Adani Enterprises : ESG Compendium - 9M FY22

Adani Listed Portfolio

ESG Compendium - 9M FY22

Adani Group: A world class infrastructure & utility portfolio

~USD 150 bn1

Combined Market Cap

Infrastructure Portfolio

Incubator

Energy & Utility

Transport & Logistics

Direct to consumer

Other businesses

(74.9%)

(61.3%)

(74.9%)

(63.8%)

(100%)

(44%)

AEL

AGEL

ATL

APSEZ

NQXT2

AWL

Renewables

T&D

Ports & Logistics

Food FMCG

(37.4%)

(75.0%)

ATGL3

APL

Gas Discom

IPP

(100%)

(50%)

(100%)

(100%)

(100%)

(100%)

.

Other specialty businesses

ANIL

AdaniConneX4

AAHL

ARTL

ADL

(Defence, Mining services, Copper,

New Industries

Data Centre

Airports

Roads

Digital

Petrochemicals)

(%): Promoter equity stake in Adani Portfolio companies

(%): AEL equity stake in its subsidiaries

- Represents public traded listed verticals

A multi-decade story of high growth and de-risked cash flow generation

1 . As on Feb 16, 2022, USD/INR - 75 | Note - Light blue color represent public traded listed verticals 2. NQXT: North Queensland Export Terminal | 3. ATGL: Adani Total Gas Ltd, JV with Total Energies | 4.

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Data center, JV with EdgeConnex, | APSEZ: Adani Ports and Special Economic Zone Limited; ATL: Adani Transmission 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 Limited

Adani Group: Decades long track record of industry best growth rates across sectors

Port Cargo Throughput (MMT)

12%

3x

4%

Industry

2014	972 MMT	113 MMT
2021	1,246 MMT	247 MMT

Renewable Capacity (GW)

132%

5x

25%

Industry

2016	46 GW	0.3 GW
2021	140 GW9	19.3 GW6

Transmission Network (ckm)

21%

3x

7%

Industry

2016	320,000 ckm	6,950 ckm
2021	441,821 ckm	18,336 ckm

CGD7 (GAs8 covered)

	45%
30%	1.5x
Industry

2015	62 GAs	6 GAs
2021	228 GAs	38 GAs

APSEZ	AGEL	ATL	ATGL
Highest Margin among	Worlds largest	Highest availability	India's Largest private CGD
Peers globally	developer	among Peers	business
EBITDA margin: 70%1,2	EBITDA margin: 91%1,4	EBITDA margin: 92%1,3,5	EBITDA margin: 41%1
Next best peer margin: 55%	Among the best in Industry	Next best peer margin: 89%	Among the best in industry

Transformative model driving scale, growth and free cashflow

Note: 1 Data for FY21; 2 Margin for 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. Contracted & awarded capacity 7. CGD - City Gas distribution 8. GAs - Geographical Areas

• Including JV | Industry data is from market intelligence 9. This includes 17GW of renewable capacity where PPA has been signed and the capacity is under various stages of implementation and 29GW of capacity where PPA is yet to be signed'

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

Phase

Development

Operations

Post Operations

Origination

Site Development

Construction

Operation

Capital Mgmt

Activity

• Analysis & market intelligence
• Viability analysis
• Strategic value

India's Largest

Commercial Port

(at Mundra)

•	Site acquisition	•	Engineering & design
•	Concessions & regulatory	•	Sourcing & quality levels
	agreements	•	Equity & debt funding at
•	Investment case development		project

Longest Private HVDC	648 MW Ultra Mega
Line in Asia	Solar Power Plant
(Mundra - Mohindergarh)	(at Kamuthi, TamilNadu)

• Life cycleO&M planning
• Asset Management plan

Energy Network Operation Center (ENOC)

• • Redesigning capital structure of assets
  • Operational phase funding consistent with asset life
• First ever GMTN of USD 2Bn by an energy utility player in India - an SLB in line with COP26 goals - at AEML
• AGEL's tied up "Diversified Growth Capital" with revolving facility of $1.35 Bn - will fully fund its entire project pipeline

Performance

Highest Margin among Peers

Highest line	Constructed and
availability	Commissioned in

nine months

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

• Issuance of 20 & 10 year dual tranche bond of USD 750 mn - APSEZ the only infrastructure company to do so
• Green bond issuance of USD 750 mn establishes AGEL as India's leading credit in the renewable sector

Debt structure moving from PSU's
banks to Bonds
	8%
14%		21%
	50%
31%	55%	8%	2%
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global Medium Term	11%		4

Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd. IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors,	March 2016
PSU	Pvt. Banks Bonds	DII	Global Int. Banks PSU - Capex LC March 2021
COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd.

Adani Portfolio ESG Framework

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