Adani Listed Portfolio
Results - Compendium
FY22
Adani Group: A world class infrastructure & utility portfolio
~USD 206 bn1 | ||||||||||||||||||||||
Combined Market Cap | ||||||||||||||||||||||
Infrastructure Portfolio | ||||||||||||||||||||||
Incubator | Energy & Utility | Transport & Logistics | Direct to consumer | Other businesses | ||||||||||||||||||
(74.9%) | (61.3%) | |||||||||||||||||||||
(74.9%) | (65%) | (100%) | (44%) | |||||||||||||||||||
AEL | AGEL | ATL | APSEZ | NQXT2 | AWL | |||||||||||||||||
Renewables | T&D | Ports & Logistics | Food FMCG | |||||||||||||||||||
(37.4%) | (75.0%) | |||||||||||||||||||||
ATGL3 | APL | |||||||||||||||||||||
Gas Discom | IPP | |||||||||||||||||||||
(100%) | (50%) | (100%) | (100%) | (100%) | (100%) | |||||||||||||||||
. | Other specialty businesses | |||||||||||||||||||||
ANIL | AdaniConneX4 | AAHL | ARTL | ADL | ||||||||||||||||||
(Defence, Mining services, Copper, | ||||||||||||||||||||||
New Industries | Data Centre | Airports | Roads | Digital | Petrochemicals) | |||||||||||||||||
(%): 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 and de-risked cash flow generation
1 . As on Apr 29, 2022, USD/INR - 76.5 | Note - Light blue color represent public traded listed verticals 2. NQXT: North Queensland Export Terminal | 3. ATGL: Adani Total Gas Ltd, JV with Total Energies | | 2 |
4. Data center, JV with EdgeConnex, | 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
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 |
2021 | 1,246 MMT | 247 MMT |
Renewable Capacity (GW)
132% |
5x |
25% |
Industry |
2016 | 46 GW | 0.3 GW |
2021 | 140 GW9 | 19.3 GW6 |
Transmission Network (ckm)
21% |
3x |
7% |
Industry |
2016 | 320,000 ckm | 6,950 ckm |
2021 | 441,821 ckm | 18,336 ckm |
CGD7 (GAs8 covered)
45% | |
30% | 1.5x |
Industry |
2015 | 62 GAs | 6 GAs |
2021 | 228 GAs | 38 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: 91%1,4 | EBITDA margin: 92%1,3,5 | EBITDA margin: 41%1 |
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 FY21; 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 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'
3
Adani Group: Repeatable, robust & proven transformative model of investment
Phase | Development | Operations | Post Operations | ||
Origination | Site Development | Construction | Operation | Capital Mgmt |
Performance Activity
- Analysis & market intelligence
- Viability analysis
- Strategic value
India's Largest
Commercial Port
(at Mundra)
Highest Margin among Peers
• | Site acquisition | • | Engineering & design |
• | Concessions & regulatory | • | Sourcing & quality levels |
agreements | • | Equity & debt funding at | |
• | Investment case development | project |
Longest Private HVDC | 648 MW Ultra Mega |
Line in Asia | Solar Power Plant |
(Mundra - Mohindergarh) | (at Kamuthi, TamilNadu) |
Highest line | Constructed and |
availability | Commissioned in |
nine months
- Life cycleO&M planning
- Asset Management plan
Energy Network Operation Center (ENOC)
Centralized continuous monitoring of plants across India on a single cloud based platform
- Redesigning capital structure of assets
- 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 COP26 goals - at AEML
- 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
-
IHC to invest USD 2 billion in three green- focused companies in the Adani portfolio
- AGEL, ATL and AEL
Debt structure moving from PSU's banks to Bonds
8%
14% | 21% | |
50% | ||
31% | 55% | 8% | 2% |
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global Medium Term | 11% | 4 | |||
Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd. IG: Investment Grade, LC: Letter of Credit, DII: Domestic Institutional Investors, | March 2016 | ||||
PSU | Pvt. Banks Bonds | DII | Global Int. Banks PSU - Capex LC March 2021 | ||
COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd. |
Adani Listed Portfolio : Highlights of FY22 Results
(YoY)
Operations
- APSEZ maintains its dominant position Cargo volume grew by 26% to 312 MMT
- Developed businesses of AEL outperformed, new businesses (airport,
Strategy
- APSEZ - As part of east coast west coast parity Krishnapatnam acquisition completed. Working towards gaining 100% stake at Gangavaram Port
Finance
• | Adani portfolio EBITDA* grew by 26% | |||
• | Abu | Dhabi-based | International | |
Holding | Company | (IHC), | invested | |
Rs.15,400 Cr (USD | 2 bn) | primary |
roads, and data center) on fast track mode
- Adani Green Energy, sale of energy up by 72% at 9,426 mn units on the back of capacity increase and consistent improvement in CUF
- ATL adds 1,104 ckm to its operational network, to reach 18,795 ckm
- ATGL, CNG volume up 58% and PNG volume up 17%
- AWL continues to gain market share gain in all key segments
- AEL - Portfolio of airports serving ~ 20% of total passenger base. Currently incubating data center & road asset business
- AGEL - Continued focus on capacity expansion. Completed acquisition of SB Energy's 5 GW India renewable portfolio for fast tracking 2025 locked in growth of 25 GW
-
ATL - To capitalize on locked-in growth with project pipeline of Rs. 185 bn in
transmission segment. AEML positioned as reliable, affordable and sustainable service provider
equity in Adani Portfolio companies: | |||
Adani Green Energy Ltd, Adani | |||
Transmission | Ltd | and | Adani |
Enterprises Ltd. | |||
• Adani Wilmar (AWL) successfully | |||
raised ₹3,600 crore in fresh capital | |||
through IPO and received a strong | |||
response from investors, with the | |||
issue garnering over 17 times | |||
subscription | |||
• ATL - Received Asia Pacific Indian | |||
Deal Of The Year Award from Project | |||
Finance International for USD 700 | |||
Mn revolving project finance facility |
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 Adani Power (APL) excluded as it is now a fixed asset business with no further investments pledged in its business
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Adani Enterprises Ltd. published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2022 10:01:04 UTC.