Vedanta Complete Report

Vedanta Ltd (VEDL IN) - Adj Highlights
In Millions of INR FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Market Capitalization 253,212.7 169,214.0 135,145.3 559,051.7 561,868.4
- Cash & Equivalents 96,717.8 5,910.0 2,036.6 453,677.5 448,563.3
+ Preferred & Other 0.0 0.0 0.0 337,974.5 355,297.4
+ Total Debt 9,994.5 37,413.4 48,394.1 805,679.1 777,673.0
Enterprise Value 166,489.4 200,717.4 181,502.8 1,249,027.8 1,246,275.5
Revenue, Adj 91,706.3 82,841.6 27,248.2 657,332.8 733,641.0

Growth %, YoY 58.2 -9.7 -67.1 2,312.4 11.6
Gross Profit, Adj — — — — —
Margin % — — — — —
EBITDA, Adj 51,932.2 36,814.9 5,159.9 204,692.7 220,635.3
Margin % 56.6 44.4 18.9 31.1 30.1
Net Income, Adj 41,810.0 26,223.2 22,709.1 59,383.5 47,697.9
Margin % 45.6 31.7 83.3 9.0 6.5
EPS, Adj 47.70 30.17 26.13 20.23 16.09
Growth %, YoY 53.8 -36.7 -13.4 -22.6 -20.5
Cash from Operations 39,774.1 21,164.1 -136.0 125,315.4 130,741.4

Capital Expenditures -9,886.9 -7,386.2 -6,263.0 -72,835.8 -106,561.1
Free Cash Flow 29,887.2 13,777.9 -6,399.0 52,479.6 24,180.3
Source: Bloomberg
FY 2016 FY 2017 Current/LTM FY 2018 Est FY 2019 Est
03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
266,405.3 1,022,126.6 1,268,678.4
567,094.0 600,001.1 378,700.0
365,610.9 139,279.3 155,540.0
677,777.9 715,690.1 461,760.0
742,700.1 1,277,094.9 1,507,278.4
639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6

-12.9 12.2 33.9 23.6 13.9
— — 466,111.1 525,043.4
— — 52.6 52.0
152,015.3 214,004.4 238,895.2 255,026.6 310,839.3
23.8 29.8 29.2 28.8 30.8
78,882.1 33,930.3 68,426.7 99,206.9 137,226.5
12.3 4.7 8.4 11.2 13.6
26.60 11.44 20.94 26.57 37.40
65.4 -57.0 -42.2 132.2 40.7
156,350.5 129,720.4
-55,139.4 -55,168.7 -66,735.7 -71,106.3
101,211.1 74,551.7 189,179.4 186,798.7
Vedanta Ltd (VEDL IN) - Enterprise Value
In Millions of INR except Per Share FY 2011 FY 2012 FY 2013 FY 2014
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Market Capitalization 253,212.7 169,214.0 135,145.3 559,051.7
- Cash & Equivalents 96,717.8 5,910.0 2,036.6 453,677.5
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 0.0 0.0 0.0 337,974.5
+ Total Debt 9,994.5 37,413.4 48,394.1 805,679.1
Enterprise Value 166,489.4 200,717.4 181,502.8 1,249,027.8
Total Capital 138,098.8 188,595.5 223,148.1 1,873,740.2

Total Debt/Total Capital 7.24 19.84 21.69 43.00
Total Debt/EV 0.06 0.19 0.27 0.65
EV/Sales 1.82 2.42 6.66 1.90

EV/EBITDA 3.21 5.45 35.18 6.13
EV/EBIT 3.27 5.61 56.98 9.27
EV/Cash Flow to Firm 4.16 8.81 — —
EV/Free Cash Flow to Firm 5.52 13.03 — —
Diluted Market Cap 258,926.7 175,055.0 135,145.3 553,439.6

Diluted Enterprise Value 172,203.4 206,558.4 181,502.8 1,243,415.7
Periodic EV to Shares Outstanding 191.57 230.95 208.84 421.26
Reference Items
Trailing 12 Month Values for Ratios
Sales 91,706.3 82,841.6 27,248.2 657,332.8
EBITDA 51,915.5 36,814.9 5,159.9 203,596.5
EBIT 50,951.7 35,753.5 3,185.3 134,773.3
Cash Flow To Firm 40,048.2 22,786.4 — —
Free Cash Flow To Firm 30,161.3 15,400.2 — —
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Current FY 2018 Est FY 2019 Est
03/31/2015 03/31/2016 03/31/2017 01/30/2018 03/31/2018 03/31/2019
561,868.4 266,405.3 1,022,126.6 1,268,678.4
448,563.3 567,094.0 600,001.1 378,700.0
0.0 0.0 0.0 0.0
355,297.4 365,610.9 139,279.3 155,540.0
777,673.0 677,777.9 715,690.1 461,760.0
1,246,275.5 742,700.1 1,277,094.9 1,507,278.4
1,671,723.1 1,483,780.5 1,459,970.5 1,257,230.0

46.52 45.68 49.02 36.73
0.62 0.91 0.56 0.31
1.70 1.16 1.78 1.84 1.70 1.49

5.65 4.89 5.98 6.31 5.91 4.85
8.37 11.29 8.49 8.40 8.13 5.80
— — 7.75
— — 11.64
561,868.4 266,405.3 815,391.7 1,012,159.2

1,246,275.5 742,700.1 1,070,360.0 1,267,127.5
420.33 250.49 343.54 378.39
733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6

220,445.5 151,956.6 213,569.4 238,895.2 255,026.6 310,839.3
148,853.9 65,791.2 150,404.2 179,535.8 185,305.0 260,065.3
— — 164,862.1
— — 109,693.4
Vedanta Ltd (VEDL IN) - Multiples
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
P/E 5.93 6.28 5.93 8.79
Average 10.55 4.77 5.81 6.58
High 15.14 6.64 6.59 8.79
Low 5.93 3.04 4.80 4.72
P/Book 1.98 1.12 0.77 0.77

Average 3.59 1.59 1.03 0.86
High 5.15 2.22 1.18 1.05
Low 1.98 1.01 0.77 0.62
P/Tangible Book 2.24 1.28 0.88 1.66

Average 4.41 1.80 1.18 0.98
High 6.33 2.51 1.35 1.66
Low 2.24 1.15 0.88 0.70
P/Sales 2.73 2.04 4.96 0.84

Average 4.78 2.19 1.90 5.48
High 6.93 3.10 5.03 6.80
Low 2.67 1.39 1.52 0.81
P/Cash Flow 6.29 8.00 — 4.42

Average 10.09 5.07 7.40 4.42
High 14.49 8.00 8.39 4.42
Low 6.29 3.23 6.11 4.42
P/Free Cash Flow 8.37 12.28 — 10.55

Average 10.68 6.76 11.36 10.55
High 15.32 12.28 12.89 10.55
Low 8.09 4.30 9.39 10.55
EV/Sales 1.82 2.42 6.66 1.90

Average 4.20 1.28 2.29 15.29
High 6.18 2.42 6.66 24.60
Low 1.79 0.47 1.94 1.90
EV/EBITDA 3.21 5.45 35.18 6.13

Average 7.78 2.26 5.23 80.72
High 11.45 5.45 35.18 129.90
Low 3.15 0.83 4.37 6.13
EV/EBIT 3.27 5.61 56.98 9.27
Average 7.97 2.30 5.47 130.76
High 11.73 5.61 56.98 210.43
Low 3.21 0.85 4.50 9.27
Price/Share 291.35 194.70 155.50 188.55

High 495.00 331.00 207.95 213.30
Low 220.55 148.30 145.00 119.30
Enterprise Value 166,489.4 200,717.4 181,502.8 1,249,027.8

Average 243,512.8 116,872.0 188,078.7 421,379.3
High 358,227.9 200,717.5 209,147.7 1,248,965.4
Low 163,751.0 43,294.3 160,869.2 153,908.8
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Current FY 2018 Est FY 2019 Est
03/31/2015 03/31/2016 03/31/2017 01/30/2018 03/31/2018 03/31/2019
— — 14.78 18.35 12.84 9.13
11.29 — 14.78
14.66 — 14.78
8.33 — 14.78
1.04 0.60 1.69 2.10 1.92 1.72

0.98 0.67 1.24
1.28 1.27 1.85
0.73 0.34 0.58
1.56 0.82 2.06 2.55

2.13 1.00 1.68
2.77 1.90 2.50
1.56 0.51 0.78
0.77 0.42 1.14 1.41 1.43 1.26

1.08 0.49 0.86
1.42 0.94 1.28
0.76 0.23 0.39
4.30 1.70 6.28 7.80 7.99 5.88

5.67 2.76 3.51
7.37 5.22 6.28
4.19 1.40 1.63
23.24 2.63 10.93 13.57

13.59 14.88 5.43
23.24 28.24 10.93
10.00 2.63 2.51
1.70 1.16 1.78 1.84 1.70 1.49

2.14 1.42 1.60
2.47 1.86 2.02
1.70 1.16 1.14
5.65 4.89 5.98 6.31 5.91 4.85

6.91 4.74 6.73
7.97 6.20 8.49
5.65 3.93 4.81
8.37 11.29 8.49 8.40 8.13 5.80
10.44 7.04 15.52
12.04 11.29 19.61
8.37 5.83 8.49
189.50 89.85 274.95 341.30

318.40 233.45 278.10 346.10
178.00 58.10 84.80 337.20
1,246,275.5 742,700.1 1,277,094.9 1,507,278.4

1,407,623.1 1,044,160.8 1,024,116.3
1,622,366.2 1,367,176.2 1,290,103.4
1,219,911.6 742,672.6 730,665.6
Vedanta Ltd (VEDL IN) - Per Share
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Basic Shares Outstanding 869.1 869.1 869.1 2,965.0
Diluted Weighted Avg Shares 888.7 899.1 869.1 2,935.2
Basic Weighted Avg Shares 858.7 869.1 869.1 2,935.2
Per Share Data Items

Revenue 106.80 95.32 31.35 223.95
EBITDA 60.46 42.36 5.94 69.36
Operating Income 59.33 41.14 3.67 45.92
Net Income to Common - Basic 49.17 31.01 26.24 21.46
Net Income before XO - Basic 49.17 31.01 26.24 21.46
Normalized Net Income - Basic 48.69 30.17 26.13 20.23
Net Income to Common - Diluted 48.17 31.01 26.24 21.46
Net Income before XO - Diluted 48.17 31.01 26.24 21.46
Normalized Net Income - Diluted 47.70 30.17 26.13 20.23
Dividends 3.50 4.00 0.10 3.25
Cash Flow 46.32 24.35 -0.16 42.69

Free Cash Flow 34.80 15.85 -7.36 17.88
Cash & Equivalents 111.28 6.80 2.34 153.01

Book Value 147.40 173.95 201.07 246.23
Tangible Book Value 130.27 151.90 176.04 113.44
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Last 12M FY 2018 Est FY 2019 Est
03/31/2015 03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
2,965.0 2,965.0 3,717.5 3,720.0
2,965.0 2,965.0 2,965.6 3,720.0
2,965.0 2,965.0 2,964.3 3,720.0
247.43 215.58 241.95 251.52

74.35 51.25 72.05 74.22
50.20 22.19 50.74 55.88
-52.77 -41.38 18.60 21.06 26.56 38.73
-52.77 -41.38 18.60 21.06 26.56 38.73
16.09 26.60 11.45 20.96 26.57 37.40
-52.77 -41.38 18.59 21.03 26.56 38.73
-52.77 -41.38 18.59 21.03 26.56 38.73
16.09 26.60 11.44 20.94 26.57 37.40
4.10 3.50 19.45 12.70 13.45
44.09 52.73 43.76 42.72 58.07

8.16 34.14 25.15
151.29 191.26 161.40 101.80

181.70 148.53 162.74 172.02 178.08 198.50
121.36 109.85 133.68 143.28
Vedanta Ltd (VEDL IN) - Stock Value
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Last Price 99.60 470.45 291.35 194.70
Period-over-Period % Change -36.79 372.34 -38.07 -33.17
Open Price 154.60 102.40 474.00 292.75
High Price 220.00 475.00 495.00 331.00
Low Price 60.00 97.10 220.55 148.30

Current Shares Outstanding 787.24 830.96 859.70 869.10
Equity Float 350.71 326.10 347.32 389.99
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Current
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 01/30/2018
155.50 188.55 189.50 89.85 274.95 341.30
-20.13 21.25 0.50 -52.59 206.01
195.40 155.95 189.05 190.80 89.75 346.10
207.95 213.30 318.40 233.45 278.10 346.10
145.00 119.30 178.00 58.10 84.80 337.20
135,145.3 559,051.7 561,868.4 266,405.3 1,022,126.6 1,268,678.4

869.10 2,964.67 2,964.69 2,964.69 3,717.19 3,717.19
389.99 1,229.90 1,104.97 1,003.31 1,794.35 1,413.43
Vedanta Ltd (VEDL IN) - Earnings
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Revenue
Consensus Estimate 59,239.4 87,193.0 82,027.6 27,143.8
Comparable Actual 66,152.1 91,454.7 82,745.3 25,257.9
Revenue Surprise % 11.7 4.9 0.9 -6.9
GAAP Actual 57,978.0 91,706.3 82,841.6 27,248.2
Adjusted Actual 57,978.0 91,706.3 82,841.6 27,248.2
Earnings Per Share

Consensus Estimate 28.90 47.94 31.57 28.34
Comparable Actual 32.41 49.17 31.01 26.24
EPS Surprise % 12.2 2.6 -1.8 -7.4
GAAP Actual 31.62 48.17 31.01 26.24
Adjusted Actual 31.01 47.70 30.17 26.13
EBIT
Comparable Actual 30,703.4 51,067.0 33,939.2 —
EBIT Surprise % 1.7 6.4 0.1 —
GAAP Actual 30,537.3 50,951.7 35,753.5 3,185.3
Adjusted Actual 30,537.3 50,968.4 35,753.5 3,185.3
EBITDA
EBITDA Surprise % 4.9 6.3 2.2 —
GAAP Actual 31,282.3 51,915.5 36,814.9 5,159.9
Adjusted Actual 31,282.3 51,932.2 36,814.9 5,159.9
Gross Margin %
Consensus Estimate 81.00 63.45 39.25 82.20
Pretax Income (Loss)

Pretax Income (Loss) Surprise % 10.4 7.7 -5.4 —
GAAP Actual 34,445.9 55,596.9 31,291.5 -1,739.7
Adjusted Actual 33,691.1 54,983.4 30,208.1 -1,881.2
Net Income
Comparable Actual 26,291.3 42,224.5 26,955.0 22,802.5
Net Income Surprise % 7.3 -0.5 0.0 -8.1
GAAP Actual 26,291.3 42,224.5 26,955.0 22,802.5
Adjusted Actual 25,793.1 41,810.0 26,223.2 22,709.1
Source: Bloomberg
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Est FY 2019 Est
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
680,273.4 742,253.0 655,001.9 728,064.6 886,446.1 1,009,640.6

— 733,641.0 639,311.9 722,250.3
— -1.2 -2.4 -0.8
657,332.8 733,641.0 639,200.7 717,206.8
657,332.8 733,641.0 639,200.7 717,206.8
21.97 18.81 5.97 20.54 26.57 37.40

21.46 17.07 9.82 18.86
-2.3 -9.3 64.5 -8.2
21.46 -52.77 -41.38 18.59
20.23 16.09 26.60 11.44
178,470.3 234,837.6 93,916.4 145,039.5 185,305.0 260,065.3

134,773.3 148,853.9 — —
-24.5 -36.6 — —
134,773.3 148,853.9 65,791.2 150,404.2
135,869.5 149,043.7 65,849.9 150,839.2
243,260.3 237,609.5 148,050.4 210,197.4 255,026.6 310,839.3

203,596.5 220,445.5 — —
-16.3 -7.2 — —
203,596.5 220,445.5 151,956.6 213,569.4
204,692.7 220,635.3 152,015.3 214,004.4
42.50 46.58 66.49 58.50 52.58 52.00
142,850.9 132,551.8 55,574.5 129,545.5 177,680.3 239,848.7

97,213.0 122,038.1 — —
-31.9 -7.9 — —
94,925.3 -99,251.2 -285,401.7 136,515.7
89,469.2 109,955.3 22,882.1 106,241.7
65,089.6 56,065.9 18,266.2 63,810.7 99,206.9 137,226.5

62,985.1 50,600.6 29,100.0 55,922.9
-3.2 -9.7 59.3 -12.4
62,985.1 -156,457.7 -122,704.7 55,122.1
59,383.5 47,697.9 78,882.1 33,930.3
Vedanta Ltd (VEDL IN) - Adjusted
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 91,706.3 82,841.6 27,248.2 657,332.8
+ Sales & Services Revenue 91,706.3 82,841.6 27,248.2 654,039.3
+ Other Revenue — — 0.0 3,293.5
Gross Profit — — — —
+ Other Operating Income 227.0 259.0 241.2 4,191.3
- Operating Expenses 40,964.9 47,347.1 24,304.1 525,654.6
+ Research & Development — — — —
+ Depreciation & Amortization 963.8 1,061.4 1,974.6 68,823.2
+ Prov For Doubtful Accts — — — —
+ Other Operating Expense 40,001.1 46,285.7 22,329.5 456,831.4
Operating Income (Loss) 50,968.4 35,753.5 3,185.3 135,869.5
- Non-Operating (Income) Loss -4,015.0 5,545.4 5,066.5 46,400.3
+ Interest Expense, Net -1,372.7 2,274.6 2,757.7 28,899.7
+ Interest Expense 360.9 2,408.5 2,794.6 42,045.8
- Interest Income 1,733.6 133.9 36.9 13,146.1
+ Other Investment (Inc) Loss -2,970.5 -1,105.0 -267.4 -7.2
+ Foreign Exch (Gain) Loss 341.9 3,713.0 1,829.7 7,350.9
+ (Income) Loss from Affiliates 0.0 — — —
+ Other Non-Op (Income) Loss -13.7 662.8 746.5 10,156.9
Pretax Income (Loss), Adjusted 54,983.4 30,208.1 -1,881.2 89,469.2
- Abnormal Losses (Gains) -613.5 -1,083.4 -141.5 -5,456.1
+ Disposal of Assets -8.6 -9.0 -21.5 321.6
+ Asset Write-Down — — — 668.4
+ Impairment of Goodwill — — — —
+ Legal Settlement 16.7 — — —
+ Sale of Investments -621.6 -1,074.4 -120.0 -7,220.7
+ Unrealized Investments — — — 774.6
+ Other Abnormal Items — — — —
Pretax Income (Loss), GAAP 55,596.9 31,291.5 -1,739.7 94,925.3
- Income Tax Expense (Benefit) 13,372.4 10,213.8 -429.4 -8,468.5
+ Current Income Tax 13,440.5 9,899.8 363.7 -7,743.2
+ Deferred Income Tax -68.1 314.0 -793.1 -725.3
+ Tax Allowance/Credit — — — —
- (Income) Loss from Affiliates 0.0 -5,877.3 -24,112.8 -10,819.3
Income (Loss) from Cont Ops 42,224.5 26,955.0 22,802.5 114,213.1
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 42,224.5 26,955.0 22,802.5 114,213.1
- Minority Interest 0.0 0.0 0.0 51,228.0
Net Income, GAAP 42,224.5 26,955.0 22,802.5 62,985.1
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 42,224.5 26,955.0 22,802.5 62,985.1
Net Income Avail to Common, Adj 41,810.0 26,223.2 22,709.1 59,383.5

Net Abnormal Losses (Gains) -414.5 -731.8 -93.4 -3,601.6
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic EPS, GAAP 49.17 31.01 26.24 21.46
Basic EPS from Cont Ops 49.17 31.01 26.24 21.46
Basic EPS from Cont Ops, Adjusted 48.69 30.17 26.13 20.23

Diluted EPS, GAAP 48.17 31.01 26.24 21.46
Diluted EPS from Cont Ops 48.17 31.01 26.24 21.46
Diluted EPS from Cont Ops, Adjusted 47.70 30.17 26.13 20.23
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 51,932.2 36,814.9 5,159.9 204,692.7
EBITDA Margin (T12M) 56.63 44.44 18.94 31.14
EBITA 51,006.1 35,835.6 3,870.5 158,224.8
EBIT 50,968.4 35,753.5 3,185.3 135,869.5
Gross Margin — — — —
Operating Margin 55.58 43.16 11.69 20.67
Profit Margin 45.59 31.65 83.34 9.03
Sales per Employee — — — —
Dividends per Share 3.50 4.00 0.10 3.25
Total Cash Common Dividends 3,041.8 3,476.4 86.9 9,635.8
Capitalized Interest Expense — — — —
Personnel Expenses 2,075.6 2,684.3 2,495.2 27,023.2
Depreciation Expense 926.1 979.3 1,289.4 46,467.9
Rental Expense 858.1 589.0 187.8 543.5
Source: Bloomberg
03/31/2015 03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6
730,164.7 635,697.9 714,643.8 817,063.0
3,476.3 3,502.8 2,563.0
— — — 466,111.1 525,043.4
3,454.0 3,416.9 5,043.5
588,051.3 576,767.7 571,411.1 638,497.7
0.0 0.0 0.0
71,591.6 85,724.4 62,915.0 59,359.4
— 283.5 187.9
516,459.7 490,759.8 508,308.2 579,138.3
149,043.7 65,849.9 150,839.2 179,535.8 185,305.0 260,065.3
39,088.4 42,967.8 44,597.5 22,199.4
38,044.4 36,127.9 36,669.3
48,309.5 49,230.9 48,589.7
10,265.1 13,103.0 11,920.4
-1.4 -3.2 -12.8
-4,378.0 1,349.5 2,233.7
— — —
5,423.4 5,493.6 5,707.3 21,030.4
109,955.3 22,882.1 106,241.7 157,336.4 177,680.3 239,848.7
209,206.5 308,283.8 -30,274.0 -716.0
-20.1 58.7 435.0
5,398.5 336,368.5 1,144.0
194,612.8 — —
— — —
-12,252.5 — —
189.8 -28,143.4 -31,853.0
21,278.0 — —
-99,251.2 -285,401.7 136,515.7 158,052.4 177,680.3 239,848.7
14,483.6 -106,775.5 37,783.1 45,732.1
7,908.7 35,628.1 39,433.3
6,574.9 -142,403.6 -1,650.2
— — —
-40.9 -2.3 26.7 28.8
-113,693.9 -178,623.9 98,705.9 112,291.5 97,060.3 137,589.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-113,693.9 -178,623.9 98,705.9 112,291.5
42,763.8 -55,919.2 43,583.8 43,363.6
-156,457.7 -122,704.7 55,122.1 68,927.9 97,060.3 137,589.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-156,457.7 -122,704.7 55,122.1 68,927.9 97,060.3 137,589.2
47,697.9 78,882.1 33,930.3 68,426.7 99,206.9 137,226.5

204,155.6 201,586.8 -21,191.8 -501.2
0.0 0.0 0.0 0.0
2,965.0 2,965.0 2,964.3 3,720.0

-52.77 -41.38 18.60 21.06 26.56 38.73
-52.77 -41.38 18.60 21.06 26.56 38.73
16.09 26.60 11.45 20.96 26.57 37.40
2,965.0 2,965.0 2,965.6 3,720.0

-52.77 -41.38 18.59 21.03 26.56 38.73
-52.77 -41.38 18.59 21.03 26.56 38.73
16.09 26.60 11.44 20.94 26.57 37.40
IN GAAP IN GAAP IN GAAP

220,635.3 152,015.3 214,004.4 238,895.2 255,026.6 310,839.3
30.07 23.78 29.84 29.24 28.77 30.79
170,453.5 67,099.9 151,741.0
149,043.7 65,849.9 150,839.2 179,535.8 185,305.0 260,065.3
— — — 52.58 52.00
20.32 10.30 21.03 21.97 20.90 25.76
6.50 12.34 4.73 8.37 11.19 13.59
### ### ###
4.10 3.50 19.45 12.70 13.45
12,156.0 10,377.5 70,988.6
— — —
29,151.2 24,582.6 23,393.4 24,441.1
50,181.8 84,915.4 62,263.4
987.5 642.1 658.9
Vedanta Ltd (VEDL IN) - As Reported
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Income Statement
Revenues
Revenues 37,658.9 49,179.4 57,978.0 91,933.3
Excise Taxes 790.4 731.8 443.4 636.5
Gross Sales 38,449.3 49,911.2 58,421.4 92,569.8
Sundry/Other Operating Income — — — —
Operating Expenses
Salaries Wages and Employee Benefits — — — 2,075.6
Depreciation Expense 499.6 516.7 745.0 —
Depreciation and Amortization — — — 963.8
Other Operating Expenses 15,194.1 24,170.3 27,096.6 29,364.0
Other Operating Income 567.6 411.6 604.9 —
Purchased Power Costs — — — —
Change In Merchandise Inventories — — — -474.5
Raw Materials And Consumables Used — — — 3,961.5
Purchases Of Merchandise — — — 5,091.2
Total Operating Expenses — — — —
General and Administrative Expenses — — — —
Non-Operating Expenses
Interest Expense — — — —
Equity In Earnings of Affiliate/Joint Ventures — — — —
Other Non-Operating Income — — — —
Income Before Income Taxes 23,249.4 27,101.6 34,445.9 55,596.9
Current Income Tax Expense (Benefit) 7,738.0 7,100.0 8,011.6 13,442.2
Deferred Income Tax Expense (Benefit) 15.0 44.6 43.9 -68.1
Other Non-Operating (Income)/Expense - N -744.1 -2,240.3 -4,259.7 -5,517.0
Total Exceptional (Income)/Charges — — — 0.0
Total Financial Costs 27.5 42.7 555.1 871.8
Other Taxes 7.1 8.1 0.0 —
Other Financial Losses — — — —
Current Taxation - Adjustment — — — -1.7
AT (Income) Loss Affiliates and Others — — — 0.0
Interest Expense - Net — — — —
Income Tax Expense (Benefit) — — — —
Earnings
Minority/Non Controlling Interest 73.5 67.6 99.1 —
Basic EPS — — 32.41 49.17
Diluted EPS — — 31.62 48.17
Basic & Diluted EPS — 25.26 — —
Profit After Taxation Before Minority 15,489.3 19,948.9 26,390.4 —
Interim Dividend Paid — 0.0 — —
Proposed Final Dividend — 1,771.3 2,700.6 —
Corporate Dividend Tax — 301.0 459.0 —
Profit Available for Appropriation — — — —
Amount Of Interim Dividend — — — —
Net Income 15,415.8 19,881.3 26,291.3 42,224.5
Others
Comprehensive Income
Foreign Currency Translation Adjustmen — — — —
Unrealized Gain (Loss) On Securities — — — —
Change In Fair Value of Derivatives — — — —
Pension Related Adjustments — — — —
Total Comprehensive Income — — — —
Foreign Currency Translation Adjustmen — — — —
Tax Related To Chg In Fair Value of Deriv — — — —
Tax Related To Minimum Pension Liabilit — — — —
Comprehensive Income Attrib to Minority — — — —
Reference Items
Revenues — — — —
R & D Expenditures — — — —
Salaries Wages and Employee Benefits — — — —
Depreciation Expense 499.6 516.7 745.0 926.1
Provision For Doubtful Accounts — — 26.3 —
Depreciation and Amortization — — — —
Other Operating Expenses — — — —
Foreign Exchange — — -1,219.1 341.9
(Gain)/Loss On Sale of Assets — — — —
Write-Down/Impairment of Assets — — — —
Interest Income -2.1 -430.2 -1,428.5 -1,733.6
Other Revenue — — — —
Other Tax — — — —
Fair Value of Plan Assets 170.0 176.1 — —
Dividends Per Share 4.50 2.25 3.25 3.50
Basic EPS — — 32.41 49.17
Weighted Avg. Shares - Basic — — 811.1 858.7
Diluted EPS — — 31.62 48.17
Weighted Avg. Shares - Diluted — — 812.8 888.7
Service Cost 13.3 10.2 — —
(Over/Underfunded) Post Retirement Benefi — — — —
Discount Rate Used On Plan Liabs-Pensio 8.00 8.00 — —
Disc Rate Used On Liabs-Other/Healthcare — — — 8.00
Basic & Diluted EPS — 25.26 — —
Weighted Avg. Shares - Basic & Diluted 39.4 787.2 — —
Litigation Expense — — — 16.7
Fair Value of Post Retirement Plan Assets — — 378.0 400.4
Projected Post Retirement Benefit Oblig — — 386.0 435.3
Dividend Income -692.3 -1,493.0 -790.0 -2,970.5
Interest Expense - Borrowings — — 8.5 —
Interest Expense - Other 0.2 8.1 491.2 360.9
Amortization of Intangible Assets — — — 37.7
Purchased Power Costs — — — 203.8
Excise Taxes — — — —
Product Revenue — — — 91,441.1
Service Revenue — — — 265.2
Pension/Postretirement Benefits Expense 64.0 104.8 113.9 179.3
(Gain)/Loss On Sale of Investments -3.3 -301.3 -753.0 -621.6
Current Income Tax Expense (Benefit) — — — —
Deferred Income Tax Expense (Benefit) — — — —
Employer Contribution (Postretirement) — — — —
Benefits Paid (Postretirement) — — -25.5 -47.5
Interest Cost (Pension) 12.4 14.5 — —
Adjusted EPS — — — —
Auditors Remuneration For Audit 2.4 5.9 9.4 9.9
Change In Merchandise Inventories -402.2 -268.2 -1,211.2 -474.5
Raw Materials And Consumables Used 2,779.6 2,569.4 3,458.6 —
Other Operating Inc - Int Inc (Non-Oper) — — — —
Other Operating Inc - Div Inc (Non-Oper) — — — —
Final Dividend Per Share — — — —
Gain On Foreign Exchange — — -204.0 —
Total Financial Costs 27.5 42.7 555.1 871.8
Interim Dividend Per Share — — — —
Wages And Salaries 573.4 834.0 1,470.7 1,718.9
Social Security Costs 47.2 60.5 106.0 177.4
Share-Based Compensation — — — —
Directors Remuneration — — — —
Purchases Of Merchandise 2,370.4 2,640.8 3,095.6 —
Donations 20.0 55.3 60.4 32.9
Interim Dividend Paid — 0.0 0.0 —
Net Foreign Exchange Loss (Gain) -Realize 0.0 1,641.1 0.0 0.0
Rental Expense 333.5 436.0 858.0 858.1
Other Financial Losses 27.3 34.6 55.4 23.1
Proposed Final Dividend — 1,771.3 2,700.6 3,041.8
Provision For Doubtful Debts Written Back -12.9 — — —
Travel Expenses 70.2 63.7 82.5 134.2
Unrealized (Gain)/Loss From Secs Non-Op — — — —
Insurance Claims And Expenses 37.0 53.6 88.9 156.0
Other Operating Income - SAGA — — — -227.0
Gross Sales — — — —
Corporate Dividend Tax — 301.0 459.0 493.5
Expenditure Incurred On R&D: Capital 4.6 6.5 0.0 —
Expenditure Incurred On R&D: Recurring 13.6 19.5 2.9 —
Foreign Exchange Earnings — — — —
Cost Of Stores And Spares 1,353.6 1,783.2 2,436.8 2,963.2
EBITDA - IS — — — —
Statutory Tax Rate - % — — — —
ARDR Goodwill Impairment After Tax — — — —
Service Cost (OPRB) — — 21.5 22.4
Interest Cost (OPRB) — — 27.9 30.9
Expected Return On Plan Assets (OPRB) — — -28.0 -30.0
Actual Return (Loss) On Plan Assets (OPR — — 27.5 32.7
Actuarial Losses or Gains - OPEB — — — —
EBITDA Margin — — — —
Rental Revenue — — — —
Non-Operating Profit/Loss Disp Fix Asset — — — —
Loss/Gain Disposal LT Invest/Subsid/Assoc — — — —
Cost Of Materials — — — —
Interest Expense - Net — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
83,100.6 27,489.4 661,524.1 737,095.0 — —

788.9 1,006.7 32,671.8 35,904.5 37,309.5 39,462.2
— 28,496.1 694,195.9 772,999.5 679,927.1 761,712.5
— — — — — —
2,684.3 2,495.2 27,023.2 29,151.2 24,582.6 23,393.4

1,061.4 — — — — —
1,061.4 1,974.6 68,823.2 71,591.6 85,724.4 62,915.0
35,681.6 14,570.0 134,109.7 159,214.4 153,577.8 164,417.4
2,345.8 — 20,734.7 — — —
— 5,468.2 73,158.8 81,591.8 91,822.1 102,325.1
177.9 -2,875.6 -7,720.2 554.5 3,189.0 -12,289.9
5,886.1 2,215.2 231,345.3 239,759.4 210,122.8 224,597.3
3,670.1 961.9 7,361.7 6,378.2 7,807.7 6,487.8
— — — — — —
— — — — — —
2,408.5 — — — — —
-5,877.3 — -10,819.3 — — —
— — — — -44,435.6 -45,805.9
31,291.5 -1,739.7 94,925.3 -99,251.2 -285,401.7 136,515.7
9,899.1 254.7 7,455.6 7,907.8 35,628.1 39,433.3
314.0 -793.1 -725.3 6,574.9 -142,403.6 -1,650.2
-2,345.8 -538.6 -20,734.7 -29,772.0 — —
660.9 211.7 2,287.7 221,289.3 337,847.2 1,144.0
— 4,746.5 50,944.1 56,587.8 57,781.3 58,550.4
— — — — — —
1,924.1 — — — — —
0.7 109.0 -15,198.8 0.9 — —
-5,877.3 -24,112.8 -10,819.3 -40.9 -2.3 26.7
— — — — — —
— — — — — —
— 0.0 51,228.0 42,763.8 -55,919.2 43,583.8

31.01 26.24 21.46 -52.77 -41.38 18.60
31.01 26.24 21.46 -52.77 -41.38 18.59
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
26,955.0 22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1
— — — — 3,768.4 -3,518.7
— — — — 163.3 841.8
— — — — 246.1 83.8
— — — — -135.8 -41.4
— — — — -129,719.9 54,940.1
— — — — 0.0 60.8
— — — — -84.8 -99.3
— — — — 44.1 27.4
— — — — -44,902.7 41,120.2
— — 661,524.1 — — —
— — — — 12.0 13.0
2,684.3 — 27,023.2 — 24,582.6 23,393.4
979.3 1,289.4 46,467.9 50,181.8 84,915.4 62,263.4
— — 2,696.3 — 283.5 187.9
— — — — 85,724.4 62,915.0
— — 0.0 — 113,519.9 115,232.5
1,898.7 1,324.3 0.0 -4,378.0 1,349.5 2,233.7
— — 321.6 — 58.7 435.0
— — 2,796.7 — — —
-133.9 -36.9 -13,146.1 -10,265.1 -13,103.0 -11,920.4
— 0.0 3,293.5 3,476.3 3,502.8 2,563.0
— — — — 631.6 687.5
— — — — — —
— — 3.25 — — —
31.01 26.24 21.46 -52.77 -41.38 18.60
869.1 869.1 2,935.2 2,965.0 2,965.0 2,964.3
31.01 26.24 21.46 -52.77 -41.38 18.59
899.1 869.1 2,935.2 2,965.0 2,965.0 2,965.6
— — — — — —
— — — -2,473.4 — —
— — — — — —
8.00 8.00 9.00 — 8.00 7.72
— — — — — —
— — — — — —
— — — — — —
439.2 433.5 2,753.5 2,827.0 11,845.9 13,336.3
534.0 545.4 4,742.2 5,300.4 11,627.7 13,109.5
-1,105.0 -267.4 -7.2 -1.4 -3.2 -12.8
— — — — — —
2,408.5 2,794.6 42,045.8 48,309.5 49,230.9 48,589.7
82.1 685.2 22,355.3 21,409.8 809.0 651.6
207.4 5,468.2 73,158.8 81,591.8 — —
— 1,006.7 32,671.8 35,904.5 37,309.5 39,462.2
— 28,209.8 682,898.6 761,057.7 666,278.4 749,314.2
— 45.1 3,812.5 5,011.5 6,729.0 4,791.8
274.1 248.9 1,965.2 2,720.4 1,688.3 1,754.0
-1,074.4 -120.0 -7,220.7 -12,252.5 — —
— — — — 35,628.1 39,433.3
— — — — -142,403.6 -1,650.2
— — 488.6 287.6 651.3 454.6
-59.3 -131.6 -740.6 -837.4 -827.6 -392.7
— — — — — —
— — 17.44 17.07 9.60 24.70
12.1 28.8 204.8 215.6 — —
177.9 -2,875.6 -7,720.2 554.5 3,189.0 -12,289.9
— — — — — —
-133.9 — -13,146.1 — — —
-1,105.0 — -7.2 — — —
4.00 0.10 1.75 2.35 — 0.00
— — — — — —
4,332.6 4,746.5 50,944.1 56,587.8 57,781.3 58,550.4
— — 1.50 1.75 3.50 19.45
2,193.3 2,086.0 22,743.0 23,875.1 19,479.5 18,685.7
216.9 160.3 2,315.0 2,555.7 2,223.3 2,052.6
— — — — 1,191.5 901.1
— — — — 76.5 57.8
— — — — — —
71.7 — — — — —
— 0.0 4,447.0 5,188.2 — 70,988.6
1,814.3 505.4 7,350.9 0.0 — —
— 187.8 543.5 987.5 642.1 658.9
25.4 627.6 4,883.2 6,549.6 7,034.6 8,611.6
3,476.4 86.9 5,188.8 6,967.8 — 0.0
— — — — — —
115.8 64.0 1,242.8 1,527.9 1,117.4 1,114.6
— — — — -28,143.4 -31,853.0
139.3 118.3 1,661.7 1,445.8 1,167.4 1,170.6
-259.0 — -4,191.3 — -3,416.9 -5,043.5
— 28,254.9 686,711.1 766,069.2 673,007.4 754,106.0
79.2 14.8 0.0 — — 0.0
— — — 50.0 12.0 13.0
— — — 0.0 0.0 0.0
— — 126,952.2 — — —
3,499.4 2,078.4 21,858.4 22,043.4 18,554.6 23,087.1
— — — — 151,840.0 214,370.0
— — — — — 30.00
— — — 194,612.8 — —
26.2 32.8 244.1 290.8 283.0 286.3
34.8 42.8 368.9 411.1 190.0 150.3
-34.7 -33.0 -225.9 -248.3 — —
36.9 35.3 — — — —
— — 54.7 715.6 — —
— — — — — 39.00
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
— — — — — —
Vedanta Ltd (VEDL IN) - Reconciliation
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
EBITDA Reconciliation
EBIT, GAAP 26,545.1 30,537.3 50,951.7 35,753.5
+ Revenue Adjustments 0.0 0.0 0.0 0.0
+ Cost of Revenue Adjustments 0.0 0.0 0.0 0.0
+ Other Op Inc Adjustments 0.0 0.0 0.0 0.0
+ SG&A Adjustments 0.0 0.0 0.0 0.0
+ R&D Expense Adjustments 0.0 0.0 0.0 0.0
+ D&A Adjustments 0.0 0.0 0.0 0.0
+ Prov for Doubtful Acct Adj 0.0 0.0 0.0 0.0
+ Other Op Exp Adjustments 0.0 0.0 16.7 0.0
EBIT, Adjusted 26,545.1 30,537.3 50,968.4 35,753.5
+ Depreciation & Amortization 516.7 745.0 963.8 1,061.4
EBITDA, Adjusted 27,061.8 31,282.3 51,932.2 36,814.9
EBIT Reconciliation
EBIT, GAAP 26,545.1 30,537.3 50,951.7 35,753.5
+ Disposal of Assets — — — —
+ Legal Settlement — — 16.7 —
+ Unrealized Investments — — — —
EBIT, Adjusted 26,545.1 30,537.3 50,968.4 35,753.5
Pretax Income Reconciliation

Pretax Income (Loss), GAAP 27,101.6 34,445.9 55,596.9 31,291.5
+ Disposal of Assets -0.9 -1.8 -8.6 -9.0
+ Asset Write-Down — — — —
+ Sale of Investments -301.3 -753.0 -621.6 -1,074.4
Pretax Income (Loss), Adjusted 26,799.4 33,691.1 54,983.4 30,208.1
Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP 19,881.3 26,291.3 42,224.5 26,955.0
Net Inc Avail to Common Cont 19,881.3 26,291.3 42,224.5 26,955.0
+ Disposal of Assets -0.6 -1.2 -5.8 -6.1
+ Sale of Investments -198.9 -497.1 -420.0 -725.8
Earnings Per Share Reconciliation

Diluted EPS, GAAP 25.26 31.62 48.17 31.01
+ Disposal of Assets 0.00 0.00 -0.01 -0.01
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Last 12M
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 09/30/2017
3,185.3 134,773.3 148,853.9 65,791.2 150,404.2 179,535.8

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 1,096.2 189.8 58.7 435.0 0.0
3,185.3 135,869.5 149,043.7 65,849.9 150,839.2 179,535.8
1,974.6 68,823.2 71,591.6 86,165.4 63,165.2 59,359.4
5,159.9 204,692.7 220,635.3 152,015.3 214,004.4 238,895.2
3,185.3 134,773.3 148,853.9 65,791.2 150,404.2 179,535.8

— 321.6 — 58.7 435.0
— — — — —
— 774.6 189.8 — —
3,185.3 135,869.5 149,043.7 65,849.9 150,839.2 179,535.8
-1,739.7 94,925.3 -99,251.2 -285,401.7 136,515.7 158,052.4

-21.5 321.6 -20.1 58.7 435.0
— 668.4 5,398.5 336,368.5 1,144.0
— — 194,612.8 — —
— — — — —
-120.0 -7,220.7 -12,252.5 — —
— 774.6 189.8 -28,143.4 -31,853.0
— — 21,278.0 — —
-1,881.2 89,469.2 109,955.3 22,882.1 106,241.7 157,336.4
22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1 68,927.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1 68,927.9
-14.2 212.3 -13.1 38.4 304.5
— 441.2 3,530.1 219,951.4 800.8
— — 194,612.8 — —
— — — — —
-79.2 -4,766.4 -8,011.9 — —
— 511.3 124.1 -18,403.0 -22,297.1
— — 13,913.7 — —
22,709.1 59,383.5 47,697.9 78,882.1 33,930.3 68,426.7
26.24 21.46 -52.77 -41.38 18.59 21.03

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
26.24 21.46 -52.77 -41.38 18.59 21.03
-0.02 0.07 0.00 0.01 0.10
— 0.15 1.19 74.18 0.27
— — 65.64 — —
— — — — —
-0.09 -1.62 -2.70 — —
— 0.17 0.04 -6.21 -7.52
— — 4.69 — —
26.13 20.23 16.09 26.60 11.44 20.94
Vedanta Ltd (VEDL IN) - SBC & Amort
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj 25.00 31.80 48.69 30.17
Diluted EPS Ex-SBC, Adj 25.00 31.01 47.70 30.17
Basic EPS Ex-Amortization, Adj — — 48.72 30.24
Diluted EPS Ex-Amortization, Adj — — 47.73 30.23
Basic EPS Ex-SBC & Amort, Adj — — 48.72 30.24
Diluted EPS Ex-SBC & Amort, Adj — — 47.73 30.23
Stock Based Compensation

Pre-Tax 0.0 0.0 0.0 0.0
After-Tax 0.0 0.0 0.0 0.0
Per Basic Share 0.00 0.00 0.00 0.00
Per Diluted Share 0.00 0.00 0.00 0.00
Amortization of Acquisition Related Intangibles

— — — —
Amortization of Total Intangibles

Pre-Tax — — 37.7 82.1
After-Tax — — 25.5 55.5
Per Basic Share — — 0.03 0.06
Per Diluted Share — — 0.03 0.06
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Current
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 01/30/2018
26.13 20.23 16.09 26.60 11.45

26.13 20.23 16.09 26.60 11.44
26.65 25.26 20.81 26.78 11.60
26.65 25.26 20.81 26.78 11.60
26.65 25.26 20.81 26.78 11.60
26.65 25.26 20.81 26.78 11.60
0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
— — — — — 0.00
685.2 22,355.3 21,409.8 809.0 651.6

452.3 14,756.7 13,999.9 529.0 456.1
0.52 5.03 4.72 0.18 0.15
0.52 5.03 4.72 0.18 0.15
Vedanta Ltd (VEDL IN) - Adj %
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 91,706.3 82,841.6 27,248.2 657,332.8
+ Sales & Services Revenue 100.0 100.0 100.0 99.5
+ Other Revenue — — 0.0 0.5
+ Other Operating Income 0.2 0.3 0.9 0.6
- Operating Expenses 44.7 57.2 89.2 80.0
+ Depreciation & Amortization 1.1 1.3 7.2 10.5
+ Other Operating Expense 43.6 55.9 81.9 69.5
Operating Income (Loss) 55.6 43.2 11.7 20.7
- Non-Operating (Income) Loss -4.4 6.7 18.6 7.1
+ Interest Expense, Net -1.5 2.7 10.1 4.4
+ Interest Expense 0.4 2.9 10.3 6.4
- Interest Income 1.9 0.2 0.1 2.0
+ Other Investment (Inc) Loss -3.2 -1.3 -1.0 0.0
+ Foreign Exch (Gain) Loss 0.4 4.5 6.7 1.1
+ Other Non-Op (Income) Loss 0.0 0.8 2.7 1.5
Pretax Income (Loss), Adjusted 60.0 36.5 -6.9 13.6
- Abnormal Losses (Gains) -0.7 -1.3 -0.5 -0.8
+ Disposal of Assets 0.0 0.0 -0.1 0.0
+ Asset Write-Down — — — 0.1
+ Legal Settlement 0.0 — — —
+ Unrealized Investments — — — 0.1
Pretax Income (Loss), GAAP 60.6 37.8 -6.4 14.4
- Income Tax Expense (Benefit) 14.6 12.3 -1.6 -1.3
+ Current Income Tax 14.7 12.0 1.3 -1.2
- (Income) Loss from Affiliates 0.0 -7.1 -88.5 -1.6
Income (Loss) from Cont Ops 46.0 32.5 83.7 17.4
Income (Loss) Incl. MI 46.0 32.5 83.7 17.4
- Minority Interest 0.0 0.0 0.0 7.8
Net Income, GAAP 46.0 32.5 83.7 9.6
Net Income Avail to Common, GAAP 46.0 32.5 83.7 9.6
Net Abnormal Losses (Gains) -0.5 -0.9 -0.3 -0.5

Basic Weighted Avg Shares 0.9 1.0 3.2 0.4

Basic EPS, GAAP 0.1 0.0 0.1 0.0
Diluted Weighted Avg Shares 1.0 1.1 3.2 0.4

Diluted EPS, GAAP 0.1 0.0 0.1 0.0
Reference Items
EBITDA 56.6 44.4 18.9 31.1
EBITDA Margin (T12M) 0.1 0.1 0.1 0.0
EBITA 55.6 43.3 14.2 24.1
EBIT 55.6 43.2 11.7 20.7
Gross Margin — — — —
Profit Margin 0.0 0.0 0.3 0.0
Total Cash Common Dividends 3.3 4.2 0.3 1.5
Personnel Expenses 2.3 3.2 9.2 4.1
Rental Expense 0.9 0.7 0.7 0.1
Source: Bloomberg
03/31/2015 03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6
99.5 99.5 99.6 100.0
0.5 0.5 0.4
— — — 52.6 52.0
0.5 0.5 0.7
80.2 90.2 79.7 78.1
0.0 0.0 0.0
9.8 13.4 8.8 7.3
— 0.0 0.0
70.4 76.8 70.9 70.9
20.3 10.3 21.0 22.0 20.9 25.8
5.3 6.7 6.2 2.7
5.2 5.7 5.1
6.6 7.7 6.8
1.4 2.0 1.7
0.0 0.0 0.0
-0.6 0.2 0.3
— — —
0.7 0.9 0.8 2.6
15.0 3.6 14.8 19.3 20.0 23.8
28.5 48.2 -4.2 -0.1
0.0 0.0 0.1
0.7 52.6 0.2
26.5 — —
— — —
-1.7 — —
0.0 -4.4 -4.4
2.9 — —
-13.5 -44.6 19.0 19.3 20.0 23.8
2.0 -16.7 5.3 5.6
1.1 5.6 5.5
0.9 -22.3 -0.2
— — —
0.0 0.0 0.0 0.0
-15.5 -27.9 13.8 13.7 10.9 13.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-15.5 -27.9 13.8 13.7
5.8 -8.7 6.1 5.3
-21.3 -19.2 7.7 8.4 10.9 13.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-21.3 -19.2 7.7 8.4 10.9 13.6
27.8 31.5 -3.0 -0.1

0.0 0.0 0.0 0.0
0.4 0.5 0.4 0.5

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.4 0.5 0.4 0.5

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

30.1 23.8 29.8 29.2 28.8 30.8
0.0 0.0 0.0 0.0 0.0 0.0
23.2 10.5 21.2
20.3 10.3 21.0 22.0 20.9 25.8
— — — 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
4,679.2 5,754.4 11,121.0
0.0 0.0 0.0 0.0 0.0
1.7 1.6 9.9
— — —
4.0 3.8 3.3 3.0
6.8 13.3 8.7
0.1 0.1 0.1
Vedanta Ltd (VEDL IN) - Common Size
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 91,706.3 82,841.6 27,248.2 657,332.8
+ Sales & Services Revenue 100.0 100.0 100.0 99.5
+ Other Revenue — — 0.0 0.5
+ Other Operating Income 0.2 0.3 0.9 0.6
- Operating Expenses 44.7 57.2 89.2 80.1
+ Depreciation & Amortization 1.1 1.3 7.2 10.5
+ Other Operating Expense 43.6 55.9 81.9 69.7
Operating Income (Loss) 55.6 43.2 11.7 20.5
- Non-Operating (Income) Loss -5.1 5.4 18.1 6.1
+ Interest Expense, Net -1.5 2.7 10.1 4.4
+ Interest Expense 0.4 2.9 10.3 6.4
- Interest Income 1.9 0.2 0.1 2.0
+ Other Investment (Inc) Loss -3.2 -1.3 -1.0 0.0
+ Foreign Exch (Gain) Loss 0.4 4.5 6.7 1.1
+ Other Non-Op (Income) Loss -0.7 -0.5 2.2 0.5
Pretax Income 60.6 37.8 -6.4 14.4
- Income Tax Expense (Benefit) 14.6 12.3 -1.6 -1.3
+ Current Income Tax 14.7 12.0 1.3 -1.2
- (Income) Loss from Affiliates 0.0 -7.1 -88.5 -1.6
Income (Loss) from Cont Ops 46.0 32.5 83.7 17.4
Income (Loss) Incl. MI 46.0 32.5 83.7 17.4
- Minority Interest 0.0 0.0 0.0 7.8
Net Income, GAAP 46.0 32.5 83.7 9.6
Net Income Avail to Common, GAAP 46.0 32.5 83.7 9.6
Net Abnormal Losses (Gains) -0.5 -0.9 -0.3 -0.5


Basic EPS, GAAP 0.1 0.0 0.1 0.0

Diluted EPS, GAAP 0.1 0.0 0.1 0.0
Reference Items
EBITDA 56.6 44.4 18.9 31.0
EBITDA Margin (T12M) 0.1 0.1 0.1 0.0
EBITA 55.6 43.3 14.2 23.9
EBIT 55.6 43.2 11.7 20.5
Profit Margin 0.1 0.0 0.3 0.0
Total Cash Common Dividends 3.3 4.2 0.3 1.5
Personnel Expenses 2.3 3.2 9.2 4.1
Rental Expense 0.9 0.7 0.7 0.1
Source: Bloomberg
03/31/2015 03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6
99.5 99.5 99.6 100.0
0.5 0.5 0.4
— — — 52.6 52.0
0.5 0.5 0.7
80.2 90.2 79.7 78.1
0.0 0.0 0.0
9.8 13.4 8.8 7.3
— 0.0 0.0
70.4 76.8 70.9 70.9
20.3 10.3 21.0 22.0 20.9 25.8
33.8 54.9 1.9 2.6
5.2 5.7 5.1
6.6 7.7 6.8
1.4 2.0 1.7
0.0 0.0 0.0
-0.6 0.2 0.3
— — —
29.2 49.1 -3.5 2.5
-13.5 -44.6 19.0 19.3 20.0 23.8
2.0 -16.7 5.3 5.6
1.1 5.6 5.5
0.9 -22.3 -0.2
— — —
0.0 0.0 0.0 0.0
-15.5 -27.9 13.8 13.7 10.9 13.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-15.5 -27.9 13.8 13.7
5.8 -8.7 6.1 5.3
-21.3 -19.2 7.7 8.4 10.9 13.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-21.3 -19.2 7.7 8.4 10.9 13.6
27.8 31.5 -3.0 -0.1

0.0 0.0 0.0 0.0
0.4 0.5 0.4 0.5

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.4 0.5 0.4 0.5

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

30.0 23.8 29.8 29.2 28.8 30.8
0.0 0.0 0.0 0.0 0.0 0.0
23.2 10.5 21.1
20.3 10.3 21.0 22.0 20.9 25.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
4,679.2 5,754.4 11,121.0
0.0 0.0 0.0 0.0 0.0
1.7 1.6 9.9
— — —
4.0 3.8 3.3 3.0
6.8 13.3 8.7
0.1 0.1 0.1
lt
Vedanta Ltd (VEDL IN) - Standardized
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Total Assets
+ Cash, Cash Equivalents & STI 20,720.0 31,428.8 69,522.0 96,717.8
+ Cash & Cash Equivalents 210.3 177.2 23,874.0 8,720.4
+ ST Investments 20,509.7 31,251.6 45,648.0 87,997.4
+ Accounts & Notes Receiv 4,724.6 2,981.6 3,381.2 6,830.1
+ Accounts Receivable, Net 4,724.6 2,981.6 3,381.2 6,830.1
+ Notes Receivable, Net — 0.0 0.0 0.0
+ Unbilled Revenues — — — —
+ Inventories 3,118.0 2,641.9 5,025.4 7,374.1
+ Raw Materials 1,463.5 708.3 1,139.4 1,785.2
+ Work In Process 11.7 16.3 17.4 3.2
+ Finished Goods 1,240.3 1,532.7 3,387.6 5,038.4
+ Other Inventory 402.5 384.6 481.0 547.3
+ Other ST Assets 590.0 11,032.0 11,895.6 13,500.4
+ Prepaid Expenses — 49.8 115.7 1,448.4
+ Derivative & Hedging Assets — 0.0 0.0 0.0
+ Assets Held-for-Sale — — — —
+ Taxes Receivable — — — —
+ Misc ST Assets — 10,982.2 11,779.9 12,052.0
Total Current Assets 29,152.6 48,084.3 89,824.2 124,422.4
+ Property, Plant & Equip, Net 4,963.3 5,918.8 7,823.1 14,708.6
+ Property, Plant & Equip 7,899.5 9,341.2 13,552.4 21,076.2
- Accumulated Depreciation 2,936.2 3,422.4 5,729.3 6,367.6
+ LT Investments & Receivables 0.3 0.3 0.5 0.5
+ LT Investments — 0.3 0.5 0.5
+ LT Receivables — — — —
+ Other LT Assets 11.5 11.5 14,733.9 16,842.2
+ Total Intangible Assets 11.5 11.5 14,733.9 14,883.9
+ Goodwill 11.5 11.5 14,733.9 14,733.9
+ Other Intangible Assets 0.0 0.0 0.0 150.0
+ Prepaid Expense — — — 49.3
+ Deferred Tax Assets — — — —
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 0.0 0.0 0.0 1,909.0
Total Noncurrent Assets 4,975.1 5,930.6 22,557.5 31,551.3
Total Assets 34,127.7 54,014.9 112,381.7 155,973.7
Liabilities & Shareholders' Equity

+ Payables & Accruals 1,610.4 5,526.4 11,882.1 16,086.8
+ Accounts Payable 1,610.4 3,025.6 7,268.2 9,843.6
+ Accrued Taxes — 516.7 1,195.8 993.3
+ Interest & Dividends Payable — 1,807.8 3,200.4 3,418.6
+ Other Payables & Accruals — 176.3 217.7 1,831.3
+ ST Debt 0.0 19.1 159.3 189.4
+ ST Borrowings — 0.0 0.0 189.4
+ ST Capital Leases — 0.0 0.0 0.0
+ Current Portion of LT Debt — 19.1 159.3 —
+ Other ST Liabilities 2,152.6 313.9 533.8 230.0
+ Deferred Revenue — 0.0 0.0 0.0
+ Derivatives & Hedging — 0.0 0.0 0.0
+ Misc ST Liabilities 2,152.6 313.9 533.8 230.0
Total Current Liabilities 3,763.0 5,859.4 12,575.2 16,506.2
+ LT Debt 0.0 0.0 19,446.3 9,805.1
+ LT Borrowings — 0.0 19,446.3 9,805.1
+ LT Capital Leases — 0.0 0.0 0.0
+ Other LT Liabilities 664.0 664.3 750.2 1,558.1
+ Accrued Liabilities — 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Deferred Tax Liabilities 664.0 664.3 750.2 682.0
+ Misc LT Liabilities 0.0 0.0 0.0 876.1
Total Noncurrent Liabilities 664.0 664.3 20,196.5 11,363.2
Total Liabilities 4,427.0 6,523.7 32,771.7 27,869.4
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 568.6 787.2 9,584.4 19,563.3
+ Common Stock — 787.2 831.0 869.1
+ Additional Paid in Capital — 0.0 8,753.4 18,694.2
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 1,726.3 2,535.3 9,667.0 23,516.6
+ Other Equity 27,139.6 43,834.9 59,925.7 85,024.4
Equity Before Minority Interest 29,434.5 47,157.4 79,177.1 128,104.3
+ Minority/Non Controlling Interest 266.2 333.8 432.9 0.0
Total Equity 29,700.7 47,491.2 79,610.0 128,104.3
Total Liabilities & Equity 34,127.7 54,014.9 112,381.7 155,973.7
Reference Items
Shares Outstanding 787.2 787.2 831.0 869.1
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligatio — 0.0 0.0 0.0
Capital Leases - Total — 0.0 0.0 0.0
Percent Of Foreign Ownership 21.66 20.03 26.76 24.17
Number Of Shareholders 48,602.00 213,435.00 144,988.00 267,818.00
Options Granted During Period — — — —
Options Outstanding at Period End — — — —
Net Debt -20,720.0 -31,409.7 -49,916.4 -86,723.3
Net Debt to Equity -69.76 -66.14 -62.70 -67.70
Tangible Common Equity Ratio 86.24 87.30 66.00 80.25
Current Ratio 7.75 8.21 7.14 7.54
Cash Conversion Cycle 159.29 51.63 23.33 -3.61
Number of Employees — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
5,910.0 2,036.6 453,677.5 448,563.3 567,094.0 600,001.1

870.4 262.9 15,251.3 12,414.0 33,722.2 131,109.3
5,039.6 1,773.7 438,426.2 436,149.3 533,371.8 468,891.8
5,494.3 1,423.9 46,196.4 36,051.3 24,937.5 22,400.7
5,494.3 1,423.9 46,196.4 36,051.3 24,937.5 22,400.7
0.0 0.0 0.0 0.0 0.0 0.0
— — 0.0 1,412.1 1,435.1 1,878.7
8,751.5 9,609.5 90,337.9 87,250.2 80,116.5 96,278.9
3,891.3 259.0 14,106.3 17,179.7 16,046.8 13,568.6
1.5 0.0 29,154.1 27,901.0 22,312.6 32,728.8
4,248.5 6,588.3 31,560.7 26,795.3 24,664.9 32,762.4
610.2 2,762.2 15,516.8 15,374.2 17,092.2 17,219.1
3,800.0 4,970.0 44,111.6 53,301.7 54,849.6 47,401.7
1,743.1 105.9 4,172.4 4,052.0 37,477.2 26,262.3
0.0 31.0 2,768.2 993.5 — —
— 0.0 1.7 307.6 — —
— — — — 2,767.0 136.0
2,056.9 4,833.1 37,169.3 47,948.6 14,605.4 21,003.4
23,955.8 18,040.0 634,323.4 626,578.6 728,432.7 767,961.1
22,276.5 26,829.9 909,595.2 909,636.3 942,242.9 935,053.3
29,719.8 35,246.1 1,197,935.4 1,264,237.3 1,666,253.8 1,705,009.5
7,443.3 8,416.2 288,340.2 354,601.0 724,010.9 769,956.2
0.5 0.5 63.9 63.9 773.0 12,388.1
0.5 0.5 63.9 63.9 432.0 695.7
— — — — 341.0 11,692.4
157,778.5 185,499.8 597,467.6 366,545.4 280,862.4 274,893.5
19,166.3 21,760.3 393,736.0 178,921.5 114,675.5 108,062.4
19,070.9 21,676.0 392,383.2 177,896.9 0.0 0.0
95.4 84.3 1,352.8 1,024.6 114,675.5 108,062.4
92.5 77.2 104.9 150.6 64.0 79.2
— 0.0 252.1 12.4 85,186.0 74,920.2
0.0 0.0 0.0 11.9 53.2 37.1
136,625.7 158,819.3 2,022.4 2,070.5 56.0 33.6
1,894.0 4,843.0 201,352.2 185,378.5 80,827.7 91,761.0
180,055.5 212,330.2 1,507,126.7 1,276,245.6 1,223,878.3 1,222,334.9
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
14,109.2 5,257.6 102,720.4 101,562.0 269,290.3 312,297.7

8,867.7 3,212.1 41,672.8 52,781.6 161,623.7 184,591.1
282.0 14.8 5,633.6 3,854.7 1,840.4 2,030.7
2,110.4 696.7 11,817.1 15,819.7 46,372.1 84,242.7
2,849.1 1,334.0 43,596.9 29,106.0 59,454.1 41,433.2
26,251.1 36,602.5 256,021.4 257,421.0 183,993.8 413,138.7
26,251.1 36,526.4 173,964.0 199,557.1 122,895.4 322,448.7
0.0 0.0 0.0 0.0 0.0 0.0
— 76.1 82,057.4 57,863.9 61,098.4 90,690.0
198.2 1,652.0 81,362.4 60,572.2 90,118.5 101,316.2
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 7,264.7 2,685.1 4,485.7 8,216.3
198.2 1,652.0 74,097.7 57,887.1 85,632.8 93,099.9
40,558.5 43,512.1 440,104.2 419,555.2 543,402.6 826,752.6
11,162.3 11,791.6 549,657.7 520,252.0 493,784.1 302,551.4
11,162.3 11,791.6 549,657.7 520,252.0 493,784.1 302,551.4
0.0 0.0 0.0 0.0 0.0 0.0
1,108.4 312.5 83,627.1 68,966.9 109,121.7 116,711.6
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 1,367.5 1,824.6
0.0 0.0 0.0 0.0 0.0 0.0
1,045.8 252.7 27,603.9 33,309.1 32,507.5 20,836.7
0.0 0.0 1,744.6 44.9 77.8 556.2
62.6 59.8 54,278.6 35,612.9 75,168.9 93,494.1
12,270.7 12,104.1 633,284.8 589,218.9 602,905.8 419,263.0
52,829.2 55,616.2 1,073,389.0 1,008,774.1 1,146,308.4 1,246,015.6
0.0 0.0 0.0 0.0 0.0 0.0
19,563.3 19,563.3 202,614.5 202,614.5 202,614.5 193,808.8
869.1 869.1 2,965.0 2,965.0 2,965.0 3,717.5
18,694.2 18,694.2 199,649.5 199,649.5 199,649.5 190,091.3
0.0 0.0 0.0 0.0 0.0 0.0
40,651.8 63,309.8 292,978.6 115,790.7 38,561.7 17,156.8
90,967.0 91,880.9 234,493.5 220,347.5 199,215.5 394,035.5
151,182.1 174,754.0 730,086.6 538,752.7 440,391.7 605,001.1
0.0 0.0 337,974.5 355,297.4 365,610.9 139,279.3
151,182.1 174,754.0 1,068,061.1 894,050.1 806,002.6 744,280.4
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

869.1 869.1 2,965.0 2,965.0 2,965.0 3,717.5
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 1,367.5 1,824.6
0.0 0.0 1,318.4 660.4 425.0 63.0
0.0 0.0 0.0 0.0 0.0 0.0
25.21 27.46 26.74 25.07 80.03 76.04
269,449.00 251,895.00 419,185.00 365,915.00 418,317.00 335,473.00
— 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0
31,503.4 46,357.5 352,001.6 329,109.7 110,683.9 115,689.0
20.84 26.53 32.96 36.81 13.73 15.54
71.42 73.34 19.25 20.87 17.72 26.40
0.59 0.41 1.44 1.49 1.34 0.93
22.85 554.69 63.99 81.21 -28.13 -104.20
— — — 21,371.00 17,378.00 8,992.00
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Balance Sheet
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty) 266.2 333.8 432.9 —
Other Equity — — — —
Total Reserve 29,040.9 46,370.2 78,346.1 127,235.2
Total Share Capital 393.6 787.2 831.0 869.1
Total Shareholders Equity Excluding Minorit 29,434.5 47,157.4 79,177.1 128,104.3
Total Shareholders Equity — — — —
Total Liabilities and Shareholders Equity — — — 155,973.7
Non Current Liabilities
Total Noncurrent Liabilities — — — 11,363.2
Long Term Debt 0.0 19.1 19,605.6 9,805.1
Other Noncurrent Liabilities — — — 776.0
Deferred Tax Liabilities (Long-Term) 664.0 664.3 750.2 682.0
Total Current Liabilities — — — 16,506.2
Provisions For Liabilities And Charges & Ot — — — 100.1
Other Financial Liabilities (Long-Term) — — — —
Deferred Income Taxes (Liabilities) — — — —
Shareholder Equity And Long Term Liabilitie — — — —
Noncurrent Assets
Long Term Investments 20,510.0 31,251.9 45,648.5 0.5
Accumulated Depreciation 2,936.2 3,422.4 5,740.8 —
Property Plant & Equipment - Net — — — 9,242.5
Total Intangible Assets - Net — — — —
Other Intangible Assets — — — —
Goodwill — — — —
Deferred Tax Assets (Long-Term) — — — —
Accounts Receivable - Long-Term — — — —
Long-Term Loans And Other Debtors — — — —
Construction In Progress-Net — — — 5,436.0
Other Financial Assets (Long-Term) — — — —
Total Fixed Assets 5,930.3 5,930.3 22,557.0 —
Total Fixed Assets & Materials 7,911.0 9,352.7 28,297.8 —
Construction In Progress — — — —
Current Assets
Cash and Equivalents 210.3 177.2 23,918.4 8,970.3
Accounts Receivable - Trade 4,724.6 2,981.6 3,381.2 6,830.1
Inventories 3,118.0 2,641.9 5,025.4 7,374.1
Other Current Assets 590.0 11,032.0 11,851.2 13,250.5
Short-Term Investments — — — 87,997.4
Short-Term Loans — — — —
Other Financial Assets - Short Term — — — —
Current Income Tax Asset — — — —
Total Current Assets — — — 124,422.4
Current Liabilities
Other Noncurrent Assets — — — 16,872.3
Accounts Payable - Trade — — — 9,843.6
Short-Term Borrowings — — — 33.1
Other Current Liabilities 1,953.9 3,376.0 8,301.8 2,437.3
Income Taxes Accrued/Payable — — — —
Total Assets — — — 155,973.7
Total Non-Current Assets — — — 31,551.3
Short-Term Provisions 1,809.1 2,464.3 4,114.1 4,192.2
Other Financial Liabilities (Short-Term) — — — —
Accrued Expenses and Other — — — —
Net Current Assets — — — —
Total Assets Less Current Liabilities — — — —
Reference Items
Accounts Receivable - Trade 4,724.6 2,981.6 3,381.2 6,830.1
Prepaid Expenses (ST) 25.3 49.8 115.7 101.3
Restricted Cash (ST) — — 44.4 249.9
Assets Held For Sale — — — —
Other Current Assets 522.0 887.5 1,628.3 943.3
Long Term Investments 0.3 0.3 0.5 0.5
Land 110.9 117.2 304.7 1,846.5
Buildings 434.7 514.1 648.4 712.2
Construction In Progress 214.7 489.3 787.4 —
Furniture/Machinery/Equipment 41.5 53.6 115.5 108.2
Property Plant & Equipment - Gross — — — —
Accumulated Depreciation 2,936.2 3,422.4 5,729.3 6,367.6
Property Plant & Equipment - Net — — — —
Other Intangible Assets — — — —
Investment In Affiliates/Joint Ventures — — — —
Goodwill 11.5 11.5 14,733.9 14,733.9
Patents/Trademarks/Copyrights — — — —
Other Noncurrent Assets — — — 1,898.4
Accounts Payable - Trade 1,610.4 3,025.6 7,268.2 9,843.6
Current Portion of Long-Term Debt — 19.1 159.3 —
Bank Overdrafts — — — —
Accrued Compensation/Postretirement Obli 109.9 176.3 217.7 209.0
Interest Accrued/Payable — — 455.4 226.9
Dividends Accrued/Payable 1,215.5 1,807.8 2,745.0 3,191.7
Other Current Liabilities 192.4 231.4 334.9 0.8
Long Term Debt — 0.0 — —
Other Noncurrent Liabilities — — — 776.0
Min/Non Cntrlling Int(Stckhldrs Eqty) — — — —
Common Stock — — — —
Additional Paid In Capital 175.0 0.0 8,753.4 18,694.2
Retained Earnings (Accumulated Deficit) 1,726.3 2,535.3 9,667.0 23,516.6
Other Equity — — — —
Par Value 10.00 1.00 1.00 1.00
Raw Materials 1,463.5 708.3 1,139.4 1,785.2
Work In Progress 11.7 16.3 17.4 3.2
Finished Goods 1,239.2 1,531.6 3,386.5 3,875.2
Income Taxes Accrued/Payable 316.9 215.2 736.8 499.8
Other Gross Fixed Assets 1,527.3 1,540.4 2,325.0 2,496.0
Other Inventory — — — —
Current Rental Expense — — — —
Rental Expense - Year 1 — — — —
Rental Expense - Beyond Year 5 — — — —
Deferred Tax Liabilities (LT) 664.0 664.3 750.2 682.0
Deferred Tax Assets (LT) — — — —
Allowance For Doubtful Accounts 8.0 0.5 26.8 27.4
Unbilled Revenue — — — —
Capitalized Software - Net — — — 150.0
ESOP Shares (Amount) — — — —
Accrued Interest Receivable — — — 141.4
Derivative Assets Short-Term — — — —
Unsecured Debt 0.0 0.0 19,161.9 9,680.1
Cash and Due From Banks 181.8 129.9 310.8 1,766.3
Short-Term Investments — — — —
Customer Deposits/Advances (ST) 116.5 82.5 198.9 229.2
Other Receivables (ST) — — — —
Prepaid Expenses (LT) — — — 49.3
Customer Deposits/Advances (Long-Term) — — — —
Total Liabilities and Shareholders Equity — — — —
Derivative Assets (Long-Term) — — — —
Impairments/Adjustments — — — —
Accounts Receivable - Long-Term — — — —
Other Receivables (LT) — — — —
Other Payables — — — 1,622.3
Derivative Liabilities (Short-Term) — — — —
Derivative Liabilities (Long-Term) — — — —
Number of Employees at Period End Date — — — —
Cumulative Translation Adjustment — — — 0.0
% Of Foreign Shareholders 21.66 20.03 26.76 24.17
Accumulated Amortization Intangible Assets — — 11.5 124.2
Bank Loans - Noncurrent — — — 125.0
Capital Redemption Reserve — — — —
Capital Reserve 2.5 2.5 2.5 101.2
Total Contingent Payable 7,428.6 17,829.7 21,484.8 31,440.7
Deferred Tax - Net — — — —
Intangible Assets - Gross — — — —
Short-Term Loans — — — —
Other Creditors (ST) — — — —
Other Long-Term Loans/Borrowings — — 19,446.3 9,680.1
Other Provisions For Liabilities & Charges — — — 34.6
Other Reserve — — — —
Other Short-Term Loans/Borrowings — 19.1 159.3 126.9
Trade Receivables-Gross 4,732.6 2,982.1 3,408.0 6,857.5
Total Number Of Shareholders 48,602.00 213,435.00 144,988.00 267,818.00
Provisions For Liabilities/Charges/Other — — — —
Shares Authorized — — — —
Amts Due -Related Parties Current-Int Bear — — — —
Fixed Deposits — — 23,537.1 6,880.0
Other Financial Assets - Short Term — — — —
Prepayment/Advance — — — —
Authorized Common Stocks (Number) 50.0 1,000.0 1,000.0 1,000.0
Authorized Common Capital (Amount) 500.0 1,000.0 1,000.0 1,000.0
Bonds Payable — — — —
Capital Commit Contracted Not Provided Fo 217.9 198.6 4,285.0 4,123.9
Cash on Hand 28.5 47.3 26.1 1.2
Other Commitments — — — —
Construction In Progress - Net — — — 5,436.0
Spares And Consumables 402.5 384.6 481.0 547.3
Employee Entitlements - Noncurrent — — — 65.5
General Reserves 27,137.1 43,923.2 59,923.2 84,923.2
Goods In Transit 1.1 1.1 1.1 1,163.2
Equity Investments Associates/Affiliates — — — 0.0
Operating Leases Expiring Within 2 & 5 Yrs — — — —
Other Financial Assets (Long-Term) — — — —
Preferred Stock Authorized Shares — — — —
Time Deposits — — — —
Other Tax Payable 201.4 301.5 459.0 493.5
Authorized Preferred Stocks (Amount) — — — —
Plant Machinery And Equipment - Gross 5,201.7 6,235.5 8,897.5 9,994.3
Due To Banks (ST) — — — 62.5
Other Provisions - Current 0.0 0.0 0.0 0.0
Total Shareholder Equity Excludes Minority — — — —
Debt In Foreign Currency — — — —
Secured Interest Bearing Liabilities 0.0 19.1 443.7 314.4
Oil & Gas Properties (Gross Total) — — — —
Pension/Postretirement Provisions LT — — — —
Common Stock & Subscribed Stock 393.6 787.2 831.0 869.1
Other Financial Liabilities (ST) — — — —
Freehold Land - Gross — — — —
Leasehold Land - Gross — — — 0.0
Hedging Reserve 0.0 -90.8 — —
Other Financial Liabilities (Long-Term) — — — —
Cash Equivalents — — — 72.9
Tools Furniture And Fixtures — — — 80.0
ARDR Commercial Paper Current — — — 0.0
Motor Vehicles - Gross 87.2 109.6 180.1 200.1
Short Term Loan (Secured) — — — —
Short Term Loan (Unsecured) — — — —
Long Term Loan (Secured) — — — —
Long Term Loan (Unsecured) — — — —
Investment in Mutual Funds - Short Term 20,509.7 31,251.6 45,648.0 87,997.4
Mining Assets - Gross 281.5 281.5 293.8 202.9
Authorized Capital — — — —
Subscribed Capital — — — —
Leasehold Rights — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— 0.0 337,974.5 355,297.4 365,610.9 139,279.3

— — — — 437,426.7 601,283.6
150,313.0 173,884.9 727,121.6 535,787.7 — —
869.1 869.1 2,965.0 2,965.0 2,965.0 3,717.5
151,182.1 174,754.0 730,086.6 538,752.7 440,391.7 605,001.1
— — — — 806,002.6 744,280.4
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
12,270.7 12,104.1 633,284.8 589,218.9 602,905.8 419,263.0

11,162.3 11,791.6 549,657.7 520,252.0 493,784.1 302,551.4
27.4 23.2 13,994.8 12,241.4 51,938.5 41,584.0
1,045.8 252.7 27,603.9 33,309.1 32,507.5 20,836.7
40,558.5 43,512.1 440,104.2 419,555.2 543,402.6 826,752.6
35.2 36.6 42,028.4 23,416.4 20,513.9 20,535.0
— — — — 4,161.8 33,755.9
— — — — — —
— — — — — —
136,626.2 158,819.8 2,086.3 2,134.4 488.0 729.3

— — — — — —
13,901.4 18,798.0 476,560.0 519,689.8 662,983.3 758,344.4
— — — — 114,675.5 108,062.4
98.5 890.8 3,111.1 3,491.6 — —
19,070.9 21,676.0 392,383.2 177,896.9 — —
— 0.0 252.1 12.4 85,186.0 74,920.2
— — — — 341.0 11,692.4
— — — — 112.9 264.2
8,372.0 7,225.4 431,276.9 387,479.5 279,259.6 176,708.9
— — — — 26,997.3 29,892.9
— — — — — —
— — — — — —
— — — — — —
977.4 361.2 76,855.0 56,962.8 37,087.9 141,227.4

5,494.3 1,423.9 46,196.4 36,051.3 24,937.5 22,400.7
8,751.5 9,609.5 90,337.9 87,250.2 80,116.5 96,278.9
3,693.0 4,876.7 43,924.6 52,388.3 19,857.4 27,172.5
5,039.6 1,768.7 377,009.5 393,926.0 533,371.8 468,891.8
— — — — 819.4 792.0
— — — — 29,475.2 11,061.8
— — — — 2,767.0 136.0
23,955.8 18,040.0 634,323.4 626,578.6 728,432.7 767,961.1
1,986.5 4,920.2 201,457.1 185,541.0 53,834.7 61,720.2

8,867.7 3,212.1 41,672.8 52,781.6 161,623.7 184,591.1
26,179.5 36,519.0 173,945.3 199,407.1 122,895.6 322,448.7
3,179.0 3,252.4 212,241.4 152,831.7 70,017.8 71,700.0
— — — — 1,840.4 2,030.7
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
180,055.5 212,330.2 1,507,126.7 1,276,245.6 1,223,878.3 1,222,334.9
2,332.3 528.6 12,244.7 14,534.8 3,509.6 2,930.9
— — — — 183,515.5 243,051.2
— — — — — —
— — — — — —
— — — — — —
5,494.3 1,423.9 46,196.4 36,051.3 24,937.5 22,400.7

118.1 105.9 1,597.0 1,537.0 1,451.1 1,390.3
107.0 93.3 187.0 2,325.5 3,365.7 10,118.1
— 0.0 1.7 307.6 — —
1,044.1 4,419.4 28,145.4 41,744.5 1,716.9 3,378.6
0.5 0.5 63.9 63.9 432.0 695.7
— — — — — —
1,008.3 2,994.4 74,816.5 89,020.0 114,960.2 119,411.2
— — — — — —
132.6 143.1 6,355.2 620,029.1 6,794.3 6,756.9
— — — — 1,386,994.2 1,528,300.6
7,443.3 8,416.2 287,699.5 353,960.3 724,010.9 769,956.2
— — — — 662,983.3 758,344.4
0.0 0.0 0.0 0.0 114,387.9 107,495.3
— — — — 56.0 33.6
19,070.9 21,676.0 392,383.2 177,896.9 — —
— 0.0 500.4 480.2 — —
1,882.6 4,833.1 145,414.3 171,982.3 44,233.3 49,762.9
8,867.7 — — — 161,623.7 184,591.1
— 76.1 82,057.4 57,863.9 61,098.4 90,690.0
— 7.4 18.7 150.0 — —
406.3 426.9 1,404.7 1,409.0 1,966.0 1,899.8
277.1 516.5 6,437.4 6,521.9 7,430.2 8,390.8
1,833.3 180.2 5,379.7 9,297.8 38,941.9 75,851.9
54.7 1,555.1 70,292.3 52,413.8 44,251.4 24,251.7
— — — — — —
27.4 23.2 12,250.2 12,196.5 41,952.1 41,584.0
— — — — 365,610.9 139,279.3
— — — — 2,965.0 3,717.5
18,694.2 18,694.2 199,649.5 199,649.5 199,649.5 190,091.3
40,651.8 63,309.8 292,978.6 115,790.7 38,561.7 17,156.8
— — — — 323.1 586.6
869.1 869.1 2,965.0 2,965.0 2,965.0 3,717.5
1.00 1.00 1.00 1.00 1.00 1.00
3,891.3 259.0 — — 16,046.8 13,568.6
1.5 0.0 29,154.1 27,901.0 22,312.6 32,728.8
3,699.0 6,182.9 9,719.4 6,398.8 5,657.6 7,557.7
— 0.0 5,633.6 3,832.8 — —
3,408.7 3,456.6 134,291.8 133,158.4 16,092.0 19,143.9
— 2,084.4 4,329.8 4,076.0 4,861.2 5,412.5
— — 39.1 243.4 259.0 73.6
— 0.0 305.6 308.5 285.0 12.4
— 0.0 — — 0.0 0.0
1,045.8 252.7 27,351.8 33,296.7 32,507.5 20,836.7
— — — — 85,186.0 74,920.2
0.2 0.9 2,697.2 5,750.0 5,741.8 5,569.4
— — 0.0 1,412.1 1,435.1 1,878.7
95.4 84.3 852.4 544.4 287.6 567.1
— — — — 0.0 1,548.7
— — — — 803,037.6 740,562.9
— — — — 803,037.6 740,562.9
0.1 0.1 7,989.2 3,181.6 — —
0.0 31.0 2,768.2 993.5 — —
37,255.2 48,394.1 423,802.4 366,236.6 241,400.1 262,354.0
806.9 203.2 8,506.7 6,371.2 — —
— 0.0 63,397.2 248,575.2 111,919.6 115,631.1
143.5 96.9 3,787.8 3,170.0 28,399.0 57,220.9
— — — — 6,655.3 6,374.4
92.5 77.2 104.9 150.6 64.0 79.2
— — — — 9,986.4 0.0
— — — — 1,952,311.0 1,990,296.0
— — 0.0 11.9 53.2 37.1
— — 640.7 640.7 — —
— — — — 341.0 11,692.4
— — — — 9,536.3 11,877.0
2,442.8 0.0 633.6 874.3 4,471.0 9,878.0
0.0 0.0 7,264.7 2,685.1 4,485.7 8,216.3
— 0.0 1,744.6 44.9 77.8 556.2
— — 20,475.00 7,211.00 — 8,992.00
192.6 1,056.5 37,277.6 20,062.0 -7,279.3 -8,177.2
25.21 27.46 26.74 25.07 80.03 76.04
196.2 881.4 2,860.0 3,632.3 4,364.4 4,979.0
71.6 0.0 186,007.5 219,333.0 314,929.1 255,554.6
— 0.0 816.7 1,003.8 1,003.8 1,003.8
101.2 101.2 118.3 1,416.3 1,405.8 190,284.4
46,225.7 55,352.6 406,013.9 295,570.4 110,935.8 369,285.4
— — — — 52,678.5 54,083.5
— — — — 119,039.9 113,041.4
— — — — 819.4 792.0
— 907.1 41,558.6 26,822.7 53,017.1 29,655.4
11,090.7 11,791.6 280,650.2 197,419.0 63,702.0 -89,753.8
34.6 35.7 40,151.6 21,419.1 — —
— 0.0 4,267.4 7,067.5 12,736.8 17,684.5
851.7 11,008.3 103,940.6 66,442.1 11,689.5 51,913.5
5,494.5 1,424.8 48,893.6 41,801.3 30,679.3 27,970.1
269,449.00 251,895.00 419,185.00 365,915.00 418,317.00 335,473.00
— — — — 19,146.4 18,710.4
— — — — 51,305.1 47,030.1
— — 13,546.0 399.5 0.0 —
— 0.0 6,741.9 6,041.3 13,259.5 13,006.2
— — — — 1,239.4 91.0
— — — — 36,026.1 24,872.0
1,000.0 1,000.0 51,260.0 51,270.1 51,270.1 44,020.1
1,000.0 1,000.0 51,260.0 51,270.1 51,270.1 44,020.1
— 0.0 83,000.0 103,500.0 115,153.0 136,750.6
1,497.8 915.6 78,442.9 61,934.8 95,876.3 74,102.3
0.8 0.5 2.7 1.5 2.4 1.3
— — — — 187,650.9 149,093.1
— — — — 279,259.6 176,708.9
610.2 677.8 11,187.0 11,298.2 12,231.0 11,806.6
0.6 0.9 1,876.8 1,997.3 — —
90,673.2 90,723.2 191,441.2 191,051.6 191,051.6 191,051.6
549.5 405.4 21,841.3 20,396.5 19,007.3 25,204.7
136,625.7 158,819.3 2,022.4 2,070.5 — —
— 0.0 1,012.8 351.9 140.0 50.6
— — — — 26,944.1 29,855.8
— — — — 35.0 3,010.0
— 5.0 61,416.7 42,223.3 — —
282.0 14.8 0.0 21.9 — —
— — — — 350.0 30,100.0
13,912.9 17,548.4 528,017.9 7,794.6 693,865.1 818,123.1
14,144.5 586.8 101,662.1 109,778.9 84,155.4 127,042.5
0.0 0.0 17.6 2,303.3 1,640.1 1,125.4
— — — — 437,426.7 601,283.6
— — — — 10,968.3 11,791.2
158.2 0.0 381,876.7 411,436.4 436,377.8 453,336.1
— — — — 465,342.7 460,709.5
— — — — 1,367.5 1,824.6
869.1 869.1 2,965.0 2,965.0 2,965.0 3,717.5
— — — — 11,342.3 10,501.9
2,389.1 2,540.1 10,725.9 11,410.3 20,049.2 20,875.3
3.9 3.9 5,652.4 5,794.8 — —
— 0.0 572.3 -253.7 -26.3 53.1
— — — — 4,084.0 33,199.7
62.7 59.2 — — 20,460.3 118,101.8
98.0 105.5 1,937.5 3,731.5 3,063.8 3,062.8
11,254.9 25,000.0 50,400.0 81,050.0 88,148.9 234,182.7
218.4 249.4 2,930.2 3,179.3 3,375.6 1,061.0
— 0.0 67,620.8 57,308.0 34.3 —
— 36,519.0 106,324.5 142,099.1 56.0 —
— 0.0 314,255.9 354,128.4 — —
— 11,791.6 235,401.8 166,123.6 125,166.2 —
5,039.6 1,768.7 313,612.3 145,350.8 421,452.2 353,260.7
175.9 979.3 1,931.1 2,639.8 63,451.3 79,156.9
— — — — — —
— — — — — —
— — — — — —
Vedanta Ltd (VEDL IN) - Common Size
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Total Assets 34,127.7 54,014.9 112,381.7 155,973.7
Total Assets
+ Cash, Cash Equivalents & STI 60.7 58.2 61.9 62.0
+ Cash & Cash Equivalents 0.6 0.3 21.2 5.6
+ ST Investments 60.1 57.9 40.6 56.4
+ Accounts & Notes Receiv 13.8 5.5 3.0 4.4
+ Accounts Receivable, Net 13.8 5.5 3.0 4.4
+ Notes Receivable, Net — 0.0 0.0 0.0
+ Unbilled Revenues — — — —
+ Inventories 9.1 4.9 4.5 4.7
+ Raw Materials 4.3 1.3 1.0 1.1
+ Work In Process 0.0 0.0 0.0 0.0
+ Finished Goods 3.6 2.8 3.0 3.2
+ Other Inventory 1.2 0.7 0.4 0.4
+ Other ST Assets 1.7 20.4 10.6 8.7
+ Prepaid Expenses — 0.1 0.1 0.9
+ Assets Held-for-Sale — — — —
+ Taxes Receivable — — — —
+ Misc ST Assets — 20.3 10.5 7.7
Total Current Assets 85.4 89.0 79.9 79.8
+ Property, Plant & Equip, Net 14.5 11.0 7.0 9.4
+ Property, Plant & Equip 23.1 17.3 12.1 13.5
- Accumulated Depreciation 8.6 6.3 5.1 4.1
+ LT Investments & Receivables 0.0 0.0 0.0 0.0
+ LT Investments — 0.0 0.0 0.0
+ LT Receivables — — — —
+ Other LT Assets 0.0 0.0 13.1 10.8
+ Total Intangible Assets 0.0 0.0 13.1 9.5
+ Goodwill 0.0 0.0 13.1 9.4
+ Other Intangible Assets 0.0 0.0 0.0 0.1
+ Prepaid Expense — — — 0.0
+ Deferred Tax Assets — — — —
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 0.0 0.0 0.0 1.2
Total Noncurrent Assets 14.6 11.0 20.1 20.2
Total Assets 100.0 100.0 100.0 100.0
Liabilities & Shareholders' Equity

+ Payables & Accruals 4.7 10.2 10.6 10.3
+ Accounts Payable 4.7 5.6 6.5 6.3
+ Accrued Taxes — 1.0 1.1 0.6
+ Interest & Dividends Payable — 3.3 2.8 2.2
+ Other Payables & Accruals — 0.3 0.2 1.2
+ ST Debt 0.0 0.0 0.1 0.1
+ ST Borrowings — 0.0 0.0 0.1
+ ST Capital Leases — 0.0 0.0 0.0
+ Current Portion of LT Debt — 0.0 0.1 —
+ Other ST Liabilities 6.3 0.6 0.5 0.1
+ Misc ST Liabilities 6.3 0.6 0.5 0.1
Total Current Liabilities 11.0 10.8 11.2 10.6
+ LT Debt 0.0 0.0 17.3 6.3
+ LT Borrowings — 0.0 17.3 6.3
+ LT Capital Leases — 0.0 0.0 0.0
+ Other LT Liabilities 1.9 1.2 0.7 1.0
+ Accrued Liabilities — 0.0 0.0 0.0
+ Pension Liabilities — — — —
+ Deferred Tax Liabilities 1.9 1.2 0.7 0.4
+ Misc LT Liabilities 0.0 0.0 0.0 0.6
Total Noncurrent Liabilities 1.9 1.2 18.0 7.3
Total Liabilities 13.0 12.1 29.2 17.9
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 1.7 1.5 8.5 12.5
+ Common Stock — 1.5 0.7 0.6
+ Additional Paid in Capital — 0.0 7.8 12.0
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 5.1 4.7 8.6 15.1
+ Other Equity 79.5 81.2 53.3 54.5
Equity Before Minority Interest 86.2 87.3 70.5 82.1
+ Minority/Non Controlling Interest 0.8 0.6 0.4 0.0
Total Equity 87.0 87.9 70.8 82.1
Total Liabilities & Equity 100.0 100.0 100.0 100.0
Reference Items
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligatio — 0.0 0.0 0.0
Capital Leases - Total — 0.0 0.0 0.0
Percent Of Foreign Ownership 0.1 0.0 0.0 0.0
Number Of Shareholders 48,602.0 213,435.0 144,988.0 267,818.0
Options Outstanding at Period End — — — —
Net Debt -60.7 -58.2 -44.4 -55.6
Net Debt to Equity -0.2 -0.1 -0.1 0.0
Tangible Common Equity Ratio 0.3 0.2 0.1 0.1
Current Ratio 0.0 0.0 0.0 0.0
Cash Conversion Cycle 0.5 0.1 0.0 0.0
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
2.9 0.9 21.2 23.6 29.0 30.1

0.4 0.1 0.7 0.7 1.7 6.6
2.5 0.8 20.5 22.9 27.3 23.6
2.7 0.6 2.2 1.9 1.3 1.1
2.7 0.6 2.2 1.9 1.3 1.1
0.0 0.0 0.0 0.0 0.0 0.0
— — 0.0 0.1 0.1 0.1
4.3 4.2 4.2 4.6 4.1 4.8
1.9 0.1 0.7 0.9 0.8 0.7
0.0 0.0 1.4 1.5 1.1 1.6
2.1 2.9 1.5 1.4 1.3 1.6
0.3 1.2 0.7 0.8 0.9 0.9
1.9 2.2 2.1 2.8 2.8 2.4
0.9 0.0 0.2 0.2 1.9 1.3
0.0 0.0 0.1 0.1 — —
— 0.0 0.0 0.0 — —
— — — — 0.1 0.0
1.0 2.1 1.7 2.5 0.7 1.1
11.7 7.8 29.6 32.9 37.3 38.6
10.9 11.6 42.5 47.8 48.3 47.0
14.6 15.3 55.9 66.4 85.3 85.7
3.6 3.7 13.5 18.6 37.1 38.7
0.0 0.0 0.0 0.0 0.0 0.6
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 0.0 0.6
77.3 80.5 27.9 19.3 14.4 13.8
9.4 9.4 18.4 9.4 5.9 5.4
9.3 9.4 18.3 9.3 0.0 0.0
0.0 0.0 0.1 0.1 5.9 5.4
0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 4.4 3.8
0.0 0.0 0.0 0.0 0.0 0.0
67.0 68.9 0.1 0.1 0.0 0.0
0.9 2.1 9.4 9.7 4.1 4.6
88.3 92.2 70.4 67.1 62.7 61.4
100.0 100.0 100.0 100.0 100.0 100.0
6.9 2.3 4.8 5.3 13.8 15.7
4.3 1.4 1.9 2.8 8.3 9.3
0.1 0.0 0.3 0.2 0.1 0.1
1.0 0.3 0.6 0.8 2.4 4.2
1.4 0.6 2.0 1.5 3.0 2.1
12.9 15.9 12.0 13.5 9.4 20.8
12.9 15.9 8.1 10.5 6.3 16.2
0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 3.8 3.0 3.1 4.6
0.1 0.7 3.8 3.2 4.6 5.1
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.3 0.1 0.2 0.4
0.1 0.7 3.5 3.0 4.4 4.7
19.9 18.9 20.6 22.0 27.8 41.5
5.5 5.1 25.7 27.3 25.3 15.2
5.5 5.1 25.7 27.3 25.3 15.2
0.0 0.0 0.0 0.0 0.0 0.0
0.5 0.1 3.9 3.6 5.6 5.9
0.0 0.0 0.0 0.0 0.0 0.0
— — — — 0.1 0.1
0.0 0.0 0.0 0.0 0.0 0.0
0.5 0.1 1.3 1.8 1.7 1.0
0.0 0.0 0.1 0.0 0.0 0.0
0.0 0.0 2.5 1.9 3.9 4.7
6.0 5.3 29.6 31.0 30.9 21.1
25.9 24.1 50.1 53.0 58.7 62.6
0.0 0.0 0.0 0.0 0.0 0.0
9.6 8.5 9.5 10.6 10.4 9.7
0.4 0.4 0.1 0.2 0.2 0.2
9.2 8.1 9.3 10.5 10.2 9.6
0.0 0.0 0.0 0.0 0.0 0.0
19.9 27.5 13.7 6.1 2.0 0.9
44.6 39.9 11.0 11.6 10.2 19.8
74.1 75.9 34.1 28.3 22.6 30.4
0.0 0.0 15.8 18.7 18.7 7.0
74.1 75.9 49.9 47.0 41.3 37.4
100.0 100.0 100.0 100.0 100.0 100.0
IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

0.4 0.4 0.1 0.2 0.2 0.2
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.1 0.1
0.0 0.0 0.1 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
269,449.0 251,895.0 419,185.0 365,915.0 418,317.0 335,473.0
— 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0
15.4 20.1 16.4 17.3 5.7 5.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.2 0.0 0.0 0.0 0.0
— — — 21,371.0 17,378.0 8,992.0
Vedanta Ltd (VEDL IN) - Standardized
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Cash from Operating Activities
+ Net Income 19,881.3 26,291.3 42,224.5 26,955.0
+ Depreciation & Amortization 516.7 745.0 963.8 1,061.4
+ Non-Cash Items -1,079.1 -1,353.0 -461.0 -6,080.2
+ Stock-Based Compensation — — — —
+ Other Non-Cash Adj -1,079.1 -1,353.0 -461.0 -6,080.2
+ Chg in Non-Cash Work Cap 3,144.5 1,791.2 -2,953.2 -772.1
+ (Inc) Dec in Accts Receiv — — -2,991.9 1,398.8
+ (Inc) Dec in Inventories 476.1 -1,609.6 -2,302.5 -1,376.4
+ Inc (Dec) in Accts Payable — 3,794.9 1,944.2 -1,048.9
+ Inc (Dec) in Other 2,668.4 -394.1 397.0 254.4
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 22,463.4 27,474.5 39,774.1 21,164.1
Cash from Investing Activities

+ Change in Fixed & Intang -1,471.3 -1,489.5 -9,841.4 -7,364.9
+ Disp in Fixed & Intang 1.6 5.7 45.5 21.3
+ Acq of Fixed & Intang -1,472.9 -1,495.2 -9,886.9 -7,386.2
+ Acq of Fixed Prod Assets — — — —
+ Acq of Intangible Assets — — — —
+ Net Change in LT Investment — — — —
+ Dec in LT Investment — — — —
+ Inc in LT Investment — — — —
+ Net Cash From Acq & Div 0.0 -17,132.4 0.0 -135,330.6
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 -17,132.4 0.0 -4,582.2
+ Cash for JVs 0.0 0.0 0.0 -130,748.4
+ Other Investing Activities -9,647.2 -37,143.1 -18,151.6 94,071.7
Cash from Investing Activities -11,118.5 -55,765.0 -27,993.0 -48,623.8
Cash from Financing Activities

+ Dividends Paid -1,379.7 -2,064.4 -3,281.4 -5,584.9
+ Cash From (Repayment) Debt 0.0 -230.2 -129.3 25,207.6
+ Cash From (Repay) ST Debt 0.0 — -63.0 25,776.0
+ Cash From LT Debt 0.0 — 0.0 0.0
+ Repayments of LT Debt 0.0 — -66.3 -568.4
+ Cash (Repurchase) of Equity 0.0 5,372.4 0.0 0.0
+ Increase in Capital Stock 0.0 5,372.4 0.0 0.0
+ Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities -10,000.0 23,805.8 0.0 0.0
Cash from Financing Activities -11,379.7 26,883.6 -3,410.7 19,622.7
Effect of Foreign Exchange Rates -0.2 0.0 0.0 0.0
Net Changes in Cash -35.0 -1,406.9 8,370.4 -7,837.0
Cash Paid for Taxes 7,209.9 7,643.5 13,677.6 10,820.8

Cash Paid for Interest 9.9 62.5 590.5 2,366.3
Reference Items
EBITDA 27,061.8 31,282.3 51,915.5 36,814.9
Trailing 12M EBITDA Margin 55.03 53.96 56.61 44.44
Interest Received 430.2 1,033.8 1,988.2 274.5
Net Cash Paid for Acquisitions — 17,132.4 0.0 4,582.2
Free Cash Flow 20,990.5 25,979.3 29,887.2 13,777.9
Free Cash Flow to Firm 20,996.5 26,362.1 30,161.3 15,400.2
Free Cash Flow to Equity 20,992.1 25,754.8 29,803.4 39,006.8
Free Cash Flow per Basic Share 26.66 32.03 34.80 15.85
Price to Free Cash Flow 3.74 14.69 8.37 12.28
Cash Flow to Net Income 1.13 1.05 0.94 0.79
Source: Bloomberg
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 09/30/2017
22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1 68,927.9

1,974.6 68,823.2 71,591.6 86,165.4 63,165.2 59,359.4
-23,945.4 3,746.0 240,952.1 115,869.0 -6,525.6
— — — 0.0 66.8
-23,945.4 3,746.0 240,952.1 115,869.0 -6,592.4
-967.7 -10,238.9 -25,344.6 77,020.8 17,958.7
— -33,382.6 7,431.4 — —
-858.0 2,305.4 3,045.5 6,670.0 -16,225.1
— 4,826.6 12,002.6 — —
-109.7 16,011.7 -47,824.1 70,350.8 34,183.8
0.0 0.0 0.0 0.0 0.0
-136.0 125,315.4 130,741.4 156,350.5 129,720.4
-6,218.0 -72,316.9 -105,741.7 -54,118.8 -54,359.8

45.0 518.9 819.4 1,020.6 808.9
-6,263.0 -72,835.8 -106,561.1 -55,139.4 -55,168.7
— — — -55,139.4 -55,168.7
— — — 0.0 0.0
— 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0
-2,605.1 -1,092.8 -11,217.7 1.0 -38.0
0.0 0.0 0.0 2.1 2.0
-2,605.1 -1,092.8 -11,216.6 -1.1 -40.0
0.0 0.0 -1.1 0.0 0.0
3,391.9 -56,119.6 59,770.8 -35,057.2 70,053.0
0.0 0.0 0.0 0.0 0.0
-5,431.2 -129,529.3 -57,188.6 -89,175.0 15,655.2
-2,013.0 -22,144.2 -31,063.2 -17,358.1 -5,188.8

6,972.7 18,380.4 -45,596.1 -24,277.0 36,045.5
7,044.3 17,150.8 23,884.0 2,402.3 144,734.7
0.0 80,526.9 188,827.9 119,497.1 90,373.6
-71.6 -79,297.3 -258,308.0 -146,176.4 -199,062.8
0.0 0.0 0.0 0.0 -1,010.0
0.0 0.0 0.0 0.0 24.2
0.0 0.0 0.0 0.0 -1,034.2
0.0 0.0 0.0 -13,428.5 -91,537.3
0.0 0.0 0.0 0.0 0.0
4,959.7 -3,763.8 -76,659.3 -55,063.6 -61,690.6
0.0 -538.1 269.2 -51.1 -298.6
-607.5 -8,515.8 -2,837.3 12,060.8 83,386.4
3,567.3 43,740.5 33,796.2 24,512.9 53,066.7

2,581.6 46,752.4 62,898.4 57,965.9 61,500.5
5,159.9 203,596.5 220,445.5 151,956.6 213,569.4 238,895.2

18.94 30.97 30.05 23.77 29.78 29.24
36.9 13,554.5 15,587.1 10,520.5 11,443.7
2,605.1 1,092.8 11,216.6 1.1 40.0
-6,399.0 52,479.6 24,180.3 101,211.1 74,551.7
— — — — 109,693.4
618.7 71,378.9 -20,596.4 77,954.7 111,406.1
-7.36 17.88 8.16 34.14 25.15
— 10.55 23.24 2.63 10.93 13.57
-0.01 1.99 — — 2.35
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Cash Flow
Cash From Operating Activities
Depreciation 499.6 516.7 745.0 —
Depreciation And Amortization - CF — — — 963.8
Provision For Doubtful Accounts - CF -12.6 0.0 0.2 0.7
Stock Based Compensation — — — —
Other Non-Cash Items — — — —
Change in Inventories -132.9 476.1 -1,609.6 -2,302.5
Change in Accounts Payable — — 3,794.9 1,944.2
Change in Accounts Receivable — — — -2,991.9
Change in Other Current Assets — — — -1,511.6
Change in Other Current Liabilities — — — 1,908.6
Cash Paid For Taxes -7,474.7 -7,209.9 -7,643.5 -13,677.6
Change in Other Assets — — — -81.2
Change In Other Liabilites — — — 25.5
Total Cash Flows From Operations 13,860.7 21,343.3 25,713.2 35,405.9
Write-Offs — — — —
Gain (Loss) On Sale of Investments and Mk -3.3 -301.3 -753.0 -621.6
Foreign Exchange Gains/Losses 4.6 5.6 -1,265.4 440.1
Total Cashflow From Ops Before Working Ca 23,042.2 25,408.7 31,565.5 52,030.6
Change In Other Provisions 0.0 0.3 95.3 63.0
Gain (Loss) From The Sale Of Fixed Assets -1.3 -0.9 -1.8 -8.6
Change In Trade Payables & Other Current 631.4 1,358.4 — —
Unusual Items — — — —
Interest Income - CF — — — -1,733.6
Dividends Income — — — -2,970.5
Increase/Decrease In Trade & Other Receiv -2,205.4 1,310.0 -394.1 —
Profit Before Taxation And Minority Interest 23,249.4 27,101.6 34,445.9 55,596.9
Write-Offs/Revaluation/Impair Of Fixed Asse — — 0.9 —
Revaluation/Impairment Of Investments — — — —
Net Cash From Operating Activities 21,335.4 28,553.2 33,356.7 49,083.5
Provision For Doubtful Debt Written Back — — -0.3 —
Finance Costs — — — 362.2
Net Investment Income - CF -694.1 -1,913.3 -1,701.3 —
Share Profits From Associated Companies — — — —
Cash From Investing Activities
Disposal of Fixed Assets 16.9 — — —
Capital Expenditures -691.0 — — —
Proceeds From Short-Term Investments — — — —
Purchases of Short-Term Investments — — — —
Sales (Purchases) of ST Investments - Net -11,838.1 -9,647.2 -13,643.0 -41,308.6
Other Investing Activities — — -23,500.1 23,157.0
Additions To Fixed And Intangible Assets — -1,472.9 -1,495.2 -9,886.9
Proceeds From Sale Of Fixed & Intangible — 1.6 5.7 45.5
Purchase Of Associates/Joint Ventures — — — 0.0
Advances/Loans To Related Entities — — — —
Advances/Loans Repaid From Related Entit — — — —
Proceeds From Sale Of Subs (Net Of Cash — — — —
Payment Of Acquisition Of Subsidiary — — -17,132.4 0.0
Interest Received From Investing Activities 2.1 430.2 1,033.8 1,988.2
Dividend Received From Investing Activities 477.6 699.8 790.0 2,970.5
Purchases of Investments — — — —
Interest Income - CF — — — —
Dvds Received (Non Joint Vent/Associate) — — — —
Total Cash Flows From Investing -12,032.5 -9,988.5 -53,941.2 -23,034.3
Increase In Short-Term Borrowings — — — —
Decrease In St Borrowings — — — —
Increase (Decrease) Short-Term Borrowings — — — -63.0
Increase In Long-Term Borrowings — — — —
Decrease In Long-Term Borrowings — — — -66.3
Issuance of Common Stock — — 5,372.4 —
Effect of Exchange Rates On Cash -0.1 -0.2 0.0 —
Other Financing Activities 0.0 -10,000.0 23,805.8 —
Exercise of Stock Options — — — —
Net Change In Cash -7.9 -34.8 -1,406.9 8,370.4
Purchase of Treasury Stock — — — —
Cash and Cash Equivalents (End of Period) 175.7 140.7 336.9 8,707.3
Cash and Cash Equivalents (Beg of Period) 183.7 175.7 1,743.8 336.9
Dividends Paid To Outside Equity Interests — — — —
Decrease In Borrowings — — -230.2 —
Dividend Paid Including Dividend Tax -1,835.8 -1,379.7 -2,064.4 -3,281.4
Interest Paid From Financing Activities -0.3 -9.9 -62.5 -590.5
Cash Paid For Interest — — — —
Total Cash Flows From Financing -1,836.1 -11,389.6 26,821.1 -4,001.2
Reference Items
Cash and Cash Equivalents (Beg of Period) — — — —
Cash and Cash Equivalents (End of Period) — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— — — — — —
1,061.4 1,974.6 68,823.2 71,591.6 86,165.4 63,165.2
0.0 0.7 2,515.2 3,219.0 283.5 187.9
— — — — 0.0 66.8
— 0.0 -1.9 84.5 -2,309.5 -959.7
-1,376.4 -858.0 2,305.4 3,045.5 6,670.0 -16,225.1
-1,048.9 — 4,826.6 12,002.6 — —
1,398.8 — -33,382.6 7,431.4 — —
-519.6 — 11,547.4 -17,615.6 -3,982.6 -5,312.4
774.0 — 4,464.3 -30,208.5 23,525.0 -8,404.7
-10,820.8 -3,567.3 -43,740.5 -33,796.2 -24,512.9 -53,066.7
-0.4 — — — — —
-748.6 — — — — —
22,150.9 222.1 156,008.0 178,051.3 203,769.2 179,770.1
— -19.7 -483.2 -201.2 — —
-1,074.4 -120.0 -7,220.7 -12,252.5 — —
1,958.4 1,564.8 13,092.5 -3,030.1 1,515.8 1,349.1
34,403.2 4,757.1 209,987.4 237,192.1 — —
89.6 — — — — —
-9.0 -21.5 321.6 -20.1 58.7 435.0
— -3,871.5 — — 35,678.9 57,068.9
— 0.0 668.4 221,289.3 336,368.5 1,144.0
2,414.2 3,422.2 46,929.0 54,859.1 55,536.4 56,353.4
-133.9 -36.9 -13,146.1 -10,265.1 — —
-1,105.0 -267.4 -7.2 -1.4 — —
— 3,761.8 — — 15,129.5 -9,168.0
31,291.5 -1,739.7 94,925.3 -99,251.2 -285,401.7 136,515.7
— — — — — —
— 0.0 774.6 189.8 -28,143.4 -31,853.0
32,971.7 3,789.4 199,748.5 211,847.5 228,282.1 232,836.8
— — — — — —
— — — — — —
— — — — -13,106.2 -11,933.2
— 0.0 0.0 0.0 — —
— — — — — —
— — — — -55,139.4 -55,168.7
— — — — 1,066,390.3 1,042,912.2
— — — — -1,099,945.0 -972,199.4
84,032.2 3,390.9 -77,060.4 -2,028.0 — —
10,039.5 1.0 19,428.6 61,785.8 -856.4 -650.6
-7,386.2 -6,263.0 -72,835.8 -106,561.1 — —
21.3 45.0 518.9 819.4 1,020.6 808.9
-130,748.4 — — -1.1 — —
— — — -0.8 — —
— 0.0 1,512.2 13.8 -646.1 -9.2
— — — — 2.1 2.0
-4,582.2 -2,605.1 -1,092.8 -11,216.6 -1.1 -40.0
274.5 36.9 13,554.5 15,587.1 10,520.5 11,443.7
1,105.0 2,186.6 2,505.3 1.4 26.7 7.1
— — — — — —
— — — — — —
— — — — — —
-47,244.3 -3,207.7 -113,469.5 -41,600.1 -78,627.8 27,106.0
— — — — 620,182.5 726,770.4
— — — — -617,780.2 -582,035.7
25,776.0 7,044.3 17,150.8 23,884.0 — —
— 0.0 80,526.9 188,827.9 119,497.1 90,373.6
-568.4 -71.6 -79,297.3 -258,308.0 -146,176.4 -199,062.8
— — — — — —
— 0.0 -538.1 269.2 -51.1 -298.6
— — — — 1,431.3 0.0
— — — — 0.0 24.2
-7,837.0 -607.5 -7,977.7 -3,106.5 12,060.8 83,386.4
— — — — 0.0 -1,034.2
870.4 262.9 76,855.0 56,962.8 25,368.8 108,755.2
8,707.4 870.4 262.9 13,820.0 13,308.0 25,368.8
— — — — -14,859.8 -91,537.3
— — — — — —
-5,584.9 -2,013.0 -22,144.2 -31,063.2 -17,358.1 -5,188.8
-2,366.3 -2,581.6 -46,752.4 -62,898.4 -57,965.9 -61,500.5
— — — — — —
17,256.4 2,378.1 -50,516.2 -139,557.7 -113,029.5 -123,191.1
— — — — — —
— — — — — —
Vedanta Ltd (VEDL IN) - Profitability
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Returns
Return on Common Equity 67.72 51.91 41.62 40.74
Return on Assets 57.44 45.11 31.60 31.47
Return on Capital 67.37 51.69 36.49 35.82
Return on Invested Capital 62.85 49.39 31.38 32.24
Margins
EBITDA Margin 61.16 55.03 53.96 56.61
Incremental Operating Margin 84.02 34.83 45.37 60.53
Pretax Margin 61.74 55.11 59.41 60.63
Income before XO Margin 41.13 40.56 45.52 46.04
Net Income Margin 40.94 40.43 45.35 46.04
Net Income to Common Margin 40.94 40.43 45.35 46.04
Additional
Effective Tax Rate 33.38 26.39 23.39 24.05
Dvd Payout Ratio 1.15 8.91 10.27 7.20
Sustainable Growth Rate 66.95 47.29 37.35 37.81
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
19.30 13.99 13.92 -24.66 -25.06 10.55

14.98 10.50 5.31 -7.74 -6.37 2.80
17.49 11.97 13.54 -4.63 -9.28 9.09
18.22 12.62 13.18 2.68 3.25 7.64
44.44 18.94 30.97 30.05 23.77 29.78

43.16 11.69 20.50 20.29 10.29 20.97
-171.45 -58.58 20.88 18.45 -87.95 108.47
37.77 -6.38 14.44 -13.53 -44.65 19.03
32.54 83.68 17.38 -15.50 -27.94 13.76
32.54 83.68 9.58 -21.33 -19.20 7.69
32.54 83.68 9.58 -21.33 -19.20 7.69
32.64 — — — — 27.68
12.90 0.38 15.30 — — 128.78
16.81 13.94 11.79 — — -3.04
Vedanta Ltd (VEDL IN) - Growth
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
1 Year Growth
Revenue 73.06 30.59 17.89 58.17
EBITDA 140.72 17.49 15.60 65.96
Net Income to Common 136.80 28.97 32.24 60.60
EPS Diluted 136.57 29.12 25.18 52.34
EPS Diluted before XO 136.57 29.12 25.18 52.34
EPS Diluted before Abnormal 136.52 27.83 24.02 53.85
Dividend per Share -82.00 899.99 44.44 7.69
Accounts Receivable 74.45 -36.89 13.40 102.00

Inventory 4.45 -15.27 90.22 46.74
Fixed Assets 3.67 19.25 32.17 88.02
Total Assets 74.57 58.27 108.06 38.79
Modified Working Capital 35.51 -58.31 -56.18 283.05
Working Capital 109.25 66.31 82.95 39.70
Employees — — — —
Accounts Payable 47.15 87.88 140.22 35.43
Short-Term Debt — — 734.03 18.90
Total Debt — — 102,547.12 -49.02
Total Equity 82.40 59.90 67.63 60.91
Capital 82.40 59.96 108.83 39.19
Book Value per Share 82.93 60.21 59.07 54.69
Cash From Operations 118.56 56.65 22.31 44.77

Capital Expenditures -39.55 113.15 1.51 561.24
Net Change In Cash 95.02 -337.50 -3,919.71 —
Free Cash Flow 151.92 53.79 23.77 15.04
Cash Flow to Firm 118.49 56.69 23.98 43.76
Free Cash Flow to Firm 151.82 53.83 25.56 14.41
5 Year Growth
Revenue 44.99 41.41 30.47 38.22
EBITDA 91.78 56.27 33.19 42.97
EPS Diluted 130.56 64.44 39.38 45.84
EPS Diluted before XO — 64.44 39.38 45.84
EPS Diluted before Abnormal — 64.10 38.84 45.55
Dividend per Share 29.20 55.18 21.06 11.84
Accounts Receivable 38.94 16.91 13.10 22.52
Inventory 15.34 9.13 21.52 17.30
Fixed Assets 8.31 12.19 18.02 29.36
Total Assets 40.27 48.56 60.36 59.07
Modified Working Capital 40.73 9.80 -17.35 -0.49
Working Capital 86.72 82.99 108.19 67.64
Short-Term Debt -100.00 -28.17 18.04 14.02
Total Debt -100.00 -53.90 142.74 152.04
Total Equity 63.52 64.55 59.67 61.61
Total Capital 5 Year Growth 47.64 57.81 65.86 63.78

Free Cash Flow 87.87 74.43 51.16 53.00
Cash Flow to Firm 74.25 68.16 49.29 54.58
Sequential Growth
Revenue 73.06 30.59 17.89 58.17
EBITDA 140.72 17.49 15.60 65.96
EPS Diluted 136.57 29.12 25.18 52.34
EPS Diluted before XO 136.57 29.12 25.18 52.34
EPS Diluted before Abnormal 136.52 27.83 24.02 53.85
Dividend per Share -82.00 899.99 44.44 7.69
Accounts Receivable 74.45 -36.89 13.40 102.00

Inventory 4.45 -15.27 90.22 46.74
Fixed Assets 3.67 19.25 32.17 88.02
Total Assets 74.57 58.27 108.06 38.79
Modified Working Capital 35.51 -58.31 -56.18 283.05
Working Capital 109.25 66.31 82.95 39.70
Employees — — — —
Short-Term Debt — — 734.03 18.90
Total Debt — — 102,547.12 -49.02
Total Equity 82.40 59.90 67.63 60.91
Capital 82.40 59.96 108.83 39.19

Capital Expenditures -39.55 113.15 1.51 561.24
Net Change In Cash — — — —
Free Cash Flow 151.92 53.79 23.77 15.04
Cash Flow to Firm 118.49 56.69 23.98 43.76
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
-9.67 -67.11 2,312.39 11.61 -12.87 12.20

-29.09 -85.98 3,845.75 8.28 -31.07 40.55
-29.83 -91.09 4,131.10 10.45 -55.80 128.61
-36.16 -15.41 176.22 — 21.57 —
-35.62 -15.38 -18.22 — 21.58 —
-35.62 -15.38 -18.22 — 21.58 —
-36.75 -13.40 -22.57 -20.48 65.38 -56.98
14.29 -97.50 3,150.00 26.15 -14.63 455.71
-19.56 -74.08 3,144.36 -21.96 -30.83 -10.17

18.68 9.80 840.09 -3.42 -8.18 20.17
51.45 20.44 3,290.23 0.00 3.58 -0.76
30.80 12.92 829.57 -11.14 2.60 1.95
23.33 45.43 1,112.86 -25.66 — -16.51
— -53.42 — 6.59 -10.62 —
— — — — -18.68 -48.26
-9.91 -63.78 1,197.37 26.66 206.21 14.21
13,760.14 39.43 599.46 0.55 -28.52 124.54
274.34 29.35 1,564.83 -3.48 -12.85 5.59
18.01 15.59 511.18 -16.29 -9.85 -7.66
36.57 18.32 739.68 -10.78 -11.24 -1.60
18.01 15.59 22.46 -26.21 -18.26 9.57
-46.79 — — 4.33 19.59 -17.03

-25.29 -15.21 1,062.95 46.30 -48.26 0.05
— 92.25 -1,301.78 66.68 — 591.38
-53.90 — — -53.92 318.57 -26.34
-43.10 — — — — —
-48.94 — — — — —
30.65 -6.27 67.96 66.13 47.45 53.99

30.93 -25.86 49.72 47.77 23.96 42.14
31.26 -32.38 38.40 37.27 5.25 33.29
32.86 8.14 25.94 — — —
30.26 6.05 -3.21 — — —
30.26 6.05 -3.21 — — —
29.55 5.96 -4.15 -12.30 -11.02 -17.63
26.19 -14.97 7.63 4.76 0.00 37.21
15.20 -21.33 72.99 60.54 29.56 32.46
24.00 25.25 102.67 76.98 61.14 61.54
36.00 40.14 173.73 158.88 129.78 111.15
59.85 46.51 108.76 76.09 65.77 57.71
3.18 4.65 105.35 128.25 — —
— — — — — —
51.96 14.81 68.97 48.67 75.01 83.52
— — 569.03 338.21 295.81 73.54
— — 741.45 108.78 132.42 80.44
56.15 42.54 86.38 62.21 44.46 37.55
63.21 49.68 108.54 75.92 60.78 50.58
53.46 40.00 32.67 13.78 0.15 -1.32
26.39 — 41.03 36.61 31.49 43.71

20.52 — 20.11 -1.43 27.63 40.17
28.27 — — — — —
23.23 — — — — —
-9.67 -67.11 2,312.39 11.61 -12.87 12.20

-29.09 -85.98 3,845.75 8.28 -31.07 40.55
-29.83 -91.09 4,131.10 10.45 -55.80 128.61
-36.16 -15.41 176.22 -348.40 — —
-35.62 -15.38 -18.22 -345.90 — —
-35.62 -15.38 -18.22 -345.90 — —
-36.75 -13.40 -22.57 -20.48 65.38 -56.98
14.29 -97.50 3,150.00 26.15 -14.63 455.71
-19.56 -74.08 3,144.36 -21.96 -30.83 -10.17

18.68 9.80 840.09 -3.42 -8.18 20.17
51.45 20.44 3,290.23 0.00 3.58 -0.76
30.80 12.92 829.57 -11.14 2.60 1.95
23.33 45.43 1,112.86 -25.66 -180.22 —
-115.38 — — 6.59 -10.62 -131.77
— — — — -18.68 -48.26
-9.91 -63.78 1,197.37 26.66 206.21 14.21
13,760.14 39.43 599.46 0.55 -28.52 124.54
274.34 29.35 1,564.83 -3.48 -12.85 5.59
18.01 15.59 511.18 -16.29 -9.85 -7.66
36.57 18.32 739.68 -10.78 -11.24 -1.60
18.01 15.59 22.46 -26.21 -18.26 9.57
-46.79 -100.64 — 4.33 19.59 -17.03

-25.29 -15.21 1,062.95 46.30 -48.26 0.05
-193.63 — — — — 591.38
-53.90 -146.44 — -53.92 318.57 -26.34
-43.10 — — — — —
-48.94 — — — — —
Vedanta Ltd (VEDL IN) - Credit
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Short and Long Term Debt 0.0 19.1 19,605.6 9,994.5
Short-Term Debt 0.0 19.1 159.3 189.4
Long Term Debt 0.0 0.0 19,446.3 9,805.1
Total Debt/T12M EBITDA 0.00 0.00 0.63 0.19

Net Debt/EBITDA -0.90 -1.16 -1.60 -1.67
Total Debt/EBIT 0.00 0.00 0.64 0.20

Net Debt/EBIT -0.92 -1.18 -1.63 -1.70
EBITDA to Interest Expense 115,162.00 3,340.96 62.60 143.85

EBITDA-CapEx/Interest Expense 111,707.00 3,159.12 59.61 116.46
EBIT to Interest Expense 112,664.00 3,277.17 61.11 141.18
EBITDA/Cash Interest Paid 76,774.67 2,733.52 500.52 87.92

EBITDA-CapEx/Cash Interest Paid 74,471.33 2,584.74 476.59 71.17
EBIT/Cash Interest Paid 75,109.33 2,681.32 488.60 86.29
Cash Interest Paid 0.3 9.9 62.5 590.5

Interest Expense 0.2 8.1 499.7 360.9
Common Equity/Total Assets 86.25 87.30 70.45 82.13

Long-Term Debt/Equity 0.00 0.00 24.43 7.65
Long-Term Debt/Capital 0.00 0.00 19.60 7.10
Long-Term Debt/Total Assets 0.00 0.00 17.30 6.29
Total Debt/Equity 0.00 0.04 24.63 7.80

Total Debt/Capital 0.00 0.04 19.76 7.24
Total Debt/Total Assets 0.00 0.04 17.45 6.41
Net Debt/Equity -69.76 -66.14 -62.70 -67.70

Net Debt/Capital -230.72 -195.32 -168.10 -209.57
EBITDA 23,032.4 27,061.8 31,282.3 51,915.5

EBITDA-CapEx 22,341.4 25,588.9 29,787.1 42,028.6
EBIT 22,532.8 26,545.1 30,537.3 50,951.7
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
37,413.4 48,394.1 805,679.1 777,673.0 677,777.9 715,690.1
26,251.1 36,602.5 256,021.4 257,421.0 183,993.8 413,138.7
11,162.3 11,791.6 549,657.7 520,252.0 493,784.1 302,551.4
1.02 9.38 3.96 3.53 4.46 3.35

0.86 8.98 1.73 1.49 0.73 0.54
1.05 15.19 5.98 5.22 10.30 4.76

0.88 14.55 2.61 2.21 1.68 0.77
15.29 1.85 4.84 4.56 3.09 4.40

12.22 -0.39 3.11 2.36 1.97 3.26
14.84 1.14 3.21 3.08 1.34 3.10
15.56 2.00 4.35 3.50 2.62 3.47

12.44 -0.43 2.80 1.81 1.67 2.58
15.11 1.23 2.88 2.37 1.14 2.45
2,366.3 2,581.6 46,752.4 62,898.4 57,965.9 61,500.5

2,408.5 2,794.6 42,045.8 48,309.5 49,230.9 48,589.7
74.10 75.86 34.09 28.31 22.56 30.40

7.38 6.75 51.46 58.19 61.26 40.65
5.92 5.28 29.33 31.12 33.28 20.72
5.47 5.12 25.67 27.34 25.29 15.20
24.75 27.69 75.43 86.98 84.09 96.16

19.84 21.69 43.00 46.52 45.68 49.02
18.34 21.01 37.62 40.87 34.72 35.96
20.84 26.53 32.96 36.81 13.73 15.54

17.24 20.97 24.79 26.91 12.07 13.45
36,814.9 5,159.9 203,596.5 220,445.5 151,956.6 213,569.4

29,428.7 -1,103.1 130,760.7 113,884.4 96,817.2 158,400.7
35,753.5 3,185.3 134,773.3 148,853.9 65,791.2 150,404.2
Vedanta Ltd (VEDL IN) - Liquidity
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Cash Ratio 5.51 5.36 5.53 5.86
Current Ratio 7.75 8.21 7.14 7.54
Quick Ratio 6.76 5.87 5.80 6.27
CFO/Avg Current Liab 4.50 4.67 2.98 2.74
Common Equity/Total Assets 86.25 87.30 70.45 82.13
Long-Term Debt/Equity 0.00 0.00 24.43 7.65

Long-Term Debt/Capital 0.00 0.00 19.60 7.10
Long-Term Debt/Total Assets 0.00 0.00 17.30 6.29
Total Debt/Equity 0.00 0.04 24.63 7.80

Total Debt/Capital 0.00 0.04 19.76 7.24
Total Debt/Total Assets 0.00 0.04 17.45 6.41
CFO/Total Liabilities 323.92 344.34 83.84 142.72

CFO/CapEx 20.75 15.25 18.38 4.02
Altman's Z-Score 21.06 10.75 9.87 8.39
Total Commercial Paper Outstanding — — — 0.0

Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
0.15 0.05 1.03 1.07 1.04 0.73
0.59 0.41 1.44 1.49 1.34 0.93
0.28 0.08 1.14 1.16 1.09 0.75
0.74 0.00 0.52 0.30 0.32 0.19
74.10 75.86 34.09 28.31 22.56 30.40
7.38 6.75 51.46 58.19 61.26 40.65

5.92 5.28 29.33 31.12 33.28 20.72
5.47 5.12 25.67 27.34 25.29 15.20
24.75 27.69 75.43 86.98 84.09 96.16

19.84 21.69 43.00 46.52 45.68 49.02
18.34 21.01 37.62 40.87 34.72 35.96
40.06 -0.24 11.67 12.96 13.64 10.41

2.87 -0.02 1.72 1.23 2.84 2.35
3.21 1.92 1.31 1.28 0.76 1.11
11,254.9 25,000.0 50,400.0 81,050.0 88,148.9 234,182.7

Vedanta Ltd (VEDL IN) - Working Capital
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Accounts Receivable Turnover 10.13 12.76 18.22 17.96
Days Sales Outstanding 36.12 28.60 20.03 20.32
Inventory Turnover 1.69 1.81 1.71 1.46
Days Inventory Outstanding 216.87 201.75 213.49 249.97
Accounts Payable Turnover 3.91 2.04 1.74 1.33
Accounts Payable Turnover Days 93.70 178.72 210.19 273.91
Cash Conversion Cycle 159.29 51.63 23.33 -3.61

Inventory to Cash Days 252.99 230.35 233.52 270.29
Total Inventory 3,118.0 2,641.9 5,025.4 7,374.1

Inventory Raw Materials 1,463.5 708.3 1,139.4 1,785.2
Inventory In Progress 11.7 16.3 17.4 3.2
Inventory Finished Goods 1,240.3 1,532.7 3,387.6 5,038.4
Other Inventory 402.5 384.6 481.0 547.3
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
13.44 7.88 27.61 17.84 20.96 30.30
27.23 46.34 13.22 20.46 17.46 12.05
1.19 0.35 4.78 2.77 2.60 2.62
308.80 1,054.70 76.41 131.67 140.54 139.31
1.17 0.67 14.23 5.15 1.97 1.43
313.18 546.35 25.64 70.92 186.13 255.55
22.85 554.69 63.99 81.21 -28.13 -104.20

336.03 1,101.03 89.63 152.13 158.00 151.35
8,751.5 9,609.5 90,337.9 87,250.2 80,116.5 96,278.9

3,891.3 259.0 14,106.3 17,179.7 16,046.8 13,568.6
1.5 0.0 29,154.1 27,901.0 22,312.6 32,728.8
4,248.5 6,588.3 31,560.7 26,795.3 24,664.9 32,762.4
610.2 2,762.2 15,516.8 15,374.2 17,092.2 17,219.1
Vedanta Ltd (VEDL IN) - Yield Analysis
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
T12 Cash Flows to Equity
+ Cash From Operations 27,474.5 39,774.1 21,164.1 -136.0
+ Capital Expenditures -1,495.2 -9,886.9 -7,386.2 -6,263.0
Free Cash Flow 25,979.3 29,887.2 13,777.9 -6,399.0
Free Cash Flow Yield 6.81 11.95 8.14 -4.73
Dividends Paid -2,064.4 -3,281.4 -5,584.9 -2,013.0

Net Share Repurchases 5,372.4 0.0 0.0 0.0
Net ST Debt Repayments — -63.0 25,776.0 7,044.3
Net LT Debt Repayments -230.2 -66.3 -568.4 -71.6
Other Financing Activities 23,805.8 0.0 0.0 0.0
T12 Cash to Suppliers of Capital 26,883.6 -3,410.7 19,622.7 4,959.7
T12 Shareholder Yield -6.88 1.35 -11.60 -3.67
- Dividends Paid -2,064.4 -3,281.4 -5,584.9 -2,013.0

- Net Share Repurchases 5,372.4 0.0 0.0 0.0
T12 Cash to Shareholders -3,308.0 3,281.4 5,584.9 2,013.0
T12 Shareholder Yield, Ex Debt -0.85 1.30 3.30 1.49
T12 Cash Flows to the Firm

+ Cash From Operations 27,474.5 39,774.1 21,164.1 -136.0
+ Capital Expenditures -1,495.2 -9,886.9 -7,386.2 -6,263.0
+ After-Tax Interest Expense 382.8 274.1 1,622.3 —
Trailing 12M Free Cash Flow To Firm 26,362.1 30,161.3 15,400.2 —
Periodic Enterprise Value 341,442.5 166,489.4 200,717.4 181,502.8
T12 FCFF Yield 7.72 18.12 7.67 —
- Dividends Paid -2,064.4 -3,281.4 -5,584.9 -2,013.0

- Net Share Repurchases 5,372.4 0.0 0.0 0.0
- Net ST Debt Repayments — -63.0 25,776.0 7,044.3
- Net LT Debt Repayments -230.2 -66.3 -568.4 -71.6
- Other Financing Activities 23,805.8 0.0 0.0 0.0
T12 Cash to Suppliers of Capital 26,883.6 -3,410.7 19,622.7 4,959.7
Periodic Enterprise Value 341,442.5 166,489.4 200,717.4 181,502.8
T12 Capital Yield -7.87 2.05 -9.78 -2.73
Source: Bloomberg
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
125,315.4 130,741.4 156,350.5 129,720.4 126,643.8 172,131.0

-72,835.8 -106,561.1 -55,139.4 -55,168.7
52,479.6 24,180.3 101,211.1 74,551.7 59,908.1 101,024.6
559,051.7 561,868.4 266,405.3 1,022,126.6
9.48 4.30 37.99 9.15
-22,144.2 -31,063.2 -17,358.1 -5,188.8

0.0 0.0 0.0 -1,010.0
17,150.8 23,884.0 2,402.3 144,734.7
1,229.6 -69,480.1 -26,679.3 -108,689.2
-538.1 269.2 -13,479.6 -91,835.9
-4,301.9 -76,390.1 -55,114.7 -61,989.2
559,051.7 561,868.4 266,405.3 1,022,126.6
0.77 13.60 20.69 6.06
-22,144.2 -31,063.2 -17,358.1 -5,188.8

0.0 0.0 0.0 -1,010.0
22,144.2 31,063.2 17,358.1 6,198.8
559,051.7 561,868.4 266,405.3 1,022,126.6
3.96 5.53 6.52 0.61
125,315.4 130,741.4 156,350.5 129,720.4 126,643.8 172,131.0

-72,835.8 -106,561.1 -55,139.4 -55,168.7
— — — 35,141.7
— — — 109,693.4
1,249,027.8 1,246,275.5 742,700.1 1,277,094.9
— — — 8.59
-22,144.2 -31,063.2 -17,358.1 -5,188.8

0.0 0.0 0.0 -1,010.0
17,150.8 23,884.0 2,402.3 144,734.7
1,229.6 -69,480.1 -26,679.3 -108,689.2
-538.1 269.2 -13,479.6 -91,835.9
-4,301.9 -76,390.1 -55,114.7 -61,989.2
1,249,027.8 1,246,275.5 742,700.1 1,277,094.9
0.34 6.13 7.42 4.85
Vedanta Ltd (VEDL IN) - DuPont Analysis
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 66.31 73.36 76.33 75.95
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.00 0.99 0.98 0.99
Interest Burden
Pre-Tax Profit/EBIT % 100.00 99.97 98.57 99.36
Operating Margin
EBIT/Revenue % 61.74 55.12 60.27 61.02
Asset Turnover
Revenue/Avg Assets 1.40 1.12 0.70 0.68
Leverage Ratio
Avg Assets/Avg Equity 1.18 1.15 1.32 1.29
Adjusted Return on Equity 67.71 51.39 40.83 40.34
5 Year Average Adj ROE 62.23 61.95 53.52 49.50

Payout Ratio 1.15 8.91 10.27 7.20
Sustainable Growth Rate 66.95 47.29 37.35 37.81
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
86.14 -1,310.71 66.35 157.64 42.99 40.38
0.97 1.00 0.94 — — 0.62
79.06 -6.91 64.23 194.99 120.85 73.76
47.77 92.36 22.48 -6.94 -36.95 25.81
0.46 0.13 0.55 0.36 0.33 0.36
1.29 1.33 2.62 3.19 3.94 3.77
18.78 13.93 13.13 7.52 16.11 6.49
43.81 33.06 25.40 18.74 13.89 11.44

12.90 0.38 15.30 — — 128.78
16.81 13.94 11.79 — — -3.04
Vedanta Ltd (VEDL IN) - By Measure
In Millions of INR except Per Share FY 2008 FY 2009 FY 2010
12 Months Ending 03/31/2008 03/31/2009 03/31/2010
Revenue — 49,179.4 100.0% —
Copper — — —
Zinc, Lead and Silver — — —
Zinc & Lead - India — — —
Zinc - International — — —
Aluminum — — —
Oil & Gas — — —
Power — — —
Iron Ore — 43,079.6 80.3% —
Others — — —
Eliminations — — —
Reconciliation — — —
Adjustment — -4,459.6 —
Metallurgical Coke — 4,726.1 8.8% —
Pig Iron — 5,833.3 10.9% —
Inter Segment Revue — — —
Intersegment Revenue — — —
Power — — —
Iron Ore — — —
Zinc - India — — —
Aluminium — — —
Copper — — —
Others — — —
Revenue Including Intersegment Revenu — — —
Copper — — —
Power — — —
Others — — —
Reconciliation — — —
EBITDA — — —
Copper — — —
Power — — —
Others — — —
Segment Profit 22,552.8 100.0% 26,600.4 100.0% 30,802.0 100.0%
Zinc & Lead - India — — —
Copper — — —
Iron Ore 20,788.7 92.2% 22,060.7 88.6% 29,259.1 95.1%
Power — — —
Others — — —
Adjustment 0.8 1,713.4 29.5
Metallurgical Coke 868.4 3.9% 2,046.9 8.2% 340.9 1.1%
Pig Iron 894.9 4.0% 779.4 3.1% 1,172.5 3.8%
Assets — 54,014.9 100.0% —
Unallocated — 41,251.9 —
Power — — —
Copper — — —
Iron Ore — 9,026.9 70.7% —
Others — — —
Zinc — — —
Metallurgical Coke — 1,875.8 14.7% —
Pig Iron — 1,860.3 14.6% —
Liabilities 4,427.0 100.0% 6,523.7 100.0% —
Unallocated 2,363.2 2,989.3 —
Copper — — —
Power — — —
Iron Ore 1,607.0 77.9% 2,671.9 75.6% —
Others — — —
Zinc — — —
Metallurgical Coke 106.9 5.2% 598.5 16.9% —
Pig Iron 349.9 17.0% 264.0 7.5% —
Capital Employed — — —
Unallocated — — —
Others — — —
Power — — —
Copper — — —
Depreciation and Amortization 499.6 100.0% 516.7 100.0% 745.0 100.0%
Power — — —
Copper — — —
Iron Ore 340.0 68.1% 349.5 67.6% 572.9 76.9%
Others — — —
Zinc — — —
Metallurgical Coke 85.8 17.2% 91.5 17.7% 93.1 12.5%
Pig Iron 73.8 14.8% 75.7 14.7% 79.0 10.6%
Capital Expenditures -691.0 -1,472.9 —
Others — — —
Iron Ore -537.8 77.8% -1,269.6 86.2% —
Copper — — —
Power — — —
Zinc — — —
Metallurgical Coke -54.3 7.9% -94.9 6.4% —
Pig Iron -98.9 14.3% -108.4 7.4% —
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
— 83,100.6 100.0% — 661,524.1 100.0% 737,095.0
— — — 205,937.0 32.0% 226,323.6
— — — 172,959.0 26.9% 180,184.4
— — — — —
— — — — —
— — — 107,787.9 16.7% 127,263.0
— — — 119,037.3 18.5% 146,453.7
— 22.1 0.0% — 37,950.9 5.9% 41,400.3
— 75,160.6 85.4% — 308.9 0.0% 2,755.3
— — — 23,060.1 24,755.8
— — — -9,708.3 -15,495.1
— — — 4,191.3 3,454.0
— — — — —
— 5,505.1 6.3% — — —
— 7,304.7 8.3% — — —
— -4,891.9 — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
51,140.2 100.0% 33,971.7 100.0% 2,794.2 100.0% 140,303.5 100.0% 150,735.7
— — — 64,712.4 46.3% 69,158.5
— — — — —
— — — — —
— — — 7,649.5 5.5% 14,161.3
48,839.3 95.5% 33,349.0 98.2% 3,474.3 100.0% -4,560.4 -3.3% -3,497.3
— — — 61,647.7 44.1% 44,135.1
— — — 6,060.8 4.3% 18,245.3
— 8.7 0.0% — 4,305.2 3.1% 5,136.4
— — -680.1 488.3 3,396.4
— — — — —
890.1 1.7% 159.6 0.5% — — —
1,410.8 2.8% 454.4 1.3% — — —
— — 230,370.2 100.0% 2,141,450.1 100.0% 1,902,824.2
— — 166,030.1 648,559.6 620,841.8
— — — 429,506.5 29.2% 436,633.7
— — — — —
— — — — —
— — — — —
— — — 195,818.5 13.3% 206,609.8
— — — 541,335.4 36.8% 318,518.2
— — — 86,810.0 5.9% 79,216.7
— — 49,551.0 100.0% 51,924.0 3.5% 51,597.2
— — 14,789.1 20,880.8 19,490.5
— — — 166,615.3 11.3% 169,916.3
— — — — —
— — — — —
— 52,829.2 100.0% 55,616.2 100.0% 1,073,389.0 100.0% 1,008,774.1
— 41,910.4 47,510.4 892,287.5 836,368.4
— — — 33,983.1 19.1% 33,522.1
— — — 22,969.1 12.9% 23,784.3
— — — 58,640.8 32.9% 52,994.6
— — — — —
— — — — —
— — — — —
— 172.1 1.6% — 31,036.1 17.4% 25,671.5
— 6,363.4 58.3% 4,558.9 100.0% 3,304.7 1.9% 5,514.2
— — 3,546.9 2,757.9 2,112.7
— — — 28,409.8 15.9% 28,806.3
— 3,872.5 35.5% — — —
— 510.8 4.7% — — —
— — — — 894,050.1
— — — — -215,526.6
— — — — 46,083.0
— — — — 17,377.8
— — — — 180,938.3
— — — — 403,111.6
— — — — 141,110.0
— — — — 119,666.7
— — — — 21,443.3
— — — — 265,523.6
— — — — 55,432.4
963.8 100.0% 1,061.4 100.0% 1,974.6 100.0% 68,823.2 100.0% 71,591.6
— — — 24,549.0 39.0% 42,457.8
— — — 11,021.8 17.5% 6,930.0
— — — — —
— — — — —
— — — — —
— 4.9 0.5% — 5,945.9 9.5% 3,592.8
— — — 4,113.1 6.5% 2,192.7
649.3 67.4% 885.7 83.4% 1,526.9 100.0% 1,112.1 1.8% 1,292.0
— — 447.7 872.0 795.0
— — — 16,153.8 25.7% 14,246.2
— — — 5,055.5 85.1
231.5 24.0% 83.9 7.9% — — —
83.0 8.6% 86.9 8.2% — — —
-9,886.8 -7,386.2 -6,295.4 -88,148.0 -90,300.4
— — — -69.8 -54.7
— — -743.3 -293.0 -405.3
-9,665.4 97.8% -4,755.5 64.4% -5,552.1 100.0% -2,851.2 3.2% -1,807.6
— — — -2,408.1 2.7% -1,263.8
— — — -25,288.6 28.8% -50,872.2
— — — -20,189.3 23.0% -9,471.0
— — — -14,084.1 16.0% -10,398.8
— — — — —
— — — — —
— — — — —
— — — -22,963.9 26.2% -16,027.0
-37.9 0.4% -266.3 3.6% — — —
-183.5 1.9% -2,364.4 32.0% — — —
FY 2015 FY 2016 FY 2017
03/31/2015 03/31/2016 03/31/2017
100.0% 639,200.7 100.0% 717,206.8 100.0%
31.2% 220,667.9 32.7% 221,129.9 29.3%
24.9% 176,393.7 26.1% 206,749.5 27.4%
150,763.1 22.3% 184,447.9 24.4%
25,630.6 3.8% 22,301.6 3.0%
17.6% 122,362.7 18.1% 148,152.7 19.6%
20.2% 86,255.7 12.8% 82,040.7 10.9%
5.7% 45,395.8 6.7% 55,189.4 7.3%
0.4% 23,881.5 3.5% 42,494.9 5.6%
1,552.9 911.9
0.0 0.0
-37,309.5 -39,462.2
— —
— —
— —
— —
5,241.5 100.0% 1,926.1 100.0%
4,303.6 86.1% 890.9 48.0%
541.8 10.8% 409.8 22.1%
0.0 206.2 11.1%
0.0 206.2 11.1%
0.0 0.0
128.6 2.6% 194.6 10.5%
23.0 0.5% 154.6 8.3%
244.5 70.0
678,248.9 100.0% 756,032.2 100.0%
220,690.9 32.5% 221,284.5 29.2%
176,393.7 25.9% 206,955.7 27.3%
150,763.1 22.2% 184,654.1 24.4%
25,630.6 3.8% 22,301.6 2.9%
122,491.3 18.0% 148,347.3 19.6%
86,255.7 12.7% 82,040.7 10.8%
49,699.4 7.3% 56,080.4 7.4%
24,423.3 3.6% 42,904.7 5.7%
1,797.4 981.9
-3,502.8 -2,563.0
151,835.0 100.0% 214,370.4 100.0%
69,361.6 46.1% 104,562.7 48.8%
64,951.6 43.2% 95,301.8 44.5%
4,410.0 2.9% 9,260.9 4.3%
35,782.5 23.8% 40,131.8 18.7%
6,587.0 4.4% 23,057.4 10.8%
22,091.9 14.7% 16,926.4 7.9%
12,943.5 8.6% 16,425.0 7.7%
3,653.9 2.4% 13,224.4 6.2%
1,414.6 42.7
100.0% 67,271.8 100.0% 152,832.0 100.0%
46.9% 58,678.9 88.2% 92,982.8 60.8%
57,959.3 87.1% 85,567.3 55.9%
719.6 1.1% 7,415.5 4.8%
9.6% 19,928.3 29.9% 14,789.2 9.7%
-2.4% 2,385.8 3.6% 11,398.9 7.4%
30.0% -20,576.1 -30.9% 11,373.6 7.4%
12.4% -773.6 -1.2% 11,348.8 7.4%
3.5% 6,896.7 10.4% 11,131.9 7.3%
731.8 -193.2
— —
— —
— —
100.0% 1,952,311.0 100.0% 1,990,296.0 100.0%
713,019.0 745,105.3
34.6% 446,365.4 36.2% 535,131.0 43.2%
175,006.5 14.2% 200,694.2 16.2%
145,521.5 11.8% 164,816.0 13.3%
29,485.0 2.4% 35,878.2 2.9%
16.4% 255,294.0 20.7% 195,961.7 15.8%
25.2% 216,888.0 17.6% 169,137.8 13.6%
6.3% 83,125.1 6.7% 83,174.1 6.7%
4.1% 56,073.2 4.5% 55,137.4 4.4%
6,539.8 5,954.5
13.5% — —
— —
— —
100.0% 1,146,308.4 100.0% 1,246,015.6 100.0%
788,358.2 830,736.1
19.7% 72,199.4 20.2% 132,798.5 32.0%
14.0% 126,060.7 35.3% 111,584.2 26.9%
31.1% 60,058.0 16.8% 77,194.5 18.6%
42,765.2 12.0% 58,798.5 14.2%
34,416.5 9.6% 47,532.9 11.5%
8,348.7 2.3% 11,265.6 2.7%
15.1% 44,884.4 12.6% 18,809.8 4.5%
3.2% 11,457.9 3.2% 15,465.6 3.7%
524.6 628.4
16.9% — —
— —
— —
100.0% — —
— —
4.2% — —
— —
16.6% — —
36.9% — —
12.9% — —
11.0% — —
2.0% — —
24.3% — —
5.1% — —
100.0% 85,638.1 100.0% 62,836.4 100.0%
60.0% 56,358.6 66.4% 28,758.2 45.9%
9.8% 7,732.5 9.1% 12,328.3 19.7%
11,006.4 13.0% 11,969.5 19.1%
7,316.0 8.6% 10,124.1 16.2%
3,690.4 4.3% 1,845.4 2.9%
5.1% 6,309.3 7.4% 5,467.2 8.7%
3.1% 2,181.9 2.6% 2,159.9 3.5%
1.8% 1,347.7 1.6% 1,903.4 3.0%
701.7 249.9
20.1% — —
— —
— —
— —
-137,814.1 -56,199.8
-10.1 -51.8
-74.9 -69.7
2.0% -1,742.9 1.3% -596.8 1.1%
1.4% -1,217.6 0.9% -1,642.2 2.9%
56.6% -102,030.3 74.1% -4,747.8 8.5%
10.5% -7,552.8 5.5% -5,280.9 9.4%
11.6% -6,214.4 4.5% -17,101.7 30.5%
-18,971.1 13.8% -26,708.9 47.6%
-2,473.3 1.8% -4,859.5 8.7%
-16,497.8 12.0% -21,849.4 39.0%
17.8% — —
— —
— —
Vedanta Ltd (VEDL IN) - By Geography
12 Months Ending 03/31/2008 03/31/2009 03/31/2011
Revenue — 49,179.4 100.0% —
India — 8,675.1 17.5% —
Rest of the World (China, Japan, Korea, — 40,931.7 82.5% —
Adjustment — -427.4 —
Assets — 54,014.9 100.0% —
India — 10,554.3 82.7% —
Adjustment — 41,251.8 —
Rest of the World (China, Japan, Korea, — 2,208.8 17.3% —
Capital Expenditures -691.0 -1,472.9 -9,886.8
Rest of the World (China, Japan, Korea, — -4.8 0.3% —
India -691.0 100.0% -1,468.1 99.7% -9,886.8 100.0%
Adjustment — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016
83,100.6 100.0% — 661,524.1 100.0% 737,095.0 100.0% 639,200.7
13,724.9 16.5% — 411,081.8 62.5% 447,981.1 61.1% 480,300.2
69,408.2 83.5% — 246,251.0 37.5% 285,659.9 38.9% 196,210.0
-32.5 — 4,191.3 3,454.0 -37,309.5
— 230,370.2 100.0% 2,141,450.1 100.0% 1,902,824.2 100.0% 1,952,311.0
— 53,755.9 83.5% 1,412,593.1 94.6% 1,219,869.0 95.2% 1,059,258.2
— 166,030.1 648,559.6 620,878.8 866,687.8
— 10,584.2 16.5% 80,297.4 5.4% 62,076.4 4.8% 26,365.0
-7,386.2 -6,295.4 -88,148.0 -90,300.4 -137,814.1
-1,393.2 18.9% -2,129.1 33.8% -5,657.4 6.4% -4,552.7 5.0% -5,599.8
-5,993.0 81.1% -4,166.3 66.2% -82,420.8 93.6% -85,693.0 95.0% -132,214.3
— — -69.8 -54.7 —
FY 2016 FY 2017
03/31/2016 03/31/2017
100.0% 717,206.8 100.0%
71.0% 480,183.3 63.5%
29.0% 276,485.8 36.5%
-39,462.3
100.0% 1,990,296.0 100.0%
97.6% 1,046,526.8 97.2%
913,632.8
2.4% 30,136.4 2.8%
-56,199.8
4.1% -4,869.0 8.7%
95.9% -51,330.8 91.3%
—
Vedanta Ltd (VEDL IN) - By Segment
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Copper
Revenue — — — —
Assets — — — —
Capital Expenditures — — — —
Liabilities — — — —
EBITDA — — — —
Intersegment Revenue — — — —
Revenue Including Intersegment Revenue — — — —
Segment Profit — — — —
Capital Employed — — — —
Oil & Gas
Zinc, Lead and Silver
Aluminum
Power
Others
Iron Ore
Revenue — 43,079.6 — —
Assets — 9,026.9 — —
Depreciation and Amortization 340.0 349.5 572.9 649.3
Capital Expenditures -537.8 -1,269.6 — -9,665.4
Liabilities 1,607.0 2,671.9 — —
Segment Profit 20,788.7 22,060.7 29,259.1 48,839.3
Reconciliation
Eliminations
Unallocated
Assets — 41,251.9 — —
Liabilities 2,363.2 2,989.3 — —
Unallocated
Zinc
Pig Iron
Revenue — 5,833.3 — —
Capital Expenditures -98.9 -108.4 — -183.5
Liabilities 349.9 264.0 — —
Segment Profit 894.9 779.4 1,172.5 1,410.8
Assets — 1,860.3 — —
Metallurgical Coke
Revenue — 4,726.1 — —
Capital Expenditures -54.3 -94.9 — -37.9
Liabilities 106.9 598.5 — —
Segment Profit 868.4 2,046.9 340.9 890.1
Assets — 1,875.8 — —
Adjustment
Segment Profit 0.8 1,713.4 29.5 —
Revenue — -4,459.6 — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— — 205,937.0 226,323.6 220,667.9 221,129.9

— — 86,810.0 79,216.7 83,125.1 83,174.1
— — 4,113.1 2,192.7 2,181.9 2,159.9
— — -2,408.1 -1,263.8 -1,217.6 -1,642.2
— — 22,969.1 23,784.3 126,060.7 111,584.2
— — — — 22,091.9 16,926.4
— — — — 23.0 154.6
— — — — 220,690.9 221,284.5
— — 7,649.5 14,161.3 19,928.3 14,789.2
— — — 55,432.4 — —
— — 119,037.3 146,453.7 86,255.7 82,040.7

— — 541,335.4 318,518.2 216,888.0 169,137.8
— — 24,549.0 42,457.8 56,358.6 28,758.2
— — -25,288.6 -50,872.2 -102,030.3 -4,747.8
— — 58,640.8 52,994.6 60,058.0 77,194.5
— — — — 35,782.5 40,131.8
— — — — 86,255.7 82,040.7
— — 61,647.7 44,135.1 -20,576.1 11,373.6
— — — 265,523.6 — —
— — 172,959.0 180,184.4 176,393.7 206,749.5

— — — — 175,006.5 200,694.2
— — — — 11,006.4 11,969.5
— — — — -18,971.1 -26,708.9
— — — — 42,765.2 58,798.5
— — — — 69,361.6 104,562.7
— — — — 0.0 206.2
— — — — 176,393.7 206,955.7
— — 64,712.4 69,158.5 58,678.9 92,982.8
— — — 141,110.0 — —
— — 107,787.9 127,263.0 122,362.7 148,152.7

— — 429,506.5 436,633.7 446,365.4 535,131.0
— — 11,021.8 6,930.0 7,732.5 12,328.3
— — -14,084.1 -10,398.8 -6,214.4 -17,101.7
— — 33,983.1 33,522.1 72,199.4 132,798.5
— — — — 6,587.0 23,057.4
— — — — 128.6 194.6
— — — — 122,491.3 148,347.3
— — 6,060.8 18,245.3 -773.6 11,348.8
— — — 403,111.6 — —
22.1 — 37,950.9 41,400.3 45,395.8 55,189.4

— — 195,818.5 206,609.8 255,294.0 195,961.7
4.9 — 5,945.9 3,592.8 6,309.3 5,467.2
— — -20,189.3 -9,471.0 -7,552.8 -5,280.9
172.1 — 31,036.1 25,671.5 44,884.4 18,809.8
— — — — 12,943.5 16,425.0
— — — — 4,303.6 890.9
— — — — 49,699.4 56,080.4
8.7 — 4,305.2 5,136.4 6,896.7 11,131.9
— — — 180,938.3 — —
— — 23,060.1 24,755.8 1,552.9 911.9

— 14,789.1 20,880.8 19,490.5 6,539.8 5,954.5
— 447.7 872.0 795.0 701.7 249.9
— -743.3 -293.0 -405.3 -74.9 -69.7
— 3,546.9 2,757.9 2,112.7 524.6 628.4
— — — — 1,414.6 42.7
— — — — 244.5 70.0
— — — — 1,797.4 981.9
— -680.1 488.3 3,396.4 731.8 -193.2
— — — 17,377.8 — —
75,160.6 — 308.9 2,755.3 23,881.5 42,494.9

— 49,551.0 51,924.0 51,597.2 56,073.2 55,137.4
885.7 1,526.9 1,112.1 1,292.0 1,347.7 1,903.4
-4,755.5 -5,552.1 -2,851.2 -1,807.6 -1,742.9 -596.8
6,363.4 4,558.9 3,304.7 5,514.2 11,457.9 15,465.6
— — — — 3,653.9 13,224.4
— — — — 541.8 409.8
— — — — 24,423.3 42,904.7
33,349.0 3,474.3 -4,560.4 -3,497.3 2,385.8 11,398.9
— — — 46,083.0 — —
— — 4,191.3 3,454.0 -37,309.5 -39,462.2

— — — — -3,502.8 -2,563.0
— — -9,708.3 -15,495.1 0.0 0.0
— 166,030.1 648,559.6 620,841.8 713,019.0 745,105.3

41,910.4 47,510.4 892,287.5 836,368.4 788,358.2 830,736.1
— — — -215,526.6 — —
-4,891.9 — — — — —
— — -69.8 -54.7 -10.1 -51.8

— — 5,055.5 85.1 — —
— — 166,615.3 169,916.3 — —
— — 16,153.8 14,246.2 — —
— — -22,963.9 -16,027.0 — —
— — 28,409.8 28,806.3 — —
7,304.7 — — — — —
86.9 — — — — —
-2,364.4 — — — — —
510.8 — — — — —
454.4 — — — — —
— — — — — —
5,505.1 — — — — —
83.9 — — — — —
-266.3 — — — — —
3,872.5 — — — — —
159.6 — — — — —
— — — — — —
— — — — — —
— — — — — —
Vedanta Ltd (VEDL IN) - Raw Materials Suppliers
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Income Statement Items
Revenues 37,658.9 49,179.4 57,978.0 91,706.3
EBIT 22,532.8 26,545.1 30,537.3 50,951.7
EBITDA 23,032.4 27,061.8 31,282.3 51,915.5
Net Income 15,415.8 19,881.3 26,291.3 42,224.5
Basic EPS 19.56 25.26 32.41 49.17
Basic EPS From Continuing Ops 19.56 25.00 31.80 48.69
Cash Flow Items

CFO 14,340.1 22,463.4 27,474.5 39,774.1
CFI -12,512.2 -11,118.5 -55,765.0 -27,993.0
CFF -1,835.9 -11,379.9 26,883.6 -3,410.7
Total CapEx -691.0 -1,472.9 -1,495.2 -9,886.9
FCF 13,649.1 20,990.5 25,979.3 29,887.2
FCFF 13,649.2 20,996.5 26,362.1 30,161.3
FCFF 13,666.0 20,992.1 25,754.8 29,803.4
FCF/Basic Shr 17.32 26.66 32.03 34.80
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
82,841.6 27,248.2 657,332.8 733,641.0 639,200.7 717,206.8

35,753.5 3,185.3 134,773.3 148,853.9 65,791.2 150,404.2
36,814.9 5,159.9 203,596.5 220,445.5 151,956.6 213,569.4
26,955.0 22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1
31.01 26.24 21.46 -52.77 -41.38 18.60
30.17 26.13 20.23 16.09 26.60 11.45
21,164.1 -136.0 125,315.4 130,741.4 156,350.5 129,720.4

-48,623.8 -5,431.2 -129,529.3 -57,188.6 -89,175.0 15,655.2
19,622.7 4,959.7 -4,301.9 -76,390.1 -55,114.7 -61,989.2
-7,386.2 -6,263.0 -72,835.8 -106,561.1 -55,139.4 -55,168.7
13,777.9 -6,399.0 52,479.6 24,180.3 101,211.1 74,551.7
15,400.2 — — — — 109,693.4
39,006.8 618.7 71,378.9 -20,596.4 77,954.7 111,406.1
15.85 -7.36 17.88 8.16 34.14 25.15
Vedanta Ltd (VEDL IN) - Mining - Production
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Production
Silver Production (oz) — — — —
Bauxite/Alumina Production (Tons) — — — —
Primary Aluminum Production (Tons) — — — —
Coal Production (Tons) 0.3 0.2 0.3 0.3
Copper Production (Tons) — — — —
Iron Production (Tons) 8.5 11.8 21.2 20.7
Lead Production (Tons) — — — —
Zinc Production (Tons) — — — —
Total Cash Costs (By-Product Method)
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— 12.0 11.3 10.6 13.7 14.6

— 0.6 0.6 1.1 1.1 1.3
— 0.9 0.9 1.0 1.0 1.3
0.3 0.4 0.4 — 0.0 0.0
— 0.0 0.3 0.4 0.4 0.4
15.2 4.1 1.7 0.7 5.7 12.0
— 0.3 0.3 0.3 0.3 0.3
— 2.0 1.8 1.8 1.7 1.7
Vedanta Ltd (VEDL IN) - Mining - Sales
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Sales Volume
Silver (oz) — — — —
Copper (Tons) — — — —
Iron (Tons) 13.7 16.6 16.8 19.9
Lead (Tons) — — — —
Zinc (Tons) — — — —
Realized Price
Silver ($/oz) — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— — 11.3 10.5 13.7 14.4

— — 0.3 0.4 0.4 0.4
17.6 3.4 0.0 1.3 5.8 11.2
— — 0.1 0.1 0.2 0.2
— — 1.0 0.9 0.9 0.9
— — 21.40 18.10 15.20 17.80

Vedanta Ltd (VEDL IN) - Benchmark
In Millions of INR except Per Share CY 2008 CY 2009 CY 2010 CY 2011
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Return on Common Equity 51.91 41.62 40.74 19.30
S&P BSE SENSEX Index 22.30 17.04 18.17 18.60
Return on Capital 51.69 36.49 35.82 17.49
Price/EPS 3.40 12.68 6.68 5.27
Price/Book 1.43 4.31 2.23 0.94
Periodic EV to Trailing 12M EBITDA 1.75 10.91 3.21 5.45
Net Debt/EBITDA -1.16 -1.60 -1.67 0.86
Source: Bloomberg
CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 CY 2017
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017
13.99 13.92 -24.66 -25.06 10.55 —
17.32 17.00 16.21 15.37 13.58 14.05
11.97 13.54 -4.63 -9.28 9.09 —
8.70 9.42 7.94 7.70 7.74 6.85
11.69 20.50 20.29 10.29 20.97 —
13.28 13.75 13.75 13.84 13.86 13.84
7.45 9.41 9.90 — 11.62 17.74
16.74 16.69 19.39 19.28 19.89 23.17
0.97 0.82 1.18 0.61 1.33 2.03
2.70 2.60 2.93 2.81 2.61 3.12
35.18 6.13 5.65 4.89 5.98 —
11.04 10.75 11.52 12.83 11.69 13.10
8.98 1.73 1.49 0.73 0.54 —
2.50 2.45 2.19 2.67 2.60 2.58
Vedanta Ltd (VEDL IN) - Contractual Obligations
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Debt Schedule
Net Debt -20,720.0 -31,409.7 -49,916.4 -86,723.3
Capital Leases Schedule

Total Future Value of Capital Leases — 0.0 0.0 0.0
Present Value of ST Capital Leases — 0.0 0.0 0.0
Present Value of LT Capital Leases — 0.0 0.0 0.0
Total Present Value of Capital Leases — 0.0 0.0 0.0
Operating Leases (Rental Expense) Schedule

Rental Expense - Year 1 — — — —
Rental Expense - Years 2 - 5 — — — —
Rental Expense Beyond Year 5 — — — —
Future Min Oper Lease Obligations — 0.0 0.0 0.0
Contractual Obligations Schedule
Purchase Obligations — 0.0 0.0 0.0
Lines of Credit
Commercial Paper
Total Commercial Paper Issued — — — 0.0
Contingent Liabilities 7,646.5 18,028.3 25,769.8 35,564.6

Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
31,503.4 46,357.5 352,001.6 329,109.7 110,683.9 115,689.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 305.6 308.5 285.0 12.4

— 0.0 1,012.8 351.9 140.0 50.6
— 0.0 — — 0.0 0.0
0.0 0.0 1,318.4 660.4 425.0 63.0
0.0 0.0 0.0 0.0 0.0 0.0
11,254.9 25,000.0 50,400.0 81,050.0 88,148.9 234,182.7
47,723.5 56,268.2 485,775.2 358,165.6 394,888.0 592,543.8

Vedanta Ltd (VEDL IN) - Pension Analysis
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Pension Net Periodic Cost
Pension Expense (Income) — — — 0.0
Service Cost 13.3 10.2 — —
Interest Cost 12.4 14.5 — —
Other Postretirement Cost

Service Cost — — 21.5 22.4
Interest Cost — — 27.9 30.9
Expected Return on Plan Assets — — -28.0 -30.0
Pension Funded Status

Other Postretirement Funded Status

Fair Value of Plan Assets — — 378.0 400.4
Projected Benefit Obligation — — 386.0 435.3
Over(Under) Funded Post Ret Benefits — — -8.0 -34.9
Actual Return (Loss) on Plan Assets — — 27.5 32.7

Employer Contribution — — — —
Benefits Paid — — -25.5 -47.5
Other Post-Retirement Funding Ratio — — 97.93 91.98
Other Post-Retirement PBO to Market Cap — — 0.10 0.17
Actuarial Assumptions
Pension
Discount Rate used on Plan Liabilities 8.00 8.00 — —
Other Postretirement Benefits
Discount Rate used on Plan Liabilities — — — 8.00
Pension Plan Asset Allocation (Amt)

Pension Plan Asset Allocation

Pension Plan Asset Allocation Target %
Expected Pension Payments

Expected Postretirement Benefits
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— — — — — —
— — — — — —
— — — — — —
26.2 32.8 244.1 290.8 283.0 286.3

34.8 42.8 368.9 411.1 190.0 150.3
-34.7 -33.0 -225.9 -248.3 — —
— — — — — —
439.2 433.5 2,753.5 2,827.0 11,845.9 13,336.3

534.0 545.4 4,742.2 5,300.4 11,627.7 13,109.5
-94.8 -111.9 -1,988.7 -2,473.4 218.2 226.8
36.9 35.3 — — — —
— — 488.6 287.6 651.3 454.6
-59.3 -131.6 -740.6 -837.4 -827.6 -392.7
82.25 79.48 58.06 53.34 101.88 101.73
0.32 0.40 0.85 0.94 4.36 1.28
— — — — — —
8.00 8.00 9.00 — 8.00 7.72
— — — — — —
— — — — — —
Vedanta Ltd (VEDL IN) - Options
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Options Activity
Options Outstanding End Of Period — — — —
Options Exercisable End of Period — — — —
Price
Assumptions
Stock Expense
Expense For Stock-Based Compensation — 0.0 0.0 0.0
Stock Option Expense (After Tax) 0.0 0.0 0.0 0.0
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— 0.0 0.0 0.0 0.0 0.0

— 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0
Vedanta Ltd (VEDL IN) - Employee Data
12 Months Ending 03/31/2015 03/31/2016 03/31/2017
Number of Employees 21,371.00 17,378.00 8,992.00
Employees - 1 Yr Growth — -18.68 -48.26
Sales per Employee ### ### ###
Actual Net Income per Employee -7,321,028.50 -7,060,921.86 6,130,126.78
Actual Assets per Employee ### ### ###
Actual Cash Flow per Employee 6,117,701.56 8,997,036.48 ###
Source: Bloomberg
Vedanta Ltd (VEDL IN) - Fixed Charge
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
EBIT/Interest Expense 112,664.00 3,277.17 61.11 141.18
EBIT/Total Interest Expense 112,664.00 3,277.17 61.11 141.18
Degree of Financial Leverage 1.00 1.00 1.02 1.01
EBITDA less CAPEX /Interest Exp 111,707.00 3,159.12 59.61 116.46
EBITDA/Total Interest Expense 115,162.00 3,340.96 62.60 143.85
T12M CFO/Total Debt — 1,176.09 1.40 3.98

T12M FCF/Total Debt — 1,098.98 1.33 2.99
Operating Income/Total Debt — 1,389.80 1.56 5.10
Total Debt/T12M EBITDA 0.00 0.00 0.63 0.19
Net Debt to T12M EBITDA -0.90 -1.16 -1.60 -1.67
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
14.84 1.14 3.21 3.08 1.34 3.10
14.84 1.14 3.21 3.08 1.34 3.10
1.07 8.15 1.45 1.48 3.97 1.48
12.22 -0.39 3.11 2.36 1.97 3.26
15.29 1.85 4.84 4.56 3.09 4.40
0.57 0.00 0.16 0.17 0.23 0.18

0.37 -0.13 0.07 0.03 0.15 0.10
0.96 0.07 0.17 0.19 0.10 0.21
1.02 9.38 3.96 3.53 4.46 3.35
0.86 8.98 1.73 1.49 0.73 0.54
Vedanta Ltd (VEDL IN) - CAPEX & Depreciation
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Depreciation Expenses 499.6 516.7 745.0 926.1
Depr Exp / Net Sales 1.33 1.05 1.29 1.01
Depr Exp / Net Fixed Assets 0.10 0.10 0.11 0.08
Accum Depr / Total Assets 8.60 6.34 5.10 4.08
Accum Depr / Gross Fixed Assets 37.17 36.64 42.28 30.21
Capitalized Int Exp — 0.0 — —
Cap Interest/Pretax Income — 0.00 — —
Capital Expenditures -691.0 -1,472.9 -1,495.2 -9,886.9
CAPEX/Sales 1.83 3.00 2.58 10.78
CAPEX/Total Assets 2.57 3.34 1.80 7.37
Capital Expend / Depr Exp 1.38 2.85 2.01 10.68
CAPEX to Depreciation Expense 5 Year Av 1.99 2.35 2.48 3.97
Total Capital Expenditures - 1 Yr Growth -39.55 113.15 1.51 561.24
Average Age of Assets in Years 5.88 6.62 7.69 6.88
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
979.3 1,289.4 46,467.9 50,181.8 84,915.4 62,263.4
1.18 4.73 7.07 6.84 13.28 8.68
0.05 0.05 0.10 0.06 0.09 0.07
3.65 3.65 13.46 18.64 37.08 38.69
25.04 23.88 24.07 28.05 43.45 45.16
— — — — — —
— — — — — —
-7,386.2 -6,263.0 -72,835.8 -106,561.1 -55,139.4 -55,168.7
8.92 22.99 11.08 14.53 8.63 7.69
4.10 2.88 6.14 5.27 2.86 2.80
7.54 4.86 1.57 2.12 0.65 0.89
4.89 5.59 5.33 5.35 3.35 2.02
-25.29 -15.21 1,062.95 46.30 -48.26 0.05
7.60 6.53 6.21 7.07 8.53 12.37
Vedanta Ltd (VEDL IN) - Overview
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Last Price 291.35 194.70 155.50 188.55

Shares Outstanding 869.1 869.1 869.1 2,965.0
Revenue 91,706.3 82,841.6 27,248.2 657,332.8

EBITDA 51,915.5 36,814.9 5,159.9 203,596.5
Trailing 12M EBITDA Margin 56.61 44.44 18.94 30.97
Net Income (Losses) 42,224.5 26,955.0 22,802.5 62,985.1
Trailing 12M Earnings per Share 49.17 31.01 26.24 21.46
Price/T12M Earnings per Share 5.93 6.28 5.93 8.79

Dividend Payout Ratio 7.20 12.90 0.38 15.30
Dividend Yield 1.12 2.82 1.29 1.59
Net Fixed Assets 14,708.6 22,276.5 26,829.9 909,595.2

Total Assets 155,973.7 204,011.3 230,370.2 2,141,450.1
Total Liabilities 27,869.4 52,829.2 55,616.2 1,073,389.0
Total Equity 128,104.3 151,182.1 174,754.0 1,068,061.1
Price/Book Value per Share 1.98 1.12 0.77 0.77
Net Tangible Assets per Share 130.27 151.90 176.04 113.44
Altman's Z-Score 8.39 3.21 1.92 1.31
Cash From Operations 39,774.1 21,164.1 -136.0 125,315.4

Cash Flow per Share 46.32 24.35 -0.16 42.69
Free Cash Flow 29,887.2 13,777.9 -6,399.0 52,479.6
Free Cash Flow per Basic Share 34.80 15.85 -7.36 17.88
Net Changes in Cash 8,370.4 -7,837.0 -607.5 -8,515.8
Source: Bloomberg
03/31/2015 03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
21,371.00 17,378.00 8,992.00
189.50 89.85 274.95 341.30

2,965.0 2,965.0 3,717.5 3,720.0
561,868.4 266,405.3 1,022,126.6 1,268,678.4
733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6

220,445.5 151,956.6 213,569.4 238,895.2 255,026.6 310,839.3
30.05 23.77 29.78 29.24 28.77 30.79
-156,457.7 -122,704.7 55,122.1 68,927.9 97,060.3 137,589.2
-52.77 -41.38 18.60 21.06 26.57 37.40
— — 14.78 18.35 12.84 9.13
4.10 3.50 19.45 12.70 13.45

— — 128.78 47.78 35.96
1.85 6.51 0.64 5.19
909,636.3 942,242.9 935,053.3 931,470.0

1,902,824.2 1,952,311.0 1,990,296.0 1,792,250.0
1,008,774.1 1,146,308.4 1,246,015.6 996,780.0
894,050.1 806,002.6 744,280.4 795,470.0
181.70 148.53 162.74 172.02 178.08 198.50
1.04 0.60 1.69 2.10 1.92 1.72
121.36 109.85 133.68 143.28
1.28 0.76 1.11 2.05
130,741.4 156,350.5 129,720.4

44.09 52.73 43.76 42.72 58.07
24,180.3 101,211.1 74,551.7 189,179.4 186,798.7
8.16 34.14 25.15
-2,837.3 12,060.8 83,386.4
Vedanta Ltd (VEDL IN) - As Reported Summary
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Income Statement
Revenues
Revenues 37,658.9 49,179.4 57,978.0 91,933.3
Expenses
Total Operating Expenses — — — —
Earnings
Net Income 15,415.8 19,881.3 26,291.3 42,224.5
Balance Sheet
Assets
Total Current Assets — — — 124,422.4
Total Assets — — — 155,973.7
Liabilities
Total Current Liabilities — — — 16,506.2
Stockholder Equity
Total Liabilities and Shareholders Equity — — — 155,973.7
Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 13,860.7 21,343.3 25,713.2 35,405.9
Cash From Investing Activities
Total Cash Flows From Investing -12,032.5 -9,988.5 -53,941.2 -23,034.3
Total Cash Flows From Financing -1,836.1 -11,389.6 26,821.1 -4,001.2
Net Change In Cash -7.9 -34.8 -1,406.9 8,370.4
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
83,100.6 27,489.4 661,524.1 737,095.0 — —
— — — — — —
26,955.0 22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1
23,955.8 18,040.0 634,323.4 626,578.6 728,432.7 767,961.1

204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
40,558.5 43,512.1 440,104.2 419,555.2 543,402.6 826,752.6
— — — — 806,002.6 744,280.4
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
22,150.9 222.1 156,008.0 178,051.3 203,769.2 179,770.1
-47,244.3 -3,207.7 -113,469.5 -41,600.1 -78,627.8 27,106.0
17,256.4 2,378.1 -50,516.2 -139,557.7 -113,029.5 -123,191.1

-7,837.0 -607.5 -7,977.7 -3,106.5 12,060.8 83,386.4
Vedanta Ltd (VEDL IN) - Dividend Summary
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Dividends per Share - 5 Yr Geo Growth 21.06 11.84 26.19 -14.97
Dividend Yield 0.48 1.12 2.82 1.29
Dividend Payout Ratio 10.27 7.20 12.90 0.38
Cash Dividend Coverage 9.74 13.88 7.75 262.40
Dividends Paid -2,064.4 -3,281.4 -5,584.9 -2,013.0
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Total Cash Common Dividends 2,700.6 3,041.8 3,476.4 86.9
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 2,700.6 3,041.8 3,476.4 86.9
Trailing 12M Dividends Per Share 3.25 3.50 4.00 0.10
Source: Bloomberg
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019
3.25 4.10 3.50 19.45 12.70 13.45
7.63 4.76 0.00 37.21
1.59 1.85 6.51 0.64
15.30 — — 128.78 47.78 35.96
6.54 — — 0.78
-22,144.2 -31,063.2 -17,358.1 -5,188.8
0.0 0.0 0.0 0.0
9,635.8 12,156.0 10,377.5 70,988.6
0.0 0.0 0.0 0.0
9,635.8 12,156.0 10,377.5 70,988.6
3.25 4.10 3.50 19.45
Vedanta Ltd (VEDL IN) - Sources of Capital
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Net Change Short Term Debt 0.0 19.1 140.2 30.1
Net Change Long Term Debt 0.0 0.0 19,446.3 -9,641.2
Net Change in Other Liabilities 1,234.6 2,145.2 6,760.6 4,275.9
Net Change in Liabilities 1,161.1 2,096.7 26,248.0 -4,902.3
Net Change in Liabilities % of Total 7.96 10.54 44.97 -11.25
Reinvested Earnings 15,238.7 18,110.0 23,590.7 39,182.7

External Equity Financing -1,895.2 -387.1 8,429.0 9,744.5
Net Change in Total Equity 13,417.1 17,790.5 32,118.8 48,494.3
Increase In Equity % of Total 92.04 89.46 55.03 111.25
Capital Employed 30,352.9 48,143.7 85,072.1 122,624.8

Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
26,061.7 10,351.4 219,418.9 1,399.6 -73,427.2 229,144.9
1,357.2 629.3 537,866.1 -29,405.7 -26,467.9 -191,232.7
-2,459.1 -8,193.7 598,462.3 -19,285.9 247,742.9 -164,536.6
24,959.8 2,787.0 1,017,772.8 -64,614.9 137,534.3 99,707.2
51.96 10.57 53.26 27.08 277.92 262.49
23,478.6 22,715.6 53,349.3 -168,613.7 -133,082.2 -15,866.5

-400.8 856.3 501,983.3 -22,720.2 34,721.2 180,475.9
23,077.8 23,571.9 893,307.1 -174,011.0 -88,047.5 -61,722.2
48.04 89.43 46.74 72.92 -177.92 -162.49
5,673.8 1,357.8 1,103,814.4 1,116,659.7 1,127,273.0 876,261.8

Vedanta Ltd (VEDL IN) - Comprehensive Income
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Net Income 19,881.3 26,291.3 42,224.5 26,955.0
+ Foreign Curr Transl Adj - Other Compre — — — —
+ Unrealized Gain (Loss) — — — —
+ Pension Related Adjust Other Comprehe — — — —
+ Oth Adj-Oth Comp Inc — — — —
+ Inc Tax Exp-Oth Comp Inc — — — —
Comprehensive Income — — — —
Basic Comprehensive EPS — — — —

Basic EPS 25.26 32.41 49.17 31.01
Source: Bloomberg
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 09/30/2017
22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1 68,927.9
— — — 3,768.4 -3,518.7
— — — 409.4 925.6
— — — -135.8 -41.4
— — — -11,016.5 2,463.6 7,046.9
— — — -40.7 -11.1
— — — -129,719.9 54,940.1 68,636.1
— — — -43.75 18.53 20.92

26.24 21.46 -52.77 -41.38 18.60 21.06
869.1 2,935.2 2,965.0 2,965.0 2,964.3 3,720.0
Vedanta Ltd (VEDL IN) - Overview
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
ESG Disclosure Score 39.67 40.50 44.21 45.87
Environmental
Environmental Disclosure Score 31.78 31.78 34.11 37.21
Total GHG Emissions 537.4 693.5 780.6 740.2
NOx Emissions — — — —
Total Energy Consumption 467.3 606.9 671.9 631.3

Total Water Use 10,537.6 15,704.9 16,187.7 19,268.6
Hazardous Waste — — — 0.3
Total Waste 25,446.2 36,195.5 55,173.7 58,102.6
Social
Social Disclosure Score 33.33 38.60 43.86 49.12
Number of Employees 2,228.00 2,691.00 4,422.00 4,696.00
Employee Turnover % — — — —
% Employees Unionized — — — —
% Women in Workforce — — 4.70 5.04
% Women in Mgt — — — 16.20
Fatalities - Total — — — —
Community Spending 116.9 173.9 247.7 310.0
Governance
Governance Disclosure Score 64.29 62.50 67.86 62.50
Size of the Board 9.00 7.00 8.00 6.00
Indep Directors 3.00 3.00 4.00 4.00
% Indep Directors 33.33 42.86 50.00 66.67
Board Duration (Years) 3.00 3.00 3.00 3.00
# Board Meetings 5.00 7.00 10.00 8.00
Board Mtg Attendance 91.38 75.93 62.50 78.57
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
49.59 49.59 47.11 48.76 —
37.21 48.06 43.41 46.51 —

638.2 36,992.3 39,856.5 41,158.3 53,329.6
— 34.2 42.4 49.5 44.9
248.5 93,650.7 100,833.0 112,500.0 118,889.0

5,262.8 155,583.0 402,000.0 412,627.0 344,422.0
1.8 760.0 760.0 860.0 320.0
557.5 10,910.0 134,949.0 141,786.0 16,890.0
59.65 43.86 43.86 49.12 —

3,895.00 71,000.00 82,534.00 66,882.00 —
16.00 — — 5.38 5.34
57.40 — — — —
5.54 8.30 8.60 9.40 18.00
17.00 — — — —
— 19.00 8.00 12.00 7.00

264.7 1,730.0 2,624.6 2,457.3 1,182.1
67.86 58.93 58.93 53.57 —

6.00 8.00 8.00 8.00 8.00
4.00 4.00 4.00 4.00 —
66.67 50.00 50.00 50.00 —
3.00 3.00 3.00 — —
4.00 9.00 6.00 7.00 —
91.66 88.06 91.67 89.29 —
Vedanta Ltd (VEDL IN) - Environmental
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Environmental Disclosure Score 31.78 31.78 34.11 37.21
GHG Scope 1 508.3 639.8 713.7 671.5

GHG Scope 2 29.1 53.7 67.0 68.7
Total GHG Emissions 537.4 693.5 780.6 740.2
GHG Scope 3 55.0 56.7 76.9 62.3
NOx Emissions — — — —
SOx Emissions — — — —
VOC Emissions — — — —
ODS Emissions — — — 0.0
Particulate Emissions — — — —
Total Energy Consumption 467.3 606.9 671.9 631.3

Electricity Used 53.8 68.5 75.8 80.4
Fuel Used - Coal/Lignite — — — —
Fuel Used - Oil/Diesel — — — —
Total Water Use 10,537.6 15,704.9 16,187.7 19,268.6

Total Water Withdrawal 10,537.6 15,704.9 16,187.7 19,268.6
Surface Water Withdrawal — — — —
Groundwater Withdrawals — — — —
Reclaimed Water Use — — — —
Total Water Recycled — — — —
% Water Recycled — — — —
Total Waste 25,446.2 36,195.5 55,173.7 58,102.6

Hazardous Waste — — — 0.3
Drilling Waste — — — —
Mining Overburden 22,504.6 32,416.0 50,904.8 47,300.0
Tailings Waste 2,933.8 3,772.7 4,262.2 10,800.0
Waste Recycled — — — —
Raw Materials Used 810.9 1,005.2 1,004.2 1,008.4
Gas Flaring — — — —
Number of Spills 206.00 171.00 118.00 43.00
Amount of Spills (Th Tonnes) 0.0 0.0 0.0 0.0
ISO 14001 Certified Sites — — — —
Number of Sites — — — —
% Sites Certified — — — —
Environmental Accounting Cost — — — 157.3
Investments in Operational Sustainability — — — —
Renewable Electricity Target Policy n/a n/a n/a n/a

Energy Efficiency Policy Yes Yes Yes Yes
Emissions Reduction Initiatives Yes Yes Yes Yes
Environmental Supply Chain Management No No No No
Green Building Policy No No No No
Waste Reduction Policy Yes Yes Yes Yes
Water Policy Yes Yes Yes Yes
Sustainable Packaging No No No No
Environmental Quality Management Policy Yes Yes Yes Yes
Climate Change Opportunities Discussed No No No No
Risks of Climate Change Discussed No No No No
Climate Change Policy No No Yes Yes
New Products - Climate Change No No No No
Biodiversity Policy Yes Yes Yes Yes
Verification Type Yes Yes Yes Yes
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
37.21 48.06 43.41 46.51 —
588.5 35,838.6 38,274.8 39,581.1 51,896.9

49.7 1,153.7 1,581.7 1,577.2 1,432.7
638.2 36,992.3 39,856.5 41,158.3 53,329.6
20.6 — — — —
— 34.2 42.4 49.5 44.9

— 125.3 146.4 157.5 178.3
— — — 0.2 —
0.0 — — — —
— 5.6 6.0 7.2 11.1
248.5 93,650.7 100,833.0 112,500.0 118,889.0

56.4 568.5 3,888.9 3,055.6 4,058.3
— 13,328.0 — — —
— 43.4 — — —
5,262.8 155,583.0 402,000.0 412,627.0 344,422.0

5,262.8 — 362,000.0 359,000.0 277,609.0
— — 144,800.0 154,370.0 —
— — 213,580.0 201,040.0 —
— — 3,620.0 3,590.0 —
— 37,340.0 40,000.0 53,626.7 66,813.3
— 24.00 9.95 13.00 19.40
557.5 10,910.0 134,949.0 141,786.0 16,890.0

1.8 760.0 760.0 860.0 320.0
— — 38.5 25.6 —
0.0 — 96,000.0 102,000.0 —
0.0 — 28,000.0 27,000.0 —
— — — — 8,380.0
1,025.9 — — — —
— — 27.3 — —
15.00 0.00 — — —
0.0 0.0 — — —
— 42.00 46.00 48.00 —
— 52.00 — — —
— 83.00 88.00 92.30 100.00
127.9 — — — —
— — — 47,617.8 3,285.4
n/a No No No Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
No Yes Yes Yes Yes
No No No No No
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
No No No No No
Yes Yes Yes Yes Yes
No No No No No
No No No No No
Yes Yes Yes Yes Yes
No No No No No
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Vedanta Ltd (VEDL IN) - Social
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Social Disclosure Score 33.33 38.60 43.86 49.12
Number of Employees 2,228.00 2,691.00 4,422.00 4,696.00
Number of Part-Time Employees — — — —
Employee Turnover % — — — —
% Employees Unionized — — — —
% Women in Workforce — — 4.70 5.04
% Women in Mgt — — — 16.20
Lost Time Incident Rate 0.24 0.23 0.17 0.16

Total Recordable Incident Rate — — — —
Fatalities - Total — — — —
Social Supply Chain Management No No No Yes

Sustain Sup Guidelines Encomp ESG Area No No No No
Community Spending 116.9 173.9 247.7 310.0

Total Hours Spent by Firm - Employee Train — — — 96,208.00
Gender Pay Gap Breakout n/a n/a n/a n/a
Health and Safety Policy Yes Yes Yes Yes

Fair Remuneration Policy No No No No
Training Policy Yes Yes Yes Yes
Employee CSR Training No No No No
Equal Opportunity Policy Yes Yes Yes Yes
Human Rights Policy Yes Yes Yes Yes
Policy Against Child Labor Yes Yes Yes Yes
Business Ethics Policy No Yes Yes Yes

Anti-Bribery Ethics Policy No No Yes Yes
Employee Protection / Whistle Blower Polic Yes Yes Yes Yes
UN Global Compact Signatory No Yes Yes Yes
Bloomberg Gender-Equality Index

Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
59.65 43.86 43.86 49.12 —
3,895.00 71,000.00 82,534.00 66,882.00 —
38.00 — — — —
16.00 — — 5.38 5.34

57.40 — — — —
5.54 8.30 8.60 9.40 18.00
17.00 — — — —
0.09 0.08 0.09 0.09 0.08

— — 1.46 — —
— 19.00 8.00 12.00 7.00
Yes Yes Yes Yes Yes

No Yes Yes Yes Yes
264.7 1,730.0 2,624.6 2,457.3 1,182.1

42,757.00 1,100,000.00 1,240,000.00 1,530,000.00 1,330,000.00
n/a No No No No
Yes Yes Yes Yes Yes

No No No No No
Yes Yes Yes Yes Yes
No No No No No
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes

Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes

Vedanta Ltd (VEDL IN) - Governance
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Governance Disclosure Score 64.29 62.50 67.86 62.50
Board Structure
Size of the Board 9.00 7.00 8.00 6.00
Unitary or Two Tier Board System 1.00 1.00 1.00 1.00
# Employee Representatives on Board 0.00 0.00 0.00 0.00
Classified Board System Yes Yes Yes Yes
Board Independence
# Non Exec Dir on Board 4.00 4.00 5.00 4.00
% Non Exec Dir on Board 44.44 57.14 62.50 66.67
# Independent Directors 3.00 3.00 4.00 4.00
% Independent Directors 33.33 42.86 50.00 66.67
CEO Duality No No No No
Independent Chairperson Yes Yes No No
Independent Lead Director No No No No
Presiding Director No No No No
Former CEO or its Equivalent on Board No No No No
Board & Exec Diversity

# Women on Board 0.00 0.00 0.00 0.00
% Women on Board 0.00 0.00 0.00 0.00
Female Chief Executive Officer or Equivalen No No No No
Female Chairperson or Equivalent No No No No
# Executives / Company Mgrs 4.00 3.00 3.00 2.00
CEO or Equivalent Appointed from Within Yes Yes Yes Yes
# Female Executives 0.00 0.00 0.00 0.00
% Female Executives 0.00 0.00 0.00 0.00
Age of the Youngest Director 53.00 54.00 55.00 56.00
Age of the Oldest Director 74.00 75.00 76.00 77.00
Board of Directors Age Range 21.00 21.00 21.00 21.00
Board Average Age 62.78 64.71 64.00 64.17
Board Duration (Years) 3.00 3.00 3.00 3.00
Board Committees
# Board Meetings 5.00 7.00 10.00 8.00
Board Meeting Attendance % 91.38 75.93 62.50 78.57
Independent Directors Board Meeting Atte 83.33 52.38 40.00 78.15
# Dir Attending Less than 75% of Mtgs 2.00 3.00 5.00 2.00
Audit Committee
Size of Audit Committee 3.00 3.00 4.00 4.00
# Independent Dir on Audit Cmte 3.00 3.00 4.00 4.00
% Independent Dir on Audit Cmte 100.00 100.00 100.00 100.00
Independent Audit Committee Chairperson Yes Yes Yes Yes
# Non Exec Dir on Audit Cmte 3.00 3.00 4.00 4.00
Audit Committee Meetings 5.00 4.00 4.00 4.00
Audit Committee Meeting Attendance Perce 85.00 62.50 63.15 88.89
Compensation Committee
Size of Compensation Committee 3.00 4.00 4.00 3.00
# Independent Dir on Comp Cmte 2.00 3.00 3.00 3.00
% Independent Dir on Comp Cmte 66.67 75.00 75.00 100.00
Independent Compensation Committee Cha Yes Yes n/a Yes
# Non Exec Dir on Comp Cmte 3.00 4.00 4.00 3.00
# Comp Committee Meetings 2.00 2.00 2.00 1.00
Compensation Committee Meeting Attenda 83.33 71.43 50.00 75.00
Outside Compensation Advisors Appointed No No No No
Nomination Committee
Size of Nomination Committee — — — —
# Independent Dir on Nom Cmte — — — —
% of Ind Directors on Nomination Committe — — — —
Independent Nomination Committee Chairp n/a n/a n/a n/a
# Non Exec Dir on Nom Cmte — — — —
# Nom Cmte Meetings — — — —
Nomination Committee Meeting Attendance — — — —
CSR/Sustainability Committee No No No No
Board & Exec Activities

Non-Executive Director with Responsibility No No No No
Executive Director with Responsibility for No No No No
Executive Compensation Linked to ESG No No No No
ESG Linked Compensation for Board No No No No
Clawback Provision for Executive Compens No No No No
Chg of Ctrl Benefits/Golden Parachute Agr No No No No
Taxes Paid to Governments — — — —
Shareholder Rights
Dual Class Unequal Voting Rights - Commo No No No No
AGM Voting Results

Auditor Ratification n/a n/a n/a n/a
Years Auditor Employed 1.00 2.00 3.00 4.00
Director Compensation
GRI
GRI Criteria Compliance Yes Yes Yes Yes
Global Reporting Initiatives Checked No No No No
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
67.86 58.93 58.93 53.57 —
6.00 8.00 8.00 8.00 8.00

1.00 1.00 1.00 1.00 —
0.00 0.00 0.00 0.00 —
Yes Yes No No n/a
4.00 5.00 4.00 4.00 —

66.67 62.50 50.00 50.00 —
4.00 4.00 4.00 4.00 —
66.67 50.00 50.00 50.00 —
No No No No n/a
No No No No n/a
No No No No n/a
No No No No n/a
No Yes No No n/a
0.00 1.00 2.00 2.00 2.00

0.00 12.50 25.00 25.00 25.00
No No No No n/a
No No No No n/a
3.00 4.00 4.00 4.00 —
Yes No No No n/a
0.00 0.00 0.00 0.00 —
0.00 0.00 0.00 0.00 —
56.00 — — — —
77.00 — — — —
21.00 — — — —
64.17 — — — —
3.00 3.00 3.00 — —
4.00 9.00 6.00 7.00 —

91.66 88.06 91.67 89.29 —
100.00 92.85 87.50 85.71 —
1.00 1.00 1.00 0.00 —
4.00 4.00 3.00 3.00 —
4.00 4.00 3.00 3.00 —
100.00 100.00 100.00 100.00 —
Yes Yes Yes Yes n/a
4.00 4.00 3.00 3.00 —
4.00 5.00 5.00 8.00 —
81.25 100.00 85.00 91.67 —
3.00 3.00 3.00 4.00 —

3.00 3.00 2.00 3.00 —
100.00 100.00 66.67 75.00 —
Yes Yes Yes Yes n/a
3.00 3.00 2.00 3.00 —
2.00 2.00 5.00 2.00 —
83.33 83.33 63.33 100.00 —
No No No No n/a
— 3.00 3.00 4.00 —

— 3.00 2.00 3.00 —
— 100.00 66.67 75.00 —
n/a Yes Yes Yes n/a
— 3.00 2.00 3.00 —
— 2.00 5.00 2.00 —
— 83.33 63.33 100.00 —
No No No No n/a
No No No No n/a
No No No No n/a
No No No No n/a
No No No No n/a
No No No No n/a
No No No No n/a
— — — 3,200.0 6,000.0
No No No No n/a
n/a n/a Yes Yes Yes
5.00 6.00 7.00 8.00 —
Yes Yes Yes Yes Yes

No No No No No
Vedanta Ltd (VEDL IN) - Exec & Dir Comp
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Executive Compensation
Total Compensation Paid — — — —
Total Salaries and Bonuses Paid — — — —
Total Salaries Paid 15,500,000.0 20,600,000.0 26,300,000.0 —
Total Bonuses Paid — — — —
All Other Compensation Paid 0.0 0.0 0.0 —
Stock Awards Granted — — — —
Option Awards Granted — — — —
Pension & Nonqual Defined Pension — — — —
Total Other Compensation Paid — — — —
# of Exec Changes in Fiscal Year 0.00 0.00 2.00 —
Date of Last Executive Change n/a n/a 10/01/2009 n/a
# Execs Included in Compensation 3.00 5.00 5.00 —
CEO
CEO Duality n/a No No No
Total Salaries and Bonuses Paid — — — —
Total Salaries Paid — — — —
Total Bonuses Paid — — — —
All Other Compensation Paid — — — —
Stock Awards Granted — — — —
Option Awards Granted — — — —
Pension & Nonqual Defined Pension — — — —
Total Other Compensation Paid — — — —
# of CEO and Equiv Changes in FY — — — —
Date of Last CEO and Equiv Change n/a n/a n/a n/a
# CEO and Equiv Included in Comp — — — —
CEO Tenure at Fiscal Year End — — — —
Other C-Suite
Total Comp Paid to CFO and Equiv — — — —
Board Compensation
Fees Paid in Cash — — — —
# of Board Changes in Fiscal Year — — — —
Date of Last Board Change n/a n/a n/a n/a
# Directors Included in Comp — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
— 37,900,000.0 ### ### ### ###

— — — ### ### ###
— 19,700,000.0 ### ### ### ###
— — — 63,500,000.0 66,001,550.0 95,096,680.0
— 37,900,001.0 ### 79,302,882.0 63,426,676.0 73,637,839.0
— — — — 0.0 0.0
— — — 39,975,754.0 7,226,789.0 30,007,757.0
— 5,100,000.0 14,500,000.0 — — —
— — — 29,462,117.0 41,089,901.0 28,728,344.0
— 0.00 4.00 4.00 2.00 4.00
n/a n/a 03/31/2014 04/01/2014 05/07/2015 11/22/2016
— 2.00 3.00 4.00 5.00 7.00
No No No No No n/a
— — 20,200,000.0 57,999,651.0 91,882,961.0 97,327,568.0
— — — 48,976,871.0 77,682,410.0 84,589,463.0
— — 19,500,000.0 48,976,871.0 59,082,410.0 57,137,771.0
— — — 0.0 18,600,000.0 27,451,692.0
— — 20,200,001.0 9,022,780.0 14,200,551.0 12,738,105.0
— — — — 0.0 0.0
— — — 0.0 0.0 0.0
— — 700,000.0 — — —
— — — 4,897,725.0 5,908,289.0 5,304,028.0
— — 1.00 1.00 0.00 0.00
n/a n/a 03/31/2014 04/01/2014 n/a n/a
— — 1.00 1.00 1.00 1.00
— — 0.67 1.00 2.00 3.00
— — — 52,029,386.0 53,004,889.0 49,422,287.0
— — — — 690,000.0 —
— 660,000.0 1,000,000.0 1,840,000.0 2,430,000.0 830,000.0
— — — — 1.00 —
n/a n/a n/a n/a 05/07/2015 n/a
— — — — 1.00 —
Vedanta Ltd (VEDL IN) - ESG Ratios
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Greenhouse Gases
GHG Intensity per Sales — 10.93 11.96 8.51
GHG Scope 1 Intensity per Sales — 10.34 11.03 7.78
GHG Scope 2 Intensity per Sales — 0.59 0.93 0.73
GHG Intensity per EBITDA — 19.86 22.17 15.04
GHG/CO2 Intensity / Gross Fixed Assets — 57.53 51.17 37.04
GHG/CO2 Intensity / Net Fixed Assets — 90.80 88.65 53.07
GHG Intensity per Energy — 1,150.12 1,142.64 1,161.78
GHG Intensity per Employee — 241.22 257.70 176.53
GHG Intensity per Assets — 9.95 6.17 5.00
Scope 3 GHG per Employee — 24.67 21.07 17.38
Carbon Dioxide
Energy
Energy Intensity per Sales — 9.50 10.47 7.33
Energy Intensity per EBITDA — 17.27 19.40 12.94
Energy Intensity per Employee — 209.73 225.53 151.95
Energy Intensity per Assets — 8.65 5.40 4.31
Water
Water Intensity per Sales — 214.27 270.88 176.52
Water Intensity per EBITDA — 389.39 502.04 311.81
Water Intensity per Energy — 22,550.55 25,876.78 24,091.56
Water Intensity per Employee — 4,729.62 5,836.09 3,660.72
Water Intensity per Assets — 195.09 139.75 103.78
Waste
Waste Intensity per Employee — 11,421.09 13,450.58 12,477.09
Waste Generated per Assets — 471.10 322.08 353.74
Waste Generated per Sales — 517.42 624.30 601.63
Other Environmental
NOx Emissions per Sales — — — —
SOx Emissions per Sales — — — —
Social
Women Management to Employees Ratio — — — —
Fatalities per 1000 employees — — — —
Sustainable Invt/CapEx — — — —
Community Spend % PTP — 0.43 0.50 0.45
Community Spend%EBITDA — 0.43 0.56 0.48
Community Spend%Equity — 0.25 0.22 0.19
R&D Expenditures per Cash Flow 0.00 0.00 0.00 0.00
Actual Net Income per Employee — — — —
Actual Cash Flow per Employee — — — —
Actual Personnel Expenses per Employee — — — —
Governance
Percentage of Non-Executive Directors on — 44.44 57.14 62.50
% Independent Directors — 33.33 42.86 50.00
% Women on Board — 0.00 0.00 0.00
Percentage of Female Executives — 0.00 0.00 0.00
Board of Directors Age Range — 21.00 21.00 21.00
Board Average Age — 62.78 64.71 64.00
Board Meeting Attendance % — 91.38 75.93 62.50
Independent Directors Board Meeting Atte — 83.33 52.38 40.00
Pct of Independent Directors on Audit Comm — 100.00 100.00 100.00
Audit Committee Meeting Attendance Perce — 85.00 62.50 63.15
% of Ind Directors on Compensation Commi — 66.67 75.00 75.00
Compensation Committee Meeting Attenda — 83.33 71.43 50.00
% of Ind Directors on Nomination Committe — — — —
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
8.94 23.42 56.28 54.33 64.39 74.36

8.11 21.60 54.52 52.17 61.92 72.36
0.83 1.82 1.76 2.16 2.47 2.00
20.11 123.69 181.69 180.80 270.86 249.71
24.91 18.11 30.88 31.53 24.70 31.28
33.23 23.79 40.67 43.82 43.68 57.03
1,172.52 2,568.28 395.00 395.27 365.85 448.57
157.63 163.86 521.02 482.91 615.39 —
3.63 2.77 17.27 20.95 21.08 26.79
13.27 5.29 — — — —
7.62 9.12 142.47 137.44 176.00 165.77

17.15 48.16 459.98 457.41 740.34 556.68
134.44 63.80 1,319.02 1,221.71 1,682.07 —
3.09 1.08 43.73 52.99 57.62 59.73
232.60 193.14 236.69 547.95 645.54 480.23

523.39 1,019.94 764.17 1,823.58 2,715.43 1,612.69
30,520.71 21,177.64 1,661.31 3,986.79 3,667.80 2,897.00
4,103.20 1,351.16 2,191.31 4,870.72 6,169.48 —
94.45 22.84 72.65 211.26 211.35 173.05
12,372.79 143.13 153.66 1,635.07 2,119.94 —

284.80 2.42 5.09 70.92 72.62 8.49
701.37 20.46 16.60 183.94 221.82 23.55
— — 0.00 0.00 0.00 0.00

— — 190.67 199.51 246.38 248.64
3.21 3.07 — — — —
— — 0.27 0.10 0.18 —
— — — — 0.86 0.06
0.99 — 1.82 — — 0.87
0.84 5.13 0.85 1.19 1.62 0.55
0.21 0.15 0.16 0.29 0.30 0.16
0.00 0.00 0.00 0.00 0.00 0.00
— — — -7,321,028.50 -7,060,921.86 6,130,126.78
— — — 6,117,701.56 8,997,036.48 ###
— — — 1,364,054.09 1,414,581.66 2,601,579.18
66.67 66.67 62.50 50.00 50.00 —

66.67 66.67 50.00 50.00 50.00 —
0.00 0.00 12.50 25.00 25.00 25.00
0.00 0.00 0.00 0.00 0.00 —
21.00 21.00 — — — —
64.17 64.17 — — — —
78.57 91.66 88.06 91.67 89.29 —
78.15 100.00 92.85 87.50 85.71 —
100.00 100.00 100.00 100.00 100.00 —
88.89 81.25 100.00 85.00 91.67 —
100.00 100.00 100.00 66.67 75.00 —
75.00 83.33 83.33 63.33 100.00 —
— — 100.00 66.67 75.00 —
Vedanta Ltd (VEDL IN) - CDP
12 Months Ending 03/31/2006 03/31/2007 03/31/2008 03/31/2009
CDP Integrated Performance Score — — — —
Reporting Period
Start Date of CDP Reporting Year n/a n/a n/a 04/01/2009
End Date of CDP Reporting Year 03/31/2008 n/a n/a 03/31/2010
CDP Survey Year 2,007 2,008 2,009 2,010
CDP Reported Fiscal Year 2,006 2,007 2,008 2,009
Risks and Opportunities

Regulatory Risk Exposure n/a n/a n/a No
Physical Risk Exposure n/a n/a n/a No
Other Risk Exposure n/a n/a n/a No
Regulatory Opport Present n/a n/a n/a Yes
Physical Opport Present n/a n/a n/a No
Other Opportunities Present n/a n/a n/a Yes
GHG Emissions
Scope 1 Activity Emissions Globally — — — 0.6
PFC Emissions (CO2e) — — — —
Location-based Scope 2 — — — —
Market-based Scope 2 — — — —
Scope 2 Emissions — — — 0.1
Rev Emission Intensity — — — —
Co Selected Emission Intensity — — — —
Scope 3 Purch Goods/Srvcs — — — —
Scope 3 Use of Sold Produces — — — —
Scope 3 Investments — — — —
Emissions from Travel — — — —
CDP Level of Uncertainty Scope 1 Emissio — — — —
CDP Level of Uncertainty Scope 2 Emissio — — — —
CDP Percentage Data Verified Scope 1 — — — 0.00
Energy Use
Total Fuel Consumption — — — —
Low Carbon Energy — — — —
Total Electricity Consumption — — — —
Total Purchased Elec Consumption — — — —
Total Electricity Production — — — —
Total Renewable Elec Prod — — — —
Total Prod & Cons Renew Elec — — — —
Emissions Bio Seques Carbon — — — 0.0
Trading
Origination Project Carbon Offsets n/a n/a n/a n/a
Targets and Initiatives

Emission Red Targets n/a n/a n/a n/a
Renewable Energy Target n/a n/a n/a n/a
Governance and Strategy

Incentives Mgt Climate Change n/a n/a n/a Yes
Engages Policy Climate Change n/a n/a n/a n/a
Climate Change Strategy n/a n/a n/a n/a
Internal Price of Carbon n/a n/a n/a n/a
3rd Party Avoided Emissions n/a n/a n/a n/a
Emission Reduction Activities n/a n/a n/a n/a
Value Chain Engagement n/a n/a n/a n/a
Source: Bloomberg
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
03/31/2010 03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015
— — — — — 4.00
04/01/2010 04/01/2011 04/01/2012 04/01/2013 04/01/2014 04/01/2015

03/31/2011 03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016
2,011 2,012 2,013 2,014 2,015 2,016
2,011 2,012 2,013 2,014 2,015 2,016
Yes Yes Yes Yes Yes Yes

No No No No No No
0.7 0.7 0.7 35.8 38.2 39.4

— — — 0.5 0.8 —
— — — — — 1.6
— — — — — 0.0
0.1 0.1 0.1 1.2 1.6 —
— — — — — 0.00
— — — — — 2,306.00
— — — — — 0.0
— — — — — 0.0
— — — — — 0.0
0.0 — — 0.0 0.0 0.0
5.00 5.00 5.00 10.00 10.00 —
5.00 5.00 5.00 5.00 5.00 —
100.00 100.00 100.00 — 100.00 100.00
100.00 100.00 100.00 — 100.00 100.00
100.00 100.00 100.00 — — —
— — — — — 108.7
— — — — — 0.5
— — — — — 20.6
0.1 0.1 0.1 1.6 2.0 1.3
— — — — — 33.2
— — — — — 0.4
— — — — — 0.0
— — — — — —
n/a n/a n/a Yes Yes n/a
n/a n/a n/a n/a n/a Yes

n/a n/a n/a n/a n/a No

Yes Yes n/a No Yes Yes
Vedanta Ltd (VEDL IN) - GAAP Highlights
12 Months Ending 03/31/2008 03/31/2009 03/31/2010 03/31/2011
Total Revenues 37,658.9 49,179.4 57,978.0 91,706.3
Operating Income 22,532.8 26,545.1 30,537.3 50,951.7
Net Income to Common 15,415.8 19,881.3 26,291.3 42,224.5
Basic EPS, GAAP 19.56 25.26 32.41 49.17
Diluted EPS, GAAP 19.56 25.26 31.62 48.17
Cash and Equivalents 20,720.0 31,428.8 69,522.0 96,717.8

Total Current Assets 29,152.6 48,084.3 89,824.2 124,422.4
Total Assets 34,127.7 54,014.9 112,381.7 155,973.7
Total Current Liabilities 3,763.0 5,859.4 12,575.2 16,506.2
Total Liabilities 4,427.0 6,523.7 32,771.7 27,869.4
Total Equity 29,700.7 47,491.2 79,610.0 128,104.3
Shares Out on Balance Sheet 787.2 787.2 831.0 869.1
Cash From Operations 14,340.1 22,463.4 27,474.5 39,774.1

Cash From Investing -12,512.2 -11,118.5 -55,765.0 -27,993.0
Cash From Financing -1,835.9 -11,379.9 26,883.6 -3,410.7
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2012 03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017
82,841.6 27,248.2 657,332.8 733,641.0 639,200.7 717,206.8
35,753.5 3,185.3 134,773.3 148,853.9 65,791.2 150,404.2
26,955.0 22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1
31.01 26.24 21.46 -52.77 -41.38 18.60
31.01 26.24 21.46 -52.77 -41.38 18.59
869.1 869.1 2,935.2 2,965.0 2,965.0 2,964.3
899.1 869.1 2,935.2 2,965.0 2,965.0 2,965.6
5,910.0 2,036.6 453,677.5 448,563.3 567,094.0 600,001.1

23,955.8 18,040.0 634,323.4 626,578.6 728,432.7 767,961.1
204,011.3 230,370.2 2,141,450.1 1,902,824.2 1,952,311.0 1,990,296.0
40,558.5 43,512.1 440,104.2 419,555.2 543,402.6 826,752.6
52,829.2 55,616.2 1,073,389.0 1,008,774.1 1,146,308.4 1,246,015.6
151,182.1 174,754.0 1,068,061.1 894,050.1 806,002.6 744,280.4
869.1 869.1 2,965.0 2,965.0 2,965.0 3,717.5
21,164.1 -136.0 125,315.4 130,741.4 156,350.5 129,720.4

-48,623.8 -5,431.2 -129,529.3 -57,188.6 -89,175.0 15,655.2
19,622.7 4,959.7 -4,301.9 -76,390.1 -55,114.7 -61,989.2
Vedanta Ltd (VEDL IN) - GAAP
12 Months Ending 03/31/2011 03/31/2012 03/31/2013 03/31/2014
Revenue 91,706.3 82,841.6 27,248.2 657,332.8
+ Sales & Services Revenue 91,706.3 82,841.6 27,248.2 654,039.3
+ Other Revenue — — 0.0 3,293.5
+ Other Operating Income 227.0 259.0 241.2 4,191.3
- Operating Expenses 40,981.6 47,347.1 24,304.1 526,750.8
+ Depreciation & Amortization 963.8 1,061.4 1,974.6 68,823.2
+ Other Operating Expense 40,017.8 46,285.7 22,329.5 457,927.6
Operating Income (Loss) 50,951.7 35,753.5 3,185.3 134,773.3
- Non-Operating (Income) Loss -4,645.2 4,462.0 4,925.0 39,848.0
+ Interest Expense, Net -1,372.7 2,274.6 2,757.7 28,899.7
+ Interest Expense 360.9 2,408.5 2,794.6 42,045.8
- Interest Income 1,733.6 133.9 36.9 13,146.1
+ Other Investment (Inc) Loss -2,970.5 -1,105.0 -267.4 -7.2
+ Foreign Exch (Gain) Loss 341.9 3,713.0 1,829.7 7,350.9
+ Other Non-Op (Income) Loss -643.9 -420.6 605.0 3,604.6
Pretax Income 55,596.9 31,291.5 -1,739.7 94,925.3
- Income Tax Expense (Benefit) 13,372.4 10,213.8 -429.4 -8,468.5
+ Current Income Tax 13,440.5 9,899.8 363.7 -7,743.2
- (Income) Loss from Affiliates 0.0 -5,877.3 -24,112.8 -10,819.3
Income (Loss) from Cont Ops 42,224.5 26,955.0 22,802.5 114,213.1
Income (Loss) Incl. MI 42,224.5 26,955.0 22,802.5 114,213.1
- Minority Interest 0.0 0.0 0.0 51,228.0
Net Income, GAAP 42,224.5 26,955.0 22,802.5 62,985.1
Net Income Avail to Common, GAAP 42,224.5 26,955.0 22,802.5 62,985.1

Net Abnormal Losses (Gains) -414.5 -731.8 -93.4 -3,601.6
Basic EPS, GAAP 49.17 31.01 26.24 21.46

Diluted EPS, GAAP 48.17 31.01 26.24 21.46
Reference Items
EBITDA 51,915.5 36,814.9 5,159.9 203,596.5
EBITDA Margin (T12M) 56.61 44.44 18.94 30.97
EBITA 50,989.4 35,835.6 3,870.5 157,128.6
EBIT 50,951.7 35,753.5 3,185.3 134,773.3
Profit Margin 46.04 32.54 83.68 9.58
Total Cash Common Dividends 3,041.8 3,476.4 86.9 9,635.8
Personnel Expenses 2,075.6 2,684.3 2,495.2 27,023.2
Depreciation Expense 926.1 979.3 1,289.4 46,467.9
Rental Expense 858.1 589.0 187.8 543.5
Source: Bloomberg
03/31/2015 03/31/2016 03/31/2017 09/30/2017 03/31/2018 03/31/2019
733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6
730,164.7 635,697.9 714,643.8 817,063.0
3,476.3 3,502.8 2,563.0
— — — 466,111.1 525,043.4
3,454.0 3,416.9 5,043.5
588,241.1 576,826.4 571,846.1 638,497.7
0.0 0.0 0.0
71,591.6 85,724.4 62,915.0 59,359.4
— 283.5 187.9
516,649.5 490,818.5 508,743.2 579,138.3
148,853.9 65,791.2 150,404.2 179,535.8 185,305.0 260,065.3
248,105.1 351,192.9 13,888.5 21,483.4
38,044.4 36,127.9 36,669.3
48,309.5 49,230.9 48,589.7
10,265.1 13,103.0 11,920.4
-1.4 -3.2 -12.8
-4,378.0 1,349.5 2,233.7
— — —
214,440.1 313,718.7 -25,001.7 20,314.4
-99,251.2 -285,401.7 136,515.7 158,052.4 177,680.3 239,848.7
14,483.6 -106,775.5 37,783.1 45,732.1
7,908.7 35,628.1 39,433.3
6,574.9 -142,403.6 -1,650.2
— — —
-40.9 -2.3 26.7 28.8
-113,693.9 -178,623.9 98,705.9 112,291.5 97,060.3 137,589.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-113,693.9 -178,623.9 98,705.9 112,291.5
42,763.8 -55,919.2 43,583.8 43,363.6
-156,457.7 -122,704.7 55,122.1 68,927.9 97,060.3 137,589.2
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
-156,457.7 -122,704.7 55,122.1 68,927.9 97,060.3 137,589.2
47,697.9 78,882.1 33,930.3 68,426.7 99,206.9 137,226.5

204,155.6 201,586.8 -21,191.8 -501.2
0.0 0.0 0.0 0.0
2,965.0 2,965.0 2,964.3 3,720.0
-52.77 -41.38 18.60 21.06 26.56 38.73
-52.77 -41.38 18.60 21.06 26.56 38.73
16.09 26.60 11.45 20.96 26.57 37.40
2,965.0 2,965.0 2,965.6 3,720.0

-52.77 -41.38 18.59 21.03 26.56 38.73
-52.77 -41.38 18.59 21.03 26.56 38.73
16.09 26.60 11.44 20.94 26.57 37.40

220,445.5 151,956.6 213,569.4 238,895.2 255,026.6 310,839.3
30.05 23.77 29.78 29.24 28.77 30.79
170,263.7 67,041.2 151,306.0
148,853.9 65,791.2 150,404.2 179,535.8 185,305.0 260,065.3
20.29 10.29 20.97 21.97 20.90 25.76
-21.33 -19.20 7.69 8.44 11.19 13.59
### ### ###
4.10 3.50 19.45 12.70 13.45
12,156.0 10,377.5 70,988.6
— — —
29,151.2 24,582.6 23,393.4 24,441.1
50,181.8 84,915.4 62,263.4
987.5 642.1 658.9

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Vedanta Ltd (VEDL IN) - Adj Highlights

In Millions of INR FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

Revenue, Adj 91,706.3 82,841.6 27,248.2 657,332.8 733,641.0

Cash from Operations 39,774.1 21,164.1 -136.0 125,315.4 130,741.4

639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6

Total Capital 138,098.8 188,595.5 223,148.1 1,873,740.2

EV/Sales 1.82 2.42 6.66 1.90

Diluted Market Cap 258,926.7 175,055.0 135,145.3 553,439.6

1,671,723.1 1,483,780.5 1,459,970.5 1,257,230.0

1.70 1.16 1.78 1.84 1.70 1.49

561,868.4 266,405.3 815,391.7 1,012,159.2

733,641.0 639,200.7 717,206.8 817,063.0 886,446.1 1,009,640.6

P/Book 1.98 1.12 0.77 0.77

P/Tangible Book 2.24 1.28 0.88 1.66

P/Sales 2.73 2.04 4.96 0.84

P/Cash Flow 6.29 8.00 — 4.42

P/Free Cash Flow 8.37 12.28 — 10.55

EV/Sales 1.82 2.42 6.66 1.90

EV/EBITDA 3.21 5.45 35.18 6.13

Price/Share 291.35 194.70 155.50 188.55

Enterprise Value 166,489.4 200,717.4 181,502.8 1,249,027.8

1.04 0.60 1.69 2.10 1.92 1.72

1.56 0.82 2.06 2.55

0.77 0.42 1.14 1.41 1.43 1.26

4.30 1.70 6.28 7.80 7.99 5.88

23.24 2.63 10.93 13.57

1.70 1.16 1.78 1.84 1.70 1.49

5.65 4.89 5.98 6.31 5.91 4.85

189.50 89.85 274.95 341.30

1,246,275.5 742,700.1 1,277,094.9 1,507,278.4

Per Share Data Items

Cash Flow 46.32 24.35 -0.16 42.69

Cash & Equivalents 111.28 6.80 2.34 153.01

247.43 215.58 241.95 251.52

44.09 52.73 43.76 42.72 58.07

151.29 191.26 161.40 101.80

Market Capitalization 78,409.1 390,926.0 253,212.7 169,214.0

135,145.3 559,051.7 561,868.4 266,405.3 1,022,126.6 1,268,678.4

Earnings Per Share

Pretax Income (Loss)

680,273.4 742,253.0 655,001.9 728,064.6 886,446.1 1,009,640.6

21.97 18.81 5.97 20.54 26.57 37.40

178,470.3 234,837.6 93,916.4 145,039.5 185,305.0 260,065.3

243,260.3 237,609.5 148,050.4 210,197.4 255,026.6 310,839.3

42.50 46.58 66.49 58.50 52.58 52.00

142,850.9 132,551.8 55,574.5 129,545.5 177,680.3 239,848.7

65,089.6 56,065.9 18,266.2 63,810.7 99,206.9 137,226.5

Net Income Avail to Common, Adj 41,810.0 26,223.2 22,709.1 59,383.5

Basic Weighted Avg Shares 858.7 869.1 869.1 2,935.2

Diluted Weighted Avg Shares 888.7 899.1 869.1 2,935.2

47,697.9 78,882.1 33,930.3 68,426.7 99,206.9 137,226.5

2,965.0 2,965.0 2,964.3 3,720.0

2,965.0 2,965.0 2,965.6 3,720.0

IN GAAP IN GAAP IN GAAP

83,100.6 27,489.4 661,524.1 737,095.0 — —

2,684.3 2,495.2 27,023.2 29,151.2 24,582.6 23,393.4

— 0.0 51,228.0 42,763.8 -55,919.2 43,583.8

Pretax Income Reconciliation

Net Income Reconciliation

Earnings Per Share Reconciliation

3,185.3 134,773.3 148,853.9 65,791.2 150,404.2 179,535.8

3,185.3 134,773.3 148,853.9 65,791.2 150,404.2 179,535.8

-1,739.7 94,925.3 -99,251.2 -285,401.7 136,515.7 158,052.4

22,802.5 62,985.1 -156,457.7 -122,704.7 55,122.1 68,927.9