 1,64,000 1,04,500 57% 1,53,900 1,38,400 99,800 39% Aluminum CoP – Jharsuguda ($/MT) 2,183 1,387 57% 2,045 1,839 1,304 41% Aluminium CoP – Jharsuguda( /MT) 1,64,100 1,01,200 62% 1,53,200 1,37,000 96,600 42% Aluminum CoP – BALCO ($/MT) 2,179 1,554 40% 2,083 1,913 1,450 32% Aluminium CoP – BALCO ( /MT) 163,800 1,13,300 45% 1,56,000 1,42,400 1,07,500 32% Aluminum LME Price ($/MT) 3,280 2,096 56% 2,762 2,774 1,805 54%

Aluminium profitability 3QFY22 $/t 4QFY22 2,055 2,762 109 130 3,001 (756) (833) (466) (70) 876 (137) (262) 477 2,182 116: 191: 69 0: 99: 168 237: 125: 49 109: 110: 113

Excludes captive consumption of 1,547 tonnes in 4Q FY 2022 vs 1,825 tonnes in 4Q FY 2021 & 1,816 tonnes in 3Q FY 2022. For FY2022, it was 6,951 as compared to 6,424 tonnes in FY2021. Excludes captive consumption of 7.8 tonnes in 4Q FY 2022 vs 9.1 tonnes in 4Q FY 2021 & 9.5 tonnes in 3Q FY 2022 . For FY2022, it was 37.4 tonnes as compared with 34.6 tonnes in FY2021 Segment Summary – Zinc India Production (in ’000 tonnes, or as stated) Quarter Q4 Q3 Full year Full year 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Mined metal content 295 288 3% 252 1017 972 5% Integrated metal 260 256 2% 261 967 930 4% Refined Zinc – Integrated 211 195 8% 214 776 715 8% Refined Lead – Integrated1 49 61 (19%) 47 191 214 (11%) Refined Saleable Silver - Integrated (in tonnes)2 162 203 (20%) 173 647 706 (8%) Financials (In crore, except as stated) Revenue 8,587 6,699 28% 7,817 28,624 21,932 31% EBITDA 4,988 3,846 30% 4,384 16,161 11,620 39% Zinc CoP without Royalty ( /MT) 85,400 69,000 24% 86,000 83,500 70,700 18% Zinc CoP without Royalty ($/MT) 1,136 945 20% 1,148 1,122 954 18% Zinc CoP with Royalty ($/MT) 1,644 1,319 25% 1,600 1,567 1286 22% Zinc LME Price ($/MT) 3,754 2,750 37% 3,364 3,257 2422 34% Lead LME Price ($/MT) 2,335 2,018 16% 2,331 2,285 1868 22% Silver LBMA Price ($/oz) 24.0 26.3 (9%) 23.3 24.6 22.9 7%

Segment summary – Zinc International Production (in’000 tonnes, or as stated) Quarter Q4 Q3 Full year Full year 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Refined Zinc – Skorpion - - - - - 1 - Mined metal content- BMM 10 14 (29)% 11 52 58 (9)% Mined metal content- Gamsberg 45 41 9% 41 170 145 18% Total 55 55 (1)% 52 223 203 10% Financials (In Crore, except as stated) Revenue 1,242 900 38% 1,079 4,484 2,729 64% EBITDA 467 201 132% 367 1,533 811 89% CoP – ($/MT) 1,639 1,296 26% 1,491 1,442 1,307 10% Zinc LME Price ($/MT) 3,754 2,750 37% 3,364 3,257 2,422 34% Lead LME Price ($/MT) 2,335 2,018 16% 2,331 2,285 1,868 22%

Segment Summary – Oil & Gas Oil & Gas (boepd) Quarter Q4 Q3 Full year Full year 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Average Daily Gross Operated Production (boepd) 153,840 165,000 (7%) 159,230 160,851 162,104 (1%) Rajasthan 132,443 138,057 (4%) 136,795 137,723 132,599 4% Ravva 13,248 16,258 (19%) 14,457 14,166 19,177 (26%) Cambay 8,065 10,685 (25%) 7,906 8,923 10,329 (14%) OALP 84 - - 73 39 - - Average Daily Working Interest Production (boepd) 99,513 105,123 (5%) 102,795 103,737 101,706 2% Rajasthan 92,710 96,640 (4%) 95,756 96,406 92,819 4% Ravva 2,981 3,658 (19%) 3,253 3,187 4,315 (26%) Cambay 3,226 4,274 (25%) 3,162 3,569 4,131 (14%) KG-ONN 2003/1 513 552 (7%) 550 535 441 21% OALP 84 - - 73 39 - - Total Oil and Gas (million boe) Oil & Gas- Gross operated 13.8 14.8 (7%) 14.6 58.7 59.2 (1%) Oil & Gas-Working Interest 9.0 9.5 (5%) 9.5 37.9 37.1 2% Financials (In crore, except as stated) Revenue 3,940 2,584 52% 3,113 12,430 7,531 65% EBITDA 2,052 1,069 92% 1,492 5,992 3,206 87% Average Oil Price Realization ($/bbl) 95.7 59.4 61% 75.7 77.1 43.8 76% Brent Price ($ / bbl) 102.2 60.9 68% 79.7 81.2 44.3 83%

Segment Summary – Oil & Gas Oil & Gas (boepd) Quarter Q4 Q3 Full year Full year 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Average Daily Production Gross operated 153,840 165,000 (7%) 159,230 160,851 162,104 (1%) Oil 130,758 139,818 (6%) 133,731 135,662 140,353 (3%) Gas (Mmscfd) 138 151 (9%) 153 151 131 15% Non operated- Working interest 513 552 (7%) 550 535 441 21% Working Interest 99,513 105,123 (5%) 102,795 103,737 101,706 2% Rajasthan (Block RJ-ON-90/1) Gross operated 132,443 138,057 (4%) 136,795 137,723 132,599 4% Oil 112,501 118,849 (5%) 114,896 116,437 116,599 - Gas (Mmscfd) 120 115 4% 131 128 96 33% Gross DA 1 114,963 123,855 (7%) 120,459 120,911 119,863 1% Gross DA 2 17,327 14,070 23% 16,163 16,640 12,507 33% Gross DA 3 153 132 16% 173 172 228 (25%) Working Interest 92,710 96,640 (4%) 95,756 96,406 92,819 4% Ravva (Block PKGM-1) Gross operated 13,248 16,258 (19%) 14,457 14,166 19,177 (26%) Oil 11,681 12,566 (7%) 12,594 12,067 15,036 (20%) Gas (Mmscfd) 9 22 (59%) 11 13 25 (48%) Working Interest 2,981 3,658 (19%) 3,253 3,187 4,315 (26%) Cambay (Block CB/OS-2) Gross operated 8,065 10,685 (25%) 7,906 8,923 10,329 (14%) Oil 6,493 8,404 (23%) 6,168 7,119 8,718 (18%) Gas (Mmscfd) 9 14 (36%) 10 11 10 10% Working Interest 3,226 4,274 (25%) 3,162 3,569 4,131 (14%) Average Price Realization Cairn Total (US$/boe) 92.3 57.0 62% 74.4 74.8 41.9 79% Oil (US$/bbl) 95.7 59.4 61% 75.7 77.1 43.8 76% Gas (US$/mscf) 12.1 7.1 70% 11.2 10.3 4.8 115%

Segment Summary – Iron Ore and Steel Steel Particulars (in million dry metric tonnes, or as stated) Quarter Q4 Q3 Full year Full year as stated) 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Sales 2.3 2.2 4% 1.5 6.8 6.5 4% Goa 0.5 0.8 (31%) 0.1 1.1 2.1 (50%) Karnataka 1.7 1.4 22% 1.5 5.7 4.4 30% Production of Saleable Ore 1.4 1.2 18% 1.2 5.4 5.0 8% Goa - - - - - - Karnataka 1.4 1.2 18% 1.2 5.4 5.0 8% Production (’000 tonnes) Pig Iron 178 156 14% 202 790 596 33% Financials (In crore, except as stated) Revenue 1,866 1,727 8% 1,416 6,350 4,528 40% EBITDA 549 793 (31%) 410 2,280 1,804 26% Iron Ore Particulars (in ‘000 tonnes, or as stated) Quarter Q4 Q3 Full year Full year as stated) 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Total Production 328 319 3% 350 1,260 1,187 6% Pig Iron 48 48 - 48 186 189 (2%) Billet Production 241 232 4% 261 932 882 6% Billet Consumption (inter category adj.) (255) (220) 16% (240) (840) (716) 17% TMT Bar 130 118 10% 114 399 338 18% Wire Rod 118 97 22% 120 421 361 17% Ductile Iron Pipes 45 44 1% 48 164 135 22% Financials (In crore, except as stated) Revenue 2,212 1,465 51% 1,578 6,474 4,668 39% EBITDA 239 309 (23%) 167 701 871 (19%) Margin ($/t) 80 131 (39%) 72 74 95 (23%)

Segment Summary – Power Particulars (in million units) Quarter Q4 Q3 Full year Full year 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Total Power Sales 2,803 3,352 (16)% 3,448 11,872 11,261 5% Jharsuguda - 558 - 755 2,060 2,835 (27)% BALCO 251 380 (34)% 279 1,139 1,596 (29)% HZL Wind Power 66 65 2% 59 414 351 18% TSPL 2,486 2,349 6% 2,355 8,259 6,479 27% Financials (in crore except as stated) Revenue 1,687 1,449 16% 1,638 5,826 5,375 8% EBITDA 189 151 25% 283 1,082 1,407 (23)% Average Cost of Generation( /unit) ex. TSPL 2.42 2.85 (15)% 2.76 2.42 2.34 3% Average Realization ( /unit) ex. TSPL 3.92 2.98 32% 2.72 3.10 3.09 - TSPL PAF (%) 93% 84% - 92% 76% 81% - TSPL Average Realization ( /unit) 3.62 3.62 - 3.43 3.62 2.96 22% TSPL Cost of Generation ( /unit) 2.77 2.87 (3)% 2.52 2.76 2.10 31%

Production (in ’000 tonnes, or as stated) Quarter Q4 Q3 Full year Full year as stated) 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Total Production Ore Production 43 56 (22%) 59 250 147 70% Ferrochrome Production 17.7 18.5 (4)% 20.1 75.3 68.3 10% Financials (In crore, except as stated) Revenue 221 151 46% 229 830 274 - EBITDA 82 54 52% 88 325 69 - Margin ($/MT) 470 492 (4%) 590 534 176 - *Vedanta acquired Ferro Alloys Corporation Limited (“FACOR”) in Sep 21,2020; hence FY22 vs FY21 financials may not be comparable Segment Summary – FACOR and Copper FACOR* Copper Production (in ’000 tonnes, or as stated) Quarter Q4 Q3 Full year Full year as stated) 4QFY22 4QFY21 % YoY 3QFY22 FY22 FY21 % YoY Copper - Cathodes 34 35 (3%) 33 125 101 24% Financials (In crore, except as stated) Revenue 4,351 3,945 10% 3,741 15,151 10,890 39% EBITDA 16 (71) - 14 (115) (177) 35% Copper LME Price ($/MT) 9,997 8,504 18% 9,699 9,689 6,897 41%

Sales Summary – Zinc and Aluminium Sales volume Quarter Full Year 4QFY22 4QFY21 3QFY22 FY22 FY21 Zinc-India Sales Refined Zinc (kt) 214 198 212 777 724 Refined Lead (kt) 49 62 47 192 216 Total Zinc-Lead (kt) 263 260 259 969 940 Silver (tonnes) 162 203 173 647 735 Zinc-International Sales Zinc Refined (kt) - - - - 1 Zinc Concentrate (MIC) 51 51 45 195 174 Total Zinc (Refined+Conc) 51 51 45 195 175 Lead Concentrate (MIC) 5 6 8 28 28 Total Zinc-Lead (kt) 56 57 52 223 203 Aluminium Sales Sales - Wire rods (kt) 95 96 90 331 328 Sales - Rolled products (kt) 8 10 10 33 31 Sales - Busbar and Billets (kt) 125 116 105 455 308 Total Value-added products (kt) 228 221 205 819 668 Sales - Ingots (kt) 358 321 369 1451 1325 Total Aluminium sales (kt) 586 543 573 2270 1992

Sales summary – Iron & Steel, FACOR and Power Sales volume Quarter Full Year Sales volume 4QFY22 4QFY21 3QFY22 FY22 FY21 Iron ore sales Goa (mn dmt) 0.5 0.8 0.1 1.1 2.1 Karnataka (mn dmt) 1.7 1.4 1.5 5.7 4.4 Total (mn dmt) 2.3 2.2 1.5 6.8 6.5 Pig Iron (kt) 186 165 200 790 609 Steel sales (kt) 399 323 309 1,275 1,231 Pig Iron 50 46 49 189 192 Billet 3 4 7 96 158 TMT Bar 163 118 89 402 356 Wire Rod 132 101 116 422 375 Ductile Iron Pipes 50 54 48 167 150 Facor sales3 Ferrochrome (kt) 18 17 20 77 71 Copper-India sales Copper Cathodes (kt) 1.0 3.9 1.0 7.7 7.8 Copper Rods (kt) 39 36 35 128 122 Sales volume Power Sales (mu) Quarter Full Year 4QFY22 4QFY21 3QFY22 FY22 FY21 Jharsuguda - 558 755 2,060 2,835 TSPL 2,486 2,349 2,355 8,259 6,479 BALCO 251 380 279 1,139 1,596 HZL Wind power 66 65 59 414 351 Total sales 2,803 3,352 3,488 11,872 11,261 Power Realisations (INR/kWh) Jharsuguda 600 MW - 2.45 2.54 2.60 2.54 TSPL1 3.62 3.62 3.43 3.62 2.97 Balco 3.83 3.62 2.99 3.65 3.85 HZL Wind power 4.26 3.80 3.78 4.14 4.00 Average Realisations2 3.92 2.98 2.72 3.10 3.09 Power Costs (INR/kWh) Jharsuguda 600 MW - 3.14 2.63 2.57 2.48 TSPL1 2.77 2.87 2.52 2.76 2.10 Balco 2.62 2.61 3.30 2.63 2.36 HZL Wind power 1.67 1.80 1.90 1.05 1.20 Average costs2 2.42 2.85 2.76 2.42 2.34 1. Based on Availability 2. Average excludes TSPL 3. Vedanta acquired Ferro Alloys Corporation Limited (“FACOR”) in Sep 21,2020.

Currency and commodity sensitivities Commodity prices – Impact of a 10% increase in Commodity Prices Commodity FY 2022 Average price Full Year Impact on EBITDA ($mn) Oil ($/bbl) 81 68 Zinc ($/t) 3,257 283 Aluminium ($/t) 2,774 527 Lead ($/t) 2,285 44 Silver ($/oz) 25 54 Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~ 1000 crore / year 116: 191: 69 0: 99: 168 237: 125: 49 109: 110: 113

64.9% Zinc India (HZL) Bharat Aluminium (BALCO) Zinc International# Electrosteel Steels Talwandi Sabo Power 51% 95.5% 100% As of 31-Mar-22 ($bn) Unlisted entities Listed entities EBITDA 2.2 Net Cash 2.4 EBITDA 0.6 Net Debt 0.1 EBITDA 0.2 Net Cash 0.1 EBITDA 0.1 Net Debt 0.2 EBITDA 0.1 Net Debt 0.9 116: 191: 69 0: 99: 168 237: 125: 49 109: 110: 113 Sesa Iron Ore Sterlite Copper Power (600 MW Jharsuguda) Aluminium (Odisha aluminium and power assets) Cairn Oil & Gas* Divisions of Vedanta Limited Note: Shareholding as on Mar 31, 2022 *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd; #Gamsberg -74%, BMM -74% & Skorpion - 100% Net Debt at VRL consolidated and standalone does not include inter company loan Group – present debt structure 100% Vedanta Resources (VRL) Consolidated Standalone EBITDA 6.3 0.2 Net Debt 11.7 8.9 Vedanta Limited (VEDL) Consolidated EBITDA 6.1 Net Debt 2.8 69.7% Subsidiaries of Vedanta Limited Volcan EBITDA - Net Debt -

Sustainability development & CSR Cairn awarded the ‘Global CSR Excellence and Leadership Award’ for the ‘Best Rural Health Initiative’ by the ‘World CSR Congress Forum' Hindustan Zinc included in the ‘Sustainability Yearbook 2021’ HZL bestowed with outstanding accomplishment in corporate excellence in the 16th CII – ITC sustainability award Cairn awarded the “Sustainability 4.0 Award 2021: Leaders' Award’ Under Mega Large Business Sector by Frost and Sullivan & TERI Finance & Operational ESL awarded the ‘Best Indirect Tax Team Award of the Year’ at the 5th Annual GST Summit & Awards 2022 ‘Vedanta Ltd., Jharsuguda won the ‘Gold Awards’ in ‘Manufacturing Excellence & Digital Smart Manufacturer categories at IMexl Integrated Manufacturing Excellence Initiative FACOR bagged one Excellent and two Distinguished Award at National Convention on Quality Concepts (NCQC) 2021 organized by QCFI Coimbatore Health, Safety & HR Vedanta Ltd., Jharsuguda awarded the ‘Greentech Award for Safety Excellence‘ ESL awarded the ‘CHRO Inclusion Vision Award’ and ‘HR Excellence in Change Management Award’ in 2nd Edition CHRO Vision & Innovation Awards 2022 FACOR was awarded the ‘British Safety Award’ Vedanta IOK bags the ‘CII HR Excellence Award’ Our group companies received more than 100 awards in the finance, operational excellence, sustainability, CSR and HR categories Awards 4QFY22

Results Conference Call Details Results conference call is scheduled at 5:15 PM (IST) on April 28, 2022. The dial-in numbers for the call are given below: Event Telephone Number Earnings conference call on April 28, 2022 from 5:15 - 6:15 PM (IST) Universal Dial-In +91 22 6280 1114 +91 22 7115 8015 India National Toll Free 1 800 120 1221 International Toll Free Canada 01180014243444 Hong Kong 800964448 Japan 00531161110 Netherlands 08000229808 Singapore 8001012045 UK 08081011573 USA 18667462133 International Toll HongKong +852 30186877 Japan +81 345899421 Singapore +65 31575746 SouthAfrica +27 110623033 UK +44 2034785524 USA +1 3233868721 Online Registration Link https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=5525803&linkSecurityString=164548598a Call Recording Will be available on website April 29,2022 onwards 116: 191: 69 0: 99: 168 237: 125: 49 109: 110: 113