FY 2024-25 was a testament to Vedanta’s resilience and leadership. Despite external headwinds, we delivered strong results driven by our scale, integrated operations, and sharp execution. Our ability to adapt, optimise resources, and stay focused on core strengths enabled us to navigate challenges effectively. We remain committed to building a future-ready organisation that creates enduring value for all stakeholders through responsible growth and operational excellence. 
In FY 2024-25, We have delivered a strong financial results, with a 19% growth in EBITDA. Our disciplined approach to capital allocation, coupled with various corporate actions, - including ₹ 8,500 crore QIP, helped us in reducing our Net Debt to EBITDA from 1.5x to 1.2x - an industry benchmark. This stronger balance sheet also led to a credit rating upgrade to AA from AA-. These achievements reflect our commitment to building a more resilient business and creating long-term value for all our stakeholders.
2024 was a year of resilience and opportunity amid global uncertainties. While the world economy grew by 3.2%, led by India’s robust 6.5% GDP expansion, we faced rising trade tensions and supply disruptions that tested markets everywhere. For Vedanta, price volatility – especially in alumina due to bauxite supply challenges – put pressure on margins. Yet, our response was rooted in our strength and agility – which protected our margins.
We leaned on our scale, backward integration, and operational rigour to stay ahead. By increasing focus on cost optimisation, diversifying raw material sourcing, and embracing technology like advanced predictive maintenance and analytics, we navigated supply disruptions effectively. At the same time, we shifted towards higher-margin value‑added products, which resulted in aluminium VAP sales growing 16% Y-o-Y.
Disciplined capital allocation and focussed deleveraging further strengthened our financial position. These efforts translated into record production, a 19% jump in EBITDA, and a 172% rise in PAT, delivering an EPS of ₹ 38.97. Our contribution of ₹ 55,349 crore to the exchequer underscores our role as a trusted economic partner.
This performance is mainly due to our dedicated people and our commitment to creating sustainable value, even in challenging times.
FY 2024-25 was truly one of our best years, driven by volume growth at key businesses, improved commodity prices and continuous focus on cost reduction. Our aluminium and zinc businesses continued to set global benchmarks for cost efficiency, ranking in the top quartile and decile respectively.
Key highlights of our performances across businesses are as follows:
The business achieved record production at 2,422 kt, up 2% Y-o-Y. Our VAP output reached an all‑time high of 1,274 kt, up 16% YoY, contributing to our best-ever net effective premium of US$ 252/t on aluminium sales. Our Hot-metal production costs (excluding alumina) was at US$ 920/t, which is the lowest in the last four years. With this, our Aluminium margins improved to US$ 872/t reflecting a jump of 77% Y-o-Y.
The business achieved the highest‑ever mined metal and refined metal production at 1,095 kt and 1,052 kt, respectively. Production costs declined by nearly 6% to US$ 1,052 per tonne, which is the lowest in the last four years. Hindustan Zinc also surpassed 13.1 million tonnes of available metal reserves for the first time since transitioning to underground mining.
19% Y-o-YEBITDA
172% Y-o-YProfit After Tax
FY 2024-25 was a year of steady ramp-up for Zinc International, with monthly production improving consistently. The total yearly mined metal output was 178 kt, 15% lower than the previous year but showing sustained growth over last four quarters. Gamsberg Mine led the performance, producing 133 kt of MIC, supported by a strong second half. Efficient operations and lower treatment charges helped achieve the lowest production cost in seven years at US$ 1,299 per tonne. The ongoing Phase 2 expansion at Gamsberg will further boost capacity in FY 2025-26.
The business drilled 28 infill wells during the year, partially offsetting the natural decline in our fields. Cairn unlocked significant growth potential during the year by acquiring seven of the 28 blocks in the latest round of OALP auctions, expanding our total portfolio to 63 blocks spanning 73,000 sq. km. On our East Coast deepwater assets, we initiated a controlled-source electromagnetic review using advanced technology to de-risk the prospect and prioritise the drilling sequence. We are further undertaking ASP injection in Mangala pads to enhance resources.
The Iron Ore business registered a strong 12% growth in production to 6.2 million tonnes, primarily driven by a steady ramp-up in Bicholim Mine operations in Goa. Despite geotechnical and operational issues, it attained a production run rate of 2.4 million tonnes per annum of saleable ore. Goa mining’s restart also helped ensure the first export shipment.
ESL Steel registered a 4% decline in saleable production due to the annual maintenance shutdown during the year. Enhanced operational efficiencies and a decrease in coking coal prices helped reduce costs by 12%.
Ferro Chrome production grew by a 4% driven by the commissioning of the new furnace, which doubled our production capacity since the acquisition. We are now on track to become India’s largest ferro alloy producer with 500 KTPA capacity.
We achieved robust operational performance in FY 2024-25, reflecting the dedication and hard‑work of every member of the Vedanta family. Together, we delivered a record consolidated revenue of ₹ 1,50,725 crore, marking a solid 10% growth over the previous year.
Our EBITDA surged by 19% to ₹ 43,541 crore, with margins expanding by 425 basis points to 34%. Our profit after tax reached ₹ 20,535 crore, highlighting not just strong numbers but the success of our strategic initiatives aimed at building long-term competitiveness. Behind these figures are countless stories of innovation, teamwork, and resilience.
Thanks to our disciplined approach and robust cash flow generation, our cash and cash equivalents grew by 34% to ₹ 20,603 crore, strengthening our financial foundation and giving us the confidence to pursue future opportunities with vigour.
Aluminium is truly at the heart of Vedanta’s growth story, and we’re in the midst of a transformative journey that will redefine our position in the industry. Over the next year, we’re completing several key expansion and backward integration projects that will significantly boost our capacity, efficiency, and profitability.
For instance, the 435 KTPA BALCO smelter expansion project is on track for commissioning by the first half of FY 2025-26. This will nearly double BALCO’s capacity to over 1 MTPA. Alongside this, our Jharsuguda smelter will add another 250 KTPA tonnes through some volume creeping projects, bringing our total aluminium capacity to about 3.1 MTPA.
On the refining side, at Lanjigarh, the commissioning of 1.5 MTPA Train-I has increased refining capacity to 3.5 MTPA (ramp-up is ongoing), with Train-II of another 1.5 MTPA capacity scheduled in first half of FY 2025-26. Additionally, we are set to further increase the capacity from 5 to 6 MTPA through debottlenecking.
Mining operations are being reinforced to secure low-cost raw materials. The 9 MTPA Sijimali bauxite mine is progressing well, with the initial production expected by mid of FY 2025-26. For coal, the Jamkhani mine is operating at 100% of weighted capacity, while Kurloi and Ghogharpalli mines are poised for commissioning within the next 12 months.
A particularly exciting development is our growth in value-added products. BALCO has doubled its rolled products capacity, making Vedanta the second-largest producer in India. We’re on track to increase value-added products to 90% of our aluminium output, which means higher margins and stronger market differentiation.
Putting this all together, Vedanta Aluminium is set to become a fully integrated producer, self-sufficient in raw materials, with a capacity of 3.1 million tonnes, and focussed on premium, value-added products. We expect this to improve our EBITDA margins to ~ US$ 1,300/T, resulting into doubling the EBITDA at Aluminium Business to US$ ~4 billion.
This is not just growth; it’s a transformation that positions Vedanta Aluminium as a key driver of India’s industrial and infrastructure ambitions, while delivering sustainable value for our stakeholders.
We have always been strong believers in the transformative power of metals and mining. Most major economies have grown their economies on the back of strong growth in these areas. India is at this juncture now to capitalise on its immense metal and mineral potential. This is more relevant given the nation’s emphasis on infrastructure and energy transition, which is driving the urgency for transition-critical minerals, energy and technology.
Vedanta is well-positioned to enable this with a strong portfolio of metals like zinc, silver, copper, and aluminium, and ongoing expansion projects. Aligned with our focus on supporting India’s self-sufficiency in key minerals, we added five new mineral blocks auctioned as composite licences by the Ministry of Mines during FY 2024‑25. These cover a wide spectrum of critical minerals including cobalt, manganese, vanadium, graphite, nickel, chromium and PGE (Platinum group elements). The latest addition was a composite licence for the Kauhari diamond block in Madhya Pradesh.
We are excited about the future of energy transition and storage. To boost our innovation and R&D efforts in these areas, we have partnered with Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), US‑based Æsir Technologies, and IIT Madras to develop and commercialise Zn-ion, Ni-Zn and Zinc-air batteries, respectively. This positions Vedanta as an integral cog in India’s battery ecosystem, with products that will find applications in data storage facilities, solar power plants and small electric vehicles (two to three-wheelers).
FY 2024-25 was a successful year in our efforts to build a financially resilient entity that is deleveraged and liquid, with the flexibility to navigate market cycles while pursuing growth ambitions.
We augmented our capital base by raising ₹ 8,500 crore via QIP and another ₹ 3,134 crore (US$ 400 million) through Hindustan Zinc’s offer for sale. These funds were effectively used to fund growth projects as well as deleveraging the balance sheet. Our proactive credit management helped bring down net debt by ₹ 3,087 crore to ₹ 53,251 crore with an average debt maturity maintained at three years. Our net debt/EBITDA ratio also improved from 1.5x in FY 2023-24 to an industry‑best 1.2x.
Raised Through QIP
Net Debt/EBITDA (Vs 1.5X In FY 2023-24)
Vedanta Resources, our parent company, proved its strong capital market access with the successful refinancing of the entire US$ 3.1 billion bonds at lower cost, longer maturities and better terms and conditions. It also deleveraged the balance sheet by ~US$ 1 billion. This also reflects the strong investor confidence stemming from our efforts in delivering record production, cost compression and deleveraging. This brings down its cost to single digits and ensures it remains self-funded.
We are now in the last leg of the demerger journey, having received approvals from the shareholders and creditors. After a favourable vote from both the stakeholder types – shareholders and creditors – on our primary demerger application, we have filed for the 2nd motion petition with NCLT seeking the tribunal’s go‑ahead on demerger.
WATER POSITIVITY INDEX
RE PDA Secured
Alongside, we have also appealed against the NCLT decision on our separate application seeking demerger of TSPL. The overall demerger won’t have any impact due to this NCLT order on TSPL.
We greatly appreciate the confidence and patience shown by our investors and stakeholders as we navigate this crucial transition. A demerger of this scale is complex, and we are fully committed to it. Our teams are working tirelessly for the expedited resolution of all matters. Once complete, the demerger will be a game-changer. It will empower each entity to charter its strategic vision and growth path while unlocking tremendous value for all stakeholders. The journey is well worth the effort, and we remain excited about the future that lies ahead.
Digital transformation is central to our vision for Vedanta 2.0. We are embedding advanced technologies across our operations to drive productivity, efficiency, and sustainability. Our adoption of automation, predictive maintenance, advanced analytics and process controllers, and digital twins are already yielding significant improvements in throughput, cost, quality, and safety. For example, our aluminium and zinc businesses leverage real-time data and AI-driven insights for predictive maintenance and process optimisation, reducing downtime and operational leakages.
Sustainability is at the core of our digital agenda. We use smart sensors and digital platforms for real-time environmental monitoring, energy management, and ESG reporting. Our investments in digital upskilling and a culture of innovation ensure that our people are empowered to harness the full potential of technology. Looking ahead, we will continue to invest in digital solutions to further advance our productivity and environmental goals, reinforcing Vedanta’s leadership in responsible, technology-driven growth.
Zinc International operation is currently operating at a run-rate of 250 KTPA of zinc. However, with immense untapped potential in resources and reserves base similar to Zinc India’s, it offers a strong growth trajectory towards achieving 1 million tonnes of production.
Gamsberg Phase II expansion, involving expanding MIC capacity from 250 KTPA to 470 KTPA and constructing a new 4 MTPA concentrator plant, aligns with this growth aspiration. Despite initial delays due to previous mining production challenges and aligning project cash flows with operational funding, we have remained firmly committed to its completion.
The project has progressed through crucial stages of tendering, technical evaluation, and contract finalisation, along with receiving essential long-lead equipment at sites. Engineering and procurement phases are nearing completion, while construction activities are advancing steadily.
Our focus is on seamless execution and actively mitigating remaining challenges to bring this important expansion online on time and efficiently, aligned with the overall operational strategy.
These projects will significantly bolster Zinc International’s production capacity and contribute to our long-term growth objectives.
As a global metals and mining leader, ESG is at the core of our operation. As we speak, 350+ high-impact initiatives with emphasis on net zero, health and safety, innovation and circular economy, and water savings are ongoing that will scale ESG commitment.
Progressing towards our ambition of net zero emissions, this year, we enhanced our RE portfolio to 1,906 MW, securing an additional 80 MW RE PDAs from Serentica Renewables. In FY 2024-25, we sourced 13% of our total power requirement through renewables.
Our water positivity index in FY 2024-25 was at 0.6x. In our vision of becoming five times water positive by 2025, we commissioned a dry tailing plant at Rajpura Dariba Mine and are nearing completion of our 4,000 KLD zero liquid discharge plant at Rampura Agucha Mine. These efforts will reduce freshwater dependency. Advancing our waste management efforts, we commissioned the first fuming furnace at Chanderiya Lead Zinc Smelter, improving metal recovery and reducing jarosite waste generation. Further, we improved high-volume-low-toxicity (HVLT) waste utilisation to 96%.
As ESG continue to become mainstream, low-carbon product innovation is emerging as a key differentiator in the metals and mining industry. For companies leading this transformation, this is an opportunity to not only reduce environmental footprint but also secure a competitive edge by aligning with investors’ expectations and evolving customer preferences.
Vedanta is well ahead in this journey, with the launch of EcoZen by Hindustan Zinc, which is Asia's first low-carbon zinc product. With a carbon footprint of less than 1 tCO₂e per tonne, almost 75% lower than the global average, galvanising every tonne of EcoZen saves 400 kilograms of carbon emissions.
The launch builds upon our existing portfolio of low-carbon products and reinforces our position as a leader in responsible metal production. Vedanta now proudly has a portfolio of three low-carbon products – two in aluminium, named Restora and Restora Ultra, and now one in zinc, named EcoZen. In FY 2024-25, we produced 66 kt of Green Aluminium generating ₹ 1,584 crore of revenue.
This expansion delivers a two-fold benefit. First, it enhances our competitive positioning in meeting the evolving sustainability expectations of global customers. Secondly, it strengthens our long-term resilience by ensuring that we remain ahead of regulatory shifts and carbon pricing mechanisms aimed at fair-pricing exports of carbon-intensive goods.
Vedanta’s growth story until now has been unparalleled – achieving nearly ten-fold growth since only right since 2004. Looking ahead, while we are witnessing increasing volatility and uncertainty on the global front, the domestic economy remains resilient with expectations of over 6% GDP growth. Vedanta's performance is strongly integrated with India's growth story. With 48% of our aluminium and 77% of zinc production sold in India, we are well-positioned to overcome any challenges.
That said, we are not complacent. As the world and the commodity landscape around us are evolving, we are taking proactive steps towards being resilient, innovative, and responsible. This would be key to navigating the challenges and seizing new opportunities. We remained focussed on three core areas:
We continue to be a young and dynamic organisation with the agility of a startup. We have established a strong line of global leadership team to lead our large, high-quality businesses. This comprises 100+ expats and experienced specialists, and a young leadership team.
Critical minerals are indispensable for the energy transition and a low-carbon economy. With large-scale capex underway, Vedanta is moving steadily towards the goal of becoming a global leader in critical and transition minerals, energy, and technology. The best part is that we are doing this most sustainably. We have made significant investments in integrating RE and phasing out thermal power from our operations, adopting circularity principles by reducing HVLT waste and transforming waste into wealth, and advancing net water-positive operations.
The convergence of data, technology and human knowledge empowers businesses to work smarter. Vedanta is revolutionising the metal and mining industry with digital solutions like real-time monitoring, data analytics, and automation to increase equipment effectiveness and ore-to-metal index. With our ongoing digital transformation, we are shaping the path to smarter, safer, and more productive mining operations.
These strategic imperatives position us to stay ahead of the curve, strengthen our competitive edge, and shape the future of the industry responsibly.
