FY25 to be transformative yr: Anil Agarwal

Mining tycoon Anil Agarwal has said the current financial year that started on April 1 will be a transformative year for his conglomerate Vedanta as it prioritises disciplined growth while parent eyes a USD 3 billion deleveraging in the next three years.

In a communication to shareholders, Vedanta Ltd Chairman Agarwal said the group will pursue sustainable growth while maintaining a healthy balance sheet. "These include further deleveraging (parent) Vedanta Resources by USD 3 billion in the next 3 years and achieving an annual group EBITDA of USD 7.5 billion within 2 years," he said.

"FY25 will be a transformative year for us on many fronts as we prioritise disciplined growth, operational excellence, and exploring opportunities along the value chain," he said. Vedanta had previously stated that it will invest USD 6 billion across businesses that span from aluminium and zinc to iron ore, steel and oil and gas, which is expected to generate incremental revenue of over USD 6 billion and boost EBITDA from an expected USD 5 billion in the fiscal year ended March 31 to USD 6 billion in 2024-25 (FY25) and up to USD 7.5 billion by FY26.

"Our strategy is clear, our foundation is solid, and our team is energised to achieve the targets we have set for ourselves," Agarwal said. Reflecting on the operational performance in the fiscal year ended March 31, he said Vedanta achieved the highest-ever annual aluminium production of 2.37 million tonnes of aluminum with lower cost of production and increased margins.