Vedanta : Production Release Q32FY21

VEDL/Sec./SE/20-21/166

January 21, 2021

BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	"Exchange Plaza"
Dalal Street, Fort	Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 001	Mumbai - 400 051
Scrip Code: 500295	Scrip Code: VEDL

Sub: Production Release

Dear Sir(s),

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Production Release of the Company for the third quarter and nine months ended December 31, 2020.

Request you to kindly take the above on record.

Thanking you,

Yours faithfully,

For Vedanta Limited

Prerna Halwasiya

Company Secretary & Compliance Officer

Vedanta Limited

Regd. Office: Vedanta Limited 1st Floor, 'C' Wing,

Unit 103, Corporate Avenue, Atul Projects,

Chakala, Andheri (East),

Mumbai 400093, Maharashtra.

www.vedantalimited.com

CIN: L13209MH1965PLC291394

21st January 2021

PRODUCTION RELEASE FOR Q3 F Y 20 21 and 9 MO NTHS END ED 31s t DE CE MBE R 2 020

Zinc India

		Q3			Q2		9 months
	_________________________	_____________________	_________________________
Particulars			%		%			%
(In "000 tonnes, or as stated)	FY 21	FY 20	Change	FY 21	Change	FY 21	FY 20	Change
________________________	_______	______	_______	_______	_______	________	_______	____ ___
Mined metal content . . . . . . . . . . . .	244	235	4%	238	2%	684	668	2%
Integrated metal . . . . . . . . . . . . . . . . .	235	219	7%	237	(1)%	674	649	4%
Refined Zinc - Integrated . . . . . .	182	178	2%	180	1%	520	516	1%
Refined Lead - Integrated1 . . . .	52	41	28%	57	(7)%	153	132	16%
Silver - Integrated
(in mn ounces)2 . . . . . . . . . . . . . . . . . . .	5.8	4.8	23%	6.5	(10)%	16.2	14.2	14%

1. Excluding captive consumption of 1,611 tonnes in Q3 FY2021 vs. 1,937 tonnes in Q3 FY2020. and 1,786 tonnes in Q2 FY2021. It was 4,599 tonnes in 9M FY2021 vs. 5,333 tonnes in 9M FY2020.
2. Excluding silver captive consumption of 291,000 ounces in Q3 FY2021 vs. 325,000 ounces in Q3 FY2020 and 327,000 ounces in Q2 FY2021. It was 818,000 ounces in 9 M FY2021 vs. 892,000 ounces in 9M FY2020

Q3 Fiscal year 2021 vs. Previous Quarters

Mined metal production for Q3 FY21 was 244,000 tonnes, up 4% as compared to Q3 FY20 on account of higher ore production partially offset by slightly lower overall metal grades. In comparison to Q2 FY21, it increased by 2%, driven by higher ore production.

Integrated metal production was 235,000 tonnes for Q3 FY21, up 7% as compared to Q3 FY20 in line with higher mined metal and down 1% as compared to Q2 FY21 on account of lower concentrate treatment. Integrated zinc production was 182,000 tonnes, up 2% as compared to Q3 FY20 and 1% as compared to Q2 FY21, while integrated lead production was 52,000 tonnes for Q3 FY21, up 28% as compared to Q3 FY20 on account of dedicated Pyro- Lead Smelter operation and down 7% as compared to Q2 FY21. Integrated saleable silver production was 5.8 moz, up 23% as compared to Q3 FY20 on account of higher lead production partially offset by lower grades at SK mines and down 10% as compared to Q2 FY21 in line with lower lead production and lower grades at SK mines.

Ni ne mo nths ende d F Y 2021 vs. Nine months ended FY 2020

Mined metal production for nine months ended FY2021 was 684,000 tonnes as compared to 668,000 tonnes during same period in FY2020. The production was higher by 2% y-o-y in line with higher ore production offset by a slightly lower metal grade.

Integrated metal production was 674,000 tonnes, 4% higher from previous year's nine-month production of 649,000 tonnes, in line with mined metal availability. Integrated Zinc production was 520,000 tonnes, compared to 516,000 tonnes during nine months ended FY20 . Integrated lead and silver production were at 153,000 tonnes and 16.2 mn ounces, higher by 16% and 14% respectively, due to higher metal grade at SK mines and higher lead production.

Registered Office: Vedanta Limited 1st Floor, 'C' Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,	Page 1 of 10
Andheri (East), Mumbai 400093, Maharashtra, India.
CIN: L13209MH1965PLC291394

Production Release for Q3 FY2021 and nine month ended 31st December 2020

Zinc - International

		Q3			Q2		9 months
	_________________________	_____________________	_________________________
Particulars			%		%			%
(In "000 tonnes, or as stated)	FY 21	FY 20	Change	FY 21	Change	FY 21	FY 20	Change
________________________	_______	______	_______	_______	_______	________	_______	____ ___
ZINC INTERNATIONAL	59	60	(2)%	51	1 6 %	147	183	(20)%
Zinc-refined - Skorpion . . . . . . . .	0	11	-	0	-	1	52	( 99)%
Mined metal content - BMM . .	16	18	(13)%	16	1 %	43	53	( 19)%
Mined metal content -
Gamsberg3 . . . . . . . . . . . . . . . . . . . . . . . . .	43	31	39%	35	23%	103	78	3 2 %

Q3 Fiscal year 2021 vs. Previous Quarters

Total production for Q3 FY21 was 59,000 tonnes, lower by 2% as compared to Q3 FY20 mainly due to Skorpion going under care and maintenance from April 2020 in lieu of multiple slope failures offset by higher Gamsberg production due to ramp up. Q3 FY21 production is higher by 16% as compared to Q2 FY21 due to significant ramp up of Gamsberg operations through improved throughput and recoveries.

Skorpion production was nil in Q2 FY21 and Q3 FY21 as compared to 11,000 tonnes in Q3 FY20. Due to multiple slope failures and geotechnical instabilities in FY20 which sterilized significant portion of the open pit, the mine was put under care and maintenance from April 2020. Geotechnical modelling and studies continue to look at feasible ways to make the pit safe for mining operations which allows for the extraction of the remainder of the accessible ore.

BMM produced 16,000 tonnes in Q3 FY21 as compared to 18,000 tonnes in Q3 FY20, down 13% y-o-y, due to lower throughput (363,000 in Q3 FY21 vs 387,000 in Q3 FY20) coupled with lower lead grades. BMM Q3 FY21 production was in line with Q2 FY21. Significant production improvement initiatives like old ore recovery, increasing blending efficiency have been undertaken to achieve Q4 production targets.

Gamsberg's production was 43,000 tonnnes in Q3 FY21, 39% higher as compared to Q3 FY20 and 23% higher as compared to Q2 FY21 due to higher throughput resulting from consistent plant availabilities (91%) and improved recoveries. Gamsberg achieved its highest ever production of 17,000 tonnes in October 2020 with several other best demonstrated performances on other plant parameters in Q3 FY21.

Ni ne mo nths ende d F Y 2021 vs. Nine months ended FY 2020

During nine month ended FY 2021, total production was 147,000 tonnes, lower by 20% as compared to nine month ended FY 2020 mainly on account of Skorpion being under care and maintenance and COVID 19 related impact at BMM and Gamsberg offset partially by significant ramp up of production from Gamsberg. Focus remains on further improving the Gamsberg recoveries to achieve design production in Q4 FY21.

Registered Office: Vedanta Limited 1st Floor, 'C' Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,	Page 2 of 10
Andheri (East), Mumbai 400093, Maharashtra, India.
CIN: L13209MH1965PLC291394

Production Release for Q3 FY2021 and nine month ended 31st December 2020

Oil & Gas

		Q3			Q2		9 months
	_________________________	_____________________	_________________________
Particulars			%		%			%
(In "000 tonnes, or as stated)	FY 21	FY 20	Change	FY 21	Change	FY 21	FY 20	Change
________________________	_______	______ _______	_______	_______	________	_______	____ ___
Average Daily Gross
Operated Production
(boepd) . . . . . . . . . . . . . . . . . . . . . . . . . . . .	159,621	172,189	(7)%	165,045	(3)%	161,157	176,986	(9)%
Rajasthan . . . . . . . . . . . . . . . . . . . . . . .	132,174	145,075	(9)%	132,296	0%	130,813	148,213	(12)%
Ravva . . . . . . . . . . . . . . . . . . . . . . . . . . .	16,770	13,360	26%	21,610	(22)%	20,132	13,130	53%
Cambay . . . . . . . . . . . . . . . . . . . . . . . . .	10,677	13,754	(22)%	11,139	(4)%	10,212	15,643	(35)%
Average Daily Working
Interest Production
(boepd) . . . . . . . . . . . . . . . . . . . . . . . . .	100,998	110,656	(9)%	102,216	(1)%	100,588	113,403	(11)%
Rajasthan . . . . . . . . . . . . . . . . . . . . . . .	92,522	101,553	(9)%	92,607	0%	91,569	103,749	(12)%
Ravva . . . . . . . . . . . . . . . . . . . . . . . . . . .	3,773	3,006	26%	4,862	(22)%	4,530	2,954	53%
Cambay . . . . . . . . . . . . . . . . . . . . . . . . .	4,271	5,501	(22)%	4,456	(4)%	4,085	6,257	(35)%
KG-ONN . . . . . . . . . . . . . . . . . . . . . . . .	432	596	(28)%	291	48%	405	442	(8)%
Total Oil and Gas
(million boe)
Oil & Gas - Gross . . . . . . . . . . . . .	. 14.7	15.8	(7)%	15.2	(3)%	44.3	48.7	(9)%
Oil & Gas - Working
Interest . . . . . . . . . . . . . . . . . . . . . . . . .	. 9.3	10.2	(9)%	9.4	(1)%	27.7	31.2	(11)%

Q3 FY2021 vs. Previous Quarters

Average gross operated production during Q3 FY21 across our assets was 159,621 barrels of oil equivalent per day (boepd), down by 7% compared to Q3 FY20 and 3% as compared to Q2 FY21. This was mainly due to delay in execution of growth projects due to COVID-19 and natural reservoir decline at the MBA fields. Numerous initiatives are under execution to improve the reliability of the surface facilities & power system and consequently reduce the unplanned losses to a minimum.

Gross production from the Rajasthan block averaged 132,174 boepd for the quarter, 9% lower as compared to Q3 FY20 and at similar level as compared to Q2 FY21. The decrease in volume was primarily due to the natural decline from the fields and delay in activities due to COVID-19, partly offset by gains accruing from new wells brought online. Gross production from Development Area-1(DA-1), Development Area-2(DA-2) and Development Area-3(DA-3) averaged 119,863 boepd, 12,119 boepd and 192 boepd respectively.

Gas production from Raageshwari Deep Gas (RDG) averaged 130.0 million standard cubic feet per day (mmscfd) (equiv. 21.7 kboepd) in Q3 FY21, with gas sales post captive consumption at 105.0 mmscfd (equiv. 17.5 kboepd).

The Ravva block produced at an average rate of 16,770 boepd for Q3 FY21, up 26% as compared to Q3 FY2020 and down 22% as compared to Q2 FY21, supported by production from new wells drilled through Ravva drilling campaign commenced as a part of growth project during FY20.

The Cambay block produced at an average rate of 10,677 boepd for the Q3 FY21, lower 22% as compared to Q3 FY20 and 4% as compared to Q2 FY21, owing to natural field decline, partially arrested by well intervention and production optimization measures.

Registered Office: Vedanta Limited 1st Floor, 'C' Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala,	Page 3 of 10
Andheri (East), Mumbai 400093, Maharashtra, India.
CIN: L13209MH1965PLC291394