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Adani Enterprises Limited — Q2 FY24
Adani Enterprises reported a strong H1 FY24 with consolidated total income of INR 48,876 crore and EBITDA up 43% YoY to INR 5,874 crore, driven by incubating businesses contributing 48% of overall EBITDA.
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Adani Enterprises reported a strong H1 FY24 with consolidated total income of INR 48,876 crore and EBITDA up 43% YoY to INR 5,874 crore, driven by incubating businesses contributing 48% of overall EBITDA. The solar manufacturing segment exported 792MW of modules, primarily to the US, and the first wafer was produced at the 2GW ingot-wafer plant. The wind turbine division received certification, enabling series production. Airport passenger traffic grew 29% to 42.7 million in H1. Management reiterated that each module of the green hydrogen ecosystem is cash-flow positive and on schedule for FY27. Risks include potential margin compression in solar modules as domestic mix increases and execution delays in large-scale projects like Navi Mumbai airport.
अडानी एंटरप्राइजेज ने चालू वित्त वर्ष की पहली छमाही में मजबूत प्रदर्शन किया। कंपनी की कुल आय 48,876 करोड़ रुपये रही और परिचालन लाभ (EBITDA) पिछले साल की तुलना में 43% बढ़कर 5,874 करोड़ रुपये हो गया। नए कारोबारों ने कुल लाभ में 48% का योगदान दिया। सौर पैनल बनाने वाले हिस्से ने 792 मेगावाट के मॉड्यूल का निर्यात किया, ज्यादातर अमेरिका को। 2 गीगावाट के वेफर प्लांट में पहला वेफर तैयार हुआ। पवन टरबाइन को सर्टिफिकेट मिल गया, जिससे बड़े पैमाने पर उत्पादन शुरू हो सकेगा। हवाई अड्डों पर यात्री संख्या 29% बढ़कर 4.27 करोड़ हो गई। कंपनी ने कहा कि हरित हाइड्रोजन से जुड़ा हर काम नकदी लाभ दे रहा है और 2027 तक तय समय पर चल रहा है। जोखिमों में घरेलू बिक्री बढ़ने से सौर मॉड्यूल के मुनाफे पर दबाव और नवी मुंबई हवाई अड्डे जैसी बड़ी परियोजनाओं में देरी शामिल है।
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Risk Intelligence
Solar module margin compression from domestic mix shift
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Solar module exports
792MW
+100% YoY
Exported 792MW of modules in Q2, primarily to the US, reflecting strong global demand.
Airport passenger traffic (H1)
42.7M
+29% YoY
Half-yearly passenger movement grew 29% to 42.7 million, tracking 85 million annualized.
Carmichael coal production
5.4M tonnes
+68% YoY
Production at Carmichael mine in Australia increased 68% to 5.4 million metric tons.
MDO production guidance (FY24)
35-37M tonnes
flat
Management guided MDO production of 35-37 million tonnes for FY24, in line with previous run rate.
What Changed vs Last Quarter
NEW
Navi Mumbai airport completion by end of calendar year 2024
The airport is 40-45% complete and on schedule to be finished by Q4 2024.
NEW
Coal to PVC financial closure this fiscal year
Financial close for the coal-to-PVC project is expected within FY24.
NEW
Copper smelter completion in Q1 CY2024
The copper project is on schedule to be completed in the first calendar quarter of 2024.
NEW
Green hydrogen pilot plant commissioning by FY2027
The integrated green hydrogen ecosystem pilot plant is on schedule for FY2027.
DROPPED
FY24 CapEx of $3.7 billion
Total capital expenditure for Adani Enterprises in FY24 is guided at $3.7 billion, with $1.1 billion for airports, $1.7 billion for roads, $300 million for green hydrogen, and $200 million for data centers.
DROPPED
IRM volume to cross 17 MMT
IRM volumes are expected to exceed 17 million metric tons for FY24, subject to coal demand in India.
DROPPED
Mining services target ~35 MMT
Mining services volume target for FY24 is approximately 35 million metric tons.
DROPPED
Three road projects to complete in FY24
Three HAM road projects are expected to be completed within the current financial year.
NEW RISK
Execution delays in large infrastructure projects
Navi Mumbai airport and other projects face typical construction risks; any delays could impact cash flows.
NEW RISK
Coal trading volume decline due to market trends
Coal trading volumes have declined in line with market trends, and full-year guidance is uncertain.
RISK GONE
Regulatory delay in airport tariff revision
The favorable TDSAT order for GMR may set a precedent for Mumbai Airport, but the regulatory process could take time, delaying tariff increases.
RISK GONE
Commercial mining volume delay
No commercial mining volume expected in India this year; first coal from Dhiroli mine likely only next year.
RISK GONE
Equity dilution risk
The board has approved raising up to INR 12,500 crore in equity, which could dilute existing shareholders.
Fast read
Guidance and risk preview
The airport is 40-45% complete and on schedule to be finished by Q4 2024.
Management indicated that non-export margins will differ from export margins, implying potential compression as domestic sales increase.
View Risks →