We delivered strong operational and financial performance in FY 2024-25, driven by our continued focus on controllable factors such as resetting the cost base through diverse optimisation initiatives, disciplined capital allocation, working capital efficiency, marketing strategies, and volume growth — all underpinned by robust safety measures and compliance with corporate and government guidelines.
For FY 2024-25, we reported an EBITDA of ₹ 43,541 crore, up 19% Y-o-Y, with a strong adjusted EBITDA margin1 of 34% (FY 2023-24: ₹ 36,455 crore, margin 30%). The growth was primarily led by favourable commodity prices, rupee depreciation, cost-saving, and higher premiums, partially offset by the one-time Cairn arbitration gain in FY 2023-24 and input commodity price inflation.
Cost and marketing initiatives contributed ₹ 1,331 crore to EBITDA, primarily driven by Aluminium, HZL, Oil & Gas business. Market factors increased EBITDA to ₹ 11,198 crore, largely driven by stronger commodity prices and currency depreciation.
As of 31 March 2025, gross debt stood at ₹ 73,853 crore, up ₹ 2,094 crore due to increase borrowing at Vedanta Standalone, HZL, ZI, BALCO, partially offset by loan repayments at THLZV. Net debt declined by ₹ 3,088 crore to ₹ 53,250 crore, supported by strong operating cash flows, strategic actions like QIP and the HZL offer for sale, partially offset by capex outflow and shareholder returns. Our balance sheet remains robust, with cash and cash equivalents of ₹ 20,602 crore (up 34% Y-o-Y) and a Net Debt to EBITDA ratio of 1.2x (FY 2023-24: 1.5x).
Commodity price fluctuations have a significant impact on the Group’s business. During FY 2024-25, we saw a net increase of ₹ 10,683 crore on EBITDA.
Prices of key raw materials such as imported alumina, have increased in FY 2024-25, negatively impacting EBITDA by ₹ 1,295 crore, primarily at Aluminium partially offset by Iron & Steel business.
Rupee depreciated against the US dollar during FY 2024‑25. Stronger dollar is favourable to the Group’s EBITDA, given the local cost base and predominantly US dollar-linked pricing. The favourable currency movements positively impacted EBITDA by ₹ 1,810 crore.
Key exchange rates against the US dollar:
Lower volumes led to a net EBITDA decline of ₹ 1,475 crore, with impacts from the following businesses:
Cost reduction initiatives delivered an EBITDA gain of ₹ 1,331 crore, primarily driven by improved efficiencies in the Aluminium, HZL, Oil & Gas business.
This primarily includes one-time Oil & Gas arbitration award by ₹ 4,637 crore partially offset by strategic hedging gain and precious metal sale at ASI, impacting EBITDA negatively by ₹ 3,968 crore.
Revenue for FY 2024-25 stood at ₹ 1,50,725 crore, up 6% Y-o-Y (FY 2023-24: ₹ 1,41,793 crore), primarily driven by favourable commodity prices, higher premiums and rupee depreciation. This was partially offset by the one-time Cairn arbitration gain in FY 2023-24 and lower volumes.
EBITDA was ₹ 43,541 crore, 19% higher Y-o-Y (FY 2023-24: ₹ 36,455 crore), supported by stronger commodity prices, rupee depreciation, cost savings, and higher premiums. These gains were partly offset by input commodity price inflation and one-time Cairn arbitration gain in FY 2023-24 We maintained a robust adjusted EBITDA margin of 34% (FY 2023-24: 30%).
Depreciation rose 3% Y-o-Y to ₹ 11,096 crore (FY 2023-24: ₹ 10,723 crore), mainly at Oil & Gas, HZL and Aluminium business.
The blended cost of borrowings increased to 10.2% from 9.6% Y-o-Y. Finance costs stood at ₹ 9,914 crore, up 5% Y-o-Y, due to higher average borrowings and an increase in blended cost of borrowings.
Investment income grew 27% Y-o-Y to ₹ 2,983 crore (FY 2023-24: ₹ 2,341 crore), driven by higher average investments, and one offs.
Exceptional items for FY 2024-25 was at ₹ 1,868 crore, mainly due to impairment reversal in the Rajasthan Oil & Gas block, partly offset by provisions for impact of state levies in Zinc and Iron Ore businesses.
Refer Note [36] in the financial statements for further details. Click here.
Tax expense was ₹ 6,342 crore (FY 2023-24: ₹ 12,826 crore). Normalised effective tax rate reduced to 27% (FY 2023‑24: 36%), driven by a change in profit mix and reduction in tax rate of a foreign subsidiary.
Attributable PAT before exceptional items was at ₹ 13,854 crore (FY 2023-24: ₹ 7,956 crore).
EPS was ₹ 38.97 (FY 2023-24: ₹ 11.42).
The Board declared a total dividend of ₹ 43.50 per share during the year.
As of 31 March 2025, shareholders’ funds stood at ₹ 41,212 crore (31 March 2024: ₹ 30,722 crore), reflecting net profit earned, partially offset by dividend distribution.
Net fixed assets stood at ₹ 1,33,801 crore, including ₹ 30,939 crore in capital work-in-progress.
We continue to maintain a strong financial position with cash and liquid investments of ₹ 20,603 crore, up 34% Y-o-Y.
Gross debt as on 31 March 2025 was ₹ 73,853 crore, up ₹ 2,094 crore Y-o-Y, mainly due to higher borrowings at Vedanta Standalone, HZL, ZI, BALCO, partly offset by repayments at THLZV.
