Vedanta Resources plc 16 Berkeley Street London W1J 8DZ

Tel: +44 (0) 20 7499 5900

Fax: +44 (0) 20 7491 8440

www.vedantaresources.com

"This announcement contains inside information which is disclosed in accordance with the EU Market Abuse Regulation." Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Vedanta Resources plc

9 November 2017

Interim results for the six months ended 30 September 2017 Financial highlights
  • Revenue of US$6.8 billion, up 39% y-o-y and EBITDA of US$1.7 billion, up 37% y-o-y, primarily due to higher volumes and strong commodity prices

  • Adjusted EBITDA margin of 34% in H1 FY2018 (H1 FY2017: 33%)

  • Profit attributable to equity holders of the parent (before special items) increased to US$ 21 million (H1 FY2017: US$(64) million)

  • Positive free cash flow(FCF) after growth capex of US$232 million (H1 FY2017: US$166 million)

  • Gross debt of US$15.1 billion, a reduction of US$3.1 billion over the last six months (including repayment of US$1.1 billion of temporary borrowing at Zinc India)

  • Net debt of US$9.0 billion, increased by US$ 0.5 billion in the last six months due to special dividends paid by subsidiaries

  • Underlying earnings per share of US cents 9.5 (H1 FY2017: loss of US cents 18.8) and basic loss per share of US cents 23.7 (H1 FY2017: loss of US cents 23.2)

  • Interim dividend of US cents 24 per share (H1 FY2017: US cents 20 per share)

  • Proactive refinancing of US$1.84 billion completed at Vedanta Resources plc in August 2017. This extends the average debt maturity by 1.5 years at Vedanta Resources plc level, lowers the average cost of borrowing and results in no significant debt maturities until December 2018.

    Business highlights Zinc India:
  • Refined zinc-lead metal production of 459kt, up 49% y-o-y

  • Refined silver production of 8.2 million ounces, up 30% y-o-y

    Zinc International:
  • Gamsberg on track to commence production from mid-CY2018

  • Highest quarterly production for four years of 20kt at Black Mountain recorded during Q2 FY2018

    Oil & Gas:
  • Commencing the next growth phase at Oil & Gas

  • 15-well infill drilling campaign at Mangala commenced; first well brought online

Aluminium:
  • Record half yearly production of 753kt, up 39% y-o-y

  • Continued smelter ramp-up, with current run-rate of 1.6 mtpa (excluding trial run production)

    Power:
  • 1980 MW TSPL plant operated at a high availability of 87% in Q2 FY2018

    Copper India:
  • Record quarterly copper cathode production of 106kt in Q2 FY2018

    Copper Zambia:
  • Lower integrated production in H1 FY 2018 due to lower equipment availability, but progressive improvement in mined metal production from Q4 FY2017

  • Partnering with experts on operational improvement under way

    Iron Ore:
  • Strong realisation at Karnataka, 1.9mt produced in H1 and full allocated production expected to be achieved during Q3 FY2018

  • Lower realisation at Goa in H1 FY 2018 due to increased discount for low grade iron ore

  • Focus on beneficiation and blending in H2 to increase realisations at Goa operations

    Growth projects announced today:
  • Oil & Gas: Growth projects to increase production to 275-300kboepd

  • Copper India: Expansion of Tuticorin smelter from 400ktpa to 800ktpa

    Anil Agarwal, Chairman of Vedanta Resources plc, commented:

    Our performance in the half year underlines that Vedanta's consistent strategy is delivering results. We are seeing the benefits of growth at Zinc and Aluminium, and the benefits of strong operating performance overall, alongside higher commodities prices.

    Vedanta remains committed to delivering strong shareholder returns and maintaining a strong balance sheet. At the same time, we continue to deploy selective capital into profitable growth projects in line with our disciplined capital allocation framework, to drive industry-leading growth. We are pleased to announce the commencement of growth projects in our Oil and Gas business and Copper India business. Vedanta is uniquely positioned to capture the benefits of sustained commodity demand in India for many years to come, through our operating performance and selective growth."

    Consolidated Group results table

    Consolidated Group results

    Six months to 30.09.17

    Six months to 30.09.16

    % Change

    Year ended 31.03.17

    Revenue

    6,767

    4,868

    39%

    11,520

    EBITDA

    1,694

    1,233

    37%

    3,191

    EBITDA margin

    25%

    25%

    -

    28%

    EBITDA margin excluding custom smelting (%)

    34%

    33%

    -

    36%

    Operating profit before special items

    1,168

    720

    62%

    2,161

    Profit Attributable to equity holders of the parent (before special items)

    21

    (64)

    -

    35

    Loss attributable to equity holders of the parent (after special items)

    (66)

    (64)

    2%

    (23)

    Underlying attributable profit/(loss)

    26

    (52)

    -

    45

    Basic loss per share (US cents)

    (23.7)

    (23.2)

    2%

    (8.2)

    Profit/(loss) per share on underlying profit (US cents)

    9.5

    (18.8)

    -

    16.1

    ROCE %

    12.1%

    7.8%*

    -

    15.6%

    Dividend (US cents per share)

    24

    20

    -

    55

    * Restated based on annualized operating profit net of taxes for H1 FY2017. Capital employed excludes project work in progress and exploratory assets.

    • Indicates alternate performance measures that are defined in detail in "Other Information".

Vedanta Resources plc ("Vedanta" or "Group") will host its interim results presentation and Capital Markets Day on Friday 10 November 2017 at 9:00 AM to 12.30 PM UK time (2:30 p.m. to 6:00 pm India time). Senior management will discuss the results, as well as the operational and financial strategy, including an in-depth look at the Zinc India, Zinc International and Oil & Gas businesses by the respective business leaders. The event will be available via video webcast as well as conference call.

Webcast:

The webcast can be accessed via the Investor Relations section of our website, www.vedantaresources.com or directly at https://edge.media-server.com/m6/p/q7mvu45v

Conference call dial-in:

UK toll free: 0 808 101 1573

International & UK: +44 20 3478 5524

USA toll free: 1 866 746 2133

USA: +1 323 386 8721

India: +91 22 3938 1017

Singapore toll free: 800 101 2045

India toll free: 1 800 120 1221 or 1 800 200 1221

Hong Kong toll free: 800 964 448

Please allow time to register your name and company, or pre-register online at: http://services.choruscall.in/diamondpass/registration?confirmationNumber=9916853

For 7-day replay:

UK toll free: 0 800 756 3427

India: +91 22 3065 2322

Access code: 79138#

For further information, please contact:

Communications

Finsbury

Arun Arora

Head, Corporate Communications Tel: +91 124 459 3000

gc@vedanta.co.in

Daniela Fleischmann Tel: +44 20 7251 3801

Investors

Ashwin Bajaj

Director - Investor Relations

Sunila Martis

Associate General Manager - Investor Relations

Veena Sankaran

Manager - Investor Relations

Tel: +44 20 7659 4732

Tel: +91 22 6646 1531

ir@vedanta.co.in

Vedanta Resources plc published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 08:28:02 UTC.

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