Adani Enterprises Limited — Q4 FY24
Adani Enterprises reported a strong FY24 with consolidated EBITDA up 32% to INR 13,237 crore, driven by incubating businesses (ANIL, airports, roads) now contributing 45% of EBI...
bullish
high
✓ 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.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
CapEx outlook for FY25 and segmentation by division.
Asked by Prateek Kumar, Jefferies
Management provided a specific total CapEx figure and broke it down by division.
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Question
Firstly, on CapEx outlook, can you highlight, like, how do you see now FY 2025 in terms of overall CapEx and maybe segmentation of the CapEx in terms of various divisions?
Saurabh Shah, Deputy CFO
So from the CapEx perspective, we are looking at a CapEx of about INR 80,000 crore in the FY 2025, out of which major part of CapEx will come from, go in ANIL and airports business, which take up about INR 50,000 crore of CapEx.
Partial answer
Medium priority
Reason for solar segment EBIT margin decline from 30%+ to 25%.
Asked by Prateek Kumar, Jefferies
Management gave a reason but did not quantify the mix impact or provide exact margin figures.
no specific margin breakdown givenattributed to mix without quantification
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Question
The solar segment margins on an EBIT basis have come down from like 30%+ range to some 25% range. Any specific reason here?
Saurabh Shah, Deputy CFO
No. So see, from a Q4 to Q4 perspective, the numbers are basically just there is a small dip because of the import to export to domestic mix.
Answered
High priority
Ramp-up timeline and demand outlook for the new copper plant.
Asked by Brett Knoblauch, Cantor Fitzgerald
Management provided specific timeline and capacity target.
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Question
I guess my first question is on the recent announcement that you guys finally commenced operation of your copper plant. Can you just talk about the ramp cycle and timing of that?
Vinay Prakash, CEO, Adani Natural Resources
In fact, copper, as you all guys might be seeing it, globally, the copper prices are going up... we started our production in March 2024, and in this year we are going to commission all our units by the end of FY 2025. So for this year, we are not going to achieve the peak, but FY 2026, we are likely to achieve our peak capacity of 500,000 tons.
Partial answer
Medium priority
Expected operational data center capacity by end of FY25.
Asked by Brett Knoblauch, Cantor Fitzgerald
Management described progress but did not give a clear operational MW number for FY25 end.
no specific MW capacity target for FY25 endbilling start mentioned but not capacity
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Question
On the data center business, can you just talk about what you expect capacity or, you know, operational capacity to be by the end of, I guess, the new fiscal year?
Saurabh Shah, Deputy CFO
So see, in the data center business, Chennai is fully operational at 17 MW... we are looking to have the billing started for Noida and Hyderabad in FY 2025, and in Pune by FY26.
Answered
High priority
Revenue and EBITDA from wind turbine manufacturing in Q4.
Asked by Brett Knoblauch, Cantor Fitzgerald
Management provided specific revenue and EBITDA figures for the quarter.
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Question
Can you just maybe help us from a modeling perspective, model revenues for the wind revenue, or wind manufacturing revenue, I guess, of the 47 wind sets sold. I guess, how much revenue did that generate in the quarter?
Saurabh Shah, Deputy CFO
So in wind manufacturing... we supplied 47 sets. In that, because of that 47 sets, the revenue that we generated was about INR 850 odd crores on the 47 sets, and the EBITDA was about INR 120 crores.
Evasive
Medium priority
Breakdown of aero vs non-aero revenue growth for airports.
Asked by Anuj Suneja, ICICI Prudential Life
Management promised future disclosure but did not provide the requested breakdown.
deferred to futureno current breakdown provided
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Question
Would it be possible to break down the growth that we are expecting going forward in the aero and the non-aero part of the business?
Saurabh Shah, Deputy CFO
So we will also come up with this as we move forward in that—this business. As you know, because we just took over this business during COVID... we will also come up with the aero to non-aero ratios as we move forward in the next six to six months or so.
Answered
High priority
Order book and export share for solar manufacturing.
Asked by Nikhil Abhyankar, ICICI Securities
Management gave a clear order book duration and export share percentage.
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Question
If you can quantify what is the order book of our solar manufacturing business and what is the share of exports in it?
Saurabh Shah, Deputy CFO
In terms of order book, we are currently booked for nearly one and a half years going forward... About 70% of it.
Partial answer
Medium priority
Reason for negative EBIT but positive EBITDA at airports.
Asked by Nikhil Abhyankar, ICICI Securities
Management mentioned a one-off but did not explain the structural EBIT/EBITDA gap.
did not explain EBIT vs EBITDA difference clearlyattributed to one-off but not fully
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Question
The airport EBIT is negative, but the EBITDA is positive. Any specific reason for that, sir?
Saurabh Shah, Deputy CFO
So there was, there is one is that at the PBT level, we are still working on the business in terms of getting it positive. And also there was a one-off exceptional item in the airport business, which has put pressure on the PBT, actually.
Answered
High priority
EBITDA from Australian operations for Q4 and full year.
Asked by Nirav Shah, GeeCee Holdings
Management provided specific EBITDA figures for Q4 and full year.
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Question
What is the EBITDA from the Australian operations for fourth quarter and third quarter?
Saurabh Shah, Deputy CFO
In Australia, the EBITDA we have has about INR 1,300 crore for FY 2024, and the quarterly EBITDA in is about INR 400 crore.
Answered
High priority
Volume guidance for Australian and MDO operations in FY25.
Asked by Nirav Shah, GeeCee Holdings
Management provided specific volume guidance ranges for both businesses.
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Question
Can you just share the volume guidance between how much are we likely to do in Australian operations? Because we were doing some capacity ramp-ups over there, as well as the MDO business.
Vinay Prakash, CEO, Adani Natural Resources
So in Australia, we should be close to 14.5-15 million tons this year, FY 2025... And as far as mining services is concerned, we did 30.9 million ton FY 2024. We will definitely try to see if we can touch close to 50. Forty-five to 50 should be the minimal number.
Answered
High priority
Leverage guidance for FY25 end given high CapEx.
Asked by Prateek Kumar, Jefferies
Management gave a specific net debt/EBITDA target of less than 4x for FY25.
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Question
With the kind of CapEx, which was highlighted earlier in the call, what is the leverage we are looking at by the end of FY 2025?
Saurabh Shah, Deputy CFO
So see, Prateek, from a net debt to EBITDA perspective, we have maintained that we will not go above 5x... Even for FY 2025, our guidance for the net debt to EBITDA, it would be less than 4x.
Answered
High priority
Expected module sales volume and capacity for FY25.
Asked by Brett Knoblauch, Cantor Fitzgerald
Management provided current capacity and volume guidance for FY25.
Read the exchange
Question
What should we be modeling for, for module sales for FY 2025, and what is your total capacity standing at now?
Saurabh Shah, Deputy CFO
The current capacity is 4 GW... we are looking to reach the capacity utilization of about 90% in that business. So, we are looking at about 3.6-4 GW of volumes in the coming quarter, coming year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Wind turbine revenue INR 850 crore in Q4 | ₹850 cr | ₹29,180 cr | Understated vs filing |
| Wind turbine EBITDA INR 120 crore in Q4 | ₹120 cr | ₹13,237 cr | Understated vs filing |
| Australia EBITDA INR 1,300 crore for FY24 | ₹1,300 cr | ₹13,237 cr | Understated vs filing |
| Australia EBITDA INR 400 crore in Q4 | ₹400 cr | ₹13,237 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.