Adani Enterprises : AEL NDR May 24

Adani Enterprises Limited (AEL)

Investor Presentation

April - May 2024

Table of Contents

1. Introduction to Adani

1. Introduction to Adani Enterprises Limited (AEL)

1. Core Growth Businesses
2. 1. ANIL: Adani New Industries
   2. Adani Airports Holdings Limited
   3. AdaniConnex (Data Centre)
   4. Adani Roads Transport Limited IV. Emerging Digital Business (Digital Labs)

1. Other Business Verticals
2. 1. Primary Industries
   2. Wilmar

VI. ESG Highlights

VII. Appendix

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I. Introduction to Adani

Adani Portfolio: Decades long track record of industry best growth

Introduction to the Adani Franchise

Key Group Highlights

• Founded by Gautam Adani in 1988, the Adani Group, India's fastest growing corporate with businesses in key industry verticals, consists of 11 publicly listed entities with a combined market capitalization of c. US$185 billion(1)
• The Group has established itself as a world-class transport and utility infrastructure portfolio that has a pan-India presence, benchmarked to the largest companies globally.
• The portfolio businesses include:
• • Transport and logistics (seaports, airports, logistics, shipping, road and rail)
  • Energy and utilities (power generation, transmission and distribution, gas, datacentres)
  • Materials, metals and mining (including cement, natural resources, mining services, copper)
  • Consumer businesses (FMCG e.g. edible oil, food products, and digital)

Largest renewables platform in India with 11 GW operational assets and c.10 GW under construction

Largest private sector port in India

Portfolio market cap >$100 billion

Largest private T&D company in India

with presence across 14 states

Largest private airports networks operator in India with 7 operational airports and 1 under-construction

11 publicly listed companies on BSE &

NSE

• Flagship company of the Group which is in the business of incubating large-scale businesses in aforementioned sectors
• Listed vehicle on the NSE (NSE: ADANIENT) and BSE (BSE: ADANIENT) with a market cap of US$42.6 billion(2)
• AEL has developed and incubated businesses of scale with growth velocity and continues to do so
• • Past incubation successes of Adani include Adani Renewables, Adani Energy Solutions, Adani Gas, Adani Ports and Logistics and Adani Power
  • The highest growth business currently under Adani Enterprises Limited ("AEL") include green hydrogen, airports, data centres, and digital labs, followed by a series of other investments

Group Summary Financials

		9.6%
8.2%		7.6%
4.5%
	+36.2%	8.9%
FY22 EBITDA	FY23 EBITDA 48.7%
30.1% US$5.04bn 57.3%	YoY Growth	US$6.87bn
		25.2%

Utility

Transport

AEL - Infrastructure business

Adjacencies (Cement)

Others

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1. As of 26th April 2024. 2.INR/USD 0.012 as of 26th April 2024

Adani Portfolio: The evolution of the business

E V O LU T I O N O F T H E A D A N I

G R O U P I N I N D I A

Gautam Adani

Founder and Chairman, Adani Group

• Mr. Gautam Adani is the Founder and Chairman of the Adani Group, which ranks among the top 3 industrial portfolios in India
• Mr. Adani, a first-generation entrepreneur, is driven by the core philosophy of infusing "Growth with Goodness" through his nation- building vision
• Each of the Group's businesses focuses on helping build world-class infrastructure capabilities to help accelerate the growth of India

Establishing Adani Exports

• Adani Exports Limited started as a commodity trading company in 1988

Achieving Scale &

New Business Lines

• Adani handled 4 Mt of cargo at Mundra in 2002, becoming the largest private port in India
• • Started power generation business in 2006
• In 2006, the company became the largest coal importer in India with 11 Mt of coal handling

De-merger Success & More

• • AEL listed on BSE in 1994 and NSE in 1997
• Completed de-mergers of Adani Ports, Adani Power, and AESL (previously, Adani Transmission) in 2015
• • Demerger of Adani Gas in 2018 and Adani Green in 2019
• Started manufacturing solar PV panels in 2015 and entered into Airports business in 2020

Establishing Ports Business

• In 1990, after establishing the trading

business, the Adani Group developed its own port in Mundra, India, to provide a larger base for its trading operations which commenced operations in 1995

• Became the top net foreign exchange earner in 1998
• The company began coal trading in 1999, followed by a joint venture in edible oil refining in 2000 with the formation of Adani Wilmar

Public Listings & Business Growth

• Adani Ports listed in 2007, and Adani Power

listed in 2009

• Acquisitions of Indonesian and Australian coal mines in 2008 and 2010, respectively
• Adani Power became the largest private sector thermal power business in India in 2015

Currently….

• Following its incubation success stories, the Group is actively growing its operations
• Airports, Renewables, Green Hydrogen, Roads, Data Centers, Digital and Media businesses growing through in-house expertise, partnerships in JVs, or acquisitions of companies at the top ranks of their fields domestically or globally

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Mt: Metric Tonne. AEL: Adani Enterprises Limited. NSE: National Stock Exchange of India Ltd.. BSE: Bombay Stock Exchange. AESL: Adani Energy So lutions Ltd.. PV: Photovoltaics. JVs: Joint Ventures.

Adani Portfolio: A World class infrastructure & utility portfolio

Flagship			Infrastructure & Utility Core Portfolio
Incubator			Energy & Utility		Transport & Logistics
(72.6%)		(56.4%)	(73.2%)	(65.9%)			(100%)
AEL		AGEL		AESL		APSEZ			NQXT1
	Renewables		T&D		Ports & Logistics
		(37.4%)	(71.8%)
		ATGL2		APL
		Gas Discom		IPP

(100%)	(50%)	(100%)	(100%)
ANIL		AdaniConneX3		AAHL		ARTL
New Industries		Data Centre		Airports		Roads

Primary Industry

Materials, Metal & Mining

(63.2%)

Cement4

(100%)

Copper, Aluminum

(100%)

PVC

(100%)

Specialist

Manufacturing5

(100%)

Mining Services &

Commercial Mining

Emerging B2C

Direct to consumer

(43.9%)

AWL

Food FMCG

(64.71%)

NDTV

(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

As of 31 January 2024

1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, 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 R oads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independ ent Power

Producer | 4. Cement business includes 63.19% stake in Ambuja Cement which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited | 5. Includes the manufacturi ng of Defense and Aerospace Equipment

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Adani Portfolio: Decades long track record of industry leading growth rates across sectors

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

Growth 3x 6		Growth 1.4x 6
EBITDA 91% 1,3,5		EBITDA 19% 1,3

AEL

APSEZ

AGEL

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 respecti ve 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 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, A PL: Adani Power Limited, AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment.	7

Adani Portfolio: A unique business of scale in India with unrivalled execution capabilities

The Growth of India

India's Growth to Remain Resilient Despite Global Challenges

• The World Bank's India Development Update notes India's resilience in a tough global environment, maintaining strong economic growth
• Despite global issues like high interest rates and geopolitical tensions, India's economy grew at 7.2% in FY22/23, outpacing most G20 countries and emerging markets, supported by domestic demand, strong infrastructure investment and a strengthening financial sector
• India's 2023-24 Budget significantly increases infrastructure spending to 3.3% of GDP, aiming to transform into a developed economy by 2047, with a focus on physical, digital and social infrastructure post-COVID-19

The Adani Group, a Microcosm of India

Understanding Adani's Competitive Advantage in India

500 GW

India's renewables target

by 2030

2,140 MW

Hybrid cluster

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

30

GW

Next Milestone - Khavda

World's largest renewable power plant

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MMTPA

India's hydrogen

target by 2030

5.2

MW

Adani's own onshore turbine configuration

120

US$ bn

India's 2023 budgeted

investment in infra

320mn+

customers

Adani's Utility customer

base

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Airports

Largest airport operator

in India

25%

of India's

Cargo traffic

Adani's % contribution

towards domestic cargo traffic

Established	▪ Adani Group, one of the largest portfolios in India, operates
extensively in utilities, transportation, and infrastructure
Platform of
▪ With over 40,000 employees and industry experts, Adani is among
Scale
the world's top infrastructure corporations

Regulatory	▪ Adani's growth plans across its business verticals tie deeply to the
roots of India's 2047 vision and contribute a meaningful market
Support
share, making the Group a true microcosm of India

Trusted	▪ The Adani Group has significant capital and strategic partnerships
Steward of	with global tier 1 companies, such as Apollo, Google, QIA, Wilmar,
Capital	IHC, Siemens, SBI, and others, supporting its growth plans

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Sources: World Bank, Government of India, Company Information

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

Phase	Development	Operations	Post Operations
Center of Excellence	Project Management & Assurance Group	AIMSL1	Policy -Strategy - Risk

Origination

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

India's Largest

Commercial Port (at

Mundra)

Performance	Highest margin
	Amond peers

Site

Development

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

Longest Private HVDC

Line in Asia (Mundra -

Mohindergarh)

Highest line availability

ConstructionOperation

• Engineering &

	design	▪	Life cycle O&M
▪	Sourcing &		planning
	quality levels	▪	Asset
▪	Equity & debt		Management
	funding at		plan
	project
	2,140 MW Hybrid		Energy Network
cluster operationalized		Operation Center
	in Rajasthan in FY23		(ENOC)
India's first and World's	Centralized continuous
	largest solar-wind		monitoring of plants
	hybrid cluster	across India on a single
		cloud-based platform

Capital Management

• Redesigning capital structure of assets
• Operational phase funding consistent with asset life
• Duration Risk Matching
• Forex Currency Risk Management
• Interest Rate Risk management
• Governance & Assurance
  (ABEX - Adani Business Excellence)

2016March			3%	5%	March2023
		11%
	14%		34%
	31%	55%		15%
				2%
				29%
	PSU	Pvt. Banks	Bonds	NBFCs & FIs
	DII	Global Int. Banks	PSU - Capex LC

1. Adani Environmental Resource Management Services Ltd. (additional company is being proposed)	9
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., 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

Adani Portfolio: Best-in-class management team with decades of experience

Select Management Accomplishments

	Largest private airport	11 publicly listed	Largest renewables	c.10 GW of renewables	Transformed Mundra
Portfolio market cap	business in India with
networks operator in	companies on BSE &	pipeline under	into India's largest
>$100B	11GW of operational
India	NSE	construction	industrial ecosystem
	capacity

Key Sponsors

Key Sponsors

Gautam Adani: Chairman, Adani Group

• Founder and Chairman of the Adani Group, which ranks among the top 3 industrial portfolios in India and consists of 11 publicly listed entities

Rajesh Adani: MD, Adani Enterprises

• Vital part of the Adani group since its inception, heading the Group's operations and key in developing its business relationships

Key Control and Assurance Functions (Financial, Execution and Operations)

Jugeshinder ('Robbie') Singh:	Vneet S. Jain: MD & CEO - Adani	Chaitanya Prasad Sahoo: Group
Group CFO	Green, Director - ANIL	CEO AIMSL (Infrastructure)
▪ Over 16 years of global	▪ Nearly 15 years working with	▪ Decades of experience in the
investment banking	the Adani group,	field of thermal power,
experience in Australia, New	spearheading the Group's	providing operation and
Zealand, North America,	strategy for its Energy and	maintenance services to
Europe and Asia	Infrastructure business	businesses

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