Adani Enterprises : Listed Portfolio Q1 FY23 Results Compendium

Adani Listed Portfolio

Results - Compendium

Q1 FY23

Adani Group : A World Class Portfolio

~USD 170 bn1 Combined Market Cap

Flagship

Infrastructure & Utility Core Portfolio

Primary Industry

Emerging B2C

Incubator

(72.3%)

AEL

Energy & Utility

(60.5%)(73.9%)

AGEL		ATL
Renewables		T&D
(37.4%)		(75.0%)
ATGL		APL
Gas Discom		IPP

(100%)	(50%)
ANIL		AdaniConneX4
New Industries		Data Centre

Transport & Logistics

(65.6%)(100%)

APSEZNQXT2

Ports & Logistics

(100%)(100%)

AAHLARTL

AirportsRoads

Materials, Metal &

Mining

(100%)

Cement *

(100%)

PVC

(100%)

Copper, Aluminum

(100%)

Mining Services & Commercial Mining

Direct to consumer

(44.0%)

AWL

Food FMCG

(100%)

ADL

Digital

(%): 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 centered around infrastructure & utility core

1 . Combined market cap of all listed entities as on June 30, 2022, USD/INR - 78.90 | 2. NQXT: North Queensland Export Terminal | 3. ATGL: Adani Total Gas Ltd, JV with Total Energies | 4. Data center, JV with

EdgeConnex, AEL: Adani Enterprises Limited; 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; IPP: Independent Power Producer

* Acquisition of Ambuja Cements Ltd and ACC Ltd for ~66MTPA of capacity is under regulatory approvals and with this acquisition, Adani is now India's second largest cement manufacturer	2

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
2022	1,320 MMT	312 MMT

Renewable Capacity (GW)

132%

5x

25%

Industry

2016	46 GW	0.3 GW
2022	150 GW9	20.4 GW6

Transmission Network (ckm)

18%

3x

6%

Industry

2016	320,000 ckm	6,950 ckm
2022	456,716 ckm	18,795 ckm

CGD7 (GAs8 covered)
	36%
25%	1.4x
Industry

2015	62 GAs	6 GAs
2022	293 GAs	52 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: 92%1,4	EBITDA margin: 92%1,3,5	EBITDA margin: 41%10
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 FY22; 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	3
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' 10. Data for FY21

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

Phase	Development			Operations	Post Operations
Origination	Site Development		Construction		Operation	Capital Mgmt

Activity

•	Analysis & market	•	Site acquisition
	intelligence	•	Concessions &
•	Viability analysis		regulatory agreements
•	Strategic value	•	Investment case
			development

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

• Life cycleO&M planning
• Asset Management Plan

•	Redesigning the capital structure
	of the asset
•	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

Performance

India's Largest	Longest Private HVDC Line	648 MW Ultra Mega Solar
Commercial Port (at	in Asia	Power Plant
Mundra)	(Mundra - Mohindergarh)	(at Kamuthi, TamilNadu)
Highest Margin	Highest availability	Constructed and
among Peers		Commissioned in nine
		months

Energy Network Operation Center (ENOC)

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

COP26 goals - at AEML

• AGEL's tied up "Diversified Growth

Capital" with revolving facility of USD 1.64

Bn - fully fund its entire project pipeline

• 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

banks to Bonds

O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN:

Global Medium Term Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd. IG: Investment Grade, LC: Letter of

Credit, DII: Domestic Institutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd.

PSU Pvt. Banks Bonds

		6%
14%		37%	25%
31%	55%		6%
		8% 18%	4
March 2016	March 2022

DII Global Int. Banks PSU - Capex LC

Adani Listed Portfolio : Highlights of Q1 FY23 Results

Operations

• APSEZ maintains its dominant position; records highest ever quarterly cargo volume of ~91 MMT
• AEL incubating businesses (airport, roads, and data center) outperformed established businesses during Q1 FY23
• AGEL commissioned India's first Solar-Wind Hybrid project of 390MW at Jaisalmer, Rajasthan. Sale of energy increases by 73% Y-o-Y to 3,550 Mn units
• ATL adds 372 ckm to its operational network, to reach 18,795 ckm
• ATGL commissioned 15 new CNG stations and added 32,224 new PNG connections
• AWL continues to gain market share in all key segments - No.1 edible oil brand (19.7% market share); No. 2 wheat flour brand (4.9% market share); No. 3 rice brand (10.6% market share)

Finance

• Adani portfolio EBITDA* grew by 79%
• Adani portfolio companies (AEL, ATL & AGEL) completes Rs. 15,400 Cr primary equity transaction with IHC
• AEL achieved financial closure for Rs. 6,071 Cr in primary industry vertical for copper project with consortium of banks led by SBI
• ATL USD 700 Mn Revolving Facility

o Tagged As Green Loan By Sustainalytics

1. Received most Innovative Deal of the Year at The Asset Triple A Sustainable Infrastructure Awards 2022

• 1. Received APAC Power - Portfolio Financing deal of the year from IJ Global
• AWL as part of its IPO proceeds paid off the entire portion of its long-term borrowing

Others

• AEL - Partnership with TotalEnergies forged to create largest green H2 ecosystem with 25% stake in Adani New Industries Limited (ANIL)
• APSEZ - Acquisition of two strategic operational assets

1. Won the bid for acquisition of Haifa Port Company, the operator of Israel's largest port

o Acquired 100% stake in Ocean Sparkle Ltd, India's leading third-party marine service provider

• ATL - Announced acquisition of Mahan Sipat Transmission Line from Essar Power. The transaction once completed will add 673 ckms to ATL's operational portfolio
• AWL acquired premium basmati brand "Kohinoor" from McCormick Switzerland GMBH in May 2022

Robust performance across all businesses coupled with value accretive acquisitions across portfolio

5

*EBITDA includes other income

Note : AEL - Adani Enterprises Limited; AGEL - Adani Green Energy Limited; AWL - Adani Wilmar Limited ; APSEZ - Adani Ports and SEZ Limited, ATGL - Adani Total Gas Limited and ATL - Adani Transmission Limited; IHC - International Holding Company; Adani Power (APL) excluded as it is now a fixed asset business with no further investments pledged in its business