adani

4th May, 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,

Sub: Outcome of Board Meeting held on 4th May, 2023 and submission of
Audited Financial Results (Standalone and Consolidated) for the quarter
and year ended 31st March, 2023

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

1. The Board of Directors (“the Board”) at its meeting held on 4th May, 2023,
commenced at 12.30 p.m. and concluded at 3.00 p.m., has approved and
taken on re cord the Audited Financial Results (Standalone and
Consolidated) of the Company for the quarter and year ended 31st March,
2023.

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

the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 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 re ports with modified opinion on Audited
Financial Results (Standalone and Consolidated) for the quarter and year
ended 31st March, 2023. The Statement on Impact of Audit Qualification is
enclosed along with Audited Financial Results.

3. The Board has also approved the proposal to convene 31st Annual General
Meeting (“AGM”) of the Company on Tuesday, 18th July, 2023 at 10.00 a.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, [email protected]
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
4. The Board has recommended Dividend of Rs. 1.20 (@ 120%) per Equity
Share of face value of Re. 1 each fully paid up for the Financial Year 2022-
23, subject to approval by shareholders of the Company.

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

informed that the Company has fixed Friday, 7th July, 2023 as ‘Record Date’
for the purpose of determining entitlement of the members of the
Company to receive Dividend of Rs. 1.20 (@ 120%) per Equity Share having
face value of Re. 1/- each fully paid-up for the financial year 2022-23. The
said Dividend, if declared by the shareholders at the ensuing AGM, shall be
paid on or after 21st July, 2023, 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 members and such other approvals
as may be required, approved the re-appointment of Mr. Gautam S. Adani as
an Executive Chairman of the Company for a further period of 5 (five) years
w.e.f. 1st December, 2023, as the present term expires on 30th November, 2023.
Mr. Gautam Adani, the Chairman and Founder of the Adani Group, has more
than 33 years of business experience. Under his leadership, Adani Group has
emerged as a global integrated infrastructure player with interest across
Resources, Logistics and Energy verticals.

Mr. Adani’s success story is extraordinary in many ways. His journey has been
marked by his ambitious and entrepreneurial vision, coupled with great vigour
and hard work. This has not only enabled the Group to achieve numerous
milestones but also resulted in creation of a robust business model which is
contributing towards building sound infrastructure in India.

Mr. Gautam S. Adani is brother of Mr. Rajesh S. Adani, Managing Director of

the Company.
Kindly take the above on your records.
Thanking you,

Yours faithfully,
ForJATINKUMAR
Adani Enterprises Limited
Digitally signed by
JATINKUMAR
RAMESHCHAND RAMESHCHANDRA
RA JALUNDHWALA
Date: 2023.05.04
JALUNDHWALA 15:10:47 +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, [email protected]
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 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 -2 6565500 ; Email : [email protected] ; Website : www.adanicntcrpriscs.com

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023

(t in Crores)
Quarter Ended Year Ended
Sr. 31-03-2023 31-12-2022 31-03-2022 31-03-2023 31-03-2022
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
1 Income
Revenue from Operations 31,346.05 26,612.23 24,865.52 136,977.76 69,420 .18
Other Income 370.35 338.60 276.04 1,197.36 1,012.51
Total Income 31,716.40 26,950 .83 25,141 .56 138,175.12 70,432.69
2 Expenses
(a) Cost of materials consumed 1,324.44 1,113 .51 637.85 4,052 .14 2,502.72
(b) Purchases of stock-in-trade 17,808.96 16,421.40 20,051 .37 99,187.75 55,148.60
(cl Changes in inventories of finished goods,
work-in -progress e, stock-in-trade 1,160.68 2,088.56 (1,2 02 .65) (327.16) (3,933.82)
(d) Employee benefits expense 498.62 422.94 341 .50 1,877.33 1,180.56
(e) Finan ce costs 1,525.10 595.90 62 1.54 3,969 .98 2,525 .88
(f) Depreciation and amortisation expense 895.43 592.22 448 .63 2,436 .14 1,247.78
(g) Operating and Other expenses 7,118.66 5,053 .63 3,661.63 23,022.68 10,534.40
(h) Foreign exchange loss/ (gain) (152 .38) (116.98) 113.38 337.04 274.52
(other than those considered as Finance Costs)
Total Expenses 30,179 .51 26,171 .18 24,673 .25 134,555.90 69,480.64
3 Profit/ (Loss) before exceptional items and tax (1-2) 1,536.89 779.65 468.31 3,619.22 952.05
4 Add/ (Less) : Exceptional items (net) (Refe r Note 7) {369 .32) (369 .32)
5 Profit/ (Loss) before tax (3+4) 1,167.57 779.65 468 .31 3,249.90 952.05
6 Tax expenses
(a) Current Tax 196.58 168.04 195.07 769.81 391.41
(b) Deferred Tax 248 .34 (25.05) 18.23 271.15 85.27
Total Tax Expense 444.92 142.99 213.30 1,040.96 476.68
7 Profit/ (Loss) before share of profit/ (loss) from jointly controlled
722.65 636.66 255.01 2,208.94 475.37
entities and associates (5-6)
8 Add/ (Less): Share of profit/ (loss) from jointly controlled entities and
58.03 103.22 70 .75 212 .66 312.33
associates
9 Profit/ (Loss) after tax (7+8) 780.68 739.88 325.76 2,421 .60 787.70
10 Other Comprehensive Income/ {Loss)
(a) Items that will not be reclassified to profit or loss 1.17 (1 .04) (1 .63) {3.49) (1 .82)
{b) Income tax relating to items that will not be
(025) 0 .27 0.56 0 .92 0 .63
reclassified to profit or loss
(c) Items that will be reclassified to profit or loss 59.61 46.72 173.89 1,361 .12 446.76
(d) Income tax relating to items that will be
(41 .95) 18.18 10.10
reclassified to profit or loss
Total Other Comprehensive Income / (Loss) 18.58 64.13 172.82 1,368.65 445 .57
11 Total Comprehensive Income/ (Loss) (9+1 O) 799 .26 804.01 498 .58 3,790.25 1,233.27
12 Net Profit/ (Loss) attributable to :
Owners of the Company 722.48 820.06 304.32 2,472.94 776.56
Non-controlling interests 58.20 (80. 18) 21.44 (51.34) 11 .14
13 Other Comprehensive Income/ (Loss) attributable to :
Owners of the Company 3.86 73 .25 171.77 1,380.15 444 .33
Non-controlling interests 14.72 (9.12) 1.05 (11.50) 1.24
14 Total Comprehensive Income/ (Loss) attributable to :
Owners of the Co mpany 726.34 893 .31 476.09 3,853 .09 1,220 .89
Non-controlling inte re sts 72 .92 (89 .30) 22.49 (62 .84) 12.38
15 Paid-up Equity Share Capital
114.00 114.00 109.98 114.00 109.98
(Face Value of 'l' 1 each)
16 Other Equity (Including In struments entirely Equity in nature) 32,937.01 22,146.53
17 Net Worth 37,890.05 26,928 .37
18 Earnings per share in Rupees (Face Value oft 1 each)
(not annualised):
Basic e, Diluted 6.34 7.21 2.77 21.78 7.06
19 Additional Disclosure for Ratios (Refer Note 11)
adani 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 ; Fa,c : 079-26565500 ; Email : [email protected]; Website : www.adanicntcrpriscs.com

AUDITED CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2023

(f in Crores)
Sr. 31-03-2023 31-03-2022
Particulars
No. (Audited) (Audited)

ASSETS

I NON-CURRENT ASSETS
(a) Property, Plant e. Eq uipment 34,987.92 19,599 .14
(b) Right Of Use As sets 14,802.00 1,175.63
(c) Capital Work-in-Progress 17,698.96 19,564.17
(d) Investment Properties 68 .31 46.55
(e) Goodwill 887,16 300 ,92
(f) Other Intangible As sets 6,135.74 9,000.53
(g) Intangible Assets Under Development 6,326.25 3,980 .2 5
(h) Financial Assets
(i) Investments 6,145.17 4,229 .19
(ii) Loans 4,577.03 6,236.53
(iii) Other Financial Assets 5,690.56 2,972 .79
(i) Deferred Tax Assets (net) 209 ,34 173.83
(j) Income Tax Assets (net) 634.99 357.69
(k) Other Non-Current Assets 6,202 .66 3,177.58
104,366.09 70,814.80
II CURRENT ASSETS
(a) Inventories 6,918 .05 6,788.28
(b) Financial Assets
(i) Investments 165,0 0 63.02
(ii) Trade Receivables 12,552.88 13,712.19
(iii) Cash e. Cash Equivalents 1,882.33 912 ,23
(iv) Bank Balances other than (iii) above 3,491 .36 3,003.63
(v) Loans 4,522 .63 1,452.84
(vi) Other Financial Asse ts 2,485.83 1,751 .39
(c) Other Current Assets 5,003 .65 3,261.81

37,021 .73 30,945.39

Ill Non-Current Assets Classified as held for Sale (Refer Note 7) 100,00

Total Assets 141,487.82 101,760.19

EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 114.00 109.98
(b) Instruments entirely Equity in nature 640.00
(c) Other Equity 32,937.01 21.506 ,53
Equity attributable to owners of the Company 33,051.01 22,256.51
(d) Non Controlling Interests 4,839.04 4,671.86
Total Equity 37,890.05 26,928.37

LIABILITIES
I NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 32,590 .03 20,803.43
(ii) Lease Liabilities 13,584.55 516 .62
(iii) Other Financial Liabilities 4,476.00 3,386 .15
(b) Provisions 401.49 278 .97
(c) Deferred Tax Liabilities (net) 2,97g ,g1 2,606.27
(d) Other Non-Current Liabilities 4,762 .74 3,390.60
58,794.72 30,982 .04

II CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 5,729. 59 20,220 .34
(ii) Lease Liabilities 1,296.29 63 ,6 4
(iii) Trade Payables
- total outstanding dues of micro and small enterprises 141.26 130,95
- total outstanding dues of creditors other than micro and small enterprises 28,405.59 17,516.87
(iv) Other Financial Liabilities 5,570 .89 3,276 .09
(b) Other Current Liabilities 3,436.92 2,378.50
(c) Provisio ns 121 .02 95,73
(d) Income Tax Liab ilities (net) 101.49 167.66
44,803.05 43,849 .78

Tqtal_!:quitY and Liabil[ties --. 141,487.82 101,760.19

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adani 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: [email protected]: Website : www.adanicntcrpriscs.com

Notes:
These consolidated financial results have been prepared based on audited consolidated financial statements of the Group. These conso li dated financial results
have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of Adani Enterprises Limi ted ("Pa rent Company") at their
respective meetings held on 4th May 2023 .

2 The consolidated financia l results of the Group 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 Pursuant to the approval of Board of Directors of the Company at their meeting held on 8th Apri l, 2022 and the approval of Shareholders of the Company, in its
Extra-Ordinary General Meeting held on 3rd May 2022, the Parent Company has issued 4,01 ,91,038 new equity shares of face value t 1 each at the price oft
1,915.85 for total consideration oft 7,7001· crores through preferential allotment route to International Holding Company (IHC group), Abu Dhabi, UAE on 12th
May 2022 .

4 During the year ended 31st March 2023:

a) A wholly-owned subsidiary of the Group, AMG Media Networks Limited ("AMNL") has acquired 100% stake in Vishvapradhan Commercial Private Limited
("VCPL"). VCPL held warrants of RRPR Holding Private Limited ("RRPR"), a promoter company holding 29.18% stake of New Delhi Television Limited ("NDTV").

b) VCPL acqu ired 99 .5% stake in RRPR by way of exercise of warrants and conversion of the same into equity shares of RRPR on 28th November 2022 .
Pursuant to acquisition of RRPR by VCPL, and considering RRPR's existing shareholding in NDTV, provisions of the SEBI Takeover Regulations were triggered
resulting in an open offer by VCPL to the shareholders of NDTV. Pursuant to the open offer, VCPL acquired 8.27% of stake in NDTV.

c) Furthe r, RRPR also acquired 27.26% of stake in NDTV, resulting in RRPR holding a total of 56.44% of stake in NDTV w .e.f. 30th December 2022. As a result,
AMNL indirectly holds a total of 64.71% of stake in NDTV. Accordingly, RRPR and NDTV have been consolidated as subsidiaries w.e .f. 28th November 2022 and
30th Dece mber 2022 respectively in these financ ial results and these entities do not have material impact on these financia l results.

The Group is in the process of making a final determination of fair values of the identified assets and liabilities of VCPL, RRPR and NDTV as per Ind AS 103.
Pending this, the business combination of these entities has been accounted based on the provisional fair valuation basis. The results of the quarter and year
ended on 31st March 2023 are not comparable with those of the corresponding periods included in the aforesaid statement due to the said acquisition.

5 During the previous qua rter ended 31st December 2022, the Group acquired 100% stake in Sibia Analytics and Consulting Services Private Limited ("SIBIA"),
The same has been consolidated as wholly owned subsid iary in these financial results w .e.f. 27th Decembe r 2022 and does not have materia l impact on these
financial results. The Group is in the process of making a final determination of fair values of the identified assets and liabil ities of SIBIA as per Ind AS 103.
Pending thi s, the business combination of SIBIA has been accounted on provisional fair valuation basis.

6 During the quarter ended 31st March 2023, wholly-owned subsidiary of the Group, AMG Media Networks Limited has acquired 49% stake in Quintillion Business
Media Limited . The same has been consolidated as assoc iate in these financial results w.e.f. 27th March 2023 and does not have material impact on these
financial results.

7 The exceptional items in the quarter and year ended 31st March 2023 include below :
(a) During the quarter ended 31st March 2023, the Parent Company filed the red herring prospectus dated 18th January 2023 with Registra r of Companies,
Ahmedabad for further public offer ("FPO") of partly paid up shares. The FPO opened for subscription from 27th January 2023 to 31st January 2023 and was
fully subscribed. However, in order to protect the interest of the bidders amid volatile market conditions, the Board of Directors dec ided not to proceed with
the FPO and withdrew the red herring prospectus. Accordingly, the entire application bid amounts have been released to the bidders. The expenses oft 71.67
crore incurred in connection with the FPO has been presented as an exceptional item.

(b) During the quarter and year ended 31st March 2023, one of the subsidiaries of the Group, Mundra Solar PV Lim ited("MSPVL") upgraded its manufacturing
facility with TOPCon technology. Accordingly, MSPVL is in the process of discard ing its existing plant & machinery pending which the identified assets have
been classified as 'Non-Current Assets Classified as held for Sale' at a fair value oft 100 crore. MSPVL has recognized loss oft 309.41 crore after adjusting
unamortised government grant, which has been presented as an exceptional item.

(c) During the quarter and year ended 31st March 2023, one of the subsidiaries of the Group, NDTV's Board of Directors has approved the execution of Share
Purchase Agreement for sale of 100% shares in Delta SoftPro Private limited ("Delta", a subsidiary of the NDTV) for gain oft 15.01 crore . The transaction has
been completed on 28th March 2023 and Delta has ceased to be subsidiary from this date. This exceptional gain has been netted off against severance pay of
t 3.25 crore to left employees.

8 During the quarter ended 31st March 2023 a short seller has issued a report, alleg ing 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 . The review report confirms
Group's compliance of appli~able 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 conducti ng 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.

9 Certain investigations and enquiries have been initiated by the Central Bureau of Investigation ("C BI "), the Enforcement Directorate and the M inistry of
Corporate Affairs against one of the acquired stepdown subsidiary Mumbai International Airport Limited ("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 quarter ended 31st March 2023, based on the submissions of the CBI, the case was transferred to the ju risdicti onal 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.
Amongst others, it was alleged in the chargesheet that the funds aggregating t 846 crores were diverted from MIAL through false contracts, that are currently
included in Pr_o p_e'.tY, _f.lant and Eq~_ipment at a net book value oft 595 crores.
adani Adani Enterprises Limited
(CIN No : L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Oevi Circle, 5. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079 •2 6565555: Fax : 079-26565500 ; EmiJil : [email protected]; Website : www.adanicntcrpriscs.com

10 Statement of Consolidated Cash Flows for the year ended 31st March, 2023
('{ in Crores)
31-03-2023 31-03-2022
Particulars
(Audited) (Audited)

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax 3,249 .90 952.05

Adjustments for :
Depreciation, Amortisation & Impairment 2,436.14 1,247.78
Exc eptional items 297.65
Dividend Income from Investments (0.07) (0 06)
(Profit)/ Loss_from Limited Liability Partnerships Fi rm (net) 0.15 (0.17)
Net Gain on Sale of Current/ Non Current Inves tments (10.59) (1.91)
Government Incentives (27.26) (34. 13)
(Profit)/ Loss on Sale of Property, Plant & Equipmen ts (net) (1.97) (1.17)
Bad Debts, Advances Written off and Provision for Doubtful Debts, Loans & Advances 117.87 18.96
Gain on loss of control of subsidiary (4.3 5)
Liabilities no longer required written back (18.76) (44.06)
Unrealised Exchange Rate Difference (net) and other adjustments 20.53 228.64
Finance Costs 3,969.98 2,525.88
Interest Income (838.18) (769.69)
Operating Profit before Working Capital Changes 9,191.04 4,1 22.12

Adjustments for :
(Increase)/ Decrease in Trade Receivables & Other Financial Assets (2,064.48) (2,938.68)
(Increase)/ Decrease in Inventories (129.77) (5,023.79)
(Increase)/ Decrease in Other Current & Non-Current Assets (3,256.54) (2,565.39)
Increase/ (Decrease) in Other Current & Non-Current Liabilities 1,989.74 808.05
Increase/ (Decrease) in Trade Payables, Other Financial Liab ilities & Provisions 12,806.44 7,187.64
Cash generated from/ (used in) Operations 18,536.43 1,589.95
Direct Taxes Paid (net) (909.97) (204.67)
Net Cash generated from/ (used in) Operating Activities (A) 17,626.46 1,385.28

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure on Property, Plant & Equipments. Intangible Assets and Investment Properties (14,724 72) (11,647.48)
(after adjustment of increase / decrease in Capital Work-in-Progress. Capital Advances, Capital Creditors
and Intangible assets unde r development)
Investment in Jointly Controlled Entities & Associates (including Share Application Money) (Ne t) (1,371.52) (363.25)
Acquisition of Subsidiary (913.69) (1,484.26)
Payment for non current investment (168.58)
Proceeds from Sale/ Disposal of Property, Plant & Equipments 69.92 1.87
Non Current Loans given (235.49) (4,98146)
Non Current Loans received back 2,902.84 1,943.94
Current Loans (given)/ received back (net) (3,069.79) (39 74)
Withdrawal/ (Investments) in Other Bank Deposits (net) 106.35 (1,795.42)
Sale/ (Purchase) of Current Investments (net) (91.39) (31.60)
Withdrawal/ (Investments) in Limited Liabil i ty Partnerships (n et) (0. 15) 0.17
Div idend from Investments 0.07 0.06
Interest Received 608.34 820.97
Proceeds from loss of control of subsidiary 27.72 88 .8 2
Net Cash generated from/ (used in) Investing Activities (B) (16,860.09) (17,487.38)

C. CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of Share Capital at Premium 7,700.00
Proceeds from Non Current Borrowings 30,338.54 12,867.52
Repayment of Non Current Borrowings (19,265.81) (269.92)
Proceeds/ (Repayment) from Current Borrowings (net) (15,136.84) 5,496 .09
Transaction with Non Controlling Interests 13.86 128.00
Finance Cost Paid (3,342.45) (2 ,600.87)
Proceeds/ (Repayment) from Unsecured Perpetua l Securities (net) (640.00) 510.00
Distribution to holders of Unsecured Perpetual Securities (4.59) (12 .07)
Payment of Lease Liabilities (746.23) (107.35)
Dividend Paid (114.00) (109.98)
Net Cash generated from/ (used in) Financing Activities (C) (1,197.52) 15,901.42

D. OTHERS
Exchange Difference arising on conversion taken to Foreign Currency Translation Reserve 1.401.25 446.76
Net Ca.sh Flow_from .Others (D) 1,401.25 446.76

d Cash Equivalents (A+B+C+D) 970.10 246.08

ents at the beginning of the year 912 .23 666.15
s at the end of the year 1,882.33 912.23
adani Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, 5. G. Highway, Khodiyar, Ahmedabad • 382 421
Phone: 079 -26565555 ; Fax: 079-26565500 : Email : [email protected] ; Website : www.adanicntcrpriscs.c:om

11 Additional information pursuant to Regulation 52(4) of Securities and Exchange Boa rd of Ind ia (List ing Obligations and Disclosure Requirements) Regulations,
2015, as amended for the quarter and year ended 31st March 2023:

Quarter Ended Year Ended

31-03-2023 31-12-2022 31 -03-2022 31-03-2023 31-03-2022
Particulars
(Unaudited) (Unaudited)
(Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16

Debt Equity Ratio

1.01 1.18 1.52 1.01 1.52
Total Borrowings/ T otal Equity

Debt Service Coverage Ratio

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) / 2.57 2.28 1.63 2.45 1,77
(lnterest+Scheduled Principal Repayments of Non-Current Borrowings)

Interest Service Coverage Ratio

2.9 8 3.02 2.24 3.09 2.41
EBITDA / Interest Expense

Current Ratio
0 .83 0,85 0 .71 0.83 0.71
Current Assets / Current Liabi li tie s

Long Term Debt to Working Capital Ratio

(Non-Current Borrow ings+ Current Maturities of Non-Current Borrowings)/
(5.41) (4.52) (1.80) (5.41) (1.80)
(Current Assets - Current Liabilities excluding Current Maturities of Non-
Current Borro wings)

Bad Debts to Account Receivable Ratio

0.00 0.00 0,01 0 .01 0 .01
Bad Debts/ Average Trade Recei vables

Current Liability Ratio

0.43 0.55 0 ,59 0.43 0.59
Current Liabilities/ Total Liabilities

Total Debts to Total Assets Ratio

0 .27 0,34 0.40 0.27 0.40
Total Borrowings/ Total Assets

Debtors Turnover Ratio

2.39 1.90 2.25 10.43 5.40
Revenue from Operations/ Average Trade Receivables

Inventory Turnover Ratio

2.96 2.62 11.68 15.02 12.57
Cost of Goods Sold / Average Inventory

Operating Margin (%)

11 .44% 6.12% 6.68% 6.44% 5.35%
EBITDA excluding Other Income/ Revenue from Operations

Net Profit Margin (%)

2.46% 2.75% 2.43% 1.75% 1.12%
Net Profit/ 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) 37,890 .05 37,494.5 5 26,928.37 37,890.05 26,928.37

Net Profit after Tax ~ In Crores) 780 .68 739.88 325.76 2.421.60 787.70

Earnings per Share (Face Value oft 1 each) (not annualised) (Basic 8-
6.34 7.21 2.77 21.78 7.06
Diluted)

12 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 Group 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.

13 (a) The Parent Company has issued Rated, Li sted, Secured, Redeemable Non-Convertible Debentures of r
400 crores and has maintained security cover
exceeding 100% on the principal amount as on 31st March 2023 by way of first paripassu charge on all the current assets of the Parent Company except those
pertaining to the mining division . There was no interest or principal payment falling due during the quarter ended 31st March 2023 . These debentures along
with interest thereon will fall due on 20th May, 2023 within next three month s upto 30th June 2023 .
(b) The Parent Company has also issue d Rated, Listed , Secured , Redeemable, Principal Protected, Market Linked Non-Convertible Debentures of r 790 crores in
various tranches and has maintained security cover exceeding 100% on the principal amount as on 31st March 2023 by way of pledge of shares of one of its
subsidia_
ri · --=,,,_-- port Limited . There was no int · t falling due during the quarter ended 31st March 2023.There is no
princip ·ng due in next three months

For the ~-::;;::;:::;:::_..... es, the Company's rating for I -==--- ebentures has been assigned at "CARE A+" by CARE Ratings Ltd.
adani 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; Fi3JC : 079•26565500 ; Em:,11 : [email protected]; Website : www.adanicntcrpriscs.com

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

(tin Crores)
Quarter Ended Year Ended Year Ended
Sr. 31-03-2023 31-12-2022 31-03-2022 31 -03-2023 31-03-2022
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
I) Segment Revenue
Integrated Resources Management 18,596.67 17,59 4.91 17,857. 07 98,188.05 48,871.27
Mining 2,688.34 2,043 .98 910.52 8,044.57 2,760.35
New Energy Ecosystem 892 ,78 1,427.45 681 .50 3,537.03 2,528.42
Airport 1,696.81 1,732.81 1,165.58 5,951 .21 2,517.14
Road 3,260.21 714.45 886.46 4,907.27 1.673 .96
Others 4,793.69 3,945.58 4,198.56 20,339.23 14,655.13
Gross Revenue from Operations 31,928.50 27,459.18 25,699 .69 140,967.36 73,006.27
Less: Inter Segment Transfer 582.45 846,95 834.17 3,989.60 3,586.09
Net Revenue from Operations 31,346.05 26,612.23 24,865.52 136,977.76 69,420.18
II) Segment Results
Profit/ (Loss) Before Interest and Tax
Integrated Resources Management 828 .64 669 .02 537.50 3,417.26 1,626.91
Min ing 468 .72 274.48 114.07 943.47 426.79
New Energy Ecosystem (279 ,33) 183.25 34,32 (95,60) 232.26
Airport (8.16) 29.57 75 ,37 452 .67 (72.57)
Road 1,429.61 122.51 100,19 1,687.63 163.55
Others (117,16) (241.88) (47,64) (382 .91) 88.48
Unallocable Income 370,35 338.60 276,04 1,197.36 1,012.51
Total Profit/ (Loss) Before Interest and Tax 2,692.67 1,375.55 1,089.85 7,219.88 3,477.93
Less : Finance Costs 1,525.10 595 .9 0 621.54 3,96 9.98 2.525.88
Total Profit/ (Loss) Before Tax 1,167.57 n9.65 468.31 3,249.90 952.05
Ill) Segment Assets
Integrated Resources Management 14,133.72 17,900.42 15,647.89 14,133.72 15,6 47.89
Mining 37,812.70 25,737.85 22.489,01 37,812.70 22.489 .01
New Energy Ecosystem 7,497.23 6,858.8 8 4,011.72 7,497.23 4,011 .72
Airport 37,032.25 35,322.71 30,937.47 37,032.25 30.937.47
Road 8,365.51 5,190 .35 3,320 .88 8,365.51 3,320 .88
Others 14,674.44 12,772.37 8,773 .04 14,674.44 8,773 .04
119,515.85 103,782.58 85,180.01 119,515.85 85,180.01
Unallocable 21,971 .97 25,646.90 16.580.18 21,971.97 16.580.18
Total Assets 141,487.82 129,429.48 101,760.19 141,487.82 101,760.19
IV) Segment Liabilities
Integrated Resources Management 21,691.61 20.581.24 13,975.05 21,691.61 13,975.05
Mining 16,437.73 3,913.90 2,663.93 16,437.73 2,663.93
New Energy Ecosystem 3,222.63 2,689 .19 721.89 3,222.63 721 ,89
Airport 10,261.12 9,271.62 8,266.30 10,261 .12 8,266.30
Road 1,9 45.42 1,029.54 901.41 1,9 45.42 901.41
Others 6,759.95 6,194.93 3,780.26 6,759.95 3,780.26
60,318.46 43,680.42 30,308.84 60,318.46 30,308.84
Unallocable 43,279.31 48,254.51 44,522.98 43,279.31 44,522 .98
Total Liabilities 103,597.77 91,934.93 74,831 .82 103,597.77 74,831 .82

15 The Board has recommended final dividend of r 1.20 (120%) per equ ity sha re of the face value of r 1 each for the financ ial year 2022-23 subject to approval of
the shareholders.

16 The figures for the quarter ended 31st March 2023 and 31st March 2022 represent the difference between the audited figures in respect of the full financial
year and the unaudited published year-to-date f igures upto the third quarter of the respective financial year, which were subjected to li mited review.

17 Key numbers of standalone financial results of the Company for the quarter and year ended 31st March, 2023 are as under :
(t in Crores)
Quarter Ended Year Ended
Sr. 31-03-2023 31-12-2022 31-03-2022 31-03-2023 31-03-2022
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 16 Refer Note 16
I Total In co me 13,097.73 12,515.40 8,963 .89 68,592.22 27,327.55
II Profit / (Loss) before tax 604.01 373 .26 342,35 2,213.74 1,113.25
Ill Total Comprehensive Income 438,91 270.06 228 .93 1,621.71 724 ,73
The standalone financial results are available at the Company's website www.adanienterprises.com and on the website of the stock exchanges
www.bse india.com and www.nseindia.com.

H; For and on behalf of the Board of Directors

·,.

,,✓ I
Date 4th May, 2023 •')4
Place Ahmedabad
/.;
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 so7, Abhij eet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH-\R TERED ACC U:-JT.-\:,rrs
(LLPIN - AAW-6528)
(/4\
Phon e - 079-48901710
Em ail : [email protected]:www.sdco.in

Independent Auditor's Report on Consolidated Financial Results of Adani Enterprises Limited pursuant to
Regulation 33 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 , 2023 ("the Statement"), being submitted by the Company pursuant
to the requirement of Regulation 33 of the SEEi (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 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, 2023.

Basis for Qualified Opinion

As described in Note 8 of the accompanying Statement, management has represented to us that the Adani group has
performed an internal assessment and has obtained an independent assessment from a law firm. However, pending the
completion of proceedings before the Hon'ble Supreme Court and investigations by Regulators, we are unable to comment on
the possible consequential effects thereof, if any, on this Statement.

Further, as detailed in Note 9 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 oflnvestigation 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. 595 crores. The auditors of MIAL have given a qualified opinion 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.

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 ~jth·tRes 1
requirements and the ICAl ' s Code of Ethics. We believe
that the audit evidence obtained by us and other audito'r' ::in tt:l°'rhs' o their report referred to in "Other Matter" paragraph
below, is sufficient and appropriate to provide a ba {§."::'', r o~r;:(! . dit opf ion on the Consolidated Financial Results.

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Shah Dhandharia& Co. (Registration No . GUJ/AHJ 02555} 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
Mithakh ali Si x Roads, CHAR. TER.EO :\CC l[\1
TA.~TS
Navra ngpu ra, Ahmedabad - 380009 (LLPI N - AA W-6528)
Ph one - 079-48901710
Email : in [email protected]: www.sdco.in

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

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 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 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 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.

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.

Shah Dhandharia& Co. (Registration No. GUJ/AH/10~ 5) 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, Abhij eet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Si x Road s,
Navran gpu ra , Ahmeda bad - 380009
CHi\R. TER.ED :\CC '°":'U\ ffA":\iTS
(LLPIN - AA W-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 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)
Regulations, 2015, as amended (continued)

• 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 Consolidated Financial Results of the Group and its jointly
controlled entity 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.

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, 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. 120.75 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. The accompanying consolidated financial results include audited financial results of 156 subsidiaries which reflect
total assets of Rs. 1,10,803.79 Crores as at 31st March, 2023, total revenues of Rs. 69,255.02 Crores, total profit
after tax of Rs. 505.46 Crores, total comprehensive income of Rs. 1,934.96 Crores and net cash inflows of Rs.
563.46 Crores for the year then ended, which have been audited by other auditors whose financial statements, other
financial information and auditor's reports have been furnished to us by the management. Our opinion on the
consolidated financial statements, in so far as it re <}tes, to;:.tQe amounts and disclosures included in respect of these
subsidiarhiesbis based solely on the reports of s~ut fo.tlWr ai.idi!oi ~$md the procedures performed by us are as stated in
paragrap a ove. ~ " \C'
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Shah Dhandharia& Co. (Registration No. GUJ/AH/ 02555) 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 & CO LLP
M ithakh ali Six Roads,
Navrangpu ra , Ahmeda bad - 380009
CHARTERED :\CC' U~J:\.'\JTS
(LLPIN · AA W-65 28)
CA
Ph one - 079-48901710
Ema il: in fo @sd co .inWebsite:www.sdco. in

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

3. The accompanying consolidated financial results include the Group's share of Net Profit after tax of Rs. 296.66
Crores for the year ended on that date, in respect of 17 jointly controlled entity and 7 associates, which have been
audited by other auditors, whose financial statements, other financial information and auditor's reports have been
furnished to us by the management. Our opinion on the statements, in so far as it relates to the amounts and
disclosures included in respect of these 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.

4. The accompanying consolidated financial results include financial statements of 22 subsidiaries which reflect total
assets of Rs. 25. 70 Crores as at 31st March, 2023, total revenues of Rs. 3 .60 Crores, total Profit after tax of Rs. 4.84
Crores, total comprehensive loss of Rs. 0.53 Crores and net cash outflows of Rs. 0.31 Crores for the year then
ended, whose 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 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.

5. The accompanying consolidated financial results include the Group ' s share of Net Loss after tax of Rs. 82.13 Crores
for the year ended on that date, in respect of 5 Jointly controlled entities and 7 associates whose 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 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.

6. Our opinion on the Statement is not modified in respect of the above matters contained in paragraph 2 to 5 above
with regards to our reliance on the work done and the reports of the other auditors and the financial statements/
consolidated financial statements certified by the Management.

7. Some of these subsidiaries and jointly controlled entity 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 entity 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.

8. Attentions 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 have been prepared on a going concern basis
considering financial support from Parent and other fellow subsidiaries.

9. The Auditor of one of the subsidiaries, namely Mumbai International Airport Limited, have also inserted an
Emphasis of Matter paragraph in their Audit Report stating that there is an ongoing litigation/arbitration proceeding
in respect of Monthly Annual Fee ('MAF'), which could have a material impact on the financial statement, if the
potential exposure were to materialize.

10. Our Opinion is not modified with respect to the matters enlisted in paragraph 7 to 9 above.
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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
 so7, Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Si x Roads, CHAR TERED .A.CC U\JTA:'-ffS
Navrangpu ra , Ahmedabad - 380009 (LLPIN . AAW.6528)
Phone - 079-48901710
Email: [email protected] nWebsite: www.sdco.in

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

11. The statement includes the results for the quarter ended 31 st March 2023 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 e istration No. l 18707W/WI00724

Place: Ahmedabad
Date : 4 May 2023

Membership N . 183083
UDIN: 23183083BGVARG2792

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
 so7, Abhi j eet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads,
Navrangpura, Ahmedabad - 380009
CH:-\R TERED .-\CCL UNt:\:\'t _
(LLPIN - AA W6528)
(/4\
Phone - 079-48901710
Email: in fo @sdco.inWebs ite: www.sdco. in

Annexure to Independent Auditor's Report

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 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
Brahmaputra Metropolis Solutions Limited (under strike
Vijayawada Bypass Project Private Limited
offw.e.f. 13 th February, 2023)
Carroballista Systems Limited Vijaynagara Smart Solutions Limited
CG Natural Resources Private Limited Vizag Tech Park Limited
Mundra Solar Limited Aanya Maritime Inc.
Adani Water Limited Aashna Maritime Inc.
Gare Palma II Collieries Pvt Limited Adani Australia Pty Ltd
Gare Pelma III Collieries Limited Adani Global (Switzerland) LLC
Gidhmuri Paturia Collieries Private Limited Adani Global DMCC
Gomti Metropolis Solutions Limited (under strike off
Adani Global FZE
w.e.f. 13 th February, 2023)
Jhar Mineral Resources Private Limited Adani Global Limited
Kodad Khammam Road Private Limited Adani Global Pte Limited
Kurmitar Iron Ore Mining Private Limited Adani Global Royal Holding Pte Limited
Kutch Copper Limited Adani Infrastructure Pty Limited

r
th
Mahaguj Power LLP (under strike offw.e.f. 15 March,
Adani Minerals Pty Limited
2023 ---=---
Mahanadi Mines & Minerals Private Limited / ~ ~ , ~ Adani Mining Pty Limited
Manchodfil Ropallowad, Road P,ivato Limit,r,'.1/ SPS ,\ Adani North Ame<ica Inc
MH Natural Resources Private Limited I/~ f 11a707W / f )},\dani Renewable Asset Holdings Pty Limited
MP Natural Resources Private Limited \\~,\ 'N100724 ~,; 1.'Adani Renewable Assets Holdings Trust
'\.."o..."1 ' ..:.~ ___.:;::_~ /.
.. •.Jr, " . \).\ ;....
Shah Dhandharta& Co. (Registration No. GUS.W.i/102555) a Partnership Firm has been converted into
Shah Dhandharta& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 so7, Ab hiJeet- 1, SHAH DHANDHARIA & CO LLP
Mithakhali Si x Roads,
Navrangpura, Ahm edabad - 380009
CH.-\R_TEREO .r\CC ·""IUNT:\ '\i1S
(LLPI N - AAW-6528)
(/4\
Phon e - 079 -48901 710
Emai l: in fo @s dco. inWebsite: www.sdco. in

East Coast Aluminium Limited (Formerly known as

Adani Renewable Assets Pty Limited
Mundra Copper Limited)
Mundra Petrochem Limited Adani Renewable Assets Trust
Mundra Solar Energy Limited Adani Rugby Run Finance Pty Ltd
Mundra Solar PY Limited Adani Rugby Run Pty Limited
Mundra Synenergy Limited Adani Rugby Run Trust
Mundra Windtech Limited Adani Shipping Pte Limited
Nanasa Pidgaon Road Private Limited Galilee Basin Conservation and Research Fund
Natural Growers Private Limited Galilee Biodiversity Company Pty Limited
Ordefence Systems Limited Galilee Transmission Holding Pty Limited
Panagarh Palsit Road Private Limited. Galilee Transmission Holdings Trust
Parsa Kente Collieries Limited Galilee Transmission Pty Limited
Periyar Infrastructure Services Limited (under strike off
North West Rail Holdings Pty Limited
w.e.f. 13 th February, 2023)
PLR Systems Private Limited NW Rail Operations Pte Limited
Prayagraj Water Private Limited PT Adani Global (Consolidated)
Jaipur International Airport Limited PT Adani Global Coal Trading
Adani Tradex LLP (under strike offw.e.f I ?'11 March,
Lucknow International Airport Limited
2023)
Queensland Ripa Holdings Pty Ltd Unnao Prayagraj Road Private Limited
Queensland Ripa Holdings Trust Whyalla Renewable Holdings Trust
Queensland Ripa Pty Ltd Whyalla Renewables Pty Ltd
Queensland Ripa Trust Whyalla Renewables Trust
Rahi Shipping Pte Limited Adani Solar USA Inc
Urja Maritime Inc Adani Solar USA LLC
Vanshi Shipping Pte Limited Hartse! Solar LLC
Whyalla Renewable Holdings Pty Ltd Midlands Parent LLC
Bowen Rail Company Pty Limited Oakwood Construction Services Inc
Bowen Rail Operation Pte Limited Seafront Segregated Portfolio
Mumbai International Airport Limited PLR Systems (India) Limited
Navi Mumbai International Airport Private Limited Adani Petrochemicals Limited
Bhagalpur Waste Water Limited Adani Digital Labs Private Limited
GVK Airport Developers Limited Bangalore Airport & Infrastructure Developers Limited
GVK Airport Holdings Limited Budaun Hardoi Road Private Limited
Adani Data Networks Limited Hardoi Unnao Road Private Limited
Adani New Industries Limited Mumbai Travel Retail Private Limited
Kalinga Alumina Limited (Formerly known as Mundra
April Moon Retail Private Limited
Aluminium Limited)
Astraeus Services IFSC Limited Mundra Solar Technology Limited
Kutch Copper Tubes Limited Bengal Tech Park Limited
Kagal Satara Road Private Limited AMG Media Networks Limited
Adani Health Ventures Limited Alluvial Natural Resources Private Limited
-1
Jhar Mining Infra Private Limited /40,n
,.. ..·. ' . r ....
' .,'. ~ Kutch Fertilizers Limited
Puri Natural Resources Limited ,?;:.•: , . ,. :1 \1 \c~ \ Alluvial Heavy Minerals Limited
Sompuri Natural Resources Private Limited 11] ( 1rn:;G:i'·~ I,)r \{ndravati Projects Private Limited
,\ ;...\ I V'iOOl.~.~ J
, ,,,
Shah Dhandharia& Co. (Registration Nl,': ,GU,if/AH/J,02555) a Partnership Firm has been converted into
Shah Dhandharia& Co LLP (LLP Identificatioh·No. AAW-6528) with effect from 9th Day of April, 2021
 so7, Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CH:\R TEREO :\CC U:s:TA.:'-ffS
Navrangpura, Ahm edabad - 380009 (LLPIN -AAW-652.8)
Phone - 079 -48901710
Email : [email protected]:www.sdco. in

Sompuri Infrastructures Private Limited Niladri Minerals Private Limited

Adani Road STPL Limited Vindhya Mines and Minerals Limited
Adani Road GRICL Limited Hirakund Natural Resources Limited
Adani Global Vietnam Company Limited Raigarh Natural Resources Limited
Vishvapradhan Commercial Private Limited Mining Tech Consultancy Services Private Limited
Alluvial Mineral Resources Private Limited Adani Disruptive Ventures Limited
RRPR Holding Private Limited New Delhi Television Limited (Consolidated)
Alwar Alluvial Resources Limited Sibia Analytics and Consulting Services Private Limited
Adani - LCC JV Armada Defence Systems Limited

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
Cleartrip Private Limited Mumbai Data Center Limited
Pune Data Center Limited DC Development Noida Two Limited
General Aeronautics Private Limited Quintillion Business Media 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
 Statement on Impact of Audit Qualifications (for audit report with modified opinion)
submitted along-with Annual Audited Financial Results - (Consolidated)

Statement on lmgact of Audit Qualifications for the Financial Year ended March 31, 2023
[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*)
1 Turnover/ Total income NA NA
2 Total Expenditure NA NA
3 Net Profit/(Loss) NA NA
4 Earnings Per Share NA NA
5 Total Assets NA NA
6 Total Liabilities NA NA
7 Net Worth NA NA
8 Any other financial item(s) (as felt NA NA
appropriate by the management)

II. Audit Qualification (each audit qualification separately):

1 a. Details of Audit Qualification :

As described in Note 8 of the accompanying Statement, management has
represented to us that the Adani group has performed an internal assessment and
has obtained an independent assessment from a law firm. However, pending the
completion of proceedings before the Hon'ble Supreme Court and investigations by
Regulators, we are unable to comment on the possible consequential effects
thereof, if any, on this Statement.

Note 8 in the statement of audited consolidated financial results is as follows :

During the quarter ended 3pt March, 2023 a short seller has 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 . The 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.

b. Type of Audit Qualification :

Qualified Opinion/ Disclaimer of Opinion/ Adverse Opinion

C. Frequency of Qualification :
Appeared first time/ repetitive/ since h01,01 long continuing

d. For A~ --;
~u<
1 ·~
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ffi" )
'lJ,-,.
t,, * ~
r, E ,
ication(s) where th ~ ~,f~
w: Not Applicable ; 'l>-~<f .
.:t-
"'t'
I ;!a
*0
quantified by the auditor,

F Ol~
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 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 the completion of proceeding before the Hon'ble Supreme Court and
regulatory investigations, we are unable to comment on the possible consequential
effects thereof, if any, on these consolidated financial results.

2 a. Details of Audit Qualification :

As detailed in Note 9 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 al leged misuse of funds of MIAL aggregating to Rs.846
crores re lated to works contracts that are currently included in Property, Plant and
Equipment at a net book value of Rs.595 crores. The auditors of MIAL have given a
qualified opinion 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.

Note 9 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 one of the acquired stepdown subsidiary Mumba i International
Airport Limited ("MIAL"), its holding company GVK Airport Holdings Limited and the
erstwhile promoter directors of MIAL for the period prior to 27 th June 2020 . MIAL is
co-operating with these agencies to conc lude the investigations and related
proceedings.

During the quarter ended 31 st March 2023, based on the submissions of the CBI, the
case was transferred to the jurisd ictional magistrate court ("the Court").
Subsequently, in February 2023, the CBI filed a chargesheet with the Court in
Mumbai aga inst accused including MIAL and the erstwh il e Managing Director.
Amongst others, it was alleged in the chargesheet that the funds aggregating
Rs.846 crores were diverted from MIAL through false contracts, that are currently
included in Property, Plant and Equipment at a net book value of Rs.595 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 proceed ings are concluded. Hence no
adjustments have been carr ied out to the financial statements.

b, Type of Audit Qualification :

Qualified Opinion/ Disclaimer of Opinion/ Adverse Opinion

c. Frequency of Qualification :
App ea red fi rs.t ti me 1----Be-9<eHE-W-e-+----5tl=t8=-R-&V1!;_tEJfJt. tS&H-E++H::l+Htt
 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 the comp letion of legal proceedings and due to absence of sufficient
appropriate audit evidence to component auditors in respect of the above, we are
unable to comment on the adjustments and the consequential impact, if any, on the
accompanying consolidated financial statements, including restatement of prior
period comparative information.

Ill. Signatories :

..- ., ·

J ("-~·
( 'n;\ . . \ 1/4'
R..~. ~ r~;~:·· \C.
J.1
Mr. Rajesh S. Adani . M
~
Hemant Nerurkar
*
Managing Director : ~ ~'l> C irman - Audit Committee

1~
Mr. Jul eshinder Singh
Chief Financial Officer
M - h m Rohatgi
Partner, Shah Dhandharia 8- Co LLP

Date : 4 th May, 2023

Place : Ahmedabad
adani 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 : [email protected]; Website : www.adanienterprises.com

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2023

(~ in Crores)
Quarter Ended Year Ended
Sr. 31-03-2023 31-12-2022 31-03-2022 31-03-2023 31-03-2022
Particulars
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 11 Refer Note 11
1 Income
Revenue from Operations 12,727.42 12,142.15 8,807.88 67,324.71 26,824.05
Other Income 370 .31 373.25 156.01 1,267.51 503.50
Total Income 13,097.73 12,515.40 8,963.89 68,592.22 27,327.55
2 Expenses
(a) Purchases of stock-in-trade 9 ,311 .81 8,442.14 9 ,158.96 57,222.42 26,608.32
(b) Changes in inventories of stock-in-trade 1,193.03 2,030.24 (1 ,635.09) 757.94 (3,743.31)
(c) Employee benefits expense 150.04 140.36 101 .63 651.90 381 .84
(d) Finance costs 142.01 210.50 180.66 665.21 571.33
(e) Depreciation and amortisation expense 33.71 31 .90 33 .39 131.04 124.73
(f) Operating and Other expenses 1,499.61 1,075.00 695.48 5,913 .10 2,053.76
(g) Foreign exchange loss / (ga in) 91.84 212.00 86.51 965.20 217.63
(other than those considered as Finance Costs)
Total Expenses 12,422.05 12,142.14 8,621 .54 66,306.81 26,214.30
3 Profit/ (Loss) before exceptional items and tax (1-2) 675.68 373.26 342.35 2,285.41 1,113.25
4 Add/ (Less) : Exceptional item (Refer Note 5) (7167) (7167)
5 Profit/ (Loss) before tax {3+4) 604.01 373.26 342,35 2,213.74 1,113.25
6 Tax expenses
(a) Current Ta x 163.76 94.88 121.13 573.11 269.04
(b) Deferred Ta x {0 .63) 8 .67 (5.48) 17.90 123.51
Total Tax Expense 163.13 103.55 115.65 591 ,01 392.55
7 Profit/ (Loss) after tax (5-6) 440.88 269.71 226.70 1,622.73 720.70
8 Other Comprehensive Income/ (Loss)
(a) Items that will not be reclassified to profit or loss (2.64) 0.47 3.43 (1 .37) 6 .19
(b) Income tax relating to items that will not be
0.67 (012) (1.20) 0.35 (2.16)
reclassified to profit or loss
Total Other Comprehensive Income/ (Loss) (1.97) 0 ,35 2.23 (1.02) 4.03
9 Total Comprehensive Income/ (Loss) (7+8) 438.91 270.06 228.93 1,621.71 724.73
10 r
Paid-up Equity Share Capital (Face Value of 1 each) 114.00 114.00 109.98 114.00 109.98
11 Other Equity (Including Instruments entirely Equity in nature) 13,819.78 5,130 .68
12 Net Worth 13,933.78 5,240.66
13 Earnings per share in Rupees (Face Value off 1 each)
(not annualised):
Basic e, Diluted 3.87 2.36 2.06 14.29 6.55
14 Additional Disclosure for Ratios (Refer Note 8)
adani Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office: "Adani Corporate House•, Shantigram,
Near Vaishno Devi Circle, 5, G. Highway, Khodiyar, Ahmedabad • 382 421
Phone : 079-26565555; Fax: 079-26565500 : Email: [email protected]; Website: www.adanlenterprises.com

AUDITED STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2023

(t in Crores)
Sr. 31-03-2023 31-03-2022
Particulars
No. (Audited) (Audited)

ASSETS
I NON-CURRENT ASSETS
(a) Property, Plant 8- Equipment 778.66 824 .64
(b) Right Of Use Assets 331 .27 273.67
(c) Capital Work-in-Progress 526.89 511.44
(d) Investment Properties 18.22 18.37
(e) Intangible Assets 539.57 566.73
(f) Intangible Assets Under Development 122.39
(g) Financial Assets
(i) Investments 9,947.99 3.436.35
(ii) Loans 5.08 0 .63
(iii) Other Financial Assets 122.85 92.48
(h) Income Tax Assets (net) 38.65 64.98
(i) Other Non-Current Assets 401 .98 409.10
12,B33.55 6,19B.39
II CURRENT ASSETS
(a) Inventories 4,085.46 4,843 .83
(b) Financial Assets
(i) Investments 1.00
(ii) Trade Receivables 4,688.27 3.516.19
(iii) Cash e,. Cash Equivalents 352.48 63.59
(iv) Bank Balances other than (iii) above 987.38 421 .62
(v) Loans 15,064.43 5,120.54
(vi) Other Financ ial Assets 932.79 552.70
(c) Other Current Assets 1,192.91 934.02
27,303.72 15,453.49
Total Assets 40,137.27 21,651.BB
EQUITY ANO LIABILITIES
EQUITY
(a) Equity Share Capital 114.00 109.98
(b) Instruments entirely Equity in nature 510.00
(c) Other Equity 13,819.78 4,620.68
Total Equity 13,933.7B 5,240.66

LIABILITIES
I NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 900.02 1,921 .99
(ii) Lease Liabilities 141.40 150.67
(iii) Other Financial Liabilities 7.59
(b) Provisions 37.68 27.29
(c) Deferred Tax Liabilities (net) 156.33 138.77
1,243.02 2,23B.72
II CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 2,020.23 2,299.84
(ii) Lease Liabilities 44.40 38.07
(iii) Trade Payables
- total outstanding dues of micro and small enterprises 16.02 5.64
- total outstanding dues of creditors other than micro and small enterprises 21,507.35 10,618 .13
(iv) Other Financial liabilities 809.90 425.51
(b) Other Current Liabilities 493.88 737.65
(c) Provisions 53.79 47.66
(d) Income Tax Liabilities (net) 14.90
24,960.47 14,172.50
Total Equity and Liabilities 40,137.27 21,651 .BB
-
adani Adani Enterprises Limited
(CIN No: L51100GJ1993PLC019067)
Registered Office : "Adani Corporate House", Shantigram,
Near Vaishno Devi Circle, 5. G. Highway, Khodiyar, Ahmedabad - 382 421
Phone : 079-26565555 ; Fax: 079-26565500 ; Email : [email protected] ; Website: www.adanienterprises.com

Notes:
These standalone financial results have been prepared based on audited standalone financial statements of the 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 4th May 2023.

2 The standalone financial results of the Company have been prepared in accordance w ith the Indian Accounting Standards ("Ind AS") as prescribed under
Section 133 of the Companies Act, 2013 read w ith the relevant rules issued thereunder.

3 Pursuant to the approval of Board of Directors of the Company at their meeting held on 8th April 2022 and the approval of Shareholders of the Company,
in its Extra-Ordinary General Meeting held on 3rd May 2022 , the Company has issued 4,01 ,91,038 new equity shares of face value t 1 each at the price of
t 1,915.85 for total consideration oft 7,7001- crores through preferential allotment route to International Holding Company (IHC group) , Abu Dhabi, UAE
on 12th May 2022 .

4 During the quarter ended 31st March 2023 a short seller has 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 unde rtaken review of transactions referred in short seller's report through an independent assessment by a law firm. The 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 law s 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.

5 During the quarter ended 31st March 2023, the Company filed the red herring prospectus dated 18th January 2023 w ith Registrar of Companies,
Ahmedabad for further public offer ("FPO") of partly paid up shares. The FPO opened for subscription from 27th January 2023 to 31st January 2023 and
was fully subscribed. However, in order to protect the interest of the bidders amid volatile market conditions, the Board of Directors decided not to
proceed with the FPO and withdrew the red herring prospectus. Accordingly, the entire application bid amounts have been released to the bidders. The
expenses oft 71 .67 crore incurred in connection with the FPO has been presented as an exceptional item.

6 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.

7 (a) The Company has issued Rated, Listed, Secured , Redeemable Non-Convertible Debentures of t 400 crores and has maintained security cover
exceeding 100% on the principal amount as on 31st March 2023 by way of first paripassu charge on all the current assets of the Company except those
pertaining to the mining division. There was no interest or principal payment falling due during the quarter ended 31st March 2023. These debentures
along with interest thereon will fall due on 20th May 2023 within next three months upto 30th June 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 31st March 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 31st March 2023.There is
no principal or interest payment falling due in next three months upto 30th June 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.
adani 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 : [email protected]; Website : www.adanienterprises.com

8 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (List ing Obligations and Disclosure Requirements)
Regulations, 2015, as amended fo r the quarter and year ended 31st March 2023 :

Quarter Ended Year Ended

Particulars 31-03-2023 31-12-2022 31-03-2022 31-03-2023 31-03-2022
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Refer Note 11 Refer Note 11
Oebt Equity Ratio
0 .21 0 .34 0 .81 0.21 0 .81
Total Borrowings / Total Equity

Oebt Service Coverage Ratio

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)
4.87 3.06 4.42 4.29 3.94
/ (lnterest+Scheduled Principal Repayments of Non-Current
Borrowings)

Interest Service Coverage Ratio

7.45 4.39 5.41 6.48 4.93
EBITDA / Interest Expense

Current Ratio
1.09 1.02 1.09 1.09 1.09
Current Assets/ Current Liabilities

Long Term Debt to Working Capital Ratio

(Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/
0.56 1.87 1.42 0.56 1.42
(Curren t Assets - Current Liabilities excluding Current Maturities of Non-
Current Borrowings)

Bad Debts to Account Receivable Ratio

(0 .00) 0 .00 0.00 (0 00) 0.01
Bad Debts/ Average Trade Receivables

Current Liability Ratio

0 .95 0 .94 0.86 0 .95 O.B6
Current Liabilities/ Total Liabilities

Total Debts to Total Assets Ratio

0 .07 0 .11 0.19 0 .07 0 .19
Total Borrowings / Total Assets

Debtors Turnover Ratio

3.10 2.46 2.85 16.41 8.68
Revenue from Operations/ Average Trade Receivables

Inventory Turnover Ratio

2.35 2.07 2.53 12.99 7.69
Cost of Goods Sold / Average Inventory

Operating Margin {%)

3.78% 2.00% 4.55% 2.69% 4.87%
EBITDA excluding Other Income/ Revenue from Operations

Net Profit Margin {%)

3.37% 2.16% 2.53% 2.37% 2.64%
Net Profit/ 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) 13,933.78 13.494.87 5,240.66 13,933.78 5,240 .66

Net Profit after Tax ~ In Crores) 440 .88 269 .71 226 .70 1,622.73 720.70

Earnings per Share {Face Value of 't' 1 each) (not annualised) (Basic &
3.87 2.36 2.06 14.29 6.55
Diluted)
adani 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 : [email protected]; Website : www.adanienterprises.com

9 Statement of Standalone Cash Flows for the year ended 31st March, 2023
(f in Crores)
31-03-2023 31 -03-2022
Particulars
(Audited) (Audited)

A, CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax 2,213.74 1,113.25

Adjustment for:
Depreciation and amortisation 131.04 124.73
Interest and Dividend from Inves tments (0.0 1) (0.01)
Unrealised Exchange Rate Difference (net) 209.04 66.77
Loss / (Profit) from Limited Liability Partnerships (net) 0.27 0.00
Net Gain on Sale of Current Investments (436)
Loss/ (Profit) on sale of Property, Plant and Equipments (net) (0.37) 0 .27
Bad Debts, Advances Written off and Provision for Doubtful Debts, Loans e, Adva nces 4.55 29.02
Liabilities no longe r required written back (7.71) (20.66)
Finance Costs 665.21 571 .33
Interest Income (1,235.55) (468.79)
Impairment / (Reversal) of Impairment in va lue of Investme nts 10.00 (0.26)
Operating Profit before Working Capital changes 1,985.85 1,415.65

Adjustment for:
(Increase) / Decrease in Trade e, Other Receivables (1.828.02) (1,294.47)
(Increase)/ Decrease in Inventories 758.37 (3,744.64)
(Increase) / Decrease in Loans e, Advances 0.19 0.34
Increase I (Decrease) in Trade Payables, Other Liabilities e, Provisions 10,802.80 5,878.76
Cash generated from / (used in) Operations 11,719.19 2,255.64
Direct Tax paid (net) (531.87) (150.63)
Net Cash generated from / (used in) Operating Activities (A) 11,187.32 2,105.01

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure on Property, Plante, Equipments, Intangible Assets and Investment Properties (222 .52) (232.27)
(after adjustment of Increase/decrease in Capital Work-in-Progress, Capital Creditors e, advances)
Proceeds from Sale/ Disposal of Property, Plant and Equipments 9.45 0.33
Non Current Loans given (12.56) (0.63)
Current Loans (given)/ received back (net) (1 1,853.25) (2,391.81)
Sale of Non-current Investments 0 .02 56.30
Purchase of Non-current Investments (3,665.48) (1,027.80)
Gain from Sale/ Redemption of Investments (net) 4.36
Withdrawal/ (Investments) in Limited Liability Partnerships (net) 0.11 (0.00)
Withdrawal/ (Investments) in Other Bank Deposits (net) (559.42) (0.79)
Interest and Div idend from Investments 0 .01 0 .01
Interest Received 290.53 470.80
Net Cash generated from / (used in) Investing Activities (B) (16,008.75) (3,125.86)

(C) CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issuance of Share Capital at Premium 7,700.00
Proceeds/ (Repayment) from Current Borrowings (net) (1,012.21) 584.60
Proceeds from issue of Non Convertible Debentures 590.00 200.00
Repayment of Non Convertible Debentures• (NC Ds) (159.63)
Proceeds from Non Current Borrowings 628.11
Repayment of Non Current Borrowings (724.64) (93.80)
Proceeds from issue of/ (Repayment of) Unsecured Perpetual Securities (510 .00) 510.00
Distri bution to holders of Unsecured Perpetual Securities (4.59) (12.07)
Finance Cost Paid (613.12) (549.33)
Payment of Lease Liabilities (41.49) (91 .79)
Dividend Paid (114.00) (109.98)
Net Cash generated from/ (used in) Financing Activities (C) 5,110.32 1,065.74
Net Increase/ (Decrease) in Cash e, Cash Equivalents (A+B+C) 288.89 44.89
Cash e, Cash equivalents at the beginning of the year 63 .59 18.70
Cash e, Cash Equivalents as at the end of the year 352.48 63.59

10 The Board has recommended final dividend off 1.20 (120%) per equity share of the face va lue of { 1 each for the financial year 2022-23 subject to
approval of the shareholders.

11 The figures for the quarter ended 31st March 2023 and 31st March 2022 represent the difference between the audited figures in respect of the full
financial year and the unaudited published year-to-da te figures upto the third quarter of the financial year, which were subjected to limited review.

the segment

Date 4th May, 2023

Place Ahmedabad
 507, Abhijeet-1, SHAH DHANDHARIA & co LLP 'r A_
Mi tha kh ali Six Roads, CHAR.TER.ED t\CCOU>JT\NTS V "<'\
Navrangpura, Ahmedabad - 380009 (LLPIN -AAW-6528) ' ___ _ _
Phone - 079-48901710
Ema il : 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, 2023 ("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, 2023.

Basis for Qualified Opinion

As described in Note 4 of the accompanying Statements, management has represented to us that the Adani group has
performed an internal assessment and has obtained an independent assessment from a law firm . However, pending the
completion of proceedings before the Hon'ble Supreme Court and investigations by Regulators, we are unable to comment on
the possible consequential effects thereof, if any, on this Statement.

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 ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for our 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, relevant to the preparation and presentation of the Standalone
Financial Results that give a true and fair view and are free O.!'!}_material misstatement, whether due to fraud or error.
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Shah Dhandharia& Co. (Registration No. GUJ/lfH/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
 so7, Abhij eet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Six Roads, CH.-\R. TER.EO :"\CC U)-iT-\\ITS
Navrangpu ra, Ahmedabad - 380009 (LLPIN . AA W.6528)
Phone - 079-48901710
Ema il: 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 reasonab leness 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. 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 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. ~-~
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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
 so7, Abhijeet-1, SHAH DHANDHARIA & CO LLP
Mithakhali Si x Roads,
Navrangpura, Ahmedabad - 380009
Crl-\R.TER.EO ,-\CCC ll~ffA:--JTS
(LLPIN. AA W-6528)
(/4\
Phone• 079-48901710
Em ail : [email protected]: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 2023 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
gistration No . I 18707W/Wl00724

Place: Ahmedabad
Date : 4 May 2023

Sh
Partner
Membership No. 183083
UDIN: 23183083BGVARFl210

Shah Dhandharta& Co. (Registration No. GUJ/AH/102555) a Partnership Firm has been converted into
Shah Dhandharta& Co LLP (LLP Identification No. AA W-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 lmgact of Audit Qualifications for the Financial Year ended March 31, 2023
[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)
1 Turnover/ Total income NA NA
2 Total Expenditure NA NA
3 Net Profit/(Loss) NA NA
4 Earnings Per Share NA NA
5 Total Assets NA NA
6 Total Liabilities NA NA
7 Net Worth NA NA
8 Any other financial item(s) (as felt NA NA
appropriate by the management)

11. Audit Qualification (each audit qualification separately):

1 a. Details of Audit Qualification :

As described in Note 4 of the accompanying Statement. management has
represented to us that the Adani group has performed an internal assessment and
has obtained an independent assessment from a law firm. However. pending the
completion of proceedings before the Hon'ble Supreme Court and investigations by
Regulators, we are unable to comment on the possible consequential effects
thereof, if any, on this Statement.

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

During the quarter ended 31 st March, 2023, a short seller has 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. The 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.

b. Type of Audit Qualification :

Qualified Opinion/ Disclaimer of Opinion/ ,A,dverse Opinion

c. Frequency of Qualification :
Appeared first time/ repetitive/ since how long continuing
. . ,·

~u<-.
~ ,. ~ ~ udit Qualification(s) where the_ .imp~~~, _i~ quantified by the auditor,
Q. ~~- ~ ement's view : Not Applicable ·, ' :i '
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 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 the completion of proceed ing before the Hon 'ble Supreme Court and
regulatory investigations, we are unable to comment on the possible consequential
effects thereof, if any, on these standalone financial results.

Ill. Signatories :

l.5". ~ WA~
Mr. Rajesh S. Adani ~ ar
Managing Director an - Audit Committee

rtf:t., Singh
Chief Financial Officer

Date : 4 th May, 2023

Place : Ahmedabad
 so7, Abh ij eet-1, SHAH DHANDHARIA 8: C O LLP
Mit hakhali Six Roads, CH-\RTERED .\CCCU>!TA:'--I S
avrangpura, Ahmedabad - 380009 (LLP IN . AA W-6528)
Phone - 079-48901710
Email: info@sdco. in Webs ite : vvww.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-3 82421

This certificate is issued in accordance with the email request received dated 4th May , 2023 and the terms of engagement agreed
upon

The Revised format of Security Cover as at 31 st March, 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 56( l )(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 4,000 Secured, Rated, Listed, Redeemable,
Non-convertible debentures (NCD) (ISIN : INE423A07203 ) of Rs. 10,00,000/- each, aggregating to INR 400.00 Crores and in
relation thereto the issuer has executed a debenture trust deed dated 5th June, 2020 (the "Debenture Trust Deed")

Pursuant to the terms of the Debenture Trust Deed, the Issuer is required to provide security by way of the Current assets oflssuer
except those pertaining to Mining Division i.e. Charged Assets

The financial information as on 31 st March, 2023 has been extracted from the books of accounts for the period ended 31 st March,
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 ("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 31 st March, 2023 and report whether the "financial information" required to be furnished in the Statement is in
accordance with the audited financial statements and underlying books and other records of the Company as at 31 st March, 2023 .

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, Abh ij eet-1, SHAH DHANDHARIA & C O LLP
Mithakha li Si x Roads , CH\R.TER.ED .\CCCU>iT:\)JTS
avrangpura, Ahmedabad - 380009 (LLPIN - AA W-6 52.8)
Phone - 079-48901710
Email : i [email protected] n Website : v.- wv•. sdco. in

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

The financial statements 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 issued a modified opinion vide our report dated 4th May, 2023. Our audit of
these financial statements 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 Return 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) 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:

1. Obtained the details of Non-Convertible Debt securities issued by the company which are outstanding as on 31 st March, 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

Conclusion

Based on the procedures performed by us and according to the information and explanations given to us, 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.

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 su · · · ate, will extend any duty of care
we may have in our capacity as auditors of the Company.

Page 2 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
 507,Abhijeet-1, SHAH DHANDHARIA 8c C O LLP
Mithakhal i Si x Roads, CH.-\RTERED .-\CCCll>iT-\~IS
Navrangpura, Ahmedabad - 380009 (LLPIN . AA W -6 5 28)
Phone - 079-48901710
Email: [email protected] Webs ite: wvi1w.sdco. in

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

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
Firm istration No. l 18707W/ WI00724
Place: Ahmedabad
Date : 04/05/2023

Sfilrbllram
Partner
Membership No. 183083
UDIN - 23183083BGVARHI 122

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
Column A Column B Column C Column D Column E Column F ColumnG Column H Column I Column J Column K Column L Column M Column N ColumnO
Elimlnatlon on
Exclusive Exclusive Parl-Passu Parl.Passu Parl-Passu
(amount In Related to only those Items covered by this certificate
Charge Charge Charge Charge Charge
negative}

Carrying
Carrying/ book
value/book
value for
value for parl
exclusive
Assets shared by passu charge
Other Assets Assets not debt amount charge assets
Description of asset parl passu debt assets where
on which offered as considered Market Value where market
Particulars for which this Debt for Debt for holder (Includes Total (C to H} market value
there Is parl- Security more than for Assets value Is not Market Value
certificate relate which this Other which this debt for which Is not Total Value=
passu charge once (due to charged on ascertainable for Parl passu
certificate Secured Debt certificate this certificate is ascertainable K+L+M+N
(excluding exclusive plus Exclusive or applicable charge Assets
being Issued being Issued Issued & other or applicable
Items covered parl passu basis (For Eg. Bank
debt with pari- (For Eg. Bank
In column F} charge} Balance,
passu charge} Balance,
DSRA market
DSRA market
value Is not
value Is not
applicable}
applicable)

Book Value Book Value Yes/No Book Value Book Value Relating to Column F
ASSETS
Property, Plant and
Equiomenl
-NA- - - No 493 .75 284.91 - 778 .66 - - - - -

Capital Work-in-Progress -NA- - - No 15.73 511 .16 - 526.89 - - - - -

Riaht of Use Assets -NA- - - No - 331 .26 - 331 .26 - - . - -
Goodwill -NA- . . No . - - . . . - . - -
lntanaible Assets -NA- . - No 504.59 34.98 - 539.57 - - - . .
Intangible Assets under . . .
Development
-NA- - No 122.39 - 122.39 - - - - -
Investments -NA- - 10.17 No . 9,956.04 - 9.966.21 . - - - -
Loans - NonCurrent -NA- . . No - 5.08 - 5.08 . - - . -
Inventories For the purpose of - - Yes 4,069.91 14.38 1.17 - 4 ,085.46 . . 4.069.91 ' - 4,069.91
this certificate ,
Trade Receivables . . Yes 3.930.65 685.85 71 .77 - 4.688 .27 - - 3,930.65 - 3,930.65
securities offered
Cash and Cash constitutes Current . . .
Equivalents
- Yes 351.89 0.59 - 352.48 - - 351 .89 351 .89
Assets of AEL
Bank Balances other than (excluding those
Cash and Cash pertaining to Mining - - Yes 839.65 80.33 67.40 - 987.38 . . . 839.65 839.65
Equivalents Division)
Others - - Yes 13,235.74 1,240.49 3,277.39 . 17,753.62 . . 13,235.74 - 13,235.74
Total . 10.17 22,427.84 3,035.72 14,663.54 - 40,137.27 - - 21,236.30 1,191 .54 22,427.84
 Annexure I
Statement of Security Cover
Rs . in Crores
Column A Column B Column C Column D Column E Column F ColumnG Column H Column I ColumnJ Column K Column L Column M Column N Column 0
Elimination on
Exclusive Exclusive Parl-Passu Parl-Passu Parl-Passu
(amount In Related to only those Items covered by this certificate
Charge Charge Charge Charge Charge
negative)

Carrying
Carrying/ book
value/book
value for
value for part
exclusive
Assets shared by passu charge
Other Assets Assets not debt amount charge assets
Description of asset part passu debt assets where
on which offered as considered Market Value where market
Particulars for which this Debt for Debt for holder (includes Total (C to H) market value
there Is pari- Security more than for Assets value Is not Market Value
certificate relate which this Other which this debt for which Is not Total Value=
passu charge once (due to charged on ascertainable for Part passu
certificate Secured Debt certificate this certificate Is ascertainable K+L+M+N
(excluding exclusive plus Exclusive or applicable charge Assets
being Issued being Issued Issued & other or applicable
Items covered pari passu basis (For Eg. Bank
debt with part- (For Eg. Bank
In column F) charge) Balance,
passu charge) Balance,
DSRA market
DSRAmarket
value Is not
value Is not
applicable)
applicable)

Book Value Book Value Yes/No Book Value Book Value Relating to Column F

LIABILITIES
Debt securities to which 5
this certificate pertains
- - Yes 430.99 - - 430.99
Other debt sharing pari-
passu charge with above - Yes 1,542.96 - - - 1,542.96
debt
Other Debt - No - - - - -
Subordinated debt 1 - No - - 129.18 - 129.18
Borrowinas
not to be
- No - - - - - As the Columns K, L, Mand N pertains to Book Value I Marl<et Values of
2
Bank filled - Yes - 890.74 424.65 - 1,315.39 assets, the amount of liabilities of assets are not shown here.
Debt Securities' 844.77 ,, No - - 292.00 - 1.136.77
Others - No - - - -
Trade oavables - No - - 19,980.41 - 19,980.41
Lease Liabilities - No - - 185.80 - 185.80
Provisions - No - - 91.47 - 91.47
Others - No - - 1.390.52 - 1,390.52
Total - 844.77 1,973.95 890.74 22,494.03 26,203.49

Cover on Book Value 11.36 times

Cover on Market Value 11.36 times
Exclusive Security Cover Ratio Pari -Passu Security Cover Ratio

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/ 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
3
Includes Commercial Papers and Redeemable Non Convertible Debentures & Market Linked Debentures
• Includes lndAS adjustment for effective interest amounting to Rs . 6.30 crores and Interest accrued amounting to Rs. 54.77 Crores for Debt Securities not covered un.;ler this certificate
5
Includes lndAS adjustment for effective interest amounting to Rs . 0.02 crores and Interest accrued amounting to Rs. 30.99 Crores for Debt Securities co
6
The amount is determined as per the company's accounting policy for valuation of inventory i.e. lower of cost or net realisable value where NRV is derived as.,.REi'r' comparfy'sJ)esi) ~ymate. The actual market value of total Inventory may be higher than Rs.
4069.91 Crores
 so7, Abhijeet-1, SHAH DHANDHARIA 8: CO LLP
Mithakha li Six Roads,
avrangpura , Ahmedabad - 380009
CH-\RTERED .-\CCCU>iT-\>.
(LLPIN - AA W-652.Sl
T,
Phone - 079-48901710
Ema il: info@sdco. in Webs ite: www.sdco.i n

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 4th May 2023 and the terms of engagement agreed
upon.

The Revised format of Security Cover as at 31 st March, 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 - 3 82421 , Gujarat, containing the details of security cover for listed debt securities as per Regulation 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 7900 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 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 31 st March, 2023 has been extracted from the books of accounts for the period ended 31 st March,
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 ("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 31 st March, 2023 and report whether the "financial information" required to be furnished in the Statement is in
accordance with the audited financial statements and underlying books and other records of the Company as at 31st March, 2023.

Page 1 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
 so7, Abh ijeet-1, SHAH DHANDHARIA 8c CO LLP
Mit hakha li Si x Roads, CH-\RTERED .-\CCCU>JT -\>:I :3
Navrangpura, Ahmedabad - 380009 (LLP IN - AA W -6526)
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 statements 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 issued a modified opinion vide our report dated 4th May, 2023 . Our review of
these financial statements 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 oflndia.

We conducted our examination of the "financial information" required to be furnished in the Return 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) 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:

1. Obtained the details of Non-Convertible Debt securities issued by the company which are outstanding as on 31 st March 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 ofreports 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

Shah Dhandharia& Co. (Registration No. GUJ/AH/102555) a p~.:ft~"";.~~lj;

Firm has been converted into
Shah Dhandharia& Co LLP (LLP Identification No. AAW-6528) with effect from 9th Day of April, 2021
 so7, Abh ij eet-1, SHAH DHAN D HARIA & CO LLP
Mithakha li Si x Roads , CH.--\RTERED ACCCU~T.,-\~,.ff3
Navrangpura, Ahmedabad - 380009 (LLP IN - AA W-6528)
Phone - 079-48901710
Ema il: [email protected] Webs ite: wv11 w .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
·strati on No. 118707W/ WI 00724
Place: Ahmedabad
Date : 04/05/2023

artner
Membership No. 183083
UDrN - 23183083BGVARI3675

Page 3 of3

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
 Annexure I
Statement of Security Cover
Rs. in Crores
Column A ColumnB ColumnC ColumnD ColumnE ColumnF ColumnG ColumnH Column I ColumnJ ColumnK IColumnL IColumnM IColumnN IColumnO
Elimination on
Exclusive Exclusive Parl-Pauu Parl-Panu Parl.Pauu
(amount In Related to only those Items covered by this certlflcate
Charge Charge Charge Charge Charge
negative)

Carrying
Carrying/ book
value/book
value for
value for parl
Aneta shared exclusive
pauucharge
by parl passu OtherAHets Assets not debt amount charge assets
Description of asset auetswhere
debt holder on which there offered as considered Market Value where market
Particulars for which this Debt for Debt for Total (C to H) market value
(Includes debt Is parl-pauu Security more than for Assets value Is not Market Value
certificate relate which this Other which this Is not Total Value=
for which this charge once (due to charged on ascertainable for Parl passu
certlflcate Secured Debt certlflcate ascertainable K+L+M+N
certlflcate Is (excluding exclusive plus Exclusive or applicable charge Assets
being lnued being lnued or applicable
Issued & other Items covered parl passu basis (For Eg. Bank
(For Eg. Bank
debt with parl- In column F) charge) Balance,
Balance,
passu charge) . DSRAmarket
DSRAmarket
value Is not
value Is not
applicable)
applicable)

Book Value Book Value Yes/No Book Value Book Value Relating to Column F
ASSETS
Property, Plant and
Equipment
-NA- No 493.75 284.91 - 778.66 - - -

Capital Work-in-Progress -NA- - No 15.73 511-16 526.89 - - -

Right of Use Assets -NA- - No - 331 .26 - 331 .26 - - -
Goodwill -NA- - No - - - -
lntanaible Assets -NA- - No 504.59 34.98 539.57 - -
Intangible Assets under
-NA- - - No - 122.39 122.39 -
Development
Exclusive Charge by
way of pledge on 6 - 1,090.39
Investments 10.17 - Yes 9,956.04 9,966.21 1,090.39
Equity Shares of
ARTL held by AEL
Loans - NonCurrent -NA- - No - 5.08 5.08 -
Inventories -NA- - - No - 4,084.29 1.17 4,085.46 - -
Trade Receivables -NA- - - No - 4,616.50 71.77 4,688 .27 - -
Cash and Cash
Equivalents
-NA- - No - 352.48 352.48 - - -
Bank Balances other than
Cash and Cash -NA- - No - 919.98 67.40 - 987 .38 - - - -
Equivalents
Others -NA- - No 14,476.23 3,277.39 - 17,753.62 - - -
Total 10.17 25,463.56 14,663.54 40,137.27 1,090.39 1,090.39
 Annexure I
Statement of Security Cover
Rs. inC -
Column A ColumnB ColumnC ColumnD ColumnE Columnf ColumnG ColumnH Column I ColumnJ ColumnK Columnl ColumnM ColumnN ColumnO
Ellmlnallon on
Excluslve Excluslve Parl.Pauu Parl.Pau u Parl.P-u
(amount In Related to only those Items covered by this certificate
Charge Charge Charge Charge Charge
negative}

Carrying
Carrying/ book
value/book
value for
value for part
Aneta shared excluslve
pauucharge
byparlpauu Other Assets Assets not debt amount charge assets
Description of asset assets where
debt holder on which there offered H considered Market Value where market
Particulars for which this Debt for Debt for Total (C to H) market value
(Includes debt Is parl-pauu Security more than for Assets value Is not Market Value
certificate relate which this Other which this ls not Total Value •
for which this charge once (due to charged on ascertainable for Part pauu
certificate Secured Debt certificate ascertainable K+L+M+N
certificate Is (excluding excluslve plus Excluslve or applicable charge Assets
being Issued being Issued or applicable
Issued & other Items covered parlpauu basis (For Eg. Bank
(For Eg. Bank
debt with parl- lncolumnF} charge} Balance,
Balance,
passu charge) DSRAmarket
DSRAmarket
value Is not
value Is not
appllcable}
applicable)

Book Value Book Value Yea/No Book Value Book Value Relating to Column F
LIABILITIES
Debt securities to which
this certificate pertains
844.77 ' Yes - - - 844.77

Other debt sharing pari-

passu charge with above - No - - -
debt
Other Debt - No - -
Subordinated debt 1 - No - 129.18 129.18
Borrowinas - No - - - - As the Columns K, L, M and N pertains ID Book Value/Market Value of Assets, the
Bank2 no/ ID be - No - 890.74 424.65 1,315.39 amounts of L.Jabi/i/jes are not shown here
filled
5
Debi Securities' - No - 430.99 292.00 - 722 .99

Others - No - - -
Trade payables No - 1,542.96 19,980.41 - 21,523 .37
Lease Liabilities No - - 185.80 - 185.80
Provisions No - 91 .47 - 91.47
Others No - 1,390.52 - 1,390.52
Total 844.77 2,864.69 22,494.03 26,203.49

Cover on Book Value 0.01 times I

Cover on Market Value I I I 1.29tlmes

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 / terms of the issue have been complied by the listed entity except as staled below : NIL

1
Includes Unsecured lntercorporate Borrowings
2
Includes borrowings from Banks, Fis and REC
3
Includes Commercial Papers and Redeemable Non Convertible Debentures
'Includes lndAS adjustment for effective interest amounting lo Rs . 6.30 crores and Interest accrued amounting to Rs. 54.77 Crores for Debt Securities covered under this certificate
5
Includes lndAS adjustment for effective interest amounting to Rs. 0.02 crores and Interest accrued amounting lo Rs. 30.99 Crores for Debi Securities not covered under this certificate
6
The market value of Investment is based on valuation certificate dated 29th March, 2023 obtained by lhe company from an Independent Chartered Accountant
 Annexure II
List of Secured, Rated, Listed, Redeemable, Principal Protected Market Linked Non-convertible debentures (NCD)

Rs. in Crores
Amount
Amount Outstanding Accrued Asset Cover
ISIN Issue Date Type of Charge Security given
Raised (without the impact Interest Required
of lndAS)
5% Equity Share Capital
INE423A07229 21-Mar-22 Exclusive 200.00 200.00 17.51 100%
of ARTL
INE423A07245 25-Apr-22 Exclusive 90.00 90.00 6.81 100% 4.9% Equity Share
INE423A07237 25-Apr-22 Exclusive 150.00 150.00 11.91 100% Capital of ARTL
IN E423A07252 30-Jun-22 Exclusive 100.00 100.00 6.40 100% 3.1 % Equity Share
IN E423A07260 30-Jun-22 Exclusive 50.00 50.00 3.33 100% Capital of ARTL
2.0% Equity Share
IN E423A07278 19-Sep-22 Exclusive 100.00 100.00 4.52 100%
Capital of ARTL
1.95% Equity Share
IN E423A07286 27-Sep-22 Exclusive 100.00 100.00 4.28 100%
Capital of ARTL
16.95% of Equity Share
Total 790.00 790.00 54.77 100%
Capital of ARTL
----
~ I~
, ,, ...........

~ ~