Adani Enterprises Ltd 9M FY23 Results

Ahmedabad : Adani Enterprises Ltd (AEL), part of the Adani Group, today announced its results for the nine months & quarter ended December 31, 2022

“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. 1,06,459 cr (US$ 12.9 bn) on account of strong performance by IRM and Airport business

EBIDTA 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 EBIDTA

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

EBIDTA 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 EBIDTA against the loss of Rs. 12 cr (US$ 1.5 mn) in Q3 FY22

Business Updates (Q3 FY23):

Updates in Incubating Businesses

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

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

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

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

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