Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — H1 FY2025 Earnings Presentation
41 slides from Adani Enterprises's earnings presentation, November 2024
Slide 1: Adani Portfolio | Result Snapshot – H1FY25
Adani Portfolio | Result Snapshot – H1FY25 November 2024
Slide 2: Contents
Contents 01 Adani Portfolio Overview 02 Adani Portfolio: Business Wise Performance 02a Adani Enterprises Limited 02b Adani Green Energy Limited 02c Adani Energy Solutions Limited 02d Adani Power Limited 02e Adani Total Gas Limited 02f Adani Ports and Special Economic Zone Limited 02g Adani Cement Ho
Slide 3: Adani Portfolio Overview
01 Adani Portfolio Overview STRICTLY CONFIDENTIAL
Slide 4: Adani Portfolio: A World class Infrastructure & Utility portfolio
Adani Portfolio: A World class Infrastructure & Utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.89%) (100%) (50.00%) (100%) (100%) ANIL Ada
Slide 5: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA H1 FY25 H1 FY24 Growth % of Total Sep’24 TTM1 Sep’23 TTM1 Growth % of Total Utility 22,477 25,572 (12.10%)2 ▼ 50.84% 41,351 37,691 9.71% ▲ 49.59% Transport 9,938 8,294 19.82% ▲ 22.48% 18,846 15,251 23.57% ▲ 22.59
Slide 6: Adani Portfolio: Core Infra Platform is powering free cashflow
Adani Portfolio: Core Infra Platform is powering free cashflow Y-o-Y Sept’ 24 TTM Growth & Revenue-FFO Conversion 62 of Total Revenue % 84 % 84 of Total FFO % of Total EBITDA 1. Representation on TTM basis. TTM: Trailing Twelve Months | Sep’24 TTM: FY24-H1 FY24+H1 FY25 | Sep’23 TTM: FY23-H1 FY23+H1
Slide 7: Continuously improving credit profile with deep rating coverage
Adani Portfolio: Continuously improving credit profile with deep rating coverage 5% 7% Global Domestic 19% AAA - AA+ Rating Track 38% IG April September 47% Record BB+ AA – AA- 2019 2024 45% BB- A Category 5.5 years 10% 29% BBB+ - Below 48% rated above “AA-” 76% rated above “AA-” RR EBITDA INR 25,38
Slide 8: Adani Portfolio: H1 FY25 Highlights
Adani Portfolio: H1 FY25 Highlights Growth with Responsibility Net Debt/ EBITDA Sep’24 TTM Sep’23 TTM EBITDA (INR Cr)1 3.81x 3.81x 83,440 71,259 3.72x 3.66x 3.27x EBITDA (USD bn) 9.96 8.50 2.46x CAT (FFO) (INR Cr) 2.19x 58,908 47,607 CAT (FFO) (USD bn) 7.03 5.68 FY19 FY20 FY21 FY22 FY23 FY24 Sep'24
Slide 9: Adani Portfolio: Business wise Performance
02 Adani Portfolio: Business wise Performance STRICTLY CONFIDENTIAL
Slide 10: Business wise Summary
Business wise Summary Incubator Energy & Utility Transport & Logistics • ANIL: Modules volume up by 91% to 2,380 MW YoY basis. • Operational capacity increased by 34% • Volume grew 9% Y-o-Y to 220 MMT. • Overall Volume grew by 16% YoY. • Data Centre : 17 MW at Chennai fully • AAA Rating from four do
Slide 11: 02a Adani Enterprises Limited
02aAdani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 12: Adani Enterprises Limited: H1 FY25 Highlights
Adani Enterprises Limited: H1 FY25 Highlights Sep’24 TTM Sep’23 TTM Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 4.53x 16,252 11,928 EBITDA (USD bn) 1.94 1.42 2.80x 2.80x CAT (FFO) (INR Cr) 2.50x 10,552 6,659 1.84x 2.09x 2.15x CAT (FFO) (USD bn) 1.26 0.79 FY19 FY20 FY21 FY22 FY23 FY24
Slide 13: Adani Enterprises Limited: Business Updates
Adani Enterprises Limited: H1 FY25 Highlights Business Updates ANIL- Solar: Airports: • Module sale increased by 91% on year-on-year basis at 2,380 MW. • 14 New Routes, 12 New Airlines and 26 New Flights added across all 7 • ANIL Ecosystem increased on account of increase in export sales by 64% airp
Slide 14: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates International Ratings Entity Rating 10 Years LTD Maturity Profile as on September 30, 2024 (INR Cr) MIAL BB+(Fitch) Cash Balances1:7,225 cr RR EBITDA2:16,735 cr Domestic Ratings 8,404 Entity Rating Agency Rating AEL (consolidated) CAREEDGE A+/ Positive 5,764
Slide 15: 02b Adani Green Energy Limited
02bAdani Green Energy Limited STRICTLY CONFIDENTIAL
Slide 16: Adani Green Energy Limited: H1 FY25 Highlights
Adani Green Energy Limited: H1 FY25 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’24 TTM Sept’23 TTM 10.32x EBITDA (INR Cr) 9,940 8,325 EBITDA (USD bn) 6.66x 6.42x 6.59x 1.19 0.99 5.56x 5.26x 5.19x CAT (FFO) (INR Cr) 5,235 4,034 CAT (FFO) (USD bn) 0.62 0.48 FY19 FY20 FY21 FY22 FY23 FY2
Slide 17: Adani Green Energy Limited: Business Updates
Adani Green Energy Limited: H1 FY25 Highlights Business Updates • Operational Capacity increased by 34% to 11.2 GW YoY with addition of: • Solar portfolio CUF at 23.9% backed by 99.4% plant availability. - 2,418 MW solar power plants • Wind portfolio CUF at 35.7% backed by 95% plant availability. -
Slide 18: Adani Green Energy Limited: Credit Updates
Adani Green Energy Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on September 30, 2024 (INR Cr) Entity Rating Cash Balances1 : 10,209 cr RR EBITDA2: 10,709 cr AGEL RG2 BBB- (Fitch) / Ba1 (Moody's)/ BB+ (S&P) AGEL RG1 BBB- (Fitch)/ Ba1 (Moody’s) Domestic Ratings 2,958
Slide 19: 02c Adani Energy Solutions Limited
02cAdani Energy Solutions Limited STRICTLY CONFIDENTIAL
Slide 20: Adani Energy Solutions Limited: H1 FY25 Highlights
Adani Energy Solutions Limited: H1 FY25 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’24 TTM Sept’23 TTM EBITDA (INR Cr) 6.11x 7,156 6,234 4.30x 4.45x 4.55x 4.60x EBITDA (USD bn) 4.24x 0.85 0.74 3.80x CAT (FFO) (INR Cr) 3,268 3,642 CAT (FFO) (USD bn) 0.39 0.43 FY19 FY20 FY21 FY22 FY23
Slide 21: Adani Energy Solutions Limited: Business Updates
Adani Energy Solutions Limited: H1 FY25 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.7% at portfolio level in H1FY25. • Distribution loss in the Mumbai utility is consistently improving and stands at 4.85% and Maintained supply reliability (ASAI) of mo
Slide 22: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on September 30, 2024 (INR Cr) Entity Rating Cash Balances1 : INR 9,433 cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 11,362 cr Adani Electricity Mumbai Ltd BBB- (S&P, Fitch) / Baa3 (Mo
Slide 23: 02d Adani Power Limited
02dAdani Power Limited STRICTLY CONFIDENTIAL
Slide 24: Adani Power Limited: H1 FY25 Highlights
Adani Power Limited: H1 FY25 Highlights Sept’24 TTM Sept’23 TTM Growth with Responsibility Net Debt/ EBITDA EBITDA1 (INR Cr) 23,016 22,141 5.52x EBITDA (USD bn) 2.75 2.64 4.54x 3.91x CAT (FFO) (INR Cr) 2.79x 19,665 19,165 2.27x 0.94x 1.31x CAT (FFO) (USD bn) 2.35 2.29 FY19 FY20 FY21 FY22 FY23 FY24 S
Slide 25: Adani Power Limited: Business Updates
Adani Power Limited: H1 FY25 Highlights Business Updates • Consolidated PLF 72% in H1 FY25 vs 59% in H1 FY24. • Continuing EBITDA growth of 38% in H1 FY25 YoY due to greater volumes, lower fuel cost and capacity addition. • H1FY25 sales up by 29% to 46 BU. • Continuing PBT higher by 69% in H1 FY25 Y
Slide 26: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on September 30, 2024 (INR Cr) Entity Rating Agency Rating Cash Balances1 : Rs. 6,714 cr RR EBITDA2: Rs. 21,717 cr APL CARE Rating AA/Stable APL CRISIL AA-/Positive 2,311 2,322 2,266 2,266 2,277 India Ratings AA-/S
Slide 27: 02e Adani Total Gas Limited
02eAdani Total Gas Limited STRICTLY CONFIDENTIAL
Slide 28: Adani Total Gas Limited: H1 FY25 Highlights
Adani Total Gas Limited: H1 FY25 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’24 TTM Sept’23 TTM EBITDA (INR Cr) 1.08x 1,239 991 0.87x EBITDA (USD bn) 0.74x 0.78x 0.15 0.12 0.43x 0.49x CAT (FFO) (INR Cr) 901 743 0.17x CAT (FFO) (USD bn) 0.11 0.09 FY19 FY20 FY21 FY22 FY23 FY24 Sep'24 T
Slide 29: Adani Total Gas Limited: Business Updates
Adani Total Gas Limited: H1 FY25 Highlights Business Updates Gas sourcing: • ATGL has added 30 new CNG stations in H1FY25 taking total CNG stations to 577. • Portfolio diversification and Recalibration through long term agreements: • PNG connections increased to 8.93 lakh households. PNG Commercial
Slide 30: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on September 30, 2024 (INR cr) ICRA : AA / Stable The long-term rating upgrade of Adani Total Gas Limited (ATGL) takes into Cash Balances1: 415 cr account its improving financial risk profile, backed by continu
Slide 31: 02f Adani Ports and Special Economic Zone Limited
02fAdani Ports and Special Economic Zone Limited STRICTLY CONFIDENTIAL
Slide 32: Adani Ports and SEZ Limited: H1 FY25 Highlights
Adani Ports and Special Economic Zone Limited: H1 FY25 Highlights Sept’24 TTM Sept’23 TTM Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 18,846 15,251 2.92x 2.79x 2.50x 2.41x 2.53x EBITDA (USD bn) 2.13x 1.87x 2.25 1.82 CAT (FFO) (INR Cr) 15,100 11,017 CAT (FFO) (USD bn) 1.80 1.31 FY19 F
Slide 33: Adani Ports and SEZ Limited: Business Updates
Adani Ports and Special Economic Zone Limited: H1 FY25 Highlights Business Updates Business Highlights: Operational Highlights: • In H1 FY25, APSEZ handled ~27% of the country’s total cargo and • In H1 FY25, cargo volumes recorded a healthy 9% YoY growth to 220 MMT, with ~45% of container cargo. Gro
Slide 34: Adani Ports and SEZ Limited: Credit Updates
Adani Ports and Special Economic Zone Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on September 30, 2024 (INR Cr) Entity Rating APSEZ BBB- (S&P, Fitch) / Baa3 (Moody's) Cash Balances1 : 8,893cr RR EBITDA2: 19,671cr Adani International Container 11,207 BBB- (S&P, Fit
Slide 35: 02g Adani Cement
02gAdani Cement STRICTLY CONFIDENTIAL
Slide 36: Adani Cement: H1 FY25 Highlights
Adani Cement: H1 FY25 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’24 TTM Sept’23 TTM EBITDA (INR Cr) 6,991 6,389 EBITDA (USD bn) 0.83 0.76 4.81x CAT (FFO) (INR Cr) 4,187 2,347 2.78x CAT (FFO) (USD bn) 1.66x 0.50 0.28 FY23 FY24 Sept'24 • Promoter group fully subscribed to warrants by
Slide 37: Adani Cement: Business Updates
Adani Cement: H1 FY25 Highlights Business Updates • Clinker & Cement Sales volume grew by 5.6% YoY (from 28.5 MMT in H1 FY24 • Efficiency initiatives lead to Total operating cost improvement of INR 184/ ton to 30.1 MMT in H1 FY25, driven by strong focus on volume expansion, efficiency (4% YoY) in H1
Slide 38: Adani Cement: Credit Updates
Adani Cement: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on September 30, 2024 (INR Cr) CRISIL: AAA / Stable Cash Balances1 : 10,135 cr The ratings factor in the strong business risk profile by virtue of Ambuja Cements RR EBITDA2: 6,760cr and ACC Ltd (ACC; ‘CRISIL AAA/Stable/CR
Slide 39: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating t o general business plans and strategy of Adani group, the future outlook and growth prospects, and future developments o f t
Slide 40: Thank You
Thank You V16 – Main common portfolio EBIDTA Slide change
Slide 41: Adani Portfolio: Deep rating coverage
Adani Portfolio: Deep rating coverage Rating Summary Entity wise RR EBITDA Quality1 Company Global Ratings Domestic Ratings ACL - AAA/Stable (Crisil) 29% ACC - AAA/Stable (Crisil) SIL - AA/Stable (India Ratingss) AAA/ Stable (CARE, ICRA, India 47% APSEZ BBB-(S&P, Fitch) / Baa3 (Moody's) Ratingss, Cr