Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Anil K. Agarwal – Executive Chairman

Navin Agarwal – Deputy Executive Chairman

P. Elango, Interim – Chief Executive Officer of Cairn India

Din Dayal Jalan – Chief Financial Officer

Mahendra Singh Mehta – Chief Executive Officer and Executive Director

Analysts

Liam Fitzpatrick – Credit Suisse

Grant Sporre – Deutsche Bank

Roger M. Bell – JPMorgan Securities Plc

Thorsten Zimmermann – HSBC

Ravi Ratanpal – JPMorgan

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Pinakin Patel – JPMorgan

Vedanta Resources Plc (OTCPK:VDNRF) F4Q12 Earnings Conference Call May 16, 2013 4:00 AM ET

Operator

We’ll have senior management present the results today. And then we’ll be happy to take your questions. We have with us today Mr. Anil Agarwal, our Chairman; Mr. Navin Agarwal, our Deputy Chairman; Mr. M.S. Mehta, Our CEO; Mr. D.D. Jalan, our CFO, and we also have on the line several other members of our management team, I’ll introduce them. We have Mr. P. Elango, Interim CEO of Cairn India; Mr. P.K. Mukherjee, CEO of Sesa Goa; Mr. S.K. Roongta, CEO of our Aluminum and Power businesses; and Mr. Jeyakumar, CEO of Konkola Copper Mines in Zambia.

With that, I would like to hand it over to Mr. Anil Agarwal.

Anil K. Agarwal

Good morning everyone. 2013 has been another busy year for us, and I’m pleased to announce another record set of results despite challenging market condition to the result of our excellent asset portfolio and hard work of our whole team.

Our strategy of diversification most recently to the acquisition of Cairn India, and strengthening of our low cost zinc portfolio have paid off. I continue to believe that the group has significant further up sight, and will continue to deliver the strong return despite of some of the current industry headwind.

As India’s leading resource company we are well positioned to support the country growth, as well as benefit from it. I look ahead with the optimism as we complete the group simplification, we announced in February 2012 and focusing of remainder of our strategic priorities to realize the full potential of our strong resource base.

Finally, I would like to to say how delighted I’m to be announcing today the appointment of Deepak Parekh, as a Non-Executive Director of Vedanta. Deepak brings wealth and international Indian business experience, which I’m sure will provide very valuable.

With that, I hand over to Navin and rest of the team to walk you to the results of our current prior year. Thanks.

Navin Agarwal

Good morning ladies and gentlemen. We are delighted to report another year of profitable growth, resulting in a record set of results for Vedanta. Our strategy of diversification most recently to the acquisition of Cairn India and the product strengthening of our low cost Zinc portfolio has paid off as we’ll see in our results.

Now let me begin with the key highlight for the year. Our well invested assets have been ramping up driving growth in production and more importantly free cash flows. We delivered EBITDA of $4.9 billion with robust margins, and again strong cash flow even after growth CapEx. This has enabled us to reduce the Groups net debt by $1.5 billion and brings down are getting from 35% to 31%.

Our balance sheet remains strong with $8 billion of cash and liquid investments, which provided the flexibility to maintain our progressive dividend with the full year dividend of $0.58 up 5%. Perfectly, we saw strong production growth in mined zinc-lead and refined lead, and a material increase in our silver production.

We also benefited from a much higher contribution from our Oil and Gas segment, driven both by the effect of owning the business for the full year and the significant underlying production growth. We however, also experienced some challenges during the last 12 months, such as the iron ore mining ban, which materially affected our Sesa Goa business. But we are pleased that mining is now expected to resume at our Karnataka operation shortly. We continue to work closely with the authorities on lifting the suspension in Goa mining.

We are very proud of our cost performance, which I believe is one of the best in the industry and critical by insuring our long-term competitiveness. We have a unrelenting focus on long-term value creation, and for another year our exploration programme yielded material extensions to mine life at a number of our assets in our portfolio, and importantly following the recent government approval, we have recommenced exploration activities in Rajasthan where we have already had some initial success.

The group simplification have received all the approval including from the High Court of Bombay and we now get await final court order from the Madras High Court. And in the mean time, I continue to believe that the Group has significant further upside and will continue to deliver strong returns despite some of the current industry headwinds. And of course as India’s leading resource company, we believe we are well positioned to support the country’s growth, as well as to benefit from it.

On the resource industry landscape, Vedanta is very well positioned to respond to the current trends, which are affecting the mining industry at large. The blood drop of our success is our portfolio of Tier1 assets, which are diversified across commodities and geographies these large long life, low cost, scalable assets provide with Vedanta with structural advantages compared to our peers, which I believe uniquely positions us to outperform in the current environment.

Despite ongoing global cost inflation across the industry, we have managed to reduce or maintain our all in operating costs at all our key assets. I want to reemphasize this point, as we are one of the only major mining companies to achieve this result in the current market. This has been possible as our assets are relatively new with more than 80% of the assets less than five year old resulting also in low sustaining CapEx. To put this into number, our sustaining CapEx as a percentage of revenue is only about 2% compared to about 7% for our peers.

We’ve had a track record of driving cost and operational improvements such as delivering on several asset optimization initiatives, and going forward, we will continue to remain focused to keeping our cost base under control.

Moving to capital allocation, our major growth projects are significantly invested and are now in the process of ramping up, and this will underpin significant growth in free cash flow generation going forward.

Return of capital to shareholders is a strong focus. We have maintained a progressive dividend since IPO increasing the payout in eight out of nine years and maintaining it for one year during the global financial crisis. I’m pleased to say that we have returned $1.3 billion through dividends and buybacks since our IPO where we had raised $850 million.

In terms of balance sheet management, our focus remains on using our strong free cash flow generation to drive deleveraging. We have reduced net debt by $1.5 billion during the year and have cash and cash equivalents of around $8 billion. And of course the Group simplification, the significance of the group structure will vastly improve the alignment of debt with cash flows at our operations.

Some color on India. Operating mining assets in any jurisdiction as you know had his own unique challenges, and India is no exception. We are committed to operating in a responsible and sustainable manner, and remain actively engaged with communities, regulators and the government to identify any potential concerns and implement mutually beneficial solutions. We have proactive approach in engaging the development and our interest are fully aligned in developing India resources and supporting the development of the country, and with Cairn India being the most affront example, and I will touch on this more shortly.

This page seven will be familiar to most of you, but it’s critical to India’s positioning. Our portfolio consists of world class assets that have structural advantages in terms of scale, cost, mine life and growth options. These structural advantages help insure that our assets deliver strong cash flow through the economic cycle, which is a critical importance in this period of hike in commodity price volatility. Here I would like to bring to your attention a few data points.

We continue to have upside in a number of our assets where the majority of CapEx has been largely invested. There are a number of catalysts for material upside the current production is still below the expected operating capacities once fully ramped up. Few examples; expansion at Zinc India, ramp up at KDMP, KCM, lifting of the iron ore mining ban, increase oil production from Rajasthan, and of course achieving vertical integration with bauxite.

Our assets are also favorably placed in either the lowest quartile or lower half of the global cash cost curve and despite increasing inflationary pressure in the broader mining industry this position had been maintained due to our constant and diligent focus on managing our oral cost base. Additionally, as mentioned earlier, most of our assets have been recently developed, which means our sustaining CapEx spend is much lower than most of our peers.

And finally of course, our focus and commitment to achieving low all in cost at all our operations will help in preserving high margins, and ensure that our assets continue to generate strong cash flows through the cycle.

This slide illustrates the strength of our strategy to diversify our earnings. For the past five years, Vedanta has transformed from a small metal producer into a national resource major diversified across metals, oil and gas, bulks and power. Even with the challenging market condition experience by the national resource sector or the last two years, our underlying EBITDA margin has remained at a very strong 45%, and even if you look at the past two years our EBITDA margin had always remain in excess of a very robust 35% plus. This illustrates the benefits and resilience of our diversified asset portfolio providing a national buffer to single commodity price volatility.

This slide on capital allocation priorities following our intensive phase of growth investments, we have now entered a phase of free cash flow generation post CapEx. Complementing our focus on growth, we have maintained our focus on ensuring that we are the large shareholders with our progressive dividend policy and have returned, as we mentioned earlier $1.2 billion to shareholders since the IPO.

We are among a very small group of FTSE-100 minus who have paid a progressive dividend every year. And in line with our strategy, we are focused on de-leveraging and have strengthened our balance sheet and continue to focus on expanding the maturity profile and improving our alignment of debt and cash flows within the group.

As we consider the future, we continue to see opportunities to invest capital in high return projects, but with the focus on minimizing execution risk by failing investments, a good example is our plan expansion at Zinc India and Cairn, which will deliver very attractive returns on the capital being allocated.

A few brief comments on Cairn. 2013 was a full year of Cairn ownership and I wanted to highlight the fundamentals of the investment we made in 2011, which was consistent with our stated strategy of earnings diversification.

Cairn is a world class business with highly strategic assets not just for Vedanta, but for India at large. India is structurally short crude oil, and is dependent on import of more than 75% office requirements that a strong focus on improving self reliance on oil, which has supported the regulatory process and it is very, very encouraging for exploration.

We have already significantly increased production from less than 150,000 barrels of oil per day in 2011 to an excess of 200,000 barrels of oil per day last year, driven by the ramp up at our very low cost Rajasthan operations, which are in the lowest decile of the cost curve. Cairn currently producing over 20% of India’s crude, and we are targeting 225,000 to 240,000 barrels of oil per day this year driven largely by the ramp up in Rajasthan, where you see the potential in that basin alone of producing over 300,000 barrels of oil per day.

Having received approval to recommenced exploration in Rajasthan earlier in the year, we are now working closely with our partners, the government in unlocking the full potential of this highly prolific hydrocarbon basin and our initial drilling programme have been very encouraging.

And finally, my last slide. In summary, let me reiterate our key strategic priorities. We continue to see an opportunity to grow production in a discipline manner both in terms of realizing the full value of our part investments, but also by carefully selecting high return projects that meet our return hurdles. We are relying on phase development to ensure we minimize any of this.

We have a core competency in exploration that has ensured, we consistently add reserves and resource to drive long-term value. We have continued to work on the Group simplification and have made significant progress. We now await one final court approval, and of course we continue to see an opportunity to further strength and deleverage our balance sheet as a production growth from our well invested assets drive the growing free cash flow generation.

And with that, I’ll hand over to D.D. to walk you through the details on the financials. Thank you.

Din Dayal Jalan

Thanks Mr. Agarwal and good morning to you ladies and gentlemen. I’m pleased to announce a strong set of financial results for the full year to March 2013. We have generated a record EBITDA of $4.9 billion for FY2013, an increase of 21% on the prior year. It is worth noting that while last year’s result included approximately four months of contribution from Cairn India. This year Cairn India contributed for the full year. The resilience of our low cost diversified portfolio is demonstrated in our strong EBITDA margin of 45%, despite lower commodity prices and disruption of iron ore operations during the year.

Our underlying EPS was marginally lower at $1.33 primarily due to adverse profit mix and full year impact of higher interest charge on Cairn India acquisition. We have included a slide in the appendix with subsidiary vise P&L breakdown that explains the profit mix impact.

During the year we had a strong free cash flow of $3.5 billion, an increase of 40% on the prior year. I would like to highlight that we generated significant cash flows of $1.5 billion even after growth CapEx helping us reduce our net debt meaningfully. Our belief in the strength of our cash flows supported our decisions to grow the final dividend by 6% this year to $0.37 per share. This implies a full year dividend of $0.58 per share.

Turning to EBITDA reconciliation, as you can see on the slide, $1.7 billion of positive variance from a full year of contribution from Cairn India was the primary driver for increasing our EBITDA. The mining ban at our Iron Ore operations in Karnataka and Goa contributed to a negative variance of $637 million during the year. There was also a negative EBITDA contribution of $638 million from weaker commodity prices including zinc, copper and aluminum, which were partly offset by the higher premium to the LME prices relies on aluminum by $119 million.

Despite the industry wise cost pressures witness during the year our robust approvals to cost control and a weaker rupee has enabled us to maintain our competitive cost positioning in most of our businesses. This is evident by a net positive contribution of $66 million from cash cost reduction in spite of commodity linked price increase which amounted to $22 million.

There was also a net positive contribution of $154 million primarily from higher volumes in copper, power and Zinc India businesses. It is worth highlighting that we had been able to deliver on the metrics that are within our control.

Now turning to next slide; this chart helps to reconcile the growth in EBITDA to our reported underlying attributable EPS. Depreciation and amortization of $2.3 billion and interest expense of $521 million were higher than last year mainly as a result of full year impact of Cairn India acquisition. This is consistent with the guidance for the last year. We expect the appreciation and amortization to go up by about 15% next year resulting from commissioning of new projects and increasing production.

Our effective tax rate is lower at 2.4% for the year driven by tax holidays at Rajasthan oilfield of Cairn India reversal of deferred tax liabilities on acquisition related amortization costs and location based tax incentive at Zinc India besides one time gain on Cairn reorganization. We expect the tax rate to be around 10% to 15% next year as [you mean] the completion of group simplification.

Our minority interest was 91% of tax, Cairn India and Hindustan Zinc minorities were the largest contributor to the minority interest chart. This was further exacerbated by the lack of contribution from our iron ore operation.

Moving to the next slide; following our previous phase of substantial investment over the years, we had transformed our business and have now reached a point of inflexion, generating significant cash flows even after growth CapEx for the first time in the last few years. The cash flows are expected to increase going forward as we ramp-up production and our CapEx reduces. These cash flows will provide us with capital allocation flexibility, in turn, allowing us to further strengthen and deleverage the balance sheet.

Our feature CapEx spend will be significantly lower relative to our past investment program and our growing earnings profile. We expect to spend around $3.4 billion in metals and mining CapEx over new three years, which is around one-third of what we had spent already in last four years. Out of the $3.4 billion approximately $1.4 billion is flexible, and will be incurred subject to approvals and project milestones. The remaining will be invested at Hindustan Zinc and other projects within the group while – which provide attractive returns. Further, we are scheduled to spend approximately $3 billion and our oil & gas assets over next three years, focusing primarily on our Rajasthan block as you know Cairn is highly cash generative and has over $3 billion of cash already. Therefore, all of this CapEx will be funded through internal cash flows which aligns our sources and usage of cash.

Our current CapEx guidance doesn’t reflect additional money that will be required for Liberia and Gamsberg projects as we intent to follow a phase CapEx approach on these projects.

Moving to the next slide. We have a strong and liquid balance sheet and a balanced maturity profile. We have a substantial cash balance of $8 billion as on 31st March and have the ability to further draw down $2.1 billion from committed funded facilities. We take as proactive approach in ensuring that appropriate actions are in place to manage our near-term majorities in a timely and efficient manner.

There is $3.6 billion of debt maturing in Group during the financial year 2014 and $4 billion during the financial year 2015. Of 2014, most of the maturing debt has been refinanced, rolled over, and are repaid via internal cash flow. As specifically $810 million of convertible puts exercised in April was refinanced at approximately 4% with an average maturity of four plus years.

Of the $1 billion of maturing debt at subsidiaries $513 million refinancing has been tied up $430 million of project finance facilities is being rolled over and about $40 million was repaid to internal cash flows in the month of April.

For the acquisition data of $2.7 billion due to be transferred from Vedanta Plc to Sesa Sterlite post group simplification the plan is to refinance through a combination of bank debt, which is already tied up to a $1.2 billion loan and bond announcement this morning. For the remaining $500 million during January 14, we are considering a number of options including repayment via internal cash flows.

For the remaining debt maturities in 2015, we had a wide range of options to repay or refinance this debt, but we currently expect to use a combination of internal cash flows and bank funding for refinancing. As a result of near-term refinancing, we improved the balance of our maturity profile that maturities have spread evenly over the next few years.

In addition, Vedanta continues to have a diversified funding profile and improving track record of raising funds from a number of different sources. We have a strong relationship with banks and financial institutions in India and across the world, and the majority of our fund incomes from these relationships. The group has raised over $25 billion in capital over last 10 years and continues to have a strong excess to bonds convertibles another types update for future needs, if and then required. Thank you, M.S.

Mahendra Singh Mehta

Thank you, D.D. Good morning ladies and gentlemen. On the slide titled production growth and cost performance, give you the snapshot of demonstration of operational performance during the year. We delivered significant production growth across our portfolio, to highlight a few oil and gas 26%, commercial power 36%, copper Zambia 16%. While also delivering further improvement on our cost performance, quite notable the 10% reduction in the aluminum cost.

Moving on to the next slide, sustainability remains integrated to our business in everything that we do. New framework is in place and getting implemented. Focused efforts have yielded sustained six consecutive years of decrease in LTIFR, doing better than the average of industry peers, and FTSE-100 metals and mining growth. While we have some more work to do to eliminate fatalities from operations.

New plants in latest technology continuous to help us to deliver benchmark performance in environment, and with systematic efforts we delivered improving performance on specific water and energy consumption. On adding and sharing value during the year, we contributed US$5.3 billion to exchequer through various taxes, royalties and oil tax. We employ, around 90,000 people directly through our contractors, our community investment of US$42 million benefits some 3.4 million people.

Internal Sustainability Assurance Program started recently, audits and guides our people’s effort to build robustness in our sustainability initiatives. At this point I would request Elango to come over and talk about oil and gas, Elango?

P. Elango

Thank you, Mr. Mehta. Ladies and gentlemen, 2013 financial year has been a spectacular year for Cairn India enabling us to deliver record financial results. This is primarily driven by increased production of over 32% year-on-year from 128,000 barrels of oil per day to 169,000 barrels of oil per day along with best decile performance in cost, as well as in plant uptime that we achieved in that distant. The key highlight for the year was commencing commercial gas sales for the first time from the block. We’ve also managed to de-bottleneck the pipeline and tied up the crude oil sales arrangements in line with our production capacity.

The production from the block is expected to ramp up from the current level of about 170,000 barrels per day to a range of 200,000 to 215,000 barrels per day while exciting 2013, 2014. The production increase will primarily come from number one, current producing fields Bhagyam in particular we hope to ramp it up to an approved field production rate during the second half of this financial year and Aishwariya on the next few months.

Mangala field has demonstrated excellent production performance and continues to sustain production. The infill well drilling, as well as enhanced oil recovery method will help in sustaining this plateau level. We also hope to bring two other new fields into production, number one is Barmer Hill, the other is two small fields called NA and NE during this financial year.

In our other producing asset offshore one CB/OS-2 we completed a very successful infill drilling campaign, which has resulted in doubling the production potential. In the Ravva block, we are undertaking explanation of a high value high risk prospect in order to optimally adding us the potential of our mature assets, we continue to use various technologies driven interventions.

I may request you to turn over to the next slide, one of the hallmark of this year has been the opportunity to re-explore Rajasthan through a policy intervention by the Government of India. This would allow us to leverage and unlock the full potential of this world-class Rajasthan asset. We accordingly commenced the largest ever exploration and appraisal program in the history of Cairn India. We aim to find additional prospective resources and move them into conditioned resources and eventually to proven resource.

We enter this fiscal year 2014 on a firm footing in Rajasthan following a discovery in the Raageshwari-S-1 well, which is the 26th discovery in the block. We plan to drill around 100 exploration and appraisal wells in the block over the next three years, in order to monetize around $0.5 billion of prospective risk recoverable resource.

Our exploration strategy in Rajasthan is two-fold, one is we are targeting about 20 different play types, a half of them are proven, another half is new play types.

In our already discovered 20 discoveries from including Barmer Hill, our estimate of gross expected ultimate recovery is around 165 million barrels of oil equivalent. Now, this estimate is based on assuming a recovery factor of around 8%, so there is significant upside potential if we can successfully increase the recovery factors.

We have heightened the exploration activity across all our portfolio with an immediate focus on the four blocks excluding Rajasthan. I would just list them up quickly. One is we are targeting a high value, high risk exploration prospect in Ravva. We are apprising an onshore discovery that we made earlier during this financial year. We are then very happy to see a lot of progress in resuming exploration activity in all of the three fours measure block, which were held up for few years, we intend to restart exploration activity in these blocks, as soon as possible.

Our exploration strategy is really overall based on building a very balanced portfolio that we have on the international front. We are currently evaluating the opportunity to monetize the discovered gas resources in Sri Lanka. In the Orange Basin in South Africa, we’ve completed the seismic survey now in the phase of data interpretation. So our focus is going to be building a balance portfolio, but without losing the key asset of Rajasthan focus as such.

So we will remain very focused on our world class Rajasthan block with the exploration coming, we will execute the large exploration programme to unlock its full potential. Overall in order to meet our exploration in production growth, we plan to spend a net CapEx of about $3 billion, these will be generated internally for the next three years through financial year 2014 to 2016. Over 80% of this is expected to be spent in Rajasthan block, while the rest will be spend on our other assets. These estimates exclude any spend on new venture than development of new exploration recoveries in Rajasthan block.

Overall we have grown up a very ambitious work programme across our portfolio and its safe execution will therefore remain our focus. To this end and for faster approval process, we have initiated engagement with Government of India to reduce a lead time from discovery to production of new discoveries. We have submitted an integrated block development plan for the Rajasthan block, and are working with the government to secure its approval. Overall, we look forward to another year to consistently deliver long-term growth and value to all our stakeholders. Over to you Mr. Mehta.

Mahendra Singh Mehta

Thank you. Moving onto Zinc, as world’s largest integrated producer of lead and zinc, we continue to sharpen our operational efficiency as visible in Zinc India’s cost performance during the year. I’d like to remind you that our reported cost of production at $835 does not accounts for credit for lead and sliver; if does so the cost would be below $400 before royalty. Going forward we are well on our way to achieve near capacity that is $1 million tonne in this year, and expect to report stable cost during the year.

Volume ramp-up this year would also translate to production of more silver this year and we expect to increase our integrated saleable silver production by 25% during the year. On the exploration front, in sequence to our multi-year success in FY 2013 also we had great success, and we added much more than what we mined out during the year. As a result, we have 25-year mine life at Hindustan Zinc. We have rolled out $1.2 billion tonne expansion program in Hindustan Zinc involving a CapEx of US$1.5 billion to be spent over six years period and spend velocity will be more or less uniform across the year under $250 million to $300 million per year. The benefit of this in the form of increased volume will start showing up on third year onwards.

Moving onto Zinc International we delivered production in line with the mine plan and improved the cost performance during the year. In the FY 2014, we expect volume to be around 390,000 to 400,000 tonne, which essentially reflects some fall at the Lisheen mine, and we expect cost to remain stable. Active exploration programme in the existing mine element is continuing, and we hope to add more element, more R&R as we go forward. On 186 million tonne Gamsberg deposit the feasibility study is in progress, while we are also progressing on obtaining necessary approvals. The mandate to the technical consultant is to design a phased development of the mine in beneficiation plant.

Moving on to iron ore; although took longer than expected, we now have received the clearance for our Karnataka mine from the Supreme Court. And after obtaining a regulatory approval, which is in process we expect to resume mining in the month of June. The quarter also spells out metallurgy to seek enhancement of the capacity beyond the provisional ceiling of 2.3 million tonnes of Karnataka. We are in state of preparedness to resume mining and ramp-up the production, as soon as we get the regulatory approval.

On Goa, while currently the state wide bank continues we are hopeful to get an early resolution of the matter after the court reopens post summer recess. Once again on exploration, we met significant success at Sesa Goa with a net addition of 59 million tonne taking a mine life to 20 years at the full capacity as for MOEF approval.

On Nigeria, our upcoming iron ore project in the West Africa, the first year exploration drilling reconfirmed its potential 65,000 meter drilling established certified iron ore of nearly 1 billion tonne iron ore and further drilling continues and we expect approval iron ore in excess of 3 billion tonne.

We talked about the phased development of our projects. In the first phase of 2 million tonnes at Liberia we plan to commence mining in the brownfield deposit, while detailed feasibility of the complete project is underway our CapEx in the initial phase of 2 million tonnes is expected to be of the order of 180 million to 200 million, wherein we should transport the ore by road and focus on accessing DSO.

We expect the first shipment to commence in March 2014, this is in line with our phased development for all projects to basically de-risk and ensure that we have a uniform CapEx requirement.

Moving on to Copper-India and Australia; in Australia copper mining operation has delivered strong operational performance in the form of increased volume in FY 2013, here also though small but we added to R&R, and now we have mine life of four years at Australia. Our custom smelting operation in India delivered excellent operational performance reflected in 8% higher volume, however, in the cost it was negatively impacted due to lower sulfuric acid realization, which impacted the by-product credit significantly.

On the captive power plant of 160 MW, the first unit of 80 MW is stabilized also operating at 81% PLF in the Q1, currently it is operating at full capacity. The second unit is expected to be commissioned later this quarter.

On smelter update, a closure order was issued by the State Pollution Control Board on 29th March in response to some public complaints of sulfur dioxide emission. Our appeal against the order has been admitted by the appellate court National Green Tribunal. The expert committee appointed by the appellate court has submitted its report weren’t they observed that the plant parameters during the inspection was a full compliant hearing this on and we appeal a trouble in our diplomat.

Moving onto Copper Zambia, at Copper Zambia operations e delivered improving performance in the form of 16% higher integrated production driven largely by ramp up of the Konkola mine with the development of mid-shaft level, higher volume from Tail Leach plant at the back of improved recovery. However in Nchanga, due to suspension of mining in this January that cost F&D because no production. The cost were higher largely impacted by very high increase in the previous (inaudible) this year I think that we able to continue the mid increase to much lower percentage, and in the last year there was a significant increase in the power and the fuel cost.

Again on R&R specifically to Copper Zambia, we had a net addition of 78 million tonne currently with 717 million tonnes R&R at average grade of 2.1% the mine life of in excess of 25 years. At Konkola, where we developed KDMP project recently at the bottom shaft level, the last milestone is crusher chamber completion in June, which would support Konkola mine ramp up at the rate of 25% to 30% every year annually.

Going forward in FY2014, we expect a production volume of 180,000 to 190,000 tonnes integrated production driven largely by Konkola ramp up and redemption of mining at Konkola Nchanga as COP F&D. We expect COP to be slightly higher in H1 due to non-existence on low production from Copper-India 240 cents but we’ll quickly move to a cost of order of 200 cents in H2 of the year. On the smelter, as we’re speaking the smelter is about to start production post-repairs which happened due to metal leak in April.

Moving on to Aluminium, at Vedanta Aluminium- Jharsuguda we delivered strong operational performance dignified in the form of reduced power consumption in aluminium smelter and significantly reduced cost of generation at its captive power plant. The operating cost of the power plant was largely benefited by improved coal availability and lower cost of e-auction coal. This helped us to sustain our position in the second quartile of the global cost curve even without captive bauxite.

While the full-year cost was around $1,870 per metric tonne the Q4 cost was below $1,800 per metric tonne, and I must emphasize using imported alumina, because we’ve close down the alumina refinery at Lanjigarh or shut down the operations in the month of September. Other side at BALCO the costs were adversely impacted by the reduced quantity of linkage coal as in terms of the coal-block tapering policy.

The other highlight of the year was significant improvement in the realized sales premium, delta year-on-year was $165 and we realized net sales premium of around $370 per ton. Overall, the highlight remains lower of cost positioning sustained basis even without captive bauxite, 11% EBITDA margin despite 11% fall in aluminum price and rise in sales premium.

On the BALCO coal block we obtained the second stage for as clearance and we expect to commence production in the Q2 of the current year. On the overall bauxite scenario, recently Supreme Court ordered the Environment of Ministry to take a final decision in five months based on the recommendation and consultation with the village counsel. Separately we’re also walking on the alternate sources of bauxite under our 150 million tonne MoU with the state government. We also hope to draw support from the Ministerial Committee of the Government of Odisha specifically constituted these availability of [mineral] raw materials with an unique, which have been value addition in the State of Odisha, like for example we have alumina plant in the State of Odisha. We are parallely also working on the regal deposit or 250 million tonne.

Moving on to power. Power sales were 36% higher driven by ramp up of 2,400 megawatt power plant. The PLF was constrained a 58% in Q4 due to evacuation capacity, (inaudible) things have happened in last two months and going forward we expect to deliver 60% to 70% PLF in near future for all the four units held by additional transmission capacity recently commissioned and also partially using of the restrictions in post, post August 2012 did failure.

The cost of generation in Jharsuguda was lower due to operational efficiency and increased availability of linkage coal, while the auction coal price also came down in response to fall in the industrial coal price. On the overall coal and power scenario, the supply from Cairn India seems to be improving. Cairn India achieved 99% of their dispatch target in the FY2013, we find Coal India is focusing on the volume increase in the production, reducing the liquidation of the stock to increase the supply rate, and also improvement in quality. I think these are good developments to help the power sector in the long-term.

While the power sector witnessed from significant changes to improve the financial health of the State [discomps] in the form of better remunerated tariff realized during the last one year, and lot more is need to resolve the peculiar situation of power shortage at the consumer end, while the generators are not able to evacuate and realize the reasonable tariff. On the Talwandi Sabo power project, it’s progressing well, and we expect to commission the first unit in Q2 followed by next unit within four months thereafter.

With that we’ve come to end our presentation, and we’ll be very happy to take your questions now. Thank you.

Question-and-Answer Session

Unidentified Company Representative

Any question in the room first. I would request to introduce yourself before you ask a question and then we’ll take questions from the phone line.

Liam Fitzpatrick – Credit Suisse

Good morning. It’s Liam Fitzpatrick from Credit Suisse. Two questions, just on the, I guess, the use of free cash flows going forward. You’ve been active in M&A, in the past. Free cash flow is coming through is something investors like. Are you very much focused now on the organic side of the business, or is M&A still a core part of your strategy. And then secondly on the financing side, it looks like you’re refinancing at a very low rates, can give a bit color on the $3 billion of bank loans and bonds that you are using to refund in terms of rates? And also, on a blended basis what’s the cost of financing at the moment, at the power business?

Unidentified Company Representative

So, on your first point on the M&A link with the free cash flow, so while we don’t rule out anything, but we already have as you mentioned a world-class portfolio of assets and our strategy [brightly] has been laid out and the focus is very much on deleveraging, continuing to ramp up of our existing operations and exploiting these assets that we have already invested it. We also believe that our world-class asset of assets present to us plenty of opportunities to grow from redeem. So at this point of time, while we don’t allow anything than nothing in the pipeline on the M&A side.

Liam Fitzpatrick – Credit Suisse

On a blended basis, our (inaudible) has cost of borrowing is 6.8%, and you are right that we have access to [chief] financing and the loans what we have already tied up out of 2.7, 1.2 which is tied up that is around 4% all in, and balance is going to be marketed it.

Mahendra Singh Mehta

Cost of data. Well that’s interesting point. In fact, we have as of now partly the rupee loan, which is at 12.5%, which we are refinancing to very attractive market in terms of sub 9% in rupees and the dollar loan is all in cost is around 4%.

Grant Sporre – Deutsche Bank

Good morning. Grant Sporre from Deutsche Bank. Two questions just [arguably] in your recent litigation prices the losses of pieces of (inaudible) would be buying out the minorities particularly in Hindustan Zinc. So I’d just like to note, what the progresses on that. And secondly, my assumption is that effectively the cash within Hindustan Zinc is locked up and you don’t really have the freedom, more decreases of freedom to distribute that and use that as you see fit. So, please correct me if I am wrong on. And then secondly you talked about your return hurdles, could you share with us what those return hurdles are in terms of [IRO] returns et cetera. Thank you.

Unidentified Company Representative

John on the return hurdles of we have in the past decade our stated policy that our minimum expectation of return is at least 15% post tax IRS and that to a very conservative long-term commodity prices. So that’s the minimum expectation we have. In reality the returns are significantly higher than that. So that’s on the returns. That cushion on simplification was linked with the minority, just can you repeat that (inaudible).

Grant Sporre – Deutsche Bank

Okay. Some assumption is that the cash with the Hindustan Zinc is effectively attracting trapped there and you can’t really use it or up stream it or you don’t have the decreases of freedom, because of the government stake in the Hindustan Zinc. So first of all correct me, if I am wrong on that?

Unidentified Company Representative

That’s not entirely true, because we have the option to up stream the dividend for example and that perfectly fine.

Grant Sporre – Deutsche Bank

Okay, but obviously that’s going to come at a cost.

Unidentified Company Representative

That’s correct

Grant Sporre – Deutsche Bank

And then, the second question on top of that is, I know you want to go up in the northeast or you had in the past month to do that in (inaudible) is there any movement going it progress on that

Unidentified Company Representative

This is very interesting that we have no doubt that this will happen because the government has never seen this kind of return that we are giving them, never seen this kind of return, but we must accept that we are in the largest democracy of the world. One fourth population of the world live here and it has it’s own dynamics, in country like 1.2 billion people and with the 40% people of the age group of 18 to 25, it is – it has its own dynamics, country like that resource company, we are the only resource company, company like us should be 20 company in India, we need to have patience. The dynamics are different. I have been asked, I have no doubt this will happen, it has amazing we have a kind of asset we are sitting, it’s hard to come by. One of the world’s best assets we have in India.

So, to your question, I can’t answer when it will happen, but there is no question it will not happen, either we go, we have to upstream by dividend and I get assurance by assurance that is going to happen but in the democratic process, we have to have patience, we are opening at the country and it’s going to have a windfall for everybody, just how it look.

Grant Sporre – Deutsche Bank

Thank you.

Roger M. Bell – JPMorgan Securities Plc

Hi, Roger Bell from JPMorgan. Just a question on the timeline the completion of the restructuring process, that you’d previously originally giving guidance for the complete by the end of calendar year 2012, which you’re willing to put a date on when you expect it to complete and sort of assuming you should have come with a date on that, what reassurance can you give us in terms of how long it’s going to take or whether it is definitely going down, but the Madras court will approved this.

And then secondly just could you sort of clear off any issues with what requires anybody that’s making claims in the Madras court have to come back and appeal their decision after the Madras court orders have given.

Anil K. Agarwal

So this is again, I’m sure I said, it’s a very democratic process, very transparent it’s been happening for all the time. Mergers are very normal usual process, sometime it’s delayed. I have no doubt this will not happen. It should have finished by this time. The people who have come to the court asks various questions, courts are evaluating, but we have no doubt that is not going to happen because it’s completely not linked with the budget.

Timeline, we thought it would have been finished. Courts have gone under the vacation and as we appeal everybody can – we have appellate, we can go for the appeal, the appellate has the authority to take. But, we have a very strong ground position that it’s a win-win for everybody. It has to happen. It’s in good interest. It’s a law which has to go by, and which very clearly provide that the merger should place, government is for it, the courts are for it, but the timeline can take another couple of months.

Cedar Ekblom – Bank of America Merrill Lynch

Good morning. Cedar Ekblom from Bank of America Merrill Lynch; just on your Konkola copper asset, we saw our cash costs go up again year-on-year, you explained why. And you have guided to cost falling below $2 at the second-half of this year. Can you give us some guidance on the longer-term cost target at that mine? I know you’ve spoken in the past of being well below $2, does that still stand, or do you feel that there been a structural change in the cost position of Zambia with increased labor cost, power issues, et cetera? Thanks.

Unidentified Company Representative

So, Cedar, we have the benefit of Jeyakumar being on the call, so Jeyakumar if you have followed the question that was Cedar from Bank of America Merrill Lynch, could you respond.

Unidentified Company Representative

Thank you, sir. Yeah, in terms of a long-term guidance, we still believe that we’ll be able to achieve our cost of $1.50 and while there are structural changes in Zambia, but there are also structural productivity measures and efficiency measures and the growth of production that is planned on the back of the investments done. So we genuinely believe because we have the high grade assets, will be able to achieve that $1.50 cost on a long-term basis.

Roger M. Bell – JPMorgan Securities Plc

Just a follow-up, previously the long-term cost guidance was closer to $1.50 and in terms of the increase that you’ve seen, would you put it mostly down to labor issues in Zambia and in that region, obviously, with more miners to Central Africa to mine copper, and also the power issue or logistic. And then also a follow-up question in the region, can you just comment a little bit in terms of the fiscal situation there? Are governments going to looking at taking a bigger portion of that part?

Unidentified Company Representative

I’ll answer your questions first for the last part of the question. In terms of government, their stated position is very clear, they would not want to take a bigger stake in the mining companies, they would continue to be the investing levels at they are right now, like (inaudible) hold around 20% of KCM. In terms of transparency, they really want to understand what’s going on. So there are a lot of mechanisms being put in place for them to understand the way business is being done and as governance and transparency is extremely high in a company like us, it rather sort of brings out strength in the open forum to the government, which adds creditability to the company.

So we don’t see them trying to go beyond where they are right now, because, obviously, they also see commodity prices coming down and therefore putting pressures on companies. So, there is this dialogue constantly going on with the government to ensure that they are in line with our stated objectives. In terms of the long-term cost pressure that has changed in the last five years, it is not logistics, but it is surely on manpower and power, so those are two areas where cost have structurally changed and also the oil prices. I would say that have got a significant impact and recently Zambia released the duty structure on oil got changed. So that also had a structural change. So these are some structural changes that have happened, which get [neglected] by the efficiency that we have to drive.

Thorsten Zimmermann – HSBC

Yes. Thorsten Zimmermann from HSBC. I have two questions. The first is looking at the BALCO result. Could you please explain – it’s a good idea to start up BALCO 325,000 tonnes later in this year. What do you expect corporate wise from that. And the other question is looking at the EPS adjustment that you did. Could you please detail a bit what is behind these other losses that you have really adjusted?

Unidentified Company Representative

[I think] this is the (inaudible) the developers are also going to get started a coal block and largely the cost of BALCO went up, because of the business supply of linkage coal, which is a cheaper coal as against buying from the (inaudible). So once we BALCO coal block settle reunite cost efficiency of coal cost and get far more or less with the Vedanta Aluminium or get better. The other item, which is metal detail, but as of now BALCO is also carrying burden of, carrying some large work force, idling work force foreclosure of the old plan, we did in 2009. And we need to reemploy that work force when you try to. It is going to also ease out that situations that make sense for BALCO to restart, to start smelter plant. So we expect BALCO to remain and we evaluate in the second quarter also 10 basis on cost.

Unidentified Company Representative

To the next line, I’d like to talk about the adjustment to EPS, there is a difference between basic EPS and underlying EPS, that is largely on account of the FOREX MTM losses and partly on the redundancy payment what was made at the units.

Thorsten Zimmermann – HSBC

May I ask about this FX losses that you mentioned, because if I look at the exchange rates that you employed last year we have continued rupee versus dollar (inaudible) account is that applicable at your company also strengthened versus, the dollar deteriorate, we had reverse everything weekly, so why did we have last year large FX losses and this year with the revert tendency the same, could you please explain why (inaudible).

Din Dayal Jalan

It is on day-to-date that whatever is the exchange rates is on 31 March to 31 March, that change that’s accounted for while calculating the MTM losses. On 31st March 2012, the exchange rate was $51 and on 31st March, 2013 the exchange rate was $54.5, so that’s a depreciation of almost 6%, whereas in the last year 2011 and 2012 the difference was almost 12% or so.

Thorsten Zimmermann – HSBC

Okay.

Unidentified Company Representative

No more questions in the room, we can take questions from the line. Operator?

Operator

Sure, sir. Thank you, very much. (Operator Instructions) The first question is from Ravi Ratanpal from JP Morgan. Please go ahead.

Ravi Ratanpal – JPMorgan

Good afternoon, gentlemen. Thank you for the call. My question is on the debt covenants and specifically on EBITDA by interest expense which is the covenant, as well the presentation is lengthened 4x, and if I look at the numbers it is actually 3.4x, so are we in a reach of covenant here?

Unidentified Company Representative

Reach of any covenant, we are very mindful of all the covenants and we have got sufficient headroom in each and every covenant which has been laid down.

Ravi Ratanpal – JPMorgan

Because if I try to compare with the previous presentations where it has been mentioned that it is EBITDA by net interest expense so if I go by that definition then in the current EBITDA by net interest expenses 3.4 compared to the covenant requirement of 4x.

Unidentified Company Representative

So, if the maximum is 4x, and we are well within that. We could not understand your question if you can just try to explain it a little bit please.

Ravi Ratanpal – JP Morgan

My question is on covenant, okay. As per your EBITDA by interest expense covenant should be greater than 4x, but if I go by what is reported in the numbers, in the prelim numbers your EBITDA by interest expenses is 3.4x, whereas the requirement of the covenant is 4x.

Unidentified Company Representative

Okay.

Ravi Ratanpal – JP Morgan

It should be greater than 4x. Yeah.

Unidentified Company Representative

Okay. It is the – actually as on 31 March 2013, EBITDA by net interest expense is 9.04 against the requirement of 4.

Ravi Ratanpal – JP Morgan

Because, I’m just going through the prelim result, it is mentioned that 3.4x and in FY’12 it was 4.5x.

Unidentified Company Representative

There seems to be some confusion here, because we are very clear on this, but maybe you can take this question more in detail with Jalan offline?

Ravi Ratanpal – JPMorgan

Sure.

Operator

Thank you. The next question is from Abhi Shukla from SG please go ahead.

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Hi, good morning. I would like to ask four questions if I may. First is, if you were to run your Lanjigarh refinery using third-party bauxite, what is your approximate cash cost of production and what will it be if you were to get the captive bauxite mining? Second is and you mentioned that you would soon begin production at BALCO coal, you are getting a new coal block, do you see any risk coming from all this Supreme Court problems which we are seeing everyday in the news? Third is, has anyone appealed against the decision of High Court at Goa regarding the restructuring? And finally, could you please share the case number in Madras High Court regarding your group restructuring?

Unidentified Company Representative

I think on the Lanjigarh cost, you know that where Lanjigarh is operating, our cost was around $340 to $350 per metric tonnes and we used to operate this mine almost at the one full year with the 1 million tonne operating run rate. So as we review the processing, the cost will be the same or similar ballpark range.

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Yeah.

Unidentified Company Representative

I hope that answers your question on the Lanjigarh alumina cost if and when we start the operation using third party bauxite. The extended question is that what would be the cost in case we have captive bauxite.

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Yes.

Unidentified Company Representative

This is very close captive bauxite, our cost will be about – if it is Odisha bauxite, because the difference of logistic costs, and also the cost of quality, which requires less caustic soda. So…

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Yes.

Unidentified Company Representative

If it is a very close by deposit, the cost will be about $150 to $175, depending on the distance, this can go to $200 per metric tonne also. So, from there you can work out its impact on aluminium costs knowing that we require 2 tonnes of alumina for a tonne of aluminum.

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Yes, okay.

Unidentified Company Representative

Okay, on the coal block. We will start the coal block in the second quarter, and the ramp-up should happen soon, so we don’t anticipate, it will be in totally speculative for us to imagine that what’s happening in Supreme Court or in CBI. So, as far we are concerned, we are one of the few allottees whose coal block has done a reasonable and good progress in that sense.

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Yes, absolutely true.

Unidentified Company Representative

That’s where our strong foot stand at this point of time.

Abhishek Shukla – Societe Generale Global Solution Centre Pvt Ltd.

Fair enough.

Operator

Thank you. The next question is from Pinakin Patel from JPMorgan. Please go ahead.

Unidentified Company Representative

Not on the question on Goa.

Unidentified Company Representative

There was one more question, I can answer that?

Operator

I’m sorry.

Unidentified Company Representative

Regarding the appeal at Goa Court, I think this was filed by an individual shareholder, and all the questions raised has been properly addressed in the earlier court decision, which has been based on which Goa High Court has approved the merger. So, we don’t expect any substance in this, and coming back to Madras High Court, I think as you all know that the hearing has taken place and it is almost seven months time, and now the court is on vacation, and we expect that after the vacation the judgment will be out. I’ll just remind Mr. Ravi, who asked the questions about the covenant, please refer to page number 39 of the presentation, which talks about all the phase metrics, and which says the metrics for FY2012 and FY2013.

Operator

Thank you. Mr. Shukla, do you have any further questions.

Unidentified Analyst

One more if possible. Can I just have the case number in Madras High Court, so that we can track it much easier?

Unidentified Company Representative

We don’t have that information to share with you.

Unidentified Analyst

Okay, thanks.

Operator

Thank you. Next question is from Pinakin Patel from JPMorgan. Please go ahead.

Pinakin Patel – JPMorgan

Thank you very much everyone. Two quick questions, first the question on the Hindustan Zinc BALCO stake purchase. Yesterday and today there were news reports of the Indian Government potentially allowing protocol options to be part of shareholder agreements. Now just wondering that if this way to go through. Would this impact the original shareholder agreements that Vedanta/Sterlite had with the government or would any stake still happen at the new proposed price offer that Vedanta had made. And my second question is relating to the Supreme Court judgment on Niyamgiri in the entire Grama Sabha issue. Now if over the next three months, if this were not to come through in the Grama Sabha were to go against or vote against this project. Then what is the progress on the alternative bauxite sourcing or the Regal mining lease, prospecting lease?

Unidentified Company Representative

Niyamgiri I think we clarified that we are looking at multipronged approach, so Davangere just one of the solutions and Odisha is a huge deposits and many other deposits, which are right now not opened up.

So as you mentioned in the earlier prepared remarks that we seem to make some progress in common taking [previous] view of the situation, they set up the committee also of Ministers to examine and improve, find ways and means to improve, availability of mineral based raw material for Odisha based processing plant, which is one of our plant. And there are few deposits without going in detail. Odisha Government has made the ground walk for obtaining mining lease for those deposits, and we hope to walk with them closely to make sure that they reach I would say culmination point.

On the Regal, same situation where they are processing – they point out here is that at time to be expect things to move very fast, which doesn’t happen at reality, but I think I would say that despite the slope lease we are happy with the direction in which things are moving.

Din Dayal Jalan

And I think on your call option subject, you are aware of the situation where we have been engaged with the government for the last several years on this and at this point of time, we do not know what the basis will be, but like you are aware for Hindustan Zinc there is a benchmark in terms of the Hindustan Zinc’s selling stock price. So we do not know whether that will be the basis or so we’ll have to see how that progresses.

Pinakin Patel – JPMorgan

Understood. Thank you very much.

Operator

Thank you. The next question is from (inaudible). Please go ahead.

Unidentified Analyst

Thank you. Thanks for your call this morning. My question relates to a specific issue on a bond, which was converted into equity in January 10 you had a call option on the bond at the time and shareholders were either paid out in cash or in equity and those shareholders who elected to take that bond in equity got a particular line of equity, which is quoted in Luxembourg frustratingly for holders of this particular line of equity, which I think enjoys exactly the same rights as your ordinary equity except voting rights attached to the stock. The liquidity in this issue has completely dried up and it trades on a 70% discount to the underlying equity.

We have made attempted or many attempts to garner whether it would be in your interest to try and buyback maybe not at our value, but at a discount, is it something which even you’re aware of or if it is you are aware of this line of Luxembourg stock, which I suspect causes you also the complaint issues in its own right, is it something which maybe you can buyback or try and get some liquidity back into the issues, I love to hear your thoughts on that, thank you.

Anil K. Agarwal

We are fully aware of it and what you’re suggesting we will be taking into account and see what we can do.

Unidentified Analyst

Are you able to commit to a timeframe for doing that?

Anil K. Agarwal

Hi, I hear your view but first of all you said you are aware of this not you are fully aware what it is. And we completely legitimate position and we hear and suggestion but you said and will consider.

Operator

Excuse me sir, do you have any further questions.

Unidentified Analyst

Yeah, no I just want to whether there is a timeline as to your consideration on this issue.

Unidentified Company Representative

We have – I mean, as I said, that we are fully aware of what you said ourselves, and then we – what we said we are fully legitimate to what position we have. And we will – what you suggested, we’ll work on it. We will come back.

Unidentified Analyst

Okay, okay, okay. Great, thank you gentlemen, thank you.

Operator

Thank you. Ladies and gentlemen, due to time constraints that’s was the last question. I now hand over the conference back to Mr. Ashwin Bajaj for closing comments.

Ashwin Bajaj

Thank you for joining us today, and if you have further questions please do contact us offline. Thank you.

Operator

Thank you. On behalf of Vedanta that concludes this conference call. Thank you for joining us. Have a nice day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Vedanta Resources' Management Discusses F4Q12 Results - Earnings Call Transcript
This Transcript
All Transcripts