Adani Enterprises Limited — Q1 FY25
Adani Enterprises reported its highest-ever quarterly EBITDA of INR 4,300 crore, up 38% YoY, driven by a stellar performance from incubating businesses (62% of EBITDA vs 45% a y...
✓ Verified against BSE filing
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.
Breakup of EBITDA into wind and solar manufacturing
Asked by Mohit Kumar, ICICI Securities
Management provided exact EBITDA split by segment.
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Is it possible to break up the EBITDA into the two PG and solar manufacturing?
So the EBITDA, total EBITDA for the overall number is INR 1,642 crore, out of which INR 99 crore was contributed by the wind turbine manufacturing business, and the remaining INR 1,543 crore has been contributed to the solar manufacturing.
Order book for solar capacity and ability to sell more than 4 GW annually
Asked by Mohit Kumar, ICICI Securities
Management clarified the sales figure and confirmed full order book for the year.
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Is it possible to give the color of the order book of the solar capacity? Also the fact that you've done 137 MW sales in this quarter, is it possible to sell more than the capacity, actual capacity 4 GW?
No. So the thing is that 1,379 MW includes about 360 MW of sales, which was booked in March, but sold in the current quarter. The actual sales in per se for the current quarter is 1,000 odd MW. On your second question, in terms of order book, our solar manufacturing, solar book, we are booked for the current financial year on a full basis.
Ramp-up of wafer capacity and timeline to 10 GW
Asked by Mohit Kumar, ICICI Securities
Management provided current status and clear timeline for full capacity.
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Any color on the ramping up of the wafer capacity? How is it shaping up? And do you see it will take some more time to stabilize?
From wafer capacity perspective, ingot and wafer, we are stabilizing the operations. We have started operating 2 GW, and we are stabilizing those operations. And by next quarter, we should have full production in the ingot and wafer plant. And over the next 2 years, you should see full 10 GW capacity, right from polysilicon, ingot, wafer, cell, and module.
IRM volumes and expected trend for the year
Asked by Brett Knoblauch, Cantor Fitzgerald
Management gave current volume and normalized annual range.
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Maybe if we could start on IRM, can you just talk about what's going on there with volumes and kind of where you expect the business to trend for the remainder of the year?
So, Brett, the volumes, we have done about 15 million tons in the current quarter, and that same trend should continue. With the, we had a very good year and a half... we are going back to what our normalized growth is, which is in the range of 60-70 million metric tons.
Data center exposure to AI/high-power computing
Asked by Brett Knoblauch, Cantor Fitzgerald
Management confirmed focus on hyperscalers for AI computing.
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I was wondering if your data center business has any exposure to call it high power computing that is needed for AI, or if there's any plans for you to add that exposure?
So, we are looking at basically hyperscalers, which means the large players who have the data center for their own consumption in a big way. So that's what we are targeting. Our order book is basically comprised of such players. ...those are large-scale players, hyperscale players, who use this data center especially for, computing and AI only.
Mumbai airport completion timeline
Asked by Brett Knoblauch, Cantor Fitzgerald
Management gave a specific target date.
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Maybe just an update on the build-out of the Mumbai airport. It's supposed to be completed over, you know, I guess, the next 12 months?
Yes. So, not even next 12 months, now I would say next nine months, because we are targeting to complete the and operationalize Mumbai by March 2025.
Explanation for margin increase and sustainable margins
Asked by Prateek Kumar, Jefferies
Management explained driver but did not quantify sustainable margin level.
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So there have been kind of margins in that perspective or still are excluding the FY19. Can you help explain the increase in margins and what is the sustainable margins you're looking at?
So I think because of the huge uptake which we are constantly having in our export orders, where we have grown our export orders, we sold about 387 GW in Q1 FY 2024. It has now gone to 808 MW. And the margins that we get from our export orders, the contribution has increased because of that, which we see that for the next one year, we already have orders in hand, so it should continue in that level.
Tariff order status for Mumbai Airport
Asked by Nikhil Abhyankar, ICICI Securities
Management acknowledged but did not provide any update or details.
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Can you help us with the tariff order status for Mumbai Airport?
So see, Mumbai Airport, the tariff order was already done, so we, I'll just come back to you on the next. When it is a cycle, I'll have to get the data across. We'll come back to you separately on that.
Non-aero revenues for Q1 and last year
Asked by Nikhil Abhyankar, ICICI Securities
Management declined to give Q1 numbers but provided a split for Mumbai.
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Will you be able to give us the non-aero revenues for Q1 and what was last year's?
So, we are not yet giving the, on the aero and non-aero split as yet because of the, ramping up of our various operations... So over the next 6 to 9 months, we will start publishing the aero and non-aero re, separately. So from a Mumbai, International Airport perspective, the aero to non-aero split is about 45-55.
Realization per watt sustainability and export vs domestic difference
Asked by Nikhil Abhyankar, ICICI Securities
Management gave a clear range for realization.
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We expect this realization of almost $0.36 to a Watt to sustain throughout the year and going forward?
So see, I would say we can safely assume upwards of 30. That's for sure. I would not vouch and just put that as 36 to continue, but yes, above 30 is what we are still looking at for the next one year for sure.
Funding plan for CapEx and QIP timing
Asked by Dhananjay Mishra, Sunidhi Securities
Management detailed funding sources and QIP purpose.
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In terms of CapEx, as you said, so how are you going to fund and, what is the plan from fundraising in terms of equity or debt as of now?
So, Dhananjay, as we had mentioned, airport, roads, and data center are fully funded. Copper is also fully funded. So PVC also, we have completed the program and the sanctions are all in place. ...we have also announced a QIP program for Adani Enterprises also. And whatever the substantial portion of equity requirement that is there for the Adani New Industries will be fulfilled through this QIP program.
Net debt position as of June quarter
Asked by Prateek Kumar, Jefferies
Management provided exact debt and net debt figures.
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Are you ready for the net debt, March ending net debt was around INR 31,000 crore approximately. So how is that, like, I mean, season growth rate, of course, but how is the net debt position now as of 1, 2?
Our external debt was about INR 38,000 crore in March, and which, is now to INR 42,700 crore in June. ...the net debt position is about, we have a cash balance of about INR 6,000 crore in our balance sheet, so the net debt position is at 32, 36,000 for the June quarter.
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Total EBITDA INR 1,642 crore, wind INR 99 crore, solar INR 1,543 crore | ₹1,642 cr | ₹4,300 cr | Understated vs filing |
| PVC EBITDA guidance upwards of INR 4,000 crore at full capacity | ₹4,000 cr | ₹4,300 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.