Your Directors have great pleasure in presenting before you the 44^th Annual Report of your Company together with the audited financial statements
(standalone and consolidated) and Auditors’ Report for the financial year ended 31^st March, 2025.

1.0 Performance Highlights:

1.1 Physical Performance:

Company Limited | ^t#NALC0

Team NALCO extends a warm welcome to the Honble Prime Minister of India at the NALCO Pavilion during his visit to the Make in Odisha Conclave.

ALUMINA HYDRATE (IN ’000 MT)

7527

7456‘

POWER GENERATION (Million Units)

2.0 Sales Performance:

A summary of sales achieved during 2024-25 and 2023-24 are tabulated hereunder:

Your Company achieved all time high sales of domestic metal of 4,54,600 MT in financial year 2024-25, surpassing previous best of 4,38,875 MT achieved
in financial year 2022-23.

3.0 Financial Performance:

The details of financial performance are given below_:

*Includes changes in inventories of finished goods and work-in-progress and Finance costs

4.0 Future Outlook:

Market outlook for Alumina and Aluminium Industry is tabulated as under:

5.0 Dividend and Appropriations:

During the year, your Company has paid interim dividend @ ^8.00 per equity share amounting to ^1,469.31 crore in two tranches of ^4.00 each per equity
share. Further, the Company has recommended final dividend of ^2.50 per equity share (50% on face value of ^5/- each) subject to approval of shareholders
in the Annual General Meeting amounting to ^459.16 crore.

The total dividend payout for the financial year 2024-25 including recommended final dividend @ ^2.50 per equity share is ^1,928.47 crore as against
^918.32 crore during the previous year.

Dividend payout for the financial year 2024-25 including recommended final dividend @ ^2.50 per equity share is 36.21% of the PAT of current financial
year against 44.58% of the previous financial year.

6.0 MoU Performance:

Based on financial performance and achievement of other parameters, your Company is rated “Very Good” as per the Memorandum of Understanding
(MoU), signed by your Company with the Government of India for the financial year 2023-24.

MOU score for financial year 2024-25 from DPE is awaited.

7.0 Raw Material Securitisation:

7.1 Bauxite:

Bauxite ore is the main raw material for alumina refinery. The supply of this ore is secured as Nalco’s captive mines at Panchapatmali (Central & North Block)
and South Block have all statutory clearances with lease validity up to 16.11.2032 & 19.07.2029 respectively.

Bauxite for the upcoming 5^th stream of refinery will be sourced from South Block till operationalization of captive Pottangi Mines.

7.2 Caustic Soda:

Another important raw material for refinery is Caustic Soda, which is sourced through long term domestic & international suppliers. GNAL, NALCO’s joint
venture with GACL, has further securitized this critical raw material. GNAL project has been successfully commissioned & started supply of Caustic Soda
to Refinery since September, 2022.

7.3 Coal:

7.3.1 Captive Steam and Power Plant (SPP), Damanjodi:

For sustainable supply of coal to SPP, your Company operated with 9.23 lakh MT annual Fuel Supply Agreement with MCL during the year. Additionally,
your Company participated in CIL’s auction of Coal linkages Tranche VII during the year and executed two new 10-year FSAs with MCL of combined
capacity 2.2 lakh MT in September, 2024, taking the total quantity of FSA with MCL to 11.43 lakh MT. Shortfall quantity is sourced through participation
in coal e-auctions.

7.3.2 Captive Power Plant, Angul:

Aluminium Smelter Plant at Angul is having Captive power plant for sustainable power supply. The Captive Power Plant is a thermal power plant and
requires around 68 lakh MT coal per annum to meet the power generation as demanded by Smelter plant. Your Company is having Fuel Supply Agreement
with MCL for supply of 47.16 Lakh MT of coal to CPP which is valid up to April, 2028.

7.3.3 Utkal D and E Coal Block:

Your Company has been operating Utkal D & E Coal Blocks with peak capacity of 40.0 lakh MT per year. During financial year 2024-25, 27.2 lakh MT of
Coal was supplied from Utkal D & E coal mines to CPP at Angul.

8.0 Projects under implementation:

8.1 5^th Stream of Alumina Refinery:

Your Company is in the process of setting up of 5^th Stream in its existing Alumina Refinery which shall add 1.0 MTPY to its existing installed capacity of 2.1
MTPY, at a projected expenditure of ^5,677.4 crore based on improved Medium Pressure Digestion technology of M/s. Rio Tinto Alcan Limited (RTAL).

Your Company has obtained major statutory clearances like Environmental Clearance from MoEF & CC and Consent to Establish (CTE) from Odisha State
Pollution Control Board. M/s ThyssenKrupp Uhde India Private Ltd. is EPCM consultant for Alumina Refinery and M/s. M.N. Dasturco, for Steam and
Power Plant. Basic engineering for the project has been completed by M/s. RTAL. Detailed engineering, all procurements and site activity comprising of Soil
Investigation, Piling & Site Grading work have been completed. Contractors for most of the packages have been mobilized at the site and construction work
is in progress. Till 30^th June, 2025, about 75% physical progress have been completed and your Company is quite hopeful to start the trial run from January,
2026, followed by commencement of production from April, 2026.

8.2 Alternate sourcing of Bauxite for 5^th Stream:

Sourcing of bauxite for 5^th Stream expansion of Alumina Refinery has been envisaged from Pottangi Mines. However, availability of bauxite from Pottangi
Mines is expected beyond the scheduled commissioning of 5^th Stream expansion. Hence, sourcing of bauxite from existing Panchpatmali Mines South Block
has been planned through setting up of a crushing & conveying system having estimated capital outlay of ^483 crore. DCPL has been engaged as the EPCM
consultant. Order for major packages such as Over Land Conveyor, Crusher Plant, Water System, Electrical System and Site & Infrastructure packages
have been placed. Site construction activities are under progress. Till 30^th June. 2025, about 89.5% physical progress have been completed and the project is
scheduled to be operationalized by April, 2026.

8.3 25.5 MW Wind Power Project:

In pursuit of being a harbinger for harnessing green & clean energy, your Company has established 198.40 MW Wind Power Plants in various states of

India. In this noble endeavour, your Company is in the process of augmenting its wind power generation capacity to 223.90 MW by adding another wind
power project of capacity 25.5 MW at Kayathar, Tamil Nadu at a capital expenditure of ^163 crore through M/s. ReGen Powertech Pvt. Limited. Substantial
progress (65%) has been made on supply and erection of the equipment. The project activities was stalled since July, 2019 as the party M/s. ReGen has been
referred to NCLT on IBC matter. Resolution Professional appointed by NCLT has taken up the project execution from October, 2024 and expected to start

10 Wind Turbine Generator (15 MW) from September, 2025 onwards.

8.4 Utkal-D and E Coal Mines:

Your Company was allocated two coal blocks viz. Utkal-D & E having a peak rated capacity of 2 Million Tonne each. 2.82 Million Tonne Coal was produced
in the financial year 2024-25. Combined Mining lease of Utkal-D & E has been executed so as to operate both the mines as a single mine to reap economic
advantage of scaled up production of both the mines and to gain the barrier coal of the common boundary. All the statutory clearances have been obtained
for combined operation of Utkal- D & E Coal Mines. For the financial year 2025-26, 4 Million Tonne production has been planned.

8.5 Pottangi Bauxite Mines:

Pottangi Bauxite Mines has been reserved by Government of India in favour of your Company for meeting the bauxite requirement of 1 Million Tonne
Alumina Refinery under expansion. All the statutory clearances are in place and mining lease has been executed on 13 ^th June, 2024. The mines is planned to
be operationalised through MDO mode of operation for which tender has already been floated for on boarding of MDO. The production is planned to be
started from 1^st quarter of financial year 2026-27.

9.0 Capital Expenditure (CAPEX):

On a standalone basis the Company has achieved a CAPEX of ^1,396.55 crore during the year. Considering the capitalization done by joint venture
companies on a consolidated basis, the CAPEX of the Company stands at ^1,427.39 crore during the year.

10.0 Risk Management Policy:

A Risk Management Policy has been formulated and approved by the Board of Directors and the same is available in the Company’s website
www.nalcoindia.com.

11.0 Human Resources Management:

11.1 Presidential Directives on SC/ST reservation:

Your Company complies with all applicable Presidential directives and other guidelines in the matter of reservations of SC/ST/OBC/EWS and other
categories like PWD and Ex-servicemen.

Your Company’s manpower strength is 4,803 as on 31^st March, 2025 compared to 4,874 manpower as on 31^st March, 2024. Out of these employees, 319 were
women employees. As on 31.03.2025, out of the total manpower, there were 723 SC employees (15.05%), 886 ST employees (18.45%), 889 OBC employees
(18.51%), 92 PWD employees (1.92%), 35 EWS employees (0.72 %) and 06 Ex-servicemen employees on roll.

11.2 Industrial Relations:

During the financial year 2024-25, your Company continued to maintain a conducive and cordial Industrial relation climate. The financial year 2024-25
is yet another year with zero man-days loss on account of labour disputes. The healthy practice of sorting out and settling issues through discussions
with trade unions/workers’ representatives enabled your Company in ensuring workers’ participation at different levels and establishing a peaceful
industrial relations climate employees are the driving force behind the sustained stellar performance of your Company and contributed significantly in
achieving highest ever production of the Company during financial year 2024-25. As a commitment towards your Company’s core values, employees’
participation in Management was made effective based on mutual respect and trust. Compliance of applicable Labour Laws, adherence to Government
Guidelines and consultative decision making, continued to be the core strengths in dealing with employee benefits and welfare issues. Zero tolerance to
indiscipline continued to remain the hallmark of your Company’s IR philosophy.

11.3 Social Accountability 8000:

For developing and maintaining a decent workplace, your Company has adopted the International Standard, Social Accountability 8000 (SA-8000)
since 2009-10. The Certification helped the Company in becoming more transparent in the areas of child labour, forced labour, safe and healthy work
environment, working hours, remuneration, freedom of association, collective bargaining process, discrimination and disciplinary practices to all our
stakeholders including employees, owner, customer, supplier and other interested parties.

All the Production Units including Corporate Office are certified to SA 8000:2014 Standard since 2017 (New Version). Certification of all Production
Units and Corporate Office are being renewed every 3 years

12.0 Corporate Social Responsibility (CSR):

12.1 Annual Highlights on CSR:

The Corporate Social Responsibility initiatives of your Company aims at “Sustainable Development of the Stakeholders” associated for smooth
operationalization of your Company’s work and particularly for the villages in the periphery of your Company. Your Company’s CSR initiatives are
guided by the CSR policy and focus on creating sustainable value for the communities around its operations. NALCO Foundation, an arm of your
Company, has been established since 2010, exclusively for implementation of CSR interventions on a pragmatic mode.

Your Company is meticulously following the mandates of the Companies Act, 2013, while implementing the CSR projects. The initiatives under the CSR
are being finalized in consultation with the stakeholders, including the local people, village representatives, PRI (Panchayat Raj Initiation) members and
District Administration.

Your Company has spent ^61.30 crore in the financial year 2024-25 on various CSR projects against the mandated CSR obligation of ^57.93 crore
complying with the requirements of its CSR policy in line with Companies Act, 2013.

The thrust areas of CSR interventions of your Company for the financial year 2024-25 include Health Care, Education, Drinking Water, Environmental
Sustainability, Rural Development and Socio-Economic Development of the communities in periphery villages of your Company.

12.2 Some of the major flagship project taken up by your Company during the financial year 2024-25 are as below:

12.2.1 Health Care Initiates:

a) Mobile Health Units:

The Mobile Health Units is operational to ensure door step health services for the most deprived and hard to reach communities across the periphery
villages of your Company for more than 10 years. During the year, about 1.2 lakh populations from more than 160 periphery villages across the
M&R Complex, Damanjodi and 52 periphery villages across the S&P Complex, Angul are covered under the MHU programme of your Company.
The MHU with full time treating physician and other support staff visits the periphery villages twice a month with a defined schedule and at a fixed
timing. Medicines required for treatment are being supplied by your Company. Moreover, the patients identified with complicated health issues are
immediately referred to PHCs/CHCs for necessary test and comprehensive treatment.

b) Out-Patient Department:

The Multi-Speciality Out-Patient Department has been operational in S&P Complex, NALCO, Angul in collaboration with Lions Club, Angul. The
Out-Patient Department has been manned with Specialist Doctors from Medicine, Paediatrics, Gynaecology and other support para-medics offering
the specialised treatment to 18,000 to 20,000 beneficiaries from the periphery villages.

c) Contribution for addressing the Health issues under the Aspirational District Programme:

i) Your Company has extended financial support to District Administration, Malkangiri during the financial year 2024-25 in addressing effective
management of Anemia, Sickle Cell Anemia and Tuberculosis Control programme under Aspirational District Programme of Department of
Public Enterprises, Ministry of Finance, Govt. of India.

ii) Your Company has extended financial support to District Administration, Nabarangpur in addressing Anemia, Sickle Cell Anemia and
Malnutrition and Stunting amongst children under Aspirational District Programme of Department of Public Enterprises, Ministry of Finance,
Govt. of India.

d) Your Company has extended financial support to the District Administration, Koraput during the financial year 2024-25 to strengthen the Health
Care facilities at Saheed Laxman Nayak Medical College, Koraput. This financial assistance has been provisioned for procurement of essential medical
instruments, advance equipment and other necessary items for critical patient care facility in the district hospital, Koraput.

e) Your Company has extended financial support to SVNIRTAR, Olatpur, Cuttack, under department of Empowerment of Persons with Disabilities,
Ministry of Social Justice and Empowerment, Govt. of India for establishing the 4 Bedded ICU/HDU units and to strengthen with modern medical
instruments and machineries to provide best services to the people with disabilities.

f) Your Company has extended financial support to All India Institute of Medical Science (AIIMS), Bhubaneswar for strengthening the Radiation
Oncology Department, AIIMS with medical equipment for treatment of Cancer with precision.

g) Your Company has extended financial support to “The Wildlife Odisha” towards procurement of vehicles and construction of water bodies during the
financial year 2024-25 for effective management of Elephant Camp in Chandaka Wildlife Division, Odisha.

h) Your Company has extended financial support to District Administration, Vizag for augmenting nutritional food baskets to the TB Patient families
under the “Pradhan Mantri TB Mukt Bharat Abhiyan” initiatives of Govt. of India.

i) Your Company has extended financial support towards establishing 5 numbers of Dialysis facilities at Sub-Divisional Hospital, Bagha, West Champaran,
Bihar during this year.

12.2.2 Provision for Safe Drinking Water:

a) Safe drinking water has been supplied to 27 periphery villages, where the villagers face acute shortage of drinking water during summer. This is taken
as commitment of your Company for overall wellness of the people live in the periphery villagers of your Company.

b) Drinking water with RO purifier facility has been established in Jagannath Ballava Matha in Puri.

12.2.3 Initiatives on Swachhata:

Swachhata campaign has been organised at different locations including the operational units of your Company under Swachhata Hi Sewa campaign of

Govt. of India.

12.2.4 Initiatives on promotion of Education:

a) NALCO Ki Ladli Programme: Under the flagship programme initiatives of your Company, a total of 280 numbers of meritorious girl students from
BPL/Poor families studying in different High Schools in the periphery villages of your Company have been augmented with Annual financial assistance
for continuity of education. This scheme has been formulated under the Govt. of India’s programme called “Beti Bachao, Beti Padhao”.

b) Residential Education: A total of 578 students from the periphery villages of the M&R Complex, NALCO, Damanjodi have been supported for free
residential education in different schools in the State. About 227 students from the above villages have been sponsored for residential education in
different classes from Class-I to XII in Kalinga Institute of Social Science (KISS), Bhubaneswar. Similarly, 4 students from the periphery villages of your
Company at Damanjodi also supported for undertaking ITI Course in KISS, Bhubaneswar.

c) Day Schooling Facility: Students of peripheral villages from both the units of your Company are supported for pursuing free education in Saraswati
Vidya Mandir Schools at Damanjodi and at Angul.

12.2.5 Promotion of Art & Culture:

a) Your Company has taken initiatives to promote traditional art & culture in the operational districts in collaboration with the District Administrations
of Koraput and Angul. Financial support was extended to District Administration, Koraput for organizing the district level Cultural festival “PARAB”
and “Panchpatmali Natya Mohatsav” in Damanjodi.

b) Similarly, financial assistance was extended to District Administration, Angul for organizing the district level Zilla Mohatsav, 2025.

12.2.6 Swachh Iconic City Development Project in Puri:

a) 9 numbers of Battery-Operated Vehicles are operational for easy transportation of senior citizen, person with disability, women etc. from Jagannath
Ballav Math to Shree Jagannath Temple, Puri.

b) Similarly, 5 numbers of Battery-Operated Vehicles are operational in the railway stations namely Bhubaneswar (2 nos.), Puri (2 nos.) and Cuttack (1
no.) for easy transportation of senior citizen, person with disability, women etc. in the respective railway stations.

c) The Gandhi Park of Puri Municipality is being maintained by your Company. This include development of horticulture, infrastructure maintenance
and ensuring the safety aspects in the park.

d) Temple Administration, Puri has been provided with financial assistance for installation of 10,000 (LPH) capacity of RO drinking water plant along
with water supply system inside Shree Jagannath Temple to ensure safe drinking water facility for the devotees visiting the temple every day.

12.2.7 Rural Development:

Need for community development in the periphery villages of your Company were assessed in a participatory manner involving the community leaders,
panchayat representatives, SHGs, youths etc. The infrastructure development works taken up in the periphery villages of the operational units of your
Company including repair of road, construction of culvert, construction and strengthening the cremation, provision of water facilities, installation of street
lights etc.

12.2.8 Sustainable Livelihood Initiatives:

50 SHGs from different villages of Pottangi block have been formed into a Producer Groups namely Jayadurga Producer Group. This producer group is
operational in Gellaguda village of Pottangi for last three years. The members of the Producer Group have been trained by your Company for value addition
of different horticultural produces available in their respective locality that include Ragi, Ginger, Jack fruit etc. The members have also been skilled on
packaging and branding of the value-added products to fetch better price.

The members of the above Producers Group were sent on exposure- cum-sale visit to Dilli Hat, New Delhi and Konark, Puri for showcasing the product
and for sale. The value-added products of this group including Ragi Biscuit, Ragi Mixture, Jackfruit Chips, Pickles, Ginger flakes, Ginger candy etc. were
appreciated and sold at big scale. Such initiatives have enabled the members to earn reasonable amount of additional income every month.

A detailed report on CSR activities prepared in line with various applicable provisions of the Companies Act, 2013 is attached at Annexure-I.

13.0 Visit of Parliamentary Committees:

During the financial year 2024-25, the Parliamentary Committee on the Welfare of Scheduled Castes and Scheduled Tribes visited Bhubaneswar during
October, 2024 to review and assess welfare measures and schemes aimed at the upliftment of SC and ST communities. Subsequently, on 04.11.2024, the
Standing Committee on Coal, Mines and Steel convened in New Delhi on self-reliance in mineral and metals. On 28.02.2025, the Draft and Evidence
Sub-Committee of the Parliamentary Committee on Official Language visited Bhubaneswar, focusing on the implementation and promotion of the official
language policy.

14.0 Management Discussion & Analysis Report:

Management Discussion & Analysis Report in line with Regulation 34(3) read with Schedule-V of the SEBI (LODR) Regulations, 2015 is placed at
Annexure-II to this report.

The report also contains:

(a) Various initiatives undertaken to further business development.

(b) The details in respect of adequacy of internal financial controls with reference to the financial statements and risk management practices.

(c) Various initiatives taken up in the field of environment management at different units of the Company.

15.0 Information Technology for Digital Transformation:

15.1 Role of IT in NALCO's Business Functions:

Information Technology (IT) serves as a foundational pillar of your Company’s business strategy, catalysing operational excellence, fostering transparency
and driving innovation to enhance the organization's competitive edge.

15.2 Digital Enablement:

Since 2010, your Company has undertaken a digital transformation journey, spearheaded by the implementation of Enterprise Resource Planning (ERP). This
comprehensive system integrates all core business functions, including sales & distribution, finance & controlling, materials management, human resources
and production planning. The ERP system ensures uniformity in processes, enhances information availability and fosters transparency, empowering
informed decision-making. Additionally, your Company has made significant strides in digitalizing its operational workflows. The implementation of Plant
Maintenance solution has optimized asset utilization.

Your Company is embarking on the journey to migrate the on premise SAP ERP to SAP S4HANA making it capable to process and present Industry 4.0
related data which is expected to start flowing as the use cases across plants increases.

On the administrative front, the adoption of an electronic file handling system (e-Office) across all plants and offices has streamlined document management
processes, paving the way towards a paperless office environment. The e-Office Knowledge Management System elevates organizational efficiency by
enabling seamless access to digitized documents, while ensuring the secure and controlled dissemination of critical information.

15.3 Employee Self-Service:

Your Company is committed to enriching the employee experience by leveraging digitally-enabled self-service applications that empower employees
to seamlessly manage diverse aspects of their work-life, including payroll, attendance, income tax, appraisals, leave, loans, perquisites, tours, medical
reimbursements, probation confirmations, Grievance Handling, e-Billing System, e-Tendering. Furthermore, the implementation of a state-of-the-art
Computerized Hospital Management System at its company-operated hospitals in Angul and Damanjodi ensures the provision of efficient and timely
medical care, reinforcing a culture of health and well-being within the organization.

15.4 Digital Enablement for Stakeholders:

Acknowledging the critical role of stakeholders engagement, your Company has developed a suite of online platforms and mobile applications designed to
address their diverse needs with precision and efficiency. These include:

a) Customer Mobile App “NAGINAA”: Provides customers with information and networking opportunities.

b) Vendor Mobile App “NAMASYA”: Facilitates communication and collaboration with vendors, particularly micro and small enterprises.

c) Citizen Mobile App “NISARG”: Raises awareness about NALCO’s Corporate Social Responsibility (CSR) initiatives among citizens.

d) Retired Employees Mobile App “Hamesha NALCOnian”: Offers access to relevant resources and updates for the retired employees.

e) “Suraksha” Mobile App: Streamlines onsite safety inspection reporting at plants, ensuring a secure work environment.

f) “NurtureNest” Mobile App: Systemic Development of Quality-Based Safe Motherhood with Newborn Care.

15.5 Cloud-Based Services:

Your Company leverages cloud-based services for efficient procurement and invoice management. E-procurement of goods is seamlessly conducted
through platforms such as Government e-Marketplace (GeM), Central Public Procurement Portal (CPPP), and Supplier Relationship Management
(SAP SRM). The integration with the Invoice Registration Portal (IRP) strengthens financial transparency and ensures seamless compliance with
regulatory standards in transaction processing.

Your Company is set to commence the journey to migrate the on premise E-mail Solution to Cloud based SaaS.

15.6 Governance & Monitoring:

The organization has deployed a range of advanced web-based applications to elevate governance and monitoring capabilities. These tools facilitate
real-time tracking of capital expenditure, fund utilization, compliance management, employee probation, departmental promotions and the resolution
of vigilance complaints. By fostering data-driven insights, these initiatives empower timely decision-making, optimize resource allocation and ensure
adherence to statutory regulations.

15.7 Analytics:

Your Company leverages advanced data analytics and visualization tools to streamline and enhance processes across production, sales and distribution
and human resource management. By transforming data into actionable insights, the organization drives strategic decision-making and achieves
unparalleled operational efficiency.

15.8 IT Infrastructure:

To ensure uninterrupted service delivery, your Company has invested in robust IT infrastructure, including:

a) Primary Data Center located at Corporate Office, Bhubaneswar, equipped with server virtualization technologies and hosts all Centralized Applications
including ERP and e-Office. Disaster Recovery Data Center is located in a separate seismic zone.

b) For increased network availability across locations a state-of-the-art SDWAN technology for intelligent provisioning of application policies that align
to business intent.

c) Dual MPLS circuits connecting plants and offices to the Corporate Data Center, ensuring uninterrupted access to applications and services.

d) Gigabit Ethernet LAN with Firewall at each plant location and Corporate Office, ensuring network security and integrity.

e) Multichannel video conferencing solution facilitating effective communication across all business units.

15.9 Cyber Security:

Your Company places paramount importance on data security and regulatory compliance, exemplified by its ISO 27001:2013 certification for its
Data Centre and Disaster Recovery site. The organization employs advanced IT security measures, including network gateway defences, email, web
and endpoint protection solutions, to safeguard against cyber threats. Regular audits and strict adherence to government-mandated cyber security
protocols further reinforce the integrity, confidentiality, availability and resilience of its digital infrastructure.

16.0 Total Quality Management:

( 16.1 Integrated Management System (IMS):

In all units i.e. Mines, Alumina Refinery, CPP, Smelter and Port Facilities, Integrated Management System based on ISO 9001:2015, ISO 14001:2015 and
ISO 45001:2018 continued to be effectively implemented with regular external audits, internal audits and Management Review Meetings. Recertification
of ISO 9001:2015 of Smelter & Alumina Refinery, ISO 14001:2015 of Bauxite Mines, Alumina Refinery & CPP were done during this reporting year. At the
closure of the financial year, certification status of all the Units w.r.t. ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 remained intact.

16.2 Energy Management System (EnMS):

The EnMS continued to be effectively implemented with regular external audits, internal audits and management review meetings in three units CPP,
Smelter & Alumina Refinery. During the financial year, recertification of ISO 50001:2018 of CPP was done successfully. At the closure of financial year,
certification status of the three Units w.r.t. ISO 50001:2018 remained intact.

16.3 Quality Circles:

In the financial year, total 41 quality circle projects were completed whereas several more were in progress. Total 15 Quality Circle Teams participated in
the National Convention NCQC 2024 of QCFI out of which 7 nos. received Par-Excellence award. Also, 7 Quality Circle teams participated in the CII State
Industry carnival out of which 2 teams were selected and participated in CII East Zone Finals.

16.4 Kaizen by SGA Groups:

As per the Kaizen by SGA scheme total 2,104 Kaizens were completed during the reporting year across all production Units, continuing with numerous
small improvements in operational convenience, house-keeping, waste reduction, time reduction etc.

16.5 Quality Improvement Projects:

During the year, as per the Six-Sigma methodology, 4 nos. of LSSGB (Lean-Six Sigma-Green Belt) projects at Alumina Refinery and 1 no. LSSGB project at
Mines were taken up and were in various stages of progress at year end.

16.6 Awards:

Smelter Plant was adjudged as one of Top 75 innovative companies in CII Innovation Award 2024 for demonstrating its innovative processes, products and
services among business circles and received the above trophy at CII Annual Summit held at Delhi in December, 2024.

16.7 5S System:

5S Work Place Management System continued to be effectively implemented at Smelter, Alumina Refinery and Bauxite Mines with regular internal
assessments and review meetings by Unit Management. At Refinery and Bauxite Mines, in addition to regular internal assessments and review meetings,
external audits have also been done.

16.8 Others:

(a) Various training & awareness programs on IMS, EnMS, QC and other TQM areas were organised at all four production Units.

(b) To mark Quality Month, Quality Essay, Slogan & Poster competitions were organised at all four production Units.

(c) Under initiative taken by Smelter TQM & Systems Depts., the online portal “Centralized Integrated Management System” was developed with
introduction of three modules i.e. Annual Objective & Target Setting, Objective Achievement & Upload module in first phase.

(d) Two product licenses i.e. IS 5484 (EC grade Wire Rod) & IS 737 (Rolled Product) have been successfully awarded to Smelter Plant by M/s. Bureau of
Indian Standard. Another license i.e. IS 617 for Alloy Ingot is under progress for award meant by BIS. The endorsement of two existing licenses i.e.
IS 4026 (EC grade Ingots) and IS 2590 (Remeltable products) was successfully given by BIS to Smelter Plant in December, 2024 for one year.

17.0 Implementation of Official Language Policy:

(a) The progressive implementation of Hindi is being carried out in compliance with the provisions of the Official Language Act, 1963, and the Official
Language Rules, 1976.

(b) Your Company holds the Chairmanship of TOLIC in both Bhubaneswar and Angul. Regular meetings have been conducted at these locations,
involving all local PSU offices. During these meetings, your company’s efforts were commended by representatives from the RIO, Government of India.

(c) An inspection of the Corporate Office in Bhubaneswar for the implementation of the Official Language was carried out by Shri. N. K. Dubey, Office
In-charge of the Regional Implementation Office, Department of Official Language, Ministry of Home Affairs, Government of India, on 26.04.2024.

(d) Representatives from the Ministry of Mines completed the Official Language inspection of the Corporate Office on 20.05.2024 and the Regional Office
(North), Delhi on 20.12.2024.

(e) Your Company’s website is being regularly update in both Hindi and English.

(f) A workshop on “Cyber Security and Best Practices for Rajbhasha” was organized on 09.05.2024 with the involvement of all member offices of
TOLIC (U), in coordination with the Reserve Bank of India (RBI).

(g) Hindi Fortnight 2024 was observed at the Corporate Office, Production Units, and Regional Offices to promote the use of Hindi in official work, with
various competitions held for employees.

(h) A Hindi Noting and Drafting Competition was organized for the members of TOLIC (U), Bhubaneswar, under the banner of TOLIC (U) on 20.06.2024.

(i) On the occasion of Hindi Fortnight 2024, a Kavi Sammelan was organized on 01.10.2024 at NALCO Corporate Office, Bhubaneswar, featuring poets
of national repute.

(j) Visit of Draft and Evidence Sub-committee of Parliamentary Committee on Official Language were undertaken with satisfactory remarks for
TOLIC (U), Bhubaneswar and TOLIC, Angul.

(k) Faculty support on Kanthastha (Translation Tool), Unicode and tools and techniques for Hindi computing was provided to the member offices of
TOLIC, Bhubaneswar.

18.0 Sports: NALCO - Empowering Sports and Fostering Excellence:

Your Company has always been supporting the promotion and development of sports. Your company has been passionate about it and proud to recruit

talented sports personnel from different fields like Cricket, Hockey, Athletics, Chess and football.

Following sports stars have contributed a lot to promote sports in State as well as in the Country and their achievements inspire others and make a big impact

in the sports world:

a) Shri Debasis Mohanty a former Indian cricketer, conducted cricket coaching camp at Damanjodi, focusing on skill development and game awareness
among school boys and girls to promote grassroots cricket. He also coached the Nagaland Ranji Trophy team, which made history by qualifying for the
Elite Group this season. Recognizing his coaching abilities, he has been selected as the fast bowling coach for the Under-19 Elite Camp, key to selecting
India’s U19 World Cup team.

b) Ms. Anuradha Biswal a former Indian sprinter and Olympian, is a dedicated sports administrator and coach with vast experience in athletics and
community development. She actively supports women in sports and grassroots programs. A World Athletics Level-1 Coach (2024), she serves on
various selection committees, including for Odisha’s athletic team and the Biju Patnaik Sports Award. She was the women’s flag bearer at the 38^th
National Games and is also the brand ambassador for the Women’s Hockey League (2025).

c) Shri Shiv Sundar Das a former Indian opening Batsman of Indian National Team, served as a member of the Men’s Senior Selection Committee during
India’s successful 2024-25 season. He contributed to India’s historic wins at the ICC T20 World Cup and ICC 50-Over Championship Trophy. He also
helped to select teams for key tours against South Africa, Zimbabwe, and New Zealand. He played an important role in domestic talent scouting across
major tournaments including Ranji Trophy, Duleep Trophy and IPL 2024-25.

d) Ms. Ranjita Mohanty a former goalkeeper of the Indian Senior National Women Football Team, served as Head Coach of the U-17 Odisha Girls’ Team
at the 2024 National Championship in Anantapur. She was also the Goalkeeper Coach for the Odisha team that finished runners-up in the 29^th Senior
Women’s National Championship and the 38^th National Games (2025). She is currently active in the 2024-25 Indian Women’s League (IWL) and Odisha
Women’s League (OWL).

e) Ms. Sradhanjali Samantaray, former Captain of the Indian Senior National Women Football Team, served as Coach in the 28^th Senior Women’s National
Football Championship in West Bengal and later in Cuttack. She was also appointed as Assistant Coach for the SAFF U-20 Women’s Championship in
Bangalore, supporting youth development. Currently, she is working as Assistant Coach with Sribhumi Football Club in the Indian Women’s League
(IWL), promoting performance at the elite club level.

f) Ms. Aparajita Gochhikar, a former Chess Champion, is a skilled chess player and leader known for her achievements and commitment to fair play. She
has contributed to the growth of chess at both national and international levels. She served as a Selection Committee Member for the World University
Chess Championship 2024 held in Uganda. She also led the Odisha team as Captain in the National Team Chess Championship 2024, showing her
leadership in the sport.

g) Ms. Sunita Lakra, former captain of the Indian National Women Hockey Team, has been actively involved in coaching during major women’s hockey
tournaments in 2024-25. She contributed to the 14^th and 15 ^th Hockey India Senior Women’s National Championships held in Maharashtra and
Haryana. She also played an important role in the 4^th Inter-Department National Championship (New Delhi) and the All India Invitational Women’s
Tournament (Jhansi), along with coaching camps for the 38^th National Games and 2025 Senior Nationals.

h) Ms. Namita Kabat a former athlete, worked as an assistant coach to Srabani Nanda during her successful 2024 season. Under her guidance, Srabani
won gold in the 100m at the Indian Grand Prix 2 and in the 200m at the Interstate Nationals. She also won silver and bronze medals at national events
like the Federation Cup and National Open. Representing India at the BRICS Games, she placed 5 ^th in both 100m and 200m, showing strong national
and international performance.

19.0 Vigilance:

The Vigilance Department was established in your Company in the year 1981. Your Company has a well-established Vigilance Department headed by a

Chief Vigilance Officer (CVO) who is appointed in consultation with Central Vigilance Commission, a Statutory Body by the Government of India. Twelve

(12) Vigilance Officers, who assist the CVO are selected on deputation-basis in consultation and concurrence of CVO.

Your Company has its Vigilance set up at three locations:

a) Corporate Office at Bhubaneswar.

b) S&P Complex at Angul.

c) M&R Complex at Damanjodi.

19.1 Functions of CVO:

The indicative functions of CVO in addition to other Vigilance related functions are as follows:

a) Overall Vigilance Administration of the Company.

b) Maintaining a good link with CVC and CBI besides organizing structured review meetings with CMD, assisting & advising CMD on the matter of
vigilance.

c) Furnishing of various returns/reports to Ministry/CVC/CBI.

d) Assisting CVC in selection of Independent External Monitors (IEMs) for I.P (Integrity Pact).

e) Assisting management in formulation/ updation of anti-corruption policies/ measure.

f) Organizing training on Vigilance Awareness, Vigilance Administration, case studies etc.

g) Conducting Structured Review Meeting with CMD, NALCO.

h) To tender advice to the Disciplinary Authority and the Appellate Authority in vigilance cases, irrespective of level of officers involved.

i) To investigate or cause an investigation to be made into such allegations involving vigilance angle.

j) To ensure that charge-sheet, statement of imputations, lists of witness and documents etc. are carefully drawn up, copies of all the documents relied
upon and the statements of witnesses cited on behalf of the disciplinary authority are prudently prepared, issued expeditiously and supplied to the
charged officer whenever possible.

k) Conduct regular and surprise inspections in the sensitive areas in order to detect if there have been instances of corrupt or improper practices by the
public servants.

l) Prompt scrutiny of annual property returns and intimations given by the public servants under the conduct rules and take further necessary action.

m) To give systemic improvement suggestions to the management to address the loopholes in the system whenever observed.

19.2 Various activities of Vigilance Department in 2024-25:

(i) Effective Complaint Handling:

(ii) Timely Completion of Investigations:

A total of 25 investigations were completed in financial year 2024-25. As of 31.03.2025, five (5) investigations were pending.

(iii) Capacity Building & Training Programs:

A total of18 capacity-building/training programs were conducted on topics including public procurement, CDA rules, roles of IO & PO in disciplinary
proceedings, GFR, leveraging technology for transparency, preventive forensics, CTE-type examinations, VAW themes, cyber security, and ethics.

(iv) Inspections:

A total of 41 inspections were carried out in financial year 2024-25, comprising 9 surprise inspections, 8 sample checks, 14 regular inspections, 9 CTE
type inspections and 1 system study.

(v) Ensuring compliance to various regulations and guidelines as defined by CVC/Ministry of Mines/CBI/NALCO Corporate Guidelines/any other
Regulatory and Statutory requirements.

(vi) Preventive Vigilance which includes conducting Capacity Building & Training Programs, Outreach Activities etc.

(vii) Adherence to 3 Months’ Vigilance Campaign as per the guidelines of CVC and Observation of Vigilance Awareness Week.

20.0 Right to Information:

In order to address the provisions of Right to Information Act (RTI), one Appellate Authority, one Public Information Officer and nine Assistant public
information officers responsible for providing information sought by stakeholders, have been appointed.

The following are the details of the RTI applications and appeals during the year 2024-25:

Third party Transparency Audit for the year 2023-24 of your Company has been carried out by M/s. National Institute of secondary Steel Technology,
Mandi, Punjab with satisfactory remarks.

The RTI requests and appeals are received and replied through both physical and online mode. Your Company is aligned with online RTI portal of
Department of Personal and Training (www.rtionline.gov.in) with effect from January, 2017.

21.0 Listing in Stock Exchanges and Payment of Listing Fees:

The equity shares of your Company continued to be listed on BSE Limited and National Stock Exchange of India Ltd, the premier Stock Exchanges of the
country, having nationwide trading terminals. The listing fees for the financial year 2025-26 have been paid on time to the Stock Exchanges.

22.0 Payment of Annual Custody/Issuer Fees to Depositories:

Annual connectivity fees and custody fees/issuer fees for the financial year 2025-26 have been paid on time to both M/s. National Securities Depository Ltd.
and M/s. Central Depository Services (India) Ltd.

23.0 Service to Shareholders:

All matters relating to transmission of shares, issue of duplicate share certificates, payment of dividend, de-materialization and re-materialization of shares
and redressal of investors grievances were carried out by the Company’s RTA i.e. M/s. Bigshare Services Pvt. Ltd., Mumbai.

24.0 Business Responsibility and Sustainability Report:

In line with SEBI circulars SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10.05.2021, SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12.07.2023 and
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated 28.03.2025, a Business Responsibility & Sustainability Report (BRSR) for 2024-25 describing various
initiatives taken by the Company on social, environmental and governance perspective, is attached as Annexure-III which forms part of this Annual Report.

Further, in compliance with the SEBI circular no. SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12.07.2023, M/s. TUV SUD South Asia Pvt. Ltd. has
been appointed for carrying out the reasonable assurance of the BRSR Core for the financial year 2024-25. The Assurance statement provided by M/s. TUV
SUD South Asia Pvt. Ltd. forms part of the BRSR which forms part of this Annual Report.

24.1 Reports on Sustainable Development:

a) The mandatory report on sustainability i.e. the Business Responsibility & Sustainability Report (BRSR) addressing the environmental, social &
governance aspects as required by SEBI, is completed and published.

b) In addition to above report, a standalone report is prepared on voluntary basis, in accordance with GRI Universal Standards.

25.0 Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

25.1 Research and Development:

a) Gallium is a strategic metal with high commercial importance in both civil and defence sectors. Your Company is setting up a Pilot Scale
Demonstration Facility at Damanjodi Refinery plant for recovery of Gallium from Bayer’s Liquor under a MoU with Bhaba Atomic Research
Centre (BARC) & Heavy Water Board (HWB).

b) In order to find a viable solution for treatment of red mud for its further utilisation, a research work under the aegis of Niti Aayog with
three national level R&D institutes i.e. CSIR IMMT, Bhubaneswar, NML, Jamshedpur, JNARDDC, Nagpur involving three industries
NALCO, VEDANTA and HINDALCO, has been completed. The final report on the research work for “Holistic Utilization of Red Mud’
was released on 12.06.2025.

c) Till date 44 patents have been filed, out of which 33 have been granted, 8 have been commercialized. 3 patent applications were granted in the
financial year 2024-25.

d) 5^th Research Advisory Committee (RAC) has been formed with experts in the field of Aluminium & Alumina. RAC meetings are being
held periodically to review the R&D activities of your Company.

e) Under the umbrella MOU with BARC, Alumina certified reference material, CRM Alumina-B1301 has been developed successfully and
the same has been launched on 16.08.2024. Alumina BARC-B1301 is the first alumina CRM produced in India.

f) Approved pilot plant project of Ministry of Mines (MoM) under Satyabhama portal for “Recovery of Alumina and REE from Fly ash”, with
CSIR-Institute of Minerals and Materials Technology (IMMT) and Kalinga Institute of Industrial Technology (KIIT) and NALCO as
the industrial partner is under progress. Specification of the plant equipment finalized & tendering activities has been started.

g) Development of process for 4N High pure Alumina (99.99%) and substrate making for its validation in LED application project with
JNARDDC, IIT-Bhubaneswar and Anna University is in progress.

h) Studies to synthesize Zeolite-13X with NALCO Liquor and commercially procured sodium silicate with CSIR-CSMCRI has been completed.

i) Collaborative research project titled “Prototype Development, Fabrication and Validation of Al-Graphene Composite Battery with Cooling
Plates” with IIT, Bhubaneswar has been completed.

j) More than 16,500 samples of bauxite, aluminium metal, alumina, coal etc. were tested in NRTC Laboratory with an approximate Revenue saving
/ generation of ^1,78,62,250/-.

k) Works related to setting up of a Pilot scale Aluminium alloy facility at NALCO Research & Technology Centre has started.

25.2 The particulars relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo, as required to be disclosed under

the Companies Act, 2013 are given in the Annexure-IV to this report.

26.0 Directors’ Responsibility Statement:

Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Companies Act, 2013, your Directors hereby confirm that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to
material departures;

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the
Company for that period;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this
Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts on a going concern basis;

e) The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and
were operating effectively; and

f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate
and operating effectively.

27.0 Corporate Governance:

A report on Corporate Governance in line with Regulation 34 read with Schedule-V of SEBI (LODR) Regulations, 2015 and DPE guidelines is prepared
and placed at Annexure-V to this report.

The Statutory Auditors of the Company have issued a certificate on Corporate Governance which is appended to the Corporate Governance Report.

28.0 Contracts and Arrangements with Related Parties:

The Policy on Related Party Transactions has been approved by the Board and placed in your Company’s website which can be accessed at
www.nalcoindia.com.

Your Directors draw the attention of the members to Note no. 40 of the financial statements which sets out related party disclosures.

A related party transaction was entered with M/s. GACL-NALCO Alkalies and Chemicals Private Limited (A JV Company of National Aluminium Company
Limited and Gujarat Alkalies and Chemicals Limited) at arm’s length basis for procurement of Caustic soda lye as per Caustic soda supply agreement during
the year under report. A report in Form AOC-2 is attached at Annexure-VI to this report.

29.0 Board of Directors and Key Managerial Personnel:

29.1 Directors:

The following changes took place in the Board of Directors and KMP of your Company since the last report:

a) Upon being relieved from duties in the Ministry of Mines w.e.f. 15.08.2024 (AN), Dr. Veena Kumari Dermal ceased to be Director of the Company

w.e.f. 15.08.2024.

b) Upon superannuation, tenure of Shri Sridhar Patra as Chairman-cum-Managing Director ended on 31.10.2024.

c) Shri Sanjay Lohiya, IAS, Part-time Official Director was assigned with duties for the post of CMD w.e.f. 02.11.2024 vide Ministry of Mines Order No.

2/2/2024-Met.I dated 01.11.2024.

Shri Sanjay Lohiya, IAS, Part-time Official Director held duties for the post of CMD from 02.11.2024 to 07.01.2025.

d) Upon completion of period of three years, the following Part-time Non-Official (Independent) Directors ceased to hold Directorship from 09.11.2024:

1) Shri Ravinath Jha

2) Dr. B R Ramakrishna

3) Dr. Ajay Narang

4) Shri Y P Chillio

5) Ms.(Dr.) Shatorupa

6) Adv. Dushyant Upadhyay

e) Upon superannuation, tenure of Shri Radhashyam Mahapatro as Director ended on 30.11.2024.

f) Upon superannuation, tenure of Shri Nayan Kumar Mohanty as ED & Company Secretary ended on 30.11.2024.

g) Shri Vivek Kumar Bajpai was appointed as Part-Time Official Director w.e.f. 28.11.2024 in terms of Order No. 2/3/2021-Met-I dated 28.11.2024 of
Ministry of Mines, Government of India.

h) Shri Bharat Kumar Sahu was appointed as Company Secretary & Compliance Officer w.e.f. 01.12.2024 after superannuation of Shri Nayan Kumar
Mohanty, ED & Company Secretary on 30.11.2024.

i) Dr. Tapas Kumar Pattanayak was appointed as Director (HR) w.e.f. 02.01.2025 in terms of Order No.2/1/2024-Met-I dated 19.12.2024 of Ministry of
Mines, Government of India.

j) Shri Brijendra Pratap Singh was appointed as Chairman-cum-Managing Director of the Company w.e.f. 08.01.2025 in terms of Order No. 2/2/2024
-Met-I dated 03.01.2025 of Ministry of Mines, Government of India.

k) Upon completion of tenure of three years, Shri Sanjay Ramanlal Patel ceased to be Part-time Non-official (Independent) Director w.e.f. 21.03.2025.

l) Ministry of Mines vide Order No. 2/8/2020-Met.I (part-I) dated 01.04.2025 has re-appointed Shri Patel Sanjaykumar and Dr. Ajay Narang and
appointed Ms. Trupti Kamlesh Patel as Part-time Non-official (Independent) Directors for a tenure of one year w.e.f. 01.04.2025.

m) Upon superannuation, the tenure of Shri Ramesh Chandra Joshi as Director (Finance) ended on 30.04.2025.

n) Shri Brijendra Pratap Singh, Chairman-cum-Managing Director was assigned with additional charge of Director (Finance) w.e.f. 01.05.2025 vide
Order No. 2/3/2024-Met.I dated 24.04.2025.

o) Shri Abhay Kumar Behuria was appointed as Director (Finance) of the Company w.e.f. 11.06.2025 in terms of Order No.2/3/2024-Met-I dated
06.06.2025 of Ministry of Mines, Government of India.

p) Upon superannuation, the tenure of Shri Sadashiv Samantaray as Director (Commercial) ended on 30.06.2025.

q) Shri Brijendra Pratap Singh, Chairman-cum-Managing Director was assigned with the additional charge of Director (Commercial) w.e.f. 01.07.2025
vide Order No. 2/4/2024-Met-I dated 30.06.2025.

29.2 Key Managerial Personnel:

In accordance of the provisions of the Act, the following are the Key Managerial Personnel of your Company:

a) Shri Brijendra Pratap Singh, Chairman-cum-Managing Director & Director (Commercial)-Addl. Charge

b) Shri Pankaj Kumar Sharma, Director (Production)

c) Shri Jagdish Arora, Director (Projects & Technical)

d) Dr. Tapas Kumar Pattanayak, Director (HR)

e) Shri Abhay Kumar Behuria, Director (Finance)

f) Shri Bharat Kumar Sahu, Company Secretary

29.3 Declaration of Independence by Independent Directors:

Your Company has received declaration from the Independent Directors of the Company confirming that they meet the criteria of independence as
prescribed both under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

29.4 Meetings of the Board:

During the year, 5 (Five) Board meetings were held excluding the adjourned meeting held on 29.09.2024. Details of the meetings with Board strength and
attendance of Directors are available in the report on Corporate Governance (Annexure-V) placed in this Annual Report.

29.5 Various Sub-committees of the Board:

The details of various Sub-committees of the Board their composition, terms of reference, details of meetings held are given in the Corporate Governance
Report (Annexure-V) placed in this report.

30.0 Annual Return:

In accordance with the Companies Act, 2013, the Annual Return for the financial year 2024-25 in the prescribed format is available in the Company’s website
at https://nalcoindia.com/investor-services/annual-return/

31.0 General:

No disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under report:

a) Details relating to deposits covered under Chapter-V of the Act.

b) Issue of equity shares with differential rights as to dividend, voting or otherwise.

c) Issue of shares, sweat equity shares and ESOS to employees of the Company.

d) Receipt of commission, if any by the Chairman-cum-Managing Director and Functional Directors from the Company.

e) Significant or material orders, if any were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s
operations in future.

Your Directors also state that no disclosure or reporting is requi red in respect of the following areas as they are exempted for Government Companies by
Ministry of Corporate Affairs vide notification dated 5 ^th June, 2015 and notification dated 5 ^th July, 2017:

(i) Company’s policy on Director’s appointment and remuneration including criteria for determining qualification, attributes, independence, etc. as

per Section 134(3)(e) and Section 178(2), (3) and (4) of the Companies Act, 2013 (“Act”).

(ii) Manner in which formal annual evaluation of performance of Board, its Committees and individual Directors has been carried out as per Section
134(p) read with Rule 8 (4) of Companies (Accounts) Rules of the Act.

(iii) Ratio of remuneration of each Director to the median remuneration of the employee and other prescribed details as per Section 197(12) read
with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules of the Act.

32.0 Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

Your Company is a model employer to provide equal opportunity and consciously strives to build a healthy work culture that promotes dignity to all
employees. In pursuance of Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, Internal
Complaints Committee have been constituted at the production units and the corporate office of your Company to redress complaints relating to sexual
harassment.

Awareness programmes were conducted across the Company to sensitize employees and uphold the dignity of their colleagues at the workplace, particularly
with respect to prevention of sexual harassment.

Details related to complaints received during the financial year 2024-25 under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 is a under:

33.0 Compliance with the Maternity Benefit Act, 1961:

Provisions of Maternity Benefit Act, 1961 is duly complied in your Company.

34.0 Particulars of Loans, Guarantees and Investments:

Details of Loans, Guarantee and Investments covered under the provisions of Section 186 of the Companies Act, 2013 read with Companies (Meetings of
Board and its Powers) Rules, 2014 are given in the Note nos. 9 and 11 to Standalone Financial Statements 2024-25.

35.0 Subsidiaries, Joint Venture Companies and Associated Companies:

In accordance with the provisions of Section 129 (3) of the Act, read with the Companies (Accounts) Rules, 2014, a report on the performance and financial
position of each of the joint ventures and associates and their salient features are given in the note no. 42 and 43 of the Consolidated Financial Statements for
the year ended 31^st March, 2025 respectively. Salient features of JV/Associate companies in Form AOC-1 (Note 43) forms integral part of the consolidated
financial statement of the Company.

36.0 Awards and Achievements:

a) Your Company received the Appreciation Certificate for outstanding performance in the ‘Exporter (PSU)’ category for the year 2024 from the
Customs House, Vishakhapatnam on 15^th February 2025.

b) Hon’ble Union Minister of Education felicitated your Company for adopting the ‘Ni-kshay Mitra’ initiative of the Govt. of India.

c) Alumina Refinery achieved the position of 1^st Runner-up at the 37^th State Level Convention on Quality Circle 2024 organised on 12^th March, 2025.

d) Captive Power Plant (CPP) at Angul has been awarded under the category of Efficient Management of Fly Ash at the 14^th International Conference
for Fly Ash Utilization, 2025 held on 8 ^th March, 2025 at Goa.

e) Captive Power Plant, Angul has won the “Best Energy Efficient CPP of the Year” award in the CEE 4^th National Power-Gen Efficiency Award
2025, organized by Council of Enviro Excellence at Goa on 22^nd March, 2025.

f) Quality Circle ‘Discovery’ of Alumina Refinery participated in the 37^th State Level Convention on Quality Circles, organized by Confederation
of Indian Industry, Odisha on 12^th March, 2025 and secured the 1^st runner-up trophy in the manufacturing sector.

g) Panchpatmali Bauxite Mines received multiple awards for its commitment to sustainable mining and environmental protection, at the final
day celebration of the 26^th MEMC Week 2025 on 25^th May, 2025 at Bhubaneswar.

h) Captive Power Plant has been honoured with the Environment Excellence Award 2025 by the Mission Energy Foundation in the <250 MW
Coal-Based category. The award was presented at a ceremony held in New Delhi on 12^th June, 2025.

i) Panchpatmali Bauxite Mines, Alumina Refinery, Captive Power Plant and Aluminium Smelter bagged the Kalinga Environment Excellence

Award, 2024 at the 10^th National Conclave on Environment, Energy & Climate Change (EECC) 2025, held on 21^st June, 2025 at Bhubaneswar.

j) Alumina Refinery bagged the Quality Circle Forum of India (QCFI) - 5S Awards in the Par Excellence Category, at the 11^th National Conclave of
QCFI organized on 14^th June. 2025 at Madurai.

k) The Central & North and South Blocks of Panchpatmali Bauxite Mines, Koraput, Odisha, were awarded the prestigious 5-Star Rating for
the financial year 2023-24 by the Indian Bureau of Mines (IBM). The awards were presented by Shri G. Kishan Reddy, Hon’ble Union
Minister of Coal and Mines, at the Star Rating Award Ceremony held at the Rajasthan International Centre, Jaipur, on 7^th July, 2025. Shri Pankaj
Kumar Sharma, Director (Production), along with the Mining Team, received the awards on behalf of the Company.

l) Your Company was awarded Top Exporter Gold Trophy under Large Enterprise category for 2019-20 & 2020-21 at EEPC’s 38^th and 39^th Eastern
Region Export Awards ceremony held at Kolkata on 29.07.2024.

m) Your Company received the highest state honour ‘Biju Patnaik Sports Award 2023’ on National Sports Day, 2024 for Best Contribution to
Promotion of Sports & Games.

n) South Block of Panchpatmali Bauxite Mines accorded with 5 Star Rating Award from Indian Bureau of Mines for Sustainable Mining for
the financial year 2022-23. The award was presented by Shri G. Kishan Reddy, Union Minister, Coal & Mines in the presence of Shri Satish
Chandra Dubey, State Minister, Coal & Mines on 7^th August, 2024.

o) Smelter & Power Complex, Angul received the Appreciation Certificate from Angul District TB Unit, for raising awareness about
Tuberculosis under the National TB Elimination Programme.

p) Your Company shined at the Kalinga Safety Excellence Awards, 2023. Captive Power Plant, Angul; Alumina Refinery, Damanjodi; Panchpatmali
Bauxite Mines (South block) and Panchpatmali Bauxite Mines (Central & North block) received the prestigious Kalinga Safety Excellence Award,
2023 in the Platinum category for its outstanding performance in safety management. The award was presented by Shri Kanak Vardhan Singh
Deo, Dy. Chief Minister of Odisha, on 19^th December, 2024 at a ceremony organized by IQEMS.

37.0 Comments of Comptroller and Auditor General of India on the Financial Statements of the Company:

Annual Financial Statements both standalone and consolidated as approved by Board were submitted to the office of Director General of Commercial
Audit for their comments. The Comptroller and Auditor General of India has issued ‘Nil’ comments on both the standalone and consolidated financial
statements for the year ended 31.03.2025 vide their letter nos. 287/Report I./01-10 (NALCO)/2025-26 and 283/Report I./01-10 (NALCO-CFS)/
2025-26 both dated 23.07.2025, issued by Office of Director General of Audit (Mines), Kolkata.

38.0 Auditors:

38.1 Statutory Auditors:

M/s. B M Chatrath & Co. LLP, Chartered Accountants and M/s. SRB & Associates, Chartered Accountants were appointed as Joint Statutory Auditors of your
Company by the Comptroller and Auditor General of India for the financial year 2024-25.

The Statutory Auditors report on the Standalone and Consolidated financial statements have already been placed before the Board in its meeting held on
21.05.2025.

38.2 Cost Auditors:

In terms of the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014, Cost Audit is applicable
to your Company for the financial year 2024-25.

In compliance with the Companies (Audit and Auditors) Rules, 2014, the Board of Directors of the Company based on the recommendation of the Audit
Committee has appointed M/s. BSS & Associates, Cost Accountants as the Cost Auditors for the year 2024-25.

Your Company will submit its Cost Audit Report to the Ministry of Corporate Affairs within the stipulated time period.

38.3 Secretarial Auditors:

M/s. SKM & Associates, Practicing Company Secretaries were appointed for undertaking Secretarial Audit job of your Company for 2024-25 in terms of
Section 204 of the Companies Act, 2013 and Rules made there under.

The Secretarial Audit report submitted by M/s. SKM & Associates, Secretarial Auditors for financial year 2024-25 is enclosed as Annexure VII to this report.

38.4 Appointment of Secretarial Auditors:

SEBI vide amendment dated 12.12.2024 to the SEBI (LODR) Regulations, 2015, has mandated all listed companies to appoint or re-appoint a peer reviewed
Company Secretary, either an individual as Secretarial Auditor for not more than one term of five consecutive years or a Secretarial Audit firm as Secretarial
Auditor for not more than two terms of five consecutive years, with the approval of its shareholders in its Annual General Meeting.

SEBI further vide its FAQ for LODR Regulations has clarified that, the appointment will be effective from 01.04.2025 and the tenure of appointment of
Secretarial Auditor cannot be for a period less than five years.

Considering the above amended provisions pertaining to appointment of Secretarial Auditors, your Company has shortlisted M/s. Saroj Ray & Associates,
Practicing Company Secretaries, Bhubaneswar through tendering process as Secretarial Auditors.

The Board of Directors in their meeting held on 28.08.2025 has recommended the appointment of M/s. Saroj Ray & Associates, Practicing Company
Secretaries, Bhubaneswar for a term of five year i.e. from financial year 2025-26 to 2029-30 for approval of the shareholders in this Annual General Meeting.

38.5 Internal Auditors:

Your Company has appointed the following Chartered Accountant firms for carrying out Internal Audit functions of the Company for the financial year
2024-25:

39.0 Acknowledgement:

Your Directors acknowledge the excellent support extended by the Government of India particularly Ministry of Mines, DIPAM, DPE and other Ministries/
Departments of the Government of India, various Ministries/Departments of the Government of Odisha, various PSUs in Company’s value-added chain, all
stakeholders and investors and look forward for maintaining such mutually supportive business relationship in the coming years too.

Last but not the least, your Directors also place on record their deep sense of appreciation for the dedication and commitment shown by all employees,
contractors, contract workers, trade unions and officers associations during the financial year. The Company’s consistent growth was made possible due to
belongingness, solidarity, co-operation and support received from all fronts.

For and on behalf of Board of Directors

Place: Bhubaneswar (Brijendra Pratap Singh)

Date: 02.09.2025 Chairman-cum-Managing Director

DIN:08665585

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Transportation.

a) Highest ever Bauxite excavation of 76.48 Lakh Tonne achieved against previous high of 76.00 Lakh Tonne in 2023-24.

b) CPP achieved highest ever Net Power Generation of 6,641 MU in FY 2024-25 as compared to previous highest of 6,608 MU in 2010-11