It's been a good year for Vedanta. We have achieved record levels of production, record sales of power, and an impressive 55% increase in EBITDA as we continue our focus on delivering growth and creating long-term value for our shareholders.

Our extensive investment in organic growth projects continues, driving strong EBITDA and cash flow growth. We announced two strategic acquisitions, expanding and diversifying both our geographic and commodity footprint.

Financial Performance

Against a background of recovering economic conditions in the developed world and continued strong demand from emerging economies, we have delivered a robust financial performance. Strengthening prices, increased volumes and a continued strong focus on operational efficiency contributed to a substantial growth in revenues to US$11.4 billion, up 44% on last year, and in a record EBITDA of US$3.6 billion. EPS was up 29% during the year. We continued to deliver volume growth, with significant increases achieved in Zinc-Lead, Aluminium, Commercial Power and Copper from our Zambian operations.

The balance sheet remained strong and liquid, with net debt remaining low at US$2.0 billion and cash and liquid investments position at the end of the year of US$7.8 billion. Gearing was at a conservative 12.6%, after capital expenditure of US$2.5 billion on growth projects and the acquisition of Anglo American's zinc assets; our proposed acquisition of Cairn India is fully funded. Our free cash flow demonstrated a healthy growth to US$2.4 billion.

On behalf of the Board, I would like to thank all our 31,000 employees for their contribution to these excellent results. Their commitment and hard work are critical to our performance and ensures we deliver the quality that underpins our reputation.

Operational Performance

The ramp up of our various expansion projects contributed to record production volumes in the year.

Zinc production at our operations in India rose significantly as the 210ktpa smelter at Dariba commissioned at the end of FY 2009–10 ramped up. We are also well on the way to becoming one of the world's largest integrated silver producers as we ramp up production at the Sindesar Khurd ('SK') mine. Once the SK mine reaches full capacity by the end of FY 2011–12, we will have a capacity of 16moz of refined silver per annum.

We started two 600MW units of the 2,400MW power plant at Jharsuguda and also announced the addition of a fourth 660MW unit at the Talwandi Sabo power project. The power generated by this new unit will be largely sold in the merchant market, significantly enhancing the overall return of this project. The first phase of our 150MW wind power expansion project has been commissioned: when complete, this project will make us one of the largest wind power producers in India.

We remain committed to an integrated aluminium strategy, and we continue to engage in discussions with the Government of Orissa regarding access to alternative sources of bauxite.

Mergers and Acquisitions

We completed the acquisition of the zinc assets of Anglo American in the second half of the financial year, increasing our zinc-lead capacity to 1.5mtpa. This acquisition makes us the largest producer in the world and extends our geographic footprint in Africa.

We also announced the acquisition of a majority stake in Cairn India Limited. Cairn India represents a unique opportunity for Vedanta to develop its presence in the attractive oil and gas sector. With our strong track record of integrating acquisitions over the years, we will seek to accelerate its growth and harness its substantial resource base. Acquisition funding has been secured, shareholder approvals granted and the open offer for shares of Cairn India has been completed. The transaction is currently awaiting approval from the Government of India.