Annual report and accounts
FY 2015


Vedanta has produced a robust set of results in a volatile market and the fundamentals of our business remain strong.

(in US$ millions, except as stated) FY2015 FY2014
Revenue 12,878.7 12,945.0
EBITDA¹ 3,741.2 4,491.2
 EBITDA¹ margin (%) 29.1% 34.7%
 EBITDA margin excluding custom smelting² (%) 38.0% 44.9%
Operating profit before special items 1,735.5 2,288.1
Loss attributable to equity holders (1,798.6) (196.0)
Underlying attributable profit3 (38.9) 40.2
Basic (loss)/earnings per share (US cents) (654.5) (71.7)
Earnings per share on underlying profit (US cents) (14.2) 14.7
ROCE (excluding project capital work in progress and   exploratory assets and one-time impairment charge) (%)

Total dividend (US cents per share) 63.0 61.0
  1. Earnings before interest, taxation, depreciation, amortisation/impairment and special items.
  2. Excludes custom smelting revenue and EBITDA at Copper and Zinc-India operations as custom smelting has different business economics.
  3. Based on profit for the period after adding back special items and other gains and losses, and their resultant tax and non-controlling interest effects. In the prior period, the underlying attributable profit included the net tax benefit from the Sesa Sterlite merger offset by a deferred tax charge due to the change in tax rates at Cairn India.

Resilient performance in falling crude oil environment

We have revised capex but continue to focus on opportunities, with Cairn delivering the largest exploration and appraisal programme in its history. We spent US$1.1 billion in FY2015 out of US$3 billion, retaining flexibility on spend going forward.

Ramping up aluminium

Production reached record levels at Lanjigarh and we have initiated a number of innovative, cost-saving projects. The new Korba-II smelter and Jharsuguda-II smelter started production with significant ramp up planned in 2016.

Improving production volumes at Copper India

Higher production volumes at Copper India, while maintenance work at Konkola reduced production in Zambia. An easing of documentation requirements for VAT refunds in Zambia will enable us to increase utilisation rates of the smelter.

Resuming operations at Sesa Goa

Production recommenced at Karnataka and in Goa, environment restrictions were lifted, with Vedanta allocated an interim annual mining quantity of 5.5mt of saleable ore. We are implementing cost reductions to counter the low-price environment.