Vedanta Resources — FY2025 Earnings Presentation
34 slides from Vedanta Resources's earnings presentation, Jun 24, 2025
Slide 1: Vedanta Resources Earnings Presentation 2H and Full Year FY25
Vedanta Resources EARNINGS PRESENTATION 2H and Full Year FY25
Slide 2: Highlights FY25
& vedanta transforming for good Highlights FY25
Slide 3: FY25 Highlights
EBITDA PAT Before Special Revenue FY25 Highlights item +32% YoY 1 +4x YoY 1 +10% YoY 1 Strong Performance driven by structural operational $ 5.45 billion $ 1.48 billion $ 18.22 billion initiatives and strategic Second Highest-Ever EBITDA Reported PAT $3.01bn after All time High Revenue actions focus
Slide 4: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 5: Our commitment to excellence – our path to leadership
ESG Our commitment to excellence – our path to leadership Transforming Communities Transforming Planet Transforming Workplace 1.46 million 1.03 GW RE RTC 22% Families skilled Women in workforce, 33% PDA Signed in enabling functions 0.6x 50 transgender 26.02 million Water Positivity Women & children
Slide 6: Leadership in the S&P Global CSA 2024
Our group companies including HZL and Aluminium continued their leadership in the S&P Global CSA 2024 Integrating ESG through quality initiatives S&P Global Hindustan Zinc Vedanta Aluminium CSA 3% Aluminium 3% Diversified Metals & Mining peers Category Peers 6% (248 in numbers) (30 in No.) 30% 7% To
Slide 7: CSR - Empowering communities with focused actions
CSR - Empowering communities with focused actions ~6.8 million $ 54 mn 8045 Highlights Beneficiaries YTD FY25 CSR Spend in FY25 Nand Ghars Healthcare Drinking water > $ 250 mn spent on CSR 37 Initiatives and sanitation activities since 2020 19 Initiatives 54 ₹ crore Community Children’s 54 57 Infras
Slide 8: Business Performance 2HFY25
Business Performance 2HFY25 Sensitivity: Internal (C3)
Slide 9: Aluminium Business
Aluminium Business Focused on profitable growth driven by end-to-end integration Aluminium Production (kt) Key Highlights: 2,370 2,422 ▪ Highest ever annual metal production at 2,422 kt (+2% YoY) ▪ Highest annual Alumina production at 1,975 kt (+9% YoY) 1,197 1,205 1,217 ▪ Consecutive best full-year
Slide 10: Zinc India
Zinc India Highest-ever full year mined and refined metal production ▪ Reinforced its position as the World’s Largest Integrated Zinc ▪ Delivered second highest revenue, EBITDA and profit after Producer with highest-ever full year mined and refined tax (PAT) for the full year metal production at 1,0
Slide 11: Zinc International
Zinc International Strong quarterly performance led by improved mining Total MIC Production Key highlights: 208 ▪ Highest ever annual total rock mined for Gamsberg at 81 Mn 96 178 tons in FY25. 81 74 ▪ Half-yearly production up 30% YoY and 19% sequentially ▪ FY25 operational COP for VZI lower YoY by
Slide 12: Oil & Gas
Oil & Gas Investing strategically to sustain long-term value Gross Production (kboepd) Key highlights: ▪ Average gross operated production of 103 kboepd, down 19% y- o-y, owing to natural field decline 121.0 127.5 108.6 97.8 103.2 ▪ FY25 per barrel Opex higher by 12% y-o-y, driven by lower volumes.
Slide 13: Iron and Steel
Iron and Steel Iron Ore Business VAB ESL FACOR Saleable Production Saleable Ferro Chrome 6.2 Production (kt) (mnt) IOG (mnt) 5.6 production (kt) production (kt) IOK (mnt) 0.9 80 83 1,386 1,337 831 817 53 3.6 49 3.2 2.6 0.7 684 685 652 0.2 422 29 401 395 2.9 5.6 5.3 2.4 2H 1H 2H FY24 FY25 2H 1H 2H FY
Slide 14: Finance Update FY25
Finance Update FY25 Sensitivity: Internal (C3)
Slide 15: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Near Q1FY24 Current FY20 FY24 FY25 Med Term Term VEDL Group1 Net ND/EBITDA > 1.9x > 1.2x > <1x Debt/EBITDA > 3.3x > 2.6x > 2x > 1x Net Debt to EBITDA Ratio1 Net Debt at VRL Standalone2 Debt maturity at
Slide 16: Steady improvement in Credit Rating at both OptCo VEDL and Parent VRL
Steady improvement in Credit Rating at both OptCo VEDL and Parent VRL Vedanta Limited Vedanta Resources (Issuer Rating) S&P Global FITCH Moody’s Vedanta Current Rating BB BB Limited Ba2 BB- BB- Ba3 B+/stable B+/stable B1/stable CRISIL AA/Watch Developing/A1+ B+ B+ B1 B/stable B2 B B B2 B-/stable B-/
Slide 17: FY25 financial snapshot
FY25 financial snapshot EBITDA PAT before REVENUE EBITDA Margin2 special items $ 18,220 million $ 5,452 million 36% $ 1,483 million 10% y-o-y 1 32% y-o-y1 650 bps y-o-y1 ~4x y-o-y1 FCF (Pre-capex) Cash & Cash ROCE3 Net Debt/EBITDA Equivalent 25% $ 2,485 million 2.0x $ 2,647 million Strong doub
Slide 18: EBITDA Bridge (FY25 vs. FY24)
EBITDA BRIDGE (FY25 vs. FY24) (In $ mn) +32% vs FY24 EBITDA 1,290 109 5,378 190 62 5,452 (156) (178) 4,135 Alum 859 Zinc 509 Market & Regulatory $ 1243 Mn FY24 LME Input Forex Rebased Volume Cost and Marketing Others FY25 /Brent Commodity EBITDA /Premium Inflation 18 1. Comparatives excludes One Tim
Slide 19: Net Debt Walk FY25
Net Debt Walk FY25 (In $mn) 12,349 1,374 2,239 288 11,110 (494) (1,005) (376) (3,017) (248) FCF post Capex $ 1026 million Net Debt Cash Flow Working capital Capex Stake HZL Offer Dividend QIP issue Others Net Debt 31 Mar'24 From Sale in for sale 31 Mar'25 Operations VEDL 19 Vedanta Resources Limited
Slide 20: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Reduced to 2.0x in FY25 vs 3.3x in FY20 Gross Debt In $bn 3.3 2.8 2.8 Term debt 13.21 2.6 1.9 2.0 Working capital 0.06 Short term borrowing 0.49 Total consolidated debt 13.76 FY20 FY21 FY22 FY23 FY24 FY25 Cash and Cash Equivalents 2.6
Slide 21: Continued disciplined investment in value adding growth
Continued disciplined investment in value adding growth ($ Bn) FY growth capex guidance 1.1 2.0 1.7 1.9 Growth Capex profile Oil & Gas Zinc 1.5-1.7 Al & Power 1.5 0.15-0.20 Other 1.4 1.2 0.1 0.3 0.2 0.65-0.70 0.7 0.6 0.7 0.5 0.2 0.1 0.40-0.45 0.3 0.3 0.3 0.0 0.4 0.3 0.3 0.30-0.35 0.2 FY2022 FY2023 F
Slide 22: Appendix
Appendix VEDANTA RESOURCES LIMITED EARNINGS PRESENTATION FY25 Sensitivity: Internal (C3)
Slide 23: FY26 Production and Cost Guidance
FY26 Production and Cost Guidance Aluminium Oil and Gas Alumina 3.0-3.1 Mnt Average Gross 95-100 kboepd Aluminium1 2.5-2.6 Mnt Volume CoP2 $1,700/t - $1,750/t Opex $15-16/boe Zinc India Zinc International Mined Metal 1,115 - 1,135 kt Gamsberg 180 - 200 kt Finished Metal 1,090 – 1,100 kt BMM 55 – 65
Slide 24: Income statement
Income statement ▪ Depreciation & Amortization: Increased by 15% YoY mainly In $ Mn FY25 FY24 due to reconsolidation of KCM. Revenue from operations 18,220 17,128 EBITDA 5,452 4,718 ▪ Finance Cost: Higher by 8% YoY largely owing to increase in Depreciation & amortization (1,472) (1,282) blended cost
Slide 25: Project Capex
Project Capex Approved Spent up to Spent in Unspent4 as on Capex in Progress (In $ mn) Status Capex2 FY243 FY25 31th Mar 2025 Cairn India1 – Mangala, Bhagyam & Aishwariya infill, 1,106 399 249 458 OALP, ABH infill, RDG infill, Offshore infill etc Aluminium Sector Jharsuguda VAP capacity expansion an
Slide 26: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In $ mn) Mar 31, 2025 Mar 31, 2024 Company Cash & Cash Cash & Cash Debt Net Debt Debt Net Debt Eq Eq Vedanta Limited Standalone 5,010 668 4,342 5,067 286 4,781 Cairn India Holdings Limited1 232 303 (71) 220 143 77 Zinc India 1,246 1,109 137 1,015 1,221 (206) Zinc Internati
Slide 27: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $13.2 Bn Long Term Debt Maturities : $13.2 bn (as of Mar 31, 2025) (as on Mar 31, 2025) Standalone Subsidiaries 5.3 15% In $ Bn Bonds INR 3.7 2.3 26% Term Loan INR Term Loan Fx Bonds Fx 2.5 36% 3.0 2.7 23% 1.7
Slide 28: Segment summary
Segment summary Aluminium (in ’000 tonnes, or as Zinc India (in ’000 tonnes, or as stated) FY25 FY24 FY25 FY24 stated) Mined metal content 1,095 1,079 Alumina – Lanjigarh 1,975 1,813 Saleable metal 1,052 1,033 Refined Zinc1 827 817 Total Aluminum Production 2,422 2,370 Refined Lead2 225 216 Jharsugu
Slide 29: Segment summary- continue
Segment summary- continue Oil and Gas (In kboepd, or as stated) FY25 FY24 Steel (in ‘000 tonnes, or as stated) FY25 FY24 Total Production 1,337 1,386 Average Daily Gross Operated Production 103.2 127.5 Pig Iron 221 203 Rajasthan 84.3 106.5 Billet Production 971 997 Ravva 10.1 10.8 (967) Billet Consu
Slide 30: Sales summary
Sales summary Sales volume Sales volume FY25 FY24 Sales volume FY25 FY24 FY25 FY24 Power Sales (mu) Zinc-India Sales Iron ore sales Jharsuguda 2,244 2,771 Goa (mn dmt) 0.6 0.3 TSPL 10,230 10,278 Refined Zinc (kt) 827 817 Karnataka (mn dmt) 4.8 5.9 HZL Wind power 348 394 Refined Lead (kt) 225 216 Tot
Slide 31: Group structure
Group structure As of 31-Mar-25 Listed entities Vedanta Resources Ltd Unlisted entities Divisions of Vedanta Limited ⚫ Sesa Iron Ore 56.38% ⚫ Sterlite Copper ⚫ Power (600 MW Jharsuguda) Vedanta Ltd ⚫ Aluminium (Odisha aluminium and power assets) ⚫ Cairn Oil & Gas* Subsidiaries of Vedanta Ltd ⚫ Athen
Slide 32: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~ $ 40-45 mn / year Commodity prices – Impact of a 10% increase in Commodity Prices FY25 Impact on Commodity Average price EBITDA ($mn) Oil ($/bbl) 79 48 Zinc ($/t) 2,875
Slide 33: Awards and Accolades
Awards and Accolades Recognitions towards our commitment to excellence Vedanta BALCO Jharsuguda won Vedanta Jharsuguda Vedanta Jharsuguda BALCO Secures honoured at three Gold Honored with Two won awards at 38th British Safety the 9th ICSI awards at 3rd Prestigious Awards at National Convention Counc
Slide 34: Cautionary statement and disclaimer
Cautionary statement and disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forwa