Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — Q3 FY25 Earnings Presentation
41 slides from Adani Enterprises's earnings presentation, February 2025
Slide 1: Adani Portfolio | Result Snapshot – Q3FY25
Adani Portfolio | Result Snapshot – Q3FY25 February 2025
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 Ambuja Cements
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%) (73.97%) (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 Q3 FY25 Q3 FY24 Growth % of Total Dec’24 TTM1 Dec’23 TTM1 Growth % of Total Utility 10,429 9,272 12.48% ▲ 45.70% 42,509 41,452 2.55% ▲ 48.98% Transport 5,077 4,595 10.49% ▲ 22.25% 19,327 16,550 16.78% ▲ 22.27% AE
Slide 6: Adani Portfolio: Core Infra Platform is powering free cashflow
Adani Portfolio: Core Infra Platform is powering free cashflow December’ 24 TTM September’ 24 TTM 62% 84% 84% 63% 84% of Total EBITDA of Total Revenue of Total EBITDA of Total FFO of Total Revenue High FFO Conversion September’24 TTM Revenue $31.49 bn ~32% ~22% EBITDA $9.96 bn Conversion Conversion
Slide 7: Portfolio: Continuously improving credit profile with deep rating coverage
Adani Portfolio: Continuously improving credit profile with deep rating coverage 6% 7% Global Domestic 19% AAA - AA+ Rating Track 38% IG April December Record 49% BB+ AA – AA- 2019 2024 45% BB- A Category 5.75 years 10% 26% BBB+ - Below 48% rated above “AA-” 75% 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 74% to 3,273 MW YoY basis. • Operational capacity increased by 37% • Volume grew 7% Y-o-Y to 332 MMT. • Overall Volume grew by 15% YoY. • Data Centre : 17 MW at Chennai fully • APSEZ completed the acq
Slide 11: 02a Adani Enterprises Limited
02aAdani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 12: Adani Enterprises Limited: 9M FY25 Highlights
Adani Enterprises Limited: 9M FY25 Highlights Business Updates • AEL has raised INR ~4,200 crore (USD 500 Mn) through QIP which was Airports: subscribed with participation from international and domestic investors. • 28 New Routes, 16 New Airlines and 35 New Flights added across all 7 airports durin
Slide 13: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates International Ratings Entity Rating 10 Years LTD Maturity Profile as on December 31, 2024 (INR Cr) MIAL BB+(Fitch) Cash Balances1: 8,094 cr RR EBITDA2: 17,289 cr Domestic Ratings 8,760 Entity Rating Agency Rating AEL (consolidated) CAREEDGE A+/ Stable 6,243
Slide 14: 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 15: 02b Adani Green Energy Limited
02bAdani Green Energy Limited STRICTLY CONFIDENTIAL
Slide 16: Adani Green Energy Limited: 9M FY25 Highlights
Adani Green Energy Limited: 9M FY25 Highlights Business Updates • Operational Capacity increased by 37% to 11.6 GW YoY with addition of: • Solar portfolio CUF at 23.5% backed by 99.4% plant availability. - 2,693 MW solar power plants • Wind portfolio CUF at 29.2% backed by 95% plant availability. -
Slide 17: Adani Green Energy Limited: Credit Updates
Adani Green Energy Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on December 31, 2024 (INR Cr) Entity Rating Cash Balances1 : 8,940 cr RR EBITDA2: 10,933 cr AGEL RG2 BBB- (Fitch) / Ba1 (Moody's)/ BB+ (S&P) 9,415 AGEL RG1 BBB- (Fitch)/ Ba1 (Moody’s) 7,408 Domestic Rat
Slide 18: 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 19: 02c Adani Energy Solutions Limited
02cAdani Energy Solutions Limited STRICTLY CONFIDENTIAL
Slide 20: Adani Energy Solutions Limited: 9M FY25 Highlights
Adani Energy Solutions Limited: 9M FY25 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.8% at portfolio level in 9MFY25. • Distribution loss in the Mumbai utility is consistently improving and stands at 4.66% and Maintained supply reliability (ASAI) of mo
Slide 21: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on December 31, 2024 (INR Cr) Entity Rating Cash Balances1 : INR 8,696 cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 11,362 cr Adani Electricity Mumbai Ltd BBB- (S&P, Fitch) / Baa3 (Moo
Slide 22: 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 23: 02d Adani Power Limited
02dAdani Power Limited STRICTLY CONFIDENTIAL
Slide 24: Adani Power Limited: 9M FY25 Highlights
Adani Power Limited: 9M FY25 Highlights Business Updates • Consolidated PLF 69% in 9M FY25 vs 62% in 9M FY24. • PAT was at INR 10,150 cr in 9M FY25 as against INR 18,092 cr due to improved continuing PBT, offset by lower one-time income of INR 2,420 cr in • 9M FY25 sales up by 22% to 69.5 BU. 9M FY2
Slide 25: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on December 31, 2024 (INR Cr) Entity Rating Agency Rating Cash Balances1 : Rs. 7,105 cr RR EBITDA2: Rs. 22,483 cr APL CARE Rating AA/Stable APL CRISIL AA-/Positive 2,308 2,252 2,252 2,263 2,297 APL ICRA AA/Stable 1
Slide 26: 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 27: 02e Adani Total Gas Limited
02eAdani Total Gas Limited STRICTLY CONFIDENTIAL
Slide 28: Adani Total Gas Limited: 9M FY25 Highlights
Adani Total Gas Limited: 9M FY25 Highlights Business Updates Gas sourcing: • ATGL has added 58 new CNG stations in 9MFY25 taking total CNG stations to 605. • During the quarter, there was a reduction in APM allocation for the CNG(T) segment. • PNG connections increased to 9.22 lakh households. PNG C
Slide 29: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on December 31, 2024 (INR cr) ICRA : AA / Stable The long-term rating upgrade of Adani Total Gas Limited (ATGL) takes into Cash Balances1: 490 cr account its improving financial risk profile, backed by continue
Slide 30: 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 31: 02f Adani Ports and Special Economic Zone Limited
02fAdani Ports and Special Economic Zone Limited STRICTLY CONFIDENTIAL
Slide 32: Adani Ports and Special Economic Zone Limited: 9M FY25 Highlights
Adani Ports and Special Economic Zone Limited: 9M FY25 Highlights Business Updates Operational Highlights: • In the same period APSEZ handled ~27% of the country’s total cargo • APSEZ clocked 332 MMT (+ 7% YoY) cargo volume in 9M FY25. The growth was and ~45% of container cargo primarily driven by c
Slide 33: Adani Ports and Special Economic Zone Limited: Credit Updates
Adani Ports and Special Economic Zone Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on December 31, 2024 (INR Cr) Entity Rating APSEZ BBB- (S&P, Fitch) / Baa3 (Moody's) Cash Balances1 : 7,725 cr RR EBITDA2: 19,671cr Adani International Container BBB- (S&P, Fitch) / B
Slide 34: Adani Ports and Special Economic Zone 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 35: 02g Ambuja Cements
02gAmbuja Cements STRICTLY CONFIDENTIAL
Slide 36: Ambuja Cements: 9M FY25 Highlights
Ambuja Cements: 9M FY25 Highlights Business Updates • Clinker & Cement Sales volume grew by 9.3% YoY (from 42.6 MMT in 9M FY24 • Efficiency initiatives lead to Total operating cost improvement of INR 44/ ton to 46.6 MMT in 9M FY25), driven by strong focus on volume expansion, efficiency (1% YoY) in
Slide 37: Ambuja Cements: Credit Updates
Ambuja Cements: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on December 31, 2024 (INR Cr) CRISIL: AAA / Stable Cash Balances1 : 8,755 cr The ratings factor in the strong business risk profile by virtue of Ambuja Cements RR EBITDA2: 8,750 cr and ACC Ltd (ACC; ‘CRISIL AAA/Stable/C
Slide 38: Ambuja Cements: H1 FY25 Highlights
Ambuja Cements: 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 b
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 growt h prospects, and fut ure developments o f
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) 26% ACC - AAA/Stable (Crisil) SIL - AA/Stable (India Ratings) AAA/ Stable (CARE, ICRA, India 49% APSEZ BBB-(S&P, Fitch) / Baa3 (Moody's) Ratings, Cris