ACC : Investors Presentation - 12th April, 2024

Adani Cement

(Ambuja,ACC,Sanghi)

12th April,2024

Contents

01 02

Adani Group		Industry
Profile	3	Overview

04 05

Digital	ESG
16

03

	Growth
8	Strategy	11

06

18	Management	23
Team

01 Adani Group

Profile

Adani Portfolio: A World class infrastructure & utility portfolio

Flagship

Infrastructure & Utility Core Portfolio

Primary Industry

Emerging B2C

Incubator

Energy & Utility

Transport & Logistics

Materials, Metal &

Mining

Direct to consumer

(72.6%)

AEL

(56.4%)

AGEL

Renewables

(37.4%)

ATGL2

Gas Discom

(100%)

ANIL

New Industries

(73.2%)

AESL

T&D

(71.8%)

APL

IPP

(50%)

AdaniConneX3

Data Centre

(65.9%)	(100%)
APSEZ		NQXT1
Ports & Logistics

(100%)	(100%)
AAHL		ARTL
Airports		Roads

(63.2%)

Cement4

(100%)

Copper, Aluminum

(100%)

PVC

(100%)

Specialist

Manufacturing5

(100%)

Mining Services & Commercial Mining

(44.0%)

AWL

Food FMCG

(64.71%)

NDTV

(100%)

ADL

Digital

(%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries

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. Adani Cement includes 63.19% stake in Ambuja Cements which in turn owns 50.05% in ACC Limited. Adani
directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited;	4
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 Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promotors holding are as on 31st December,2023

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 70% 1,2	EBITDA 92% 1,4

		AEL
Growth 3x 6	Growth 1.4x 6	APSEZ
AGEL
EBITDA 91% 1,3,5	EBITDA 19% 1,3	ATGL
AESL
		APL
		Adani Cement

Adani's Core Infra. Platform -

320 Mn Userbase

Note: 1. Data for FY23; 2. Margin for indian ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs - Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA
margin of transmission business only, does not include distribution business, 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 339 MMT (13%) between 2014 and 2023, outpacing the industry's growth from 972 MMT to 1433 MMT (4%). AGEL's operational capacity expanded from 0.3 GW to 8.1 GW (60%) between 2016 and 2023, surpassing the
industry's growth from 46 GW to 125 GW (15%). AESL's transmission length increased from 6,950 ckm to 19,779 ckm (16%) between 2016 and 2023, surpassing the industry's growth from 3,41,551 ckm to 4,71,341 ckm (5%). ATGL expanded its geographical	5
areas from 6 to 52 (31%) between 2015 and 2023, outperforming the industry's growth from 62 to 293 (21%). PBT- Profit before tax, ATGL-Adani Total Gas Limited, AEL: Adani Enterprises Limited, APSEZ: Adani Ports and Special Economic Zone Limited,
AESL: Adani Energy Solutions Limited, APL: Adani Power Limited, AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment.

Adani Portfolio: Repeatable, robust & proven transformative model of investment

Phase

Center of Excellence

Origination

Development

Project Management & Assurance Group

Site Development

Construction

Operations	Post Operations
AIMSL1	Policy -Strategy - Risk
Operation	Capital Mgmt

Activity	•	Analysis & market
	intelligence
•	Viability analysis
•	Strategic value

•	Site acquisition
•	Concessions & regulatory
	agreements
•	Investment case development

• Engineering & design
• Sourcing & quality levels
• Equity & debt funding at project

•	Life cycleO&M planning • Redesigning capital structure
•	Asset Management plan	of assets

• Operational phase funding consistent with asset life

Performance	India's Largest
Commercial Port
(at Mundra)
Highest Margin
among Peers

Longest Private HVDC

Line in Asia

(Mundra - Mohindergarh)

Highest line availability

2,140 MW Hybrid cluster operationalized in Rajasthan in FY23

India's first and World's largest solar- wind hybrid cluster

Energy Network Operation Center (ENOC)

Centralized continuous monitoring of plants across India on a single cloud based platform

• Duration Risk Matching
• Forex Currency Risk Management
• Interest Rate Risk management
• Governance & Assurance
  (ABEX -Adani Business Excellence)

2016March				5%	March2023
			11%
	14%		34%
				15%
	31%	55%
			2%	3%
				29%

Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed)	PSU	Pvt. Banks	Bonds	NBFCs & FIs	6
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global Medium-Term Notes SLB: Sustainability	DII	Global Int. Banks	PSU - Capex LC
Linked Bonds, AEML: Adani Electricity Mumbai Ltd., AIMSL : Adani Infra Mgt Services Pvt Ltd, IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, COP26:

2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd . ,NBFC: Non-Banking Financial Company

Iconic brands with cumulative 150 years of history that shaped the industry

Heritage

India's 1st Cement Company, Inter- generational legacy which pioneered product development

Strength

Original disruptor with Virat Compressive Strength Pioneered brand building & technical services

• Indian Cement industry ($ 32 Bn) accounts for ~23% of Building Material industry ($ 140 Bn) of the country
• Adani Cement market share targeted to be 20% by FY'28 (from current 14%)
• Cement Industry expected to grow at CAGR of 7-8%,
• • Adani Cement expected to have accelerated growth rate of 16% to reach 140 MTPA by 2028
• Growth will further compound given the opportunities in the Building Materials Industry

7

"India to be USD 30 Trillion Economy by 2050" Mr. Gautam Adani

02 Industry

Overview

Infrastructure and Housing sectors to keep Cement Demand vibrant

Housing	•	Govt. of India promotional scheme for rural housing to push demand
	•	Aspirational India (per capita GDP ~ USD 3000 by 2025)
		• Working age population of 1 Bn by 2030
		•	Rising shift from rental to own house
		•	Redevelopment across several cities

(Housing sale grew 63% in Q4 FY'24 YoY (area volume growth)

Infrastructure • GOI's National Infrastructure Pipeline (NIP), decade of infrastructure, ~USD 4 Trillion investment expected

• Highways (~15000 km/year), Ports, Bullet Trains, Rail/Metro, Renewables
• New Economic Corridors across the country to boost cement demand
• Stronger Banking Industry - a booster to Capex, GDP expected robust growth of 6-8% in long run

Commercial • GOI's Make in India & PLI schemes attracting sizeable investments ~

• • 12 Bn in a year
• China Plus strategy driving manufacturing
• Growth in commercial space to support demand
• • Net leasing of office space expected to grow by 10-15%
  • 47-52%growth expected in the Indian data center industry in fiscal 2023

10% - 14% 11% - 15%

24% - 25% 25%-29%

62%-65%60%-62%

FY 2023	FY 2028f
Commercial	Housing
Infrastructure

9

Indian Cement Industry - High growth expected

• 2nd largest producer of cement (550 Mn MT) - 8% share of Global capacity (6,875 Mn MT)
• At 270 kg per Capita Cement consumption (world average of 520 kg), India is 1/2 of the global average 1/8th of China.
• Next 5 years, demand expected to grow at a rate of 8 - 9%, higher than capacity addition rate, expect better capacity utilization (Adani Cement at 90% of capacity utilisation)

	702
550	556	Supply

422	Demand

FY'24FY'28

• Adani Cement current market share is 14%, target of 20% by FY'28
• Indian cement sector is fragmented and regional industry
• • Adani Cement is a pan India player
• Cement sector has witnessed increased M&A activities leading to market consolidation
• • 200 Mn T capacity exchanged hands during last 10 year
  • Last acquisition of Sanghi Industries successfully completed by Adani Cement

Adani Cement Geographical Spread

FY'24

Northern Zone : 32%

Central Zone : 13%

Western Zone : 20%

Southern Zone : 10%

Eastern Zone : 25%

10