Release Date: August 01, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Adani Enterprises Ltd (BOM:512599, Financial) achieved its highest ever quarterly EBITDA of INR4,300 crores, marking a 48% growth.
- The incubating business portfolio contributed significantly to the overall EBITDA, with a 107% increase to INR2,667 crores.
- The green hydrogen ecosystem revenue increased by 138% to INR4,519 crores, with EBITDA growing 3.6 times to INR1,642 crores.
- Airport business revenue grew by 27% to INR2,177 crores, with EBITDA increasing by 33% to INR682 crores.
- The company has successfully operated its solar manufacturing business at full capacity of 4 gigawatts for both cell and module lines.
Negative Points
- The net debt position increased to INR36,000 crores as of June, up from INR32,000 crores in March.
- The company is still in the process of stabilizing operations for its ingot and wafer production, with full production expected by the next quarter.
- The commercial mining projects are still under various stages of development, with no immediate production timeline provided.
- The company has not yet provided a detailed aero and non-aero revenue split for its airport operations.
- The coal-to-PVC project is still under construction, with full operations expected only by FY26 end.
Q & A Highlights
Q: Can you break down the EBITDA for the green ecosystem into wind turbine manufacturing and solar manufacturing?
A: The total EBITDA for the green ecosystem is INR1,642 crores, with INR99 crores from wind turbine manufacturing and INR1,543 crores from solar manufacturing. - Saurabh Shah, CFO
Q: What is the status of the solar manufacturing order book, and can you sell more than the 4-gigawatt capacity?
A: The 1,379 megawatts sales include 360 megawatts booked in March but sold in the current quarter. We are fully booked for the current financial year at 4 gigawatts. - Saurabh Shah, CFO
Q: Can you provide an update on the data center business, particularly regarding high-power computing for AI?
A: We are targeting hyperscalers for our data centers, which are used for computing and AI. Our Chennai data center is operational, and Noida and Hyderabad are nearing completion. - Saurabh Shah, CFO
Q: What is the timeline for the completion of the Navi Mumbai Airport?
A: We are on track to complete and operationalize Navi Mumbai Airport by March 2025. - Saurabh Shah, CFO
Q: How are you funding your CapEx, and what is the status of fundraising?
A: Airports, roads, and data centers are fully funded. We have announced a QIP program for Adani Enterprises to fulfill equity requirements for Adani New Industries. - Saurabh Shah, CFO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
