Vedanta Limited · NSE:VEDL
Vedanta — Q4 FY2025 Earnings Presentation
44 slides from Vedanta's earnings presentation, Apr 30, 2025
Slide 1: Vedanta Limited Earnings Presentation 4QFY25
Vedanta Limited EARNINGS PRESENTATION 4QFY25
Slide 2: Table of Content
Highlights 1 Quarterly Highlights and Full Year Highlights ESG 2 Highlights | Ratings | CSR Table of Business Performance 3 Aluminium | Zinc India | Zinc International | O&G | Content Iron & Steel Finance Update 4 P&L | Balance Sheet | Capex Profile | Guidance 5 Appendix Sensitivity: Internal (C3)
Slide 3: Highlights
Highlights 4QFY25
Slide 4: Q4 Highlights
EBITDA PAT Revenue Q4 Highlights +30% YoY +118% YoY +14% YoY Resilient delivery backed by strong fundamentals ₹ 11,618 crore ₹ 4,961 crore ₹ 39,789 crore highest in last 12 quarters1 All time High EBITDA Margin2 Production COP Total Shareholder Returns +465 bps YoY Volume growth (QoQ) COP reduction
Slide 5: FY25 Highlights
EBITDA PAT Revenue FY25 Highlights +37% YoY 1 +172% YoY +10% YoY 1 Strong Performance driven by structural operational ₹ 43,541 crore ₹ 20,535 crore ₹ 1,50,725 crore initiatives and strategic Second Highest-Ever EBITDA All time High Revenue actions focused on shareholder value unlocking Production R
Slide 6: Environment, Social & Governance
Environment, Social & Governance Sensitivity: Internal (C3)
Slide 7: 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 8: 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 9: CSR - Empowering communities with focused actions
CSR - Empowering communities with focused actions Highlights ~6.8 million ₹ 429 crore 8045 Beneficiaries YTD FY25 CSR Spent in FY25 Nand Ghars Healthcare Drinking water > 2500 crore spent on CSR 37 Initiatives and sanitation activities since 2020 19 Initiatives ₹ crore 429 Community Children’s Infra
Slide 10: Business Performance
Business Performance 4QFY25 Sensitivity: Internal (C3)
Slide 11: 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) 598 613 604 ▪ Consecutive best quarterly VAP &
Slide 12: 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 13: 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 178 tons in FY25. ▪ Quarterly production up 52% YoY and 9% QoQ supported 50 46 by increase at Gamsberg by 89% and 15%, respecti
Slide 14: Oil & Gas
Oil & Gas Investing strategically to sustain long-term value Gross Production (kboepd) Key highlights: ▪ 4QFY25 production at 96.2 kboepd, impacted by natural decline in MBA fields & Offshore blocks,. 117.8 127.5 99.4 103.2 ▪ 4QFY25 per barrel Opex higher by 6% q-o-q, driven by lower 96.2 volumes. ▪
Slide 15: 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 2.1 355 27 0.4 343 329 1.5 217 198 205 18 1.7 0.3 1.7 5.6 5.3 11 1.2 4Q 3Q 4Q FY24 FY25 4Q 3Q 4Q FY
Slide 16: Finance Update
Finance Update 4QFY25 VZI Sensitivity: Internal (C3)
Slide 17: 4QFY25 financial snapshot
4QFY25 financial snapshot REVENUE EBITDA EBITDA Margin1 Profit after tax ₹ 39,789 crore ₹ 11,618 crore 35% ₹ 4,961 crore 14% y-o-y 30% y-o-y 465 bps y-o-y 118% y-o-y Cash & Cash ROCE2 FCF (Pre-capex) Net Debt/EBITDA Equivalent c.27% ₹ 7,814 crore 1.2x ₹ 20,602 crore ~371 bps y-o-y 21% y-
Slide 18: EBITDA Bridge (4QFY25 vs. 4QFY24)
EBITDA BRIDGE (4QFY25 vs. 4QFY24) (In ₹ crore) +30% vs 4QFY24 EBITDA Alum 2,359 Zinc 1,113 3,304 902 11,888 272 11,618 (367) (175) (1,287) 8,969 Market & Regulatory 2,919 4QFY24 LME Input Forex Rebased Volume Cost & Others 4QFY25 / Brent Commodity EBITDA marketing /Premium Inflation 18 LME/Brent/Pre
Slide 19: EBITDA Bridge (4QFY25 vs. 3QFY25)
EBITDA BRIDGE (4QFY25 vs. 3QFY25) (In ₹ crore) Highest ever EBITDA in last 12 quarters* 11,284 606 11,280 330 59 11,618 (51) (168) (442) Alum 309 Zinc (435) Market & Regulatory (4) 3QFY25 LME Input Forex Rebased Volume Cost & Others 4QFY25 / Brent Commodity EBITDA marketing /Premium Inflation 19 LME
Slide 20: Net Debt Walk 4QFY25
Net Debt Walk 4QFY25 (In ₹ crore) 57,358 5,264 248 53,251 (9,087) (533) FCF post Capex 4,356 Net Debt Cash Flow Working Capex Others Net Debt 31 Dec'24 From capital 31 Mar'25 Operations 20 Vedanta Limited 4QFY25 Investor Presentation VZI Sensitivity: Internal (C3)
Slide 21: Balance sheet and debt breakdown
Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown Gross Debt In $bn In ₹ 000’ crores 1.55 1.54 1.49 Term debt 8.22 70.26 1.28 1.40 1.22 Working capital 0.05 0.42 Short term borrowing 0.37 3.17 4QFY23 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25 Total consolidated debt 8.64 73.85 Cash and Cash
Slide 22: Continuous Deleveraging
Continuous Deleveraging VedantaLimited Vedanta Limited VedantaVedanta Resources (Parent) Resources Near Q1FY24 Current FY20 FY24 FY25 Med Term Term VEDL Group1 Net ND/EBITDA > 1.9x > 1.2x > <1x Debt/EBITDA > 3.3x > 2.7x > 2x > 1x EBITDA to Net Debt Ratio1 Net Debt at VRL Standalone2 Debt maturity at
Slide 23: Continued disciplined investment in value adding growth
Continued disciplined investment in value adding growth ($ Bn) 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 FY2024 FY2025 FY2026e FCF pre capex ~3.6 ~
Slide 24: 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 Gamsberg 180 - 200 kt Mined Metal 1,115 - 1,135 kt BMM 55 – 65 kt Finished Metal 1,090 – 1,100
Slide 25: Appendix
Appendix VZI Sensitivity: Internal (C3)
Slide 26: Summary of Income statement
Summary of Income statement 4Q 3Q 4Q In ₹ Crore FY25 FY25 FY24 ▪ Depreciation & Amortization Revenue from operations 39,789 38,526 34,937 o 4QFY25 increased by 11% QoQ and 9% YoY mainly at Oil and Gas and Zinc India Other operating income 666 589 572 EBITDA 11,618 11,284 8,969 ▪ Finance Cost o 4QFY2
Slide 27: 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 28: Entity-wise Cash and Debt
Entity-wise Cash and Debt (In ₹ crore) Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Company Cash & Cash & Cash & Debt Net Debt Debt Net Debt Debt Net Debt Cash Eq Cash Eq Cash Eq Vedanta Limited Standalone 42,821 5,708 37,113 42,153 8,349 33,805 42,232 2,385 39,847 Cairn India Holdings Limited1 1,986 2,59
Slide 29: Funding sources and term debt maturities
Funding sources and term debt maturities Diversified Funding Sources for Long Term Debt of $8.2 Bn Long Term Debt Maturities : ₹ 70.26K crore ($8.2 bn) (as of Mar 31, 2025) (as of Mar 31, 2025) 0.1% Standalone Subsidiaries 18% 23.7 24% Bonds INR 19.4 In ₹ 000’ crore Term Loan INR Term Loan Fx Bonds
Slide 30: Segment Summary – Aluminium
Segment Summary – Aluminium Production (In ’000 tonnes, or as Quarter Full Year stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Alumina – Lanjigarh 431 484 (11%) 505 1,975 1,813 9% Total Aluminum Production 604 598 1% 613 2,422 2,370 2% Jharsuguda 457 452 1% 464 1,830 1,784 3% Balco 147 146 1% 15
Slide 31: Aluminium profitability
Aluminium profitability $/t Hot metal cost 301 4QFY25 11 2,627 2,627 2,939 1,094 543 374 49 879 2,011 LME Strategic Premium Realisation Alumina Power Other hot Conversion & EBITDA hedging metal other 47% growth YoY 1,711 4QFY24 2,199 0 166 2,365 (688) (617) (406) (56) 598 31 Vedanta Limited 4QFY25 I
Slide 32: Segment Summary – Zinc India
Segment Summary – Zinc India Quarter Full Year Production (In ’000 tonnes, or as stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Mined metal content 310 299 4% 265 1,095 1,079 1% Saleable metal 270 273 (1%) 259 1,052 1,033 2% Refined Zinc1 214 220 (3%) 204 827 817 1% Refined Lead2 56 53 6% 55 225
Slide 33: Segment summary – Zinc International
Segment summary – Zinc International Quarter Full Year Production (In ’000 tonnes, or as stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Mined metal content- BMM 10 12 (15%) 11 44 61 (28%) Mined metal content- Gamsberg 40 21 89% 35 133 147 (9%) Total 50 33 52% 46 178 208 (15%) Financials (In ₹ Cr
Slide 34: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Full Year Production (In kboepd, or as stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Average Daily Gross Operated Production 96.2 117.8 (18%) 99.4 103.2 127.5 (19%) Rajasthan 78.0 97.8 (20%) 81.3 84.3 106.5 (21%) Ravva 8.5 10.5 (19%) 9.6 10.1 10.8 (7%) Cambay
Slide 35: Segment Summary – Oil & Gas
Segment Summary – Oil & Gas Quarter Full Year Production (In kboepd, or as stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Average Daily Production Gross operated 96.2 117.8 (18%) 99.4 103.2 127.5 (19%) Oil 76.4 95.5 (20%) 78.5 81.8 104.0 (21%) Gas (Mmscfd) 119 134 (11%) 126 129 141 (9%) Non-oper
Slide 36: Segment Summary – Iron Ore and Steel
Segment Summary – Iron Ore and Steel Iron Ore Production (In million dry metric tonnes, or Quarter Full Year as stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Production of Saleable Ore 2.1 1.7 22% 1.5 6.2 5.6 12% Goa 0.4 0.0 - 0.3 0.9 0.0 - Karnataka 1.7 1.7 (3%) 1.2 5.3 5.6 (5%) Production (’0
Slide 37: Segment Summary – Facor and Copper
Segment Summary – Facor and Copper Copper Quarter Full Year Production (In ’000 tonnes, or as stated) 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Copper - Cathodes 44 31 41% 44 149 141 6% Financials (In ₹ crore, or as stated) Revenue 6,138 5,015 22% 5,803 23,051 19,730 17% EBITDA (49) (12) - 4 (112)
Slide 38: Sales Summary – Zinc and Aluminium
Sales Summary – Zinc and Aluminium Quarter Full Year Sales volume 4QFY25 4QFY24 3QFY25 FY25 FY24 Zinc-India Sales Refined Zinc (kt) 218 221 201 827 817 Refined Lead (kt) 56 53 55 225 216 Total Zinc-Lead (kt) 274 274 256 1,053 1,033 Silver (tonnes) 177 189 160 687 746 Zinc-International Sales Zinc Co
Slide 39: Sales summary – Iron & Steel, FACOR and Power
Sales summary – Iron & Steel, FACOR and Power Quarter Full Year Sales volume Quarter Full Year Sales volume 4QFY25 4QFY24 3QFY25 FY25 FY24 Power Sales (mu) 4QFY25 4QFY24 3QFY25 FY25 FY24 Iron ore sales Jharsuguda 399 931 311 2,244 2,771 Goa (mn dmt) 0.3 0.0 0.2 0.6 0.3 TSPL 2,358 2,187 2,021 10,230
Slide 40: 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 41: Currency and commodity sensitivities
Currency and commodity sensitivities Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~ ₹ 850 - 900 crore / 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
Slide 42: 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 43: Earnings Call Details
Earnings Call Details Event Telephone Number +91 22 6280 1114 Universal Dial-In +91 22 7115 8015 India National Toll Free 1 800 120 1221 Canada 01180014243444 Earnings conference call on April 30, Hong Kong 800964448 2025, from 5:00 PM to 6:00 PM (IST) Japan 00531161110 Netherlands 08000229808 Inter
Slide 44: 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