Adani Enterprises : AGM FY24

Adani Enterprises Limited

32nd Annual General Meeting

24 June 2024

Contents

1. Adani Portfolio Overview
2. Business Updates
3. Operational and Financial Highlight
4. Future Outlook
5. ESG Highlights
6. Responsible Incubator

01

Adani Portfolio Overview

STRICTLY CONFIDENTIAL

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

(72.61%)

AEL

(100%)

ANIL

New Industries

(56.37%)

AGEL

Renewables

(73.22%)

AESL

T&D

(50.00%)

AdaniConneX3

Data Centre

(71.75%)

APL

IPP

(37.40%)

ATGL2

Gas Discom

(100%)(100%)

AAHL	ARTL
Airports	Roads

(65.89%)(100%)

APSEZ	NQXT1
Ports & Logistics

(100%)

Copper, Aluminum

(100%)

PVC

(100%)

Specialist

Manufacturing5

(100%)

Mining Services & Commercial Mining

(70.33%)

Cement4

(100%)

ADL

Digital

(64.71%)

NDTV

(43.94%)

AWL

Food FMCG

(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries Listed 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. Adani Cement includes 70.33% stake in Ambuja Cements as on 17th April,2024 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Ltd. holds 60.44% stake in Sanghi Industries L td.| 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; 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 Limite d; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promoters	4
holding are as on 31st March, 2024.

Adani Portfolio: Decades long track record of industry best growth with national footprint

Secular growth with world leading efficiency

Growth	3x 6	Growth	4x 6
EBITDA	71% 1,2	EBITDA	92% 1,4

Growth	3x 6	Growth	1.4x 6
EBITDA	91% 1,3,2	EBITDA	24% 1,3

National footprint with deep coverage

AEL
APSEZ	Adani's Core Infra.
AGEL
Platform -
ATGL
350 Mn
APL
AESL
Adani Cement	Userbase

Note: 1. Data for FY24 ; 2. Margin for Indian ports business only l Excludes forex gains/losses; 3. EBITDA = PBT + Depreciati on + 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 l 6. Growth pertains to expansion and developmen t 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 comparis on with respective industry segment.	5
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)	Operations (AIMSL)1	New C.E.O.
		Consumer I Employees I Other Stakeholders

ACTIVITY

Origination

• Analysis & market intelligence
• Viability analysis

Site Development

• Site acquisition
• Concessions & regulatory agreements

Construction	Operation
•	Engineering & design	•	Life cycle O&M
•	Sourcing & quality		planning
		•	Asset Management plan

Inspired Purpose & Value Creation

• Delivering exceptional products & services for elevated engagement
• Differentiated and many P&Ls

CAPITAL ENABLER MANAGEMENT PERFORMANCE

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%

13%

Framework

31%

PSU Banks

Policy,

Duration Risk Matching

March

March

Pvt. Banks

2016

55%

2024

19%

Bonds

Strategy &

31%

Risk Management - Rate & Currency

NBFCs & FIs

2%

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 Transformation

•

City Gas Distribution - SOUL

Development

Investment

• Investment in Human Capital

•

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

6

Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Chan ge Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Limited

AEL: A successful incubator

Development

Attractive Incubation Record		Green Hydrogen Ecosystem		Business Model
Proven incubation success record		Integrated manufacturing for generating		B2B Model
	low-cost green hydrogen
			ANIL Ecosystem, Data Center, Roads
Year 2015 > APSEZ, APL & AESL		Ingots, wafers, cells, modules, wind turbines &		B2C Model
Year 2018 > AGEL & ATGL			Airports & Digital
	electrolysers

Operations

Global Recognition

Rigorous Testing & Certification backed operations to meet global standards

e.g. Wind manufacturing unit having largest WTG of 5.2 MW received type certification from

WINDGUARD

Technology backed operations		Capacity Enhancement
Consistent upgradation in technology for		Scaling size in Top Line & Asset Base
business efficiencies		ANIL Ecosystem Module & Cell - 4 GW
e.g. TopCon technology in Modules, OMCCC in		ANIL Ecosystem Ingot & Wafer - 2 GW
	ANIL Ecosystem WTG - 1.5 GW
Roads.		Roads Project @ 5000+ L-Kms

Sustainable

value creation

Value to shareholders		Efficient Capital Management		ESG Governance
Significant value creation for shareholders		Capital management plan
	in line with underlying business philosophy		Scored 49/ 100 in S&P/DJSI assessment
			which is significantly better than average
- CAGR @ 33.6% over 29 Years		Net Debt / Equity ratio at 0.7x		industry average score of 20/ 100
- Market Cap @ USD 43.7 Bn#
	in FY24

7

AEL: Portfolio of businesses with long term growth potential

AEL Business Portfolio

Infrastructure & Utility Core Portfolio

Energy & Utility		Transport & Logistics
New Industries
(End to end Green H2		Airports
chain)
Data Center		Roads
Water

Direct Consumer

Businesses

Emerging B2C

Direct to

consumer

Food FMCG

Digital

Primary Industry

ServicesMetals

Mining Services		Copper

Integrated Resource		PVC
Management

MiningIndustrials

Commercial Mining		Specialized
	Manufacturing

A multi-decade story of high growth centered around infrastructure & utility core

1. Food FMCG business (Adani Wilmar Limited)
H2: Hydrogen; IRM: Integrated Resources Management; FMCG: Fast-moving consumer goods; PVC: Poly Vinyl Chloride	8

02

Business Updates

STRICTLY CONFIDENTIAL

AEL: Business Updates | Energy and Utility

4 GW

2 GW	1.6 GW	Photo Gallery

Solar

Manufacturing

Module

Monocrystalline

Large order from

Adani New

Industries

Manufacturing

1.5 GW

Wind Turbine

Generators

Manufacturing

Capacity of 5.2

MW turbine

1

Green Hydrogen -

Electrolyzer

Test rig

delivered at site

	ingot and wafer		US Utility
	plant
							254
							Wind turbine and
	Certification for
	prototype 2						Generator set
							orders
	199 MW						100 kW
	Letter of Award						Other test rigs in
	for Electrolyser					progress with
	manufacturing					testing lab

ANIL Ecosystem progressing across all segments, putting it on track for competitive green hydrogen production

LoA: Letter of Approval I GW: Giga Watt I MW: Mega Watt I kW: kilo Watt

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