Adani Enterprises (ADANIENT) Q2 24/25 earnings summary

Executive summary

• Achieved record half-year EBITDA of INR 8,654 crore, up 47% year-over-year, with consolidated profit before tax rising 137% to INR 4,644 crore and consolidated income increasing 14% to INR 49,263 crore for H1 FY25, driven by strong performance in emerging infrastructure businesses and established industrial verticals.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2024, including approval for public issuance of non-convertible debentures up to Rs. 2,000 crores and completion of a Rs. 4,200 crore QIP.

• Major operational milestones include progress in wind turbine manufacturing, electrolyzer facility awards, airport passenger growth, and completion of additional road projects.

• Growth in established businesses was offset by lower IRM volumes, while incubating businesses delivered significant gains.

• Withdrawal of draft Scheme of Arrangement with Adani Wilmar Limited due to MPS compliance requirements.

Financial highlights

• Q2 FY25 income grew 15% year-over-year to ₹23,196 crore; EBITDA up 46% to ₹4,354 crore; PBT up 174% to ₹2,409 crore.

• Consolidated revenue from operations for Q2 FY25: Rs. 22,608.07 crore (up from Rs. 19,546.25 crore YoY); consolidated net profit for Q2 FY25: Rs. 1,989.19 crore (up from Rs. 333.34 crore YoY).

• EBITDA for H1 FY25: Rs. 6,687.96 crore (up from Rs. 4,315.49 crore YoY).

• Net external debt increased to ₹47,208 crore as of September 2024, up from ₹38,035 crore in March 2024.

• Mining services revenue grew 64% to INR 803 crore, EBITDA up 65% to INR 400 crore year-over-year.

Outlook and guidance

• Full-year CapEx expected at INR 67,000 crore, with ramp-up post-monsoon and peak activity in December–May.

• Next two years' CapEx for green hydrogen and related segments projected at INR 56,000 crore, with over 60% for green electron generation.

• Targeting a 1GW data center platform by 2030 and continued expansion in airports and roads.

• Copper business to contribute meaningfully from Q4 FY25; coal-to-PVC project on track for December 2026 commissioning.

• MDO guidance revised to 40 million tons for FY25 and around 50 million tons for FY26.