365Telugu.com online news, July 11th,2024: On behalf of the Board of Directors, I am delighted to welcome you to the 59thAnnual General Meeting of your company.
One month ago, India elected a new Government.Under the dynamic and visionary leadership of our Prime Minister, we once more have a reformist and production-minded government that is committed to realise India’s full potential.
This is also a time for a new and exciting phase at Vedanta – an organization that has been dedicated to supporting the dream of an Atmanirbhar Bharat in the natural resources sector, and creating a vast number of jobs,since its inception.
Today, in addition to critical minerals and energy security, we are also closely aligned with the global leadership goals of the country in the renewables and technology sectors.
We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value. Each demerged entity will chart their own course but will follow Vedanta’s core values, its enterprising spirit and global leadership. As we stand on the brink of an amazing transformation, our josh is high.
The future of natural resources
The natural resources industry has provided the very foundation for the growth and development of several developed global economies – the United States, Australia, Middle East, Canada, and Europe. It is now clearly India’s time to shine and maximize its potential in this area.
While public conversation often focuses on lithium, cobalt, and nickel, in reality, copper, aluminium, zinc, silver are all equally fundamental to the sunrise sectors of the new economy, of which India has abundant resources.
Vedanta’s unique proposition
India is the fastest growing economy in the world. The demand for all our products is already growing in double digits. As the world looks to India as the plus one to China India looks to become self-reliant, the potential is infinite.
Vedanta is uniquely positioned in the India story. It is the Indian Subcontinent’s only diversified natural resources company. We are the largest private sector producer of oil. We are the largest producer of aluminium.
We are the sole producer of zinc and silver – and amongst the largest in the world. We are one of India’s largest generators of power and purchasers of renewable energy.
So far, India has only explored 30% of its geological potential. With a few policy reforms, the supply side in India can become as robust as demand. Today, 50% of our imports, worth more than $350 billion are minerals and metals, including oil and gas. This will double and triple as the economy grows at a fast rate. This sector is a $1 trillion opportunity.
Vedanta is appropriately positioned in the global context too. Today 70% of our topline comes from the critical minerals of the future. That is the highest proportion out of any of our peer group. And, at Vedanta, we are committed to producing these metals and minerals sustainably, and with the highest levels of care for both our people and the planet.
Company Performance
I now turn to the company’s financial performance. I am pleased to report that your Company has delivered an excellent business performance with enhanced production and reduced costs.
In the past year, many of our businesses achieved their highest-ever annual production levels – Aluminium, Zinc, Silver, Steel, Iron Ore, and Ferrochrome. We recorded our second-highest annual consolidated revenue of ₹1,41,793 crores, and a robust second-highest annual EBITDA of ₹36,455 crores.
We are in the process of aggressively deleveraging our balance sheets. Our debt-to-profitability ratios are at par with or better than our industry peers. Our foundations are strong.
We have always strived to deliver the best value for our shareholders. Your company paid a total dividend of ₹18,572 crore in FY24. This year, we have declared a dividend of ₹11 per share.
As on 30 June’24, our total shareholder return over 5-years is 276% and our 5-years average accumulated dividend yield is 65%, which puts us right in the top bracket.
Your company, which has thus far invested over $35 billion in India and contributes around 1.4% of India’s GDP, remains committed to growth. This year, we actively engaged in rapid expansion efforts — the new 1.5 MTPA expansion at our alumina refinery in Lanjigarh,operationalising the Bicholim mine in Goa, commencing production at our Jaya oilfield in Gujarat. We also acquired the Athena and Meenakshi power plants in FY’24 doubling our merchant power capacity to 5GW.
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