Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — FY2025 Earnings Presentation
41 slides from Adani Enterprises's earnings presentation, May 2025
Slide 1: Adani Portfolio | Result Snapshot – FY25
Adani Portfolio | Result Snapshot – FY25 May 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 Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (60.94%) (74.96%) (65.89%) (67.53%) AEL AGEL APL APSEZ Ports & Logis
Slide 5: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA FY25 FY24 Growth % of Total Q4FY25 Q4FY24 Growth % of Total Utility 43,375 44,504 (2.54%) ▼ 48.30% 10,439 9,638 8.31% ▲ 45.90% Transport 20,471 17,202 19.00% ▲ 22.79% 5,456 4,313 26.50% ▲ 23.99% AEL - Infrastruct
Slide 6: Adani Portfolio: Core Infra Platform is powering free cashflow
Adani Portfolio: Core Infra Platform is powering free cashflow Y-o-Y FY25 Growth & Revenue-FFO Conversion 62 of Total Revenue % 82 of Total EBITDA % 83 of Total FFO % 1. Infrastructure includes Adani Ports & Special Economic Zone Limited, Adani Power Limited , Adani Green Energy Limited , Adani Tota
Slide 7: Adani Portfolio: Continuously improving credit profile with deep rating coverage
Adani Portfolio: Continuously improving credit profile with deep rating coverage 8% 17% 11% Global Domestic IG AAA - AA+ Rating Track 38% BB+ AA – AA- Record April April April 50% 2019 21% 2023 54% 2025 BB- A Category 45% 39% 6 years 10% 9% BBB+ - Below 48% rated above “AA-” 63% rated above “AA-” 89
Slide 8: Adani Portfolio: FY25 Highlights
Adani Portfolio: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr)1 3.81x 3.81x 89,806 82,976 3.72x 3.66x 3.27x EBITDA (USD bn) 10.51 9.95 2.63x CAT (FFO) (INR Cr) 2.19x 66,527 58,574 CAT (FFO) (USD bn) 7.78 7.02 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • Adani Portfoli
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 59% to 4,263 MW YoY basis. • Volume grew +7% Y-o-Y to 450 MMT. • Operational capacity increased by 30% • Overall Volume grew by 13% YoY. • Data Centre : 17 MW at Chennai fully • APSEZ completed the ac
Slide 11: 02a Adani Enterprises Limited
02aAdani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 12: Adani Enterprises Limited: FY25 Highlights
Adani Enterprises Limited: FY25 Highlights FY25 FY24 Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 4.53x 17,316 13,681 EBITDA (USD bn) 2.03 1.64 2.80x 2.80x 2.73x CAT (FFO) (INR Cr) 10,558 7,843 1.84x 2.09x 2.18x CAT (FFO) (USD bn) 1.24 0.94 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • AEL and
Slide 13: Adani Enterprises Limited: FY25 Highlights – Business Updates
Adani Enterprises Limited: FY25 Highlights Business Updates ANIL- Solar: Airports: • ANIL Ecosystem module sales increased on account of increase in export • Mumbai Airport received outstanding achievement “Diamond Rating” in emission sales by 3% and domestic sale by 152% y-o-y. reduction from Globa
Slide 14: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating MIAL BB+(Fitch) Cash Balances1: INR 9,586 cr RR EBITDA2: INR 18,627 cr Domestic Ratings 9,491 Entity Rating Agency Rating AEL (consolidated) CAREEDGE/ ICRA AA-/St
Slide 15: 02b Adani Green Energy Limited
02bAdani Green Energy Limited STRICTLY CONFIDENTIAL
Slide 16: Adani Green Energy Limited: FY25 Highlights
Adani Green Energy Limited: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 10.32x EBITDA (INR Cr) 10,532 8,908 EBITDA (USD bn) 6.66x 6.42x 6.59x 6.18x 1.23 1.07 5.56x 5.22x CAT (FFO) (INR Cr) 6,490 4,902 CAT (FFO) (USD bn) 0.76 0.59 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • On it’s
Slide 17: Adani Green Energy Limited: FY25 Highlights – Business Updates
Adani Green Energy Limited: FY25 Highlights Business Updates • Operational Capacity increased by 30% to 14.2 GW YoY with addition of: • Solar portfolio CUF at 24.8% backed by 99.5% plant availability. - 2,710 MW solar power plants • Wind portfolio CUF at 27.2% backed by 95.9% plant availability. - 5
Slide 18: Adani Green Energy Limited: Credit Updates
Adani Green Energy Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating Cash Balances1 : INR 8,877 cr RR EBITDA2: INR 12,676 cr AGEL RG2 BBB- (Fitch) / Ba1 (Moody's)/ BB+ (S&P) 9,279 9,215 AGEL RG1 BBB- (Fitch)/ Ba1 (Moody’s) 6,478 D
Slide 19: 02c Adani Energy Solutions Limited
02cAdani Energy Solutions Limited STRICTLY CONFIDENTIAL
Slide 20: Adani Energy Solutions Limited: FY25 Highlights
Adani Energy Solutions Limited: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr) 7,747 6,323 6.11x EBITDA (USD bn) 4.55x 4.60x 0.91 0.76 4.30x 4.24x 4.45x 3.88x CAT (FFO) (INR Cr) 5,179 3,824 CAT (FFO) (USD bn) 0.61 0.46 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • The t
Slide 21: Adani Energy Solutions Limited: FY25 Highlights – Business Updates
Adani Energy Solutions Limited: FY25 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.7% at portfolio level in FY25. • Distribution loss in the Mumbai utility is consistently improving and stands at 4.77% and Maintained supply reliability (ASAI) of more th
Slide 22: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating Cash Balances1 : INR 8,431 cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 11,367 cr Adani Electricity Mumbai Ltd BBB- (Fitch) / Baa3 (Moody’s) /
Slide 23: 02d Adani Power Limited
02dAdani Power Limited STRICTLY CONFIDENTIAL
Slide 24: Adani Power Limited: FY25 Highlights
Adani Power Limited: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA1 (INR Cr) 23,917 28,108 5.52x EBITDA (USD bn) 2.80 3.37 4.54x 3.91x CAT (FFO) (INR Cr) 2.79x 20,506 24,855 2.27x 0.94x 1.28x CAT (FFO) (USD bn) 2.40 2.98 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • Consolidate
Slide 25: Adani Power Limited: FY25 Highlights – Business Updates
Adani Power Limited: FY25 Highlights Business Updates • APL signed Long term Power Supply Agreement with MSEDCL for supply of 1,496 MW • O&M Availability was 91% during FY25. (net) power during FY25. The power will be supplied from upcoming 1,600 MW • Consolidated PLF 71% in FY25 vs 65% in FY24. bro
Slide 26: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating Agency Rating Cash Balances1 : INR 7,311 cr RR EBITDA2: INR 22,058 cr APL CARE AA/Stable APL CRISIL AA/Stable 2,314 2,314 2,336 2,359 2,381 2,404 APL ICRA AA/Stable 1,674 1,
Slide 27: 02e Adani Total Gas Limited
02eAdani Total Gas Limited STRICTLY CONFIDENTIAL
Slide 28: Adani Total Gas Limited: FY25 Highlights
Adani Total Gas Limited: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr) 1.08x 1,179 1,166 1.05x 0.87x EBITDA (USD bn) 0.74x 0.14 0.14 0.43x 0.49x CAT (FFO) (INR Cr) 872 866 0.17x CAT (FFO) (USD bn) 0.10 0.10 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • 100% of billing
Slide 29: Adani Total Gas Limited: FY25 Highlights – Business Updates
Adani Total Gas Limited: FY25 Highlights Business Updates Gas sourcing: • ATGL has added 100 new CNG stations in FY25 taking total CNG stations to 647. • The average supply of APM based natural gas for CNG (T) segment during the quarter was at ~49% and the combined volume allocation for APM and • PN
Slide 30: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) ICRA : AA / Stable Cash Balances1: INR 521 cr The long-term rating upgrade of Adani Total Gas Limited (ATGL) takes into RR EBITDA2: INR 1,179 cr account its improving financial risk p
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: FY25 Highlights
Adani Ports and Special Economic Zone Limited: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr) 20,471 17,202 2.92x 2.79x 2.50x 2.41x 2.53x EBITDA (USD bn) 2.13x 2.39 2.06 1.78x CAT (FFO) (INR Cr) 16,341 13,167 CAT (FFO) (USD bn) 1.91 1.58 FY19 FY20 FY21 FY22 FY2
Slide 33: Adani Ports and Special Economic Zone Limited: FY25 Highlights – Business Updates
Adani Ports and Special Economic Zone Limited: FY25 Highlights Business Updates Operational Highlights: • Gangavaram Port has officially launched its’ container terminal • APSEZ clocked 450 MMT (+ 7% YoY) cargo volume in FY25. The growth was operations with the inaugural EXIM vessel call of MV Syner
Slide 34: 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 March 31, 2025 (INR Cr) Entity Rating APSEZ BBB- (S&P, Fitch) / Baa3 (Moody's) Cash Balances1 : INR 8,991 cr RR EBITDA2: INR 21,133 cr Adani International Container BBB- (S&P, Fitc
Slide 35: 02g Ambuja Cements
02gAmbuja Cements STRICTLY CONFIDENTIAL
Slide 36: Ambuja Cements: FY25 Highlights
Ambuja Cements: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr) 8,644 7,589 EBITDA (USD bn) 1.01 0.91 4.81x CAT (FFO) (INR Cr) 6,581 3,117 2.99x CAT (FFO) (USD bn) 1.66x 0.77 0.37 FY23 FY24 FY25 • Promoter group fully subscribed to warrants by infusing Rs. 20,00
Slide 37: Ambuja Cements: FY25 Highlights – Business Updates
Ambuja Cements: FY25 Highlights Business Updates • Clinker & Cement Sales volume grew by 10.3% YoY (from 59.1 MnT in FY24 • Efficiency initiatives lead to Total operating cost improvement of INR 45/ ton to 65.2 MnT in FY25, driven by strong focus on volume expansion, efficiency (1% YoY) in FY’25. im
Slide 38: Ambuja Cements: Credit Updates
Ambuja Cements: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) CRISIL: AAA / Stable Cash Balances1 : INR 10,125 cr The ratings factor in the strong business risk profile by virtue of Ambuja Cements RR EBITDA2: INR 8,677 cr and ACC Ltd (ACC; ‘CRISIL AAA/St
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) ACC - AAA/Stable (Crisil) SIL - AA/RWP (India Ratings) 50% 39% AAA/ Stable (CARE, ICRA, India APSEZ BBB-(S&P, Fitch) / Baa3 (Moody's) Ratings, Crisil)