Adani Enterprises Limited — Q1 FY24
Adani Enterprises reported a strong Q1 FY24 with consolidated EBITDA up 47% YoY to INR 2,896 crore and PAT up 44% to INR 674 crore, driven by robust performance in the green hyd...
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions audited
Partial answer
High priority
Impact of TDSAT order on Mumbai Airport tariff
Asked by Mohit Kumar, ICICI Securities
Acknowledged precedence but did not confirm direct applicability or timeline.
no commitment on applicabilityvague on timing
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Question
I believe that GMR has got a favorable order from TDSAT on the existing contract, and I think that this particular order should be applicable to Mumbai Airport. Is my understanding right?
Robbie Singh, CFO
The order, generally as a rule from a regulator, applies only to the specific order that is sought by the asset owner. However, from a precedence point of view, you are correct, that in the filing of, MIAL also, the similar, considerations will apply.
Evasive
High priority
Time expectation for tariff reinterpretation at Mumbai Airport
Asked by Mohit Kumar, ICICI Securities
Declined to provide any timeline, citing regulatory complexity.
refused to give timelinedeferred to regulatory process
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Question
What is the time expectation when you think, you know, this new thing can get reinterpreted and be a part of, you know, our higher tariff?
Robbie Singh, CFO
No, that is, I think, important thing to realize there is that it's a regulatory process. We don't want to specifically comment on time because it's a lot of these, relatively complex considerations that the regulators have to do their work.
Partial answer
Medium priority
Driver of sharp QoQ EBITDA improvement at Mumbai Airport
Asked by Mohit Kumar, ICICI Securities
Gave qualitative drivers but no specific split between aero/non-aero or spend per passenger.
no quantitative breakdowngeneric drivers
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Question
Is this primarily driven by non-aero, or have you seen the spending per pass increasing very fast in the quarter, QOQ?
Vinay Prakash, CEO of Natural Resources
Largely the EBITDA growth and EBITDA is driven by the two aspects. One, the spending by the passengers and non-passengers at the airport. Secondly, the increasing in the actual gross spend rate of each of the passenger and non.
Declined
High priority
Carmichael revenue and EBITDA; segmental classification
Asked by Mohit Kumar, ICICI Securities
Confirmed segment classification but did not provide requested revenue or EBITDA figures.
no numbers givenonly confirmed segment classification
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Question
Is it possible to share the revenues and EBITDA for the quarter? The related question is that in the segmental, which you disclosed, commercial mining is one line item. I believe this primarily corresponds to Carmichael. Is my understanding correct?
Vinay Prakash, CEO of Natural Resources; Robbie Singh, CFO
Yes. Yes, the understanding is correct.
Partial answer
Medium priority
Export destinations for solar modules
Asked by Mohit Kumar, ICICI Securities
Named regions but did not provide any quantitative breakdown or specific countries.
no ballpark numbervague countries
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Question
Can you please specify which are the countries which, where you are exporting our modules right now? Some ballpark number.
Robbie Singh, CFO
Primarily, U.S. and Europe, overall.
Partial answer
High priority
Progress on green hydrogen ecosystem and electrolyzer technology
Asked by Aditya Bhartia, Investec Capital Services
Provided some updates but deferred key details to future results.
deferred to half-yearly updateno specific timeline for electrolyzer
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Question
Could you share some details on the progress on creating green hydrogen ecosystem? ... Also, has there been any progress on technology sharing for electrolyzer?
Robbie Singh, CFO
No, all of that is obviously, as, like I said in my opening comment, the backward integration is continuing, so wafer and ingot plant is under development and we'll formally update as to where it is in our half-yearly result.
Evasive
High priority
Data center capacity firmed up and competitive advantage
Asked by Aditya Bhartia, Investec Capital Services
Avoided giving proportion of firmed capacity and competitive advantage, spoke generally about market.
reframed questionno proportion givengeneric market commentary
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Question
What would be the proportion of overall capacity that has been firmed up with the orders already? And what would be your biggest competitive advantage versus our peers?
Robbie Singh, CFO
See, we, we don't specifically look at, you know, it's like it's sometimes it gets, you know, I would say, it gets too much on what's the competitive advantage or what's not. India is going to be a very significant data market.
Answered
High priority
CapEx plans for green hydrogen, airports, and data centers
Asked by Aditya Bhartia, Investec Capital Services
Provided specific CapEx ranges for green hydrogen and airports for the current year.
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Question
What are our CapEx plans, especially for green hydrogen, airports, and data center segments for the next three years?
Robbie Singh, CFO
Overall, in the longer term, the CapEx plans don't alter for the asset. Like green hydrogen, full 3 million ton facility, approximately $50 billion, as we had outlined earlier. ... This year, we will touch about just about between $300 million-$400 million, then it rapidly starts rising from next year and the year after.
Answered
High priority
Guidance for commercial mining volume this year
Asked by Nikhil Abhyankar, ICICI Securities
Clearly stated no volume expected from commercial mining in India this year.
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Question
What's the guidance for commercial mining this year? ... our production has fallen, like, 10% YOY, so what is the exact reason for the same?
Vinay Prakash, CEO of Natural Resources
Commercial mining, I don't think we'll get any volume this year in India.
Partial answer
Medium priority
Talabira mine volume guidance and Carmichael offtake/EBIT trend
Asked by Nikhil Abhyankar, ICICI Securities
Provided Talabira volume guidance but did not address EBIT trend for Carmichael.
no EBIT trend guidanceonly volume numbers
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Question
We are also developing Talabira mine, so what is the how much do we expect per year out of it, volumes? ... The EBIT has been negative, what should we, what will be the trend over there?
Vinay Prakash, CEO of Natural Resources
Talabira mine is having a PRC of 22 million ton per annum. ... we have indicated that all going well, we'll be touching 13 million ton this year. ... As you have seen that Q1 2023, we did 1.6, doubled in this year by doing 2.6.
Answered
High priority
Solar manufacturing margins and utilization trend
Asked by Nikhil Abhyankar, ICICI Securities
Provided directional guidance on margins and utilization.
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Question
The margins on our solar manufacturing has been very high. ... what exactly will be the trend going forward? Also, our utilization levels, if I'm not wrong, are somewhere around 60%. Can we see better utilization going ahead as well?
Robbie Singh, CFO
Margins will stabilize around the number, but margins will not rise, but are expected to stabilize or, or, or very slight decline. ... the utilization rate will rise.
Answered
High priority
Overall CapEx for FY24 and impact of Hindenburg on CapEx pace
Asked by Prateek Kumar, Jefferies
Provided specific CapEx figure and confirmed no slowdown.
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Question
What is the overall CapEx for FY 2024 for company? ... are you looking for accelerating Capex in Adani Enterprises as well, which was suggested to have a sort of mild slowdown in past quarter?
Robbie Singh, CFO
Total CapEx, as we had indicated even last year, this year was around $3.7 billion across Adani Enterprises, and will continue that way.