Overview

Hindalco Industries Limited, the metals flagship of the Aditya
Birla Group, is India’s largest fully integrated aluminium player
and, with Novelis, the world’s largest producer of flat-rolled
aluminium and aluminium recycler. Our Copper business is
the second-largest producer of copper rods outside China and
operates India’s largest single-location custom copper smelter
at Dahej. In the specialty alumina space, we rank among the
global top three, offering a differentiated portfolio of high-
margin, high-growth products. Together, these businesses
span the entire value chain, delivering a suite of sustainable,
high-performance solutions across industries.

In India, Hindalco’s aluminium manufacturing covers the
complete value chain, from bauxite mining, alumina refining,
coal mining, captive power generation and aluminium
smelting, to downstream value-addition of aluminium rolling,
extruding, and foil making. Hindalco’s copper division in India
comprises, among other facilities, a world-class custom
copper smelter and captive jetty with capability to manufacture
copper rods and tubes. Hindalco is one of the largest suppliers
of copper to the Indian Railways and meets more than half of
the country’s copper requirements.

Guided by its Purpose of building a Greener, Stronger, Smarter
world, Hindalco provides innovative solutions that nurture a
sustainable planet. Today, Hindalco’s global footprint spans 50
manufacturing units across 10 countries.

Hindalco’s wholly owned subsidiary Novelis is the leading
producer of flat-rolled aluminium products and the world’s
largest recycler of aluminium. Novelis delivers innovative
solutions to customers in the beverage packaging, automobile,
aerospace, and high-end speciality markets, including foil
packaging, certain transportation products, architectural,
industrial, and consumer durables. Novelis operates an
integrated network of technically advanced rolling and
recycling facilities across North America, South America,
Europe, and Asia. Novelis, which has recycling operations
across the world, recycled over 84 billion used beverage cans
in FY 2024-25.

Hindalco reached a new milestone in financial performance
by posting its highest-ever Consolidated Revenue, EBITDA
and PAT for the full year. Consolidated EBITDA for the year

Key Initiatives and Expansion Plans
during FY 2024-25

FY 2024-25 marked a strategically important year for
Hindalco, with significant progress across the Aluminium,
Copper, and Specialty Alumina businesses. The Company
deepened its focus on strengthening upstream capabilities
while accelerating value-added downstream growth.

In line with its strategic imperatives, Hindalco is focused
on doubling down its Upstream aluminium and copper
capacities, while aiming to achieve four times growth
in downstream EBITDA in India by FY 2029-30 from
FY 2023-24 levels. This will be driven by capacity expansion,
resource securitisation and premiumisation of downstream
value-added products. These efforts are set to boost
Hindalco’s long-term competitiveness, diversify its product
mix, and tap into growing demand across energy, mobility,
packaging, and industrial sectors. This strategic shift is also
reflected in Hindalco’s new brand identity, which signals its
evolution from a raw materials supplier to a provider of high-
performance, engineered solutions.

In the aluminium upstream segment, capacity expansion
projects remain on track, with the 180 KT brownfield
expansion at the Aditya smelter and the greenfield 850 KT
alumina refinery at Kansariguda. These projects aim to
reinforce Hindalco’s position in the first quartile of the global
cost curve, backed by captive coal and bauxite. Hindalco has

achieved operational efficiencies and lowered the overall cost
of production in FY 2024-25.

In the downstream aluminium portfolio, Hindalco continued
to expand its footprint in high-growth, high-margin segments.
Key developments included progress on the new 170 KT
FRP facility at Aditya as well as capacity augmentation in
battery enclosures, extrusions, aerospace-grade alloys, and
packaging foils. The Company successfully delivered 10,000
EV Battery Enclosures and is scaling its extrusions portfolio
through brownfield expansions at Silvassa.

The Specialty Alumina business continued its upward
trajectory, maintaining its position among the global top three
producers. The Company remained on track to scale the
business to 1 million tonnes per annum over next three to five
years, driven by demand across premium applications such as
flame retardants, ceramics, catalysts, white fused alumina, and
precipitated hydrate. As part of our strategy to grow in high-
value, technology-led materials, Hindalco signed a definitive
agreement to acquire 100% equity in AluChem Companies
Inc., a US-based producer of specialty alumina, for an
enterprise value of US$125 million. This marks Hindalco’s entry
into the low soda Tabular Alumina segment and strengthens
our presence in the North American market. With three
manufacturing facilities and an established customer base,
AluChem brings advanced alumina technologies and opens up
opportunities to expand our product portfolio.

In copper, smelter expansion of 300 KT, copper and multi¬
metal e-waste recycling, and 25 KT inner grooved tubes
projects are progressing swiftly to meet India’s demand of
copper in the growing air conditioning segment.

Novelis’ 3x30 vision to advance aluminium as the material of
choice for circular solutions through ambitious, carbon-related
sustainability goals and priorities to accelerate the company’s
decarbonisation and circularity efforts. This strategy is
focused on raising recycled content, reducing carbon intensity
and improving Return on Invested Capital.

To support the rising demand for sustainable aluminium in
North America, Novelis' $4.1 billion, 600 KT greenfield rolling
and recycling facility at Bay Minette, Alabama is slated for
commissioning in the second half of CY 2026. Novelis is
setting new benchmarks in aluminium recycling, achieving
a recycled content rate of 63% in FY 2024-25, more than
double the level from 15 years ago. Leveraging its scale
and operational efficiency, the Company aims to reach 75%
recycled content by 2030.

Strategic investments are driving this progress, including the
commissioning of two major recycling centers in FY 2024-25:
Guthrie (U.S.) and UAL (South Korea). Guthrie, a $365 million
facility with a casting capacity of 240 KT, is projected to
reduce over 1 million tonnes of CO₂ emissions annually. The
$65 million UAL center adds 100 KT of low-carbon casting
capacity and is expected to cut emissions by 420 KT. Further
expansion is underway, with new facilities at Bay Minette (U.S.)
and Latchford (U.K.) scheduled for completion by FY 2026-27.
Novelis is also investing $90 million to double Latchford’s
capacity, reinforcing its commitment to sustainable growth.

To enhance circularity and cost efficiency, Novelis is advancing
scrap sorting technologies. These innovations enable increased
use of low-grade and post-consumer scrap including end-of-life
vehicles and strengthen closed-loop recovery systems with
customers. Through these initiatives, Novelis continues to lead
the global transition to low-carbon aluminium.

Hindalco’s digital transformation integrates technology,
processes, and people to unlock value across the entire
value chain - enhancing efficiencies, productivity and
safety while improving customer service, delivery times
and reducing environmental impact. We continue to align
our digital and analytics interventions with business needs,
building a strong foundation for the future while exploring
emerging technologies such as AI/ML, Digital Twin, GenAI
and Blockchain to drive innovation. Our focus on digitalisation
leverages latest digital technologies and analytics tools,
complemented by a strong emphasis on upskilling employees
in data and analytics. This has enabled insights-driven
decision-making, fostering a mindset shift and new ways of
working across the organisation.

Hindalco continues to foster a culture built on meritocracy,
inclusion, and employee development. Guided by clear
principles of fairness, transparency, and equal opportunity
across the organisation, we ensure that career growth is
driven by merit through structured talent programs and
data-based performance evaluations. Our commitment
to diversity is reflected in the fact that 35% of our young
professional hires over the past six years have been
women. Employee engagement has seen a consistent rise,
with a 13-point increase in the Trust Index from 2021 to
2024, and 82% of our people endorsing Hindalco as a great
place to work. We are proud to be ranked among the Top
50 Best Workplaces™ in Manufacturing 2025. To attract
and retain top talent, we continue to invest in leadership
development, capability building, and a collaborative,
inclusive work environment.

Industry Analysis

i. Aluminium - Industry Review &
Outlook

In Calendar Year (‘CY’) 2024, the global economy
grew by 3.2%. In the same year, the global production
of aluminium increased 3% to ~73 million tonnes,
while global consumption grew by 4% to ~73 million
tonnes resulting in a balanced market. Region-wise,
China’s production grew 4% to 43 million tonnes, led
by increases in Yunnan, Guizhou and Inner Mongolia,
offset by the shutdown in Shandong. Aluminium
consumption in China grew by 5% to ~45 million
tonnes led by the sharp increase in demand for EVs
and solar power capacity installations. However, the
demand was subdued in the building and construction
segment. With consumption of ~45 million tonnes,
and production of 43 million tonnes, China saw a
deficit of ~2 million tonnes.

In the rest of the world, production grew by 2% at
~29.7 million tonnes in CY 2024, led by increase in
production mainly in Russia, Middle East, Brazil,
and India. On the consumption side, construction,
packaging and consumer durables sectors rebounded
on account of pent-up demand, while the transport
sector saw some headwinds. Hence, the overall
consumption grew by 2% to ~27.8 million tonnes,
leading to a significant surplus of ~1.9 million tonnes in
CY 2024. (See Figure 1 and 2)

In CY 24, China’s refined copper production rose by
~5.6% to 12.2 million tonnes, while consumption
increased by ~4.7% to 15.3 million tonnes, leading to a
market deficit of 3.2 million tonnes. Outside China, global
production grew by ~3%, outpacing consumption growth
of ~2.2% and resulting in a surplus of 3.5 million tonnes.
Approximately 350 KT of production cuts were reported
in China due to falling TC/RC and tight mine supply,
with deeper cuts anticipated through the remainder of

Domestic market

In FY 2024-25, domestic demand for refined copper rose
by ~5% to 850 KT, up from 811 KT in FY 2023-24. Imports
accounted for ~26% of the total demand at 223 KT,
compared to 30% i.e, 240 KT in FY 2023-24, indicating
a gradual reduction in import dependence. The overall
market remained stable, with growth expectations of
around 8-9% in FY 2025-26. Hindalco’s copper sales
grew by 6-7% in FY 2024-25 over FY 2023-24, while
the Company sustained strong customer satisfaction,
achieving Net Promoter Score (NPS) of over 70% for
FY 2024-25.

Copper Concentrate Market

The annual TC/RC benchmark for CY 2025 settled at
5.45 cents per pound, representing a 73% year-on-
year decline from 20.5 cents per pound in CY 2024.
Concentrate market continues to be extremely tight
resulting in lower spot TC/RC terms. The market is
expected to remain under pressure in the short to

the year. Looking ahead, over 1 million tonnes of new
smelter capacity is expected to be commissioned by the
end of 2025. The Chinese government is also promoting
increased scrap usage in primary metal production.
Demand remains robust, driven by growth in electric
vehicles, renewable energy, power grid expansion, and
consumer durables, although the real estate sector
continues to face headwinds. Refer to Figures 3 & 4 for
Global Refined Copper Production and Consumption

medium term until market rebalances through potential
smelter closures mainly in China or through new mining
capacity additions.

Outlook:

The global refined copper demand is projected to grow
by ~2.8% in CY 2025, led by China at ~3.4%, while the
rest of the world is expected to see growth at ~1.8%. In
India, demand is likely to reach ~920 KT in FY 2025-26.
The copper market is expected to shift into a deficit in
CY 2025, primarily due to constrained mine supply and
the absence of major new project additions, though some
capacity expansion is anticipated in China, Indonesia,
and the Congo. Additionally, smelter production is being
impacted by declining TC/RC observed in late CY 2024
and early CY 2025, prompting miners to cut production.
While ongoing US-China trade tensions and LME price
volatility continue to be uncertain in short-term, the long¬
term demand outlook for copper remains robust. The
Copper Concentrate market remains tight, leading to a
decline in spot TC/RC terms. The market is expected to

remain under pressure in short to medium term until a
rebalancing occurs through potential smelter closures or
addition of new mining capacity.

iii. Novelis - Global Flat Rolled Products
(‘FRP’) - Industry Review & Outlook

For over a decade, Novelis has pursued a multi-year
strategy aimed at transforming its business and
enhancing profitability through significant investments in
new capacity and capabilities. These investments have
enabled the Company to increase recycled content in
its products, capitalise on favourable long-term market
trends that are driving greater consumer demand for
lightweight, sustainable aluminium products, and
diversify and optimise its product portfolio. As a global
leader in aluminium flat-rolled products, Novelis has
leveraged this expanded capacity, broad footprint, scale,
and strong customer relationships to drive volumes and
benefit from favourable supply and demand dynamics
across all end-use markets. Supported by growth in
volumes, improved pricing, a substantial increase in
scrap inputs, operational efficiencies, and high-capacity
utilisation rates, Novelis has significantly enhanced the
profitability of its beverage packaging and specialties
products while maintaining high margins for automotive
and aerospace segments. This has resulted in a growth
in Adjusted EBITDA per tonne from $308 in FY16 to $480
in FY 2024-25, turning a net loss of $38 million into net
income of $683 million over the period.

Global demand for flat-rolled aluminium products (FRP)
is estimated to grow by 5% in CY 2025 (ex-China) vs
6% in CY 2024, supported by strong momentum across
key end markets. Beverage packaging continued to
experience robust growth worldwide, driven by increasing
consumption and a clear shift in packaging preferences
toward sustainable solutions such as aluminium.

In the automotive sector, lightweighting remained a
primary demand driver, particularly in North America,
where the favourable vehicle mix of SUVs and trucks
supported higher aluminium usage. Growth in China
moderated due to changes in vehicle mix, while tariff
uncertainties in Europe and North America contributed
to near-term market volatility. In the Specialty segment,
there was a seasonal increase in demand of Building
& Construction sector, with the U.S. housing market
remaining structurally under supplied and potential
favourable trade rulings expected to further benefit the
domestic light gauge market. Aerospace demand stayed
strong, underpinned by multi-year OEM order backlogs
and increasing focus on sustainability, although supply
chain constraints continued to limit production ramp-up.
Geopolitical tensions and trade policy uncertainties
remained important factors to monitor. Overall, despite

regional policy-related challenges, the medium- to long¬
term outlook for global FRP demand across end-use
sectors remains positive, driven by strong sustainability
trends and secular growth drivers.

Novelis is facing rising competition for scrap metal, driven
by strong demand for aluminium rolled products with high
recycled content, increasing focus on carbon reduction,
and the cost advantages of using scrap over primary
metal. Intensifying competition for scrap aluminium is
driving up prices and reducing the financial advantage of
using scrap in our production processes.

To address supply-demand imbalances of scrap, Novelis
is exploring a broader mix of scrap metal sources,
supported by improved sorting technologies and supply
chain enhancements. Novelis has started implementing
structural cost reduction measures across its global
operations to drive sustainable labour, operational and
footprint efficiencies. This is a multi-year cost efficiency
goal, with a target to achieve approximately $300 million
in annualised savings by the end of FY 2027-28.

Moreover, geopolitical and economic instability, including
tariffs and trade wars, continue to generate volatility
and disruption in global and regional economies. Tariffs
without flexibilities, including targeted and time-limited
exemptions and exclusions, could undermine demand for
aluminium and increase costs for Novelis.

Growing customer preference for sustainable packaging
options and package mix shift toward infinitely
recyclable aluminium are driving global demand for
aluminium beverage packaging. To support the demand
for aluminium beverage packaging sheet in North
America, we are in the process of building a 600 KT
capacity greenfield rolling and recycling plant in Bay
Minette, Alabama. We plan to allocate more than half
of this plant’s capacity to the production of beverage
packaging sheet. We continue to evaluate opportunities
for additional capacity expansion across regions, where
local can sheet supply is insufficient to meet long-term
demand growth.

The long-term demand for aluminium automotive sheet
will continue to grow, primarily driven by the benefits
of lightweight aluminium in vehicle structures and
components. Automakers are increasingly adopting
aluminium to meet stricter government regulations
on emissions and fuel economy, while maintaining or
improving vehicle safety and performance. Demand is
further supported by the rise of electric vehicles, where
aluminium’s lighter weight helps extend battery range and
improve overall efficiency.

a. Hindalco Aluminium (India Business)

Operational Overview:

Hindalco delivered an outstanding performance in
Aluminium Business in FY 2024-25 supported by lower
operating costs, and better operational efficiencies.

The production of aluminium stood at 1.323 million tonnes
in FY 2024-25 Vs 1.331 million tonnes in the previous year.
Overall alumina production stood at 3.857 million tonnes in
FY 2024-25 Vs 3.665 million tonnes in FY 2023-24.

Utkal Alumina recorded production of 2.58 million tonnes in
FY 2024-25 and continues to be the most economical and
efficient alumina producer globally, providing strong support to

most of Hindalco’s India smelting facilities, leading to better cost
optimisation and quality input material (alumina).

The overall third-party sales of aluminium metal in all forms were
1.352 million tonnes in FY 2024-25 against 1.372 million tonnes in
FY 2023-24, down 1% on account of lower upstream third-party
sales due to operational issues in one of our smelters. Production
of aluminium VAP was higher by 12% at 411 KT in FY 2024-25
vs 367 KT in the previous year. Third-party sales of aluminium
VAP were higher by 9% at 403 KT in FY 2024-25 vs 370 KT in
FY 2023-24.

Trends of total alumina production, aluminium production and
sales in the past five years is shown in Figures 5, 6, and 7.

Financial Overview:

Aluminium Upstream

Revenue for Hindalco’s aluminium upstream segment was up
18%, at ?38,268* crore in FY 2024-25 from ?32,382* crore in
FY 2023-24 on account of higher average aluminium prices.
EBITDA was up 78% at ?16,262 crore Vs ?9,161 crore a year
earlier supported by lower input costs. The EBITDA margins
were at 42% in FY 2024-25 Vs 28% in FY 2023-24, which
continues to be one of the best in the industry.

Note: In the consolidated financial statements, within the aluminium
segment, the significant entities are Hindalco and Utkal Alumina
International Ltd. Utkal Alumina is a wholly owned subsidiary of Hindalco
and supplies a substantial quantity of its production to Hindalco hence
we have analysed the combined performance of Hindalco’s aluminium
business along with Utkal Alumina.

Aluminium Downstream

Revenue for Hindalco’s aluminium downstream segment
was ?12,819* crore in FY 2024-25, up 22%. EBITDA was at
?633 crore Vs ?545 crore, up 16% due to higher realisations
and favourable product mix.

*The above numbers are without elimination of Inter-segment revenue.

Financial Overview:

Copper segment revenue for FY 2024-25 was at ?54,703* crore
Vs ?49,321* crore in FY 2023-24, up 11% on account of increase
in average copper LME prices in FY 2024-25. Copper business
recorded an all-time high EBITDA of ?3,025 crore vs. ?2,616
crore in FY 2023-24, up 16% on account of stable operations and
higher domestic sales of continuous cast rods in FY 2024-25.
*The above numbers are without elimination of Inter-segment revenue

c. Novelis

Operational Overview:

In FY 2024-25, Novelis’ total shipments were up 2% over the
past year, at 3.757 million tonnes. The increase in shipments
is mainly due to record high beverage packaging shipments
and higher shipments for aerospace products, partially
offset by lower shipments of specialties and automotive
products. The share of beverage can sheet shipments were
60%, automotive body sheet shipments were at 19%, and
specialities and aerospace shipments were at 18% and 3%,
respectively. Novelis leveraged its extensive recycling footprin
and favourable market conditions to utilise 63% recycled
content in its shipments in the reporting period.

Novelis operates in four key geographies: North America, Europe
Asia, and South America. In North America in FY 2024-25 total
third-party shipments were at 1.518 million tonnes up from 1.513
million tonnes in FY 2023-24, in line with the prior year, as higher
beverage packaging shipments were mostly offset by lower
specialty shipments, while automotive shipments were roughly
in line with prior year period. In Europe, Novelis shipped 0.985
million tonnes in FY 2024-25, an increase from 0.967 million
tonnes in FY 2023-24 up by 2%, as higher beverage packaging
shipments were mostly offset by lower automotive shipments.

In Asia, Novelis shipped 0.626 million tonnes of rolled products
in FY 2024-25 versus 0.623 million tonnes in the previous
year, due to largely higher beverage packaging shipments
and higher average LME aluminium prices, partially offset by
lower automotive and specialty shipments. In South America,
Novelis shipped 0.628 million tonnes in FY 2024-25, up from
0.570 million tonnes in FY 2023-24 up by 10%, primarily in the
beverage packaging market supported by higher average LME
aluminium prices. In FY 2024-25, Novelis reported an overall
EBITDA/tonne of US$480 a decrease from US$510/tonne in the
last year.

Financial Overview:

Novelis’ Net Sales in FY 2024-25 were at $17.15 billion, up
6% from $16.21 billion in FY 2023-24, primarily driven by
higher average aluminium prices and a 2% increase in total
shipments compared to the prior year.

Net income from continuing operations (excluding Special
Items) was at $764 million, an increase of 11% compared to
$688 million in FY 2023-24. Novelis reported Adjusted EBITDA
of $1.802 billion vs $1.873 billion, a decrease of 4%, on account
of higher aluminium scrap prices compared to the prior year,
unfavourable product mix, and higher operating cost, partially
offset by higher total shipments and higher product pricing.

The increase in net income is on account of favourable change
in metal price lag and unrealised gains on derivatives, as well
as lower income tax provision, partially offset by impacts from
the Sierre flooding and lower Adjusted EBITDA.

*Tax-effected special items may include restructuring & impairment, metal
price lag, gain/loss on assets held for sale, loss on extinguishment of debt,
loss/gain on sale of business.

Finance Cost

Finance cost declined by 11% to ?3,419 crore in FY 2024-25
from ?3,858 crore in FY 2023-24. This was primarily due
to higher capitalisation of interest on qualifying capital
expenditure projects, amounting to ?780 crore in FY 2024-25
against ?316 crore in FY 2023-24.This includes increased
capitalisation of borrowing costs related to eligible capital
expenditure, which were transferred to Capital Work in
Progress (CWIP).

Depreciation and amortisation (including net
impairment loss/ (reversal) of non-current assets)

Depreciation and amortisation (including net impairment loss/
(reversal) of non-current assets) increased to ?8,864 crore in
FY 2024-25 from ?7,881 crore in FY 2023-24 primarily due to
impairment charges recognised during the year. These included
?732 crore towards impairment of property, plant and equipment,
and ?44 crore for Capital Work-in-Progress, following the
announced shutdown of Novelis’ Richmond and Fairmont facilities
in North America and one finishing line in Changzhou, Asia, as of
March 31, 2025. Additionally, further impairment charges related
to previously announced closures included ?177 crore for the
Clayton facility in New Jersey, ?154 crore for the Buckhannon
facility in West Virginia, and ?4 crore towards impairment in Capital
Work-in-Progress. Novelis also impaired ?65 crore for suspended
construction projects and ?123 crore towards right-of-use assets
due to the write-off of land use rights in Asia.

Exceptional Income/ (Expense)

In FY 2024-25, total exceptional expense stood at ?879 crore,
compared to ?21 crore in FY 2023-24. This increase was
primarily on account of the impact of severe flooding at Novelis
Sierre facility in Switzerland on 30 June 2024, which led to
temporary suspension of operations. While there were no
injuries and plant operations have since fully resumed, the
event resulted in damage to property, plant and equipment
of ?250 crore and inventory write-downs of ?101 crore.
Additionally, Novelis’ incurred shutdown-related costs of
?168 crore, repairs and clean-up costs of ?318 crore, excess
fulfilment costs of ?291 crore, and other associated expenses
amounting to ?41 crore. These were partially offset by property
insurance recoveries of ?290 crore recognised by Novelis
during the year. Hindalco India Operations also recognised a
provision for expected cost of disposal of legacy ash lying in ash
dykes/ponds, in accordance with the Ministry of Environment,
Forest and Climate Change (MoEFCC) guidelines, further
contributing to the overall exceptional expense.

Taxes

Provision for taxes was at ?6,335 crore in FY 2024-25
against ?3,857 crore in FY 2023-24. This increase was due to
significant higher profitability of the Company in FY 2024-25,
and Hindalco standalone retaining the existing tax structure
of old regime until utilising accumulated MAT Credit and
deductions under Chapter VIA of the Income Tax Act.

The Company re-measured the deferred tax liability for the
future transition to the new tax regime, writing back ?239 crore
of the net deferred tax liability during the year.

Profit/ (Loss) after tax

Profit After Tax (PAT) in FY 2024-25 was at ?16,002 crore, up
58% from ?10,155 crore a year ago. The net profit margin in
FY 2024-25 was at 6.71% Vs 4.7% in FY 2023-24.

Consolidated Net Debt to EBITDA

The consolidated balance sheet continued to remain strong
with the Net Debt to EBITDA at 1.06 times at the end of March
2025 Vs 1.21 times at the end of March 2024. (Net Debt to
EBITDA = EBITDA /Consolidated Net Debt)

Note: EBITDA = TTM Adjusted Segment EBITDA (excluding treasury income)

Key Financial Ratios

i.    Debtors Turnover (Days)

The Consolidated Debtors turnover days on 31st March
2025 was 28 days compared to 28 days on 31st March
2024. This replicates the Company’s consistency in
managing its credit with customers and underscores
the Company’s strong financial position with respect to
its customers. Debtor Turnover (Days) is calculated as
Average Debtors/Total Consolidated Sales * 365 days.

ii.    Inventory Turnover (Days)

The Consolidated Inventory Turnover days on 31st
March 2025 was at 69 days Vs 71 days at the end of 31st
March 2024. This indicates the Company’s effective
management of its inventory levels throughout the year.
Inventory (days) is calculated by dividing the Average
Inventory by Revenue from Operations * 365 days.

iii.    Interest Coverage Ratio

The Consolidated net interest coverage ratio on
31st March 2025 stands at 10.4 times compared to
6.67 times on 31st March 2024. This is higher compared
to the previous year due to higher earnings (EBIT).

This ratio reflects the Company’s ability and strength to
meet its interest obligations.

iv.    Current Ratio

The Consolidated Current/Liquidity Ratio as on
31st March 2025 stands at 1.56 times Vs 1.39 times at
the end of 31st March 2024; reflective of the Company’s
strengthening of liquidity or solvency position compared to
the previous year.

v.    Debt to Equity Ratio

The Consolidated Debt-to-Equity Ratio as on 31st March
2025 is well below 1.0x, at 0.52 times compared to

0.53 times as on 31st March 2024. This is indicative of the
Company’s strong balance sheet and ability to meet its
current short-term obligations.

vi.    Return on Net Worth (RoNW)

The Consolidated Return on Net Worth as on
31st March 2025 is 13.92%, compared to 10.11% on
31st March 2024. This increase was primarily because of
growth in Profit After Tax being more than growth in net worth.
This is calculated as Profit After Tax/Average Net Worth

vii.    Operating Margins

The Consolidated operating margins for FY 2024-25
stands at 13.75% Vs 11.22% in FY 2023-24 indicating
higher operating profit in the reporting period compared
to the previous year. Operating Margin is calculated as
Operating Profit/Net Sales.

viii.    Net Profit Margins

The Consolidated Net Profit Margins as on 31st March
2025 stands at 6.71% compared to 4.7% as on
31st March 2024. The increase is on account of higher
consolidated profits recorded during the reporting period.
It is calculated as Net Profit/Net Sales.

Consolidated Cash flow:

Cash generated from operations for Hindalco Consolidated
stands at ?24,410 crore in FY 2024-25 Vs ?24,056 crore in
FY 2023-24.

Hindalco Standalone Performance

On a Standalone basis, your Company registered a revenue of
?93,309 crore for FY 2024-25 Vs ?83,009 crore in the previous
year up 12% on account of higher volumes in FY 2024-25.
EBITDA (Earnings before Interest, Tax, Depreciation and
Amortisation) stood at ?12,558 crore, up 53% compared to
the previous year, supported by higher volumes, product mix,
stability in operations, and continued outstanding performance
of the Copper business. Depreciation (including net
impairment loss/(reversal) of non-current assets) was up 7%
at ?2,097 crore in FY 2024-25 Vs ?1961 crore in FY 2023-24.
The finance cost was 26% lower at ?939 crore in FY 2024-25
Vs ?1,268 crore in FY 2023-24. The reduction of ?329 crore
was primarily due to the prepayment and repayment of debts
amounting to ?5,195 crore during FY 2023-24 and ?39 crore
during FY 2023-24, as well as a shift from the higher floating
rate of 3M MCLR to the lower 3M T-Bill rates. Additionally,
interest expense increased by ?33 crore during FY 2024-25
due to an increase in short-term borrowings of ?794 crore.

Further, interest capitalised in FY 2024-25 increased by
?170 crore, primarily due to higher capital expenditure during
the year. This was partially offset by a decrease in average
borrowing cost by ?30 crore, as the rate declined from
8.63% in FY 2023-24 to 7.98% in FY 2024-25, representing
a 65 basis points (bps) decline in average borrowing rate
compared to FY 2023-24.

Profit before Tax (and Before Exceptional Items) stood
at ?9,522 crore, up 91% compared to the previous year
due to higher EBITDA. Net Profit for FY 2024-25 stood
at ?6,387 crore as compared to ?3,697 crore, up 73%
compared to previous year.

Business Outlook

Hindalco’s transformation into an innovation-led, customer-centric
and sustainability-driven metals powerhouse continues to gain
momentum. Backed by a decade-long focus on operational
excellence, disciplined capital allocation, and responsible growth,
Hindalco is building a future-ready portfolio across aluminium and
copper—both in India and through Novelis.

At the core of Hindalco’s strategy lies a dual focus: driving high-
margin growth through downstream expansions and specialty
products and reinforcing its position as a global leader in
sustainable, low-carbon aluminium and copper solutions. Over
the next five years, Hindalco plans to invest over $10 billion,
equally split between its India operations and Novelis, to expand
capacities, diversify end-use markets, and enhance resilience.

Despite near-term global headwinds such as inflation, volatile
scrap markets, and elevated interest rates impacting certain
segments like construction, Hindalco has maintained robust
financial discipline.

Hindalco’s Aluminium business in India remains firmly
positioned in the first quartile of the global cost curve,
underpinned by access to captive alumina and coal, backward
integration, and a growing share of renewable energy. The
business is currently executing expansions across its smelters
and refining operations, including an 850 KTPA alumina
refinery and multiple downstream FRP and extrusion projects.

Hindalco has successfully delivered 10,000 aluminium
battery enclosures for electric vehicles from its new facility
in Chakan. This marks its strategic foray into the EV
components segment, enabling a 40% weight reduction and
8-10% improvement in range over steel alternatives. The
Company is also progressing on downstream projects like
the Aditya FRP and ramping up Silvassa extrusions facility,
further strengthening its position in high-value, low-carbon
aluminium products.

With over 500 KTPA in sales in FY 2024-25, Hindalco is among
the top three global specialty alumina players, catering to
niche segments like flame retardants, ceramics, catalysts,
and electronics. The Company aims to double this to 1 mtpa
within next three years, supported by the commissioning of a
new precipitated hydrate plant and an upcoming white fused
alumina facility in Belagavi.

Hindalco’s Copper business is in the midst of a significant
scale-up, driven by a brownfield smelter expansion at Dahej
(from 421 Ktpa to 700 Ktpa) and the commissioning of India’s
first copper and multi-metal recycling facility at Pakhajan,
Gujarat. The business is commissioning a 25 Ktpa Inner
Grooved Tube plant and advancing work on a copper foil plant
for EV batteries.

Hindalco’s strategic imperatives centre on strengthening
its upstream and downstream businesses, deepening
its commitment to sustainability, and delivering superior
stakeholder value. Hindalco’s strategic focus is to double
down on upstream capacities through significant investments
in aluminium and copper smelter expansion, and a greenfield
alumina refinery. On the downstream side, Hindalco is
targeting to quadruple its downstream EBITDA by FY 2029-30
over FY 2023-24 base by scaling its value-added portfolio in
aluminium, copper, specialty alumina, and recycling.

Novelis continues to lead globally in flat-rolled aluminium
and recycling. With $5 billion in planned Capex, including the
600 KTPA greenfield Bay Minette rolling and recycling facility,
the company is expanding its presence across the beverage
packaging, automotive, and specialty segments. While scrap
availability remains tight due to growing demand for low-
carbon aluminium, Novelis is implementing advanced sorting
systems and structural cost-out programs to mitigate rising
input costs. Novelis’ $300 million cost take-out programme by
FY 2027-28 is primarily to counter structural cost pressures,
particularly from rising scrap input prices, and to defend
margins. Despite near-term pressures in construction

and certain specialty markets, long-term demand drivers
remain strong. Beverage packaging demand is rebounding
post-inventory destocking and is projected to grow at 4%
CAGR (ex-China) through 2031, driven by sustainability
trends. Automotive aluminium demand is expected to rise at
7% CAGR from 2023 to 2028, as automakers increasingly
adopt aluminium for lightweighting and emissions compliance
Aerospace aluminium demand also continues to strengthen,
supported by OEM order backlogs and multi-year contracts.

Research, Development &
Technology

The Company’s Research, Development & Technology
(RD & T) activities are managed by a dedicated technology
team of Hindalco Innovation Centres. The main focus is the
development and commercialisation of premium differentiated
products, improving our competitive cost position and product
quality through process improvements and new process
technologies. To support these goals, we are managing a
pipeline of short-term and long-term technology programs
at the four Hindalco Innovation centres in collaboration with
corporate technology centre (ABSTC) and external research
institutes. The new Hindalco Innovation Centre, set-up at
Mahan this year, would develop and demonstrate in-house
aluminium smelting technology solutions and provide
technical support to 4 smelters and new projects. Its project
portfolio addresses immediate needs for technologies and
exploration of future opportunities.

This year, our technology team continued to make our
processes greener and sustainable through value added
products and applications. These initiatives helped our plants
mitigate challenges of raw material quality, specific energy
consumption and carbon footprint, cost effective management
of waste generated during processing, and recovery of value
from by-products and waste products. Specific programs
such as booster sections to demonstrate 400+kA pot design,
copper refinery prototypes, and battery materials have been
initiated. We continued our digitalisation programs such
as soft sensors, digital twins, etc. jointly with Digital team.
These digital initiatives are helping operation teams with
better process control, process insights, and achieve desired
process performance. Technical competencies developed
by our Company through these programs will go a long way
in quick absorption / adoption of technologies to elevate
economic performance and improve our new product / new
application pipeline.

Bauxite & Alumina RD&T: Hindalco Innovation Centre
(‘HIC’) Alumina at Belagavi continued to focus on bauxite ore
& alumina refining processes and specialty alumina, hydrate
products & their applications. This HIC is working closely with
speciality alumina marketing & operations teams to develop
new products and applications. This year, 6 new products
were commercialised and more than 20 new products &
applications are in various stages of development. This
includes boehmite for battery separator applications, superfine
hydrates for flame retardant cables, etc.

Primary Aluminium RD&T: The technology team at the new
HIC-Aluminium (Mahan) is working with ABSTC to set up a
dedicated 10 pots Booster Section at Mahan to demonstrate
the novel HiPOT 400+kA pot design and to develop advance
pot control system at Aditya smelter. These strategic initiatives
will help to evaluate and implement in-house technology at
Mahan and Aditya smelters to increase production capacity
and reduce specific energy consumption.

Aluminium downstream RD&T: HIC-Semifab team
has worked extensively in the areas of new application
development and material solutions for customers. One
area is related to development and qualification testing of
high-performance alloys for extrusions used in automotive
safety-critical crash applications. HIC has been working with
the plant and die teams to develop extrusion profiles and
special processes in these alloys for OEMs for side sill, front
fender beams and crash cans with microstructure control to
deliver high impact properties.

The technology team continued the development of
high-strength, high-conductivity battery-grade aluminium foils
which are now undergoing qualification with multiple customers.
To further enhance foil performance, coatings developed in¬
house by ABSTC have reached the prototype phase. Another
key area of focus has been the development of cosmetic
extrusions for the consumer electronics industry, with process
establishment underway. The team is also evaluating various
material cladding technologies for diverse applications.

Modelling and simulation capabilities were further
enhanced, enabling virtual load simulations for cycle
frame design validation and optimising processes like
homogenisation through advanced thermodynamic and
laboratory-based simulations.

Copper RD&T: This year, HIC-Copper focused on evaluating
technologies for upcoming capex projects, including copper
recycling and a new smelter. A new electrorefining prototype
was established at HIC to optimise refinery operating
parameters — aimed at enhancing cathode quality and
designing effective operating regimes for imported anodes.

In collaboration with the marketing team and ABSTC, the
technology team worked on improving the performance
of copper wire rods, developing new products such as
Cu-Mg alloy rods for railway applications and copper Inner
Grooved Tubes (IGTs) for air conditioning systems.

Additionally, the team contributed to reducing wire breakages
and dust generation at wire drawing customer facilities,
including M/s Motherson and M/s V-Guard, thereby supporting
improved product reliability and customer satisfaction.

Novelis RD&T:

We have established a series of collaborative programmes
with IITs, CSIR labs, and both national and international
start-ups to build competencies in select focus areas and
create long-term value. These partnerships, combined with
in-house research efforts, have led to a twofold increase
in patent applications and a significant rise in research
publications in international journals and conferences.

At Novelis, R&D activities are conducted to address current
and future customer needs, enhance product performance,
and lower conversion costs. The Company operates a global
research and technology centre in Kennesaw, Georgia,
which serves as the hub for developing advanced aluminium
solutions across automotive, beverage packaging, and
specialty markets. In Spokane, Washington, Novelis runs a
global engineering and technology centre focused on molten
metal processing and casting. Automotive research centres in
Shanghai, China, and Sierre, Switzerland, support innovation
in lightweight mobility solutions. For beverage packaging
and specialty applications, a dedicated product and process
development centre operates in Gottingen, Germany. Novelis
also maintains customer solution centres in Detroit, Michigan
(automotive) and Sao Jose dos Campos, Brazil (beverage
packaging). Further, a research lab in Sierre is advancing
carbon-neutral aluminium manufacturing, while innovation
centres in Koblenz, Germany, and Zhenjiang, China, focus
on aerospace materials. Together, these global facilities drive
Novelis’ strategy to deliver sustainable, high-performance
aluminium solutions.

Sustainability

At Hindalco, we are committed to creating long-term value
through business strategies that deliver shared benefits for
both people and the planet. Our strong Environmental, Social,
and Governance (ESG) focus has earned us a place among
the Top 1% of S&P Global ESG Scores in the aluminium
industry. Out of 7,600 companies assessed globally in the
S&P Global Corporate Sustainability Assessment (CSA)

2024, only 780 made it to the Yearbook — and just three
Indian companies ranked in the Top 1%. Hindalco is proud to
be one of them. We continue to strengthen our systems and
processes to build a future-ready and resilient organisation.

We work closely with stakeholders across our value chain
to address critical sustainability challenges, demonstrating
our commitment to inclusive growth and strengthening the
trust we’ve earned from partners, customers, investors,
and communities.

At Hindalco, a dedicated Board-level ESG and Risk Committee
reviews and guides our ESG strategy on a quarterly basis.

This is complemented by the Apex Sustainability Committee,
chaired monthly by the Managing Director, which provides

strategic direction, allocates resources, and closely monitors
progress to ensure the integration of sustainability priorities
across the business.

Our approach is supported by cross-functional task forces
and dedicated Sustainability SPOCs, enabling the translation
of strategy into impactful on-the-ground actions. We remain
firmly on track to achieving our Net Zero by 2050 ambition,
having already reached key milestones. Our renewable energy
capacity has grown to 189 MW, with a clear roadmap to scale
up to 300 MW by FY 2025-26.

At Hindalco, we are committed to becoming water positive by
2050, aligned with NITI Aayog’s Water Neutrality Toolkit. Our
approach is anchored in the 3M framework (Measure, Manage,
Mitigate) and the 7R principles (Reduce, Reuse, Recycle,
Recharge, Replenish, Report, and Respect water resources).

Our interim goals include increasing the share of rainwater
in our total water mix and enhancing groundwater recharge
through dedicated recharge wells. In FY 2024-25, five of our
upstream plants were certified under NITI Aayog’s “Aspiring”
category for water positivity — underscoring our commitment
to best-in-class water stewardship.

We are also progressing steadily toward Zero Liquid
Discharge (ZLD) across all operations, with aluminium
facilities targeted by FY 2026-27 and copper facilities by
FY 2029-30. Notably, 16 out of 19 plants have already
achieved ZLD as of FY 2024-25. Complementing these efforts,
water efficiency projects are being implemented across units
to increase recycling and reduce freshwater dependency.

Aligned with our vision of zero waste to landfill by 2050, we
are strengthening waste utilisation and recycling across the
enterprise. Eight Hindalco plants have achieved Zero Waste
to Landfill certification from Bureau Veritas Industrial Services
(India) Pvt. Ltd. Our collaborations with think tanks, academic
institutions, other industries, and start-ups are enabling the
development of alternative applications for waste streams.

We recognise that biodiversity conservation is a core
component of our long-term sustainability agenda. In
collaboration with the International Union for Conservation of
Nature (IUCN), we have developed site-specific Biodiversity
Management Plans (BMPs) to support our goal of achieving
No Net Loss of biodiversity by 2050. Our pioneering
Sustainable Mining Charter, structured around seven thematic
KPIs, serves as a roadmap for continuous improvement in
mining practices.

Our commitment to responsible production is further
demonstrated through globally-recognised third-party
certifications. Hindalco’s downstream operations — including
rolling, extrusions, and foils — as well as one of our alumina
refineries, are certified by the Aluminium Stewardship Initiative
(ASI). Additionally, one of our copper facilities has been

certified under the Joint Due Diligence Standard (J DDS) as
part of the Copper Mark framework.

We remain deeply engaged with local communities, fostering
shared prosperity through focused initiatives in education,
healthcare, livelihoods, infrastructure, water stewardship,
plantation, and broader social development. Guided by our
vision of inclusive growth, we strive to deploy our resources to
create lasting, positive impact in the regions where we operate.

In 2024, Novelis announced a new sustainability initiative,
Novelis 3x30, to advance aluminum as the material of choice
for circular solutions through ambitious, carbon-related
sustainability goals and priorities to accelerate the company’s
decarbonisation and circularity efforts. Novelis 3x30 builds
on our previous sustainability achievements, including a
10 percentage points increase in average recycled content in
fiscal year 2025 from its FY16 baseline, pushing Novelis to the
industry forefront with an average recycled content of 63%.
Growing consumer preference for sustainable products is
driving increased demand for lower-carbon solutions, including
the adoption of aluminum in the automotive; beverage, food
and cosmetics packaging; building and construction; and
aerospace industries, among others. The Company believes
the 3x30 vision will enable the Company to help its customers
achieve their sustainability goals faster by focusing on three
objectives to reach by the end of 2030:

+ Pushing the boundaries on recycled content in its products
by increasing its average recycled content to 75%, from
today’s 63%.

+ Becoming the lowest-emissions, flat-rolled products
aluminum provider at less than 3 tonnes of CO₂e per tonne
of flat rolled product (FRP) shipped.

+ Continuing first-mover investments to lead the industry
to circularity.

Our sustainability initiatives and outcomes are detailed in the
‘Our Capitals’ section of this report.

Safety

At Hindalco, safety is more than a compliance requirement —
it is a deeply held commitment to safeguarding the well¬
being of our employees and all stakeholders who rely on us,
including communities, consumers, suppliers, and business
partners. Our Health and Safety Policy is implemented across
all plants and mines through robust occupational health and
safety (OHS) management systems and standards.

In FY 2024-25, Hindalco achieved its highest-ever score of 94
out of 100 in the Occupational Health and Safety category of
the S&P Global's Corporate Sustainability Assessment — a
testament to our relentless focus on creating a safe and secure
work environment.

During the year, we recorded a Lost Time Injury Frequency
Rate (LTIFR) of 0.26 and a Lost Time Injury Severity Rate
(LTISR) of 93.31. While the decline in high-severity incidents
and the absence of fatalities among company employees
is encouraging, we deeply regret the loss of two contract
personnel. We extend our sincerest condolences to their
families and to those affected. Hindalco remains steadfast in
its commitment to implementing every possible measure to
prevent harm and ensure the safety of all individuals across
our operations and communities.

To further strengthen contractor safety management, Hindalcc
has enhanced its pre-bid process to ensure that all business
partners have a clear understanding of the company’s safety
standards and expectations. This proactive approach aims to
engage partners who uphold high levels of safety practices.
The Company is also developing a specialised pool of
contractors to ensure that only qualified professionals are
deployed for high-risk operations.

As part of its commitment to fostering a safety-first culture,
Hindalco launched the ‘Suraksha ki Baat’ initiative during the
year. This platform actively involves senior leadership and
contractors in promoting safety awareness and encouraging
open dialogue around safety concerns.

Our behaviour-based safety (BBS) programmes have reached
a significant milestone, with over 473,000 BBS observations
recorded in FY 2024-25. This initiative continues to reinforce safe
behaviours and reduce unsafe practices across plants and mines.

In FY 2024-25, Hindalco invested over 1.7 lakh man-hours in
safety training for both direct employees and contract workers,
well above the targeted 1,238,040 man-hours. Each unit’s
safety taskforce and committee, developed in collaboration
with internal and external agencies, included at least two or
more trained subject matter experts (SMEs). These experts
play a key role in conducting safety trainings and supporting
Level 1 and Level 2 audits within their units, as well as Level 3
audits across other sites.

Hindalco's Apex Integrated Health Committee — chaired by
a senior business leader — plays a pivotal role in driving all
four components of Integrated Health: Preventive, Promotive,
Curative, and Rehabilitative care. The committee also oversees
occupational health risk management across operations,
ensuring a holistic and proactive approach to employee
well-being. Through regular reviews, best practice sharing,
and monitoring of key performance indicators, the committee
ensures continuous improvement in health risk assessments,
medical surveillance, workplace exposure controls, emergency
preparedness, and overall workforce well-being.

In FY 2024-25, Hindalco conducted Qualitative Exposure
Assessments (QLEA) at six sites and Quantitative Exposure
Assessments (QNEA) at eight sites — spanning both
manufacturing and mining operations. Implementation is being
systematically tracked to ensure progressive mitigation of
health risks across all locations.

To enhance the accessibility and reliability of worker health
data and enable more effective analysis, the Company has
implemented PEHEL, a digital health management system,
across all sites. This platform streamlines periodic medical
examinations, maintains comprehensive health records,
and facilitates targeted health zone monitoring. Most units
have completed both qualitative and quantitative heat stress
assessments, with several also conducting physiological
workplace evaluations. These initiatives form part of a phased
strategy to proactively address heat-related risks and enhance
overall employee well-being.

In parallel, Hindalco has embraced a suite of digital safety
initiatives to drive operational safety and efficiency. The
Company has implemented a 100% E Permit-to-Work system
using tablets and fully deployed the PEHEL software on-site
for real-time monitoring of employee health zones. A robust
audit and assurance software system now supports safety
audits at all levels, while remote crawler technology has been
adopted to monitor tank thinkness. AI-enabled cameras have
been installed for hotspot detection in electrical switchyards,
and driver fatigue management systems are now operational
in all technological vehicles. Additionally, confined space gas
monitoring has been enabled through Rapid Deployment
Units. To integrate and analyse safety performance across
operations, a centralised Monthly Safety Report Dashboard
has been launched, offering a consolidated view of safety
data from all units and mines to support informed, data-driven
decision-making.

Human Capital

At Hindalco, our employees are the driving force behind our
mission of Engineering Better Futures. We are committed
to unlocking the full potential of our people by enhancing
productivity through active listening, inclusive practices, and
tailored solutions. With a strong focus on Enriching Lives, we
prioritise employee well-being, foster a culture of recognition,
and ensure open communication — creating an environment
where individuals thrive and contribute meaningfully to our
collective success.

The impact of these initiatives was clearly reflected in the 2025
Vibes Engagement Scores. We achieved an impressive 92%
overall engagement, with employees expressing a strong
sense of pride in being part of the Aditya Birla Group.

These outcomes are a direct result of our ongoing cultural
transformation journey and leadership approach, which
emphasise empowerment by design and fosters a culture open
to feedback

Shillim, Hindalco’s cultural transformation movement, has
sparked meaningful shifts in mindsets and ways of working.
Building on this momentum, Parivartan and Tamrodaya have
laid a strong foundation, while Udaan is the latest feather
in Hindalco’s cap at its manufacturing sites, propelling the
Company towards the next level of excellence. The impact of
Hindalco’s efforts is clearly visible, with over 36,000 Bhoomika
cards exchanged and 311 Bhoomika boards established
across locations. Under the My People Hour initiative,

4,304 sessions were conducted in FY 2024-25. Hindalco’s
empowerment-by-design approach led to the podevolution of
617 decisions last year, and in the current year, the Company
has already devolved 584 decisions. These milestones are
strong indicators of Hindalco’s ongoing commitment to cultural
transformation and operational excellence.

Hindalco has reimagined itself for the future by embracing
cutting-edge innovations such as gamification and the
metaverse, staying ahead in an ever-evolving business
landscape. In a bold move to transform the new hire
experience, the Company launched a pioneering 3D gamified
onboarding platform - MetaLearn - built around the 4C
framework — Compliance, Clarity, Culture, and Connection.
This immersive platform enables new joiners to create
personalised 3D avatars and explore a virtual replica of
Hindalco’s OUC office, offering an engaging and interactive
introduction to the organisation. Enriched with dynamic
modules and high-quality multimedia content, including
3D visualisations and videos, the platform showcases
Hindalco’s diverse operations across units, mines, products,
brands, and core functions such as finance, people,
and processes.

To further enhance learning and engagement, Hindalco
introduced WeLearn, a WhatsApp-based microlearning
initiative that delivers daily bite-sized knowledge nuggets.

This ensures employees remain continuously informed
and connected to the business, its products, and
evolving practices.

Hindalco’s commitment to diversity is equally forward-looking.
The Company has made strong progress in gender diversity,
which rose to 11.41% in FY 2024-25 from 9.79% in
FY 2023-24. Anchored in a culture of zero discrimination,
Hindalco champions equal opportunity for all, ensuring
leadership roles are filled based on merit and potential,
regardless of gender.

To foster an inclusive and collaborative workplace, Hindalco
has established three Employee Resource Groups (ERGs),
each focused on empowering diverse segments of the
workforce. The W-ERG (Women Employee Resource Group)
is dedicated to promoting the growth, development, and
success of women at Hindalco by leveraging their unique

strengths to drive organisational goals. The Generational
ERG brings together Gen X (core leaders), Gen Y, and Gen Z
(emerging leaders) to foster intergenerational collaboration,
encouraging the exchange of ideas and diverse perspectives
across age groups.

Hindalco is actively embracing emerging technologies through
its Technical Career Path (TCP) programme, which currently
includes 75 high-potential engineers known as ‘TCPians.’
These professionals are contributing across diverse areas
such as New Product Development, Patenting, and Intellectual
Property Rights (IPR). Their efforts have led to 7 patents being
granted and 6 more filed.

To celebrate and reinforce this culture of innovation and
technical excellence, Hindalco organised ‘TCP Day’ on March
17-18, 2025. The event brought together over 100 participants
and served as a platform to honour the achievements of
TCPians and strengthen collaboration across teams.

The HTU Metaverse, launched in FY 2024-25, is elevating
learning at Hindalco, marking a significant leap toward digital
learning and innovation. This immersive, all-in-one platform
is designed to centralise and enhance knowledge retention
across our aluminium and copper value chains.

Internal Control Systems and
Adequacy of Internal Financial
Controls

Hindalco has an Internal Control System commensurate
with the size, scale, and complexity of its operations.

An extensive programme of internal audits and management
reviews supplement the process of internal financial
control framework.

The internal financial control framework design ensures
that financial and other records are reliable for preparation
of financial statements. In addition, the Company has
identified and documented the key risks and controls for each
process that has a relationship to the financial operations
and reporting.

The primary aim of the Internal control system is to manage
business risks with a view to enhance shareholder value and
safeguard the Company’s assets. The Company has in place
a robust mechanism to deal with Internal audit that involves
having a dedicated Assurance & Control function having
personnel specialised in the field of the subject and having the
Internal Auditor duly appointed by the Audit Committee and
Board., viz. M/s. Ernst & Young for the Aluminium & Copper
Businesses. The Audit Committee discusses audit plans &
significant audit observations made by the internal auditor and
necessary corrective actions at its meetings.

A. Board of Directors ["Board"]

(i) Meetings of the Board

During the year under review, 7 [seven] Meetings of
the Board were held. The details of the meetings
held and attended by the Directors during the
FY 2024-25 are given in the Report of Corporate
Governance which forms part of this Integrated
Annual Report.

The Board confirms that the maximum interval
between any two consecutive meetings did not
exceed 120 days, as prescribed by the Act and the
SEBI Listing Regulations.

As of March 31, 2025, the Board comprised of
14 Directors [including 4 women Directors], 7 of
which were Independent Directors, 5 were
Non-Executive Directors [1 was Promoter Director and
3 were Promoter Group Directors], a Whole-time Director
and a Managing Director.

Based on the recommendation of the Nomination
and Remuneration Committee [“nrc"] and
approval of the Board, the Shareholders accorded
their approval on the below mentioned (a)
appointments on November 6, 2024, by way of
Resolutions passed via Postal Ballot dated August
13, 2024 and (b) reappointments on March 15,
2025 by way of Resolution passed via Postal
Ballot dated February 13, 2025 and at the Annual
General Meeting [“AGM"] held on August 22, 2024
respectively.

In the opinion of the Board, Ms. Ananyashree Birla,

Mr. Aryaman Vikram Birla, Mr. Anjani Kumar Agrawal
and Ms. Sukanya Kripalu bring with them a rich
experience, integrity and domain expertise. Their
diverse backgrounds and demonstrated proficiency are
expected to add significant value to the deliberations
and effectiveness of the Board.

Your Company has received all requisite declarations
and confirmations of eligibility from the aforementioned
individuals, in accordance with the provisions of the Act
and the SEBI Listing Regulations, for their appointment
as Directors.

) Reappointments

c)    Resignations

During the year under review, no director resigned.

d)    Retirements

Mr. Kailash Nath Bhandari [din: 00026078] concluded
his term as an Independent Director from the closure of
business hours on August 29, 2024, upon completion of
his second term.

Mr. Askaran Agarwala, Non-Executive Director
[din: 00023684] retired by rotation at the 65^th AGM held
last year and did not seek reappointment. Accordingly,
the Board had decided not to fill the vacancy arising
from his retirement.

The Board places on record its sincere appreciation
for the valuable contributions made by
Mr. Kailash Nath Bhandari and Mr. Askaran Agarwala
during their respective tenures as Directors. Their
insights, guidance, and commitment have been
instrumental in supporting the Company’s growth and
governance objectives.

e) Retirement by rotation

Mrs. Rajashree Birla [din: 00022995] and
Mr. Sushil Agarwal [din: 00060017] are due to retire by
rotation at the ensuing AGM and being eligible, seeks
reappointment as a Director of the Company.

The resolutions seeking the reappointment of
Mrs. Rajashree Birla and Mr. Sushil Agarwal, along with
their brief profiles, forms part of the Notice of the
66^th AGM.

(iii)    Declaration of Independence

[S. 149(6),150(1) & Schedule IV of the Act along with rules
thereunder & R. 16(1)(b), 25(8) of SEBI Listing Regulations]

The Company has received declarations from all
Independent Directors confirming that they meet the
criteria of independence as prescribed under the Act
and the SEBI Listing Regulations.

In the opinion of the Board, there has been no
change in the circumstances affecting the status of
any Independent Director. The Board affirms that all
Independent Directors continue to meet the conditions
of independence and are individuals of integrity,
possessing the requisite expertise, experience and
proficiency, as applicable.

Furthermore, all Independent Directors have duly
registered their names in the data bank maintained by
the Indian Institute of Corporate Affairs, in accordance
with the applicable statutory requirements.

(iv)    Board Evaluation

Pursuant to the recommendation of the NRC and as
approved by the Board at their respective meetings
held on February 13, 2024, your Company undertook
a revamped and enhanced evaluation process during
the FY 2024-25. This exercise built upon the framework
established in the previous year [fy2023-24], with a
broader scope and deeper assessment parameters.

The evaluation was conducted through a
comprehensive questionnaire designed to
capture both objective and subjective feedback.
The process was carried out entirely through a
secure, paperless and confidential online platform,
ensuring ease of participation and data integrity.

The evaluation covered the following key
areas:

1.    Functioning of the Board as a whole -
including its structure, effectiveness, strategic
oversight and alignment with the Company’s
long-term goals.

2.    Performance of Individual Directors -
assessing their preparedness, participation,
domain knowledge and contribution to
discussions.

3.    Effectiveness of the Chairman - focusing on
leadership, facilitation of inclusive dialogue
and overall governance.

4.    Performance of Board Committees -
evaluating their mandate, composition,
decision-making support and contribution to
the Board’s functioning.

The Board evaluation framework was structured
around critical themes such as Board composition,
meeting effectiveness, strategic focus,
sustainability and digital strategy.

For Committees, the assessment emphasized
clarity of roles, effectiveness in fulfilling their
responsibilities and their support in enhancing
the Board’s decisions.

For all Directors, including Independent Directors,
the evaluation considered their understanding of
fiduciary duties, external perspectives brought to
the Board and commitment to continuous learning.

Additionally, specific criteria were applied to
assess the performance of the Independent
Directors and the Chairperson, particularly in terms
of regulatory compliance and fostering a culture of
openness and inclusivity.

The Board believes that this structured and
transparent evaluation process contributes

significantly to strengthening the overall
effectiveness of the Board and its Committees and
reinforces the Company’s commitment to sound
Corporate Governance.

Salient Features of the Revamped Board
Evaluation Process:

During the FY 2024-25, your Company undertook
a significant enhancement of its Board Evaluation
Process, building upon the foundation laid in the
previous year. The revised framework reflects
our commitment to continuous improvement in
governance and transparency.

Key features of the revamped process include:

1.    Enhanced Evaluation Scale

a.    The evaluation methodology was
upgraded from a 3-point scale
(Completely Agree, Somewhat Agree,
Disagree) to a more detailed 5-point
scale (Strongly Agree, Agree, Neutral,
Disagree, Strongly Disagree).

b.    This change enables more nuanced
feedback and provides deeper insights
into the performance and effectiveness
of the Board and its members.

2.    Broadened Focus Areas

The evaluation now covers a wider range of

responsibilities, including:

a.    Board Composition and Inclusivity -
Assessing diversity in skills, experience,
and perspectives.

b.    Board Effectiveness - Evaluating the
Board’s strategic role and decision¬
making capabilities.

3.    Additional Evaluation Criteria

New dimensions have been added to reflect

evolving governance priorities:

a. Balancing Stakeholder Interests -
Emphasizing a stakeholder-centric
approach.

b.    Strategic Guidance - Evaluating the
Board’s role in shaping and achieving
long-term goals.

c.    Safeguarding Long-Term Interests -
Focusing on sustainability and ethical
governance.

d.    Legal and Regulatory Awareness -
Ensuring compliance with applicable
laws and standards.

Independent Directors’ Performance
Evaluation

The performance of Independent Directors was
assessed using focused criteria, including:

1.    Time Commitment - Demonstrating
dedicated effort to understand the
Company’s business and challenges;

2.    External Perspective - Bringing valuable
outside insights to Board discussions and

3.    Active Participation - Contributing
meaningfully to deliberations and decision¬
making.

Additionally, open-ended questions were included
to gather qualitative feedback and suggestions,
encouraging continuous improvement in
governance practices.

Implementation of Recommendations

The feedback received through the evaluation
process was reviewed in a structured manner:

1.    Discussion and Review - Recommendations
were first discussed in the separate meeting
of Independent Directors and subsequently
reviewed by the NRC and the Board.

2.    Actionable Outcomes - The Company
has taken concrete steps to implement the
suggestions received, demonstrating its
commitment to strengthening governance
practices.

The observations and suggestions from the
FY 2023-24 evaluation have been actively
implemented during FY 2024-25, reinforcing
our focus on accountability, transparency and
continuous improvement.

B.    Committees of the Board

The Board of Directors has constituted 7 [Seven]
Committees to assist in discharging its responsibilities
effectively. These include the Audit Committee [“AC”],
Corporate Social Responsibility [“csr”] Committee, Risk
Management and Environment, Social and Governance
[“rmsesg”] Committee, Nomination and Remuneration
Committee [“nrc”], Stakeholders’ Relationship
Committee [“SRC”], Prevention of Insider Trading [“pit”]
Committee and the Finance Committee [“FC”].

The Board is also empowered to constitute additional
functional Committees, as and when required, based on
the evolving needs of the business.

Detailed information regarding the composition, terms
of reference, number of meetings held and other
relevant particulars of these Committees is provided in
the Report on Corporate Governance, which forms part
of this Integrated Annual Report.

C.    Key Managerial Personnel [“kmp”]

[S. 2(51) and 203 of the Act along with rules thereunder]

During the period under review, the KMP of your
Company are:

1.    Mr. Satish Pai, Managing Director;

2.    Mr. Bharat Goenka, Chief Financial Officer w.e.f.
April 1, 2025*;

3.    Mr. Praveen Kumar Maheshwari, Whole-time
Director* and

4.    Ms. Geetika Anand, Company Secretary &
Compliance Officer.

[*During the period under review, Mr. Praveen Kumar Maheshwari
served as Chief Financial Officer until March 31, 2025. w.e.f.

April 1,2025, Mr. Praveen Kumar Maheshwari transitioned to
continue in his role as Whole-time Director and Mr. Bharat Goenka
was appointed as the Chief Financial Officer.]

During the FY 2024-25, there has been no change in the
KMP.

D. Remuneration of Directors and Employees

[S. 136, S. 197(12) of the Act & Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,
2014]

The Managing Director’s goals are defined by the
Company’s 3C (Customer, Care and Cost) + 2S (Safety
& Sustainability, Systems & Processes) principle.
Customer centricity and product development is a
focus area with dedicated objectives on sales and
customer satisfaction. The cash and cost goals
focus on profitability, cash flows, production and cost
optimisation. The sustainability goals cover Hindalco’s
performance in air, water, waste, biodiversity, climate
management and overall ESG performance. System
and process goals cover digitalisation, HR planning
and driving culture. Performance evaluation is linked to
the achievement of these goals. ESOPs are allocated

based on performance and vesting depends on the
performance of the business in the preceding year.

Disclosures pertaining to remuneration and other details
as required under applicable provisions of the Act and
the rules thereunder, are given in Annexure I to this
Report. Accordingly, the names and other particulars of
employees drawing remuneration in excess of the limits,
set out in the aforesaid rules, forms part of this Report.

In line with the provisions of the Act, the Integrated
Annual Report and financial statements, are being
sent to all the Members of your Company, excluding
the aforesaid information about the employees. Any
Member, who is interested in obtaining these particulars
about employees, may write to the Company Secretary
at hilinvestors@adityabirla.com

E. Employee Stock Option Schemes [esos] and
Share Based Employee Benefits:

The Board remains committed to offering competitive
remuneration opportunities to employees, which
include both annual and long-term incentive plans. We
believe that while annual incentives reward short-term
performance, long-term incentive plans—particularly
those involving employee ownership—play a vital role in
fostering a performance-driven culture.

The Board views stock options and units as strategic
long-term instruments that align employee interests
with the Company’s sustained growth. These incentives
enable employees to share in the value they help create
over time, thereby contributing meaningfully to the
Company’s continued success.

The Board has delegated the administration and
oversight of the Company’s Employee Stock Option
Schemes to the NRC. In line with this, the approval
of the Shareholders is being sought for the grant of
employee stock options under the following Employee
Stock Option Schemes.

a)    Hindalco Industries Limited Employee Stock
Options Scheme 2013 [“Scheme 2013’]

b)    Hindalco Industries Limited Employee Stock
Option Scheme 2018 [“Scheme 2018"

c) Hindalco Industries Limited Employee Stock

Option and Performance Stock Unit Scheme 2022

[“Scheme 2022"]

The above Schemes are in line with the SEBI (Share
Based Employee Benefits and Sweat Equity)
Regulations, 2021 [“SEBI SBEB Regulations’], The
details required to be disclosed under the SEBI SBEB
Regulations can be accessed at www.hindalco.com.

A Certificate from the Secretarial Auditors, with
respect to the implementation of the Company’s ESOS
Schemes in accordance with Regulation 13 of the
SEBI SBEB Regulations, would be placed before the
Shareholders at the ensuing AGM. A copy of the same
will also be available for inspection through electronic
mode.

F. Related Party Transactions [“rpts”]

[Section 134(3)(h) & Section 188(1) of the Act & Rule 8 of the
Companies (Accounts) Rules, 2014 & R.23 of SEBI Listing
Regulations, as amended]

i. RPTs at Hindalco:

During the year under review, the Company entered
into transactions with related parties, including entities
directly and/or indirectly controlled by members of the
Promoter and Promoter Group, in the ordinary course
of business and on an arm’s length basis. These
transactions primarily pertain to the purchase and sale
of goods and services and are in compliance with the
provisions of the Act, the SEBI Listing Regulations and
Indian Accounting Standards [“indas’] 24.

The related parties with whom the Company transacts
contribute significantly to the Company’s operational
efficiency and competitiveness. These arrangements
have consistently provided the Company with cost
and quality advantages, without compromising service
levels and are based on sound commercial judgment.

It is ensured that the related party offers competitive
commercial terms, including pricing, manufacturing
capabilities and quality standards.

As part of the annual planning process, prior to the
commencement of the FY the Company presents to
the Audit Committee the details of proposed RPTs,
including estimated volumes, pricing methodology and

commercial terms, for its review and approval. Director
having any interest in the transactions abstain from
participating in the discussions and approvals related t
such transactions.

Further, during the year under review, any new
transactions or modifications to previously approved
arrangements are submitted for approval. The Audit
Committee also undertakes a quarterly review
of all RPTs to ensure continued compliance and
transparency.

ii.    Policy on Related Party Transactions:

During the year under review, the Board, based on
the recommendations of the Audit Committee,
approved and took note of the revision to the Policy
on dealing with and determining the materiality of
RPTs, as well as the framework for transactions with
related parties of the Company. These revisions were
undertaken to incorporate the recent amendments to
the SEBI Listing Regulations and to further strengthen
the Company’s governance mechanisms in relation to
RPTs. The Policy is available on the Company’s websit
at www.hindalco.com.

iii.    Review:

During the year under review, all RPTs entered by the
Company were in the ordinary course of business and
conducted on an arm’s length basis. These transaction
were reviewed and approved by the Audit Committee,
which also granted omnibus approvals for recurring
transactions that met the prescribed criteria. The Audit
Committee continues to monitor RPTs on a quarterly
basis to ensure transparency and compliance with
applicable Regulations.

There were no materially significant RPTs during
the year that could have had a potential conflict with
the interests of the Company at large. There was no
contract/ arrangement with related parties referred to
provisions of the Act, which required Board’s approval.

During the year, the Company obtained Shareholders’
approval for material RPTs in accordance with SEBI
Listing Regulations.

iv.    Statutory Disclosures:

The details of the RPTs as per IND AS 24 on Related
Party Disclosures are set out in Note no. 30 to the
standalone and consolidated financial statements,
which forms part of this Integrated Annual Report.

The Company, in terms of the SEBI Listing Regulations
submits on the date of publication of its standalone
and consolidated financial results for the half year,
disclosures of RPTs, in the format specified by the SEBI.
The said disclosures are available on www.bseindia.com
& www.nseindia.com.

The Company did not enter into any contracts,
arrangements or transactions during the FY 2024-25
that fall under the Section 188(1) of the Act.

Therefore, the disclosure of particulars of contracts or
arrangements with related parties in Form AOC-2 is not
applicable for the year under review, hence does not
form part of this Report.

The Board reaffirms the Company’s commitment
to upholding the highest standards of Corporate
Governance and ethical conduct in all its dealings,
including those involving related parties.

G.    Dividend Distribution Policy

[R, 43A of SEBI Listing Regulations]

Your Company has formulated a Dividend Distribution
Policy, with an objective to provide a clear framework for
dividend declaration and distribution, thereby enabling
stakeholders to understand the guiding principles and
factors considered by the Board while determining the
dividend pay-out.

The policy outlines various financial and non-financial
parameters, including the Company’s profitability, cash
flow position, future capital requirements, and overall
economic environment, among others.

The policy is annexed as Annexure II to this Report and
is also available on the website of your Company at
www.hindalco.com.

H.    Subsidiary, Associates & Joint Venture
Companies

[S.129(3) & S.136 of the Act read with Companies (Accounts)

Rules, 2014]

A statement containing the salient features of financial
statements of your Company’s Subsidiaries, Associates
and Joint Venture Companies are provided, in
prescribed Form AOC-1 is annexed as Annexure III to
this Report.

Your Company has adopted a Policy on Determination
of Material Subsidiaries in line with the SEBI Listing
Regulations. This policy is designed to identify material
subsidiaries and to establish a governance framework
for such entities. The policy is available on the
Company’s website at www.hindalco.com.

List of Material Unlisted Subsidiaries of your Company:

1.    Utkal Alumina International Limited

2.    Novelis Corporation, Novelis Inc.

3.    Novelis Deutschland GmbH

4.    Novelis ALR Aluminum Holdings Corporation

5.    Novelis ALR International Inc.

Your Company does not have any material listed
subsidiary.

Standalone and Consolidated Audited Financial
Statements & Audited Financial Statements of your
Company’s subsidiaries and other related information of
your Company are available on your website at
www.hindalco.com.

. Corporate Social Responsibility [“csr"]

[S. 135 of the Act read with Companies (Corporate Social
Responsibility Policy) Rules, 2014]

The Board reaffirms that for every Company within
the Aditya Birla Group, outreach to underserved
communities is an integral part of our ethos. We are
guided by the principle of trusteeship, which calls upon
us to go beyond business interests and actively engage
with the challenges that impact the quality of life in these
communities.

It is our belief that meaningful and sustained efforts
in this direction not only reflect our values but also
contribute to inclusive development. Through our
initiatives, we strive to make a tangible difference in the
lives of those who need it most.

Mrs. Rajashree Birla’s, [Chairperson, Aditya Birla Centre
for Community Initiatives and Rural Development] vision is
to actively contribute to the social and economic
development of the communities we serve-both where
we operate and beyond. In alignment with the United
Nations Sustainable Development Goals [un sdgs],
our endeavor is to lift the burden of poverty that weighs
heavily on the underserved and to foster inclusive
growth.

We believe that by building a better and more
sustainable way of life for the weaker and marginalized
sections of society, we can truly enrich lives. Our
mission is to be a force for good driven by compassion,
responsibility, and a deep commitment to social equity.

The Board of your Company has constituted a
CSR Committee, chaired by Mrs. Rajashree Birla.

The other members of the Committee include
Mr. Yazdi Dandiwala and Mr. Sudhir Mital, Independent
Directors, Mr. Satish Pai, Managing Director and
Dr. Pragnya Ram, Group Executive President - Group
Head, CSR, Legacy Documentation & Archives &
Corporate Communication, is a permanent invitee to
the Committee.

Your Company has in place a comprehensive CSR
Policy, which outlines its approach and commitment
to social development. The policy is available on the
Company’s website at www.hindalco.com.

As a responsible corporate citizen, your Company
places strong emphasis on the holistic development
of communities in and around its areas of operation.
During the year under review, the Company identified
and implemented several impactful projects across key
focus areas such as:

a)    Social Empowerment and Welfare

b)    Infrastructure Development

c)    Sustainable Livelihood

d)    Healthcare

e)    Education

These initiatives were undertaken in collaboration with
local Stakeholders, particularly in villages surrounding
the Company’s plant locations.

During the FY 2024-25, the Company continued its
commitment to inclusive and sustainable development
through various CSR initiatives. In line with the approved
annual CSR plan, the Company’s CSR obligation was
' 117.74 Crore [Rupees One Hundred Seventeen Crore and
Seventy- Four Lakh only] and have spent a total of

' 118.33 crore [Rupees One Hundred Eighteen Crore and
Thirty-Three Lakh only] on CSR activities.

Out of this, ' 64.33 crore [Rupees Sixty-Four Crore and
Thirty-Three Lakh Only] was utilized towards both Ongoing
Projects and Other than Ongoing Projects. Additionally,
an amount of ' 54 crore [Rupees Fifty-Four Crore only] was
transferred to the Unspent CSR Account, in accordance
with statutory requirements, specifically earmarked for
Ongoing Projects.

The Board remains committed to ensuring that the
Company’s CSR efforts create meaningful and lasting
impact in the communities we serve.

The Annual Report on CSR Activities, as required under
the Act and the applicable rules, is annexed to this
Report as Annexure IV.

Furthermore, a detailed Social Report, providing a
comprehensive overview of the Company’s community
development initiatives and their impact, forms part of
this Integrated Annual Report.

J.    Conservation of Energy, Technology and
Foreign Exchange Earnings & Outgo

[S. 134(3)(m) of the Act read with the Companies (Accounts) Rules,
2014]

The information on Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo
is given in Annexure V to this Report.

K.    Risk Management

[S.134(3)(n) of the Act & R. 21 of SEBI Listing Regulations]

Pursuant to the requirement of SEBI Listing
Regulations, the Company has constituted Risk
Management and Environment, Social and Governance
Committee [“rm &esg"], which is mandated to review
the risk management plan/process of your Company.
The Company has a Risk Management Policy in place
and regularly reviewed by RM & ESG Committee. The
policy is applicable across all our operations and is
uploaded on the website of the Company at
www.hindalco.com.

We have an established risk governance framework that
enables proactive decision making and ensures the
organisation remains resilient. The Committee meets
every quarter and provides guidance and strategic
direction for effective risk management, with oversight
on risk exposure. The Committee also ensures that

appropriate methodology, processes, and systems are
in place to evaluate and monitor risks associated with
the business of the Company and reviews the adequacy
of the risk management practices and actions deployed
by the management for identification, assessment,
mitigation, monitoring and reporting of key risks to the
achievement of business objectives. We also have
Risk Steering Committee and Plant Risk Committee
comprising of various members such as direct reports of
Managing Director, plant heads, functional heads, etc.
These Committees ensure identification, mitigation, and
review of risks at various levels. Risk Owners, Mitigation
Owners, Risk Champion and Risk Coordinators are
mapped for management of various risks at different
levels.

Hindalco Enterprise Risk Management [“ERM"]
framework incorporates guidelines from international
frameworks including The Committee of Sponsoring
Organizations of the Treadway Commission [“coso"]
and International Organization for Standardization
[“iso’] 31000 and benchmark industry practices while
also be tailored to suit the business objectives of the
Company. The framework is fully integrated with our
strategic priorities. Responsibility of ERM process
implementation is with Central ERM team while
accountability of managing risks is with the business.

The Chief Risk Officer [“cro"] is responsible for the
functioning of enterprise risk management and heads
the central risk management team. The latter is the
custodian of the risk management process at all
locations. To manage the risks at the grassroots we
have an established team structure at cluster, plant,
and department levels. These teams are responsible
for implementing risk mitigation plans and report to
the Risk Management Head at regular intervals. The
ERM process being data intensive, an advanced IT
system has been deployed across the organisation for
management of risks through real time dashboards.

The digital system supports risk analytics and helps
in developing a uniform risk culture as the same ERM
framework is used from identification to reporting and
reviewing risks.

Risk management and compliance with risk procedures
are a part of the Key Result Areas [“KRAs"] of senior
management and is linked to their variable incentives.
The year has been disruptive for the global business
environment, with the various geopolitical events,
policy changes, climate change, supply chain

disruption, increased exposure to artificial intelligence
and cybersecurity to name a few. The Company
remained vigilant of the ever changing macroeconomic,
geopolitical situation, ESG landscape and global
financial market sentiments to proactively manage
risks in FY 2024-25. Identification and monitoring of
key risk indicators and mitigation plans has enabled
us to become resilient to uncertainties and deliver
the performance. The risk management framework is
audited internally and externally during the Integrated
Management System [“IMS’] audits. In addition, we
regularly monitor and evaluate existing and emerging
risks and opportunities.

L. Vigil Mechanism

Your Company has established a robust Vigil
Mechanism, which is implemented through its Whistle
Blower Policy, to enable Directors and employees to
report genuine concerns regarding unethical behavior,
actual or suspected fraud or violations of the Company’s
Code of Conduct.

The Audit Committee reviews the whistle blower cases
reported in the Aditya Birla Group’s internal hotline
number on a quarterly basis. Further, the Company
has put in place all adequate systems all employees
have access to the Company Secretary & Compliance
Officer, Chief Human Resources Officer and / or the
Audit Committee, including Chairperson thereto,
for reporting any such anomalies in connection with
vigil mechanism/ whistle blower complaints, thereby
upholding transparency and accountability at all levels
of the organization.

Further, the Company has also established various
procedures for adequate redressal mechanisms to
monitor such reported cases.

Further, basis the above, the Statutory Auditors present
a perspective on the Company’s fraud risk structure
quarterly to the Audit Committee.

Basis the review of the Audit Committee, the Board
affirms that the Vigil Mechanism of the Company is
functioning effectively and continues to reinforce our
commitment to the highest standards of integrity and
ethical conduct. The mechanism provides a secure and
confidential platform for employees and stakeholders to
report concerns regarding unethical behavior, actual or

suspected fraud or any violation of the Company’s Code
of Conduct or Ethics Policy and ensures that adequate
safeguards are in place to protect whistle blowers from
any form of retaliation or victimization.

The whistle-blower policy is available on your
Company’s website at www.hindalco.com.

M.    Nomination Policy and Executive
Remuneration Policy / Philosophy

[S. 178(3) of the Act]

Your Company’s Remuneration Policy is designed to
reward performance and align executive compensation
with the achievement of strategic objectives. The
Nomination and Executive Remuneration Policy
[“Remuneration Policy’] is consistent with prevailing
industry practices and aims to attract, retain and
motivate talent across all levels. There has been no
change in the Remuneration Policy during the year
under review.

The Remuneration Policy of your Company, formulated
by the NRC of the Board, is annexed as Annexure VI
to this Report and also available on your Company’s
website at www.hindalco.com.

The Board affirms that the remuneration paid to the
Directors during the year is in accordance with the terms
and parameters laid out in the said policy.

N.    Business Responsibility and Sustainability
Report

[R.34(2)(f) of SEBI Listing Regulations]

In accordance with the applicable regulations, the
Business Responsibility and Sustainability Report
[“brsr’] forms part of this Integrated Annual Report.

The report outlines the Company’s initiatives from
an Environmental, Social and Governance [“esg’]
perspective.

Our BRSR includes our responses to questions about
our practices and performance on key principles defined
by SEBI Listing Regulations as amended from time to
time, which cover topics across all ESG dimensions.
Further SEBI vide its Circular no. SEBI/HO/CFD/CFD-
SE-2/P/CIR/2023/122 dated July 12, 2023, updated the
format of BRSR to incorporate BRSR core, a subset of
BRSR indicating specific Key Performance Indicators

[kpis] under 9 [nine] principles of business responsibility
which are subject to mandatory reasonable assurance
by an independent assurance provider. In compliance
with this requirement, the Company had appointed
Bureau Veritas (India) Private Limited as the assurance
provider for BRSR Core.

O. Directors’ Responsibility Statement

[S. 134(3) (c) of the Act]

Your Directors state that:

a)    in the preparation of the annual accounts,
applicable accounting standards have been
followed along with proper explanations relating to
material departures if any;

b)    accounting policies selected have been applied
consistently and judgments and estimates have
been made that are reasonable and prudent so as
to give a true and fair view of the state of affairs of
your Company as at the end of the FY and of the
profit of your Company for that period;

c)    proper and sufficient care has been taken for the
maintenance of adequate accounting records

in accordance with the provisions of the Act for
safeguarding the assets of your Company and
for preventing and detecting fraud and other
irregularities;

d)    the annual accounts of your Company have been
prepared on a ‘going concern’ basis;

e)    your Company had laid down internal financial
controls and that such internal financial controls
are adequate and were operating effectively;

f)    your Company has devised proper system to
ensure compliance with the provisions of all
applicable laws and that such systems were
adequate and operating effectively and

g)    your Company has been in compliance with the
applicable Secretarial Standards [SS] issued by the
Institute of Company Secretaries of India.

Q. Corporate Governance

[Para C, E of Schedule V of SEBI Listing Regulations]

Your Company recognizes that effective governance
is not merely a regulatory obligation but a strategic
imperative that underpins the long-term success
and sustainability of the Company. By embedding
governance excellence into the very fabric of our
corporate culture, we enhance our resilience to
economic fluctuations, proactively mitigate risks, and
reinforce stakeholder trust.

Our Group Purpose - “To enrich lives, by building
dynamic and responsible businesses and institutions,
that inspire trust” - serves as a guiding principle in
setting the highest standards of Corporate Governance.
It reflects our unwavering commitment to transparency,
accountability and ethical conduct in all aspects of our
operations.

The Board remains steadfast in its belief that strong
governance is essential to driving performance,
fostering innovation and creating enduring value for all
stakeholders.

The Report on Corporate Governance, as stipulated
under the SEBI Listing Regulations, forms part of this
Integrated Annual Report.

The Company has duly complied with the Corporate
Governance requirements as set out under Chapter IV
of the

SEBI Listing Regulations. In this regard,

M/s. Dilip Bharadiya & Associates, Company
Secretaries, have certified that the Company is, and has
been, in compliance with the conditions of Corporate
Governance as prescribed under the said regulations.
The certificate issued by them is annexed to this Report
as Annexure VII.

R.    Particulars of Loans, Guarantees and
Investments

[S.186 of the Act read with Companies (Meetings of Board and its
Powers) Rules, 2014]

The details of loans, guarantees and investments as on
March 31, 2025, forms part of the Notes to the financial
statements provided in this Integrated Annual Report.

S.    Extract of Annual Return

[S.92(3) of the Act read with Companies (Management and
Administration) Rules, 2014]

An extract of the Annual Return of your Company for the
FY 2024-25 is available at Company’s website at
www.hindalco.com.

T.    The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and
Redressal) Act, 2013

The Board affirms that the Company is fully compliant
with the provisions of The Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 [“posh Act"] and the Rules framed
thereunder. A comprehensive policy that mandates
zero tolerance towards any form of sexual harassment
at the workplace is available on the Company’s website
at www.hindalco.com and all employees (permanent,
contractual, temporary, trainees) as defined under the
POSH Act are covered by the said Policy.

To ensure the effective implementation of this policy,
the Company has constituted Internal Complaints
Committees [“iccs"] at all relevant locations. These
Committees are empowered to address and resolve
complaints in a fair and timely manner.

The Company also conducts regular training and
awareness programs throughout the year to foster
sensitivity and promote a culture of respect and dignity
at the workplace. These efforts contribute to maintaining
a professional, inclusive and harassment-free
environment, in alignment with Hindalco’s core value of
integrity, which includes respect for every individual.

As of March 31, 2025, one complaint had exceeded
90 days but was resolved before this date. Hence, no
complaints were pending beyond 90 days as of March
31, 2025. [Disclosure made in accordance with the Companies
(Accounts) Second Amendment Rules, 2025, notified by MCA on
May 30,2025].

U.    A statement with respect to the compliance of
the provisions relating to the Maternity Benefit
Act 1961

[Disclosure made in accordance with the Companies (Accounts)
Second Amendment Rules, 2025, notified by MCA on May 30,

2025]

The Board affirms that the Company remains fully
committed to upholding its Maternity Policy in strict
compliance with applicable laws, including the Maternity
Benefit Act, 1961, and in alignment with internal human
resource protocols.

The policy is designed to support the health, well-being,
and work-life balance of women employees during and
after pregnancy.

V.    Awards & Recognitions:

W. Other Disclosures:

In terms of the applicable provisions of the Act and the

SEBI Listing Regulations, your Company additionally

discloses that, during the year under review:

a)    There was no change in the nature of business of
your Company;

b)    It has not accepted any fixed deposits from the
public falling under Section 73 of the Act read with
the Companies (Acceptance of Deposits) Rules,
2014. Thus, as on March 31, 2025, there were no
deposits which were unpaid or unclaimed and due
for repayment, hence, there has been no default
in repayment of deposits or payment of interest
thereon;

c)    It has not issued any shares with differential voting
rights;

d)    It has not issued any sweat equity shares;

e)    it has not made application or no proceeding is
pending under the Insolvency and Bankruptcy
Code, 2016;

f)    There was no instance of one-time settlement with
any bank or financial institution;

g)    There were no material changes and commitments
affecting the financial position of your Company
between end of financial year and the date of
report;

h)    There is no plan to revise the financial statements
or Report in respect of any previous financial year;

i)    There are no significant and material orders
passed by the regulators or courts or tribunals
impacting the going concern status and your
Company’s operations in future;

j)    There were no frauds reported by the auditors
under Section 143(12) other than those reportable
to the Central Government and

k)    There was no amendment in the bylaws of the
Company, and Shareholders’ approval will be
sought in the event of any amendment thereto.