Good evening, ladies and gentlemen. I'm Pelsia, moderator for the conference call. Welcome to Adani Enterprises Limited, Q2 FY24 Earnings Conference Call. As a reminder, all participants will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star and then zero on your touchtone telephone. Please note, this conference is recorded. I would now like to hand over the floor to Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir. Thank you, Pelsia. On behalf of ICICI Securities, we welcome you to Q2 FY24 earnings call for Adani Enterprises Limited. We are pleased to host the senior management team of Adani Enterprises today. We have with us Mr. Vinay Prakash, Director, Adani Enterprises and CEO, Natural Resources, Mr. Robbie Singh, CFO, Mr. Saurabh Shah, Finance Controller, and Mr. Manan Vakharia from Investor Relations. We'll start the call with opening remarks, post which move to Q&A. Thank you, and over to you, sir. Mohit, thank you very much. Welcome, all to the earnings call for half year 2024 results of AEL. AEL's incubation portfolio comprises assets spread across energy utilities, transport and logistics, and primary industries. In digital infrastructure, incubating assets include Adani Digital Labs and Adani Business Services. AEL's established business portfolio is supported by primary industry vertical, comprising mining services, commercial mining, and under advanced stage of completion, the copper smelt. Half year 2024 results are powered by the emergence of core infra incubating businesses, which have contributed 48% of the overall EBITDA. This reflects the incubating business growth journey and successive milestones. The consolidated total income for the half year was at INR 48,876 crore. EBITDA increased by 43% to INR 5,874 crore, and in line with the increased EBITDA, consolidated profit before tax increased by 50% to INR 1,958 crore. Incubating businesses continue to record robust operational performances, with total income rising over 100% to INR 10,608 crore. Consequently, EBITDA increased by over 100% to INR 2,824 crore, and the consolidated profit before tax of the incubating businesses jumped over 22 times. In Adani New Industries, our commitment of having 10GW of integrated manufacturing ecosystem is well underway. I'm pleased to inform you that Adani New Industries has produced the first wafer produced in India. The 2GW of ingot wafer plant is within schedule to be commissioned by the end of this financial year. Solar module manufacturing plant, MSEL, has received commercial operations certificate from SECI. India's largest capacity onshore wind turbine generator, 5.2MW each machine, is now listed in revised list of models and manufacturers. With this listing, wind manufacturing division of ANIL has now started commercial operations. ANIL has also received WindGuard certification, which has affirmed our production standards. This allows us to start series production for global markets. In Adani Airport Holdings, our portfolio is performing along expected lines, and the half-yearly passenger movement grew 29% and is tracking 85 million passengers a year, with the half-yearly movement at 42.7 million. DigiYatra was introduced at five airports: Mumbai, Ahmedabad, Lucknow, Guwahati, and Jaipur. In this quarter, we also added two new international airlines to our portfolio, and nine new international routes were connected. Arrival and departure immigration block in Terminal 2 of Ahmedabad Airport is completed. Additionally, Mumbai Airport has completed its pre-embarkation security check, phase two expansion program. Further, domestic cargo terminal operationalized at Jaipur Airport. And as an update, Navi Mumbai Airport is well on schedule to be completed at end of calendar year 2024. Road portfolio, during this quarter, 4 of our 10 road projects have achieved over 50% completion and are right on schedule. ESG is a big part of AELS journey, and our philosophy embeds this into the fundamental investment planning. T he other significant CapEx that goes into our incubating businesses is reflective of this. In line with the ESG framework, our businesses have received recognition for environmental and social impact. For example, Mumbai Airport achieved level four customer experience accreditation, which is third airport globally and first in India. Further, the energy engineers and managers awarded Ahmedabad and Jaipur airports with gold and silver, respectively, for facility and for commitment to energy efficiency and sustainability. Now, I hand over to my colleague, Vinay, to run through mining services, resource management, and commercial mining. Vinay, over to you. Thanks, Robbie. Good afternoon to all. First, the mining services. AELL is the pioneer of the MDO concept in India, which is Mining Development Operator concept, with an integrated business model that expands across developing mine, as well as the entire upstream and downstream activities. It provides a full service range, right from seeking various approvals, land acquisition, developing required infrastructure, mining, beneficiation, and transportation to the designated consumption plant, which is TPS. The company's MDO for eight coal blocks and one iron blocks. These projects are located in the state of Chhattisgarh, MP, and Odisha. The company has serviced its contract, and the quantities delivered during the quarter were as per the schedule given by the customer. During the half year, the revenue from mining services was at INR 1,098 crore and EBITDA at INR 485 crore. For IRM business, Integrated Resources Management business, we have continued to develop business relationship and diversified customer across various end user industries. We remain number one player in India and endeavor to maintain this leadership position going forward. The volume in quarter two, FY 2024, stood at 18.8 million metric tons. EBITDA for the half year was at INR 2,063 crore on account of improved relation on year-on-year basis. As far as the commercial mining is concerned, the Carmichael mine in Australia, the production has increased by 68% to 5.4 million metric tons, and the shipment increased by 70% to 5.1 million metric tons. The company is having seven domestic commercial mine blocks, and these block projects are in the state of Maharashtra, Chhattisgarh, Madhya Pradesh, Jharkhand, and Odisha. Thank you. We are open for questions. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. We will wait for a moment while the question queue assembles. First question comes from Bharat Jain from ICICI Securities. Please go ahead. Thank you for the opportunity, sir. F or my first question is on solar. S ir, what is the capacity of solar manufacturing, and is the 4GW operating? Yes, the current capacity is approximately 4.5. 4.5. Thank you. Sir, and how much have you exported during the quarter? Quarter to quarter, we can give you overall the target export numbers, module sales. Export was approximately. Just one second. Just one second. The exports were in terms of megawatt. We exported 792MW worth of modules in this quarter. Okay, sir. Sir, and what geographies are we exporting in? Mostly US. Okay, mostly U.S. Understood. Sir, and on wind, what is the plan for wind manufacturing capacity? Wind manufacturing capacity- Will it be majorly used for captive? No, no, it will also be available for export as well, but initially, majority for capacity, but, and the starting capacity will be 1.5GW. Okay, sir. Sir, and are we planning to produce 2 to 3MW turbines? That will depend, but initially, we'll focus on the 5.5MW, but we'll have the capacity to produce 3MW as well. Okay. Okay, sir. Understood. Sir, and, sir, can you give us the total CapEx on the three data centers? CapEx. The data center business CapEx incurred till date is approximately we expect to have about $500 million, about INR 4,390-odd crore. B roadly in line with our earlier guidance given earlier in the year, the next year and the year after that, also continuing around similar lines. Okay, sir. Understood. Thank you, sir. I will join back into the queue. Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any question, please press star and one on your telephone keypad... Next question comes from Nirav Shah, from DC Holdings. Please go ahead. Hi. G ood evening, sir. Thanks for the opportunity. Sir, in the mining business, I'm seeing that we have removed the Bailadila mine from the iron ore service contract. I s that officially? While that mine had always had problems, but, so is it officially now, off contract? Bailadila is officially out of our list now. We are not going ahead with that contract. Got it. On the solar module sales, I mean, on the margins front, we have done phenomenally well, and congratulations on that. You've done some 33% margins, but at the same time, our realizations are largely flattish on a per megawatt basis. I'm assuming that we have benefited, we would have benefited from the falling module prices. So can you just shed some light on that? That's true. Although overall, the growth it did benefit from the. It benefit contractually, we expect the margins to be retained. Okay. But overall, because of sales, once they stabilize, the full production stabilize, a certain, only a certain basic percentage will be sold. You know, it's not like we will, we will, that sales will continue to grow because the capacity initially will be 4.5 gigawatt. Okay. Our export mix was almost two-thirds during the quarter. So when this mix changes again or normalizes, we still expect the margins to hold on to the current levels? The export margins will hold. The non-export margins will be, depending on the underlying contract and the buyer, the other margins will be different from the export margins. Got it. Sir, on the Australian operations, if you can just share the EBITDA numbers for this quarter and first half? Nirab, the EBITDA numbers for commercial mining are already there in the segment results. If you can just look at it, the PBIT numbers are already there. Okay. On EBITDA numbers, we can give you a correction separately on a separate call on this. Yeah? That is fine. That is fine. Perfect. Lastly, on the MDO guidance, I mean, if we can just shed any light, because on what are we expecting to do this year? MDO, we should be, we should be closer to 35 to 37 million tons this year. Got it, sir. Got it. Great. Thanks, sir. That's from my side. All the best. Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. Next question comes from Prateek Kumar, from Jefferies. Please go ahead. Good evening, sir. Congrats for good results and commissioning of new facilities and new energy ecosystem. My first question is on solar segment. T ill the point we are not exporting, so till the point we are not commissioning green hydrogen plants. T his quarterly run rate of solar modules can go to, like, how much? Like 1GW quarterly with the number, which is 600MW in this quarter. Can it, like, sort of continue to move up, better exports or higher domestic sales as well? That number will continue to move up in line with the utilization rate of the underlying plant. But I think the bigger thing there is that we don't want to convey a unrealistic assumption in the market, that the sales, longer term, the sales are a bigger objective here. For longer term, it is the objective that we have in the medium term is to build the integrated hydrogen ecosystem. And what this highlights, though, Pratik, in the meantime, is that as green hydrogen ecosystem is modular, as we are doing as a business case, each stage it is cash flow positive. Therefore, this excess cash flow will continue to be deployed into the green hydrogen ecosystem and preventing, you know, it just shows you the overall strategy that we have adopted, the, of each individual module, module of the green hydrogen ecosystem being profitable in its own right. Nothing is subsidizing anything. I think that's a bigger message here, that as we add the green electron module of the green hydrogen, it will itself also be profitable. As we add the hydrogen electrolyzer chain, it itself will be profitable. As we then add the green hydrogen, green product chain, which is ammonia, methanol and urea, that itself will be profitable. What this highlights is that the-... Profitability of each module, adding up to an extremely competitive hydrogen price, which will compete effectively with the import cost of LNG in India. All right. And sir, when are we, like, now looking at commissioning, like, pilot plant? It's, like, still, like, FY 2027, right? That was the last message. FY 2027. We're on schedule. Pre-engineering work at the site, all of that is going on. Site geotech studies, everything is going on. It is, like, still 2 to 2.5 years away. F rom next quarter, we should also expect, like, sale from wind, wind unit and, the polysilicon unit? Yeah, absolutely. Absolutely. What would be the margins in this segment, margin? No, we come to that once the sales strategy of the turbines are established in terms of pure domestic and global, we'll update the numbers towards as part of our annual results. Okay. Yes. Regarding some of the new projects which you're looking at, like copper and coal to PVC, so what, what is the stage of these projects, at this point? We're looking at financial closure for coal to PVC. Coal, financial close of coal to PVC this financial year, and then copper is on schedule to be completed in the first calendar quarter next year. L ast quarter of this financial year, as scheduled. And so there's no change in any of that. Okay. And one question on, your, like, segmental bookkeeping question. What is the road segment EBITDA for the quarter? EBITDA will give you segment results are there filed on Adani Roads. Adani Roads half year ended is INR 530 crore. PBIT. PBIT. Right. Sure. I, I'll take it offline. What is the full year guidance for the coal trading volumes now? We've seen, like, some decline, obviously, in line with the market trends, but what is the full year guidance for the coal trading volumes, FY 2024? Viney? Yeah, it all depends on whatever requirement comes, but considering that we are running, going into the INR 18 to 20 million per quarter, should be somewhere between INR 70 to 80 million. But again, considering we are a service industry, it all depends on how the demand and supply, demand, comes out of our customers. And the MDO guidance which you gave was more like production guidance, right? Not dispatch guidance. In MDO, whatever is the production, mostly it gets dispatched, because our inventory on first day of financial year and the end of the financial year always remains ±0.1 million here and there. Because these all are long-term contract signed by retailers for their own mine itself. So they lift everything which we mine. Right. I'll get back to you, sir. Thank you. Thank you. We have a follow-up question from Bharat Jain, from ICICI Securities. Please go ahead. Sir, can you tell us about the status of the Navi Mumbai airport? Yeah, it's almost just about 40% to 45% complete, on schedule to be completed last quarter, calendar quarter 2024, as advised in the annual result, I mean, AGM. Okay. Going exactly as per schedule. Understood. What is the CapEx incurred on the six airports in H1? Our total CapEx that year two total CapEx that we have incurred on the airports is approximately, say, about INR 5,350 for the three airports, eight airports. Okay, sir, and what would be our target for H2? It's currently in the middle of the schedule, so it will be, we don't want to give. Overall, our target is about INR 11,000 crore CapEx. Okay, sir. Understood. Understood. Okay, that's all from my side. Thank you. Thank you. Ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any question, please press star and one on your telephone keypad. There are no further questions. Now, I hand over the floor to management for closing comments. I just want to thank ICICI Securities for the call and for the questions. If anything else, you can please reach out to Manan for any clarifications, anybody, if you have. The presentation, detailed presentation will be up on the website already. T hat should be available. It will have a lot more detail as well. So, once again, thank you everyone. I f there's anything further, please reach out to Manan. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using ICICI Securities Conference Call Service. You may disconnect your lines now. Thank you, and have a good day.