Adani Enterprises Q2 FY24 Earnings Call Summary
Financial Highlights
• Consolidated Total Income: INR 48,876 crores for the half-year.
• EBITDA: Increased by 43% to INR 5,874 crores.
• Profit Before Tax: Rose by 50% to INR 1,958 crores.
• Incubating Businesses Contribution: 48% of overall EBITDA.
Key Achievements
• Advancements in:
• Solar and wind energy manufacturing.
• Airport operations.
• Mining services.
Solar Manufacturing Capacity
• Current Capacity: Approximately 4.5 GW.
• Exports: 792 MW of modules exported in the last two quarters, primarily to the US.
Wind Manufacturing Plans
• Initial Capacity: 1.5 GW, mainly for captive use but also available for export.
Data Center Business
• Expected CapEx: Around $0.5 billion.
Mining and Margins
• Bailadila Mine: Confirmed removal from the iron ore service contract.
• Solar Module Sales Margins: Strong margins attributed to falling module prices; stable future export margins assured.
Future Projects
• Green Hydrogen Plant: Commissioning set for FY27.
• Coal-to-PVC Project: Financial closure expected this financial year.
• Copper Project: Discussion on potential developments.
Airport Progress
• Navi Mumbai Airport: 40-45% complete, on schedule for late 2024.
• CapEx for Airports: INR 5,350 crore incurred in the first half; target of INR 11,000 crore for the full year.
Conclusion
• The call concluded with thanks to participants and an invitation for further inquiries, with a detailed presentation available on the company's website.

Adani Enterprises Q1 FY24 Earnings Call Summary
Key Financial Highlights
• Total Income: Rs. 25,810 crores
• EBITDA: Rs. 2,896 crores (47% YoY increase)
• PAT: Rs. 674 crores (44% YoY increase)
Business Progress
• Green Hydrogen: Contributes over 10% of EBITDA; ongoing backward integration efforts.
• Mining Services: Production expected to begin in Dhirauli mine this financial year.
• Airport Operations: Increased passenger spending driving growth in EBITDA.
• Construction Projects: Navi Mumbai Airport timeline remains unchanged despite monsoon impacts.
Capital Expenditure (CAPEX) Plans
• Total CAPEX for FY24: Approximately $3.7 billion.
• Green Hydrogen Facility: Projected $50 billion for a 3-million-ton facility.
• Airport CAPEX: Approximately $1.1 billion this year.
Project Updates
• Copper Project: On schedule for early 2024 completion.
• Coal-to-PVC Project: Progressing as planned.
• Road Projects: Three expected to complete this financial year; majority by FY25.
Market Insights
• Solar Manufacturing Margins: Expected to stabilize or slightly decline due to global supply dynamics.
• Data Center Business: Order book of over 110 Megawatts, aiming for 1 gigawatt by decade's end.
Future Guidance
• IRM Volumes: Projected over 70 million tons, contingent on coal demand in India.
• Mining Services: Targeting 35 million tons for FY24.
Conclusion
• The call concluded with management expressing confidence in ongoing projects and future growth, with plans to reconvene for half-yearly results.