Adani Enterprises Ltd 9M FY23 Results

Consolidated EBITDA up by 90% to Rs. 6,068 cr (US$ 733.5 mn)

Consolidated PAT up by 271% to Rs. 1,750 cr (US$ 211.5 mn)

Road Business achieves 3rd Provisional COD for Mancherial HAM project

Water Business bags EPC project of Rs. 3,246 cr (US$ 392.4 mn)

AHMEDABAD,India,Feb. 14,2023 --Adani Enterprises Ltd (AEL),part of the Adani Group,today announced its results for the nine months & quarter ended December 31,2022.

Financial Highlights 9M FY23 (Consolidated) (YoY Basis):

Total Income increased by 135% to Rs. 1,06,459 cr (US$ 12.9 bn)

EBITDA increased by 90% to Rs. 6,068 cr (US$ 733.5 mn)

Attributable PAT increased by 271% to Rs. 1,750 cr (US$ 211.5 mn)

Financial Highlights Q3 FY23 (Consolidated) (YoY Basis):

Total Income increased by 42% to Rs. 26,951 cr (US$ 3.3 bn)

EBITDA increased by 101% to Rs. 1,968 cr (US$ 237.9 mn)

Attributable PAT increased to Rs. 820 cr (US$ 99.1 mn) against loss of Rs. 12 cr (US$ 1.5 mn) in Q3 FY22

Business Highlights:

Business

Highlights

ANIL Ecosystem

- Nacelle Facility operational and commercial assemblies shall start from Q1 FY24

Water Business

- Agreement signed for New EPC Project (Shakkar Pench Micro Lift Irrigation) of Rs. 3,246 Cr (US$ 392.4 mn) in the state of Madhya Pradesh

ARTL - Roads

- Provisional COD received for 3rd HAM project at Mancherial

- Appointment dates for Greenfield Project – Ganga Expressway and Kagal Satara received

Primary Industries - Mining Services

- LoA signed Pelma Mine with capacity of 15 MMT in the state of Chhattisgarh

AMG Media

- AMG Media Networks completed acquisition of NDTV

*USD figures converted at 1 USD = Rs.82.725

Operational Highlights (YoY Basis):

Business

9M FY23

Q3 FY23

ANIL Ecosystem

Solar modules volume increased by 12% to 896 MW

Solar modules volume increased by 63% to 430 MW

AAHL – Airports

(Seven Operational)

Handled 53.4 Mn Pax movements

Pax movements increased by 40% to 20.3 Mn

Primary Industries Mining Services

Production volume increased by 3% to 19.7 MMT

Production volume stood at 6.2 MMT

Primary Industries IRM

Volume increased by 43% to 67.7 MMT

Volume increased by 8% to 15.8 MMT

"Over the past three decades,as well as quarter after quarter and year after year,Adani Enterprises has not only validated its standing as India's most successful infrastructure incubator but has also demonstrated a track record of building core infrastructure business," said Mr Gautam Adani,Chairman of the Adani Group. "Our fundamental strength lies in mega-scale infrastructure project execution capabilities,organisational development and exceptional O&M management skills comparable to the best in the world. AEL's exceptional resilience and capacity to build highly profitable core sector business indicate how our strategy of harnessing the diverse strengths of the Adani portfolio of companies is creating consistent long-term value for all our stakeholders. Our success is due to our strong governance,strict regulatory compliance,sustained performance,and solid cashflow generation. The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation,AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow."

Financial Highlights 9M FY23 (Consolidated) (YoY Basis):

Total Income increased by 135% to Rs. 1,459 cr (US$ 12.9 bn) on account of strong performance by IRM and Airport business

EBITDA increased by 90% to 6,068 cr (US$ 733.5 mn) in line with increased volume of Airport and IRM business

Attributable PAT increased by 271% to Rs. 1,750 cr (US$ 211.5 mn) in line with EBITDA

Financial Highlights Q3 FY23 (Consolidated) (YoY Basis):

Total Income increased by 42% to Rs. 26,951 cr (US$ 3.3 bn) on account of strong performance by ANIL Ecosystem,Airports and IRM business

EBITDA increased by 101% to 1,968 cr (US$ 237.9 mn) in line with increased volume of ANIL Ecosystem and IRM business

Attributable PAT increased to Rs. 820 cr (US$ 99.1 mn) in line with EBITDA against the loss of Rs. 12 cr (US$ 1.5 mn) in Q3 FY22

Business Updates (Q3 FY23):

Updates in Incubating Businesses

1. Adani Airports Holdings Ltd (AAHL - Airports)

During the quarter,Adani Airports handled -

20.3 Mn passengers (increase of 40% YoY)

142 k Air Traffic Movements (increase of 21% YoY)

1.8 Lacs MT Cargo

2. Adani Road Transport Ltd (ARTL – Roads)

Provisional COD received for 3rd HAM Road project at Mancherial – Repallewada

Appointment date for Ganga Expressway and Kagal Satara Project received

Update on five HAM projects which are under execution:

Project

State

Completion %

Vijayawada Bypass

Andhra Pradesh

39%

Nanasa Pidgaon

Madhya Pradesh

37%

Kodad Khammam

Telangana

34%

Azhiyur Vengalam

Kerala

16%

Badakumari Karki

Odisha

15%

Construction activities started in all HAM and BOT projects

3. AdaniConnex Pvt Ltd (ACX - Data Center)

Update on overall project completion at 4 Data Centers

Data Center

Completion %

Chennai for 33 MW (17 MW fully operational)

41%

Noida

23%

Hyderabad

22%

Mumbai

9%

Updates on Established Businesses for Q3 FY23

1. Adani New Industries Supply Chain Ecosystem

Solar Cell & Module

Module line operational for 2.0 GW plant. Cell line expected COD by Mar'23.

Existing 1.5 GW capacity plant under upgradation to 2.0 GW with TopCon Cell Technology: Module - Mar'23 and Cell - Jun'23.

With this total cell and module capacity will be 4.0 GW.

Volume increased by 63% to 430 MW

Wind Turbine manufacturing

Nacelle Facility operational and commercial assemblies shall start from Q1 FY24

Blade manufacturing facility shall be completed by Q1 FY24

2. Primary Industries (Mining Services)

LoA received for Pelma Mine with capacity of 15 MMT in the state of Chhattisgarh

Total mining portfolio of 11 mines in 3 states with peak capacity of 110+ MMT and operational capacity of 51 MMT

Mining Services production stood at 6.2 MMT