Update | Sector: Metals
12 Annual Global Investor Conference
BSE Sensex
28,413
S&P CNX
8,743
th
Vedanta
Neutral
CMP: INR163
TP: INR160 (-2%)
Mr Tom Albanese
CEO
Vedanta
CEO TRACK
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
Portfolio of low cost diversified natural resources
VEDL IN
3717.0
606/ 8.9
181/58
-1/66/60
1860
37.1
Takeaways from CEO track; introducing merged entity estimates
We hosted Mr Tom Albanese, CEO of Vedanta (VEDL) at our 12 AGIC in Mumbai.
Cairn India’s (CAIR) minority shareholders have approved the merger, recently.
In this note, we introduce VEDL’s estimates on merged entity basis along with the
highlights of Mr Albanese’s presentation.
th
Financials & Valuations (INR b)
Y/E Mar
2016 2017E 2018E
Sales
644.3 717.1 804.3
EBITDA *
123.9 164.1 183.0
NP
31.9
61.3
75.9
Adj. EPS (INR)
10.8
16.5
20.4
EPS Gr(%)
-37.3 -17.8
89.6
BV/Sh. (INR)
131.7 102.6 112.6
RoE (%)
8.5
14.1
19.0
RoCE (%)
7.6
11.0
12.1
Payout (%)
48.9
31.9
25.8
Valuation
P/E (x)
15.4
10.0
8.1
P/BV
1.1
1.4
1.3
EV/EBITDA (x)*
7.0
6.6
5.7
Div. Yield (%)
2.7
2.7
2.7
*Attrib.
Relative to Index
The dollar’s strength, low interest rates, and a stabilizing China driving
commodity prices
Investor sentiment on Commodities has turned positive in the last few months, as
China is showing signs of stability.
Zinc: Driven by fundamentals
Zinc has been in deficit over 2012-15 on closure of large mines (Brunswick,
Perseverance, Century, Lisheen), which helped run down inventories in the system.
Investment in opening of new zinc mines has been low. Large commodity producers
like BHP, Rio and Anglo have stayed away from investing in zinc mines. The zinc
market is expected to remain in deficit in 2016 and 2017 as well, on expected
closure of Pomorzany and Bracemac Mecleod. Gencore’s 500ktpa production cut
and reduced production at Rampur Agucha has tightened the market. Prices have
increased 40% since the beginning of February 2016, driven by supply fundamentals.
Hindustan Zinc – well positioned to capitalize on strong fundamentals:
Hindustan Zinc (HZ) is one of the best zinc assets in the world. Its mines are rich in
zinc and cost of production (CoP) lies in the first decile of the cost curve. Production
is expected to be marginally higher in FY17, which implies strong ramp up in
2HFY17. HZ is well positioned to reap the benefit of strong fundamentals.
Zinc-Int’s low cost production from 250ktpa project expected in FY19:
Cost
of production for Zinc-International (Zinc-Int) lies in the 2nd quartile and is
sustainable. Zinc-Int is developing a low cost (1st quartile of global cost curve)
Gamsberg project at a capex of USD400m. First ore is expected to be produced in
2018. Full 250kt production is expected in FY20 at estimated cost of production of
USD1,000-1,150/ton.
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 3982 5412
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +91 22 3027 8033
Investors are advised to refer through important disclosures made at the last page of the Research Report.
1
September 2016
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Vedanta
12 Annual Global Investor Conference
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Aluminum: Strong volume growth
VEDL is ramping up production rapidly. It is currently running at a rate of 1mtpa.
First line ramp-up was affected by power outage in August, which is being mitigated
by the start of the third line. It is on track to achieve full-year production of 1.2mt in
FY17.
VEDL has secured ~6mtpa of coal linkages in auction by Coal India at reasonable
price in August 2016. This will allow smooth production ramp-up at both Balco and
Jharsuguda. Laterite mines are expected to start production by the end of FY17,
which will allow ramp-up at alumina refinery.
Oil and gas: Expect capex to step up in FY18
CAIR is in discussions with the Government of India for extension of production
sharing contract (PSC) beyond 2020 on similar terms and conditions. The production
has natural steeply declining trend. Actual production decline is arrested by polymer
injection. Although capex has been curtailed in FY17E to the minimum because of
extreme volatility in oil prices, it will increase in FY18E for sustaining production.
Merger with CAIR will (a) de-risk earnings volatility and drive stable cash flows
through the cycle, (b) improve ability to allocate capital to highest return projects,
(c) reduce cost of capital, and (d) simplify the capital structure.
Strategic priorities
Production growth and asset optimization:
(a) Disciplined ramp-up of new
capacities in aluminum, power and iron ore; (b) Ramp up volumes at
RampuraAguchaU/G and develop Gamsberg; (c) Enhance gas production, EOR at
other fields.
De-lever balance sheet:
(a) Reduce gross debt; (b) Optimize capex and opex; (c)
Better working capital discipline.
Simplification of group structure:
Expects to complete merger with Cairn India
by 1QCY17.
Protect and preserve license to operate:
(a) Achieve zero harm – reduce fatal,
environment and social incidents; (b) Obtain local consent prior to accessing
resources; (c) Resource efficiency improvement – water, energy, waste and
carbon; (d) Community need-based development projects.
Identify next generation of resources:
(a) Disciplined approach to exploration;
(b) Continue enhancing exploration capabilities through dedicated exploration
cell.
September 2016
2

Vedanta
12 Annual Global Investor Conference
Exhibit 1:
Global zinc cost curve
Exhibit 2:
Global refined zinc demand/supply gap (kt)
th
Source: Company
Source: Company
Exhibit 3:
Gamsberg is a large, high IRR project…
Exhibit 4:
…with strong position on cost curve
Source: Company
Source: Company
Exhibit 5:
Aluminum costs and margins
Exhibit 6:
Roadmap to 2.3mtpa aluminum capacity
Source: Company
Source: Company
September 2016
3

Vedanta
12 Annual Global Investor Conference
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Investment rationale
Diversified and de-risked portfolio of natural resources
VEDL has a diversified portfolio of natural resources. Zinc, lead and silver are the
largest contributors to earnings.
Exhibit 7:
EBITDA mix
Source: Company
Cost leadership in 80% of cash flows
VEDL has cost leadership in four out of six resources, which fall in first quartile of
global cost curves. Aluminum and Zinc-International too are low cost and fall in the
second quartile of global cost curves. Once VEDL is able to secure bauxite locally,
aluminum too will move into the first quartile of global cost curve.
Exhibit 8:
Four out of six resources account for 80% of EBITDA and fall in 1 quartile
st
Source: Company
September 2016
4

Vedanta
12 Annual Global Investor Conference
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Growth – aluminum, alumina and zinc key drivers
VEDL has underutilized aluminum assets, which will help it to more than double
metal production over the next couple of years. Most of the capex in the smelters is
already incurred. Additional requirement of funds is low.
The government is looking to auction bauxite mines. VEDL will have low
competition, because there is just one more stranded alumina refinery in the region.
If successful, VEDL will be able to ramp up alumina production manifold.
VEDL is investing at both Zinc-India and Zinc-Int to increase production of metal. The
benefits will be realized over the next 3-4 years.
Business momentum strong, but valuations rich; maintain Neutral
VEDL’s diversified portfolio of natural resources is witnessing multiple tailwinds,
which will drive earnings. We expect attributable EBITDA to grow at a CAGR of 22%
over FY16-18 to INR183b.
Improved availability of domestic coal and conversion of 1,800MW Jharsuguda
IPP into CPP have helped to (a) reduce cost of production of aluminum, and (b)
improve viability of stalled expansion.
Iron ore business has turned around on removal of export duty on low grade ore
and recovery of prices in international market.
Zinc business is benefitting from tight supply and sharp 40-50% increase in LME
over the last 6-8 months.
Power business too is witnessing improvement in cash flow on commercial
generation of power at TSPL and approval of tariff order.
Recent large dividend from Hindustan Zinc has helped mitigate cash flow
mismatch at parent.
We value the Metals businesses at 6.5x EV/EBITDA keeping in mind the volatile
nature of metal prices, while we use DCF for Power and Oil & Gas businesses
because of varying annual cash flows under PPA/PSC.
Recently, majority of CAIR’s minority shareholders have approved the merger with
VEDL at revised offer. This will de-stress the parent’s balance sheet. We are
introducing VEDL’s financials on merged entity basis.
On merger with CAIR, the number of shares increases by 25% to 3.717b
Attributable net debt declines by INR75b to INR503b as on FY17E
Attributable EBITDA increases by 10-11%
Attributable PAT increases by 6-8%
EPS dilutes by 14-15% due 25% increase in number of shares and additional
interest cost towards 4 CRPS each of INR10 to minority shareholders of CAIR (in
addition to one share of VEDL).
The target price is reduced by INR10 to INR160/share based on FY18E SOTP. We are
optimistic about the business, but current stock price has 2% downside. Maintain
Neutral.
September 2016
5

Vedanta
12 Annual Global Investor Conference
Exhibit 9:
Sum-of-the-parts valuation - Vedanta (FY18 estimates) - INR billion
Net
Net
Valuations
EV
Equity Stake Attrib.
INR/
Debt Worth
Basis
Value
(%)
Equity share
(A)
(G)
(B)
C=(AxB)
Stand-alone #
345
49
7
422
409
6.5x EBITDA
316
-105
100
-105
-28
Acquisition SPVs
-17
497
-112
6.5x EBITDA
-497
100
-497
-134
Hindustan Zinc
171
93
77
-316
480
6.5x EBITDA
606
922
64.9
598
161
Balco
75
16
5
58
45
6.5x EBITDA
107
49
51
25
7
Others
39
4
8
-31
-821
6.5x EBITDA
24
55
100
55
15
Zinc International
21
7
4
-84
112
6.5x EBITDA
44
128
100
128
34
TSPL
50
13
1
69
32
DCF
111
43
100
43
11
Cairn India
104
42
21
-290
521
184 =Cairn TP(INR/sh)
350
100.0
350
94
Attributable
670
176
70
407
484
SOTP
596
160
Aluminium = USD 1650/ton, Zinc = USD 2000/ton, lead prices = USD1800/ton Silver = USD17/oz, USD/INR =70; FY18 estimates, Brent crude =
USD 55/bbl
Net
Sales
EBITDA
PAT
th
Exhibit 10:
Key assumptions
Cop LME (US$/ton)
Alu LME (US$/ton)
Zinc LME (US$/ton)
Lead LME (US$/ton)
Alumina (US$/ton)
Copper TcRC (Usc/lb)
Silver (US$/oz)
USD/INR avg
USD/INR end
Brent crude (USD/bbl)
###
###
###
###
###
2012
8,479
2,315
2,098
2,250
370
12.4
32.6
47.9
51.0
114.5
2013
7,853
1,974
1,948
2,112
316
13.5
29.3
54.5
54.5
110.5
2014
7,115
1,773
1,908
2,094
284
13.5
21.1
60.5
62.0
107.6
2015
6,555
1,888
2,173
2,021
335
21.2
16.0
61.2
62.3
85.7
2016
5,219
1,592
1,846
1,770
335
24.1
15.0
65.5
66.2
47.7
2017E
2018E
4,710
5,219
1,609
1,650
2,005
2,000
1,780
1,800
270
270
21.5
21.0
17.0
17.0
68.0
70.0
70.0
70.0
50.0
55.0
Source: MOSL, Company
FY17E
FY18E
307,249
344,921
178,816
183,137
394
381
8,431
8,515
3,553
3,548
2.37
2.40
95,885
134,901
742
990
24,118
18,369
8.2
7.0
41,890
48,669
17,628
17,235
1,288
1,277
13,409
22,616
9,566
7,541
15,235
17,625
39,525
39,648
13,470
15,455
600
6,851
414,206
424,206
1,071
12,272
413,135
411,934
417,837
408,678
Source: MOSL, Company
###
Exhibit 11:
Standalone (INR m)
FY12
Net Sales
Copper custom smelting
Copper (KT)
Jharsuguda 2400MW IPP
Power (mkwh)
Rate (Rs/kwh)
Jharsuguda aluminum
aluminum (KT)
Iron ore
Iron ore (m dmt)
EBITDA
Copper custom smelting
Jharsuguda 2400MW IPP
Jharsuguda aluminum
Iron ore
D&A
Interest
Other Income
PAT
Gross Debt
Gross Cash
Net Debt
Net Worth
FY13
FY14
278,708
164,607
305
24,846
7,626
3.30
74,890
542
14,365
0.0
28,742
10,374
6,613
12,712
-957
14,500
39,253
18,086
-8,545
389,434
24,648
364,785
336,788
FY15
325,336
190,181
360
23,837
7,205
2.95
90,947
545
20,370
1.2
46,295
16,490
6,815
21,650
1,340
10,117
36,559
20,081
19,272
376,438
8,935
367,503
340,579
FY16
298,106
176,442
381
22,084
7,319
2.64
75,942
593
23,638
5.2
37,907
21,541
4,016
8,790
3,560
12,180
35,414
88,238
54,719
424,482
-9,553
434,035
439,086
349
4,712
3.74
430
15.9
59,005
351
7,529
3.27
527
3.1
29,851
13,108
70,122
16,497
-21,446
327,168
62,115
265,053
372,689
15,365
71,522
9,363
-56,128
392,525
62,082
330,443
384,705
September 2016
6

Vedanta
12 Annual Global Investor Conference
Exhibit 12:
Cairn acquisition SPV – INR m
###
Net interest
Other Income
PAT
Net Debt
FY14
22,316
9,235
-16,263
385,019
FY15
21,769
8,496
-16,263
400,092
FY16
20,520
2,955
-16,263
441,052
FY17E
FY18E
16,263
16,741
0
0
-16,263
-16,263
480,111
496,853
Source: MOSL, Company
th
Exhibit 13:
Balco – INR m
Net Sales
ALUMINIUM (000 tons)
Surplus Power (M kwh)
Rs/kwh
EBITDA
EBITDA (power, Rs m)
share in Balco's EBITDA
EBITDA (power, Rs/kwh)
Other Income
PAT
Net Debt
Net Worth (ex- MI)
FY12
37,621
246
1,605
4.3
5,490
2,362
43%
1.5
623
2,719
35,567
21,782
FY13
39,167
247
1,241
3.5
3,414
496
15%
0.4
365
584
42,987
22,130
FY14
36,717
251
2,027
3.5
3,160
127
4%
0.1
225
389
47,845
22,280
FY15
48,189
300
89
3.5
3,506
23
1%
0.3
247
354
54,540
22,289
FY16
35,428
331
1,193
3.3
64
0
0%
0.0
365
-3,844
59,364
20,256
FY17E
FY18E
52,276
75,360
430
566
3,295
3,422
2.7
2.7
9,761
16,420
1,453
1,386
15%
8%
0.4
0.4
365
365
1,785
4,683
63,738
57,542
20,220
22,608
Source: MOSL, Company
Exhibit 14:
Hindustan Zinc – INR m
Net Sales
Zinc (000 tons)
Lead (000 tons)
Silver (tons)
EBITDA
Other Income
PAT
Net Debt
Net Worth
FY12
114,053
757
96
205
60,695
15,428
55,692
-179,498
174,513
FY13
126,998
677
119
371
64,816
20,322
69,170
-214,816
209,534
FY14
136,360
749
122
349
69,654
18,198
68,863
-255,378
242,915
FY15
144,127
735
127
335
74,303
27,517
81,324
-307,851
281,448
FY16
137,945
758
144
425
67,763
25,294
81,324
-352,351
242,705
FY17E
157,213
747
140
442
83,628
19,367
69,745
-271,898
275,787
FY18E
170,529
824
140
428
93,184
18,961
76,794
-316,000
311,520
Source: MOSL, Company
Exhibit 15:
Zinc International – INR m
Net Sales
Zn & Pb (KT)
EBITDA
Other Income
PAT
Net Debt
Net Worth
FY12
42,580
445
17,370
6,754
10,340
-32,737
83,749
FY13
43,310
426
16,030
449
8,940
-45,980
92,987
FY14
40,140
363
12,810
476
2,696
-55,112
95,537
FY15
36,070
313
10,820
1,454
6,394
-66,141
101,721
FY16
25,630
226
3,800
2,183
1,111
-71,106
102,790
FY17E
FY18E
19,867
20,629
153
147
7,739
6,807
2,346
2,346
5,003
4,184
-77,820
-83,649
107,605
111,632
Source: MOSL, Company
September 2016
7

Vedanta
12 Annual Global Investor Conference
Exhibit 16:
Talwandi Saboo – INR m
Net Sales
Power (M kwh)
EBITDA
PAT
Net Debt
Gr Blk + CWIP
Net Worth
FY13
0
0
0
0
56,983
74,533
3,604
FY14
FY15
4,926
949
483
-812
63,892
108,679
30,815
FY16
16,389
2,785
5,456
260
73,205
111,853
31,075
FY17E
50,600
10,364
11,694
1,871
74,046
115,589
31,396
FY18E
50,181
12,122
13,048
783
68,591
115,589
32,180
th
54,213
98,825
24,135
Source: MOSL, Company
Exhibit 17:
Cairn India – INR m
Net Sales
Rajasthan gross production (kbpd)
Brent Crude Price (USD/bbl)
EBITDA
PAT (Core)
Gross Debt
Gross Cash
Net Debt
FY12
131,130
128
114
108,056
92,929
0
88,491
-88,491
FY13
175,241
170
111
134,880
119,198
0
159,391
-159,391
FY14
187,617
181
108
140,784
124,318
0
181,258
-181,258
FY15
146,462
175
86
85,226
66,122
0
239,151
-239,151
FY16
86,256
170
48
33,649
22,419
0
252,695
-252,695
FY17E
90,667
168
50
41,387
20,184
0
253,844
-253,844
FY18E
104,030
170
55
41,957
20,812
0
290,009
-290,009
Source: MOSL, Company
Exhibit 18:
Vedanta consolidated – INR m
Net Sales
EBITDA
Interest
Depreciation
Other Income
PBT
Tax rate
PAT
Minority Interest
Attrib. PAT (after MI & asso)
EPS
Gross Debt
Gross Cash
Net Fixed Asset
Net Worth
RoE
FY12
692,028
255,317
67,335
50,374
34,313
171,921
21
135,745
54,239
81,506
27.5
608,453
299,006
480,596
607,467
14.51
FY13
717,800
252,320
46,640
75,680
29,530
159,530
6
149,290
73,730
75,560
25.5
759,579
412,498
490,448
664,203
11.88
FY14
725,850
256,640
61,110
84,250
23,090
134,370
7
124,370
73,430
50,940
17.2
805,660
453,850
479,671
730,087
11.85
FY15
749,223
221,381
56,989
71,616
28,910
121,686
16
102,199
42,704
59,495
20.1
777,523
450,889
523,181
538,753
17.03
FY16
644,336
147,731
57,045
67,109
44,543
68,119
6
63,789
31,869
31,920
10.8
779,520
502,051
673,741
446,723
8.50
FY17E
717,093
198,218
59,539
64,324
42,241
116,597
24
88,983
27,636
61,346
16.5
785,828
412,393
805,691
437,761
14.09
FY18E
804,320
223,764
61,875
70,613
45,601
136,877
23
105,526
29,647
75,879
20.4
795,373
504,144
811,044
474,797
18.97
Source: MOSL, Company
September 2016
8

Vedanta
12 Annual Global Investor Conference
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Financials and valuations
Income Statement (Consolidated)
Y/E March
Net Sales
Change (%)
Total Expenses
EBITDA
Attrib. EBITDA
As % of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT
Tax
Rate (%)
PAT
EO expense (Income)
PAT (after EO)
Minority interests
Share in Asso.
Attrib. PAT (after MI & asso)
Change (YoY %)
Balance Sheet (Consolidated)
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Net Fixed Assets
Goodwill
Capital WIP
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans and advances
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Curr. Assets
Appl. of Funds
E: MOSL Estimates; FY12 onwards are post-merger
FY12
83,101
-9.7
48,100
35,001
35,001
42.1
1,061
33,939
4,333
2,346
31,952
10,214
32.0
21,739
21,739
0
5,877
26,955
-36.2
FY13
25,544
-69.3
20,737
4,808
4,808
18.8
1,975
2,833
4,394
539
-1,022
-429
42.0
-593
-593
0
-1,310
-104.9
FY14
725,850
1.1
469,210
256,640
174,984
35.4
84,250
172,390
61,110
23,090
134,370
10,000
7.4
124,370
-580
124,950
73,430
50,940
-32.6
FY15
749,223
3.2
527,841
221,381
159,422
29.5
71,616
149,765
56,989
28,910
121,686
19,488
16.0
102,199
186,465
-84,266
42,704
59,495
16.8
FY16
644,336
-14.0
496,605
147,731
123,928
22.9
67,109
80,621
57,045
44,543
68,119
4,330
6.4
63,789
125,266
-61,477
31,869
31,920
-46.3
FY17E
717,093
11.3
518,875
198,218
164,099
27.6
64,324
133,895
59,539
42,241
116,597
27,614
23.7
88,983
0
88,983
27,636
61,346
92.2
(INR Million)
FY18E
804,320
12.2
580,556
223,764
183,029
27.8
70,613
153,151
61,875
45,601
136,877
31,351
22.9
105,526
0
105,526
29,647
75,879
23.7
FY12
869
150,313
151,182
0
37,413
1,046
189,641
18,325
14,745
9,830
136,626
24,484
8,752
5,494
6,017
4,222
14,370
11,502
2,868
10,114
189,641
FY13
869
173,885
174,754
0
45,015
253
220,022
FY14
2,965
727,122
730,087
337,975
805,660
27,352
1,901,073
FY15
2,965
535,788
538,753
355,297
777,523
33,297
1,704,870
FY16
2,965
443,758
446,723
329,674
779,520
31,959
1,587,877
(INR Million)
FY17E
FY18E
3,717
3,717
434,044
471,080
437,761
474,797
348,613
370,373
785,828
795,373
35,026
35,596
1,607,228 1,676,140
824,844
56,327
109,306
32,260
804,712
100,745
42,983
457,544
203,440
151,309
49,455
101,853
653,404
1,676,140
19,689
479,671
523,181
673,741
812,491
21,676
392,383
177,897
56,327
56,327
7,225
431,277
387,480
269,911
131,164
158,820
2,086
2,134
2,174
32,260
21,481
835,766
812,120
877,619
716,377
9,610
90,338
87,250
80,791
88,934
1,424
46,537
36,051
25,501
38,310
2,130
453,850
450,889
502,051
385,693
8,318
245,041
237,929
269,276
203,440
8,870
240,110
197,942
291,895
141,391
5,471
41,346
52,782
63,275
40,493
3,398
198,764
145,160
228,620
100,898
12,612
595,656
614,178
585,724
574,986
220,022 1,901,073 1,704,870 1,587,877 1,607,228
September 2016
9

Vedanta
12 Annual Global Investor Conference
th
Financials and valuations
Ratios (Consolidated)
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share (ex-goodwill)
BV/Share (incl.-goodwill)
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV (incl.-goodwill)
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margins
Net Profit Margins
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Receivable (Days)
Inventory (Days)
Trade payable (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/EBITDA
Net Debt/Equity
Cash Flow Statement (Consolidated)
EBITDA
Non cash exp. (income)
(Inc)/Dec in Wkg. Cap.
Tax paid
CF from Op. Activity
(Inc)/Dec in FA + CWIP
Free Cash Flow
(Pur)/Sale of Investments
Interest & Dividend Income
Investment in subsidiaries
Loans and advances
CF from Inv. Activity
Debt raised/(repaid)
Dividend (incl. tax)
Interest paid
Other financing activities
CF from Fin. Activity
(Inc)/Dec in Cash
Add: Opening Balance
Closing Balance
FY12
35,001
-3,458
-235
-10,214
21,094
-12,617
8,477
-145,103
2,346
0
11,766
-135,131
27,419
0
-4,333
23,086
-90,951
96,968
6,017
FY13
4,808
-1,426
-2,818
429
993
-733
260
19,088
377
-22,194
-4,627
-8,088
7,602
0
-4,394
3,208
-3,887
6,017
2,130
FY14
256,640
-46,653
-10,239
-43,741
156,008
-72,836
83,172
-4,105
16,060
-1,093
-61,974
18,380
-22,144
-46,752
-50,516
43,518
410,333
453,850
FY15
221,381
15,811
-25,345
-33,796
178,051
-106,561
71,490
60,735
15,587
-11,217
-41,455
-45,596
-31,063
-62,898
-139,558
-2,961
453,850
450,889
FY16
147,731
11,280
63,674
-20,081
202,605
-54,779
147,826
6,651
10,546
0
-37,581
-19,245
-36,650
-57,966
-113,862
51,162
450,889
502,051
FY12
31.0
32.2
157.0
174.0
3.5
13.2
5.3
5.1
1.0
2.1
5.0
FY13
-1.5
0.8
176.1
201.1
3.5
-271.7
-109.9
216.7
0.8
7.3
38.9
FY14
17.2
45.6
113.9
246.2
3.3
22.1
9.6
3.6
0.7
1.4
5.6
2.0
35.4
17.2
11.8
10.8
16.8
0.9
23
45
32
3.5
2.8
1.4
0.5
FY15
20.1
44.2
121.7
181.7
3.5
20.4
8.3
3.7
0.9
1.3
6.2
2.1
29.5
-11.2
17.0
9.9
15.9
0.9
18
43
36
4.1
2.6
1.5
0.5
FY16
10.8
33.4
131.7
150.7
4.5
48.9
15.4
5.0
1.1
1.3
7.0
2.7
22.9
-9.5
8.5
7.6
9.6
0.6
14
46
47
3.0
1.4
1.9
0.4
FY17E
16.5
33.8
102.6
117.8
4.5
31.9
10.0
4.9
1.4
1.5
6.6
2.7
27.6
12.4
14.1
11.0
14.3
0.6
19
45
28
5.1
2.2
2.0
0.5
FY18E
20.4
39.4
112.6
127.7
4.5
25.8
8.1
4.2
1.3
1.3
5.7
2.7
27.8
13.1
19.0
12.1
14.3
0.6
20
46
31
5.3
2.5
1.5
0.4
42.1
26.2
19.3
25.7
94.7
3.2
24
38
87
1.7
7.8
0.9
0.2
18.8
-2.3
-0.9
1.9
6.4
0.9
20
137
96
2.4
0.6
8.9
0.3
(INR Million)
FY17E
FY18E
198,218
223,764
-105,620
-22,281
70,316
-66,549
3,767
-13,784
42,241
-6,566
-27,668
189,529
-69,872
119,657
-17,436
45,601
-38,092
-24,822
-64,221
-59,539
-148,582
-116,358
502,051
385,693
-41,707
9,545
-23,641
-61,875
-75,971
71,851
385,693
457,544
September 2016
10

Vedanta
12 Annual Global Investor Conference
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NOTES
September 2016
11

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