Ladies and gentlemen, good day, and welcome to the earnings call of Adani Enterprises Q2 FY 2025 conference call, hosted by Investec Capital Services. As a reminder, all participant lines 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 then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aditya Bhartia. Thank you, and over to you, sir. Thanks, Sagar. Good evening, everyone, and welcome to the Q2 FY twenty-five earnings call of Adani Enterprises. We have the senior management of the company, represented by Mr. Robbie Singh, CFO, Adani Enterprises, and Mr. Manan Vakharia, Investor Relations. I would like to welcome them and thank them for giving us the opportunity to host the call. I would now hand the call to Mr. Robbie Singh for opening remarks. Over to you, sir. Thank you. Good evening, everyone. We welcome you to the earnings call to discuss Adani Enterprises results announced today for the quarter and half year ended thirtieth September. Over the years, Adani Enterprises has focused on building utility and infra assets, contributing to addressing logistics and energy transition challenges facing the country. AEL's emerging core infra businesses under its incubation portfolio, represented by Adani New Industries, our green hydrogen ecosystem, data center, airports, and road businesses, plus established business portfolio represented in primary industrial vertical, comprising mining services, metals and materials, commercial mining, and industrials. This half year, AEL has recorded its highest ever EBITDA of INR 8,654 crore. The emerging core infra businesses recorded half year EBITDA of INR 5,233 crore, which is an increase of 85% on year-on-year basis. Total income of incubating businesses for first half 2025 increased sharply by over 63% to INR 17,287 crore, with the profit before tax increasing by 138% to INR 2,878 crore. The consistent high contribution of these emerging core infra boosted the overall consolidated results for the first half. Consolidated EBITDA up 47% to INR 8,654 crore. Consolidated profit before tax up 137% to INR 4,644 crore, and consolidated income up 14% to INR 49,263 crore. Coming to the project and operational updates on major businesses. Adani New Industries wind manufacturing businesses continues on its development path, which has now crossed 300 blade production milestone during this quarter. Our RLMM listing of 5.2 megawatt and 3 megawatt wind turbine is completed, and the final certificate of 3.3 megawatt wind turbine is being applied for. In the electrolyzer businesses, we have received letter of award for electrolyzers manufacturing facility of 101.5 megawatt per annum from SECI. With this, cumulative capacity awarded is 300 megawatt per annum. In the airport businesses, the growth in passenger movements has resulted in Adani Airport Holdings handling roughly 23% of India's passenger movements. During the quarter, we also tested the southern runway of Navi Mumbai Airport with the landing by Indian Air Force plane, and we expect the airport to be completed early 2025. In this quarter, we added six new routes, six new airlines, and 13 new flights across the seven operational airports. In the road businesses, we completed two more road projects, which now takes the completed projects to six, with remaining eight projects, including the Greenfield Ganga Expressway, progressing as per schedule. On the roads and data center business, we'll provide a much more detailed and comprehensive update along with the annual results in May. In the mining services portfolio, during the quarter, AEL received letter of award for development operations of iron ore mine at Suakati, with a capacity of seven million tons per annum in the state of Odisha. AEL has signed an MDO agreement for coal mine at Dahegaon with Ambuja Cements in the state of Maharashtra. With these new mines, AEL's MDO business is now nine coal blocks plus two iron ore blocks. During the quarter, total mining services dispatch was up by 32% to 8.2 million metric tons. Revenue increased by 64% to INR 803 crore, and EBITDA increased by 65% to INR 400 crore on a year-on-year basis. In the integrated resource management portfolio, the volume current quarter stood at 31.7 million metric tons, and the revenue from IRM business stood at INR 9,697 crore, and EBITDA maintained at INR 927 crore. Under commercial mining, Carmichael mine production is now running at roughly 15 million metric tons per year, with a shipment of about 3.8 million metric tons in the quarter. We are now open for Q&A. Thank you. 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 their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from Prateek Kumar, from Jefferies. Please go ahead. Hello. Yeah, good evening, sir, and congrats for good results. My first question is on your CapEx number. So first half CapEx been like INR 15,000 crore based on your balance sheet data. Like, how are we looking at CapEx now for full year? Because earlier you were anticipating a much larger CapEx for the full year. How are we looking at CapEx for the full year and segmental CapEx also? You can provide there? The full year CapEx. I will go through various segments. So in the New Industries, we expect the full year CapEx to be around 28 thousand. On the airport side, a number close to completing the Navi Mumbai airport included around 16 thousand. And we expect the roads to complete on schedule with a CapEx of roughly around 12 thousand. Small CapEx, but not a material number in relation to the water projects. Data center, we expect to complete roughly about 5 thousand. And then in the remainder of the businesses, we expect to complete the CapEx of a further about 5 thousand. Now, the reason why the this particular quarter and this half of the year is slightly slower than the remainder, is because this, as you know, as a, in a capital-heavy business, there's a natural cyclicality in India due to monsoons. So during the monsoon period, the CapEx slows down, and it will start ramping up now and reaches its peak in December, January, February, March. And that peak then continues till May, and then the summer season starts, and it starts winding down through to the monsoon. And this year the monsoon was about six to seven weeks longer than traditional, so we might be plus/minus six weeks in terms of the schedule. But we expect to, if you see our sort of operational update of June 2025, you will see that broadly the CapEx numbers will be in line. Awesome. Okay. So broadly, still we are like sort of looking at INR 70,000 crore CapEx for this year from the numbers? I would say closer to roughly sixty-seven. Okay. And sir, regarding the renewable segment, the new energy segment, can you also lay out the timeline of projects, like backward integration, module capacity expansion, where we are and where, when do we like look at pilot projects for green hydrogen and electrolyzers? Yeah, at the... Like, like I said, what we can highlight overall is that the manufacturing, with the exception of foundry, is now practically up and running. So from ingot wafer onwards, plus the ancillary industries are now fully integrated, which is glass, backsheet, EVA, aluminum frames. So that aspect for the solar module is complete. Wind turbine is also from blade, nacelle, assembly, all that work is already complete. Electrolyzer, we have started the work, and we expect to give you an update as to how that work is proceeding in terms of construction and development of the electrolyzer facility by March next year. There we are pretty much on the site development, site development work, site civil planning work for where the generation capacity of solar and wind will go, has also commenced, and we'll have a more detailed update towards the middle of next year. The downstream product work development, probably we will be able to give an update when in the next twenty-four months. We will have a much more detailed update in relation to the first two phases, the manufacturing and the green power generation for green hydrogen, in the middle of the next year. Okay. So the CapEx employed for the ANIL segment currently appears very less, probably around INR 3,000 crore, INR 3,000, INR 4,000 crore, and we are looking to do INR 28,000 crore CapEx in this year. So this is going toward the expansion to capacity, to what number? That's what I was asking. So in terms of milestones, in terms of capacity targets. No, what you are referring to is the manufacturing CapEx only. You're not referring. There are Adani green hydrogen business, we have four types of CapEx. The manufacturing ecosystem CapEx, which you are referring to, then the green hydrogen development CapEx, then the electrolyzer CapEx, which is the electrolyzer on site, that's not the manufacturing, and then the downstream CapEx, of the downstream plants. So there's a full-fledged S-curve as to how we see that develop over a period of time. What we are noticing now is a civil development, so the CapEx numbers will start ramping up, as I said, over the next year, as we go through this development phase. Currently, the focus has been to integrate the manufacturing ecosystem that is required to start the green electron production for the green molecule production. Okay. Sure. And can you also talk about, like, the airport segment? Like, because now the Navi Mumbai Airport is nearing completion, how are we looking at airline traction or the start of flights from that airport by March twenty-five, and the city side development projects which we are, like, looking to develop at, like, three airports to start with? So the first phase of the city side development at Ahmedabad is underway. We have one more airport we'll start. Navi Mumbai Airport should kick in, like you rightly pointed out, in the second calendar quarter of next year. The airline addition planning is continued. This, this time also, we reported this quarter, we also have six new airlines. Their various airports are starting that. That will continue to develop. We expect the first of our pure city side development to come online by twenty twenty-six. The intermodal development at Ahmedabad is already up and running, which is intermodal, meaning where passengers and non-passengers can mix. And similarly, in Navi Mumbai, it will also be ready. The intermodal development will be ready as soon as the terminal is ready. The city side development there also will be a little bit longer, but overall, we expect to have the city side development in sufficiently large numbers that shows up in our EBITDA by end of 2026. The other aspect of airports is the development of its JV businesses, which are ancillary business in airport. That is also going as planned. Thank you, sir. I'll get back to you. Okay. Thank you. A reminder to all the participants, you may press star and One to ask a question. The next question comes from Brett Knoblauch from Cantor Fitzgerald. Please go ahead. Hi, guys. Thanks for taking my question, and congrats on the quarter. Can you just talk a minute about your data center business and what you guys are seeing there in terms of pipeline and demand? You know, I know obviously a big trend, you know, around the world is AI and new high-performance compute data centers. Do you guys have any plans to build data centers to support the higher density chips of NVIDIA and AMD that are coming to market? And have you had any kind of talks surrounding that? Yes. No, we are geared up, Brett, to for our data center business, to in the ultra-hyperscale data centers in the AI space and also in the GPU space. We will actually make a comprehensive data center as a showcase presentation in as part of our annual result in May next year. It will be much more appropriate to go through at that time. But suffice to say, we are fully geared up for that both from energy supply point of view, from land, from other connectivities and civil infrastructure point of view for the AI data center. Great. Thank you, appreciate it. And then as you're thinking about the incubating businesses and maybe new businesses to come, would getting into anywhere on the AI supply chain or that market be interesting to you guys? Not the AI supply chain, but you know, we have two large service businesses within AEL, which is our Adani Digital Labs and our Global Capability Center. The digital infrastructure rollout and consequently development of smart systems across those two businesses is a big drive internally for us because we don't report them separately at the moment because they are emerging businesses. Our focus in the first phase over the next five years is to focus on the incubation of airports, green hydrogen, and the roads business, plus data center. So, we will actually, over the next, as we go through this development phase of our services infrastructure, digital infrastructure services businesses, we will be outlining them in more detail. But I expect that currently it's more of a R&D type of expenditure investment. We expect to provide full briefings on the development of our services businesses in a meaningful way, probably, you know, towards the end of this decade, when they reach certain scale. Perfect. Thanks, I do appreciate it. Thank you. The next question comes from Gaurav Birmiwal from Axis Mutual Fund. Please go ahead. Hello, sir. Thank you for the opportunity. I just wanted your thoughts on the external market outlook for the sales of our solar panels as well as wind turbines that we're manufacturing, sorry. I think that demand remains relatively stable. I think over a period of time, we expect this capacity to actually our installed capacity itself to double. But that would mean our own green hydrogen ecosystem demand will also ramp up. There's no specific market shift that we can see in the short term, but over the medium term, you know, in manufacturing and in export industries, you can have market shifts. But as, as we mature this segment in relation to the scale at which Adani Green is operating and the scale at which, I mean, New Industries will operate, I think that as manufacturing ecosystem itself will remain immune to outside market risks in the medium term, given how it is situated and given the scale at which the various sister firms of the group in this area are developing. Very nice. Gaurav, sir, you have any other follow-up questions? No. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question comes from Gopal N from SBI Life Insurance. Please go ahead. Hi, sir. Thanks for the opportunity. My question was on the there is a sequential moderation on the segment was a bit on ANIL. So can you just give some update on that, why it is so? I think as I mentioned, if you recall, I don't know whether you were on the call or not in March. Sometimes we have order spillovers, which come after the balance date, which was in the first quarter. So the order book is now tracking at about 1 gigawatt, just over one giga, 1.1 gigawatt, and capacity is 4.5. So we are pretty much running at capacity for the quarter. So last year, or last quarter, you saw it was 1.3. That was largely driven by sales recorded in that first quarter, of which were produced previous quarter. This should be the run rate for the remaining part of the year? We have a 4.5 gigawatt capacity, so we'll run at close to about 1.1-1.2. And there is no change in the export market in terms of. No, it's pretty steady. Okay. Okay, great, sir. Yeah. Sir, on this road assets, Mm-hmm. So there is a improvement in the quarter on quarter and year on year. Mm-hmm. In terms of revenue, sequentially, there is no change. So what is driving this change, sir? That's largely because of achieving the commercial operations on the two road projects. Okay, but there is no change in the revenues sequentially? No. Just give me a minute. Gopal sir, any further questions? No, no, I just wanted... That is just an accounting artifact, where the EBITDA numbers now recorded, because COD date has been achieved. So the revenue number was recorded, but because of the COD achievement, we've recorded the EBITDA into the accounting now. Okay. And the last bit was on interest on P&L. There is a drop sequentially and year-on-year also, whereas we have seen net debt going up. So how should we see it, sir? I think you should, from a practical aspect, assume that the interest will remain steady and slightly rise as our constituent businesses are. In this particular time, what can happen is that we do have FX-based borrowing, so there was some FX gain that is reflected in the rates. Okay. Can you quantify that amount? Approximately INR 200 crore. Okay, okay. So that INR 1,100 crore-INR 1,150 crore run rate should be there. Yes, yes, yes. Okay, okay. Great, sir. Thanks a lot for answering the question. Thank you. The next question comes from Mr. Aditya Bhartia. Please go ahead, sir. Aditya, sir, your line is unmuted. Please proceed with your question. Hello, sir. So my first question is on CapEx and ANIL. How much CapEx are we envisioning for the next three years, and how would you broadly split this CapEx into the four categories that you mentioned, manufacturing, green hydrogen, development, on-site electrolyzer and downstream CapEx? I think, broadly, we have a tighter range on, say, the next two years, so I don't want to give a number that could be out materially in terms of focus. We expect that we would have a CapEx, this year included, plus the next year, roughly around the 56,000 crore mark. Of this, majority, you can assume that about 60% of this, or maybe slightly higher than 60% of this, will be in the generation of the green electron. Okay. Downstream initially will be less, but would be closer to about, say, four thousand, but that can shift to a year later, depending upon how the schedule is going. Mm-hmm. Understood, understood. And so my second question is, on the media articles that have been there, about Adani Enterprises, looking to acquire ITD Cementation. Just wanted to understand, what's the rationale of, exploring, buying a construction company? AEL is not doing that at all. It's the wrong media article, because that is, we have a... As you can see, roughly, I think it's on the third page of our presentation, every presentation we have, there's a company called Adani Infra (India) Limited. Correct. Which is our construction and insurance arm. That is the entity that is buying this construction, because they need to develop their construction ecosystem given our CapEx rise, and because they provide the construction assurance to various group companies. Mm-hmm. And so they are continuing to enhance their ecosystem and build their capability. Understood, sir. Understood. That's helpful. Thank you so much, sir. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question comes from Vineet Prasad from Investec. Please go ahead. Good evening, sir. Just a couple of questions. Firstly, we were ramping up on the wafer capacity in the last quarter. So how is that shaped up? Have manufacturing stabilized out there? So the wafer plant is basically at a point where, as we've started the first wafer production, we expect it to complete its stabilization phase over the next three months, and then it will start ramping up to its capacity over the next 12 months after that, from January onwards. Understood. Understood. On the IRM and the mining side of things, how do you expect volume trends there for the remainder of the year? Flat to maybe slightly increasing. Understood. Understood. Okay, okay. Thank you so much. Thank you. The next question comes from Nirav Shah, from GeeCee Holdings. Please go ahead. Yeah. Good afternoon, sir, and congrats on a very good set of numbers. So a few questions. First is on the airport side, I mean, for our six PPP airports. So can you just elaborate on the timelines for the tariff increase? Because that has been approved, but it has not been effective. So will we see all the tariff increases in place by end of the year, or, I mean, if you just can give the timelines, please, that would be helpful. The order was received last quarter, so and it will start showing up in the numbers from first quarter, or last quarter of this financial year and first quarter, calendar quarter next year. All six airports traffic increase will be between January to June? Three airports in the first, and then three will start from about middle next year. Middle of next year. Perfect. And, so second question is just on the bookkeeping side. I mean, if you can just, share the EBITDA numbers for the Australian coal mines and, the split in our Adani manufacturing ecosystem between wind and solar. Okay. See, Australia, EBITDA is 784. Okay. INR 784 crore? Yes. So that's a sharp increase compared to last quarter, from INR 300 crore- INR 784 crore. Okay. Yeah. Sir, how much did we make in the wind ecosystem? Just give us a- Just, just give me a minute. Sure, sir. Wind EBITDA is roughly about, just about 8% of the total Adani Ecosystem EBITDA. Okay. Which is half yearly. So about 8% is wind and 92% is the solar manufacturing. This is for first half of second quarter, sir? First half of this year. On our guidance for MDO operations, so we had earlier given a guidance of 45 million tons for 2025 and 55 for 2026. Mm. And Carmichael was, consequently having 12 million tons in this year and 15 next year. So is it largely... Are we maintaining that guidance or there isn't change to it? Because we've added a couple of projects. Carmichael, we are maintaining, and MDO will be closer to 40 instead of 45. Okay, for this year, and but next year should be largely the same, 55. Next year would be around, just around 50, plus minus, say 4%-5%. Got it, sir. Got it. Great. Thanks, sir, and all the best, sir. Thank you. Thank you. Thank you. The next question comes from Pratik Kumar from Jefferies. Please go ahead. Mr. Kumar, your line is unmuted. Please proceed with your question. Yeah, sorry, thanks for the opportunity. I have two follow-up questions. Firstly, on airports, international business, there's quite a mystery around forming like subsidiaries and international business, whether for airport concessions or for duty-free or other businesses. So, can you just explain how are we looking at international airport business? Where are we? How much CapEx are we looking at in this segment? This international airports will not be a material part of anything that we do in the medium term. Main focus remains on India, and so it's not a material number. The subsidiary formation relates to the fact that within Adani Airports, we are very large emerging business in relation to duty-free. So that's more consolidating the purchasing entity in one location, so that we can streamline the duty-free business. And duty-free business itself also operates duty-free stores outside of our airport as well. So it has its own business plan. If there's anything specific on that, it's not a major CapEx business, more of a concession business. So, there's no CapEx impact of this, but there's a business of duty-free, which will develop outside of India as well. Okay, and also like sort of, it also includes management of inventory or buying of all products, whether it's to sell in India or abroad. That also part of this business only? Of the duty-free? Yes. Yes, sir. And the questions on the copper business. So copper we like sort of started from six months back. How are the revenues and EBITDA of that segment, maybe for FY 2025 expectations, or maybe FY1, how is the downside? For the first time, meaningfully, copper will appear in our numbers is the last quarter of this year. And then, over the following twelve months, you will see that you will actually start seeing that in our metals and materials business, because it will actually produce significant EBITDA and cash flow. Okay. And lastly, on coal to PVC, is there an update on the... Like, where are we in that project? If we're looking at December twenty-six commissioning and EBITDA INR 4,000 crore in that project. Yeah. Yeah, December twenty-six is the date. You can always have, like, say, maximum plus six weeks or seven weeks due to timing of monsoon, et cetera, but we are on schedule. Okay, and one more question on wafer capacity. We've talked about, scaling our module and cell capacity to 10 gigawatts in next 2 years. But, wafer we have not talked about, moving from 2 gigawatts. Is it, now, like sort of move to like later years, or how are we looking there? No, no, no. Capacities will rise in synchronization with each other. So as we move further up and we stabilize the existing wafer, we will continue to rise. Then the second part of it is CapEx is relatively straightforward because all of the ecosystem would have developed by that time. We haven't specifically, you are correct. We haven't specifically talked about it, but, I'm just want to clarify for all, everybody, that, the overall 10 gigawatt capacity will be done in synchronization. In fact, glass, battery, EVA, aluminum frame, et cetera. The entire ecosystem will support a 10 gigawatt capacity. and that is expected by like FY 2027 or 2028, or, like, what period? It closer to twenty-eight. That was a bigger question. Thank you. Thank you. Participants, you may press star and one to ask a question. The next question comes from Dhananjay Mishra, from Sunidhi Securities. Please go ahead. Yeah, hello, sir. So you said in Adani Ecosystem, we will be doing CapEx close to seventy thousand this year or next year, and 60% will go for the generation part. So in terms of putting up, solar power capacity or wind power capacity, so what kind of CapEx and how we are placed in terms of the doing CapEx on that side? Ladies and gentlemen, we have the line for the management reconnected. Please go ahead, sir. Should I repeat my question once again? Yes, sir, please. So I was asking about this generation part of the thing. So, for hydrogen generation, eventually we'll be utilizing solar power and wind power, which we have. So how we are placed in terms of, what kind of CapEx we are investing for next year in that segment? Next year, CapEx in the generation segment total what we have to build over a period of time, whether it starts next year or it rolls out even year after that, because once it starts, it adds quickly, but we expect over the next two years, the wind and solar generation CapEx to be in the order of around INR 33,000-INR 34,000 crore. What kind of capacity are we going to put in that thing in terms of overall capacity in solar and wind power by, let's say, FY 2027? That would be roughly about, basically close to about, seven gigawatt. Seven gigawatts. Okay. Okay, thank you, sir. Thank you. The next question comes from Bhaskar Chakraborty from Jefferies. Please go ahead. Thank you. Could you please give us the revenues from WTG sales during two Q twenty-five? Sorry, revenue from? The WTG sales. Just give us one second. Roughly INR 1,000 crore. During this quarter or the first half? First half. During this quarter, please? INR 300 crore. Thank you. Thank you. Participants, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to the management for closing comments. I just want to, firstly, just thank Investec for organizing the call, and for the participants, who asked us the questions and the participants who attended the call. Thank you, so much, and we will, if there are anything further, you can please reach out to Investec and then, we will respond via Investec. Thank you. Thank you. On behalf of Investec Capital Services, that concludes this conference. Thank you for joining us. You may now disconnect your line.