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VEDANTA RESOURCES PLCVEDANTA RESOURCES PLC
Preliminary Results Presentation
for the year ended
31 March 2013
16 MAY 2013
Cautionary Statement and Disclaimer
The views expressed here may contain information derived from publicly available sources that have not been
independently verified.
No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this
information. Any forward looking information in this presentation including, without limitation, any tables, charts
and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta").
Past performance of Vedanta cannot be relied upon as a guide to future performance.
This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In
this context, forward-looking statements often address our expected future business and financial performance,
and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–
looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties
arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future integration of acquired businesses; and from
numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural,
political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future
results to be materially different that those expressed in our forward-looking statements. We do not undertake to
update our forward-looking statements.
This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of
an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or any
of its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shall
this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection
with, any contract or investment decision.
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 2
Chairman’s
Remarks
Anil Agarwal
Executive Chairman
Overview
Navin Agarwal
Deputy Executive
Chairman
FY2013 Highlights
Operations
� Significant production growth across the portfolio
− Record production of mined zinc-lead and integrated silver at Zinc India
− Record oil & gas production driven by 32% higher output at Rajasthan block
� Strong cost performance despite industry-wide inflationary pressure
Reserves and Resources
� Recommenced oil & gas exploration drilling in Rajasthan and made a successful discovery in April 2013
� Mine life extensions at Zinc, Copper and Iron Ore operations
Financial
� EBITDA of $4.9bn, EBITDA margin 45%1, Underlying EPS of $1.332
� Free Cash Flow of $3.5bn3 (72% of EBITDA), Free Cash Flow after Growth Capex of $1.5bn
� Gearing reduced from 35.3% to 31.4%, Net Debt reduced by c.$1.5bn
� Final Dividend of 37 US cents per share, up 6%
Corporate
� Group simplification received approval from High Court of Bombay at Goa; Madras High Court Order awaited
5FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Note: 1. Excludes custom smelting at Copper and Zinc-India operations
2. Based on profit for the year after excluding special items and other gains and losses, and their resultant tax and minority interest effects
3. Free Cash Flow before Growth Capex
Resources Industry Landscape
Sector Theme Vedanta’s Advantage
� China growth moderating
� US recovery and EU stabilising
� Commodity price volatility
� Diversified portfolio across oil & gas, metals and bulks
� Tier-1 assets with competitive cost positioning
� Leading natural resources company in India
� Industry-wide inflationary cost
pressures
� Focus on “all-in” cost of production
� High-quality cost-efficient assets
� One of the lowest annual sustaining capex costs
� Potential for further cost reduction with ramp-ups, asset optimisation
and improved raw material linkages
Metals and
Energy Demand
Focus on Costs
6FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
and improved raw material linkages
� Capital return vs. Investing for growth
� Capex cuts
� Divestments and refocusing portfolios
� FCF from ramp-up of substantially-invested assets, driving
deleveraging
� Progressive dividend through the cycle, returned $1.3bn to
shareholders since IPO in 2003
� Disciplined phased growth
� Deleveraging
� Focus on liquidity
� Net debt reduced by c.$1.5bn, Net Debt/EBITDA at 1.8x
� Group simplification to improve alignment of debt and cash flows
� Balanced maturity profile
Capital Allocation
Balance Sheet
Strength
Tier-1 Diversified Asset Portfolio
PositioningR&R Life1
FY2013 Production (Full Capacity)2
EBITDA($mn) Cash Cost Position
Oil & GasIndia’s largest private-sector crude oil producer
15205kboepd
(225-240kboepd3)
2,440 Lowest Quartile
Zinc IndiaLargest integrated zinc producer
25+802kt
(1.2mtpa)1,165 Lowest Quartile
Zinc Intl.One of the largest undeveloped zinc deposits
20+426kt
(400ktpa)295 Lower Half
SilverOne of the largest silver producers
25+13.1moz(16mozpa)
Included in Zinc India
By-product
4
Low all-in
costs with
Sustaining
Capex of
$390mn in
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Iron Ore4
Largest private sector exporter in India, developing large deposits in Liberia
20+3.1mt
5
(16.8mtpa)84 Lowest Quartile
Copper ZambiaWorld class fully-invested operations
25+160kt
6
(400ktpa)257
Lower Half (post ramp-up)
AluminiumStrategically located large-scale assets with integrated power
774kt (2.3mtpa)
214Lower Half; Lowest Quartile
with captive bauxite
Notes
1. Based on FY2013 production and R&R as at 31 March 2013; Iron ore is based on existing
capacity; Zinc International includes Gamsberg in R&R
2. Includes announced expansions; Iron ore shown at existing EC capacity of 14.5mt in Goa and
2.3mt provisional capacity in Karnataka
3. Expected capacity for currently producing assets, subject to approvals
4. Numbers excluding Liberia
5. FY2013 Sales
6. Integrated Production
Large, Low-Cost, Long-Life, Scalable Assets
7
$390mn in
FY2013
Delivering Disciplined Growth and Consistent Margins
Growth and DiversificationEBITDA
59%
55%
35%
43%45%
47%45%
110
Group EBITDA margin¹ Average LMEX
Brent Crude Oil ($/bbl)
Zinc54%
Copper31%
Aluminium15%
Zinc-Lead-Silver
FY2007$1.6bn
Delivered Consistent Profit Margins
8FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
3,643 3,374
65
FY07 FY08 FY09 FY10 FY11 FY12
PF
FY13
Notes: FY12PF is proforma for FY2012 including Cairn India for the full year
1. Excludes custom smelting at Copper and Zinc-India operations, which represents c.4% of Group EBITDA
30%
Iron ore2%
Copper10%
Aluminium4%
Power4%
Oil & Gas50%
FY2013$4.9bn
0.0
1.0
2.0
3.0
4.0
FY08 FY09 FY10 FY11 FY12 FY13
Free Cash Flow¹ Growth Capex
Strengthening Free Cash Flow post Growth Capex($bn)
Capital Allocation Priorities
� Production ramp-up and cost efficiencies delivering
free cash flow growth
� Focus on deleveraging
− Net debt reduced by c.$1.5bn
− Group simplification to align debt and cash
generation across the group
� Consistent return to investors
− Progressive dividend maintained through the cycle
− $1.3bn returned to shareholders since IPO
� Focused on projects with attractive returns
− Expansion to 1.2mtpa mined metal (20% growth)
at high-margin Zinc India
− Unlock value of proven Rajasthan oil & gas block:
exploration to achieve basin potential of 300kbopd
9FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Maintained Progressive Dividends (USc/share)
0
10
20
30
40
50
60
70
FY04² FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
Notes: 1. Free cash flow after sustaining capex but before growth capex
2. In FY2004, a single dividend of 5.5 USc per share was paid, for the four months since listing, equivalent to an annual payment of 16.5 USc per Share
Cairn India: Contributing to India’s Energy Security
India Imports >80% of its Crude Oil requirementCairn India’s rising share of domestic crude production
0%
10%
20%
30%
0
500
1,000
1,500
FY2009 FY2010 FY2011 FY2012 FY2013
Imports (mn barrels)
Domestic Production (mn barrels)
Cairn India % of Domestic Production (RHS)
Cairn India – World Class Asset PortfolioProduction Growth & Balanced Exploration Portfolio
101 128169
200-215
149173
205
225-240
FY11 FY12 FY13 FY14exit
Rajasthan Other
Production in kboepd
10FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
FY2009 FY2010 FY2011 FY2012 FY2013
Milestones since acquisition in Dec 2011
� Rajasthan ramp-up from 125 to 175 kbopd
� Commenced production from Bhagyam and Aishwariya
� Commenced commercial gas sales at Rajasthan
� Recommenced Rajasthan Exploration & made 26th Discovery to
harness basin potential
� Cairn India Restructuring and Maiden Dividend
Source: Ministry of Petroleum and Natural Gas, Government of India Key:Producing BlocksExploration
Cairn India – Strategic Priorities
� Unlock Rajasthan Basin Potential of 300kbopd with
ongoing Exploration & Appraisal programme
� Accelerating Exploration across balanced portfolio of assets
� Production growth and best quartile costs
� Top Quartile HSE Standards
Key Strategic Priorities
Production growth across portfolio with a focus on returns
Continue to add R&R in our existing portfolio of assets
to drive long-term value
� Continue to drive operational and cost efficiencies
� Capital allocation with a focus on low-risk and phased development
− e.g. Rajasthan Oil & Gas, Zinc India
� Exploration programme to realize Rajasthan basin potential of 300kbopd
� Strong exploration results in FY2013, continued focus to add more than mined-out
Continue to reduce gearing from � Production ramp-up from well-invested assets driving strong free cash flow growth
11FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Long-Term Value Creation with a Focus on Sustainability
Continue to reduce gearing from increasing free cash flow
� Production ramp-up from well-invested assets driving strong free cash flow growth
Complete simplification of the Group structure
� Reorganization update: Received approval of High Court of Bombay at Goa, and
Madras High Court Order awaited
� Minority buyouts: Awaiting Government response on next steps
Financials
D.D. Jalan
Chief Financial Officer
� Strong growth in EBITDA and Free Cash Flow
� Positive Free Cash Flow post growth capex
� Net Debt reduced by c.$1.5bn, cash and liquid investments of $8bn
� Increased total dividend by 5% to 58 USc/share
Financial Highlights
$mn or as stated FY2013 FY2012 % change
EBITDA 4,888 4,026 21%
EBITDA margin1 (%) 45% 41%
Underlying Attributable PAT2 363 387 (6)%
Underlying EPS($/share)2 1.33 1.42 (6)%
Free Cash Flow before Growth Capex 3,535 2,534 40%
Growth Capex 2,019 2,398 (16)%
Free Cash Flow after Growth Capex 1,516 136
Net Debt 8,616 10,064 (14%)
Gearing (%) 31.4 35.3
Net Debt/EBITDA3 1.8 1.9
Total Dividend (USc/share) 58.0 55.0 5%
Final Dividend (USc/share) 37.0 35.0 6%
Notes: 1. Excludes custom smelting at Copper and Zinc-India operations
2. Based on profit for the year after excluding special items and other gains and losses, and their resultant tax and minority interest effects
3. FY2012 is on a pro forma basis with Cairn India for full year
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 13
4,026
1,727
119 66154 72 4,888
(637)
(638)
EBITDA Reconciliation
FY2013 vs. FY2012 ($mn)
Aluminium $(255)mn
Copper $108mn
Power $39mn
EBITDAFY2012
Cairn India Iron Ore Prices Premiumsover LME
prices
Cash Costs Volume FX incl EBITDA Translation &
Others
EBITDAFY2013
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 14
Zinc $(212)mn
Copper $(161)mn
Power $39mn
Zinc India $23mn
Zinc Intl $(18)mn
4,888
(1,388)
(946)
EBITDA to PAT
FY2013 ($mn)
US$600mn of depreciation and US$834mn of amortisation at Cairn India
1,666
157
(40)
363
(946)
(521)
(327)
(1,508)
EBITDA Depreciation Amortization Net Interest Expense
Other Gains and Losses, and
Special Items
Tax PAT MinorityInterest
AttributablePAT
Underlying Attributable PAT¹
19%
Underlying Attributable
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Notes: 1. Based on profit for the year after adding back special items and other gains and losses and their resultant tax and non-controlling interest effects
15
9%
Attributable
Well-Invested Assets Driving Cash Flow Growth
� $1.5bn free cash flow (post growth capex) in FY2013
− Expected to grow with production ramp-up
� Oil & Gas: c.$3bn1 over next 3 years
− 80% of capex on proven Rajasthan block
� Metals & Mining : c.$3.4bn over next 3 years
− Of which, c.$1.4bn flexible capex2: Lanjigarh
refinery, Jharsuguda-II smelter, Tuticorin smelter,
Cash Flow and Growth Capex Profile - $bn
3.7
1.8
2.5
2.3
2.7
3.1
2.0
3.5
2.4
1.9
2.1
Free Cash Flow³ M&M Capex M&M Capex Flexibility O&G Capex²
refinery, Jharsuguda-II smelter, Tuticorin smelter,
and India Iron ore expansions
− Remaining $2bn includes expansion at Zinc India
and completing other ongoing projects
16FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Positive Free Cash Flows post growth capex to drive Deleveraging
Notes: M&M refers to Metals and Mining, O&G refers to Oil & Gas
1. Capex net to Cairn India; subject to Government of India approval
2. Subject to approvals
3. Free cash flow after sustaining capex but before growth capex
1.2
0.50.3
0.2
0.5
0.6
FY2010 FY2011 FY2012
PF
FY2013 FY2014e FY2015e FY2016e
0.5 0.1 0.5 1.0
0.4
2.2 0.8 1.3
-
1.4 1.3
1.0 1.3
0.8 0.6
1.3
1.8
3.6 4.0
1.3 1.6 1.7
4.0
Debt at VED plc Convertibles at Put Date Cairn acquisition debt Debt at Subsidiaries
Strong Financial Profile
� Cash and Liquid Investments of $8.0bn, with additional $2.1bn undrawn lines of credit
� Credit ratings of BB/Ba3/BB1
� Net Debt:EBITDA of 1.8x; Net Gearing ratio of 31%
Term Debt Maturity Profile ($bn) as of 31 March 20132
$0.8bn - Repaid $810mn of convertible puts exercised in April, refinanced at c.4% with average maturity of 4+years$0.5bn – Due in January 2014
Tied up through
bank loans and bond
$0.53bn - Refinancing tied up$0.42bn - To be rolled over into term debt or repaid from Internal accruals$0.04bn - Repaid in April 2013
0.5 0.1 0.7 1.0 0.5
2.5 1.3 0.3
0.3 0.3
2.0
1.0
1.3 0.8 0.6 1.3
1.8
1.5
2.7
1.8 1.9 2.1
6.3
FY2014³ FY2015³ FY2016 FY2017 FY 2018 FY2019 and later
0.5 0.1 0.5 1.0
0.4 -
FY2014³ FY2015³ FY2016 FY2017 FY 2018 FY2019 and later
17FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Notes: 1. Issue credit Ratings as per S&P, Moody’s and Fitch respectively. Moody’s and S&P have placed their ratings on review for possible downgrade.
2. Debt numbers shown at face value, excludes one-year rolling working capital facilities of $848mn
3. $810mn of the $883mn convertible at Vedanta plc due in FY2017 was put in March 2013 and was paid in April 2013. The balance $73mn is shown at the next put date of 30 March
2015. The $1,250mn convertible at Vedanta plc due in FY2017 (with a put option in July 2014) is shown at first put date.
$0.5bn – Due in January 2014
Pro forma Debt Maturity Profile ($bn) post current refinancing as of 31 March 20132
Business and
Operations
M.S. Mehta
Chief Executive Officer
26%
5%
36%
(4)%
16%
15%
8%
15%
36%
Oil & Gas²
Zinc India - Mined Zinc Lead
Zinc India - Silver³
Zinc Intl
Copper Zambia³
Copper Australia
Copper India
Aluminium
Commercial Power
Production Growth and Cost Performance
FY2013 Production1 (% change vs. FY2012)
36%Commercial Power
0%
(5)%
8%
(10)%
(27)%
Zinc India - Zinc
Zinc Intl
Copper Zambia³
Aluminium
Commercial Power
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 19
Notes: 1. Excludes Iron Ore
2. Working Interest
3. Integrated production
Delivering significant production growth and cost reduction across the portfolio
FY2013 Unit Costs1 (% change vs. FY2012)
1.91.7
1.5
1.1 1.00.7
1.8
FY08 FY09 FY10 FY11 FY12 FY13 Peer
Average
Sustainability – Integral to our Business
Embedding Sustainability Framework
� Sustainability Framework rolled out
− All group companies are implementing the framework
− Sustainability Assurance Programme in place
� Independent Review by URS Scott Wilson
− 27 of 29 recommendations completed
− Final Sign Off Audit planned in H2 CY2013
Health and Safety
� 62% reduction in Lost Time Injury Frequency Rate (LTIFR) in
the last six years
� Structured programmes focusing on incident reduction
-62%
Source: Peer average of last reported numbers for FTSE-100 metals and mining
companies who report LTIFR
Lost Time Injury Frequency Rate (LTIFR)(per mn man hours)
Environment
� Climate Change
− Carbon Disclosure Project: 8th among the 38 FTSE 350
material companies
− Operating 274 MW of wind power
− Generating 92 MW power from waste heat
� 64% of non-hazardous solid waste recycled
Communities
� Community programmes reaching 3.7mn people in India and
Africa across 2,200 villages
� Community spend of $42mn in FY2013
20FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
companies who report LTIFR
Oil & Gas
Oil & Gas FY2012 FY2013
Average Daily Gross Operated Production (boepd)
172,887 205,323
Rajasthan 128,267 169,390
Ravva 36,379 29,161
Cambay 8,242 6,772
Average Daily Working Interest Production (boepd)
101,268 127,843
Rajasthan 89,787 118,573
Ravva 8,185 6,561
Cambay 3,297 2,709
Brent (US$/boe) 115 110
Average realizations – oil & gas(US$/boe)
102 98
Operations and Development: Rajasthan Block
� 32% production ramp-up, currently operating at c.170kbopd
− Commenced commercial sales of gas
− Best decile performance in costs and plant uptime
− Pipeline debottlenecked for higher off-take
− Crude sales tied up for higher volumes
� Production increase to 200-215kbopd by FY2014 exit
− Ramp up from existing producing fields i.e. Bhagyam and
Aishwariya
− Sustenance of current production levels at Mangala field
through drilling of infill well and Enhanced Oil Recovery
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA ($mn)
21
through drilling of infill well and Enhanced Oil Recovery
implementation in FY20151
− New fields coming on stream with expected production in
FY20141 i.e. Barmer Hill
Other Blocks
� CB/OS-2 (Cambay): Successful infill drilling campaign
� Ravva: Infill wells and additional drilling in H2 FY2014
2,040
2,440
FY2012² FY2013
Notes: 1. Subject to approvals
2. FY2012 EBITDA post acquisition on 8th December 2012 was $713mn
Under Development Future Development & Prospective Resource
2,2721,925
3,100
7,297
1,069
165530
1,764
MBARS BH+19
Discoveries
Exploration Total
Gross In Place Gross EUR
Oil & Gas: Exploration and Appraisal
Rajasthan Block
� Recommenced exploration and 26th discovery in April 2013
− Exploration to achieve basin production potential of
300kbopd
� Gross Prospective Resources of 3.1bn boe
− 530 mmboe Gross Risked Recoverable Resource (P Mean)
− Exploration Strategy for c.100 Prospects in 20 Plays:
� Extension of 11 Proven Plays
� De-risk 9 Unproven Plays
� Existing Discoveries: 165mmboe Contingent Resource to be
converted to Proven Resource through Appraisal and
preparation of Development Plans
Rajasthan Resource Potential – 7.3bn boe in place(in mn boe)
preparation of Development Plans
Other Blocks
� Ravva: High value deep prospect drilling in H2 FY2014
� Nagayalanka (KG-ONN-2003/1): Appraisal drilling to commence
shortly
� KG-OSN-2009/3: Conditional approval for 60% of block area
received
� Sri Lanka: Evaluating options to monetize the discovered gas
� South Africa: 3D seismic data acquisition 80% done,
completion expected by Q1 FY2014
22FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
80% of Capex for Rajasthan Block$3bn net capex1 over 3 years
Notes: 1. Capex net to Cairn India. Capex excludes spend on new ventures or development of any new discoveries through exploration in Rajasthan block.
25%
15%
40%
RAJ Exploration &
Appraisal
RAJ Development
(Barmer Hill+Other Fields)
RAJ Sustaining Prod.
(MBA +EOR+Infill Drilling)
Rajasthan c.80%
Otherassetsc.20%
Zinc
Zinc-India
� Record mined metal production
− FY2014 production of c.1mt
� Strong ramp-up of lead and silver production
− FY2014 integrated production of c.11.6moz saleable silver
� Maintained lowest quartile cost position
− FY2014 unit costs to remain stable
� R&R addition of 24.6mt before depletion of 8.6mt
− Total R&R of 348mt, with mine life of over 25 years
� Expansion to 1.2mtpa mined zinc-lead underway
− $1.5bn capex over next 6 years
Zinc-India FY2012 FY2013
Mined Metal (kt) 830 870
Refined Zinc – Integrated (kt) 752 660
Refined Lead – Integrated (kt)1 89 107
Zinc Concentrate Sales (kt) - 61
Silver – Integrated (moz)1 7.62 10.35
Zinc LME 2,098 1,948
Zinc CoP2 ($/t) 834 835
Zinc-International FY2012 FY2013
Mined Metal – Lisheen & BMM (kt) 299 280
Refined Zinc – Skorpion (kt) 145 145
Zinc-International
� FY2013 production in line with mine plan
− FY2014 production of 390-400kt
� FY2014 costs of $1,100-1,200/t
� 186mt Gamsberg project feasibility underway
− Phased development
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA ($mn)
23
1,035 894
210 271
366 295
1,6111,460
FY2012 FY2013
Zinc India (excluding Silver) Zinc India (Silver)
Zinc International
Refined Zinc – Skorpion (kt)
CoP ($/t) 1,146 1,092
Notes: 1. Includes captive consumption
2. Excluding royalty and credits for silver and lead
Iron Ore
India
� Karnataka: Supreme Court recently cleared our mine to
resume operations
− Expect to resume mining by June 20131
� Goa mining: Supreme Court process underway
� Exploration success: Net addition of 59mt taking R&R to
433mt, with mine life of 20+ years
Liberia
� Proximity to port, two brownfield and one greenfield
deposits, phased capex
Iron Ore and Pig Iron FY2012 FY2013
Sales (mt) 16.0 3.1
Goa 13.3 3.0
Karnataka 2.7 0.1
Production 13.8 3.7
Average Net Sales Realizations ($/t) 76.0 70.0
Pig Iron (kt)
Pig iron - Production 249 308
Met coke – Production 257 331
.deposits, phased capex
� R&R
− Exploration confirmed 966mn tonnes R&R2
− Drilling continues, and expect R&R to be c.3x
� Completion of the 1st phase of 2mtpa by CY2014
− First shipment by road by March 2014
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 24
EBITDA ($mn)
721
84
FY2012 FY2013Notes: 1. Subject to final regulatory approval
2. JORC - compliant
Copper-India/Australia
Australia
� Strong mined volumes and exploration success
India
� Strong operating performance, higher volumes
� Net COP higher due lower sulphuric acid realizations (57%
lower)
� 160 MW CPP
Copper-India/Australia FY2012 FY2013
Mined Metal – Australia (kt) 23 26
Copper Cathodes– India (kt)
Volumes 326 353
Copper Tc/Rc 14.5 12.8
Conversion cost – India (c/lb) 0.0 8.7
Copper LME 8,475 7,853
.
� 160 MW CPP
− First 80 MW stabilised, 81% PLF in Q4
− 2nd Unit to be synchronized in Q1
� Tuticorin smelter update
− Pollution Control Board has recently issued a closure order,
and appelate court hearings are in progress
� Expert committee appointed by appelate court found
all plant parameters to be in full compliance
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA ($mn)
25
59 61
239
158
298
219
FY2012 FY2013
Copper Australia Copper India
Copper-Zambia
� Integrated production up 16%
− Ramp-up at Konkola mid-shaft level
− Costs affected by increased labour and power costs and
lower volumes at Chingola Open Pit F&D
� EBITDA reflects lower LME and higher royalty from April 2012,
partially offset by higher integrated production
� R&R: Net addition of 78mt in FY13
− Total R&R of 767mt at average grade of 2.1%
− Mine life of 25+ years
Copper-Zambia FY2012 FY2013
Mined Metal (kt) 142 159
Refined Metal – Total (kt) 200 216
Integrated (kt) 139 160
Custom Smelting (kt) 61 56
Copper LME ($/t) 8,475 7,853
CoP – Integrated1 ($/lb) 2.37 2.55
Notes: 1. Excludes Royalty
� Konkola mine development at bottom shaft level in progress
− Final milestone of crusher chamber in June 2013 to support
Konkola mine volume ramp-up of 25-30% per year
� 180-190kt integrated production expected in FY2014
− FY2014 costs estimates: 240c/lb in H1, 200c/lb in H2
− Chingola Open Pit F&D: Mining to ramp up in Q2
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA ($mn)
26
388
257
FY2012 FY2013
Aluminium
� Strong volumes: VAL and BALCO smelters operated above rated capacity
� Sustained 2nd quartile costs (even without captive bauxite)
− Q4 costs at $1,839/t
− VAL: Significant reduction in captive power generation cost and power consumption of smelter
− Alumina production at Lanjigarh suspended since December 2012 due to non-availability of sufficient bauxite
− Power costs at BALCO higher due to tapering of coal linkage
� Premiums of $370/t, higher by $165/t
− 59% of production converted to value added products
Aluminium and Alumina FY2012 FY2013
Aluminium Production (kt) 675 774
BALCO 246 247
VAL 430 527
Aluminium LME 2,314 1,974
Aluminium COP ($/t) 2,091 1,879
BALCO 1,922 1,901
VAL 2,188 1,869
Alumina Production (kt) 928 527
Alumina COP ($/t) 350 353
Power – BALCO 270 MW
Sales (mu) 1,605 1,241
Realisation (Rs/unit) 3.2 3.2
Cost of Generation (Rs/unit) 2.2 2.7
� Committed to an integrated Aluminium strategy
− Supreme Court ordered approval process for Niyamgiri mining project
− Separately, pursuing allocation of alternate bauxite blocks with Odisha Government
� Projects
− BALCO 325kt smelter - First metal in Q2 FY2014
− BALCO 211mt coal block mining in Q2 FY20141
− BALCO 1200 MW power plant: Awaiting approvals to start
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA ($mn)
27
Cost of Generation (Rs/unit) 2.2 2.7
62
152
120
62182
214
FY2012 FY2013
VAL BALCO
Notes: 1. Subject to approvals
Power
� 36% higher sales driven by ramp-up of 2,400 MW Jharsuguda
power plant
− Improved PLF of 58% by 3 units in Q4 as evacuation
constraints eased
− Fourth unit capitalized on 31st March
� Easing of evacuation constraints to drive higher PLFs
− Partial easing in Q4 with the commissioning of a new
1,000 MW transmission capacity
− Near term PLFs of 60-70% expected for all 4 units
� Jharsuguda 2,400 MW costs lower due to operational efficiency
Power FY2012 FY2013
Total Sales (mu) 6,554 8,888
Jharsuguda 2,400 MW 1 5,638 7,530
MALCO & HZL WPP 917 1,358
Realisation (Rs/u) 3.6 3.6
Cost of generation (Rs/u) 2.6 2.2
Realisation (USc/u) 7.5 6.6
Cost of generation (USc/u) 5.5 4.0
Notes: 1. Includes trial run generation of 795mu in FY2013 vs. 926mu in FY2012
� Jharsuguda 2,400 MW costs lower due to operational efficiency
and improved availability of linkage coal
� 1st 660 MW unit of 1,980 MW Talwandi Sabo on track for
synchronisation by Q2 FY2014
− 2nd unit to be synchronized by Q4 FY2014
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA ($mn)
28
122
215
FY2012 FY2013
Summary
Key Strategic Priorities
� Production growth across portfolio with a focus on returns
− Continue to drive operational and cost efficiencies
� Continue to add R&R in our existing portfolio of assets to drive long-term value
� Continue to reduce gearing from increasing free cash flow
� Complete simplification of the Group structure
Proven Track Record
29FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
EBITDA (US$mn)
+35% CAGR
335
3,535
FY2004 (IPO)
FY2013
Free Cash Flow (US$mn)
+30% CAGR
27
133
FY2004 (IPO)
FY2013
Underlying EPS (USc/share)
+19% CAGR
323
4,888
FY2004 (IPO)
FY2013
Appendix
Entity Wise Financials
FY2013 ($mn or as stated)VED
Consol HZL Zinc-Intl SesaSIIL
(incl CMT) KCM BALCO VALSEL & TSPL
Cairn India VED plc1
Others & Elim
EBITDA 4,888 1,203 295 84 225 257 62 152 152 2,440 25 (7)
Depreciation (1,388) (129) (122) (44) (43) (194) (41) (150) (61) (600) (5) 2
Amortization (946) (6) (62) (40) - - (4) - - (834) - -
Special Items (42) (3) - (4) (18) (12) - - - - (5) -
Net Interest Income (Expense) (521) 357 6 (39) 282 (56) (4) (368) (42) 108 (424) (344)
FX and Embedded Derivative MTM (285) 0 (1) 7 (47) - (10) (121) (22) (83) (6) 0
Profit before Tax 1,706 1,422 116 (36) 399 (4) 3 (487) 27 1,031 (415) (349)
Effective Tax Rate (%) 2.4% 11.6% 16.8% 51.9% 19.9% -49.8% 17.3% 0.0% 37.5% -24.9% -1.4% -9.5%
Tax (40) (166) (19) 19 (79) (2) (1) - (10) 257 (6) (33)
Profit after Tax 1,666 1,256 96 (17) 319 (6) 3 (487) 17 1,288 (421) (382)
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Attributable (%) 9.5% 37.7% 53.0% 55.1% 58.0% 79.4% 29.6% 87.6% 58.0% 49.8% 100.2% 89.1%
Attributable PAT 157 473 51 (10) 185 (5) 1 (426) 10 641 (422) (341)
Underlying Attributable PAT 363 474 52 (11) 211 2 3 (320) 23 682 (411) (339)
As of 31 March 2013
Property Plant and Equipment2 17,372 1,822 422 586 524 2,136 1,916 5,252 2,825 1,857 48 (15)
Mining Reserve 5,708 63 257 1,106 - - 27 - - 4,254 - -
Exploratory Assets 10,040 - 152 118 - - - 40 - 9,731 - -
31
Notes: 1. Includes Vedanta plc and Investment companies at 100% attributable and MALCO at 94.8% attributable
2. Includes Capital Work in Progress
Proforma Entity Wise Financials – with Sesa Sterlite
FY2013 ($mn or as stated)VED
ConsolVED plc1
Others& Elim KCM
Sesa Sterlite Consol
Sesa Sterlite Standalone
Cairn India HZL
Zinc-Intl. BALCO TSPL TSMHL2
Others4
& Elim
EBITDA 4,888 0 - 257 4,631 577 2,440 1,203 295 62 (0) - 54
Depreciation (1,388) (0) 1 (194) (1,195) (291) (600) (129) (122) (41) - - (12)
Amortization (946) - - - (946) (40) (834) (6) (62) (4) - - -
Special Items (42) (5) - (12) (25) (22) - (3) - - - - -
Net Interest Income (Expense) (521) (157) (201) (56) (107) (161) 108 357 6 (4) (1) (269) (145)
FX and Embedded Derivative MTM (285) (6) - - (279) (175) (83) (0) (1) (10) (8) - 0
Profit before Tax 1,706 (167) (199) (4) 2,078 (113) 1,031 1,422 116 3 (9) (269) (103)
Effective Tax Rate (%) -3.6% -0.9% - -49.8% -4.4% 36.8% -24.9% 11.6% 16.8% 17.3% 0.0% 0.0% -20.9%
Tax 62 (2) (26) (2) 91 42 257 (166) (19) (1) - - (22)
Profit after Tax 1,768 (169) (225) (6) 2,169 (71) 1,288 1,256 96 3 (9) (269) (125)
Proforma Entity Wise Financials assuming completion of Group Structure Simplification
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Attributable (%) 14.2% 100.0% 89.5% 79.4% 28.9% 58.0% 34.3% 37.9% 52.9% 29.7% 58.3% 58.3% 111.6%
Attributable PAT 251 (169) (202) (5) 626 (41) 442 475
51 1 (5) (157) (139)
Underlying Attributable PAT 414 (158) (200) 2 771 66 470 476 52 3 (0) (157) (140)
As of 31 March 2013
Property Plant and Equipment3 17,372 48 (144) 2,136 15,333 7,684 1,857 1,822 422 1,916 1,470 - 161
Mining Reserve 5,708 - - - 5,708 1,106 4,254 63 257 27 - - -
Exploratory Assets 10,040 - - - 10,040 158 9,731 - 152 - - - -
32
Notes: 1. Includes Vedanta plc and Investment companies
2. Twin Star Mauritius Holdings Limited (SPV holding the 38.7% stake in Cairn India with associated debt of $5.9bn)
3. Includes Capital Work in Progress
4. Others include: CMT, VGCB, Fujairah Gold, and SIIL investment companies
Entity-Wise Cash and Debt
Net Debt Summary ($mn)
31 Mar 2012 30 Sep 2012 31 Mar 2013
Company Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt
Vedanta plc2 9,263 184 9,080 9,259 43 9,216 9,062 101 8,961
Sterlite standalone incl. CMT 544 758 (214) 457 569 (112) 837 454 383
Zinc India - 3,574 (3,574) - 3,698 (3,698) 0 4,045 (4,045)
Zinc International 9 215 (206) - 208 (208) - 197 (197)
BALCO 711 49 662 692 0 692 687 0 687
SEL & TSPL 1,175 37 1,138 1,284 6 1,278 722 4 718
Others3 74 23 52 117 29 88 113 5 108
Sterlite Consolidated 2,513 4,655 (2,142) 2,550 4,510 (1,960) 2,360 4,706 (2,346)
Vedanta Aluminium Ltd 3,505 85 3,420 3,652 5 3,647 3,626 2 3,625
Copper Zambia 750 42 708 769 4 765 761 10 751
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Copper Zambia 750 42 708 769 4 765 761 10 751
Sesa Goa 681 118 563 657 81 576 784 39 744
MALCO - 6 (6) - 21 (21) - 22 (22)
Cairn India 244 1,797 (1,553) 119 2,499 (2,381) - 3,102 (3,102)
Total (in $mn) 16,955 6,885 10,0644 17,006 7,163 9,8355 16,593 7,982 8,6166
Debt numbers at Book Values, as of 31 March 2013
Notes: 1. Cash and Liquid Investments; Vedanta plc had an additional $485million of undrawn credit facilities as of 31 March 2013
2. Includes Investment Companies
3. Others include: VGCB, Fujairah Gold, and SIIL investment companies
4. Includes $6 million debt related derivative
5. Includes $8 million debt related derivative
6. Includes $5 million debt related derivative
33
Entity-Wise Cash and Debt (Sesa Sterlite Proforma)
Net Debt Summary ($mn)
31 Mar 2012 30 Sep 2012 31 Mar 2013
Company Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt
Vedanta plc2 6,521 184 6,337 6,506 43 6,463 6,424 91 6,334
KCM 750 42 708 769 4 765 761 10 751
Sesa Sterlite Standalone 5,248 978 4,270 5,336 673 4,663 5,263 515 4,748
Zinc International 9 215 (206) - 208 (208) - 197 (197)
Zinc India 0 3,574 (3,574) - 3,698 (3,698) 0 4,045 (4,045)
Cairn India 244 1,797 (1,553) 119 2,499 (2,381) - 3,102 (3,102)
Balco 711 49 662 692 - 692 687 0 687
Talwandi Sabo 657 5 653 714 3 711 706 1 705
TSMHL3 2,741 0 2,741 2,753 - 2,753 2,638 10 2,628
Others4 74 43 31 118 35 83 113 10 103
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 34
Debt numbers at Book Values, as of 31 March 2013
Notes: 1. Cash and Liquid Investments; Vedanta plc had an additional $485million of undrawn credit facilities as of 31 March 2013
2. Includes Investment Companies
3. Twin Star Mauritius Holdings Limited (SPV holding the 38.7% stake in Cairn India with associated debt of $5.9bn). Since the table above shows external debt, it
does not include the $3.3bn inter-company receivable at Vedanta plc from TSMHL.
4. Others include: CMT, VGCB, Fujairah Gold, and SIIL investment companies
5. Includes $6 million debt related derivative
6. Includes $8 million debt related derivative
7. Includes $5 million debt related derivative
Others 74 43 31 118 35 83 113 10 103
Sesa Sterlite Consolidated 9,683 6,660 3,023 9,731 7,116 2,615 9,407 7,881 1,526
Total (in $mn) 16,955 6,885 10,0645 17,006 7,163 9,8356 16,593 7,982 8,6167
(343)
10,064
390
2,019 411
8,616
Net Debt Reconciliation
FY2013 ($mn)
(3,925)
390
Opening Net Debt(1 Apr 2012)
Cash Flow from Operations¹
Sustaining Capex Project Capex Shareholder and Minority Dividends
Others Closing Net Debt(31 Mar 2013)
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 35
Notes: 1. Excludes sustaining capex
Impact of Group Simplification on pro-forma basis
Group Simplification to Reduce Debt at plc
� Post group structure simplification, debt service
liability at plc reduces to c.$3.5bn
� Debt service cost at Vedanta reduces from c.$500mn
to c.$250mn in FY2013
� Payout-based dividend policies at subsidiaries to
result in significantly higher dividends to plc
Debt Service Liability at plc2($bn)
9.5
(3.3)
3.5
(2.7)
Debt transferred to Sesa Sterlite;
guarantee continued by
Vedanta($mn or as stated)FY2013 Actual
FY2013 Proforma
EBITDA 4,888 4,888
36FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
(3.3)
Service Liability Pre Transaction
Service Liability Post Transaction
Intercompany receivable created
at Vedanta, from Sesa Sterlite
EBITDA 4,888 4,888
Underlying Attributable PAT1 363 414
Underlying EPS($/share)1 1.33 1.52
Free Cash Flow after Growth Capex 1,516 1,575
Debt at plc2 9,472 3,487
Interest cost at plc3 499 258
Notes: 1. Based on profit for the year after excluding special items and other gains and losses, and their resultant tax and minority interest effects
2. Debt numbers at Face Values, as of 31 March 2013, net of intercompany receivable
3. Interest paid on external debt net of interest income on inter-company receivable
Notes: The split between debt transferred and intercompany receivable is subject to change
based on refinancing of the Cairn acquisition facility of $2.7bn
Project Capex
Capex in Progress Capacity Completion Time
Capex
(US$mn) FY 2013
Spent up to
31 Mar 13
Unspent as
on 31 Mar 13
Copper Sector
160 MW CPP at Tuticorin 160 MW 1st unit commissioned, 2nd unit in Q1 FY 2014 161 25 151 10
KCM KDMP Project 7.5 mtpa 973 58 889 84
Aluminium Sector
BALCO- Korba III Smelter 325 ktpa 1st metal tapping by Q2 FY 2014 772 113 709 63
BALCO- Korba 1200 MW CPP 1200 MW Awaiting Approval 1,100 83 887 213
BALCO- Coal Block 211 mt Mining from Q2 FY 2013-14 150 2 14 136
Power Sector
Sterlite Energy 2400 MW Completed 1,769 79 1,731 38
Talwandi 1980 MW IPP 1980 MW 1st unit synchronisation in Q2 FY 2014 2,150 622 1,595 555
Zinc Sector
Zinc India(Mines Expansion) 1,500 150 176 1,324
HZL- Zinc & Lead Dariba Project Completed 811 12 811 -
37FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
HZL- Zinc & Lead Dariba Project Completed 811 12 811 -
Iron Ore
Pig Iron Expansion Completed 153 14 153
Infrastructure
Vizag General Coal Berth Commissioned 118 59 118 -
Total Capex in Progress 9,657 1,217 7,233 2,423
Continued
Project Capex (continued)
Capex Flexibility Capacity Completion Time
Capex
(US$mn) FY 2013
Spent up to
31 Mar 13
Unspent as
on 31 Mar 13
Copper Sector
SIIL Smelter 400 ktpa EC awaited 367 13 123 244
Aluminium Sector
VAL- Lanjigarh Debottlenecking 1.0 mtpa On hold 150 2 76 74
VAL- Lanjigarh Refinery (Phase II) 3.0 mtpa On hold 1,570 (15) 810 760
Val- Jharsuguda (Smelter II) 1.25 mtpa 2,920 198 2,479 441
Iron Ore
Sesa Iron Ore mine Expansion 36mt On hold 500 26 155 345
Total Capex with Flexibility Progress 5,507 224 3,643 1,865
Improvement Capex Capacity Completion Time
Capex
(US$mn) FY 2013
Spent up to
31 Mar 13
Unspent as
on 31 Mar 13
KCM 273 33 273 -
Zinc India 168 73 168 -
38FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Zinc India 168 73 168 -
Total Improvement Capex 441 107 442 -
Enabling Capex Capacity Completion Time
Capex
(US$mn) FY 2013
Spent up to
31 Mar 13
Unspent as
on 31 Mar 13
Zinc International- Gamsberg 24 8 8 16
Western Cluster Liberia 97 39 67 30
Total Enabling Capex 121 47 75 46
Total Capex (Excluding Cairn) 15,726 1,595 11,392 4,334
Capacity Completion Time
Capex
(US$mn) FY 2013
Spent up to
31 Mar 13
Unspent as
on 31 Mar 13
Cairn India 3,673 424 585 3,089
Total Capex (Including Cairn) 19,399 2,019 11,977 7,422
Credit Metrics
FY2012 FY2013 Covenant
Net Debt/EBITDA 1.9x 1.8x < 2.75x
EBITDA/Net Interest Expense1 11.1x 8.4x > 4.0x
Tangible Net Worth ($bn) 4.5 4.3 > 3.0
Net Assets/Debt 2.47x 2.38x > 1.75x
Gearing2 35% 31%
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 39
Notes: 1. Interest includes Capitalized Interest
2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity
EBITDA Sensitivities
Commodity prices – Impact of a 10% increase in Commodity Prices
Commodity
FY2013
Average price
FY2013 EBITDA
($mn)
Oil ($/bbl) 108 301
Zinc ($/t) 1,948 195
Aluminium ($/t) 1,974 128
Copper ($/t) 7,853 147
Iron Ore ($/t) 70 20
Lead ($/t) 2,113 33
Silver ($/oz) 30.5 32
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Foreign Currency - Impact of a 10% depreciation in FX Rate
Currency
FY2013
Average FX rate
FY2013 EBITDA
($mn)
INR/USD 54.451 204
40
Sales Summary
Sales volume FY2012 FY2013
Zinc-India Sales
Refined Zinc (kt) 758.5 675.0
Refined Lead (kt) 91.7 117.4
Zinc Concentrate (MIC) - 61.1
Lead Concentrate (MIC) 5.4 -
Total Zinc (Refined+Conc) (kt) 758.5 736.1
Total Lead (Refined+Conc) (kt) 97.1 117.4
Total Zinc-Lead (kt) 855.6 853.5
Silver (moz) 6.6 12.0
Zinc-International Sales
Refined Zinc (kt) 152.8 145.5
Zinc Concentrate (MIC) 216.8 209.5
Total Zinc (Refined+Conc) 369.6 355.0
Lead Concentrate (MIC) 84.0 71.8
Sales volume FY2012 FY2013
Iron-Ore Sales
Goa (mn DMT) 13.3 3.0
Karnataka (mn DMT) 2.7 0.1
Total (mn DMT) 16.0 3.1
MetCoke (kt) 251.7 301.9
Pig Iron (kt) 250.6 275.1
Copper-India Sales
Copper Cathodes (kt) 159.0 350.5
Copper Rods (kt) 161.5 171.7
Sulphuric Acid (kt) 594.9 731.1
Phosphoric Acid (kt) 151.7 119.2
Copper-Zambia Sales
Copper Cathodes (kt) 200.9 215.5
Power Sales (mu)
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Lead Concentrate (MIC) 84.0 71.8
Total Zinc-Lead (kt) 453.6 426.8
Aluminium Sales
Sales - Wire rods (kt) 267.2 295.4
Sales - Rolled products (kt) 64.0 58.2
Sales - Busbar and Billets (kt) 66.0 98.4
Total Value added products (kt) 397.2 452.0
Sales - Ingots (kt) 271.8 321.0
Sales - Total (kt) 669.0 773.0
Power Sales (mu)
SEL 5,638 7,530
Non-SEL 916 1,358
Total sales 6,554 8,888
BALCO 270 MW 1,605 1,241
Power Realisations (USc/mu)
SEL 7.2 6.1
Non-SEL 9.4 9.1
Average Realisations 7.5 6.6
BALCO 270 MW 6.7 5.9
Power Costs (USc/mu)
SEL 5.4 3.8
Non-SEL 6.0 4.7
Average costs 5.5 4.0
BALCO 270 MW 4.5 4.9
41
Proximity to Rapidly Growing Markets
Vedanta Revenues by GeographyFY2013
82%
54%
40%
48%
Strong Market Positioning in IndiaFY2013 India Market Shares
#1 #1 #1 #2#1
Asia others²1%
Middle East8%
Far East others¹
4%
Europe7%
Africa2%
Others³1%
42FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
40%
5%
Zinc Lead Copper Aluminium Oil
Notes: 1. Far East others includes a number of countries, primarily Korea, Thailand, Singapore and Mauritius
2. Asia others includes Sri Lanka, Bangladesh, Nepal and Pakistan
3. Others include the United States, Australia, New Zealand and a number of countries that are not classified in the other available categories
4. Based on domestic Consumption, except Aluminium which is based on primary production. Rank excludes imports. Oil & Gas production numbers considered instead of sales.
5. Source: Indian Ministry of Petroleum and Natural Gas, IBIS, Aluminum Association of India, ILZDA, company sources.
6. Based on Primary lead
India63%
China14%
1%
Optimising Group Structure
Restructuring on track for completion in CY2012
� Consolidates and simplifies group structure,
eliminates cross-holdings
� Delivers significant synergies up to $200mn/yr
� Reduces debt service liability at plc by $5.9bn
Event Completion
BSE and NSE approval � Apr 2012
Competition Commission approval � Apr 2012
Vedanta / Sesa / Sterlite / MALCO � Jun 2012
Konkola
Copper
Mines
VedantaResources
Sesa Sterlite
58.3%79.4%
Listing on LSE
Listing on NSE, BSE and NYSE
43FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Vedanta / Sesa / Sterlite / MALCO shareholder approvals
� Jun 2012
Foreign Investment Promotion Board approval
� Jun 2012
Supreme Court of Mauritius approval � Sep 2012
High Court of Bombay at Goa approval � Apr 2013
High Courts of Madras approval / Transaction completion
� Awaiting approval
� HZL� Zinc Int’l
� Sesa Goa� WCL
� Cairn India
� Tuticorin� CMT
� BALCO� VAL
� Talwandi Sabo
� Jharsuguda� BALCO� MALCO
Zinc-Lead-Silver
Iron OreOil & Gas
(Cairn)
Copper Aluminum Power
Note: Shareholding based on basic shares outstanding
Proposed New Group Structure
Konkola Copper
Mines (KCM)
58.3%
Vedanta Resources
Sesa Sterlite
79.4%
Subsidiaries of Sesa Sterlite
� Iron Ore (Sesa Goa)
� Copper Smelting (Tuticorin)
� Power (2,400 MW Jharsuguda)
� Aluminium (VAL aluminium assets)
Divisions of Sesa Sterlite
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
100%64.9%
Zinc India (HZL)
AustralianCopper Mines
Cairn India
58.8%
Subsidiaries of Sesa Sterlite
Option to increase stake
to 94.4%
Unlisted entitiesListed entities
Talwandi Sabo Power
(1,980 MW)
100%
VAL Power and MALCO
Power (1,405 MW)
100%
Skorpion & Lisheen -
100%BMM -74%
100%
Zinc International
51%
Bharat Aluminium (BALCO)
Option to increase stake
to 100%
100%
Western Cluster
(Liberia)
44
Note: Shareholding based on basic shares outstanding as on 31 March 2013
Vedanta Group Structure
Konkola Copper
Mines (KCM)
54.6%
Vedanta Resources(Listed on LSE)
Madras Aluminium (MALCO)
94.8%70.5%
29.5% Sterlite Industries(Listed on BSE, NSE and NYSE)
VedantaAluminium
(VAL)
79.4%
Sesa Goa (Listed on BSE
and NSE)
55.1%
3.6% Cairn India Ltd(Listed on BSE
and NSE)
38.7%
20.1%
FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013
Zinc IndiaCopperAluminium Iron ore Power
KEY
51.0% 100%64.9%
Zinc India(HZL)(Listed on BSE
and NSE)
AustralianCopper Mines
Bharat Aluminium (BALCO)
Sterlite Energy
100% 100%
Skorpion and Lisheen
Black Mountain
100% 74%
Zinc International
Liberia Iron Ore Assets
Oil & GasZinc International
45
Note: Structure as at 31 March 2013
Recommended