Vedanta : Unaudited Consolidated and Standalone Financial Results of the Company for the First Quarter ended June 30, 2022 (‘Financial Results') - Form 6-K

	Vedanta Limited CIN no. L13209MH1965PLC291394

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

Mumbai-400093, Maharashtra

STATEMENT OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER ENDED 30 JUNE 2022

(₹ in Crore, except as stated)

				Quarter ended
S. No.		Particulars		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
1		Revenue from operations			38,251				39,342				28,105				131,192
2		Other operating income			371				480				307				1,540
3		Other income			733				611				739				2,600
	Total income			39,355				40,433				29,151				135,332
4		Expenses
a)		Cost of materials consumed			10,774				11,235				8,207				37,172
b)		Purchases of stock-in-trade			12				35				88				133
c)		Changes in inventories of finished goods, work-in-progress and stock-in-trade			(813	)			(643	)			(766	)			(2,049	)
d)		Power and fuel charges			8,953				6,333				3,918				21,164
e)		Employee benefits expense			780				720				683				2,811
f)		Finance costs			1,206				1,333				1,182				4,797
g)		Depreciation, depletion and amortization expense			2,464				2,379				2,124				8,895
h)		Other expenses			8,719				8,509				6,315				28,677
5		Total expenses			32,095				29,901				21,751				101,600
6		Profit before exceptional items and tax			7,260				10,532				7,400				33,732
7		Net exceptional loss (Refer note 4)			-				(336	)			(230	)			(768	)
8		Profit before tax			7,260				10,196				7,170				32,964
9		Tax expense/ (benefit)
	On other than exceptional items
a)		Net current tax expense			1,516				1,949				1,430				6,889
b)		Net deferred tax expense, net of tax credits			152				1,014				539				2,544
	On exceptional items
c)		Net tax benefit on exceptional items (Refer note 4)			-				(28	)			(81	)			(178	)
	Net tax expense (a+b+c)			1,668				2,935				1,888				9,255
10		Profit after tax before share in profit of jointly controlled entities and associates			5,592				7,261				5,282				23,709
11		Add: Share in profit of jointly controlled entities and associates			1				0				1				1
12		Profit after share in profit of jointly controlled entities and associates (a)			5,593				7,261				5,283				23,710

(₹ in Crore, except as stated)

				Quarter ended
S. No.		Particulars		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
13		Other Comprehensive Income/ (Loss)
i.		(a) Items that will not be reclassified to profit or loss			(38	)			(49	)			32				(3	)
	(b) Tax benefit on items that will not be reclassified to profit or loss			1				3				0				1
ii.		(a) Items that will be reclassified to profit or loss			2,763				841				371				893
	(b) Tax (expense)/ benefit on items that will be reclassified to profit or loss			(757	)			(5	)			15				(28	)
	Total Other Comprehensive Income (b)			1,969				790				418				863
14		Total Comprehensive Income (a + b)			7,562				8,051				5,701				24,573
15		Profit attributable to:
a)		Owners of Vedanta Limited			4,421				5,799				4,224				18,802
b)		Non-controlling interests			1,172				1,462				1,059				4,908
16		Other Comprehensive Income attributable to:
a)		Owners of Vedanta Limited			1,754				725				393				823
b)		Non-controlling interests			215				65				25				40
17		Total Comprehensive Income attributable to:
a)		Owners of Vedanta Limited			6,175				6,524				4,617				19,625
b)		Non-controlling interests			1,387				1,527				1,084				4,948
18		Net Profit after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items			4,421				6,027				4,342				19,279
19		Paid-up equity share capital (Face value of ₹ 1 each)			372				372				372				372
20		Reserves excluding revaluation reserves as per balance sheet						65,011
21		Earnings per share (₹) (*not annualised)
	-Basic			11.92	*			15.66	*			11.40	*			50.73
	-Diluted			11.84	*			15.56	*			11.31	*			50.38

(₹ in Crore)

				Quarter ended
S. No.		Segment information		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
1		Segment Revenue
a)		Zinc, Lead and Silver
	(i) Zinc & Lead - India			8,066				7,551				5,217				24,418
	(ii) Silver - India			1,109				1,036				1,106				4,206
	Total			9,175				8,587				6,323				28,624
b)		Zinc - International			1,459				1,242				1,119				4,484
c)		Oil & Gas			4,083				3,940				2,485				12,430
d)		Aluminium			14,644				15,475				10,263				50,881
e)		Copper			4,215				4,351				3,499				15,151
f)		Iron Ore			1,367				1,866				1,576				6,350
g)		Power			1,770				1,687				1,225				5,826
h)		Others			1,856				2,556				1,641				7,972
	Total			38,569				39,704				28,131				131,718
Less:		Inter Segment Revenue			318				362				26				526
	Revenue from operations			38,251				39,342				28,105				131,192
2		Segment Results (EBITDA) i
a)		Zinc, Lead and Silver			5,230				4,988				3,510				16,161
b)		Zinc - International			589				467				401				1,533
c)		Oil & Gas			2,081				2,053				1,063				5,992
d)		Aluminium			2,251				5,218				3,725				17,337
e)		Copper			(14	)			15				(106	)			(115	)
f)		Iron Ore			363				548				762				2,280
g)		Power			81				188				346				1,082
h)		Others			160				291				331				1,049
	Total Segment results (EBITDA)			10,741				13,768				10,032				45,319
Less:		Depreciation, depletion and amortization expense			2,464				2,379				2,124				8,895
Add:		Other income, net of expenses ii			3	*			63				60				245
Less:		Finance costs			1,206				1,333				1,182				4,797
Add:		Other unallocable income, net of expenses			186				413				614				1,860
	Profit before exceptional items and tax			7,260				10,532				7,400				33,732
Add:		Net exceptional loss (Refer note 4)			-				(336	)			(230	)			(768	)
	Profit before tax			7,260				10,196				7,170				32,964
3		Segment assets
a)		Zinc, Lead and Silver - India			24,452				22,822				21,001				22,822
b)		Zinc - International			6,859				6,984				6,495				6,984
c)		Oil & Gas			26,983				24,149				20,270				24,149
d)		Aluminium			65,340				60,407				56,358				60,407
e)		Copper			5,898				5,912				6,323				5,912
f)		Iron Ore			5,182				4,156				3,302				4,156
g)		Power			17,296				17,195				17,526				17,195
h)		Others			9,823				9,197				8,163				9,197
i)		Unallocated			47,826				47,778				47,215				47,778
	Total			209,659				198,600				186,653				198,600

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

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

* Includes cost of exploration wells written off of ₹ 62 Crore in Oil & Gas segment.

(₹ in Crore)

				Quarter ended
S. No.		Segment information		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
4		Segment liabilities
a)		Zinc, Lead and Silver-India			6,537				6,229				4,951				6,229
b)		Zinc-International			1,163				1,159				1,034				1,159
c)		Oil & Gas			19,140				16,138				12,551				16,138
d)		Aluminium			21,983				20,231				18,579				20,231
e)		Copper			5,186				5,028				4,103				5,028
f)		Iron Ore			3,123				2,601				1,463				2,601
g)		Power			2,390				1,976				1,889				1,976
h)		Others			2,861				2,694				1,985				2,694
i)		Unallocated			68,586				59,840				56,965				59,840
	Total			130,969				115,896				103,520				115,896

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;

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

(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.

	Notes:-
1		The above consolidated results of Vedanta Limited ("the Company") and its subsidiaries ("the Group"), jointly controlled entities, and associates for the quarter ended 30 June 2022 have been reviewed by the Audit and Risk Management Committee at its meeting held on 27 July 2022 and approved by the Board of Directors at its meeting held on 28 July 2022. The statutory auditors have carried out a limited review on these results and issued an unmodified conclusion.
2		The figures for the quarter ended 31 March 2022 are the balancing figures between audited figures for the full financial year ended 31 March 2022 and unaudited figures for the nine months ended 31 December 2021.
3		During the quarter ended 30 June 2022, the Board of Directors of the Company at its meeting held on 28 April 2022, approved the first interim dividend of ₹ 31.50 per equity share, i.e., 3,150% on face value of ₹ 1/- per equity share for the year ended 31 March 2023. Subsequent to the quarter ended 30 June 2022, the Board of Directors of the Company at its meeting held on 19 July 2022, approved the second interim dividend of ₹ 19.50 per equity share, i.e., 1,950% on face value of ₹ 1/- per equity share for the year ended 31 March 2023. With this, the total dividend declared for FY 2022-23 currently stands at ₹ 51 per equity share of ₹ 1/- each.
4		Net exceptional loss comprise the following:

													(₹ in Crore)
		Particulars		Quarter ended
	30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer note 2)			30.06.2021 (Unaudited)			31.03.2022 (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	)			(96	)			(2,618	)
	b) Reversal of previously recorded impairment			-				2,697				-				2,697
	- Aluminium			-				(125	)			-				(125	)
	- Others			-				-				-				(52	)
	- Unallocated			-				-				-				(24	)
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium			-				(288	)			-				(288	)
	- Copper			-				(217	)			-				(217	)
	- Zinc, Lead and Silver - India			-				-				(134	)			(134	)
	- Others			-				-				-				(7	)
	Net exceptional loss			-				(336	)			(230	)			(768	)
	Current tax benefit on above			-				496				64				580
	Net deferred tax (expense)/ benefit on above			-				(468	)			17				(402	)
	Non-controlling interests on above			-				80				31				113
	Net exceptional loss, net of tax and non-controlling interests			-				(228	)			(118	)			(477	)

5		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 2016-17 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 ₹ 2,870 Crore (US$ 364 million) has been raised by Directorate General of Hydrocarbons ("DGH") on 12 May 2020, relating to the share of the Company and one of its subsidiaries. This amount was subsequently revised to ₹ 3,613 Crore (US$ 458 million) till March 2018 vide DGH letter dated 24 December 2020.

On 28 April 2022, DGH has notified audit exceptions for the period upto 14 May 2020 and included an additional amount of ₹ 2,038 Crore (US$ 259 million) for aforementioned matters.

The Company has disputed the aforesaid 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 the Company 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 scheduled for hearing in due course.

Further, on 23 September 2020, the GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. This matter is also scheduled for hearing in due course. 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 August 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 is also pursuing with the GoI for executing the RJ PSC addendum at the earliest.

6

In our oil and gas business, the GoI, vide its notification no. 05/2022 dated 30 June 2022 had levied Special Additional Excise Duty ("SAED") of ₹ 23,250 per tonne (approximately equivalent to US$ 40/ barrel) on crude oil with effect from 01 July 2022, which has been revised to ₹ 17,000 per tonne (approximately equivalent to US$ 30/ barrel) with effect from 20 July 2022. The SAED rate is expected to be revised every fortnight. This is in the nature of cess on windfall gain triggered by increase in crude oil prices in recent months.

The Company is engaging with the GoI on this levy, within the framework of contractual agreements of PSC and Revenue Sharing Contracts ("RSC") executed with the GoI.

The Company has performed sensitivity analysis to assess the impact of the above SAED on the recoverable value of assets in the oil and gas business, which is determined basis the consensus of analyst recommendations of long-term prices, discount rates, production quantity etc. Based on the results of such analysis, Management believes that no adjustment to the carrying value of the asset is required at this stage.

7

The Company has a copper smelter plant in Tuticorin. The Company's application for renewal of Consent to Operate ("CTO") for the plant 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. The Company 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 the 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, State Industries Promotion Corporation of Tamil Nadu ("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 and the matter is now being heard on merits. As per the Company's assessment, it is in compliance with the applicable regulations and hence there is no impact on the carrying value of the assets.

8

Subsequent to the quarter ended 30 June 2022, the Company acquired controlling stake in Athena Chhattisgarh Power Limited ("ACPL") under the liquidation proceedings of the Insolvency and Bankruptcy Code, 2016 for a consideration of ₹ 565 Crore. ACPL is building a 1,200 MW (600 MW X 2) coal-based power plant located at Jhanjgir Champa district, Chhattisgarh. The plant is expected to fulfill the power requirements for the Company's aluminium business.

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

		By Order of the Board
				Sunil Duggal
Dated: 28 July 2022 Place: New Delhi							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 UNAUDITED STANDALONE RESULTS FOR THE QUARTER ENDED 30 JUNE 2022

(₹ in Crore, except as stated)

				Quarter ended			Year ended
S. No.		Particulars		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer Note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
1		Revenue from operations			17,779				18,841				12,883				62,801
2		Other operating income			134				168				75				476
3		Other income (Refer note 9)			174				1,218				1,399				8,347
	Total Income			18,087				20,227				14,357				71,624
4		Expenses
a)		Cost of materials consumed			6,593				7,378				4,950				23,751
b)		Purchases of stock-in-trade			47				54				162				228
c)		Changes in inventories of finished goods, work-in-progress and stock-in-trade			(480	)			(470	)			(546	)			(1,172	)
d)		Power and fuel charges			5,375				3,621				2,056				11,874
e)		Employee benefits expense			231				233				198				867
f)		Finance costs			858				868				722				3,146
g)		Depreciation, depletion and amortization expense			873				742				704				2,945
h)		Other expenses			3,250				2,953				2,274				10,051
	Total expenses			16,747				15,379				10,520				51,690
5		Profit before exceptional items and tax			1,340				4,848				3,837				19,934
6		Net exceptional loss (Refer note 4)			-				(96	)			(96	)			(318	)
7		Profit before tax			1,340				4,752				3,741				19,616
8		Tax (benefit)/ expense on other than exceptional items:
a)		Net current tax expense			218				850				678				3,505
b)		Net deferred tax benefit, including tax credits			(552	)			(221	)			(239	)			(1,023	)
	Net tax benefit on exceptional items:
c)		Net tax benefit on exceptional items (Refer note 4)			-				(34	)			(34	)			(111	)
	Net tax (benefit)/ expense (a+b+c)			(334	)			595				405				2,371
9		Net profit after tax (A)			1,674				4,157				3,336				17,245
10		Net profit after tax before exceptional items (net of tax)			1,674				4,219				3,398				17,452
11		Other Comprehensive Income/ (Loss)
a)		(i) Items that will not be reclassified to profit or loss			(35	)			(34	)			36				(8	)
	(ii) Tax benefit/ (expense) on items that will not be reclassified to profit or loss			0				2				(1	)			8
b)		(i) Items that will be reclassified to profit or loss			1,547				277				51				407
	(ii) Tax (expense)/ benefit on items that will be reclassified to profit or loss			(456	)			(58	)			11				(74	)
	Total Other Comprehensive Income (B)			1,056				187				97				333
12		Total Comprehensive Income (A+B)			2,730				4,344				3,433				17,578
13		Paid-up equity share capital (Face value of ₹ 1 each)			372				372				372				372
14		Reserves excluding revaluation reserves as per balance sheet						77,277
15		Earnings per share (₹) (*not annualised)
	- Basic and diluted			4.50	*			11.17	*			8.97	*			46.36

						(₹ in Crore)
				Quarter ended			Year ended
S. No.		Segment information		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer Note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
1		Segment revenue
a)		Oil & Gas			2,122				2,067				1,339				6,622
b)		Aluminium			11,171				11,766				7,617				38,371
c)		Copper			3,040				3,286				2,206				11,096
d)		Iron Ore			1,214				1,714				1,576				6,143
e)		Power			232				226				145				787
	Total			17,779				19,059				12,883				63,019
Less:		Inter segment revenue			-				218				-				218
	Revenue from operations			17,779				18,841				12,883				62,801
2		Segment Results (EBITDA) i
a)		Oil & Gas			1,043				1,042				568				3,137
b)		Aluminium			1,890				3,896				2,759				13,024
c)		Copper			(3	)			30				(86	)			(150	)
d)		Iron Ore			287				514				688				2,187
e)		Power			(97	)			(135	)			(9	)			(172	)
	Total Segment results (EBITDA)			3,120				5,347				3,920				18,026
Less:		Depreciation, depletion and amortization expense			873				742				704				2,945
Add:		Other income, net of expenses ii			(30	)*			20				19				78
Less:		Finance costs			858				868				722				3,146
Add:		Other unallocable income, net of expenses (Refer note 9)			(19	)			1,091				1,324				7,921
	Profit before exceptional items and tax			1,340				4,848				3,837				19,934
Add:		Net exceptional loss (Refer note 4)			-				(96	)			(96	)			(318	)
	Profit before tax			1,340				4,752				3,741				19,616
3		Segment assets
a)		Oil & Gas			16,870				16,420				14,119				16,420
b)		Aluminium			51,773				47,307				43,784				47,307
c)		Copper			5,310				5,383				5,394				5,383
d)		Iron Ore			4,597				3,590				2,889				3,590
e)		Power			2,973				3,044				3,228				3,044
f)		Unallocated			71,405				73,215				68,029				73,215
	Total			152,928				148,959				137,443				148,959
4		Segment liabilities
a)		Oil & Gas			12,290				10,178				8,194				10,178
b)		Aluminium			17,706				15,848				13,415				15,848
c)		Copper			4,767				4,638				3,698				4,638
d)		Iron Ore			2,908				2,321				2,235				2,321
e)		Power			217				152				165				152
f)		Unallocated			46,296				38,173				29,500				38,173
	Total			84,184				71,310				57,207				71,310

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 5);

(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) Includes amortisation of duty benefits relating to assets recognised as government grant.

* Includes cost of exploration wells written off of ₹ 50 Crore in Oil & Gas segment.

	Notes:-
1		The above results of Vedanta Limited ("the Company"), for the quarter ended 30 June 2022 have been reviewed by the Audit and Risk Management Committee at its meeting held on 27 July 2022 and approved by the Board of Directors at its meeting held on 28 July 2022. The statutory auditors have carried out a limited review on these results and issued an unmodified conclusion.
2		The figures for the quarter ended 31 March 2022 are the balancing figures between audited figures for the full financial year ended 31 March 2022 and unaudited figures for the nine months ended 31 December 2021.
3		During the quarter ended 30 June 2022, the Board of Directors of the Company at its meeting held on 28 April 2022, approved the first interim dividend of ₹ 31.50 per equity share, i.e., 3,150% on face value of ₹ 1/- per equity share for the year ended 31 March 2023. Subsequent to the quarter ended 30 June 2022, the Board of Directors of the Company at its meeting held on 19 July 2022, approved the second interim dividend of ₹ 19.50 per equity share, i.e., 1,950% on face value of ₹ 1/- per equity share for the year ended 31 March 2023. With this, the total dividend declared for FY 2022-23 currently stands at ₹ 51 per equity share of ₹ 1/- each.
4		Net exceptional loss comprise the following:

													(₹ in Crore)
		Particulars		Quarter ended			Year ended
		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer Note 2)			30.06.2021 (Unaudited)			31.03.2022 (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	)			(96	)			(1,412	)
	b) Reversal of previously recorded impairment			-				1,370				-				1,370
	- Aluminium			-				(125	)			-				(125	)
	- Unallocated			-				-				-				(24	)
	Provision for legal disputes (including change in law), force majeure and similar incidences in:
	- Aluminium			-				(73	)			-				(73	)
	- Copper			-				(54	)			-				(54	)
	Net exceptional loss			-				(96	)			(96	)			(318	)
	Current tax benefit on above			-				247				17				281
	Net deferred tax (expense)/ benefit on above			-				(213	)			17				(170	)
	Net Exceptional loss (net of tax)			-				(62	)			(62	)			(207	)

5		The Company has a copper smelter plant in Tuticorin. The Company's application for renewal of Consent to Operate ("CTO") for the plant 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. The Company 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 the 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, State Industries Promotion Corporation of Tamil Nadu ("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 and the matter is now being heard on merits. As per the Company's assessment, it is in compliance with the applicable regulations and hence there is no impact on the carrying value of the assets.
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 2016-17 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 ₹ 2,870 Crore (US$ 364 million) has been raised by Directorate General of Hydrocarbons ("DGH") on 12 May 2020, relating to the share of the Company and one of its subsidiaries. This amount was subsequently revised to ₹ 3,613 Crore (US$ 458 million) till March 2018 vide DGH letter dated 24 December 2020.
	On 28 April 2022, DGH has notified audit exceptions for the period upto 14 May 2020 and included an additional amount of ₹ 2,038 Crore (US$ 259 million) for aforementioned matters.
	The Company has disputed the aforesaid 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 the Company 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 scheduled for hearing in due course. Further, on 23 September 2020, the GoI had filed an application for interim relief before Delhi High Court seeking payment of all disputed dues. This matter is also scheduled for hearing in due course.
	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 August 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 is also pursuing with the GoI for executing the RJ PSC addendum at the earliest.
7		In our oil and gas business, the GoI, vide its notification no. 05/2022 dated 30 June 2022 had levied Special Additional Excise Duty ("SAED") of ₹ 23,250 per tonne (approximately equivalent to US$ 40/ barrel) on crude oil with effect from 01 July 2022, which has been revised to ₹ 17,000 per tonne (approximately equivalent to US$ 30/ barrel) with effect from 20 July 2022. The SAED rate is expected to be revised every fortnight. This is in the nature of cess on windfall gain triggered by increase in crude oil prices in recent months. The Company is engaging with the GoI on this levy, within the framework of contractual agreements of PSC and Revenue Sharing Contracts ("RSC") executed with the GoI. The Company has performed sensitivity analysis to assess the impact of the above SAED on the recoverable value of assets in the oil and gas business, which is determined basis the consensus of analyst recommendations of long-term prices, discount rates, production quantity etc. Based on the results of such analysis, Management believes that no adjustment to the carrying value of the asset is required at this stage.
8		Subsequent to the quarter ended 30 June 2022, the Company acquired controlling stake in Athena Chhattisgarh Power Limited ("ACPL") under the liquidation proceedings of the Insolvency and Bankruptcy Code, 2016 for a consideration of ₹ 565 Crore. ACPL is building a 1,200 MW (600 MW X 2) coal-based power plant located at Jhanjgir Champa district, Chhattisgarh. The plant is expected to fulfill the power requirements for the Company's aluminium business.

9		Other income includes dividend income from subsidiaries of ₹ Nil Crore, ₹ 1,062 Crore, ₹ 1,316 Crore and ₹ 7,828 Crore for the quarter ended 30 June 2022, 31 March 2022, 30 June 2021 and year ended 31 March 2022 respectively.
10		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		30.06.2022 (Unaudited)			31.03.2022 (Audited) (Refer Note 2)			30.06.2021 (Unaudited)			31.03.2022 (Audited)
a)		Debt-Equity Ratio (in times)*			0.66				0.47				0.35				0.47
b)		Debt Service Coverage Ratio (in times) (annualised)			2.24				1.96				1.41				1.96
c)		Interest Service Coverage Ratio (in times)*			3.56				7.33				7.16				8.33
d)		Current Ratio (in times)*			0.71				0.80				0.77				0.80
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)*			0.54				0.52				0.45				0.52
h)		Total debts to total assets Ratio (in times)*			0.30				0.25				0.20				0.25
i)		Debtors Turnover Ratio (in times)*			5.32				5.31				4.35				20.81
j)		Inventory Turnover Ratio (in times)*			1.56				1.71				1.50				6.41
k)		Operating-Profit Margin (%)*			13	%			24	%			25	%			24	%
l)		Net-Profit Margin (%)*			9	%			22	%			26	%			28	%
m)		Capital Redemption Reserve (₹ in Crore)			3,125				3,125				3,125				3,125
n)		Debenture Redemption Reserve (₹ in Crore)			-				-				117				-
o)		Net Worth (Total Equity) (₹ in Crore)			68,745				77,649				80,234				77,649

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

**	Net working capital is negative

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)
m)		Capital Redemption Reserve includes Preference Share Redemption Reserve created on redemption of preference shares.

11		The listed secured Non-Convertible debentures ('NCDs') of the Company aggregating ₹ 7,836 Crore as on 30 June 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 ₹ 6,089 Crore and ₹ 1,750 Crore respectively.
12		Previous period/ year figures have been re-grouped/ rearranged, wherever necessary.

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