Please note that this conference is being recorded. I would now like to hand the conference to Mr. Sabri Hazarika from Emkay Global Financial Services. Thank you, and over to you, sir. Yeah, thanks, Siddharth. So good evening, everyone. On behalf of Emkay Global Financial Services Limited, I welcome you all to the Q1 FY25 post-earnings conference call of Adani Enterprises Limited. We are pleased to have the senior management of the company led by Mr. Vinay Prakash, Director, Adani Enterprises and CEO, Natural Resources; Mr. Robbie Singh, CFO, Adani Enterprises Limited; Mr. Saurabh Shah, Deputy CFO, Adani Enterprises Limited; and Mr. Manan Vakharia from the Investor Relations team. So today's session will be a brief on the company's results, and that will be followed by the question and answer round. So without any further delay, I now welcome the management for the opening remarks. Over to you, sir. Good evening, everyone. Welcome to the earnings call to discuss Adani Enterprises' Q1 FY 2025 results. AEL's business portfolio comprises assets spread across energy and utilities, transport and logistics, direct to consumer, and primary industry. The incubating portfolio comprises of Adani New Industries, data center, airports, and road businesses, and established business portfolio of primary industry vertical comprises business cut across services, metals, commercial mining, and industrials. AEL's incubation portfolio is consistently making significant strides in its operational and financial performance. AEL has recorded its highest ever quarterly EBITDA of INR 4,300 crore, supported by exceptional performance of incubating business EBITDA of INR 2,667 crore. The contribution of incubating business to the overall EBITDA is now 62%, versus 45% in corresponding quarter of FY 2023. During the quarter, the Adani Green Hydrogen ecosystem revenue has increased by 138% to INR 4,519 crore, and the EBITDA has increased by 3.6 times to INR 1,642 crore on account of higher module exports. Airport business revenue has also grown by 27% to INR 2,177 crore, and the EBITDA has grown by 33% to INR 682 crore. Total income of incubating businesses has increased sharply by over 63% to INR 9,342 crore, while total EBITDA of incubating business has increased by 107% to INR 2,667 crore, while the PBT has grown by 208% to INR 1,562 crore. With this, the overall consolidated results of the current quarter for Adani Enterprises are: consolidated EBITDA has grown by 38% to INR 4,300 crore. Consolidated profit before tax has increased by 107% to INR 2,236 crore, while the consolidated income has also grown by 13% to INR 26,067 crore. Now, coming to project and operational updates on major businesses. In our Adani New Industries green hydrogen ecosystem, the solar manufacturing business has successfully operated at full capacity of 4 GW for both cell and module line during the first quarter of operation. ANIL ecosystem not only achieved uninterrupted production and supply of modules, but also achieved cost optimization in its supply chain. During the quarter, the module sales has increased by 125% to 1,379 GW on YoY basis. ANIL's wind manufacturing business has received the final type certification for 3 GW of wind WTG. During the quarter, we supplied 41 WTG sets to the customers, and we have an order book of 254 WTGs. In our airports portfolio, for the first time ever, the passenger movement at our airports crossed 90 million on trailing twelve-month basis. During the quarter, we added 39 new brands across all our airports, out of which 25 brands were added in our recently inaugurated terminal of Lucknow Airport, which can now cater to up to 8 million passengers per annum. Additionally, we added 8 new routes, 6 new airlines, and 13 new flights across all 7 operational airports during the quarter. The eagerly awaited greenfield Navi Mumbai project is on track for the completion in FY 2025. Now moving to the roads portfolio. During the quarter, we have constructed 730 lane kilometer roads, which is the highest for any quarter since its inception. The greenfield Ganga Expressway project is progressing as per schedule. Three out of our 10 under construction projects are now more than 80% complete, in line with the target schedule. Adani Enterprises continues to incubate new businesses and create sustainable and long-term value for its stakeholders. Over the years, we have a track record of successfully incubating businesses which are currently leading companies in their respective sectors and delivering substantial returns to their shareholders. In line with this. The board of directors of Adani Enterprises have approved the demerger of food FMCG business of Adani Enterprises to Adani Wilmar, along with its strategic investments in Adani Commodities LLP. The food FMCG business has become self-sustained, performing well, and poised for future growth. With this, Adani Enterprises continues its journey to unlock value for its shareholders. Now, to take you through the primary industry vertical. In the mining services, Adani Enterprises is the pioneer of mine development and operator concept in India, with an integrated business model that spans across developing mines as well as entire upstream and downstream activities. It provides full service range that is right from seeking various approvals, land acquisition, rehabilitation and resettlement, developing required infrastructure, mining, beneficiation, and transport to designated consumption points. Our success is underpinned by commitment to excellent risk management and sustainable mining practices. The company is MDO for eight blocks and one iron ore block. These projects are in the state of Chhattisgarh, Madhya Pradesh, and Odisha. During the quarter, the company has delivered the quantities as per schedule. The production volume during the current quarter increased by 49% to 9.4 million metric tons, and the dispatch volume increased by 47% to 9.3 million metric tons. During the current quarter, the revenue from mining services increased by 41% to INR 856 crore, and the EBITDA increased by 43% to INR 347 crore. Moving to integrated resource management business, we continue to develop the integrated in terms of relationship with diversified customers across various end user industries. We remain number one player in India and endeavor to maintain this leadership position. Over the past couple of years, IRM business has been exploring ways to tap into new market segments through initiatives like flagship e-portal for the online trading of natural resources. By leveraging technology for faster and more reliable supplies, the portal has ensured ease of doing business for retail customers, leading to a larger market share for Adani Enterprises. IRM continues to target a balanced mix of customers through retail and public sector participation as end customers. The volume during the current quarter stood at 15.4 million metric tons, while during the quarter, the revenue from IRM stood at INR 11,201 crores, while EBITDA was maintained at INR 990 crores. In our commercial mining business, Carmichael Mine's production increased by 21% to 3.2 million metric tons, and the shipments increased by 16% to 2.8 million metric tons during the quarter. The company is having five domestic commercial coal blocks and two domestic commercial bauxite mines, which are in the project phase. These projects are in the state of Maharashtra, Chhattisgarh, Madhya Pradesh, Jharkhand, and Odisha. In our primary industries incubation portfolio in metals, our copper unit under Kutch Copper, situated at Mundra with a capacity of 500 KTPA, has started its operations, and we are steadily ramping up our capacity in the phased manner. Thank you, and now we can take questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking the question. Seeing the adjustment, we'll wait for a moment while the question queue assembles. First question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Thanks for the opportunity, and obviously, a great set of numbers. My first question is on the green ecosystem. Sorry to interrupt, Mr. Mohit. Can you please, Is it better now? Yes, sir. It's much better. Yeah, yeah. Please go ahead. Yeah, thank you for the opportunity. My first question is on the green ecosystem. Is it possible to break up the EBITDA into the two PG and solar manufacturing? Yeah. So the EBITDA, total EBITDA for the overall number is INR 1,642 crore, out of which INR 99 crore was contributed by the wind turbine manufacturing business, and the remaining INR 1,543 crore has been contributed to the solar manufacturing. I understand, sir. My second question, is it possible to give the color of the order book of the solar capacity? Also the fact that you've done 137 MW sales in this quarter, is it possible to sell more than the, the capacity, actual capacity 4 GW? Can you, can you sell more capacity than the 4 GW annually? No. So the thing is that 1,379 MW includes about 360 MW of sales, which was booked in March, but sold in the current quarter. So that is the reason why it is so showing this number. The actual sales in per se for the current quarter is 1,000 odd MW. On your second question, in terms of order book, our solar manufacturing, solar book, we are booked for the current financial year on a full basis. The 4 GW, right? Yes. And any color on the ramping up of the wafer capacity? How is it shaping up? And it could use, it's increasing at the normal level, or do you see it will take some more time to stabilize? So we are already producing 41 sets. So at 5.2 MW, we are more or less at full capacity of the operations. We also have an order book of 254 wind turbine sets, which means we are booked for nearly one and a half years of our next requirements or our capacity. We do have plans for taking the capacity to 3 GW over a period of time, which is what we have already guided at. Sorry to interrupt you. My question was on the wafer capacity. Ah, okay. So from wafer capacity perspective, ingot and wafer, we are stabilizing the operations. We have started operating 2 GW, and we are stabilizing those operations. And by next quarter, we should have full production in the ingot and wafer plant. And the ramping up will also be there because we want to continue to build the entire solar module fleet up to 10 GW. So even ingot and wafer, we will continue to have that expansion done. And over the next 2 years, you should see full 10 GW capacity, right from polysilicon, ingot, wafer, cell, and module. So, you expect to reach that 10 GW by end of FY 2026 or end of 2027? End of FY 2026. Okay. Understood, sir. Thanks for all the support. Thank you. Thank you. Thank you. The next question is from the line of Brett Knoblauch from Cantor Fitzgerald. Please go ahead. Hey, guys. Thanks for taking my question. Maybe if we could start on IRM, can you just talk about what's going on there with volumes and kind of where you expect the business to trend for the remainder of the year? So, Brett, the volumes, we have done about 15 million tons in the current quarter, and that same trend should continue. With the, we had a very good year and a half in the last two, one and a half years, where we had a huge, order book from, various state electricity boards. But that now we are going back to what our normalized growth is, which is in the range of 60-70 million metric tons, and we will continue to ensure that we get that import, imported full volumes and trade in India. Thank you. That's very helpful. And maybe on the data center business, I know in the US we're seeing, you know, quite significant demand for call it new age data centers that have much higher density racks and can support, you know, newer age AIs, GPUs from the likes of Nvidia. I was wondering if your data center business has any exposure to call it high power computing that is needed for AI, or if there's any plans for you to add that exposure? So, we are looking at basically hyperscalers, which means the large players who have the data center for their own consumption in a big way. So that's what we are targeting. Our order book is basically comprised of such players. The, because of the reasons of agreements, we are not able to give out the names specifically, but those are large-scale players, hyperscale players, who use this data center especially for, computing and AI only. And, our, as we have mentioned, our Chennai data center is now fully operational, and Noida and Hyderabad are 89% and 94% at on the stages of completion in terms of project completion. And we should see the same trend continue, and Hyderabad should come up online very soon. Perfect. Maybe just an update on the build-out of the Mumbai airport. It's supposed to be completed over, you know, I guess, the next 12 months? Yes. So, not even next 12 months, now I would say next nine months, because we are targeting to complete the and operationalize Mumbai by March 2025. Thank you. And then maybe on the solar. I don't know if you, if you already touched this, but, you know, quite significant increase in solar module sales. I think you guys said you guys were running at, at full capacity. Any plans to add additional capacity there? And how should we expect, call it, you know, sales over the next or the remainder of this year? So we see similar levels. Yeah, and that'll be it. Thank you, guys. Sure. So yes, we are looking at that full capacity utilization will be there for the 4-GW cell and module line, and 2-GW ingot and wafer line. In terms of expansion, as I mentioned, we are looking to uptick the expansion and take it to 10 GW from the current capacity, for which we are already in process of looking at various expansions within the current setup also. ... Thank you guys, really appreciate it. Thank you. Thank you, guys. Thank you. Ladies and gentlemen, before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Prateek Kumar from Jefferies. Please go ahead. Yeah, good evening from Jefferies. So my first question is on your online business. So there have been kind of margins in that perspective or still are excluding the FY19. Can you help explain the increase in margins and what is the sustainable margins you're looking at? So I think because of the huge uptake which we are constantly having in our export orders, where we have grown our export orders, we sold about 387 GW in Q1 FY 2024. It has now gone to 808 MW. And the margins that we get from our export orders, the contribution has increased because of that, which we see that for the next one year, we already have orders in hand, so it should continue in that level. The line for the participant seems to be disconnected. Shall we move to the next question, sir? Yeah, yeah, please go ahead. Yeah, we'll take his question back next. Yes. Sure, sir. So the next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Thank you, sir, and congrats on a good set of numbers. So my first question is about the airport. So can you help us with the- Sorry to interrupt, Nikhil. Can you please be a bit closer to the mic? Yeah. So can you help us with the tariff order status for Mumbai Airport? Hello? Yeah, yeah, Nikhil. So see, Mumbai Airport, the tariff order was already done, so we, I'll just come back to you on the next. When it is a cycle, I'll have to get the data across. We'll come back to you separately on that. Okay, sure. Sir, just to follow up on that, so will you be able to give us the non-aero revenues for Q1 and what was last year's? So, we are not yet giving the, on the aero and non-aero split as yet because of the, ramping up of our various operations, where the 6 airports we do 4 and we are just still building up the various terminals and land capacities and such. So over the next 6 to 9 months, we will start publishing the aero and non-aero re, separately. So from a Mumbai, International Airport perspective, the aero to non-aero split is about 45-55. So 55% of the revenue and, earnings come from, non-aero business. Right. And, sir, so, almost around 70, 60-odd% of our module, module sales are in the export market. So should we assume that the mix of the order book will also be in the similar range? Yes, yes. Okay. We expect this realization of almost $0.36 to a Watt to sustain throughout the year and going forward? So see, I would say we can safely assume upwards of 30. That's for sure. I would not vouch and just put that as 36 to continue, but yes, above 30 is what we are still looking at for the next one year for sure. Okay. And, sir, what is the difference in realization for the exports and the domestic module sales? About 15%-20% difference is always. 15%-20%. Yeah. Okay, understood. And so just a final thing on CapEx. So if you have any number for CapEx for Q1? So, see, we have given guidance for CapEx in the last call. We continue to have that same guidance in terms of Adani New Industries, airports and roads taking up the largest amount of CapEx, where roads has continued to continuously do the CapEx at that same run rate, where we had seen about $1.5 billion of CapEx, and roads has actually done about $0.4 billion of CapEx during the Q1. And similar trend will continue, and same way for airports and New Industries. New Industries CapEx, because of the expansion that we are already envisaging in solar manufacturing, wind manufacturing, electrolyzer, as well as green hydrogen, that same trend will continue. Okay, sir. Thank you, and all the best. Thank you. Thank you. Thank you. A reminder to the participants that you may press star and one to ask a question. The next question is from the line of Dhananjay Mishra from Sunidhi Securities. Please go ahead. Good evening, thank you for the opportunity and, congratulations on the numbers. In terms of CapEx, as you said, so how are you going to fund and, what is the plan from fundraising in terms of equity or debt as of now? So, Dhananjay, as we had mentioned, airport, roads, and data center are fully funded. Copper is also fully funded. So PVC also, we have completed the program and the sanctions are all in place. So except Adani New Industries, wherever there is a CapEx which goes on, with Adani Enterprises already throwing up a sizable amount of cash, with the new expansions that we do, we will have enough cash for the equity portion of it for at least another one to two years. And apart from that, we have also announced a QIP program for Adani Enterprises also. And whatever the substantial portion of equity requirement that is there for the Adani New Industries will be fulfilled through this QIP program. If the QIP happens this year or when it next year, it is fine. We can, our schedule of CapEx will continue, right? Yes. We are looking to fast-track our green hydrogen, so we are looking to have the QIP done at the earliest. Okay. Okay, thank you. That's all. No problem. Thank you. The next question is from the line of Pratik Kumar from Jefferies. Please go ahead. Yeah, can you hear me? Yeah, thank you. Thank you for the opportunity. My question was, regarding, I was asking about margins. So has the prior quarter spillover of volume has also held margin in this quarter? Yes. Yes, Pratik. There has been an uptick in margin because of the prior quarter spillover. That trend should continue at least for one and a half years. Okay. The next question, I sort of went to the slide on electrolyzer. Where are we in terms of timeline for starting commercial production of electrolyzer? And also, like you talked about, power capacity. Have you started, like, construction for the same? Because it takes project of 5 GW of construction possible in 1 year, like, so have you started that? So, on both the questions, on electrolyzer, we have started giving out what we are doing in terms of the first production that we want to do. So we have this 1.198 MW of LOA, which we have received, for which technology related stack development related work has already started with certain design from a technology partner, and we are testing that right now. So the testing laboratory has been commissioned, and we are benchmarking it to various tests. And we have also put up a pilot manufacturing facility where the layout and engineering has been completed. So we will keep on giving the guidance on electrolyzer every quarter on quarter and how the status is. In terms of renewable capacity, there has been, like, land allotment and other processes are in process. As soon as that is over, we will start looking for the for construction on the renewable side also. And so on, you know, mining and Carmichael segment, what is the volume expectation for the year? So in terms of mining, which if you are referring to MDO, the volume expectation is basically for FY 2025, we are looking at about 35 million metric tons, and taking it to about 55 metric tons in FY 2026. While for Carmichael, that number is about, like, about 12 million metric tons for the current year, taking it to 15, which is the maximum approval that we have by the end of FY 2026. And so, and on, while you talked about in your comments, but what is the one new CapEx which you have done, overall for the company? So, as on a quarterly, because the balance sheets are not there for this quarter, we'll give out the actual CapEx numbers for Q2. But we did inform them on the call that for roads and airports and new industries, it is going on as per schedule, and we are doing our CapEx as what we have guided. Are you ready for the net debt, March ending net debt was around INR 31,000 crore approximately. So how is that, like, I mean, season growth rate, of course, but how is the net debt position now as of 1, 2? Our external debt was about INR 38,000 crore in March, and which, is now to INR 42,700 crore in June. The reason for external debt increasing is basically, the financing for copper continues, roads and airports continue. All these have, been taking the disbursements as per schedule and completing the projects. And, the net debt position is about, we have a cash balance of about INR 6,000 crore in our balance sheet, so the net debt position is at 32, 36,000 for the June quarter. Okay. So it has come down versus what was the case in Q4 ending. So it has increased only because, as I said, the external debt was INR 38,000 in March, and at net debt basis, after taking out cash, it would be about INR 32,000, which has grown to INR 36,000 in June quarter, on a net debt basis. External debt. Okay. Yeah. Okay. On copper segment, will we start giving out revenue like very soon or like? Yeah. See, by Q3, you should expect the segmental results to have copper separate, because then we will have certain substantial number of kick in there. Lastly, on commissioning of the factory. It, we had guided for FY 26, and we continue to have that same guidance. FY 2026 and December 2026. December 26. So, yeah, December 26. Yeah. So FY 27, that's it? Yeah, yeah, yeah. Yes, yes. I'll get back to you. Sure. Thank you. Thank you. A reminder to participants that you may press star and one to ask a question. The next question is on the line of Sabri Hazarika from Emkay Global. Please go ahead. Yeah, a few questions. Firstly, on this, module pricing, so, what is the overall outlook for the next, say, two, three years? Then any kind of like, valuation you, you expect, considering new technologies and the likes of, say, for example, HJT is also one of the technologies being, like, examined. So anything on that front? Any color on that? Yeah. Thanks, Shabri, for the question. See, we already recently upgraded our facility. We are already running a TOPCon technology of 2 GWs and Mono PERC at 2 GWs. And in terms of technology, we keep on evaluating the efficiencies and how they are improving, and we will continue to look at other technologies, including HJT, for the upcoming expansions that we do. In terms of the pricing, as I have already guided, we, with the kind of orders in hand that we have, will continue to have a good set of numbers in terms of pricing in the coming one year or so. Over the further period, we will see how the market behaves, and then we'll be able to give a further guidance on that. Right. So it is like import-based pricing only, right? I mean, if the duties go up, then you also still benefit. Is that right? In a way, yes. But now with our expansion in terms of actual manufacturing, we will not have to worry too much on the custom duty and such, because once we get into... We have already now in ingot wafer, once we get into polysilicon and that starts, then we don't have to look at even in terms of whether there is a import duty or not. It just benefits us anyway. So right now it's just 40% on modules and 35% on cells. That's the only, that's the only part where duties are imposed. So anything upstream, no duties are there, right? Yeah, yeah. Okay, thank you. Secondly, on the airport side, so Navi Mumbai Airport, I mean, in terms of... I don't know whether it could maybe be taken up in past calls, but just wanted your view on, since the catchment area itself will, like, increase manifold with this airport. So how do you see overall, I mean, demand in the Mumbai area as a whole? So do you see, I mean, in terms of capacity, there will be some diversions, of course, from the Mumbai airport. But do you see, I mean, any, like, quantitative, sort of like, numbers in terms of, like, what could be the passenger segment growth in this, from the commissioning of this new airport? Yeah. So Navi Mumbai, we are putting up the first phase, where the initial capacity will be 20 million passengers, and we are 100% sure with the way the Mumbai travel and everything is, and the catchment area's travel is, we should hit peak capacity in the first quarter itself of our operations. Right. And you don't see any major dent in the existing airport, right, from this? No. No, no, no. Okay. And also, in terms of the timeline, I mean, now we are like nine months away from commissioning. So which are the milestones which are left right now for the next nine months? So the runway is already ready there, and we are working on the terminal development, and that's also on the way. And then there are other processes in terms of lot of approvals have to be further taken in terms of they do a lot of risk management, in terms of disaster management and all that. So we'll give up the airport for those tests and disaster management works, and we are looking at having the operations by March. Right. And, Okay, thank you so much. And one last question on this PVC business. So, so do you have a guidance for any kind of, like, EBITDA per ton, for this project, considering it's coal-based? See, right now the construction is going on, so we, it would be a too premature thing to give a guidance on EBITDA per ton or so. But on a full year of operations of 1 million metric tons, we are looking at an EBITDA upwards of about INR 4,000 crore. So that's how we are looking at the overall scenario in PVC once the entire operation starts. Okay, got it. Thank you so much, yeah. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi. Thanks for the opportunity once again. So just a quick question. The MDO seems to have recovered in this quarter. Is it fair to say that you're on track now to pursue the 16 million ton or the normal rate from the system? And- Yes, yes. So, all the issues are behind us, right? The second question is, which are the mines likely to start in production phase in next couple of years? We are targeting Parsa to start in this current by end of March this year. The second mine we are looking at to start is Gare Palma II. And any other commercial mines, when do you think they will come into production? So, that is still under various stages of development, so we'll give a guidance by next quarter as to how it will pan out. The last question is on the call previously. Have you achieved financial closure? Is it the right- Yes, we did pursue the financial closure with SBI for INR 15,000 crore of debt. Understood, sir. Thanks and all the best. Thank you. Thank you. Thank you. A reminder to the participants that you may press star and 1 to ask the question. As there are no further question, I now hand the conference over to the management for closing comments. Thank you so much all for attending the earnings call. We look forward to meeting you in the next quarter with a good set of numbers. Thank you. Thanks. Shabri, thank you, MK Shabri, for organizing the conference. Thank you. On behalf of Emkay Global Financial Services, thank you for this conference. Thank you for joining us, and you may now disconnect your lines.