Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its results today for the quarter and half year ended 30 September 2024.

AEL’s constant endeavour on achieving operational efficiency across all business verticals along with incubating new asset base is reflected yet again in these results. AEL has recorded its highest half-yearly EBIDTA of INR 8,654 crore which is consistently supported by strong performance from emerging core infra businesses under its incubation portfolio. The emerging core infra businesses has recorded half-yearly EBIDTA of INR 5,233 crore with an increase of 85% on year-on-year basis on back of robust operational performance.

“Adani Enterprises Ltd (AEL) continues to focus on investing in logistics, energy transition and adjacent sectors that are core to the economic growth of the country. This record-breaking half-year performance has been led by Adani New Industries Ltd (ANIL) and Adani Airport Holdings Ltd (AAHL) with their rapid growth in capacity additions and asset utilisation,” said Mr Gautam Adani, Chairman of the Adani Group. “Our focus on execution of greenfield projects in ANIL across three giga scale integrated manufacturing plants and the accelerated development of Navi Mumbai International Airport are driving these robust results. Further, AEL is poised to repeat this turbo growth across data centres, roads, metals & materials and specialized manufacturing. AEL continues to invest in innovative technology across its platforms to support this high growth phase.”

Consolidated Financial Highlights       

Particulars	Q2 FY24	Q2 FY25	% change Y-o-Y		H1 FY24	H1 FY25	% change Y-o-Y
Total Income	20,095	23,196	15%		43,111	49,263	14%
EBIDTA	2,979	4,354	46%		5,875	8,654	47%
Profit Before Tax	879	2,409	174%		1,959	4,644	137%
Profit After Tax1	228	1,747	6.6x		903	3,206	2.5x
Cash Accruals2	1,242	2,972	139%		2,735	5,677	107%

Incubating Businesses Financial Highlights

Particulars	Q2 FY24	Q2 FY25	% change Y-o-Y		H1 FY24	H1 FY25	% change Y-o-Y
ANIL Ecosystem
Total Income	1,939	3,115	60%		3,837	7,634	99%
EBIDTA	628	1,121	78%		983	2,763	181%
PBT	526	916	74%		801	2,341	192%
Airports
Total Income	1,946	2,276	17%		3,657	4,453	22%
EBIDTA	568	744	31%		1,080	1,426	32%
PBT	(65)	(148)	–		(163)	(237)	–

Operational Highlights

Volume	Q2 FY24	Q2 FY25	% change Y-o-Y		H1 FY24	H1 FY25	% change Y-o-Y
ANIL Ecosystem
Module Sales (MW)	630	1001	59%		1244	2380	91%
WTG (Sets)	–	15	#1		–	56	#1
Airports
Pax movement (Mn)	21.3	22.3	5%		42.6	45.1	6%
ATMs (‘000)	146.8	153.3	4%		288.4	305.4	6%
Cargo (Lacs MT)	1.9	2.8	47%		4.2	5.5	31%
Roads
Construction (L-KM)	12.5	180.4	13.4x		92.3	910.4	8.8x
Mining Services
Dispatch (MMT)	6.2	8.2	32%		12.6	17.5	39%
IRM
Volume (MMT)	18.8	13.7	(27%)		36.6	29.1	(21%)

Capital market transactions

AEL has raised INR 4,200 crore (USD ~500 Mn) through QIP which was subscribed with participation from international and domestic investors AEL has raised INR 800 crore (USD ~100 Mn) through maiden public issuance of NCDs which is first public issue by any private corporate in last decade AEL’s airport arm AAHL has raised INR 1,950 crore (USD ~230 Mn) through issuance of NCDs with participation from Mutual Funds and Banks AEL’s road business arm ARTL’s SPVs has raised INR 1,124 crore (USD ~130 Mn) through issuance of AAA rated NCDs with structured maturities up to 11 years

Business Updates

Adani New Industries Ecosystem

Solar manufacturing Module sales cross 2 GW during first six months; export increased by 64% and domestic sale increased by 139%EBITDA margins continued to improve on account of improved realization and operational efficiency through integrated production of cell & module line

Wind Turbine manufacturing The 5.2 MW & 3.0 MW WTG using ANIL blades listed in RLMMFinal type certificate received for 3.3 MW WTG and applied for RLMM listing300th Blade production milestone crossed during this quarter

AdaniConnex Pvt Ltd (ACX – Data Centre)

Noida Data Centre Construction Completion ~95% of 50MW core & shell + 10 MW MEP

Hyderabad Data Centre Construction Completion ~98% for Phase I – 9.6 MW

Pune Data Centre Pune I ~38% and Pune II ~61% for Phase I – 9.6 MW