2nd May, 2024

BSE Limited National Stock Exchange of India Limited

P J Towers, Exchange plaza,
Dalal Street, Bandra-Kurla Complex,
Mumbai – 400001. Bandra (E), Mumbai – 400051.

Scrip Code: 512599 Scrip Code: ADANIENT

Sub: Outcome of Board Meeting held on 2nd May, 2024 and Submission of Audited
Financial Results (Standalone and Consolidated) for the quarter and year
ended 31st March, 2024 as per SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“SEBI Listing Regulations”).

Dear Sir/Madam,

With reference to above, we hereby submit / inform that:

1. The Board of Directors (“the Board”) at its meeting held on 2nd May, 2024,
commenced at 1.00 p.m. and concluded at 2.40 p.m., has approved and taken on
record the Audited Financial Results (Standalone and Consolidated) of the
Company for the quarter and year ended 31st March, 2024.

2. The Audited Financial Results (Standalone and Consolidated) for the quarter and
year ended 31st March, 2024, prepared in terms of Regulation 33 of the SEBI
Listing Regulations together with the Auditors’ Report and Security Cover
Certificate of the Statutory Auditors are enclosed herewith as Annexure “A”.
These results are also being uploaded on the Company’s website at
www.adanienterprises.com.

We would like to inform that M/s. Shah Dhandharia & Co. LLP, Statutory Auditors
have issued audit reports with modified opinion on Audited Financial Results
(Standalone and Consolidated) for the quarter and year ended 31st March, 2024.
The statement on impact of audit qualification is enclosed along with Audited
Financial Results.

3. The Board has also approved the proposal to convene 32nd Annual General
Meeting (“AGM”) of the Company on Monday, 24th June, 2024 at 02:30 p.m.
through Video Conferencing / Other Audio Visual Means in accordance with the
applicable circulars issued by the Ministry of Corporate Affairs and the Securities
and Exchange Board of India.

Adani Enterprises Limited Tel + 91 79 2656 5555

“Adani Corporate House”, Fax + 91 79 2555 5500
Shantigram, Near Vaishno Devi Circle, investor.ael@adani.com
S. G. Highway, Khodiyar www.adanienterprises.com
Ahmedabad 382 421
Gujarat, India
CIN: L51100GJ1993PLC019067

Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421
4. The Board has recommended Dividend of Rs. 1.30 (@ 130%) per Equity Share of
face value of Re. 1 each fully paid up for the Financial Year 2023-24, subject to
approval by shareholders of the Company at the ensuing AGM.

Pursuant to the Regulation 42 of SEBI Listing Regulations, it is hereby informed

that the Company has fixed Friday, 14th June, 2024 as ‘Record Date’ for the
purpose of determining entitlement of the members of the Company to receive
Dividend of Rs. 1.30 (@ 130%) per Equity Share having face value of Re. 1/- each
fully paid-up for the financial year 2023-24. The said Dividend, if declared by the
shareholders at the ensuing AGM, shall be paid on or after 30th June, 2024,
subject to deduction of tax at source as applicable.

5. The Board, on recommendation of the Nomination and Remuneration

Committee, has, subject to the approval of shareholders and such other
approvals as may be required, approved the re-appointment of:

a. Mr. Rajesh S. Adani as Managing Director of the Company for a further

period of 5 (five) years w.e.f. 10th June, 2025, as his present term would
expire on 9th June, 2025 (i.e. prior to the AGM of 2025).

b. Mr. Pranav V. Adani as an Executive Director of the Company for a further

period of 5 (five) years w.e.f. 1st April, 2025, as his present term would expire
on 31st March, 2025 (i.e. prior to the AGM of 2025).

The details, for point 5, as required under Regulation 30 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular No.
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 are given as Annexure B.

Kindly take the above on your records.

Thanking you,

Yours faithfully,
For Adani Enterprises Limited
Digitally signed by
JATINKUMAR JATINKUMAR

RAMESHCHANDR RAMESHCHANDRA
JALUNDHWALA
A JALUNDHWALA Date: 2024.05.02 14:41:36
+05'30'
Jatin Jalundhwala
Company Secretary &
Joint President (Legal)
Encl: As above

Adani Enterprises Limited Tel + 91 79 2656 5555

“Adani Corporate House”, Fax + 91 79 2555 5500
Shantigram, Near Vaishno Devi Circle, investor.ael@adani.com
S. G. Highway, Khodiyar www.adanienterprises.com
Ahmedabad 382 421
Gujarat, India
CIN: L51100GJ1993PLC019067

Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421
 Annexure - A
Adani Enterprises Limited
(ClN No: L51100GJ1993PLC019067)
Registered Office: "Adani Corporate House·, Shantigram,
Near Vaishno Oevl Circle, S. G. Highway, l<hodiyar, Ahmedabad • 382 421
Phone : 079•26565555 ; Fax : 079•26565500 ; Email : investor.ael@adani.com ; Website : wwv,.adanlenterprises.com

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ANO YEAR ENDED 31ST MARCH, 2024

(st' in Crores)
Quarter Ended Year Ended
Sr. 31·03-2024 31-12·2023 31-03-2023 31·03•2024 31·03·2023
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
1 Income
Revenue from Operations 29,180.02 25,050.23 28,943.84 96,420.98 127,539.50
Other Income 450.27 490.12 367.58 1.860.53 1,194.59
Total Income 29,630.29 25,540.35 29,311.42 98,281.51 128,734.09
2 Expenses
(a) Cost of materials consumed 2,823.70 1,437.61 1,324.44 7,831.23 4.052.14
(b) Purchases of stock-in-trade 13,353.89 11,570.91 15,387.71 43,676.49 89,761.92
(c) Changes in inventories of finished goods.
work-in-progress 8- stock-in-trade (311.45} (774.89) 1,160.68 (1,116.49} (327.16)
(d) Employee benefits expense 622.14 548.48 498.59 2,330.95 1,877.18
(e} Finance costs 1,512.62 596.56 1,524.74 4,554.70 3,968 90
(f) Depreciation and amortisation expense 811.47 759.86 895.43 3,042.15 2.436.14
(g) Operating and Other expenses 9,324.07 9,143.27 7,118.14 31,919.42 23,020.69
(h) Foreign exchange loss/ (gain) 172.23 (101.01) (152.38) 402.78 337,04
(other than those considered as Finance Costs)
Total Expenses 28,308.67 23,180.79 27,757.35 92,641.23 125,126.85
3 Profit/ (Loss) before exceptional items and tax (1·2} 1,321.62 2,359.56 1,554.07 5,640.28 3,607.24
4 Add/ (less) : Exceptional items (net) (Refer Note 6) (62737) (369.32) (715.37) (369.32)
s Profit/ (Loss) before tax from Continuing Operations (3+4) 694.25 2,359.56 1,184.75 4,924.91 3,237.92
6 Tax expenses
(a) Current Tax 470.96 440.01 200.98 1,606.49 766.79
(b) Deferred Tax (40 84) 2.83 248.34 25.02 271.15
Total Tax Expense 430.12 442.84 449.32 1,631.51 1,037.94
1 Profit/ (Loss) before share of profit/ (loss) from jointly controlled
264.13 1,916.72 735,43 3,293.40 2,199.98
entities and associates (5-6)
8 Add/ (Less): Share of profit/ (loss) from jointly controlled entities and
86.67 55.08 58.03 40.64 212.66
associates
9 Profit/ (Loss) after tax from Continuing Operations (7+8) 350.80 1,971.80 793.46 3,334.04 2,412.64
Profit/ (loss) before tax from Discontinued Operations (Refer note 3(a)) 1.94 1.26 (17.18) 1.65 11.98
10 (Less) : Tax expenses of Discontinued Operations 0.49 0.31 (4.40) 0.42 3.02
Profit / (Loss) after tax from Discontinued Operations 1.45 0.95 (12.78) 1.23 8.96
11 Profit I (Loss) for the period (9+10) 352.25 1,972.75 780.68 3,335.27 2,421.60
12 Other Comprehensive Income / (Loss)
(a} Items that will not be reclassified to profit or loss (1.08} (0.51) 1.17 (5.43) (3.49)
(bl Income tax relating to items that will not be
0.37 4.45 (0.25) 1.47 0.92
reclassified to profit or loss
(c) Items that will be reclassified to profit or loss 271.53 (156.48) 59.61 335.86 1,361.12
(d) Income tax relating to items that will be
0.13 (4.11) (41.95} 6,89 10.10
reclassified to profit or loss
Total Other Comprehensive Income/ (Loss) 270.95 (156.65) 18.58 338.79 1,368.65
13 Total Comprehensive Income/ (Loss) (11+12) 623.20 1,816.10 799.26 3,674.06 3,790.25
14 Net Profit I (Loss) attributable to :
Owners of the Company 450.58 1,888.45 722.48 3,240.78 2,472.94
Non-controlling interests (98.33) 84.30 58.20 94.49 (51.34)
15 Other Comprehensive Income/ (Loss) attributable to :
Owners of the Company 270.87 (160.61) 3.86 341.94 1,380.15
Non-controlling interests 0.08 3.96 14.72 (3.15) (11.50)
16 Total Comprehensive Income/ (Loss) attributable to :
Owners of the Company 721.45 1,727.84 726.34 3,582.72 3,853.09
Non-controlling interests (98.25) 88.26 72.92 91.34 (62.84)
17 Paid-up Equity Share Capital
114.00 114,00 114.00 114.00 114.00
(Face Value of, 1 each)
18 Other Equity (Including Instruments entirely Equity in nature) 38,962.09 32,937.01
19 Net Worth 44,186.29 37,890.05
20 Earnings per share in Rupees (Face Value of, 1 each) #
(not annualised):
From Continuing Operations
Basic 8- Diluted 3.48 16.09 6.45 27.23 21.70
From Discontinued Operations
Basic 8 Diluted 0.01 0.01,.. (0.11) 0.01 008
From Continuing & Discontinued Operations
Basic 8- Diluted ""''•••.,
3.49 16.10 6.34 27.24 21,78

" \;:o~)n,
21 Additional Disclosure for Ratios (Refer Note 11) // ,, n r .1 ,· •,;:,,

#EPS has been calculated on net profit less equity in nature for the period/ year whether declared or otherwise

-"'"
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421
Phone : 079-26565555 : Fax : 079-26565500 : Email : investor.ael@adani.com : Website : www.adanienterprises.com

AUDITED CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2024

(~ in Crores)
Sr. 31·03·2024 31·03-2023
Particulars
No. (Audited) (Audited)

ASSETS
I NON-CURRENT ASSETS
(a) Property, Plant 8- Equipment 43,213.50 34,987.92
(b) Right Of Use Assets 15,485.46 14,802.00
(c) Capital Work-in-Progress 21,930.98 17,698.96
(d) Investment Properties 240.80 68.31
(e) Goodwill 1,040.01 887.16
(f) Other Intangible Assets 5,998.53 6,135.74
(g) Intangible Assets Under Development 13,248.52 6,326.25
(h) Investments accounted using Equity Method 7,074.95 5,974.78
(i) Financial Assets
(i) Investments 171.26 170.39
(ii) Loans 2.300.00 4,577.03
(iii) Other Financial Assets 6,877.69 5,690.56
U) Deferred Tax Assets (net) 145.61 209.34
(k) Income Tax Assets (net) 794.84 634.99
(I) Other Non-Current Assets 5,349.61 6,202.66
123,871.76 104,366.09
II CURRENT ASSETS
(a) Inventories 9,486.86 6,918.05
(b) Financial Assets
(i) Investments 1,454.48 165.00
(ii) Trade Receivables 9,792.93 12,552.88
(iii) Cash 8- Cash Equivalents 2,306.55 1,882.33
(iv) Bank Balances other than (iii) above 4,761.93 3,491.36
(v) Loans 1,382.67 4,522.63
(vi) Other Financial Assets 2,312.75 2,485.83
(c) Other Current Assets 5,027.98 5,003.65

36,526.15 37,021.73
Ill Assets Classified as held for Sale (Refer Note 3 8- 6) 333.94 100.00

Total Assets 160,731.85 141,487.82

EQUITY ANO LIABILITIES
EQUITY
(a) Equity Share Capital 114.00 114.00
(b) Instruments entirely Equity in nature 2,624.00
(c) Other Equity 36,338.09 32,937.01
Equity attributable to owners of the Parent Company 39,076.09 33,051.01
(d) Non Controlling Interests 5,110.20 4,839.04
Total Equity 44,186.29 37,890.05

LIABILITIES
I NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 43,718.15 32,590.03
(ii) Lease Liabilities 13,919.69 13,584.55
(iii) Other Financial Liabilities 5,014.37 4,476.00
(b) Provisions 446.45 401.49
(c) Deferred Tax Liabilities (net) 2,933.84 2,979.91
(d) Other Non-Current Liabilities 5,861.37 4,762.74
71,893.87 58,794.72
II CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 6,405.73 5,729.59
(ii) Lease Liabilities 1,266.58 1,296.29
(iii) Trade Payables
- total outstanding dues of micro and small enterprises 203.29 141.26
- total outstanding dues of creditors other than micro and small enterprises 24,465.97 28,405.59
(iv) Other Financial Liabilities 5,563.45 5,570.89
(b) Other Current Liabilities 5,847.30 3,436.92
(c) Provisions 152.62 121.02
(d) Income Tax Liabilities (net) 153.17 101.49
44,058.11 44,803.05
Ill Liabilities associated with assets held for sale (Refer note 3) 593.58
Total Equity and Liabilities 160,731.85 141,487.82

i
 Adani Enterprises Limited
(CIN No : L51100GJ1993PLC019067}
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079-26565555 ; Fax : 079•26565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com

Notes:
1 The above consolidated financial results have been prepared based on audited consolidated financial statements of the Group. These consolidated
financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of Adani Enterprises Limited ("Parent
Company") at their respective meetings held on 2nd May 2024.
2 The above consolidated financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section
133 of the Companies Act, 2013 read with the relevant rules issued thereunder.
3 (a) During the quarter ended 31st March 2024, the Board of Directors of the Parent Company at their meeting held on 22nd March, 2024 had approved the
transfer/sale of Power Trading business of the Parent Company along with its identified assets and liabilities on fair valuation basis. The transaction will be
completed after the receipt of regulatory approvals.
Consequently, the transfer has been disclosed as Discontinued Operations in accordance with Ind AS 105 "Non-Current Assets Held for Sale and
Discontinued Operations". The results of Power Trading business included in the financial results and segment results, disclosed as discontinued
operations, are as follows
(' in Crores)
Quarter Ended Year Ended
31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
Particulars
(Unaudited) (Unaudited)
(Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
Total Income 3,251.35 3,286.17 2,404.98 12,302.64 9,441.02
Total expenses 3,249.41 3,284.91 2,422.16 12,300.99 9,429.04
Profit/(loss) before tax from discontinued operations 1.94 1.26 (17.18) 1,65 11.98

(b) During the quarter ended 31st March 2024, the Board of Directors and Members of one of the subsidiaries of the Group, MP Natural Resources Private
Limited had approved the transfer of all rights and obligations under Coal Block Development and Production Agreement with respect to Gondbahera
Ujheni East Coal Mine, subject to regulatory approvals from the concerned authorities.
Consequently, all assets and liabilities pertaining to above Coal Block have been classified as held for sale.
4 During the year ended 31st March 2024, one of the subsidiaries of the Group, Adani Digital Labs Private Limited had acquired 100% stake in Stark
Enterprises Private Limited ("SEPL"). The Group is in the process of making a final determination of fair values of the identified assets and liabilities of SEPL
as per Ind AS 103. Pending this, the business combination of SEPL has been accounted on provisional fair valuation basis.
5 During the year ended 31st March 2024, one of the subsidiaries of the Group, AMG Media Networks Limited ("AMG") acquired balance 51% stake in
Quintillion Business Media Limited ("QBML"), making it a wholly-owned subsidiary of the Group. Additionally, AMG acquired 76% in Category I shares e,
99.26% in Category II shares in !ANS India Private Limited ("!ANS") making it subsidiary of the Group. The Group is in the process of making a final
determination of fair values of the identified assets and liabilities of QBML and !ANS as per Ind AS 103. Pending this, the business combinations of QBML
and !ANS have been accounted on provisional fair valuation basis.

6 The exceptional items for the year ended 31st March 2024 include below :
(a) Further decrease oft 88 crore in realisable value of assets held for sale by one of the subsidiaries of the Group, Mundra Solar PV Limited ("MSPVL").The
same was disclosed as exceptional item in line with previous year's presentation (refer point (a) below).
(b) One of the subsidiaries of the Group, Mumbai International Airport Limited ("MIAL") has recognized annual fees of • 627.37 crores as an expense for the
period of 01st March 2022 to 30th September 2022.
During March 2020, the Covid·19 pandemic had caused MIAL to invoke force majeure provision under the Operation, Management and Development
Agreement ('OMDA') against the Airports Authority of India ('AAI') due to significant reduction in operations, and had thus claimed relief from AAI towards,
inter alia, excuse/suspension from discharging its annual fee obligations.
This matter went under arbitration before the Arbitral Tribunal. During the course of arbitration, MIAL did not provide for its annual fees liability for the
period from 01st April 2020 to 30th September 2022. On 6th January 2024, the Arbitral Tribunal has pronounced the award dated 21st December 2023
and declared that MIAL is excused from making payment of Annual Fees to AAI from 13th March 2020 to 28th February 2022.
In April 2024, AAI has filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside the award challenging certain aspects
of the award. MIAL's management is of the view that it has a strong case in its favour to claim such relief basis legal assessment supported by its
operational and financial data upto 31st March 2023, But basis the re-evaluation of arbitration award, MIAL has decided to seek relief from AAI only upto
28th February 2022 and accordingly has recognized annual fees as an expense for the period of 1st March 2022 to 30th September 2022 of • 627.37
crores (net of reversals).
The exceptional items for the previous year ended 31st March 2023 include below:
(a) One of the subsidiaries of the Group, MSPVL upgraded its manufacturing facility with TOPCon technology. Accordingly, the identified assets were
classified as 'Non-Current Assets held for Sale'. MSPVL recognized loss of , 309.41 crore after adjusting unamortised government grant, which was
presented as an exceptional item.
(b) Expenses oft 71.67 crore incurred by the Parent Company in connection with the further public offer ("FPO") had been presented as an exceptional
item. The FPO was fully subscribed but was subsequently withdrawn in order to protect interest of the bidders amid market volatility.
(c) One of the subsidiaries of the Group, NDTV sold 100% shares in Delta SoftPro Private Limited (a subsidiary of the NDTV) for gain of, 11.76 crore (net of
severance pay),
 Adani Enterprises Limited
(CIN No : L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421
Phone : 079-26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com

7 During the quarter ended 31st March 2023, a short seller's report ("SSR") was published making certain allegations against some of the Adani Group
Companies (including the Parent Company). In this regard. certain writ petitions were filed with the Hon'ble Supreme Court ("SC") seeking independent
investigation of the allegations in SSR. During the proceedings, SC observed that the Securities and Exchange Board of India ("SEBI") was investigating the
matter. The SC also constituted an Expert Committee to investigate as well as suggest measures to strengthen existing laws and regulations and also
directed the SEBI to consider certain additional aspects in its scope. The Expert Committee submitted its report dated 6th May 2023, finding no regulatory
failure in respect of applicable laws and regulations. The SEBI also concluded its investigations in twenty-two of the twenty-four matters as per the status
report dated 25th August 2023 to the SC.

On 3rd January 2024, the SC disposed off all matters in various petitions including those relating to separate independent investigations relating to the
allegations in the SSR. Further, the SC directed SEBI to complete the pending two investigations, preferably within three months, and take its
investigations (including 22 already completed) to their logical conclusion in accordance with law. During the quarter ended 31st March 2024, the Parent
Company has received two show cause notices (SCNs) from the SEBI alleging non-compliance of provisions of the Listing Agreement and LODR Regulations
pertaining to related party transactions in respect of certain transactions with third parties and validity of peer review certificates of statutory auditors
with respect to earlier years. The management believes that there is no material consequential effect of above SCNs to relevant financial statements and
no material non-compliance of applicable laws and regulations.

Earlier in April 2023, the Parent Company had undertaken review of transactions referred in SSR through an independent assessment by a law firm, which
confirmed that (a) none of the alleged related parties mentioned in the SSR were related parties to the Parent Company or its subsidiaries, under applicable
frameworks; and (b) the Parent Company is in compliance with the requirements of applicable laws and regulations.
Based on above independent assessment, the SC order and the fact that there are no pending regulatory or adjudicatory proceedings as of date, except as
mentioned above, the management concludes that that there is no material non-compliance of applicable laws and regulations and accordingly, these
financial statements do not carry any adjustments in this regard.
8 In the case of one of the subsidiaries of the Group, Mumbai International Airport Limited (MIAL):
(a) Certain investigations and enquiries have been initiated by the Central Bureau of Investigation ("CBI"), the Enforcement Directorate and the Ministry of
Corporate Affairs against MIAL, its holding company GVK Airport Holdings Limited and the erstwhile promoter directors of MIAL for the period prior to 27th
June 2020. MIAL is co-operating with these agencies to conclude the investigations and related proceedings.
During the previous year ended 31st March 2023, based on the submissions of the CBI, the case was transferred to the jurisdictional magistrate court ("the
Court") and subsequently, the CBI filed a chargesheet with the Court in Mumbai against accused including MIAL and the erstwhile Managing Director,
where it was alleged that funds aggregating, 845.76 crores were diverted from MIAL through contracts, that are currently included in Property, Plant and
Equipment at a net book value of, 539.50 crores.
The management of MIAL has received legal advice that the allegations in the chargesheet are not to be treated as conclusive, final, or binding till it is
confirmed by the Court. Considering the legal advice received and status of the proceedings, management of MIAL is of the view that any resultant
financial or other implications would be assessed and considered after legal proceedings are concluded. Hence no adjustments have been carried out to
the financial results.
(b) The Ministry of Civil Aviation ("MoCA") has issued an Order, wherein all airport operators were directed to reverse/reimburse back the Passenger Service
Fees (Security Component) ("PSF-SC"). The Company has challenged the said order before the Hon'ble High Court at Bombay by way of writ petition. The
Hon'ble High Court has granted stay of the operation of the above MoCA Order till final disposal of the writ petition. The total amount of, 316.01 crores
and, 18.89 crores were spent out of PSF-SC on account of capital costs/expenditure towards procurement and maintenance of security system/equipment
and on creation of fixed assets respectively.
(c) During the previous quarter, MIAL has received communication in terms of section 210(1) from MCA relating to initiation of investigation of books and
papers, primarily information sought pertains to period from 2017-18 to 2021-22. MIAL has responded to notice on 23rd February 2024 citing notice as
unsustainable in law and ought to be withdrawn forthwith as the same also ignores the fact that MIAL has already shared the information and the data
pursuant to the first notice. After the investigation, no further action was warranted by the Central Government with regard to referred information and
data. Considering these facts, MIAL has not identified any adjustments to be made to the financial results.

9 In the case of one of the subsidiaries of the Group, Navi Mumbai International Airport Private Limited (NMIAL) :
(a) During the previous quarter, NMIAL has received communication in terms of section 210(1) from MCA relating to initiation of investigation of books and
papers, primarily information sought pertains to period from 2017-18 to 2021-22. NMIAL has responded to notice on 23rd February 2024 citing notice as
unsustainable in law and ought to be withdrawn forthwith as the same also ignores the fact that NMIAL has already shared the information and the data
pursuant to the first notice. After the investigation, no further action was warranted by the Central Government with regard to referred information and
data. Considering these facts, NMIAL has not identified any adjustments to be made to the financial results.
(b) NMIAL has disputed the applicability of water development charges to City and Industrial Development Corporation by their letters dated 11th October
2019 and 17th October 2019. In view of the dispute about the applicability of water development charges, NMIAL has not considered these charges and
applicable interest thereon in its financial results and will be considered. if any, as and when such dispute is settled.
 Adani Enterprises Limited
{CIN No: L51100GJ1993PLC019067)
~ Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421

10
I Phone : 079-26565555 ; Fax : 079•26565500 : Email : investor.ael@adani.com : Website : www.adanienterprises.com

Statement of Audited Consolidated Cash Flows for the year ended 31st March, 2024
(~ in Crores)
31-03-2024 31-03-2023
Particulars
(Audited) (Audited)

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax
From Continuing Operations 4,924.91 3,237.92
From Discontinued Operations 1.65 11.98
Adjustments for :
Depreciation and amortisation 3,042.15 2,436.14
Exceptional items 715,37 297.65
Dividend Income from Investments (10.65) (0.07)
(Profit)/ Loss from Limited Liability Partnerships Firm (net) 0.15
Net Gain on Sale of Current/ Non Current Investments (110.67) (10.59}
Government Incentives (0.96} (27.26)
(Profit)/ Loss on Sale of Property, Plant & Equipments (net) (188.19) (1.97}
Bad Debts, Advances, Other Balances written off and Provision for Doubtful Debts, 196.37 117,87
Loans & Advances
(Gain)/ Loss on loss of control of subsidiary (9.75) (4.35)
Liabilities no longer required written back (47.00) (18.76)
Unrealised Exchange Rate Difference (net) and other adjustments 28.26 20.53
Finance Costs 4,554.70 3,969.98
Interest Income (1,047.40) (838.18)
Operating Profit before Working Capital Changes 12,048.79 9,191.04
Adjustments for :
(Increase)/ Decrease in Trade Receivables & Other Financial Assets 1,320.24 (2,064.48}
(Increase)/ Decrease in Inventories (2,568.81) (129.77}
(Increase)/ Decrease in Other Current & Non-Current Assets 848.62 (3,256.54}
Increase/ (Decrease) in Other Current & Non-Current liabilities 3,217.23 1,989.74
Increase/ (Decrease) in Trade Payables, Other Financial Liabilities & Provisions (2,845.98) 12,806.44
Cash generated from / {used in) Operations 12,020.09 18,536.43
Direct Taxes Paid (net) (1,707.90} (909.97}
Net Cash generated from / (used in) Operating Activities {A) 10,312.19 17,626.46

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure on Property, Plant & Equipments, Intangible Assets and Investment Properties (22,365.91) (14,724.72}
(after adjustment of increase I decrease in Capital Work-in-Progress. Capital Advances, Capital Creditors
and Intangible assets under development)
Investment in Jointly Controlled Entities & Associates (including Share Application Money) (Net) (1,070.21) (1,371.52)
Acquisition of Subsidiary (13.24} (913.69}
Payment for non current investment (12.41) (168.73}
Proceeds from Sale/ Disposal of Property, Plant & Equipments 119.65 69.92
Non Current Loans given (58.09} (235.49}
Non Current Loans received back 2,335.12 2,902.84
Current Loans (given)/ received back (net) 3,139.96 (3,069.79}
Withdrawal/ (Investments) in Other Bank Deposits (net) (1,274.65} 106.35
Sale/ (Purchase) of Current Investments (net) (1,178.81) (91.39}
Dividend from Investments 10.65 0.07
Interest Received 1,126.71 608.34
Proceeds from loss of control of subsidiary 159.05 27.72
Net Cash generated from/ (used in) Investing Activities (B) (19,082.18) (16,860.09)

C, CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of Share Capital at Premium 7,700.00
Proceeds from Non Current Borrowings 21,868.39 30,338.54
Repayment of Non Current Borrowings (10,717.37) (19,265.81)
Proceeds/ (Repayment) from Current Borrowings (net) 653.24 (15,136.84)
Transaction with Non Controlling Interests 137.43 13.86
Finance Cost Paid (4,054.72) (3,342.45)
Proceeds from issue of/ (Repayment of) Unsecured Perpetual Securities 2,624.00 (640.00)
Distribution to holders of Unsecured Perpetual Securities (4.59)
Payment of Lease Liabilities (1,495.49) (746.23)
Dividend Paid (136,80) (114.00)
Net Cash generated from I (used in) Financing Activities (C) 8,878.68 (1,197.52)

O.OTHERS
Exchange Difference arising on conversion taken to Foreign Currency Translation Reserve 363.65 1,401.25
Net Cash Flow from Others (D) 363.65 1,401.25

Net Increase in Cash and Cash Equivalents (A+B+C+O) 472,34 970,10

Cash & Cash equivalents at the beginning of the year 1,882.33 912.23
Cash & Cash equivalents pertaining to discontinued operations, (48.12)
Cash and cash equivalents at the end of the year 2,306. i5 1,882.33

,.-·
4
/1
fl
t/
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079-26565555 ; Fax : 079-26565500 : Email : investor.ael@adani.com ; Website : www.adanienterprises.com

11 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended for the quarter and year ended 31st March 2024:

Quarter Ended Year Ended

Particulars 31-03-2024 31-12-2023 31-03-2023 31-03-2024 31·03-2023
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
Debt Equity Ratio
1.13 1.00 1.01 1.13 1.01
Total Borrowings/ Total Equity

Debt Service Coverage Ratio

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) / 1.64 2.91 2.57 2.54 2.45
(lnterest+Scheduled Principal Repayments of Non-Current Borrowings)

Interest Service Coverage Ratio

1.97 4.11 2.98 3.56 3.09
EBITDA / Interest Expense

Current Ratio
0.82 0.78 0.83 0.82 0.83
Current Assets/ Current Liabilities

Long Term Debt to Working Capital Ratio

(Non-Current Borrowings+ Current Maturities of Non-Current Borrowings)/
(7.14} (4,71} (5.41} (7.14) (5.41}
(Current Assets • Current Liabilities excluding Current Maturities of Non-Current
Borrowings)

Bad Debts to Account Receivable Ratio

0.00 0.00 0.00 0.01 0.01
Bad Debts/ Average Trade Receivables

Current Liability Ratio

0.38 0.41 0.43 0.38 0.43
Current Liabilities/ Total Liabilities

Total Debts to Total Assets Ratio

0.31 0.28 0.27 0.31 0.27
Total Borrowings/ Total Assets

Debtors Turnover Ratio

2.88 2.62 2.39 9.65 10.43
Revenue from Operations/ Average Trade Receivables

Inventory Turnover Ratio

2.33 1.91 2.96 7.64 15.02
Cost of Goods Sold/ Average Inventory

Operating Margin (%)

9.86% 11.39% 11.44% 10.47% 6.44%
EBITDA excluding Other Income/ Revenue from Operations

Net Profit Margin (%)

1.07% 6.84% 2.46% 3.02% 1.75%
Net Profit after Tax/ Total Income

Outstanding Redeemable Preference Shares (Quantity and Value) NA NA NA NA NA

Capital Redemption Reserve/Debenture Redemption Reserve ~ In

15.00 NA NA 15.00 NA
Crores)

Net Worth ~ In Crores) 44,186.29 43,561.14 37,890.05 44,186.29 37,890.05

Net Profit after Tax ~ In Crores) 352.25 1,972.75 780.68 3,335.27 2,421.60

Earnings per Share (Face Value off 1 each) (not annualised) (Basic 8,
3.49 16.10 6.34 27.24 21.78
Diluted)

Note:- Financial numbers of dIscontInued operations have been included for calculation of ratios.

12 Over various financial years, the custom department has considered a different view for levy of custom duty in respect of quality of coal imported by the
Parent Company, for which the Parent Company has received demand notices amounting tot 863.62 crores (31st March, 2023: t 863.62 crores} at various
locations. The Parent Company has deposited t 460.61 crores (31st March, 2023 : t 460.61 crores} as custom duties (including interest} under protest and
contested the view taken by authorities as advised by external legal counsel. The Parent Company being the merchant trader generally recovers custom
duties from its customers and does not envisage any material financial impact.
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, s. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone: 079-26565555; Fa•: 079·26565500 ; Email: investor.ael@adani.com; Website: www.adanienterprises.com

13 (a) The Parent Company had issued Rated, Listed, Secured, Redeemable, Principal Protected, Market Linked Non-Convertible Debentures of , 790 crores in
various tranches and has maintained security cover exceeding 100% on the principal amount as on 31st March 2024 by way of pledge of shares of one of
its subsidiaries Adani Road Transport Limited. Out of these. for debentures of, 490 crores. principal repayment along with interest thereon was due and
paid on various dates.
(b) The Parent Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of, 400 crores and had maintained security cover
exceeding 100% on the principal amount by way of first parlpassu charge on all the current assets of the Parent Company except those pertaining to the
mining division. The principal repayment along with interest thereon was due and paid on 20th May 2023.
For the above debenture issuances. the Company's rating for long term debt/ facilities/ debentures has been assigned at "CARE A+" by CARE Ratings Ltd.
(c) The Parent Company had issued Unrated, Unlisted, Secured. Redeemable, Non-Convertible Debentures of , 1,950 crores in various tranches and has
maintained security cover exceeding 100% on the principal amount as on 31st March 2024 by way of pledge of shares of one of its subsidiaries Adani Road
Transport Limited. There was no interest or principal repayment falling due during the quarter ended 31st March 2024.

14 Consolidated Segment wise Revenue, Results, Assets and Liabilities:

('t in Crores)
Quarter Ended Year Ended
Sr. 31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
Particulars
No. {Unaudited) (Unaudited) {Unaudited) {Audited) (Audited)
Refer Note 16 Refer Note 16
I) Segment Revenue
Integrated Resources Management 18,521.04 16,021.04 18,851.83 62,018.65 98,887.69
Mining Services 740.81 436.88 789.56 2,252.41 2,255.59
Commercial Mining 1,787.28 1,900.54 1,592.01 6,576.00 4,871.58
New Energy Ecosystem 2,706.30 2,064.85 892.78 8,570.96 3,537.03
Airport 2,156.39 2,179.44 1,696.81 7,905.11 5,951.21
Road 2,274.22 1,995.00 3,260.21 7,177.11 4,907.27
Others 6,710.61 6,779.47 4,793.09 24,466.33 20,338.64
Gross Revenue from Operations 34,896.65 31,3TT.22 31,876.29 118,966.57 140,749.01
Less : Inter Segment Transfer 2,465.32 3,040.84 530.24 10,243.08 3,771.25
Net Revenue from Operations 32,431.33 28,336.38 31,346.05 108,723.49 136,977.76
II) Segment Results
Profit I (Loss) Before Interest and Tax
Integrated Resources Management 1,571.40 1,424.99 794.06 4,978.96 3,632.45
Mining Services 153.20 38.69 271.14 580.35 733.46
Commercial Mining (201.83) 274.01 230.61 (329,83) 38.39
New Energy Ecosystem 516.82 554.68 (279 33) 1,802.34 (95.60)
Airport (330.49) 353.18 (8.16) 371.34 452.67
Road 222.03 8.33 1,429.61 760.39 1,687.63
Others (172.12) (186.43) (115.61) (541.77) (426.48)
Unallocable Income 450.32 490.15 370,35 1,860.66 1,197.36
Total Profit/ (Loss) Before Interest and Tax 2,209.33 2,957.60 2,692.67 9,482.44 7,219.88
Less : Finance Costs 1,513,14 596.78 1,525.10 4,555.87 3,969.98
Total Profit/ (Loss) Before Tax 696.19 2,360.82 1,167.57 4,926.56 3,249.90
Ill) Segment Assets
Integrated Resources Management 9,651.16 10,569.79 14,413.39 9,651.16 14.413.39
Mining Services 6,624.40 5,404.02 5,216.14 6,624.40 5,216.14
Commercial Mining 33,128.91 34,179.06 32,313.80 33,128.91 32,313.80
New Energy Ecosystem 12,294.17 11,386.67 7,497.23 12,294.17 7,497.23
Airport 40,798.05 40,530.26 37,032.25 40,798.05 37,032.25
Road 16,029.85 13,539.33 8,365.51 16,029.85 8,365.51
Others 21,543.91 19,370.32 14,677.53 21,543.91 14,677.53
140,070.45 134,979.45 119,515.85 140,070.45 119,515.85
Unallocable 20,661.40 19,764.20 21,971.97 20,661.40 21,971.97
Total Assets 160,731.85 154,743.65 141,487.82 160,731.85 141,487.82
IV) Segment Liabilities
Integrated Resources Management 16,892.41 17,253.28 21,887.94 16,892.41 21,887.94
Mining Services 1,106.80 739.31 759.35 1,106.80 759.35
Commercial Mining 15,142.94 16,688.18 15,482.02 15,142.94 15.482.02
New Energy Ecosystem 6,092.45 6,290.07 3,222.63 6,092.45 3,222.63
Airport 10.444.96 11,083.76 10,261.12 10,444.96 10,261.12
Road 1,668.17 1,694.41 1,945.42 1,668.17 1,945.42
Others 9.492.70 8,370.31 6,759.98 9,492.70 6,759.98
60,840.43 62,119,32 60,318.46 60,840.43 60,318.46
Unallocable 55,705.13 49,063.19 43,279.31 55,705.13 43,279.31
Total Liabilities 116,545.56 111,182.51 103,597.n 116,545.56 103,597.77
Note:- Financial numbers of discontinued operations have been included for above segment disclosures. Power Trading numbers have been included 1n
"Others" segment.
During the year ended 31st March 2024, the Group has revised how it aggregates the operating segments into reportable segments to reflect economic
characteristics in underlying businesses, and as a result of these changes, the Group has bifurcated Mining segment into Mining Services and Commercial
Mining segments. Prior period comparatives have been aligned to reflect this change in reportable business segments.

15 The Board has recommended final dividend of, 1.30 (130%).per emntv:snMe of the face value of, 1 each for the financial year 2023-24 subject to approval
of the shareholders. •
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, s. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079-26565555 : Fax : 079-26565500 : Email : investor.ael@adani.com : Website : www.adanienterprises.com

16 The figures for the quarter ended 31st March 2024 and 31st March 2023 represent the difference between the audited figures in respect of the full
financial year and the unaudited published year-to-date figures upto the third quarter of the respective financial year, which were subject to limited review.

17 Key numbers of standalone financial results of the Parent Company for the quarter and year ended 31st March, 2024 are as under :
(~ in Crores)
Quarter Ended Year Ended
Sr. 31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
Continuing operations
I Total Income 9,556.66 8,337.87 10,692.75 33,679.15 59,151.19
II Profit/ (Loss) before tax 1,036.46 963.28 621.19 3,795.39 2,201.76
Ill Total Comprehensive Income 774.39 718.67 438.91 2,842.57 1,621.71
The standalone financial results are available at the Parent Company's website www.adanienterprises.com and on the website of the stock exchanges
www.bseindia.com and www.nseindia.com.

For and on behalf of the Board of Directors

1

Date 2nd May, 2024

Place Ahmedabad
 507, Abhijeet-1, DHANDHARIA COLLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CHARTERED .-\CC(""lP.-,:T\.'-:TS
(LL.PIN • AA W-65:2.8)
a\
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant to
Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended

To the Board of Directors of Adani Enterprises Limited

Qualified Opinion

We have audited the accompanying Statement of Consolidated Financial Results of Adani Enterprises Limited ("the
Parent" or "the Company") its subsidiaries, jointly controlled entities and associates (the parent and its subsidiaries together
referred to as "the Group"), for the year ended March 31, 2024 ("the Statement"), being submitted by the Company pursuant
to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended ("the Listing Regulations").

In our opinion, to the best of our information, according to the explanations given to us and based on the consideration of the
reports of the other auditors on separate audited financial statements of the subsidiaries, jointly controlled entities and
associates, referred to in other matters paragraph, the Statement:

a. includes the audited financial results of the Parent company, subsidiaries, jointly controlled entities and associates as
given in the Annexure to this report;

b. except for the possible effects of the matter described in the "Basis for Qualified Opinion" section of our report, are
presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations; and

c. except for the possible effects of the matter described in the "Basis for Qualified Opinion" section of our report, gives a
true and fair view in conformity with applicable Indian accounting standards prescribed under section 133 of the
Companies Act 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally
accepted in India, of the consolidated net profit, total comprehensive income and other financial information of the
Group for the year ended March 31, 2024.

Basis for Qualified Opinion

As described in Note 7 to the accompanying Statement, on account of pending adjudications/ outcome of the investigations
by the Securities and Exchange Board of India and based on our review of related documents, we are unable to comment on
the possible adjustments and /or disclosures, if any, that may be required to be made in the accompanying Statement in
respect of this matter. We will continue to evaluate the impact of this matter on our opinion based on any changes in
circumstances or additional information that may become available.

Further, as detailed in Note 8(a) and 8(c) of this Statement, in case of one of the subsidiaries, namely Mumbai International
Airport Limited ('MIAL'), the legal proceedings involving investigations initiated by the Ministry of Corporate Affairs
('MCA') and chargesheet filed by the Central Bureau oflnvestigation are currently on-going in respect of matters involving
potential conflict of interest and alleged misuse of funds of MIAL aggregating to Rs. 845. 76 crores related to works contracts
that are currently included in Property, Plant and Equipment at a net book value of Rs. 539.50 crores. The auditors ofMIAL
have given a qualified opinion in the absence of sufficient appropriate audit evidence in respect of the above.

Our audit opinion for the year ended March 31, 2023, and our limited review conclusion for the quarter ended December 31,
2023 were also modified, in respect of this matter.

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Finn has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH DHANDHARIA COLLP
Mithakhali Six Roads, CH.\R.TERED .-\CC'--'"'U:-,;T.-\:-.TS
Navrangpura, Ahmedabad - 380009 (LLF'IN • AAW-6528)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant to
Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended (continued)

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the
Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to
our audit of the Consolidated Financial Results under the provisions of the Act and the Rules thereunder and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe
that the audit evidence obtained by us and other auditors in terms of their report referred to in "Other Matter" paragraph
below, is sufficient and appropriate to provide a basis for our qualified audit opinion on the Consolidated Financial Results.

Management's Responsibilities for the Consolidated Financial Results

This Statement, which is the responsibility of the Parent Company's Management and approved by the Board of Directors,
has been compiled from the related audited Consolidated Financial Statements. The Company's Board of Directors are
responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit, other
comprehensive income and other financial information of the Group, of its jointly controlled entities and of its associates in
accordance with the recognition and measurement principles as laid down in Indian accounting standards prescribed under
section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India
and in compliance with Regulation 33 and 52 of the Listing Regulations.

The respective Management and Board of Directors of the companies included in the Group, of its jointly controlled entities
and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Group, of its jointly controlled entities and of its associates and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Consolidated Financial Results that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Statement, the management and the Board of Directors of the companies included in the Group, of its jointly
controlled entities and of its associates are responsible for assessing the respective entity's ability, to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the respective Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.

The respective Board of Directors of the entities included in the Group, of its jointly controlled entities and of its associates
are responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this Statement.

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 so1, Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH.\RTERED /\CCi..""Lf>ff:\:-.."TS
(LLPIN. AAW-6528)
(/4\
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant to
Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended (continued)

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion
on whether the company has adequate internal financial controls with reference to financial statements in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management and the Board of Directors.

• Conclude on the appropriateness of the Management's use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the
Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair
presentation.

• Obtain sufficient appropriate audit evidence regarding the Statement of the Group, its jointly controlled entities and
associate entities to express an opinion on the Statement. We are responsible for the direction, supervision and
performance of the audit of financial information of entities included in the Statement of which we are the independent
auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other
auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out
by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in
Other Matters section in this audit report.

We communicate with those charged with governance of the Parent Company and such other entities included in the
Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our
audit.

We provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Finn has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH DHANDHARIA COLLP
Mithakha!i Six Roads,
Navrangpura, Ahmedabad - 380009
CH\RTERED .\CCCU:,.;T\>-.TS
(LLP!N • AA W.S52.8)
(/4\
Phone - 079-48901710
Email: lnfo@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant to
Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended (continued)

We also performed procedures in accordance with the circular No. CIR/CFD/CMDI/44/2019 issued by the SEBI under
Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matters

I. The Statement and other financial information include the Group's proportionate share in jointly controlled net
assets of Rs. 120.77 Crores in respect of 2 Unincorporated Joint Ventures not operated by the company, which is
based on unaudited statements which have been certified by the management and relied upon by us.

2. We did not audit the financial statements of 158 subsidiaries included in the Statement, whose financial statements
reflect total assets of Rs. 1,27,611.21 Crores as at 31st March, 2024, total revenues of Rs. 65,912.18 Crores, total
profit after tax of Rs. 276.81 Crores, total comprehensive income of Rs. 468.89 Crores and net cash inflows of Rs.
232.69 Crores for the year then ended respectively, as considered in the Consolidated financial statements. The
Statement also includes Group's share of Net Profit after tax of Rs. 113.88 Crores for the year ended on that date, as
considered in the Statement in respect of 19 jointly controlled entity and 11 associates. These financial statements
have been audited by other auditors whose financial statements, other financial info1mation and auditor's reports
have been furnished to us by the management. Our opinion on the Statement, in so far as it relates to the amounts
and disclosures included in respect of these subsidiaries, jointly controlled entities and associates is based solely on
the reports of such other auditors and the procedures performed by us are as stated in paragraph above.

Our opinion on the Statements is not modified in respect of the above matter with respect to our reliance on the
work done and the reports of the other auditors.

3. The accompanying Statement also includes financial information of 32 subsidiaries, whose financial statements
reflect total assets of Rs. 160.59 Crores as at 31st March, 2024, total revenues of Rs. 0.94 Crores, total Profit after
tax of Rs. 13.65 Crores, total comprehensive Income of Rs. 10.91 Crores and net cash outflows of Rs. 0.05 Crores
for the year then ended respectively, as considered in the Consolidated financial statements. The Statement also
includes Group's share of Net Loss after tax of Rs. 58.39 Crores for the year ended on that date, in respect of 8
Jointly controlled entities and 3 associates. These unaudited financial statements as approved by the respective
management of these entities have been furnished to us by the Management and our opinion on the statements in so
far as it relates to the amounts and disclosures included in respect of these subsidiaries, jointly controlled entities
and associates is based solely on such unaudited financial statements. In our opinion and according to the
information and explanations given to us by the Board of Directors, these financial statements are not material to the
Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the
financial information certified by the management.

4. Some of these subsidiaries and jointly controlled entities are located outside India whose financial statements and
other financial information have been prepared in accordance with accounting principles generally accepted in their
respective countries and which have been audited by other auditors under generally accepted auditing standards
applicable in their respective countries. The Company's management has converted the financial statements of such
subsidiaries and jointly controlled entities located outside India from accounting principles generally accepted in
their respective countries to accounting principles generally accepted in India. Our opinion in so far as it relates to
the balances and affairs of such subsidiaries and jointly controlled entities located outside India is based on the
report of other auditors and the conversion adjustments prepared by the management of the Company.

5. Attention is drawn to the fact that some of the subsidiary companies, jointly controlled entities and associate
companies are incurring continuous losses, have temporary suspended projects and have a negative net current
assets position however the accounts of such subsidiary companies, jointly controlled entities and associate
companies have been prepared on a going concer..n.ba.·s·l·.· on.sidering financial support from Parent and other fellow
subsidiaries. ,.-
,-.-

Shah Dhandharla& Co. (Registration No .. GUJ/AH/10/555} a Partnership Finn has been converted into
Shah Dhandharla& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH DHANDHARIA co
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH:\R.TER.ED :\CC("'.'U:'.'-T\~TS
ILLPIN • AAW.6528)
Ct\
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant to
Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended (continued)

6. For the matter detailed in Note 9(b) of this Statement, the component auditor ofone of the subsidiaries, namely Navi
Mumbai International Airport Private Limited ("NMIAL") have inserted an emphasis of matter paragraph which
states that the Company has disputed and has not considered the water development charges and applicable interest
thereon in the financial statements and its impact, if any, will be considered as and when such dispute
would be settled.

Further, For the matter detailed in Note 9(a) of this Statement, the component auditor ofNMIAL have also inserted
an Emphasis of Matter paragraph in their report stating that the company has received communication Southeast
Region, Hyderabad, Ministry of Corporate Affairs, in terms of the Section 210(1) of the Companies Act, 2013
which has been responded by the Company on 23 February 2024 stating that this notice is unsustainable and ought
to be withdrawn.

7. Our Opinion is not modified with respect to the matters enlisted in paragraph 4 to 6 above.

8. The statement includes the results for the quarter ended 31 st March 2024 being the balancing figure between audited
figures in respect of the full financial year and the published unaudited year to date figures up to the nine months of
the current financial year which were subject to limited review by us.

For SHAH DHANDHARIA & CO LLP

Chartered Accountants
Firm'sJegistration No. l 18707W/Wl00724

Place: Ahmedabad
Date : 2 May 2024
//6~-
SlrnbttimRAhatgi •
Partner •
Membership No. 183083
UDIN: 24183083BKBVBV5052

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Finn has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH DHANDHARIA COLLP
Mithakhali Six Roads, CHARTERED :\CCCU~T\:<TS
Navrangpura, Ahmedabad - 380009 (LLPIN. AAw.ss:aa)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Annexure to Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant
to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulations, 2015, as amended:

List of Subsidiaries

Adani Aerospace and Defence Limited Mangaluru International Airport Limited

Adani Agri Fresh Limited Adani Metro Transport Limited
Ahmedabad International Airport Limited Adani Naval Defence Systems and Technologies Limited
Adani Airport Holdings Limited Adani Railways Transport Limited
Adani Bunkering Private Limited Horizon Aero Solutions Limited
Adani Cement Industries Limited Adani Resources Private Limited
Adani Cementation Limited Adani Road O&M Limited
Adani Defence Systems and Technologies Limited Adani Road Transport Limited
Adani Green Technology Limited Adani Shipping (India) Private Limited
Guwahati International Airport Limited TRY (Kerala) International Airport Limited
Adani Infrastructure Private Limited Adani Tradecom Limited
Adani Welspun Exploration Limited PRS Tolls Private Limited
Agneya Systems Limited Rajasthan Collieries Limited
Alpha Design Technologies Private Limited Adani Global Air Cargo Solutions Limited (Formerly
(Consolidated) known as Rajputana Smart Solutions Limited)
Adani Aviation Fuel Services Limited (Formerly known as
AP Mineral Resources Private Limited
Sabarmati Infrastructure Services Limited)
Azhiyur Vengalam Road Private Limited Stratatech Mineral Resources Private Limited
Badakumari Karki Road Private Limited Surguja Power Private Limited
Bailadila Iron Ore Mining Private Limited Suryapet Khammam Road Pvt Limited
Bilaspur Pathrapali Road Private Limited Talabira (Odisha) Mining Private Limited
Carroballista Systems Limited Vijayawada Bypass Project Private Limited
CG Natural Resources Private Limited Vijaynagara Smart Solutions Limited (upto 9th Sept. 2023)
Mundra Solar Limited Vizag Tech Park Limited (upto. 29 th Feb. 2024)
Adani Water Limited Aanya Maritime Inc.
Gare Palma II Collieries Private Limited Aashna Maritime Inc.
Gare Pelma III Collieries Limited Adani Australia Pty Ltd
Gidhmuri Paturia Collieries Private Limited Adani Global (Switzerland) LLC
Jhar Mineral Resources Private Limited Adani Global DMCC
Kodad Khammam Road Private Limited Adani Global FZE
Kurmitar Iron Ore Mining Private Limited Adani Global Limited
Kutch Copper Limited Adani Global Pte Limited
Mahanadi Mines & Minerals Private Limited Adani Global Royal Holding Pte Limited
Mancherial Repallewada Road Private Limited Adani Infrastructure Pty Limited
MH Natural Resources Private Limited Adani Minerals Pty Limited
MP Natural Resources Private Limited Adani Mining Pty Limited

Shah Dhandharla& Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharla& Co LLP (LLP Identification No. AA W-6528) with effect from 9th Day of April, 2021
 so7,Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhaii Six Roads, CHARTERED :\CCCU:<T:\.:-."TS
Navrangpura, Ahmedabad - 380009 (LLP!N • AAw..esaal
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

East Coast Aluminium Limited (Formerly known as

Adani North America Inc
Mundra Copper Limited)
Mundra Petrochem Limited Adani Renewable Asset Holdings Pty Limited
Mundra Solar Energy Limited Adani Renewable Assets Holdings Trust
Mundra Solar PV Limited Adani Renewable Assets Pty Limited
Mundra Synenergy Limited Adani Renewable Assets Trust
Nanasa Pidgaon Road Private Limited Adani Rugby Run Finance Pty Ltd
Natural Growers Private Limited (disinvested w.e.f. 5th
Adani Rugby Run Pty Limited
August 2023)
Ordefence Systems Limited Adani Rugby Run Trust
Panagarh Palsit Road Private Limited Adani Shipping Pte Limited
Parsa Kente Collieries Limited Galilee Basin Conservation and Research Fund
PLR Systems Private Limited Galilee Biodiversity Company Pty Limited
Prayagraj Water Private Limited Galilee Transmission Holding Pty Limited
Jaipur International Airport Limited Galilee Transmission Holdings Trust
Lucknow International Airport Limited Galilee Transmission Pty Limited
Queensland Ripa Holdings Pty Ltd PT Adani Global (Consolidated)
Queensland Ripa Holdings Trust PT Adani Global Coal Trading
Queensland Ripa Pty Ltd Unnao Prayagraj Road Private Limited
Queensland Ripa Trust Whyalla Renewable Holdings Trust
Rahi Shipping Pte Limited Whyalla Renewables Pty Ltd
Urja Maritime Inc Whyalla Renewables Trust
Vanshi Shipping Pte Limited Adani Solar USA Inc
Whyalla Renewable Holdings Pty Ltd Adani Solar USA LLC
Bowen Rail Company Pty Limited Hartse! Solar LLC (upto 27 th April 2023)
Bowen Rail Operation Pte Limited Midlands Parent LLC
Mumbai International Airport Limited Oakwood Construction Services Inc
Navi Mumbai International Airport Private Limited Seafront Segregated Portfolio
Bhagalpur Waste Water Limited PLR Systems (India) Limited
GVK Airport Developers Limited Adani Petrochemicals Limited
GVK Airport Holdings Limited Adani Digital Labs Private Limited
Adani Data Networks Limited Bangalore Airport & Infrastructure Developers Limited
Adani New Industries Limited (Formerly known as
Budaun Hardoi Road Private Limited
Mundra Windtech Limited)
April Moon Retail Private Limited Hardoi Unnao Road Private Limited
Astraeus Services IFSC Limited Mumbai Travel Retail Private Limited
Kalinga Alumina Limited (Formerly known as Mundra
Kutch Copper Tubes Limited
Aluminium Limited)
Kagal Satara Road Private Limited Mundra Solar Technology Limited
Adani Health Ventures Limited Bengal Tech Park Limited
Jhar Mining Infra Private Limited AMG Media Networks Limited
Puri Natural Resources Limited Alluvial Natural Resources Private Limited
Sompuri Natural Resources Private Limited Kufoh Fertilizers Limited
Sompuri Infrastructures Private Limited ~
Alluvial Heavy Minerals Limited
Adani Road STPL Limited Indravati Projects Private Limited

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharia& Co LLP {LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH DHANDHARIA LLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH.\RTERED ACG.""U\;T.!\:\:TS
(LLPIN • AAW-6$28)
0,\
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Adani Road GRICL Limited Niladri Minerals Private Limited

Adani Global Vietnam Company Limited Vindhya Mines and Minerals Limited
Vishvapradhan Commercial Private Limited Hirakund Natural Resources Limited
Alluvial Mineral Resources Private Limited Raigarh Natural Resources Limited
RRPR Holding Private Limited Mining Tech Consultancy Services Limited
Alwar Alluvial Resources Limited Adani Disruptive Ventures Limited
Pelma Collieries Limited New Delhi Television Limited (Consolidated)
Aelius Resources S.A. Sibia Analytics and Consulting Services Private Limited
Atharva Advanced Systems and Technologies Limited Armada Defence Systems Limited
Sirius Digitech International Limited Stark Enterprises Private Limited
Tabemono True Aromas Private Limited Adani Israel Limited
IANS India Private Limited MTRPL Macau Limited
Ospree International FZCO Quintillion Business Media Limited
Le Marche Duty Free SAS

List of Jointly Controlled Entities and Associates

Adani Power Resources Limited Carmichael Rail Network Trust

Comprotech Engineering Private Limited Mundra Solar Technopark Private Limited
GSPC LNG Limited Adani Global Resources Pte Limited
Noida Data Center Limited Adani Total LNG Singapore Pte Limited
Vishakha Industries Private Limited DC Development Hyderabad Limited
Vishakha Pipes and Moulding Private Limited Carmichael Rail Assets Holdings Trust
AdaniConnex Private Limited Carmichael Rail Network Holdings Pty Limited
Adani Wilmar Limited (Consolidated) Carmichael Rail Network Pty Limited
Carmichael Rail Development Company Pty Limited Mumbai Airport Lounge Services Private Limited
Mumbai Aviation Fuel Farm Facility Private Limited Maharashtra Border Check Post Network Limited
DC Development Noida Limited Unyde Systems Private Limited
Pune Data Center Two Limited (Formerly known as
Cleartrip Private Limited
Mumbai Data Center Limited)
Pune Data Center Limited DC Development Noida Two Limited
General Aeronautics Private Limited Kowa Green Fuel Pte Ltd
India Inc Limited Support Properties Private Limited
Innovant Buildwell Private Limited Aviceda Infra Park Limited

List of Partnership Firms and LLPs

Adani Commodities LLP Adani - LCC JV

Mahaguj Power LLP (under strike offw.e.f. 15 th March, Adani Tradex LLP (under strike offw.e.f. 17 th March,
2023 2023)
Adani Tradewing LLP (under strike offw.e.f. 16th March,
2023)

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 Statement on Impact of Audit Qualifications (for audit report with modified opinion}
submitted along-with Annual Audited Financial Results - (Consolidated}

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2024
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

I. Sr Particulars Audited Figures Adjusted Figures

No (as reported before (audited figures
adjusting for after adjusting for
qualifications} qualifications}
Rs in crore Rs in crore*
1 Total income 98,281.51 98,281.51
2 Total Expenditure 92,641.23 92,641.23
3 Net Profit 3,335.27 3,335.27
4 Earnings Per Share 27.24 27.24
5 Total Assets 1,60,731.85 1,60,731.85
6 Total Liabilities 1,16,545.56 1,16.545. 56
7 Net Worth 44,186.29 44,186.29
8 Any other financial item(s) (as felt NA NA
appropriate by the management)
*Since the qualification pertains to a matter where the auditors have been unable to quantify
the impact, if any, no adjustment has been made in the table above for such qualification
II.

1 Audit Qualification (each audit qualification separately}:

a. Details of Audit Qualification :

As described in Note 7 to the accompanying Statement, on account of pending
adjudications/ outcome of the investigations by the Securities and Exchange Board
of India and based on our review of related documents, we are unable to comment
on the possible adjustments and /or disclosures, if any, that may be required to be
made in the accompanying Statement in respect of this matter. We will continue to
evaluate the impact of this matter on our opinion based on any changes in
circumstances or additional information that may become available.

Note 7 in the statement of audited consolidated financial results is as follows :

During the quarter ended 31st March 2023, a short seller's report ("SSR") was
published making certain allegations against some of the Adani Group Companies
(including the Parent Company). In this regard, certain writ petitions were filed with
the Hon'ble Supreme Court ("SC") seeking independent investigation of the
allegations in SSR. During the proceedings, SC observed that the Securities and
Exchange Board of India ("SEBI") was investigating the matter. The SC also
constituted an Expert Committee to investigate as well as suggest measures to
strengthen existing laws and regulations and also directed the SEBI to consider
certain additional aspects in its scope. The Expert Committee submitted its report
dated 6th May 2023, finding no regulatory failure in respect of applicable laws and
regulations. The SEBI also concluded its investigations in twenty-two of the twenty-
four matters as per the status report dated 25th August 2023 to the SC ..
 On 3rd January 2024, the SC disposed off all matters in various petitions including
those relating to separate independent investigations relating to the allegations in
the SSR. Further, the SC directed SEBI to complete the pending two investigations,
preferably within three months, and take its investigations (including 22 already
completed) to their logical conclusion in accordance with law. During the quarter
ended 31st March 2024, the Parent Company has received two show cause notices
(SCNs) from the SEBI alleging non-compliance of provisions of the Listing
Agreement and LODR Regulations pertaining to related party transactions in
respect of certain transactions with third parties and validity of peer review
certificates of statutory auditors with respect to earlier years. The management
believes that there is no material consequential effect of above SCNs to relevant
financial statements and no material non-compliance of applicable laws and
regulations.

Earlier in April 2023, the Parent Company had undertaken review of transactions
referred in SSR through an independent assessment by a law firm, which confirmed
that (a) none of the alleged related parties mentioned in the SSR were related
parties to the Parent Company or its subsidiaries, under applicable frameworks; and
(b) the Parent Company is in compliance with the requirements of applicable laws
and regulations.

Based on above independent assessment, the SC order and the fact that there are
no pending regulatory or adjudicatory proceedings as of date, except as mentioned
above, the management concludes that that there is no material non-compliance of
applicable laws and regulations and accordingly, these financial statements do not
carry any adjustments in this regard.

b. Type of Audit Qualification :

Qualified Opinion/ Disclaimer of Opinion/ iA,dverse Opinion

c. Frequency of Qualification :
Included since audit report for the quarter and year ended 31st March 2023

d. For Audit Qualification(s) where the impact is quantified by the auditor,

Management's view: Not Applicable

e. For Audit Qualification(s) where the impact is not quantified by the auditor :
i. Management's estimation on the impact of audit qualification : Not Applicable
ii. If management is unable to estimate the impact, reasons for the same : Not
assessable at this point of time
iii. Auditors' Comments on (i) or (ii) above :
Pending adjudications / outcome of the investigations by the Securities and
Exchange Board of India and based on our review of related documents, we are
unable to comment on the possible adjustments and /or disclosures, if any, that may
be required to be made in the accompanying Statement in respect of this matter.
We will continue to evaluate the impact of this matter on our opinion based on any
changes in circumstances or additional information that may become available.
 a. Details of Audit Qualification :
2 As detailed in Note 8(a) and 8(c) of this Statement, in case of one of the subsidiaries,
namely Mumbai International Airport Limited ('MIAL'), the legal proceedings
involving investigations initiated by the Ministry of Corporate Affairs ('MCA') and
chargesheet filed by the Central Bureau of Investigation are currently on-going in
respect of matters involving potential conflict of interest and alleged misuse of
funds of MIAL aggregating tot 845.76 crores related to works contracts that are
currently included in Property, Plant and Equipment at a net book value oft 539.50
crores. The auditors of MIAL have given a qualified opinion in the absence of
sufficient appropriate audit evidence in respect of the above.

Note S(a) in the statement of audited consolidated financial results is as follows :

Certain investigations and enquiries have been initiated by the Central Bureau of
Investigation ("CBI"), the Enforcement Directorate and the Ministry of Corporate
Affairs against MIAL, its holding company GVK Airport Holdings Limited and the
erstwhile promoter directors of MIAL for the period prior to 27th June 2020. MIAL
is co-operating with these agencies to conclude the investigations and related
proceedings.

During the previous year ended 31st March 2023, based on the submissions of the
CBI. the case was transferred to the jurisdictional magistrate court ("the Court") and
subsequently, the CBI filed a chargesheet with the Court in Mumbai against accused
including MIAL and the erstwhile Managing Director, where it was alleged that
funds aggregating t 845.76 crores were diverted from MIAL through contracts, that
are currently included in Property, Plant and Equipment at a net book value of
t 539.50 crores.

The management of MIAL has received legal advice that the allegations in the
chargesheet are not to be treated as conclusive, final, or binding till it is confirmed
by the Court. Considering the legal advice received and status of the proceedings,
management of MIAL is of the view that any resultant financial or other implications
would be assessed and considered after legal proceedings are concluded. Hence no
adjustments have been carried out to the financial results.

Note S(c) in the statement of audited consolidated financial results is as follows :

During the previous quarter, MIAL has received communication in terms of section
210(1) from MCA relating to initiation of investigation of books and papers, primarily
information sought pertains to period from 2017-18 to 2021-22. MIAL has responded
to notice on 23rd February 2024 citing notice as unsustainable in law and ought to
be withdrawn forthwith as the same also ignores the fact that MIAL has already
shared the information and the data pursuant to the first notice. After the
investigation, no further action was warranted by the Central Government with
regard to referred information and data. Considering these facts, MIAL has not
identified any adjustments to be made to the financial results.

b. Type of Audit Qualification :

Qualified Opinion/ Disclaimer of Opinion/ .A.dverse Opinion

c. Frequency of Qualification :
Included since audit report for the quarter and year ended 31st March 2023

d. For Audit Qualification(s) where the impact is quantified by the auditor,

Management's view : Not Applicable
 e. For Audit Qualification(s) where the impact is not quantified by the auditor :
i. Management's estimation on the impact of audit qualification : Not Applicable
ii. If management is unable to estimate the impact, reasons for the same : Not
assessable at this point of time
iii. Auditors' Comments on (i) or (ii) above :
The legal proceedings involving investigations initiated by the Ministry of Corporate
Affairs ('MCA') and chargesheet filed by the Central Bureau of Investigation are
currently on-going in respect of matters involving potential conflict of interest and
alleged misuse of funds of MIAL aggregating to ~ 845.76 crores related to works
contracts that are currently included in Property, Plant and Equipment at a net book
value of~ 539.50 crores. The auditors of MIAL have given a qualified opinion in the
absence of sufficient appropriate audit evidence in respect of the above.

Ill. Signatories :

f~~~ \~
Mr. Rajesh S. Adani Mr. M m a ~ a r
Managing Director Chai~l~n - Audit Committee
,,-·-\
\ .
i '
. /8~~~
Mr. Jugeshinder Singh Mr. Shubl'l,am Rohotgi
Chief Financial Officer Partner, Shah Dhandharia S Co LLP

Date : 2 nd May, 2024

Place : Ahmedabad
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
II
Registered Office : "Adani Corporate House", Shantigram,

I Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421

Phone: 079-26565555; Fax : 079-26565500: Email : investor.ael@ladani.com: Website: www.adanienterprises.com

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2024

('{ in Crores)
Quarter Ended Year Ended
Sr. 31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 11 Refer Note 11
1 Income
Revenue from Operations 9,210.18 7,960.79 10,325.21 32,012.03 57,886.45
Other Income 346.48 377.08 367.54 1,667.12 1,264.74
Total Income 9,556.66 8,337.87 10,692.75 33,679.15 59,151.19
2 Expenses
(a) Purchases of stock-in-trade 6,671.23 6,372.97 6,890.56 21,982.11 47,796.59
(b) Changes in inventories of stock-in-trade (214.72) (715.69) 1.193.03 1,087.59 757.94
(c) Employee benefits expense 171.14 153.97 150.01 702.03 651.75
(d) Finance costs 207.82 167.68 141.65 638.19 664.13
(e) Depreciation and amortisation expense 37.41 35.51 33.71 142.59 131.04
(f) Operating and Other expenses 1,590.36 1,304.46 1,499.09 5,070.65 5,911.11
(g) Foreign exchange loss/ (gain) 56.96 55.69 91.84 260.60 965.20
Total Expenses 8,520.20 7,374.59 9,999.89 29,883.76 56,8n.76
3 Profit/ (Loss) before exceptional items and tax (1·2) 1,036.46 963.28 692.86 3,795.39 2,273.43
4 Add / (Less) : Exceptional item (Refer Note 5) (71.67) (71.67)
5 Profit/ (Loss) before tax from Continuing Operations (3+4) 1,036.46 963.28 621.19 3,795.39 2,201.76
6 Tax expenses
(a) Current Tax 261.40 249.83 168.16 955.21 570.09
(b) Deferred Tax (0.20) (4.06) (0.63) (2.85) 17.90
Total Tax Expense 261.20 245.n 167.53 952.36 587.99
7 Profit / (Loss) after tax from Continuing Operations (5·6) 775.26 717.51 453.66 2,843.03 1,613.n
8 Profit/ (Loss) before tax from Discontinued Operations (Refer Note 3) 1.94 1.26 (17.18) 1.65 11.98
(Less) : Tax expenses of Discontinued Operations 0.49 0.31 (4.40) 0.42 3.02
Profit / (Loss) after tax from Discontinued Operations 1.45 0.95 (12.78) 1.23 8.96
9 Profit/ (Loss) for the period (7+8) n6.71 718.46 440.88 2,844.26 1,622.73
10 Other Comprehensive Income / (Loss)
(a) Items that will not be reclassified to profit or loss (3.09) 0.29 (2.64) (2.26) (1.37)
(b) Income tax relating to items that will not be
0.77 (0.08) 0.67 0.57 0.35
reclassified to profit or loss
Total Other Comprehensive Income/ (Loss) (2.32) 0.21 (1.97) (1.69) (1.02)
11 Total Comprehensive Income I (Loss) (9+10) n4.39 718.67 438.91 2,842.57 1,621.71
12 Paid-up Equity Share Capital (Face Value of t 1 each) 114.00 114.00 114.00 114.00 114.00
13 Other Equity 16,525.54 13,819.78
14 Net Worth 16,639.54 13,933.78
15 Earnings per share in Rupees (Face Value of t 1 each)
(not annuallsed):
From Continuing Operations
Basic 8- Diluted 6.80 6.30 3.98 24.94 14.21
From Discontinued Operations
Basic 8- Diluted 0.01 0.01 (0.11) 0.01 0.08
From Continuing 8- Discontinued Operations
Basic 8- Diluted 6.81 6.31 3.87 24.95 14.29
16 Additional Disclosure for Ratios (Refer Note 8)

i
 Adani Enterprises Limited
(CIN No : L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone: 079-26565555 ; Fax : 079·26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com

AUDITED STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2024

('{ in Crores)
Sr. 31-03-2024 31-03-2023
Particulars
No. (Audited) (Audited)

ASSETS
I NON-CURRENT ASSETS
(a) Property, Plante Equipment 771.10 778,66
(b) Right Of Use Assets 222.06 331.27
(c) Capital Work-in-Progress 590,79 526.89
(d) Investment Properties 17.99 18,22
(e) Intangible Assets 529.02 539,57
(f) Intangible Assets Under Development 161.55 122.39
(g) Financial Assets
(i) Investments 14,070.99 9,947.99
(ii) Loans 45,82 5.08
(iii) Other Financial Assets 192,76 122,85
(h) Income Tax Assets (net) 41.03 38.65
(i) Other Non-Current Assets 424.57 401.98
17,067.6B 12,B33.55
II CURRENT ASSETS
(a) Inventories 3,006.61 4,085.46
(b) Financial Assets
(i) Investments
(ii) Trade Receivables 4,220.82 4,688.27
(iii) Cash 8- Cash Equivalents 445,93 352.48
(iv) Sank Balances other than (iii) above 568,14 987,38
(v) Loans 14,936,63 15,064.43
(vi) Other Financial Assets 726.07 932,79
(c) Other Current Assets 931.81 1,192.91
24,B36.01 27,303.72
Ill Assets classified as held for sale (Refer note 3) 276,68
Total Assets 42,1B0.37 40,137.27
EQUITY ANO LIABILITIES
EQUITY
(a) Equity Share Capital 114.00 114,00
(b) Other Equity 16,525.54 13,819.78
Total Equity 16,639.54 13,933.7B

LIABILITIES
I NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 3,357.47 900,02
(ii) Lease Liabilities 126.01 141.40
(iii) Other Financial Liabilities 6.40 7.59
(b) Provisions 46.41 37,68
(c) Deferred Tax Liabilities (net) 152,92 156,33
3,6B9.21 1,243.02

II CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 2,375.01 2,020.23
(ii) Lease Liabilities 34,75 44.40
(iii) Trade Payables
- total outstanding dues of micro and small enterprises 4.69 16.02
- total outstanding dues of creditors other than micro and small enterprises 17,896.69 21,507.35
(iv) Other Financial Liabilities 597,65 809,90
(b) Other Current Liabilities 280,22 493,88
(c) Provisions 57.50 53.79
(d) Income Tax Liabilities (net) 14.24 14,90
21,260.75 24,960.47
Ill Liabilities associated with assets held for sale (Refer note 3) 590.87
Total Equity and Liabilities 42,1B0.37 40,137.27
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantlgram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079•26565555; Fax : 079-26565500 ; Email : investor.ael@adani.com; Website: www.adanienterprises.com

tMll.i
1 The above standalone financial results have been prepared based on audited standalone financial statements of Adani Enterprises Limited
("Company"). These financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company
at their respective meetings held on 2nd May 2024.
2 The above standalone financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section
133 of the Companies Act, 2013 read with the relevant rules issued thereunder.
3 During the quarter ended 31st March, 2024, the Board of Directors of the Company at their meeting held on 22nd March, 2024 had approved the
transfer/sale of Power Trading business of the Company along with its identified assets and liabilities on fair valuation basis. The transaction will be
completed after the receipt of regulatory approvals.
Consequently, the transfer has been disclosed as Discontinued Operations in accordance with Ind AS 105 "Non-Current Assets Held for Sale and
Discontinued Operations". The results of Power Trading business included in the financial results and segment results, disclosed as discontinued
operations. are as follows
({ in Crores)
Quarter Ended Year Ended
Particulars
31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
(Unaudited) (Unaudited)
(Unaudited) (Audited) (Audited)
Refer Note 11 Refer Note 11
Total Income 3,251.35 3,286.17 2,404.98 12,302.64 9,441.02
Total expenses 3,249.41 3,284.91 2,422.16 12,300.99 9,429.04
Profit/(loss) before tax from discontinued operations 1.94 1.26 (17.18) 1.65 11.98

4 During the quarter ended 31st March 2023, a short seller's report ("SSR") was published making certain allegations against some of the Adani Group
Companies (including the Company). In this regard, certain writ petitions were filed with the Hon'ble Supreme Court ("SC") seeking independent
investigation of the allegations in SSR. During the proceedings, SC observed that the Securities and Exchange Board of India ("SEBI") was investigating
the matter. The SC also constituted an Expert Committee to investigate as well as suggest measures to strengthen existing laws and regulations and
also directed the SEBI to consider certain additional aspects in its scope. The Expert Committee submitted its report dated 6th May 2023, finding no
regulatory failure in respect of applicable laws and regulations. The SEBI also concluded its investigations in twenty-two of the twenty-four matters as
per the status report dated 25th August 2023 to the SC.

On 3rd January 2024, the SC disposed off all matters in various petitions including those relating to separate independent investigations relating to
the allegations in the SSR. Further, the SC directed SEBI to complete the pending two investigations, preferably within three months, and take its
investigations (including 22 already completed) to their logical conclusion in accordance with law. During the quarter ended 31st March 2024, the
Company has received two show cause notices (SCNs) from the SEBI alleging non-compliance of provisions of the Listing Agreement and LODR
Regulations pertaining to related party transactions in respect of certain transactions with third parties and validity of peer review certificates of
statutory auditors with respect to earlier years. The management believes that there is no material consequential effect of above SCNs to relevant
financial statements and no material non-compliance of applicable laws and regulations.

Earlier in April 2023, the Company had undertaken review of transactions referred in SSR through an independent assessment by a law firm, which
confirmed that (a) none of the alleged related parties mentioned in the SSR were related parties to the Company or its subsidiaries, under applicable
frameworks; and (b) the Company is in compliance with the requirements of applicable laws and regulations.
Based on above independent assessment, the SC order and the fact that there are no pending regulatory or adjudicatory proceedings as of date,
except as mentioned above, the management concludes that that there is no material non-compliance of applicable laws and regulations and
accordingly, these financial statements do not carry any adjustments in this regard.
5 During the previous quarter and year ended 31st March 2023, expenses of'{ 71.67 crore incurred by the Company in connection with the further public
offer ("FPO") had been presented as an exceptional item. The FPO was fully subscribed but was subsequently withdrawn in order to protect interest of
the bidders amid market volatility.
6 (a) The Company had issued Rated, Listed, Secured, Redeemable, Principal Protected, Market Linked Non-Convertible Debentures of '{ 790 crores in
various tranches and has maintained security cover exceeding 100% on the principal amount as on 31st March 2024 by way of pledge of shares of one
of its subsidiaries Adani Road Transport Limited. Out of these, for debentures of'{ 490 crores, principal repayment along with interest thereon was due
and paid on various dates.
(b) The Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of '{ 400 crores and had maintained security cover
exceeding 100% on the principal amount by way of first paripassu charge on all the current assets of the Company except those pertaining to the
mining division. The principal repayment along with interest thereon was due and paid on 20th May 2023.
For the above debenture issuances, the Company's rating for long term debt/ facilities/ debentures has been assigned at "CARE A+" by CARE Ratings
Ltd.
(c) The Company had issued Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures of '{ 1,950 crores in various tranches and has
maintained security cover exceeding 100% on the principal amount as on 31st March 2024 by way of pledge of shares of one of its subsidiaries Adani
Road Transport Limited. There was no interest or principal repayment falling due during the quarter ended 31st March 2024.

7 Over various financial years, the custom department has considered a different view for levy of custom duty in respect of quality of coal imported by
the Company, for which the Company has received demand notices amounting to '{ 863.62 crores (31st March, 2023 : '{ 863.62 crores) at various
locations. The Company has deposited'{ 460.61 crores (31st March, 2023 : '{ 460.61 crores) as custom duties (including interest) under protest and
contested the view taken by authorities as advised by external legal counsel. The Company being the merchant trader generally recovers custom
duties from its customers and does not envisage any material financial impact.
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adanl Corporate House", Shantigram,
Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421
Phone : 079•26565555; Fax: 079-26565500; Email : lnvestor.ael@ladani.com ; Website: www.adanienterprises.com

8 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended for the quarter and year ended 31st March 2024 :

Quarter Ended Year Ended

Particulars 31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 11 Refer Note 11
Debt Equity Ratio
0.34 0.35 0.21 0.34 0.21
Total Borrowings/ Total Equity

Debt Service Coverage Ratio

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)
3.08 3.07 4.87 3.66 4.29
/ (lnterest+Scheduled Principal Repayments of Non-Current
Borrowings)

Interest Service Coverage Ratio

7.38 8.49 7.45 8.77 6.48
EBITDA / Interest Expense

Current Ratio
1.15 1.17 1.09 1.15 1.09
Current Assets/ Current Liabilities

Long Term Debt to Working Capital Ratio

(Non-Current Borrowings+ Current Maturities of Non-Current Borrowings)/
1.03 0.74 0.56 1.03 0.56
(Current Assets - Current Liabilities excluding Current Maturities of Non-
Current Borrowings)

Bad Debts to Account Receivable Ratio

0.02 0.02
Bad Debts/ Average Trade Receivables

Current Liability Ratio

0.86 0.88 0.95 0.86 0.95
Current Liabilities/ Total Liabilities

Total Debts to Total Assets Ratio

0.14 0.14 0.07 0.14 0.07
Total Borrowings/ Total Assets

Debtors Turnover Ratio

2.74 2.66 3.10 9.75 16.41
Revenue from Operations/ Average Trade Receivables

Inventory Turnover Ratio

2.74 2.60 2.35 9.97 12.99
Cost of Goods Sold/ Average Inventory

Operating Margin (%)

7.52% 7.03% 3.78% 6.57% 2.69%
EBITDA excluding Other Income/ Revenue from Operations

Net Profit Margin (%)

6.06% 6.18% 3.37% 6.19% 2.37%
Net Profit after Tax/ Total Income

Outstanding Redeemable Preference Shares (Quantity and Value) NA NA NA NA NA

Capital Redemption Reserve/Debenture Redemption Reserve NA NA NA NA NA

Net Worth ~ In Crores) 16,639.54 15,865.16 13,933.78 16,639.54 13,933.78

Net Profit after Tax ~ In Crores) 776.71 718.46 440.88 2,844.26 1,622.73

Earnings per Share (Face Value of 'f 1 each) (not annualised) (Basic 8
6.81 6.31 3.87 24.95 14.29
Diluted)

Note:- FInancIal numbers of discontinued operations have been included for calculation of ratios.
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079-26565555 : Fax : 079-26565500; Email : investor,ael@adanl.com : Website : www.adanienterprises.com

9 Statement of Audited Standalone Cash Flows for the year ended 31st March, 2024
(f in Crores)
31-03-2024 31-03-2023
Particulars
(Audited) (Audited)

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax
From Continuing Operations 3,795.39 2,201.76
From Discontinued Operations 1.65 11,98
Adjustment for:
Depreciation and amortisation 142,59 131.04
interest and Dividend from Investments (0,01) (0,01)
Unrealised Exchange Rate Difference (net) (255.72) 209,04
Loss/ (Profit) from Limited Liability Partnerships (net) (13.83) 0.27
Net Gain on Sale of Current Investments (11.40) (4.36)
Loss/ (Profit) on sale of Property, Plant and Equipments (net) (87.17) (0,37}
Bad Debts, Advances, Other Balances written off and Provision for Doubtful Debts, 208,16 4.55
Loans 8- Advances
Liabilities no longer required written back (7.25) (7,71)
Finance Costs 638,19 665.21
Interest Income (1,497.97) (1,235.55)
Loss on disposal of Non Current Investments (net of impairment reversal) (9.16) 10,00
Operating Profit before Working Capital changes 2,903.47 1,985.85

Adjustment for:
(Increase)/ Decrease in Trade 8- Other Financial Assets 590,77 (1,828.02}
(Increase)/ Decrease in Inventories 1.078,85 758.37
(Increase)/ Decrease in Loans 8- Advances (1.24) 0,19
Increase/ (Decrease) in Trade Payables, Other Liabilities 8- Provisions (3,105.31) 10,802.80
Cash generated from / (used in) Operations 1.466.54 11,719.19
Direct Tax paid (net) (958,66) (531.87)
Net Cash generated from / (used in) Operating Activities (A) 507.88 11,187.32

8. CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure on Property, Plant 8- Equipments, Intangible Assets and Investment (279.47) (222.52}
Properties (after adjustment of increase/ decrease in Capital Work-in-Progress, Capital
Advances, Capital Creditors and Intangible assets under development)
Proceeds from Sale/ Disposal of Property, Plant and Equipments 0.94 9.45
Non Current Loans given (39,50) (12.56}
Current Loans (given) / received back (net) 1.204.47 (11,853.25)
Sale/ Redemption of Non-current Investments 2,659.08 0.02
Purchase of Non-current Investments (6,837.88) (3,665.48)
Gain from Sale/ Redemption of Current Investments (net) 11.40 4.36
Withdrawal/ (Investments) in Limited Liability Partnerships (net) 14.40 0.11
Withdrawal/ (Investments) in Other Bank Deposits (net) 420.08 (559.42)
Interest and Dividend from Investments 0.01 0,01
Interest Received 380.59 290,53
Net Cash generated from / (used in) Investing Activities (B) (2,465.88) (16,008.75)

C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of Share Capital at Premium 7,700.00
Proceeds/ (Repayment) from Current Borrowings (net) 936,03 (1,012.21)
Proceeds from issue of Non Convertible Debentures 1,950.00 590.00
Repayment of Non Convertible Debentures (890.00} (159,63)
Proceeds from Non Current Borrowings 900.00
Repayment of Non Current Borrowings (100,93) (724.64)
Repayment of Unsecured Perpetual Securities (510,00}
Distribution to holders of Unsecured Perpetual Securities (4.59)
Finance Cost Paid (530.94) (613.12)
Payment of Lease Liabilities (27.79) (41,49)
Dividend Paid (136.80) (114,00)
Net Cash generated from / (used in) Financing Activities (C) 2,099.57 5,110.32
Net Increase / (Decrease) in Cash & Cash Equivalents (A+B+C) 141.57 288.89
Cash 8- Cash equivalents at the beginning of the year 352.48 63,59
Cash 8- Cash equivalents pertaining to discontinued operations, classified as held for sale (48,12)
Cash & Cash Equivalents as at the end of the year 445.93 352,48

10 The Board has recommended final dividend oft 1.30 (130%} per equity share of the face value oft 1 each for the financial year 2023-24 subject to
approval of the shareholders.
 Adani Enterprises Limited
{CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House•, Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079-26565555: Fax: 079-26565500 ; Email: investor.ael@ladani.com: Website: www.adanlenterprises.com

11 The figures for the quarter ended 31st March 2024 and 31st March 2023 represent the difference between the audited figures in respect of the full
financial year and the unaudited published year-to-date figures upto the third quarter of the financial year, which were subject to limited review.

12 The Company publishes standalone financial results along with the consolidated financial results, hence the Company has disclosed the segment
information in its consolidated financial results in accordance with Ind AS 108 "Operating Segments·.

For and on behalf of the Board of Directors

~

Date 2nd May, 2024

Place Ahmedabad Chairman
 507, Abhijeet-1, SHAH DHANDHARIA COLLP
Mithakhali Six Roads, CH.-\R.TERED .-\CCC'U'\:T-\>-TS
Navrangpura, Ahmedabad - 380009 ILLP!N • AAW-652.S)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Standalone Financial Results of Adani Enterprises Limited pursuant to Regulation
33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)
Regulations, 2015, as amended

To the Board of Directors of Adani Enterprises Limited

Qualified Opinion

We have audited the accompanying Statement of Standalone Financial Results of Adani Enterprises Limited ("the
Company"), for the year ended March 31, 2024 ("the Statement"), being submitted by the Company pursuant to the
requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended ("the Listing Regulations").

Based on the information and explanations provided to us, except for the possible effects of the matter described in the "Basis
for Qualified Opinion" section of our report, we are of the opinion that the Statement:

a. is presented in accordance with the requirements of Regulation 33 and 52 of the Listing Regulations; and

b. gives a true and fair view in conformity with applicable Indian accounting standards prescribed under section 133 of
the Companies Act 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles
generally accepted in India, of the net profit, total comprehensive income and other financial information of the
Company for the year ended March 31, 2024.

Basis for Qualified Opinion

As described in Note 4 to the accompanying Statement, on account of pending adjudications/ outcome of the investigations
by the Securities and Exchange Board of India and based on our review of related documents, we are unable to comment on
the possible adjustments and /or disclosures, if any, that may be required to be made in the accompanying Statement in
respect of this matter. We will continue to evaluate the impact of this matter on our opinion based on any changes in
circumstances or additional information that may become available.

Our audit opinion for the year ended March 31, 2023, and our limited review conclusion for the quarter ended December 31,
2023 were also modified, in respect of this matter.

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the
Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are
relevant to our audit of the Statement under the provisions of the Act and the Rules thereunder and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the !CAi's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for our qualified opinion on the Statement.

Management's Responsibilities for the Standalone Financial Results

This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been
compiled from the related audited Standalone Financial Statements. The Company's Board of Directors are responsible for
the preparation and presentation of the Statement that give a true and fair view of the net profit, other comprehensive income
and other financial information of the Company in accordance with Indian accounting standards prescribed under section 133
of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 and 52 of the Listing Regulations.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, •re ant to the preparation and presentation of the Standalone
Financial Results that give a true and fair view and are free fr material misstatement, whether due to fraud or error.

=='I!========================
Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AA W-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH HAND HAR IA
Mithakhali Six Roads, CHAR.TERED .\CO:.."'U>;T:\>.TS
Navrangpura, Ahmedabad - 380009 ILLPIN • AA W.652.Sl
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Standalone Financial Results of Adani Enterprises Limited pursuant to Regulation
33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)
Regulations, 2015, as amended (continued)

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability, to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal controls.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion
on whether the company has adequate internal financial controls with reference to financial statements in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management and the Board of Directors.

• Conclude on the appropriateness of the Management's use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company's ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the
Statement represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our
audit.

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a Partnership Finn has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, DHANDHARIA & CO LLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH:\RTERED :\CCC'lf.\T.\:-.TS
(LL.PIN· AAW-652.S)
CA
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Report on Standalone Financial Results of Adani Enterprises Limited pursuant to Regulation
33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)
Regulations, 2015, as amended (continued)

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.

Other Matters

The statement includes the results for the quarter ended 31 st March 2024 being the balancing figure between audited figures
in respect of the full financial year and the published unaudited year to date figures up to the nine months of the current
financial year which were subject to limited review by us.

For SHAH DHANDHARIA & CO LLP

Chartered Accountants
Firm's Registration No. l 18707W/Wl00724
C~)
Place: Ahmedabad
Date : 2 May 2024 .£\~;~11~
S~bh;!llllo{a;gi ,,--
1
Partn~ '
Membership No. 183083
UDIN: 24183083BKBVBT6658

Shah Dhandharia& Co. (Registration No. GUJ/AH/1P2555) a Partnership Firm has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 Statement on Impact of Audit Qualifications (for audit report with modified opinion)
submitted along-with Annual Audited Financial Results - (Standalone)

Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2024
[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

I. Sr Particulars Audited Figures Adjusted Figures

No (as reported before (audited figures
adjusting for after adjusting for
qualifications) qualifications)
Rs in crore Rs in crore*
1 Total income 33,679.15 33,679.15
2 Total Expenditure 29,883.76 29,883.76
3 Net Profit 2,844.26 2,844.26
4 Earnings Per Share 24.95 24.95
5 Total Assets 42,180.37 42,180.37
6 Total Liabilities 25,540.83 25,540.83
7 Net Worth 16,639.54 16,639.54
8 Any other financial item(s) (as felt NA NA
appropriate by the management)
*Since the qualification pertains to a matter where the auditors have been unable to quantify
the impact, if any, no adjustment has been made in the table above for such qualification
II.

1 Audit Qualification (each audit qualification separately):

a. Details of Audit Qualification :

As described in Note 4 to the accompanying Statement, on account of pending
adjudications/ outcome of the investigations by the Securities and Exchange Board
of India and based on our review of related documents, we are unable to comment
on the possible adjustments and /or disclosures, if any, that may be required to be
made in the accompanying Statement in respect of this matter. We will continue to
evaluate the impact of this matter on our opinion based on any changes in
circumstances or additional information that may become available.

Note 4 in the statement of audited standalone financial results is as follows :

During the quarter ended 31st March 2023, a short seller's report ("SSR") was
published making certain allegations against some of the Adani Group Companies
(including the Company). In this regard, certain writ petitions were filed with the
Hon'ble Supreme Court ("SC") seeking independent investigation of the allegations
in SSR. During the proceedings, SC observed that the Securities and Exchange
Board of India ("SEBI") was investigating the matter. The SC also constituted an
Expert Committee to investigate as well as suggest measures to strengthen existing
laws and regulations and also directed the SEBI to consider certain additional
aspects in its scope. The Expert Committee submitted its report dated 6th May
2023, finding no regulatory failure in respect of applicable laws and regulations. The
SEBI also concluded its investigations in twenty-two of the twenty-four matters as
per the status report dated 25th August 2023 to the SC.
 On 3rd January 2024, the SC disposed off all matters in various petitions including
those relating to separate independent investigations relating to the allegations in
the SSR. Further, the SC directed SEBI to complete the pending two investigations,
preferably within three months, and take its investigations (including 22 already
completed) to their logical conclusion in accordance with law. During the quarter
ended 31st March 2024, the Company has received two show cause notices (SCNs)
from the SEBI alleging non-compliance of provisions of the Listing Agreement and
LODR Regulations pertaining to related party transactions in respect of certain
transactions with third parties and validity of peer review certificates of statutory
auditors with respect to earlier years. The management believes that there is no
material consequential effect of above SCNs to relevant financial statements and
no material non-compliance of applicable laws and regulations.

Earlier in April 2023, the Company had undertaken review of transactions referred
in SSR through an independent assessment by a law firm, which confirmed that (a)
none of the alleged related parties mentioned in the SSR were related parties to the
Company or its subsidiaries, under applicable frameworks: and (b) the Company is in
compliance with the requirements of applicable laws and regulations.

Based on above independent assessment, the SC order and the fact that there are
no pending regulatory or adjudicatory proceedings as of date, except as mentioned
above, the management concludes that that there is no material non-compliance of
applicable laws and regulations and accordingly, these financial statements do not
carry any adjustments in this regard.

b. Type of Audit Qualification :

Qualified Opinion/ Disclaimer of Opinion/ Adverse Opinion

c. Frequency of Qualification :
Included since audit report for the quarter and year ended 31st March 2023

d. For Audit Qualification(s) where the impact is quantified by the auditor,

Management's view: Not Applicable
 e. For Audit Qualification(s) where the impact is not quantified by the auditor :
i. Management's estimation on the impact of audit qualification : Not Applicable
ii. If management is unable to estimate the impact, reasons for the same : Not
assessable at this point of time
iii. Auditors' Comments on (i) or (ii) above :
Pending adjudications / outcome of the investigations by the Securities and
Exchange Board of India and based on our review of related documents, we are
unable to comment on the possible adjustments and /or disclosures, if any, that may
be required to be made in the accompanying Statement in respect of this matter.
We will continue to evaluate the impact of this matter on our opinion based on any
changes in circumstances or additional information that may become available.

Ill. Signatories :

\\ ~·
\
1
\ 11Vv v;
J(~~-~ \j V\J_:.-----
Mr. Rajesh S. Adani Mr. Hemant Nerurkar
Managing Director Chairblan - Audit Committee

if~
Mr. Jugeshinder Singh
Chief Financial Officer
Mr. Shubham Rohcatgi
Partner, Shah Dhandharia 8- Co LLP

Date : 2 nd May, 2024

Place : Ahmedabad
 507, Abhijeet-1, SHAH DHANDHARIA co
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH:\R.TERED .\CCCU\:T:\.'\.TS
(LLPIN • AA W-S52.6)
CA
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures

To
The Board of Directors,
Adani Enterprises Limited,
Adani Corporate House, Shantigram,
Near Vaishnov Devi Circle, S.G. Highway,
Khodiyar, Ahmedabad-382421

This certificate is issued in accordance with the email request received dated 30th April 2024 and the tenns of engagement agreed
upon.

The Revised format of Security Cover as at 31 stMarch, 2024 (the "Statement") of Adani Enterprises Limited, (the "Company")
having its registered office at Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar,
Ahmedabad - 382421, Gujarat, containing the details of security cover for listed debt securities as per Regulation 54 read with
56(1)(d) of the SEBI (Listing Obligations and Disclosure Requirement) Regulation, 2015, has been prepared by the management
of the Company in accordance with SEBI Circular dated November 12, 2020 as amended from time to time.

The Issuer has, vide board resolution dated 6th May, 2020, raised funds by issue of 3000 Secured, Rated, Listed, Redeemable,
Principal Protected Market Linked Non-convertible debentures (NCD), detailed in Annexure II, of Rs. 10,00,000/- each,
aggregating to INR 300.00 Crores and in relation thereto the issuer has executed debenture trust deeds (the "Debenture Trust
Deed") as per the details n:ientioned in Annexure II

Pursuant to the terms of the Debenture Trust Deed, the Issuer is required to provide security by way of the exclusive charge over
10.00% of the Equity Share Capital of Adani Road Transport Limited.

The financial information as on 31 th March, 2024 has been extracted from the audited books of accounts for the year ended 31 st
March, 2024 and other relevant records of the Issuer.

Management's Responsibility for the Statement

The preparation of the Statement and information contained therein is the responsibility of the Management of the Company
including the preparation and maintenance of all accounting and other records supporting its contents. This responsibility
includes design, implementation and maintenance of internal control relevant to the preparation and presentation of the
Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.

The Management is also responsible for ensuring that the Company complies with the requirements of the SEBI (Listing
Obligations and Disclosure Requirement) Regulation, 2015, as amended ("the Regulations") and that it provides complete and
accurate information as required therein.

The Management is also responsible for furnishing the financial information contained in the said form which is annexed to this
certificate (Hereinafter referred to as "financial information") and to ensure the adherence to the format of Security Cover as per
SEBI Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022.

Auditor's Responsibility

Pursuant to the requirements of the Rules, it is our responsibility to provide a reasonable assurance in the form of an opinion
based on our examination of the "financial information" required to be furnished in the Statement and the audited books and
records of the Company as at 31 st March 2024 and report whether the "financial information" required to be furnished in the
Statement is in accordance with the audited financial results and underlying books and other records of the Company as at 31 st
March, 2024.

Pwlofj

Shah Dhandharia & Co. (Registration No. GUJ/AH/10255S/1a Partnership Firm has been converted into
Shah Dhandharia & Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 507, Abhijeet-1, SHAH HANDHARIA LLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CHARTERED .\CCC'U\:T\:-."TS
(LLPIN • AAW-652.6)
CA
Phone - 079-48901710
Email: info@sdco.in Website: wv,•w.sdco.in

Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures
(Continued ... )

The financial results relating to the books and records referred to in paragraph above, have been audited by us pursuant to the
requirements of Companies Act, 2013, on which we have issued a modified opinion vide our report dated 2 nd May, 2024. Our
audit of these financial results has been conducted in accordance with the Standards on Auditing referred to in section 143(10) of
the Companies Act, 2013 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of
India.

We conducted our examination of the "financial information" required to be furnished in the Statement in accordance with the
Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The
Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered
Accountants oflndia.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for
Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.

A reasonable assurance engagement includes performing procedures to obtain sufficient appropriate audit evidence on the
applicable criteria. We performed the following procedures on this certification and have included our finding hereunder:

I. Obtained the details of Non-Convertible Debt securities issued by the company which are outstanding as on 3l st March,
2024

2. Obtained the Debenture Trusteeship Deed from the management to determine the assets offered as security for the purpose
of these Debt securities

3. Obtained the Statement of Security cover prepared by the management and compared it with the revised format prescribed
under the SEBI Circular SEBI/HO/MIRSD/MIRSD_ CRADT/CIR/P/2022/67 dated May 19, 2022

4. Compared the amounts of the Statement with the corresponding audited financial information derived by the management
from its accounting records, management information systems and other financial and secretarial records for the period
indicated and found such amounts to be in agreement

5. Recomputed the mathematical accuracy of the amounts, totals and ratios of the Statement and found them to be in
agreement with the audited financial information, books, records and information provided to us for verification

6. Obtained the reports of experts from the management wherever required to determine the market value of assets offered as
security for the purpose of these Debt securities

Conclusion

Based on the procedures performed by us and according to the information and explanations given to us, along with the
consideration of reports of the experts referred to in "Other Matters" section below, nothing has come to our attention that causes
us to believe that the accompanying Statement and the financial information contained therein, has not disclosed the information
required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any
material misstatement.

Other Matter

The accompanying statement includes determination of market value of assets offered by the company as security for the
purpose of these Debt securities, which has been derived by experts, whose valuation report have been furnished to us by the
management. Our conclusion on the Statements, in so far as it relates to the amounts included in respect of market values is
based solely on the reports of such expert, hence we do not vouch for the accuracy of the same. Our conclusion is not modified
in this matter.

Page 2 of3

Shah Dhandharia & Co. (Registration No. GUJ/AH/102555) a Partne,l~hip firm has been converted into
Shah Dhandharia & Co LLP (LLP Identification No. AAW-6528} with t,1fectfrom 9th Day of April, 2021
off
 507, Abhijeet-1, DHANDHARIA & LLP
Mithakhali Six Roads, CH. \R.TERED ACCCU:<T.-\:<TS
Navrangpura, Ahmedabad - 380009 (LLPIN • AAW-65213)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures
(Continued ... )

Restriction on Use

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the
Regulations. Our obligations in respect of this certificate are entirely separate from, and our responsibility and liability are in no
way changed by any other role we may have (or may have had) as auditors of the Company or otherwise. Nothing in this
certificate, nor anything said or done in the course of or in connection with the services that are the subject of this certificate, will
extend any duty of care we may have in our capacity as auditors of the Company.

This certificate is addressed and provided to the Board of Directors of the Company solely for submission along with the
Statement of Security Cover to the Stock Exchange(s) and Debenture Trustees pursuant to the Regulations, and should not be
used by any other person or for any other purpose. We do not accept or assume any liability or duty of care for any other purpose
or to any other person to whom this certificate is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.

For SHAH DHANDHARIA & CO LLP

Chartered Accountants
Firmte4stration No. l 18707W/ W100724
Place: Ahmedabad
Date : 02/05/2024
;6►\w✓1
Shllbham ~h~gi
Partner
Membership No. 183083
UDIN - 24183083BKBVBR1940

Page 3 of3

Shah Dhandharia & Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharia & Co LLP {LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 Annexure I
Statement of Security Cover
Rs. in Crores
CollmmA ~!':If 'Cl>lumnc·---- ~ o Cc>IUtllne CollminF COll!llmG Column ff Col-I l~n.J ~n~ 1¢illltlmn L l~nt. ™""nN ~~ •
Ellmindm llll
-~ Ei(dusiw, l'llti-Pal!IIU ParM'- ParM'-u ~tl>qi,ly~-~~.~-
. ~ Charge Chilrp Charge ~
{alt\Ount In
negallve)

;t:~illl

er.::
~•-

Particlllats ••oiis.~.-
.. : f!\1$
fotwhlclt
illl~relate
•__ .ofauet...
• ~
•.; ,or_
[
. ~ this
,Other_·.·•
•SectmMfOebt.~
l,)elltm
• . !Which. tbls
Assets~
by par1 pam, IOtlter Assets
del)tl)olde,
·1(l~del)t
mWllleh_
~le
• ... this.
llllWlllehtllere
~-
Assets oot
$$<1Ul'fty
debt amount
cons~
moriliMJ1
once(uto
ITotill {C t!> ff} ,llllllrkllt Va!Ue

el!Clt$iveptw
l

.;,.~~,- -=·f·
.
••••..•·•
oot .• ••• ..
••.. •.·•...••• ifl:."11•
•,·.• .T..·••*.·.·.··· ·Vi.,iltlle•
belrig leSUlld isllued& Olilef. ·1lte!f111 ~
belriglnu!ld ";''!'!'¥" ~1>111··
paripelllll
del)t with par!-, In l)l)Wllllt f'J ~)
I 'l!!J.B!lnk
patU cltiil'ge}
-~•-•.······
141 ltli-~-
•• lenpf
~
I· cable}:
Book.Vein lllook Vein !Yes/No lllook Vain !Book Vel• ~ to Cokimn F
ASSETS
Property, Plant &
E_g_uipment
-NA- No 452.83 318.28 771.10
Capital Work-in-P!:_QQ!"6S5 -NA- No 46.66 544.13 590.79
Right-of-Use Assets -NA- No 222.06 222.06
Goodwill -NA- No
Intangible Assets -NA- No 493.87 35.15 529.02
Intangible Assets under
Development
-NA- No 161.55 161.55

Exclusive Charge by
way of pledge on 6 5
Investments
Equity Shares of
6.00 20.041 No 14,062.93 14,088.98 1,005.50 1,005.50
ARTL held by AEL
Loans - NonCurrent -NA- No 45.82 45.82
Inventories -NA- No - 3,004.98 1.63 3,006.61
Trade Receivables -NA- No 3,881.61 518.72 4,400.33
Cash and Cash
Equivalents
-NA- No 494.03 494.03
Bank Balances other than
Cash and Cash -NA- No - 572.23 572.23
Equivalents
Others -NA- No 13,335.36 3,962.47 17,297.84
Total 6.00 20.04 I 22,281.58 19,872.73 42,180.37 1,005.50 1,005.50
 Annexure I
Statement of Security Cover

Column/,;, ,ne ~nc Co!U!l\nJ) i<foltm1n!t l~n P ColumnG ColumnH Column! Column,l c•nK ¢!illiiliitJ. Column!!!
e111111na11on on
iJ>arl..P-.U P,m;l'l'- P~u
{All!ount in Rela1lld to '1nltllillff 1temac~t,y ~~
c~ ·cttarge Charge
ffl1911t1Ye}

C1
-~$hared
cva111<1
.llllClwl
byparlpanu Olllef ~ !As$ilt&not debt All!Ount
tlft~of~ debthO!lklr onWiltch_t11w6 oflel'lld.llS .G~ Marl<lll:Val1111 -~
Plll'tlcuilll'll fqt ffl!lch th!$ Security morelhlln !totaJ{CtoHI forAnlltfl .wllilml
-~Nlllml ,CtlMir •1fflllch
Debt
_ .for
thl$·_ -l(lilclmklll.
..• tor fflllch debt •_.Plili_ -pa•.u
tin· .#l'llltp valll<li
011C11 (due to ~j)I\
·hcl!red D<lbt ~ • ~ is (aclulflrtg <llllllueive plus li!x41u$1ve
~
lielnslsilued lftued & otllw l t e m 4 ~ •pa!'I pa!l$U l!Mis orai
(flor
debt wtthpari.. In ¢0lllffln Fl ~)
1Jl111$U~¥

'!!look Value .lilook Valla !YMMo BookVatue 8ookValllil

LIABILITIES
Debt securities to which
this certificate pertains
345.51 4
No - - 345.51
Other debt sharing parl-
passu charge with above No - -
debt I
Other Debt 2,073.81 I No - - 2,073.81
Subordinated debt
1
No 996.88 - 996.88
Borrowings No - - -
Bank2 not lobe No 694.12 338.93 - 1,033:05 I As the Co/u(!'/f)6 K, I., M ar,d N~ · ft; ScioltV~~ v• d ~ , /he
filled
Debt Securities
3
No 1,467.25 1,467.25
Others No - - - -
Trade payables No - 1,546.98 16,809.98 18,356.96
Lease Liabilities No - 160.76 160.76
Provisions No - - 103.91 103.91
Others No - - 1,002.70 - 1,002.70
Total 345.51 2,073.81 I - 2,241.10 20,880.41 25,540.83
I I 1 1 1 1
Cover on Book Value lU12tlmes I I I I I I
Cover on Market Value U1tlme,;

The company conforms the Security Cover Requirement based on Market Value of the Assets offered as security

We have examined the compliances made by the listed entity in respect of the covenants/ terms of the issue of the listed debt securities (NCD's) and certify that the such covenants I terms of the issue have been complied by the listed entity except as stated below: NIL

1
Includes Unsecured lntercorporate Borrowings
2
Includes borrowings from Banks, Fis and REC/PFC
3
Includes Commercial Papers and Redeemable Non Convertible Debentures
4
Includes lndAS adjustment for effective interest amounting to Rs. 0.44 crores and Interest accrued amounting to Rs. 45.51 Crores for Debt Securities covered under this certificate
5
The market value of Investment is based on valuation certificate dated 29th March 2024 obtained by the company from an Independent Chartered Accountant
6
Excluded 5% shares pledged (exclusive charge) against Rs 200 Cr MLD which was repaid on 21st March 2024, however, shares were released in April 2024.
 Annexure II
List of Secured, Rated, Listed, Redeemable, Principal Protected Market Linked Non-convertible debentures (NCD)

Rs in Crores
Amount
Amount Outstanding Accrued Ailfft Cover
!SIN ts-Date Type of Charge Secllflfy given
Raised (without tile lmJfflCt lntel'e$t Required
oftndASl
4.9% Equity Share
INE423A07237 25-Apr-22 Exclusive 150.00 150.00 24.70 100%
Capital of ARTL
3.1% Equity Share
INE423A07260 30-Jun-22 Exclusive 50.00 50.00 7.77 100%
Capital of ARTL
2.0% Equity Share
INE423A07278 19-Sep-22 Exclusive 100.00 100.00 13.04 100%
Capital of ARTL
10.00% of Equity Share
Total 300.00 300.00 45.51 100%
Capital of ARTL

List of Secured, Unrated, Unlisted, Redeemable, Redeemable, Non-Convertible Debentures ("NCDs")

Amount
Amount Outstanding Accrued AllmCover
ISIN l$SUe0ate Type of Charge Securl!:y given
Ratsed (without the impact lntel'8$t Required
oflndAS►
21.4% Equity Share
INE423A07294 11-Jul-23 Exclusive 1,250.00 1,250.00 90.75 100%
Capital of ARTL
12% Equity Share
INE423A07302 11-Oct-23 Exclusive 700.00 700.00 33.06 100%
Capital of ARTL
 Annexure-B

Details as required in accordance with SEBI Circular no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July,
2023:

Particulars Mr. Rajesh Adani Mr. Pranav Adani

Reason for Change viz. appointment, Re-appointment Re-appointment
re-appointment, resignation, removal,
death or otherwise;

Date of appointment / re- Re-appointed as Managing Director Re-appointed as Executive Director w.e.f.
appointment/cessation (as w.e.f. 10th June, 2025 for a period of 1st April, 2025 for a period of five years
applicable) & term of appointment/re- five years subject to approval of subject to approval of shareholders.
appointment shareholders.

brief profile (in case of appointment); Mr. Rajesh S. Adani has been Mr. Pranav Adani has been active in the
associated with Adani Group since its group since 1999. He has been
inception. He is in charge of the instrumental in initiating & building
operations of the Group and has been numerous new business opportunities
responsible for developing its business across multiple sectors. He has
relationships. His proactive, spearheaded the Joint Venture with the
personalized approach to the business Wilmar Group of Singapore and
and competitive spirit has helped transformed it from a single refinery
towards the growth of the Group and edible oil business into a pan India Food
its various businesses. Company. He also leads the Oil & Gas, City
Gas Distribution & Agri Infrastructure
businesses of the Group. His astute
understanding of the economic
environment has helped the group in
scaling up the businesses multifold.

Mr. Pranav Adani is a Bachelor of Science

in Business Administration from the
Boston University, USA. He is also an
alumnus of the Owners/President
Management Program of the Harvard
Business School, USA.
Disclosure of relationships between Mr. Rajesh S. Adani is brother of Mr. Mr. Pranav Adani is nephew of Mr.
directors (in case of appointment of a Gautam S. Adani, Chairman of the Gautam S. Adani, Chairman and Mr.
director). Company and uncle of Mr. Pranav Rajesh S. Adani, Managing Director of the
Adani, Director of the Company. Company.

Information as required pursuant to Mr. Rajesh S. Adani is not debarred Mr. Pranav Adani is not debarred from
BSE circular ref no. LIST/ COMP/ 14/ from holding the office of director holding the office of director pursuant to
2018-19 and the National Stock pursuant to any SEBI order or any other any SEBI order or any other authority.
Exchange of India Limited with ref no. authority.
NSE/CML/2018/24, dated June 20,
2018

Adani Enterprises Limited Tel + 91 79 2656 5555

“Adani Corporate House”, Fax + 91 79 2555 5500
Shantigram, Near Vaishno Devi Circle, investor.ael@adani.com
S. G. Highway, Khodiyar www.adanienterprises.com
Ahmedabad 382 421
Gujarat, India
CIN: L51100GJ1993PLC019067

Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421