Vedanta subsidiary Hindustan Zinc Limited (HZL) has received a penalty order from the Office of the Commissioner, Central Goods & Service Tax - Udaipur. The order, received on October 31, 2025, confirms a penalty of Rs 1,08,04,533 along with tax demand and applicable interest.

Penalty Details

Company's Response

Hindustan Zinc Limited has stated its intention to file an appeal before the Appellate Authority within the prescribed time limit under the Excise Law. The company expects a favorable outcome and does not anticipate the order to have any material financial impact on its operations.

Regulatory Compliance

This disclosure was made by Hindustan Zinc Limited in compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The company informed the stock exchanges about this development on November 01, 2025.

Market Implications

Despite the significant penalty amount, Hindustan Zinc's expectation of a favorable appeal outcome suggests that the long-term financial implications may be limited. Investors and market watchers may monitor the appeal process and its potential impact on the company's financial statements in the coming quarters.

Vedanta Limited , a global diversified natural resources company, has announced its financial results for the second quarter, showcasing robust growth and operational achievements across its business segments.

Financial Highlights

Vedanta recorded its highest ever second quarter revenue at ₹39,218.00 crore, marking a 6% year-over-year increase. The company achieved a record second quarter EBITDA of ₹11,612.00 crore, up 12% compared to the same period last year. This growth was supported by a 69 basis points expansion in EBITDA margin to 34%.

Profit after tax (PAT) before exceptional items jumped 13% year-over-year to ₹5,026.00 crore. The reported PAT stood at ₹3,479.00 crore after accounting for exceptional items.

Operational Performance

Vedanta demonstrated strong operational performance across its business segments:

• Aluminium: Record quarterly alumina production at 653 kt, up 31% YoY. Aluminium production reached 617 kt, a 1% increase YoY.
• Zinc India: Highest-ever second quarter mined metal production at 258 kt, up 1% YoY. The company achieved its lowest Q2 cost of production in the last 5 years at $994/t.
• Zinc International: Mined metal production jumped 38% YoY to 60 kt, with Gamsberg's production increasing by 54% YoY.
• Oil & Gas: Production stood at 89.3 kboepd for Q2.
• Iron Ore: Record quarterly pig iron production at 238 kt, up 26% YoY.

Strategic Developments

Vedanta made significant progress on new projects, including:

• Commissioning of 1.3 GW of new power plant capacities
• First metal production from the new BALCO smelter
• First alumina output from the 1.5 MTPA train 2 at Lanjigarh refinery
• Start of 160 KTPA Roaster at Debari

Financial Position

The company's net debt to EBITDA ratio improved to 1.37x from 1.49x in the same quarter of the previous year. Vedanta maintained a strong liquidity position with cash and cash equivalents of ₹21,481.00 crore.

Management Commentary

Mr. Arun Misra, ED, Vedanta, commented on the results: "Our H1 performance reflects Vedanta's resilience. We delivered 8% YoY EBITDA growth in a period marked by uncertainties and lower prices of key commodities that we deal with versus the annual average of the previous year. Supported by this increased production capacity and the recovery in commodity prices, Vedanta is well positioned to deliver its best performance, with full year EBITDA potentially surpassing the historic best EBITDA of ~USD 6bn delivered previously."

Dividend

The Board of Directors approved a second interim dividend of ₹16.00 per equity share, bringing the total dividend declared for the current fiscal year to ₹23.00 per equity share.

Vedanta's strong Q2 performance, coupled with its strategic initiatives and operational improvements, positions the company for continued growth in the coming quarters. However, investors should note that future performance may be subject to market conditions and commodity price fluctuations.

About Vedanta Limited

Vedanta Limited is a diversified natural resources company with operations spanning India, South Africa, Namibia, and other global locations. The company is a major producer of oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium, and power.