Cairn India Limited: Results for the Third Quarter Ended 31st Dec, 2015

Rajasthan production up 1.4% QoQ driven by excellent performance of Mangala EOR

22 Jan, 2016, 11:44 ET from Vedanta Limited

MUMBAI, India, Jan. 22, 2016 /PRNewswire/ --

Operational Highlights

  • Rajasthan production up 1.4% QoQ to 170,444 boepd, aided by Mangala EOR and Aiswariya infill
  • Mangala EOR average production jumped to c. 19 kbopd as injection volumes ramp-up from 200 kbpld to 330 kbpld, as expected
  • First cargo of Rajasthan crude oil successfully loaded through Salaya-Bhogat pipeline for MRPL, generating superior realization
  • Signed an agreement with GSPL for construction of pipeline from RGT to Palanpur
  • Successful testing of three zones in Raageshwari Deep Main establishes a southern extension of the Raageshwari Deep gas field
  • Rajasthan water flood operating costs continues to improve, lowered by 6% QoQ to $5.1/boe

Financial Highlights

  • Revenue of INR 2,039 crore (US$ 309 mn); 42% lower YoY, primarily due to decline in crude prices
  • EBITDA of INR 665 crore (US$ 101 mn); higher polymer volume injection increases operating cost
  • Profit after Tax of INR 9 crore (US$ 1 mn); impacted by lower operating profit
  • Strong Cash and Cash Equivalents position of INR 18,470 crore (US$ 2.8 bn

Corporate and Regulatory Developments

  • With regard to proposed merger with Vedanta Ltd, the company is seeking directions of the Bombay High Court for convening meeting of all our relevant stakeholders.
  • To ensure timely investment decision in Rajasthan block and realize fair price for our crude, we have approached the High Court to expedite the PSC extension process and allow us to export the crude. The matters are subjudice. The High Court has directed the parties to exchange the requisite information/documents and to communicate, in a time bound manner.
  • In an encouraging development, GoI has also supported the industry's view on rationalizing the Cess charges given prevailing low oil prices.

Mr. Mayank Ashar, Managing Director and CEO of Cairn India commented:

"We maintain our strategic objective of generating healthy free cash flow which has been successfully guiding us through the constantly deteriorating oil pricing scenario. Our unwavering commitment to improve cost efficiency continues to help us to navigate through the weak oil price situation and to generate free cash flow. Focus on adoption of advanced technologies remains the key to improve our efficiency and productivity. I'm pleased to inform you that the world's largest EOR project at Mangala is yielding results exactly as we envisaged. We continue to pursue pre-development activities for our growth projects to make them future ready for rapid development on oil prices rebound.

We are continuously engaging with the Government to take actions to support the oil & gas industry in such a low oil price environment."

Operational Review

During Q3FY16, Cairn had a gross production of 18.6 mmboe across all the assets, of which net working interest production was 11.8 mmboe. Gross production per day for Q3FY16 was 202,668 boepd and working interest production per day was 128,402 boepd. Gross Sales averaged 200,449 boepd.

Average Daily Production

Units

Q3

Q2

9M

FY16

FY15

y-o-y (%)

FY16

q-o-q
(%)

FY16

FY15

y-o-y (%)

Total Gross operated*

Boepd

211,843

228,622

(7%)

214,247

(1%)

214,663

219,757

(2%)

Gross operated

Boepd

202,668

218,900

(7%)

205,361

(1%)

205,909

210,399

(2%)

  Oil

Bopd

196,135

210,748

(7%)

197,685

(1%)

199,167

203,694

(2%)

  Gas

Mmscfd

39

49

(20%)

46

(15%)

40

40

1%

Working Interest

Boepd

128,402

136,701

(6%)

128,021

0%

128,991

132,576

(3%)


Rajasthan (Block RJ-ON-90/1)

Total Gross operated*

Boepd

178,679

188,263

(5%)

176,281

1%

178,209

183,189

(3%)

Gross operated

Boepd

170,444

180,010

(5%)

168,126

1.4%

170,258

175,451

(3%)

  Oil

Bopd

167,979

178,400

(6%)

165,585

1%

168,074

173,966

(3%)

  Gas

Mmscfd

15

10

53%

15

(3%)

13

9

47%

Gross DA 1

Boepd

150,496

151,866

(1%)

147,443

2%

149,195

146,599

2%

Gross DA 2

Boepd

19,948

28,144

(29%)

20,683

(4%)

21,063

28,851

(27%)

Gross DA 3

Boepd

-

-

-

-

-

-

-

-

Working Interest

Boepd

119,311

126,007

(5%)

117,688

1%

119,180

122,815

(3%)


Ravva (Block PKGM-1)

Total Gross operated*

Boepd

22,975

29,470

(22%)

27,162

(15%)

26,555

25,942

2%

Gross operated

Boepd

21,703

27,783

(22%)

26,064

(17%)

25,430

24,107

5%

  Oil

Bopd

19,056

23,410

(19%)

22,491

(15%)

22,253

21,155

5%

  Gas

Mmscfd

16

26

(39%)

21

(26%)

19

18

8%

Working Interest

Boepd

4,883

6,251

(22%)

5,864

(17%)

5,722

5,424

5%


Cambay (Block CB/OS-2)

Total Gross operated*

Boepd

10,189

10,890

(6%)

10,805

(6%)

9,899

10,626

(7%)

Gross operated

Boepd

10,521

11,107

(5%)

11,172

(6%)

10,221

10,842

(6%)

  Oil

Bopd

9,099

8,938

2%

9,609

(5%)

8,840

8,573

3%

  Gas

Mmscfd

9

13

(34%)

9

(9%)

8

14

(39%)

Working Interest

Boepd

4,208

4,443

(5%)

4,469

(6%)

4,089

4,337

(6%)

* Includes internal gas consumption

Operations[1]

Rajasthan (Block RJ-ON-90/1)

Gross production from Rajasthan block was at 15.7 mmboe in Q3 FY16 at an average of 170,444 boepd driven by ramp-up in Mangala EOR production and additional volumes from new infill wells coming online at Aishwariya. In-line with our expectation, average production from Mangala EOR ramped-up to 19 kbopd in 3Q FY16. During the quarter, a total of 15.1 mn barrels of oil was sold, at an average rate of 163,869 bopd. RDG field continued the gas production at an average of 28 mmscfd in Q3 FY16. Total gas production in the quarter was 2.6 bscf. We successfully commenced a 15 well hydro-frac campaign in December 2015 to sustain the growth level and campaign is expected to continue till Q1 FY17. Total gas sales were 1.4 bscf, continuing at an average rate of 14.8 mmscfd.

During Q3 FY16, Salaya Bhogat Pipeline (SBPL), storage terminal & marine export facilities at Bhogat were commissioned and consequently first cargo of Rajasthan crude oil was successfully loaded through the terminal for Mangalore Refinery Petroleum Ltd. We are generating superior realization through this sale.

The water-flood operating expense in Rajasthan declined 6% Q-o-Q to US$ 5.1/boe. Increase in the polymer injection volumes lifted the blended operating cost to US$ 6.9/boe.

The average facility uptime for the quarter was over ~99%

Ravva (Block PKGM-1)

During the quarter, the block produced 2.0 mmboe at an average rate of 21,703 boepd, which was affected by its natural decline and shut down of a well for a week. A coil tubing campaign is planned in 4Q FY16 to arrest the natural decline. During the quarter, 1.92 mmbbls of crude and 1.46 bcf of gas were sold, averaging 20,918 bopd of crude oil and 15.9 mmscfd of gas, respectively.

The facilities recorded an uptime of 99.85 % and LTI free man-hours at 4.0 million in Q3 FY16 due to company's continuous emphasis on minimum down time and un-interrupted production operations.

Cambay (Block CB/OS-2)

For the quarter, total production was 0.97 mmboe at an average rate of 10,521 boepd impacted by its natural decline. As part of the asset's long term facility augmentation plan, an additional storage tank to expand the crude storage capacity at Suvali terminal and an offshore gas lift compressor package to provide artificial lift to the wells have been commissioned in this quarter. During the quarter, 0.84 mmbbls of crude and 0.78 billion scf of gas were sold, averaging 9,130 bopd of crude oil and 8.5 mmscfd of gas, respectively.

Facilities maintained an excellent uptime of 99.9% during the quarter. Operational safety continued to be key focus area as the asset recorded ~2.9 million LTI free man-hours since last LTI as of Q3 FY16.

[1] EUR numbers stated for development projects are as until 2030

Development

Our development projects continued to see traction in the third quarter:

Mangala EOR: The injection ramp up plan is on track as it has been increased from 200,000 barrels of polymer solution per day in Q2 FY16 to 330,000 polymer solution per day in Q3 FY16. Further increase in injection volume to 400,000 barrels per day is expected by March 2016, as per the plan. We have observed significant increase in the polymer driven volume to c. 19 kbopd in 3Q FY16, as per plan. Since there is a lag between injection and impact on production, we expect the volume to rise further.

All the EOR wells have been drilled and completed. Almost 66% of polymer injection wells have been hooked up to the surface facilities and modifications activities for polymerized fluids handling are also reaching completion.

Aishwariya Infill: By end of 3Q FY16, 17 wells out of the 20 wells infill campaign were operating & balance wells will also be brought online before the end of FY16.

Bhagyam EOR: Front-End Engineering Design is in advanced stage. Tendering is ongoing for rigs, services and drilling & completion long lead items.

Gas Development at RDG Field: During the quarter, we achieved progress regarding the pipeline by signing an agreement with GSPL India Gasnet Limited (GIGL) which has agreed to construct the pipeline connecting Raageshwari Gas Terminal to Palanpur via their upcoming Mehsana Bhatinda Pipeline under Petroleum and Natural Gas Regulatory Board (PNGRB) approval. Tendering process for the new gas processing terminal is also progressing well.

Exploration

Rajasthan

We continued testing key wells in the new discoveries and acquiring seismic data over high priority areas. Successful testing of key wells has enabled gathering of critical information for progressing these discoveries to development. During Q3FY16, three wells were in various stages of fraccing and testing:

  • In Raageshwari Deep Main well, two zones produced oil at 175-220 bopd and one zone produced gas at 1 mmscfd in the Volcanics section. Zones 4 and 5 in the Fatehgarh section have been fracced and the flow back is in progress. The successful testing of these zones has established a southern extension of the Raageshwari Deep gas field.
  • In Vandana-10A well, two zones in the Barmer Hill Turbidites produced oil at 300 bopd on co-mingled flow. 
  • In Raageshwari South-3A well, a zone in the Dharvi Dungar formation produced oil at 252 bopd.

Our seismic crew shot 3D images of another 100 sq km in the DP-Shakti area in DA1. With this, we have covered most of the areas of interest in the block with 3D seismic data.

Other India and International Assets

KG Offshore (Block KG-OSN-2009/3): Drilling is anticipated to commence in Q3 FY17, subject to all statutory clearances. Cairn India is engaging with the DGH and the MoPNG for full life cycle clearances from the Ministry of Defence in order to commence drilling preparations.

KG Onshore (Block KG-ON-2003/1): ONGC, Cairn India's Joint Venture partner and the operator of the block, has submitted a Field Development Plan to the Management Committee. The project is in the pre-development phase.

Mumbai Offshore (Block MB-DWN-2009/1): Based on the results of various studies, Cairn India is evaluating options regarding further exploration in the block.

Palar-Pennar (Block PR-OSN-2004/1): Cairn India is in discussions with the joint venture partners regarding timelines for fulfilling its obligations in the block.

Sri Lanka (SL 2007-01-001): Block closure documents have been submitted to the Petroleum Resources Development Secretariat, the regulatory authority for petroleum resources in Sri Lanka and they are in the process of finalizing closure.

South Africa (Block 1): De-risking of inboard leads and prospects is ongoing. Awaiting decision on proposed changes to the MPRDA and fiscal regime before considering a decision to progress into the 2nd exploration license phase.

Financial Review


Q3

Q2

9M

INR Crore

FY16

FY15

y-o-y (%)

FY16

q-o-q
(%)

FY16

FY15

y-o-y (%)

Net Revenue

2,039

3,504

(42%)

2,242

(9%)

6,909

11,969

(42%)

EBITDA

665

2,113

(69%)

966

(31%)

2,934

7,933

(63%)

Margin (%)

33%

60%


43%


42%

66%


PAT

9

1,350

(99%)

673

(99%)

1,516

4,720

(68%)

Margin(%)

0%

39%


30%


22%

39%


EPS (INR) – Diluted

0.05

7.17

(99%)

3.58

(99%)

8.06

25.03

(68%)

Cash EPS (INR)

4.06

10.72

(62%)

5.54

(27%)

17.96

40.37

(56%)

Note: EBITDA includes forex gain/(loss) on operating activities

Average Price
Realization

Units

Q3

Q2

9M

FY16

FY15

y-o-y (%)

FY16

q-o-q
(%)

FY16

FY15

y-o-y (%)

  Cairn India

US$/boe

35.2

68.1

(48%)

43.7

(19%)

45.0

85.2

(47%)

    Oil

US$/bbl

35.0

68.7

(49%)

43.7

(20%)

45.1

86.2

(48%)

    Gas

US$/mscf

7.2

6.3

14%

7.0

3%

6.9

6.4

8%

 

Net revenue for Q3 FY16 decreased 9% QoQ to INR 2,039 crore mainly due to sharp decline of 13% in crude prices and increase in discount to Brent for Rajasthan crude to $9.2/bbl. Our average realization came down by 19% QoQ to $35.2/bbl as realization for Rajasthan crude reduced to $34.5/bbl. Our constant effort to improve the cost efficiency helped us reduce our already low Rajasthan water-flood operating cost by 5.8% QoQ to $5.1/bbl. The cost reduction was achieved despite of higher work over activities carried out in the last quarter. We lowered our cost through constant re-negotiation with the vendors and improvement in our operating efficiency. As a result of 8-10% improvement in the efficiency of well maintenance units, we have demobilized 15% of the units, which has helped us realize cost saving on our operating activities. We have also commenced purchasing 10MW power from open exchange at about 25% lower costs. A fast ramp-up in the polymer injection volumes has increased the blended operating cost by 7.8% QoQ to $6.9/bbl.

EBITDA for the quarter came in at INR 665 crore with a healthy EBITDA margin of 33%. Lower revenue and increase in the overall operating cost led to decline in EBITDA. A relatively stable Rupee as compared to 3.3% depreciation versus US Dollar in the second quarter resulted into a lower forex gain of INR 49 crore in 3Q FY16 against INR 381 crore in 2Q FY16, on our investments and operating activities.

Net profit decreased to INR 9 crore due to lower EBITDA and foreign exchange gain, as highlighted above. Earnings per share came down proportionately to INR 0.05 in the third quarter from INR 3.6 in the second quarter. Cash EPS was also down 27% QoQ to INR 4.1 due to lower EBITDA and foreign exchange gain.

Cash flow from operations for the quarter was INR 692 crore. Net capital expenditure for the second quarter stood at INR 386 crore (US$ 58 million) with 70% of the investment made on development projects and 30% on exploration activities. Our closing cash and cash equivalent position was solid at INR 18,470 crore (US$ 2.8 billion), of which 68% is invested in rupee funds and 32% in dollar funds.

Health, Safety, Environment and Sustainability

MBA Operations, Raageshwari Operations and Rajasthan Projects clocked 29.9, 11 & 27.8 million Lost Time Incident (LTI) free man-hours respectively by Q3 FY16. RJ HSE Learning & Development Centre is being set up to comply with DGMS requirements and to improve HSE induction process. A Process Safety Events reporting system is now incorporated within our Cairn online Incident Reporting framework as a step towards full scale implementation of Process safety management system across all our assets. Apart from these activities we are continuing with our flagship health programs on Fitness and Yoga.

Corporate Social Responsibility

Cairn was awarded the prestigious CII-ITC Sustainability Award under Corporate Social Responsibility Domain Excellence; and was amongst the top 12 finalists for Platts Global Energy Awards under CSR. The quarter saw major developments in CSR. Key among these were finalization of partners for the safe drinking water project, top quality job offers and partnerships with Government agencies at the Cairn Centre of Excellence (CCOE), new courses and spoke centres under the Cairn Enterprise Centre (CEC) umbrella, strong public relations development for the solar micro grid and Natural Resource Management Program etc. The Rajasthan Chief Minister visited the CEC on 23rd October and interacted with the students and was extremely appreciative of the Cairn effort in CSR.

FY16 Outlook

Cairn India continues to remain committed to creating long term shareholder value. Planned net capital investment for FY16 is US$ 300 million; 62% in Core MBA fields, 15% in Growth projects of Barmer Hill, Satellite Fields & Gas and 23% in Exploration. The company maintains its view to ramp-up the investment as oil prices improve and costs bottom out. We continue to create optionalities and be ready for their rapid development following upswing in the oil prices. The company aims to have healthy cash flows post capex so as to retain the ability to pay dividends.

Contact

Media Relations
Arun Arora, Chief Communication Officer
+91 124 4593039; +91 8826999270; cilmedia@cairnindia.com; spokesperson@cairnindia.com  

Investor Relations
Dheeraj Agarwal 
+91 124 4593409; +91 9769732150; cilir@cairnindia.com

Cairn India Limited Fact Sheet

On 9 January, 2007, Cairn India Limited was listed on the Bombay Stock Exchange and the National Stock Exchange of India. Cairn India is now a subsidiary of Vedanta Limited; part of the Vedanta Group, a globally diversified natural resources group.

Cairn India is headquartered in Gurgaon in the National Capital Region. The Company has operational offices in India including Andhra Pradesh, Gujarat, Rajasthan, Tamil Nadu and International offices in Colombo and Houston.

Cairn India is one of the largest independent oil and gas exploration and production companies in India. Together with its JV partners, Cairn India accounted for ~27.2% of India's domestic crude oil production in FY15. Average gross operated production was 211,671 boepd for FY15. The Company sells its oil and gas to major PSU and private buyers in India.

The Company has a world-class resource base, with interest in seven blocks in India, one in Sri Lanka and one in South Africa. Cairn India's resource base is located in four strategically focused areas namely one block in Rajasthan, two on the west coast of India, five on the east coast of India (including one in Sri Lanka) and one in South Africa.

The blocks are located in the Barmer Basin, Krishna-Godavari Basin, the Palar-Pennar Basin, the Cambay Basin, the Mumbai Offshore Basin, the Mannar Basin and Orange Basin.

Cairn India's focus on India has resulted in a significant number of oil and gas discoveries. Cairn India made a major oil discovery (Mangala) in Rajasthan in the north west of India at the beginning of 2004. To date, thirty eight discoveries have been made in the Rajasthan block RJ-ON-90/1

In Rajasthan, Cairn India operates Block RJ-ON-90/1 under a PSC signed on 15 May, 1995 comprising of three development areas. The main Development Area (DA-1; 1,859 km2), which includes discoveries namely Mangala, Aishwariya, Raageshwari and Saraswati is shared between Cairn India and ONGC.  Further Development Areas (DA-2; 430 km2), including the Bhagyam, NI and NE fields and (DA-3; 822 km2) comprising of the Kaameshwari West Development Area, is shared between Cairn India and ONGC, with Cairn India holding 70% and ONGC having exercised their back in right for 30%.

In Andhra Pradesh and Gujarat, Cairn India on behalf of its JV partners operates two processing plants, with a production of over 36,000 boepd for FY15.

Block SL-2007-01-001 was awarded to Cairn Lanka in the bid round held in 2008. This offshore block is located in the Gulf of Mannar. The water depths range from 400 to 1,900 meter. The signing of the Petroleum Resources Agreement (PRA) to explore oil and natural gas in the Mannar Basin was undertaken in July 2008 in Colombo.

The farm-in agreement was signed with PetroSA on 16 August, 2012 in the 'Block-I' located in Orange basin, South Africa. The block covers an area of 19,898 sq km. The assignment of 60% interest and operatorship has been granted by the South African regulatory authorities.

For further information on Cairn India Limited, kindly visit www.cairnindia.com

 

Corporate Glossary



Cairn India

Cairn India Limited and/or its subsidiaries as appropriate

Company

Cairn India Limited

Cairn Lanka

Refers to Cairn Lanka (Pvt) Ltd, a wholly owned subsidiary of Cairn India

Cash EPS

PAT adjusted for DD&A, impact of forex fluctuation, MAT credit and deferred tax

CFFO

Cash Flow from Operations includes PAT (excluding other income and exceptional item) prior to non-cash expenses and exploration costs.

CPT

Central Processing Terminal

CY

Calendar Year

DoC

Declaration of Commerciality

E&P

Exploration and Production

EBITDA

Earnings before Interest, Taxes, Depreciation and Amortisation includes forex gain/loss earned as part of operations

EPS

Earnings Per Share

FY

Financial Year

GBA

Gas Balancing Agreement

GoI

Government of India

GoR

Government of Rajasthan

Group

The Company and its subsidiaries

JV

Joint Venture

MC

Management Committee

MoPNG

Ministry of Petroleum and Natural Gas

NELP

New Exploration Licensing Policy

ONGC

Oil and Natural Gas Corporation Limited

OC

Operating Committee

PPAC

Petroleum Planning & Analysis Cell

PRA

Petroleum Resources Agreement

qoq

Quarter on Quarter

SL

Sri Lanka

Vedanta Group

Vedanta Resources plc and/or its subsidiaries from time to time

yoy

Year on Year

Technical Glossary



2P

Proven plus probable

3P

Proven plus probable and possible

2D/3D/4D

Two dimensional/three dimensional/ time lapse

Blpd

Barrel(s) of (polymerized) liquid per day

Boe

Barrel(s) of oil equivalent

Boepd

Barrels of oil equivalent per day

Bopd

Barrels of oil per day

Bscf

Billion standard cubic feet of gas

Tcf

Trillion standard cubic feet of gas

EOR

Enhanced Oil Recovery

FDP

Field Development Plan

MDT

Modular Dynamic Tester

Mmboe

million barrels of oil equivalent

Mmscfd

million standard cubic feet of gas per day

Mmt

million metric tonne

PRDS

Petroleum Resources Development Secretariat

PSU

Public Sector Utilities

SPM

Single Point Mooring

PSC

Production Sharing Contract



 

Field Glossary


Barmer Hill Formation

Lower permeability reservoir which overlies the Fatehgarh

Dharvi Dungar

Secondary reservoirs in the Guda field and is the reservoir rock encountered in the recent Kaameshwari West discoveries

Fatehgarh

Name given to the primary reservoir rock of the Northern Rajasthan fields of Mangala, Aishwariya and Bhagyam

Mannar Basin

Located in the Gulf of Mannar, situated on the NE shallow continental shelf of Sri Lanka

MBARS

Mangala, Bhagyam, Aishwariya, Raageshwari, Saraswati

Thumbli

Youngest reservoirs encountered in the basin. The Thumbli is the primary reservoir for the Raageshwari field

Disclaimer

This material contains forward-looking statements regarding Cairn India and its affiliates, our corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward- looking statements are based on our management's assumptions and beliefs in the light of information available to them at this time. These forward-looking statements are by their nature subject to significant risks and uncertainties; and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions. Cairn India undertakes no obligation to revise any such forward-looking statements to reflect any changes in Cairn India's expectations with regard thereto or any change in circumstances or events after the date hereof. Unless otherwise stated the reserves and resource numbers within this document represent the views of Cairn India and do not represent the views of any other party, including the Government of India, the Directorate General of Hydrocarbons or any of Cairn.

 

For further information, please contact:


Communications


Roma Balwani

Tel: +91 22 6646 1000

President – Group Communications, Sustainability & CSR

gc@vedanta.co.in



Investor Relations


Ashwin Bajaj

Tel: +91 22 6646 1531

Director – Investor Relations

vedantaltd.ir@vedanta.co.in



Sunila Martis


Manager – Investor Relations




Vishesh Pachnanda


Manager – Investor Relations


 

About Vedanta Limited (Formerly Sesa Sterlite Ltd.)

Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.

Vedanta Ltd, formerly Sesa Sterlite Ltd. is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. Vedanta Ltd is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

For more information please log on to www.vedantalimited.com

Vedanta Limited

(Formerly known as Sesa Sterlite Limited)

Vedanta, 75, Nehru Road,

Vile Parle (East), Mumbai - 400 099

www.vedantalimited.com

Registered Office:

Sesa Ghor, 20 EDC Complex,

Patto, Panaji (Goa) - 403 001

CIN: L13209GA1965PLC000044

Disclaimer

This press release 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," "should" or "will." Forward–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 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.

 

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SOURCE Vedanta Limited



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