Adani Power Limited
Investor Presentation
March 2025
Table of Contents
- About Adani Portfolio
- About Adani Power Limited (APL)
- APL: Strategic Positioning For Growth
- APL: Performance Highlights
- APL: ESG Practice
- APL: Investment Case
Appendix
3
1
About Adani Portfolio
STRICTLY CONFIDENTIAL
Adani Portfolio: A World class Infrastructure & Utility portfolio
Flagship
Infrastructure & Utility Core Portfolio
Primary Industry
Emerging B2C
Incubator
(73.97%)
AEL
Energy & Utility
(100%)(50.00%)
ANIL | AdaniConneX3 | |
New Industries | Data Centre | |
Transport & Logistics
(100%) | (100%) |
AAHL | ARTL |
Airports | Roads |
Materials, Metal
& Mining
(100%)
Copper, Aluminum
(100%)
PVC
(100%)
Specialist
Direct to
consumer
(100%)
ADL
Digital
(64.71%)
NDTV
(60.94%)
AGEL
Renewables
(69.94%)
AESL
T&D
(74.96%)
APL
IPP
(37.40%)
ATGL2
Gas Discom
(65.89%)(100%)
APSEZNQXT1
Ports & Logistics
Manufacturing5
(100%)
Mining Services & Commercial Mining
(67.53%)
Cement4
(43.94%)
AWL6
Food FMCG
(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiariesListed cos
Direct Consumer
A multi-decade story of high growth centered around infrastructure & utility core
1. NQXT: North Queensland Export Terminal | 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 as on 31st December,2024 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.| 5. Includes the manufacturing of Defense and Aerospace Equipment | 6. AEL to exit Adani Wilmar JV, diluted 1 3.50% through Offer For Sale (13thJan'24), residual stake dilution is pursuant to agreement between Adani & Wilmar Group. | AEL: A dani 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 Pv t.
Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promoter's holdings are as on 31st December, 2024.
Adani Portfolio: Decades long track record of industry best growth with national footprint
Secular growth with world leading efficiency | National footprint with deep coverage | |
Growth | 3x 6 | Growth | 4x 6 |
EBITDA | 71% 1,2,3 | EBITDA | 92% 1,3,4 |
Growth 3x 6 | Growth 1.4x 6 |
AEL
APSEZ
Adani's Core Infra.
AGEL
ATGL
Platform -
EBITDA 91% 1,2,3,5 | EBITDA 24% 1,3 |
APL | 350 Mn |
AESL | |
Adani Cement | Userbase |
Note: 1. Data for FY24 ; 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 408 MMT (14%) between 2014 and 2024, outpacing the industry's growth from 972 MMT to 1539 MMT (5%). AGEL's operational capacity expanded from 0.3 GW to 10.9 GW (57%) between 2016 and 2024, surpassing the industry's growth from 46 GW to 143.6 GW (15%). AESL's transmission length increased from 6,950 ckm to 20,509 ckm (14%) between 2016 and 2024, surpassing the industry's growth from 3,41,551 ckm to 4,85,544 ckm (4%). ATGL expanded its geographical areas from 6 to 52 (27%) between 2015 and 2024, outperforming the industry's growth from 62 to 307 (19%). 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/division/transport-researchl Renewable (operational capacity): Installed Capacity Report - Central Electricity Authority (cea.nic.in)l AESL (ckms): National Power Portal (npp.gov.in)l ATGL (GAs): Brochure petroleum.cdr(pngrb.gov.in)| ckms: circuit kilometers | GA: Geographical Areas
Adani Portfolio: Repeatable, robust & proven transformative model of investment
DEVELOPMENT | OPERATIONS | CONSUMERS |
Adani Infra (India) Limited (AIIL) | 1 | New C.E.O. |
Operations (AIMSL) | Consumer I Employees I Other Stakeholders | |
ACTIVITY |
Origination
- Analysis & market intelligence
- Viability analysis
Site Development
- Site acquisition
- Concessions & regulatory agreements
Construction | Operation | Inspired Purpose & Value Creation | ||
• | Engineering & design | • | Life cycle O&M | • Delivering exceptional products & services for |
• | Sourcing & quality | planning | elevated engagement | |
• | Asset Management plan | • Differentiated and many P&Ls |
PERFORMANCE | |
CAPITAL | MANAGEMENT |
ENABLER |
Adani's Core Infra. Platform - | ||||||||||||
350 Mn | ||||||||||||
India's Largest | Longest Private HVDC | World's largest | Energy Network | Userbase | ||||||||
Commercial Port | Line in Asia | Renewable Cluster | Operation Center | |||||||||
(at Mundra) | (Mundra - Mohindergarh) | (at Khavda) | (ENOC) | |||||||||
Strategic value | Investment Case | Growth Capital - Platform | 6% | |||||||||
Long Term Debt | ||||||||||||
Mapping | Development | Infrastructure Financing | ||||||||||
14% | 31% | 13% | ||||||||||
Framework | ||||||||||||
PSU Banks | ||||||||||||
Policy, | March | March | Pvt. Banks | |||||||||
Duration Risk Matching | 2016 | 55% | 2024 19% | Bonds | ||||||||
Strategy & | 31% | |||||||||||
Risk Management - Rate & Currency | 2% | NBFCs & FIs | ||||||||||
Risk | Governance & Assurance | 1% | DII | |||||||||
Framework | Diversified Source of Capital | 28% | Global Int. Banks | |||||||||
Capex LC | ||||||||||||
Continued | • | Power Utility Business - ENOC | ||||||||||
Human Capital | • Leadership Development Initiatives | |||||||||||
Focus & | AI enabled Digital | • | City Gas Distribution - SOUL | |||||||||
Development | • Investment in Human Capital | |||||||||||
Investment | Transformation | • | Transportation Business - AOCC | |||||||||
Note 1 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 N ations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd.
2
About Adani Power Limited (APL)
STRICTLY CONFIDENTIAL
APL: Sector leader poised to capture thermal power growth potential
Target Capacity
30,670 MW
Operating Capacity | Locked-in Growth | Further Organic/ Inorganic | |||||||||||||||||||||||||||||||||||||||||||
+ | + | ||||||||||||||||||||||||||||||||||||||||||||
121,2 | 17,550 | 5 | 6,720 | 4 | 6,400 | ||||||||||||||||||||||||||||||||||||||||
Assets | MW | Assets | MW | Assets | MW | ||||||||||||||||||||||||||||||||||||||||
Asset Type | Asset Type | Asset Type | |||||||||||||||||||||||||||||||||||||||||||
62% | 38% | 91% | 9% | 100% | |||||||||||||||||||||||||||||||||||||||||
Organic | Inorganic | Organic | Inorganic | Organic | Inorganic | ||||||||||||||||||||||||||||||||||||||||
Technology | Technology | Technology | |||||||||||||||||||||||||||||||||||||||||||
9% | 53% | 38% | 71% | 20% | 9% | 100% | |||||||||||||||||||||||||||||||||||||||
Ultra-supercritical | Supercritical | Others | Ultra-supercritical | Supercritical | Others | ||||||||||||||||||||||||||||||||||||||||
Ultra-supercritical | Supercritical | Others | |||||||||||||||||||||||||||||||||||||||||||
PPA Tie-ups3 | PPA Tie-ups | ||||||||||||||||||||||||||||||||||||||||||||
Market Opportunity | |||||||||||||||||||||||||||||||||||||||||||||
87% | 13% | 48% | 52% | ||||||||||||||||||||||||||||||||||||||||||
40+ GW | |||||||||||||||||||||||||||||||||||||||||||||
PPA | Open | PPA | Open | ||||||||||||||||||||||||||||||||||||||||||
Strong portfolio of operating assets, locked-in capacity and further growth opportunities
1. Includes 40 MWp solar power plant at Bitta, Kutch, Gujarat as part of inorganic capacity; 2. Includes 1200 MW power plant of Moxie Power Generation Ltd., in which 49% stake is held by Adani Power Ltd.; 3. PPAs for 4% | 9 |
capacity yet to be operationalised | |
PPA: Power Purchase Agreement |
APL: Holding structure and geographic spread
Existing Capacity | Locked-in Growth | Highlights | ||
Adani Power Ltd.
Parent Company
Total Capacity: 12,950 MW
Mundra (GJ): | 4,620 MW |
Bitta (GJ): | 40 MWp |
Tiroda (MH): | 3,300 MW |
Dahanu (MH): | 500 MW |
Kawai (RJ): | 1,320 MW |
Udupi (KA): | 1,200 MW |
Raipur (CG): | 1,370 MW |
Raigarh (CG): | 600 MW |
Raipur Ph-II: 1,600 MW
Raigarh Ph-II: 1,600 MW
Under construction
Organic: 9,240 MW
Inorganic: 3,710 MW
Raipur Ph-II: 1,600 MW
1,496 MW Long Term PPA with MH
Adani Power (Jharkhand) Ltd.
100% Subsidiary
Mahan Energen Ltd.
94.43% Subsidiary
Korba Power Ltd.
100% Subsidiary
Moxie Power Generation Ltd.
49% Subsidiary
Vidarbha Industries Power Ltd.
100% stake to be acquired
Godda (JH): 1,600 MW
Organic
Singrauli (MP): 1,200 MW
Phase-I
Korba (CG): 600 MW
Phase-I
Thoothukudi (TN): 1,200 MW
Phase-II: 1,600 MW
Under-construction
Phase-II: 1,320 MW
Under-construction
Butibori (MH): 600 MW
Under acquisition
USD-denominated tariff
Long-term PPA with Bangladesh
Ph-II: 1,600 MW
1,230 MW Long Term PPA with MP
Acquired in Sept 2024
Acquisition cost Rs. 4,101 Crore
Acquired in Sept 2024
Operationally controlled by APL Acquisition cost Rs. 3,336 Crore
Letter of Intent received from
Resolution Professional
Note: 40 MWp solar power plant at Bitta, Kutch, Gujarat considered as part of inorganic capacity;
APL has operational control over 1200 MW power plant of Moxie Power Generation Ltd., in which it holds a 49% equity stake | 10 |
PPA: Power Purchase Agreement; MW: Mega Watts; MWp: Mega Watt photovoltaic; GJ: Gujarat; MH: Maharashtra; CG: Chhattisgarh; MP: Madhya Pradesh; RJ: Rajasthan; KA: Karnataka; TN: Tamil Nadu; JH: Jharkhand |
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