Adani Enterprises (ADANIENT) Q3 24/25 earnings summary

Executive summary

• Nine-month EBITDA reached INR 12,377 crore, up 29% year-over-year, nearly matching last full-year EBITDA, with strong contributions from incubating businesses and core infrastructure.

• Consolidated income for nine months ended December 2024 rose 6% to INR 72,763 crore, driven by growth in ANIL Ecosystem, Airports, and Roads.

• Profit before tax (PBT) grew 21% year-over-year to INR 5,220 crore, despite headwinds in established businesses.

• Adani Wilmar JV stake reduced, generating proceeds to fund future infrastructure investments and compliance with public shareholding norms.

• ESG performance improved, with S&P Global ranking among top five globally and notable sustainability and safety awards.

Financial highlights

• ANIL ecosystem EBITDA surged 121% to INR 3,666 crore; module sales at 1 GW per quarter run rate.

• Adani Airport EBITDA grew 43% to INR 2,527 crore; passenger volume up 7% to 69.7 million.

• Roads revenue increased 38% to INR 7,202 crore; EBITDA up 63% to INR 1,481 crore.

• Consolidated PBT up 21% to INR 5,220 crore.

• Net external debt increased to INR 54,436 crore as of Dec 2024, with major capex in Airports, Roads, Copper, and PVC projects.

Outlook and guidance

• Solar manufacturing capacity at 4.5 GW annualized, targeting 10 GW by 2028; current run rate at full capacity.

• Proceeds from Adani Wilmar stake sale (~USD 1.6 bn) to be reinvested in core infrastructure, enabling capex of USD 8.2 bn.

• Major projects (Navi Mumbai Airport, Ganga Expressway, Copper plant) expected to go live in FY26; PVC plant in FY28.

• FY25 CAPEX expected to be around INR 30,000 crore, with major spend on Navi Mumbai Airport and ANIL ecosystem deferred to next year.

• No significant changes expected in U.S. export market exposure.