3rd August, 2023

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

Dear Sir / Madam,

Sub: Outcome of Board Meeting held on 3rd August, 2023 and submission of
Unaudited Financial Results (Standalone and Consolidated) for the
quarter ended 30th June, 2023 as per SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

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

1. The Board of Directors (“the Board”) at its meeting held on 3rd August, 2023
(commenced at 12.30 p.m. and concluded at 2.45 p.m.), has inter-alia
approved and taken on record the Unaudited Financial Results (Standalone
and Consolidated) of the Company for the quarter ended 30th June, 2023.

2. The said Unaudited Financial Results prepared in terms of Regulation 33 of

the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 together with the Limited Review Report and Security Cover
Certificate of the Statutory Auditors, are enclosed herewith. These results
are also being uploaded on the Company’s website at
www.adanienterprises.com.

Kindly take the above on your records.

Thanking you,

Yours faithfully,
For Adani Enterprises Limited
JATINKUMAR Digitally signed by JATINKUMAR
RAMESHCHANDRA
RAMESHCHANDRA JALUNDHWALA
JALUNDHWALA Date: 2023.08.03 14:48:14 +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
 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

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023

(~ in Crores)
Quarter Ended Year Ended
Sr. 30-06-2023 31-03-2023 30-06-2022 31-03-2023
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited)
Refer Note 13
1 Income
Revenue from Operations 25.438.45 31,346.05 40,844.25 136,977.76
Other Income 371.49 370.35 222.18 1,197.36
Total Income 25,809.94 31,716.40 41,066.43 138,175.12
2 Expenses
(a) Cost of materials consumed 2,001.58 1,324.44 696.07 4,052.14
(b) Purchases of stock-in-trade 12,743.55 17,808.96 39,134.71 99,187.75
(c) Changes in inventories of finished goods,
work-in-progress & stock-in-trade 190.82 1,160.68 (6,700.65) (327.16)
(d) Employee benefits expense 573.84 498.62 524.11 1,877.33
(e) Finance costs 1,103.11 1,525.10 915.00 3,969.98
(f) Depreciation and amortisation expense 713.86 895.43 417.10 2.436.14
(g) Operating and Other expenses 7,176.58 7,118.66 5,041.73 23,022.68
(h) Foreign exchange loss I (gain) 228.08 (152.38) 405.89 337.04
(other than those considered as Finance costs)
Total Expenses 24,731.42 30,179.51 40,433.96 134,555.90
3 Profit/ (Loss) before exceptional items and tax (1·2) 1,078.52 1,536.89 632.47 3,619.22
4 Add/ (Less): Exceptional items (net) (Refer Note 5) (369.32) (369.32)
5 Profit/ (Loss) before tax (3+4) 1,078.52 1,167.57 632.47 3,249.90
6 Tax expenses
(a) Current Tax 300.73 196.58 189.51 769.81
(b) Deferred Tax 59.63 248.34 32.23 271.15
Total Tax Expense 360.36 444.92 221.74 1,040.96
7 Profit/ (Loss) before share of profit/ (loss) from jointly controlled
718.16 722.65 410.73 2,208.94
entities and associates (5·6)
8 Add/ (Less): Share of profit/ (loss) from jointly controlled entities and
(41.23) 58.03 58.01 212.66
associates
9 Profit/ (Loss) after tax (7+8) 676.93 780.68 468.74 2,421.60
10 Other Comprehensive Income/ (Loss)
(a) Items that will not be reclassified to profit or loss (2.25) 1.17 1.38 (3.49)
(b) Income tax relating to items that will not be
0.57 (0.25) (0.36) 0.92
reclassified to profit or loss
(c) Items that will be reclassified to profit or loss (68.95) 59.61 685.72 1,361.12
(d) Income tax relating to items that will be
21.10 (41.95) 13.83 10.10
reclassified to profit or loss
Total Other Comprehensive Income/ (Loss) (49.53) 18.58 700.57 1,368.65
11 Total Comprehensive Income/ (Loss) (9+10) 627.40 799.26 1,169.31 3,790.25
12 Net Profit/ (Loss) attributable to :
Owners of the Company 673.93 722.48 469.46 2,472.94
Non-controlling interests 300 58.20 (0.72) (51.34)
13 Other Comprehensive Income/ (Loss) attributable to :
Owners of the Company (35.52) 3.86 707.58 1,380.15
Non-controlling interests (14.01) 14.72 (7.01) (11.50)
14 Total Comprehensive Income/ (Loss) attributable to :
Owners of the Company 638.41 726.34 1,177.04 3,853.09
Non-controlling interests (11.01) 72.92 (773) (62.84)
15 Paid-up Equity Share Capital
114.00 114.00 114.00 114.00
(Face Value off 1 each)
16 Other Equity 32,937.01
17 Net Worth 37,890.05
18 Earnings per share in Rupees (Face Value of~ 1 each)
(not annualised):
Basic & Diluted 5.91 6.34 4.18 21.78
19 Additional Disclosure for Ratios (Refer Note 9)
 ~

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.adanienterpriscs.com

Notes:
The above 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 3rd August 2023. The statutory auditors of the Parent
Company have carried out limited review of the same.

2 The above consolidated financial results have been prepared in accordance with the Indian Accounting Standard 34 'Interim Financial
Reporting' (Ind AS• 34), as prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder.

3 During the previous year ended 31st March 2023, one of the subsidiaries of the Group, AMG Media Networks Limited had acquired
Vishvapradhan Commercial Private Limited, RRPR Holding Private Limited and New Delhi Television Limited ("NDTV") and these entities have
been consolidated as subsidiaries from their respective date of acquisitions. The Group is in the process of making a final determination of
fair values of the identified assets and liabilities of these entities as per Ind AS 103. Pending this, the business combination of these entities
has been accounted on the provisional fair valuation basis.

4 During the previous year ended 31st March 2023, the Parent Company had acquired 100% stake in Sibia Analytics and Consulting Services
Private Limited ("SIBIA"). The Group is in the process of making a final determination of fair values of the identified assets and liabilities of
SIBIA as per Ind AS 103. Pending this, the business combination of SIBIA has been accounted on provisional fair valuation basis.

5 The exceptional items in the previous quarter and year ended 31st March 2023 include below:
(a) During the previous quarter ended 31st March 2023, expenses of< 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 ..
(b) During the previous quarter ended 31st March 2023, one of the subsidiaries of the Group, Mundra Solar PV Limited("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.
(c) During the previous quarter ended 31st March 2023, 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),

6 During the previous quarter ended 31st March 2023 a short seller had issued a report, alleging certain issues against some of the Adani Group
entities which have been refuted by the Parent Company in its detailed response submitted to stock exchanges on 29th January 2023. To
uphold the principles of good governance, the Group had undertaken review of transactions referred in short seller's report through an
independent assessment by a law firm and their review report confirms Group's compliance of applicable laws and regulations.

Further, in context of the short seller's report, there is a petition filed in the Hon'ble Supreme Court, and Securities and Exchange Board of
India is examining compliance of laws and regulations by conducting enquiries to the Group's listed companies. Given the matter is sub-
judice. the Group has not considered any possible consequential effects thereof, if any, in these consolidated results.

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 Parent Company. for which the Parent Company has received demand show cause notices amounting to z 863.62 crores
(31st March, 2023 : < 863.62 crores) at various locations. The Parent Company has deposited < 460.61 crores (31st March, 2023 : z 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.

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 quarter ended 31st March 2023, based on the submissions of the CBI, the case was transferred to the jurisdictional
magistrate court ("the Court"), Subsequently, in February 2023, 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 z 846 crores were diverted from MIAL
through contracts, that are currently included in Property, Plant and Equipment at a net book value of< 582 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 statements.
(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.
 Ill

I 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.adanientcrprises.com

(c) 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 is under arbitration before the Arbitral Tribunal and is reserved for award. Pending the final award from the Arbitral Tribunal, and
based on the legal opinion obtained by the management, the Company has not provided for its annual fee liability for the period 1st April
2020 to 30th September 2022. The amount of annual fee liability, if computed on an accrual basis as per the OMDA provision shall stand at
{ 2,908.89 crores for the period 1st April 2020 till 30th June 2023 against which the company holds a provision of { 997.81 crores
recognised as an expense on an accrual basis for the period 1st October 2022 to 30th June 2023.
MIAL was also directed to transfer 38.7% of the actual revenue received to AAI, subject to the final adjudication by the Arbitral Tribunal.
Accordingly, MIAL has transferred/ appropriated the amount off 2,684.29 crores to AAI in accordance with the interim order of the tribunal.

9 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 ended 30th June 2023:

Quarter Ended Year Ended

30-06-2023 31-03-2023 30-06-2022 31-03-2023
Particulars
(Unaudited)
(Unaudited) (Unaudited) (Audited)
Refer Note 13

Debt Equity Ratio

1.05 1.01 1.19 1.01
Total Borrowings/ Total Equity

Debt Service Coverage Ratio

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) / 4.87 2.57 2.40 2.45
(lnterest+Scheduled Principal Repayments of Non-Current Borrowings)

Interest Service Coverage Ratio

3.24 2.98 3.24 3.09
EBITDA / Interest Expense

Current Ratio
0.78 0.83 1.01 0.83
Current Assets/ Current liabilities

Long Term Debt to Working Capital Ratio

(Non-Current Borrowings+ Current Maturities of Non-Current Borrowings)/
(4.34) (5.41) 21.15 (5.41)
(Current Assets - Current Liabilities excluding Current Maturities of Non-
Current Borrowings)

Bad Debts to Account Receivable Ratio

0.01 0.00 0.00 0.01
Bad Debts/ Average Trade Receivables

Current Liability Ratio

0.41 0.43 0.52 0.43
Current liabilities/ Total liabilities

Total Debts to Total Assets Ratio

0.28 0.27 0.35 0.27
Total Borrowings/ Total Assets

Debtors Turnover Ratio

2.21 2.39 2.75 10.43
Revenue from Operations/ Average Trade Receivables

Inventory Turnover Ratio

2.16 2.96 3.31 15.02
Cost of Goods Sold/ Average Inventory

Operating Margin (%)

9.92% 11.44% 4.27% 6.44%
E8ITOA excluding Other Income/ Revenue from Operations

Net Profit Margin (%)

2.62% 2.46% 1.14% 1.75%
Net Profit after Tax/ Total Income

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

Capital Redemption Reserve/Debenture Redemption Reserve NA NA NA NA

Net Worth ~ In Crores) 38,517.46 37,890.05 35,267.15 37,890,05

Net Profit after Tax ~ In Crores) 676,93 780.68 468.74 2,421.60

Earnings per Share (Face Value off 1 each) (not annualised) (Basic 8-
5.91 6.34 4.18 21.78
Diluted)

10 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits has received
Presidential assent and has been published in the Gazette of India. However, the effective.date of the Code and final rules for quantifying the
financial impact are yet to be:111t!~ff'!t!;!j,.J Group will assess the impact of the Co.de when relevant provisions are notified and will record
related impact, if any, in becomes effective.
 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•2656S555 ; Fax : 079·26565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com

11 (a) The Parent Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of z 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 payment along with interest thereon was due and paid on 20th May 2023.
(b) The Parent Company has also issued Rated, Listed, Secured, Redeemable, Principal Protected, Market Linked Non-Convertible Debentures
oft 790 crores in various tranches and has maintained security cover exceeding 100% on the principal amount as on 30th June 2023 by way
of pledge of shares of one of its subsidiaries Adani Road Transport Limited. There was no interest or principal payment falling due during the
quarter ended 30th June 2023.There is no principal or interest payment falling due in next three months upto 30th September 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.

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

(t in Crores)
Quarter Ended Year Ended
Sr. 30-06-2023 31-03-2023 30-06-2022 31-03-2023
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited)
Refer Note 13
I) Segment Revenue
Integrated Resources Management 15,006.23 18,851.83 31,648.86 98,887.69
Mining Services 591.42 789.56 652,97 2,255.59
Commercial Mining 1,562.43 1,592.01 669,98 4,871.58
New Energy Ecosystem 1,918.17 892,78 607,93 3,537.03
Airport 1,663.80 1,696.81 1,229.34 5,951.21
Road 2,020.99 3,260.21 505,95 4,907.27
Others 5,165.46 4,793.09 6,888.93 20,338.64
Gross Revenue from Operations 27,928.50 31,876.29 42,203.96 140,749.01
Less : Inter Segment Transfer 2.490.05 530,24 1,359.71 3,771.25
Net Revenue from Operations 25,43B,45 31,346.05 40,844.25 136,9TT.76
II) Segment Results
Profit/ (Loss) Before Interest and Tax
Integrated Resources Management 959,69 794,06 885,59 3,632.45
Mining Services 191.58 271.14 224.56 733.46
Commercial Mining (62.40) 230,61 (113.56) 38.39
New Energy Ecosystem 300.25 (279,33) (4.29) (95.60)
Airport 148,33 (8.16) 230.43 452.67
Road 329.26 1,429.61 63,53 1,687.63
Others (56.57) (115.61) 39,03 (426.48)
Unallocable Income 371.49 370.35 222,18 1,197.36
Total Profit/ (Loss) Before Interest and Tax 2,181.63 2,692.67 1,547.47 7,219.BB
Less: Finance Costs 1,103.11 1,525.10 915,00 3,969.98
Total Profit/ (Loss) Before Tax 1,07B,52 1,167.57 632,47 3,249.90
Ill) Segment Assets
Integrated Resources Management 10,914.58 14,413.39 26,942.33 14,413.39
Mining Services 5,162.49 5,216.14 5,267,13 5,216.14
Commercial Mining 33,333.91 32,313.80 18,098.70 32,313.80
New Energy Ecosystem 8,631.83 7,497.23 4,432.92 7,497.23
Airport 38,422.01 37,032.25 32,707.41 37,032.25
Road 10,088.55 8,365.51 3,626.81 8,365.51
Others 15,579.87 14,677.53 9,032.61 14,677.53
122,133.24 119,515.85 100,107.91 119,515.85
Unallocable 21,058.15 21,971.97 19,950.79 21,971.97
Total Assets 143,191,39 141,487.82 120,058.70 141,487.82
IV) Segment Liabilities
Integrated Resources Management 20,351.78 21,887.94 21,676,12 21,887.94
Mining Services 669.73 759,35 499,17 759,35
Commercial Mining 16,063.14 15,482.02 2,110.77 15,482.02
New Energy Ecosystem 2,814.04 3,222.63 1,138.66 3,222.63
Airport 10,680.97 10,261.12 8,453.24 10,261.12
Road 1,886.10 1,945.42 926.63 1,945.42
Others 6,726.09 6,759.98 4,382.61 6,759.98
59,191.85 60,31B.46 39,1B7,20 60,318.46
Unallocable 45,482.08 43,279.31 45,604.36 43,279,31
Total Liabilities 104,673.93 103,597.77 84,791.56 103,597.77
During the quarter ended 30th June 2023, 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.

t
 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.adanienterpriscs.com

13 The figures for the quarter ended 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 subjected to limited
review.

14 Key numbers of standalone financial results of the Company for the quarter ended 30th June, 2023 are as under:
(f in Crores)
Quarter Ended Year Ended
Sr. 30-06-2023 31-03-2023 30-06-2022 31-03-2023
Particulars
No, (Unaudited) (Unaudited) (Unaudited) (Audited)
Refer Note 13
I Total Income 11,649.65 13,097.73 20,541.64 68,592.22
II Profit/ (Loss) before tax 788.87 604.01 601.44 2,213.74
Ill Total Comprehensive Income 587,01 438.91 444.48 1,621.71
The standalone financial results are available at the Company's website www.adanienterprises.com and on the website of the stock
exchanges www.bseindia.com and www.nseindia.com.

Date 3rd August, 2023 Gautam S. Adani

Place Ahmedabad Chairman
 507, Abhljeet-1, SHAH DHANDHARIA & CO LLP
Mithakha!i Six Roads, CH.-\RTERED .\CCOU:,,i'T:\:\:TS
Navrangpura, Ahmedabad - 380009 (LLPIN - AAW.6528)
Phone - 079-48901710
Email: info@sdco.in Website: wwvv.sdco.in

Independent Auditor's Review Report on Quarterly Unaudited Consolidated Financial Results of the
Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 (as amended)

To the Board of Directors of

Adani Enterprises Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Adani
Enterprises Limited ("the Parent" or "the Company") and its subsidiaries (the Parent and its subsidiaries
together referred to as "the Group"), its jointly controlled entities and associates for the quarter ended 30°1
June 2023 ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33
and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended (the
"Listing Regulations").

2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board
of Directors at their meeting held on yct August, 2023, has been prepared in accordance with recognition and
measurement principles laid down in Indian Accounting Standards 34 "Interim Financial Reporting" (Ind AS
34), as prescribed under section 133 of the Companies Act, 2013 as amended, read with the relevant rules
issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the
Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE)
2410, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity", issued
by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the
review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A
review of interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Standards on auditing and
consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit Accordingly, we do not express an audit opinion.

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

4. The Statement includes unaudited interim financial results of the subsidiaries, jointly controlled entities and
associates as per annexure in addition to the Parent.

5. As stated, and more fully described in Note 6 of the accompanying consolidated unaudited financial results,
regarding the ongoing investigations of Securities and Exchange Board of India, pending completion of
proceedings before the Hon'ble Supreme Court including the matters contained in report submitted by the
Expert Committee, we are unable to comment on the possible consequential effects thereof, should there be
any, on the accompanying Statement

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
 so1, Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CH-\RTERED .\CCOU\:T\~TS.
Navrangpura, Ahmedabad - 380009 (LLPIN - AAW~6S2.8)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Review Report on Quarterly Unaudited Consolidated Financial Results of the
Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 (as amended) (Continue)

Further, as detailed in Note 8(a) of this Statement, in case of one of the subsidiaries, namely Mumbai
International Airport Limited ("MIAL"), the legal proceedings involving investigations by various
authorities 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 Rs. 846
crores related to works contracts that are currently included in Property, Plant and Equipment at a net book
value of Rs. 582 crores. The auditors ofMIAL have given a modified conclusion in the absence of sufficient
appropriate audit evidence in respect of the above, as they are unable to comment on the adjustments and the
consequential impact, if any.

Our report issued on the consolidated financial results of the Group for the quarter and year ended 31 st March
2023 and on the consolidated financial statements of the Group for the year ended 31 st March 2023 was also
qualified in respect of the above matters.

6. Based on our review of the Statement conducted as stated above, except for the possible effects of the
matters referred to in previous section contained in paragraph 5 above and based on the consideration of the
reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to
believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting
Standards and other accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in terms of Regulation 33 and 52 of the Listing Regulations, including the manner in
which it is to be disclosed, or that it contains any material misstatement.

7. We did not review the interim financial results of 33 subsidiaries included in the Statement, whose interim
financial results reflect total revenues of Rs. 12,493.45 Crores, total Profit after tax of Rs. 0.56 Crores and
total comprehensive loss of Rs. 31.77 Crores for the quarter ended 30 th June 2023 respectively, as considered
in the unaudited consolidated financial results. The Statement also includes Group's share of loss after tax of
Rs. 32.29 Crores for the quarter ended 30 th June 2023 respectively as considered in the Statement in respect
of l O jointly controlled entities and associates. These interim financial results have been reviewed by other
auditors whose reports have been furnished to us by the management and our report on the Statement, in so
far as it relates to the amount and disclosures included in respect of these subsidiaries, jointly controlled
entities and associates is based solely on the report of the other auditors.

Our conclusion on the Statement 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.

8. The Statement also includes the interim financial results of 160 Subsidiaries which have not been reviewed
by their auditors and are certified by the Management, whose interim financial results reflect total revenue of
Rs. 2,011.97 Crores, total Profit after tax of Rs. 64.70 Crores and total comprehensive income of Rs. 65.25
Crores for the quarter ended 30th June 2023 respectively, as considered in the unaudited consolidated
financial results. The Statement also includes Group's share of loss after tax of Rs. 8.94 Crores for the
quarter ended 30 th June 2023 as considered in the Statement in respect of 35 jointly controlled entities and
associates, based on their interim financial results which have not been reviewed by their auditors and are
certified by the Management. According to the information and explanation to us by the Management these
interim financial results are not material to the. group ..

Shah Dhandharla & Co. (Registrntlon No. Gu.i/AJ,t;SSS)

a Partnmhq> Finn has bun ronwrted lnto
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, CHARTERED :\CCOU\.1:\:,JT:3.
Navrangpura, Ahmedabad - 380009 (LLPIN. AAW...S528)
Phone - 079-48901710
Ernail: info@sdco.inWebsite:www.sdco.in

Independent Auditor's Review Report on Quarterly Unaudited Consolidated Financial Results of the
Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 (as amended) (Continue)

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

9. Some of these subsidiaries, jointly controlled entities and associates are located outside India whose interim
financial results have been prepared in accordance with the accounting principles generally accepted in their
respective countries. The Parent's management has converted the interim financial results of such
subsidiaries, jointly controlled entities and associates located outside India from accounting principles
generally accepted in their respective countries to accounting principles generally accepted in India. We have
reviewed these conversion adjustments made by the Parent's management. Our report on the Statement, in so
far as it relates to the amounts included in respect of these subsidiaries, jointly controlled entities and
associates located outside India is based on the report of other auditors and the conversion adjustments
prepared by the management of the Parent.

10. We draw attention to the fact that some of the subsidiaries and associate are incurring continuous losses and
have a negative net current assets position however the accounts of such subsidiaries and associate have been
prepared on a going concern basis considering financial support from Parent and other fellow subsidiaries.

11. The auditors of one of the subsidiaries, namely Mumbai International Airport Limited, have also inserted an
Emphasis of Matter paragraph in their report stating that there is an ongoing litigation/arbitration proceeding
in respect of Monthly Annual Fee for the period from 1 April 2020 to 30 June 2023, which could have a
material impact on the financial results, if the potential exposure were to materialize.

The auditor of another subsidiary, namely Navi Mumbai International Airport Private Limited have also
inserted an Emphasis of Matter paragraph in their report stating that the company has disputed and has not
considered water resource development charges and applicable interest thereon in its financial results and
that its impact, if any, will be considered as and when such dispute is settled.

Our conclusion on the Statement is not modified in respect of the above matters enlisted in the Paragraph 9
to 11 above.

For SHAH DHANDHARIA & CO LLP

Chartered Accountants
Firm gistration No. 118707W/WI 00724

Place : Ahmedabad
Date : 3rd August 2023

Membership No. 183083

UDIN: 23183083BGVAUY3006

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, CH\R TEREO :\CCi...X['.'f_\);T:3
Navrangpura, Ahmedabad - 380009 (LLPIN - AAW-6528)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Annexure to Independent Auditor's Review Report on Quarterly Unaudited Consolidated Financial Results of the
Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 (as amended)

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 Commodities LLP Adani Road Transport Limited
Adani Defence Systems and Technologies Limited Adani Shipping (India) Private Limited
Adani Green Technology Limited TRY (Kerala) International Airport Limited
Guwahati International Airport Limited Adani Tradecom Limited
Adani Tradewing LLP (under strike offw.e.f. 16 th March,
Adani Infrastructure Private Limited
2023)
Adani Welspun Exploration Limited PRS Tolls Private Limited
Agneya Systems Limited Rajasthan Collieries Limited
Alpha Design Technologies Private Limited
Rajputana Smart Solutions Limited
(Consolidated)
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
Mundra Solar Limited Vizag Tech Park Limited
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
Mahaguj Power LLP (under strike offw.e.f. 15 th March,
Adani Global Royal Holding Pte Limited
2023
Mahanadi Mines & Minerals Private Limited Adani Infrastructure Pty Limited
Mancherial Repallewada Road Private Limited Adani Minerals Pty Limited
!
MH Natural Resources Private Limited Adani Mining Pty Limited
MP Natural Resources Private Limited ~---· Adani North America Inc

---- \
-
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
Mithakhall Six Roads, CHARTERED .\CCCLI;-,,'T:\:\JTS
Navrangpura, Ahmedabad - 380009 (LLPIN · AAW.6528)
Phone - 079-48901710
Email; info@sdco.ln Website: wwv,1.sdco.in

East Coast Aluminium Limited (Formerly known as

Adani Renewable Asset Holdings Pty Limited
Mundra Co er Limited
Mundra Petrochem Limited Adani Renewable Assets Holdings Trust
Mundra Solar Energy Limited Adani Renewable Assets Pty Limited
Mundra Solar PV Limited Adani Renewable Assets Trust
Mundra Synenergy Limited Adani Rugby Run Finance Pty Ltd
Nanasa Pidgaon Road Private Limited Adani Rugby Run Pty Limited
Natural Growers Private Limited Adani Rugby Run Trust
Ordefence Systems Limited Adani Shipping Pte Limited
Panagarh Palsit Road Private Limited Galilee Basin Conservation and Research Fund
Parsa Kente Collieries Limited Galilee Biodiversity Company Pty Limited
PLR Systems Private Limited Galilee Transmission Holding Pty Limited
Prayagraj Water Private Limited Galilee Transmission Holdings Trust
Jaipur International Airport Limited Galilee Transmission Pty Limited
Lucknow International Airport Limited PT Adani Global (Consolidated)
Queensland Ripa Holdings Pty Ltd PT Adani Global Coal Trading
Adani Tradex LLP (under strike offw.e.f. 17 th March,
Queensland Ripa Holdings Trust
2023)
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
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 Kutch 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
 so1, Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CH:-\RTER.ED .\CCGlf:\iT\).'TS
Navrangpura, Ahmedabad - 380009 (LLPIN · AA W-6528)
Phone - 079-48901710
Email: info@sdco.inWebsite:www.sdco.in

Adani Road GRlCL 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 Private Limited
Alwar Alluvial Resources Limited Adani Disruptive Ventures Limited
Adani - LCC JV New Delhi Television Limited (Consolidated)
Pelma Collieries Limited Sibia Analytics and Consulting Services Private Limited
Aelius Resources S.A. Armada Defence Systems Limited

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 Pioes 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 Quintillion Business Media Limited
India Inc Limited Support Properties 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
 Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office: "Adani Corporate House", Shantigram,
Near Valshno Devi Circle, S. G. Highway, Khodlyar, Ahmedabad - 382 421
Phone: 079·26565555: Fax: 079-26565500: Email: investor.ael@adani.com; Website: www.adanlenterprises.com

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023

('{ in Crores)
Quarter Ended Year Ended
Sr. 30-06-2023 31-03-2023 30-06-2022 31-03-2023
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited)
Refer Note 9
1 Income
Revenue from Operations 11,293.12 12,727.42 20,318.47 67,324.71
Other Income 356.53 370.31 223.17 1,267.51
Total Income 11,649.65 13,097.73 20,541.64 68,592.22
2 Expenses
(a) Purchases of stock-in-trade 8,076.32 9,311.81 22,582.19 57,222.42
(b) Changes in inventories of stock-in-trade 1,202.97 1,193.03 (4,845.73) 757.94
(c) Employee benefits expense 199,62 150.04 235,78 651.90
(d) Finance costs 117,15 142.01 151.24 665.21
(e) Depreciation and amortisation expense 34,39 33,71 32,20 131,04
(f) Operating and Other expenses 1,128.73 1,499.61 1.454.68 5,913.10
(g) Foreign exchange loss/ (gain) 101.60 91.84 329.84 965.20
(other than those considered as Finance Costs)
Total Expenses 10,860.78 12,422.05 19,940.20 66,306.81
3 Profit/ (Loss) before exceptional items and tax (1-2) 788.87 675.68 601.44 2,285.41
4 Add/ (Less) : Exceptional item (Refer Note 4) (71.67) (71.67)
5 Profit/ (Loss) before tax {3+4) 788.87 604.01 601,44 2,213.74
6 Tax expenses
(a) Current Tax 203.57 163,76 152.91 573.11
(b) Deferred Tax (1.98) (0.63) 5.59 17,90
Total Tax Expense 201.59 163.13 158.50 591.01
7 Profit / (Loss) after tax (5-6) 587.28 440.88 442.94 1,622.73
8 Other Comprehensive Income I (Loss)
(a) Items that will not be reclassified to profit or loss (0,37) (2.64) 2.06 (1.37)
(b) Income tax relating to items that will not be
0,10 0.67 (0.52) 0.35
reclassified to profit or loss
Total Other Comprehensive Income I (Loss) (0.27) (1.97) 1.54 (1.02)
9 Total Comprehensive Income/ (Loss) (7+8) 587.01 438.91 444.48 1,621.71
10 Paid-up Equity Share Capital (Face Value of t 1 each) 114.00 114.00 114.00 114.00
11 Other Equity 13,819.78
12 Net Worth 13,933.78
13 Earnings per share in Rupees (Face Value of t 1 each)
(not annualised):
Basic 8- Diluted 5.15 3.87 3.95 14.29
14 Additional Disclosure for Ratios (Refer Note 8)
 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: lnvestor.ael@ladani.com: Website: www.adanlenterprlses.com

~
The above standalone financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors
of Adani Enterprises Limited ("Company") at their respective meetings held on 3rd August 2023, The statutory auditors of the Company
have carried out limited review of the same.

2 The above standalone financial results have been prepared in accordance with the Indian Accounting Standard 34 'Interim Financial
Reporting' (Ind AS - 34), as prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder.

3 During the previous quarter ended 31st March 2023 a short seller had issued a report, alleging certain issues against some of the Adani
Group entities which have been refuted by the Company in its detailed response submitted to stock exchanges on 29th January 2023. To
uphold the principles of good governance, the Company had undertaken review of transactions referred in short seller's report through an
independent assessment by a law firm and their review report confirms Company's compliance of applicable laws and regulations.

Further, in context of the short seller's report, there is a petition filed in the Hon'ble Supreme Court, and Securities and Exchange Board
of India is examining compliance of laws and regulations by conducting enquiries to the Group's listed companies. Given the matter is sub·
judice, the Company has not considered any possible consequential effects thereof, if any, in these standalone results.

4 During the previous quarter ended 31st March 2023, expenses oft 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.

5 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits has received
Presidential assent and has been published in the Gazette of India. However, the effective date of the Code and final rules for quantifying
the financial impact are yet to be notified. The Company will assess the impact of the Code when relevant provisions are notified and will
record related impact, if any, in the period the Code becomes effective.

6 (a) 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 payment along with interest thereon was due and paid on 20th May 2023.
(b) The Company has also 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 30th June 2023 by
way of pledge of shares of one of its subsidiaries Adani Road Transport Limited. There was no interest or principal payment falling due
during the quarter ended 30th June 2023.There is no principal or interest payment falling due in next three months upto 30th September
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.

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 show cause notices amounting tot 863.62 crores (31st March,
2023 : t 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: "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmadabad • 382 421
Phone: 079•26565555: Fax: 079•26565500: Email: investor.ael@adani.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 ended 30th June 2023 :

Quarter Ended Year Ended

Particulars 30-06-2023 31-03-2023 30-06-2022 31-03-2023
(Unaudited) (Unaudited) (Unaudited) (Audited)
Refer Note 9
Debt Equity Ratio
0.26 0.21 0.29 0.21
Total Borrowings/ Total Equity

Debt Service Coverage Ratio

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)
2.84 4.87 4.87 4.29
/ (lnterest+Scheduled Principal Repayments of Non-Current
Borrowings)

Interest Service Coverage Ratio

10.64 7.45 7.82 6.48
EBITDA / Interest Expense

Current Ratio
1.04 1.09 1.28 1.09
Current Assets/ Current Liabilities

Long Term Debt to Working Capital Ratio

(Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/
0.79 0.56 0.28 0.56
(Current Assets· Current liabilities excluding Current Maturities of Non-
Current Borrowings)

Bad Debts to Account Receivable Ratio

(0.00) (0.00)
Sad Debts/ Average Trade Receivables

Current Liability Ratio

0.96 0.95 0.93 0.95
Current Liabilities/ Total Liabilities

Total Debts to Total Assets Ratio

0.10 0.07 0.11 0.07
Total Borrowings/ Total Assets

Debtors Turnover Ratio

2.55 3.10 4.56 16.41
Revenue from Operations/ Average Trade Receivables

Inventory Turnover Ratio

2.66 2.35 2.44 12.99
Cost of Goods Sold / Average Inventory

Operating Margin (%)

5.17% 3.78% 2.76% 2.69%
EBITDA excluding Other Income/ Revenue from Operations

Net Profit Margin (%)

5.04% 3.37% 2.16% 2.37%
Net Profit after Tax/ Total Income

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

Capital Redemption Reserve/Debenture Redemption Reserve NA NA NA NA

Net Worth ~ In Crores) 14,520.79 13,933.78 12,870.56 13,933.78

Net Profit after Tax ~ In Crores) 587.28 440.88 442.94 1,622.73

Earnings per Share (Face Value of ~ 1 each) (not annualised) (Basic e,

5.15 3.87 3.95 14.29
Diluted)
 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.adanienterprlses.com

9 The figures for the quarter ended 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 subjected to limited review.

10 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".

Date 3rd August, 2023

Place Ahmedabad
 so1,AbniJeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CH:\RTERED :\CCOU:\JT:\\JTS
Navrangpura, Ahmedabad - 380009 (LLPIN • AAW.6528)
Phone - 079-48901710
Email: info@sdco.ln Website: www.sdco.in

Independent Auditor's Review Report on Quarterly Unaudited Standalone Financial Results of the
Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 (as amended)

To the Board of Directors of

Adani Enterprises Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Adani
Enterprises Limited ("the Company") for the quarter ended 30 th June 2023 ("the Statement") being submitted
by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations").

2. This Statement, which is the responsibility of the Company's management and approved by the Board of
Directors at their meeting held on 3 rd August 2023, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standards 34 "Interim Financial Reporting" (Ind AS
34), prescribed under section 133 of the Companies Act, 2013 as amended (the "Act"), read with the relevant
rules issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the
Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE)
2410, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity", issued
by the Institute of Chartered Accountants of India. This standard requires that we plan and perfonn the
review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A
review of interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Standards on auditing and
consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. As stated and more fully described in Note 3 of the accompanying standalone unaudited financial results,
regarding the ongoing investigations of Securities and Exchange Board of India, pending completion of
proceedings before the Hon'ble Supreme Court including the matters contained in report submitted by the
Expert Committee, we are unable to comment on the possible consequential effects thereof, should there be
any, on the accompanying Statement. Our report issued on the standalone financial results of the Company
for the quarter and year ended 31 st March 2023 and on the standalone financial statements of the Company
for the year ended 31 st March 2023 was also qualified in respect of the above matter.

(Space below on this page have been left blank intentionally)

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-l, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CHARTER.ED :\CCOUNT:\\JTS.
Navrangpura, Ahmedabad - 380009 ILLPIN - AA\1\1.652.Sl
Phone - 079-48901710
Email: info@sdco.in Website: wvvw.sdco.in

Independent Auditor's Review Report on Quarterly Unaudited Standalone Financial Results of the
Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 (as amended) (Continue)

5. Based on our review of the Statement conducted as stated above, and except for the possible effects of the
matters referred to in paragraph 4 above, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other
accounting principles generally accepted in India, has not disclosed the information required to be disclosed
in terms of Regulation 33 and 52 of the Listing Regulations, including the manner in which it is to be
disclosed, or that it contains any material misstatement.

For SHAH DHANDHARIA & CO LLP

Chartered Accountants
Firm istration No. l 18707W/Wl00724

Place : Ahmedabad
Date : 3rd August 2023

Membership No. 183083

UDlN: 23183083BGVAUX1855

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
 so?, Abhijeet-1, SHAH DHANDHAR[A & CO LLP
Mithakhali Six Roads, CH\R.TERED .i\CCCU~TANTS
Navrangpura, Ahmedabad - 380009 (LLP!N • AAW.S526}
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 Vaishno Devi Circle, S.G. Highway,
Khodiyar, Ahmedabad-382421

This certificate is issued in accordance with the email request received dated 3 rd August 2023 and the terms of engagement
agreed upon.

The Revised format of Security Cover as at 30 th June, 2023 (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( I)( 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 7900 Secured, Rated, Listed, Redeemable,
Principal Protected Market Linked Non-convertible debentures (NCO), detailed in Annexure II, of Rs. 10,00,000/- each,
aggregating to INR 790.00 Crores and in relation thereto the issuer has executed debenture trust deeds (the "Debenture Trust
Deed") as per the details mentioned 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
16.95% of the Equity Share Capital of Adani Road Transport Limited.

The financial information as on 30th June, 2023 has been extracted from the unaudited books of accounts for the period ended
30th June, 2023 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 books and records of
the Company as at 30th June, 2023 and report whether the "financial information" required to be furnished in the Statement is in
accordance with the unaudited financial results and underlying books and other records of the Company as at 30 th June, 2023.

Page 1 of3 .· J
====== J~~=============
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
 so7, Abhijeet-1, SHAH DHANDHARlA & CO LLP
Mithakhali Six Roads, CH\R.TERED .ACCC'U:JTAWS
Navrangpura, Ahmedabad - 380009 (LLPIN. AAW.6528)
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 ... )

The financial results relating to the books and records referred to in paragraph above, have been reviewed by us pursuant to the
requirements of Companies Act, 2013, on which we issued a modified opinion vide our report dated 3 rd August, 2023. Our
review 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
ofindia.

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 of India.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) I, 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 30 th June,
2023

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 unaudited 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 unaudited financial information, books, records and information provided to us for verification

6. Obtained the reports from experts whereever 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 am_ounts included in respect of market values is
based solely on the reports of such expert, hence we do not vouch for the accuracy oftht same. Our conclusion is not modified
in this matter.

Page 2 of 3
""-, . . .',
···1·.
··. · . •
==--=========================--=- --=-==.=:-=========--====
Shah Dhandharia & Co. (Registration No. GUJ/AH/102555) a Partner • p Firm has been converted into
Shah Dhandharia & Co LLP {LLP Identification No. AAW-6528) withe ectjrom 9th Day of April, 2021
 so1,AbhiJeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CHARTERED ACCC'LD\T\NTS
Navrangpura, Ahmedabad - 380009 (LLPIN. AA W.652.8)
Phone - 079-48901710
Email: info@sdco.in Website: wv11w.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
istration No. l 18707W/ Wl00724
Place: Ahmedabad
Date : 03/08/2023

Partner
Membership No. 183083
UDIN - 23 ! 83083BGV AUZ6659

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
~~A l~lilmn.l
l~usiYe.
CM!l!t ;=:~
CftlltlltD •f ~ I

,~ij c.,._ ··tf!laCMr,e

"'~II . .•
~s

I
Annexure I
Statement of Security Cover

!'irP.a&s···.·.·.•lt
MiMJJ
I •t:=:Qfl(lj)l~.,
1t~ln
~) i·
,C~~.K.

I
lgl-l.
I~-
• • - -tooritythoM ~11coveredt>y thJ$ ·certificate
f~l!iimN
Rs. in Crores
J~lt1!mtO

I J. . ~
I · ·Ca~tngl~ vahtelbook
f~ for . vatue for par!
r0e;~~~au,t . .
by,.,.~;~.,,.~.
~s!lf$gha~

~witft;ii •
. ...... •·•
As$•n~. I . . •; .. . . . . •*~" . .
~tge•._~ . .
wnere ..rlffjt <
flll!JJU. eharga
Ufftll•Wbere
.,,wnlcjt• / ·IDebtfor
-~·. I
d1111th~ .. · ~ffiH'(KlU ~M,1Dt1nt f.ta~.Vala .··. .·· . ~diet value . .
Part1e11fars .·• . ·. Pef>t.f!:>r·. •··•· •IHl!ifd&bt ~~ispa~ .t.cll!'ly .c..on. •ldeied ....
for·.A$$ets···•.• · y;·•.·iue···· ra
. . n.ot.<. v.• :.iue
~,,.... . Wl!Jtm~ill . . ·• ·. ill. not. . jTotalValue•
~.et.. . .·. ··.,
j~ ·. ·.
Secutl!d Debt c•..~.-.·.th···
~ is.•..· ~.. t. •
,Wb
for. u. ·.ctiart
.>. pass.•....·.·. ..•
h. · tblll.·· te.xtilutl,ft!o
·. ·.·
morethl!n
,onCf!ltdato
i:hatged 00
~usille
~ a b l i t for~~ ascertainable K+l:..+M+N
or:~!Q-. c,iweMU1s q r a ~
bei119inlltd 1 • ~lsslltd ™"•~,.other ans colltmld lflCIUIMJ• !:Im$ · tfl:o;6l)•.~ (Fors;. Bank
~ - In c;oltmln FJ
passu BaJamie, . Balllnce,
Jpa$SU Cl'latJe} ,rge} 0$RA.~ D$RA market
I ~IUe ts not vatue kf not
~l!leJ appflcableJ
f ISookvatue lioo1tV1t1Ue h•e$.!Nc, _. f~Valile___ J~\la~i~......t_____ ~ f Rilatlng fo'Coiumn P
ASSETS
Property, Plant and
-NA- - - No - 476.85 296.58 - 773.43
Eauioment
Caprtal Work-in-Progress -NA- - - No - 54.05 534.86 - 588.91
Riaht of Use Assets -NA- - No - - 350.19 350.19
Goodwill -NA- - - No - - - -
lntanaible Assets -NA- - - No - 498.29 33.90 - 532.19
Intangible Assets under
Develooment
-NA- - - No - - 122.39 - 122.39

Exclusive Charge by
way of pledge on
Investments I Equity Shares of I 10.17 I I Yes I I I 11,5ss.56 I I 11,565.73 1,090.39 5
1,090.39
ARTL held by AEL
Loans - NonCurrent -NA- - No - - 13.23 - 13.23
Inventories -NA- - - No - 2 881.97 0.67 - 2 882.64
Trade Receivables -NA- - - No - 4,133.15 39.10 - 4,172.25
Cash and Cash
-NA- - No - 212.80 0.03 212.83
Equivalents
Bank Balances other than
Cash and Cash -NA- - - No - 1,068.38 31.77 - 1,100.15
E uivalents
Others -NA- No 13,761.59 3,710.42 17,472.01
Total 10.17 23,087.08 16,688.70 . _. 39.,785.95 11090.39 11090.39

t
~!im!l~A
Annexure I
Statement of Security Cover

i...~<!- ~~.~ ~umnN

~
Rs. in Crores
~!l!tl~Q

ta~,
vak!efbOOk
·•~lffliif!:ir911r1
PdSll chaJlle
~of asset$Where
Particulaa •tot.•· Which.tl'it.. .,Of . . .. · .. :• lil'Nll'kiltva,U.
ee~retate WhJ Market V;atue 1$ not TotafValue •
ta! .. hri. ~u
tot·
.~ ~ e t s · . o , a ~
*.
ertainl!ble ll<+L+M+N

tP<>ret.Sanl<

LIABILITIES
Debt securities to which 4
861.44 Yes
this certificate pertains
Other debt sharing pari-
passu charge with above No
debt
Other Debt No
Subordinated debt1 145
> . .\ . :. · •· . . ·........ ·.·.• ·• <
Borrowinas
Bank
2

3
f!Ot.lpbl,t
litli,d.
1,165.45 -I .66 I

334.4 5
-
I
I
- l.··,.utt,e~K✓.
145.66 I
1-4 99 -90
.

·
·f;:;.·
·
v~.··
. ·..··ad<etValueof~.·tt,e
.... ·.·... il..#0. ·•~.··
/~f.·j(f(}·N··•··.~
~ntsof~samnotmownmm,
..
·
Debt Securrties No 1,356.25 1,356.25
Others No
Trade payables No 514.35 19,279.77 19,794.12
Lease Liabilities No 200.68 200.68
Provisions No 96.02 96.02
Others No 1,311.11 1,311.11
Total 861.44 1,679.80 I 22,723.94 25,265.18

Cover on Book Value .0.91~

Cover on Market Value 1.l7tlmes

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 I terms of the issue of the listed debt securities (NCD's) and certify that the such covenants/ 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. 4.74 crores and Interest accrued amounting to Rs. 71.44 Crores for Debt Securities covered under this certificate
5
The market value of Investment is based on valuation certificate dated 29th March 2023 obtained by the company from an Independent Chartered Accountant

j
 Annexure II
List of Secured, Rated, Listed, Redeemable, Principal Protected Market Linked Non-convertible debentures (NCD)

Rs. in Crores

>l\ 0AQlou"t •·..•. ·. •·. ·..•. . ·•

1SIN
r __
C .. , . . .. ...·..·...

··••••D.··. a.·.·•.·.·..·.· ·.,• •.•.

.•
r ,...•.·
·. ·pe.·•
· ·. ..·.... ....
· ·..
\1·••• ·• ·• ••· >
«. . ·.. ······C·.............·•.·..•.... ·.·.•...·..··.• ·.·Amo
. . /;.·.is
·Ra.··.·
...·.•..· . . ·.•.·.•
. · .w
w,tod·······.·•.·.··.··· ·•..( .i:. -..·.
·.ttte """'t=
. . "·.:.dl···•.'.~
. . . ....oflndM) ..•.·.'
Assetc~-,.,.
Required f Stcurtt, given

5% Equity Share Capital

INE423A07229 21-Mar-22 Exclusive 200.00 200.00 21.75 100%
of ARTL
INE423A07245 25-Apr-22 Exclusive 90.00 90.00 8.63 100% 4.9% Equity Share
INE423A07237 25-Apr-22 Exclusive 150.00 150.00 15.09 100% Capital of ARTL
INE423A07252 30-Jun-22 Exclusive 100.00 100.00 8.52 100% 3.1 % Equity Share
INE423A07260 30-Jun-22 Exclusive 50.00 50.00 4.44 100% Capital of ARTL
2.0% Equity Share
INE423A07278 19-Sep-22 Exclusive 100.00 100.00 6.64 100%
Caeital of ARTL
- 1.95% Equity Share
INE423A07286 27-Sep-22 Exclusive 100.00 100.00 I 6.37 100% 1Caeital of ARTL

16.95% of Equity Share

Total 790.00 790.00 I 71.44 100% 1
Capital of ARTL