Slides
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Adani Enterprises Ltd Earnings PresentationQ4 FY25
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2 AEL : Consolidated Financial Highlights (YoY)Year endedRs in croresResults at glance 73,884 65,819 24,398 34,546 98,282 1,00,365 FY-24 FY-25 Total Income42%EBITDA26% 7,273 6,697 5,964 10,025 13,237 16,722 FY-24 FY-25 PBT16% Established BusinessesIncubating Businesses (core infra) 2% Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials] 2,972 1,537 2,668 4,996 5,640 6,533 FY-24 FY-25 68%87%# #Excluding exceptional pre-tax gain of Rs. 3,946 cr on AWL stake sale
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3 43%50%AEL : Incubating Business Growth Emerging core infra businesses contribution to growth journeyIncubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd.] ANILGreen Hydrogen EcosystemAAHLAirportsARTLRoadsTotal IncomeEBITDA14,236 cr+63%4,776 cr+108% Total IncomeEBITDA10,224 cr+27%3,480 cr+43% Total IncomeEBITDA10,086 cr+33%1,769 cr+44% Year endedRs in crores
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01Adani Group Overview02Company Profile03BusinessHighlights04OperationalPerformance05FinancialHighlights Content Appendix 06ESGHighlights
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Adani Group Overview
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Adani Portfolio: A World class Infrastructure & Utility portfolio 61. NQXT: North Queensland Export Terminal. On 17th Apr’25, BOD have approved the acquisition of NQXT by APSEZ. | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, | 4. Cement includes 67.53% (67.57% on Voting Rights basis) stake in Ambuja Cements Ltd. as on 31st Mar’25 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Ltd. holds 58.08% stake in Sanghi Industries Ltd. Ambuja Cements Ltd. holds 46.66% stake in Orient Cement Ltd. w.e.f 22nd Apr'25.| 5. Includes the manufacturing of Defense and Aerospace Equipment | 6. AEL to exit Wilmar JV, diluted 13.51% through Offer For Sale (13thJan’25), residual stake dilution is pursuant to agreement between Adani & Wilmar Group. | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Labs Pvt. Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promoter’s holdings are as on 31st March, 2025.(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiariesA multi-decade story of high growth centered around infrastructure & utility core AGELRenewables AESLT&D ATGL2Gas Discom APLIPP APSEZPorts & LogisticsNQXT1(60.94%)(69.94%)(37.40%)(74.96%)(65.89%)(100%)ANILNew IndustriesAdaniConneX3Data Centre(100%) (50.00%)AAHLAirportsARTLRoads(100%) (100%)Energy & Utility Transport & Logistics AWL6Food FMCGADLDigital(100%)(30.42%) NDTV(64.71%)Materials, Metal & Mining Cement4(67.53%)Primary IndustryDirect to consumerEmerging B2C AEL(73.97%)IncubatorFlagshipCopper, AluminumMining Services & Commercial Mining(100%)(100%)PVC(100%)Specialist Manufacturing5(100%) Listed cosDirect Consumer Infrastructure & Utility Core Portfolio
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Secular growth with world leading efficiencyAdani Portfolio: Decades long track record of industry best growth with national footprint 7Note: 1. Provisional data for FY25 ; 2. Margin for Indian ports business only l Excludes forex gains/losses; 3. EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business l 6. Growth pertains to expansion and development aligned with market growth. Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 430.6 MMT (13%) between 2014 and 2025, outpacing the industry's growth from 972 MMT to 1,593 MMT (5%). AGEL's operational capacity expanded from 0.3 GW to 14.2 GW (54%) between 2016 and 2025, surpassing the industry's growth from 46 GW to 172.4 GW (16%). AESL's transmission length increased from 6,950 ckm to 26,696 ckm (16%) between 2016 and 2025, surpassing the industry's growth from 3,41,551 ckm to 4,94,424 ckm (4%). APL’s operational capacity expanded from 10.5 GW to 17.6 GW (6%) between 2016 and 2025, outperforming the industry's growth from 185.2 GW to 221.8 GW (2%). PBT: Profit before tax l ATGL: Adani Total Gas Limited l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited l AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment. Industry source: APSEZ (domestic cargo volume): https://shipmin.gov.in/ l Renewable (operational capacity): https://cea.nic.in/installed-capacity-report/?lang=en l AESL (ckms): https://npp.gov.in/dashBoard/trans-map-dashboard l APL (operational capacity): https://cea.nic.in/wp-content/uploads/installed/2025/03/IC_March_2025_allocation_wise.pdf | ckms: circuit kilometers | National footprint with deep coverage GrowthEBITDA3x 692% 1,3,4 GrowthEBITDA 3x 672% 1,2,3 GrowthEBITDA3x 638% 1,3 GrowthEBITDA4x 692% 1,2,3,5 AELAdani CementAPSEZAESLAPLATGLAGEL Adani’s Core Infra. Platform –350 Mn Userbase
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PERFORMANCE55%31%14%Note : 1 ITD Cementation Ltd. : Acquired 20.83% shares from public through open offer. In process of complying with conditions for acquisition of 46.64% shares from existing promoters. PSP Projects Ltd. : Adani Infra (India) Limited has agreed to acquire shares from the existing promoter group of PSP Projects such that pursuant to the acquisition of shares from the public under open offer, AIIL and existing promoters shall hold equal shareholding. Transaction is pending for regulatory approvals. | 2 Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control CenterACTIVITYCONSUMERS•Delivering exceptional products & services for elevated engagement•Differentiated and many P&LsInspired Purpose & Value CreationNew C.E.O. Consumer I Employees I Other StakeholdersOPERATIONS•Life cycle O&M planning•Asset Management planOperationOperations (AIMSL)2DEVELOPMENT1•Site acquisition•Concessions & regulatory agreements•Engineering & design•Sourcing & quality•Project Management Consultancy (PMC)Site Development ConstructionAdani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd.Origination•Analysis & market intelligence•Viability analysisIndia’s Largest Commercial Port (at Mundra)Longest Private HVDC Line in Asia (Mundra - Mohindergarh)World’s largest Renewable Cluster(at Khavda) CAPITAL MANAGEMENTStrategic value MappingInvestment Case Development Growth Capital – Platform Infrastructure Financing FrameworkDuration Risk Matching Risk Management – Rate & Currency Governance & Assurance Diversified Source of CapitalMarch 2016Energy Network Operation Center (ENOC)Policy, Strategy & Risk Framework Human Capital Development•Leadership Development Initiatives•Investment in Human CapitalAI enabled Digital Transformation•Power Utility Business - ENOC•City Gas Distribution - SOUL•Transportation Business - AOCCContinued Focus & Investment ENABLER Adani Portfolio: Repeatable, robust & proven transformative model of investment Adani’s Core Infra. Platform –350 Mn Userbase 86%18%25%1%26%2%23%March 2025 PSU BanksPvt. BanksUSD Bonds DIIGlobal Int. BanksCapex LCNBFCs & FIsLong Term Debt
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Company Profile
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10AGEL: Adani Green Energy Ltd; AESL: Adani Energy Solutions Ltd; ATGL: Adani Total Gas Ltd; B2C: Business to Consumer; APSEZ: Adani Ports and Special Economic Zone Ltd; FMCG: Fast-moving consumer goods; ESG: Environmental, Social, and Governance; CAGR: Compounded Annual Growth Rate; I WTG – Wind Turbine Generator I CRC: Corporate Responsibility Committee I OMCCC: Operations & Maintenance Command & Control Center# Market Cap as on Mar 28, 2025 AEL: A successful incubatorDevelopment Operations Sustainable value creation Attractive Incubation RecordProven incubation success recordYear 2015 > APSEZ, APL & AESLYear 2018 > AGEL & ATGLGlobal RecognitionRigorous Testing & Certification backed operations to meet global standardse.g. Largest WTG of 5.2 MW received type certification from WINDGUARDValue to shareholdersSignificant value creation for shareholdersCAGR @ 31.2% over 30 YearsMarket Cap @ USD 31.3 Bn# Green Hydrogen EcosystemIntegrated manufacturing for generating low-cost green hydrogenIngots, wafers, cells, modules, wind turbines & electrolysersTechnology backed operationsConsistent upgradation in technology for business efficienciese.g. TopCon technology in Modules, OMCCC in Roads.Efficient Capital ManagementCapital management plan in line with underlying business philosophyNet Debt / Equity ratio at 0.9x in FY25 Business ModelB2B ModelANIL Ecosystem, Data Center, RoadsB2C ModelAirports & DigitalCapacity EnhancementScaling size in Top Line & Asset BaseANIL Ecosystem Module & Cell - 4 GWANIL Ecosystem Ingot & Wafer - 2 GWANIL Ecosystem WTG - 2.25 GWRoads Project @ 5000+ L-Kms ESG GovernanceScored 60/ 100 in S&P/DJSI assessment which is significantly higher than sector average score of 29/ 100
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11 AEL: Portfolio of businesses with long term growth potential A multi-decade story of high growth centered around infrastructure & utility core Data CenterEnergy & Utility Transport & LogisticsServicesPrimary IndustryDirect to consumerEmerging B2C Direct Consumer Businesses Infrastructure & Utility Core PortfolioNew Industries(End to end Green H2 chain) WaterRoadsAirportsDigitalFood FMCG1 Mining Metals IndustrialsMining Services Commercial Mining CopperPVCSpecialized Manufacturing AEL Business Portfolio Integrated Resource Management 1. Food FMCG business – [Adani Wilmar Limited] > AEL to exit Adani Wilmar JV, diluted 13.51% through Offer For Sale (13thJan’25), residual stake dilution is pursuant to agreement between Adani & Wilmar Group.H2: Hydrogen; IRM: Integrated Resources Management; FMCG: Fast-moving consumer goods; PVC: Poly Vinyl Chloride
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12 Business Highlights
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13 AEL : Business Highlights ANIL: Adani New Industries Ltd I ACX: Adani Connex I WTG: Wind Turbine Generator ❑Construction started for expansion of cell and module line for an additional capacity of 6 GW❑Financial Closure for Rs. 5500 crore achieved for above capacity extension❑ANIL WTG business capacity expanded to 2.25 GW❑Noida Data Center is operational with initial capacity of 10 MW❑Parsa Coal Block is operational with peak capacity of 5.0 MMTPA❑AEL rating upgraded to AA-/Stable by CARE and the same is assigned by ICRA for execution capabilities of large complex projects and sustainable performance in incubating businesses❑Q4-25 and FY25 PAT include exceptional gain of Rs. 3,286 crore (Pre-tax gain of Rs. 3,946 crore) from AWL stake sale of 13.5% ANIL Green Hydrogen Ecosystem Financial HighlightsACX Data CenterNatural Resources – Mining Services
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14 Business Updates
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15 AEL : Energy & Utility – Adani New Industries Ltd (ANIL) GW: Giga Watt I MW: Mega Watt Plant Capacity StatusCell & Module(TopCon)2.0 GW▪Module & Cell line operationalCell & Module(TopCon)6.0 GW▪Financial Closure achieved▪Under ConstructionCell & Module(MonoPerc)2.0 GW▪Module & Cell line operationalIngot & Wafer 2.0 GW▪Operational Integrated ManufacturingSolar Quarterly salesin MW100825401671172326794263 FY24 FY25Domestic Export Module sale increased by 59% 6141379630100163889379799026794263 FY24 FY25Q1Q2Q3Q4 Geographical salesin MW
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16 AEL : Energy & Utility – Adani New Industries Ltd (ANIL) Capacity2.25 GW WTG: Wind Turbine Generator I IECRE-IEC: IEC Systems for Certification to Standards relating to Equipment for use in Renewable Energy Applications Integrated ManufacturingWind▪60 sets supplied during Q4-25▪Cumulative 200th blade set and nacelle production milestone achieved▪Nacelle and Blade plant expansion•Blade and nacelle facilities expansion completed •Capacity now reached 450 WTGs/ per annum ▪Won “ICC Green Urja Award” in the 5th edition of Green Urja and Energy Efficiency Awards in Feb’25 Description▪ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 50001:2018, ISO 55001:2014 certification▪IECRE-IEC (for global WTG supply) 54 164 FY24 FY25WTG sets supply Dispatch of 200th blade set
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17 AEL : Energy & Utility – ACX (Data Center) MEP – Mechanical Electrical and Plumbing I C&S – Core & Shell Noida ChennaiMumbaiPuneVizagMundraHyderabad Empowering Digital India with a Platform of Data Center Solutions with Strong PartnershipStatus Goal is to have a 1GW Data Center Platform by 2030 that empowers Digital IndiaOther Updates•Order Book 210+ MW•100% uptime in Chennai, Noida and Hyderabad Data CenterNavi Mumbai•Execution started for 30 MW BuildingPune•Pune I - Completion ~78% > Phase I of 9.6 MW•Pune II - Completion ~89% > Phase I of 9.6 MWHyderabad•Phase I of 9.6 MW - Operational•Phase II of 9.6 MW – C&S Completed & MEP ~38%Noida•50 MW C&S + 10 MW MEP - Operational•Execution started > 40 MW MEPChennai •Phase I 17 MW Operational33MW50MW48MW96MW
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18 AEL : Transport & Logistics – AAHL (Airports) Jaipur5.0 MnLucknow8.0 MnGuwahati5.6 MnAhmedabad 16.8 MnMumbai + Navi Mumbai* 55.0 MnMangaluru2.5 MnThiruvananthapuram 4.5 MnCircle size is representative of airport total passenger capacity as on Mar-24 I ATM – Air Traffic Movement I AAHL: Adani Airports Holding Ltd. * Navi Mumbai under construction Pax (Mn)ATM (‘000) Cargo (L-MT)12 New Routes8 New Flights Portfolio of 8 Airports Serving ~ 23% of total passenger base Updates AAHL powered with 300 Mn+ consumer base leveraging network effect and consumer mindset 21.322.821.322.322.724.623.224.788.694.4FY24 FY25 Q1Q2Q3Q4 141.6152.1146.8153.3152.3160.5153.0157.8593.8623.8FY24 FY25 2.52.72.42.82.52.72.72.710.110.9FY24 FY25
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19 AEL : Transport & Logistics – AAHL (Airports) Particular KPI Benchmark as per GuidelinesSecurity Check Queue 95% of peak pax < 5 minsImmigrations 95% of peak pax wait less than 10 minutes- Arrivals/DepCar Park 95% of drivers take less than 5 minutesCheck In 95% of peak pax < 5 mins 92%94%96%98%100%AMD LKO IXE BOM JAI GAU TRVSecurity Check QueueJanFebMarBenchmark92%94%96%98%100%AMD LKO IXE BOM JAI GAU TRVImmigrationsJanFebMarBenchmark92%94%96%98%100%AMD LKO IXE BOM JAI GAU TRVCar ParkingJanFebMarBenchmark92%94%96%98%100%AMD LKO IXE BOM JAI GAU TRVCheck InJanFebMarBenchmark
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20 AEL : Transport & Logistics – ARTL (Roads) SKRPL58.626 kmsMRRPL42.000 kmsPPRPL67.750 kmsBPRPL53.300 kmsNPRPL47.445 kmsAVRPL41.800 kms PRSTPL88.115 kmsKKRPL31.800 kmsBKRPL47.500 kmsVBPPL17.881 kms BHRPL151.700 kmsHURPL155.700 kmsUPRPL156.800 kmsKSRPL67.0 kms BPRPL – Bilaspur Pathrapali Road Pvt Ltd | MRRPL – Mancherial Repallewada Road Pvt Ltd | SKRPL – Suryapet Khammam Road Pvt Ltd | VBPPL – Vijayawada Bypass Project Pvt Ltd | NPRPL – Nanasa Pidgaon Road Pvt Ltd | BKRPL – Badakumari Karki Road Pvt Ltd | KKRPL – Kodad Khammam Road Pvt Ltd | AVRPL – Azhiyur Vengalam Road Pvt Ltd | PRSTPL – PRS Tolls Pvt Ltd | PPRPL – Panagarh Palsit Road Pvt Ltd | BHRPL – Budaon Hardoi Road Pvt Ltd | HURPL – Hardoi Unnao Road Pvt Ltd | UPRPL – Unnao Prayagraj Roads Pvt Ltd | KSRPL – Kagal Satara Road Pvt Ltd HAM BOT Ganga Expressway Construction in progress [8]Operational [6]Portfolio of 14 projectsProject Completion Status Model NosLane KMsNosLane KMsHAM4 743 4 827BOT1 406 4 3176TOT1 198 - -79%74%85%75%65%89%92%94% 66%62%78%71%58%82%87%86% UPRPLHURPLBHRPLKSRPLAVRPLBKRPLVBPPLNPRPL Till Q3-25Till Q4-25
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Operational Performance
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22 AEL : Operational Performance – Incubating Businesses Parameters Q4-24 Q4-25%changeConstruction of Roads (L-KMs)284.6 694.6 1.4xAirportsRoads Parameters Q4-24 Q4-25%changePax movement (Mn) 23.2 24.7 6%ATM (‘000)153.0 157.8 3%Cargo (Lacs MT) 2.7 2.7 - Parameters Q4-24 Q4-25%changeModule Sales (MW) 797 990 24%WTG Supply (Sets) 47 60 28%ANIL Ecosystem Parameters FY24 FY25%changeConstruction of Roads (L-KMs)514.8 2410.1 3.7x Parameters FY24 FY25%changePax movement (Mn) 88.6 94.4 7%ATM (‘000)593.8 623.8 5%Cargo (Lacs MT) 10.1 10.9 8% Parameters FY24 FY25%changeModule Sales (MW) 2679 4263 59%WTG Supply (Sets) 54 164 2x Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials]1. Commercial production and supply of WTG sets started from Q3-24
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23 AEL : Operational Performance – Established BusinessesMiningServicesParameters Q4-24 Q4-25%changeProduction (MMT) 11.4 16.1 41%Dispatch (MMT) 10.7 14.0 30% IRMParameters Q4-24 Q4-25%changeSales volume 24.7 15.3 (38)% CarmichaelMineParameters Q4-24 Q4-25%changeProduction (MMT) 2.9 3.0 5%Dispatch (MMT) 3.1 2.8 (10)% Parameters FY24 FY25%changeProduction (MMT) 32.5 47.0 45%Dispatch (MMT) 30.9 43.3 40%Parameters FY24 FY25%changeProduction (MMT) 11.2 12.9 15%Dispatch (MMT) 11.2 12.5 12%Parameters FY24 FY25%changeSales volume 82.1 56.5 (31)%Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials]
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Financial Highlights
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25 AEL : Consolidated Financials Highlights49%108% ✓✓✓✓✓✓IncreaseDecreaseTotalIncreaseDecreaseTotalIncreaseDecreaseTotal IncomeEBITDAPBT2% 26%16%98282-806410147 100365 FY24 Established Incubating FY25 13237-577406216722 FY24EstablishedIncubatingFY25 5640-143523286533 FY24 Established Incubating FY25Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials] Year endedRs in crores
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26 AEL : Segment wise Financials ✓✓ ANIL Ecosystem Mining services IRM Airports ✓ ✓✓✓✓ Incubating BusinessesEstablished Businesses RevenueEBITDA 806210224FY24 FY2524373480FY24 FY25 23613787FY24 FY258301688FY24 FY25 6235940989FY24 FY2551733585FY24 FY25Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials]✓ 874114236FY24 FY25 Year endedRs in crores 22964776FY24 FY25
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27 Corresponding QuarterRs in croresAEL : Consolidated Financials Highlights49%108% ✓✓ ✓✓IncreaseDecreaseTotalIncreaseDecreaseTotalIncreaseDecreaseTotal 29630-40742046 27602 Q4-24 Established Incubating Q4-25 3646-277274346 Q4-24EstablishedIncubatingQ4-251322-1951861313Q4-24EstablishedIncubatingQ4-25 IncomeEBITDAPBT Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials] 19% ✓✓
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28 AEL : Segment wise Financials ✓ ANIL Ecosystem Mining services IRM Airports ✓ ✓✓✓✓ 21952831Q4-24 Q4-25662953Q4-24 Q4-25 1867510528Q4-24 Q4-251647924Q4-24 Q4-25 7501272Q4-24 Q4-25197588Q4-24 Q4-25✓ Incubating BusinessesEstablished Businesses RevenueEBITDAIncubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd]Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials]✓6411110Q4-24 Q4-25 Corresponding QuarterRs in crores27753661Q4-24 Q4-25
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29 AEL : Debt Movement FY25 - ConsolidatedIncrease in external debtNavi Mumbai Airport by Q1 FY26➢Construction of Navi Mumbai Airport➢PPRA Payment of Three Airports➢Construction of New Terminals➢Capex expenditure for Non-aero activities Interest coverage ratioDebt Service coverage ratioNet Debt/ EBITDA EBITDA3.02.82.43.13.6 3.4FY20 FY21 FY22 FY23 FY24 FY251.31.71.82.52.5 2.6FY20 FY21 FY22 FY23 FY24 FY252.23.05.22.22.32.9FY20 FY21 FY22 FY23 FY24 FY25PPRA: Past Period Regulatory Assets Increase in external debt34% in AAHL Airports35% inARTL Roads18% in KCL Copper10% inMPL PVC➢Construction of PVC plant 1 MMTPA➢Construction of Copper plant 500 KTPA➢Working capital requirements➢Construction of Ganga Expressway project➢Construction of other projectsGanga Expresswayby FY26Copper Plant fullyby FY26PVC Plant by FY28 Rs. 18,234 craccounted foryet to unlock
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30 AEL : Consolidated Debt DetailsRs in croresWorking CapitalShort Term LoanWorking CapitalShort Term LoanANIL Ecosystem 3,394 616 - 4,010 2,997 546 - 3,543 Airport 19,101 102 2 19,206 27,714 91 52 27,857 Road 8,038 - - 8,038 14,588 - - 14,588 Copper 2,526 1,052 - 3,578 5,411 1,530 - 6,942 IRM 142 1,067 39 1,249 106 851 39 996 Mining Services 895 73 10 978 965 206 158 1,330 Australia Project 6,845 - 37 6,882 7,886 - 929 8,815 Defence 68 347 - 415 265 487 - 752 Shipping 329 - - 329 268 214 - 482 Oz Renewable 403 - - 403 65 - - 65 Corporate & Others 3,481 10 1,547 5,039 10,188 162 518 10,867 Total 45,222 3,268 1,635 50,124 70,452 4,088 1,696 76,236 Gross Debt 45,222 50,124 70,452 76,236 Less : Shareholder's Loan 12,051 12,090 19,928 19,968 External Debt33,171 38,035 50,524 56,269 Less : Cash & Bank Balances 7,068 6,962 Net External Debt30,966 49,306 Total 4,9033939 5,784 As at March-24Current DebtNon-Current Debt 4,8635,745 SegmentCurrent DebtTotalAs at Mar-25Non-Current Debt
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ESG Highlights
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32 AEL : ESG – Ratings & Recognitions ESG: Environmental. Social & Governance I DJSI-CSA: Dow Jones Sustainability Indices Corporate Sustainability Assessment I CDP - CC: Carbon Disclosure Project Climate Change I CRISIL: Credit Rating Information Services of India Limited I TPI: Transition Pathway Initiative Global Climate Transition Centre I MSCI: Morgan Stanley Capital International Ratings DJSI CSA(2024)60Ranked among the top 5 companies in its sector globally and placed in the 97th percentile.Achieved Top Score in Social dimension in the 100th percentileCDP - CC(2024)A-Denotes “Leadership Category” indicating AEL dedication and commitment to lowering GHG emissions and their overall environmental impactTPILevel 3Denotes “Integrating climate change into operational decision making”Sustainalytics33.4Denotes “High Risk”, Improvement from previous rating of 34.3CRISIL50Denotes “Below Average”, Increase from previous score of 48 (a SEBI registered agency)MSCICCCESG RiskAssessment & Insight67.5Categorized as ‘strong’ for its ESG performance by ESG Risk.ai (a SEBI registered agency) ANIL WTG Business Won“ICC Green Urja Award” in the 5th edition of Green Urja and Energy Efficiency Awards in Feb’25Key Recognitions Mumbai Airport receivedOutstanding Achievement “Diamond Rating” in emission reduction from Global Energy and Environment Foundation in Feb’25 AEL’s DJSI CSA gross score(without the impact of any controversies) is 77, placing it as a sector leader globally (the best performer has a score of 71) in S&P ESG Ratings. For AEL, the gross score has improved by 13 points YoY (material jump for the 3rd consecutive year) Ahmedabad Airport won 22nd Greentech Global Workplace safety award in the category of Best Safety Innovation in Technology in Jan-25
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33 AEL : ESG Performance Highlights FY25 1. FY25 as compared to FY24 ; Intensity2: Per million Pax ; Intensity3: Per ton of mineral (coal + iron ore) produced ; RE: Renewable Energy 15% RE in energy mixANIL EcosystemData CenterAirports Mining Services 56% RE in energy mix53% RE inelectricity mix Incubating BusinessesPrimary Industries10% Increase1 in Scope 1+2 emission intensity3 35% Reduction1 in Water consumption intensity35,96,985Trees planted99% waste generated is Reused & Recycled12% Reduction1 in Water consumption intensity2 34% Reduction1 in Absolute EmissionScope 180% Reduction1 in Absolute EmissionScope 1+2
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Thank You
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Appendix
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36 Project ModelProject / Location Capacity Project StatusConcession Period (In Yrs)(Const. + O&M)HAMPrayagraj Water Pvt Ltd (PWPL) / Uttar Pradesh326 MLD•Project Status > COD Achieved2 + 15Bhagalpur Waste Water Ltd (BWWL) / Bihar45MLD•Project Status > ~88%2 + 15EPCShakkar Pench Micro Lift Irrigation Project / MP95000 Ha•Project Status > Forest Approval is under progress6 + 5 AEL : Energy & Utility – Water COD – Commercial Operation Date I MLD – Million Liters Per Day I Ha – HectareOperational
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37 AEL : Transport & Logistics – AAHL (Airports)Volume DetailsAirportsPassengers (In Mn)ATM (In ‘000)Cargo (In Lacs MT)Q4-24 Q4-25 FY24 FY25 Q4-24 Q4-25 FY24 FY25 Q4-24 Q4-25 FY24 FY25Ahmedabad3.1 3.7 11.7 13.4 23.2 27.4 87.0 101.1 0.3 0.3 1.1 1.0Lucknow1.6 1.7 6.2 6.4 11.3 11.7 45.5 49.7 0.1 0.1 0.2 0.2Mangaluru0.5 0.6 2.0 2.3 4.4 4.5 15.0 16.8 0.0 0.0 0.0 0.0Mumbai13.9 14.2 52.8 55.1 83.5 82.3 325.0 330.1 2.2 2.2 8.2 8.9Jaipur1.5 1.7 5.5 6.1 11.8 13.1 44.9 48.4 0.0 0.1 0.2 0.2Guwahati1.5 1.7 6.0 6.2 10.9 11.7 46.1 46.0 0.0 0.1 0.2 0.3Thiruvananthapuram1.2 1.2 4.4 4.9 7.9 7.2 30.1 31.8 0.0 0.1 0.2 0.2Total23.2 24.7 88.6 94.4 153.0 157.8 593.8 623.8 2.7 2.7 10.1 10.9ATM – Air Traffic Movement
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38 AEL : Transport & Logistics – ARTL (Roads)Project Model Project SPV / LocationLength(KMs)Financial ClosureProject Completion StatusConcession Period (in Yrs)(Const. + O&M)HAMBilaspur Pathrapali Road Pvt Ltd (BPRPL) / Chhattisgarh 53.3 Secured Operational 2 + 15Suryapet Khammam Road Pvt Ltd (SKRPL) / Telangana 58.6 Secured Operational 2.5 + 15Mancherial Repallewada Road Pvt Ltd (MRRPL) / Telangana 42.0 Secured Operational 2 + 15Vijayawada Bypass Project Pvt Ltd (VBPPL) / Andhra Pradesh 17.9 Secured 91.6% 2.5 + 15Nanasa Pidgaon Road Pvt Ltd (NPRPL) / Madhya Pradesh 47.4 Secured 93.6% 2 + 15Azhiyur Vengalam Road Pvt Ltd (AVRPL) / Kerala 40.8 Secured 64.8% 2.5 + 15Kodad Khammam Road Pvt Ltd (KKRPL) / Telangana 31.8 Secured Operational 2 + 15Badakumari Karki Road Pvt Ltd (BKRPL) / Odisha 47.5 Secured 88.5% 2.5 + 15TOT PRS Tolls Pvt Ltd / Gujarat 49.5 Secured Operational 0 + 20BOTPanagarh Palsit Road Pvt Ltd (PPRPL) / West Bengal 67.8 Secured Operational 2.5 + 18Kagal Satara Road Pvt Ltd (KSRPL) / Maharashtra 65.1 Secured 75.0% 2 + 16HAM – Hybrid Annuity Model I TOT – Toll Operate Transfer I BOT – Build Operate TransferOperational
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39 AEL : Transport & Logistics – ARTL (Roads)Project Model Project SPV / LocationLength(KMs)Financial ClosureProject Completion StatusConcession Period (in Yrs)(Const. + O&M)BOTMaharashtra Border Check Post Network Ltd (MBCPNL) / Maharashtra24 BCPs Secured21 BCPs Operation;2 COD Achieved1.5 + 23Ganga Expressway, Uttar Pradesh 464.2Budaun Hardoi Road Pvt Ltd(BHRPL)151.7Secured85.3%3 + 27Hardoi Unnao Road Pvt Ltd(HURPL)155.7Secured74.0%3 + 27Unnao Prayagraj Road Pvt Ltd (UPRPL)156.8Secured78.9%3 + 27 HAM – Hybrid Annuity Model I TOT – Toll Operate Transfer I BOT – Build Operate Transfer I BCP – Border Check Post
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40 AEL : Primary Industries – Mining ServicesVolume Details in MMTMine StateCustomer (Owner)Q4-24 Q4-25 FY24 FY25P D P D P D P DPEKB Chhattisgarh RRVUNL1.9 1.4 5.5 4.5 6.7 5.6 16.0 12.5Gare Pelma III Chhattisgarh CSPGCL1.6 1.1 1.8 1.4 4.0 3.8 4.0 4.4Talabira II & III Odisha NLCIL4.4 4.4 5.7 5.7 12.6 12.6 17.2 17.2Suliyari Madhya Pradesh APMDC1.3 1.7 1.5 1.3 5.0 5.0 5.8 5.6Parsa Chhattisgarh RRVUNL- - 0.3 0.1 - - 0.3 0.1Kurmitar Odisha OMC2.1 2.1 1.3 1.0 4.2 3.9 3.7 3.4Total11.4 10.7 16.1 14.0 32.5 30.9 47.0 43.3PEKB: Parsa East Kente Basen I RRVUNL – Rajasthan Rajya Vidyut Utpadan Nigam Ltd I CSPGCL – Chhattisgarh State Power Generation Company I NLCIL – Neyveli Lignite Corporation India Ltd IAPMDC – Andhra Pradesh Mineral Development Corporation I OMC – Odisha Mining Corporation Ltd P: Production I D: Dispatch
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41 AEL : Primary Industries – Mining ServicesMine Service Contracts Name of Mine & StatePeak CapacityCustomer(Owner)SPVNameCoal Mine ServiceContractsPEKB, Chhattisgarh 18.0 MMT RRVUNL Parsa Kente Collieries LtdGare Pelma III, Chhattisgarh 5.0 MMT CSPGCL Gare Pelma III Collieries Pvt. LtdTalabira II & III, Odisha 23.0 MMT NLCIL Talabira (Odisha) Mining Pvt LtdSuliyari, Madhya Pradesh 6.0 MMT APMDC Adani Enterprises LtdParsa, Chhattisgarh 5.0 MMT RRVUNL Rajasthan Collieries LtdKente Extension, Chhattisgarh 9.0 MMT RRUVNL Rajasthan Collieries LtdGare Pelma II, Chhattisgarh 23.6 MMT MAHAGENCO Gare Pelma II Collieries Pvt. LtdPelma, Chhattisgarh 15.0 MMT SECL Pelma Collieries LtdDahegaon Gowari, Maharashtra 1.0 MMT ACL Adani Mining LtdDhirauli, Madhya Pradesh 6.5 MMT MEL Adani Mining LtdGondkhari, Maharashtra 2.0 MMT MEL Adani Mining LtdIron Ore Mine ServiceContractsKurmitar, Odisha 6.0 MMT OMC Kurmitar Iron Ore Mining Pvt LtdTaldih, Odisha 7.0 MMT SAIL Adani Enterprises LtdPEKB – Parsa East Kente Basen I RRVUNL – Rajasthan Rajya Vidyut Utpadan Nigam Ltd I CSPGCL – Chhattisgarh State Power Generation Company I NLCIL – Neyveli Lignite Corporation India Ltd I APMDC – Andhra Pradesh Mineral Development Corporation I SECL - Southeastern Coalfields limited I ACL – Ambuja Cements Ltd I MEL – Mahan Energen Ltd I OMC – Odisha Mining Corporation Ltd I SAIL– Steel Authority of India LtdOperational
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42 AEL : Primary Industries – Commercial MiningMineContractsName of Mine & StatePeak CapacitySPV Name Domestic Commercial Mining ContractsGondulpura, Jharkhand 4.0 MMT Adani Enterprises LtdBijahan, Odisha 5.3 MMT Mahanadi Mines and Minerals Pvt LtdMadheri (Northwest), Maharashtra TBD MH Natural Resources Pvt LtdGondbahera Ujheni, Madhya Pradesh 4.1 MMT MP Natural Resources Pvt LtdJhigador, Chhattisgarh TBD CG Natural Resources Pvt LtdKhargaon, Chhattisgarh TBD CG Natural Resources Pvt LtdRampia & Dip side of Rampia, Odisha 15.0 MMT Jhar Mineral Resources Pvt LtdTBD – To Be Decided
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43 ESG Framework
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44 Guiding principle PoliciesESG Assurance CommitmentVisionTo be a world class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation. Guiding principles UNGC SDG TCFD IBBI/ TNFD CDP SBTi GRI Standard BRSR DJSI•Climate Change Policy•Environment Policy•Energy and Emission Policy •Water Stewardship Policy•Biodiversity Policy•Climate Action•Affordable and clean energy•Clean water and sanitation•Responsible consumption•Biodiversity conservation•No poverty•Zero hunger•Good health and well being•Quality education•Decent work and economic growth•Industry, innovation & infrastructure Policy StructureFocus Area•Human Rights •Corporate Social Responsibility Policy•Occupational Health and Safety Policy•Board Diversity •Anti-corruption and anti-bribery•Related Party Transaction PolicyESGPolicy and ESG Alignment framework backed by robust assurance program Our Key ESG Commitments•Aim to achieve No-Net Loss to biodiversity and align with IBBI/ TNFD principles•Becoming a net water positive company •Become a signatory to UN Global Compact (UNGC)•Airport and data center businesses to become operational net zero by 2029 and 2030 respectively •Creating shared value for communities through integrated and sustainable development•Achieve ‘zero harm’ through institutionalizing systems, controls and standardsAEL : ESG backed by Assurance ESG - Environmental, Social & Governance I UNGC - United Nations Global Compact I SDG - Sustainable Development Goals I SBTi - Science Based Targets initiative I GRI - Global Reporting Initiative I BRSR - Business Responsibility and Sustainability Reporting I DJSI - Dow Jones Sustainability Indices I TCFD - Task Force on Climate-Related Financial Disclosures I IBBI - India Business & Biodiversity Initiative I TNFD - Task Force for Nature Related Financial Disclosure I CDP - Carbon Disclosure Project
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45 AEL : Adopted UN Sustainable Development GoalsUnited Nations Sustainable Development Goals 2030 Women’s EducationWomen’s HealthWomen’s EmpowermentEcologyLocal & Rural infra Development SargujaSarguja & TamnarMundra•Partnered with self help group to educate and provide sanitary pads for safe menstrual hygiene to ensure better health.•Various projects undertaken by Gauri Self help groups for collection and marketing of Non-Timber Forest ProduceSarguja•Organic Farming and Integrated Multi purpose business model Multiple Locations•Own schools, digitalization and up gradation of Govt. school to provide cost free education to the needy.•Project Suposhan undertaken by Adani Wilmar is successfully continuing its operation.•Conservation of mangroves in coordination with GUIDE Social philosophy drives initiatives that are aligned with UN Sustainable Development Goals 1. No Poverty2. Zero Hunger4. Quality Education3. Good Health & Well Being2. Zero Hunger5. Gender Equality8. Decent Work & Economic Growth7. Affordable and Clean Energy13. Climate Action 14. Life Below Water15. Life on Land 9. Industry, Innovation & Infra Structure11. Sustainable Cities & Communities Water Secure Nation Multiple Locations•Deepening of ponds and tanks, Rooftop Rainwater Harvesting, Recharging Bore wells 6. Clean Water and SanitationUNSDG – United Nations Sustainable Development Goals Our Key Social Initiatives mapped to UNSDG
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46 AEL : Strong Governance FrameworkKey Governance Areas Key HighlightsBoard Independence & Diversity✓50% Independent Directors ✓12.5% Women DirectorsCorporate Responsibility, CSR & Nomination & Remuneration✓Corporate Responsibility Committee in place with 100% Independent Directors to provide assurance on ESG aspects✓Corporate Social Responsibility Committee in place with 67% Independent Directors ✓Nomination and Remuneration Committee with 100% Independent DirectorsAudit Oversight✓Audit Committee consisting of 100% Independent Directors (100% non-promoter/ non-executive)✓Statutory Auditors : M/s. Shah Dhandharia & Co. LLPRisk Management ✓Risk Management Committee in place with 50% Independent Directors ✓Sub-Committees of Risk Management Committee with 67% independent directors:▪Mergers & Acquisitions Committee▪Legal, Regulatory & Tax Committee▪Commodity Price Risk Committee▪Reputation Risk CommitteeRelated Party Transactions ✓Detailed Policy in place for Related Party Transactions (RPT) to ensure all RPTs are on ‘arm’s length’ basis✓All RPTs are reviewed by the Audit Committee and are duly disclosed in the annual report✓All RPTs beyond statutory thresholds require shareholder approval by way of ordinary resolution. Stakeholders Relationship✓Stakeholders Relationship Committee in place with 75% Independent DirectorsAnti Corruption and Anti Bribery & Code of Conduct✓Anti Corruption and Anti Bribery policy in place with Zero tolerance of Bribery and Corruption.✓Code Of Conduct For Board Of Directors And Senior Management in place.✓Insider Trading Code in Place CRC CommitteeESG Head - AEL CorporateESG Governance StructureBoard of DirectorsESG Heads - AEL BUsCSR CommitteeRMC CommitteeStakeholder Relationship Committee✓Defining and setting ESG priorities for AEL.✓Development of ESG related policies, and procedures✓Support AEL BUs for developing transition plan to become operational net zero ✓Capacity Building on ESG for businesses including training✓Submit response to key ESG rating agencies such as DJSI and CDP and develop ESG & BRSR Report. ✓ESG target setting and monitoring performanceRoles & Responsibilities of AEL Corp ESG FunctionRoles & Responsibilities of BU ESG Team✓Create business-level ESG strategy, implementation and monitoring plan.✓Develop decarbonization strategy with an objective to become a Net Zero business✓Manage ESG related compliance obligations.✓Business specific ESG disclosures
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47 DisclaimerCertain statements made in this presentation may not be based on historical information or facts and may be“forward-lookingstatements,”including those relating to general business plans and strategy of Adani Enterprises Limited(“AEL”), the future outlook and growthprospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words orphrases such as‘will’, ‘expected to’,etc., or similar expressions or variations of such expressions. Actual results may differ materially from theseforward-looking statements due to number of factors, including future changes or developments in their business, their competitiveenvironment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic,regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or anoffer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor shouldsubscribe for or purchase any of AEL’sshares. Neither this presentation nor any other documentation or information (or any part thereof)delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of AEL.AEL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to,the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in thispresentation, unless otherwise specified is only current as of the date of this presentation. AEL assumes no responsibility to publicly amend,modify or revise any forward-looking statements, based on any subsequent development, information or events, or otherwise. Unlessotherwise stated in this document, the information contained herein is based on management information and estimates. The informationcontained herein is subject to change without notice and past performance is not indicative of future results. AEL may alter, modify orotherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.No person is authorised to give any information or to make any representation not contained in and not consistent with this presentationand, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of AEL.This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. MR. MANAN VAKHARIAInvestor Relationsmananj.vakharia@adani.com+91 79 2555 6140
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Thank You