CONSISTENT PERFORMANCE

Financial Highlights

• Revenue at ₹83,545 crore, 8% lower y-o-y (FY2019: ₹90,901 crore) mainly driven by subdued commodity prices, lower volume at Zinc India, lower volume at Oil & Gas business and lower power sales at TSPL partially offset by additional volumes from Gamsberg operations, higher sales volume at Aluminium business, Iron Ore Karnataka & Steel business and rupee depreciation.
• EBITDA at ₹21,061 crore, 12% lower y-o-y (FY2019: ₹24,012 crore)
• Robust adjusted EBITDA margin of 29% (FY2019: 30%)
• ROCE at c.11% in FY2020 (FY2019: 13%)
• Impairment relating to property, plant and equipment, exploration assets and claims & receivables of ₹17,636 crore (net of tax ₹11,037 crore) which mainly includes impairment at Oil & Gas Business of ₹15,907 crore, Copper Business of ₹721 crore, Iron Ore Business of ₹349 crore, Avanstrate Inc (ASI) of ₹504 crore and Fujairah Gold (FG) of ₹151 crore
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Profit Attributable to equity holders (before exceptional items) at ₹3,995 crore (FY2019: ₹6,857 crore)
Free cash flow (FCF) post-capex of ₹7,130 crore (FY2019: ₹11,553 crore), driven by lower EBITDA and working capital blockage due to COVID-19 impact partially offset by cost savings, lower capex outflow and lower tax outflow
Gross debt at ₹59,187 crore (FY2019: ₹66,225 crore), driven by repayment of debt at Vedanta Standalone, TSPL and temporary borrowing at Zinc India, partially offset by increase in borrowing at Oil & Gas Business
Net debt at ₹21,273 crore (FY2019: ₹26,956 crore), primarily due to the repayment of debt, partially offset by working capital blockage due to COVID-19 and dividend payment during the year
Strong financial position with cash, liquid and structured investments of ₹37,914 crore (FY2019: ₹39,269 crore)
Crisil changed the outlook on Company’s rating (CFR) from ‘AA/Positive’ to ‘AA/Negative’ driven by subdued commodity prices.
India ratings changed the outlook on Company’s rating (CFR) from ‘AA/Positive’ to ‘AA/Negative’ driven by delay in deleveraging on account of fall in commodity prices and delay in volume ramp-up in zinc and oil business in March 2020. In May 2020, India Ratings downgraded the company’s rating from AA to AA-, while maintaining the outlook as negative on account of higher expected balance sheet leverage due to substantial decline in economic activity due to COVID-19 related lockdown. The negative outlook reflects prolonged subdued commodity prices in wake of COVID-19 outbreak and elevated refinancing risk.
Contribution to the exchequer of ~₹32,400 crore in FY2020 (FY2019: ₹42,400 crore)
Realised power debtors of ~₹900 crore at TSPL, as per the Supreme Court Order.
Vedanta is implementing the approved resolution plan of acquisition of Ferro Alloys Corporation Limited (FACOR) as per NCLT approval dated January 30, 2020. FACOR is in the business of producing Ferro Alloys and owns a Ferro Chrome plant with capacity of 72,000 TPA, two operational Chrome mines and 100 MW of Captive Power Plant through its subsidiary, FACOR Power Limited (FPL). The consideration payable for the acquisition of FACOR on a cash free and debt free basis is ₹10 crore as well as an equivalent of cash balance in FACOR’s subsidiary, FPL as upfront consideration and zero coupon, secured and unlisted Non- Convertible Debentures of aggregate face value of ₹270 Crores to the Financial Creditors payable equally over 4 years commencing March 2021
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