Slides
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EARNINGS PRESENTATION 4QFY25 Vedanta Limited
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Sensitivity: Internal (C3) Table of Content 1 4 5 Highlights Quarterly Highlights and Full Year Highlights 3 Business Performance Aluminium | Zinc India | Zinc International | O&G | Iron & Steel 2 ESG Highlights | Ratings | CSR Finance Update P&L | Balance Sheet | Capex Profile | Guidance Appendix
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Highlights 4QFY25
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Sensitivity: Internal (C3) Q4 Highlights EBITDA EBITDA Margin2 PAT +30% YoY ₹ 11,618 crore highest in last 12 quarters1 +465 bps YoY Improved from 30% to 35% YoY Highest in last 12 quarters1 Approved ₹ 4,961 crore Net Debt/ EBITDA 1.2x Lowest in last 9 quarters, Improved from 1.5x to 1.2x YoY Resilient delivery backed by strong fundamentals Revenue +14% YoY ₹ 39,789 crore All time High Note: 1. Excluding one-time cairn arbitration gain in FY24 2. Excludes custom smelting at Copper Business FCF (Pre-Capex) +15% QoQ ₹7,814 crore Strong Cash Flows Production Volume growth (QoQ) HZL Mined Metal: 310 kt (+17%) HZL Refined Metal: 270kt (+4%) HZL Silver: 177t(+10%) Zinc International: 50 kt (+9%) Demerger +118% YoY COP COP reduction (YoY) HZL :$994/t (-5%) Zinc International: $1263/t (-25%) by Creditor and Shareholder Expected to complete by Sep’25 Total Shareholder Returns ~87% India’s largest wealth creator among Nifty 100 in FY25 Group Deleveraging ~ $ 1.2 bn (VEDL $0.5mn & VRL $0.7mn)
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Sensitivity: Internal (C3) FY25 Highlights EBITDA PAT Revenue Note: 1. Excluding one-time cairn arbitration gain in FY24 2. ZI: Zinc International +10% YoY 1 ₹ 1,50,725 crore All time High Revenue ₹ 43,541 crore Second Highest-Ever EBITDA ₹ 20,535 crore Strong Performance driven by structural operational initiatives and strategic actions focused on shareholder value unlocking +37% YoY 1 +172% YoY Production Record Volume Aluminum: 2,422 kt (+2% YoY) HZL MIC : 1095 kt (+1% YoY) HZL Metal : 1052 kt (+2% YoY) Strong Liquidity +34% YoY Cash & Cash Equivalent ₹ 20,602 crore Capital Structure $1.4bn at VEDL through India’s one of the largest QIP and HZL OFS; Additionally $500mn raised at VRL by Stake sell in VEDL raised ~ $1.9bn VRL Bonds $3.1 bn Refinanced in FY25 Significant reduction in avg. coupon rate by 250 bps; Longer maturity upto FY34 ROCE c.27% Up ~371 bps YoY Credit Rating AA B+ S&P, FITCH & Moody’s Upgraded VRL; 3 notch upgrade by S&P CRISIL and ICRA Upgraded VEDL rating from AA-
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Sensitivity: Internal (C3) Environment, Social & Governance
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Sensitivity: Internal (C3) 7 Vedanta Limited 4QFY25 Investor Presentation Transforming Communities 1.46 million Families skilled 26.02 million Women & children benefitted Transforming Planet 1.03 GW RE RTC PDA Signed 0.6x Water Positivity Transforming Workplace 50 transgender in workforce 22% Women in workforce, 33% in enabling functions Strong team of 1100+ driving ESG transformation ESG Our commitment to excellence – our path to leadership
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Sensitivity: Internal (C3) 8 Vedanta Limited 4QFY25 Investor Presentation 1. Ranking as on December month of the respective year Our group companies including HZL and Aluminium continued their leadership in the S&P Global CSA 2024 Integrating ESG through quality initiatives 30% 26% 14% 9% 7% 6% 3% 3% Total 350+ high impact ESG initiatives ongoing across the Group Health and Safety Net Zero Carbon Innovation and circular economy Water Nutrition, Healthcare & Welfare DEI Skilling Community Governance S&P Global CSA Hindustan Zinc Vedanta Aluminium Category Diversified Metals & Mining peers (248 in numbers) Aluminium Peers (30 in No.) Rank (2024) 1st 2nd Positioning Top 1% Top 10% 2024 Score 86/100 77/100 Historical Ranking2 2021 2022 2023 2024 5th 3rd 1st 1st 2021 2022 2023 2024 4th 2nd 1st 2nd
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Sensitivity: Internal (C3) 9 Vedanta Limited 4QFY25 Investor Presentation * Includes indirect beneficiaries and Set off * numbers for the group and to be audited; CSR: Corporate Social Responsibility CSR - Empowering communities with focused actions Highlights ~6.8 million Beneficiaries YTD FY25 ₹ 429 crore CSR Spent in FY25 8045 Nand Ghars Healthcare Drinking water and sanitation Community Infrastructure Children’s well-being and education Environment protection & restoration Women Empowerment Sports and culture Livelihood and Skilling 296 331 400 454 438 429 FY20 FY21 FY22 FY23 FY24 FY25 > 2500 crore spent on CSR activities since 2020 ✓ ~3630 villages reached through CSR activities ✓ 8 focus areas ✓ 190+ high impact CSR initiatives 37 Initiatives 19 Initiatives 38 Initiatives 14 Initiatives 30 Initiatives19 Initiatives 2 Initiatives 28 Initiatives ₹ crore Animal Welfare Flagship Initiative >10K animals benefitted
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Sensitivity: Internal (C3) Business Performance 4QFY25
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Sensitivity: Internal (C3) 11 Vedanta Limited 4QFY25 Investor Presentation Key Highlights: ▪ Highest ever annual metal production at 2,422 kt (+2% YoY) ▪ Highest annual Alumina production at 1,975 kt (+9% YoY) ▪ Consecutive best quarterly VAP & Domestic sales at 338 kt (+16% YoY) & 328 kt (+17% YoY) respectively ▪ FY25 Hot Metal Cost (Ex-Alumina) at 920 $/t, lowest in the past 4 Years Other Highlights: ▪ Secured 2nd Position in the S&P Global Corporate Sustainability Assessment in Aluminium Industry CoP: Cost of Production Aluminium Business Focused on profitable growth driven by end-to-end integration Aluminium Production (kt) Aluminium CoP & Margin 598 613 604 4Q FY24 3Q FY25 4Q FY25 2,370 2,422 FY24 FY25 1,711 1,878 2,011 598 867 878 4Q FY24 3Q FY25 4Q FY25 COP ($/t) Margin ($/t) 1,796 1,835 494 871 FY24 FY25
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Sensitivity: Internal (C3) 12 Vedanta Limited 4QFY25 Investor Presentation *COP is excluding royalty #since underground transition ^as of Mar’25 end Zinc India Highest-ever full year mined and refined metal production ▪ Reinforced its position as the World’s Largest Integrated Zinc Producer with highest-ever full year mined and refined metal production at 1,095 kt and 1,052 kt, respectively ▪ Full year silver production of 687 tonnes, down due to change in mining sequence and lower silver input from Sindesar Khurd mine in line with mine grade ▪ 16-quarter lowest zinc CoP* of $994/T in Q4 (better 5% YoY & QoQ) with 4-year lowest full year CoP* of $1,052/T (better 6% YoY) Mined Metal Refined Metal Saleable Silver Production (kt) Production (kt) Production (MT) ▪ Delivered second highest revenue, EBITDA and profit after tax (PAT) for the full year ▪ Surpassed 13.1 Mt of metal reserves (net of production of 1.2 Mt) for the first time# with gross addition of 9.0 Mt metal in last 5 years. Total metal resources and reserves stand at 29.6 Mt with 25+ years of mine life 299 265 310 4Q FY24 3Q FY25 4Q FY25 1,079 1,095 FY24 FY25 273 259 270 4Q FY24 3Q FY25 4Q FY25 1,033 1,052 FY24 FY25 1,117 1,052 FY24 FY25 1,051 1,041 994 4Q FY24 3Q FY25 4Q FY25 COP ($/T)* 189 160 177 4Q FY24 3Q FY25 4Q FY25 746 687 FY24 FY25
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Sensitivity: Internal (C3) 13 Vedanta Limited 4QFY25 Investor Presentation Key highlights: ▪ Highest ever annual total rock mined for Gamsberg at 81 Mn tons in FY25. ▪ Quarterly production up 52% YoY and 9% QoQ supported by increase at Gamsberg by 89% and 15%, respectively. ▪ Improvement in zinc grades in Q4FY25 by 67% YoY . ▪ Q4FY25 operational COP for VZI lower YoY by 25% (including TcRc) and by 16% (excluding TcRc). MIC: Metal in concentrate; COP: Cost of production with TcRc cost.; TcRc: Treatment and Recovery Charge Zinc International Strong quarterly performance led by improved mining Total MIC Production 33 46 50 4Q FY24 3Q FY25 4Q FY25 208 178 FY24 FY25 Gamsberg CoP 1,707 1,002 1,055 4Q FY24 3Q FY25 4Q FY25 COP incl TcRc ($/T) 1,567 1,135 FY24 FY25 Growth: Gamsberg Phase 2 ▪ Overall progress is at 68.5% ▪ Project completion targeted in 2HFY26
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Sensitivity: Internal (C3) 14 Vedanta Limited 4QFY25 Investor Presentation Growth Projects: ▪ Infill wells: Drilled 10 infill wells across Aishwarya and Saraswati fields in Q4. ▪ ASP Cluster C: Surface Facility work ongoing. Injection targeted by 2QFY26. ▪ Unconventional: International Rig locked for exploration drilling in 2QFY26. Kboepd: Thousand barrel of oil equivalent per day; Boe: barrel of oil equivalent; EUR: Estimated Ultimate recovery; ASP: Alkaline Surfactant Polymer; ABH: Aishwarya Barmer Hill; OALP: Open Acreage Licensing Policy Oil & Gas Investing strategically to sustain long-term value Key highlights: ▪ 4QFY25 production at 96.2 kboepd, impacted by natural decline in MBA fields & Offshore blocks,. ▪ 4QFY25 per barrel Opex higher by 6% q-o-q, driven by lower volumes. ▪ New Blocks: Secured 7 blocks in OALP-IX round focusing on West Coast of India. ▪ First oil discovery in North-East region, Rudra-1 (EUR of ~6 mmboe) Gross Production (kboepd) Opex ($/boe) 117.8 99.4 96.2 4Q FY24 3Q FY25 4Q FY25 127.5 103.2 FY24 FY25 15.3 16.0 17.0 4Q FY24 3Q FY25 4Q FY25 13.9 15.6 FY24 FY25
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Sensitivity: Internal (C3) 15 Vedanta Limited 4QFY25 Investor Presentation VAB: Value Added Business; IOK: Iron Ore Karnataka; IOG: Iron Ore Goa; EC: Environmental Clearance; Iron and Steel Iron Ore Business VAB Production (kt) ▪ Achieved highest ever saleable ore production of 0.77 Mn Dmt in Mar’25 ▪ Highest ever domestic lumps dispatch through rake of 73 KT Dmt in Mar’25 ▪ Received Cudnem Mine EC of 0.5 MTPA ▪ Received 1.2 MTPA EC ▪ Highest ever monthly Pig Iron production of 83 KT in Mar’25 ▪ Smaller BFs achieved lowest ever yearly TCBM rate 652 Kg/thm Saleable Production (mnt) 1.7 1.2 1.70.3 0.4 4Q FY24 3Q FY25 4Q FY25 IOG (mnt) IOK (mnt) 5.6 5.3 0.9 FY24 FY25 1.5 2.1 5.6 6.2 831 817 FY24 FY25 198 217 205 4Q FY24 3Q FY25 4Q FY25 FACOR ▪ FY25 Production rose by 4% ▪ Ferro Chrome production was at 11kt, decrease of 57% YoY & 37% QoQ due to operational issue in furnace. Ferro Chrome production (kt) 80 83 FY24 FY25 27 18 11 4Q FY24 3Q FY25 4Q FY25 ESL 1,386 1,337 FY24 FY25 343 329 355 4Q FY24 3Q FY25 4Q FY25 Saleable production (kt) ▪ Production up 4% YoY; It grew 8% QoQ led by operational efficiency. ▪ Achieved highest ever Quarterly Billet production of 285 kt in Q4’25 ▪ CoS (ex – mines) lower by 12% YoY and 6% QoQ led by improvement in operational efficiencies and reduction in coking coal prices.
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VZI Sensitivity: Internal (C3) Finance Update 4QFY25
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VZI Sensitivity: Internal (C3) 17 Vedanta Limited 4QFY25 Investor Presentation 4QFY25 financial snapshot EBITDA ₹ 11,618 crore 30% y-o-y REVENUE ₹ 39,789 crore 14% y-o-y EBITDA Margin1 35% 465 bps y-o-y Profit after tax ₹ 4,961 crore 118% y-o-y ROCE2 c.27% ~371 bps y-o-y FCF (Pre-capex) ₹ 7,814 crore 21% y-o-y Net Debt/EBITDA 1.2x vs 1.5x in 4Q FY24 Cash & Cash Equivalent ₹ 20,602 crore 34% y-o-y 1. Excludes custom smelting at Copper Business 2. ROCE is EBIT net of tax outflow divided by average capital employed
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VZI Sensitivity: Internal (C3) 18 Vedanta Limited 4QFY25 Investor Presentation 8,969 3,304 (1,287) 902 11,888 (367) 272 (175) 11,618 4QFY24 LME / Brent /Premium Input Commodity Inflation Forex Rebased EBITDA Volume Cost & marketing Others 4QFY25 LME/Brent/Premium includes SAED impact of Oil & Gas business. Ex rate: 4QFY25 86.60 vs 4QFY24 83.04 EBITDA BRIDGE (4QFY25 vs. 4QFY24) (In ₹ crore) +30% vs 4QFY24 EBITDA Market & Regulatory 2,919 Alum 2,359 Zinc 1,113
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VZI Sensitivity: Internal (C3) 19 Vedanta Limited 4QFY25 Investor Presentation (442) 606 11,280 330 (51) 59 11,618 11,284 3QFY25 LME / Brent /Premium Input Commodity Inflation Forex Rebased EBITDA Volume Cost & marketing Others 4QFY25 LME/Brent/Premium includes SAED impact of Oil & Gas business. Ex rate: 4QFY25 86.60 vs 3QFY25 84.46 *Excluding one-time Cairn arbitration gain in 2QFY24 EBITDA BRIDGE (4QFY25 vs. 3QFY25) (In ₹ crore) Market & Regulatory (4) Highest ever EBITDA in last 12 quarters* (168) Alum 309 Zinc (435)
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VZI Sensitivity: Internal (C3) 20 Vedanta Limited 4QFY25 Investor Presentation Net Debt Walk 4QFY25 (In ₹ crore) 57,358 (9,087) (533) 5,264 248 53,251 Net Debt 31 Dec'24 Cash Flow From Operations Working capital Capex Others Net Debt 31 Mar'25 FCF post Capex 4,356
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VZI Sensitivity: Internal (C3) 21 Vedanta Limited 4QFY25 Investor Presentation *YTD average Balance sheet and debt breakdown Net debt / EBITDA Debt breakdown ▪ Strong Liquidity: Cash and Cash Equivalents at ₹ 20,602 crores ▪ Net Interest*: o Interest Income ~ 7.4% o Interest Expense ~10% ▪ Maturity: proactive credit management; average term debt maturity maintained ~3 years ▪ Positive Revision in Credit Rating : o ICRA Ratings: AA / Watch with Developing Implications o CRISIL Ratings: AA / Watch with Developing Implications Gross Debt In $bn In ₹ 000’ crores Term debt 8.22 70.26 Working capital 0.05 0.42 Short term borrowing 0.37 3.17 Total consolidated debt 8.64 73.85 Cash and Cash Equivalents 2.41 20.60 Net Debt 6.23 53.25 Debt breakup ($8.64bn) - INR Debt 83% - USD / Foreign Currency Debt 17% 1.28 1.55 1.54 1.49 1.40 1.22 4QFY23 4QFY24 1QFY25 2QFY25 3QFY25 4QFY25
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22 <1x Group1 Net Debt/EBITDA 3.3x> 1x2x2.7x FY24 FY25 Med TermFY20 > > > 8.9 7.2 5.6 4.9 Mar'22 Mar'23 Mar'24 Mar'25 Net Debt at VRL Standalone2 • Vedanta Resources (Parent) has de-leveraged by $4+ Bn in last 3 years • Significant reduction in Average coupon rate of Bonds by 250 bps; Longer maturity up to FY34 • VRL committed to deleverage by $ 3bn in next three years (1bn already achieved) • Leverage ratio to further improve to below 1x • Vedanta Limited Cash flow pre growth capex is estimated to be ~5 $Bn in near term • Raised $1 billion via QIP and additional $ 0.4 Bn via HZL OFS; 1.2 3.2 3.5 3.3 3.6 3.0 Vedanta Limited Global Peer 1 Global Peer 2 Indian Peer 1 Indian Peer 2 Industry Average EBITDA to Net Debt Ratio1 1.9x 1.2x Current Near TermQ1FY24 > > VEDL ND/EBITDA Vedanta Limited Vedanta Resources > $4.0 bn Debt maturity at VRL ($bn) US$ bn 0.95 0.68 0.15 0.30 1.20 0.55 0.50 0.55 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 Continuous Deleveraging Vedanta Resources (Parent)Vedanta Limited 1. Source: Bloomberg 2. Excluding ICL of $417 mn due in FY26
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VZI Sensitivity: Internal (C3) 23 Vedanta Limited 4QFY25 Investor Presentation FCF pre capex ~3.6 ~3.5 ~2.8 ~3.2 0.2 0.4 0.3 0.3 0.30-0.350.0 0.1 0.3 0.3 0.40-0.45 0.3 0.5 0.7 0.6 0.65-0.70 0.2 0.2 0.1 0.3 0.15-0.20 0.7 1.2 1.4 1.5 1.5-1.7 FY2022 FY2023 FY2024 FY2025 FY2026e Oil & Gas Zinc Al & Power Other Continued disciplined investment in value adding growth Growth Capex profile ($ Bn)
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VZI Sensitivity: Internal (C3) 24 Vedanta Limited 4QFY25 Investor Presentation 1. Including trial run production 2. Hot metal CoP 3. CoP excluding royalty Alumina 3.0-3.1 Mnt Aluminium1 2.5-2.6 Mnt CoP2 $1,700/t - $1,750/t Mined Metal 1,115 - 1,135 kt Finished Metal 1,090 – 1,100 kt Silver 700 - 710 tonnes CoP3 $1,025/t - $1,050/t Gamsberg 180 - 200 kt BMM 55 – 65 kt CoP $1,250/t – $1,350/t Zinc India Aluminium Oil and Gas Average Gross Volume 95-100 kboepd Opex $15-16/boe Iron Ore & VAB Karnataka 5.5 – 6.1 Mnt Orissa 4.5 – 5.2 Mnt Goa 2.2 – 2.7 Mnt Pig Iron 950 - 1050 kt Zinc International ESL FACOR Power TSPL PAF Athena PLF Meenakshi PLF 85% 61% 52% Hot Metal 1.5-1.6 Mnt Ferrochrome 100 – 110 kt FY26 Production and Cost Guidance
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VZI Sensitivity: Internal (C3) Appendix
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VZI Sensitivity: Internal (C3) 26 Vedanta Limited 4QFY25 Investor Presentation Summary of Income statement ▪ Depreciation & Amortization o 4QFY25 increased by 11% QoQ and 9% YoY mainly at Oil and Gas and Zinc India ▪ Finance Cost o 4QFY25 up 6% QoQ due to change in borrowing mix and one offs partially offset by lower interest rate o 4QFY25 up 7% YoY in line with average borrowings ▪ Investment Income o 4QFY25 lower 7% QoQ and up 35% YoY due to change in investment mix ▪ Taxes o Normalized ETR for 4QFY25 is 28% as compared to 46% in 4QFY24, mainly due to changes in profit mix and reduction in tax rate of a foreign subsidiary In ₹ Crore 4Q 3Q 4Q FY25 FY25 FY24 Revenue from operations 39,789 38,526 34,937 Other operating income 666 589 572 EBITDA 11,618 11,284 8,969 Depreciation & amortization (2,988) (2,681) (2,743) Exploration Cost written off (258) (61) (111) Finance Cost (2,583) (2,442) (2,415) Investment Income 732 788 543 Exchange gain/(loss) 135 (227) (49) Tax Credit/(charge) (1,696) (1,785) (1,741) PAT before exceptional 4,961 4,876 2,455 Exceptional items (net of tax) - - (180) PAT 4,961 4,876 2,275 Profit after tax up 118% YoY
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VZI Sensitivity: Internal (C3) 27 Vedanta Limited 4QFY25 Investor Presentation 1. Capex approved for Cairn represents Net capex, however Gross capex is $1.5 bn. 2. Is based on exchange rate at the time of approval. 3. Is based on exchange rate at the time of incurrence 4. Unspent capex represents the difference between total capex approved and cumulative spend as on 31st Mar 2025. Project Capex Capex in Progress (In $ mn) Status Approved Capex2 Spent up to FY243 Spent in FY25 Unspent4 as on 31th Mar 2025 Cairn India1 – Mangala, Bhagyam & Aishwariya infill, OALP, ABH infill, RDG infill, Offshore infill etc 1,106 399 249 458 Aluminium Sector Jharsuguda VAP capacity expansion and others In progress 254 111 58 85 Coal & Bauxite Mines (Jamkhani, Radhikapur, Kurloi, Ghoghrapalli,Sijimali) In Progress 1079 129 33 917 Lanjigarh Refinery: 2 to 5 MTPA In Progress 868 513 164 191 Balco smelter and VAP capacity expansion In Progress 1372 485 449 439 Zinc India Mine expansion 2077 1863 0 214 Roaster (Debari) In Progress 128 36 88 4 Others 498 153 89 256 Zinc International Gamsberg Phase II Project In Progress 466 227 98 141 Iron Ore Project In Progress 37 28 (2) 11 ESL 1.5 to 3 MTPA hot metal 349 133 52 164 Avanstrate Furnace Expansion and Cold Line Repair 125 40 2 83 Facor 150 to 450 KTPA ferro chrome 318 17 16 285 Athena Power Project 459 18 159 281 Iron Ore 3 MTPA Magnetite iron ore concentrator plant at Liberia 280 0 0 280
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VZI Sensitivity: Internal (C3) 28 Vedanta Limited 4QFY25 Investor Presentation THLZV: Twinstar Holding Zinc Venture Limited Entity-wise Cash and Debt Notes: 1. Cairn India Holdings Limited is a wholly owned subsidiary of Vedanta Limited which holds 50% of the group’s share in RJ Block 2. THLZV is 100% subsidiary of Vedanta Ltd. and holding company of Zinc International. 3. Others includes MALCO Energy, TMC, VGCB, Fujairah Gold, FACOR, Vedanta Limited Investment Companies, ASI, VED Semi-conductor, VED Display and Inter company elimination Company Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt Debt Cash & Cash Eq Net Debt 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 2,590 (604) 2,008 2,174 (167) 1,835 1,191 644 Hindustan Zinc Limited 10,651 9,482 1,169 12,270 8,153 4,117 8,455 10,186 (1,731) Zinc International 2,137 409 1,727 1,712 123 1,589 436 376 60 THLZV2 2,989 193 2,796 7,664 63 7,600 7,433 49 7,384 BALCO 3,451 1,253 2,198 2,904 1,495 1,409 2,050 305 1,745 Talwandi Sabo 5,579 72 5,507 5,602 46 5,556 6,050 206 5,844 ESL 1,603 333 1,270 1,558 279 1,279 1,906 382 1,524 Bloom Fountain Limited 1,680 1 1,679 1,678 20 1,658 Meenakshi Energy 866 21 845 842 20 822 776 1 775 Others3 91 541 (450) 106 417 (310) 586 340 246 Vedanta Limited Consolidated 73,853 20,602 53,251 78,496 21,138 57,358 71,759 15,421 56,338 (In ₹ crore)
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VZI Sensitivity: Internal (C3) 29 Vedanta Limited 4QFY25 Investor Presentation 11.4 9.9 6.3 12.0 2.9 13.8 6.6 7.4 FY26 FY27 FY28 FY29 & Beyond Standalone Subsidiaries Note: USD–INR: ₹ 85.47 on Mar 31, 2025 Funding sources and term debt maturities Long Term debt of $4.6 bn at Standalone and $3.6 bn at Subsidiaries, total consolidated $8.2 bn Diversified Funding Sources for Long Term Debt of $8.2 Bn (as of Mar 31, 2025) Long Term Debt Maturities : ₹ 70.26K crore ($8.2 bn) (as of Mar 31, 2025) 24% 58% 18% 0.1% Bonds INR Term Loan INR Term Loan Fx Bonds Fx In ₹ 000’ crore . 14.3 23.7 12.9 19.4
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VZI Sensitivity: Internal (C3) 30 Vedanta Limited 4QFY25 Investor Presentation Segment Summary – Aluminium Production (In ’000 tonnes, or as stated) Quarter Full Year 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Alumina – Lanjigarh 431 484 (11%) 505 1,975 1,813 9% Total Aluminum Production 604 598 1% 613 2,422 2,370 2% Jharsuguda 457 452 1% 464 1,830 1,784 3% Balco 147 146 1% 150 592 586 1% Financials (In ₹ crore, or as stated) Revenue 15,967 12,393 29% 15,306 58,522 48,371 21% EBITDA – BALCO 1,048 889 18% 1,078 4,530 2,668 70% EBITDA – Vedanta Aluminium 3,610 2,111 71% 3,462 13,268 6,989 90% EBITDA Aluminum Segment 4,658 3,000 55% 4,540 17,798 9,657 84% Alumina CoP – Lanjigarh ($/MT) 377 298 27% 373 355 325 9% Alumina CoP – Lanjigarh (₹ /MT) 32,690 24,700 32% 31,505 30,030 26,900 12% Aluminium CoP – ($/MT) 2,011 1,711 18% 1,878 1,835 1,796 2% Aluminium CoP – (₹ /MT) 174,182 142,100 23% 158,621 155,136 148,700 4% Aluminum CoP – Jharsuguda ($/MT) 1,914 1,684 14% 1,800 1,761 1,761 0% Aluminium CoP – Jharsuguda(₹ /MT) 165,714 139,900 18% 152,036 148,912 145,800 2% Aluminum CoP – BALCO ($/MT) 2,313 1,794 29% 2,121 2,063 1,904 8% Aluminium CoP – BALCO (₹ /MT) 200,301 149,000 34% 179,164 174,408 157,600 11% Aluminum LME Price ($/MT) 2,627 2,199 19% 2,575 2,525 2,200 15%
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VZI Sensitivity: Internal (C3) 31 Vedanta Limited 4QFY25 Investor Presentation 2,627 2,627 2,939 879 11 301 1,094 543 374 49 LME Strategic hedging Premium Realisation Alumina Power Other hot metal Conversion & other EBITDA Aluminium profitability $/t 4QFY25 2,199 0 166 2,365 (688) (617) (406) (56) 598 2,011 Hot metal cost 4QFY24 1,711 47% growth YoY
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VZI Sensitivity: Internal (C3) 32 Vedanta Limited 4QFY25 Investor Presentation Segment Summary – Zinc India Production (In ’000 tonnes, or as stated) Quarter Full Year 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Mined metal content 310 299 4% 265 1,095 1,079 1% Saleable metal 270 273 (1%) 259 1,052 1,033 2% Refined Zinc1 214 220 (3%) 204 827 817 1% Refined Lead2 56 53 6% 55 225 216 4% Refined Saleable Silver - (in tonnes)3 177 189 (7%) 160 687 746 (8%) Financials (In ₹ crore, or as stated) Revenue 8,805 7,261 21% 8,297 32,903 27,925 18% EBITDA 4,811 3,626 33% 4,532 17,365 13,562 28% Zinc CoP without Royalty (₹ /MT) 86,060 87,284 (1%) 87,960 88,960 92,470 (4%) Zinc CoP without Royalty ($/MT) 994 1,051 (5%) 1,041 1,052 1,117 (6%) Zinc CoP with Royalty ($/MT) 1,376 1,378 (0%) 1,454 1,440 1,450 (1%) Zinc LME Price ($/MT) 2,838 2,450 16% 3,050 2,875 2,475 16% Lead LME Price ($/MT) 1,970 2,077 (5%) 2,007 2,046 2,122 (4%) Silver LBMA Price ($/oz) 31.9 23.3 37% 31.4 30.4 23.6 29% Notes: 1. Includes 3.7kt, 3.4kt and 10.1kt of metal production from Hindustan Zinc Alloys Private Limited (100% subsidiary of HZL) in 4QFY25, 3QFY25 & FY25 respectively 2.Excludes captive consumption of 1803 tonnes in 4Q FY2025 vs 1919 tonnes in 3Q FY2025 and 1484 tonnes in 4Q FY2024. For FY25, it was 7534 tonnes as compared to 7622 tonnes in FY24. 3.Excludes captive consumption of 9.4 tonnes in 4Q FY2025 vs 10.0 tonnes in 3Q FY2025 and 7.7 tonnes in 4Q FY2024.For FY25, it was 40.3 tonnes as compared to 39.0 tonnes in FY24.
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VZI Sensitivity: Internal (C3) 33 Vedanta Limited 4QFY25 Investor Presentation Segment summary – Zinc International Production (In ’000 tonnes, or as stated) Quarter Full Year 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 ₹ Crore, or as stated) Revenue 1,108 634 75% 1,045 3,918 3,556 10% EBITDA 404 59 - 354 1,321 693 91% CoP – ($/MT) 1,263 1,673 (25%) 1,182 1,299 1,488 (13%) Zinc LME Price ($/MT) 2,838 2,450 16% 3,050 2,875 2,475 16% Lead LME Price ($/MT) 1,970 2,077 (5%) 2,007 2,046 2,122 (4%)
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VZI Sensitivity: Internal (C3) 34 Vedanta Limited 4QFY25 Investor Presentation Segment Summary – Oil & Gas Production (In kboepd, or as stated) Quarter Full Year 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Average Daily Gross Operated Production 96.2 117.8 (18%) 99.4 103.2 127.5 (19%) Rajasthan 78.0 97.8 (20%) 81.3 84.3 106.5 (21%) Ravva 8.5 10.5 (19%) 9.6 10.1 10.8 (7%) Cambay 6.2 7.0 (11%) 4.5 5.1 8.9 (43%) OALP 3.5 2.5 40% 4.0 3.8 1.4 - Average Daily Working Interest Production 63.1 76.8 (18%) 65.6 67.8 82.4 (18%) Rajasthan 54.6 68.5 (20%) 56.9 59.0 74.5 (21%) Ravva 1.9 2.4 (19%) 2.2 2.3 2.4 (7%) Cambay 2.5 2.8 (11%) 1.8 2.0 3.6 (43%) KG-ONN 2003/1 0.6 0.6 (5%) 0.7 0.7 0.6 24% OALP 3.5 2.5 40% 4.0 3.8 1.4 - Total Oil and Gas (million boe) Oil & Gas- Gross operated 8.7 10.7 (19%) 9.1 37.7 46.7 (19%) Oil & Gas-Working Interest 5.7 7.0 (19%) 6.0 24.7 30.2 (18%) Financials (In ₹ crore, or as stated) Revenue 2,658 3,368 (21%) 2,636 11,044 17,837 (38%) EBITDA 1,212 1,513 (20%) 1,201 4,664 9,777 (52%) Average Oil Price Realization ($/bbl) 70.9 75.9 (7%) 70.1 74.2 75.5 (2%) Brent Price ($ / bbl) 75.7 83.2 (9%) 74.7 78.9 83.1 (5%)
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VZI Sensitivity: Internal (C3) 35 Vedanta Limited 4QFY25 Investor Presentation Segment Summary – Oil & Gas Production (In kboepd, or as stated) Quarter Full Year 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-operated- Working interest 0.6 0.6 (5%) 0.7 0.7 0.6 24% Working Interest 63.1 76.8 (18%) 65.6 67.8 82.4 (18%) Rajasthan (Block RJ-ON-90/1) Gross operated 78.0 97.8 (20%) 81.3 84.3 106.5 (21%) Oil 62.5 80.0 (22%) 65.2 67.7 87.1 (22%) Gas (Mmscfd) 93 107 (14%) 97 100 116 (14%) Gross DA 1 66.9 84.8 (21%) 69.4 72.5 92.2 (21%) Gross DA 2 10.9 12.9 (16%) 11.8 11.7 14.1 (17%) Gross DA 3 0.1 0.1 (4%) 0.1 0.1 0.1 (2%) Working Interest 54.6 68.5 (20%) 56.9 59.0 74.5 (21%) Ravva (Block PKGM-1) Gross operated 8.5 10.5 (19%) 9.6 10.1 10.8 (7%) Oil 8.1 9.8 (17%) 9.2 9.6 9.8 (2%) Gas (Mmscfd) 3 4 (39%) 3 3 6 (47%) Working Interest 1.9 2.4 (19%) 2.2 2.3 2.4 (7%) Cambay (Block CB/OS-2) Gross operated 6.2 7.0 (11%) 4.5 5.1 8.9 (43%) Oil 5.0 5.1 (2%) 3.3 3.7 6.8 (45%) Gas (Mmscfd) 8 12 (34%) 7 8 13 (37%) Working Interest 2.5 2.8 (11%) 1.8 2.0 3.6 (43%) OALP Gross operated 3.5 2.5 40% 4.0 3.8 1.4 - Oil 0.7 0.7 4% 0.8 0.8 0.4 - Gas (Mmscfd) 16 11 55% 19 18 6 - Working Interest 3.5 2.5 40% 4.0 3.8 1.4 - Average Price Realization Cairn Total (US$/boe) 75.6 77.3 (2%) 74.0 75.7 77.6 (2%) Oil (US$/bbl) 70.9 75.9 (7%) 70.1 74.2 75.5 (2%) Gas (US$/mscf) 15.3 13.9 11% 14.5 13.5 14.4 (6%)
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VZI Sensitivity: Internal (C3) 36 Vedanta Limited 4QFY25 Investor Presentation Segment Summary – Iron Ore and Steel Steel Iron Ore Production (In ‘000 tonnes, or as stated) Quarter Full Year 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Total Production 355 343 4% 329 1,337 1,386 (4%) Pig Iron 40 16 147% 35 221 203 9% Billet Production 285 271 5% 268 971 997 (3%) Billet Consumption (inter category adj.) (263) (252) - (254) (927) (967) - TMT Bar 140 140 (0%) 127 489 505 (3%) Wire Rod 116 105 10% 120 413 436 (5%) Ductile Iron Pipes 37 62 (39%) 33 171 212 (19%) Financials (In ₹ crore, or as stated) Revenue 1,877 2,009 (7%) 2,150 7,928 8,300 (4%) EBITDA 151 (16) - 146 522 225 - Margin ($/t) 46 (5) - 54 46 19 - Production (In million dry metric tonnes, or as stated) Quarter Full Year 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 (’000 tonnes) Pig Iron 205 198 4% 217 817 831 (2%) Financials (In ₹ crore, or as stated) Revenue 1,527 2,472 (38%) 1,865 6,086 9,069 (33%) EBITDA 311 558 (44%) 375 1,006 1,676 (40%)
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VZI Sensitivity: Internal (C3) 37 Vedanta Limited 4QFY25 Investor Presentation Segment Summary – Facor and Copper FACOR Copper Production (In ’000 tonnes, or as stated) Quarter Full Year 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Total Production Ore Production 65 80 (18%) 67 250 240 4% Ferrochrome Production 11 27 (57%) 18 83 80 4% Financials (In ₹ crore, or as stated) Revenue 157 295 (47%) 178 921 809 14% EBITDA (2) 57 - (2) 40 115 (65%) Margin ($/MT) 44 245 (82%) 20 100 175 (43%) Production (In ’000 tonnes, or as stated) Quarter Full Year 4QFY25 4QFY24 % YoY 3QFY25 FY25 FY24 % YoY Copper - Cathodes 44 31 41% 44 149 141 6% Financials (In ₹ crore, or as stated) Revenue 6,138 5,015 22% 5,803 23,051 19,730 17% EBITDA (49) (12) - 4 (112) (69) - Copper LME Price ($/MT) 9,340 8,438 11% 9,193 9,371 8,353 12%
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VZI Sensitivity: Internal (C3) 38 Vedanta Limited 4QFY25 Investor Presentation Sales Summary – Zinc and Aluminium Sales volume Quarter Full Year 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 Concentrate (MIC) 44 26 40 152 170 Total Zinc (Conc) 44 26 40 152 170 Lead Concentrate (MIC) 6 8 7 26 39 Total Zinc-Lead (kt) 51 34 46 179 209 Aluminium Sales Value-added products (kt) 338 292 317 1,274 1,096 Sales - Ingots (kt) 274 312 303 1,140 1,261 Total Aluminium sales (kt) 613 604 620 2,414 2,357
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VZI Sensitivity: Internal (C3) 39 Vedanta Limited 4QFY25 Investor Presentation 1. Based on Availability 2. Average excludes TSPL PAF: Plant Availability Factor Sales summary – Iron & Steel, FACOR and Power Sales volume Quarter Full Year 4QFY25 4QFY24 3QFY25 FY25 FY24 Iron ore sales Goa (mn dmt) 0.3 0.0 0.2 0.6 0.3 Karnataka (mn dmt) 1.3 1.7 1.4 4.8 5.9 Total (mn dmt) 1.6 1.7 1.6 5.4 6.2 Pig Iron (kt) 212 217 211 808 836 Steel sales (kt) 372 355 318 1,337 1,394 Pig Iron 40 17 36 220 206 Billet 22 13 15 47 26 TMT Bar 147 146 123 489 513 Wire Rod 122 117 115 412 437 Ductile Iron Pipes 41 61 29 169 212 Facor sales Ferrochrome (kt) 14 28 18 84 78 Copper-India sales Copper Cathodes (kt) 1 1 0 10 9 Copper Rods (kt) 49 49 49 181 188 . Sales volume Power Sales (mu) Quarter Full Year 4QFY25 4QFY24 3QFY25 FY25 FY24 Jharsuguda 399 931 311 2,244 2,771 TSPL 2,358 2,187 2,021 10,230 10,278 HZL Wind power 63 61 47 348 394 Total sales 2,820 3,179 2,379 12,822 13,443 Power Realizations (₹/kWh) Jharsuguda 600 MW 2.56 2.66 2.78 3.03 2.66 TSPL1 3.96 3.64 3.52 4.06 4.10 HZL Wind power 3.77 3.96 3.85 3.95 3.98 Average Realisations2 2.73 2.74 2.92 3.15 2.82 Power Costs (₹/kWh) Jharsuguda 600 MW 3.74 2.62 4.4 3.33 2.77 TSPL1 3.04 2.73 2.70 3.23 3.26 HZL Wind power 1.90 1.93 2.53 1.40 1.19 Average costs2 3.49 2.58 4.15 3.07 2.57 EBITDA (₹ crore) 131 224 131 737 971 TSPL PAF 76% 69% 71% 81% 82%
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VZI Sensitivity: Internal (C3) 40 Vedanta Limited 4QFY25 Investor Presentation Group structure As of 31-Mar-25 Unlisted entities Listed entities *50% of the share in the RJ Block is held by a subsidiary of Vedanta Ltd 56.38% Vedanta Resources Ltd 63.4% Zinc India (HZL) Vedanta Ltd Subsidiaries of Vedanta Ltd ⚫ Sesa Iron Ore ⚫ Sterlite Copper ⚫ Power (600 MW Jharsuguda) ⚫ Aluminium (Odisha aluminium and power assets) ⚫ Cairn Oil & Gas* ⚫ Athena Divisions of Vedanta Limited Talwandi Sabo Power (1,980 MW) 100% Zinc International (Skorpion - 100% BMM & Gamsberg- 74%) 100%51% Bharat Aluminium (BALCO) 95.5% ESL Steel Limited 100% Ferro Alloy Corporation Ltd. (FACOR) Meenakshi Energy Limited (1000 MW) Vedanta Display Limited Vedanta Semi- conductor Pvt Limited 100% 100% 100%
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VZI Sensitivity: Internal (C3) 41 Vedanta Limited 4QFY25 Investor Presentation Currency and commodity sensitivities Commodity prices – Impact of a 10% increase in Commodity Prices Commodity FY25 Average price Impact on EBITDA ($mn) Oil ($/bbl) 79 48 Zinc ($/t) 2,875 252 Aluminium ($/t) 2,525 454 Lead ($/t) 2,046 51 Silver ($/oz) 30 70 Foreign Currency - Impact of ₹ 1 depreciation in FX Rate Currency Increase in EBITDA INR/USD ~ ₹ 850 - 900 crore / year
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42 NABET: National Accreditation Board for Education and Training Awards and Accolades Recognitions towards our commitment to excellence Vedanta Jharsuguda won three Gold awards at 3rd TQM INDIA Summit 2025 BALCO Secures British Safety Council International Safety Award 2025 Vedanta Jharsuguda Honored with Two Prestigious Awards at the World CSR Congress 2025 Vedanta Jharsuguda won awards at 38th National Convention on Quality Concepts BALCO honoured at the 9th ICSI CSR Excellence Awards BALCO Secures 10 Gold and 1 Silver at TQM Summit in Udaipur by QCFI VGCB wins Silver at CII Andhra Pradesh Safety Excellence Awards HZL honoured for Outstanding Corporate Tax Management at 11th Tax Strategy & Planning Summit Hindmetal Exploration Services secured Category-A Exploration Agency accreditation from NABET HZL received multiple accolades for safety excellence at 2025 British Safety Council International Safety Awards Vedanta Limited 3QFY25 Investor Presentation QCFI: Quality Circle Forum of India
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43 Earnings Call Details Event Telephone Number Earnings conference call on April 30, 2025, from 5:00 PM to 6:00 PM (IST) Universal Dial-In +91 22 6280 1114 +91 22 7115 8015 India National Toll Free 1 800 120 1221 International Toll Free* Canada 01180014243444 Hong Kong 800964448 Japan 00531161110 Netherlands 08000229808 Singapore 8001012045 South Korea 00180014243444 UK 08081011573 USA 18667462133 Online Registration Link For Registration - Click Here Call Recording This will be available on Company website on May 1, 2025
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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 forward-looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Resources Limited and Vedanta Limited and any of their subsidiaries. Past performance of Vedanta Resources Limited and Vedanta Limited and any of their subsidiaries cannot be relied upon as a guide to future performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward– looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward- looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta Resources Limited and Vedanta Limited and any of their subsidiaries or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. IR contact: Mr. Charanjit Singh, Group Head Investor Relations, Vedanta Email: vedantaltd.IR@vedanta.co.in | charanjit.singh@vedanta.co.in