Adani Enter. Annual Report 2020-21

Adani Enterprises Limited
is India’s largest listed

incubator of tomorrow’s
businesses

Annual Report 2020-21
Disclaimer
We have exercised utmost care in the preparation of this report. It contains forecasts and/
or information relating to forecasts. Forecasts are based on facts, expectations, and/or past
figures. As with all forward looking statements, forecasts are connected with known and
unknown uncertainties, which may mean the actual result deviate significantly from the
forecast. Forecasts prepared by the third parties, or data or evaluations used by third parties
and mentioned in this communication, may be inappropriate, incomplete, or falsified. We
cannot assess whether information in this report has been taken from third parties, or these
provide the basis of our own evaluations, such use is made known in this report. As a result of
the above mentioned circumstances, we can provide no warranty regarding the correctness,
completeness, and upto-date nature of information taken, and declared as being taken, from
third parties, as well as for forward looking statements, irrespective of whether these derive
from third parties or ourselves. Readers should keep this in mind. We undertake no obligation
to publicly update any forward-looking statements, whether as a result of new information,
future events or otherwise.
Highlights of FY 2020-21
Revenues EBIDTA
40,291 H crore 3,259 H crore
PAT attributable to owners* Net worth#
1,182 H crore 18,910 H crore
*Before Exceptional items

Including Non-Controlling Interest
#
Contents
003 Corporate snapshot 066 Our businesses
007 Awards and recognition 126 Corporate social
responsibility
008 Our milestones
132 Corporate Information
010 Our Board of Directors
133 Directors’ Report and
013 Our consolidated
Annexures
performance
148 Management Discussion and
014 Business-wise performance
Analysis
018 Performance highlights
165 Corporate Governance
020 About the Adani Group Report
028 Chairman’s message 190 Business Responsibility
Report
034 Managing Director’s
message 197 Standalone accounts
036 Chief Financial Officer’s 272 Consolidated accounts
message
388 Notice
038 The soul of our Company
054 Our strategy
THE BIG MESSAGE
Adani Enterprises
Limited is India’s
largest listed incubator
of businesses.
The Company is
structured to enhance
value for all its
stakeholders in a
swift, secure and
sustainable manner.
C O R P O R AT E S N A P S H OT
Adani Enterprises Limited is a

proxy of the modern world.
The Company is a complement
of ten businesses that address
Corporate Overview
the needs of a futuristic
society.
The Company has emerged
Statutory Reports
as a specialised incubator
of businesses that are
conceived, grown, matured
Financial Statements
and demerged.
The effectiveness of the
business model is reflected in
the Company emerging as a
prominent wealth creator in
its own right and through its
demerged entities.
003
Statutory Reports
Corporate Overview
Integrated Resource Management

Adani Enterprises Ltd. (AEL)
Our business provides end-to-end procurement
Adani Enterprises Limited widened its presence across and logistics services. We have
focuses on establishing new key industries, establishing developed business relationships
businesses in the Natural itself as a potent force. with diversified customers across
Resources, Transport & various end-user industries. The
Logistics, Utility and Strategic Company’s presence across its
is presently focused on
segments. value chain, including logistics,
businesses related to airports,
Since the Company’s listing roads, water, data centre, has made it one of the highest
in 1994, it has maximised solar manufacturing, defence revenue generators for the Indian
value for stakeholders, while and aerospace, edible oils Railways.
contributing to nation- and foods, mining, integrated Mining Services
building. resource solutions and The Company contributes to
integrated agri-supply chain. India’s coal production supported
Over the last 30 years, Adani
Enterprises Limited has by environment-friendly practices.
The Company possesses Mining
004
Service Contracts for nine coal and operate six airports, which of Adani Enterprises Ltd. that
blocks with a peak capacity are Ahmedabad, Lucknow, pioneered the establishment of
of 100+ Mn metric tonnes per Mangaluru, Jaipur, Guwahati and integrated storage, handling and
annum. The Company also Thiruvananthapuram for 50 years. transportation infrastructure for
contracted for two iron ore mining The Company also acquired the apples in Himachal Pradesh.
projects with a peak capacity of business of Mumbai International
Data Centres
16 Mn metric tonnes per annum Airport Limited and New Mumbai
Adani Enterprises Ltd., is poised
International Airport Limited.
Solar Manufacturing in building data centres across
Adani Enterprises set up India’s Road, Metro and Rail the nation. The Company entered
first and largest vertically To contribute to the infrastructure a joint venture with EdgeConnex
integrated Solar Photovoltaic development of the country, the and formed AdaniConnex. The
Manufacturing and EPC Company intends to develop joint venture intends to build data
(Engineering Procurement national highways, expressways, centres in the National Capital
and Construction) business in tunnels, metro-rail and railways. Region, Mumbai and Chennai.
the Mundra Special Economic The Company possessed an
Water
Zone (SEZ). With projects of order book of H6,475 crore as
The Adani Group intends to build
over 250 MW commissioned on 31st March, 2021 comprising
waste water treatment, recycling
and more than 5400 MW under 10 contracts related to road
and reuse projects under the
execution, Mundra Solar PV Ltd construction.
National Mission for Clean Ganga
Corporate Overview
is the country’s fastest growing
Adani Wilmar Limited Framework.
rooftop and distributed solar EPC
In a joint venture with Wilmar
company. Defence & Aerospace
Group (Singapore), this joint
The Adani Defence & Aerospace
Adani Airports venture of Adani Enterprises
business is present in the defence
Given that India is projected to focuses on oil seed crushing,
and aerospace sector, helping
become the third largest global manufacturing of edible and non-
transform India into a world-
aviation market in the next five edible oils, oleochemical products,
class high-technology defence
Statutory Reports
years with limitations in existing manufacturing and trading of
manufacturing destination
airport infrastructure, the agro products like rice, pulses,
aligned with the Make in India
Company started Adani Airports besan, wheat flour, soya nuggets
initiative.
Holdings Ltd. with the motive of and sugar.
nation building. Adani Airports
Agro Products
won a global tender of Airports
Adani Agri Fresh Limited (AAFL)
Authority of India to modernise
is a wholly owned subsidiary
Human capital
As of 31st March, 2021, Adani employees comprised Engineers, employees was 40. The employees
Enterprises Ltd. employed around Chartered Accountants and other were distributed across 44
790 individuals; 37% of these professionals. The average age of locations.
Credit rating
The following ratings have been provided by CARE to Adani Enterprises Ltd.
Facility Domestic rating/ outlook
Long-term facilities A/ stable
Short-term facilities A1
SPV ratings
Mining Services
Rating agency Facility Domestic rating/ outlook
CARE Mining Business (Ringfenced) – Long-term facilities A+(SO) / Stable
CARE Parsa Kente Collieries Ltd (PKCL) – Long-term facilities A- (CE) / Stable
005
AEL Corporate
BWR, Acuite Short-term facilities - Commercial Paper A1+
Mundra Solar PV Ltd.

BWR Long-term facilities - Bank Guarantee A-(CE) / Stable
IndRa Long-term facilities A- / Stable
IndRa Short-term facilities A2
Corporate Social Responsibility

Adani Foundation, the CSR arm of the Adani Group, is engaged in activities across 18 States and 2,250 villages
and towns, touching more than 5,00,000 families. The CSR programmes provide communities with quality
education, health, safety, sanitisation, sustainable livelihood development and infrastructure development.
The Foundation has also implemented four special projects (Saksham, Swachhagraha, SuPoshan and Udaan).
The Company donated H15 crore to PM CARES Fund as a part of its CSR commitment.
Statutory Reports
Corporate Overview
Key numbers in FY 2020-21
63
Mn tonnes,
1158
MW, Solar module
17.5
Mn tonnes,
8+
Mn consumers
450+
Km, Roads order
volume of IRM volumes Mining Services served across its book
segment production from Airports
3 mines
006
Awards and recognition
CII National Awards ABCI Awards
Corporate Overview
CII National Award was Association of Business
conferred to AEL in ‘Beyond the Communicators of India
fence category’ for excellence awarded AEL an award for
in water management for ‘Excellence in Communication
driving Project Jeewan Amrit at Initiatives’ in December 2020;
Sarguja, Chhattisgarh. the award is considered
the Oscar of the Indian
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communications industry.
ICC Social Impact Award Greentech Safety Award
Adani Foundation was awarded Adani Enterprises Limited
for ‘Empowerment of Women’ won the top honour in the
initiatives at the Indian ‘Environment protection’
Chamber of Commerce Social category at Greentech Safety
Impact Awards in March 2021. & Environment Awards in
February 2021.
007
How we have grown

over the years
1988 1994 1995 1996
Started commodity Listed on BSE and NSE Mundra Port Bonus Issue 1:1
trading @ H150/ share commenced operations
Subscribed 25x
2019 2018 2017 2015
Emerged #2 largest Demerger of Adani Started manufacturing Completed the

IRM player in the world Green Energy and solar PV panels demerger of APSEZ,
Adani Gas APL and ATL
Fortune emerged
largest food FMCG
brand in India
2020
Forayed into the Airports

business with a portfolio
of six airports
008
1999 2001 2005 2006
Commencement of Started city gas Awarded India’s first Stock-split of AEL

IRM business distribution business MDO contract (10:1)
Signed JV with Wilmar,
Singapore
Bonus issue 1:1
2010 2009 2008 2007
Raised QIP of USD 850 Adani Power Limited Acquired Bunyu Mine, Adani Ports and SEZ
Mn IPO subscribed 21x Indonesia Limited IPO subscribed
116x
Acquired the Bonus issue 1:1
Carmichael Mine FCCB issue of USD 250
Australia Mn
Green silo depot
commissioned (seven
locations)
009
Our Board of Directors
1 2 3 4
5 6 7 8
1 Mr. Gautam S Adani 3 Mr. Pranav Adani management, Mining, Shipping

Chairman Director & Logistics and Port & Power.
He has been instrumental
Mr. Gautam Adani, the Chairman Mr. Pranav Adani has been active in nurturing our Integrated
and Founder of the Adani in the group since 1999. He has Resources Management & Mining
Group, has more than 36 years been instrumental in initiating & business since their inception
of business experience. Under building numerous new business and achieving multifold growth
Statutory Reports
his leadership, Adani Group has opportunities across multiple subsequently. Due to his focus
emerged as a global integrated sectors. He has spearheaded and zeal of organisational
infrastructure player with interest the Joint Venture with the building, the India mining
across Resources, Logistics and Wilmar Group of Singapore and business has been rated under
Energy verticals. Mr. Adani’s transformed it from a single the top 10 “Great Places to Work
success story is extraordinary in refinery edible oil business into in India” last year and has also
many ways. His journey has been a pan India Food Company. He won several awards at various
marked by his ambitious and also leads the Oil & Gas, City Gas
Corporate Overview
forums for its commitment

entrepreneurial vision, coupled Distribution & Agri Infrastructure towards Environment, Community
with great vigour and hard work. businesses of the Group. His Engagement, Sustainability,
This has not only enabled the astute understanding of the Safety and CSR. That apart, Mr.
Group to achieve numerous economic environment has helped Prakash also holds key positions
milestones but also resulted in the group in scaling up the in various professional bodies
creation of a robust business businesses multi fold. Mr. Pranav such as Chairman of ASSOCHAM’s
model which is contributing Adani is a Bachelor of Science National Council on coal, Member
towards building sound in Business Administration from of India - Indonesia CEOs Forum,
infrastructure in India. the Boston University, USA. He is Chairman of the Standing
also an alumnus of the Owners/ Committee on Coal & Industry
2 Mr. Rajesh S Adani President Management Program in FIMI. Further, he has been
Managing Director of the Harvard Business School, conferred with many awards and
USA. Mr. Pranav Adani has been accolades at different global
Mr. Rajesh Adani has been
conferred with several awards, platforms including the Global
associated with Adani Group
Globoil Man of the Year Award Business Excellence Award in
since its inception. He is in
2009 being one of them. coal sector at World Petrocoal
charge of the operations of the
Group and has been responsible Congress 2017.Prior to joining our
4 Mr. Vinay Prakash Group in 2001; he was working
for developing its business
Director with the Aditya Birla group in
relationships. His proactive,
personalised approach to the A mechanical engineer with MBA various roles.
business and competitive spirit (finance), Mr. Vinay Prakash has
has helped towards the growth rich and diversified experience
of the Group and its various of over 25 years, spanning
businesses. across the integrated resources
010
5 Mr. Hemant M. Nerurkar the Government of West Bengal over as Secretary, Ministry of
Independent and Non-Executive during a career of 37 years. In the Panchayati Raj on 1st May, 2014.
Director State, he headed the departments She had also been appointed as
of Power and Labour. Most Officer on Special Duty in the
Mr. Hemant M. Nerurkar was recently Mr. Subramanian was Ministry of Drinking Water and
Executive Director of India and the Secretary to the Government Sanitation. Lastly, she was head
South-East Asia of Tata Steel of India with the Ministry of New of the Swachh Bharat Abhiyan,
Limited since 9th April, 2009 and Renewable Energy (MNRE) the Clean India Programme under
and was appointed as Managing where he pioneered important State level;, she has also been
Director of Tata Steel Limited initiatives for reforms and deputed as Managing Director
from 1st October, 2009. A B. Tech development of the renewable of Government companies like
in metallurgical engineering energy sector, including the Gujarat Mineral Development
from the College of Engineering, introduction of the “Feed-in Tariff” Corporation Ltd.
Pune University, Mr. Nerurkar has concept. As Additional Secretary
attended several management & Financial Adviser, Ministries of 8 Mr. Narendra Mairpady
courses in India and overseas, Civil Aviation, Tourism and Culture, Independent and Non-Executive
including CEDEP in France. he was on the boards of Air India, Director
He is associated with several Indian Airlines, Airports Authority
professional organisations, such Mr. Narendra Mairpady is an
of India, Helicopter Corporation
as Indian Institute of Metals, eminent banking professional
of India and India Tourism
Corporate Overview
INSDAG and AIMA, amongst having more than 40 years of wide
Development Corporation. He
others. Mr. Nerurkar joined experience and exposure. He is
was also the Member - Secretary
Tata Steel on 1st February, 1982 commerce graduate with Bachelor
of the High Level Committee
and has held various positions of Law Degree (University III Rank
that recommended reforms and
including Chief Metallurgist, in both) and is a Certified Member
a Roadmap for Civil Aviation in
Senior Divisional Manager (LD-1), of the Indian Institute of Bankers
India. Later, as Financial Adviser,
Deputy General Manager (Steel & (CAIIB). He started his career as
Ministry of Rural Development,
Primary Mills), General Manager officer trainee with Corporation
he implemented National Rural
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(Marketing), Senior General Bank. Later, he was appointed as
Development plans including
Manager (Supply Chain) and Chief Chairman and Managing Director
the National Rural Employment
Operating Officer. He has over of Indian Overseas Bank in 2010
Guarantee Scheme. Presently, he
35 years of experience in steel and retired as CMD in 2014.During
is a freelance consultant. He was
industry in various functions. his long sting career with Banking
also the Business Development
Mr. Nerurkar is an executive Sector, he has ensured to achieve
Adviser to the Council for
with multifaceted experience all critical parameters like Team
Industrial and Scientific Research
ranging from Project Execution, Building, Brand Enhancement,
at New Delhi for a year after
Manufacturing, Quality Control, Priority Sector Initiatives, Branch
his retirement. He was also
Supply Chain and Marketing. He Expansions, new initiatives for
the Chairman of the Research
became the Vice President (Flat effective Risk Management etc.
Council of the Indian Institute of
Products) in November 2002 and in Banking arena. Mr. Narendra
Petroleum in an honorary capacity
in September 2007 was appointed has at his credit, some of the
for three years. He headed the
Chief Operating Officer. During prestigious awards in the
Indian Wind Energy Association
his illustrious career, Mr. Nerurkar field of banking industry, for
as Secretary General and later
has been conferred with several his excellence in outstanding
as Chairman from 2008 to 2018.
prestigious awards such as the performances and exceptional
Presently, he is also on the
‘Tata Gold Medal 2004’, ‘SMS contribution to Indian Banking
Advisory Board of India Energy
Demag Excellence Award 2002’, sector. He has held membership
Exchange.
‘Steel 80’s Award - 1990’, ‘SAIL in RBI’s Technical Advisory
Gold Medal - 1989’, ‘Visveswaraya Committee on Money, Forex and
7 Mrs. Vijaylaxmi Joshi
Award - 1988’and ‘NMD Award Government Securities Markets.
Independent and Non-Executive
1987’. He also held various esteemed
Director
councils and committees with
6 Mr. V. Subramanian Mrs. Vijaylaxmi Joshi is a 1980 Indian Bank’s Association (IBA).
Independent and Non-Executive batch IAS officer of the Gujarat He is currently chairman of
Director cadre. She had served in various ASSOCHAM National Council for
posts in the State and in the Banking & Finance.
V. Subramanian joined the Centre. She had been Joint
Indian Administrative Service in and Additional secretary in the
1971 (West Bengal Cadre). He Commerce Ministry between
occupied many senior positions 2011 to 2014. Thereafter, she took
in the Government of India and
011
Adani Enterprises.
A snapshot of our
FY 2020-21 performance
Operations
IRM volume stood at 63.4 MMT Mining services volumes Solar module volumes
in FY 2020-21 as against 78.8 increased 13% to 17.5 MMT in increased 17% to 1158 MW
MMT in FY 2019-20 following FY 2020-21
the COVID-19 impact in the first
quarter
Strategy
Assumed control of the Signed a concession agreement Acquired a 23.5% stake in the
operations, management and for the Guwahati, Jaipur and Mumbai and Navi Mumbai
Statutory Reports
development of Ahmedabad, Thiruvananthapuram airports airports

Lucknow and Mangaluru on 19th January, 2021
airports.
Created AdaniConneX, a Data Received LOA from NHAI for

Center joint venture between four road projects in Telangana,
Corporate Overview
AEL and EdgeConneX, to Odisha, West Bengal and

provide quality sustainable data Gujarat; signed a concession
center solutions agreement for one road project
in Kerala
Financials
Consolidated EBITDA grew 10% Mining revenues increased by Solar manufacturing revenues
to H3259 crore largely due to an 8% to H2,058 crore in line with increased 38% to H2,972 crore
increase in solar manufacturing volume growth and EBIDTA following higher volumes;
profitability increased 21% to H1143 crore solar manufacturing EBIDTA
due to higher volumes increased 175% to H828 crore
following a higher proportion of
DCR sales and lower production
costs
012
Adani Enterprises.
Our key consolidated
financials, FY 2020-21
Revenues EBIDTA Normalised PAT* Exceptional Item

(H crore) (H crore) (H crore) (H crore)
44,086
40,291
2,968
3,259
939
1,182
199
(259)
Corporate Overview
Statutory Reports
FY20 FY21 FY20 FY21 FY20 FY21 FY20 FY21
§ Reduction in § EBIDTA growth of Exceptional items, FY 2020-21
revenue mainly due 10% despite lower H79 crore write-off due to the termination of the
to volumes lower revenues Palej block by the MoPNG and H179 crore reversal
by 20% in the IRM of interest income accrued on the receivables of
§ EBIDTA growth
segment following previous years
derived from the
the COVID-19
solar manufacturing Exceptional items, FY 2019-20
impact in Q1 FY
business Price escalations claim of H329 crore in the mining
2020-21
services business following a favourable Supreme
§ Revenue decline Court judgement; this was compensated by a H130
partly compensated crore write-off related to the Kutch exploration
by increased blocks
revenues from the
solar manufacturing
and other
businesses
013
How our businesses

performed in FY 2020-21
Integrated resource management

§ Volumes were 63.4 MMT (78.8 MMT in
FY 2019-20)
§ Revenues stood at H24,280 crore as
against H30,903 crore due to lower
volumes
§ EBIDTA stood at H911 crore as against
H1040 crore following a decline in
volumes
Statutory Reports
– 3 MMTPA in Dhirauli, § The Company signed an

Mining
Madhya Pradesh and 4 agreement with Ministry
§ Adani Enterprises possessed a mining MMTPA in Gondulpara in of Coal for Gondulpara and
service contract for nine coal blocks Jharkhand. Dhirauli mines. These mines
(aggregate capacity more than 100 are expected to start within
MMT per annum) and two iron ore § The Company received
44 months from January
projects (16 MMTPA at LoA stage). necessary approvals for the
Corporate Overview
2021.
Carmichael mine project in
§ Volumes increased 13% to 17.5 MMT; Australia § The Company is in LoA
revenue increased 8% to H2,058 crore stage for GP2 and GP1.
in line with growth in volumes; EBIDTA § The Company emerged as
The Company is expected
increased 21% to H1143 crore due to the lowest bidder in the
to assume control of iron
higher volumes Chandragupt coal mine
ore mines (Bailadila and
(bid outcome awaiting
§ The mines of Parsa East & Kente Basan Kurmitar) by April FY 2021-
confirmation).
(PEKB) (15MT), Talabira (20 MT), GPIII 22.
(5MT) and Kurmitar (6MT) were in
operation.
§ Mining services production volume
increased 13% to 17.5 MMT, including 15
MMT from PEKB, 1.5 MMT from GP3 and
1 MMT from Talabira mine
§ Coal dispatch increased 33% to 15 MMT,
including 12.3 MMT from PEKB, 1.7 MMT
from GPIII and 1 MMT from Talabira,
compared to 11.3 MMT from PEKB in FY
2019-20.
§ The Company signed coal block
development and production
agreements for two commercial mines
014
Solar manufacturing
§ Volumes increased 17% to 1158 MW;
revenues increased 38% to H2,972 crore
due to higher volumes and EBIDTA
increased 175% to H828 crore due to
a higher proportion of DCR sales and
lower cost of production. Achieved
sales of 1158 MW in FY 2020-21 (990
MW in FY 2019-20) despite operations
impacted by COVID-19.
Corporate Overview
§ The Company exported 19.4 MW of
solar cells
§ The Company marketed nearly 100 MW
of rooftop under the KUSUM scheme
Airport infrastructure
Statutory Reports
§ Adani Enterprises managed 8 Mn
passengers (including Mumbai)
Roads and highway construction
business
§ The Company signed six concession
agreements with NHAI under Hybrid Annuity
Model (HAM) for road construction aggregating
250+ km (Chhattisgarh, Telangana, Madhya
Pradesh, Kerala and Andhra Pradesh)
§ The Company received LoA from NHAI for
four projects related to the construction and
maintenance of roads in Telangana, Odisha,
West Bengal and Gujarat. Of the four projects
received, two are under HAM, one under Build
Operate Transfer (BOT) and one under Toll
Operate Transfer (TOT) model.
015
Water management
§ Adani Enterprises treated more than
1,02,200 Mn litres of wastewater
§ The joint venture operated eight seed

Statutory Reports
crushing plants with oil processing

cumulative capacities of 7425 TPD and
17 refineries with a cumulative capacity
of 16285 TPD
§ The joint venture was certified as a
Great Place to Work by Great Place
Corporate Overview
to Work Institute India for the fourth

consecutive year
§ The plants operated at optimum
levels without interruption during the
lockdown, supported by a consistent
supply chain
§ The Company’s consumer pack business
reported formidable growth; it launched
its proprietary sugar brand called
Fortune Sugar and introduced delicious
soya chunkies in three distinctive
flavours
§ The Company also launched personal
Packaged and branded edible oils care products like handwash and hand
§ Adani Wilmar (50:50 joint venture and consolidated based on sanitiser under the Alife range
equity method of consolidation revenues) increased revenues § The Company launched Fortune Marts
25% from H29,767 crore in FY 2019-20 to H37,182 crore in FY in eight cities and introduced Fortune
2020-21 Online Application in ten cities to
§ Fortune brand continued to lead the domestic retail consumer facilitate online grocery purchase.
pack market with a 20% market share
016
Agro products
§ Adani Enterprises managed sales and
procurement functions with a positive
trading arbitrage.
§ The Company coordinated the entire
logistics of apple movement across
the country without transit delays or
increased costs.
Corporate Overview
Statutory Reports
Data Centres business
§ Adani Enterprises partnered EdgeConneX
(50-50 JV) to develop 1 GW of data
centre capacity over the coming decade
§ The joint venture announced a plan
to invest H2,500 crore to commission
a hyper scale data centre in Chennai’s
Siruseri IT Park
§ The joint venture entered into an
agreement with Andhra Pradesh State
Government to commission an Integrated
Data Centre Park at Madhurawada in
Visakhapatnam across 257 acres offered
by the government
Defence sector
§ Adani Enterprises bagged contracts
for over H3,500 crore from the Indian
Armed Forces
§ The Company acquired a controlling
stake in PLR Systems, India’s first and
only private sector company possessing
small arms manufacturing capabilities.
§ The Company was awarded the first
ever DcPP program for Long Range
Guided Bombs for the Indian Air Forces.
017
Revenue from
operations
(H crore)
678
2500
Statutory Reports
How we have
grown over the
43,403
40,379
35,924
39,537
years
Corporate Overview
FY 2019-20
FY 2020-21
FY 2018-19
FY 2017-18
Definition
Sales growth, which indicates
the growing competitiveness
of the Company
Why we measure
This measure reflects the
result of our capacity to
understand sectorial trends
and service customers with
corresponding products,
services, technologies and
supply chain.
Performance
Aggregate sales declined due
the impact of the pandemic
that affected operations
during the first quarter of FY
2020-21
018
(Continuing)
(Discontinuing)
EBITDA Net Profit to Net Worth Interest cover

owners
(Before Exceptional Item)
(H crore) (H crore) (H crore) (x)

47
Corporate Overview
1,271
182
91
Statutory Reports
14,756*
15,089
16,947
17,159
2,968
2,626
3,259
2,541
1182
983
939
784
2.4
1.6
1.9
2.1
FY 2019-20
FY 2019-20
FY 2019-20
FY 2019-20
FY 2020-21
FY 2020-21
FY 2020-21
FY 2020-21
FY 2018-19
FY 2018-19
FY 2018-19
FY 2018-19
FY 2017-18
FY 2017-18
FY 2017-18
FY 2017-18
Definition Definition Definition Definition

What the Company earned What the Company makes This is derived through the This is derived through the
before the deduction of available to its equity accretion of shareholder division of EBIDTA by interest
interest, depreciation, shareholders, excluding one funds. outflow.
extraordinary items and tax. off items.
Why we measure Why we measure
Why we measure Why we measure This is one of the defining Interest cover indicates
This measure is an index of This essentially indicates the measures of a company’s the Company’s comfort in
the Company’s operating profits finally accruing to financial health, especially in servicing interest, the highest
profitability (as distinct equity shareholders. terms of the funds owned by the interest over the better.
from financial), which can shareholders in the business.
be easily compared with the Performance Performance
retrospective average and The Company reported a 26% Performance The Company strengthened
sectoral peers. increase in profits in FY 2020- The Company’s net worth its interest cover from 1.9 in
21, derived largely due to increased every single year FY 2019-20 to 2.4 in FY 2020-
Performance better operating profits from during the last two years, 21, indicating better liquidity
The Company’s operating its solar business. indicating a stronger financial
profit from continuing foundation.
businesses grew substantially *Reduced as compared to FY
through the last four years. 2017-18 due to demerger of
The Company reported a 10% AGEL and ATGL
increase in its operating profit
in FY21.
019
The multi-business Adani Group

is one of the most dynamic
industrial conglomerates in India.
Engaged Enhancing Enriching

in nation stakeholder communities of
building value its presence
Vision Values
To be a world class leader in Courage Trust Commitment

Statutory Reports
We shall We shall We shall

businesses that enrich lives embrace believe in our stand by our
and contribute to nations in new ideas employees promises
building infrastructure through and business and other and adhere
sustainable value creation. stakeholders to high
standards of
business
Corporate Overview
Culture
Passion Results Integration Dedication Entrepreneurship

Performing with Consistently Working across Working with Seizing new
enthusiasm and achieving goals functions and commitment in opportunities
energy businesses to the pursuit of our with initiatives
create synergies aims and ownership
The promoter The Adani Group logistics, energy and utilities –

The Adani Group has been The Adani Group is a diversified possess a proven track record
promoted by the visionary industrial conglomerate in of excellence in business
industrialist Mr. Gautam Adani. India with a combined market development, construction
The group was founded by capitalisation of USD 91 Bn as and maintenance. The Group
Gautam Adani in 1988 as a on 31st March, 2021, comprising comprises among the largest
commodity trading business, the six publicly traded companies. infrastructure and utility portfolios
flagship company being Adani The Group’s extensive business in the world. There has been a
Enterprises Limited (previously interests across India’s gradual shift in the business mix
Adani Exports Limited). infrastructure sector – transport, from B2B to B2C with the Group
020
engaged in agro commodities is the largest private sector port maintenance (O&M) practices
and ancillary industries, gas operator in India. Adani Wilmar benchmarked to global standards.
distribution across geographies is the largest edible oils brand in
in India, electricity distribution India. Adani Transmission Limited The core philosophy
that powers the financial capital is the largest private sector The Adani Group’s core philosophy
of India, and the airports business transmission and distribution is ‘Nation Building’, driven by
that will manage and develop company in India. ‘Growth with Goodness’, its
eight airports in India. The Group beacon for sustainable growth.
is also engaged in the digital, road The visibility The Adani Group is committed
building, water and data centre The Adani Group comprises six to widen its ESG footprint
businesses. publicly traded companies that with an emphasis on climate
were collectively valued at a protection and increasing
The scale market capitalisation of USD 91 community outreach through
Most of the Group’s businesses Bn as on 31st March, 2021. CSR programmes woven around
are among the largest in India, sustainability, diversity and shared
generating attractive economies The positioning values.
of scale. Adani Green Energy The Adani Group has positioned
Limited is among the largest itself as a leader in the transport The credibility
renewable energy businesses in logistics and energy utility The Adani Group comprises four
Corporate Overview
India. Adani Total Gas Limited is portfolio businesses in India. The IG-rated businesses and is the
the largest city gas distribution Group has focused on sizable only Infrastructure Investment
business in India. Adani Ports & infrastructure development Grade bond issuer from India.
Special Economic Zone Limited in India with operations and
Adani Group: A world class infrastructure & utility portfolio
Statutory Reports
Transport & Logistics Portfolio Energy & Utility Portfolio
63.7% 100% 75% 56%

APSEZ: Port & Logistics SRCPL: Rail ATL: T&D AGEL: Renewables
100% 75% 37.4%
NQXT APL: IPP ATGL: Gas DisCom
75%
AEL: Incubator
100% 100% 100% 100%

AAHL: Airports ARTL: Roads AWL: Water Data Centre
~USD 91 Bn
Combined market capitalisation (As of 31st March, 2021)
APSEZ: Adani Ports and Special Economic

Marked shift from B2B to B2C businesses Locked in Growth Zone Limited
NQXT: North Queensland Export Terminal
ATGL: Gas distribution network to serve key Transport & SRCPL: Sarguja Rail Corridor Pvt Ltd
AAHL: Adani Airports Holdings Ltd
geographies across India logistics: Airports ATL / APL / AGEL / ATGL: Adani
and Roads Transmission / Power / Green Energy /
AEML: Electricity distribution network that Total Gas Ltd.
AEML: Adani Electricity Mumbai Ltd
powers the financial capital of India Energy & Utility: ARTL: Adani Road Transport Ltd
Water and Data AWL: Adani Water Ltd
Adani Airports: To operate, manage and develop T&D: Transmission and Distribution
Centre
eight airports in the country IPP: Independent Power Producer
Opportunity identification, development and beneficiation is intrinsic

to diversification and growth of the group
021
Adani Group: Repeatable & proven

transformative investment model
Phase Development Operations Post operations
Origination Site development Construction Operation Capital management
§ Analysis & market § Site acquisition § Engineering & § Life cycle O&M § Redesigning the
Activity
intelligence § Concessions design planning capital structure of

§ Viability analysis and regulatory § Sourcing & quality § Asset management the asset
§ Strategic value agreements levels plan § Operational
§ Investment case § Equity & debt phase funding is
development funding projects consistent with
asset life
§ India’s largest § Longest private § 648 MW ultra mega § Energy Network § In 2020-21, APSEZ
commercial port HVDC line in solar power plant Operation Centre and its joint venture
(at Mundra) Asia (Mundra to (at Kamuthi, Tamil (ENOC) enables AICTPL issued three
§ Highest margin Mahendragarh) Nadu) a centralised bonds amounting
among peers § Highest line § Constructed and continuous to USD 1.55 Bn
availability commissioned in a monitoring of international bonds
record nine months projects and with 5-10 year
installations on a maturity, elongating
single cloud-based maturity profile
platform and reducing the
weighted average
cost of capital
§ AGEL’s issuance
Statutory Reports
of USD 1.35 Bn
revolving project
finance facility will
fully fund its entire
project pipeline
All listed entities

Corporate Overview
Performance
maintain a liquidity
cover of 1.2x- 2x as a
matter of policy
Share of institutions in
debt structure
14%
31st
March,
31% 2016 55%
31st 30%
50% March,
2021
20%
PSU banks
Private banks
DCM (Bonds)
022
How Adani Group companies

performed in a challenging FY 2020-21
EBIDTA growth
APL APSEZ^ ATL
50% 7% 12%
FY 2019-20 FY 2019-20 FY 2019-20
7059 7565 4519
FY 2020-21 FY 2020-21 FY 2020-21
10597 8063 5066
AEL AGEL ATGL

10% 41% 17%
FY 2019-20 FY 2019-20 FY 2019-20
Corporate Overview
2968 1862 639
FY 2020-21 FY 2020-21 FY 2020-21

3259 2632 749
Strong growth in the consolidated EBITDA of the listed companies of the Group by 22% in FY 2020-21
demonstrates the utility nature of the businesses
Statutory Reports
§ APL EBITDA improved due to improved merchant tariffs, lower imported coal prices and higher prior period income recognition
§ AGEL EBITDA grew on account of increased revenue from power supply and O&M cost optimisation
§ ATL EBITDA grew due to growth in power transmission EBITDA and higher regulatory income from the power distribution business
§ APSEZ EBITDA growth was on account of an increase in cargo volume, operational efficiency and cost restructuring
§ AEL EBIDTA grew due to an increase in EBIDTA from the solar manufacturing business
EBITDA includes Other Income. ^APSEZ EBITDA excludes forex gain/loss, other income and one time donation of H80 crore. AEL: Adani
Enterprises Limited; AGEL: Adani Green Energy Limited; APL: Adani Power Limited; APSEZ: Adani Ports and Special Economic Zone Limited;
ATGL: Adani Total Gas Limited; ATL: Adani Transmission Limited
PAT growth
APSEZ ATL APL

33% 82%
FY 2019-20 FY 2019-20 FY 2019-20
3785 707 -2264
FY 2020-21 FY 2020-21 FY 2020-21
5049 1290 1240
AEL* ATGL AGEL

26% 8%
FY 2019-20 FY 2019-20 FY 2019-20
939 436 -68
FY 2020-21 FY 2020-21 FY 2020-21

1182 472 182
Combined PAT of Adani Group’s listed portfolio grew 166% in 2020-21

§ All portfolio companies registered profit after tax (PAT)
§ Adani portfolio PAT grew through the pandemic, underlining the core utility nature of the businesses
*PAT for AEL excludes exceptional items
023
The Adani Group

platform of excellence,
outperformance and
leadership
024
The Adani Group businesses
Transport Logistics Energy Utilities
The Group Adani growth platform

Investing at a
Making
competitive
outsized Creating long- Reinforcing
Betting on Strategic big capital cost in
investments term revenue attractive
India picture a relatively low
in futuristic visibility margins
commissioning
infrastructure
time
The platform
India
Corporate Overview
At the Adani Group, we believe in and bet on India. We have observed that following the announcement
of liberalisation in 1991, India has not just grown faster; it has compressed the GDP growth of the earlier
decades into considerably fewer years for equivalent growth. For instance, the GDP growth that India
achieved across nearly 60 years was replicated in the next seven years. This is precisely what is expected
going ahead: India is expected to transition from a sub-USD 3 Trn economy to a USD 5 Trn economy in
the next few years. At Adani Group, we have proactively invested in businesses that will ride the middle-
income consumption engine seeking improved life quality. We have invested not on the basis of what is,
Statutory Reports
but on what can be. In making disproportionate investments, we intend to shift the needle not just for the
Company but for the country as a whole with the objective of widening access, reducing costs, widening
the market and, in doing so, helping strengthen India.
Competitive advantage mature’. Some of the businesses direction. Its outsized initial
At the Adani Group, we believe can be classified as mature, capacity establishes economies of
that the ability to make a based on the enduring industry scale within a relatively short time
significant national contribution presence and the conventional horizon that deters prospective
can only be derived from a broad- interpretation of their market competition and generates a
based competitive advantage potential; these very businesses substantial cost leadership (fixed
that is not dependent on any can be considered non-mature and variable) across market
one factor but is the result of an by the virtue of their vast cycles.
overarching culture of excellence addressable market potential and
Technology
– the coming together of rich the superior Adani Group value
The Adani Group invests in the
sectorial experience, timely proposition. The result is that the
best technology standards of
project implementation, ability to Adani Group addresses sectorial
the day that could generate
commission projects faster than spaces not on the basis of existing
precious additional basis points in
the sectorial curve, competence market demand but on the basis
profitability and help more than
to do so at a cost lower than the of prospective market growth
recover the additional cost (if at
industry average, foresight to not following the superior Adani
all) paid within a short tenure.
merely service the market but sectorial value proposition.
This superior technology standard
to grow it, establish a decisive
Outsized evolves into the Company’s
sustainable leadership and evolve
The Adani Group has established sustainable competitive
the Company’s position into a
a respect for taking outsized advantage, respect, talent traction
generic name within the sector of
bets in select sectors and and profitability.
its presence.
businesses without compromising
Execution excellence
Relatively non-mature spaces Balance Sheet safety. The Group
The Adani Group has built a
At the Adani Group, we have establishes a large capacity
distinctive specialisation in
selected to enter businesses that aspiration that sends out a
project execution, one of the
may be considered ‘maturely non- strong message of its long-term
most challenging segments in
025
India. The Group has established Scalable financial structure approach helps transform these
benchmark credentials in The Adani Group has created marquee institutions from mere
executing projects faster than a robust financial foundation lenders to stable resource (fund or
the sectorial average by drawing of owned and borrowed funds growth) providers for the long-
from the multi-decade Adani pool (the lowest cost by far for term.
of managerial excellence across infrastructure building companies
Ownership
a range of competencies. This in India). This enhanced credibility
The Adani Group comprises a high
capability has resulted in quicker makes it possible for the Adani
promoter ownership, validating a
revenue inflow, increased surplus Group to mobilise resources from
high commitment and ownership
and competitive project cost per some of the largest global lenders
in projects.
unit of delivered output. at among the lowest costs. This
Adani Group’s outperformance

Port cargo Renewable Transmission City gas
throughput growth capacity growth network growth distribution7 growth
(MMT) (GW) (ckm) (GAs8 covered)
4% 12% 25% 118% 7% 20% 30% 45%

1.5x
5x
3x
3x
Statutory Reports
Industry Adani Industry Adani Industry Adani Industry Adani

2014 972 MMT 113 MMT 2016 46 GW 0.3 GW 2016 320,000 6,950 2015 62 GAs 6 GAs
2021 1,246 MMT 247 MMT 2021 140 GW9 14.8 GW6 2021 441,821 18,801 2021 228 GAs 38 GAs
Corporate Overview
APSEZ AGEL ATL ATGL

Highest margin among World’s largest solar energy Highest network availability India’s largest private CGD
peers global developer among peers business
EBITDA margin: 70%1,2 EBITDA margin: 91%1,4 EBITDA margin: 92%1,3,5 EBITDA margin: 41%1
Next best peer margin: 55% Among the industry’s best Next best peer margin: 89% Among the best in industry
Transformative model driving scale, growth and free cashflow
Note: 1. Data for 2020-21; 2. Margin for ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance
Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business
only, does not include distribution business. 6. Contracted & awarded capacity 7. CGD – City Gas distribution 8. GAs - Geographical Areas
- Including JV | Industry data is from market intelligence 9. This includes 17GW of renewable capacity where PPA has been signed and the
capacity is under various stages of implementation and 29GW of capacity where PPA is yet to be signed’
026
How Adani Group enhanced

value in 2020-21
(share price in H)
Movement in the Adani listed portfolio on the stock exchanges in 2020-21

Adani Total Gas Limited Adani Enterprises Limited Adani Green Energy Limited
1014% 649% 621%
FY 2019-20 FY 2019-20 FY 2019-20
86 138 153
2020-21 2020-21 FY 2020-21

961 1031 1105
Adani Transmission Limited Adani Power Limited Adani Ports and Special
Corporate Overview
Economic Zone Limited
381% 207% 180%
FY 2019-20 FY 2019-20 FY 2019-20
189 28 251
FY 2020-21 FY 2020-21 FY 2020-21

908 85 702
Statutory Reports
All Adani portfolio stocks generated a return in excess of 100% and outperformed the index by a significant
margin (Nifty-50 generated a return of 71%). 2020-21 stock prices were as of 31st March, 2021 and FY 2019-20
stock price was as of 31st March, 2020
The Adani Group: Establishing benchmarks
Largest
World’s
One oflargest Ultra
the world’s
India’s largest India’s largest single
India’s largest private Mega
largestSolar
ultraPower
mega Plant
solar
commercial port location private thermal
sector ports company of 648plant
power MW at of Kamuthi
648 MW
(Mundra) IPP (Mundra)
(Tamil(Tamil
at Kamuthi Nadu)Nadu)
Highest Quickest Longest
The 648 MW solar

Ports company enjoying Longest private HVDC
Highest transmission power Kamuthi plant
the highest margin line in Asia (Mundra to
line availability in India commissioned in only
among peers Dehgam)
Mahendragarh)
nine months
027
CHAIRMAN’S MESSAGE
A Time For
Pragmatic Optimism
It is hard to believe that before in a dual solvent of global
a 100-year-old Keynesian interdependence and hyper
statement, made at a time interconnectivity that are creating
when telecommuting and global unprecedented new opportunities,
e-commerce were not even new business models and several
nebulous ideas, could still ring so new challenges.
true.
Of all the challenges, however,
‘He could order by telephone, one of the most significant
sipping his morning tea in bed, consequences of globalisation
the various products of the has been pandemics – and the
whole earth, in such quantity as most difficult of them has been
he might see fit, and reasonably COVID-19. While this is no surprise
expect their early delivery upon given that pandemics like the
Statutory Reports
his doorstep. He could at the Asian Flu of 1957 spread through

same moment and by the same trade and travel routes, it is
means adventure his wealth in obvious that the world was just
the natural resources and new not prepared for the explosive rate
enterprises of any quarter of the of spread of a pandemic of COVID-
world.’ 19’s scale. This has exposed
several of the fragilities of global
This appeared in John Maynard
Corporate Overview
interdependence that will need

Keynes’ influential best-seller
to be fixed and each country is
The Economic Consequences
expected to do it differently.
of the Peace, first published in
1919, when the word globalisation Curiously though, the remedy for
had not even been coined (it this malady is coming through
first showed up in its modern the process of globalisation,
meaning only in 1930). The fact as evidenced by the worldwide
is that globalisation did exist collaboration on accelerated
even then, except that the pace genome sequencing, vaccine
was sedentary in comparison to development and vaccine
today’s world. manufacturing. Therefore,
paradoxically, both the problem
Some Things Never Change and its solution lie in our embrace
If Keynes’ time is remembered for of globalisation.
the gradual globalisation of social
and economic life, our time will Learnings During a Crisis
be remembered for the unbridled There is no denying the fact that
There is no denying the
pace at which globalisation is while COVID-19 has challenged fact that while COVID-19
enveloping our lives, driven by every nation, India’s size and has challenged every
the ubiquitous reach of the population density have made nation, India’s size and
internet. The consequences it a harsher challenge. Indeed,
are still emerging as our world’s the pandemic froze economic population density
political, cultural and economic priorities and forced the world have made it a harsher
barriers dissolve faster than ever to divert time and resources to challenge.
028
manage the crisis, as did India. democracy. One size does not
No one denies that India could fit all and it is increasingly
The COVID-19 pandemic have done much better and evident that the phenomenon of
has demonstrated, to that every life lost is a tragedy. hyper-globalisation that created
However, as the world races to the unrealistic expectation of
most nations across the
vaccinate its people, we see India being the panacea for efficient
world, that free market being criticised repeatedly for not manufacturing and services
economies cannot be at doing enough to protect its own. across the world has been one
the cost of self-reliance. Sometimes, it is worth keeping in important cause of much of the
mind that India has more people inequalities we are witnessing
We must believe in our than the combined population today. Therefore, only when we
own capabilities and must of Europe, North America and are able to fully mobilise the
be able to depend on it for Oceania. In other words, our efforts of our own people will we
economic construction, country is facing a challenge be able to develop our economy in
bigger than what three continents a way that we can take advantage
especially in times of are facing at a time when every of our country’s demographic
crisis. nation is maximising what it can dividends that we have not
do for its own people and has far yet been able to fully unleash.
better healthcare infrastructure COVID-19 is a wakeup call for all of
built over several decades. Given us to transform ourselves. There
that our vaccination effort is cannot be a better time for us to
bigger than the combined efforts commence the journey towards
of 87 countries, it is only fair to true self-reliance (Atmanirbharta)
take a step back and determine for accelerating the building of
the scale of the challenge our our nation in the post-COVID-19
Statutory Reports
nation has confronted. world.

In this context, I believe that
Organisational Values as a
the Atmanirbharta initiative
launched by the Government is Platform for Numbers
a transformational and correct The past year has been one that
step in our nation’s journey. further reinforced my belief in
the values of an organisation.
Corporate Overview
The COVID-19 pandemic has

demonstrated, to most nations About a decade back, we chose
across the world, that free market Courage, Trust and Commitment
economies cannot be at the cost as the guiding values that would
of self-reliance. We must believe determine our actions and,
in our own capabilities and today, I credit the resilience that
must be able to depend on it for we have demonstrated to the
economic construction, especially stoutness of these values. It
in times of crisis. Therefore, strengthens my confidence in
the five pillars of Atmanirbhar our organisation’s fortitude, and
Bharat – Economy, Infrastructure, this has been demonstrated in
System, Vibrant Demography, the results of our Group. Not only
and Demand – are a necessity to has the Adani Group emerged
ensure our economy builds the as India’s benchmark for market
intrinsic robustness to manage leadership in difficult times,
disruptive black swan events like but we have also broadcast our
COVID-19. The definition of a organisational ability to rapidly
Despite a pandemic- pivot in the right market direction.
free-market economy will undergo
induced large-scale a change in a post-COVID-19 An exciting example of this agility
disruption in economic world, and we must unhesitatingly is our expanding partnership
activity, all six of our listed write our own definition. After with TOTAL (now TotalEnergies)
all, not only is India the world’s who are strategically increasing
entities posted results largest democracy but it is their renewables portfolio.
significantly above market also the world’s most unique These developments exemplify
expectations. and boldest experiment with the resilience of our diversified
030
business across sectors, Strategic highlights

industries, and geographies. § APSEZ announced four Not only has the
Despite a pandemic-induced acquisitions — KPCL, GPL, Dighi
large-scale disruption in economic Ports & SRCPL — thus improving Adani Group emerged
activity, all six of our listed entities East Coast - West Coast parity. as India’s benchmark
posted results significantly above It also announced the setting for market leadership
market expectations and some up of a container terminal at
of these record highlights appear Colombo port in partnership
in difficult times, we
below. with John Keells and SLPA. have also broadcast
Group highlights § Adani Enterprise Limited (AEL)
our organisational
§ Capacity addition, sweating of took over operations of airports ability to rapidly pivot
assets, and a relentless focus at Ahmedabad, Lucknow and in the right market
on operational excellence and Mangalore, signed concession direction. These
efficiency ensured that the agreements for Guwahati, Jaipur
EBITDA of our listed portfolio & Thiruvananthapuram, and
traits exemplify the
registered a year-on-year growth is in the process of acquiring resilience of our
of 22% (H32,337 crore in FY Mumbai International Airports diversified business
Corporate Overview
2020-21). Limited (MIAL) & Navi Mumbai across sectors,
International Airport Limited
§ The return to equity
(NMIAL) airports. industries, and
shareholders (PAT) increased by
geographies.
a significant 166% on a year-on- § AGEL fortified its partnership
year basis (H9,415 crore in FY with TotalEnergies who
2020-21). acquired a 50% stake in its 2.35
GW portfolio of operating solar
Statutory Reports
§ All Adani portfolio stocks gave Building the Template for
assets and 20% equity stake in
returns over 100% and out- Capitalising on Trends
AGEL from the founders for an
performed index by a significant
investment amounting to USD While we are known as an
margin (Nifty-50 gave a return
2.5 Bn. organisation that makes swift
of 71%).
While we can look back and decisions, our foray into the
Segment highlights world of renewables and clean
feel satisfied about our results,
§ Adani Green Energy Limited energy has further allowed us to
I believe that the real phase
(AGEL) added 925 MW templatise our expansion process
of accelerated growth of the
operational capacity, achieved and has given us the confidence
Adani Group as an entity that
a high consistent Solar CUF of to move into several new sectors
benefits from having a portfolio of
22.5% and Wind CUF of 26.8%. as has been increasingly evident
companies with several strategic
§ Adani Transmission Limited adjacencies, is only now gathering with our diverse business
(ATL) added 2,536 ckt km to its momentum. This helps us bridge portfolio. As an example, it is
network, reaching 17,276 ckt km, the B2B to B2C gap in unique worth noting that the thought
and sold a record 7,169 Mn units ways and will encompass our process of accelerating our clean
during the year. new businesses like Airports, energy footprint was seeded as
Data Centres, Defence and recently as in 2020 (at the Davos
§ Adani Ports and Special World Economic Forum in January
several others. What we have
Economic Zone (APSEZ) 2020). From my meetings at
built over the past two decades
achieved a cargo volume of 247 Davos, two things had become
is India’s largest integrated and
MMT (up by 11%) and reached a evident.
yet diversified infrastructure
market share of 25%, a gain of
business that is now manifesting First – Climate change had
4% points.
itself as an integrated ‘platform of become the defining issue of
§ Adani Total Gas Limited (ATGL) platforms’ and moving us closer our time and climate change
added 102 CNG stations, to unprecedented access to the action must be accepted as a
500 commercial and 40,939 Indian end consumer. I know of no global, national, and personal
domestic customers, achieving business model akin to ours with responsibility.
a combined volume of 515 access to an unlimited B2B and
MMSCM (CNG+PNG) B2C market over the next several
decades.
031
Second – With India driving one of § Simultaneously, we formed

the largest consumption growths, game-changing partnerships in
It was at Davos that our country would have to play energy to start establishing the
I decided we must a defining role as it balanced base for global partnerships.
its need to provide affordable Inducting TotalEnergies
align with our nation’s
electricity to its citizens as well as as a 20% partner in the
perspective on renewable accelerate its renewable energy renewables business sealed a
energy – and set ambitions. strategic alliance that covers
ourselves the goal to be It was at Davos that I decided
investments in LNG terminals
and renewable assets across
the world’s largest solar we must align with our nation’s
India, besides the gas utility
power producer. I also perspective on renewable energy
business. The partnership
– and set ourselves the goal
decided that a significant to be the world’s largest solar
within the renewables space in
part of our Group’s future India will be a key contributor
power producer. I also decided
to TotalEnergies’ objective of
investments must be that a significant part of our
transforming into a clean energy
focused on sustainable Group’s future investments
leader.
must be focused on sustainable
and renewable energy. and renewable energy. On the § Since January 2020, the value
22nd of January, I penned down of our renewables business
my thoughts and the Group’s increased over 600 times
ambitions in a LinkedIn article thereby yielding one of the best
wherein I wrote: “Our vision is returns across all stock markets.
to become the world’s largest
§ Thereafter, in May 2021, we
solar power company by 2025
acquired Softbank’s and
and thereafter the world’s largest
Statutory Reports
Bharti’s 5 Gigawatts portfolio of

renewable power company by
renewable assets, allowing us to
2030”. I also stated that we would
leapfrog and get to our target
“build 25 Gigawatts by 2025 and
of 25 Gigawatts a full four years
also become the world’s biggest
ahead of our schedule.
solar player”. Our existing portfolio
of renewable power at that time This is what templatisation
Corporate Overview
stood at just 2.5 Gigawatts. means to us and it gives us

the confidence to expand
We moved fast since January
swiftly across several adjacent
2020 and my focus has been on
sectors. This success is also a
building an organisation that can
manifestation of the core of our
add an unmatched 5 Gigawatts
three organisational values –
of generation capacity every year
Courage, Trust, and Commitment
over the next decade and foster a
– that fundamentally define our
cleaner energy future. So far, we
Group.
are very much on target. Let me
highlight some of the milestones:
Adani Foundation: Growth
§ Five months following the with Goodness
promise at Davos, in Q2 of 2020, As a Group with businesses
we won the world’s largest solar in locations where some of
tender when SECI awarded the poorest segments of our
us 8 Gigawatts through a population reside, we are deeply
competitive bidding process. conscious of our responsibility
§ Thereafter, in Q3 of 2020, to help marginalised and
Mercom reported that we had underprivileged communities
become the world’s largest solar – over and above just creating
power developer. We rose from jobs. Through a wide variety
No.6 position in 2019 to No.1 in of initiatives led by the Adani
2020 – in just nine months. Foundation, we have touched
millions of lives across thousands
032
of villages, driving beneficial and efficiently. Working with our

change in education, health, business partners and Indian
infrastructure development missions across the world, we India will be a five-
and sustainable livelihood managed to secure a massive trillion-dollar economy
development. We expect to life-saving inventory of these
and will then go on to
amplify our work and double these critical items, the biggest of which
numbers over the next five years. we brought in with the help of be a 15-trillion-dollar-
However, in line with the rest of
the Indian Air Force. Back home, plus economy over
the world, the Adani Foundation’s
our indefatigable logistics teams the next two decades
ensured that the oxygen tanks
primary focus over the past year
and cylinders were repeatedly
and will emerge as one
was guided by the battle against of the largest global
refilled and despatched to all
COVID-19. One of the issues
the cascading nature of this
corners of the country. markets, in terms of both
pandemic thrust into the national I am also proud that the consumption size and
spotlight was the grave inequality Foundation went well beyond market capitalisation.
across our scattered communes in procuring essential supplies. In
access to relief and care. As soon just days, our engineering and
Corporate Overview
as the virus took hold, we mapped medical teams expertly converted
of the largest global markets in
out the urgencies of the moment our Adani Vidya Mandir school in
terms of consumption size and
and studied how best we could Ahmedabad and the Noida Indoor
market capitalisation. There will
mitigate distress across India. We Stadium into emergency COVID-19
be bumps along the road, as has
quickly realised that the battle Care Facilities with hundreds of
been the case in the past, and is
needed more than the standard beds, oxygen support and catered
expected to be the case in the
assortment of medical items, like food. In Bhuj and Mundra, our
Statutory Reports
future. However, there cannot
protective gear and diagnostic hospitals that serve as a general
be any doubt that the largest
kits. The most pressing need was medical oasis for the neighbouring
middle-class that will ever exist,
for additional means to quickly districts were swiftly turned into
augmented by an increase in
deliver medical oxygen across the 100% COVID-19 care hospitals.
the working age and consuming
land.
At no time in the past was the population share, will have a
The solution was tied to several work of the Adani Foundation positive impact on India’s growth
items that were in short supply more necessary and relevant
rates very much in line with the
locally. We needed more cryogenic than it is now. I am deeply moved demographic dividend India
tanks capable of transporting by the extent of the effort our enjoys. The most essential factor
oxygen in supercooled liquid form, Foundation’s team members have required will be a better trained
more medical oxygen cylinders put in, often choosing to ignore workforce and I have no reason
for hospitalised patients, more the risk to their own health. to believe that over the next two
oxygen generator plants for decades we will not have been
healthcare facilities unable to The Belief in the Long Term able to suitably address this
rely on transported supplies and Over the past few months there challenge. It is a virtuous cycle
more oxygen concentrators for have been several voices that that is driven by the growth in the
people managing their infection wonder if India’s target to be middle-class population and India
by themselves. a five-trillion-dollar economy today has a longer runway than
over the next four years is any other nation in the world.
It was a formidable challenge
but one that we rose to, quickly achievable. I personally see it
as an inconsequential question.
History has amply demonstrated
Regards,
that out of every pandemic crisis,
At no time in the past emerge several learnings and I Gautam S Adani
was the work of the believe that India and the world Chairman
Adani Foundation become wiser as we go through
this pandemic. India will be a
more necessary and
five-trillion-dollar economy and
relevant than it is will then go on to be a 15-trillion-
now. dollar-plus economy over the next
two decades, emerging as one
033
MANAGING DIRECTOR’S MESSAGE
We aim to maintain volume growth

in our core businesses while
delivering robust performances in
our strategic businesses
resources business continued
to remain one of our fastest
growing where we continued to
reinforce our market leadership.

This business continues to focus
on diversification opportunities
to own mines across a range of
minerals like iron ore, chromite,
diamond and others.
In line with our vision of
Statutory Reports
enhancing India’s energy security,

the performance of our mining
services business remained robust
during the year under review. We
delivered robust performance
while being engaged across seven
coal blocks of Parsa East & Kente
Corporate Overview
Basan (PEKB), Parsa, Kente Extn,

Gare Palma III (GP III), Talabira
II & III, Suliyari coal block and
Gidhmuri Paturia.
Our Parsa East & Kente Basan
T he fiscal year 2020-21 was (PEKB) mine, the first and the
eventful in more ways than only captive open cast coal mine
one. Defying unprecedented with washeries in the country,
challenges and a complex external continued to operate at its
environment, Adani Enterprises peak capacity of 15 MMT per
Limited recorded a strong annum. During FY 2020-21, we
performance during the year with operationalised the Talabira mine
a focus on enhancing business of Neyvell Lignite Coal India Ltd.
value that would translate into (20 MMT) and operationalised the
stakeholder value. This approach Kurmitar iron ore mine of Odisha
was in line with the validated Mining Corporation Limited (6
AEL business model to deliver MMT) on 1st April, 2021. We also
sustained outperformance across won auctions for the Gondulpara
market and economic cycles. mine in Jharkhand and for the
While we continued to identify Dhirauli mine in Madhya Pradesh,
and invest in new businesses, we venturing into the area of
recorded improved performance in commercial mining.
our core businesses. Our natural
034
Our solar manufacturing business deepening our presence in one of

turned around to deliver an the most exciting infrastructure Our commitment to
exceptional performance This opportunities in India. We signed
business registered attractive a concession agreement for the the Make in India
volume growth by 17% YoY to Thiruvananthapuram, Jaipur and story remained
1158 MW compared to 990 MW Guwahati Airports and acquired undeterred as we
in the previous year. Further, the a 23.50% stake in Mumbai
achieved a strategic
segment delivered significant International Airport Limited.
margins improvement with EBIDTA All three operational airports milestone in the
growing by more than 1.75 times – Ahmedabad, Mangaluru and defence segment. We
on the back of improved volumes Lucknow – were awarded Airports acquired PLR Systems
as well as better margins in the Council International’s Airport
domestic market on account Health Accreditation for safe
Pvt. Ltd., a leading
of the Domestic Content travel. company involved
Requirement (DCR).
We are optimistic of our
manufacturing world-
class small arms in
Corporate Overview
Our commitment to the Data Centre business as data
Make in India story remained consumption in India continues India.
undeterred as we achieved to grow inexorably following a
a strategic milestone in the deeper penetration of internet-
defence segment. We acquired based business and personal remains fundamental to our
PLR Systems Pvt. Ltd., a leading habits. In this connection, we growth. We continue to make a
company involved manufacturing signed a joint venture agreement positive impact in the fields of
world-class small arms in India. with EdgeConneX to develop
Statutory Reports
education, health, sustainable
PLR established a state-of-the- and operate data centers livelihood generation and
art small arms manufacturing throughout India, leveraging the community infrastructure
facility in the Malanpur Industrial complementary capabilities of the development. We believe that
Area of Gwalior. PLR is proud promoters. sustainability is not only a
to be the first private sector responsibility, but an essential
The improved operational and
company that was granted a part of our personality, integrated
strategic competitiveness resulted
license by Government of India
in a better financial performance into our business model.
for manufacturing small arms and
during the year under review. Going forward, we will continue
ammunition.
Our consolidated revenue from to grow our business with a focus
We continued to make robust operations stood at H40,291 crore on nation building. We aim to
investments in our strategic in FY 2020-21. Our consolidated maintain volume growth in our
businesses as well. A major road EBITDA grew 10% to H3,259 crore core businesses while delivering
infrastructure project, Bilaspur- and consolidated PAT attributable robust performances in our
Pathrapalli, is being completed to equity shareholders (before strategic businesses.
within the agreed timeline and exceptional items) grew by 26% to
achieved ~ 70% completion H1,182 crore. I would like to extend my heartfelt
supported by sustained revenue gratitude to all the medical
To strengthen our shareholder professionals and care givers, who
inflows from the National
value creation focus, we will are tirelessly engaged in making
Highway Authority of India (NHAI).
continue to optimise costs and the world a safer place. I must also
We ended the year under review
improve margins while investing in thank our valued shareholders,
with ten projects in hand; two
emerging infrastructure and utility employees and other stakeholders
projects (Suryapet-Khammam and
spaces to create independent for their continued support
Mancherial-Repallewada) had
businesses. Besides, we have been for our commitment to build
been completed to the extent of ~
incubating businesses since 1994, a sustainable business and a
20% by the year end.
demerging successful business stronger country.
We assumed control of the verticals with the objective to
operations, maintenance and enhance shareholder wealth. Rajesh S Adani
development of the Ahmedabad, Managing Director
Our commitment to value
Lucknow and Mangaluru Airports
creation, with an emphasis on
during the year under review,
building a sustainable future,
035
CHIEF FINANCIAL OFFICER’S MESSAGE
Your Company did not just reinvest

in its various business in an organic
way; it made decisive investments in
new businesses that are expected
to generate robust and sustainable
returns into the long-term
The growth comes as a validation

of the Company’s business model,
which makes it possible to resist
economic declines and recover
faster during periods of economic
rebound.
Statutory Reports
During FY 2020-21, India was

impacted by the spread of the
COVID-19 pandemic. To contain
its spread, India announced a
nationwide lockdown. This led to a
slowdown in our operations during
Corporate Overview
the first quarter of FY 2020-21.

During these challenging times,
your Company prioritised the
health and safety of employees,
protected the interests of
stakeholders and strictly aligned
itself with government guidelines
to minimise impact on operations.
To ensure business sustainability,
your Company strengthened
its liquidity management plan,
Overview
which ensured that each business
The business of Adani Enterprises of presence was sustained by
is marked by various pulls adequate cash flows.
and pressures of its various
constituents. During a year like Despite this challenging
the last when the Indian economy environment, your Company
was affected in the first quarter sustained its growth trajectory.
and some businesses carried this Despite sluggishness in the first
impact right through the year, quarter of the financial year,
it is a matter of credit that your your Company recorded a strong
Company reported a growth in performance across business
operating margins in FY 2020-21. constituents. This growth came
in the face of multiple headwinds,
036
including slow manufacturing the previous year. The sharper

activity, lower consumer spending increase in the bottomline over
in the first two quarters and revenues indicates that the
Your Company’s
a muted core sector, which Company’s growth remained debt to-equity
moderated GDP growth during the profitable during the year under ratio was
year under review. review. Besides, earnings per maintained at 0.8
share stood at H8.39 per share
Shareholder returns and your Company proposed a
times and despite
As India continued towards its final dividend H1 per share for the a challenging
vision to achieve a GDP size of year. year in which
USD 5 Trn by 2025, your Company
Operations
fresh business
remained committed to contribute
significantly towards nation During the fiscal year 2020-
investments were
building. The management of your 21, your Company reported made, the interest
Company focused on building its resilient operations and financial coverage ratio
portfolio of businesses with the performance across its core improved from 1.9
Corporate Overview
objective to deliver attractive business segments.
returns to shareholders. This
to 2.4.
Your Company maintained peak
endeavour was sustained during
volumes in the mining services
the year under review. Even as
business. It opened two new
your Company’s core business
mines for coal production, Your Company sustained
continued to grow, we made
registering margins of 56%. investments in its Airports
significant progress in seeding
Further, volumes in the solar
Statutory Reports
the overall portfolio with new business by acquiring 23.50%
manufacturing segment grew by in Mumbai International Airport
businesses comprising Airports,
17%, strengthening that business’ Limited. The Roads business was
Roads, Water, Data Centre and
contribution to the growth in grown and your Company ended
Defence. We believe that these
profits. the year under review with 10
businesses hold attractive scope
in a growing India, marked by The growth in profitability was projects on hand. Your Company
long-term policies and divestment driven largely by the solar cell and entered the data centre business
opportunities in these sectors that module manufacturing business following the creation of a joint
represent an attractive window to where EBITDA grew more than venture with EdgeConneX.
enter, build disproportionate scale 1.75x during the year under These new investments
and establish a decisive first- review, following better margins notwithstanding, your Company
mover’s advantage. on account of the government’s continued to be prudently
stipulation to downstream users structured. Your Company’s debt
This strategy of value creation has
of a higher Domestic Content to-equity ratio was maintained
delivered shareholder returns at a
Requirement (DCR). at 0.8 times and despite a
compounded annual growth rate
of over 32% since the Company’s Besides, this growth in the challenging year in which fresh
inception in 1994, validating overall business was achieved business investments were
its commitment to responsible notwithstanding investments made, the interest coverage ratio
incubation. made in seeding businesses that improved from 1.9 to 2.4. Besides,
will generate revenues only across your Company was adequately
Financial performance the foreseeable future. funded to sustain growth and
investment plans.
Your Company’s consolidated
revenue from operations stood New investments Your management is optimistic
at H40,291 crore in FY 2020- Your Company did not just of retaining its leadership across
21. EBITDA was H3,259 crore reinvest in its various business in the segments of its presence
compared to H2,968 crore in FY an organic way; it made decisive with the objective of enhancing
2019-20, a growth of 10%. Profit investments in new businesses shareholder value in a sustainable
after Tax attributable to owners that are expected to generate way.
(before exceptional items) grew robust and sustainable returns
26% to H1,182 crore during the Jugeshinder Singh
into the long-term.
year compared to H939 crore in Chief Financial Officer
037
Corporate Overview Statutory Reports Financial Statements
038
The Soul of
our Company
OUR POSITIONING
The world, the future

and Adani Enterprises
Corporate Overview
Adani Enterprises has seeded today’s
space with related businesses that will be
Overview increasingly relevant in tomorrow’s world.
Adani Enterprises Limited is more
The Company has brought to these
than a company; it is a snapshot of
businesses a largeness of vision coupled with
the world as it is likely to be in the
aggressive business implementation and
future.
patient capital.
Statutory Reports
These businesses represent more than a
commercial or arbitrage proposition; they
A world that will gravitate represent a superior proxy of a better
lifestyle, cleaner world and superior hygienic
towards food hygiene. proposition.
A world that will seek Most of these businesses represent a
to invest in renewable showcase of how humankind would want to
resources. live across the foreseeable future.
The result is that these businesses hold out
A world that will seek to a growing bias for consumption today and
invest in energy-efficient tomorrow, the basis of business continuity.
resources. This assurance of being among the
first-movers in business today with the
A world where companies prospect of a considerably larger and
will need to build national more competitive business tomorrow
internet infrastructure. represents the underlying optimism at Adani
Enterprises.
A world that will invest more
Marked by the prospect of enhancing value
extensively in efficient and for all stakeholders associated with the
convenient mass mobility. Company.
039
RIDING THE INDIA STORY
Adani Enterprises has invested

in India, one of the world’s most
attractive growth proxies
Overview Economic growth comparable demographic average

India is one of the most exciting India is likely to emerge as a USD age in China (38) and USA (38).
growth stories in the world; Adani 5 Trillon economy by the middle of By the virtue of its youthfulness,
Enterprises Limited has selected the third decade of this century, India’s millennials are likely
to invest in this robust growth adding nearly 70% to its existing to be economically active
story. size across the next few years. longer, resulting in a national
The GDP growth achieved by multi-decade consumption
Adani Enterprises has invested phenomenon.
the country in the first 60 years
in businesses likely to emerge as
was replicated and compressed
engines of the India growth story.
in only the next seven, a trend
Vast under-consumption
The big message: if India grows, that is likely to re-emerge as India The underlying optimism behind
Adani Enterprises grows. recovers from the pandemic. the sustainable India momentum
is that the country is extensively
The result: Adani Enterprises is
Demographic advantage under-consumed across virtually
likely to contribute to this growth every utility, product or service
through proactive investments The sustainable driver behind
India’s economic outperformance when compared with the global
in people, assets, services and average. Besides, India possesses
technologies. is likely to be its demographic
advantage. India is not just adding the second largest global
more to its population annually population (and possibly the
than any country; India’s average largest global population of the
age at 29 is younger than the under-consumed), creating one
040
At Adani Enterprise, we are

attractively positioned to capitalise
on the emerging India growth story.
of the world’s largest sustainable Atmanirbhar Bharat Conclusion

consumption opportunities. The Indian government At Adani Enterprises, we are
announced a number of long-term attractively positioned to
Lifestyle revolution policies that enhanced policy capitalise on the emerging
There has been a consistent transparency. At the heart of India growth story by the virtue
increase in incomes and these policies lies the Atmanirbhar of being one of the country’s
aspirations in a rapidly Bharat emphasis that is intended largest organised listed business
modernising India. In India, we to catalyse Indian industry, reduce incubators invested in the future
see a prudent balance of saving imports and enhance self-reliance. of India.
and spending, likely to sustain
The Company’s scope and scale
consumerisation into the long- Privatisation
term. The result is that we has made it unique in India’s
India’s 2021 Budget indicates business incubation space,
see the world’s second largest a distinctive trend towards
population size (soon to become inspiring the optimism that if
privatisation and monetisation. India continues to grow quicker
the world’s largest) as a sizable As a responsible ‘aggregator’ of
captive market without needing to than the global economic growth
growth businesses, we perceive average, then Adani Enterprises
depend on global offtake. this to be an unprecedented is attractively positioned to grow
opportunity to acquire, grow and even faster.
graduate businesses into the next
orbit.
041
PROXY
Adani Enterprises
is one of the purest
multi-business proxies
of a modernising India
Overview
At first glance, Adani Enterprises appears to be an aggregation of
Statutory Reports
multi-sector businesses. However, these businesses have been threaded

with an over-riding idea: the idea of a modernising, responsible and
progressive world.
Adani Enterprises is engaged in a complement of businesses that
represents a superior proposition for the world, country, sector and
consumer.
Corporate Overview
India is at the convergence of sweeping opportunities related to its

lifestyle and infrastructure businesses. The Company is at the right place
at the right time.
By the virtue of a successful Adani Group exposure to the development
and monetisation of infrastructure assets and services, the Company is
attractively placed to widen its profitable coverage.
These opportunities are not just large and under-penetrated; the
opportunities are also rapidly widening in a growing India.
Besides, in a country where the government has committed to enhance
the role of the private sector in nation-building, opportunities for
validated incubation companies like Adani Enterprises can only widen.
The result is that Adani Enterprises has arrived at a rare opportunity
of playing catch-up with the pent-up demand of the past, even as it is
positioned to address the opportunity-ready possibilities of the future.
042
Our businesses
Integrated Solar Airports Road, metro and

Mining services
resource manufacturing Engaged in the rail
Engaged in the
management Engaged in the management of Engaged in the
responsible
Corporate Overview
Engaged in the manufacture of prominent airports, development of
extraction of
access of energy solar photovoltaic positioned to infrastructure
resources intended
resources from cells and modules deliver a world- projects that
to enhance
diverse global that represent the class experience facilitate mass
consumption
pockets and just- building block of for millions at a mobility
closest to
in-time delivery to the unfolding solar time when India’s
mining locations,
Indian customers, energy revolution aviation sector
moderating logistic
strengthening is poised to grow
Statutory Reports
costs
working capital rapidly
efficiency
Water Edible oil and Agro products Data centres Defence and
Engaged in the foods Engaged in Engaged in the aerospace
development of Engaged in the enhancing India’s development of Engaged in the
infrastructure manufacture, farm yield with the data centres with manufacture of
projects directed marketing and objective to feed a the objective to products directed
to enhance water branding of food growing nation help India retain to manufacture
delivery and usage resource products its internet-derived strategic products
efficiency that enhance data within the that enhance
health, hygiene, country India’s self-reliance
safety and well-
being
043
044
S P E C I A L I S AT I O N
Adani Enterprises is the showcase

of an idea whose time has come:
Business incubation
Overview
This is a VUCA (volatile, bellwether companies in the There is a growing conviction
uncertain, complex and prominent indices of the that responsible and
ambiguous) world. past have yielded ground specialised incubation
or gone out of business. enhances corporate
There is an increasing number
More than 50% of Fortune competitiveness. This is
of Black Swan events; the
500 companies of 2000 reflected in the following
last 13 years have produced
have gone bankrupt or have realities: enhanced revenue
two of the most devastating
been acquired. In 1958, visibility, resistance to
events of global magnitude.
corporations listed in the market cycles, opportunity-
Almost all the ‘least S&P 500 had an average preparedness, viability
predictable years’ computed stay in that index of 61 years; across market cycles,
by the QBE Unpredictability by 1980, the average stay consistent sectorial
Index have occurred in the had declined to 25 years; by outperformance, enduring
last two decades (majority in 2011, the average tenure had brand recall, extensive
the last decade). declined to 18 years; research compliances, increased global
indicates that three-quarters competitiveness and deep
The world has been
of the number of companies ESG fundamentals.
marked by climate change,
in that index in 2017 would be
technology obsolescence, Over the last couple of
replaced by 2027 (Research:
digital disruption, energy decades, Adani Enterprises
Innosight).
transition, cross-border has established itself as one
trade sanctions, terrorism, This need for corporate of the world’s most successful
increased government longevity has put a premium business incubation
regulation, geo-political on responsible business specialists.
upheaval and protectionism, nurturing and roots-building,
among others. reflected in an increasingly
specialised requirement:
The result is high business
incubation.
mortality; a number of
045
COMPETITIVE DIFFERENCE
AEL’s distinctive
incubation has
Statutory Reports
strengthened India’s
growth story
Corporate Overview
046
Overview in a post-liberalisation India, the coming

India represents a contrast of two together of the right strategic intent with
realities. relevant market realities.
On the one hand, the country represents Two, the Company developed a rich
incubation track record across five diverse
Corporate Overview
one of the most attractive global
economic growth opportunities; on the businesses, possibly the largest and
other hand, the country is one of the most widest number by an Indian company
challenging in terms of complex consumer during this period.
needs and competitive landscape. Three, the Company’s incubation was
The complexity of India is marked by directed not just at building viable
the second most populous market in businesses, but in creating prospective
industry leaders and sectorial
Statutory Reports
the world, number of ethnically and
lingually different states within a common transformers.
political entity and changes in terrain Four, the Company’s focus lay in taking
characteristics every few hundred its incubation competence towards its
kilometres, among other factors. logical conclusion: maximising value for all
Over the decades, these realities have stakeholders.
influenced the competitiveness of
organised businesses, placing a premium
on the quality of incubation competence. Over the decades, these
Incubation focus realities have influenced
At Adani Enterprises, we built business the competitiveness of
incubation into our core competence in organised businesses,
various ways. placing a premium on
One, the Company focused singularly on incubation competence.
incubation for more than two decades
047
Our credible incubation

track record
The robustness of AEL’s incubation process has been validated by the performance and achievements of the
demerged companies.
Statutory Reports
Corporate Overview
Adani Ports & SEZ Adani Transmission Adani Total Gas Limited Adani Green Energy
Limited Limited Limited
Incorporated business
Started its operations Started its operations in 2005. The Company Commenced operations
in 1998. The Company in 2009. The Company was demerged and listed in 2015. The Company
demerged from AEL in was demerged in 2015. in 2018. The Company was demerged and listed
2015. The Company has The Company has since has since emerged in 2018. The Company
since emerged as the emerged as the largest as the largest Indian has since emerged as
largest Indian private Indian private sector private sector city gas the largest Indian private
sector ports company power transmission and distribution company. sector renewable energy
by far, among the five distribution company, company. The Company
fastest growing port graduating from scratch intends to emerge as the
companies of the to sectorial leadership world’s largest private
world, arguably the in one of the shortest sector solar energy
world’s most profitable tenures for an Indian company by 2025 and
ports company and an power infrastructure the world’s largest
aspiration to emerge as company. renewable energy
the world’s largest ports company by 2030.
company by 2030.
048
Corporate Overview
Statutory Reports
AEL’s mining business AEL’s solar PV AEL’s airports
manufacturing and EPC infrastructure business By the virtue
Presently being of responsible
solutions business
incubated by Adani Presently being incubation, Adani
Enterprises. The Presently being incubated by Adani Enterprises has
Company has emerged incubated by Adani Enterprises. The emerged as a
as the largest Indian Enterprises. The Company has emerged successful business-
mining development Company has emerged as the largest Indian creating engine,
operator (MDO), a as the largest and most airport infrastructure presenting the
concept innovated competitive Indian company within the modern face of
by the Company. The solar PV Manufacturing space of three years, Indian business to
Company has specialised and EPC solutions accounting for more the world.
in knowledge-intensive company. The Company than a quarter of
business, helping has emerged central the country’s airport
customers leverage the to India’s dream of footfalls.
full value of their mining commissioning 175 GW
assets. of renewable energy
capacity by 2022 and
450 GW by 2030.
049
050
THE INDIA FOCUS
How Adani Enterprises’

incubation capability is
taking India ahead
Overview
Adani Enterprises is not to transform the sectors of to outperform.
just building businesses their presence
The ability to emerge as
to become financially
The ability to build companies a model for environment-
successful; it is building
that attract international and social-governance within
businesses to take India
national validation the sectors of its presence
ahead.
through global benchmarks
The ability to achieve the
These then are the elements alignment, certifications,
highest global credit-rating
of the Adani Enterprises documentation, carbon
provided to any Indian
story: footprint moderation,
company within that sector
innovation and a strategic
The ability to take out-
The ability to mobilise funds objective to sustain this
sized bets on India, possibly
(debt or equity) at the lowest outperformance.
the most attractive
cost from the most respected
global infrastructure cum At Adani Enterprises, we
providers for the longest
consumption story across the believe that the complement
period
foreseeable future of these priorities has helped
The ability to aggregate evolve our personality from
The ability to build
some of the most competent that of just another business
Indian companies around
professionals, inspire them incubator into a benchmark
global scale, vision and
with the Adani Group vision, – a company engaged in the
competitiveness
resources and governance good of the earth, business,
The ability to build framework, delegate country and humankind.
companies with the capability extensively and liberate them
051
I N C U B AT I O N A P P R OAC H
The unique
incubation umbrella
of Adani Enterprises
Overview
Companies manage businesses; in the flagship company that is Adani Enterprises,
we manage companies.
Across more than two decades, Adani Enterprises graduated from the promotion
of one business (ports) into a collection of 15 businesses (including those
demerged) that have been grown completely from scratch.
Process efficiency
There are specific proprietary incubation-strengthening processes that Adani Enterprises has institutionalised.
These comprise the following:
Statutory Reports
Support Verticalisation Partnership Accountability

The Company The Company has The AEL corporate Each vertical is
provides critical cash been structured team is a strategic headed by a Chief
flow support during across distinctive and advisory partner Executive Officer who
Corporate Overview
the initial capex verticals that operate to the businesses, reports periodically
phase, which makes mutually exclusive of ensuring synergy to the Chairman on
it possible to mature each other. between the various ongoing profitability,
the business with verticals. challenges and
speed, generating opportunities.
exponential returns
thereafter.
Structure Control management Reporting

Adani Enterprises The effectiveness transparency
has been positioned of the operating The CEOs and
like a holding structure is derived their teams report
company where from a mix of rigidity periodically to the AEL
it owns complete and informality – rigid Board of Directors
or significant in terms of business across pre-determined
equity stakes in deliverable and subjects that make
its constituent informal in terms it easy to ascertain
businesses. of access to Group business health in
knowledge and real-time.
competencies.
052
Influences
AEL’s specialised incubation Three, an operating framework Five, the insight to know the
competence has been influenced (strategic/tactical/controls/ extent to which a company needs
by the following realities. reporting) that makes it possible to be incubated before it is ready
to capitalise on emerging to be demerged into a standalone
One, the validated Adani Group
opportunities through the launch personality
template of incubation, which
of new businesses without
represents a guidepost of all the Six, the active role of the
stretching the Adani Group’s
things that succeeded in the past promoter in monitoring the health
managerial or financial bandwidth
(and are likely to recur) of each AEL business
Four, the ability to grow a
Two, access to a rich Adani pool of Seven, the capacity to provide
business through a complement
priorities that seed and fast-track patient multi-year capital
of objectives, competencies,
institutionalised competencies wherever necessary, helping
funds, delegation, reviews and
into new businesses without protect the business during its
accountability
needing to reinvent several critical incubation phase
wheels
Outcomes
Corporate Overview
The quality of AEL’s incubation following the demerger, validating some of the most demanding
has been reflected in the speed of the timing of this action. Some international appraising agencies.
maturing without comprising the of the companies also attracted
This extensively demonstrated
robustness of the demerged entity global strategic stake holders
that the AEL influence was not
to emerge as sectorial benchmark and institutional investors (Indian
restricted to the incubation
and maximise stakeholder value. and global); these companies
period; it extended well beyond
Statutory Reports
also attracted the highest credit
The quality of the incubation and helped create business
ratings accorded to Indian
has also been reflected in Adani leaders redefining their sectorial
infrastructure companies by
companies growing rapidly spaces.
Our incubation
competence:
Organisational Project
Access to Business vision
architecture
Recruitment
execution
Adani Group
strengths
Capital
Global Operational High asset
Funding pipeline Management
competitiveness monitoring utilisation
Plan
Our incubation lifecycle
Conceive Fund Fuse Develop Hold Demerge
053
ST R AT E G Y
Our incubation
Statutory Reports
approach has been

built around a
structured clarity
Corporate Overview
054
Overview
Adani Enterprises Limited has incubated its various businesses across distinctive
segments, enhancing clarity and synergy.
The Company’s business has been structured across four buckets:
AEL and its Incubation Portfolio
Corporate Overview
1. Resources* 2. Transport 3. Utility 4. Strategic
& Logistics
Mining IRM Airports Water Solar Mfg

Services
Adani Global Adani Global Road Data Adani
Statutory Reports
Fze Pte Ltd Centre Wilmar Ltd.
Carmichael Rail / Metro Defence

Mine
Incubating a new wave
of Infrastructure & Utility
Assets
All businesses possess an independent organisational structure

with respective CEOs and CFOs
Divisions SPV
*AEL directly holds IRM and Mining Services as business divisions
055
Adani Enterprises.
Successful incubator
How we have enhanced value
Successful incubator Market value to shareholders Capital management
Created five infrastructure Delivered 32% CAGR in market Robust structure; debt-to-
unicorns since inception value since listing in 1994 equity ratio of 0.8x as on
31st March, 2021
Demerged ATGL and AGEL in Delivered 113% CAGR in market Comfortable external debt-to-
the last three years value in the three years ending EBIDTA ratio of 3.6x as on
FY 2020-21 31st March, 2021
How we have enhanced operational excellence

Statutory Reports
Core portfolio Solar manufacturing business ESG
IRM continues to maintain a India’s largest manufacturing Embedded ESG framework;

national leadership position facility (1.2 GW capacity) value driver
Corporate Overview
50%+ market share in the Focus on sustainability

mining services space initiatives
How we are developing businesses
Natural resources Business incubator B2C segment entry
Mining portfolio of 127.2 Road construction order book Won bids for six airports
MMT of 450+ km
End-to-end logistics Significant progress in Water Acquired Mangaluru, Lucknow

provider Management and Data Center and Ahmedabad airports and MIAL
domains operations with a 23.50% stake
ATGL: Adani Total Gas Ltd. AGEL: Adani Green Energy Ltd. IRM: Integrated Resources Management CAGR: Compounded Annual Growth Rate
MIAL: Mumbai International Airports Ltd
056
057
At the heart of
our incubation
effectiveness
Statutory Reports
lies a robust ESG

focus directed to
enhance value for
Corporate Overview
all stakeholders
058
Overview This commitment to the customer relationships and

At Adani Enterprises Limited, creation of integrated value community welfare.
we believe that we are in for all our stakeholders
The governance component
business to do the right represents the basis of
enunciates strategic clarity,
things in the right way. our long-term existence. It
prioritises values cum
reflects in enhanced Financial
We are engaged in business conduct codes, selects a
capital, Manufactured capital,
for the benefit of all our prudent Board of Directors
Human capital, Intellectual
stakeholders: the customer and indicates alignment with
capital, Social & Relationship
UNGC principles, evoking
Corporate Overview
must benefit through an capital, and Natural capital.
enhanced product or service, a responsible expectation
the employee must derive The environment component across stakeholders.
pride, remuneration and addresses the world’s priority
The combination –
career growth, the investor that businesses consume
environment, social and
must generate a superior environmentally responsible
governance – provides a
return on employed capital resources, utilise an optimal
platform for long-term growth.
over competing investment quantum, recycle waste,
Statutory Reports
alternatives, the community consume a modest quantum Some of the principles of our
must benefit from our of finite fossil fuels and build ESG commitment have been
presence, the government resistance to climate change, described in this section,
must benefit through taxes moderating the carbon which provide a perspective
and livelihood creation while footprint. of what we are, where we
our vendors must benefit come from and what we hold
The social component
through the outsourcing of dear.
addresses the need to
products and services. invest in employees, vendor/
Integrity
At AEL, we have centralised other regulatory agencies and without prejudice and
the importance of integrity peer global standards. Over appraise without partialness,
in our operations. We place the years, our commitment respect for the dignity of
the highest standards when to integrity has also people and environment
it comes to personal and extended to gender respect, integrity and respect for
collective integrity, reflected zero tolerance for sexual the laws of the lands of our
in a compliance with the harassment, impatience presence.
enunciated standards with ethical transgressions,
stipulated by the government, commitment to recruit
059
Board of Directors
At AEL, we believe that the direction, helping the Company comprises a balanced proportion
success of our strategic direction accelerate or course-correct. We of Independent Directors, who can
is influenced by our Board of have placed a premium on our speak their mind and influence
Directors. Our Directors represent Board composition, comprising the Board.
the strategic ‘pilots’ of our achievers of standing. The Board
Discipline
At AEL, we run businesses that compliances, documentation, standards on the other, the basis
operate around a high sense reporting and transparency on of sustained outperformance.
of discipline when it comes to the one hand and operating
Long-term
At AEL, we plan for the long-term. This is visible in the verticals of the consumption market grows,
Our investments are not inspired our presence: some of the spaces our businesses will progressively
by considerations of short-term can be considered relatively mature, deepening our relevance.
arbitrage but by the sustainable nascent; we believe that as the
long-term value we can generate. lifestyle revolution widens and
Statutory Reports
Plural focus
At AEL, we are present in diverse has strengthened our ability has enhanced our corporate
businesses that enrich the to withstand specific sectorial sustainability.
holistic value of our portfolio. headwinds. Besides, our ability to
Over the years, this diversity cross-support other businesses
Corporate Overview
Controlled growth
At AEL, we believe that business performance. The result is that growth without stretching the
sustainability is best derived from each of our business constituents Balance Sheet. The result is that
achieving a balance between has defined their respective we have remained liquid and
aggressive growth that threatens growth appetites without profitable through market cycles.
the safety of the Balance impairing the Balance Sheet.
Sheet and conservative growth The Company has consciously
that leads to sectorial under- allocated accruals into business
Process-driven
At AEL, we believe that growth This arrangement has been our de-risking effective. As an
can be best derived when the catalysed by an investment in extension, our audit-driven and
promoter charts out a strategic processes and systems, a scalable compliance-driven approach
direction, remains engaged in foundation that will enable the enhances the credibility of our
the business at the strategic Company to grow profitably reported numbers.
level but delegates day-to-day and sustainably. A framework
management to professionals. of checks and balances makes
060
§ Moderate carbon footprint

§ Protect bio-diversity
§ Use 5R’s (replace, re-use, renewable, recycle and
Environmental
reduce)
§ Superior environmental rating
§ Ongoing audit and investment in environment
compliance
§ Disclose environment performance
§ Large workforce
§ Focus on knowledge, experience and retention
§ Investment in training
Corporate Overview
§ Culture of passion
§ Servicing marquee customers
§ H15 crore expended on CSR, FY 2020-21
Social
Statutory Reports
Code and values
§ Code of Conduct Our ESG
§ Whistle blower policy commitment
§ Anti-bribery and anti-slavery policy
§ Remuneration policy
§ Corporate-Environment-Health-And-Safety Policy
§ ESG commitment
§ Employee care and fairness
§ Prevention of Sexual Harassment (POSH)
§ Code of Practices for Fair Disclosure
§ Code of Internal Procedures and Conduct for
Insider Trading
Structure and oversight
§ Board with strong independence
§ Business Responsibility Policy
§ Fully Independent Audit Committee
§ Risk Management Policy
Transparency and reporting
§ Material event policy
Governance
§ Related party transactions

§ Quarterly self-declarations on the web
061
Adani Enterprises’
incubation specialisation.
Creating infrastructure
unicorns

Our incubation credentials
Statutory Reports
Established
capability in
Corporate Overview
Successful Created five

transforming
incubator since infrastructure
infrastructure start-
1994 unicorns
ups into sustainable
businesses
Providing Providing strong

shareholders cash flow support
multi-fold returns to start-ups during
and direct their initial capex
exposure cycle
062
How AEL enhances shareholder value
Business mix Complement Businesses Businesses Businesses

of diverse in large address large likely to remain
businesses addressable unmet needs or relevant across
markets demand the long-term
Adani Group Driven by Adani Access to Leveraging Driven by

synergy Group vision and established a common sustained
ambition Group managerial / outperformance
Corporate Overview
capabilities financial pool
Largest Investment in Scale translating Scale Scale to

capacity superior scale into cost/ influencing transform
market/service brand dynamics sectorial
competitiveness dynamics
Statutory Reports
Revenue and Annuity incomes Enhanced Enhanced ability Enhanced
profit visibility (through revenue / profit to mobilise access to data
multi-year visibility competitive
relationships) funds
Acquisitions Ability to Ability to Ability to fast- Ability to
spot and mobilise track growth establish
consummate corresponding market-leading
opportunities funds with advantages
speed
Capital Capacity to Ability to Ability to Ability to

Management leverage the mobilise low mobilise long- structure the
Group credit cost debt term debt business at a
Plan
rating (quasi-equity) low equity cost
ESG ESG-compliant Extensively de- Robust Focus on

business model risked approach; governance and enhanced
established disclosures value for all
global corporate stakeholders
credibility
063
Review of our businesses
Integrated resource Solar PV Road, metro and

Mining services Airports
management Manufacturing rail
Defence and
Water Edible oil and foods Agro Data centres
aerospace
Measurement of our delivered shareholder value
Direct
8,116 1,13,406
H crore, AEL market capitalisation, H crore, AEL market capitalisation,
31st March, 2016 31st March, 2021
Indirect*
68,362 5,56,693
H crore, market capitalisation of all stocks H crore, market capitalisation of all stocks
demerged from AEL, 31st March, 2016 demerged from AEL, 31st March, 2021
*Includes the market capitalisation of Adani Transmission Limited, Adani Ports and SEZ Limited, Adani Green Energy Limited and Adani Total
Statutory Reports
Gas Limited
Demerged since 2015 Demerged since 2018

Company Name Created in Market Company Name Created in Market
capitalisation, capitalisation,
Corporate Overview
Adani Ports & SEZ 2007 USD 20 Bn Adani Green Energy 2018 USD 24 Bn
Adani Power 2009 USD 5 Bn
Adani Transmission 2015 USD 14 Bn Adani Total Gas 2018 USD 14 Bn
H, Amount
H, Listed value of
1000 invested in AEL
at the start of FY
2010-11
10,204 AEL, 31st March,
2021
Includes the value of all shares (Adani Transmission Limited, Adani Ports and SEZ Limited, Adani Green Energy Limited and Adani Total Gas
Limited) given to shareholders of Adani Enterprises Limited
064
Business Year of listing on Value created

stock exchange
Adani Ports & SEZ Limited § IPO oversubscribed: 116x

§ Inception: Started business in 1998 § Amount raised in IPO: H1,771 crore
§ Business: Port Operator and Integrated § Cargo throughput in FY 2020-21: 247
Logistics Player, Multi-modal logistics. MMT
Mundra SEZ land bank 8,000+ ha 2007
§ Market capitalisation as on 31st March,
§ Ports across Indian coast: 11 2021: H1,45,464 crore
§ Promoter shareholding: 63.74% § Rated by Moody’s S&P and Fitch:
Investment Grade
Adani Power Limited § IPO oversubscribed: 21x

§ Inception: Started business in 2009 § Amount raised in IPO: H3,017 crore
§ Business: Power generation § Market capitalisation as on 31st March,
2009
§ Installed capacity: 12,450 MW 2021: H32,803 crore
§ Location: Mundra SEZ land bank
Corporate Overview
§ Promoter shareholding: 74.97%
Adani Transmission Limited § De-merger of Transmission business of

§ Inception: Started business in 2009 AEL into ATL: 2015
§ Business: Power transmission and § Consumers served in sub-urban Mumbai:
Distribution 3 Mn (500 MW captive power generation)
§ Operational transmission lines: ~13,027 2015 § Market capitalisation as on 31st March,
Statutory Reports
ckt km 2021: H99,901 crore
§ Transmission lines under construction: § Rated by Moody’s S&P and Fitch:
~5,774 ckt km Investment Grade
Adani Green Energy Limited § De-merger of renewable power business
§ Incorporated business: 2015 of AEL into AGEL: 2018
§ Business: Renewable energy § Market capitalisation as on 31st March,
2018 2021: H1,72,714 crore
§ Capacity: 19,890* MW
§ Operational capacity: 3,470 MW
Adani Total Gas Limited § De-merger of Gas Sourcing and

§ Incorporated business: 2005 Distribution business of AEL into AGL:
§ Business: City gas marketing and 2018 Consumers served >4.8 lac
distribution 2018 § Market capitalisation as on 31st March,
§ CGD footprint: 18 GAs operational 2021: H1,05,719 crore
§ 19 GAs authorisations received
*Including projects where company is declared L1 bidder
065
066
Our businesses
Our mining business

Our solar manufacturing
business
Corporate Overview
Our airports business
Our roads and highway
construction business
Statutory Reports
Our water management business
Our data centres business
Our packaged and branded
edible oils business
Our agro products business
Our defence sector business
067
OUR BUSINESS
Our mining business

Statutory Reports
Corporate Overview
Mining service contract for nine coal blocks
11 mining projects in Chhattisgarh, Madhya

Pradesh and Odisha
Coal mining capacity 100+ MMT per annum
Iron ore mining capacity (16 MMTPA at LoA

stage)
068
Overview an extensive under-consumption

India is one of the most attractive of products and resources, there
countries when viewed from the is a possibility that this picture
perspective of the consumption of could soon change, creating an
mineral-dependent products. unmistakable demand pull for
the increased mining of primary
India is the world’s fourth largest resources.
energy consumer with only a
5.8% share of the world’s primary The Indian government is likely
energy consumption (addressed to bring more than 500 mineral
by coal, crude oil, natural gas deposits under commercial
and renewable energy) and a per auction, catalysing the
capita electricity consumption Atmanirbhar Bharat programme.
Favourable policy changes
Corporate Overview
at only 1149 kWh compared to a
global average of 3316 kWh. could attract global and Indian
investments, enhance asset
India is the world’s second largest utilisation and operational
steel manufacturing nation but efficiency.
accounts for a steel per capita
consumption of only 75 kgs India’s primary energy
compared with a global average of consumption is expected to
almost double to 1,123 Mn tonnes
Statutory Reports
229 kgs.
of oil equivalent by 2040 (source:
India is a young country with IEA). India’s primary energy
growing people aspirations. demand is expected to grow at
Mining of natural resources can a CAGR of 4.2% between 2017
play a pivotal role in enhancing and 2040, faster in percentage
livelihoods and rural living terms than possibly every major
standards. India’s mining sector economy.
contributes a mere 2.5% of GDP,
which is far less than in developed As the demand for infrastructure
economies, indicating attractive rollout in India catalyses a back-
headroom. end demand for mined resources,
there is a growing emphasis
Even as these realities indicate coming from a government policy
that intends to expand coal
gasification to 100 Mt by 2030,
strengthening India’s resource
The big picture consumption per capita towards

the global average.
India is one of the most mineral-rich countries Adani Enterprises Limited
with a low proportion of global exports of a selected to be present in this
range of mineral resources on the one hand space with the objective to
service India’s growing resource
and low per capita consumption of the end appetite with a complement of
products manufactured from those minerals, imports and responsible direct
strengthening the Company’s rationale for a mining, making it possible to
presence in this business provide the doorstep delivery of
an adequate quantity of the right
resource quality at the right time
069
at the right place, enhancing the Our business model mechanism and carrying cost
consumer’s value proposition. Capital-light: Unique capital-light to ensure timely payments,
business model that focuses on considering adverse economic
Adani Enterprises entered the
enhancing mined throughput for implications
Mine Developer and Operator
business in 2008 and dispatched the mine owner Geographic diversification:
its first rake from the PEKB Diversified portfolio: Presence in Presence in four states, reducing
mine to Rajasthan Rajya Vidyut 70% of India’s mineral belt with its excessive dependence in one
Utpadan Nigam Limited (RRVUNL) a wide exposure across MDO or two states
Power Stations in March 2013. coal, MDO iron ore, washery and The outcomes comprise a market
Within just a decade, the commercial coal functions leading share of 50% in India’s
Company has emerged as one
Responsible: The Company is a MDO space, consistent cost
of the largest developers and
responsible green miner, having leadership and a high EBITDA
operators of coal mines in India in
invested in extensive afforestation margin

addition to footprints in Indonesia
and Australia. and targeted to plant 29 trees for
every one that was cut, coupled
Our strengths
The Company’s mining projects with a near-85% replanting Scale: The Company is India’s
are located in Chhattisgarh, success rate. The Company largest MDO with an annual
Madhya Pradesh and Odisha. Its demonstrated an extensive contracted capacity of 100+ Mn
book size of 112.6 MTPA (10 coal compliance with ESG standards tonnes as on 31st March, 2021
blocks and two iron ore blocks) and benchmarks, enhancing
Statutory Reports
comprises MDO and commercial Positioning: Within just two

respect and responsibility years of entering the business,
coal mining capacity of 9 MTPA.
The Company also comprises a 100% contracted capacity: the Company emerged as
coal washery of 10 MTPA. Contractual mechanism for India’s first private mining
life-long tariff escalation across company to pioneer the Mine
The Company won two mining agreements of 30 years Developer and Operator (MDO)
commercial coal blocks (Dhirauli concept. Besides, the Company
and Gondulpara) that can Robust counter-party profile:
Corporate Overview
pioneered the development of

contribute to meeting the coal Addressing customers of AAA and large greenfield coal projects in
demand of various industries AA categories (57%) and A and India. The Company’s asset-light
enhance job opportunities for Unrated category (43%) operating approach has enhanced
local communities. The Company profitability coupled with lower
Engagement stability: Engaged
intends to participate in the risks
across multi-decade contracts
second tranche of commercial
with sovereign/ sub-sovereign Solutions provider: The Company
coal mining auctions.
entities and State- and Central provides an end-to-end mining
The Company’s mining services Government-backed counter- solution, ideal for mine owners.
comprised 605 full-time parties The Company possesses strong
employees and 1,209 third party project execution capabilities
Critical: Utilities and ‘essential
workers at the close of the year leading to faster mine
services’ classification by the
under review. development and commissioning;
government ensures a must-run
The Company possessed a status at all times its rich experience and
portfolio of 100+ MMT (46 MMT outsourcing model accelerates
De-risked: No volume risk due ramp up and sustainable
of which is operational, 67.2 MMT
to a confirmed annual offtake of production
which is under development
the entire contacted quantity;
and 25 MMT for which LoI was Technology: The Company
predictable long-term cash
received) at the close of FY 2020- invested in cutting-edge
flows, on the basis of fixed and
21. technologies - drones for
cost pass-through agreements
with sovereign/sub-sovereign increasing surveys and
off-takers; payment security
070
surveillance across inaccessible

areas - to enhance mining
efficiency in line with the best What’s positive for this sector
global standards
Tightening Growing Market Mining
Broadbasing: The Company’s
regulatory room for gap to be sector to be
prudent diversification across
action responsible addressed by driven by
geographies and minerals has
mining competent increased in-
ensured portfolio risk mitigation
players frastructure
Project management: The Parsa creation
East and Kanta Basan coal blocks
were completed in a record 3.5
years, sectorial benchmarks,
Corporate Overview
with commercial dispatches What’s positive for our business
commencing from March 2013
Certifications: The Company’s Positioned as Invested in Invested in Mines to be
mining business has been a responsible the mining of mines with progressively
accredited with the most mining coal and iron multi-year commercial-
demanding certifications (ISO company ore potential ised
2600:2010, ISO 31000: 2009, ISO
Statutory Reports
9001:2015, ISO 14001:2015, and
OHSAS-18001:2007), enhancing
credibility among stakeholders
Credit rating: A credit rating of
BBB in 2012 was upgraded to A
in 2015 and A+ (SO) in 2016 (one Big numbers
notch higher than AEL under a
ring-fenced structure). The credit
rating for the PEKB mine was
upgraded to A(-) during the year FY 2019-20 FY 2020-21
under review
Recognition: The PEKB mine
operated by the Company
was awarded ‘Outstanding
Achievement in Environmental
Protection’ by Greentech
Foundation & Excellence in Water 78.8
(MMT), IRM volume
63.4
(MMT), IRM volume
Management as ‘Noteworthy
project in water management’ at
the 14th CII National Awards
Highlights, FY 2020-21
15.5 17.5
The performance of the
Company’s coal mining (MDO)
segment remained robust (MMT), Mining services (MMT), Mining services
during the year under review, Volume Volume
addressing national needs
through a complement of imports
(largest importer) and mining.
071
The Company possessed a mining agreements for two commercial

service contract for nine coal mines – of 3 MMTPA in Dhirauli,
blocks (aggregate capacity more Madhya Pradesh and 4 MMTPA in
than 100 MMT per annum) and Gondulpara in Jharkhand.
two iron ore projects (16 MMTPA
The Company received necessary
at LoA stage). These 11 projects
approvals for the Carmichael
are located in Chhattisgarh,
mine project in Australia in which
Madhya Pradesh and Odisha.
a major part of the capex was
Even as the Indian economy was incurred.
sluggish in the first half of the
The Company emerged as the
last financial year, the Company’s
lowest bidder in the Chandragupt
mining business reported growth
coal mine (bid outcome awaiting
in production volumes and
confirmation).
turnover (even as most industry
players reported subdued or The Company signed an
negative growth). The IRM agreement with Ministry of Coal
business reported a turnaround in for Dhirauli and Gondulpara mines.
profitability. These mines are expected to start
within 44 months from January
The mines of PEKB (15MT),
2021.
Talabira (20 MT), GPIII (5MT) and
Statutory Reports
Kurmitar (6MT) were in operation; The Company is in LoA stage

PEKB (15 MT), Talabira (1.01 MT) for GP2 and GP1. The Company
and GPIII (1.5 MT) produced 17.51 is expected to assume control
MT in FY21. The Company’s IRM of iron ore mines (Bailadila and
business accounts for a quarter of Kurmitar) by April FY 2021-22.
all the coal imported into India.
The implementation of
Coal mining production volume weighbridge automation at one
Corporate Overview
increased 13% to 17.5 MMT, mining project site improved

including 15 MMT from PEKB efficiency and accuracy, reducing
(Parsa East Kente Basan), 1.5 the process turnaround time; the
MMT from GP3 (Gare Pelma 3) experiment will be extended to
and 1 MMT from Talabira mine; new sites.
Big numbers this compared to a production
volume of 15.5 MMT in 2019-20 Outlook, 2021-22
where 15 MMT was derived from
648,000
The Company intends to emerge
PEKB (Parsa East Kente Basan) as one of the largest and most
and 0.5 MMT from GP3. Coal diversified mining groups in the
Trees planted by the
dispatch increased 33% to 15 MMT world.
Company (terrestrial
including 12.3 MMT from PEKB, 1.7
plantation) until 31st March, The Company is focused
MMT from GP3 and 1 MMT from
2021 on portfolio growth and
Talabira compared to 11.3 MMT
from PEKB in 2019-20. diversification in a socially
3,797
Ha under afforestation
The Company extended to the
washery service business and
sustainable manner.
While the principal goal of the
received a LoI for the Hingula coal Company is to help India achieve
washery of 10 MMTPA capacity energy security, the Company will
261
Ha under reclamation
from MCL (Mahanadi Coalfields
Ltd).
seek to touch millions of lives:
employing more people, improving
education and healthcare
The Company signed coal block
development and production
072
Corporate Overview
Statutory Reports
facilities in India’s hinterlands expansion of this business in of rising industrialisation,
and training women to become the next three years. The order infrastructure investment,
financially independent (reflected book at the close of 2020-21 was growing population and enhanced
in Project Unnayan). 100+ Mn tonnes under operation/ aspirations for better lifestyles.
development; mining service
It is expected that the Carmichael India is the world’s third‐largest
tenders of approximately 100-125
mine in Australia could commence energy consuming country, thanks
Mn tonnes are expected in a few
operations during the current to rising incomes and improving
years, widening opportunities.
financial year and produce 10 standards of living. Energy use
MMT per year with supporting has doubled since 2000, with
Optimism
railway infrastructure expected 80% of demand still being met
to be operational by July Even as mining is increasingly by coal, oil and solid biomass.
2021. The Company intends to controlled, we believe there is a India intends to reduce imported
operationalise at least three room for responsible miners to coal dependence, key to its 1334
mines in India. Going forward, grow their businesses. Even as the twh (2019: 1135 twh) coal-based
the Company intends to increase consumption of natural resources electricity target by 2040. India’s
volumes at GP3 and Talabira, the in the generation of electricity is electricity demand is projected
mines achieving peak capacity expected to plateau or decline, to grow by almost 5% per year to
across the foreseeable future. the consumption of coal in 2040. An expanding economy,
The Company intends to invest other downstream applications population, urbanisation and
around H8,000 crore for capacity is expected to grow on account industrialisation mean that India
073
could see the largest increase Operator of Kente Extension Coal dispatching coal to end recipient
in energy demand across any Block and shall be focusing on power projects of CSPGCL. The
country until 2040. Coal-based development of the coal block, coal block was permitted to be
generation is expected to account mining, beneficiation of coal and opened on 26th March, 2019.
for a major share in power scheduling for transportation and Coal production commenced
generation till 2040. dispatching coal to end recipient on 6th December, 2019 and coal
power projects of RRVUNL. The produced was 1.5 MMT in FY
At Adani Enterprises, we are
Kente Extension coal block will 2020-21. Coal delivery started on
optimistic of prospects in view
commence production in 2021. 16th March, 2020 and total coal
of uncompromising investments
delivered in FY 2020-21 was 1.7
in responsible mining, our Parsa coal block: Parsa coal
MMT.
technologies, capacities, block in Chattisgarh is allocated
certifications and competencies. to RRVUNL. Rajasthan Collieries Talabira II and III coal block:
Limited (RCL) and RRVUNL Talabira II & III coal block at
Our mining presence (a joint venture company of Odisha is allocated to NLC India
Parsa east and Kente Basan coal RRVUNL and Adani Enterprise Limited (NLCIL) for confined use
block: Parsa East and Kente Basan Limited) entered into a coal in their thermal power plant.
coal block (PEKB) in Chattisgarh mining and delivery agreement Talabira (Odisha) Mining Private
is allocated to the Rajasthan and appointed RCL as the only Limited (TOMPL), a subsidiary
Rajya Vidyut Utpadan Nigam mining contractor. RCL, the Mine of Adani Enterprises Limited,
Limited (RRUVNL). RRVUNL has Developer & Operator of Parsa was appointed by NLCIL as Mine
coal block, shall focus on the Developer and Operator (MDO)
Statutory Reports
undertaken a Coal Mining and

Delivery Agreement with Parsa development of the coal block, for the development, operation,
Kente Collieries Limited (PKCL), a mining, beneficiation of coal and mining and dispatching of coal to
joint venture company of RRVUNL scheduling for transportation and NLCIL. NLCIL and TOMPL entered
and Adani Enterprises Limited, dispatching coal to power projects into a coal mining agreement
and appointed PKCL, as Sole of RRVUNL. The Parsa coal block on 23rd March, 2018. TOMPL as
Mining Contractor. PKCL as Mine is under development. Mine Development & Operator
of Talabira II & III coal block is
Corporate Overview
Developer and Operator of PEKB, Gare Pelma sector III coal block:
is taking up development, mining, undertaking the development of
Gare Pelma sector III coal block
transportation and dispatch the coal block, mining, loading,
in Chattisgarh was allocated
of washed coal to electricity carriage and dispatching coal
to the Chhattisgarh State
projects of RRVUNL. The project to the points of delivery. The
Power Generation Company
started mining operations and coal block was permitted to be
Ltd. (CSPGCL) for confined use
transmitting coal to thermal opened on 29th March, 2019.
in its thermal power plant in
power stations of RRVUNL in TOMPL commenced operations in
Chhattisgarh. Gare Pelma III
March 2013. For FY 2020-21, raw FY 2020-21 and coal production
Collieries Limited (GPIIICL), a 100%
coal production at 15 MMT and volumes were 1.0 MMT.
subsidiary of Adani Enterprises
washed coal dispatch to thermal Limited, was appointed by the Suliyari coal block: Suliyari
power plants of RRVUNL stood at CSPGCL as Mine Developer coal block at Madhya Pradesh
12.3 MMT. and Operator (MDO) for the was allocated to the Andhra
Kente extension coal block: development, operation, mining Pradesh Mineral Development
Kente Extension coal block and dispatch of coal to power Corporation Limited (APMDC)
in Chattisgarh is allocated to projects of CSPGCL. On 16th for merchandised mining of coal.
RRVUNL. Rajasthan Collieries November, 2017, CSPGCL and Adani Enterprise Limited was
Limited (RCL) and RRVUNL (a GPIICL entered into a Coal Mine appointed by APMDC as Mine
joint venture company of RRVUNL Services Agreement. GPIIICL, as Developer and Operator (MDO)
and Adani Enterprises Limited) Mine Development & Operator of for upgradation, operation,
entered into a coal mining and Gare Pelma Sector III coal block, mining and the delivery of coal to
delivery agreement and appointed is undertaking the development APMDC. APMDC and AEL entered
RCL as the only mining contractor. of the coal block, mining and into a Coal Mining Agreement on
RCL is the Mine Developer & arranging for carriage and 8th March, 2018. The Suliyari coal
074
Our ESG credentials

Natural resource conservation
FY 2019-20 Target by FY 2024-25
Energy Water Water intensity Energy Alliance Water intensity

intensity 15%; neutrality 3% reduction intensity for Water reduction by
reduction of roadmap to (187 Ltr/ reduction 30% Stewardship 33%
5476 GJ/MMT developed MT)
Carbon neutrality
Corporate Overview
FY 2019-20 Target by FY 2024-25
Carbon neutrality Emission intensity 10%; Become carbon-neutral Emission intensity

roadmap prepared reduction of 0.20 tCO2/ reduction 35%
MT
Statutory Reports
Waste management
FY 2019-20 Target by FY 2024-25
Zero liquid discharge 99% waste disposal Maintain zero liquid 100% waste recycling
by landfilling for discharge through landfilling
reclamation for reclamation of
excavated area
Recreating environment
Innovative reforestation Transplanting native tree species Conserving the local ecology
technology of tree to an alternative site
transplantation
block is under development. AEL, NCL (NMDC-CMDC Limited). company of Adani Enterprises
as Mine Development & Operator Adani Enterprises, as Mine Limited, for the development of
of Suliyari coal block, will be Developer and Operator (MDO) the iron ore block, extraction,
engaged in the development of was appointed by NCL for the loading, carriage and dispatching
the coal block, extracting, loading, renovation, operation, extraction iron ore to the point of delivery.
carriage and dispatch of coal to and dispatch of iron ore to NCL. This iron ore mine is under
the point of delivery. NCL and AEL entered into an Iron development.
Ore Mining Services Agreement
Bailadila deposit -13 iron ore Gare Pelma sector I coal block:
on 6th December, 2018. AEL is
mine: The mining lease of Gare Pelma sector I coal block at
the sub-contractor to Bailadila
Bailadila Deposit -13 Iron Ore Chattisgarh has been allocated
Iron Ore Mining Private Limited
Mine in Chhattisgarh is held by to the Gujarat State Electricity
(BIOMPL), a 100% subsidiary
075
coal. The coal block is under

development.
Kurmitar iron ore mine: The
mining lease of Kurmitar Iron
Ore Mining Private Limited in
Odisha’s Sundargarh district is
held by Odisha Mining Corporation
Limited (OMCL). OMCL appointed
the Kurmitar Iron Ore Mining
Private Limited (KIOMPL), a 100%
subsidiary of Adani Enterprises, as
the Mine Developer and Operator
(MDO) to undertake renovation,
functioning, extracting, carriage

and dispatch of iron ore to the
point of delivery. OMCL, AEL and
KIOMPL entered into an Iron Ore
Mining Agreement on 31st October,
2019. The iron ore mine is under
Corporation Limited (GSECL) to Limited. The Coal Mine Services
development.
ensure proper utilisation in their Agreement between Gare Palma
Statutory Reports
thermal power plants in Gujarat. II Collieries Private Limited and Resources mining in Indonesia: PT
On 15th December, 2018, GSECL MAHAGENCO is to be signed. Adani Global, Indonesia, a wholly-
issued a conditional Letter of Production is anticipated to owned step down subsidiary
Acceptance (LoA) to Adani commence from 2021. of the Company, was awarded
Enterprises Limited (AEL, 74%) a coal mining concession in PT
Gidhmuri Paturia coal block:
and Sainik Mining and Allied Lamindo Inter Multikon (stepdown
Gidhmuri Paturia Coal Block
Services Limited (SMASL, 26%) for subsidiary in Bunyu Island,
at Chhattisgarh is allocated
Corporate Overview
enlargement, operation, mining Indonesia). The Bunya mines have

to Chattisgarh State Power
and dispatching coal to final a Joint Ore Reserves Committee
Generation Company Ltd
use power projects of GSECL. (JORC)-compliant resource of 269
(CSPGCL) for shackled use in
The AEL-SMASL consortium and MMT for both mines (combined).
its thermal power plants in
GSECL are yet to sign a coal mine Production from the mine during
Chattisgarh. Gidhmuri Paturia
services agreement. FY 2020-21 was 1.04 MMT.
Collieries Private Limited (GPCPL),
Gare Pelma sector II coal an SPV of Adani Enterprises Resources mining in Australia:
block: Gare Pelma Sector-II Limited (AEL, 74%) and Sainik Our wholly-owned step-down
Coal Block at Chhattisgarh is Mining and Allied Service subsidiaries in Australia own a
allocated to the Maharashtra Limited (SMASL, 26%) was 100% interest in the Carmichael
State Power Generation Co. Ltd. appointed by CSPGCL as Mine mine in the Galilee Basin in
(MAHAGENCO) for captive use Developer and Operator (MDO) Queensland, Australia. During
in its thermal power plants in for the Development, operation, the year ended 31st March, 2021,
Maharashtra. MAHAGENCO issued extracting and dispatch of coal the Group was working on the
a Final Letter of Acceptance to CSPGCL. CSPGCL and GPCPL development and construction
(LoA) to Adani Enterprises Limited entered into a Coal Mining of the coal mining tenements in
(AEL) on 5th November, 2019 for Agreement on 2nd May, 2019. the Galilee Basin in Queensland
the development, operations, GPCPL, as Mine Development (Australia).
mining and loading into wagons & Operator (MDO) of Gidhmuri
for delivery to power projects of Paturia coal block, will be
MAHAGENCO. engaged in the renovation of the
coal block, mining, facilitating
AEL formed an SPV named
transportation and dispatch of
Gare Palma II Collieries Private
076
AEL is India’s largest mining services player
Status Block name Capacity (MMTPA) Project type

Operational mines (46 Parsa (E) Kanta Basen 15.0 Mining services
MMTPA) Talabira II and III 20.0 Mining services
Gare Palma - III 5.0 Mining services
Kumitar Iron Ore * 6.0 Mining services
Under development Parsa Basen 5.0 Mining services
(67.2 MMTPA) Kente Extension 9.0 Mining services
Corporate Overview
Gidhmuri Paturia 5.6 Mining services
Suliyari Coal Block 5.0 Mining services
Bailadila Iron Ore 10.0 Mining services
Gondulpara 4.0 Commercial
Dhirauli 5.0 Commercial
Statutory Reports
Gare Palma Sector - II 23.6 Mining services
LOI received (25 Gare Palma Sector- I 15.0 Mining services
MMTPA) Hingula Washery 10.0 Washery services
*Operationalised on 1st April, 2021
Our integrated resources management business
The Company also provides a The Company ventured into Indonesia, South Africa and
door-to-door resource delivery coal management in 1999 USA, servicing private and PSU
model to address the gap in the clients in India.
requirement of coal at thermal
This comprises the The Company imports coal
power plants and the coal
responsibility and through all major Indian ports,
needs of the nation.
accountability of sourcing reducing logistics cost and
resources from suppliers, During the last couple of ensuring timely delivery.
managing sea-borne logistics, decades, AEL retained its
The Company’s complement
providing an intermediate position as the largest coal
of 10 marketing offices (four
holding facility at discharge supplier in India and a major
international), 18 branch
ports and delivering resources supplier of important minerals
centres and 20 operational
to customers. worldwide. The Company is
ports has translated into
the largest coal importer in
This unique approach has unchallenged market
Indonesia; it is one of the
allowed the business to create leadership. The Company
leading revenue earners for
more 600 satisfied customers enjoys a presence in the
Indian Railways.
across various downstream growing coal markets of Sri
industries (power, cement, iron The Company is India’s largest Lanka, Thailand, Vietnam, China
and steel, among others). non-coking coal off-taker in and Dubai.
077
OUR BUSINESS
Our solar manufacturing business

Statutory Reports
Corporate Overview
Manufacturers of
solar PV cells and
modules
Installed capacity of
1.4 GW
Manufacturing facility
in Mundra Special
Economic Zone
078
Overview GW by 2022 and 450 GW by rooftop installations, indicating

Possibly the strongest positive 2030 – that could transform the an increasing DCR demand of
theme for a transforming world is proportion of renewable energy Indian made cells and modules
coming from the increasing use of consumed in the country as a
§ State government subsidy
renewable energy. proportion of all capacity. The
comprising electricity charges
target is substantial considering
During the last decade, renewable and interest subvention
that India possessed a total power
energy has graduated from an capacity of 382 GW towards
academic subject to a serious
Our Company
the close of FY 2020-21, which
part of policy making budgets on indicates that in just the next ten Mundra Solar Photo Voltaics
account of a seminal development years, India intends to commission Limited (MSPVL) (constituent
– renewable energy forms have more capacity through renewable of Adani Enterprises) is the
acquired the critical mass to energy than it has done in the first and the largest (GW scale
Corporate Overview
decline below grid party. The last century through conventional integrated cell and module
result is that the world is finding it means. Besides, in the historic manufacturer in India, a reflection
cheaper today to generate power 21st Climate Conference in Paris of the government’s Make in
from renewable energy means in 2015, India promised the world India initiative with backward
than from conventional fossil that it would lead the climate integration through ancillaries in
fuels. change revolution. EVA, Back sheet and AL frames.
This transition is creating an The Company’s vision is ‘To

Government support
Statutory Reports
unprecedented demand for become a measure of success in
renewable energy products, § Support for manufacturing the solar industry by Innovating,
especially of the solar energy linked tenders: 3 GW solar Benchmarking & Improving
kind. In turn, this is creating an manufacturing commitment continuously.’
unprecedented demand for solar against the award of 12 GW
Since the business was
photovoltaic cells & modules, the solar power development
commissioned in 2017, it has
building block of solar energy. § Customs duty of 40% on solar sold about more than 3 MW
India is not a fringe player in this PV modules announced from 1st (till March 2021) of modules,
global renewable energy play; it April, 2022 addressing Indian and global
is central to it. India announced demand. The result is that the
§ Demand driven by a number of
an ambitious target of renewable Company emerged as a successful
government projects comprising
energy capacity creation – 175 globally competitive modules
PSU projects, KUSUM and
manufacturer in a short period of
time.
MSPVL commissioned India’s
largest solar cell and module
The big picture manufacturing facility with a
total installed capacity of 1200
The emergence of solar energy as a preferred MW each (later de-bottlenecked
renewable energy option has created a back- to 1400 MW each). This facility
end demand for solar photo-voltaic cells and makes a significant contribution
modules. India has emerged as one of the most to Government of India’s Make in
India programme while playing
aggressive investors in solar energy, creating a crucial role in the country’s
an unprecedented appetite for solar energy renewable energy targets of
products installation of 175 GW by 2022.
The business also comprises an
EPC business in Mundra Special
079
Economic Zone (SEZ). The Responsibility: The Company

Our project development Company emerged as the largest embedded its ESG framework into
competence Indian module supplier and third its operating model. The Company
overall for the supply of modules invested in an energy-efficient
Origination in the Indian market for the building with IGBC Platinum rating
January-December 2020 period
Operations: The Company
(Source: JMK’s Annual India Solar
widened its technology offering
Report Card 2020). By FY 2019-
Development through cutting-edge research
20, MSPVL had shipped >3.0+
and development. It offered a
GW modules globally and within
range of multi (315Wp to 345Wp),
India, capable of saving 70MMT of
Construction mono (340 Wp to 375Wp) and
carbon emissions during the life of
bifacial (350Wp to 425Wp) solar
the solar panel.
modules.
MSPVL enjoys a pan-India

Monitoring and control Knowledge capital: The
presence through 11 channel
Company possessed a strong
partners and their associated
and experienced team of 7500+
distributors to address residential
person years of experience
and C&I rooftop demand.
across by 3500+ employees to
Under the KUSUM scheme,
ensure process sustenance with
the Company’s modules have
two PhDs working on product
been supplied for solar pump
Statutory Reports
development and research

installations in the state of
Punjab, Haryana, Uttar Pradesh, Technology: The Company
Rajasthan, Gujarat, Madhya invested in best-in-class systems
Pradesh and Maharashtra. Of the and processes (automation, eco-
118.5 MW installation of solar system development and quality
pumps, the Company had supplied assurance), strengthening its
61.42 MW of modules (~52%) till brand.
Corporate Overview
Big numbers
February 2021.
De-leveraged: The Company
strengthened its capital
Our robust business model
990
MW, Solar products volume,
Pioneer: The Company was
the first in India to commission
management, moderating long-
term debt from H1385 crore at the
close of FY 2017-18 to H924 crore
FY 2019-20 a vertically integrated solar at the close of FY 2020-21.
photovoltaic manufacturing in
Recognition: The Company is
1158
Mundra Special Economic Zone
(SEZ). recognised globally for quality
products that have been rated
MW, Solar products volume, Scale: The Company possesses Tier 1 bankable by BNEF and
FY 2020-21 India’s largest integrated cell & Top Performer by PVEL for four
module manufacturing capacity consecutive years.
(1,400 MW). With its multi-level
970
infrastructure, the manufacturing Order book: The Company
facility is being scaled to 3.5 GW possessed a robust EPC order
MW, order book (H crore) as of modules and cells under a book of 120 MW at the close of FY
on 1st May, 2020 single roof. 2020-21, generating an integrated
demand for solar photovoltaic
De-risking: The Company cells.
807
MW, EPC order book (H crore)
collateralised more than 80%
of its diversified order book,
enhancing the certainty of cash
Clientele: The Company addressed
the growing needs of major
as on 1st May, 2021 flows. clients like Tata Power, L&T, HILD
and NTPC, riding their growth
080
ambition. The Company possessed

a strong order book of 807 MW
Our business approach
at the close of FY 2020-21 with
highly rated counter-parties,
assuring revenue visibility and a
stable credit profile Solar cell Supportive
EPC solution
R&D: The Company established & module regulatory
provider
state-of-the-art research manufacturing policy
and development (R&D)
facilities within an Electronic
Manufacturing Cluster (EMC)
facility, ensuring the manufacture
of critical components including
Corporate Overview
EVA, back-sheet and AL frames,
enhancing product efficiency. What’s positive for this sector
Partner: The Company enjoys
Solar energy Achieved Seen as an Driven by
alliances with leading global
preferred sub-grid energy cost marketplace
institutes (ISC, UNSW, PI Berlin,
renewable parity, a huge destroyer realities (no
Fraunhofer etc.), strengthening its
energy form positive subsidy)
technology access. The Company
Statutory Reports
developed an ecosystem of
ancillary units that can supply
important components that What’s positive for our business
substitute imports
Solutions: The Company made India’s Product Attractively Driven to
a strategic shift from the largest quality placed to emerge one
solar energy bench- service a of the world’s
conventional OEM model to
comprehensive EPC solutions, products marked with burgeoning lowest cost
enhancing margins and leveraging company the best national manufactur-
its project management appetite ers
capabilities comprehensively
India’s largest vertically integrated solar PV cell & module
manufacturer
Our credentials
§ Rated as Tier 1 Bankable module
by BNEF in 2018, 2019 and
2020 § Highest yield in India with Our strengths
§ Rated as the top performer highest overall equipment Cost control: The Company’s
across parameters for four efficiency cost reduction was catalysed by
consecutive years (2018, 2019 § Cell line with highest multi- Project Akshya, comprising 145
2020 and 2021) crystalline solar cell efficiency key projects leading to substantial
savings since FY 2018-19.
§ Module process line audited by § Low rejections due to robust
solar buyers in 2019 process in cell and module lines Technology leadership: The
Company is the only manufacturer
§ Module line audited by CEA in § Six Sigma process controls with in India to produce Mono p-Perc
2019 industry record on yield and n-PERT Bifacial cells,
§ Modules insured for warranty by § Module and cell line certified for producing cells using Multi MCCE
Munich RE – 2019 and 2020 ISO, IEC and BIS certifications wafers on a commercial scale; it
was the first to introduce 158.75
§ Rated as ‘Bankable module’ by
Black & Veatch in 2018, 2019
and 2020
081
mm (large) wafers across its entire was rated Top Performer in the Solar energy is being driven by
cell production Product Quality Program by PVEL- stable technology, no moving
DNV-GL for four consecutive years parts, speedy commissioning, few
Highest cell manufacturing
across major reliability tests for environmental controls and high
capacity: The Company
Perc and Bifacial products. affordability, indicating that solar
accounted for around 55% of the
energy is in a multi-year global
total operational cell production Our certifications: The Company
bull market.
capacity in India (overall 2.6 GW) possessed credible certifications
in FY 2020-21. Its capacity to - IEC 61215, IEC 61730, UL61730, The Company capitalised on
produce 1.4 GW of cells puts it IEC 62716, IEC 61701, BIS/IS this environment to report the
on a strong footing with respect 14286, IEC 62804, IEC 62759, IEC following improvements:
to public sector units and the 60068, MCS, PVEL-PQP, Black &
§ The Company achieved sales of
KUSUM segment under the DCR Veatch (IEC: International Electro
1158 MW in FY 2020-21 (against
requirements. Technical Commission. MCS:
sales of 990 MW in FY 2019-20)

Micro generation Certification
Credit rating: The Company was despite operations impacted
Scheme. PVEL-PQP: PV Evolution
classified as Stable Outlook and by COVID-19. This is creditable
Labs – Product Qualification
rating upgraded to A-, which when one considers that In FY
Programs. EHS: Environment
helped reduce financing costs 2020-21, as per MNRE data,
Health and Safety)
India’s solar installation market
Product quality: The Company
shrunk by 32% (from 6.5 GW in
was classified as a Tier-1 Bankable Highlights, FY 2020-21
FY 2019-20 to 4.4 GW in YTD
module supplier by BNEF within
Statutory Reports
The strength of the global solar Feb 2021).

the first year of operations, a energy market was validated
position that has been maintained during the first half of 2020, § Solar products sales volume
for four years. The Company marked by the pandemic. At aggregated 1158 MW compared
a time when global consumer to 990 MW in FY 2019-20,
demand began to taper and largely on account of increased
Big numbers virtually every energy market – DCR sales.
Corporate Overview
coal, oil and gas – weakened, the § The Company exported 19.4 MW
solar energy market continued
91.2
volumes in FY 2020-21
to grow. U.S. solar installations
reached a record high during § The Company optimised
GW India’s renewable energy costs during the year and is
2020 as favourable economics,
installed capacity, 2020 (PV committed to moderate them to
supportive policies and strong
tech) the lowest global benchmark
demand in the second half of
the year offset the impact of the § The Company sold nearly 100
5.15
GW Additional renewable
pandemic.
Installations grew 43% during
MW to rooftop installations
under the KUSUM scheme.
energy added in 2020 2020, reaching a record 19.2
gigawatts of new capacity Outlook, FY 2021-22
(Source: Solar Energy Industries The Company is in line to expand
39
Association and Wood its installed capacity to 3.54
Mackenzie). GW per annum with a probable
GW India’s aggregate solar backward integration into the
During the fourth quarter alone,
power installed capacity, manufacture of ingots, wafers
the U.S. added more than 8
2020 and polysilicon. The Company
gigawatts of capacity — a new
will focus on the development of
quarterly record. To put the
3.2
ancillaries in the EMC cluster for
number in context, during all of
ensuring the timely localisation of
2015, 7.5 gigawatts had been
key raw materials. The Company
GW India’s incremental solar added.
will align with the government
power installed, 2020
focus on the solarisation of
082
agricultural pumps and increasing invest deeper and create larger the Indian market. By FY 2022-
rooftop solar installations across capacities. Large responsible 23, the country’s solar energy
the country. corporations could drive the capacity is likely to be around 74
primary level of change that GW compared to a mere 4 GW in
Our optimism could create a tertiary wave FY 2014-15, around the time the
Progressive investments in when smaller companies invest in Company entered the business.
renewable energy do not need workplaces driven by renewable The country’s solar PV modules
to be subsidised by governments energy systems. appetite grew at a CAGR of 54%
any longer; they are being funded from FY 2014-15 to FY 2019-20;
There is another part of this India
by the marketplace (commercial even if the country’s demand
renewable energy story that
banks, development institutions grows at a CAGR growth of 25%
demands attention: the country
and shareholders) for reasons of from this point onwards, the
will not only be one of the largest
viability and sustainability. national target of 100 GW could
consumers of renewable energy
Corporate Overview
be achieved until FY 2022-23
There is a greater consumer hardware, but by providing timely
(Source: MNRE).
willingness to back whatever protection it has sent out a
is environmentally responsible. signal to Indian entrepreneurs to The country’s demand for solar
Besides, the 100% consumption manufacture within and build a PV modules is expected to jump
of renewable energy is being self-reliant nation. substantially from an estimated 6
interpreted as brand-enhancing GW in FY 2020-21 to 20 GW in FY
India projects to install 9 GW of
by companies. This is creating 2022-23 and an estimated 80 GW
average annual solar capacity
Statutory Reports
a marketplace incentive for opportunity in about five years.
in the next two years, widening
renewable energy companies to
Our logistical advantage in the global and Indian market
Capacity 1400Mwp p.a
Technology Crystalline silicon technology with a judicious product mix of multi, mono
and bifacial products
Location/state Mundra, India
Nearest port Mundra Port (adjacent to the factory premises)
Major raw materials Silicon wafers, silver paste, glass, EVA Al frame and backsheet
Raw materials coming from China, Singapore, Malaysia and Vietnam
Providing a world-class product
Test type Industry Criteria (IEC) <5% Adani Criteria (3 IEC) <5%
Pmax Degradation for Pmax Degradation
Damp heat 1000 hours 3000 hours
Thermal cycling 200 cycles 800 cycles
Potential induced degradation @ 1500V; 85 Deg 96 hours 288 hours
/85 RH
Ultra violet 15 Kwh/m2 120 Kwh/m2
Humidity freeze (between -40°C to 85°C 10 cycles 30 cycles
Dynamic mechanical load 1000 cycles 2000 cycles
083
Delivering best-in-class environmental compliances

ETP treated water
GPCB limit Result
pH @ 25° C 6.5-8.5 7.61
Total suspended solids (mg/L) 100 14
Fluoride (as F) (mg/L) 15 11.2
STP treated water

GPCV limit MSTPL MSPVL
pH@25°C 7.16 7.18 7.12
Total suspended solids (mg/L) 100 11 28

Biomedical Oxygen Demand (BOD) (mg/L) 30 9.1 14
Drinking water
GPCB limit Result
pH @ 25° C 6.5-8.5 8.09
Statutory Reports
TDS (PPM) 500 176

Total hardness (in PPM as CaCO3) 200 108
Calcium (in PPM as CaCO3) 120 78
Ambient air
Corporate Overview
GPCB limit Result

PM 10 (µg/m3) 100 82
PM 2.5 (µg/m3) 60 26
SOx (µg/m3) 80 10.4
NOx (µg/m3) 80 19.6
Way forward
The Company will implement of Energy Management System ISO 50001:2018 at MSPVL to reduce energy
costs and make the plant more energy-efficient by April 2021. The Company will prepare for Business
Continuity Management System: ISO 22301:2019.
Big numbers
13
Number of times, increase in
41
% share of solar energy in
10.3
% share of solar power in India’s
India’s installed solar capacity in India’s renewable energy installed power capacity mix in
the last 6 years (PV Magazine) mix in 2020 (PV Tech) 2020 (Source: Mercom)
084
Case study
When India entered a state of lockdown from March 2020, the Company sought government permission
to consider solar products manufacturing as an essential activity. The Company took necessary
precautions, rolled out a special incentive scheme, provided ration kits and extended in-plant stay
facility to its contractual workforce. The plant resumed full operations from 2nd April, 2021 with reduced
manpower on the shop floor and the introduction of a 12-hour shift. The result: the Company recovered
from the pandemic effect with robust growth in volumes and profitability in FY 2020-21.
Corporate Overview
Management System certifications Certification standard Certification agency
Quality Management System ISO 9001:2015 TUV Nord
Environment Management System ISO 14001:2015 TUV Nord
Occupational Health & Safety Management System ISO 45001:2018 TUV Nord
Product certification Certification standard Certification agency
Statutory Reports
Module Quality Qualification IEC 61215; IEC 61730: IEC (International Electrotechnical Commission)
2016 standards
Module Safety Qualification UL 61730 UL
Salt Mist Corrosion certification IEC 61701 IEC (International Electrotechnical Commission)
Ammonia Corrosion certification IEC 62716 IEC (International Electrotechnical Commission)
Potential induced Degradation IEC 62804 IEC (International Electrotechnical Commission)
(PID) certification
Dynamic Mechanical Load IEC 62782 IEC (International Electrotechnical Commission)
certification
Packaging, Shipping & IEC 62759 IEC (International Electrotechnical Commission)
Transportation certification
Sand & Dust certification IEC 60068 IEC (International Electrotechnical Commission)
Triple IEC – LST Testing 3 X IEC IEC (International Electrotechnical Commission)
To comply all PSU/Domestic BIS/IS 14286 Bureau of Indian Standard
tenders requirement
Awards
Golden Peacock National Six awards at the Won two prestigious trophies
National Quality Award for QCFI. The 5’s and (RG Deolalikar Trophy for Highest
Award 2020 Manufacturing Six Sigma initiatives Team Participation and Navodit
Competitiveness won Par Excellence Trophy for Best Quality Circle
2019 Awards; four Quality Team) at the 31st Gujarat State
Circle teams won Annual Convention - Vadodara
Excellence Awards Chapter Convention on Quality
Concepts
085
ESG credentials of our solar manufacturing business
Natural resource conservation
Rooftop solar plants Energy conservation 21% reduction in specific

helped substitute 5% initiatives helped reduce consumption (KL/MW)
power requirements 18% specific power of reverse osmosis
consumption over water compared to FY
FY 2019-20 (KwH/MW) 2019-20 following 28%
reduction in DI water
consumption (KL/MW)
19,656 plantations cultivated despite Restored sewage treatment plant

low fertility soil and semi-arid operations in August 2020; all
conditions discharge water parameters meeting
Statutory Reports
GPCB norms
Waste to wealth generation
Installed bio-gas plant for treating Conceptualised in-house wood

Corporate Overview
100% food waste and generation of recycling plant for recycling pallets
cooking gas (14,042 pallets recycled and ~456MT
wood saved till reporting date)
Safety
No Lost Time Injuries for Consistent improvement 55 improvements in

three consecutive years in EHS parameters process flow related to
fire, chemical slippage,
gas control and other
high-risk activities
086
Our recognition
MSPVL was rated as the MSPVL’s modules were rated ‘Top

Most Bankable Indian Module Performer’ in PVEL/DNV GL 2020
Manufacturer by PVTECH and Tier-1 PV Module Reliability Scorecard
Module Manufacturer by BNEF in for 2020, the only Indian solar
2020 manufacturing company to win this
for the third consecutive year
Corporate Overview
MSPVL was awarded the prestigious MSPVL won two Par Excellence and
Golden Peacock National Quality four Excellence Awards at Quality
Award for 2020 Circle Forum of India’s 34th National
Convention on Quality Concepts
2020
Statutory Reports
MSPVL was the recipient of the MSPVL became the largest Indian
Golden Peacock HR Excellence solar PV module supplier for 2020
Award 2020, the first time a solar as per JMK Research’s Annual Solar
manufacturing company received Report Card 2020
this award for innovative human
resource practices
MSPVL became the largest Indian MSPVL was declared winner in RE

solar PV module supplier for 2020 Manufacturer – Solar category at
as per Mercom’s India Solar Market the first Green Urja Awards 2020 by
Leaderboard 2021 Indian Chamber of Commerce
087
OUR BUSINESS
Our airports business

Statutory Reports
Corporate Overview
The big picture

India’s airports infrastructure that was built,
owned and managed by the government is
at the cusp of its biggest change: the Indian
government is disinvesting these airports,
creating an unprecedented investment
opportunity for the private sector
088
Overview Thiruvanthapuram is expected Flying high

From being a luxury, air travel from July 2021.
has now been democratised to The Company is in the process of Adani Group won the mandate to
the point that it has become acquiring Mumbai International operate six domestic airports in
accessible through affordable Airport Limited. Following the previous round
pricing and widening connectivity completion of this transaction, Airport Passenger footfalls
to the common traveller. Adani Group will have seven (in Mn)
Between FY 2009-10 and operational airports and one
Mumbai 45.87
FY 2019-20, air traffic grew at a greenfield airport under its fold.
CAGR of 11% and yet remained In line with its vision of Ahmedabad 11.43
one of the least penetrated large responsible nation building, the Guwahati 5.46
global aviation markets. Company intends to transform
Corporate Overview
the Indian airports infrastructure Lucknow 5.43
With the projected growth of
the Indian economy government sector. Trivandram 3.91
support, growing household The Company intends to design Mangaluru 1.88
incomes and a larger number revolutionary airports that
of millennials influencing reimagine the future, offer Jaipur 0.5
consumption, India’s aviation seamless processes that facilitate
sector is expected to report touch-less operations – especially Note: Figures for FY 2019-20
Source: Airports Authority of India
Statutory Reports
robust growth. in the post COVID-19 era, when
The Adani Group ventured into the social distancing will be the new
norm –and create a ‘gateway to Government initiatives
airports infrastructure business in
2019 through Adani Enterprises goodness.’ § In August 2020, the government
Limited (AEL). The Company’s business model approved 78 new routes
assures a hybrid revenue model under UDAN 4.0 to enhance
Airports Authority of India (AAI) connectivity to remote and
including aero and non-aero
adopted a single-stage electronic regional areas of the country.
bidding process for selection revenues. The non-aero focus
of the bidder for award of the is to be directed towards the § In April 2020, the government
project. The due date for the development of Airport Villages introduced ‘Lifeline Udan’
submission of the bids was 14th that can address ‘non-passenger flights to transport essential
February, 2019. The financial airport visitors’. The Company medical cargo to remote parts
bids of qualified bidders were intends to design futuristic of the country to support India’s
opened on 25th February, 2019 airports that reimagine the future war against COVID-19. Under
and the Company emerged as and touch-less operations. An this scheme, 588 flights were
the highest bidder on a fee per entry into this business is in line operated by Air India, Alliance
passenger basis for all six airports. with the Adani Group’s philosophy Air, IAF and private carriers as of
The concession agreement of bridging its B2B and B2C 31st May, 2020.
for Ahmedabad, Lucknow businesses. The airports business
will create strategic adjacencies § Union Budget FY 2020-21
and Mangaluru airports were introduced Krishi Udan scheme
signed on 14th February, 2020; for the existing business of the
Adani Group. on domestic and international
the Concession Agreements routes to help farmers transport
for the Jaipur, Guwahati and These airports handle 25% of agricultural products and
Thiruvanthapuram airports were India’s air traffic consumer base improve product value.
signed on 19th January, 2021. of 300+ Mn people. The Company
The Company commenced intends to provide end-to-end Sectorial performance, FY
operations in Ahmedabad, integration, committed to the best 2020-21
Lucknow and Mangaluru airports ASQ ratings across categories.
The onset of the COVID-19
while the commencement of pandemic in 2020 halted all flight
operations in Jaipur, Guwahati and operations from the fourth week
089
of March 2020, which affected tourists and domestic Strengths

the industry’s growth. passengers. Platform: Following the
The Indian aviation sector is § Developing entertainment completion of the Mumbai
anticipated to record attractive destinations (aerotropolis, International Airport Limited
growth across the foreseeable airport village, hotels and malls, transaction, the Company will
future. among others) have access to seven operational
airports and one greenfield
§ Enhancing domestic airline
Our business airport. The group intends to use
connectivity with new and this platform to build a network
The Company’s focus does not under- prioritised locations.
end in only providing a quality effect for the development of new
travelling experience but also a § Raise the number of routes.
distinctive experience to non- international flights; reducing Integrated: The Adani Group will
the delay between two flights
travelling clients comprising the benefit the airports business

following features: through various Group synergies.
Company’s performance, FY For instance, the airport business
§ Establishing first rate
2020-21 will leverage the Group’s
infrastructure on the air and
land sides of the airport to In FY 2020-21, the total existing businesses to develop
enhance quality travel time for passengers handled by the a world-class renewable energy
passengers Company (including Mumbai) was infrastructure and moderate its
~8 Mn. As of 31st March, 2021, carbon footprint.
Statutory Reports
§ Creating locally relevant Adani Airports had 233 employees

architecture in and around Framework: As per the Airports
on its rolls.
airports to attract foreign Economic Regulatory Authority
model, airports are expected to
Competitive advantages
receive returns on investments
The Company enjoys the following made in airport infrastructure. The
Big numbers competitive advantages: Aggregate Revenue Requirement
(ARR) is determined using AERA’s
Corporate Overview
§ Among the highest and most
6 diversified airport portfolios in building block approach for a

India block period of five years with
Bids won for airports provisions for under-recovery
§ Low non-aeronautical / over-recovery, which ensure
(Ahmedabad, Lucknow,
penetration provides a unique consistent cash flows.
Mangaluru, Jaipur, Guwahati
opportunity to enhance returns
and Thiruvananthapuram) Revenue augmentation: Airports
§ There is a significant enjoy an attractive opportunity
200+
opportunity to improve to generate substantial non-
efficiencies, enhancing returns aeronautical revenue (30%
Mn, consumer base for all stakeholders used as cross-subsidy for ARR
§ The Company enjoys 100% determination). Public-private
80+ equity ownership as opposed to partnership airports augmented

majority stakes by other airport their non-aeronautical revenues
Mn, passengers operators following privatisation, an
opportunity available to AEL as
§ India’s aviation traffic grew well.
120+
Mn, non-passengers
11.13% year-on-year before
the pandemic, indicating the Extension: The Company intends
to develop airports as an urban
potential of the business
extension addressing non-
passengers as well.
090
Outlook
The outlook for the airport
What’s positive for this sector
infrastructure business is positive
on account of the government’s
decision to progressively divest Greater Core and Once-in- Room for
ownership stakes in Indian government related op- a-lifetime large and
airports in favour of private need to portunities investment specialised
operators. This divestment and divest emerging opportunity players
related opportunities are expected airports
to accelerate the modernisation of stakes
infrastructure, turning them into
showpieces of global standard.
The Company enjoys a decisive
Corporate Overview
advantage in being a sectorial What’s positive for our business
outlier within only a couple of
years of entering the business, Acquired a Acquisition Mumbai Revenue
holding attractive prospects of quarter of comprises airport visibility for
outsized and sustainable growth India’s airport the marquee knowledge 50 years
across the long-term. capacity Mumbai pool to drive
The Company intends to re-define in just two airport sectorial
Statutory Reports
India’s airports infrastructure years exposure
sector through gateway
development, regional footprint
growth, focus on consumers
and non-passengers and deeper
investment in digital technology Our holding structure
interventions that widen
consumer choice and delight.
Adani Enterprises Ltd.
The outlook for the Company is 100% ownership of the business
underpinned by the fact that India
is expected to emerge as the third
largest aviation market catalysed Adani Airport Holding Company
by the government’s decision
to popularise the public-private Core Mumbai Ahmedabad Navi Lucknow
partnership model, graduate India Internation- Airport Mumbai Airport
into an MRO hub, flexible use of al Airport *(100%) Internation- *(100%)
air space and matured regulatory Limited al Airport
framework with assured returns. (23.50%) Ltd. (74% at
MIAL)
Regional Jaipur Guwahati Trivandrum Mangaluru

Airport Airport Airport Airport
(100%) (100%) (100%) *(100%)
*Current holding AEL is 85.5%, AAHL14.5% in SPV. Balance shareholding will be transferred
following regulatory approvals.
091
OUR BUSINESS
Our roads and highway

construction business
Statutory Reports
Corporate Overview
Engaged in the
building of roads and
highways
092
Overview aggregate labourers, but revived

India is among the most attractive thereafter. The NHAI plans to
destinations of road and highway increase road construction to
construction in the world. 5,000 km per year. Some 2,084
projects pertain to construction of
India stands at an inflection point 63,523 km of national highways in
with regard to the road building the country.
potential across the foreseeable
future. The country possesses the Adani Enterprises entered this
second largest road network in business in 2018 and has since
the world (5.89 Mn km); national emerged as one of its fastest
Corporate Overview
highways account for 1.8% of all growing, covering a portfolio of
the country’s roads but manage ten projects. The Company is
40% of the national road traffic. driven by the vision of emerging
as a premier, globally admired
This imbalance is expected to transport infrastructure solutions
correct across the foreseeable partner with a commitment to
future, widening the sector on develop complex projects on a
the one hand and enhancing sustainable basis from vision to
Statutory Reports
its efficiency (in terms of road reality.
construction momentum per day)
on the other. The business enjoyed a pan-
India presence (Chhattisgarh,
The country is at the cusp of Telangana, Andhra Pradesh,
rapid growth in this sector. The Kerala, Orissa, Gujarat and West
pace of highways construction Bengal) with an awarded project
in the country touched a record length of around 2300 lane km.
33 km per day in 2021 even as
the country was recovering Government initiatives
from a pandemic - nearly three Some recent Government
times what it was in FY 2014-15. initiatives comprised the
Highway construction in FY 2019- following:
20 stood at 10,237 km (10,855
km in FY 2018-19). Construction § The NHAI awarded 1,330 km
slowed between April and July of highways in the first half of
2020 when it was challenging to FY 2020-21, 1.6x of the total
awards in FY 2019-20 and 3.5x
FY19 levels. NHAI targeted
4,500 km of projects in FY
2020-21.
The big picture § In December 2020, the three-

lane 1.5 km Koilwar bridge
There is a greater recognition that quicker cross- over Sone River in Bihar was
country mobility deepens a sustainable national inaugurated
competitive advantage. India is at the cusp of § In December 2020, foundation
making one of its largest investments in the stones for 15 National Highways
building of roads and highways, a space where projects were laid with a total
length of 266 km, worth H4,127
Adani Enterprises has proactively invested crore (USD 560.88 Mn) in
Nagaland.
093
§ In November 2020, a large § Strong financial position to

Our certifications financial relief package of sustain big ticket infrastructure
H8,000 crore (USD 1.08 Bn) projects.
ISO 9001 for Adani Road
was announced to address the
Transport Limited and § Experience and expertise in the
working capital requirements of
Bilaspur Pathrapali Road construction and management
road construction contractors.
Project Limited of large Infrastructure projects.
ISO 45001 for Bilaspur Budgetary allocation for the § Qualified and experienced
Pathrapali Road Project road sector FY 2020-21 employees; proven management
Limited. team.
§ In the Union Budget FY 2021-
22, the Finance Minister made
the highest Budget outlay of Highlights, FY 2020-21
H1.18 lac crore for road transport § The Company signed six
Case study and highway infrastructure, an concession agreements

When the pandemic resulted increase of nearly 18% over the with NHAI under Hybrid
in a lockdown, there previous year Annuity Model (HAM) for road
was a fear that migrant construction aggregating 250+
§ NHAI will be allowed to mobilise km in Chhattisgarh, Telangana,
labourers would leave the
₹H65,000 crore from the market. Madhya Pradesh, Kerala and
construction sites and
venture homewards. The § The government announced Andhra Pradesh.
Company responded with intention to commission an
Statutory Reports
§ The Company received LOA from

speed: it provided safety and three highways in various states NHAI for four projects for the
other supports that ensured (3,500 km corridor in Tamil construction and maintenance
that project milestones were Nadu, 1,100 km in Kerala with an of roads in Telangana, Odisha,
maintained. The result is investment outlay of H65,000 West Bengal and Gujarat. Of
that the Company’s Suryapet crore, 675 km in West Bengal four projects received, two are
project was addressed on at a cost of H95,000 crore and under HAM, one under Build
schedule; the Mancherial 1,300 km in Assam)
Corporate Overview
Operate Transfer (BOT) and

project went a step further one under Toll Operate Transfer
§ The National Infrastructure
and was addressed ahead of (TOT) Model
Pipeline, which was launched
schedule.
with 6,835 projects in 2019, was
expanded to 7,400 projects. Company’s projects,
Around 217 projects worth FY 2020-21
H1.10 lac crore under some key § The Bilaspur-Pathrapali project
Big numbers infrastructure ministries were of length 53.3 km in Chattisgarh
completed. was under construction; 70% of
62.16
lac km. India’s total road
§ 13,000 km length of roads, at
a cost of H3.3 lac crore was
the project was completed
§ The Suryapet-Khammam project
awarded under the H5.35 lac of length 58 km was under
network as on 2020 crore Bharatmala Pariyojana construction in Telengana; 20%
project (3,800 km constructed). of the project was completed
1,36,440
km, India’s total length of
By March 2022, the Government
intends to award another 8,500
km and complete an additional
§ The Mancherial-Repallewada
project of length 42.0 km
National highway as on 2020 11,000 km of national highway was under construction in
corridors. (Source: NBM and CW, Telangana; 20% of the project
was completed
2
PIB)
§ The concession agreement
% of highways in India’s road Strengths for the Vijaywada Bypass was
network in 2020 § Strong and diverse order book. signed for a length of 17.9 km
094
§ The concession agreement for

Nanasa Pidgaon project was
signed for a length of 47.5 km What’s positive for this sector
§ The letter of award was received
Increased India Increased Government
for the Azhiyur Vengalam
government established budgetary support
project in Kerala for a length of
emphasis on daily road support for through
42.4 km
road building building rate road building various
Outlook higher than policies
the average
The Company will focus on pan- benchmark
India projects launched by the
National Highways Authority of
Corporate Overview
India (NHAI) and Ministry of Road
Transport and Highways (MORTH),
What’s positive for our business
Ministry of Railways and metro
corporations under numerous Adani Group Competence Capability Focus on
states and all related projects enjoys comprises project monetising
under the purview of Central or validated terrain man- completion peripheral
State authorities or agencies. project agement and below value from
management accelerated targeted road and
Statutory Reports
As a developer, the Company capabilities project com- costs highway
will primarily target PPP projects pletion building
structured in Build-Operate-
Transfer (BOT), Toll-Operate-
Transfer (TOT) & Hybrid-Annuity
Mode (HAM) models.
Optimism Big numbers
The Company will select EPC
projects take can offer scale and Around 65,000 km of national
highways are to be constructed
21.6
complexity, marked by relatively
low competition. under the Bharatmala Pariyojana.
Under its first phase, the National
The Company will leverage its Highways Authority of India will km/day, India’s road
local presence and expertise in build 34,800 km of highways construction momentum
project management to grow this by 2022. Awards for the phase-I from April-September 2020
business. of Bharatmala are expected to despite COVID-19
The Company will seek to be completed by FY23, while

grow its business through the
inorganic route by capitalising on
execution is expected to be
completed by FY25. NHAI is 30
km/day, India’s highway
opportunities. seeking to mobilise around
H265,000 crore in FY22 and FY23 construction momentum in
The Company will leverage its to fund additional road building FY 2020-21
pan-India projects management projects.
10,237
capability to enhance value for its
road, metro & rail infrastructure
development business. km, India’s road building
The Company will seek mergers completed in FY 2019-20
and acquisitions that enhance
access to superior assets that
maximise cash flows. 13,298
km, India’s road building
completed in FY 2020-21
095
OUR BUSINESS
Our water management business

Statutory Reports
Corporate Overview
096
Overview ground water level in the next

India is an extensively under- few years (source: World Bank).
provided country in terms of Considering that only 47% of
water availability. The country urban households possess
accounts for only 4% of the individual water connections and
world’s freshwater resources to about 40 to 50% water is lost
address around 18% of the world’s in distribution systems (Source:
population. This inequity is also National Sample Survey), water-
reflected in the country’s under- stress is likely to emerge as one
consumption of water: per capita of the biggest impediments
water availability of 1116 cubic to the country’s sustainable
metres in India some years ago growth agenda. The scenario is
compared with USA 8,836 cubic challenging: water scarcity could
Corporate Overview
metres and UK’s 2,244 cubic cost India 6% of its GDP by 2050
metres. Interestingly, as per capita (source: World Bank).
incomes rise, so could water Adani Enterprises entered this
consumption, threatening to business in 2018 and has since
deepen the national water-stress. grown this business attractively to
The Indian water sector is being a project size of around H14,500
increasingly perceived as a crore as on 31st March, 2021.
Statutory Reports
growing business opportunity:
The total Indian water market is
Government policy
estimated at about USD 14 Bn and The Indian government created
with the potential to grow in the Jal Shakti Ministry to prioritise
high-teen percentages for years water management —including
to come. supply, drinking water and
sanitation — under a centralised
By 2030, India’s urban population national government umbrella.
is expected to grow from 377
Mn in 2015 to an estimated 590 The Jal Shakti Ministry received
Mn by 2030, enhancing water an allocation of H30,478 crore in
consumption. At least 21 Indian FY 2020-21, an increase of
cities are moving towards zero H4,600 crore (18%) over the
revised estimates of FY 2019-
20. This Ministry focused on the
following programmes:
The big picture § National Mission for Clean

Ganga and National River
A growing global water-stress on the Conservation for pollution
one hand and the Indian government’s abatement of Ganga & Other
Rivers
commitment to make outsized investments
in water infrastructure are likely to create an § Pradhan Mantri Krishi Sinchayee
Yojana for extending coverage
unprecedented sectorial opportunity. of irrigation with improved
efficiency of micro-irrigation
097
§ Jal Jeevan Mission for providing

Big numbers piped water connections to 14.6
crore rural households by 2024.
18%
The Union Budget FY 2021-22
announced the launch of Jal
Annual growth of the Indian Jeevan Mission-Urban with an
water market in FY 2019-20 outlay of H2.87 crore.
§ Jal Shakti Abhiyaan to stimulate
42.49
%, share of India’s rural
rainwater harvesting and water
conservation
§ National River Linking projects
population access to safe
to connect 37 rivers across
drinking water, FY 2019-20
the nation to ensure adequate

(Statista)
water through the year in all
regions.
6
% of India’s GDP that can
AEL’s objectives
§ Construction of new sewage
be lost by water scarcity by
treatment plants
2050
Statutory Reports
§ Rehabilitation of existing
48.3
sewage treatment plants
§ Irrigation
%, Indian households that do
not have exclusive access to § Infrastructure development
groundwater (Scroll.in) § Large water supply and water
distribution projects
Corporate Overview
51
Mn, Indian households
§ Seat water desalination projects
Our business
provided tap water
connections till August 2020 The Company entered this
under Jal Jeevan Mission business in 2019. It bagged the
(Hindustan Times) prestigious waste water treatment
project in Prayagraj under the
National Mission for Clean Ganga
138
Mn, Indian homes to be
Framework, which comprised the
construction of three sewage
treatment plants of 72 MLD
connected with piped water
capacity and rehabilitation of
by 2024 under Jal Jeevan
six sewage treatment plants of
Mission (Business Standard)
cumulative 254 MLD capacity
098
(two years constant and 15 years

operations and maintenance). For
the execution of these projects, What’s positive for this sector
a Special Purpose Vehicle (SPV)
called Prayagraj Water Pvt. Ltd. Prospect of Futuristic Increasing Progressively
was formed. The project was 60% deepening business, government larger
complete by the close of FY 2020- global water marked by focus on government
21. stress multi-decade strengthen- outlays
relevance ing water
Highlights, FY 2020-21 systems
During the year under review,
this business treated more than
1,02,200 Mn litres of wastewater.
Corporate Overview
AEL’s strengths
§ Experience in handling large Focus on Adani Group Strong Group Opportuni-
infrastructure projects enhancing credentials credentials ty-prepared-
§ Qualified and experienced our exposure on superior to facilitate ness in the
employees project pre- face of un-
management qualification precedented
Statutory Reports
§ Stronger financial structure to requirements demand
address big projects
Outlook and optimism

India’s water infrastructure sector
is marked by a larger number of
projects on the one hand and a Case study
higher value of most projects, Following the imposition of performance parameters in
widening the room for serious the lockdown at the close terms of treatment quality. The
long-term players like AEL. of FY 2019-20, there was Company was able to achieve
a nationwide premium on the COD of Package III within
people retention on project schedule despite operational
Certifications sites. The Company’s water constraints.
management business
overcame serious constraints
ISO 9001-certified related to the availability of
labour and skilled manpower
and maintained its existing
ISO 9001 and sewage treatment plants in
15000-certified (Prayagraj addition to complying with all
Water Project Limited)
099
OUR BUSINESS
Our Data Centres business

Statutory Reports
Corporate Overview
100
Overview violations, among other issues.

During the last three decades, Besides, businesses will need to
there has been a data explosion digitise or perish; they will need
the world over. Each time an to embrace digital technologies
individual tracks a product on not just for modernising their
the Internet, ventures to buy and operations but how one may
browses, sees a film – or engages monetise these investments
in virtually anything on the to create new online business
internet - data is created. models.
A few years ago, a study by WEF India is the world’s second-fastest-

indicated that by 2020 there growing digital economy (source:
would be 40 times more data McKinsey). India’s data center
market size is expected to cross
Corporate Overview
bytes than there are stars in the
observable universe. USD 4.5 Bn, growing at a CAGR of
over 4% between 2020 and 2025.
With more than half a billion While Indians consumed 0.3 GB
internet subscribers, India of data per month in 2014, this
is among the largest and figure is now 10 GB.
fastest-growing markets for
digital consumers (individuals, The world finds itself at the
cusp of the next wave of data
Statutory Reports
corporations and the
government). Digital adoption explosion on account of an
by India’s businesses has been increased availability of high
uneven, but there is a possibility bandwidth speeds, state-of-the-
that the country could be largely art infrastructure, lower power
digital by 2025. tariffs, growing presence of hyper-
scalers, the imminent introduction
India’s Right to Privacy has of 5G and a growing preference
empowered lawmakers to enact a for digitalisation as a way of life.
Data Protection Bill, establishing
data ownership, who can use it AEL and data
and under what conditions and The Adani Group is extending
avenues for recourse in case of from B2B businesses to B2C,
which makes the aggregation of
data and a deeper understanding
of consumers critical to its long-
term success. In view of this, the
The big picture data centre business is not just
another standalone business
The growing use of the Internet in the minute- addressing the growing needs
to-minute existence of our lives is creating of an external market; it expects
the need to store data within India, a sunrise to leverage the vast quantum
business with multi-decade potential that is of data being generated by the
Company’s various consumer-
being addressed by AEL facing businesses – airports,
edible oils etc. – that interface
every single day with millions
of consumers and are expected
to cover an estimated 500 Mn
101
consumers by 2025, which is the help disrupt the industry with

Big numbers population equivalent of a number unprecedented scale, speed and
of countries combined. quality.
194
USD Bn, size of India’s IT
At AEL, we believe that data
management and storage
Our business is in line with
Adani Group’s mission to support
represent the new frontier of nation-building and empower
and communications sector, all digitally-driven research. the digital infrastructure to
2020 It comprises the insatiable contribute significantly to India’s
need to know more about growth. Through the business,
355-435
USD Bn, projected
consumer preferences that could
influence corporate strategy and
competitiveness in the new world.
our joint venture is confident of
outperforming sectorial growth.
size of India’s IT and Rationale for entry

communications sector, Our Data Centre business Our Data Center business is
2025 We recognised the distinctive intended to build the digital
advantages as a leading infrastructure for India just like
Source: McKinsey & IBEF (Indian Brand infrastructure and energy the Adani Group helped build the
Equity Foundation)
management group that could physical infrastructure for India.
be leveraged in creating world- We entered this space for the
50 class data center facilities in India following reasons:

Statutory Reports
that addressed global technology

§ Adjacent to multiple Adani
%, Proportion of Indian customers.
sectors like power, real estate
population without internet
We consider this business to and ports with the potential
access, 2020
be increasingly relevant in view to create a strong value
of the digitalisation and cloud proposition
0.87 adoption wave in India, among

the leading countries in the global
§ Represents critical
Corporate Overview
Bn, Indian population infrastructure for India in the

adoption of key dimensions.
without a smartphone, 2020 modern world
India offers an exciting data
centre opportunity on the back § Sunrise sector with rapid
of a growing digital economy projected growth but
(Source: We Forum, NDTV) catalysed by the increased insufficient capacity
consumption of online content,
§ Fragmented market, multiple
38
digital offerings by companies and
players, sub-scale assets and
the Indian government’s initiatives
small sectorial footprint
% projected growth in India’s to promote digital services.
data consumption, FY21 § Government policy rapidly
We partnered EdgeConneX,
evolving, based on technology
a company with a decade’s
25-30
changes and recognition of
experience of serving global
national security challenges
cloud service providers in mature
% CAGR growth in India’s markets and a flexible mindset to § Capacity expected to treble in
data consumption to USD adapt to the local requirements five years
4.5-5 Bn, FY25 when entering new geographies. * Data Protection Bill indicates that all
The complementary strengths Internet companies will need to mandatorily
of the two companies shall store critical data of individuals within the
country
102
Driving economic benefit for India: Building digital ecosystems

Adani Group businesses India & global customers
Adani business apps
Real Resourc- Petro Agri Tech

Logistics Energy Agri Airports
Estate es chem Tele Med
Digital operations platform
Corporate Overview
Data Center Industrial Cloud Platform
Strengths Our Company partnered Our Group possesses complete

As AdaniConneX empowers digital EdgeConneX, a global data centre ownership of land parcels across
firm headquartered in the US, the country and 25+ years of
Statutory Reports
India through the development
of world-class data centre enjoying a decade’s experience in experience in executing several
infrastructure across Indian serving global technology giants large projects,
markets, it will leverage the Adani in mature markets. Our joint
Our Group possesses expertise
Group’s extensive experience venture expects to tap into the
in the end-to-end power value
in delivering large and critical complementary strengths of both
chain (generation, transmission
infrastructure projects. parent organisations to achieve
and distribution) coupled with
our ambition to create over 1000
The Adani Group’s leadership the largest renewable power
MW of data centre capacity over
position in the energy generation in India that positions
the next decade.
management sector, including it distinctively among competitors.
the generation of green energy Our Company is well-placed to
(among the most crucial offer differentiated offerings
parameters to succeed as a data (edge data centres in primary and
centres operator), is likely to secondary markets) and 100%
emerge as a decided advantage. green-powered data centres to
customers.
Growing internet-isation of the world

Internet users are increasing at internet users worldwide (Source: App Annie), increasing
the rate of 11 users per second increased from 90 minutes per 190%, while downloads
and a million users every single day in 2012 to an estimated increased only 80% in China,
day. Internet users now account 145 minutes per day in 2020 global average of 45% and a
for 57% of the global population (Source: Statista). mere 5% in the US.
(Source: clickz.com).
App downloads in India were
The average time spent on arguably the highest in the
social networking sites by world between 2016 and 2019
103
Plans
The Company plans to build
data centers in National Capital
Region, Mumbai, Chennai and
Hyderabad. The joint venture is
attractively placed to build data
centres across the country for the
following reasons:
§ Complete ownership of large
land parcels pan-India
§ Validated project management
capabilities
§ End-to-end power value chain

(generation, transmission and
distribution) in a business
warranting the intensive use of
electricity
§ Fiber connectivity and strong
network connectivity
Statutory Reports
§ Captive renewable power

generation to ensure
sustainability
§ Strong policy advocacy
credentials
Corporate Overview
Our joint venture is at an

advanced project stage in
Chennai, its first data centre,
which is expected to become
operational in early FY 2022-23.
Our joint venture’s vision is to
catalyse the growth of India’s
digital infrastructure by becoming
the most trusted choice of
customers. We intend to build a
network of reliable data centres
powered with 100% renewable
energy through a two-pronged
approach that caters to the
‘hyperscale to hyperlocal’ needs of
global and domestic enterprises.
Our target is to become one of
the three leading data centre
players by 2030 by building data
centres in multiple Tier-1 cities.
The business targets 25-30%
market share by 2025; by 2030,
we plan to expand our footprint to
104
Tier 2 and 3 cities, widening our

portfolio to 1 GW.
What’s positive for this sector
Highlights, FY 2020-21
Adani Enterprises partnered Increased Large and Data Sector en-
EdgeConneX (50-50 JV) with the internet growing analytics countering
objective to develop 1 GW of data penetration data being emerging regulatory
centre capacity over the next generated area support
decade. AdaniConneX will build
a network of hyperscale data
centres (Chennai, Navi Mumbai,
Noida, Visakhapatnam and
Hyderabad); development and site
Corporate Overview
construction has begun. What’s positive for our business
Data centres provide secured
architecture where computing Focus on Experienced To be ready Group
and networking equipment emerging and for commer- integrated
are concentrated (collecting, among respected cialisation by backwards
storing, processing, distributing or the largest collaborator FY 2022-23 into
allowing data access) data centre renewable
Statutory Reports
companies in energy
Our joint venture intends to India generation
develop Edge data centres
strategically located throughout
India (hyperlocal). Our data
centres are likely to be largely pandemic accelerated data power infrastructure). There is a
powered by renewable energy. use, enhancing bandwidth and preference for asset-light models
Our joint venture announced a storage needs. There is a growing where cloud services and data
plan to invest H2,500 crore to SMAC trend - integration of storage is outsourced to secure
commission a hyperscale data social, mobile, analytics and and specialised service providers.
centre in Chennai’s Siruseri IT Park cloud technologies to influence
The Indian government seeks to
that houses marquee companies customer behavior. There has
make India the world’s data centre
like Tata Consultancy Services, been a growing maturity in the
hub. The Indian Government is
Cognizant and FSS. The facility digital ecosystem (network
emphasising self-reliance and
is expected to be the biggest modernisation, fiberisation, 5G,
data protection through data
hyperscale Tier-3+ data centre data center investments and
localisation. In November 2020,
in Chennai, transforming the city
into South-East Asia’s data centre
hub.
Case study: Forging a joint venture with unprecedented
The Andhra Pradesh State
speed
Government entered into an
agreement with our Company to The Adani team entered into Adani ConneX JV within just
commission an Integrated Data preliminary discussions with five months. The coordinated
Centre Park at Madhurawada in EdgeConneX on exploring the efforts of finance, legal and
Visakhapatnam, comprising the possibility of a joint venture in business teams drove the
offer of 257 acres. November 2020. Prompted by transaction to closure, one
an alignment of values, ideals of the fastest joint venture
Increased relevance and goals, the two companies transactions of this scale and
(AEL and EdgeConneX) worked stature in the Indian digital
The 2020 and 2021 lockdowns
with speed establish the ecosystem.
following the outbreak of the
105
the Indian Government released India’s digital economy is

Big numbers the draft for Data Center Policy expected to touch USD 1 Trn by
2020. Reserve Bank of India 2025. India possesses one of the
205
mandated all financial data of world’s largest data subscriber
Indian nationals to be maintained populations. There is a growing
TWh, Global energy within India. Government of India’s appetite for reliable infrastructure
consumed by data centres digital initiatives, cloud adoption to support Cloud, Content,
(2018) push, regulatory shifts and Network, IoT, 5G, AI and enterprise
several proposals have proposed requirements. India’s Data Centre
incentives for cloud and data Policy encourages companies to
9
TWh (2016), Energy
center players. The government
is increasingly reliant on data
build data centre parks (providing
infrastructure status) through
centers for Government-to- incentives.
consumed by US data
Citizen (G2C) delivery platforms

centres (2016) Across the foreseeable future,
like National e-Governance Plan
digital infrastructure will be
(NeGP), e-visa, and National CSR
590+
increasingly critical to national
Data portal (among others)
success; data centres will be
spoken of the same way we
MW, India’s IT power capacity Our optimism
(2020) speak today of power generation,
A large number of businesses transmission and distribution
are moving from consumers infrastructure today.
Statutory Reports
(Source: Datacenterknowledge,
Fortune India) expressing their needs to a point
where businesses are providing Even as India enjoys the highest
consumers on what they could data usage per smartphone user
possibly need, a change in the in the world, the country is sitting
paradigm derived from data on vast unexplored potential. A
aggregation and decoding. large per cent of India is not even
generating data today (no Net
Corporate Overview
Besides, a growing movement access or no smart phone) but

towards algorithms is widening will soon across the foreseeable
choices, helping sell faster, more future as literacy levels increase,
precisely, more conveniently smartphone ownership cost
and more pleasurably. There is declines and online becomes
a greater marketplace respect established as a more convenient
for demand creators, economy transaction option across millions
catalysts, employment drivers and of those not yet introduced to it.
income enhancers. The result is The size of this virgin market is
that what we watch, what we eat, estimated at around 870 Mn –
what we wear, what we buy: these the largest under-smartphoned
decisions are being influenced by cluster anywhere in the world.
data.
Besides, a growing movement towards algorithms is widening choices,

helping sell faster, more precisely, more conveniently and more pleasurably.
There is a greater marketplace respect for demand creators, economy
catalysts, employment drivers and income enhancers. The result is that what
we watch, what we eat, what we wear, what we buy: these are being driven
by data.
106
Our partner EdgeConneX

§ Global leader in anytime, centre expertise coupled with § Provides flexibility,
anywhere and any scale data industry-leading technology connectivity, proximity and
center services solutions value
§ Trusted provider of data § Provides data centre solutions § Addresses a diverse portfolio
centre solutions to some that comprise Hyperlocal to of industries like content,
of the largest and most Hyperscale, purpose-built to cloud, networks, gaming,
demanding service providers build-to-order and choice of automotive, SaaS, IoT, HPC
in the world location, scale and facility and security, among others.
type
§ Possesses extensive data
Corporate Overview
India’s data traffic volume (exabytes)
Year 2016 2017 2018 2019 2020 2021 2025
Volume of data traffic
0.1 1 1.5 2.8 3.6 5.5 21
in exabytes
Statutory Reports
E: Estimate (Resource: Statista)
India’s growing data traffic
30 700 52
% growth in cloud Mn, number of % of Indian companies that agreed that the
spending in India by internet users in pandemic inspired them to adopt digital
2022 India, 2020 practices (Financial Express)
7.1
USD Bn size of cloud
974
Mn, number of
60
Number of times increase in India’s data traffic
spending market in internet users in in the last five years among the world’s highest
India, 2022. India, 2025 (Business Standard)
Source: Nasscom
~12
Percentage of India’s data subscriber population
compared to the world as of January 2021
(Statista)
Average data consumption per user per month in India (megabytes)

Year 2015 2016 2017 2018 2019 2020
Average data consumption per user
805 2758 5728 9653 11183 13462
per month in India ( in megabytes)
(Resource: Statista)
107
OUR BUSINESS
Our packaged and

branded edible oils business
Statutory Reports
Corporate Overview
108
Overview Our brands

India’s fast-moving consumer
goods (FMCG) sector is the fourth
Fortune King’s
largest in the country, with sales
largely generated from household
and personal care needs. Raag Bullet
The growth of this sector is Aadhar Avsar

being catalysed by superior
branding, easier access, enhanced
Jubilee Fryola
price-value proposition and
Corporate Overview
transforming lifestyles. Urban
India accounts for a revenue share Alpha Alife
of around 55%, even as in the last
few years the FMCG market grew
created a challenging reality for
faster in rural India.
India’s edible oils industry. The
The sector went through two nationwide lockdown in the first
distinctive periods in 2020-21, quarter and restricted opening
Statutory Reports
marked by demand destruction in subsequent months led to a
in the first quarter followed by a demand decline from HORECA
smart recovery in the second half. (Hotels, Restaurants and Catering)
segment. Palm oil demand
The year under review proved suffered the most as it was the
challenging due to uncertain preferred oil for the hospitality
commodity availability in the and HORECA segments. Domestic
international markets. Owing oil production in India showed
to supply shocks and a robust a significant improvement in
demand for vegetable oils from 2020-21 on the back of an
the fuel sector, prices more above-average monsoon. High
than doubled in 2020-21. As in commodity prices during the Rabi
other sectors of the economy, season encouraged farmers to
lockdowns and movement plant across a record acreage.
restrictions due to COVID-19 It is estimated that domestic
vegetable production improved by
800 kmt to 8 mmt.
AEL’s business
The big picture Adani Wilmar Limited is India’s
There is a growing movement towards leading consumer edible oil
company. Incorporated in 1999,
food hygiene across all economic Adani Wilmar (AWL) is a joint
classes of society, reflected in the venture between Adani Group and
consumption of a larger proportion of Wilmar Group (Singapore), Asia’s
branded food and edible oil products, leading agri-business group. In the
foods segment, AWL is one of the
an irreversible movement towards fastest growing FMCG companies
cleaner, safer and better food habits. in India.
109
The Company provides the largest

Big numbers range of edible oils (drawn from
soya, sunflower, mustard, rice
30 +
bran, groundnut, cotton seed and
others). As a growing foods brand,
Mn, number of households the Company ventured into the
serviced wider foods categories comprising
packed basmati rice, pulses, soya
chunks, besan, atta and khichdi.
16,285
Tonnes per day of edible oil
Our products portfolio comprises
prominent brands like Fortune,
King’s, Bullet, Raag, Avsar, Pilaf,
refining capacity
Jubilee, Fryola, Alpha, Alife and
Aadhar.
7,425
Tonnes per day crushing
The growth of the business
has been rapid, underlining the
capacity capacity of the Company to
manage diverse products:
15,607 1999: Commissioned the first

refinery at Mundra with a refining
Statutory Reports
Tonnes per day packaging capacity of 600 TPD

capacity
2000: Launched Fortune brand
1.5
2020: Achieved edible oil refining
capacity of 16,285 TPD (from
Mn, number of outlets 600 TPD in 1999); seed crushing
serviced capacity of 7,425 TPD and
Corporate Overview
packaging capacity of 15,607 TPD
5000+
Number of distributors
The Company owns and manages
more than 25 units at various
strategic locations across India. It
has emerged as one of the leading
37,182
exporters of castor oil, oleo-value
added products and de-oiled
H crore, Total revenue, FY cakes.
2020-21
Achievements
1,430
Largest: The Company markets
the largest range of edible oils
H crore, EBITDA, FY 2020-21 across the categories of Soya,
Sunflower, Mustard, Rice bran,
Groundnut, Cotton seed and
110
Vivo, a functional oil, which helps

in managing blood sugar. The
Company also extended into What’s positive for this sector
packed Basmati Rice, Pulses,
Soya Chunks, Busan, Fortune Growing traction Increased trust Disproportionate
Chakki Fresh Atta and superfood towards food for branded food traction for estab-
Khichdi. The Company launched hygiene resources and lished brands
variants of the Basmati Rice ingredients
category (Sona Masuri Regular,
Sona Masuri Supreme, Wada
Kollam, Banskanthi Rice, Govinda What’s positive for our business
Bhog, Miniket and Gujarat
Jeerasar). As an extension of the
Largest and Strong co- Extensive High revenue
Corporate Overview
successful launch of Fortune
Chakki Fresh Atta, the Company most visible promoters distribution visibility
introduced products like Maida, edible oil and with franchise makes it
Sooji and Rawa, strengthening packaged national and virtually
its food portfolio. In the personal foods brand international an annuity
and skin care category, the exposure business
Company launched Alife Soap.
The Company also caters to
Statutory Reports
institutional demand through its
industry essential range, which
includes bulk packs of consumer
The Company has a combined Strengths
processing capacity of 1200 § The Company’s Fortune brand
essentials like lauric & bakery
MT of castor seeds per day with is the largest in India’s domestic
fats, castor oil derivatives, oleo
solvent and refining units. The retail consumer pack market
chemicals and soya value-added
castor oil manufacturing facilities (around 20% share)
products.
are equipped with cutting-edge
Widest: The Company possesses technology to manufacture § The Company’s products are
the widest distribution networks different grades of castor oil such available pan-India through
among all branded edible oil as cold pressed, pharma grade and distributors, marketing and sales
players in India, with 95 stock low moisture oil. teams.
points, 5000 distributors and
Furthest: The Company § The Company possesses a
a 10% retail penetration, which
introduced branded edible oil diversified products portfolio
spans approximately 1.5 Mn
in the Middle East and exports comprising rice, soya, pulses,
outlets across India.
products (including lecithin, besan, castor, soya and oleo
Biggest: The Company’s state- castor and soya value-added value-added products
of-the-art oleo chemical plant products) to more than 19
§ The Company possesses one of
in Mundra provides an output countries in the Middle East,
the largest domestic distribution
of 400 TPD, one of the largest South East Asia, East Africa,
networks comprising 95 stock
single location facilities in India. Australasia and the Americas.
points, 5000+ distributors and
Its array of products includes
The refined oils address the 10% retail penetration, covering
fatty acids, stearic acids, soap
globally acknowledged CODEX, approximately 1.5 Mn outlets.
noodles and refined glycerine.
WHO, FAO and AOCS standards.
111
§ The Company has demonstrated § The Company was certified as

consistent brand loyalty across a Great Place to Work by Great
30 Mn households, generating Place to Work Institute India for
revenue visibility and brand the fourth consecutive year in
traction a row
§ The Company’s Mundra refinery § The Company’s plants operated
is Asia’s single largest refining at optimum levels without
plant; its Hazira refinery any interruption during the
comprises state-of-the-art lockdown, supported by a
edible oil refining standards consistent supply chain
(2500TPD)
§ The Company distributed oil and
§ The Company is exploring rations to community kitchens,
opportunities in the adjacent free lunch for employees across

food segment through plants and others in need
acquisitions in the domestic or (villagers and truck drivers). It
international markets. distributed masks and sanitisers
in villages and to policemen. It
Achievements, 2020-21 distributed COVID-19 isolation
§ The Company operated eight beds and oxygen cylinders as
seed crushing plants with well.
Statutory Reports
oil processing cumulative § The Company’s consumer

capacities of 7450 TPD and 17 pack business reported
refineries with a cumulative formidable growth; it launched
capacity of 16285 TPD a proprietary sugar brand called
§ The Company operated food Fortune Sugar and introduced
capacities around 2000 TPD delicious soya chunkies in
three distinctive flavours. The
Corporate Overview
across seven plants for the

manufacture of besan, rice, Company launched personal
wheat flour, nuggets and pulses care products like handwash
and hand sanitiser under the
§ The Company continued to Alife range.
account for the leading position
in the refined oil consumer pack § The Company launched
market with a share of close to Fortune Marts in eight cities
19% like Gandhinagar, Surat,
India’s packaged foods market
Year 2015 2020 2025E

Market size (H Bn) 984 1636 2687
E: Estimate. Source: Technopak
112
Akola, Pune, Mumbai, Vidisha, five years on account of rising the automatic route in the food
Gandhidham and Nagpur. The incomes, urbanisation, favourable processing industry; 100% FDI
Company introduced Fortune demographics and changing under government route for retail
Online Application in ten cities lifestyles. trading, including e-commerce,
to facilitate online grocery permitted for food products
Consumers are shifting towards
purchase. manufactured and/or produced in
packaged and branded products,
India.
§ The Company collected around first reflected in staple categories
14,500 MT of plastic waste that and increasingly significant The Company intends to widen
was sent to authorised recyclers in other categories. There is its foods platform across different
in line with Extended Producer’s a perceptible consumer shift segments addressing the needs
Responsibility. towards premium products, of a growing India. The growing
healthy eating, need for optimism with regard to the
Outlook and optimism convenience, increased consumption of hygienic, branded
Corporate Overview
The growth of India’s packaged participation of women in and packages food products,
foods segment – a space occupied the workforce, willingness to a trend that has deepened
by AEL through Adani Wilmar experiment with new brands following the pandemic, is now
Limited – has been catalysed by and influence of organised food being viewed as irreversible and
the following realities. chains. holds out attractive multi-year
prospects.
India’s packaged food business Besides, Government policies have
catalysed sectorial growth with
Statutory Reports
is valued at H1,636 Bn, having
grown attractively in the last FDI permitted up to 100% under
Awards and recognition

2020: 80th rank 2019: Second Highest Certified as “Great Place 2019 - Vidisha
(Fortune brand) in Processors of Castor to Work” Company: Feb
2019: Pollution
Top 100 Most Trusted Seed Oilcake – Castor 2019 to Jan 2020
Control Board Best
Brands 2020 by Brand
2019: Highest 2019: Food Environmental
Equity
Exporters of Rapeseed Fortification Champion Practices and
2020: Adani Wilmar Extraction – Mustard to Adani Wilmar Participants Award -
Limited declared as a Award Mantralyam Plant
2019: Gold Award, QCFI
Great Place to Work
2019: Highest Vadodara Silo Section 2019: Platinum Award,
2019: Dainik Jagran Exporters of Castor Grow Care – India
2019: Silver Medal,
CSR Awards 2019 Seed Extractions –
International 2019: Silver Award,
Castor
2019: Globoil Megastar Research Institute for QCFI - Durgapur
of the year Award 2019: Adani Wilmar Manufacturing Chapter
as “Best Workplace in
2019: Manufacturing 2019: Gold Award 2019: Third prize,
Manufacturing – 2019”
excellence achievement Grow Care India GCI Indorama Agrochemical
using Lean Six Sigma 2019: Adani Wilmar Environment Awards Pvt. Ltd
113
OUR BUSINESS
Our agro products business

Statutory Reports
Corporate Overview
114
Overview controlled atmospheric storages

As per FAO, approximately USD in the apple belt of Shimla district
14 Bn (more than H1 lac crore) in Himachal Pradesh in 2006.
worth of food is wasted in India AAFL has revolutionised the entire
every year. More than 40% of the apple Industry in just 15 years
produced food is spoiled even following a substantial increase in
before it reaches consumers. As farmer incomes, improved orchard
per a traders’ survey, the waste productivity and improved quality
generated at their level in fruits of produce. Over the years, the
ranges from 2.6% to as high as Company’s fruit storage solutions
11.4% and wastage in vegetables have transformed its Farm-Pik
ranges from 3.15% to 12.6%. brand into India’s largest.
Corporate Overview
Even as storage houses have India’s agricultural sector showed
existed for centuries, they have its resilience amid the adversities
hardly evolved. The standards of COVID-19 induced lockdowns.
are often primitive; pests and Agriculture and allied activities
rodents shrink stocks; moisture reported a growth of 3.4% at
plays havoc with deposited constant prices during FY 2020-21
quantities; one can never be sure (first advance estimate) according
that the agricultural product to the Economic Survey 2021.
Statutory Reports
one is withdrawing after a few
months will be the same one had Government policies
deposited and, in the absence of Pradhan Mantri Fasal Bima
acceptable standards, there is no Yojana: This milestone initiative
way one can hypothecate stocks provides a comprehensive risk
and generate cash in exchange. solution at the lowest uniform
The Adani Group (through Adani premium across the country for
Agri Fresh Limited) emerged as farmers. The PMFBY covers over
the first company to engage in 5.5 crore farmer applications year
organised apple purchase, storage on year. As on 12th January, 2021,
and marketing by following the claims worth H90,000 crore were
construction of state-of-the-art paid out under the Scheme.
PM-KISAN: H18,000 crore was
deposited directly in the bank
accounts of 9 crore Indian farmer
The big picture families in December 2020 in the
7th installment of financial benefit
A sizable part of India’s apple production is lost under the PM-KISAN scheme.
in post-harvest transit, warranting investments Budgetary, FY2021-22: The total
in modern storage infrastructure. The Company agriculture allocation for FY 2021-
has helped transform the destinies of thousands 22 was H1.23 lac crore, compared
to H1.16 lac crore (revised
of apple farmers through modern storage estimate) in FY 2020-21 and
infrastructure and extensive market linkages, H1.34 lac crore in the Budgetary
transforming destinies. estimate of that year.
115
Our strengths Network: AAFL enjoys a

Pioneer: AEL (through Adani procurement network that
Agri Fresh Limited) pioneered extends across more than 17000
integrated storage, handling and growers in Himachal Pradesh
transportation infrastructure comprising more than 90% small
for apples in Himachal Pradesh, and marginal farmers for sourcing
which made it possible to provide apples spread across 700 villages.
fresh fruit round the year. The Company’s distribution
network comprises 76 wholesale
Infrastructure: The Company set and ~1500 retailers pan-India
up modern atmosphere-controlled in addition to the modern retail
storage facilities. The Company format.
created state-of-the-art controlled
Knowledge: AAFL helps improve
atmosphere facilities of 22400

MT capacity in the apple growing grower awareness through an
belts of Shimla district in Bithal awareness of global scientific
(near Rampur), Sainj (near Theog) innovations through field level
and Mehandli (Rohru). programmes conducted by
experts across phases of the
Solution: The Company markets cropping cycle.
Indian fruits under the Farm-Pik
brand, while importing apples, Support: AAFL provides soil-
Statutory Reports
pears, kiwis, oranges and grapes testing convenience to farmers

from various countries for onward at nominal rates and means of
sale. managing fertiliser schedules,
strengthening productivity.
Scale: The Company possesses
the largest integrated apple Distribution: The Company’s
supply chain with ultra-modern Farm-Pik apples, sourced from
Shimla and Kinnaur districts of
Corporate Overview
storage infrastructure (more than

40% of the total storage capacity Himachal Pradesh, are available
of HP apples in the state) that across 36 Indian cities through
provides fresh farm products distributors.
to consumers and enhances Certification: The Company
livelihoods of apple farmers has been certified for ISO
across the Himalayan states. The 22000:2005 and HACCP in food
Company is the largest player in safety, enhancing consumer
India in the area of fresh apples assurance.
and other fruit.
Recognition: The Company
Market share: The Company received the following awards:
possesses the largest off-season
volume (November to June) of § CII National Award for Food
HP CA apple sales in India, with Safety- 2015 ‘Commendation
a market share of 23%. AAFL is Certificate for Strong
also the largest seller of consumer Commitment to Good
packs (six pieces) of apples Warehousing Practices’
in India with an annual sales § Agribusiness Leadership Award
throughput of 4-5 lac consumer by Agriculture Today
packs a year, primarily in North
India. § Procurement Excellence Award
- 2015, Agriculture Industry,
116
by Kamikaze – Innovation and

efficient procurement with
sustained value creation by What’s positive for this sector
sourcing apples from 700+
villages in Himachal Pradesh India a Extensive Growing Sustainable
large fruit supply chain role for annuity
§ Best Maintained Facility in Cold
producing wastage technology demand
Storage (Adani Agri Fresh Ltd,
country needing to in plugging
Rohru) by Danfoss ICE AWARDS
be plugged gaps
2017
§ ISO-22000:2005 & HACCP
Certification by Bureau Veritas
(ISO-22000:2005) (HACCP)
Corporate Overview
Stakeholder value
Before the Company entered the India’s Long- Technology- Validated
business, farmers were required largest fruit standing led positive
to sort apples manually as per brand exposure to intervention difference
colour, shape and size, pack them sector and for farmers
and load into trucks to transport farmers
Statutory Reports
this to markets where they were
required to pay commission or
offer extensive discounts. By
the time the produce was sold,
a substantial portion had been
wasted due to improper handling.
Size of India’s organised retail market
Often, this process led to a market
glut, depressing realisations. Year 2015 2020 2025
With AAFL’s technology-driven Total organised retail 41 94 188
business model, the reality has (USD Bn)
transformed for farmers. All that Food and grocery 8 24 63
a farmer does now is take the (USD Bn)
produce to the nearest AAFL
Source: (Secondary research, Industry reports, Technopak analysis)
facility, located closer than
traditional markets (mandis). The
farmer can even transport the
produce in small quantities in India’s food and grocery market
containers provided by Farm-Pik.
Farmer expenses have declined FY 2019-20 Share of Retail size % of Organised
while incomes have strengthened. retail (in H Bn) organised market size
The transparent system allows retail (H Bn)
farmers to generate superior Food and 66.23% 39,192.00 4.50% 1764.00
realisations while consumers grocery
enjoy nutritious apples.
Source: Technopak
The Company possess a
procurement network of more
than 17,000 farmers in Himachal
Pradesh, more than 90% marginal
in nature.
117
The apples are sourced from water free to migrant labourers

700 villages. The farmers are with local panchayat support. The
regularly informed about the price Company appointed local women
and post-harvest management to fabricate masks that were
practices in the harvesting period. distributed among the community.
The Company’s trained field
Despite this challenging reality,
team and renowned scientists
the Company managed sales
provide advisory services to
& procurement functions with
boost production with enhanced
a positive arbitrage. It co-
quality in addition to enhancing
ordinated the entire logistics
awareness on sorting, grading,
of apple movement across the
packing and logistics in line with
country without transit delays or
international standards.
increased costs.
The farmers have benefited in

various ways. Optimism
One, farmers have circumvented Only 5% of the country’s
their long-standing challenges agricultural produce is traded on
related to apple rotting in the the Indian exchanges while the
modern-day storage environment. corresponding number is 50% in
various countries.
Two, farmers, who had been
Statutory Reports
compelled to sell apples to The organised warehousing model

intermediaries at depressed has been accepted by farmers
realisations, are now empowered as one possessing evident and
to wait for improved realisations. hidden benefits.
Three, the Company has India’s retail basket is around

encouraged farmers to move 48% of its private consumption
Corporate Overview
away from private moneylenders and is expected to maintain this

and into the banking mainstream, share for the next five years.
strengthening financial inclusion. The food and groceries segment
forms a major share of India’s
Apple growers have been merchandise retail expenditure at
pleasantly surprised: the service is 66%. The share of the organised
not just making qualitative sense; retail (market size H7,050 Bn) at
it is proving to be a superior 11.90% provides a large headroom
financial proposition from day one for multi-decade growth.
as well. The Company addresses Interestingly, the organised share
a large market: only 10-12% of of the food & grocery space is only
the market has been covered by 4.50% and projected to grow at
organised warehousing practices, 22% annually to around 9% retail
which provides substantial penetration by 2025.
headroom to grow sustainably.
Going ahead, the Company’s
Operations, FY 2020-21 vision is to emerge as a preferred
agro warehousing solution
During a pandemic-challenged
provider to farmers, traders and
year, AAFL played a role of
aggregators in a country where
a responsible company. The
50% of all farm produce storage
Company sanitised local
is still unorganised, where the
panchayats and police stations
consolidated market is growing
in the vicinity of its presence to
2-3% a year and the organised
prevent a further outbreak. The
market growing faster.
Company distributed rations and
118
The Farm-Pik promise
Sorting Produce is Produce passes Sorted produce is stored accordingly The storage
conveyed in the through camera in intermediate storage bins (along bins are moved
sorting machine units to sort with farmer’s reference details) to Controlled
as per size and Atmosphere (CA)
colour grade chambers
Controlled Technology- Apples can be In traditional CA technology permits farmers to

driven; preserved for product handling harvest produce in parts and reach
atmosphere atmosphere nine months facilities, farmers AAFL facilities at convenience and
(CA) controlled by with protected need to harvest capitalise on better realisations
chambers
Corporate Overview
regulating nutrition all the produce
relative humidity,
carbon dioxide
and oxygen
CA storage Placement Monitoring of Controlled Benefits: Extended storage life, fruit

of apples in temperature, atmosphere firmness, reduces storage disorders,
large airtight oxygen, carbon- slows respiration higher realisations, better nutrient
Statutory Reports
refrigerated di-oxide and and ripening retention and effective disease control
rooms humidity
Pre-sorting Latest high- Automatic crate Produce sorted CCD cameras Integrated
end eight-lane dumping according to used for sorting software
system automatic size, colour and by size and colour
equipment weight
Special cups Special bins for Gentle bin fillers All contact parts
suitable for the storage of to avoid fruit made of food
sorting apples of apples damage grade material
different shapes
and sizes
Packing Latest high end Produce sorted Integrated Additional CCD cameras for
4-lane automatic according to software provision of sorting by size
system equipment weight colour and size and colour
grading
Special cups for Bin de-stackers Apple washing in bin dumper with Fruit contact
sorting apples of chlorine treatment before packing equipment made
different shapes of food-grade
and sizes material
119
OUR BUSINESS
Our Defence sector business

Statutory Reports
Corporate Overview
120
Overview The growth outlook is optimistic:

India is the fifth largest global construction spends in India’s
economy and the third largest defence and aerospace
defence sector spender in the equipment grew to H3850 Bn
world. Interestingly, India’s average between FY 2015-16 and FY 2019-
GDP spend on defence from 2015 20 and expected to rise to H4350
to 2019 was only 2.4%, indicating Bn by 2025.
a high headroom. The defence expenditure-to-
About 70% of India’s defence GDP multiplier, indicating the
requirements are addressed criticality of defence in India, was
through imports, which presents greater than 1.0. This indicated
a large indigenisation opportunity that defence spending has
been prioritised and its growth
Corporate Overview
in the wake of the Make in India
emphasis enunciated by the outperforms overall GDP growth.
Indian government. Over the past decade, the defence
expenditure-to GDP multiple
India plans to spend USD 130 declined to less than 1 (0.5) on
Bn in military modernisation only one occasion, indicating
over seven years, while reducing sectorial robustness.
imports dependence. The Ministry
Over the next five years, India’s
Statutory Reports
of Defence relaxed procurement
norms, making it easier for Indian defence expenditure is expected
companies and start-ups to to witness robust growth on the
provide equipment and other back of rising strategic defence
products to the Indian armed procurement plans (for the
forces. Besides, the government modernisation of India’s armed
is investing in defence industrial forces) in addition to steps taken
for the promotion of the local
corridors in northern and
southern India. Aerospace and manufacturing. Industry estimates
defence were among the 27 indicate a healthy defence
manufacturing sectors identified expenditure-to-GDP multiplier of
by the government for increased 1.7-1.9 over the next five years,
strategic emphasis. widening sectorial opportunities.
Investments in industrial
defence corridor
To enhance domestic
The big picture manufacturing capacity, two
The Indian Defence sector is at the cusp of an Defence Industrial Corridors are
being set up in India in Uttar
inflection point: not only is the government’s Pradesh and Tamil Nadu. The
Defence investment growing but there is defence industrial corridors
a priority to increase the indigenisation of will act as catalysts, facilitating
localised defence equipment
Defence equipment, widening the role of the production and equipment
private sector in what appears to be a sunrise manufactured for the aerospace
multi-decade national opportunity. industry.
121
Government policies ROVs, uncooled NV-IR sights The Company is developing

The Indian Armed Forces is for weapons (short-range), Tier-1 capabilities in avionics
expected to spend approximately mountain footbridge, floating and systems, opto-electronics,
H10 lac crore in upgrading and bridge (metallic), mine laying aero-structure and precision
modernising capital equipment and marking equipment. components, aerospace
in 15 years. The Government composites as well as radar and
§ Removed offset clauses, likely to
made defence manufacturing electronic warfare systems
reduce procurement costs from
self-reliance the cornerstone of foreign entities. The Company’s joint venture
its national security strategy. with Israel-based Elbit Systems
Atmanirbhar Bharat provides § Proposed defence industrial
exported the first ship set of the
India an opportunity to realise its corridors (Uttar Pradesh
Hermes 900 fuselage to Israel
potential in design, development and Tamil Nadu), widening
with zero defects, zero rework
and manufacturing state-of- opportunities for the private
and zero safety incidents. The
the-art defence equipment. sector.
successful delivery is a testimony
The Indian government took a § Focus on low-tech sectors like to the Company’s excellence in
progressive stance on growing the ammunition, surveillance and indigenisation, engineering cum
Indian defence sector through the tracking systems. The gradual quality systems and the ability
following initiatives: progress by DRDO in the field of to deliver products with zero-
§ Permitted 100% foreign direct ballistic missiles, quick reaction concessions.
investment in the Indian surface-to-air missiles, anti-tank
Small Arms are one of the most
defence sector (74% under the missiles and rocket systems can
elementary prerequisites for
automatic route and beyond prove to be a sectorial catalyst.
Statutory Reports
the armed forces and security

74% through the government personnel. The Company
route) AEL’s business
(through subsidiary Adani
Your Company entered this Land Defence Systems and
§ Implemented exchange rate sector with a vision of ‘Playing
variation protection for the Technologies Limited) entered
an instrumental role in helping into a joint venture with Israel
Indian private sector to be at transform India into a destination
par with Defence public sector Weapon Industries Limited to
for world-class high-tech
Corporate Overview
undertakings manufacture small arms and

defence manufacturing, aligned weapons and induct critical barrel
§ Increased sectorial allocation to the Make in India initiative.’ manufacturing technology into
to H4.78 lac crore in the AEL ventured into Defence & the country.
FY 2020-21 Union Budget Aerospace in 2017 with the
compared to H4.71 lac crore in commitment to transform India India is the quickest growing
the previous Union Budget (19% into a world-class defense aviation market in the world with
rise in capital outlay for military and aerospace manufacturing the number of aircraft anticipated
modernisation). hub. Within a short span, the to grow four times in 20 years.
Company built a comprehensive The size of the aircraft services
§ Proposed capital allocation ecosystem of defence capabilities space is estimated at USD
for the Defence Research and across Small Arms, Precision 145 Bn till 2037. The Company
Development Organisation at guided munitions, Unmanned entered the space of aircraft
H11,375 crore, an increase of 8% Aerial Systems, Counter Drones, services; it emerged as India’s first
over the amount earmarked in Aerostructures, Electronics, company to implement counter-
the earlier year Radars, EW systems and drone systems at airports and
Simulators. in establishing the country’s
§ Released a list of 101 defence
first extensive aircraft service
items whose imports will Adani Defence and Aerospace ecosystem.
be banned, widening the established a 20-acre Adani
indigenous manufacturing base Aerospace Park in Hyderabad. The Adani Group and Airbus
collaborated to provide all kinds
§ Announcement by DRDO of The Company built a vibrant of aircraft-related services in India
the indigenisation of 108 defence ecosystem, which can and South Asia covering aircraft
systems and sub-systems that empower exports. maintenance, overhaul cum repair,
include mini and micro UAVs,
122
component services, training,

digital solutions and airport
services in India and South Asia. What’s positive for this sector
The Company associated with
Sizable Government Sector at the Being
Delhi Technological University
Defence focus on cusp of un- perceived
to regionally design and provide
outlays by increased in- precedented as a sunrise
distinctive swarm drone
India digenisation change opportunity
solutions for the India Armed
for India’s
Forces. These swarms are to be
private
deployed by the Armed Forces
sector
on search and rescue missions
with the capability to operate
in environments where GPS
is denied. The Company plans What’s positive for our business
Corporate Overview
to commercialise technology
applications. India is among only Alliance Pioneering On the Commitment
five countries to possess domestic with global presence ground in- to grow the
swarm development capability. partners in specific frastructure business
Defence and con-
AEL’s strengths segments tracts
The Company addresses the
Statutory Reports
widening needs of a prestigious
and demanding customer
segment, comprising DRDO, ISRO,
HAL, BEL and the Israel-based
Elbit Systems. The Company acquired a a significant step to bifurcate
controlling stake in PLR Systems, domestic and imported capital
AEL enjoys a first-mover’s India’s only private sector procurement for the first time.
advantage:
company possessing small arms The MoD spelled out that a total
§ India’s first private sector UAV manufacturing capabilities. The capital outlay of H52,000 crore
manufacturer-exporter existing facility in Gwalior is being would be reserved for domestic
expanded to establish the first capital procurement.
§ India’s first and only private barrel manufacturing facility.
small arms manufacturing The year under review was
facility The Company was awarded the marked by challenges due
first DcPP program for Long to the temporary closure of
§ India’s first company to Range Guided Bombs for the manufacturing facilities during
implement counter-drone Indian Air Forces. the lockdown of the first quarter
systems for airports and supply chain disruptions
§ India’s first comprehensive Operations, FY 2020-21 faced due to the difficulties faced
aircraft services being built FY 2020-21 was a watershed year by domestic and international
for the defence manufacturing suppler ecosystem that continued
Highlights, FY 2020-21 industry in India with the till the end of the year.
The Company bagged contracts Government of India embarking Despite these challenges, your
for over H3,500 crore from the on landmark decisions to Company expanded its order book
Indian Armed Forces, including strengthen the domestic defence with the award of contracts for
a first of its kind 20-year Build manufacturing sector. On 9th over H3,500 crore by the Indian
Operate Maintain (BOM) contract August, 2020, the Ministry of Armed Forces.
for operations and maintenance Defence (MoD) announced the
first import embargo list; the Training simulators: Your
of simulators for the Indian Air
import of 101 critical defence Company bagged three
Force.
items were banned from imports. contracts for the operations
The Ministry of Defence took and maintenance of training
123
simulators for Mi17 helicopters Armed Forces. The Company, in new security solutions to counter
and MiG29 aircraft for the Indian partnership with Israel Weapon evolving threats. Your Company
Air Force on a BOM (Build Operate Industries, is supporting the Indian made strides in developing
Maintain) basis for 20 years. Armed Forces, Central Armed modern solutions across
The three contracts with a total Police Forces and State Police military communications and
value of H2,200 crore are the first Forces with world-class small arms RF technologies. In the second
of their kind in the country and manufactured in India. In response quarter of the year, your Company
a prelude to the close on-field to the Atmanirbhar Bharat priority, showcased its Swarm Drone
coordination between the private the Company indigenised and technology for the first time.
sector and Indian Armed Forces. integrated its small arms value The drones comprised artificial
chain. The Company is expanding intelligence with the capability
Your Company signed a contract
its small arms facility in Gwalior to operate in GPS-denied
for the upgrade of 16 Pechora
following the commissioning of environments; they possessed
Air Defence Missile Systems for
India’s first barrel manufacturing the capability to saturate the
the Indian Air Force for H591
adversary’s radars and air defence
facility in the private sector in

crore. The contract, one of the
India. When the commissioning of in addition to complex response
biggest in the private sector for
the barrel line is complete in the capability.
the upgrade of critical equipment,
third quarter of FY 2021-22, the
could graduate your Company’s Your Company engaged closely
Company shall have expanded its
critical air defence missile system with DRDO across various
annual manufacturing capacity to
into a modern electronic lethal development programs starting
over 100,000 small arms per year
system that could protect airfields from the development phase
and shall be the only facility to
across the country. under the DcPP initiative.
Statutory Reports
achieve 100% indigenisation in its

The Company’s scientists and
Despite the challenges on manufacture in India.
engineers shall work closely with
the manufacturing front, your
Counter Drone Systems: With DRDO laboratories during the
Company ramped the production
the increasing threat of rogue development phase, the Company
of Hermes 900 fuselage,
drones threatening India’s borders being the sole manufacturer for
maintaining its impeccable
and critical infrastructure, products developed for supply
zero-defect, zero rework and
your Company embarked on a to the Indian Armed Forces. The
Corporate Overview
zero safety record for the third

pioneering step in the counter- Company was awarded the first
straight year. The successful
drone technology domain. Your DcPP program of Long Range
delivery represents a testimony
Company conducted the first live Guided Bombs for the Indian Air
to the Company’s excellence in
demonstration of a counter-drone Force.
industrialisation, engineering and
system in the country at Sardar
quality systems and the ability Aircraft services and MRO: The
Vallabhbhai International Airport,
to deliver products with zero recovery of the Indian aviation
Ahmedabad, on 18th March, 2021.
concessions. Your Company is market, following the national
The demonstration was one of
expected to bag an additional lockdown of FY 2020-21,
the few successful ones to be
contract for 22 ship sets of reinforced the resilience of India
conducted in India and the only
Hermes 900 fuselages to be as the fastest growing aviation
successful live demonstration at
delivered over 36 months. market. As per estimates, the
an airport. Your Company offered
number of aircraft in India is
Small arms and ammunition: a unique service-based solution
expected to quadruple in the
With an underlying vision of for 24x7 protection of the borders
coming years coupled with sharp
addressing the imminent needs and critical industrial and other
growth of the aircraft services
and building self-reliance, the infrastructure across the nation,
market. Given the potential of
Company ventured into small which can potentially propel India
the aircraft services sector, the
arms manufacture by acquiring into a global leader in securing
Government lowered the Goods
a majority stake in PLR Systems. national assets.
and Services Tax on MRO services
PLR Systems is the first
Research and Development: from 18% to 5%. As per estimates,
manufacturer of small arms in
Defence & Aerospace is a research the projected size of the Indian
the private sector; the Company
and development-intensive aircraft services market is USD
produced the first Made in
domain with a continuous need 145 Bn till 2037. The Company
India assault rifle for the Indian
to invest in the development of is working towards providing a
124
one-stop solution for all aircraft- for setting up a world-class § Adani Aerospace and Defence
related services across India and research and development Limited, Elbit-ISTAR and Alpha
South Asia. The Company intends center in India Design Technologies Pvt
to address multiple opportunities Ltd are collaborating in the
§ The Company (through
like aircraft maintenance, overhaul field of unmanned aircraft
subsidiary Ordefence systems
cum repair, component services, systems (UAS), the next
Limited) agreed to acquire a
training, simulators, digital technology frontier providing
majority stake of Israel Weapon
solutions and airport services multi-functional capabilities
Industries Limited in a joint
across India and South Asia. that provide an information
venture with Elbit Systems.
advantage to war fighters and
The joint venture shall address
AEL’s growth agenda net security providers.
the requirement of small arms
§ The joint venture of AEL-Elbit and weapons for 1.2 Mn army § The Company plans to create a
systems received two additional personnel and a similar number tiered vendor base to catalyse
orders for Thor and Skylark for paramilitary and state police indigenisation and localisation;
Corporate Overview
drones; the order for Thor personnel through indigenously it seeks to commission a final
Mini-Drones is likely to be the manufactured arms. The joint assembly and integration
largest executed by any Indian venture is expected to infuse line including MRO facilities
company critical capabilities (barrel by incorporating technology
§ The Company signed a manufacturing) into India transfer to support products
Memorandum of Understanding during their lifecycle
(MoU) with Elbit Systems
Statutory Reports
India’s military expenditure (in USD Bn)
Year 2015 2016 2017 2018 2019 CAGR
Military expenditure 54 60 65 66 71 6.9%
India’s share in global military expenditure
Year 2015 2016 2017 2018 2019
Military expenditure in (%) 3.1 3.4 3.6 3.6 3.7
Year FY 2015- FY 2016- FY 2017- FY 2018- FY 2019- FY 2020- FY 2024-

16 17 18 19 20 21E 25E
Defence expenditure % as of 2.7% 2.8% 2.8% 2.9% 3.0% 3.5% 3.3%-
GDP 3.6%
Total defence exports

Year FY 2016- FY 2017- FY 2018- FY 2019-
17 18 19 20
Defence exports (INR Bn) 15 47 83 91
Capital outlay for defence services (H in crore)

Year Capital BE Increase % increase
FY 2019-20 1,03,394.31 9,412.18 10.01
FY 2020-21 1,13,734.00 10,339.69 10.00
FY 2021-22 1,35,060.72 21,326.72 18.75
(Source: PIB.gov)
125
C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y
Widening the circle

of prosperity
Overview
Statutory Reports
Corporate Overview
Adani Enterprises is a sensitive We believe we are engaged in and sustainable engagement.

corporate. business to make the world We partner specialised agencies
a better place. Our corporate who possess a deeper terrain
The Company is not only driven
propriety has extended to experience and understanding.
by the need to make the world a
include those not connected We focus on responsible
better place through a seamless
with the Company in any way. engagement where we empower
supply of basic and essential
Our engagement in social beneficiaries to assume control
services but also through a
responsibility projects are aligned of their lives. Our engagement is
widening prosperity circle.
with national, regional and local directed by a defined CSR Policy,
Our corporate citizenship is realities. We have extended implemented under the guidance
defined by several priorities. beyond mere ‘cheque-writing’ for of a CSR Committee and senior
statutory compliances to a deeper management.
126
Education
Mohalla classes
AVMS initiated the Mohalla Class
to facilitate Class X students in
their preparation for the Class
X CBSE Board Examination. The
Class X students were divided
into three batches to ensure
social distancing as per the
COVID-19 guidelines; classes were
conducted in the school vicinity.
Corporate Overview
The terminal examination was
conducted online. The conduct
of online examination and the
subsequent digital evaluation
proved to be a novel experience
for students and teachers. The
AVMS faculty launched workshops
to address digital requirements.
Statutory Reports
AVMS conducted the annual
examination offline, mobilising the
support of parents.
Special Coaching Classes

Adani Vidya Mandir The residents gradually learned Adani Foundation conducted
to cope with the phenomenon a free coaching class for
Adani Vidya Mandir, Surguja,
of quarantine, social distancing, Jawahar Navodaya Vidyalaya
was established in 2013 with the
mask, sanitisation and a lot more Entrance Examination in Village
noble vision of imparting free and
unprecedented situations. Adani Karwahi. In the rural tribal area,
quality education to meritorious
Foundation helped introduce talented children could not get
children from the district of
online schooling, a solace for all guidance regarding the entrance
Surguja. The school, which
AVMS stakeholders. examination of Navodaya
began its journey eight years ago
Vidyalaya, which deprived them of
with 208 students, houses 734 The academic year 2020-21
being selected. Adani Foundation
students from LKG to Class-X. proved challenging and AVMS
arranged free coaching through
The school, which provides free availed the best use of technology.
the audio and video media.
study materials, uniforms, food AVMS conducted online classes
and transportation, is acclaimed through Google Classroom and
as a ‘Temple of Knowledge’ in WhatsApp. The indomitable spirit
and around Surguja. The CBSE- of young learners was rekindled
affiliated school is run by Adani through online classes. Google
Foundation under the aegis of Classroom empowered students
Dr. Priti G. Adani. The serene to dream again. The AVMS faculty
ambience and lush campus, went door-to-door fulfilling
competent faculty and learner- learning requirements where the
friendly infrastructure are the online class could not bridge the
attractions at Adani Vidya Mandir. gap.
The pandemic brought the life
of people of Surguja to a halt.
127
Health
Rural health check camps MHCU covered 25 to 40 km from and Chakeri to sensitise rural
Adani Foundation and Wockhardt the centre and visited three women on the importance of
villages a day. MMU healthcare using sanitary napkins. Because
Statutory Reports
Foundation ran a programme

that provided primary healthcare services included free doctor’s of low literacy and lack of health
to 18 villages of Tamnar. With its consultation, distribution of awareness, most rural women
outreach, the Mobile Medicare medicines, diagnostic tests were not using sanitary pads,
Unit system proved instrumental and referral to other healthcare which resulted in health issues.
in addressing the needs of facilities. Through such campaigns, a
disadvantaged communities. behavioral change emerged.
Menstrual hygiene
Corporate Overview
The mobile medicare unit is a

comprehensive Mobile Medicare awareness camps
Health Programme that provides Menstrual hygiene awareness
mobility, affordability, accessibility, camps were organised in the
availability and awareness. villages of Pendrikhi, Pargogiya
128
Sustainable Livelihoods Development

Project Annapurna
Project Annapurna is a livelihood-
based initiative aimed at
sustainable agricultural practices
including organic farming. Some
500 farmers were covered under
this project. Training was provided
to increase land productivity
and reduce input costs. Organic
farming is in progress across
200 acres. Organic fertilisers are
Corporate Overview
produced in Parsa village, which
will enable farmers to pursue
organic farming on a larger scale.
Vermicomposting tanks
Statutory Reports
construction
Adani Foundation provided
training to manufacture
organic manure in Gare Pelma-
III. Ten earthworm tanks were
constructed. By producing organic
manure, farmers can increase
income and produce quality crops.
Manufacturing unit
Adani Foundation encouraged
women of village Karwahi in
dona pattal manufacture. Adani
Foundation provided the machine
and paper rolls.
129
COVID-19 measures
Statutory Reports
Masks and soap distribution foodgrain distribution through the district police department to
Masks and soap were distributed public distribution system. participate in the Ek Raksha Sutra
by Adani Foundation according Mask campaign.
Rations distribution
Corporate Overview
to the criteria set by the

government through panchayat A total of 250 ration kits were COVID-19 isolation ward
representatives. Some 35000 distributed in affected villages. Adani Foundation helped Tamnar
masks and 500 bars of soap were Community Health Center build
distributed. Food packet distribution isolation wards. Health Center
Adani Foundation distributed Punjipathara was supported to
Handwashing campaign food packets and water to drivers, develop a COVID-19 Care center
Suposhan Sanginis organised helpers and laborers working in with two medical staff for the
handwashing programmes in 32 the mine areas. Some 1100 food community health center of
villages, where people gathered in packets and 750 hot meals were Gharghoda.
small groups and learnt about how distributed.
to wash, how often to wash and
Disinfection sanitisation
how long to wash. Free medical health check tunnel
Adani Foundation conducted Adani Foundation helped
Public awareness health checks in mines, pit offices, commission two sanitation
Awareness messages were printed contact camps and site offices tunnels at the main gate of the
and installed in common places and provided free medicines. office of Superintendent Police
in 32 villages in addition audio and Tamnar Hospital.
messages. Relief material
Adani Foundation provided PM CARES Fund
Social distance during PDS blankets to the flood-affected The Company donated H15 crore
distribution families in the vicinity of the to PM Cares Fund during the year
Suposhan Sanginis helped Mahanadi River. Some 30,000 under review.
maintain social distance during masks were provided to the
130
Sports
Impact
Tokyo Olympics
Six qualifications out of 9 senior
athletes comprised:
§ Rani Rampal (Captain of Indian
Women Hockey Team, Awarded
Padam Shri & World Athlete of
the Year)
§ Amit Panghal (World number
Corporate Overview
1 in Boxing, weight category
52 Kg. First Indian male boxer
to win a silver medal in World
Boxing Championship)
§ Deepak Punia (World number 2
in Wrestling, Weight category
86 Kg, Silver medalist in World
Statutory Reports
Wrestling Championship)
§ Ravi Kumar Dahiya (World
number 4 in Wrestling, weight
category 54 Kg, Bronze
Garv Hai The objective of this programme
medalist in World Wrestling
Garv Hai initiative named after is to support athletes in their
Championship)
the group’s pilot project built quest to better results at global
around the Rio Olympics 2016, level, bringing pride to the nation. § KT Irfan (World ranking 29th in
is a nationwide programme that It provides world class training Race walking)
aims to reach out and empower and customised individual
training plans to the selected § Shivpal Singh (World number 15
stakeholders in the sports in Javelin throw)
fraternity. The initiative aims to athletes so as ensure optimum
nurture India’s next generation of productivity and maximum Other athletes (athletes part of
sporting champions and support results. The athletes are provided senior category and not qualified
them in their journey towards monetary support for full time for Tokyo 2020 Olympics)
Olympic glory. coaches, tournament expenses, § Chinki Yadav (Bronze medalist
supplements, mind trainers, in World Cup Junior Shooting
Last year, applications were dietary needs etc. Performance championship, 25 metre pistol)
invited from athletes across benchmarks are set for each
India in multiple sports to athlete and training is closely § Ankita Raina (India’s number
ensure maximum reach. Some monitored. An amount of H3-5 lac one tennis player and ITF 25K
19 promising athletes, with is provided to junior athletes and Single & Doubles title)
balanced representation of young H10-12 lac for elite athletes.
§ Sajan Bhanwal (Wrestling, 77
and experienced talent were
Overall, the programme promotes Kg)
shortlisted from more than 5000
entries received from 100 cities a sporting ecosystem that extends
across 29 states. The list included from grassroots to the top-most
icons such as Amit Panghal, levels and creates a database of
Deepak Punia and Rani Rampal. promising athletes.
131
29th Annual Report 2020-21
COMPANY INFORMATION
BOARD OF DIRECTORS BANKERS / FINANCIAL INSTITUTIONS

Mr. Gautam S. Adani, Chairman State Bank of India
Mr. Rajesh S. Adani, Managing Director ICICI Bank Limited
Mr. Pranav V. Adani Axis Bank Limited
Mr. Vinay Prakash Standard Chartered Bank
Mr. Hemant Nerurkar YES Bank Limited
Mr. V. Subramanian HDFC Bank Limited
Mrs. Vijaylaxmi Joshi IndusInd Bank Limited
Mr. Narendra Mairpady IDFC Bank Limited

Bank of India
CHIEF FINANCIAL OFFICER RBL Bank Limited
Mr. Jugeshinder Singh Central Bank of India
Union Bank of India
COMPANY SECRETARY
REC Limited
Mr. Jatin Jalundhwala
Statutory Reports
REGISTRAR AND SHARE TRANSFER AGENT

AUDITORS
M/s. Link Intime India Private Limited
M/s. Shah Dhandharia & Co LLP 5th Floor, 506-508,
Chartered Accountants, Ahmedabad Amarnath Business Centre-1 (ABC-1),
Besides Gala Business Centre,
REGISTERED OFFICE Near St. Xavier’s College Corner,
Off C G Road, Ellis bridge, Ahmedabad - 380006.
Corporate Overview
“Adani Corporate House”,

Shantigram, Near Vaishno Devi Circle, Tel: +91-79-26465179
S. G. Highway, Khodiyar, Fax: +91-79-26465179
Ahmedabad – 382421. Email: [email protected]
CIN : L51100GJ1993PLC019067 Website: https://linkintime.co.in/
Website: www.adanienterprises.com
IMPORTANT COMMUNICATION TO MEMBERS

The Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by
allowing paperless compliances by the companies and has issued circulars stating that service of
notice / documents including Annual Report can be sent by e-mail to its members. To support this
green initiative of the Government in full measure, members who have not registered their e-mail
addresses, so far, are requested to register their e-mail addresses, in respect of electronic holding
with the Depository through their concerned Depository Participants.
132
Directors’ Report
Dear Shareholders,
Your Directors are pleased to present the 29th Annual Report along with the audited financial statements of your
Company for the financial year ended on 31st March, 2021.
Financial Performance
The summarised financial performance highlights are as mentioned below:
(H in crore)
Particulars Consolidated Results Standalone Results
2020-21 2019-20 2020-21 2019-20
FINANCIAL RESULTS
Corporate Overview
Total Income 40,290.93 44,086.21 13,750.65 16,619.02
Total Expenditure other than Financial Costs and Depreciation 37,032.08 41,118.25 12,355.10 15,462.83
Profit before Depreciation, Finance Costs and Tax 3,258.85 2,967.96 1,395.55 1,156.19
Finance Costs 1,376.85 1,572.32 505.93 381.01
Depreciation and Amortisation Expense 537.14 472.06 121.51 120.97
Profit / (Loss) for the year before Exceptional Items and Tax 1,344.86 923.58 768.11 654.21
Add / (Less) Exceptional Items (258.89) 198.75 (212.85) 315.34
Statutory Reports
Profit / (Loss) for the year before Taxation 1,085.97 1,122.33 555.26 969.55
Total Tax Expenses 339.65 324.33 186.45 270.66
Profit for the year 746.32 798.00 368.81 698.89
Add / (Less) Share in Jointly Controlled Entities & Associates 299.44 241.99 - -
Net Profit / (Loss) after Jointly Controlled Entities & 1,045.76 1,039.99 368.81 698.89
Associates (A)
Add / (Less) Other Comprehensive Income (after tax) (711.86) 1,238.46 (1.82) (1.08)
Total Comprehensive Income for the year 333.90 2,278.45 366.99 697.81
Add / (Less) Share of Minority Interest (B) (123.12) 98.18 - -
Net Profit / (Loss) for the year after Minority Interest (A+B) 922.64 1,138.17 368.81 698.89
APPROPRIATIONS
Net Profit / (Loss) for the year after Minority Interest 922.64 1,138.17 368.81 698.89
Other Comprehensive Income for the year (3.82) (3.00) (1.82) (1.08)
Balance brought forward from previous year 11,783.80 10,859.29 2,298.44 1,811.26
Add / (Less) : On account of Consolidation Adjustments 1.45 (0.03) - -
Amount available for appropriations 12,704.07 11,994.43 2,665.43 2,509.07
Less : Appropriations
Proposed Dividend on Equity Shares - (153.97) - (153.97)
Tax on Dividend (Including surcharge) (net of credit) - (31.66) - (31.66)
Transfer to General Reserve (25.00) (25.00) (25.00) (25.00)
Balance carried to Balance Sheet 12,679.07 11,783.80 2,640.43 2,298.44
Notes:
1. There are no material changes and commitments affecting the financial position of the Company between the end of the
financial year and the date of this report.
2. Previous year figures have been regrouped / re-arranged wherever necessary.
133
Performance Highlights • Out of 6 bids won, taken over operations

of 3 Airports at Mangaluru, Lucknow and
Consolidated Financial Results: Ahmedabad during the year and concession
The audited consolidated financial statements of agreements are signed for remaining 3 Airports.
your Company as on 31st March, 2021, prepared in
Formed a joint venture “AdaniConneX” with
accordance with the relevant applicable Ind AS and
EdgeConnex to develop and operate data centers
Regulation 33 of the SEBI (Listing Obligations and
throughout India and roped in Flipkart as a strategic
Disclosure Requirements) Regulations, 2015 (“SEBI
partner for facility at Chennai.
Listing Regulations”) and provisions of the Companies
Act, 2013, forms part of this Annual Report. Joint venture Adani Wilmar continues to maintain
leadership of its “Fortune” brand with refined edible
The key aspects of your Company’s (“or AEL”)
oil market share of more than 20%.
consolidated performance during the financial year
2020-21 are as follows: Financial Highlights:
Operational Highlights Shareholders value increased at CAGR of 113% in
last 4 years by demerger of renewable generation
Your Company is the flagship company of Adani
and city gas distribution businesses.
Group, one of India’s largest business organisations.
Over the years, your Company has focused on building Consolidated EBIDTA grew by 10% to H3,259 crore
emerging infrastructure businesses, contributing to in FY 2020-21 vs H2,968 crore in FY 2019-20.
nation-building and divesting them into separate listed

Consolidated PAT attributable to owners (before
entities. Having successfully incubated infrastructure
exceptional items) grew by 26% to H1,182 crore in
unicorns like Adani Transmission, Adani Power, Adani
FY 2020-21 vs H939 crore in FY 2019-20.
Ports & SEZ, Adani Green Energy and Adani Total
Gas, the Company has contributed significantly Consolidated Income from Operations stood at
to make the country self-reliant with our current H40,291 crore vs H44,086 crore in FY 2019-20.
portfolio of robust businesses. The next-generation
of its strategic business investments are centered on Standalone Financial Results:
Statutory Reports
airport management, technology parks, roads, data

On standalone basis, your Company registered total
centers and water infrastructure with shift towards
income of H13,751 crore and PAT of H369 crore.
the B2C segment. Following these principles has led
to very strong returns to our shareholders. A one-rupee The operational performance of your Company has
investment in Adani Enterprises, which was the group’s been comprehensively discussed in the Management
first IPO in 1994, has returned over 800x. Discussion and Analysis Report which forms part of
this Report.
Corporate Overview
The following are some of the operational highlights

for FY 2020-21:
Organisational Initiatives in response to
Integrated Resource Management (IRM) volume
COVID-19 situation
stood at 63.4 MMT vs 78.8 MMT in FY 2019-20.
The outbreak of deadly COVID-19 virus and the ensuing
Mining Services coal production increased by 13% lockdowns and restrictions imposed across the country
to 17.5 MMT vs 15.5 MMT in FY 2019-20. affected operations across our various businesses.
Solar Manufacturing volume increased by 17% to Our business continuity plan was put in motion and
1158 MW vs 990 MW in FY 2019-20. was tested during this period. The initial focus was to
ensure safety of our employees and providing seamless
With construction of Roads progressing well in service to our customers. Since our core business
3 projects, the Company now has portfolio of 10 segments are linked with essential service segments,
assets under agreements with National Highway it was imperative for us to continue our supply and
Authority of India. Out of 10 projects, 8 road services, while strictly following government guidelines.
projects are under Hybrid Annuity Model and the With work from home initiative for office staff, the
Company has recently received LOA for 1 road Company continued to operate on remote basis for
project under Build Operate & Transfer model and 1 administrative, regulatory, payments and other legal
project under Toll Operate and Transfer model. compliances.
In the Airports business, the Company has - COVID-19 is an unprecedented challenge. The lockdown
• Acquired 23.5% stake in Mumbai International gave India time to make a concerted effort to flatten
Airports Ltd. during the year. the outbreak curve towards the end of the first quarter,
after which the demand picked up due to opening of
134
the economic activities across the nation. During this to H559.30 crore on a private placement basis which
difficult year, the Company ensured sufficient liquidity are listed on the Wholesale Debt Market Segment of
on hand, unused bank lines and strong support from the BSE Limited.
promoters to meet its liabilities as and when they
fall due. Our early spends on enabling IT and digital Fixed Deposits
infrastructure during previous years paid off well in this
During the year under review, your Company has not
crisis. The company also conducted its first virtual AGM
accepted any fixed deposits within the meaning of
as permitted under relevant regulations with seamless
Section 73 of the Companies Act, 2013 and the rules
attendance and voting facilities.
made there under.
India is currently experiencing a massive second wave
of Covid-19 infections with partial lockdowns and Particulars of Loans, Guarantees or
restrictions compared to the first wave. Hence, we Investments
expect no major changes in the economic activities.
At all times, physical health and emotional wellbeing During the year under review, your Company has made
of our employees and business partners remain of loans, given guarantees, provided securities and made
foremost importance to the Company and all efforts investments in compliance with Section 186 of the
have been taken to mitigate impact in our operations. Companies Act, 2013. The said details are given in the
In responding to this crisis, our primary objective has Notes to the financial statements.
been to ensure the safety of our employees, to deliver
Corporate Overview
our contractual and customer commitments, and put Subsidiaries, Joint Ventures, Associate
in place mechanisms to protect the financial wellbeing Companies and LLPs
of the Company. Your Company had 111 Subsidiaries (direct and indirect
As the nation is gearing up with major vaccination drive, including LLPs) and 2 Associate Companies as on
we expect normalcy to return sooner. The ongoing 31st March, 2020.
COVID-19 crisis calls for the entire nation to fight as one During the year under review, the following changes
collective force. The Adani Group has contributed H100 have been taken place in Subsidiaries, Joint Venture,
Statutory Reports
crore to the PM-CARES Fund during the year, with your Associate Companies and LLPs:-
Company’s contribution of H15 crore. Adani Group has
also continued to support governments, communities Subsidiary companies formed/acquired:
and fellow citizens with its efforts in setting up covid 1. Nanasa Pidgaon Road Private Limited (Subsidiary
care centers, importing oxygen concentrators and of Adani Road Transport Limited, which is a wholly
oxygen plants for those in need. Adani Group will owned subsidiary of the Company)
continue to contribute resources to provide support in
these testing times. 2. Vijayawada Bypass Project Private Limited
(Subsidiary of Adani Road Transport Limited, which
Dividend is a wholly owned subsidiary of the Company)
Your Directors have recommended a dividend of 3. AdaniConnex Private Limited (formerly known as
100% (H1/- per Equity Share of face value of H1 each) DC Development Chennai Private Limited)
on the fully paid up Equity Shares out of the profits of
4. DC Development Noida Private Limited
the Company for the financial year 2020-21. The said
dividend, if approved by the shareholders, would result 5. DC Development Hyderabad Private Limited
into a cash outflow of H109.98 crore.
6. Adani Global (Switzerland) LLC (Subsidiary of Adani
Global Pte. Ltd., which is a step down subsidiary of
Transfer to Reserves the Company)
The Company proposes to transfer H25 crore to the
7. MP Natural Resources Private Limited (formerly
General Reserve out of the amount available for
known as Adani Chendipada Mining Private
appropriation.
Limited)
Non-Convertible Debentures 8. PLR Systems Private Limited (Subsidiary of

Ordefence Systems Limited, which is a wholly
During the year under review, your Company has
owned subsidiary of the Company)
issued (i) 4,000 Rated, Listed Secured Redeemable
Non-Convertible Debentures (“NCDs”) and (ii) 1,593 9. Azhiyur Vengalam Road Private Limited
Secured, Rated, Listed, Redeemable, Principal
Protected Market Linked Non-Convertible Debentures 10. Kutch Copper Limited
(“MLD”), having face value of H10 lakh each aggregating 11. PRS Tolls Private Limited
135
12. Kodad Khammam Road Private Limited covered in the Management Discussion and Analysis
Report which forms part of this Report.
13. Vizag Tech Park Limited
Cessation of Subsidiary companies: Directors and Key Managerial Personnel

1. North West Rail Pty Ltd Mr. V. Subramanian and Mrs. Vijaylaxmi Joshi were
appointed as Independent Directors of the Company
2. PT Tambang Sejahtera Bersama for a period of five years upto August, 2021 and
November, 2021 respectively. The Board of Directors
Cessation of Associate company: on recommendation of Nomination and Remuneration
1. MP Natural Resources Private Limited (formerly Committee has re-appointed them as Independent
known as Adani Chendipada Mining Private Directors for a second term of five consecutive years
Limited) upto August, 2026 and November, 2026 respectively,
In view of above, your Company has 122 Subsidiaries subject to approval of members at the ensuing
(direct and indirect including LLPs) and 1 Associate Annual General Meeting. The terms and conditions
Company as on 31st March, 2021. of appointment of Independent Directors are as per
Schedule IV of the Act and SEBI Listing Regulations.
During the year under review, the Company has signed
Joint Venture (JV) agreement with - The Company has received declarations from all the
Independent Directors of the Company confirming
a) EdgeConneX, Inc. (“ECX”), a leading Global Data that they meet with the criteria of independence
Centre Operator through its affiliate EdgeConneX as prescribed both under sub-section (6) of Section
Europe B.V. (“ECX Europe BV”) and 149 of the Companies Act, 2013 and the SEBI Listing
b) AdaniConnex Private Limited (formerly known as Regulations and there has been no change in the
DC Development Chennai Private Limited) for the circumstances which may affect their status as
purpose of strategic partnership for Data Center independent director during the year.
business in India and 50% equity stake dilution of Pursuant to the requirements of the Companies Act,
AdaniConnex Private Limited by the Company to 2013 and Articles of Association of the Company,
Statutory Reports
ECX Europe BV. Mr. Pranav V. Adani (DIN: 00008457) is liable to

Pursuant to the provisions of Section 129, 134 and 136 retire by rotation and being eligible offers himself for
of the Companies Act, 2013 read with rules framed re-appointment.
there under and Regulation 33 of the SEBI Listing The Board recommends the appointment /
Regulations, the Company has prepared consolidated re-appointment of above directors for your approval.
financial statements of the Company and its
subsidiaries and a separate statement containing the Brief details of Directors proposed to be appointed /
Corporate Overview
salient features of financial statement of subsidiaries, re-appointed as required under Regulation 36 of the
joint ventures and associates in Form AOC-1 which SEBI Listing Regulations are provided in the Notice of
forms part of this Annual Report. the ensuing Annual General Meeting.
The annual financial statements and related detailed Directors’ Responsibility Statement
information of the subsidiary companies shall be
made available to the shareholders of the holding Pursuant to Section 134(5) of the Companies Act, 2013,
and subsidiary companies of the Company seeking the Board of Directors, to the best of their knowledge
such information on all working days during business and ability, state the following:
hours. The financial statements of the subsidiary a. that in the preparation of the annual financial
companies shall also be kept for inspection by any statements, the applicable accounting standards
shareholder/s during working hours at the Company’s have been followed along with proper explanation
Registered Office and that of the respective relating to material departures, if any;
subsidiary companies concerned. In accordance with
Section 136 of the Companies Act, 2013, the audited b. that such accounting policies have been selected
financial statements, including consolidated financial and applied consistently and judgement and
statements and related information of the Company estimates have been made that are reasonable and
and audited accounts of each of its subsidiaries, are prudent so as to give a true and fair view of the
available on our website, www.adanienterprises.com state of affairs of the Company as at 31st March,
Pursuant to Section 134 of the Act read with Rule 8(1) 2021 and of the profit of the Company for the year
of the Companies (Accounts) Rules, 2014 the details ended on that date;
of developments of subsidiaries of the Company are
136
c. that proper and sufficient care has been taken Internal Financial Controls system and their
for the maintenance of adequate accounting adequacy
records in accordance with the provisions of the
The details in respect of internal financial controls
Companies Act, 2013 for safeguarding the assets
system and their adequacy are included in the
of the Company and for preventing and detecting
Management Discussion & Analysis which forms part
fraud and other irregularities;
of this report.
d. that the annual financial statements have been
prepared on a going concern basis; Risk Management
e. that proper internal financial controls were in place The Board of the Company has formed a risk
and that the financial controls were adequate and management committee to frame, implement and
were operating effectively; monitor the risk management plan for the Company.
The committee is responsible for reviewing the risk
f. that proper systems to ensure compliance with the
management plan and ensuring its effectiveness. The
provisions of all applicable laws were in place and
audit committee has additional oversight in the area of
were adequate and operating effectively.
financial risks and controls.
Policies Committees of the Board

The updated policies adopted by the Company as
Details of various committees constituted by the Board
per statutory and governance requirements are
Corporate Overview
of Directors as per the provision of the SEBI Listing
uploaded on website of the Company at https://www.
Regulations and the Companies Act, 2013 are given in
adanienterprises.com/investors/corporate-governance
the Corporate Governance Report which forms part of
this report.
Number of Board Meetings
The Board of Directors met 4 (four) times during the Corporate Social Responsibility
year under review. The details of board meetings and
The Company has constituted a Corporate Social
the attendance of the Directors are provided in the
Statutory Reports
Responsibility (CSR) Committee and framed a CSR
Corporate Governance Report which forms part of this
Policy. The brief details of CSR Committee are provided
report.
in the Corporate Governance Report. The Annual
Report on CSR activities is annexed to this Report.
Independent Directors’ Meeting The updated CSR Policy is available on the website
The Independent Directors met on 12th March, of the Company at https://www.adanienterprises.
2021, without the attendance of Non-Independent com/-/media/Project/Enterprises/Investors/corporate-
Directors and members of the Management. governance/Polices/AEL_CSR_policy.pdf
The Independent Directors reviewed the performance
of non-independent directors and the Board as a whole; Corporate Governance and Management
the performance of the Chairperson of the Company,
Discussion and Analysis Report
taking into account the views of Executive Directors
and Non-Executive Directors and assessed the quality, Separate reports on Corporate Governance compliance
quantity and timeliness of flow of information between and Management Discussion and Analysis as stipulated
the Company Management and the Board that is by the SEBI Listing Regulations forms part of this
necessary for the Board to effectively and reasonably Annual Report along with the required Certificate
perform their duties. from Statutory Auditors regarding compliance of the
conditions of Corporate Governance as stipulated.
Board Evaluation In compliance with Corporate Governance requirements
The Board adopted a formal mechanism for evaluating as per the SEBI Listing Regulations, your Company
its performance and as well as that of its Committees has formulated and implemented a Code of Business
and individual Directors, including the Chairman of the Conduct and Ethics for all Board members and senior
Board. The exercise was carried out through a structured management personnel of the Company, who have
evaluation process covering various aspects of the affirmed the compliance thereto.
Boards functioning such as composition of the Board &
committees, experience & competencies, performance Business Responsibility Report
of specific duties & obligations, contribution at the The Business Responsibility Report for the year ended
meetings and otherwise, independent judgment, 31st March, 2021 as stipulated under Regulation 34 of
governance issues etc. the SEBI Listing Regulations is annexed which forms
part of this Annual Report.
137
Prevention of Sexual Harassment at The Notes to the financial statements referred in the
Workplace Auditors Report are self-explanatory. There are no
qualifications or reservations or adverse remarks or
As per the requirements of The Sexual Harassment
disclaimers given by Statutory Auditors’ of the Company
of Women at Workplace (Prevention, Prohibition &
and therefore do not call for any comments under
Redressal) Act, 2013 and rules made thereunder,
Section 134 of the Companies Act, 2013. The Auditors’
your Company has constituted Internal Complaints
Report is enclosed with the financial statements in this
Committee (ICC) which is responsible for redressal of
Annual Report.
complaints related to sexual harassment. During the
year under review, there were no complaints pertaining
to sexual harassment. Secretarial Audit Report
Pursuant to the provisions of Section 204 of the
Annual Return Companies Act, 2013 and the rules made thereunder,
the Company has re-appointed Mr. Ashwin Shah,
The Annual Return of the Company as on 31st March,
Practicing Company Secretary to undertake the
2021 is available on the website of the Company at
Secretarial Audit of the Company. The Secretarial Audit
https://www.adanienterprises.com/-/media/Project/
Report for FY 2020-21 is annexed which forms part of
Enterprises/Investors/Investor-Downloads/Annual-
this report as Annexure-A. There are no qualifications
Return/AELMGT7FORWEBSITE.pdf
or reservations or adverse remarks or disclaimer given
by Secretarial Auditors of the Company,
Related Party Transactions
All related party transactions entered into during the Cost Audit Report
financial year were on an arm’s length basis and were
Your Company has re-appointed M/s. K. V. Melwani &
in the ordinary course of business. Your Company had
Associates, Practicing Cost Accountants to conduct
not entered into any transactions with related parties
audit of cost records of Mining Activities of the
which could be considered material in terms of Section
Company for the year 31st March, 2022. The Cost Audit
188 of the Companies Act, 2013. Accordingly, the
Report for the year 2019-20 was filed before the due
disclosure of related party transactions as required
date with the Ministry of Corporate Affairs.
Statutory Reports
under Section 134(3)(h) of the Companies Act, 2013 in

Form AOC - 2 is not applicable. The Company has maintained the cost accounts
and records in accordance with Section 148 of the
Significant and Material Orders passed Companies Act, 2013 and Rule 8 of the Companies
(Accounts) Rules, 2014.
by the Regulators or Courts or Tribunals
Impacting the Going Concern Status of the
Particulars of Employees
Corporate Overview
Company
The information required under Section 197 of the
There are no significant and material orders passed Companies Act, 2013 read with Rule 5(1) of the
by the Regulators or Courts or Tribunals which would Companies (Appointment and Remuneration of
impact the going concern status and the Company’s Managerial Personnel) Rules, 2014 are provided in
future operations. separate annexure forming part of this Report as
Annexure-B.
Insurance
The statement containing particulars of employees as
Your Company has taken appropriate insurance for all
required under Section 197 of the Companies Act, 2013
assets against foreseeable perils.
read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014
Auditors & Auditors' Report will be provided upon request. In terms of Section 136 of
Pursuant to the provisions of Section 139 of the the Companies Act, 2013, the Report and Accounts are
Companies Act, 2013 read with rules made thereunder, being sent to the Members and others entitled thereto,
M/s. Shah Dhandharia & Co LLP, Chartered Accountants excluding the information on employees’ particulars
(Firm Registration No. 118707W), were appointed as which is available for inspection by the members at
Statutory Auditors of the Company to hold office till the Registered Office of the Company during business
conclusion of the 30th Annual General Meeting (AGM) hours on working days of the Company. If any member
of the Company to be held in the calendar year 2022. is interested in obtaining a copy thereof, such Member
may write to the Company Secretary in this regard.
138
Conservation of Energy, Technology support and assistance received from the Government
Absorption, Foreign Exchange Earnings and of India, Government of Gujarat, Financial Institutions
and Banks. Your Directors thank all shareholders,
Outgo esteemed customers, suppliers and business associates
The information on conservation of energy, technology for their faith, trust and confidence reposed in the
absorption and foreign exchange earnings and outgo Company.
stipulated under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of The Companies (Accounts) Your Directors also wish to place on record their sincere
Rules, 2014, as amended from time to time is annexed appreciation for the dedicated efforts and consistent
to this Report as Annexure-C. contribution made by the employees at all levels,
to ensure that the Company continues to grow and
excel even during the challenging times of COVID-19
Acknowledgment
pandemic.
Your Directors are highly grateful for all the guidance,
For and on behalf of the Board of Directors
Gautam S. Adani
Corporate Overview
Place: Ahmedabad Executive Chairman
Date: 5th May 2021 (DIN: 00006273)
Statutory Reports
139
Annexure – A
to the Directors' Report
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2021
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To
The Members
I have conducted the secretarial audit of the compliance Direct Investment and External Commercial
of applicable statutory provisions and the adherence Borrowings;

to good corporate practices by Adani Enterprises
v. The following Regulations and Guidelines
Limited (hereinafter called “the company”). Secretarial
prescribed under the Securities and Exchange
Audit was conducted in a manner that provided
Board of India Act, 1992 ('SEBI Act'):-
me a reasonable basis for evaluating the corporate
conducts/ statutory compliances and expressing my a. The Securities and Exchange Board of India
opinion thereon. (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
Statutory Reports
Based on my verification of books, papers, minute books,

forms and returns filed and other records maintained b. The Securities and Exchange Board of India
by the company and also the information provided (Prohibition of Insider Trading) Regulations,
by the Company, its officers, agents and authorized 2015;
representatives in the conduct of secretarial audit
c. The Securities and Exchange Board of India
during the pandemic of COVID 19 situation across the
(Issue of Capital and Disclosure Requirements)
country, I hereby report that in my opinion, the company
Regulations, 2009 (Not Applicable to the
Corporate Overview
has, during the audit period covering the financial

Company during the Audit Period);
year ended on 31st March, 2021 complied with the
statutory provisions listed hereunder and also that the d. The Securities and Exchange Board of India
Company has proper Board processes and compliance (Share Based Employee Benefit) Regulation,
mechanism in place to the extent, in the manner and 2014 (Not Applicable to the Company during
subject to the reporting made hereinafter: the Audit Period);
I have examined the books, papers, minute books, e. The Securities and Exchange Board of
forms and returns filed and other records maintained India (Issue and Listing of Debt Securities)
by Adani Enterprises Limited (“the Company”) for the Regulations, 2008;
financial year ended on 31st March, 2021 according to
f. The Securities and Exchange Board of India
the provisions of:
(Registrars to an Issue and Share Transfer
i. The Companies Act, 2013 (the Act) and the rules Agents) Regulations, 1993 regarding the
made thereunder; Companies Act and dealing with client;
ii. The Securities Contracts (Regulation) Act, 1956 g. The Securities and Exchange Board of India
('SCRA') and the rules made thereunder; (Delisting of Equity Shares) Regulations, 2009
(Not Applicable to the Company during the
iii. The Depositories Act, 1996 and the Regulations
Audit Period); and
and Bye-laws framed thereunder;
h. The Securities and Exchange Board of India
iv. Foreign Exchange Management Act, 1999 and
(Buyback of Securities) Regulations, 1998 (Not
the rules and regulations made thereunder to the
Applicable to the Company during the Audit
extent of Foreign Direct Investment, Overseas
Period);
140
vi. Laws specifically applicable to the industry to During the period under review the Company has
which the company belongs, as identified by the complied with the provisions of the Act, Rules,
management, that is to say: Regulations, Guidelines, Standards, etc. mentioned
above subject to filing of certain e-forms with additional
Legislation Name fees.
Payment of Wages Act, 1936
I further report that
The Payment of Bonus Act, 1965
The Board of Directors of the Company is duly
The Employees’ Provident Fund and Miscellaneous
constituted with proper balance of Executive
Provisions Act, 1952
Directors, Non-Executive Directors and Independent
Employees’ State Insurance Act, 1948 Directors. The changes in the composition of the
The Minimum Wages Act, 1948 Board of Directors that took place during the period
Payment of Gratuity Act, 1972 under review were carried out in compliance with the
provisions of the Act.
Employee Taxation as per Income Tax Act, 1961
Employee Group Insurance Scheme and Maternity Adequate notice is given to all directors to schedule
Benefits. the Board Meetings, agenda and detailed notes on
Shops and Establishment Act & Rules thereunder. agenda were sent at least seven days in advance,
and a system exists for seeking and obtaining further
The Contract Labour (Abolition & Repeal) Act & information and clarifications on the agenda items
Corporate Overview
and Rules thereunder before the meeting and for meaningful participation at
Environment (Protection) Act, 1986 the meeting.
The Air (Prevention and Control of Pollution) Act,
Majority decision is carried through while the
1981
dissenting members’ views are captured and recorded
The Water (Prevention and Control of Pollution) as part of the minutes.
Act, 1974
I further report that there are adequate systems and
The Noise Pollution (Regulation and Control)
processes in the company commensurate with the size
Statutory Reports
Rules, 2000
and operations of the company to monitor and ensure
Hazardous Wastes (Management and Handling) compliance with applicable laws, rules, regulations and
Rules, 1989 guidelines.
Manufactures Stores and import of Hazardous
I further report that during the audit period the
Chemical Rules, 1989
company has:
Factories Act, 1948
1. Passed a special resolution for approval of offer or
I have also examined compliance with the applicable invitation to subscribe to Securities for an amount
clauses of the following: not exceeding H2,500 crore.
a. Secretarial Standards issued by The Institute of 2. Passed a special resolution for approval of Shifting
Company Secretaries of India. of Registered Office outside the local limits of the
city.
b. The Securities and Exchange Board of India
(Listing Obligations and Disclosures Requirements)
Regulations, 2015.
Place: Ahmedabad CS Ashwin Shah

Date: 5th May, 2021 Company Secretary
UDIN: F001640C000242584 C. P. No. 1640
Note: This report is to be read with our letter of even date which is annexed as 'Annexure-A' and forms an integral
part of this report.
141
Annexure - A
to the Secretarial Audit Report
To
The Members
Our report of even date is to be read along with this 4. Where ever required, we have obtained the
letter Management representation about the compliance
of laws, rules and regulations and happening of
1. Maintenance of secretarial record is the
events etc.
responsibility of the management of the company.
Our responsibility is to express an opinion on these 5. The compliance of the provisions of Corporate
secretarial records based on our audit. and other applicable laws, rules, regulations,
standards is the responsibility of management.
2. We have followed the audit practices and
Our examination was limited to the verification of
processes as were appropriate to obtain reasonable
procedures on test basis.
assurance about the correctness of the contents

of the Secretarial records. The verification was 6. The Secretarial Audit report is neither an assurance
done on test basis to ensure that correct facts are as to the future viability of the company nor of
reflected in secretarial records. We believe that the efficacy or effectiveness with which the
the processes and practices, we followed provide a management has conducted the affairs of the
reasonable basis for our opinion. company.
3. We have not verified the correctness and
appropriateness of financial records and Books of
Statutory Reports
Accounts of the company.
Place: Ahmedabad CS Ashwin Shah

Date: 5th May, 2021 Company Secretary
Corporate Overview
UDIN: F001640C000242584 C. P. No. 1640
142
Annexure – B
[Information pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
i) The ratio of the remuneration of each Director ii) The percentage increase in the median
to the median remuneration of the employees of remuneration of employees in the financial year:
the Company for the financial year 2020-21 and 12.16%
the percentage increase in remuneration of each
Director, Chief Financial Officer, Chief Executive iii) The number of permanent employees on the rolls
Officer, Company Secretary in the financial year of Company: 790 as on 31st March, 2021.
2020-21:
iv) Average percentile increase already made
Name of Directors/ Ratio of % increase in in the salaries of employees other than the
KMP remuneration remuneration
Corporate Overview
managerial personnel in the last financial year
to median in the
and its comparison with the percentile increase
remuneration financial year
of Employees in the managerial remuneration and justification
thereof and point out if there are any exceptional
Executive Directors
circumstances for increase in the managerial
Mr. Gautam S. Adani 20.06: 1 3.41 remuneration:
Mr. Rajesh S. Adani 40.28: 1 5.65
- Average increase in remuneration of employees
Mr. Pranav Adani 31.32 : 1 15.14
Statutory Reports
excluding KMPs: 8%.
Mr. Vinay Prakash1 52.17 : 1 2.42
Non-Executive Directors - Average increase in remuneration of KMPs: 5%
Mr. Hemant Nerurkar 2
2.28 : 1 - - KMP salary increases are decided based
Mr. V. Subramanian2 2.33: 1 - on the Company’s performance, individual
Mrs. Vijayalaxmi Joshi2 2.24: 1 - performance, inflation, prevailing industry
trends and benchmarks.
Mr. Narendra Mairpday2 1.97 : 1 -
Key Managerial Personnel
v) Affirmation that the remuneration is as per the
Mr. Jatin Jalundhwala1 14.08: 1 - Remuneration Policy of the Company:
Mr. Jugeshinder Singh1 31.20 : 1 0.17
The Company affirms remuneration is as per the
1. Excluding performance based variable incentive. Remuneration Policy of the Company.
2. Reflects sitting fees and commission.
143
Annexure – C
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

AND FOREIGN EXCHANGE EARNINGS AND OUTGO
[Information as required under Section 134(3)(m) of the Companies Act, 2013 read
with Rule 8(3) of the Companies (Accounts) Rules, 2014]
A. Conservation of Energy : - Hence, a total savings of 237.6 units/day is

a) the steps taken or impact on conservation of recorded.
energy: - This corresponds that total 7128 units/
- Replaced conventional HPSV Luminaries month are saved through the replacement
of HIGH MAST by LED. Total no of HIGH of HPSV Lamps by 350W LED Lamps.
MAST Flood Light replaced with LED - The specific power cost per unit is H10.74/
details under as: unit presently.
b) the steps taken by the company for utilizing
Installed Replaced by Total

Quantity alternate sources of energy:
400W HPSV 350W LED 72 - Solar LED Lights are under installation
2x400W 350W LED 36 wherever feasible in project area, especially
HPSV under CSR initiatives.
- New In-pit chain feeder and conveyor - Solar Water heaters are already installed
system is designed and installed with and are ensured to give uninterrupted
Statutory Reports
complete LED luminaries. services.
- Installation of New high efficiency LED c) the capital investment on energy conservation
lighting in Mine Area. Total no of LED equipment:
details under as: Sequential steps are in process for finalizing
the planning to ascertain the requirement of
Light details Total Quantity
additional investment and proposals, if any
1000 W LED 15
Corporate Overview
required for reduction of consumption of

500 W LED 10 energy.
400 W LED 10
150 W LED 05 B. Technology Absorption:
- Similarly, many HPSV lamps in project areas (i) the efforts made towards technology
were replaced by LED last year too. We’ve absorption:
ensured that these lights give satisfactory - Implementation of an Integrated Security
performance by continuous service, Command and Control center completed.
maintenance and spares replacement etc.
- Pilot for OITDS taken up at PEKB.
As already quoted above, 108 nos. of
conventional 400W HPSV are replaced by - It is ensured that previously installed
350W LEDs, the benefit or impact of this Technological initiatives delivers
replacement is calculated as follows: satisfactory deliveries by regular up-
keeping and service as and when
- Total power consumption by 108 nos. of required. These are: Geo-spatial Database,
400W HPSV Lamps was 691.2 units/day. CMS for CHP critical equipment, Mine
- While the power consumption by 108 nos. water treatment, Video analytics system
of 350W LED lights comes to only 453.6 for security services, Terrestrial Lidar
units/day. Surveying, Tree-Transplanter, Drill-blast
optimization etc.
144
(ii) the benefits derived like product improvement, (iii) in case of imported technology (imported
cost reduction, product development or import during last 3 years reckoned from the
substitution: beginning of the financial year)
- Condition Monitoring Service (CMS) - No technology imported for conservation
in CHP has averted critical failures/ of energy.
breakdown of plant equipment thereby
(iv) The expenditure incurred on Research and
ensuring increased plant up-time. The
Development.
system generates advance alerts whenever
an equipment starts generating internal - NIL
deficiency.
- Geo-spatial Database has helped to create c. Foreign Exchange Earnings and Outgo:
integrated Maps through various sources (H in crore)
including Drone for PEKB and Parsa
Particulars 2020-21 2019-20
coal blocks. This helped in creating One
Map for One Business with all important 1. Foreign exchange - 0.16
information at just one click. earned (including
export of goods on
- Mine water Treatment system has helped in FOB basis)
providing potable water to nearby villages
2. Foreign exchange 5,536.52 7,391.02
Corporate Overview
by treatment of surplus mine water.
used
- Slope stability of OB dumps had increased.
Statutory Reports
145
Annexure
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

ACTIVITIES AS PER SECTION 135 OF THE COMPANIES ACT, 2013
1. Brief outline on CSR Policy of the Company

The Company has framed Corporate Social Responsibility (CSR) Policy which encompasses its philosophy
and guides its sustained efforts for undertaking and supporting socially useful programs for the welfare &
sustainable development of the society.
The Company carries out / implements its CSR activities/projects mainly through Adani Foundation.
The CSR Policy has been uploaded on the website of the Company at https://www.adanienterprises.com/-/
media/Project/Enterprises/Investors/corporate-governance/Polices/AEL_CSR_policy.pdf
2. Composition of the CSR Committee:
Sr. Name of Director Designation/ Nature of No. of meetings of CSR No. of meetings of CSR
No. Directorship Committee held during Committee attended
the year during the year
1. Mr. Rajesh S. Adani Chairman 2 2
2. Mr. Pranav V. Adani Member 2 2
3. Mr. Hemant Nerurkar Member 2 2
Statutory Reports
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the
board are disclosed on the website of the company:
https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/corporate-governance/Polices/AEL-
CSR-Report-FY21.pdf
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of
the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report):
Corporate Overview
Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any:
Not Applicable
6. Average net profit of the company as per section 135(5): H628.58 crore
7. a Two percent of average net profit of the company as per section 135(5) : H12.57 crore
b Surplus arising out of the CSR projects or programmes or activities of the previous financial years. : Nil
c Amount required to be set off for the financial year, if any : Nil
d Total CSR obligation for the financial year 2020-21 (7a+7b-7c) : H12.57 crore
8. a CSR amount spent or unspent for the financial year 2020-21 : As per below given table.
Total Amount Amount unspent (H)

Spent for the Total Amount transferred to Amount transferred to any fund specified under
Financial Year Unspent CSR Account as per Schedule VII as per second proviso to section
(in H) section 135(6) 135(5)
Amount Date of Name of the Amount Date of
Transfer Fund Transfer
H15 crore N.A. N.A.
146
b Details of CSR amount spent against ongoing projects for the financial year 2020-21 : Not Applicable
c Details of CSR amount spent against other than ongoing projects for the financial year 2020-21:
Sr. Name Item from Local area Location of the Amount Mode of Mode of
No. of the the list of (Yes/ No) project spent for implementation implementation
Project activities the project - Direct (Yes/ – Through
in (in H) No) implementing
schedule agency
VII to the State District Name CSR
Act registration
number
1. COVID (viii) Yes Across India 15 crore No PM -
support - CARES
Fund
PM CARES
Fund
d Amount spent in Administrative Overheads : Nil

e Amount spent on Impact Assessment, if applicable : Nil
Corporate Overview
f Total amount spent for the Financial Year (8b+8c+8d+8e) : H15 crore
g Excess amount for set off, if any
Sr. Particulars Amount

No.
(i) Two percentage of average net profit of the company as per section 135(5) H12.57 crore
(ii) Total amount spent for the Financial Year H15 crore
Statutory Reports
(iii) Excess amount spent for the financial year [(ii)-(i)] H2.43 crore
(iv) Surplus arising out of the CSR projects or programmes or activities of the Nil
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] H2.43 crore
9 a Details of Unspent CSR amount for the preceding three financial years : Not Applicable
b Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s)
: Not Applicable
10 In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or
acquired through CSR spent in the financial year (asset-wise details) : Not Applicable
a Date of creation or acquisition of the capital asset(s) : Not Applicable
b Amount of CSR spent for creation or acquisition of capital asset : Not Applicable
c Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
their address etc. : Not Applicable
d Provide details of the capital asset(s) created or acquired (including complete address and location of
the capital asset) : Not Applicable
11 Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section
135(5) : Not Applicable
Rajesh S. Adani Hemant Nerurkar

Managing Director & Chairman - CSR Committee Director
(DIN: 00006322) (DIN: 00265887)
147
Annexure
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Global economic overview population of the under-consumed was the largest in

The global economy reported de-growth of 3.3% in the world.
2020 compared to a growth of 2.9% in 2019, the The Indian government announced a complete
sharpest contraction since World War II. This steep lockdown in public movement and economic activity
decline in global economic growth was largely due from the fourth week of March 2020. As economic
to the outbreak of the novel coronavirus and the activity came to a grinding halt, the lockdown had a
consequent suspension of economic activities across devastating impact on an already-slowing economy as
the world. This led to global supply chain disruptions, 1.38 billion Indians were required to stay indoors - one
resulting in a de-growth in some of the largest global of the most stringent lockdowns enforced in the world.
economies.
The outbreak of the novel coronavirus and the

Regional growth % 2020 2019 consequent suspension of economic activities due to
the pandemic-induced lockdown, coupled with muted
World output (3.3) 2.9
consumer sentiment and investments, had a severe
Advanced economies (4.9) 1.7 impact on the Indian economy during the first quarter
Emerging and (2.4) 3.7 of the year under review. The Indian economy de-grew
developing economies 23.9% in the first quarter of 2020-21, the sharpest de-
(Source: IMF) growth experienced by the country since the index
Statutory Reports
was prepared.
Performance of some major economies The Indian and state governments selectively lifted
United States: The country witnessed a GDP de-growth controls on movement, public gatherings and events
of 3.4% in 2020 compared to a growth of 2.3% in 2019. from June 2020 onwards, each stage of lockdown
relaxation linked to corresponding economic
China: The country’s Gross Domestic Product grew recovery. Interestingly, as controls relaxed what the
2.3% in 2020 compared to 6.1% in 2019 despite being
Corporate Overview
country observed was a new normal: individuals were

the epicentre of the outbreak of the novel coronavirus. encouraged to work from home; inter-city business
United Kingdom: Britain’s GDP shrank 9.9% in 2020 travel was replaced by virtual engagement; a greater
compared to 1.4% growth in 2019, 2x the annual premium was placed on the ownership of personal
contraction recorded in the aftermath of the global mobility modes (cars and two-wheelers); there was a
meltdown in 2009. sharp increase in home purchase following the need
to accommodate an additional room for home working.
Japan: Japan witnessed a contraction of 4.8% in 2020,
the first instance of a contraction since 2009. The result is that India’s relief consumption, following
the lifting of social distancing controls, translated into
(Source: CNN, IMF, Economic Times, trading economics, a full-blown economic recovery. A number of sectors
Statista, CNBC) in India – real estate, steel, cement, home building
The global economy is projected to grow by 5.5% in products and consumer durables, among others -
2021 largely due to the successful roll-out of vaccines reported unprecedented growth. India de-grew at a
across the globe, coupled with policy support in large relatively improved 7.5% in the July-September quarter
economies. (Source: IMF) and reported 0.4% growth in the October-December
quarter and a 1.6% growth in the last quarter of the
year under review.
Indian economic review
The Indian economy passed through one of the volatile The result is that India’s GDP contracted 7.3% during
periods in living memory in 2020-21. 2020-21, largely on account of the sharp depreciation
of the first two quarters. This sharp Indian recovery
At the start of 2020, India was among five largest global – one of the most decisive among major economies
economies; its economic growth rate was the fastest –validated India’s robust long-term consumption
among major economies (save China); its market size potential.
at H1.38 bn was the second largest in the world; its rural
148
Y-o-Y growth of the Indian economy to banks to purchase the portfolio of non-banking
financial companies.
Regional growth % FY18 FY19 FY20 FY21
Real GDP growth (%) 7 6.1 4.2 (7.3) The government approved amendments to the Essential
Commodities Act and brought an ordinance to allow
Growth of the Indian economy, 2020-21 farmers to sell their crop to anyone; the changes to
the Essential Commodities Act, 1955, were intended to
Regional growth % Q1, Q2, Q3 Q4, ‘deregulate’ agricultural commodities (cereals, pulses,
FY21 FY21 FY21 FY21 oilseeds, edible oils, onions and potatoes from stock
Real GDP growth (%) (23.9) (7.5) 0.4 1.6 limits). The government approved the Farming Produce
Trade and Commerce (Promotion and Facilitation)
(Source: Economic Times, IMF, EIU, Business Standard,
Ordinance, 2020, to ensure barrier-free trade in
McKinsey)
agriculture produce.
Indian economic reforms and recovery The Government relaxed foreign direct investment (FDI)
norms for sectors like defence, coal mining, contract
There were a number of positive features of the Indian
manufacturing and single-brand retail trading.
economy during the year under review.
The Union Cabinet approved the production-linked
India reported improving Goods and Services Tax
incentive (PLI) scheme for 10 sectors: pharmaceuticals,
(GST) collections month-on-month in the second half
automobiles and auto components, telecom and
of 2020-21 following the relaxation of the lockdown,
Corporate Overview
networking products, advanced chemistry cell batteries,
validating the consumption-driven improvement in the
textile, food products, solar modules, white goods and
economy.
specialty steel. These incentives could attract outsized
The per capita income was estimated to have declined investments, catalysing India’s growth journey.
by 5% from H1.35 lakh in 2019-20 to H1.27 lakh in 2020-
21, which was considered moderate in view of the Outlook
extensive demand destruction in the first two quarters The second surge of the Covid-19 pandemic has
of 2020-21.
Statutory Reports
affected the short-term economic outlook, the first
A slowdown in economic growth and inflation quarter of the current year being extensively affected
weakened the country’s currency rate nearly 2.83% in terms of offtake and economic activity. The medium-
in 2020 from H71.28 to H73.30 to a US dollar before term outlook of the country appears to be cautiously
recovering towards the close of the financial year. positive.
Despite the gloomy economic scenario, foreign direct Industry overview

investments (FDI) in India increased 13% to USD 57
Coal business: India is the world’s second largest coal
billion in 2020.
producer and the fifth largest in terms of coal deposits
The gap between government expenditure and expected to last a minimum 100 years. This underscores
revenue was estimated at H12 trillion due to increased the capacity of the country to provide adequate coal
borrowing by the government in May 2020 to address addresses its needs for industrial development. India
the COVID-19 outbreak. produced (provisional) about 715.95 million tons of
coal in 2020-21 compared with 730.87 million tonnes
India jumped 14 places to 63 in the 2020 World Bank’s
in 2019-20 (Source: coal.nic.in).
Ease of Doing Business ranking and was the only
country in the emerging market basket that received A complement of mining reforms and a growing focus
positive FPIs of USD 23.6 billion in 2020; the country on mineral-led manufacture of downstream metals is
ranked eighth among the world’s top stock markets expected to catalyse growth of the steel, aluminium,
with a market capitalisation of USD 2.5 trillion in 2020. fertilizers and cement sectors. India is endowed with
substantial non-coking coal. The government’s decision
The Indian government initiated structural reforms in
to eliminate coal imports by 2023-24 augurs well for
agriculture, labour laws and medium-small enterprise
the growth of the country’s coal mining business.
segments. The labour reforms were intended to
empower MSMEs increase employment, enhance Airport infrastructure: The quality of airport
labour productivity and wages. infrastructure influences national competitiveness,
facilitating the efficient mobility of people and cargo.
India extended the Partial Credit Guarantee Scheme by
relaxing the criteria and allowing state-owned lenders Even as air cargo accounts for 1% of the country’s cargo
more time to purchase liabilities of shadow banks. exports, it accounts for 35% by value. Besides, superior
Under the H45,000 crore partial credit guarantee cargo management of imported capital equipment
scheme, announced as a part of the Atmanirbhar and high value items enhances national productivity.
Bharat package, three additional months were given Superior airport infrastructure catalyses the growth
149
of the tourism sector (97% tourists arrive in India by The government allocated H111 lakh crore (USD 1.5
air), creating downstream employment; the sector is trillion) to National Infrastructure Pipeline to complete
the second largest exchange earning sector. Besides, projects by 2025. The National Infrastructure Pipeline
airport infrastructure is a national brand builder. comprises a revised number of 7,400 projects,
expected to widen and deepen the country’s network
In FY20, India’s passenger traffic was 341.05 million.
of roads, railways, social and economic infrastructure,
Between FY16 and FY20, traffic grew at a compounded
water, sanitation and power supported by the creation
annual rate of 11.13%. Domestic passenger traffic stood
of Development Finance Institution. This is expected
at 274.50 million in FY20, growing at a CAGR of 12.91%
to create outsized road building opportunities in India
compared to FY16. International passenger traffic
across then foreseeable future.
stood at 66.54 million growing at a CAGR of 5.01%
during FY16-FY20. Freight traffic expanded at a CAGR Water: India is among the world’s most water-stressed
of 5.32% of FY16-FY20 from 2.70 million tonnes (MT) countries, water availability per person declining to
to 3.33 MT. The factors driving the growth of airport 1,000 cubic meters from around 4,000 cubic meters
infrastructure comprise sustained population growth, in 1950. As per capita income has risen, so has water
change in national demographics, higher disposable consumption, with cascading impacts on India’s food
incomes, increased fare affordability, wider airline security, farmer livelihoods and economic development.
choice, time saving, increased aspirations for better The result has been reflected in a declining national
travelling modes, better inter-modal connectivity, water table; India is the largest groundwater
increased number of flights and investment in modern consumer in the world with 25% of all global extracted
aircraft fleets, among others. groundwater being pumped out within the country.
The Government of India is addressing the incidence of By 2050, India’s water demand is estimated to exceed
growing air traffic by increasing the number of airports. supply. Not only is the country threatened from a
India had 103 operational airports as of March 2019; quantitative perspective, but also by declining quality.
it set a target to commission 190-200 operational The result is an economic annual burden of USD 600
airports by FY40. There is a possibility of the creation million due to water borne diseases, especially in
of water aerodromes. In August 2020, 78 new routes the drought and flood prone areas. Safely managed
were approved by the government under UDAN 4.0 to drinking water is accessible by only less than 50% of
Statutory Reports
induce connectivity to remote and isolated areas of the the country’s population. Some 1.96 million households
country. The government introduced 100% FDI under suffer from chemical contamination of water mostly
the automatic route in scheduled air transport service, through arsenic and fluoride. According to WHO,
regional air transport service and domestic scheduled excess fluoride in India has affected millions of people
passenger airline (FDI in excess of 49% requiring in 19 states.
government clearance).
In the Union Budget 2021, allocation to drinking and
Corporate Overview
A complement of these realities makes India’s aviation water sanitation increased more than three times
and airport infrastructure segments among the most compared to H17,023 crore allocated in 2020-21.
exciting in the world. The Jal Jeevan Mission intends to provide tap water
connections to all rural households by 2024. The urban
Infrastructure: For decades, the Indian growth story
segment announced (outlay H2,87,000 crore) will
centred around personal consumption. There is a
be implemented over five years, providing 2.86 crore
growing conviction that India will need to invest
household tap connections in 4,378 urban local bodies
disproportionately more than ever in its infrastructure
along with liquid waste management in 500 AMRUT
with the objective to play catch-up on the one hand
cities. This indicates a growing potential for water
and addressing the needs of a growing nation. The
management projects in India.
result is that India’s infrastructure sector stands at the
cusp of rapid growth, driven by government reforms, Government allocations
incentives and long-term prospects.
Items 2021-22 2020-21
The seriousness of government support has been
influenced by a growing conviction that strengthened Jal Jeevan Mission H50.000 crore H11,500
infrastructure catalyses national competitiveness, allocation ( rural)+ H2.87 crore
moderates inflation, promotes livelihoods and enhances lakh crore
prosperity. (urban)
Swachh Bharat H1.41 lakh H12,294
India needs to invest H50 trillion (USD 777.73 billion) Mission allocation crore crore
by 2022 in its infrastructure. The government of India
Pradhan Mantri Krishi H11,588 crore H11,126 crore
introduced National Infrastructure Pipeline, expected
Sinchai Yojana
to deepen infrastructure investments that could
catalyse India towards achieving USD 5-trillion in (Source: Business standard)
economic size during this decade.
150
Defence industry: India is one of the world’s five match rising demand, warranting a focus on increased
largest importers of defence equipment. India’s oilseed production. The Government’s five-year plan
defence manufacturing sector has been growing at targets increased oilseed production to more than
a CAGR of 3.9% between 2016 and 2020. The Indian 47 million tonnes from about 34 million tonnes. The
government finalized defence production target at import duty on crude palm oil was raised to 35.75% to
USD 25.00 billion by 2025 (including USD 5 billion encourage indigenous production; the import duty on
from exports). India’s defence import value stood at soya and sunflower oil remained unchanged at 38.5%.
USD 463 million for FY20. Defence exports have grown A National Mission on Edible Oils was introduced (focus
over the last two years and in five years, India targets to 2020-25) to enhance the production of oilseeds and
export military hardware worth USD 5 billion H4,78,195 edible oils from primary sources, secondary sources
crore was allocated in the interim defence budget of and increase consumer awareness. The Mission targets
2021-22, an expansion of 18.75% over 2020-21. to increase oilseeds production from 30.88 mn tonnes
to 47.80 mn tonnes by 2024-25, strengthening the role
The Indian Government is encouraging Make in India
of the downstream sector.
through policy support initiatives. To expand defence
manufacturing in India and make the country a Data centres: The business of data centres is being
trustworthy weapon supplier to friendly nations, increasingly considered as infrastructure in view of
the country permitted FDI up to 74% through the the growing need to store data within countries for
automatic route (more than 74% requiring government reasons of privacy and security. This business has
permission). The Indian government is looking forward been catalysed during the pandemic on account of
Corporate Overview
to state-of-the-art solutions to accredit the country’s the decisive shift towards digitalization and a growing
defence and security through Innovations for Defence preference for cloud computing. India has emerged as
Excellence (iDEX), which provided a manifesto for the second fastest growing digital economy (Source:
start-ups to engage with defence establishments and McKinsey); its IT and communications industry is
create new technologies/products (2021–2026). expected to double by 2025 with a contribution of
USD 355-435 billion to national GDP.
Solar panels manufacture: In line with India’s plans
to moderate its exposure to thermal energy, India is The incidence of third party or outsourced data
Statutory Reports
investing in renewable alternatives. The government centres are expected to grow over captive data centres
announced a renewable energy capacity addition due to economies of scale. The accessibility of high
target of 175 GW by 2022 and 450 GW by 2030, a bandwidth speed, futuristic infrastructure, reduced
majority of this being derived from solar power. power tariffs (through renewable energy) and the
increased presence of hyper scalers is helping grow
The government is equally focused on enhancing the
this space; the cities where data centres are likely to
domestic manufacture of solar panels, modules and
proliferate comprise Mumbai, Bengaluru, Hyderabad,
related equipment. The Government empowered local
Chennai, Pune and Delhi-NCR.
solar manufacturing units through increased customs
tariff on imports, expected to transform India into a India’s data centre sector is expected to grow faster
global solar manufacturing hub. owing to a widening digital economy: 0.3 GB of data
consumed by an average Indian per month in 2014 had
The Government announced the allocation of H1,000
grown to 10 GB per month average in 2020 and likely to
crore to Solar Energy Corporation of India (SECI) and
treble from this point in five years following the onset
H1,500 crore to Indian Renewable Energy Development
of 5G. CRISIL estimates that the sector’s capacity could
Agency (IREDA) in the 2021-22 Union Budget.
treble to around 1200 MW by FY 2025.
Edible oils and foods: India is among the three leading
consumers of edible oil worldwide. In view of this, Data centre capacity addition
India’s edible oils market is expected to grow from MW (IT power load)
USD 21.5 billion to USD 35.2 billion by 2025 on account
154
of rising disposable incomes, enhanced awareness of 139
food hygiene, superior price-value proposition being
provided by organized manufacturers and the benefits
arising out of GST introduction.
73
India is an oil deficient economy though it is the fourth
42
largest oilseed producing country in the world. An
23
increase in the consumption of edible oil has created
irregularities in demand and supply. The per capita
consumption of edible oil has surged from around 6 kg 2020F 2021F 2022F 2023F 2024F
in the early Nineties to around 19 kg. Owing to limited Source: ‘India’s Data Centre Industry - Poised at the
land area, slow technological improvements and Tipping Point’ by JLL
climate, the production of oilseeds has struggled to
151
Company Overview Key highlights of the Company’s consolidated

operational performance for the year are as under –
About Us
Mining Services coal production increased by 13%
Adani Enterprises Ltd. (the company or AEL) is one
to 17.5 MMT vs 15.5 MMT in FY 20 on starting of
of the fastest growing diversified conglomerates
coal production from GPIII and Talabira mines, with
providing a range of products and services together
PEKB operating at its peak capacity.
with its subsidiaries. The Company is engaged in
coal mining & services, coal logistics, solar module Integrated Resources Management (IRM) volume
manufacturing and edible oil & FMCG food businesses stood at 63.4 MMT against 78.8 MMT in FY 20.
in India and internationally. Besides this, the Company is
Solar Manufacturing volume increased by 17% to
an incubator focusing on establishing new businesses
1,158 MW vs 990 MW in FY 20.
in infrastructure and energy sector. It has done this
consistently since 1994, when it was first established
and listed. Post which, APSEZ, Adani Power, Adani Key business segments
Transmissions and such businesses were demerged Integrated Resources Management (IRM)
from AEL and independently listed on the stock
exchanges. In the last two years, consistent with the Adani Group is an established and diversified
same model we have demerged Adani Green Energy conglomerate based in India having global presence
Limited and Adani Gas Limited from the Company with a world class infrastructure and utility portfolio,
which were respectively listed in June 2018 and while the Company continues to operate as the
November 2018. incubator and flagship company of the group. The

Group has marked shift from B2B to B2C business with
Financial performance its growing presence in gas, electricity and in airports.
The Group has decades long track record of industry
The Company’s continued focus on transport, logistics,
best growth rates across sectors with a repeatable,
energy and utility verticals is expected to continue
robust and proven transformative model of investment.
to drive its performance and the company remain
committed to maintaining high operating standards. Adani “door to door” – coal delivery model comprises
Statutory Reports
The Company continues to register robust financial taking the responsibility and accountability of sourcing
performance on the back of its strong operational the coal from suppliers, managing sea-borne logistics,
performance across key businesses. providing intermediate holding facility at discharge
ports and inland transportation to finally delivering coal
Key Highlights of the Company’s consolidated
at the doorstep of customers. This unique approach has
performance for the year are as under:
allowed the business to create a base of approximately
Consolidated Income from Operations stood at 1,000 satisfied customers across various industries
Corporate Overview
H40,291 crore vs H44,086 crore in FY 20. such as Power, Cement, Steel and Iron amongst others.
Consolidated EBIDTA increased by 10% to H3,259 The Company has maintained the status of being
crore vs H2,968 crore in FY 20. the largest Trader and Importer of Thermal Coal (Non
Coking Steam Coal) in India during the financial year
The Company has demonstrated strong performance
2020-21 and maintained its market share. The business
across Integrated Resources Management, Mining
witnessed a decline in the volume pertaining to the
Services, Solar Manufacturing, Roads, Airports and
supplies made to various States or Central owned
Agro vertical in spite of challenges due to pandemic.
Electricity Boards. However, the Company continued
Operational Performance to expand its efforts in capturing higher market share
in steel, cement and other sector by venturing into
The Company remains committed to play an enhanced the retail segment to cater specific local market in
role in Nation Building. As an incubator, it focuses different geographies, and the decline in supplies to
on establishing new businesses in infrastructure States or Central owned Electricity Boards was made
and energy sector. The Company has achieved this up by the expansion of the Company’s presence in the
consistently since 1994 when it was listed. Post which, private sector in India. .
various businesses were demerged from the Company
and/or independently listed on the Indian stock During the FY 2020-21, despite Covid 19 led economic
exchanges. slowdown, the Company’s business grew on account of
increased business in private sector.
During the year under review, the performance of
the Company is encouraging. The Company has been During the year, the Company has launched the
leading across all the fronts and maintained better e-portal for online trading of coal. This will further help
than industry performance. We remain focused on the Company to capture the market in retail business.
executing our strategy and increasing momentum of The Company with its established business relations
our businesses across the key sectors for long term, with coal suppliers has evolved as India’s largest coal off
sustainable growth.
152
taker in Indonesia, South Africa & USA for non-coking on 25th March, 2021 by publishing list of 67 coal
coal catering to the requirement of both private and blocks. AEL is evaluating these opportunities and will
PSU clients in India. The Company has consolidated its participate in the auctions by leveraging its mining and
position in coal trading business during the last decade integrated coal management capabilities.
and has developed strong business relationships with
miners for procurement of imported coal. The Company Commercial Mining - Mineral
continues to look at opportunities to develop business Government of India approved Mines and Minerals
relations with the new miners, which will lead to timely (Development and Regulation) Amendment Bill, 2021
and cost effective delivery of coal. on 23rd March, 2021 to attract investors and ease mine
The Company imports coal through all the major ports development and operation. Discussion paper was also
of India, which saves the logistic cost and ensures published by Ministry of Mines reflecting guidelines
timely delivery to its customers. and seeking comments from all the stakeholders. The
amendment to section 10A (2)(b) & 10A (2)(c) will make
available for auction more than 500 mineral deposits
Natural Resources Business blocks of various minerals such as iron ore, bauxite,
AEL Natural Resources business is one of the fastest graphite, chromite, diamond etc. Now in FY 22 &
growing business and we are leaders in our operating onwards, Ministry of Mines is expected to undertake
segments. Our current operations are focussed on the the process of these mineral blocks auctions. AEL
contractual mining business i.e. Mine Developer & intends to evaluate and participate in mineral blocks
Operator (MDO). Now our Natural Resource business
Corporate Overview
auctions.
is actively focussing and targeting diversification
opportunities to own the mines across range of
minerals such as Iron Ore, Bauxite, Limestone, Chromite, A brief of existing operations is provided below:
Diamond and several other key minerals.
Domestic Coal Production (MMT)
Mining Development and Operation (Coal & MMT
Minerals) 20
Statutory Reports
17.51
In India, as part of the public private partnership model, 18
Government / Public sector companies including State 16 15
15.51
Power Generation companies (State Electricity Boards), 14

and State mineral corporations which are allotted
12
Coal & Mineral Blocks, appoint a Mine Developer and
Operator ("MDO") to undertake all activities relating to 10
8.27 8.33
the development and operations of a Coal & Mineral
8
6.21
Block allotted and deliver the coal/mineral under 6
agreed contractual terms. Many of the Government 3.44
4
/ Public sector companies who were allotted coal &
mineral blocks have published tenders for selection 2 1.2
of MDO and are at various stages of bid processes 0

and subsequent award of tender. The Company has 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21
participated in such tenders to secure long term MDO

contracts in the last financial year. There are several ROM coal Production (MMT)
other MDO tenders which are in advance stages where
AEL participated and intends to participate in future
and secure long term MDO Contracts in FY 22 and
onwards. Parsa East and Kanta Basan Coal Block
Rajasthan Rajya Vidyut Utpadan Nigam Limited
Commercial Mining - Coal (“RRVUNL”) has been allocated the Parsa East and
Government of India launched the auction process Kanta Basan Coal Blocks (PEKB) in Chhattisgarh.
for opening up of commercial coal mining for private RRVUNL has entered into a Coal Mining and
sector and removing restriction on end use of coal in Delivery Agreement with Parsa Kente Collieries
Jun’20. Thirty Eight (38) coal blocks were put up on Limited (PKCL) [a Joint Venture Company of
auction in the first tranche of commercial coal mining RVUNL and Adani Enterprises Limited] appointing
auction. Forward auction concluded for eligible 18 PKCL as Sole Mining Contractor. PKCL as Mine
blocks (19 effective) in Nov’20. AEL & its subsidiaries Developer and Operator of PEKB is undertaking
won two coal blocks, Dhirauli in Madhya Pradesh and development, mining, beneficiation of coal,
Gondulpara in Jharkhand. Now Ministry of Coal, has arranging transportation and delivery of washed
launched second tranche of commercial coal mining coal to end use power projects of RRVUNL. The
153
project commenced Mining Operations and Talabira II & III Coal Block
dispatches of coal to Thermal Power stations of NLC India Limited (NLCIL) has been allocated the
RRVUNL in March 2013. For Financial Year 2020- Talabira II & III Coal Block at Odisha for captive use
21, Raw coal Production was 15 MMT, Washed in their Thermal Power Plant. NLCIL has appointed
coal Production was 12.17 MMT and Washed coal Talabira (Odisha) Mining Private Limited (TOMPL),
dispatch to Thermal Power Plants of RRVUNL was a subsidiary of Adani Enterprises Limited, as Mine
12.33 MMT. Developer and Operator (MDO) for Development,
Operation, Mining and delivery of coal to NLCIL.
Kente Extension Coal Block NLCIL has entered into a Coal Mining Agreement
RRVUNL has been allocated the Kente Extension with TOMPL on 23rd March, 2018. TOMPL as
Coal Block at Chhattisgarh. RRVUNL has entered MDO of Talabira II & III Coal Block is undertaking
into a Coal Mining and Delivery Agreement with development of the Coal Block, mining, loading,
Rajasthan Collieries Limited (RCL) [a Joint Venture transportation and delivery of coal to delivery
Company of RVUNL and Adani Enterprises Limited] points.
appointing RCL as Sole Mining Contractor. RCL
TOMPL has commenced the Coal Production
as Mine Developer & Operator of Kente Extn Coal
on 26.04.2020 and during FY 2020-21, TOMPL
Block will be undertaking development of the Coal
achieved Coal Production of 1.01 MMT and
Block, mining, beneficiation of coal and arranging
dispatched 0.7 MMT of coal.
for transportation and delivery of coal to end use
power projects of RRVUNL. The Coal Block is under

Suliyari Coal Block
development stage.
Andhra Pradesh Mineral Development Corporation
Parsa Coal Block Limited (APMDC) has been allocated the Suliyari
Coal Block at Madhya Pradesh for commercial
RRVUNL has been allocated the Parsa Coal Block
mining of coal. APMDC has appointed Adani
at Chhattisgarh. RRVUNL has entered into a Coal
Enterprises Limited (AEL) as Mine Developer and
Mining and Delivery Agreement with Rajasthan
Operator (MDO) for Development, Operation,
Collieries Limited (RCL) [a Joint Venture Company
Mining and delivery of coal to APMDC. APMDC has
Statutory Reports
of RVUNL and Adani Enterprises Limited]

entered into a Coal Mining Agreement with AEL
appointing RCL as Sole Mining Contractor. RCL
on 8th March, 2018. AEL as Mine Development &
as Mine Developer & Operator of Parsa coal block
Operator of Suliyari Coal Block will be undertaking
will be undertaking development of the Coal Block,
development of the Coal Block, thereafter,
mining, beneficiation of coal and arranging for
mining, loading, transportation and delivery of
transportation and delivery of coal to end use
coal to delivery points. The Coal Block is under
power projects of RRVUNL. The Coal Block is under
Corporate Overview
development stage.
development stage.
Bailadila Deposit – 13 Iron Ore Mine
Gare Pelma Sector-III Coal Block
NCL (NMDC-CMDC Limited) is the Mining Lease
Chhattisgarh State Power Generation Company
holder of Bailadila Deposit -13 Iron Ore Mine in the
Ltd. (CSPGCL) has been allocated the Gare Pelma
State of Chhattisgarh. NCL has appointed Adani
Sector-III Coal Block at Chhattisgarh for captive
Enterprises Limited (AEL), as Mine Developer
use in their Thermal Power Plant in the State of
and Operator (MDO) for Development, Operation,
Chhattisgarh. CSPGCL has appointed Gare Pelma
Mining and delivery of iron ore to NCL. NCL has
III Collieries Limited (GPIIICL), a 100% subsidiary
entered into an Iron Ore Mining Services Agreement
of Adani Enterprises Limited, as Mine Developer
with AEL on 6th December, 2018. AEL has awarded
sub-contract to Bailadila Iron Ore Mining Private
Mining and delivery of coal to end use power
Limited (BIOMPL), a 100% Subsidiary Company of
project of CSPGCL. CSPGCL has entered into a
Adani Enterprises Limited (AEL), for development of
Coal Mine Services Agreement with GPIIICL on
the Iron Ore Block, mining, loading, transportation
16th November 2017. GPIIICL as Mine Development
and delivery of iron ore to delivery point. The Iron
& Operator of Gare Pelma Sector III Coal Block is
Ore mine is under development stage.
undertaking development of the Coal Block, mining
and arranging for transportation and delivery of
Gare Palma Sector-I Coal Block
coal to end use power projects of CSPGCL.
Gujarat State Electricity Corporation Limited
During Financial Year 2020-21, GPIIICL achieved (GSECL) has been allocated the Gare Palma Sector-I
raw coal production of 1.50 MMT and dispatched Coal Block at Chhattisgarh for development and
1.66 MMT of coal.
154
operation and for captive use of coal in their Sundargarh District, in the state of Odisha. Kurmitar
Thermal Power Plants in the State of Gujarat. Iron Ore Mining Private Limited (KIOMPL), a 100%
GSECL has issued conditional Letter of Acceptance Subsidiary Company of Adani Enterprises Limited
(LoA) to Consortium of Adani Enterprises Limited (AEL), has been appointed by OMCL as the Mine
(AEL, 74%) and Sainik Mining and Allied Services Developer and Operator (MDO) for Development,
Limited (SMASL, 26%) on 15th December, 2018 for Operation, Mining, transportation and delivery of
Development, Operation, Mining and delivery of iron ore to delivery point. OMCL has entered into an
coal to end use power projects of GSECL. Coal Iron Ore Mining Agreement with AEL and KIOMPL
Mine Services Agreement between the AEL-SMASL on 31st October, 2019. The iron ore mining and
Consortium and GSECL is yet to be signed. evacuation infrastructure is under development
stage. KIOMPL has successfully taken over mine
Gare Palma Sector-II Coal Block operation from earlier contractor and commenced
Maharashtra State Power Generation Co. Ltd. iron ore production from 1st April, 2021.
(MAHAGENCO) has been allocated the Gare
Palma Sector-II Coal Block at Chhattisgarh for Commercial Coal Blocks
development and operation and for captive use of
coal in their Thermal Power Plants in the State of Dhirauli Coal Mine (Madhya Pradesh)
Maharashtra. Stratatech Mineral Resources Private Limited
(SMRPL), a 100% subsidiary of Adani Enterprises
AEL has formed 100% owned subsidiary (SPV
Corporate Overview
Limited, emerged successful bidder of Dhirauli coal
company) namely “Gare Palma II Collieries Private
block auctioned for sale of coal. SMRPL entered
Limited”. Coal Mine Agreement between Gare
into Coal Block Development and Production
Palma II Collieries Private Limited (MDO), Adani
Agreement (CBDPA) with Nominated Authority,
Enterprises Limited (Successful Bidder) and
Ministry of Coal on 11.01.2021. Nominated Authority
MAHAGENCO is signed on 31.03.2021. As per the
issued the Allocation Order of Dhirauli Coal Block
approved Mining Plan the peak rated capacity of
to SMRPL on 03.03.2021. SMRPL, as coal block
GP-II Coal Mine is 23.6 MTPA with total mineable
owner/allottee shall undertake development and
Statutory Reports
reserve of 553.177 MMT for opencast mining.
operation of the coal block and then utilize/sell the
GPIICPL as Mine Development & Operator (MDO)
coal as per requirement. The coal block is under
of Gare Palma II Coal Block will be undertaking
development stage.
development of the coal block and then operation,
mining, transportation and loading of coal into
Gondulpara Coal Mine (Jharkhand)
wagon for delivery to end use power projects of
MAHAGENCO. Adani Enterprises Limited, emerged successful
bidder of Gondulpara coal block auctioned for sale
Gidhmuri Paturia Coal Block of coal. AEL entered into Coal Mine Development
and Production Agreement (CMDPA) with
Chhattisgarh State Power Generation Company Ltd.
Nominated Authority, Ministry of Coal on 11.01.2021.
(CSPGCL) has been allocated the Gidhmuri Paturia
Nominated Authority issued the Vesting Order
Coal Block at Chhattisgarh for captive use in their
of Gondulpara Coal Block to AEL on 08.03.2021.
Thermal Power Plants in the State of Chattisgarh.
AEL, as coal block owner/allottee shall undertake
CSPGCL has appointed Gidhmuri Paturia Collieries
development and operation of the coal block and
Private Limited (GPCPL), a SPV of Adani Enterprises
then utilize/sell the coal as per requirement. The
Limited (AEL, 74%) and Sainik Mining and Allied
coal block is under development stage.
Service Limited (SMASL, 26%) as Mine Developer
Mining and delivery of coal to CSPGCL. CSPGCL has Coal Mining in Indonesia
entered into a Coal Mining Agreement with GPCPL PT Adani Global, Indonesia a wholly-owned step
on 2nd May 2019. GPCPL as Mine Development & down subsidiary of the Company, has been awarded
Operator (MDO) of Gidhmuri Paturia Coal Block will coal mining concession in PT Lamindo Inter Multikon
be undertaking development of the coal block and (stepdown subsidiary in Bunyu Island, Indonesia).
then mining and arranging for transportation and
The Bunyu Mines has Joint Ore Reserves Committee
delivery of coal to delivery point. The Coal Block is
(JORC) compliant resource of 269 Million Metric
under development stage.
Tonnes (MMT) for both the mines (i.e. combined).
Production from the mine during the year 2020-21 has
Kurmitar Iron Ore Mine been at 1.04 Million Metric Tonnes (MMT).
Odisha Mining Corporation Limited (OMCL) is the
Mining Lease holder of Kurmitar Iron Ore Mine in
155
Coal Mining and related Infrastructure in one each of Build-Operate-Transfer (BOT)-Toll and
Australia Toll-Operate-Transfer (TOT) from NHAI which are
under various stages of development / execution.
Our wholly owned step-down subsidiaries in Australia
have 100% interest in the Carmichael mine in the The Company and its subsidiary Adani Railways
Galilee Basin in Queensland, Australia. During the year Transport Ltd. are also actively exploring the
ended 31st March, 2021, the Group has been working on business opportunities of Railway Station
the development and construction of the coal mining Development Projects under PPP mode.
tenements situated in the Galilee Basin in Queensland
AEL would continue to evaluate and bid for
(Australia).
attractive opportunities in transport sector which
generates value for the stakeholders, The Group
Road, Metro and Rail would use its immense expertise and experience of
Adani Enterprises Limited (AEL) is focused on setting up complex and mammoth infrastructure
incubating successful businesses to address the projects in record time and to world class quality
Country’s growing appetite for Infrastructure. With standards and also successfully operating them.
reference to our vision of Nation building, we remain
committed to build Infrastructure to boost India’s Water
socio-economic growth. To contribute towards Nation
Water touches every aspect of development and it links
Building and infrastructure development, company
with nearly every Sustainable Development Goal. It
wants to tap the opportunity in the Road, Metro & Rail
drives economic growth, supports healthy ecosystems,

sector by developing National Highways, Expressways,
and is essential and fundamental for life itself. Indian
Tunnels, Metro-Rail, Rail, etc. Adani group is confident
Economy is undergoing rapid Urbanization & Industrial
of positioning itself as dominant player in the Road,
Growth. Water being the key resource, getting high
Metro and Rail sector.
attention from Government, Policy makers, Media,
The Company will focus on projects across pan- and increasingly so from the markets given the
India initiated by National Highways Authority of rising concern on future availability. A report by NITI
India (NHAI) under Bharatmala Pariyojana, etc. and Ayog draws attention to the fact that 48% of India’s
Statutory Reports
Ministry of Road Transport and Highways (MORTH), population is under high water stress.
Ministry of Railways, Metro Corporation of the
Realizing the above, Jal Shakti Ministry has been
respective States and any other projects under the
taking various initiatives and focusing on programs
purview of the Central or State Authorities and
such as ‘National Mission for Clean Ganga (NMCG)’ and
Agencies.
‘National River Conservation’ for pollution abatement
As a developer, the Company will primarily target of Ganga and Other Rivers, ‘Pradhanmantri Krishi
Sinchae Yojana (PMKSY)’ for extending coverage of
Corporate Overview
PPP projects structured in Build-Operate-Transfer

(BOT)-Toll, Toll-Operate-Transfer (TOT) & Hybrid- irrigation with improved efficiency of micro-irrigation,
Annuity Mode (HAM) models. ‘Jal Jeevan Mission (JJM)’ and ‘Har Ghar Jal Mission’ for
providing piped water connection to 14.6 crore rural
The company will also focus on select EPC projects
household by 2024, ‘Jal Shakti Abhiyaan’ to stimulate
which can offer scale and complexity in terms of
rainwater harvesting and water conservation, ‘National
the nature of work and technology requirement and
River Linking’ projects to connect 37 rivers across the
which requires the developer to leverage its project
nation to ensure adequate water though out the year
execution capabilities to create a differentiated
in all regions etc.
value in the industry.
Foreseeing the massive need for water infrastructure
Having multiple infrastructure businesses
capacity augmentation in the country, the Group is
established across different states in India,
already implementing Waste Water Treatment project at
we would like to leverage our local presence
Prayagraj City under the ‘Namami Gange, One city One
and expertise in project management to build
Operator’ framework which comprises Construction
synergies for our Road, Metro & Rail Infrastructure
of Three (3) new Sewage Treatment Plants (STP) of
development.
cumulative 72 MLD capacity and Rehabilitation of Six
In addition, the Company would be focusing on in- (6) existing STPs of cumulative 254 MLD capacity with
organic growth through Mergers and Acquisition, 15 years O&M. Rehabilitation of existing STPs have
where we will look out for good assets which offer been done successfully and are under operation.
clear visibility of cash flows and are available at
Going forward, group is exploring and bidding more
attractive valuations.
such project opportunities in the areas of Waste Water
The Company and its subsidiary Adani Road Treatment, Irrigation Infrastructure Development,
Transport Ltd. have already bagged 10 Projects Large Water Supply & Water Distribution Projects, and
comprising 8 Hybrid Annuity Road Projects and Desalination Projects.
156
Defence tech defence manufacturing, aligned to Make in India

The Indian Armed Forces are expected to initiative”. Since then the Company has continued to
spend approx. H10 lakh crore in upgrading and broaden its presence in defence manufacturing and
modernizing the capital equipment in the next 15 has established a formidable ecosystem of defence
years. The Government has made self-reliance in manufacturing across structures, electronics, radars,
defence manufacturing as one of the cornerstones EW systems, simulators, small arms, precision guided
of its national security strategy. The commitment munitions etc.
towards “Atmanirbhar Bharat” provides a major 2020-21 was an exceptional year where the Company
opportunity for India to realize its true potential in also faced some challenges due to the closure of the
design, development and manufacturing of state- various manufacturing facilities during the lockdown
of-the-art defence equipment within the country. in the first quarter and the supply chain disruptions
The Company has ventured into Defence & faced due to the difficulties faced by domestic and
Aerospace with a vision of helping transform international suppler ecosystem which have continued
India into a destination for world class high-tech till the end of the year.
defence & aerospace manufacturing and services. However, despite the challenges your Company
Within a short span of time, the Company has continued to expand its order book with the award of
built a comprehensive ecosystem of defence contracts for over H3,500 crore by the Indian Armed
capabilities across Small Arms, Precision guided Forces. Your Company bagged three contracts for
munitions, Unmanned Aerial Systems, Counter operations and maintenance of training simulators
Corporate Overview
Drones, Aerostructures, Electronics, Radars, EW for Mi17 helicopters and MiG29 aircraft for the Indian
systems, Simulators, etc. Air Force on a BOM basis for a period of 20 years.
Highlights of FY 21 These three contracts with a total value of H2,200
crore are the first of their kind in the country and are
• The Company bagged contracts for over H3,500 a prelude to the close on-field coordination between
crore from the Indian Armed Forces including the private sector and the Indian Armed Forces. Your
a first of its kind 20-year Build Operate Company also signed a contract for the upgrade of 16
Statutory Reports
Maintain (“BOM”) contract for operations and Pechora Air Defence Missile Systems for the Indian
maintenance of simulators for the Indian Air Air Force for a value of H591 crore. The said Contract
Force. is one of the biggest in the private sector which shall
see your Company upgrading this critical air defence
• The Company acquired a controlling stake in
missile system into a modern electronic lethal system
PLR Systems Private Limited – India’s first and
protecting the airfields across the country.
only private sector, small arms manufacturing
capability. The existing facility in Gwalior is Despite the challenges on the manufacturing front,
being expanded to establish the first barrel your Company continued to ramp up its production
manufacturing facility. of Hermes 900 fuselage maintaining its Zero defects,
Zero rework and Zero safety record for the third
• The Company has been awarded the first ever
straight year. The continued successful delivery
Defence Procurement Procedure (“DcPP”)
to the customer is a testimony to your Company’s
program for Long Range Guided Bombs for the
excellence in industrialization, engineering and
Indian Air Forces.
quality systems and the ability to deliver products with
Defence & Aerospace zero-concessions. As a testimony of the delight and
customer satisfaction, the Company is expected to bag
2020-21 was one of the watershed years for the defence
an additional contract for 22 shipsets of Hermes 900
manufacturing industry in India with the Government
fuselages to be delivered over the next 36 months.
of India taking some of the most landmark decisions
to boost the domestic defence manufacturing sector. Small Arms and Ammunition
On 9th August, 2020, the Ministry of Defence (MoD)
With an underlying vision of addressing the imminent
announced the first import embargo list where the
needs and building self-reliance, the Company
imports of 101 critical defence items were banned from
ventured into Small Arms manufacturing by acquiring
further imports. The Ministry of Defence also took a
a majority stake in PLR Systems. PLR Systems is the
significant step of bifurcation of domestic and imported
first manufacturer of small arms in in the private sector
Capital Procurement for the first time. The MoD spelled
and recently had the accolade of producing the first
out that a total capital outlay of H52,000 crore shall be
Made in India assault rifle for the Indian Armed Forces.
reserved for domestic capital procurement.
The Company in partnership with Israel Weapon
Your Company since its foray into the sector with Industries is supporting the Indian Armed Forces,
a vision of “playing an instrumental role in helping Central Armed Police Forces and State Police Forces
transform India into a destination for world class high- with world class small arms manufactured in India.
157
In response to the ‘Atmanirbhar Bharat’ initiative, the Aircraft Services & Maintenance Repair and
Company has furthered its efforts with indigenization Overhaul (“MRO”)
and vertical integration of the small arms value chain.
The strong recovery of Indian aviation market post
The Company is currently expanding the small arms
the national lockdown in 2020-21 has reinforced the
facility in Gwalior with the commissioning of India’s
resilience of India as the fastest growing aviation
first barrel manufacturing facility by the private sector.
market in the world. As per the current estimates, the
With the commissioning of the barrel line in the third
number of aircraft in India is expected to quadruple in
quarter of 2021-22, the Company shall expand its
the coming years. Consequently, the Aircraft Services
annual manufacturing capacity to over 100,000 Small
Market is expected to witness explosive growth in
Arms per year and shall be the only facility to achieve
the coming years. Given the potential of the aircraft
100% indigenization in Small Arms manufacturing.
services sector, the Government decided to lower the
Goods and Services Tax on MRO services from 18%
Counter Drone Systems
to 5% providing much needed impetus to strengthen
With the increasing threat of rogue drones threatening the MRO sector in India. As per estimates, the size
the borders and critical infrastructure across the of the Indian aircraft services market is estimated
country, your Company has taken a pioneering step in at USD 145 billion till 2037. The Company is currently
the counter drone technology domain. Your Company working towards building one-stop solution for all aircraft
conducted the first ever live demonstration of a counter related services across India and South Asia. The two
drone system in the country at Sardar Vallabhbhai Companies shall work on multiple opportunities like
International Airport, Ahmedabad on 18th March, 2021. aircraft maintenance, overhaul and repair, component
The demonstration was one of the few successful ones services, training, simulators, digital solutions, airport
in the country and the only successful demonstration services across India and South Asia.
in live operations of an airport. Your Company has
offered a unique service based solution for 24x7
protection of the borders and critical industrial and
Airports
other infrastructure across the nation and shall propel From being a mode of luxury travel, air travel has now
India as a global leader in securing the nation’s critical become accessible to the common man. Liberalization
of Indian economy has empowered the Indian aviation
Statutory Reports
assets against the threat of rogue drones.

sector and made it one of the fastest growing sectors
Research and Development of the Indian economy. In the last 20 years, airports
Defence & Aerospace is a research and development globally have evolved from being government-
intensive domain with a continuous need to invest in controlled infrastructure providers to global business-
development of newer security solutions to counter oriented profitable service providers.
a relentlessly evolving threat scenario. Your Company With 11% CAGR during FY2010–FY2020, the Indian
Corporate Overview
made major strides in developing modern solutions aviation industry is the fastest growing aviation market
across military communications and Radio frequency in the world. In FY2010, Indian airports handled 123.76
technologies. In the second quarter of the year, the million passengers, which increased to 341.00 million
Company showcased its swarm drone technology to passengers by FY2020.
the customer for the first time. The drones are armed
with artificial intelligence and have the capability to Adani Enterprise Limited (AEL) has made its maiden
operate in GPS denied environments can saturate the venture into the airports sector by bidding for
adversary’s radars and air defence and complicate the operation, management & development of six airports
response capability. (Ahmedabad, Jaipur, Lucknow, Mangaluru, Guwahati
& Thiruvananthapuram). Adani was declared as the
With the emphasis on closer partnership between preferred bidder for all the six airports and till date, the
the public sector and the private sector in defence Concession Agreement (CA) for all six airports have
manufacturing, your Company took the initiative of been executed. As per the CA, Adani needs to operate,
working closely with DRDO on various development manage & develop all these six airports for a period of 50
programs starting from the development phase itself (fifty) years commencing from the date of commercial
under the DcPP initiative. The Company’s scientists operations (COD). During the year, the Company has
and engineers shall work closely with the DRDO labs taken over the Ahmedabad, Mangaluru and Lucknow
during the development phase with the Company from AAI and for the other three i.e. Jaipur, Guwahati
being the sole manufacturer for the developed product and Thiruvananthapuram is expected to take over in
for supply to the Indian Armed Forces. As on the date the second half of Financial Year 2021-22.
of writing this report, the Company has been awarded
the first DcPP program of Long Range Guided Bombs In Financial Year 2020-21, Adani Group has also
for the Indian Air Force. entered into an agreement to acquire 74% stake in
Mumbai International Airport Limited (MIAL), India’s
158
second busiest airport after Delhi. Acquiring 74% stake story of GOI’s Make in India initiative with backward
in MIAL also gives Adani Group control of Navi Mumbai integration through ancillaries such as EVA, Backsheet
International Airport Private Limited - the upcoming & Al frame within the same EMC facility.
second airport in Mumbai in which MIAL holds a 74%
Mundra Solar PV Limited (“MSPVL”) leads the Domestic
stake.
Solar PV Industry in terms of both Scale & Technology.
With the above 8 airports, Adani Airport Holdings It is the only manufacturer in India to produce Mono
Limited to dominate the Airports space with more than p-PERC and n-PERT Bifacial cells. It has been able to
200 million consumer base (80 million passengers produce cells using Multi MCCE Wafers on a commercial
and 120 million non-passengers) and leveraging the scale and have also been the first to introduce 158.75
network effect and consumer mindset. mm large sized wafers for full capacity of their Cell
production lines. The cutting-edge technology, with
Over the past 12 years, Government of India has
machines and equipment sourced from the best in
privatized various airports with Delhi, Mumbai,
class producers, aim to help in cost leadership, scale
Hyderabad and Bangalore airports being bid out
of operations and reliability standards as per global
competitively and recently the 6 airports more in 2019.
benchmarks.
By bringing in the best practices, airports developed
The Company was classified as Tier-1 Bankable module
under PPP route have been successful in generating
supplier by BNEF within 1st year of its operation and
healthy cash flows from airport operations. It is vital
has maintained the status since then (4 consecutive
that airport infrastructure grows in tandem with the
years). It has also been rated as Top Performer in the
Corporate Overview
escalating needs of the air transport industry. Hence,
Product Quality Program (PQP) by PVEL-DNV-GL, for
it will be essential for the government to muster the
3 consecutive years, across all major reliability tests
combined participation of public and private sectors to
for PERC and Bifacial Products. Also, “Stable” Outlook
achieve the envisaged growth for the sector.
and ratings upgrade to A- by India Rating Agencies
There has been a disruption on account of Corona has helped the company to reduce financing cost and
virus (Covid -19) and resulting into lockdown across maintain highest levels of operational performance.
the Country, the supply chains across industries,
The Company has aligned itself with Government of
Statutory Reports
economic activities and in particular the aviation
India’s aim of 300 GW of Solar Installation by 2030 with
sector. The Indian aviation traffic is expected to take
special focus on solarization of Agricultural Pumps
2-3 years to recover to the original trajectory. However,
under KUSUM scheme and increasing Rooftop Solar in
the silver lining is that the recovery in emerging
the country. In a sector dominated by Cheap Chinese
markets is expected to be comparatively faster than
imports, the company has been able to maintain a
the advanced economies. Specifically, the aviation
robust order book, particularly in the domestic content
industry is expected to undergo a V-shaped recovery
Requirements (DCR) segment, due to which the asset
and bounce back faster than other sectors. Chinese
utilization of the company has been at the fullest.
aviation industry has already shown robust recovery,
Since the inception of business in 2017, it has sold
indicating signs of growing confidence of passengers
about 3.3 GW of Modules catering to both Indian &
in travelling.
Global demand. It provides Modules across the Indian
Adani Airport Holdings Limited is uniquely positioned subcontinent for various Utility Scale installations,
which has the flexibility and opportunity to finetune both for domestic content requirements schemes and
its safety, technology and commercial strategy during other Open Category projects in states like Rajasthan,
these times. These initiatives will act as key drivers Telangana, Tamil Nadu, and Union Territory of Andaman
for commercial growth, operational efficiencies and & Nicobar Islands. Out of 118.5 MW installation of Solar
technology laden eco-system development. Pumps under KUSUM scheme, it has supplied modules
for 61.42 MW (~52%) till Feb 2021. Also, the company
Solar Manufacturing has established pan India presence through its 11
Channel Partners and their associated distributors for
The Company operates a vertically integrated Solar
catering to Residential and C&I Rooftop segment.
Photovoltaic Manufacturing facility of 1.2 GW Capacity
along with Research and Development (R&D) Centre The Company is now expanding to 3.5 GW of modules
within an Electronic Manufacturing Cluster (EMC) and cells manufacturing capacity by adding 2 GW
facility in Mundra Special Economic Zone (SEZ). It of hi-tech & fully automated PERC Bifacial Cell &
is the first and the largest GW Scale facility in India, Module Lines. It is further focused on developing other
with the capability to produce modules up to 1.5 GW ancillaries such as Glass in the EMC Cluster for ensuring
because of the debottlenecking done through process localization of key Raw Materials.
engineering and innovation. It has been the success
159
The Company’s vision is to become a measure of success in Solar Industry by Innovating, Benchmarking & Improving
continuously.
1,157 MW modules 1,158 MW modules 828 H crore

Production volume during Sales volume during EBITDA as on 31st March,
FY 2020-21 FY 2020-21 2021
Data Centre Agro

India is witnessing a massive wave of digital Adani Wilmar Ltd.
transformation. Enterprises are upgrading their digital
infrastructure and adopting technologies to improve The Company entered into the edible oil refining
processes & customer experience. At the same time business through a 50:50 joint venture company,
there is an enormous shift in data consumption pattern Adani Wilmar Limited (AWL) with Singapore’s Wilmar
of consumers, changing the way people communicate, group. What began as an affiliation between Adani
collaborate & access good & services. Being connected - the leaders in private infrastructure and Wilmar
to the digital world has become a new way for life International Limited - Asia’s leading agro-business
benefitting both businesses & consumers alike. group, has now become a household name with brand
“Fortune”. The brand is successfully treading on its path
Impact of the pandemic has only added fuel to this towards transforming itself from No. 1 Oil Brand to No. 1
digital transformation as it has brought a new sense Food Brand. Today, it is one of the fastest growing food
of digital acceleration & discipline by increased use FMCG companies in India. With a 11.5% market share in
of video conferencing, rise in OTT and ecommerce Refined Oil Consumer Pack (ROCP) category (Source:
businesses. A combination of all these factors led to a
Statutory Reports
Nielsen Retail Monthly Index March 2021 report),

staggering rise in Data Centre demand in India which is “Fortune” continued to be the undisputed leader
clearly evident by the fact the Data Centre Industry in among edible oil brands in India with largest variety of
India grew by 1/3rd in the last year from 350 MW in 2019 oils under a single brand name. The company has the
to 447 MW in 20201. largest range of oils comprising Soyabean, Sunflower,
Olien, Mustard, Rice bran, Cotton seed, Groundnut
With the adoption of new technologies such as Big Data,
and other variety of superior quality oils. As a growing
5G, IoT, Blockchain, AR/VR and AI, new age applications
Corporate Overview
food company, it has ventured into food business with

& innovations will emerge driving further the need for
categories like packed basmati rice, packed wheat
Digital Infrastructure. The Indian Data Centre industry
flour, packed besan, pulses, khichadi, soya value added
is expected to more than double to 1007 MW by 2023
products including chunks and Nuggets under the
from its existing capacity of 447 MW. Mumbai and
premium brand “FORTUNE”.
Chennai are expected to drive 73% of the sector’s total
capacity addition during 2021-23, while other cities like During the last year, the world came to a standstill due
Hyderabad and Delhi NCR will emerge as new hotspots. to the COVID-19 pandemic. During this global health
crisis, Adani Wilmar Limited launched multiple initiatives
The following factors are expected to contribute to the
to provide relief to those who were hit hardest by the
growth of the data center market in India:
lockdown. AWL distributed oil and ration to community
Adoption of smart phones & smart devices kitchens, free lunch for employees across its plants and
others who were in need like villagers and truck drivers.
Adoption of ICT technologies such as Telemedicine,
Masks and sanitizers were distributed in villages and to
Telepresence, Digital Payments, Remote Learning
policemen. COVID-19 isolation beds, oxygen cylinders
etc.
were distributed where there was dearth of such
Migration to cloud & off premises environment facilities.
Government of India initiatives such as smart cities, The company’s consumer packs business has seen
Digital India, Meghraj etc. formidable growth in the past year. AWL launched its
very own sugar brand, “Fortune Sugar” and introduced
1
2020 India Data Centre Market Update by JLL
160
to the market 3 distinct flavours with launch of the establishment of integrated storage, handling and
delicious Soya Chunkies. Looking at the spike in transportation infrastructure for Apple in Himachal
demand of sanitizers and people moving towards Pradesh since last 15 years with inception of Business
ensuring personal hygiene and safety, AWL also in the year 2006. It has set up modern Controlled
launched personal care products like Handwash & Atmosphere Storage facilities at three locations,
Hand Sanitizer under its existing range of “Alife”. Rewali, Sainj and Rohru in Shimla District. The
Company has also set up a marketing network in major
The company has gone a step ahead and opened
towns across India to cater to the needs of Wholesale,
Fortune Marts at various locations in the country.
Retail and organized Retail chain stores. The Company
Today, the Fortune Marts have been successfully
which is marketing Indian fruits under the brand name
launched at 8 cities such as Gandhinagar, Surat, Akola,
FARM-PIK, has expanded its footprint in the branded
Pune, Mumbai, Vidisha, Gandhidham and Nagpur. The
fruit segment also with major focus on Pouch/Punnet
plans are afoot to continue introducing the marts at
packs along with gift packs in small packings. Of late,
other locations in the coming months. Similarly, going
the Company has also ventured into Pomegranate and
with the flow where people are more preferring to order
Grapes to widen its basket among domestic fruits.
their groceries online through various e-commerce
website, the company has introduced Fortune Online The production of apple during the financial year
Application and started its operations in ten cities. It is 2020-21 was not good in comparison to previous
a one-stop-shop for all Fortune products and one can year as the production areas were heavily impacted
also order our other non-Fortune items such as Alife by the hailstorms and thus affecting production
Corporate Overview
Soaps, Handwash and Sanitizers with just few clicks and ultimately quality of fruit, which hindered the
and the products will be delivered at the customer’s procurement volumes and the targets of the company.
doorstep ensuring proper hygiene and safety. The Covid-19 scenario also somehow led to hindrance in
routine operational activity at the units due to various
Strengthening its commitment towards environment
restrictions and guidelines by the govt. authorities. The
sustainability, AWL is leaving no stone unturned and
plant activities came to a total standstill due to the
has collected around 14,500 MT of plastic waste and
lockdown in early part of Covid-19 impact for approx.
sent it to authorised recyclers during the year 2020-
two weeks which however returned to normalcy
Statutory Reports
21. Following the guidelines of Extended Producer’s
after that with strict protocol on Covid-19 prevention
Responsibility (EPR), this is the company’s effort
followed at all the units. In addition, situation was
to ensure that the plastic it is putting in the market
further worsened by heavy rainfall during last part of
through its product packaging is collected back and
September when the harvesting of fruit is at its peak
sent for recycling.
leading to further deterioration in quality at the far end
As far as the Fortune SuPoshan project was of the season.
concerned, the field movement of SuPoshan
Apple production in European countries was also less
Sanginis and SuPoshan Staff was restricted due to
than the previous year. The ban on importing apples
prevailing pandemic situation. However, during this
from China is further extended to the current year as
period, SuPoshan Sanginis carried out few activities
well. The duty on apples from USA had also increased to
particularly celebration of Poshan Maah, hand washing
70% as against 50% in previous years it has given great
days, and celebration of other special days. The
push to the demand of Indian Apple. The controlled
team carried out telephonic counselling with help of
atmosphere storage capacity has increased manifold in
SuPoshan Sanginis for mothers of SAM /MAM child,
Shimla, Kashmir, Punjab and Delhi NCR region. Though
pregnant women, and adolescent girls. The period was
there was solace due to reduced imports from other
also used for knowledge updating through e-courses,
countries, but the competition from the domestic
webinar and zoom meetings.
controlled atmosphere operators became intense this
Adani Wilmar Limited has been recognized as Great year in comparison to previous year.
Place to Work by the Great Place to Work Institute
Our procurement quantity was lower with higher
for the 4th consecutive year. The company’s plant at
purchase prices in last season due to low availability
Mundra has been conferred the award for Outstanding
of good quality storable grade apples, yet from the
Performance in Food Safety by Confederation of Indian
beginning of sales season the sales realization was
Industry. “Fortune” brand has been recognized among
better than the last season. Despite the continuous
the top 100 most trusted brands 2020.
impact of Covid -19 pandemic in entire region & farmers
Adani Agri Fresh Limited unrest in north of India, we managed to sell apples at
higher realization.
Adani Agri Fresh Limited (AAFL), a wholly owned
subsidiary of the company has pioneered the
161
Details of Significant Changes in the Key Financial Ratios & Return on Net Worth
Pursuant to amendment made in Schedule V to the Listing Regulations, details of significant changes (i.e. change
of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios and any changes
in Return on Net Worth of the Company (on standalone basis) including explanations therefor are given below:
Particulars FY ended 31st FY ended 31st Changes Explanation

March, 2021 March, 2020 between
Current FY &
Previous FY
Debtors Turnover 4.11 3.59 14.34% Not Applicable
Inventory Turnover 8.04 7.39 8.72% Not Applicable
Interest Coverage 2.76 3.03 -9.10% Not Applicable
Ratio
Current Ratio 1.08 1.02 6.59% Not Applicable
Debt Equity Ratio 0.69 0.80 -13.69 Not Applicable
Operating Profit 7.51% 4.60% 63.27% Ratio shows improvement due to significant
Margin improved Coal prices and decrease in
operating expenses of IRM business
segment.
Net Profit Margin 2.76% 4.31% -35.97% Ratio shows significant decline due to
exceptional loss in the current year on
account of reversal of interest claim on
delayed payment from customer for H133.41
crore and write off of Palej Block for
H79.44 crore. As against this, there was an
exceptional gain of H315 crore in the previous
Statutory Reports
year pursuant to favourable litigation order

in Mining Services business.
Return on Net 8.93% 18.58% -51.92% Ratio shows significant decline due to
worth exceptional loss in the current year on
account of reversal of interest claim
on delayed payment from customer for
Corporate Overview
H133.41 crore and write off of Palej Block

for H79.44 crore. As against this, there was
an exceptional gain of H315.34 crore in
the previous year pursuant to favourable
litigation order in Mining Services business.
Risk Mitigation and reports its financial results in rupees. As such, the
The Company is exposed to business risks which may Company is exposed to risks relating to exchange rate
be internal as well as external. The Company has a fluctuations. The Corporate Risk Management Cell
comprehensive risk management system in place, works with the businesses to establish and monitor
which is tailored to the specific requirements of its the specific profiles including strategic, financial and
diversified businesses, is deployed, taking into account operational risks.
various factors, such as the size and nature of the We believe that our multi-location operations also allow
inherent risks and the regulatory environment of the us to leverage the competitive advantages of each
individual business segment or operating company. location to enhance our competitiveness and reduce
The risk management system enables it to recognize geographic and political risks in our businesses.
and analyze risks early and to take the appropriate
action. The senior management of the Company Services Transformation
regularly reviews the risk management processes of
the Company for effective risk management. As we continue our journey of hyper-growth, service
functions become a key enabler to ensure the
The Company is subject to risks arising from interest businesses can sustain and achieve their envisaged
rate fluctuations. The Company maintains its accounts objectives. This year we have successfully built on
162
the foundation designed for the service function • 80+ employees on providing effective
transformation in Phase 1, ensuring the functions viz feedback.
HR, Admin, IT & Cyber, Management Audit & Assurance
• 40+ employees going through a very rigorous
Services (MAAS), Techno-commercial have the right
training on interpreting psychometric
capacity and capability to deliver on their mandates.
assessment tools.
Following were the key areas of focus:
The entire exercise was done in close collaboration
Role based organization design: Building on
and partnership with service function leaders.
the operating model designed in Phase 1, the
Multiple group discussions, townhalls, orientation
organization structures were reviewed and finalized
sessions were conducted to ensure there is complete
to ensure they are aligned to our objectives of
transparency as to the objectives of the exercise and
driving greater empowerment to the businesses
process being followed. Technology was leveraged
whilst leveraging expertise and governance
significantly in this Phase given the scope and we have
through the group. The structures were designed
designed organization specific platforms which can be
to the last level of management with detailed job
leveraged going forward as well. As we proceed in this
descriptions drafted for all unique roles, clarifying
journey, we plan to complete all pending competency
the accountabilities and capabilities expected
assessments next month and leverage the same to
to deliver effectively (195 unique roles). Each job
enable employees and managers designed detailed
description was also validated by respective role
individual development plans. The role architecture
incumbents to ensure they capture the nuances of
and development plans will also be digitized to ensure
Corporate Overview
respective businesses.
they are available to all employees and manager real
Role architecture design: Basis the structure time for objective decision making.
design, the unique roles were identified and
standardized across all service functions. These Internal Controls
were mapped to their respective job families and
The Company has put in place strong internal control
sub families to ensure a robust role architecture
systems and best in class processes commensurate
is designed. Each role was also evaluated using
with its size and scale of operations.
Statutory Reports
the Korn Ferry Hay job evaluation methodology to
arrive at the right level fitment of the role within There is a well-established multidisciplinary
our grading hierarchy. The role architecture now Management Audit & Assurance Services (MA&AS)
designed will form the foundation of all our career that consists of professionally qualified accountants,
and succession management decisions going engineers and SAP experienced executives who carry
forward. out extensive audit throughout the year, across all
functional areas and submit reports to Management
Capability profiling: The existing competency
and Audit Committee about the compliance with
models were reviewed to ensure they are relevant
internal controls and efficiency and effectiveness of
and capture any upcoming requirements for
operations and key processes risks.
the functions. 300+ of our associated will be
undergoing very detailed profiling through a panel Some Key Features of the Company’s internal controls
of internal and external assessors to help identify system are:
their own strengths and areas of development.
Adequate documentation of Policies & Guidelines.
This will provide critical inputs towards enabling
the employees design their own professional Preparation & monitoring of Annual Budgets
development plans. Till date 80% of employees through monthly review for all operating & service
have competed their behavioral profiling and 50% functions.
have completed technical profiling. We are on track
MA&AS department prepares Risk Based Internal
to complete the rest by end of June, 2021.
Audit scope with the frequency of audit being
Internal Capability development: A key focus of decided by risk ratings of areas / functions. Risk
Phase 2 service function transformation was to based scope is discussed amongst MA&AS team,
ensure we build internal capability to sustain the functional heads / process owners / CEO & CFO.
process in the long term. With this objective we The audit plan is formally reviewed and approved
have built the following capabilities - by Audit Committee of the Board.
• 100+ cross functional employees trained on job The entire internal audit processes are web enabled
analysis and evaluation. and managed on-line by Audit Management
System.
• 80+ employees trained on conducting
effective competency-based interviews. These The Company has a strong compliance management
were then also part of the internal assessment system which runs on an online monitoring system.
panels.
163
The Company has a well-defined delegation of enhance organisational effectiveness and employee
power with authority limits for approving revenue & alignment. The result is that the Company is able to
capex expenditure which is reviewed and suitably work towards creating leadership in all the businesses
amended on an annual basis. that it operates. During the year, several initiatives,
such as performance management systems, Learning &
The Company uses Enterprise Resource Planning
Development system, and Talent Management system
(ERP) System (SAP) to record data for accounting,
were put in place to efficient & effective organisation.
consolidation and management information
A lot of focus is being given to enhance people
purposes and connects to different locations for
capability through e-learning management system. The
efficient exchange of information.
broad categories of learning & development include
Apart from having all policies, procedures and Behavioural, Functional / Domain and Business related.
internal audit mechanism in place, Company
Many other programs for employee rejuvenation and
periodically engages outside experts to carry out
creating stronger inter-personnel relations, team
an independent review of the effectiveness of
building as well as aimed at further strengthening
various business processes and invite suggestions
the bonding across all divisions and locations of the
for process improvements.
company were organized in the year. These programs
Internal Audit is carried out in accordance with help employees significantly in leading a balanced work
auditing standards to review design effectiveness life in the organization. The HR function is committed
of internal control system & procedures to manage to improve all its processes based on the results and
risks, operation of monitoring control, compliance feedback and ensure that its manpower will remain its
with relevant policies & procedure and recommend greatest asset.
improvement in processes and procedure.
The Audit Committee of the Board of Directors regularly Cautionary Notice
reviews execution of Audit Plan, the adequacy & Statements in the Management Discussion and
effectiveness of internal audit systems, and monitors Analysis describing the Company’s objectives,
implementation of internal audit recommendations projections, estimates, expectations and others may
including those relating to strengthening of company’s constitute “forward-looking statements” within the
Statutory Reports
risk management policies & systems. meaning of applicable securities laws and regulations.
Actual results may differ from those expressed or
Human Resource Strategy implied. Several factors that could significantly impact
the Company’s operations include economic conditions
As an organisation, the Company strongly believes that
affecting demand, supply and price conditions in
Human Resources are the principal drivers of change.
the domestic and overseas markets, changes in the
They push the levers that take futuristic businesses
Government regulations, tax laws and other statutes,
Corporate Overview
to the next level of excellence and achievement. The

climatic conditions and such incidental factors over
Company focuses on providing individual development
which the Company does not have any direct control.
and growth in a professional work culture that enables
innovation, ensures high performance and remains The Company undertakes no obligation to publicly
empowering. Our lot of focus has been given to HR update or revise any forward-looking statements,
Transformation activities to revamp the HR organisation whether as a result of new information, future events,
structure and processes. The new human resource or otherwise.
management systems and processes are designed to
164
Annexure
CORPORATE GOVERNANCE REPORT
1.
COMPANY’S PHILOSOPHY ON knowledgeable and committed professionals. The
CORPORATE GOVERNANCE Board provides strategic guidance and independent
views to the Company’s senior management while
Corporate Governance is about meeting our
discharging its fiduciary responsibilities.
strategic goals responsibly and transparently, while
being accountable to our stakeholders. Adani Composition of the Board
Enterprises Limited (“the Company”) is equipped
The Company has a balanced board with optimum
with a robust framework of corporate governance
combination of Executive and Non-Executive
that considers the long-term interest of every
Directors, including independent professionals,
stakeholder as we operate with a commitment
which plays a crucial role in Board processes
to integrity, fairness, equity, transparency,
and provides independent judgment on issues of
accountability and commitment to values. The
Corporate Overview
strategy and performance. As on 31st March, 2021,
framework lays down procedures and mechanisms
board comprises 8 (Eight) Directors out of which
for enhancing leadership for smooth administration
4 (Four) Directors are Executive Directors and
and productive collaboration among employees,
remaining 4 (Four) are Independent Directors.
value chain, community, investors and the
Independent Directors are non-executive directors
Government.
as defined under Regulation 16(1)(b) of the SEBI
Courage, Trust and Commitment are the main Listing Regulations. The maximum tenure of the
tenets of our Corporate Governance Philosophy - Independent Directors is in compliance with the
Statutory Reports
Companies Act, 2013. All Independent Directors
• Courage: We shall embrace new ideas and
have confirmed that they meet the criteria as
businesses.
mentioned under regulation 16(1)(b) of the
• Trust: We shall believe in our employees and SEBI Listing Regulations and Section 149 of the
other stakeholders. Companies Act, 2013.
• Commitment: We shall stand by our promises The present strength of the Board reflects judicious
and adhere to high standard of business. mix of professionalism, competence and sound
knowledge which enables the Board to provide
The Company believes that sustainable and long-
effective leadership to the Company.
term growth of every stakeholder depends upon the
judicious and effective use of available resources None of the Directors is a Director in more
and consistent endeavor to achieve excellence than 10 Public Limited Companies or acts as
in business along with active participation in an Independent Director in more than 7 Listed
the growth of society, building of environmental Companies. Further, none of the Directors on the
balances and significant contribution in economic Company's Board is a Member of more than 10 (ten)
growth. Committees and Chairman of more than 5 (five)
Committees (Committees being, Audit Committee
The Company is in compliance with the conditions
and Stakeholders’ Relationship Committee) across
of corporate governance as required under the SEBI
all the companies in which he/she is a Director.
(Listing Obligations and Disclosures Requirements)
All the Directors have made necessary disclosures
Regulations, 2015 as amended from time to time
regarding Committee positions held by them in
(“SEBI Listing Regulations”), as applicable.
other companies and do not hold the office of
Director in more than 10 (ten) public companies as
2. BOARD OF DIRECTORS on 31st March, 2021.
The “Board”, being the trustee of the Company,
The composition of the Board is in conformity with
responsible for the establishment of cultural,
the Regulation 17 of the SEBI Listing Regulations.
ethical and accountable growth of the Company,
is constituted with a high level of integrated,
165
The composition of the Board of Directors and the number of Directorships and Committee positions held by
them as on 31st March, 2021 are as under:
Name and Designation Category No. of other No. of Board Committees2 (other than
(DIN) of Director Directorships held1 AEL) in which Chairman / Member
(Other than AEL) Chairman Member
Mr. Gautam S. Adani Promoter 5 - -
Executive Chairman Executive
(DIN: 00006273)
Mr. Rajesh S. Adani Promoter 5 - 3
Managing Director Executive
(DIN: 00006322)
Mr. Pranav V. Adani Promoter 8 - 2
Director Executive
(DIN: 00008457)
Mr. Vinay Prakash Executive 4 - -
Director
(DIN: 03634648)
Mr. Hemant M. Nerurkar Non Executive 7 2 5

Director (Independent)
(DIN: 00265887)
Mr. V. Subramanian Non Executive 2 - 1
(DIN: 00357727)
Mrs. Vijaylaxmi Joshi Non Executive 1 - 1
Statutory Reports
(DIN: 00032055)
Mr. Narendra Mairpady Non Executive 6 1 2
(DIN: 00536905)
Notes :
1. The Directorships held by the Directors, as mentioned above excludes alternate directorships, directorships
Corporate Overview
in foreign companies, Companies under Section 8 of the Companies Act, 2013 and Private Limited
Companies, which are not the subsidiaries of Public Limited Companies.
2. Represents Membership / Chairmanship of two Committees viz. Audit Committee and Stakeholders’
Relationship Committee as per Regulation 26 of the SEBI Listing Regulations.
3. As on 31st March, 2021, none of the Directors of the Company were related to each other except Mr. Rajesh
S. Adani, Managing Director being brother of Mr. Gautam S. Adani, Chairman.
Details of name of other listed entities where Directors of the Company are Directors and the category of
Directorship as on 31st March, 2021 are as under:
Name of Director Name of other Listed entities in which Category of Directorship

the concerned Director is a Director
Mr. Gautam S. Adani Adani Ports and Special Economic Zone Promoter & Executive
(DIN: 00006273) Limited
Adani Transmission Limited Promoter & Executive
Adani Total Gas Limited Promoter & Non-Executive
Adani Power Limited Promoter & Non-Executive
Adani Green Energy Limited Promoter & Non-Executive
Mr. Rajesh S. Adani Adani Ports and Special Economic Zone Promoter & Non-Executive
(DIN: 00006322) Limited
Adani Transmission Limited Promoter & Executive
Adani Power Limited Promoter & Non-Executive
Adani Green Energy Limited Promoter & Non-Executive
166
Name of Director Name of other Listed entities in which Category of Directorship

the concerned Director is a Director
Mr. Pranav V. Adani Adani Total Gas Limited Promoter & Executive
(DIN: 00008457)
Mr. Vinay Prakash Nil NIl
(DIN: 03634648)
Mr. Hemant M. Nerurkar NCC Limited Non-Executive & Independent
(DIN: 00265887) Igarashi Motors India Limited Non-Executive & Independent
Crompton Greaves Consumer Electricals Non-Executive & Independent
Limited
DFM Foods Limited Non-Executive & Independent
Mr. V. Subramanian Sundaram-Clayton Limited Non-Executive & Independent
(DIN: 00357727)
Mrs. Vijaylaxmi Joshi GHCL Limited Non-Executive & Independent
(DIN: 00032055)
Mr. Narendra Mairpady Kesar enterprises limited Non-Executive & Independent
(DIN: 00536905) Man Industries (India) Limited Non-Executive & Independent
Corporate Overview
Board Meetings and Procedure Detailed presentations are made at the Board
The internal guidelines for Board / Committee / Committee meetings covering finance, major
meetings facilitate the decision making process business segments and operations of the Company,
at the meetings of the Board/Committees in an global business environment, all business areas of
informed and efficient manner. the Company including business opportunities,
business strategy and the risk management
Board Meetings are governed by structured practices before taking on record the quarterly /
Statutory Reports
agenda. All major agenda items are backed half yearly / annual financial results of the Company.
by comprehensive background information to
enable the Board to take informed decisions. The The required information as enumerated in Part A
Company Secretary in consultation with the Senior of Schedule II to SEBI Listing Regulations is made
Management prepares the detailed agenda for the available to the Board of Directors for discussions
meetings. and consideration at every Board Meetings. The
Board periodically reviews compliance reports of all
Agenda papers and Notes on Agenda are laws applicable to the Company as required under
circulated to the Directors, in advance, in the Regulation 17(3) of the SEBI Listing Regulations.
defined Agenda format. All material information
are being circulated along with Agenda papers for The important decisions taken at the Board
facilitating meaningful and focused discussions at / Committee meetings are communicated to
the meeting. Where it is not practicable to attach departments concerned promptly. Action taken
any document to the Agenda, the same is tabled report on the decisions taken at the meeting(s) is
before the meeting with specific reference to this placed at the immediately succeeding meeting of
effect in the Agenda. In special and exceptional the Board / Committee for noting by the Board /
circumstances, additional or supplementary Committee.
item(s) on the Agenda are permitted. In order to 4 (Four) Board Meetings were held during the
transact some urgent business, which may come financial year 2020-21. The Company has held at
up after circulation agenda papers, the same is least one Board meeting in every quarter and the
placed before the Board by way of Table Agenda gap between two meetings did not exceed one
or Chairman’s Agenda. Frequent and detailed hundred and twenty days. The necessary quorum
deliberation on the agenda provides the strategic was present in all the meetings. Leave of absence
roadmap for the future growth of the Company. was granted to the concerned directors who
Minimum 4 (four) pre-scheduled Board meetings could not attend the respective board meeting on
are held every year. Apart from the above, request. The dates on which the Board Meetings
additional Board meetings are convened by giving were held during FY 2020-21 are as follows:
appropriate notice to address the specific needs 6th May, 2020, 6th August, 2020, 4th November,
of the Company. In case of business exigencies or 2020 and 3rd February, 2021.
urgency of matters, resolutions are also passed by
way of circulation.
167
The Companies Act, 2013 read with the relevant are not permitted to be transacted through video
rules made thereunder, now facilitates the conferencing.
participation of a Director in Board/Committee
In view of the COVID-19 pandemic, all the meetings
Meetings through video conferencing or other
of the Board and its Committees during the FY
audio visual mode. Accordingly, the option
2020-21 as mentioned above were held through
to participate in the Meeting through video
video conferencing in terms of the relaxations
conferencing was made available for the Directors
provided under the Companies Act, 2013 and the
except in respect of such Meetings/Items which
SEBI Listing Regulations.
The details of attendance of Directors at the Board Meetings and at the last Annual General Meeting are as
under:
Name of Director(s) Number of Board Meetings held and Attended Last AGM
attended during FY 2020-21
Held Attended
Mr. Gautam S. Adani 4 4 Yes
Mr. Rajesh S. Adani 4 4 Yes
Mr. Pranav V. Adani 4 4 Yes

Mr. Vinay Prakash 4 4 Yes
Mr. Hemant Nerurkar 4 4 Yes
Mr. V. Subramanian 4 4 Yes
Mrs. Vijaylakshmi Joshi 4 4 Yes
Mr. Narendra Mairpady 4 4 Yes
Statutory Reports
During the year, the Board of Directors accepted all recommendations of the Committees of the Board, which
were statutory in nature and required to be recommended by the Committee and approved by the Board of
Directors. Hence, the Company is in compliance of condition of clause 10(j) of schedule V of the SEBI Listing
Regulations.
During the year under review, the Board of Directors of the Company has amended / approved changes to the
Code of internal procedures and conduct for regulating, monitoring and reporting of Trading by Insiders to
align it with the recent amendments in the SEBI (Prohibition of Insider Trading) Regulations, 2015. Accordingly,
Corporate Overview
the updated policy is uploaded on website of the Company at https://www.adanienterprises.com/-/media/

Project/Enterprises/Investors/corporate-governance/Polices/Insider-Trading-Code.pdf
Skills / expertise competencies of the Board of Directors:

The following is the list of core skills / competencies identified by the Board of Directors as required in the
context of the Company’s business and that the said skills are available within the Board Members:
Business Leadership Leadership experience including in areas of business development, strategic

planning, succession planning, driving change and long-term growth and guiding
the Company and its senior management towards its vision and values.
Financial Expertise Knowledge and skills in accounting, finance, treasury management, tax and
financial management of large corporations with understanding of capital
allocation, funding and financial reporting processes.
Risk Management Ability to understand and assess the key risks to the organization, legal compliances
and ensure that appropriate policies and procedures are in place to effectively
manage risk.
Global Experience Global mindset and staying updated on global market opportunities, competition
experience in driving business success around the world with an understanding of
diverse business environments, economic conditions and regulatory frameworks.
Merger & Acquisition Ability to assess ‘build or buy’ & timing of decisions, analyze the fit of a target with
the company’s strategy and evaluate operational integration plans
168
Corporate Governance Experience in implementing good corporate governance practices, reviewing

& ESG compliance and governance practices for a sustainable growth of the company
and protecting stakeholders’ interest.
Technology & Experience or knowledge of emerging areas of technology such as digital, artificial
Innovations intelligence, cyber security, data centre, data security etc.
In the table below, the specific areas of focus or expertise of individual board members have been highlighted.
Name of Director Areas of Skills/ Expertise

Business Financial Risk Global Corporate Merger & Technology
Leadership Expertise Management Experience Governance Acquisition &
& ESG Innovation
Mr. Gautam S. Adani Y Y Y Y Y Y Y
Mr. Rajesh S. Adani Y Y Y Y Y Y Y
Mr. Pranav V. Adani Y Y Y Y Y Y Y
Mr. Vinay Prakash Y Y Y Y Y Y Y
Mr. Hemant Nerurkar Y Y Y Y Y Y Y
Mr. V. Subramanian - Y Y - Y Y -
Mrs. Vijaylakshmi Joshi - Y Y - Y Y -
Corporate Overview
Mr. Narendra Mairpady Y Y Y - - Y Y
Note - Each Director may possess varied combinations of skills/ expertise within the described set of parameters
and it is not necessary that all Directors possess all skills/ expertise listed therein.
Confirmation as regards independence of Independent Directors

In the opinion of the Board, both the existing Independent Directors and those who are proposed to be
re-appointed at the Annual General Meeting, fulfil the conditions specified in the Listing Regulations and are
Statutory Reports
independent of the Management.
Notes on Directors appointment / re-appointment

Brief resume(s) of the Directors proposed to be appointed / re-appointed are given in the Explanatory Statement
annexed to the Notice of the ensuing Annual General Meeting.
3. COMMITTEES OF THE BOARD A. Audit Committee
The Board Committees play a vital role in ensuring The Audit Committee acts as a link among the
sound Corporate Governance practices. The Management, the Statutory Auditors, Internal
Committees are constituted to handle specific Auditors and the Board of Directors to oversee
activities and ensure speedy resolution of the the financial reporting process of the Company.
diverse matters. The Board Committees are set up The Committee’s purpose is to oversee the
under the formal approval of the Board to carry out quality and integrity of accounting, auditing
clearly defined roles under which are considered to and financial reporting process including
be performed by members of the Board, as a part review of the internal audit reports and action
of good governance practice. The Board supervises taken report.
the execution of its responsibilities by the
Terms of Reference:
Committees and is responsible for their action. The
minutes of the meetings of all the Committees are The powers, role and terms of reference of
placed before the Board for review. As on date, the the Audit Committee covers the areas as
Board has established the following Committees: contemplated under SEBI Listing Regulations
as amended from time to time and Section 177
A. Audit Committee
of the Companies Act, 2013. The brief terms of
B. Nomination and Remuneration Committee reference of Audit Committee are as under:
C. Stakeholders’ Relationship Committee 1. Oversight of the company’s financial
reporting process and the disclosure of its
D. Corporate Social Responsibility Committee
financial information to ensure that the
E. Risk Management Committee financial statement is correct, sufficient
and credible.
F. Securities Transfer Committee
169
2. Recommendation for appointment, 8. Approval or any subsequent modification

remuneration and terms of appointment of of transactions of the company with
auditors of the Company. related parties.
3. Approval of payment to statutory auditors 9. Scrutiny of inter-corporate loans and
for any other services rendered by the investments.
Statutory Auditors.
10. Valuation of undertakings or assets of the
4. Reviewing, with the management, the company, wherever it is necessary.
annual financial statements and auditor’s
11. Evaluation of internal financial controls
report thereon before submission to
and risk management systems.
the Board for approval, with particular
reference to : 12. Reviewing, with the management, the
performance of statutory and internal
a) Matters required to be included in the
auditors, adequacy of the internal control
Director’s Responsibility Statement
systems.
to be included in the Board’s report
in terms of Section 134(3)(c) of the 13. Reviewing the adequacy of internal audit
Companies Act, 2013. function, if any, including the structure
of the internal audit department, staffing
b) Changes, if any, in accounting policies
and seniority of the official heading the
and practices and reasons for the
department, reporting structure coverage

same.
and frequency of internal audit.
c) Major accounting entries involving
14. Discussion with internal auditors of any
estimates based on the exercise of
significant findings and follow up there on.
judgment by the management.
15. Reviewing the findings of any internal
d) Significant adjustments made in the
investigations by the internal auditors into
financial statements arising out of
matters where there is suspected fraud or
Statutory Reports
audit findings.
irregularity or a failure of internal control
e) Compliance with listing and other systems of a material nature and reporting
legal requirements relating to financial the matter to the board.
statements.
16. Discussion with statutory auditors before
f) Disclosure of any related party the audit commences, about the nature
transactions. and scope of audit as well as post-audit
Corporate Overview
discussion to ascertain any area of

g) Modified opinion(s) in the draft audit
concern.
report.
17. To look into the reasons for substantial
5. Reviewing, with the management, the
defaults, if any, in the payment to
quarterly financial statements before
the depositors, debenture holders,
submission to the board for approval.
shareholders (in case of non-payment of
6. Reviewing, with the management, the declared dividends) and creditors.
statement of uses / application of funds
18. To review the functioning of the Whistle
raised through an issue (public issue,
Blower mechanism.
rights issue, preferential issue, etc.), the
statement of funds utilized for purposes 19. Approval of appointment of Chief Financial
other than those stated in the offer Officer after assessing the qualifications,
document / prospectus / notice and experience and background, etc. of the
the report submitted by the monitoring candidate.
agency, monitoring the utilisation of
20. Reviewing financial statements, in
proceeds of a public or rights issue, and
particular the investments made by the
making appropriate recommendations to
Company’s unlisted subsidiaries.
the Board to take up steps in this matter.
21. Reviewing the utilization of loans and/ or
7. Review and monitor the Auditor’s
advances from/investment by the holding
independence and performance, and
company in the subsidiary exceeding
effectiveness of audit process.
rupees 100 crore or 10% of the asset size of
170
the subsidiary, whichever is lower including 3. Management letters / letters of internal

existing loans / advances / investments. control weaknesses issued by the statutory
auditors;
22.
Consider and comment on rationale,
cost-benefits and impact of schemes 4. Internal audit reports relating to internal
involving merger, demerger, amalgamation control weaknesses;
etc., on the listed entity and its
5. The appointment, removal and terms of
shareholders.
remuneration of the Chief Internal Auditor;
23. Carrying out any other function as is and
mentioned in the terms of reference of the
6. Statement of deviations :
audit committee and/or is mandated by the
Board from time to time and/or enforced by a) quarterly statement of deviation(s)
any statutory notification, amendment or including report of monitoring agency,
modification, as may be applicable. if applicable, submitted to stock
exchange(s).
Review of Information by Audit Committee:
b) annual statement of funds utilized
1. The Management discussion and analysis
for purposes other than those stated
of financial condition and results of
in the offer document / prospectus /
operations;
notice.
Corporate Overview
2. Statement of significant related party
transactions submitted by management;
Meetings, Attendance & Composition of the Audit Committee

During the financial year 2020-21, four meetings of the Audit Committee were held on 6th May, 2020,
5th August, 2020, 4th November, 2020 and 3rd February, 2021. The intervening gap between two meetings
Statutory Reports
did not exceed one hundred and twenty days.
The details of the Audit Committee meetings attended by its members as on 31st March, 2021 are given
below:
Sr. Name Designation(s) Category Number of meetings held during

No FY 2020-21
Held Attended
1 Mr. Hemant Nerurkar Chairman Non-Executive & 4 4
Independent
2 Mr. Rajesh S. Adani Member Executive Promoter 4 4
3 Mr. V. Subramanian Member Non-Executive & 4 4
Independent
4. Mrs. Vijaylaxmi Joshi Member Non-Executive & 4 4
Independent
The Audit Committee of the Company comprises majority of Independent Directors which enables a
complete independent review of financial reporting process and internal control mechanism by the
Committee in more transparent way to further strengthen the confidence of all stakeholders especially
the minority shareholders.
All members of the Audit Committee have accounting and financial management knowledge and expertise
/ exposure. The Audit Committee meetings are attended by the Internal Auditors, Statutory Auditors,
Chief Financial Officer and Head of Finance. The Company Secretary acts as the Secretary of the Audit
Committee.
Mr. Jatin Jalundhwala, Company Secretary & Joint President (Legal) and Compliance Officer act as a
Secretary of the Committee. The Chairman of the Audit Committee attended the last Annual General
Meeting (AGM) held on 26th June, 2020 to answer shareholders’ queries.
171
B. Nomination and Remuneration Committee recommend to the Board their appointment

The constitution and terms of reference of and removal and shall carry out evaluation
Nomination and Remuneration Committee of of every director’s performance.
the Company are in compliance with provisions 5. To extend or continue the term of
of Companies Act, 2013 and the SEBI Listing appointment of the independent director,
Regulations. on the basis of the report of performance
Terms of reference: evaluation of independent directors.
1. Formulation of the criteria for determining 6. To recommend / review remuneration of

qualifications, positive attributes the Managing Director(s) and Whole-time
and independence of a director and Director(s) based on their performance
recommend to the Board a policy, relating and defined assessment criteria.
to the remuneration of the directors, 7. To recommend to the board, all
key managerial personnel and other remuneration, in whatever form, payable to
employees. senior management.
2. Formulation of criteria for evaluation of 8. To perform such other functions as may
Independent Directors and the Board of be necessary or appropriate for the
directors. performance of its duties.
3. Devising a policy on Board diversity. 9. To carry out any other function as is

4. Identifying persons who are qualified mandated by the Board from time to
to become directors and who may be time and / or enforced by any statutory
appointed in senior management in notification, amendment or modification,
accordance with the criteria laid down, and as may be applicable.
Statutory Reports
Meeting, Attendance & Composition of the Nomination & Remuneration Committee

During Financial Year 2020-21, four meeting of the Nomination & Remuneration Committee were held on
6th May, 2020, 5th August, 2020, 4th November, 2020 and 3rd February, 2021.
The details of the Nomination & Remuneration Committee meeting attended by its members as on
31 st March, 2021 are given below:
Corporate Overview

No FY 2020-21
Held Attended
1 Mr. Hemant Nerurkar Chairman Non-Executive & 4 4
Independent
2 Mr. Gautam S. Adani Member Executive Promoter 4 4
3 Mr. V. Subramanian Member Non-Executive & 4 4
Independent
4. Mrs. Vijaylaxmi Joshi Member Non-Executive & 4 4
Independent
The Quorum of the Committee is of two Remuneration Policy

members.
The remuneration policy of the Company is
The Board of Directors review the Minutes of directed towards rewarding performance,
the Nomination & Remuneration Committee based on review of achievements on a periodic
Meetings at its subsequent Board Meetings. basis. The Company endeavours to attract,
retain, develop and motivate the high-calibre
The Company Secretary acts as a Secretary to
executives and to incentivize them to develop
the Committee.
172
and implement the Group’s Strategy, thereby Non-Executive Directors are paid H50,000/-
enhancing the business value and maintain as sitting fees for attending meeting of
a high performance workforce. The policy Board of Directors & Audit Committee
ensures that the level and composition of and H25,000/- for attending meeting of
remuneration of the Directors is optimum. Corporate Social Responsibility Committee,
Stakeholders’ Relationship Committee,
i) Remuneration to Non-Executive Directors
Nomination & Remuneration Committee
The remuneration by way of commission and Risk Management Committee & actual
to the non-executive directors is decided reimbursement of expenses incurred for
by the Board of Directors and paid to attending each meeting of the Board and
them based on their participation and Committee. The Executive and Promoter
contribution in the affairs of the Company group Directors are not being paid sitting
as well as the valuable time spent on fees for attending meetings of the Board
Company’s matters. The Members had of Directors and its committees. Other
at the Annual General Meeting held on than sitting fees and commission paid to
7th August, 2019 approved the payment Non-Executive Directors, there were no
of remuneration by way of commission to pecuniary relationships or transactions
the Non-Executive directors other than by the Company with any of the
promoter directors of the Company, of a Non-Executive and Independent Directors
sum not exceeding 1% per annum of the of the Company.
Corporate Overview
net profits of the Company, calculated
The Company has not granted stock
in accordance with the provisions of the
options to Non-Executive and Independent
Act for a period of 5 years commencing
Directors.
1st April, 2020. In addition to commission,
Statutory Reports
The details of sitting fees and commission paid to Non-Executive and Independent Directors for the
Financial Year 2020-21 are as under:
(H In lakh)
Name of the Directors Sitting Fees paid during Commission Total No. of Shares
FY 2020-21 held as on
Board Committee 31st March,
Meeting Meeting 2021
Mr. Hemant M. Nerurkar 2.00 3.50 20.00 25.50 -
Mr. V. Subramanian 2.00 4.00 20.00 26.00 -
Mrs. Vijaylaxmi Joshi 2.00 3.00 20.00 25.00 -
Mr. Narendra Mairpady 2.00 - 20.00 22.00 -
Performance Evaluation Criteria for Nomination and Remuneration Committee

Independent Directors based on criteria such as industry
benchmarks, the Company’s performance
The performance evaluation criteria for
vis-à-vis the industry, responsibilities
independent directors is determined by the
shouldered, performance/track record,
Nomination and Remuneration committee.
macro economic review on remuneration
An indicative list of factors that may
packages of heads of other organisations
be evaluated include participation and
and is decided by the Board of Directors.
contribution by a director, commitment,
effective deployment of knowledge and The Company pays remuneration by way
expertise, effective management of of salary, perquisites and allowances (fixed
relationship with stakeholders, integrity component), incentive remuneration and/
and maintenance of confidentiality and or commission (variable components) to
independence of behavior and judgement. its Executive Directors within the limits
prescribed under the Companies Act, 2013
ii) Remuneration to Executive Directors
and approved by the shareholders.
The remuneration of the Executive
Directors is recommended by the
173
Details of the remuneration paid / payable to the Executive Directors of the Company during the
financial year 2020-21 are as under:
(H In crore)
Name & Designation of Directors Salary Perquisites Commission* Total
&
Allowances
Mr. Gautam S. Adani, Executive Chairman 1.99 0.25 - 2.24
Mr. Rajesh S. Adani, Managing Director 2.99 0.37 1.14 4.50
Mr. Pranav V. Adani, Director 0.91 1.13 1.46 3.50
Mr. Vinay Prakash, Director 2.20 19.631 - 21.83
* Payable in FY 2021-22
1 Including performance based variable incentive.
There is no separate provision for payment of Companies Act, 2013 and SEBI Listing
of severance fees under the resolutions Regulations.
governing the appointment of Executive
Terms of Reference:
Chairman, Managing Director and

Executive Director. 1. To look into various aspects of interest of
shareholders, debenture holders and other
The Company has not granted stock
security holders including complaints
options to the Managing / Executive
related to transfer/transmission of shares,
Directors or Employees of the Company.
non-receipt of annual report, non-receipt
The aforesaid Executive Directors, so of declared dividends, issue of new/
long as they function as such shall not be duplicate certificates, general meetings
Statutory Reports
entitled to any sitting fees for attending etc.

any meetings of Board or Committees
2. Reviewing the measures taken for effective
thereof.
exercise of voting rights by shareholders.
Mr. Gautam S. Adani / Rajesh S. Adani (on
3. Reviewing of adherence to the service
behalf of S.B. Adani Family Trust) and Mr.
standards adopted in respect of various
Gautam S. Adani / Mrs. Priti G. Adani (on
services being rendered by the Registrar &
behalf of Gautam S. Adani Family Trust)
Corporate Overview
Share Transfer Agent.

hold 62,11,97,910 and 88,36,750 Equity
Shares of the Company respectively. 4. Reviewing the various measures and
Mr. Gautam S. Adani and Mr. Rajesh S. initiatives taken for reducing the quantum
Adani hold 1 (one) Equity Share each of the of unclaimed dividends and ensuring
Company. timely receipt of dividend warrants/
annual reports/statutory notices by the
Except above, none of Directors of the
shareholders of the Company.
Company holds equity shares of the
Company in their individual capacity. The 5. Carry out any other function as is referred
Company does not have any Employees’ by the Board from time to time or enforced
Stock Option Scheme and there is by any statutory notification / amendment
no separate provision for payment of or modification as may be applicable.
Severance Fees.
Composition, Meetings and Attendance of
The Company has also taken a Directors’ & Stakeholders’ Relationship Committee
Officers’ Liability Insurance Policy.
During the financial year 2020-21, four
C. Stakeholders' Relationship Committee meetings of the said Committee were held on
6th May, 2020, 5th August, 2020, 4th November,
The constitution and terms of reference of
2020 and 3rd February, 2021.
Stakeholders’ Relationship Committee of the
Company are in compliance with provisions
174
The details of the Stakeholders’ Relationship Committee meetings attended by its members as on
31st March, 2021 are given below:

No FY 2020-21
Held Attended
1 Mr. V. Subramanian Chairman Non-Executive & 4 4
Independent
2 Mr. Rajesh S. Adani Member Executive Promoter 4 4
3 Mr. Pranav V. Adani Member Executive Promoter 4 4
The Company Secretary is the Compliance Terms of reference of the Committee, inter alia,
Officer of the Company as per requirements of includes the following:
the SEBI Listing Regulations.
1. To formulate and recommend to the Board,
The Minutes of the Stakeholders’ Relationship a Corporate Social Responsibility Policy
Committee are reviewed by the Board of which shall indicate the activities to be
Directors at the subsequent Board Meeting. undertaken by the company as specified in
Corporate Overview
Schedule VII of the Companies Act, 2013
Redressal of Investor Grievances
and rules made there under.
The Company and its Registrar and Share
2. To recommend the amount of expenditure
Transfer Agent address all complaints,
to be incurred on the CSR activities.
suggestions and grievances expeditiously
and replies are sent usually within 7-10 days 3. To monitor the implementation of
except in case of dispute over facts or other framework of CSR Policy.
legal impediments and procedural issues.
Statutory Reports
4. To carry out any other function as is
The Company endeavours to implement
mandated by the Board from time to
suggestions as and when received from the
time and/or enforced by any statutory
investors.
notification, amendment or modification
During the year under review, 4 (four) investors’ as may be applicable or as may be
complaints were received. There was no necessary or appropriate for performance
unattended or pending investor grievance as of its duties.
on 31st March, 2021.
CSR Policy
D. Corporate Social Responsibility (“CSR”) The updated CSR Policy of the Company
Committee is available on its website at https://www.
The Company has constituted a CSR a d a n i e n t e r p r i s e s . c o m / - / m e d i a / P ro j e c t /
Committee as required under Section 135 of Enterprises/Investors/corporate-governance/
the Companies Act, 2013 and rules framed Polices/AEL_CSR_policy.pdf
there under.
Composition, Meetings and Attendance of CSR Committee

During the year under review, 2 (two) meetings of CSR Committee were held on 6th May, 2020 and
3rd February, 2021. The details of the CSR Committee meetings attended by its members during
FY 2020-21 are given below:

No FY 2020-21
Held Attended
1 Mr. Rajesh S. Adani Chairman Executive Promoter 2 2
2 Mr. Hemant M. Member Non-Executive & 2 2
Nerurkar Independent
3 Mr. Pranav V. Adani Member Executive Promoter 2 2
175
Quorum of the Committee is of two members. sectoral, sustainability (particularly,

ESG related risks), information, cyber
The Board of Directors review the Minutes of
security risks or any other risk as may
the CSR Committee Meetings at subsequent
be determined by the Committee.
Board Meetings.
b. Measures for risk mitigation including
systems and processes for internal
the Committee.
control of identified risks.
Sustainability Governance
c. Business continuity plan.
The Company has integrated Sustainability
2. To ensure that appropriate methodology,
into its core business strategy. To ensure
processes and systems are in place to
smooth implementation of various measures
monitor and evaluate risks associated with
across the organization, we have established a
the business of the Company;
Sustainability Governance mechanism wherein
at the pinnacle is the Board of Directors 3. To monitor and oversee implementation
followed by Corporate Sustainability Leadership of the risk management policy, including
Committee which looks after the Sustainability evaluating the adequacy of risk
Business Unit Committee who is responsible management systems;
for Sustainability Reporting Committee at
4. To periodically review the risk management
each site. The Sustainability Report of the
policy, at least once in two years, including

Company is available on the website of the
by considering the changing industry
Company at https://www.adanienterprises.
dynamics and evolving complexity;
com/sustainability/Environment
5. To keep the board of directors informed
E. Risk Management Committee about the nature and content of its
The Risk Management Committee of the discussions, recommendations and actions
Company is constituted in line with the to be taken;
Statutory Reports
provisions of Regulation 21 of the SEBI Listing

6. The appointment, removal and terms of
Regulations.
remuneration of the Chief Risk Officer (if
The Committee is required to lay down the any) shall be subject to review by the Risk
procedures to inform to the Board about the Management Committee.
risk assessment and minimization procedures
7. To monitor & report non-compliance of any
and the Board shall be responsible for framing,
environmental laws pertaining to Copper
implementing and monitoring the risk
Corporate Overview
Refinery Plant at Mundra, Gujarat.

management plan of the Company.
8. Carry out any other function as is referred
Terms of reference of the Committee:
by the Board from time to time or enforced
1. To formulate a detailed risk management by any statutory notification/amendment
policy which shall include: or modification as may be applicable.
a. A framework for identification of
internal and external risks specifically
faced by the listed entity, in particular
including financial, operational,
Composition, Meetings and Attendance of Risk Management Committee

During the year under review, two Risk Management Committee Meetings were held. The details of the
Risk Management Committee meeting attended by its members as are given below:

No FY 2020-21
Held Attended
1. Mr. Rajesh S. Adani Chairman Executive Promoter 2 2
2. Mr. Vinay Prakash Member Executive Director 2 2
176

No FY 2020-21
Held Attended
3. Mr. Pranav V. Adani Member Executive Promoter 2 2
4. Mr. Hemant Nerurkar 1
Member Non-Executive & - -
Independent
5. Mr. Jugeshinder Singh Member - 2 2
1 Appointed as Member w.e.f 5 May, 2021.
th
The Company has a risk management No requests for transfers of any Securities are
framework to identify, monitor and minimize pending as on 31st March, 2021 except those
risks. that are disputed and / or sub-judiced.
The Quorum of the Committee is of two Investor Services:
members.
M/s. Link Intime India Private Limited are acting
The Board of Directors review the Minutes of as Registrar & Share Transfer Agent of the
Corporate Overview
the Risk Management Committee Meetings at Company. They have adequate infrastructure
subsequent Board Meetings. and VSAT connectivity with both the
depositories, which facilitate better and faster
services to the investors.
the Committee.
Name, Designation and Address of the
F. Securities Transfer Committee Compliance Officer:
In order to provide efficient and timely services Mr. Jatin Jalundhwala
Statutory Reports
to investors, the Board of Directors has
delegated the power of approving transfer/ Company Secretary and Compliance Officer
transmission of Company’s Securities, issue of
duplicate share / debenture certificates, split
up / sub-division, and consolidation of shares, “Adani Corporate House”, Shantigram, Near
issue of new certificates on re-materialization, Vaishno Devi Circle, S. G. Highway, Khodiyar,
sub-division and other related formalities to Ahmedabad - 382421
the Securities Transfer Committee.
E-mail ID: [email protected]
4. GENERAL BODY MEETINGS

a) Annual General Meetings
Location, day, date and time of Annual General Meetings (AGMs) and Special Resolutions passed thereat:
Financial Day & Date Location of Meeting Time No. of Special

Year resolutions
passed
2017-18 Tuesday, J.B. Auditorium, AMA Complex, ATIRA, Dr. 9:30 a.m. 4
7th August, 2018 Vikram Sarabhai Marg, Ahmedabad – 380 015.
2018-19 Wednesday, H. T. Parekh Hall, AMA Complex, ATIRA, Dr. 11:30 a.m. 2
7th August, 2019 Vikram Sarabhai Marg, Ahmedabad - 380 015
2019-20 Friday, Through Video Conferencing / Other Audio 1.00 p.m. 2
26th June, 2020 Visual Means
177
b) Whether special resolutions were put Company function with an adequately empowered
through postal ballot last year, details of Board of Directors and sufficient resources.
voting pattern: No For more effective governance, the Company
There were no special resolutions passed monitors performance of subsidiary companies,
through postal ballot process during FY 2020- interalia, by following means:
21.
a) Financial statements, in particular investments
c) Whether any resolutions are proposed to made by unlisted subsidiary companies, are
reviewed quarterly by the Company’s Audit
be conducted through postal ballot:
Committee.
No Resolution is proposed to be passed by way
of Postal Ballot at the ensuing Annual General b) Minutes of unlisted subsidiary companies
Meeting. are placed before the Board of the Company
regularly.
d) Procedure for postal ballot:
c) A statement, wherever applicable, of all
Prescribed procedure for postal ballot as per significant transactions and arrangements
the provisions contained in this behalf in the entered into by the Company’s subsidiaries is
Companies Act, 2013 read with rules made presented to the Board of the Company at its
there under as amended from time to time meetings.
shall be complied with whenever necessary.
The risk factors and project reports of the

Subsidiary Companies are also reviewed by the
5. SUBSIDIARY COMPANIES
Audit Committee of the Company.
The Company has two material non-listed
subsidiary incorporated outside India namely The Company has a policy for determining
Adani Global FZE., Dubai and Adani Global Pte. ‘material subsidiaries’. Updated policy is uploaded
Limited, Singapore. The Company has nominated on the website of the Company at https://www.
Mr. Hemant Nerurkar, Independent Director of the adanienterprises.com/investors/corporate-
Statutory Reports
Company on the Board of Adani Global FZE and governance

Adani Global Pte. Limited. The subsidiaries of the
6. DIVIDEND HISTORY (EQUITY SHARES)

Financial Year Rate Per Share (H) Dividend Payout
Corporate Overview
(H in crore)#
2011-12 100% 1.00 127.82
2012-13 140% 1.40 154.96
2013-14 140% 1.40 153.97
2014-15 140% 1.40 159.15
2015-16 (Interim) 40% 0.40 44.07
2016-17 40% 0.40 52.95
2017-18 40% 0.40 53.04
2018-19 40% 0.40 53.04
2019-20 (Interim) 100% 1.00 132.59
2020-21 (Proposed) 100% 1.00 109.08 (Excluding DDT)
# Including dividend distribution tax (DDT) wherever applicable
7. OTHER DISCLOSURES of business. The details of Related Party

a) Disclosure on materially significant related Transactions are disclosed in financial section
party transactions: of this Annual Report. The Company has
developed a policy on materiality of Related
All related party transactions entered into Party Transactions and also on dealing with
during the financial year were on an arm’s Related Party Transactions.
length basis and were in the ordinary course
178
The Company has updated a Related Party Adani Code of Conduct for Prevention of
Transaction Policy which is uploaded on the Insider Trading
website of the Company at https://www.
ADANI Code of Conduct for Prevention of
adanienterprises.com/investors/corporate-
Insider Trading, as approved by the Board of
governance
Directors, inter alia, prohibits purchase / sale
b) In the preparation of the financial statements, of securities of the Company by Directors and
the Company has followed the accounting employees while in possession of unpublished
policies and practices as prescribed in the price sensitive information in relation to the
Accounting Standards. Company.
c) Whistle Blower Policy: f) CEO / CFO Certificate
The Company has adopted a whistle blower The CEO and CFO have certified to the board
policy and has established the necessary vigil with regard to the financial statements and
mechanism for employees and directors to other matters as required by the SEBI Listing
report concerns about unethical behaviour. No Regulations. The certificate is appended as an
person has been denied access to the chairman Annexure to this report.
of the audit committee. The updated Whistle
They have also provided quarterly certificates
Blower policy is uploaded on the website of
on financial results while placing the same
the Company at https://www.adanienterprises.
before the Board pursuant to Regulation 33 of
Corporate Overview
com/investors/corporate-governance During
the SEBI Listing Regulations.
the year under review, there were no instances
of whistle blower. g) Proceeds from public issues, rights issues,
preferential issues etc.
d) Details of compliance
The Company discloses to the Audit Committee,
The Company has complied with all the
the uses / application of proceeds /funds
requirements of the Stock Exchanges as well
raised from Rights Issue, Preferential Issue as
as the regulations and guidelines prescribed
Statutory Reports
part of the quarterly review of financial results
by the Securities and Exchange Board of India
whenever applicable.
(SEBI). There were no penalties or strictures
imposed on the Company by Stock Exchanges h) The designated Senior Management Personnel
or SEBI or any statutory authority on any of the Company have disclosed to the Board
matter related to capital markets during the that no material, financial and commercial
last three years. transactions have been made during the year
under review in which they have personal
e) ADANI Code of Conduct
interest, which may have a potential conflict
The ADANI Code of Conduct for the Directors with the interest of the Company at large.
and Senior Management of the Company has
i) The Company has also updated Material Events
been laid down by the Board and the same is
Policy, Website Content Archival Policy and
posted on the website of the Company.
Policy on Preservation of Documents which
A declaration signed by the Managing Director is uploaded on the website of the Company at
affirming the compliance with the ADANI Code https://www.adanienterprises.com/investors/
of Conduct by the Board Members and Senior corporate-governance
Management Personnel of the Company is as
j) Details of the familiarization programmes
under:
imparted to the independent directors are
available on the website of the company at
Declaration as required under SEBI (Listing https://www.adanienterprises.com/investors/
Obligations and Disclosure Requirements) corporate-governance
Regulations, 2015
k) With a view to regulate trading in securities by
All Directors and senior management of the the directors and designated employees, the
Company have affirmed compliance with Company has updated a Code of Conduct for
the ADANI Code of Conduct for the financial Prohibition of Insider Trading.
year ended 31st March, 2021.
l) The company has put in place succession plan
for appointment to the Board and to senior
Place: Ahmedabad Rajesh S. Adani
management.
Date: 5th May, 2021 Managing Director
179
m) The Company complies with all applicable These results are not sent individually to the
Secretarial Standards. shareholders but are put on the website of the
Company.
n) The Company has complied with all the
mandatory requirements specified in The quarterly/half-yearly and annual results
Regulations 17 to 27 and clauses (b) to and other official news releases are displayed
(i) of sub – regulation (2) of Regulation on the website of the Company – www.
46 of the SEBI (Listing Obligations and adanienterprises.com shortly after its
Disclosure Requirements) Regulations, 2015. submission to the Stock Exchanges.
It has obtained a certificate affirming the
b) Intimation to Stock Exchanges:
compliances from Statutory Auditors and the
same is attached to this Report. The Company also regularly intimates to the
Stock Exchanges all price sensitive and other
o) As required under Regulation 36(3) of the SEBI
information which are material and relevant to
Listing Regulations, particulars of Director
the investors.
seeking re-appointment at the forthcoming
AGM are given herein and in the Annexure to c) Earnings Calls and Presentations to Analysts:
the Notice of the 29th AGM to be held on 12th
At the end of each quarter, the Company
July, 2021.
organizes meetings / conference call with
p) The Company has obtained certificate from analysts and investors and the presentations
CS Chirag Shah, Practising Company Secretary made to analysts and transcripts of earnings
confirming that none of the Directors of call are uploaded on the website thereafter.
the Company is debarred or disqualified by
the Securities and Exchange Board of India 9. GENERAL SHAREHOLDER INFORMATION
/ Ministry of Corporate Affairs or any such
authority from being appointed or continuing A. Company Registration Details:
as Director of the Company and the same is The Company is registered in the State
also attached to this Report. of Gujarat, India. The Corporate Identity
Statutory Reports
q) Total fees for all services paid by the Company Number (CIN) allotted to the Company by
and its subsidiaries, on a consolidated basis, the Ministry of Corporate Affairs (MCA) is
to the statutory auditors and all entities in L51100GJ1993PLC019067.
the network firm / network entity of which the B. Annual General Meeting:
statutory auditor is a part, is given below:
Day and Date Time Mode
M/s. Shah Dhandharia & Co LLP
Corporate Overview
(H In lakh) Monday, 12th 12.00 Through Video

July, 2021 Noon Conferencing /
Payment to Statutory FY 2020-21
Other Audio Visual
Auditors
Means
Audit Fees 54.10
C. Registered Office:
Other Services 5.69
Total 59.79 “Adani Corporate House”, Shantigram, Near
Vaishno Devi Circle, S. G. Highway, Khodiyar,
r) As per the requirement of the Sexual Ahmedabad – 382421.
Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 D. Financial Calendar for 2021-22: (tentative
and rules made thereunder, the Company has schedule, subject to change)
constituted Internal Complaints Committee
which is responsible for redressal of complaints Period Approval of
related to sexual harassment. During the Quarterly results
year under review, there were no complaints Quarter ending 30th Mid August, 2021
pertaining to sexual harassment. June, 2021.
Quarter and half Mid November, 2021
8. MEANS OF COMMUNICATION year ending 30th
September, 2021.
a) Financial Results:
Quarter ending 31st Mid February, 2022
The quarterly/half-yearly and annual results December, 2021.
of the Company are normally published in the The year ending 31st End May, 2022
Indian Express (English) and Financial Express March, 2022.
(a regional daily published from Gujarat).
180
E. Record Date: National Stock Exchange (Stock Code

The Company has fixed Friday, 2nd July, 2021 as of India Limited (NSE) : ADANIENT)
the ‘Record Date’ for determining entitlement “Exchange Plaza”, Bandra-
of members to receive dividend for the financial Kurla Complex, Bandra (E),
year ended 31st March, 2021, if approved at the Mumbai – 400 051.
AGM.
F. Dividend Payment: (b)
Depositories:
Dividend of H1 per share (100%) will be paid on 1. National Securities Depository

or after Tuesday, 13th July, 2021, if approved by Limited (NSDL)
the members in the ensuing Annual General
Meeting. Trade World, 4th Floor, Kamala Mills
Compound, Senapati Bapat Marg,
G. Dividend Distribution Policy Lower Parel, Mumbai – 400013.
As per Regulation 43A of the SEBI Listing 2. Central Depository Services (India)
Regulations, the top 100 listed companies Limited (CDSL)
shall formulate a dividend distribution policy. 25th Floor, A Wing, Marathon
Accordingly, the policy was adopted to set Futurex, Mafatlal Millis Compound,
out the parameters and circumstances that NM Joshi Marg, Lower Parel (E),
Corporate Overview
will be taken into account by the Board in Mumbai - 400013
determining the distribution of dividend to its
shareholders and/or retaining profits earned by The Shares of the Company are traded
the Company. The Dividend Distribution Policy compulsorily in Demat Segments. The
of the Company is available on the website of ISIN allotted to the Company’s Equity
the Company at https://www.adanienterprises. Shares under the depository system is
com/investors/corporate-governance INE423A01024.
Statutory Reports
H. Listing on Stock Exchanges: Annual Listing fee has been paid to the
BSE & NSE for FY 2020-21 and Annual
(a) The Equity Shares of the Company are Custody / Issuer fee for FY 2020-21 will be
listed with the following stock exchanges paid by the Company to NSDL & CDSL on
receipt of the invoices.
BSE Limited (BSE) (Stock Code
: 512599)
P. J. Towers, Dalal Street,
Fort, Mumbai - 400 001
I. Market Price Data: High, Low during each month in Financial Year 2020-21.
Monthly share price movement during the year 2020-21 at BSE & NSE:
Month BSE NSE

High (H) Low (H) Volume High (H) Low (H) Volume
(No. of shares) (No. of shares)
April, 2020 155.05 128.10 3498048 155.45 128.00 62518584
May, 2020 153.50 127.40 3477746 153.60 127.30 68692320
June, 2020 169.15 141.10 8355342 169.20 141.00 109084565
July, 2020 190.75 145.15 6767708 190.85 145.20 87016806
August, 2020 322.65 171.35 16255171 322.40 171.20 225501687
September, 2020 307.85 257.45 11096260 307.95 257.50 172664784
October, 2020 347.45 296.00 5147736 347.50 296.00 116036080
November, 2020 415.30 333.55 5157140 415.50 333.05 108853748
December, 2020 507.05 394.85 9136515 507.00 395.10 132288318
January, 2021 552.80 478.40 6915223 552.95 477.00 90013005
February, 2021 862.05 497.90 11880368 862.40 496.90 197824433
March, 2021 1093.00 811.40 14435405 1093.00 836.45 195972056
[Source: This information is compiled from the data available from the websites of BSE and NSE]
181
J. Performance in comparison to broad-based indices such as BSE Sensex.
60000.00 1200.00
BSE Sensex
AEL Share Price
50000.00 1000.00
AEL Share Price

40000.00 800.00
BSE SENSEX
30000.00 600.00
20000.00 400.00
10000.00 200.00
0.00 0.00
0
20
20
20
20
21
21
1
-2
r-2
-2
l-2
t-2
-2
n-
b-
n-
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p-
c-
ar
ay
ov
Ju
Fe
Ja
Ap
Oc
De
Au
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Ju
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M
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MONTHS
K. Registrar and Share Transfer Agent: Education & protection Fund Authority
(Accounting, Audit, Transfer & Refund) Rules,
M/s. Link Intime India Private Limited is
2016 (as amended), all shares in respect of
appointed as Registrar and Share Transfer
which dividend has not been paid or claimed
(R&T) Agent of the Company for both Physical
by the shareholders for seven consecutive
Statutory Reports
and Demat Shares. The address is given below:

years or more, are required to be transferred by
M/s. Link Intime India Private Limited the Company in favour of Investor Education
5th Floor, 506 to 508, Amarnath Business & Protection Fund (IEPF). Accordingly, the
Centre - 1 (ABC-1), Beside Gala Business Centre, Company has transferred the shares to the
Nr. St. Xavier’s College Corner, Off C G Road, demat account of IEPF Authority in respect of
Ellisbridge, Ahmedabad – 380006 which the dividend has not been claimed for a
Tel: +91-79- 26465179 continuous period of seven years or more for
Corporate Overview
Fax : +91-79-26465179 the dividend declared in 2012-13.

Contact Person: Mr. Nilesh Dalwadi
The Company had communicated to all the
Email id: [email protected]
concerned shareholders individually whose
Shareholders are requested to correspond shares were liable to be transferred to IEPF.
directly with the R & T Agent for transfer / The Company had also given newspaper
transmission of shares, change of address, advertisements, before such transfer in favour
queries pertaining to their shares, dividend etc. of IEPF. The Company had also uploaded
the details of such shareholders and shares
L. Transfer to Investor Education and Protection
transferred to IEPF on the website of the
Fund (IEPF)
Company at https://www.adanienterprises.
In terms of Section 124(6) of the Act read com/investors/corporate-governance
with Investor Education and Protection Fund
In terms of the Section 125 of the Companies
Authority (Accounting, Auditing, Transfer
Act, 2013, the amount of dividend that
and Refund) Rules, 2016, the Company has
remained unclaimed for a period of seven
transferred the shares to the demat account of
years is required to be transferred to the
IEPF Authority in respect of which the dividend
Investor Education and Protection Fund (IEPF)
has not been claimed for a continuous period
administered by the Central Government. To
of seven years or more for the dividend
ensure maximum disbursement of unclaimed
declared in 2012-13 to the demat account of
dividend, the Company sends reminders to
IEPF Authority.
the relevant shareholders, before transfer of
Pursuant to Section 124 of the Companies dividend to IEPF.
Act, 2013 read with provisions of Investors
182
During the year under review, the unclaimed The Company obtained following certificate(s)
dividend amount for the year 2012-13 was from a Practicing Company Secretary and
transferred to the IEPF established by the submitted the same to the stock exchanges
Central Government under Section 125 of the within stipulated time
Companies Act, 2013.
1. Certificate confirming due compliance of
Shareholders may note that both the share transfer formalities by the Company
unclaimed dividend and corresponding shares pursuant to Regulation 40(9) of the SEBI
transferred to the IEPF Authority including all Listing Regulations for half year ended
benefits accruing on such shares, if any, can be 30th September, 2020 and 31st March, 2021
claimed back by them from IEPF Authority after respectively with the Stock Exchanges;
following the procedure (i.e. an application and
in E-form No. IEPF-5) prescribed in the Rules.
2. Certificate regarding reconciliation of the
Shareholders may refer Rule 7 of the said Rules
share capital audit of the Company on
for Refund of shares / dividend etc.
quarterly basis.
M. Share Transfer System:
All share transfer and other communication
The Company’s shares are compulsorily traded regarding share certificates, change of
in the demat segment on stock exchanges, bulk address, dividend etc. should be addressed to
of the transfers take place in the electronic R & T Agents of the Company at the address
Corporate Overview
form. The share transfers received in physical given above.
form are processed through R & T Agent, within
N. Dematerialization of Shares and Liquidity:
seven days from the date of receipt, subject to
the documents being valid and complete in all The Equity Shares of the Company are tradable
respects. The Board has delegated the authority in compulsory dematerialized segment of
for approving transfer, transmission, issue of the Stock Exchanges and are available in
duplicate share certificate, dematerialization depository system of National Securities
etc. to the Securities Transfer Committee. All Depository Limited (NSDL) and Central
Statutory Reports
the physical transfers received are processed Depository Services (India) Limited (CDSL).
by the R & T Agent and are approved by the The demat security (ISIN) code for the Equity
Securities Transfer Committee well within the Share is INE 423A01024.
statutory period of one month. The securities
As on 31st March, 2021, 109,95,58,525 Shares
transfer committee meets every fortnight for
(constituting 99.99%) were in dematerialized
approval of the transfer, transmission, issue of
form.
duplicate share certificate, dematerialization
/ rematerialization of shares etc. and all valid The Company’s Equity Shares are frequently
share transfers received during the year ended traded on the BSE Limited (BSE) and National
31st March, 2021 have been acted upon. The Stock Exchange of India Limited (NSE).
share certificates duly endorsed are returned
immediately to the shareholders by the
R & T Agent.
O. The Distribution of Shareholding as on 31st March, 2021 is as follows:
Number of shares Number of shareholders Equity Shares held in each category

Category Holders % of Total Total Shares % of Total
1 to 500 144348 95.09 8647780 0.79
501 to 1000 3660 2.41 2866283 0.26
1001 to 2000 1753 1.15 2631869 0.24
2001 to 3000 575 0.38 1458618 0.13
3001 to 4000 354 0.23 1279459 0.12
4001 to 5000 215 0.14 998309 0.09
5001 to 10000 434 0.29 3201000 0.29
Above 10000 463 0.31 1078726765 98.08
TOTAL 151802 100.00 1099810083 100.00
183
P. Shareholding Pattern as on 31st March, 2021 is as follows:
Category No. of Shares (%) of total

held
Promoters and Promoter Group 823963481 74.92
Foreign Portfolio Investors / Institutional Investors 226737272 20.62
Mutual Funds, Financial Institutions / Banks 8004247 0.73
N.R.I., Foreign National and Foreign Bodies 1283898 0.12
Private Bodies Corporate 5951760 0.54
Indian Public and others 31572797 2.87
Clearing Members (Shares in Transit) 2119910 0.19
IEPF Authority 176718 0.02
Total 1099810083 100.00
Q. Listing of Debt Securities: T. Commodity Price Risk/Foreign Exchange Risk

and Hedging:
The Secured Redeemable Non-Convertible
Debentures issued on private placement basis In the ordinary course of business, the
by the Company are listed on the Wholesale Company is exposed to risks resulting from
Debt Market (WDM) of BSE Limited. exchange rate fluctuation and interest rate
movements. It manages its exposure to these
R. Debenture Trustees (for privately placed
risks through derivative financial instruments.
debentures):
The Company’s risk management activities
1. IDBI Trusteeship Services Limited are subject to the management, direction and
Asian Building, Ground Floor, control of Treasury Team of the Company under
Statutory Reports
17, R. Kamani Marg, the framework of Risk Management Policy for

Ballard Estate, Mumbai - 400001 Currency and Interest rate risk as approved by
Phone No. +91-22-4080 7000 the Board of Directors of the Company. The
Fax: +91-22-6631 1776 Company’s Treasury Team ensures appropriate
E-mail ID: [email protected] financial risk governance framework for
Website: www.idbitrustee.com the Company through appropriate policies
and procedures and that financial risks
Corporate Overview
2. Catalyst Trusteeship Limited

are identified, measured and managed in
GDA House, First Floor, Plot No. 85,
accordance with the Company’s policies and
S. No. 94 & 95, Bhusari Colony (Right),
risk objectives. It is the Company’s policy
Kothrud, Pune - 411038
that no trading in derivatives for speculative
Phone No. +91-20-2528 0081
purposes may be undertaken. The decision
Fax: +91-20-2528 0275
of whether and when to execute derivative
financial instruments will be governed by the
Website: www.catalysttrustee.com
risk management policy framework while also
S. Outstanding GDRs/ADRs/Warrants or any considering the prevailing market conditions
convertible instruments conversion date and and the relative costs of the instruments.
likely impact on equity.
U. Major Plant Locations:
There were no outstanding GDRs/ADRs/
Not Applicable
Warrants or any convertible instruments as at
31st March, 2021.
184
V. Address for correspondence:

The shareholders may address their communications / suggestions / grievances / queries to:
1. Mr. Jatin Jalundhwala 2. M/s. Link Intime India Private Limited

Company Secretary and Compliance Officer 5th Floor, 506 to 508, Amarnath Business
Adani Enterprises Limited Centre - 1 (ABC-1), Beside Gala Business
“Adani Corporate House”, Shantigram, Near Centre, Nr. St. Xavier’s College Corner, Off C G
Vaishno Devi Circle, S. G. Highway, Khodiyar, Road, Ellisbridge, Ahmedabad – 380006
Ahmedabad - 382421 Tel: +91-79- 26465179
Email id: [email protected] Fax : +91-79-26465179
Contact Person: Mr. Nilesh Dalwadi
Email id: [email protected]
W. Credit Rating:
Rating Agency Facility Rating/Outlook

Care Ratings Limited Bank Facilities for Parsa East and Kete Long Term Rating - CARE
Basan Block of MDO Division A+(SO)/Stable/
Corporate Overview
Short Term Rating - CARE
A1+(SO)
All other Bank Facilities Long Term Rating –
CARE A/Stable
Short Term Rating –
CARE A1
Brickwork Ratings India Private Commercial Paper Issuance BWR A1+
Statutory Reports
Limited
Acuite Ratings & Research Commercial Paper Issuance ACUITE A1+
Limited
Non-mandatory Requirements:
The non-mandatory requirements have been adopted NSE) where the shares of the Company are listed
to the extent and in the manner as stated under the i.e. www.bseindia.com and www.nseindia.com
appropriate headings detailed below:
3. Modified opinion(s) audit report:
1. The Board:
The Company already has a regime of un-qualified
Your Company has an Executive Chairman and financial statements. Auditors have raised no
hence, the need for implementing this non- qualification on the financial statements.
mandatory requirement does not arise.
4. Reporting of Internal Auditor:
2. Shareholder Rights:
The Internal Auditor of the Company is a permanent
The quarterly, half-yearly and annual financial invitee to the Audit Committee Meeting and
results of your Company are published in regularly attends the Meeting for reporting
newspapers and posted on Company's website their findings of the internal audit to the Audit
www.adanienterprises.com The same are also Committee Members.
available on the sites of stock exchanges (BSE &
185
Certification by
Chief Executive Officer (CEO) and
Chief Financial Officer (CFO)
We have reviewed the financial statements and the cash flow statements for the year ended 31st March, 2021 and
that to the best of our knowledge and belief:
1. These statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading.
2. These statements together present a true and fair view of the Company's affairs and are in compliance with
existing accounting standards, applicable laws and regulations.
3. To the best of our knowledge and belief, no transactions entered into by the Company during the year ended
31st March, 2021 which are fraudulent, illegal or violation of the Company's Code of Conduct.
4. We accept responsibility for establishing and maintaining internal control system and that we have evaluated
the effectiveness of the internal control system of the Company and we have disclosed to the auditors and
the Audit Committee, efficiencies in the design or operation of internal control system, if any, of which we are
aware and the steps we have taken or propose to take to rectify these deficiencies.
5. We further certify that we have indicated to the auditors and the Audit Committee:
a) There have been no significant changes in internal control system during the year;
b) There have been no significant changes in accounting policies during the year and that the same have
been disclosed in the notes to the financial statements; and
c) There have been no instances of significant fraud of which we have become aware, involving management
Statutory Reports
or an employee having a significant role in the Company's internal control system.
Place: Ahmedabad Rajesh S. Adani Jugeshinder Singh

Date : 5 May, 2021
th
Managing Director Chief Financial Officer
Corporate Overview
186
Independent Auditor’s Certificate on compliance with the Corporate

Governance requirements under SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015
To the Members
Adani Corporate House,
Shantigram, Near Vaishno Devi Circle,
S. G. Highway, Khodiyar,
Ahmedabad – 382421, India
The Corporate Governance Report prepared by Adani Enterprises Limited (“the Company”), contains details as
stipulated in regulations 17 to 27, clauses (b) to (i) of regulation 46(2) and para C, D and E of Schedule V of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (collectively referred to as ‘SEBI Listing Regulations, 2015’) (‘applicable criteria’) with respect to Corporate
Governance for the year ended 31st March, 2021. This report is required by the Company for annual submission to
the Stock exchange and to be sent to the Shareholders of the Company.
Corporate Overview
Management Responsibility
The preparation of the Corporate Governance Report is the responsibility of the Management of the Company
including the preparation and maintenance of all relevant supporting records and documents. This responsibility
also includes the design, implementation and maintenance of internal control relevant to the preparation and
presentation of the Corporate Governance Report.
Statutory Reports
The Management along with the Board of Directors are also responsible for ensuring that the Company complies
with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, issued by the Securities
and Exchange Board of India.
Auditor’s Responsibility
Our responsibility is to provide a reasonable assurance in the form of an opinion whether the Company has complied
with the condition of Corporate Governance, as stipulated in the SEBI Listing Regulations.
We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on
Reports or Certificates for Special Purposes (Revised 2016) and the Guidance Note on Certification of Corporate
Governance, both issued by the Institute of Chartered Accountants of India (“ICAI”). The Guidance Note on Reports
or Certificates for Special Purposes (Revised 2016) requires that we comply with the ethical requirements of the
Code of Ethics issued by ICAI.
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.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in
compliance of the Corporate Governance Report with the applicable criteria. The procedures include but are not
limited to verification of secretarial records and financial information of the Company and obtained necessary
representations and declarations from directors including independent directors of the Company.
The procedures also include examining evidence supporting the particulars in the Corporate Governance Report
on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the
purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial
statements of the Company taken as a whole.
187
Opinion
Based on the procedures performed by us as referred above and according to the information and explanations
given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance as
stipulated in the SEBI Listing Regulations, as applicable for the year ended 31st March, 2021.
Other Matters and Restriction on use

This report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to
comply with its obligations under the SEBI Listing Regulations and should not be used by any other person or
for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care or for any other
purpose or to any other party to whom it is shown or into whose hands it may come without our prior consent in
writing. We have no responsibility to update this report for events and circumstances occurring after the date of
this report.
For SHAH DHANDHARIA & CO LLP

Chartered Accountants
Firm Registration No. 118707W/ W100724
Ankit Ajmera
Partner
Place: Ahmedabad Membership No. 434347
Date : 05/05/2021 UDIN – 21434347AAAADC7158
Statutory Reports
Corporate Overview
188
Certificate of Non-Disqualification
of Directors
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015)
To,
The Members of
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
Adani Enterprises Limited having CIN L51100GJ1993PLC019067 and having registered office at - Adani Corporate
House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad-382481. (hereinafter referred to
as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance
with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Corporate Overview
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by
the Company & its officers, We hereby certify that none of the Directors on the Board of the Company as stated
below for the Financial Year ending on 31st March, 2021 have been debarred or disqualified from being appointed
or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate
Affairsor any such other Statutory Authority.
Sr. Name of Director DIN Date of appointment in

No. Company
Statutory Reports
1. Mr. Gautam S. Adani 00006273 02/03/1993
2. Mr. Rajesh S. Adani 00006322 02/03/1993
3. Mr. Pranav V. Adani 00008457 31/03/2015
4. Mr. Vinay Prakash 03634648 12/08/2017
5. Mr. Hemant Nerurkar 00265887 11/08/2015
6. Mr. V. Subramanian 00357727 22/08/2016
7. Mrs. Vijaylaxmi Joshi 00032055 02/12/2016
8. Mr. Narendra Mairpady 00536905 09/12/2017
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For, Chirag Shah and Associates
CS Chirag Shah
Partner
Chirag Shah and Associates
FCS No.: 5545
Place: Ahmedabad C. P. No. 3498
Date: 5th May, 2021 UDIN : F005545C000223851
189
Business Responsibility Report

Section A: General Information about the 10. Markets served by the Company:
Company State, National, International
1. Corporate Identity Number (CIN):
Section B: Financial Details of the Company
L51100GJ1993PLC019067
1. Paid up capital (H): 109.98 crore
2. Name of the Company:
2. Total turnover (H): 13,358.73 crore
3. Total Profit/Loss After Taxes (H): 366.99 crore
3. Registered Address:
4.
Total spending on Corporate Social
“Adani Corporate House”, Shantigram, Near Vaishno
Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – Responsibility (CSR) as percentage of profit
382421, Gujarat, India. after tax:
The Company carries its CSR activities through its
4. Website: www.adanienterprises.com dedicated CSR wing i.e. Adani Foundation. During

FY 2020-21, the Company has made contribution
5. Email id: [email protected]
of H15 crore to the PM Cares Fund for India’s fight
6.
Financial Year reported: 01.04.2020 to against COVID-19 towards CSR activities.
31.03.2021
5. List of activities in which expenditure in 4
7. Sector(s) that the Company is engaged in above has been incurred:
(industrial activity code-wise): The major CSR activities are in the Sectors of
Statutory Reports
Group Class Sub-class Description Primary Education, Community Health, Sustainable

466 4661 46610 Coal trading Livelihood Development, Rural Infrastructure
Development, Cultural Promotion, promoting
051 0510 05101 & Coal mining Nationally Recognized Sports and contribution to
05103 PM Cares Fund.
469 4690 46909 Merchant
exporters
Corporate Overview
Section C: Other Details

As per National Industrial Classification – Ministry
1. Does the Company have any Subsidiary
of Statistics and Program Implementations.
Company / Companies?
8. List three key products that the Company Yes, the Company has 122 subsidiary companies
manufactures/provides (as in balance sheet): (including step-down subsidiaries) as on 31st March,
The Company does not manufacture any products, 2021.
but is involved in the business activities listed in
2. Do the subsidiary Company / companies
the table above.
participate in the BR initiatives of the parent
9. Total number of locations where business Company?
activity is undertaken by the Company: Business Responsibility initiatives of the parent
The total number of locations of the Company is as Company are applicable to the subsidiary
follows: companies to the extent that they are material
in relation to the business activities of the
(i) Number of international locations: 7 (including subsidiaries.
offices)
3. Do any other entity / entities that the
(ii) Number of national locations: 44 (including
offices) Company does business with participate in
the BR initiatives of the Company?
No other entity / entities participate in the BR
initiatives of the Company.
190
Section D: BR Information Details of the BR head:
1. Details of Director / Directors responsible for Sr. Particulars Details

BR: - No
Details of the Director / Directors responsible for 1 DIN Number 00008457
implementation of the BR policy/ policies: (if applicable)
• DIN Number: 00008457 2 Name Mr. Pranav V. Adani
3 Designation Director
• Name: Mr. Pranav V. Adani
4 Telephone (079) 2555 5665
• Designation: Director Number
5 E mail Id [email protected]
2. Principle-wise (as per NVGs) BR Policy / policies (Reply in Y/N):

Sr. Questions
Employee Well-
Human Rights
Responsibility
No.
Environment
Product Life
Stakeholder
Corporate Overview
Advocacy
Customer
Engagem
Business
Inclusive
Growth
Ethics
Policy
Value
being
P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy /policies for.... Y Y* Y Y Y Y Y Y Y
2 Has the policy been formulated in consultation Y Y Y Y Y Y Y Y Y
Statutory Reports
with the relevant stakeholders?
3 Does the policy conform to any national / All the policies are compliant with respective principles of NVG
international standards? If yes, specify? (The Guidelines.
policies are based on the NVG-guidelines
in addition to conformance to the spirit of
international standards like ISO 9000, ISO 14000,
OHSAS 18000)
4 Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
If yes, has it been signed by MD/owner/CEO/
appropriate Board Director?
5 Does the Company have a specified committee Y Y Y Y Y Y Y Y Y
of the Board/ Director/ Official to oversee the
implementation of the policy?
6 Indicate the link for the policy to be viewed https://www.adanienterprises.com/investors/corporate-
online? governance
7 Has the policy been formally communicated to all The policies have been communicated to key internal
relevant internal and external stakeholders? stakeholders. The communication is an ongoing process to
cover all internal & external shareholders.
8 Does the Company have in-house structure to Y Y Y Y Y Y Y Y Y
implement the policy/policies.
9 Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y
mechanism related to the policy/policies to
address stakeholders’ grievances related to the
policy/ policies?
10 Has the Company carried out independent audit/ Y Y Y Y Y Y Y Y Y
evaluation of the working of this policy by an
internal or external agency?
* While the Company does not manufacture any products, the policy addresses the aspect of environmental
protection in the Company’s coal mining operations.
191
2a. If answer to S. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options).
Sr. Questions
P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 The Company has not understood the principle
2 The Company is not at stage where it finds itself
in a position to formulate and implement the
policies on specified principle
3 The Company does not have financial or NOT APPLICABLE
manpower resources available for the task
4 It is planned to be done within next six month
5 It is planned to be done within next one year
6 Any other reason (please specify)
3. Governance related to BR:

(i) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year:
The CEO / Executive Director periodically assess the BR performance of the Company. The Board of
Directors & committees review the Business Responsibility aspects of the Company atleast once in a
quarter at its meeting(s).

(ii) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report?
How frequently it is published?
This report comprises the Company’s 9th Business Responsibility Report as per the National Voluntary
Guidelines on Social, Environmental and Economic Responsibility of Business (NVG). The Company
has published its Sustainability Report for FY 2019-20. The link for viewing the report - https://www.
adanienterprises.com/sustainability
Statutory Reports
Section E: Principle-wise Performance Principle 2: Business should provide goods

and services that are safe and contribute to
Principle 1: Business should conduct and govern
sustainability throughout their life cycle
themselves with Ethics, Transparency and
Corporate Overview
1. List up to 3 of your products or services whose

Accountability
design has incorporated social or environmental
1. Does the policy relating to ethics, bribery and concerns, risks and/or opportunities.
corruption cover only the Company? Yes/No. Does
it extend to the Group/Joint Ventures/Suppliers/ Not applicable since the Company does not
Contractors/NGOs/Others? manufacture any products.
The Company has adopted a Code of Conduct for 2. For each such product, provide the following
its Directors and Senior Management personnel. details in respect of resource use (energy, water,
Additionally, the Policy on Code of Conduct for raw material etc.) per unit of product (optional):
Employees applies to all employees across Adani I. Reduction during sourcing / production /
Group of companies. These do not extend to any distribution achieved since the previous year
other entities. through the value chain:
2. How many stakeholder complaints have been Not applicable since the Company does not
received in the past financial year and what manufacture any products.
percentage was satisfactorily resolved by the
management? If so, provide details thereof, in II. Reduction during usage by consumers (energy,
about 50 words or so. water) achieved since the previous year?
No stakeholder complaints pertaining to the above Not applicable.

Codes were received in the past financial year.
192
3. Does the Company have procedures in place for 8. What Percentage of under mentioned employees
sustainable sourcing (including transportation)? were given safety and skill up-gradation training in
the last year?
No specific procedures have been adopted for
sustainable sourcing. “Employee Learning & Development is crucial for
organizational success and this is an integral part
4. Has the Company undertaken any steps to procure
of whole organization wide Human Resources
goods and services from local and small producers,
Strategy.
including communities surrounding their place
of work? If yes, what steps have been taken to The organisation has clearly defined Training
improve the capacity and capability of local and & Development Policy – which cut across the
small vendors? organisational Vision & Mission and Values. The
entire employees irrespective of their grade and
Not applicable.
status have been provided with opportunity to
5. Does the Company have a mechanism to recycle hone their skills & competencies.
products and waste? If yes, what is the percentage
A special attention was given to conduct a well-
of recycling of products and waste? (Separately as
structured Assessment & Development Centres
<5%, 5-10%, >10%). Also, provide details thereof, in
across all categories of employees and through
about 50 words or so.
which a detailed Individual Development Plans
Not applicable. (IDPs) were prepared. With this outcome the
Corporate Overview
employees were trained reinforcing – Job related
Principle 3: Business should promote the Skills; Competencies and desired behavioural
wellbeing of all employees improvement etc.
1. Please indicate total number of employees: In the current year the organisation has achieved
The Company has a total of 790 employees as on around 8 man-days of training at each grade
31st March, 2021. & all the contractual or sourced staff was also
provided similar opportunities and the programs
Statutory Reports
2. Please indicate total number of employees hired on like etiquettes & self-improvement were organised
temporary/contractual/casual basis: for drivers and all staff were under went mandatory
The Company has a total 3,117 employees hired on First Aid ; Fire & Safety training etc.
contractual basis as on 31st March, 2021.
Principle 4: Business should respect the interest
3. Please indicate the number of permanent women of, and be responsive towards all stakeholders,
employees: especially those who are disadvantaged,
The Company has 23 women employees as on vulnerable and marginalized
31st March, 2021. 1. Has the Company mapped its internal and external
stakeholders?
4. Please indicate the number of permanent
employees with disabilities. Yes, the Company’s key stakeholders include
employees, suppliers, customers, business partners,
There was no permanent employee with disabilities
regulatory agencies and local communities around
as on 31st March, 2021.
its sites of operations.
5. Do you have an employee association that is
2. Out of the above, has the Company identified
recognized by the Management?
the disadvantaged, vulnerable and marginalized
The Company does not have an employee stakeholders?
association.
Yes, the Company has identified the disadvantaged,
6. What Percentage of permanent employees who are vulnerable and the marginalized sections within the
members of this recognized employee association? local communities around its sites of operations.
Not applicable. 3. Special initiatives taken by the Company to
engage with the disadvantaged, vulnerable and
7. Please indicate the number of complaints relating
marginalized stakeholders:
to child labor, forced labor, involuntary labor, sexual
harassment in the last financial year and those The Company firmly believes in the notion of
pending as on the end of the financial year. sustainable community development. Assuming
the role of a responsible corporate, it strives to
There were no complaints of this nature during the
create an environment of co-existence where
financial year.
193
there is an equitable sharing of resources followed 2. Does the Company have strategies / initiatives
by sustained growth and development of the to address global environmental issues such as
community around. Hence, the Company through climate change, global warming, etc? Y / N. If yes,
the Adani Foundation, have undertaken several please give hyperlink for webpage etc.
initiatives to engage with and ensure sustainable
Yes, the Company is committed to address the
development of the marginalised groups in the
global environmental issues such as climate change
local communities.
and global warming through energy conservation,
Adani Foundation is the CSR arm of the Adani efficient natural resource utilization and adoption
Group. Since its inception in 1996, the Foundation of cleaner energy sources such as solar power.
has been working in four core areas of Education,
3. Does the Company identify and assess potential
Community Health, Sustainable Livelihood
environmental risks? Y/N
Development and Community Infrastructure
Development. Yes, the Company regularly identifies and assesses
environmental risk during all stages of its existing
The Adani Foundation stands for the values of
and planned projects.
courage, trust and commitment. What began in
a few rural communities around Mundra port, 4. Does the Company have any project related to
Gujarat, has now expanded to 18 states in India, Clean Development Mechanism (CDM)? If so
going far beyond the regions where Adani Group provide details thereof, in about 50 words or so.
companies are functioning. Also, If Yes, whether any environmental compliance
report is filed?
Adopting an approach that embodies innovation,
people participation and collaboration with key Not Applicable.
stakeholders, the Adani Foundation is achieving
5. Has the Company undertaken any other initiatives
inclusive growth and bringing about sustainable
on - clean technology, energy efficiency, renewable
development, thereby contributing towards nation
energy etc?
building.
Not Applicable.
Statutory Reports
Principle 5: Business should respect and promote

human rights 6. Are the Emissions / Waste generated by the
Company within the permissible limits given by
1. Does the Company’s policy on human rights cover CPCB / SPCB for the financial year being reported?
only the Company or extend to the Group / Joint
Ventures / Suppliers / Contractors / NGOs / others? Yes, the emissions / waste generated are within the
permissible limits given by CPCB/SPCB.
The Company has put in place a Human Rights
Corporate Overview
Policy applicable to all Adani Group of Companies. 7. Number of show cause / legal notices received
The Company’s commitment to follow the basic from CPCB / SPCB which are pending.
principles of human rights is embedded in “Code of There are no show cause / legal notices received
Conduct” adopted by the Company. The Company from CPCB/SPCB which are pending as of end of
strictly adheres to all applicable labor laws and financial year.
other statutory requirements in order to uphold the
human rights within its organizational boundary. Principle 7: Business, when engaged in
2. How many stakeholder complaints have been influencing public and regulatory policy, should
received in the past financial year and what percent do so in a responsible manner
was satisfactorily resolved by the Management? 1. Is your Company a member of any trade and
No stakeholder complaints were received during chambers of association? If Yes, name only those
the last financial year. major ones that your business deals with.
Yes, the Company is a member of the following key
Principle 6: Business should respect, protect, associations:
and make effort to restore the environment
(i) Confederation of Indian Industry (CII)
1. Does the policy pertaining to this Principle cover
only the Company or extends to the Group / Joint (ii) Independent Power Producers Association of
Ventures / Suppliers / Contractors / NGOs / others? India (IPPAI)
Environment policy of the Company does not (iii) Gujarat Chamber of Commerce and Industry
extend to any other entities. (GCCI)
194
(iv) Ahmedabad Management Association (AMA) 2. Are the programmes /projects undertaken through
in-house team / own foundation /external NGO/
(v) Federation of Indian Chamber of Commerce
Govt. structure /any other organisation?
and Industry (FICCI)
Adani Foundation is the well-structured Corporate
2. Have you advocated / lobbied through above
Social Responsibility (CSR) arm of Adani Group.
associations for the advancement or improvement
The foundation has an in-house dedicated
of public good? Yes/No; If yes specify the broad
experienced team of professionals that comprises
areas (Governance and Administration, Economic
of experts in domains of education, healthcare,
Reform, Inclusive Development Polices, Energy
infrastructure development, livelihood and other
security, Water, Food Security, Sustainable Business
related fields to carry out the development work
Principles, Others):
for the communities. The programs are carried
Yes, through its membership in the above bodies, out by the Adani Foundation across regions. But
the Company has advocated on the key areas of Adani Foundation has entered few resource &
energy security and electricity pricing, food security knowledge partnerships with several government
with respect to edible oil and pulses, increasing the agencies, non-governmental organizations and
productivity of coal mining, and improvement in other corporations.
logistics and rail connectivity of ports.
3. Have you done any impact assessment of your
Principle 8: Business should support inclusive initiative?
Corporate Overview
growth and equitable development Yes, regular impact assessment studies are carried
1. Does the Company specify programme / initiatives/ out by the foundation team to evaluate its various
projects in pursuit of the policy related to principle on-going programs and to analyze the quantum of
8? If yes details thereof. transformation the programs are able to make on
the lives of the communities. Also regular monthly,
The Company firmly believes in the notion of quarterly and yearly reviews of the programs are
sustainable community development. Assuming carried out by different levels of the management.
the role of a responsible corporate, it strives to
Statutory Reports
create an environment of co-existence where 4. What is the Company’s direct monetary contribution
there is an equitable sharing of resources followed to community development projects and details of
by sustained growth and development of the projects undertaken?
community around. Hence, the Company through The Company has made contribution of H15 crore
the Adani Foundation, have undertaken several to the PM Cares Fund for India’s fight against
initiatives to engage with and ensure sustainable COVID-19 towards CSR activities.
development of the marginalised groups in the
local communities. The focus areas of the Company’s community
development projects are outlined in response to
Adani Foundation is the CSR arm of the Adani Question 3 of Principle 4 under Section E.
Group. Since its inception in 1996, the Foundation
has been working in four core areas of Education, 5. Have you taken steps to ensure that community
Community Health, Sustainable Livelihood development initiative is successfully adopted by
Development and Community Infrastructure the community? Please explain in 50 words.
Development. Community participation is encouraged at all
The Adani Foundation stands for the values of stages of our community development / CSR
courage, trust and commitment. What began in initiatives, including program planning, monitoring,
a few rural communities around Mundra port, implementation and assessment / evaluation.
Gujarat, has now expanded to 18 states in India, Our community engagement is strengthened
going far beyond the regions where Adani Group through conducting third-party need assessment
companies are functioning. surveys, participatory rural appraisals as well as
Adopting an approach that embodies innovation, formation of Village Development Committees
people participation and collaboration with key (VDCs) and Cluster Development Advisory
stakeholders, the Adani Foundation is achieving Committee (CDAC), and Advisory Council
inclusive growth and bringing about sustainable with representation from the community, the
development, thereby contributing towards nation government and the Company. This high level
building. of engagement and participation of community
195
members lead to a greater sense of ownership 3. Is there any case filed by any stakeholder against
among the people, ensuring successful adoption the Company regarding unfair trade practices,
and sustained outcomes. irresponsible advertising and/or anti-competitive
behavior during the last five years and pending as
Principle 9: Business should engage with and of end of FY 2020-21?
provide value to their customers and consumers
There were no such pending cases against the
in a responsible manner.
Company in a court of law.
1. What Percentage of customer complaints /
consumer cases are pending as on the end of 4. Did your Company carry out any consumer survey /
financial year 2020-21? consumer satisfaction trends?
There were no customer complaints / consumer The Company has not carried out a formal consumer
cases pending as on end of financial year 2020-21. survey, however there is a continuous improvement
process through which periodic feedback is taken
2. Does the Company display product information on on a regular basis from customers/stakeholders
the product label, over and above what is mandated and immediate action is taken on any issues that
as per local laws? Yes/No/N.A. /Remarks (additional they are facing.
information)
Not applicable.
**********
Statutory Reports
Corporate Overview
196
Independent Auditor’s Report
To
The Members of
Report on the Audit of the Standalone Basis for Opinion

Financial Statements We conducted our audit of the Standalone Financial
Opinion Statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act
We have audited the accompanying standalone (SAs). Our responsibilities under those standards are
financial statements of Adani Enterprises Limited further described in the Auditor’s Responsibilities for
(“the Company”), which comprise the balance sheet the Audit of the Standalone Financial Statements
Corporate Overview
as at 31st March, 2021, the statement of Profit and section of our report. We are independent of the
Loss (including other comprehensive income), the Company in accordance with the Code of Ethics issued
statement of cash flows and the statement of changes by the Institute of Chartered Accountants of India
in equity for the year then ended, and a summary of (ICAI) together with the ethical requirements that
significant accounting policies and other explanatory are relevant to our audit of the Standalone Financial
information (herein after referred to as “Standalone Statements under the provisions of the Act and the
Financial Statements”). Rules made there under, and we have fulfilled our
Statutory Reports
In our opinion and to the best of our information and other ethical responsibilities in accordance with these
according to the explanations given to us the aforesaid requirements and the ICAI’s Code of Ethics. We believe
Standalone Financial Statements give the information that the audit evidence we have obtained is sufficient
required by the Companies Act, 2013 (“the Act”) in and appropriate to provide a basis for our audit opinion
the manner so required and give a true and fair view on the Standalone Financial Statements.
in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the
Key Audit Matters
Companies (Indian Accounting Standards) Rules, 2015, Key audit matters are those matters that, in our
as amended, (“Ind AS”) and other accounting principles professional judgment, were of most significance in
generally accepted in India, of the state of affairs of our audit of the Standalone Financial Statements of
the Company as at 31st March, 2021, the profit and total the current year. These matters were addressed in
comprehensive income, its cash flows and the changes the context of our audit of the Standalone Financial
in equity for the year ended on that date. Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters. We have determined the matters
described below to be the key audit matters to be
communicated in our report.
197
Sr. Key Audit Matters Procedures Performed / Auditor’s Response:

No.
1 Provisions and contingent liabilities relating to Our audit procedures included:
taxation, litigations and arbitrations • Understanding the process followed by the
The provisions and contingent liabilities relate Company for assessment and determination of
to ongoing litigations and claims with various the amount of provisions and contingent liabilities
authorities and third parties. These relate to relating to taxation, litigations and claims.
direct tax, indirect tax, claims and general legal • Evaluating the design and implementation and
proceedings arising in the regular course of business. testing operating effectiveness of key internal
As at the year ended 31st March, 2021, the amounts controls around the recognition and measurement
involved are significant. The computation of a of provisions and reassessment of contingent
provision or contingent liability requires significant liabilities.
judgement by the Company because of the inherent
complexity in estimating future costs. The amount • Involving tax professionals with specialised skills
recognised as a provision is the best estimate of and knowledge to assist in the assessment of the
the expenditure. The provisions and contingent value of significant provisions and contingent
liabilities are subject to changes in the outcomes liabilities relating to taxation matter, on sample
of litigations and claims and the positions taken by basis, in light of the nature of the exposures,
the Company. It involves significant judgement and applicable regulations and related correspondence
estimation to determine the likelihood and timing of with the authorities.

the cash outflows and interpretations of the legal • We have also obtained confirmations from the legal
aspects, tax legislations and judgements previously councils on sample basis where required.
made by authorities. • Inquiring the status in respect of significant
provisions and contingent liabilities with the
Company’s internal tax and legal team, including
challenging the assumptions and critical
judgements made by the Company which impacted
Statutory Reports
the computation of the provisions and inspecting

the computation.
Corporate Overview
198

No.
2 Timing of revenue recognition and adjustments for In view of the significance of the matter we applied
coal quality variances involving critical estimates the following audit procedures in this area, among
others to obtain sufficient appropriate audit evidence:
Material estimation by the Company is involved in • Assessing the Company’s accounting policies
recognition and measurement of its revenue. The for revenue recognition by comparing with the
value and timing of revenue recognition for sale applicable accounting standardsi.e Ind AS 115;
of goods varies from contract to contract, and the • Assessing the appropriateness of the estimated
activity can span beyond the year end. adjustments in the process;
Revenue from sale of goods is recognised when • Testing the design, implementation and operating
control is transferred to the customers and when effectiveness of key internal controls over timing
there are no other unfulfilled obligations. This of recognition of revenue from sale of goods and
requires detailed analysis of each sale agreement/ subsequent adjustments made to the transaction
contract /customer purchase order regarding timing price;
of revenue recognition.
• Performing testing on selected statistical
Inappropriate assessment could lead to a risk of samples of customer contracts. Checked terms
revenue being recognized on sale of goods before and condition related to acceptance of goods,
the control in the goods is transferred to the
Corporate Overview
acknowledged delivery receipts and tested the
customer. transit time to deliver the goods and its revenue
Subsequent adjustments are made to the recognition. Our tests of details focused on cut-off
transaction price due to grade mismatch/slippage samples to verify only revenue pertaining to current
of the transferred goods (coal). year is recognized based on terms and conditions
The variation in the contract price if not settled set out in sale agreements/ contracts and delivery
mutually between the parties to the contract is documents. We also performed tests to establish
referred to third party testing and the Company the basis of estimation of the consideration and
Statutory Reports
estimates the adjustments required for revenue whether such estimates are commensurate with
recognition pending settlement of such dispute. the accounting policy of the Company.
Such adjustments in revenue are made on estimated
basis following historical trend.
Inappropriate estimation could lead to a risk of
revenue being overvalued or undervalued.
Accordingly, timing of recognition of revenue and
adjustments for coal quality variances involving
critical estimates is a key audit matter.
3 Measurement of inventory quantities of coal Our audit procedures relating to the measurement of
inventory quantities of coal included the following:
As at 31st March, 2021 the Company has coal • Understanding and evaluating the design and
inventory of H1,082.79 crore. This was determined operating effectiveness of controls over physical
a key audit matter, as the measurement of these count and measurement of such inventory;
inventory quantities lying at the ports/ yards involves • Evaluation of competency and capabilities of
significant judgement and estimate resulting from management’s experts;
measuring the surface area. The Company uses
• Involving external expert for quantification of the
internal and external experts, to perform volumetric
inventories on sample basis;
assessments, basis which the quantity for these
inventories is estimated. • Physically observing inventory measurement and
count procedures carried out by management
using experts, to ensure its appropriateness and
completeness; and
• Obtaining and inspecting, inventory measurement
and physical count results for such inventories,
including assessing and evaluating the results of
analysis performed by management in respect of
differences between book and physical quantities.
199

No.
4 Significant judgement relating to impairment of Our audit procedure includes:
investments in subsidiaries, associates and jointly • We obtained understanding of the Company’s
controlled entities policy on assessment of impairment of investment
The Company has major investments in subsidiaries, in subsidiaries, associates and jointly controlled
associates and jointly controlled entities entities and assumptions used by the Management
aggregating to INR 2464.23 crore as at 31st March, including design and implementation of controls.
2021. The Management assesses at least annually We have tested operating effectiveness of those
the existence of impairment indicators of each controls.
shareholding in such subsidiaries, associate and • We have assessed the methodology used by the
jointly controlled entities. Management to estimate recoverable value of each
The process and methodologies for assessing investment and consistency with the Ind AS.
and determining the recoverable amount of each • We compared the carrying value of the Company’s
investments are based on the complex assumptions, investment in these subsidiaries, associates and
that by their nature imply the use of Management’s jointly controlled entities with their respective net
judgement, in particular with reference to asset values as per the audited financial statements.
identification of impairment indicators, forecasting
future cashflow relating to period covered by the • With respect to the cases where indicators of
Company’s strategic business plan, normalised impairment were identified by the Management,
cashflow assumed as a basis for terminal values, we obtained the projections/ future cash flows
as well as the long term growth rates and discount along with sensitivity analysis thereof with respect
rates applied to such forecasted cash flow. to relevant investments.
Considering the judgement required for estimating • We evaluated management’s methodology,
the cash flows and complexity of the assumptions assumptions and estimates used in the calculation.
used, this is considered as a Key Audit Matter. • We involved the subject matter expert internally to
evaluate the appropriateness of the assumptions
Statutory Reports
used.
• We evaluated the accounting and disclosure of
impairment of investment, if any.
Information other than the Standalone Management’s Responsibility for the

Financial Statements and Auditor’s Report Standalone Financial Statements
Corporate Overview
thereon The Company’s Management and Board of Directors

The Company’s Management and Board of Directors is responsible for the matters stated in Section 134(5)
is responsible for the other information. The other of the Companies Act, 2013 (“the Act”) with respect to
information comprises the information included in the the preparation and presentation of these Standalone
Company’s annual report, but does not include the Financial Statements that give a true and fair view of
Standalone Financial Statements and our auditor’s the financial position, financial performance including
report thereon. other comprehensive income, cash flows and changes
in equity of the Company in accordance with the
Our opinion on the Standalone Financial Statements accounting principles generally accepted in India,
does not cover the other information and we do not including the applicable Indian Accounting Standards
express any form of assurance conclusion thereon. (Ind AS) prescribed under Section 133 of the Act, read
In connection with our audit of the Standalone with the Companies (Indian Accounting Standards)
Financial Statements, our responsibility is to read the Rules, 2015, as amended.
other information and, in doing so, consider whether This responsibility also includes maintenance of
the other information is materially inconsistent with adequate accounting records in accordance with the
the Standalone Financial Statements or our knowledge provisions of the Act for safeguarding the assets of
obtained in the audit or otherwise appears to be the Company and for preventing and detecting frauds
materially misstated. and other irregularities; selection and application of
If, based on the work we have performed, we conclude appropriate accounting policies; making judgments and
that there is a material misstatement of this other estimates that are reasonable and prudent; and design,
information; we are required to report that fact. We implementation and maintenance of adequate internal
have nothing to report in this regard. financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
200
accounting records, relevant to the preparation and • Conclude on the appropriateness of management’s
presentation of the Standalone Financial Statements use of the going concern basis of accounting and,
that give a true and fair view and are free from material based on the audit evidence obtained, whether
misstatement, whether due to fraud or error. a material uncertainty exists related to events or
conditions that may cast significant doubt on the
In preparing the Standalone Financial Statements,
Company’s ability to continue as a going concern.
management is responsible for assessing the Company’s
If we conclude that a material uncertainty exists,
ability to continue as a going concern, disclosing,
we are required to draw attention in our auditor’s
as applicable, matters related to going concern and
report to the related disclosures in the Standalone
using the going concern basis of accounting unless
Financial Statements or, if such disclosures are
management either intends to liquidate the Company
inadequate, to modify our opinion. Our conclusions
or to cease operations, or has no realistic alternative
are based on the audit evidence obtained up to the
but to do so.
date of our auditor’s report. However, future events
The Board of Directors is also responsible for overseeing or conditions may cause the Company to cease to
the Company’s financial reporting process. continue as a going concern.
Auditor’s Responsibilities for the Audit of • Evaluate the overall presentation, structure and
the Standalone Financial Statements content of the Standalone Financial Statements,
including the disclosures, and whether the
Our objectives are to obtain reasonable assurance Standalone Financial Statements represent the
Corporate Overview
about whether the Standalone Financial Statements as underlying transactions and events in a manner
a whole are free from material misstatement, whether that achieves fair presentation.
due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance We communicate with those charged with governance
is a high level of assurance, but is not a guarantee regarding, among other matters, the planned scope
that an audit conducted in accordance with SAs will and timing of the audit and significant audit findings,
always detect a material misstatement when it exists. including any significant deficiencies in internal
Misstatements can arise from fraud or error and are control that we identify during our audit.
Statutory Reports
considered material if, individually or in the aggregate, We also provide those charged with governance with
they could reasonably be expected to influence the a statement that we have complied with relevant
economic decisions of users taken on the basis of ethical requirements regarding independence, and to
these Standalone Financial Statements. communicate with them all relationships and other
As part of an audit in accordance with SAs, we exercise matters that may reasonably be thought to bear on
professional judgment and maintain professional our independence, and where applicable, related
safeguards.
scepticism throughout the audit. We also:
• Identify and assess the risks of material From the matters communicated with those charged
misstatement of the Standalone Financial with governance, we determine those matters that
Statements, whether due to fraud or error, design were of most significance in the audit of the Standalone
and perform audit procedures responsive to those Financial Statements of the current year and are
risks, and obtain audit evidence that is sufficient therefore the key audit matters. We describe these
and appropriate to provide a basis for our opinion. matters in our auditor’s report unless law or regulation
The risk of not detecting a material misstatement precludes public disclosure about the matter or when,
resulting from fraud is higher than for one resulting in extremely rare circumstances, we determine that
from error, as fraud may involve collusion, forgery, a matter should not be communicated in our report
intentional omissions, misrepresentations, or the because the adverse consequences of doing so would
override of internal control. reasonably be expected to outweigh the public interest
benefits of such communication.
• Obtain an understanding of internal financial
controls relevant to the audit in order to design Report on Other Legal and Regulatory
audit procedures that are appropriate in the Requirements
circumstances. Under section 143(3)(i) of the
1. As required by the Companies (Auditor’s Report)
Act, we are also responsible for expressing our
Order, 2016 (“the Order”), issued by the Central
opinion on whether the Company has adequate
Government of India in terms of sub-section (11) of
internal financial controls system in place and the
section 143 of the Companies Act, 2013, we give
operating effectiveness of such controls.
in the “Annexure A” a statement on the matters
• Evaluate the appropriateness of accounting specified in paragraphs 3 and 4 of the Order, to the
policies used and the reasonableness of accounting extent applicable.
estimates and related disclosures made by the
management.
201
2. As required by Section 143(3) of the Act, based on i. The Standalone Financial Statements
our audit, we report that: disclose the impact of pending litigations
on the standalone financial position of the
a) We have sought and obtained all the
Company – Refer Note 4(a), 4(b) and 39 to
information and explanations which to the best
the Standalone Financial Statements;
of our knowledge and belief were necessary for
the purposes of our audit. ii. Provision has been made in the Standalone
Financial Statements, as required under
b) In our opinion, proper books of account as
the applicable law or Ind AS, for material
required by law have been kept by the Company
foreseeable losses, if any, on long term
so far as it appears from our examination of
contracts including derivative contracts-
those books.
Refer Note 38 to the Standalone Financial
c) The Balance Sheet, the Statement of Profit Statements;
and Loss including other comprehensive
iii. There has been no delay in transferring the
income, the Statement of Cash Flows and the
amounts, required to be transferred, to the
Statement of Changes in Equity dealt with by
Investor Education and Protection Fund by
this Report are in agreement with the books of
the Company.
account.
3. With respect to the matters to be included in
d) In our opinion, the aforesaid Standalone
the Auditor’s Report in accordance with the
Financial Statements comply with the Indian
requirements of section 197(16) of the Act, as

Accounting Standards specified under Section
amended:
133 of the Act.
In our opinion and to the best of our information
e) On the basis of the written representations
and according to the explanations given to us, the
received from the directors of the Company
remuneration paid by the Company to its directors
as on 31st March, 2021 and taken on record by
during the current year is in accordance with the
the Board of Directors, none of the directors is
provisions of section 197 of the Act.
disqualified as on 31st March, 2021 from being
Statutory Reports
appointed as a director in terms of Section 164

(2) of the Act.
f) With respect to the adequacy of the internal
financial controls over financial reporting of For SHAH DHANDHARIA & CO LLP
the Company and the operating effectiveness Chartered Accountants
of such controls, refer to our separate Report Firm’s Registration No. 118707W/W100724
Corporate Overview
in “Annexure B”.
g) With respect to the other matters to be Ankit Ajmera
included in the Auditor’s Report in accordance Partner
with Rule 11 of the Companies (Audit and Membership No. 434347
Auditors) Rules, 2014, in our opinion and to the UDIN: 21434347AAAADD2393
best of our information and according to the
explanations given to us: Place: Ahmedabad
Date : 5th May 2021
202
Annexure – A to the Independent Auditor’s Report

RE: Adani Enterprises Limited
(Referred to in Paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements’ section of our Report of even date)
(i) (a) The Company has maintained proper records (v) According to information and explanations given
showing full particulars, including quantitative to us, the Company has not accepted any deposits
details and situation of fixed assets. from the public within the meaning of the directives
(b) As explained to us, fixed assets, according to issued by the Reserve Bank of India, provisions
the practice of the Company, are physically of section 73 to 76 of the Act, any other relevant
verified by the management at reasonable provisions of the Act and the relevant rules framed
intervals, in a phased verification programme, thereunder. Accordingly, the provisions of clause
which, in our opinion, is reasonable, looking to 3(v) of the Order are not applicable to the Company.
the size of the Company and the nature of its (vi) We have broadly reviewed the cost records
business. maintained by the Company pursuant to the
(c) The title deeds of immovable properties, as Companies (Cost Records and Audit) Rules 2014
Corporate Overview
disclosed in Note 3 on Property, Plant and prescribed by the Central Government under
Equipment, to the Standalone Financial section 148(1) of the Companies Act, 2013 in
Statements, are held in the name of the respect of the company’s products/ services to
company, except for leasehold land. which the said rules are made applicable and are
of the opinion that prima facie the prescribed cost
(ii) The inventory, other than stocks lying with
records have been made and maintained. However,
third parties, has been physically verified by the
we have not made a detailed examination of the
management during the year. However, alternate
cost records with a view to determine whether
Statutory Reports
audit procedures were applied for verifying physical
they are accurate or complete.
presence of the balance inventory. In our opinion,
the frequency of verification is reasonable. In (vii) (a) According to the information and explanations
respect of stocks lying with third parties at the year- given to us and on the basis of our examination
end, written confirmations have been obtained. of the records of the Company, amounts
The discrepancies noticed on verification between deducted/ accrued in the books of account in
the physical stocks and the book records were not respect of undisputed statutory dues including
material and have been properly dealt with in the Provident Fund, Employees State Insurance,
books of account. Income Tax, Sales Tax, Service Tax, Customs
Duty, Excise Duty, Value Added Tax, Goods and
(iii) (a) The Company has granted unsecured loans to
Service Tax, Cess and other material statutory
38 parties covered in the register maintained
dues have generally been deposited regularly
under section 189 of the Act. According to
during the year by the Company with the
the information and explanation given to us
appropriate authorities.
and the records produced to us, the terms and
conditions of the grant of such loan are not (b) According to the information and explanations
prejudicial to the interest of the Company. given to us, no undisputed amounts payable in
respect of applicable statutory dues as referred
(b) The schedule of repayment of principal and
to above were in arrears as at 31st March, 2021
payment of interest has been stipulated and
for a period of more than six months from the
repayments or receipts of principal amounts
date they became payable.
and interest have been regular as per
stipulations. (c) According to the information and explanations
given to us, there are no material dues of
(c) There are no amounts of loan granted to such
wealth tax which have not been deposited
parties covered in the register maintained
with the appropriate authorities on account
under section 189 of the Act, which are
of any dispute. However, according to
overdue for more than ninety days.
information and explanations given to us, the
(iv) In our opinion and according to information and following dues of Customs Duty, Income Tax,
explanations given to us and representations made Sales Tax/ Value Added Tax, Service Tax, Goods
by the Management, the Company has complied and Service Tax, Excise Duty, Stamp Duty and
with provisions of Section 185 and 186 of the Act FEMA/ FERA have not been deposited by the
in respect of grant of loans, investments made, and Company on account of disputes.
guarantees and securities provided by it.
203
Name of Statute Nature of the Forum where Amount (*) Amount paid Period to which
dues dispute is pending under protest the amount
(INR in crore) (INR in crore) relates
Income Tax Act Income Tax Appellate 4.27 4.24 2008-09, 2014-
Authority upto 15 and 2018-19
Commissioner’s
Level
Appellate Tribunal 63.51 55.95 2008-09& 2010-
11 to 2015-16
High Court 83.45 33.71 2001-02 & 2006-
07 to 2009-10
Supreme Court 7.08 7.08 2006-07
Finance Act, 1994 Service Tax Appellate Tribunal 39.11 13.52 2006-07 to
2009-10 & 2012-
13 to 2014-15
Sales Tax Acts Sales Tax Appellate 79.77 6.43 2002-03 to
Authority upto 2010-11 & 2012-
Commissioner’s 13 to 2017-18
Level
Appellate Tribunal 110.05 18.55 2001-02, 2002-
03, 2004-05,
2008-09 to
2015-16
High Court 16.22 1.91 2005-06 to
2010-11
Excise Act Excise Duty High Court 0.61 0.15 1998-99 & 1999-
Statutory Reports
2000
Foreign Exchange Penalty High Court 4.10 --- 2000-01
Management Act
Foreign Exchange Penalty Appellate 0.16 --- 1997-98
Regulation Act Authority upto
Commissioner’s
Level
Corporate Overview
Bombay Stamp Stamp Duty Chief Controlling 75.00 18.75 2015-16

Duty Act Revenue Authority
Customs Act Customs Duty Assessing 267.39 172.21 1994-96, 1997-
Authority 98, 1999-2009,
2012-13 & 2013-
14
Appellate Tribunal 691.50 290.50 1997-98, 2005-
06 to 2007-08,
2011-12 & 2012-
13
High Court 22.15 0.87 1992-93 to 1993-
94 & 1996-97
Jt. Secretary, 0.83 --- 2006-07 to
Ministry of 2009-10
Finance
Supreme Court 1.08 --- 1997-98 & 1999-
2000
* Amount as per Demand orders including interest and penalty wherever figures available.
204
(viii) According to the information and explanations 188 of Companies Act, 2013 and all the details
given to us and on the basis of our examination of have been disclosed in Standalone Financial
the records of the Company, it has not defaulted Statements as required by the applicable Indian
in repayment of loans or borrowings from Banks Accounting Standards.
and Financial Institutions and dues to debenture
(xiv) According to the information and explanations
holders. The Company has not taken any loan
given to us and on the basis of our examination
from government.
of the records, the Company has not made any
(ix) Based upon the audit procedures performed, the preferential allotment or private placement or not
company has not raised moneys by way of initial issued any fully or partly convertible debenture
public offer or further public offer. In our opinion during the year under review. Accordingly the
and as per the information and explanations provisions of paragraph 3(xiv) of the Order are not
given by the management, the funds raised applicable.
through debt instruments and term loans have
(xv) According to the information and explanations
been applied for the purpose for which they were
raised.
of the records, Company has not entered into
(x) During the course of our examination of the any non-cash transactions with any director or
books and records of the company, carried out in any person connected with him. Accordingly the
accordance with the generally accepted auditing provisions of Clauses 3(xv) of the Order are not
practice in India, and according to the information applicable to the Company.
Corporate Overview
and explanation given to us, we have neither
(xvi) In our opinion, the company is not required to be
come across any instance of material fraud by
registered under section 45IA of the Reserve Bank
the company or on the company by its officers or
of India Act, 1934 and accordingly, the provisions
employees, noticed or reported during the year.
of clause 3(xvi) of the Order are not applicable.
(xi) According to the information and explanations
of the records of the Company, managerial
Statutory Reports
remuneration has been paid or provided in
accordance with the requisite approvals For SHAH DHANDHARIA & CO LLP
mandated by the provisions of Section 197 read Chartered Accountants
with Schedule V of the Act. Firm’s Registration No. 118707W/W100724
(xii) In our opinion, the Company is not a nidhi

Company. Accordingly the provisions of Clauses 3 Ankit Ajmera
(xii) of the Order are not applicable. Partner
Membership No. 434347
(xiii) As per information and explanation given to us UDIN: 21434347AAAADD2393
and on the basis of our examination of the records
of the Company, all the transaction with related Place: Ahmedabad
parties are in compliance with section 177 and Date : 5th May 2021
205
Annexure – B to the Independent Auditor’s Report

(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory
Report on the Internal Financial Controls issued by ICAI and deemed to be prescribed under
under Clause i of sub-section 3 of section section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial
143 of the Companies Act 2013 (the Act). controls, both applicable to an audit of Internal
Opinion Financial Controls and, both issued by the Institute
We have audited the internal financial controls over of Chartered Accountants of India. Those Standards
financial reporting of the Company as of 31st March, and the Guidance Note require that we comply with
2021 in conjunction with our audit of the Standalone ethical requirements and plan and perform the audit to
Financial Statements of the company for the year obtain reasonable assurance about whether adequate
ended on that date. internal financial controls over financial reporting
was established and maintained and if such controls
In our opinion, the Company has, in all material respects, operated effectively in all material respects.
an adequate internal financial controls system over

financial reporting and such internal financial controls Our audit involves performing procedures to obtain
over financial reporting were operating effectively as audit evidence about the adequacy of the internal
at 31st March, 2021, based on the internal control over financial controls system over financial reporting and
financial reporting criteria established by the Company their operating effectiveness. Our audit of internal
considering the essential components of internal financial controls over financial reporting included
control stated in the Guidance Note on Audit of Internal obtaining an understanding of internal financial
Financial Controls Over Financial Reporting issued by controls over financial reporting, assessing the risk that
Statutory Reports
the Institute of Chartered Accountants of India. a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal
Management’s Responsibilities for Internal control based on the assessed risk. The procedures
Financial Controls selected depend on the auditor’s judgment, including
The Company’s management is responsible for the assessment of the risks of material misstatement
establishing and maintaining internal financial controls of the Ind AS Financial Statements, whether due to
based on the internal control over financial reporting fraud or error.
Corporate Overview
criteria established by the Company considering the We believe that the audit evidence we have obtained
essential components of internal control stated in the is sufficient and appropriate to provide a basis for
Guidance Note on Audit of Internal Financial Controls our audit opinion on the Company’s internal financial
over Financial Reporting issued by the Institute of controls system over financial reporting.
Chartered Accountants of India. These responsibilities
include the design, implementation and maintenance Meaning of Internal Financial Controls over
of adequate internal financial controls that were Financial Reporting
operating effectively for ensuring the orderly and A company’s internal financial control over financial
efficient conduct of its business, including adherence reporting is a process designed to provide reasonable
to company’s policies, the safeguarding of its assets, assurance regarding the reliability of financial
the prevention and detection of frauds and errors, reporting and the preparation of financial statements
the accuracy and completeness of the accounting for external purposes in accordance with generally
records, and the timely preparation of reliable financial accepted accounting principles. A company’s internal
information, as required under the Companies Act, financial control over financial reporting includes those
2013. policies and procedures that:
Auditor’s Responsibility (1) Pertain to the maintenance of records that, in
Our responsibility is to express an opinion on the reasonable detail, accurately and fairly reflect the
Company’s internal financial controls over financial transactions and dispositions of the assets of the
reporting based on our audit. We conducted our audit company;
in accordance with the Guidance Note on Audit of (2) Provide reasonable assurance that transactions
Internal Financial Controls Over Financial Reporting are recorded as necessary to permit preparation of
(the Guidance Note) and the Standards on Auditing, financial statements in accordance with generally
206
accepted accounting principles, and that receipts subject to the risk that the internal financial control
and expenditures of the company are being over financial reporting may become inadequate
made only in accordance with authorizations of because of changes in conditions, or that the degree
management and directors of the company; and of compliance with the policies or procedures may
deteriorate.
(3) Provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition,
use, or disposition of the company’s assets that
could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Chartered Accountants
Controls over Financial Reporting Firm’s Registration No. 118707W/W100724
Because of the inherent limitations of internal
financial controls over financial reporting, including Ankit Ajmera
the possibility of collusion or improper management Partner
override of controls, material misstatements due to Membership No. 434347
error or fraud may occur and not be detected. Also, UDIN: 21434347AAAADD2393
projections of any evaluation of the internal financial
Place: Ahmedabad
controls over financial reporting to future periods are
Corporate Overview
Date : 5th May 2021
Statutory Reports
207
Balance Sheet
as at 31st March, 2021
(H in crore)
Particulars Notes As at As at
ASSETS
I Non-Current Assets
(a) Property, Plant & Equipments 3 845.73 917.36
(b) Capital Work-in-Progress 4 453.12 219.61
(c) Investment Properties 5 18.56 18.29
(d) Intangible Assets 3 563.50 592.49
(e) Financial Assets
(i) Investments 6 2,464.31 2,273.91
(ii) Other Financial Assets 7 52.63 96.55
(f) Deferred Tax Assets (net) 8 - 78.24
(g) Income Tax Assets (net) 9 182.74 210.29
(h) Other Non-Current Assets 10 362.07 347.49
4,942.66 4,754.23
II Current Assets
(a) Inventories 11 1,099.19 1,527.47
(b) Financial Assets
(i) Investments 12 1.00 1.00

(ii) Trade Receivables 13 2,661.31 3,846.48
(iii) Cash & Cash Equivalents 14 18.70 411.08
(iv) Bank Balances other than (iii) above 15 417.23 372.21
(v) Loans 16 2,729.07 1,620.56
(vi) Other Financial Assets 17 496.69 636.82
(c) Other Current Assets 18 626.41 715.72
8,049.60 9,131.34
Total Assets 12,992.26 13,885.57
EQUITY AND LIABILITIES
Statutory Reports
EQUITY
(a) Equity Share Capital 19 109.98 109.98
(b) Other Equity 20 4,018.01 3,651.02
Total Equity 4,127.99 3,761.00
LIABILITIES
I Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 21 1,338.07 1,051.25
Corporate Overview
(ii) Other Financial Liabilities 22 60.87 62.98

(b) Provisions 23 21.47 25.10
(c) Deferred Tax Liabilities (net) 8 12.43 -
1,432.84 1,139.33
II Current Liabilities
(i) Borrowings 24 1,422.31 1,676.89
(ii) Trade Payables 25
- Total outstanding dues of micro and small enterprises 7.80 2.05
- Total outstanding dues of creditors other than micro and 5,043.06 6,378.53
small enterprises
(iii) Other Financial Liabilities 26 368.72 582.85
(b) Other Current Liabilities 27 546.94 299.94
(c) Provisions 28 42.60 44.98
7,431.43 8,985.24
Total Liabilities 8,864.27 10,124.57
Total Equity and Liabilities 12,992.26 13,885.57
The accompanying notes are an integral part of these financial statements.
As per our attached report of even date For and on behalf of the Board of Directors
For SHAH DHANDHARIA & CO LLP GAUTAM S. ADANI RAJESH S. ADANI

Chartered Accountants Chairman Managing Director
Firm Registration No. : 118707W/W100724 DIN : 00006273 DIN : 00006322
ANKIT AJMERA JUGESHINDER SINGH JATIN JALUNDHWALA

Partner Chief Financial Officer Company Secretary &
Membership No. 434347 Joint President (Legal)
Place : Ahmedabad Place : Ahmedabad

Date : 5th May, 2021 Date : 5th May, 2021
208
Statement of Profit & Loss

for the year ended 31st March, 2021
(H in crore)
Particulars Notes For the year ended For the year ended
Income
Revenue from Operations 29 13,358.73 16,208.69
Other Income 30 391.92 410.33
Total Income 13,750.65 16,619.02
Expenses
Purchases of Stock-in-Trade 31 10,125.04 12,303.72
Changes in Inventories of Stock-in-Trade 32 434.03 376.27
Employee Benefits Expense 33 312.17 275.87
Finance Costs 34 505.93 381.01
Depreciation and Amortisation Expense 3&5 121.51 120.97
Operating and Other Expenses 35 1,483.86 2,506.97
Total Expenses 12,982.54 15,964.81
Corporate Overview
Profit/(Loss) before exceptional items and tax 768.11 654.21
Add/(Less) : Exceptional items 36 (212.85) 315.34
Profit/(Loss) for the year before tax 555.26 969.55
Tax Expense: 8
Current Tax 95.11 179.34
Tax Adjustment for earlier years (0.29) 0.71
Deferred Tax (including MAT) 91.63 90.61
Statutory Reports
Total Tax Expense 186.45 270.66
Profit/(Loss) for the Year 368.81 698.89
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
(a) Remeasurement of defined benefit plans (2.79) (1.66)
(b) Income tax relating to the above item 0.97 0.58
Other Comprehensive Income / (loss) (after tax) (1.82) (1.08)
Total Comprehensive Income for the Year (after tax) 366.99 697.81
Earning per Equity Share of H1/- each - Basic & Diluted 49 3.35 6.35



209
Statement of Changes in Equity

A. Equity Share Capital

Particulars No. of Shares (H in crore)
Balance as at 1st April, 2019 1,09,98,10,083 109.98
Changes in equity share capital during the year - -
Balance as at 31st March, 2020 1,09,98,10,083 109.98
B. Other Equity
(H in crore)
Particulars Reserves and Surplus Total Other
General Securities Retained Equity
Reserve Premium Earnings
Balance as at 1st April, 2019 344.94 982.64 1,811.26 3,138.84
Profit for the year - - 698.89 698.89

Other Comprehensive Income / (Loss) for the - - (1.08) (1.08)
year
Total Comprehensive Income for the year - - 697.81 697.81
Dividend on equity shares - - (43.99) (43.99)
Tax on Dividend - - (9.04) (9.04)
Interim Dividend on equity shares - - (109.98) (109.98)
Tax on Interim Dividend - - (22.62) (22.62)
Statutory Reports
Transfer to General Reserve 25.00 - (25.00) -

Balance as at 31st March, 2020 369.94 982.64 2,298.44 3,651.02
Profit for the year - - 368.81 368.81
Other Comprehensive Income / (Loss) for the - - (1.82) (1.82)
year
Total Comprehensive Income for the year - - 366.99 366.99
Corporate Overview
Transfer to General Reserve 25.00 - (25.00) -

Balance as at 31st March, 2021 394.94 982.64 2,640.43 4,018.01



210
Statement of Cash Flow

(H in crore)
Particulars For the year ended For the year ended
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax 555.26 969.55
Adjustment for:
Depreciation and Amortisation 121.51 120.97
Interest and Dividend from Investments (0.12) (0.12)
Unrealised Exchange Rate Difference (119.38) 147.63
Loss / (Profit) from Limited Liability Partnerships (net) (11.25) (0.04)
Net Gain on Sale of Current Investments (0.72) (8.68)
Loss / (Profit) on sale of Property, Plant and Equipments (net) 0.01 0.08
Bad Debts / Provision for Doubtful Debts, Loans & Advances 1.20 60.23
Liabilities no longer required written back (3.16) (22.64)
Finance Cost 505.93 381.01
Corporate Overview
Interest Income (366.24) (365.50)
Impairment in value of Investments (net) - 24.92
Gain on disposal of Non Current Investments (16.43) -
Operating Profit before Working Capital changes 666.62 1,307.41
Adjustment for:
(Increase) / Decrease in Trade & Other Receivables 1,355.14 853.08
(Increase) / Decrease in Inventories 428.28 374.41
Statutory Reports
(Increase) / Decrease in Loans & Advances (1.66) 0.54
Increase / (Decrease) in Trade Payables, Other Liabilities & (823.87) (1,711.59)
Provisions
Cash Generated from Operations 1,624.51 823.85
Direct Tax paid (net) (67.25) (222.47)
Net Cash from Operating Activities A 1,557.26 601.38
B CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant and Equipments (after (372.29) (166.07)
adjustment of Increase/decrease of Capital Work-in-Progress,
Capital Creditors and advances)
Proceeds from Sale/Disposal of Property, Plant and Equipments (0.01) 0.60
Loans to Subsidiaries / Jointly Controlled Entities (JCE)/ (1,168.70) 403.86
Associates (net)
Loans to Others (net) (1.66) (11.44)
Proceeds from Sale/Redemption of Investments in Subsidiaries 37.40 -
/ JCE / Associates
Investments made in Subsidiaries / JCE / Associates (329.95) (300.59)
Gain from Sale/Redemption of Investments in others (net) 0.72 8.68
Withdrawal / (Investment) in Limited Liability Partnerships (net) 195.06 (56.06)
Withdrawal/ (Investments) in Current Deposits (net) (45.06) (163.28)
Interest and Dividend from Investments 0.12 0.12
Interest Received 366.82 375.45
Net Cash from Investing Activities B (1,317.55) 91.27
C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds/(Repayment) of Current Loan from Subsidiary / (976.47) 362.10
Related Parties (net)
Proceeds/(Repayment) from Current borrowings (net) 721.89 (600.54)
Proceeds from issue of Non Convertible Debentures (NCDs) 559.63 -
Proceeds from Non Current Borrowings 930.75 900.00
211
Statement of Cash Flow

(H in crore)
Repayment of Non Current Borrowings (1,384.13) (520.74)
Finance Cost Paid (479.53) (373.92)
Dividend Paid ( Including Dividend Tax ) - (53.03)
Payment of Lease liability (4.23) (3.67)
Interim Dividend Paid ( Including Dividend Tax ) - (132.60)
Net Cash from Financing Activities C (632.09) (422.40)
Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) (392.38) 270.25
Cash & Cash equivalents at the beginning of the year 411.08 140.83
Cash & Cash Equivalents as at the end of the year 18.70 411.08
Notes to the Statement of Cash Flow

(i) Reconciliation of Cash and cash equivalents with the Balance Sheet:
(H in crore)
Particulars As at As at
Cash and cash equivalents as per Balance Sheet (Refer note 14) 18.70 411.08
(ii) The Statement of Cash Flow has been prepared under the ‘Indirect Method’ set out in Ind AS 7 ‘Statement of
Cash Flow’.
(iii) As per the amendment in Ind AS 7 ‘Statement of Cash flow’ : Disclosure of changes in liabilities arising from
financing activities, including both changes arising from cash flows and non-cash changes.
Statutory Reports
For the year ended 31st March, 2021

(H in crore)
Particulars As at Cash Flows Non-cash changes As at
1st April, Exchange Rate Amortization of 31st March,
2020 Difference ancillary cost of 2021
Adjustment borrowing
Non Current Borrowings (Including 1,334.74 106.25 - (10.17) 1,430.82
Corporate Overview
NCDs & current maturity)

Current Borrowings 1,676.89 (254.58) - - 1,422.31
Total 3,011.63 (148.33) - (10.17) 2,853.13

(H in crore)
Particulars As at Cash Flows Non-cash changes As at
1st April, Exchange Rate Amortization of 31st March,
2019 Difference ancillary cost of 2020
Adjustment borrowing
Non Current Borrowings (Including 950.04 379.26 - 5.44 1,334.74
current maturity)
Current Borrowings 1,915.33 (238.44) - - 1,676.89
Total 2,865.37 140.82 - 5.44 3,011.63



212
Notes forming part of the Financial Statements

1 Corporate Information Significant estimates and assumptions are

Adani Enterprises Limited (‘the Company’, ‘AEL’) is a required in particular for:
public company domiciled in India and incorporated i) Useful life of property, plant and equipment
under the provisions of Companies Act, 1956, and intangible assets:
having its registered office at “Adani Corporate This involves determination of the estimated
House”, Shantigram, Near Vaishno Devi Circle, S. G. useful life of property, plant and equipment
Highway, Khodiyar, Ahmedabad - 382421, Gujarat, and intangible assets and the assessment
India. Its shares are listed on the BSE Limited and as to which components of the cost may be
National Stock Exchange. The Company is in the capitalised. Useful life of these assets is based
business of Trading of Coal and other commodities on the life prescribed in Schedule II to the
& Coal Mine Development and Operations (MDO). Companies Act, 2013 or based on technical
2 Significant Accounting Policies estimates, taking into account the nature of
the asset, estimated usage, expected residual
I Basis of Preparation
Corporate Overview
values and operating conditions of the asset.
a) Statement of Compliance Management reviews its estimate of the useful
The financial statements of the Company have been lives of depreciable/ amortisable assets at each
prepared in accordance with Indian Accounting reporting date, based on the expected utility of
Standards (Ind AS) notified under section 133 of the assets.
the Companies Act, 2013 read with the Companies ii) Impairment of Non Financial Asset :
(Indian Accounting Standards) Rules, 2015, as
Determining whether property, plant and
amended from time to time and other accounting
Statutory Reports
equipment and intangible assets are impaired
principles generally accepted in India.
requires an estimation of the value in use of
These financial statements have been prepared the relevant cash generating units. The value
and presented under the historical cost convention in use calculation is based on a Discounted
with the exception of certain assets and liabilities Cash Flow model over the estimated useful life
that are required to be carried at fair values by Ind of the underlying assets or cash generating
AS. Fair value is the price that would be received units. Further, the cash flow projections
to sell an asset or paid to transfer a liability are based on estimates and assumptions
in an orderly transaction between the market relating to expected revenues, operational
participants at the measurement date. performance of the assets, market prices of
related products or services, inflation, terminal
The financial statements are presented in INR
value etc. which are considered reasonable by
except when otherwise stated. All amounts have
the management.
been rounded-off to the nearest crore, unless
otherwise indicated. iii) Taxes:
b) Use of Estimates and Judgements The Company’s tax jurisdiction is India.
Significant judgements are involved in
The preparation of financial statements in
estimating budgeted profits for the purpose of
conformity with Ind AS requires management
paying advance tax, determining the provision
to make certain judgements, estimates and
for income taxes, including amount expected to
assumptions that affect the reported amounts
be paid/recovered for uncertain tax positions.
of revenues, expenses, assets and liabilities
Significant management judgement is also
(including contingent liabilities) and the
required to determine the amount of deferred
accompanying disclosures. Future results could
tax assets that can be recognised, based upon
differ due to these estimates and differences
the likely timing and the level of future taxable
between the actual results and the estimates are
profits together with future tax planning
recognised in the periods in which the results are
strategies, including estimates of temporary
known / materialised. Estimates and underlying
differences reversing on account of available
assumptions are reviewed on an ongoing basis.
benefits from the Income Tax Act, 1961.
213

iv) Fair value measurement of financial by lease basis and thereby assesses whether it
instruments: is reasonably certain that any options to extend
In estimating the fair value of financial assets or terminate the contract will be exercised.
and financial liabilities, the Company uses In evaluating the lease term, the Company
market observable data to the extent available. considers factors such as any significant
Where such Level 1 inputs are not available, the leasehold improvements undertaken over the
Company establishes appropriate valuation lease term, costs relating to the termination of
techniques and inputs to the model. The inputs lease and the importance of the underlying to
to these models are taken from observable the Company’s operations taking into account
markets where possible, but where this is not the location of the underlying asset and the
feasible, a degree of judgment is required in availability of the suitable alternatives. The
establishing fair values. Judgments include lease term in future periods is reassessed to
considerations of inputs such as liquidity ensure that the lease term reflects the current
risk, credit risk and volatility. Changes in economic circumstances.
assumptions about these factors could affect The discount rate is generally based on the
the reported fair value of financial instruments. incremental borrowing rate specific to the
v) Defined benefit plans (Gratuity Benefits): lease being evaluated or for a portfolio of
leases with similar characteristics.
The cost of the defined benefit gratuity plan
and the present value of the gratuity obligation viii) Asset Retirement Obligation:
are determined using actuarial valuations. An The liability for asset retirement obligations
actuarial valuation involves making various are recognised when the Company has an
Statutory Reports
assumptions that may differ from actual obligation to perform site restoration activity.
developments in the future. These include The recognition and measurement of asset
the determination of the discount rate, future retirement obligations involves the use of
salary increases and mortality rates. Due to the estimates and assumptions, viz. the timing of
complexities involved in the valuation and its abandonment of site facilities which would
long-term nature, a defined benefit obligation depend upon the ultimate life of the project,
is highly sensitive to changes in these expected utilization of assets in other projects,
Corporate Overview
assumptions. All assumptions are reviewed at the scope of abandonment activity and pre-tax
each reporting date. rate applied for discounting.
vi) Inventory Measurement c) Current & Non-Current Classification
Measurement of bulk inventory quantities of Any asset or liability is classified as current if it
coal lying at port/ yards is material, complex and satisfies any of the following conditions:
involves significant judgement and estimate
resulting from measuring the surface area. The i) The asset/liability is expected to be realized/
Company performs physical counts of above settled in the Company’s normal operating
inventory on a periodic basis using internal / cycle;
external experts to perform volumetric surveys ii) The asset is intended for sale or consumption;
and assessments, basis which the estimate of iii) The asset/liability is held primarily for the
quantity for these inventories is determined. purpose of trading;
The variations noted between book records
iv) The asset/liability is expected to be realized/
and physical quantities of above inventories
settled within twelve months after the
are evaluated and appropriately accounted in
reporting period;
the books of accounts.
v) The asset is cash or cash equivalent unless it
vii) Determination of lease term & discount rate : is restricted from being exchanged or used to
Ind AS 116 Leases requires lessee to determine settle a liability for at least twelve months after
the lease term as the non-cancellable period of the reporting date;
a lease adjusted with any option to extend or vi) In the case of a liability, the Company does not
terminate the lease, if the use of such option have an unconditional right to defer settlement
is reasonably certain. The Company makes of the liability for at least twelve months after
assessment on the expected lease term on lease the reporting date.
214

All other assets and liabilities are classified as 1. The sale is highly probable, and
non-current. Deferred tax assets and liabilities 2. The asset or disposal group is available for
are classified as non-current assets and liabilities immediate sale in its present condition subject
respectively. only to terms that are usual and customary for
For the purpose of current/non-current sale of such assets.
classification of assets and liabilities, the Company
Non-current assets which are subject to
has ascertained its normal operating cycle as
depreciation are not depreciated or amortized
twelve months. This is based on the nature of
once those classified as held for sale.
services and the time between the acquisition
of assets or inventories for processing and their A discontinued operation is a component of the
realization in cash and cash equivalents. Company’s business, the operations of which can
be clearly distinguished from those of the rest of
II Summary of Significant Accounting Policies the Company and
a) Foreign Currency Transactions and Translation
Corporate Overview
i) is part of a single co-ordinated plan to
i) Functional and presentation currency
dispose of a separate major line of business or
The financial statements are presented in Indian geographical area of operations; or
Rupee (INR), which is entity’s functional and
ii) is a subsidiary acquired exclusively with a view
presentation currency.
to resale.
ii) Transactions and Balances Non-current assets held for sale / distribution to
Foreign currency transactions are translated into owners and discontinued operations are measured
Statutory Reports
the functional currency, for initial recognition, at the lower of their carrying amount and the fair
using the exchange rates at the dates of the value less costs to sell / distribute. Assets and
transactions. liabilities classified as held for sale / distribution
are presented separately in the balance sheet. The
All foreign currency denominated monetary assets results of discontinued operations are excluded
and liabilities are translated at the exchange rates from the overall results of the Company and are
on the reporting date. Exchange differences arising presented separately in the statement of profit and
on settlement or translation of monetary items are
loss. Also, the comparative statement of profit and
recognised in Statement of Profit and Loss except loss is re-presented as if the operations had been
to the extent of exchange differences which are discontinued from the start of the comparative
regarded as an adjustment to interest costs on period.
foreign currency borrowings that are directly
attributable to the acquisition or construction of c) Cash & Cash Equivalents
qualifying assets which are capitalised as cost of Cash comprises cash on hand and demand
assets. Non-monetary items that are measured in deposit with banks. Cash equivalents are short-
terms of historical cost in a foreign currency are term balances (with an original maturity of three
not retranslated. months or less from the date of acquisition), highly
b) Non Current Assets held for Sale and Discontinued liquid investments that are readily convertible into
Operations known amounts of cash and which are subject to
insignificant risk of changes in value.
The Company classifies assets and operations
as held for sale / distribution to owners or as d) Property, Plant and Equipment
discontinued operations if their carrying amounts Recognition and Measurement
will be recovered principally through a sale /
Property, Plant and Equipments, including Capital
distribution rather than through continuing use.
Work in Progress, are stated at cost of acquisition
Classification as a discontinued operations occurs
or construction less accumulated depreciation
upon disposal or when the operation meets the
and impairment losses, if any. Cost comprises
below criteria, whichever is earlier.
the purchase price (net of tax credits, wherever
Non Current Assets are classified as held for sale applicable), import duty and other non-refundable
only when both the conditions are satisfied – taxes or levies and any directly attributable cost
of bringing the asset to its working condition
215

for its intended use. In case of self-constructed is provided on pro-rata basis with reference to the
assets, cost includes the costs of all materials used date of addition / disposal.
in construction, direct labour and allocation of
Derecognition
overheads. Borrowing cost relating to acquisition
/ construction of Property, Plant and Equipment An item of property, plant and equipment is
which takes substantial period of time to get ready derecognised upon disposal or when no future
for its intended use are also included to the extent economic benefits are expected to arise from
they relate to the period till such assets are ready continued use of the asset. Any gain or loss arising
to be put to use. The present value of the expected on the disposal or retirement of property, plant and
cost for the decommissioning of an asset after its equipment is determined as the difference between
use is included in the cost of the respective asset the sale proceeds and the carrying amount of the
if the recognition criteria for a provision are met. assets and is recognised in Statement of Profit and
If significant parts of an item of property, plant Loss.
and equipment have different useful lives, then e) Investment Properties
they are accounted for as separate items (major

i) Property which is held for long-term rental
components) of property, plant and equipment.
yields or for capital appreciation or both, is
Subsequent Measurement classified as Investment Property. Investment
Subsequent expenditure related to an item of properties are measured initially at cost,
Property, Plant and Equipment are included in including transaction costs. Subsequent to
its carrying amount or recognised as a separate initial recognition, investment properties are
asset, as appropriate, only when it is probable stated at cost less accumulated depreciation
and accumulated impairment loss, if any.
Statutory Reports
that the future economic benefits associated with

the item will flow to the Company and the cost of ii) The Company depreciates investment
the item can be measured reliably. Subsequent properties over their estimated useful lives, as
costs are depreciated over the residual life of the specified in Schedule II to the Companies Act,
respective assets. All other expenses on existing 2013.
Property, Plant and Equipments, including day-to- iii) Investment properties are derecognised either
day repair and maintenance expenditure and cost when they have been disposed off or when
Corporate Overview
of replacing parts, are charged to the Statement they are permanently withdrawn from use and
of Profit and Loss for the period during which such no future economic benefit is expected from
expenses are incurred. their disposal. The difference between the net
Capital Work in Progress disposal proceeds and the carrying amount of
the asset is recognised in Statement of Profit
Expenditure related to and incurred during
and Loss in the period in which the property is
implementation of capital projects to get the assets
derecognised.
ready for intended use is included under “Capital
Work in Progress”. The same is allocated to the f) Intangible Assets
respective items of property plant and equipment i) Intangible assets are measured on initial
on completion of construction/ erection of the recognition at cost and are subsequently
capital project/ property plant and equipment. The carried at cost less any accumulated
cost of asset not ready for its intended use before amortisation and accumulated impairment
the year end & capital inventory are disclosed losses, if any. Internally generated intangibles
under capital work in progress. are not capitalised.
Depreciation ii) The intangible assets of the Company are
Depreciation is provided using straight-line method assessed to be of finite lives and are amortised
as specified in Schedule II to the Companies Act, over the useful economic life and assessed for
2013 or based on technical estimates. Depreciation impairment whenever there is an indication
on assets acquired / disposed off during the year that the intangible asset may be impaired. The
216

Company reviews amortisation period on an discounted to their present value using a pre-
annual basis. tax discount rate that reflects current market
assessments of the time value of money and the
Intangible assets are amortised on straight
risks specific to the asset or CGU for which the
line basis over their estimated useful lives as
estimates of future cash flows have not been
follows:
adjusted.
Intangible Assets Estimated Useful Life
If the recoverable amount of an asset (or cash-
(Years)
generating unit) is estimated to be less than its
Software 3-5 Years based on
carrying amount, the carrying amount of the asset
applications management estimate
(or CGU) is reduced to its recoverable amount.
Mine Development Over a period of An impairment loss is recognised immediately
Assets underlying contract in statement of profit and loss. Impairment loss
Mine Development Assets include expenses recognised in respect of a CGU is allocated to
reduce the carrying amounts of the other assets
Corporate Overview
pertaining to land and mine development,
initial overburden removal, environmental and of the CGU (or group of CGUs) on a pro rata basis.
other regulatory approvals etc. It represents Non Financial Assets (other than goodwill) for
expenses incurred towards development of which impairment loss has been recognised
mines where the Company is operating as in prior periods, the Company reviews at each
operator and developer. reporting date whether there is any indication that
iii) Gains or losses arising from derecognition the loss has decreased or no longer exists. When
of an intangible asset are measured as the an impairment loss subsequently reverses, the
Statutory Reports
difference between the net disposal proceeds carrying amount of the asset (or a cash-generating
and the carrying amount of the asset and are unit) is increased to the revised estimate of its
recognised in the Statement of Profit and Loss recoverable amount, but so that the increased
when the asset is derecognised. carrying amount does not exceed the carrying
amount that would have been determined had no
g) Impairment of Non-Financial Assets impairment loss been recognised for the asset (or
At the end of each reporting period, the Company cash-generating unit) in prior years. A reversal of
reviews the carrying amounts of non-financial an impairment loss is recognised immediately in
assets, other than inventories and deferred statement of profit and loss.
tax assets to determine whether there is any
h) Investment in Subsidiaries, Jointly Controlled
indication that those assets have suffered an
Entities, Associates and Unincorporated
impairment loss. If any such indication exists, the
Entities
recoverable amount of the asset is estimated in
order to determine the extent of the impairment Investment in Subsidiaries, Joint Controlled
loss (if any). When it is not possible to estimate Entities and Associates are measured at cost less
the recoverable amount of an individual asset, the impairment in accordance with Ind AS 27 ”Separate
Company estimates the recoverable amount of the Financial Statements”.
cash-generating unit to which the asset belongs. In case of unincorporated entities in the nature
Each CGU represents the smallest group of assets of a Joint Operation, the Company recognizes its
that generates cash inflows that are largely direct right and its share of jointly held or incurred
independent of the cash inflows of other assets assets, liabilities, contingent liabilities, revenues
or CGUs. When a reasonable and consistent basis and expenses of joint operations. These have been
of allocation can be identified, corporate assets incorporated in these financial statements under
are also allocated to individual cash-generating the appropriate headings.
units, or otherwise they are allocated to the i) Financial Instruments
smallest group of cash-generating units for which
A financial instrument is any contract that gives
a reasonable and consistent allocation basis can
rise to a financial asset of one entity and a financial
be identified.
liability or equity instrument of another entity.
Recoverable amount is the higher of fair value less
Financial assets and financial liabilities are initially
costs of disposal and value in use. In assessing
measured at fair value. Transaction costs that are
value in use, the estimated future cash flows are
217

directly attributable to the acquisition or issue 2) At Fair Value through Other Comprehensive
of financial assets and financial liabilities (other Income (FVTOCI)
than financial assets and financial liabilities at A financial asset is classified as at the FVTOCI
fair value through profit or loss) are added to or if both of the following criteria are met:
deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial a) The objective of the business model is
recognition. Transaction costs directly attributable achieved both by collecting contractual
to the acquisition of financial assets or financial cash flows and selling the financial assets,
liabilities at fair value through profit or loss are and
recognised immediately in Statement of Profit and (b) Contractual terms of the asset give rise on
Loss. specified dates to cash flows that are solely
payments of principal and interest (SPPI)
An equity instrument is any contract that
on the principal amount outstanding.
evidences a residual interest in the assets of an
entity after deducting all of its liabilities. Equity Debt instruments included within the
instruments issued by a Company are recognised FVTOCI category are measured initially as
at the proceeds received, net of direct issue costs. well as at each reporting date at fair value.
Fair value movements are recognised in
A) Financial Assets
the Other Comprehensive Income (OCI) and
Initial Measurement on derecognition, cumulative gain or loss
All financial assets, except investment in previously recognised in OCI is reclassified
subsidiaries, associates and joint controlled to Statement of Profit and Loss. For equity
entities are recognised initially at fair value. instruments, the Company may make an
Statutory Reports
irrevocable election to present subsequent

Subsequent Measurment
changes in the fair value in OCI. If the Company
The measurement of financial assets depends decides to classify an equity instrument as
on their classification, as described below: at FVTOCI, then all fair value changes on
1) At amortised cost the instrument, excluding dividends, are
recognised in the OCI. There is no recycling of
A financial asset is measured at the amortised
the amounts from OCI to Statement of Profit
Corporate Overview
cost if both the following conditions are met :

and Loss, even on sale of investment.
(a) The asset is held within a business model
3) At Fair Value through Profit & Loss (FVTPL)
whose objective is to hold assets for
collecting contractual cash flows, and FVTPL is a residual category for debt
instruments and default category for equity
(b) Contractual terms of the asset give rise, on instruments. Financial assets included within
specified dates, to cash flows that are solely the FVTPL category are measured at fair value
payments of principal and interest (SPPI) with all changes recognised in the Statement
on the principal amount outstanding. of Profit and Loss.
This category is the most relevant to the In addition, the Company may elect to
Company. After initial measurement, such designate a debt instrument, which otherwise
financial assets are subsequently measured at meets amortised cost or FVTOCI criteria, as at
amortised cost using the Effective Interest Rate FVTPL. However, such election is allowed only if
(EIR) method. Amortised cost is calculated by doing so reduces or eliminates a measurement
taking into account any discount or premium or recognition inconsistency (referred to as
on acquisition and fees or costs that are an ‘accounting mismatch’).
integral part of the EIR. The EIR amortisation
is included in finance income in the Statement Derecognition
of Profit and Loss. The losses arising from On derecognition of a financial asset, the
impairment are recognised in the Statement of difference between the asset’s carrying
Profit and Loss. This category generally applies amount and the sum of the consideration
to trade and other receivables. received and receivable and the cumulative
218

gain or loss that had been recognised in other taking into account any discount or premium
comprehensive income and accumulated in on acquisition and fees or costs that are an
equity is recognised in Statement of Profit and integral part of the EIR. The EIR amortisation is
Loss if such gain or loss would have otherwise included as finance costs in the Statement of
been recognised in Statement of Profit and Profit and Loss.
Loss on disposal of that financial asset.
At fair value through profit or loss (FVTPL)
Impairment of financial assets Financial liabilities at fair value through profit
The Company applies Expected Credit Loss or loss include financial liabilities held for
(ECL) model for measurement and recognition trading and financial liabilities designated
of impairment loss on the financial assets and upon initial recognition as such. Subsequently,
credit risk exposure. The Company assesses any changes in fair value are recognised in the
on a forward looking basis the expected credit Statement of Profit and Loss.
losses associated with its receivables based on
Derecognition of Financial Liability
Corporate Overview
historical trends and past experience.
A financial liability is derecognised when the
The Company follows ‘Simplified Approach’ for obligation under the liability is discharged or
recognition of impairment loss allowance on cancelled or expires. The difference in the
all trade receivables or contractual receivables. respective carrying amounts is recognised in
Under the simplified approach the Company the Statement of Profit and Loss. An exchange
does not track changes in credit risk, but it with a lender of debt instruments with
recognises impairment loss allowance based substantially different terms is accounted for
Statutory Reports
on lifetime ECLs at each reporting date, right as an extinguishment of the original financial
from its initial recognition. If credit risk has not liability and the recognition of a new financial
increased significantly, 12 month ECL is used to liability. Similarly, a substantial modification
provide for impairment loss. However, if credit of the terms of an existing financial liability
risk has increased significantly, lifetime ECL is is accounted for as an extinguishment of the
used. original financial liability and the recognition
ECL is the difference between all contracted of a new financial liability.
cash flows that are due to the Company in C) Derivative financial instruments
accordance with the contract and all the cash
flows that the Company expects to receive, Initial recognition and subsequent measurement
discounted at the original EIR. ECL impairment The Company uses derivative financial
loss allowance (or reversal) recognised during instruments such as forward and options
the period is recognised as income / (expense) currency contracts to hedge its foreign
in the Statement of Profit and Loss. currency risks. Such derivative financial
instruments are initially recognised and
B) Financial Liabilities
subsequently measured at fair value through
Financial liabilities are classified, at initial profit or loss (FVTPL). Derivatives are carried as
recognition as at amortised cost or fair value financial assets when the fair value is positive
through profit or loss. The measurement and as financial liabilities when the fair value
of financial liabilities depends on their is negative.
classification, as described below:
Any gains or losses arising from changes in the
At amortised cost fair value of derivative financial instrument are
This is the category most relevant to the recognised in the Statement of Profit and Loss
Company. After initial recognition, financial and reported with foreign exchange gains/
liabilities are subsequently measured at (loss). Changes in fair value and gains/(losses)
amortised cost using the EIR method. Gains on settlement of foreign currency derivative
and losses are recognised in Statement of Profit financial instruments relating to borrowings,
and Loss when the liabilities are derecognised which have not been designated as hedge are
as well as through the EIR amortisation recorded as finance cost.
process. Amortised cost is calculated by
219

j) Income Taxes temporary differences, and the carry forward

Income tax expense comprises current tax of unused tax credits and unused tax
expense and the net change in the deferred tax losses can be utilised. The carrying amount
asset or liability during the year. Current and of unrecognised deferred tax assets are
deferred taxes are recognised in Statement of reviewed at each reporting date to assess their
Profit and Loss, except when they relate to items realisability and corresponding adjustment is
that are recognised in other comprehensive made to carrying values of deferred tax assets
income or directly in equity, in which case, the in the financial statements.
current and deferred tax are also recognised in Deferred tax assets and liabilities are measured
other comprehensive income or directly in equity, at the tax rates that are expected to apply
respectively. in the year when the asset is realised or the
i) Current Tax liability is settled, based on tax rates and tax
laws that have been enacted or substantively
Current income tax assets and liabilities
enacted at the reporting date.
are measured at the amount expected to

be recovered from or paid to the taxation Deferred tax assets and liabilities are offset
authorities. Current income tax(including where a legally enforceable right exists to
Minimum Alternate Tax (MAT)) is measured offset current tax assets and liabilities and
at the amount expected to be paid to the tax the deferred taxes relate to the same taxable
authorities in accordance with the Income- entity and the same taxation authority. Net
Tax Act, 1961 enacted in India. The tax rates outstanding balance in Deferred Tax account
and tax laws used to compute the amount is recognized as deferred tax liability/asset.
Statutory Reports
are those that are enacted or substantially

Deferred tax includes MAT tax credit. The
enacted, at the reporting date.
Company recognises tax credits in the nature
Current income tax relating to items recognised of MAT credit as an asset only to the extent
outside the statement of profit and loss is that there is convincing evidence that the
recognised outside the statement of profit and Company will pay normal income tax during
loss (either in other comprehensive income the specified period, i.e., the period for which
(OCI) or in equity). Management periodically tax credit is allowed to be carried forward. The
Corporate Overview
evaluates positions taken in the tax returns Company reviews the such tax credit asset at
with respect to situations in which applicable each reporting date to assess its recoverability.
tax regulations are subject to interpretation
k) Inventories
and establishes provisions where appropriate.
i) Inventories are valued at lower of cost or net
ii) Deferred Tax realisable value.
Deferred tax is recognised using the Balance
ii) Cost of inventories have been computed
Sheet approach. Deferred tax assets and
to include all costs of purchases, cost of
liabilities are recognised for deductible and
conversion, all non-refundable duties &
taxable temporary differences arising between
taxes and other costs incurred in bringing
the tax base of assets and liabilities and their
the inventories to their present location and
carrying amount, except when the deferred tax
condition.
arises from the initial recognition of an asset or
liability in a transaction that is not a business iii) The basis of determining cost for various
combination and affects neither accounting categories of inventories are as follows:
nor taxable profit or loss at the time of the
Traded goods Weighted Average Cost
transaction.
Stores and Spares Weighted Average Cost
Deferred tax assets are recognised to the
extent that it is probable that taxable profit iv) Net realisable value is the estimated selling
will be available against which the deductible price in the ordinary course of business, less
220

estimated cost of completion and estimated and there is no continuing effective control or
cost necessary to make the sale. Necessary managerial involvement with the goods.
adjustment for shortage / excess stock is given
(ii) Rendering of Services
based on the available evidence and past
experience of the Company. Revenue from services rendered is recognised
when the work is performed and as per the
l) Provision, Contingent Liabilities and Contingent terms of agreement.
Assets
(iii) Dividends
Provisions are recognised for when the Company
has at present, legal or contractual obligation as Revenue is recognised when the Company’s
a result of past events, only if it is probable that right to receive the payment is established,
an outflow of resources embodying economic which is generally when shareholders approve
outgo or loss will be required and if the amount the dividend.
involved can be measured reliably. If the effect (iv) Interest Income
Corporate Overview
of the time value of money is material, provisions
Interest income is accrued on a time basis, by
are discounted using a current pre-tax rate that
reference to the principal outstanding and at
reflects, when appropriate, the risks specific to the
the effective interest rate applicable, which
liability. When discounting is used, the increase
is the rate that exactly discounts estimated
in the provision due to the passage of time is
future cash receipts through the expected
recognised as a finance cost.
life of the financial asset to that asset’s net
Contingent liabilities being a possible obligation carrying amount on initial recognition.
Statutory Reports
as a result of past events, the existence of which
(v) Profit or Loss on Sale of Investment
will be confirmed only by the occurrence or non
occurrence of one or more future events not wholly Profit or Loss on sale of investment is
in control of the Company are not recognised in recognised on the contract date.
the accounts. The nature of such liabilities and Contract Assets
an estimate of its financial effect are disclosed in A contract asset is the right to consideration
notes to the financial statements. in exchange for goods or services transferred
Contingent assets are not recognised in the to the customer. If the Company performs by
financial statements. the nature of such assets transferring goods or services to a customer
and an estimate of its financial effect are disclosed before the customer pays consideration or
in notes to the financial statements. before payment is due, a contract asset is
recognised for the earned consideration that is
m) Revenue Recognition conditional. The same is disclosed as “Unbilled
Revenue from contract with customer is Revenue” under Other Current Financial Assets.
recognised upon transfer of control of promised Trade Receivable
products or services to customers in an amount
A receivable represents the Company’s
that reflects the consideration which the Company
right to an amount of consideration that is
expects to receive in exchange for those products
unconditional i.e. only the passage of time is
or services. Revenue is measured based on the
required before payment of consideration is
transaction price, which is the consideration,
due.
adjusted for discounts and other incentives, if any,
as per contracts with the customers. Revenue Contract Liability
also excludes taxes or amounts collected from A contract liability is the obligation to transfer
customers in its capacity as agent. goods or services to a customer for which
the Company has received consideration (or
The specific recognition criteria from various
an amount of consideration is due) from the
stream of revenue is described below:
customer. Contract liabilities are recognised
(i) Sale of Goods as revenue when the Company performs
Revenue from the sale of goods is recognised under the contract. The same is disclosed as
when the control of the goods has been passed “Advance from Customers” under Other Current
to the customer as per the terms of agreement Liabilities.
221

n) Employee Benefits The Company recognises the following changes

Employee benefits includes gratuity, compensated in the net defined benefit obligation as an
absences, contribution to provident fund, expense in the statement of profit and loss in
employees’ state insurance and superannuation the line item “Employee Benefits Expense”:
fund. - Service cost including current service
i) Short Term Employee Benefits cost, past service cost, gains and losses on
curtailments and non-routine settlements;
Employee benefits payable wholly within
and
twelve months of rendering the services are
classified as short term employee benefits - Net interest expense or income.
and recognised in the period in which the iii) Other Long Term Employee Benefits
employee renders the related service. These
Other long term employee benefits comprise
are recognised at the undiscounted amount of
of compensated absences / leaves. The
the benefits expected to be paid in exchange
actuarial valuation is done as per projected
for that service.

unit credit method. Remeasurements as a
ii) Post Employment Benefits result of experience adjustments and changes
in actuarial assumptions are recognised in the
Defined Contribution Plans
Statement of Profit and Loss.
Retirement benefits in the form of provident
fund and superannuation fund are defined iv) For the purpose of presentation of defined
contribution schemes. The Company has no benefit plans and other long term benefits, the
obligation, other than the contribution payable allocation between current and non-current
Statutory Reports
to the provident fund. The Company recognises provisions has been made as determined by an
contribution payable to the these funds as actuary.
an expense, when an employee renders the o) Borrowing Costs
related service.
Borrowing costs directly attributable to the
Defined Benefit Plans acquisition, construction or production of a
The Company operates a defined benefit qualifying asset that necessarily takes a substantial
Corporate Overview
gratuity plan. The cost of providing benefits period of time to get ready for its intended use or
under the defined benefit plan is determined sale are capitalised as part of the cost of the asset.
based on actuarial valuation, carried out by Borrowing costs consist of interest and transaction
an independent actuary, using the projected costs that an entity incurs in connection with the
unit credit method. The liability for gratuity is borrowing of funds. Transaction costs in respect of
funded annually to a gratuity funds maintained long-term borrowings are amortised over the tenor
with the Life Insurance Corporation of India of respective loans using effective interest method.
and SBI Life Insurance Company Limited. All other borrowing costs are expensed in the
period in which they are incurred.Borrowing costs
Re-measurements gains and losses arising also includes exchange differences arising from
from experience adjustments and changes foreign currency borrowings to the extent they are
in actuarial assumptions are recognised regarded as an adjustment to the borrowing costs.
immediately in the balance sheet with a
corresponding debit or credit to retained p) Leases
earnings through other comprehensive The Company assesses whether a contract contains
income in the period in which they occur. Re- a lease, at the inception of the contract. A contract
measurements are not reclassified to profit is, or contains, a lease if the contract conveys the
or loss in subsequent periods. Net interest is right to control the use of an identified asset for
calculated by applying the discount rate to the a period of time in exchange for consideration. To
net balance of defined benefit liability or asset. assess whether a contract conveys the right to
control the use of an identified asset, the Company
222

assesses whether (i) the contract involves the a purchase, extension or termination option.
use of identified asset; (ii) the Company has
When the lease liability is remeasured in this way, a
substantially all of the economic benefits from the
corresponding adjustment is made to the carrying
use of the asset through the period of lease and
amount of the right-of-use asset or is recorded in
(iii) the Company has right to direct the use of the
profit or loss if the carrying amount of the right-of-
asset.
use asset has been reduced to zero.
The Company recognises a right-of-use asset and
Lease payments have been classified as financing
a lease liability at the lease commencement date.
activities in Statement of Cash Flow.
The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease The Company has elected not to recognise right-
liability adjusted for any lease payments made at of-use assets and lease liabilities for short term
or before the commencement date, plus any initial leases that have a lease term of less than or equal
direct costs incurred and an estimate of costs to to 12 months with no purchase option and assets
dismantle and remove the underlying asset or to with low value leases. The Company recognises the
Corporate Overview
restore the site on which it is located, less any lease payments associated with these leases as an
lease incentives received. expense in statement of profit and loss over the
lease term. The related cash flows are classified as
Certain lease arrangements include the option
operating activities.
to extend or terminate the lease before the end
of the lease term. The right-of-use assets and q) Segment Accounting
lease liabilities include these options when it is Operating segments are reported in a manner
reasonably certain that the option will be exercised.
Statutory Reports
consistent with the internal reporting to
The right-of-use asset is subsequently depreciated management. For management purposes, the
using the straight-line method from the Company is organised into business units based on
commencement date to the earlier of the end of its products and services.
the useful life of the right-of-use asset or the end Operating results of the business units are
of the lease term. In addition, the right-of-use asset monitored separately for the purpose of making
is periodically reduced by impairment losses, if any, decisions about resource allocation and
and adjusted for certain re-measurements of the performance assessment. Segment performance is
lease liability. evaluated based on profit or loss and is measured
The lease liability is initially measured at the consistently with the statement of profit or loss in
present value of the lease payments that are not the financial statements.
paid at the commencement date, discounted r) Earning Per Share
using the interest rate implicit in the lease or,
Basic EPS is computed by dividing the profit or
if that rate cannot be readily determined, the
loss attributable to the equity shareholders of
Company’s incremental borrowing rate. Generally,
the Company by the weighted average number of
the Company uses its incremental borrowing rate
equity shares outstanding during the year. Diluted
as the discount rate.
EPS is computed by adjusting the profit or loss
The lease liability is subsequently measured attributable to the ordinary equity shareholders
at amortised cost using the effective interest and the weighted average number of equity shares,
method. It is remeasured when there is a change in for the effects of all dilutive potential equity shares.
future lease payments arising from a change in an
s) Service Work in Progress
index or rate, if there is a change in the Company’s
estimate of the amount expected to be payable Service Work in Progress is valued at lower of cost
under a residual value guarantee, or if Company and net realisable value. Cost is determined based
changes its assessment of whether it will exercise on Weighted Average Cost Method.
223

Service Work in Progress represents closing t) Overburden Cost Adjustment

inventory of Washed and Reject Coal, which is Overburden removal expenses incurred during
not owned by the Company as per the terms of production stage are charged to revenue based on
Mine Development and Operation (MDO) contract. waste-to-ore ratio, (commonly known as Stripping
Hence, this represents work performed under Ratio in the industry). This ratio is taken based on
contractual liability in bringing this inventory to its the current operational phase of overall mining
present condition and location. area. To the extent the current period ratio exceeds
Net realisable value is the contract price as per the expected Stripping Ratio of a phase, excess
the MDO Agreement, less estimated costs of overburden costs are deferred.
completion and estimated costs necessary to u) Expenditure
make the sale.
Expenses are net of taxes recoverable, where
applicable.
Statutory Reports
Corporate Overview
224
Note : 3 Property, Plant & Equipments & Intangible Assets

( H in crore)
Particulars Property, Plant & Equipments Intangible Assets
Land Building- Building- Plant & Furniture Electrical Office Computer Vehicles Air Right of Use - Total Computer Mine Total
Office Factory Machinery & Fixture Fittings Equipment Equipments Craft Lease Assets Software Development
Land Building Rights
Year Ended 31st March 2020

Gross Carrying Value
Opening Balance 20.52 318.37 2.97 608.56 25.77 75.53 26.34 27.18 29.79 6.27 - - 1,141.30 61.81 687.27 749.08
Addition - 10.60 - 35.91 0.26 1.35 1.81 5.53 7.73 - 12.52 8.67 84.38 3.09 4.78 7.87
Deduction - - - 0.17 0.21 - 0.15 0.09 1.10 - - - 1.72 - - -
Transfer (4.67) (2.62) (2.44) - - - - - - - - - (9.73) - 0.12 0.12
Closing Balance 15.85 326.35 0.53 644.30 25.82 76.88 28.00 32.62 36.42 6.27 12.52 8.67 1,214.23 64.90 692.17 757.07
Accumulated Depreciation and
Amortisation
Opening Balance - 30.55 0.48 105.66 12.07 15.97 16.73 15.85 10.60 2.44 - - 210.35 42.11 90.39 132.50
Depreciation and Amortisation for - 11.88 0.02 50.14 2.31 7.73 3.62 4.61 4.05 0.61 0.20 2.90 88.07 7.80 24.96 32.76
the year
Deduction - - - 0.05 0.10 - 0.12 0.04 0.61 - - - 0.92 - - -
Transfer - (0.17) (0.38) - - - - - - - - - (0.55) - 0.01 0.01
Closing Balance - 42.26 0.12 155.75 14.28 23.70 20.23 20.42 14.04 3.05 0.20 2.90 296.95 49.91 115.36 165.27
Net Carrying Amount 15.85 284.09 0.41 488.55 11.54 53.18 7.77 12.20 22.38 3.22 12.32 5.77 917.28 14.99 576.81 591.80
Share of Unincorporated JV - - - - 0.01 - 0.02 0.05 - - - - 0.08 0.69 - 0.69
Total Net Carrying Amount 15.85 284.09 0.41 488.55 11.55 53.18 7.79 12.25 22.38 3.22 12.32 5.77 917.36 15.68 576.81 592.49
Opening Balance 15.85 326.35 0.53 644.30 25.82 76.88 28.00 32.62 36.42 6.27 12.52 8.67 1,214.23 64.90 692.16 757.06
Addition - 6.58 - 3.21 1.24 0.24 1.79 1.97 0.97 - 2.26 0.04 18.30 3.55 0.28 3.83
Deduction - - - 0.65 0.08 0.00 0.01 1.99 - - - 0.22 2.95 29.62 - 29.62
Transfer - - (0.53) - - - - - - - - - (0.53) - - -
Closing Balance 15.85 332.93 0.00 646.86 26.98 77.12 29.78 32.60 37.39 6.27 14.78 8.49 1,229.05 38.83 692.44 731.27
Accumulated Depreciation and
Amortisation
Opening Balance - 42.26 0.12 155.75 14.28 23.70 20.23 20.42 14.04 3.05 0.20 2.90 296.95 49.91 115.36 165.27
Depreciation and Amortisation for - 11.07 0.00 51.98 2.18 7.62 3.46 4.86 4.21 0.61 0.51 2.72 89.22 7.06 25.07 32.13
the year
Deduction - - - 0.57 0.07 0.00 0.01 2.00 - - - 0.09 2.74 29.63 - 29.63
Transfer - - (0.12) - - - - - - - - - (0.12) - - -
Closing Balance - 53.33 0.00 207.16 16.39 31.32 23.68 23.28 18.25 3.66 0.71 5.53 383.32 27.34 140.43 167.77
Net Carrying Amount 15.85 279.60 0.00 439.70 10.59 45.80 6.10 9.32 19.13 2.61 14.07 2.96 845.73 11.49 552.01 563.50
Share of Unincorporated JV - - - - - - - - - - - - - - - -
Total Net Carrying Amount 15.85 279.60 0.00 439.70 10.59 45.80 6.10 9.32 19.13 2.61 14.07 2.96 845.73 11.49 552.01 563.50
225
Financial Statements Statutory Reports Corporate Overview


Note : 3 Property, Plant & Equipments & Intangible Assets (contd)
a) Out of above assets, following assets have been given on operating lease as on 31st March, 2021 :
(H In crore)
Particulars Gross Block Accumulated Net Block Depreciation
As at 31st Depreciation As at 31st charge for the
March, 2021 March, 2021 year
Land 6.55 - 6.55 -
Office Building 29.93 2.98 26.95 0.50
Plant & Machinery 1.77 1.17 0.60 0.13
Vehicles 14.56 3.75 10.81 1.65
Total 52.81 7.90 44.91 2.28
31st March, 2020 53.45 6.19 47.26 1.99
The total future minimum lease rentals receivable at the Balance Sheet date is as under:
(H In crore)
i) For a period not later than one year 6.91 6.90
ii) For a period later than one year and not later than five years 8.38 11.45
Statutory Reports
iii) For a period later than five years 14.96 15.54

30.25 33.89
b) Office buildings includes cost of shares in Co-operative Housing Society of H3,500/- (31st March 2020: H3,500/-).
c) For security / mortgage, refer notes 21 and 24.
Note : 4 Capital Work-In-Progress

Corporate Overview
(H In crore)
Capital Work-in-Progress 442.94 207.92
Capital Inventory 10.18 11.69
453.12 219.61
a) Includes Building of H0.85 crore (31st March 2020 : H0.85 crore) which is in dispute and the matter is sub-
judice.
b) Agricultural Land of H0.45 crore (31st March 2020 : H0.45 crore) recovered under settlement of debts, in which
certain formalities are yet to be executed.
c) Includes expenses directly attributable to construction period of H71.90 crore (31st March, 2020 : H48.15 crore)
(Refer Note 48).
226

Note : 5 Investment Properties

(Measured at cost)
(H In crore)
Particulars Land Building Total
Opening Balance 9.37 - 9.37
Addition - - -
Deduction - - -
Transfer 4.67 4.94 9.61
Closing Balance 14.04 4.94 18.98
Accumulated Depreciation
Opening Balance - - -
Corporate Overview
Depreciation for the year - 0.14 0.14
Deduction - - -
Transfer - 0.55 0.55
Closing Balance - 0.69 0.69
Total Net Carrying Value 14.04 4.25 18.29
(H In crore)
Statutory Reports
Particulars Land Building Total
Opening Balance 14.04 4.94 18.98
Addition - - -
Deduction - - -
Closing Balance 14.04 5.58 19.62
Opening Balance - 0.69 0.69
Depreciation for the year - - -
Deduction - - -
Closing Balance - 1.06 1.06
Total Net Carrying Value 14.04 4.52 18.56
a) Fair Value of Investment Properties

The fair value of the Company’s investment properties at the end of the year have been determined on the
basis of valuation carried out by the management based on the transacted prices near the end of the year in
the location and category of the properties being valued. The fair value measurement for all of the investment
properties has been categorised as a Level 2 fair value based on the inputs to the valuation techniques used.
Total fair value of Investment Properties is H19.48 crore (31st March, 2020 : H18.29 crore).
b) During the year, the Company carried out a review of the recoverable amount of investment properties. As a
result, there were no allowances for impairment required for these properties.
c) The Company has earned a rental income of H0.93 crore (31st March, 2020 : H0.65 crore) and has incurred
expense of H0.01 crore (31st March, 2020 : H0.01 crore) towards municipal tax for these Investment Properties.
227

Note :6 Non Current Investments

(H In crore)
I UNQUOTED INVESTMENTS (measured at cost)
(a) Investment in Equity Instruments of Subsidiary companies (all
fully paid)
1) 64,000 (31st March, 2020 : 64,000) Equity Shares of Adani 30.90 30.90
Global Ltd. of $ 100/- each
2) 10,25,71,000 (31st March, 2020 : 10,25,71,000) Equity Shares of 102.57 102.57
Adani Agri Fresh Ltd. of H10/- each
3) 3,70,000 (31st March, 2020 : 3,70,000) Equity Shares of 0.37 0.37
Rajasthan Collieries Ltd. of H10/- each
Shipping (India) Pvt. Ltd. of H10/- each
5) 50,000 (31st March, 2020 : 50,000) Equity Shares of Natural 0.05 0.05
Growers Pvt. Ltd. of H10/- each
6) 5,50,000 (31st March, 2020 : 50,000) Equity Shares of Jhar 0.55 0.05
Mineral Resources Pvt. Ltd. (formerly known as Chendipada
Collieries Pvt. Ltd.) of H10/- each
7) 86,45,003 (31st March, 2020 : 86,45,003) Equity Shares of Adani 37.22 37.22
Statutory Reports
Welspun Exploration Ltd. of H10/- each

8) 3,70,000 (31st March, 2020 : 3,70,000) Equity Shares of Parsa 1.50 1.50
Kente Collieries Ltd. of H10/- each (Refer note 6(a)(iii) & (d))
9) 50,000 (31st March, 2020 : 50,000) Equity Shares of Mundra 0.05 0.05
Synenergy Ltd of H10/- each
10) 1,50,000 (31st March, 2020 : 1,50,000) Equity Shares of Adani 0.85 0.85
Corporate Overview
Minerals Pty Ltd. of AUD 1/- each

Adani Defence Systems & Technologies Ltd. of H10/- each
Resources Pvt. Ltd. of H10/- each
13) 10,000 (31st March, 2020 : 10,000) Equity Shares of Surguja 0.01 0.01
Power Pvt. Ltd. of H10/- each
Talabira (Odisha) Mining Pvt. Ltd. of H10/- each
Cementation Ltd. of H10/-each
Infrastructure Pvt. Ltd. of H10/- each
17) 1,00,000 (31st March, 2020 : 1,00,000) Equity Shares of Gare 0.10 0.10
Pelma III Collieries Ltd. of H10/- each
18) 6,00,10,000 (31st March, 2020 : 10,000) Equity Shares of Adani 60.01 0.01
Road Transport Ltd. of H10/- each
19) 7,400 (31st March, 2020 : 7,400) Equity Shares of Bilaspur 0.01 0.01
Pathrapali Road Pvt. Ltd. of H10/- each (Refer note 6(a)(i))
20) 10,000 (31st March, 2020 : 10,000) Equity Shares of Mundra 0.01 0.01
Copper Ltd. of H10/- each
21) 1,00,000 (31st March, 2020 : 1,00,000) Equity Shares of Bailadila 0.10 0.10
Iron Ore Mining Pvt. Ltd. of H10/- each
228

Note :6 Non Current Investments (contd)

(H In crore)
Prayagraj Water Pvt. Ltd. of H10/- each (Refer Note 6(a)(ii))
23) 10,000 (31st March, 2020 : 10,000) Equity Shares of Adani Water 0.01 0.01
Ltd. of H10/- each
24) 7,400 (31st March, 2020 : 7,400)Equity Shares of Gidhmuri 0.01 0.01
Paturia Collieries Pvt. Ltd. of H10/- each
25) 2,50,000 (31st March, 2020 : 10,000) Equity Shares of Adani 0.25 0.01
Airport Holdings Ltd. of H10/- each
26) 10,000 (31st March, 2020 : 10,000) Equity Shares of MH Natural 0.01 0.01
Corporate Overview
Resources Pvt. Ltd. (formerly known as Gare Pelma II Mining Pvt.
Ltd.) of H10/- each
Ahmedabad International Airport Ltd. of H10/- each
Mangaluru International Airport Ltd. of H10/- each
Lucknow International Airport Ltd. of H10/- each
Statutory Reports
30) 10,000 (31st March, 2020 : 10,000) Equity Shares of Adani Jaipur 0.01 0.01
International Airport Ltd. of H10/- each
Guwahati International Airport Ltd. of H10/- each
Thiruvananthapuram International Airport Ltd. of H10/- each
33) 10,000 (31st March, 2020 : 10,000) Equity Shares of Gare Palma II 0.01 0.01
Collieries Pvt. Ltd. of H10/- each
34) 10,000 (31st March, 2020 : 10,000) Equity Shares of Adani Metro 0.01 0.01
Transport Ltd of H10/- each
Railways Transport Ltd. of H10/- each
36) 10,000 (31st March, 2020 : 10,000) Equity Shares of CG Natural 0.01 0.01
Resources Pvt Ltd. (formerly known as Adani Iron Ore Mining Pvt
Ltd.) of H10/- each
37) 10,000 (31st March, 2020 : 10,000) Equity Shares of Kurmitar Iron 0.01 0.01
Ore Mining Pvt Ltd of H10/- each
38) 10,000 (31st March, 2020 : 10,000) Equity Shares of AP Mineral 0.01 0.01
Resources Pvt Ltd (formerly known as Kurmitar Mining Pvt. Ltd.)
of H10/- each
39) 10,000 (31st March, 2020 : 10,000) Equity Shares of Stratatech 0.01 0.01
Mineral Resources Pvt Ltd of H10/- each
40) 10,000 (31st March, 2020 : Nil) Equity Shares of Nanasa Pidgaon 0.01 -
Road Pvt Ltd H10/- each
41) 7,400 (31st March, 2020 : Nil) Equity Shares of Vijaywada Bypass 0.01 -
Project Pvt Ltd of H10/- each
42) 12,50,000 (31st March, 2020 : Nil) Equity Shares of Adani 1.25 -
Chendipada Mining Pvt. Ltd. of H10/- each (Refer note 6(c))
229


(H In crore)
43) 5,60,10,000 (31st March, 2020 : Nil) Equity Shares of 56.01 -
Adaniconnex Pvt. Ltd. (formerly known as DC Development
Chennai Pvt Ltd.) H10/- each
44) 10,000 (31st March, 2020 : Nil) Equity Shares of DC Development 0.01 -
Hyderabad Pvt Ltd H10/- each
45) 10,000 (31st March, 2020 : Nil) Equity Shares of DC Development 0.01 -
Noida Pvt Ltd H10/- each
46) 10,000 (31st March, 2020 : Nil) Equity Shares of Azhiyur 0.01 -
Vengalam Road Pvt Ltd H10/- each
(b) Investment in Equity Instruments of Jointly Controlled Entities

(all fully paid)
1) Nil (31st March, 2020 : 1,88,27,550) Equity Shares of Adani Elbit - 18.83
Advanced Systems India Ltd. of H10/- each
2) Nil (31st March, 2020 : 4,900) Equity Shares of Adani - 0.00
Chendipada Mining Pvt. Ltd, of H10/- each (Refer note 6(c))
3) 25,500 (31st March, 2020 : 25,500) Equity Shares of Jhar Mining 0.03 0.03
Infra Pvt. Ltd. of H10/- each
Statutory Reports
(c) Investment in Equity Instruments of Associate companies

(all fully paid)
GSPC LNG Ltd. of H10/- each
2) 24,500 (31st March, 2020 : 24,500) Equity Shares of Adani Power 0.02 0.02
Resources Ltd. of H10/- each
Corporate Overview
(d) Investment in Debentures of Subsidiary companies (all fully

paid)
1) 3,00,00,000 (31st March, 2020 : 3,00,00,000) 0% Compulsory 300.00 300.00
Convertible Debentures of Adani Green Technology Ltd. of H100/-
each
2) 47,36,299 (31st March, 2020 : 47,25,415) 0% Compulsory 47.36 47.25
Convertible Debentures of Natural Growers Pvt. Ltd. of H100/-
each
Less: Impairment in value of investment (Refer note 6(e)) (29.71) 17.65 (29.71) 17.54
3) 8,79,86,710 (31st March, 2020 : 7,83,39,140) 0% Compulsory 879.87 783.39
Convertible Debentures of Adani Welspun Exploration Ltd. of
H100/- each
4) 64,02,131 (31st March, 2020 : Nil) 0% Compulsory Convertible 64.02 -
Debentures of Mundra Synenergy Ltd. (formerly known as Adani
Synenergy Ltd.) of H100/- each
(e) Investment in Limited Liability Partnerships
1) Adani Commodities LLP (Refer note 6(d)) 342.07 342.07
2) Adani Tradecom LLP (Refer note 6(d)) 11.08 11.09
3) Adani Tradewing LLP 0.05 0.05
4) Adani Tradex LLP 0.03 183.84
5) Mahaguj Power LLP 0.29 0.29
2,464.23 2,273.83
230


(H In crore)
II UNQUOTED INVESTMENTS (measured at FVTPL)
Investment in Other Equity Instruments (all fully paid)
1) 20,000 (31st March, 2020 : 20,000) Equity shares of Kalupur 0.05 0.05
Commercial Co-op. Bank of H25/- each
2) 4 (31st March, 2020 : 4) Equity Shares of The Cosmos Co.op.Bank 0.00 0.00
Ltd. of H25/- each
3) 4,000 (31st March, 2020 : 4,000) Equity Shares of Shree Laxmi - -
Co-op Bank Ltd. of H25 each
4) 3,52,000 (31st March, 2020 : 3,52,000) Equity Shares of Mundra - -
Corporate Overview
SEZ Textile & Apparel Park Pvt. Ltd. of H10/- each
0.05 0.05
III UNQUOTED INVESTMENTS (measured at Amortised Cost)
Investment in Government or Trust securities
6 Year National Saving certificates 0.03 0.03
(Lodged with Government departments)
0.03 0.03
Statutory Reports
Total ( I + II +III) 2,464.31 2,273.91
Aggregate amount of unquoted investments 2,464.31 2,273.91
Aggregate amount of impairment in value of investments 29.71 29.71
Notes:
6 a) Details of Shares pledged:
i) Includes 5,100 (31st March, 2020 : 5,100) shares pledged against loans taken by subsidiary company -
Bilaspur Pathrapali Road Private Ltd. from bank / financial institution.
ii) Includes 40,91,135 (31st March, 2020 : 40,91,135) shares pledged against loans taken by subsidiary
company - Prayagraj Water Private Limited from bank / financial institution.
iii) Includes 2,55,000 (31st March, 2020 : Nil) shares pledged against loans taken by subsidiary company -
Parsa Kente Collieries Limited from bank / financial institution.
6 b) Net Worth of 18 subsidiaries as on 31st March, 2021 has been eroded and there is a consequent possibility
of impairment of Equity Investment of H12.58 crore. Looking to the subsidiaries’ future business plans and
growth prospects, such impairment if any is considered to be temporary in nature and no impairment in
value of investment is made in the accounts of the Company.
6 c) During the year, the Company has acquired remaining 51% stake in Adani Chendipada Mining Pvt. Ltd.
w.e.f 24th August, 2020. Accordingly, status of this entity has changed from Jointly Controlled Entity to
Subsidiary.
6 d) Above investment includes deemed investment on account of Corporate Guarantee issued to these
entities / their subsidiaries.
6 e) Due to temporary closure of plant in this subsidiary, the Company has considered impairment in value of
its investment to the tune of Nil ( 31st March, 2020 : H25 crores).
231

Note : 7 Other Non Current Financial Assets

(Unsecured, considered good)
(H In crore)
Security deposit 52.63 46.55
Share application money pending allotment
Adani Defence Systems and Technologies Ltd. - 50.00
52.63 96.55
Note : 8 Deferred Tax Assets (Net)

a. Major Components of Deferred Tax Liability / Asset (net)
(H In crore)
Deferred Tax Liability
Property, Plant & Equipment and Intangible Assets 167.67 165.12
Others 4.28 6.32
Gross Deferred Tax Liability 171.95 171.44
Deferred Tax Assets
Statutory Reports
Allowances for Credit Losses 17.89 24.77

Employee Benefits Liability 4.87 6.12
Deferred Revenue Expenditure 3.19 4.56
MAT Credit Entitlement 127.73 206.04
Others 5.84 8.19
Gross Deferred Tax Assets 159.52 249.68
Corporate Overview
Net Deferred Tax Liability 12.43 -

Net Deferred Tax Assets - 78.24
Note: In accordance with the Ind AS 12, the deferred tax expense for H91.63 crore (31st March, 2020 : H90.61
crore deferred tax expense) has been recognised in the Statement of Profit & Loss.
Details for Expiry of Unused tax credits :
Nature Total Amount Financial Year Expiry Amount

Unused tax credits 127.73 FY 2031-32 45.20
FY 2032-33 51.54
FY 2033-34 30.99
232

Note : 8 Deferred Tax Assets (Net) (contd)

b. The gross movement in the deferred tax account for the year ended 31st March 2021 and 31st
March 2020, are as follows:
(H In crore)
Net Deferred Tax Asset at the beginning 78.24 168.27
Tax (Expenses) / Income recognised in:
Statement of Profit and Loss
Difference in tax base of assets / liabilities
Property, Plant & Equipments and Intangible Assets (2.55) 55.98
Other Deferred Tax Liabilities 2.03 8.55
Allowances for Credit Losses (6.88) 11.08
Corporate Overview
Employee Benefits Liability (2.22) 1.31
Deferred Revenue Expenditure (1.37) (3.43)
MAT Credit Entitlement (78.31) (169.99)
Other Deferred Tax Assets (2.34) 5.89
Statutory Reports
Net Deferred Tax Asset / (Liability) at the end (12.43) 78.24
c. Reconciliation of Income Tax Expense and the Accounting Profit multiplied by India’s applicable
tax rate :
This note presents the reconciliation of Income Tax charged as per the applicable tax rate specified in the
Income Tax Act, 1961 & the actual provision made in the Financial Statements as at 31st March 2021 & 31st
March 2020 with breakup of differences in Profit as per the Financial Statements and as per Income Tax Act,
1961.
(H In crore)
Profit Before Tax 555.26 969.55
Tax Rate for Corporate Entity as per Income Tax Act, 1961 34.944% 34.944%
Tax Expense as per Income Tax Act, 1961 194.03 338.80
Tax Effect of:
Incomes exempt from Income Tax (3.93) (0.01)
Adjustment in respect of tax on income taxed differently as per (5.74) (3.03)
Income Tax Law
Expenses permanently disallowed from Income Tax 0.95 10.35
Claim of other deduction (2.39) -
Impact of Deferred Tax due to change in tax rate 1.55 (77.34)
Tax adjustment of earlier years (0.29) 0.71
Others 2.27 1.18
233

Note : 8 Deferred Tax Assets (Net) (contd)

d. Provision For Taxation :
Provision for taxation for the year has been made after considering allowance, claims and relief available to the
Company as advised by the Company’s tax consultants.
There are certain income-tax related legal proceedings which are pending against the Company. Potential
liabilities, if any have been adequately provided for, and the Company does not currently estimate any probable
material incremental tax liabilities in respect of these matters. (Refer note 39(A))
e. Transfer Pricing Regulations :
The Company has established a comprehensive system of maintenance of information and documentation as
required by the transfer pricing legislation under section 92 – 92F of the Income Tax Act, 1961.
The management is of the opinion that its international transactions are at arm’s length and the aforesaid
legislation will not have any impact on the financial statements, particularly on the amount of tax expense and
that of provision for taxation.

f. Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 :
The Company has decided to continue with the existing tax structure until utilisation of accumulated minimum
alternative tax (MAT) credit. However, the Company has used the new tax rates to re-measure their deferred
tax liabilities that is expected to reverse in future when the companies would migrate to the new tax regime.
The full impact of this change in tax rates was recognised in tax expenses during the previous year ended on
31st March 2020.
Statutory Reports
Note : 9 Income Tax Assets (Net)

(H In crore)
Advance payment of income tax (net of provision) 182.74 210.29
182.74 210.29
Corporate Overview
Note : 10 Other Non-Current Assets

(H In crore)
Capital advances 57.74 33.36
Prepaid expenses 168.15 176.49
Deposits against demand in disputes 136.18 137.64
362.07 347.49
Note : 11 Inventories
(Valued at lower of cost or net realisable value)
(H In crore)
Traded goods (Refer Note a) 1,082.78 1,516.81
Stores and spares 16.41 10.66
1,099.19 1,527.47
Note:
a) Includes Goods in Transit H476.29 crore (31st March 2020 : H387.29 crore).
b) For security / hypothecation, refer note 21 & 24.
234

Note : 12 Current Investments

(H In crore)
Unquoted Investment in Bonds (measured at Amortised Cost)
10 (31st March, 2020 : 10) 11.80% LVB-Tier-II 2024 bonds of Laxmi Vilas 1.00 1.00
Bank Ltd. of H10,00,000/- each
1.00 1.00
Aggregate amount of unquoted investments 1.00 1.00
Aggregate amount of impairment in value of unquoted investments - -
Note : 13 Trade Receivables

(H In crore)
Corporate Overview
Unsecured, Considered good 2,661.31 3,846.48
Unsecured, Credit Impaired 27.03 26.17
2,688.34 3,872.65
Allowance for Credit Losses (27.03) (26.17)
2,661.31 3,846.48
Statutory Reports
Above includes due from related parties
Unsecured, Considered good (Refer Note 44) 1862.59 1,811.16
Note:
For security / hypothecation, refer note 21 & 24.
Note : 14 Cash & Cash Equivalents
(H In crore)
Balances with banks:
- In current accounts 18.18 207.91
- Deposits with original maturity of less than three months - 202.62
Cash on hand 0.52 0.55
18.70 411.08
Note : 15 Bank Balances (Other Than Cash & Cash Equivalents)

(H In crore)
Margin money deposits (lodged against bank guarantee and 400.98 240.80
letter of credits)
Deposits with original maturity over 3 months but less than 12 months 15.88 131.00
Earmarked balances in unclaimed dividend accounts 0.37 0.41
417.23 372.21
235

Note : 16 Current Loans

(H In crore)
Loans given
Loans to related parties (Refer Note 44) 2,597.86 1,491.01
Loans to others 128.48 125.90
Loans to employees 2.73 3.65
2,729.07 1,620.56
Note : 17 Other Current Financial Assets

(H In crore)
Security deposits 37.53 39.32
Other accrued interest (net of provision for doubtful receivable) 1.95 1.08
Interest accrued but not due 7.31 8.76
Unbilled revenue 61.25 18.54
Statutory Reports
Insurance claim receivable - 36.59

Derivative assets 4.09 115.48
Claims recoverable from Mine Owners (Refer note (a)) 361.07 361.07
Other financial assets 23.49 55.98
496.69 636.82
Notes:
Corporate Overview
(a) The Company has incurred cost as Mine Developer Cum Operator for Machhakata and Chendipada Coal blocks,
allotment of which have been cancelled pursuant to the Supreme Court orders dated 24th Aug, 2014 and
25th Sep, 2014. The Company has filed claim for cost of investment in respect of Machhakata Coal block
against MahaGuj Colleries Ltd. and for Chendipada Coal block against UCM Coal Company Ltd. This amount
also includes claims under arbitration in respect of existing operational contracts.
(b) Refer Note : 44 for receivable from Related Party
Note : 18 Other Current Assets

(H In crore)
Advances to suppliers
Considered good 200.83 241.80
Considered doubtful 8.99 8.99
209.82 250.79
Allowance for doubtful advances (8.99) 200.83 (8.99) 241.80
Advances to employees 1.29 2.39
Prepaid expenses 48.57 37.38
Balances with Government Authorities 353.27 405.35
Service Work in Progress (Refer Note 2(II)(s)) 22.45 28.80
626.41 715.72
Refer Note : 44 for receivable from Related Party
236

Note : 19 Equity Share Capital

(H In crore)
AUTHORISED
4,85,92,00,000 (31st March, 2020 : 4,85,92,00,000) Equity Shares of 485.92 485.92
H1/- each
485.92 485.92
ISSUED, SUBSCRIBED & FULLY PAID-UP
1,09,98,10,083 (31st March, 2020: 1,09,98,10,083) Equity Shares of H1/- 109.98 109.98
each
109.98 109.98
(a) Reconciliation of the number of Shares Outstanding
Corporate Overview
Equity shares As at 31st March, 2021 As at 31st March, 2020
Nos. (H In crore) Nos. (H In crore)
At the beginning of the year 109,98,10,083 109.98 109,98,10,083 109.98
Movements for the year - - - -
Outstanding at the end of the year 109,98,10,083 109.98 109,98,10,083 109.98
(b) Rights, preferences and restrictions attached to each class of shares
Statutory Reports
The Company has only one class of Equity Shares having a par value of H1/- per share and each holder of the
Equity Shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting, except in case of Interim Dividend.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of
the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of shares held by the shareholders.
(c) Details of shareholders holding more than 5% shares in the Company
Nos. % Holding Nos. % Holding
Equity shares of H1 each fully paid
Shri Gautam S. Adani / Shri Rajesh S. 62,11,97,910 56.48% 62,11,97,910 56.48%
Adani
(on behalf of S. B. Adani Family Trust)
Adani Tradeline LLP 9,94,91,719 9.05% 9,94,91,719 9.05%
72,06,89,629 65.53% 72,06,89,629 65.53%
237

Note : 20 Other Equity

(H In crore)
20.1 GENERAL RESERVE
As per last balance sheet 369.94 344.94
Add : Transferred from Retained Earnings 25.00 25.00
394.94 369.94
20.2 SECURITIES PREMIUM
As per last balance sheet 982.64 982.64
982.64 982.64
20.3 RETAINED EARNINGS
As per last Balance Sheet 2,298.44 1,811.26
Profit/(Loss) for the year 368.81 698.89

Other Comprehensive Income (1.82) (1.08)
Dividend on Equity Shares - (43.99)
Tax on Dividend - (9.04)
Interim Dividend on Equity Shares - (109.98)
Tax on Interim Dividend - (22.62)
Transfer to General Reserve (25.00) (25.00)
Statutory Reports
2,640.43 2,298.44
4,018.01 3,651.02
Nature and Purpose of Reserves

General Reserve
General reserve is created by the Company by appropriating the balance of Retained Earnings. It is a free reserve
which can be used for meeting the future contingencies, creating woking capital for business operations,
Corporate Overview
strengthing the financial position of the Company etc.

Securities Premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
Retained Earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.
Note : 21 Non Current Borrowings

(H In crore)
Term Loans
From Banks - Secured (Refer note a and b) - 551.25
From Financial Institutions / NBFC - Secured (Refer note c) 780.61 -
Non Convertible Debentures - Secured
8.95% Redeemable Non Convertible Debentures (Refer note d) 399.76 -
8.75% Redeemable Non Convertible Debentures (Refer note e) 157.70 -
Loans from Related parties
Loans from Related Parties -Unsecured (Refer note f) - 500.00
1,338.07 1,051.25
238

Note : 21 Non Current Borrowings (contd)

(H In crore)
The above amount includes
Secured borrowings 1,338.07 551.25
Unsecured borrowings - 500.00
1,338.07 1,051.25
Notes :
a) Loan from Yes Bank of H Nil (31st March, 2020 : H513.75 crore) is secured through first ranking hypothecation
/ charge / pledge / mortgage on borrower’s Parsa East and Kente Basin blocks immovable and movable
properties, leasehold / sub-leasehold rights over the land and property pertaining to coal washery and railway
land, revenue and receivables, project accounts, both present and future, relating to the said project. The same
Corporate Overview
has been repaid during the year.
b) Loan from Indusind Bank of H Nil (31st March, 2020 : H333.33 crore) is secured through subservient charges
over current asset of the Company excluding those pertaning to mining division of the Company. The same has
been repaid during the year.
c) Outstanding loan from REC Limited of H876.46 crore (31st March, 2020 : NIL) is secured through first ranking
hypothecation / charge / pledge / mortgage on borrower’s Parsa East and Kente Basin blocks immovable and
movable properties, leasehold / sub-leasehold rights over the land and property pertaining to coal washery and
Statutory Reports
railway land, revenue and receivables, project accounts, both present and future, relating to the said project.
Repayment of balance loan from REC Limited is repayable in 113 monthly instalments from April, 2021.
d) The Debentures issued by the Company are secured by way of first Pari-Passu charge on the current assets of
the Company except those pertaining to Mining Division. These debentures will be redeemed in May, 2023.
e) The Debentures issued by the Company are secured by way of subservient charge on the current assets of the
Company except those pertaining to Mining Division. These debentures will be redeemed in April, 2022.
f) Unsecured loan from Sunbourne Developers Private Limited of H500 crore outstanding as at 31st March, 2020
g) The above loans carry interest rate in the range of 8.75% to 11% p.a.
h) For the current maturities of long-term borrowings, refer note 26 - Other Current Financial Liabilities.
Note : 22 Other Non-Current Financial Liabilities

(H In crore)
Retention Money 47.94 48.85
Lease Liability (Refer note 42) 12.93 14.13
60.87 62.98
239

Note : 23 Non Current Provisions

(H In crore)
Provision for Employee Benefits (Refer note 43)
Provision for Gratuity 2.01 2.46
Provision for Compensated Absences 11.77 15.52
Other Provision
Asset Retirement Obligation (Refer note (a)) 7.69 7.12
21.47 25.10
Note (a) : Movement in Asset Retirement Obligation

(H In crore)

Opening Balance 7.12 6.59
Add : Additions during the year 0.57 0.53
Less : Utilised / (Settled) during the year - -
Closing Balance 7.69 7.12
Note :24 Current Borrowings

Statutory Reports
(H In crore)
i Loans from related parties repayable on demand (Unsecured) 147.72 1,124.19
ii From Banks
Term Loan - Secured (Notes a and b) 165.00 354.14
Cash credit and Overdraft facilities - Secured (Note c and d) 225.59 113.56
Corporate Overview
iii From Others

Commercial Paper - Unsecured 884.00 85.00
1,422.31 1,676.89
The above amount includes
Secured borrowings 390.59 467.70
Unsecured borrowings 1,031.72 1,209.19
1,422.31 1,676.89
Notes:
a) Secured WCDL loan from Yes Bank of H105 crore (31st March, 2020 : H90 crore) and from RBL Bank of H60 crore
(31st March, 2020 : H64.14 crore) secured by first pari passu charge on current assets and entire movable fixed
assets of Parsa Kente Mines Project, both present and future, are repayable in the month of April and June,
2021.
b) Current loan from Indusind Bank is H Nil (31st March, 2020 : H200 crore) are secured by subservient charge on
current assets and movable fixed assets of the Company excluding those pertaining to mining division. The
same has been repaid during the year.
c) Cash credit facility of H152.32 crore (31st March, 2020 : H113.56 crore) from Yes Bank, Central Bank and Ratnakar
Bank is secured through first ranking hypothecation / charge / pledge / mortgage on Parsa East and Kente
Basin blocks immovable and movable properties, leasehold / sub-leasehold rights over the land and property
pertaining to coal washery and railway land, revenue and receivables, project accounts, both present and
future, relating to the said project.
d) Overdraft facility aggregating to H73.27 crore (31st March, 2020 : H Nil) is secured against Fixed Deposits with
bank.
e) The above loans carry interest rate in the range of 6.00% to 10.50% p.a.
240

Note : 25 Trade Payables

(H In crore)
Acceptances 1,876.32 1,333.42
Trade payables
- Total outstanding dues of creditors other than micro and small 3,166.74 5,045.11
enterprises
5,050.86 6,380.58
Notes :
(a) Refer Note : 44 for balances payable to related parties
Corporate Overview
(b) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(H In crore)
(i) Principal amount remaining unpaid to any supplier as at the end of 7.80 2.05
the accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at the end - -
Statutory Reports
of the accounting year
(iii) The amount of interest paid along with the amounts of the payment - -
made to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of - -
the accounting year
(vi) The amount of further interest due and payable even in the - -
succeeding year, until such date when the interest dues as above
are actually paid
The disclosure in respect of the amounts payable to Micro and Small Enterprises have been made in the financial
statements based on the information received and available with the Company. Further in view of the Management,
the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to
be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.
These facts have been relied upon by the auditors.
241

Note : 26 Other Current Financial Liabilities

(H In crore)
Current maturities of non current borrowings
From Banks - Secured (Refer note 21 (a) and (b)) - 283.49
From Financial Institutions / NBFC - Secured (Refer note 21 c) 92.75 -
Deposits from Customers 140.06 1.87
Customers' Bill Discounted 50.22 185.61
Unclaimed Dividend (Refer note a) 0.37 0.41
Capital Creditors 5.44 98.68
Derivative Liability 37.20 1.33
Current Lease Liability (Refer note 42) 2.59 4.14

Others 0.27 1.90
368.72 582.85
Note:
a) As at 31st March, 2021, there is no amount due and outstanding to be transferred to the Investor Education and
Protection Fund by the Company. Unclaimed Dividend, if any, shall be transferred to Investor Education and
Protection Fund as and when it becomes due.
Statutory Reports
Note : 27 Other Current Liabilities

(H In crore)
Revenue received in advance
Advance from Customers 515.16 259.54
Corporate Overview
Others
Statutory dues (including GST, TDS, PF and others) 30.92 40.40
Others 0.86 -
546.94 299.94
Note : 28 Current Provisions

(H In crore)
Provision for Employee Benefits
Provision for Compensated Absences (Refer note 43) 5.56 6.33
Other Provision
Provision for Minimum Work Program (Refer note (a)) 37.04 38.65
42.60 44.98
Note (a) : Movement in Provision for Minimum Work Program

(H In crore)
Add / (Less) : Exchange rate difference (1.61) 4.12
242

Note : 29 Revenue From Operations

(H In crore)
Revenue from Contracts with Customers
Sale of Goods 11,067.27 14,119.64
Sale of Services 2,272.31 2,069.85
Other Operating Revenue
Insurance Claim Received 2.02 0.85
Profit from Limited Liability Partnerships 11.24 0.04
Others 5.89 18.31
13,358.73 16,208.69
Corporate Overview
Note:
a) Reconciliation of revenue recognised with contract price:
(H In crore)
Contract Price 13,373.17 16,213.29
Adjustment for:
Statutory Reports
Refund & Rebate Liabilities (33.59) (23.80)
13,339.58 16,189.49
b) Significant changes in contract assets and liabilities during the period:

(H In crore)
Contract assets reclassified to receivables 18.54 73.30
Contract liabilities recognised as revenue during the year 259.54 226.44
Note : 30 Other Income

(H In crore)
Interest Income
Current Investments 0.12 0.12
Bank Deposits 28.50 22.27
Inter Corporate Loans 243.94 123.63
Delayed payment from Customers 70.75 203.77
Others 23.05 15.83
Others
Net Gain on Sale of Current Investments 17.15 8.68
Liabilities No Longer Required Written Back 3.16 22.64
Miscellaneous Income 5.25 13.39
391.92 410.33
243

Note : 31 Purchases Of Stock-In-Trade

(H In crore)
Purchases of Stock-in-Trade 10,125.04 12,303.72
10,125.04 12,303.72
Note : 32 Changes In Inventories Of Stock-In-Trade

(H In crore)
Inventories at the beginning of the year
Traded goods 1,516.81 1,893.08
Inventories at the end of the year

Traded goods 1,082.78 1,516.81
434.03 376.27
Note : 33 Employee Benefits Expense

(H In crore)
Statutory Reports
Salaries, Wages & Bonus 281.65 239.37

Contributions to Provident & Other Funds 17.07 16.71
Staff Welfare Expenses 13.45 19.79
312.17 275.87
Note : 34 Finance Costs

Corporate Overview
(H In crore)
Interest 430.49 309.13
Bank and Other Finance Charges 75.44 71.88
505.93 381.01
Note : 35 Operating and Other Expenses

(H In crore)
Stores & Spares Consumed 16.61 12.01
Clearing & Forwarding Expenses 400.51 1067.20
Coal Mining Operating Expenses 590.15 658.26
Loss of Stock due to Fire 0.00 9.19
Electric Power Expenses 34.40 44.19
Rent & Infrastructure Usage Charges 12.26 11.92
Repairs to:
Buildings 7.81 6.93
Plant & Machinery 3.89 1.95
Others 18.43 20.52
30.13 29.41
244

Note : 35 Operating and Other Expenses (contd)

(H In crore)
Insurance Expenses 30.84 6.69
Rates & Taxes 3.88 3.63
Communication Expenses 3.62 3.43
Travelling & Conveyance Expenses 8.44 21.33
Stationery & Printing Expenses 2.02 2.33
Rebates, Selling and Advertising Expenses 91.14 107.29
Donation 5.55 0.37
Legal & Professional Fees 67.99 59.43
Payment to Auditors
Corporate Overview
For Statutory Audit 0.54 0.54
For Other Services 0.06 0.02
0.60 0.56
Directors Sitting Fees 0.19 0.21
Commission to Non-Executive Directors 0.80 0.56
Supervision & Testing Expenses 7.57 10.38
Bad debts / Advances Written off 1.02 28.49
Statutory Reports
Impairment in value of Investments (net) - 24.92
Allowances for Credit Loss / Doubtful advances 0.18 31.73
Business Support Expenses 11.29 0.03
Office Expenses 21.14 19.40
Manpower Services 43.99 47.92
Net Exchange Rate Difference non financing activity 71.34 282.40
Loss on Sale of Assets (net) 0.01 0.08
Miscellaneous Expenses 13.19 14.60
Corporate Social Responsibility Expenses (Refer note 50) 15.00 9.01
1,483.86 2,506.97
Note : 36 Exceptional Items

(H In crore)
Reversal of interest claim on delayed payment from customer (133.41) -
(Note (a))
Palej block write off (Note (a)) (79.44) -
Price escalation claim and interest thereon (Note (b)) - 315.34
(212.85) 315.34
Note :
a) During the current year ended 31st March, 2021, the Company has based on advice from external legal counsel,
derecognised certain interest claims on delayed payment amounting to H133.41 crore, relating to earlier years.
Though the management believes it has good grounds on merit for recovery of such interest, the same has
been derecognized on conservative basis.
During the current year ended 31st March, 2021, the Company received a letter from Ministry of Petroleum &
Natural Gas confirming termination of its Palej oil exploration block. Accordingly, the Company has written off
project cost of H79.44 crore.
245

Note : 36 Exceptional Items (contd)

b) During the previous year ended 31st March, 2020, the Company had received a favourable order from the Hon’ble
Supreme Court with respect to its claim of price escalation in mining business. Pursuant to the favourable
order, the Company had recognised cumulative revenue and interest thereon since financial year 2013-14.
Note : 37 Financial Instruments and Risk Review

(a) Accounting Classification and Fair Value Hierarchy
Financial Assets and Liabilities :
The Company’s principal financial assets include investments, trade receivables, cash and cash equivalents,
other bank balances, loans, derivative assets and other financial assets. The Company’s principal financial
liabilities comprise of borrowings, trade payables, derivative liabilities and other financial liabilities. The main
purpose of these financial liabilities is to finance the Company’s operations and projects.
Fair Value Hierarchy :

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are
either observable or unobservable and consists of the following three levels:
Level-1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level-2 : Inputs are other than quoted prices included within Level-1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Statutory Reports
Level-3 : Inputs are not based on observable market data (unobservable inputs). Fair values are determined in
whole or in part using a valuation model based on the assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.
The following tables summarize carrying amounts of financial instruments by their categories and their levels
in fair value hierarchy for each year end presented.
As at 31st March, 2021 :
(H in crore)
Corporate Overview
Particulars FVTPL FVTOCI Amortised Total

Level-1 Level-2 Level-3 Cost
Financial Assets
Investments - - 0.05 - 1.03 1.08
Trade Receivables - - - - 2,661.31 2,661.31
Cash & Cash Equivalents - - - - 18.70 18.70
Other Bank Balances - - - - 417.23 417.23
Loans - - - - 2,729.07 2,729.07
Derivative Assets - 4.09 - - - 4.09
Other Financial Assets - - - - 545.23 545.23
Total - 4.09 0.05 - 6,372.56 6,376.70
Financial Liabilities
Borrowings - - - - 2,853.13 2,853.13
Trade Payables - - - - 5,050.86 5,050.86
Derivative Liabilities - 37.20 - - - 37.20
Other Financial Liabilities - - - - 299.64 299.64
Total - 37.20 - - 8,203.63 8,240.83
246

Note : 37 Financial Instruments and Risk Review (contd)

(H in crore)
Financial Assets
Investments - - 0.05 - 1.03 1.08
Cash & Cash Equivalents - - - - 411.08 411.08
Other Bank Balances - - - - 372.21 372.21
Loans - - - - 1,620.56 1,620.56
Other Financial Assets - - - - 617.89 617.89
Corporate Overview
Total - 115.48 0.05 - 6,869.25 6,984.78
Borrowings - - - - 3,011.63 3,011.63
Trade Payables - - - - 6,380.58 6,380.58
Other Financial Liabilities - - - - 361.01 361.01
Statutory Reports
Total - 1.33 - - 9,753.22 9,754.55
Notes :
(a) Investments exclude Investment in Subsidiaries, Jointly Controlled Entities and Associates.
(b) Carrying amounts of current financial assets and liabilities as at the end of the each year presented
approximate the fair value because of their current nature. Difference between carrying amounts and fair
values of other non current financial assets and liabilities subsequently measured at amortised cost is not
significant in each of the year presented.
(b) Financial Risk Management Objective and Policies :
The Company’s risk management activities are subject to the management direction and control under the
framework of Risk Management Policy as approved by the Board of Directors of the Company. The Management
ensures appropriate risk governance framework for the Company through appropriate policies and procedures
and that risks are identified, measured and managed in accordance with the Company’s policies and risk
objectives.
The Company is primarily exposed to risks resulting from fluctuation in market risk, credit risk and liquidity risk,
which may adversely impact the fair value of its financial instruments.
(i) Market Risk
Market risk is the risk that future earnings and fair value of future cash flows of a financial instrument may
fluctuate because of changes in market price. Market risk comprises of commodity price risk, currency risk
and interest risk.
A. Commodity Price Risk :
The Company’s performance is affected by the price volatility of commodities being traded (primarily coal
and also other materials) which are being sourced mainly from international markets. As the Company is
engaged in the on-going purchase or continuous sale of traded goods, it keeps close monitoring over its
purchases to optimise the price. Commodity prices are affected by demand and supply scenario in the
international market, currency exchange fluctuations and taxes levied in various countries. To mitigate
price risk, the Company effectively manages availability of coal as well as price volatility through widening
its sourcing base, appropriate combination of long term and short term contracts with its vendors and
customers and well planned procurement and inventory strategy.
247


B. Foreign Currency Exchange Risk :
Since the Company operates internationally and portion of the business transacted are carried out in more
than one currency, it is exposed to currency risks through its transactions in foreign currency or where
assets or liabilities are denominated in currency other than functional currency.
The company evaluates exchange rate exposure arising from foreign currency transactions and follows
established risk management policies including the use of derivatives like foreign exchange forward and
option contracts to hedge exposure to foreign currency risks.
For open positions on outstanding foreign currency contracts and details on unhedged foreign currency
exposure, please refer note no. 38.
For every percentage point depreciation / appreciation in the exchange rate between the Indian Rupee
and the U. S. Dollar, the Company’s profit for the year would increase or decrease as follows:
(H In crore)

Impact on profit for the year 0.83 10.46
C. Interest Risk :
The Company is exposed to changes in interest rates due to its financing, investing and cash management
activities. The risks arising from interest rate movements arise from borrowings with variable interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans
Statutory Reports
and borrowings.
The Company’s risk management activities are subject to the management, direction and control of
Central Treasury Team of the Adani Group under the framework of Risk Management Policy for interest
rate risk. The Group’s Central Treasury Team ensures appropriate financial risk governance framework for
the Company through appropriate policies and procedures and that financial risks are identified, measured
and managed in accordance with the Group’s policies and risk objectives.
Corporate Overview
For Company’s total borrowings, the analysis is prepared assuming that the amount of the liability
outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point
increase or decrease is used, which represents management’s assessment of the reasonably possible
change in interest rate.
(H In crore)
Variable Cost Borrowings 1,263.95 1,302.44
In case of fluctuation in interest rates by 50 basis points and all other variables were held constant, the
Company’s profit for the year would increase or decrease as follows:
(H In crore)
(ii) Credit Risk
Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations
resulting in a loss to the Company. Financial instruments that are subject to credit risk principally consist
of Loans, Trade and Other Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets.
The carrying amounts of financial assets represent the maximum credit risk exposure.
Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness
as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness
of counter parties on continuous basis with appropriate approval mechanism for sanction of credit limits.
248


Credit risk from balances with banks, financial institutions and investments is managed by the Company’s
treasury team in accordance with the Company’s risk management policy. Cash and cash equivalents and
Bank Deposits are placed with banks having good reputation, good past track record and high quality
credit rating.
Since the Company has a fairly diversified portfolio of receivables in terms of spread, no concentration risk
is foreseen. A significant portion of the Company’s receivables are due from public sector units (which are
government undertakings) and hence may not entail any credit risk.
Movement in expected credit loss allowance on trade receivables:
(H In crore)
Corporate Overview
Changes during the year 0.86 (3.33)
(iii) Liquidity Risk

Liquidity risk refers the risk that the Company will encounter difficulty in meeting the obligations
associated with its financial liabilities. The Company’s objective is to provide financial resources to meet
its obligations when they are due in a timely, cost effective and reliable manner and to manage its capital
Statutory Reports
structure. The Company monitors liquidity risk using cash flow forecasting models. These models consider
the maturity of its financial investments, committed funding and projected cash flows from operations. A
balance between continuity of funding and flexibility is maintained through continued support from trade
creditors, lenders and equity contributions.
The tables below provide details regarding contractual maturities of significant liabilities as at the end of
each year end presented.
(H in crore)
Particulars Refer Note Less than Between More than Total
1 year 1 to 5 years 5 years
Borrowings 21, 24 & 26 1,515.39 931.93 411.08 2,858.40
Trade Payables 25 5,050.86 - - 5,050.86
Other Financial Liabilities 22 & 26 275.97 53.09 7.78 336.84
Total Financial Liabilities 6,842.21 985.03 418.85 8,246.10

(H in crore)
Particulars Refer Note Less than Between More than Total
1 year 1 to 5 years 5 years
Borrowings 21, 24 & 26 1,960.38 716.59 334.66 3,011.63
Trade Payables 25 6,380.58 - - 6,380.58
Other Financial Liabilities 22 & 26 299.36 55.24 7.74 362.34
Total Financial Liabilities 8,640.32 771.83 342.40 9,754.55
(iv) Capital Management

For the purpose of the Company’s capital management, capital includes issued capital and all other equity
reserves attributable to the equity shareholders of the Company. The primary objective of the Company
when managing capital is to safeguard its ability to continue as a going concern and to maintain an
optimal capital structure so as to maximize shareholder value.
249


The Company monitors capital using gearing ratio, which is net debt (borrowings less cash and bank
balances) divided by total equity plus net debt.
(H in crore)
Total Borrowings (Refer note 21, 24 and 26) 2,853.13 3,011.63
Less: Cash and bank balance (Refer note 14 and 15) 435.93 783.29
Net Debt (A) 2,417.20 2,228.34
Total Equity (B) 4,127.99 3,761.00
Total Equity and Net Debt (C = A + B) 6,545.19 5,989.34
Gearing ratio 37% 37%
Management monitors the return on capital, as well as the levels of dividends to equity shareholders. The
Company is not subject to any externally imposed capital requirements. There have been no breaches in
the financial covenants of any borrowing in the current period. No changes were made in the objectives,
policies or processes for managing capital during the years ended 31st March, 2021 and 31st March, 2020.
Note : 38 Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency

Exposure
(a) The outstanding foreign currency derivative contracts as at 31st March, 2021 & 31st March, 2020 in respect of
Statutory Reports
various types of derivative hedge instruments and nature of risk being hedged are as follows :
Forward derivative contracts in respect of Imports and Other Payables
Particulars Currency Foreign Currency Indian Rupees in Foreign Currency Indian Rupees in
in Millions crore in Millions crore
As at As at As at As at
31st March, 2021 31st March, 2021 31st March, 2020 31st March, 2020
Corporate Overview
Forward
Contracts
Trade Payables USD 596.70 4,362.47 487.04 3,685.17
Total USD 596.70 4,362.47 487.04 3,685.17
(b) Foreign currency exposures not covered by derivative instruments or otherwise as at 31st March, 2021 & 31st
March, 2020 are as under :
Particulars Currency Foreign Currency Indian Rupees in Foreign Currency Indian Rupees in
in Millions crore in Millions crore
Interest Accrued USD 0.03 0.25 0.05 0.40
but not due
Trade Payables USD 11.29 82.52 138.18 1,045.53
Trade Payables GBP - - 0.02 0.15
Other Receivables SGD - - 0.01 0.08
Trade Receivables USD - - 0.02 0.14
Notes:
(i) As at 31st March, 2021 1 USD = INR 73.1100
As at 31st March, 2020 1 USD = INR 75.6650, 1 GBP = INR 93.5025, 1 SGD = INR 53.025
250

Note : 38 Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency

Exposure (contd)
(ii) The Company enters into derivative financial instruments such as foreign currency forward and option
contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counter
party for these contracts is generally a bank.
All derivative financial instruments are recognized as assets or liabilities on the balance sheet and measured
at fair value. The accounting for changes in the fair value of a derivative instrument depends on the
intended use of the derivative and the resulting designation. The use of derivative instruments is subject
to limits, authorities and regular monitoring by appropriate levels of management. The limits, authorities
and monitoring systems are periodically reviewed by management and the Board. The market risk on
derivatives is mitigated by changes in the valuation of the underlying assets, liabilities or transactions, as
derivatives are used only for risk management purposes.
All derivative contracts stated above are for the purpose of hedging the underlying foreign currency
Corporate Overview
exposure.
Note : 39 Contingent Liabilities and Commitments

(A) Contingent Liabilities to the extent not provided for :
(H in crore)
Statutory Reports
a) Claims against the Company not acknowledged as Debts 3.00 3.00
b) In respect of :
Income Tax (Interest thereon not ascertainable at present) 158.96 154.92
Service Tax 42.52 35.08
VAT / Sales Tax 206.04 304.16
Custom Duty (Interest thereon not ascertainable at present) 982.97 969.49
Excise Duty / Duty Drawback 0.61 0.61
FERA / FEMA 4.26 4.26
Stamp Duty on Demerger 68.75 68.75
c) In respect of Corporate Guarantee given:- (amount outstanding
at the end of the year)
I On behalf of its Subsidiaries 408.50 469.42
II On behalf of its Other Related Parties 3,517.68 3,502.81
d) In respect of Bank Guarantees given for Subsidiaries / Group 1,055.18 482.55
Companies
e) The Hon’ble Supreme Court (SC) has passed a judgement dated 28th February 2019, relating to components
of salary structure to be included while computing the contribution to provident fund under the Employees
Provident Fund Act, 1952. The Company’s Management is of the view that there is considerable uncertainty
around the timing, manner and extent in which the judgment will be interpreted and applied by the
regulatory authorities. The Company will continue to assess any further developments in this matter for
the implications on financial statements, if any. Currently, the Company has not considered any impact in
these financial statements.
f) Certain claims / show cause notices disputed have neither been considered as contingent liabilities nor
acknowledged as claims, based on internal evaluation of the management.
g) Show cause notice issued under Section 16 of the Foreign Exchange Management Act, 1999 read with
Rule (4) of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rule, 2000, in
which liability is unascertainable.
251

Note : 39 Contingent Liabilities and Commitments (contd)

h) Show cause notices issued under The Custom Act,1962, wherein the Company has been asked to show
cause why, penalty should not been imposed under section 112 (a) and 114 (iii) of The Custom Act,1962 in
i) Show cause notices issued under Income Tax Act,1961, wherein the Company has been asked to show
cause why, penalty should not been imposed under section 271(1)(c) in which liability is unascertainable.
j) Show cause notice issued by DGCEI proposes for imposition of penalties under Section 76 and Section 78
of the Finance Act, 1994 in which liability is unascertainable.
k) Custom Department has considered a different view for levy of custom duty in respect of specific quality of
coal imported by the Company for which the Company has received demand show cause notices amounting
to H863.62 crore (31st March, 2020 : H863.62 crore) from custom departments at various locations and the
Company has deposited H460.61 crore (31st March, 2020 : H460.61 crore) as custom duties (including
interest) under protest and contested the view taken by authorities as advised by external legal counsel.
The Company being the merchant trader generally recovers custom duties from its customers and does not
envisage any major financial or any other implication and the net effect of the same is already considered
above under clause (b) (Custom duty).
Note:
(i) Most of the issues of litigation pertaining to Central Excise / Service Tax / Income Tax are based on
interpretation of the respective Law & Rules thereunder. Management has been opined by its counsel that
Statutory Reports
many of the issues raised by revenue will not be sustainable in the law as they are covered by judgements
of respective judicial authorities which supports its contention. As such no material impact on the financial
position and performance of the Company is envisaged.
(ii) Other issues are either in ordinary course of business or not of substantial nature and management is
reasonably confident of their positive outcome. Management shall deal with them judiciously and provide
for appropriately, if any such need arises.
(iii) Future cash outflows in respect of the above matters are determinable only on receipt of judgments /
Corporate Overview
decisions pending at various forums / authorities / settlement of disputes.

(B) Capital and Other Commitments :
a) Capital Commitments
(H In crore)
Estimated amounts of contracts remaining to be executed and not 165.74 62.75
provided for (Net of Advances)
b) Other Commitments :
i) The Company from time to time provides need based support to subsidiaries towards capital and other
financial commitments.
ii) For derivatives and lease commitments, refer Note 38 and 42 respectively.
252

Note : 40
The Company has initiated legal proceedings against various parties for recovery of dues and such legal
proceedings are pending at different stages as at the date of the Balance Sheet and are expected to materialize in
recovering the dues in the future. Based on the review of these accounts by the management, adequate provision
has been made for doubtful recovery. Management is hopeful for their recovery. In the opinion of the management
adequate balance is lying in General Reserve / Retained earnings to meet the eventuality of such accounts being
irrecoverable.
Note : 41
During the previous year, the Company has booked one off expense of H290.98 crore in its mining division on
account of compensation cess on reject coal. Although the management strongly believes that the said amount
is the responsibility of customer and it has initiated necessary commercial and legal steps to recover the same,
the expense has been booked in line with Company’s conservative approach. The same is included in Coal Mining
Corporate Overview
Operating Expenses under Note 35 to Statement of Profit & Loss.
Note : 42 Lease Accounting

(A) Leases as lessee
(i) The movement in Lease liabilities during the year
(H In crore)
Statutory Reports
Opening Balance 18.27 -
Balance as at 1st April, 2019 (on adoption of Ind AS 116 - Leases) - 7.93
Additions during the year - 13.25
Finance costs incurred during the year 1.48 0.76
Payments of Lease Liabilities (4.23) (3.67)
(ii) The carrying value of the Rights-of-use and depreciation charged during the year
For details pertaining to the carrying value of right of use of lease assets and depreciation charged thereon
during the year, kindly refer note -3 “Property, Plant & Equipments & Intangible Assets”.
(iii) Amount Recognised in Statement of Profit & Loss Account during the Year
(H in crore)
Particulars For the Year Ended
(i) Expenses related to Short Term Lease & Low Asset Value Lease 0.95 3.09
Total Expenses 0.95 3.09
(iv) Amounts recognised in statement of cash flows

(H in crore)
Total Cash outflow for Leases 4.23 3.67
253

Note : 42 Lease Accounting (contd)

(v) Maturity analysis of lease liabilities
(H in crore)
Maturity Analysis of contractual undiscounted cash flows
Less than one year 2.70 4.33
One to five years 8.05 8.25
More than five years 32.24 34.54
Total undiscounted Lease Liability 42.99 47.12
Balances of Lease Liabilities
Non Current Lease Liability 12.93 14.13
Current Lease Liability 2.59 4.14
Total Lease Liability 15.52 18.27
Note : 43
The Company has made provision in the Accounts for Gratuity based on Actuarial valuation. The particulars under
the Ind AS 19 “Employee Benefits” furnished below are those which are relevant and available to the Company for
this year.
Statutory Reports
(a) Contributions to Defined Contribution Plan, recognised as expense for the year are as under :
(H In crore)
Provident Fund 11.29 10.93
Superannuation Fund 0.24 0.31
Total 11.53 11.23
Corporate Overview
(b) The actuarial liability for compensated absences as at the year ended 31st March, 2021 is H17.34 crore (31st
March, 2020 H21.85 crore).
(c) Contributions to Defined Benefit Plan are as under :
The Company has a defined benefit gratuity plan (funded) and is governed by the Payment of Gratuity Act,
1972. Under the Act, every employee who has completed at least five year of service is entitled to gratuity
benefits on departure at 15 days of basic salary (last drawn basic salary) for each completed year of service.
The scheme is funded with contributions to insurers (LIC and SBI) in form of a qualifying insurance policy.
The following tables summarise the component of the net benefits expense recognised in the statement of
profit and loss account and the funded status and amounts recognized in the balance sheet for the respective
plan.
(1) Net amount recognised in the statement of Profit & Loss for the year
(H In crore)
Particulars Gratuity (Funded) Gratuity (Funded)
Current Service cost 3.70 4.68
Interest cost 2.28 2.35
Expected return on plan assets (2.42) (2.63)
Net amount recognised 3.56 4.40
254

Note : 43 (contd)
(2) Net amount recognised in the Other Comprehensive Income for the year
(H In crore)
Actuarial (Gains) / Losses (1.62) 1.40
Return on plan assets, excluding amount recognised in net 4.40 0.26
interest expense
(3) Net amount recognised in the Balance Sheet

(H in crore)
Corporate Overview
i) Details of Provision for Gratuity
Present value of defined obligation 34.13 38.54
Fair value of plan assets 32.12 36.08
Surplus/(deficit) of funds (2.01) (2.46)
Net asset/ (liability) (2.01) (2.46)
ii) Change in Present Value of the defined benefit obligation
Defined benefit obligation as at the beginning of year 38.54 29.68
Statutory Reports
Acquisition Adjustment (net) (4.89) 1.23
Service cost 3.70 4.68
Past Service cost - -
Actuarial loss/(gain) - Due to change in Demographic (0.01) (0.27)
Assumptions
Actuarial loss/(gain) - Due to change in Financial - 2.71
Assumptions
Actuarial loss/(gain) - Due to experience variance (1.61) (1.04)
Benefits paid (3.89) (0.80)
Defined benefit obligation as at end of the year 34.13 38.54
iii) Change in Fair Value of Plan Assets
Fair value of plan assets as at the beginning of year 36.08 34.51
Acquisition Adjustment - -
Expected return on plan assets 2.42 2.63
Contributions by employer - -
Actuarial (loss)/gain (4.40) (0.26)
Fair value of plan assets as at end of the year 32.12 36.08
iv) The major categories of plan assets as a percentage of
fair value of total plan assets are as follows:
Policy of Insurance 100% 100%
255

Note : 43 (contd)
(4) The Principle Actuarial Assumptions used are as follows:
Discount Rate 6.70% 6.70%
Rate of increase in Compensation Levels (Refer Note 8 below) 8.00% 8.00%
Mortality Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2012-14) Ultimate (2012-14) Ultimate
Attrition rate based on age (per annum)
- Upto 30 Years 6% 5%
- 31 to 44 Years 3% 3%
- Above 44 Years 1% 1%
Sensitivity Analysis:
The sensitivity analysis below has been determined based on reasonably possible changes of the
assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The results of sensitivity analysis is given below :
(H In crore)
Change in Change in Gratuity (Funded) Gratuity (Funded)
Assumption Rate 31st March, 2021 31st March, 2020
Statutory Reports
Increase in Decrease in Increase in Decrease in

Assumption Assumption Assumption Assumption
Discount Rate ( - / + 1 %) (2.28) 2.62 (2.83) 3.26
Salary Growth ( - / + 1 %) 2.56 (2.28) 3.18 (2.82)
Rate
Attrition Rate ( - / + 0.50 %) (0.22) 0.24 (0.28) 0.31
Corporate Overview
Mortality Rate ( - / + 10 %) (0.01) 0.01 (0.01) 0.01

The sensitivity analysis presented above may not be representative of the actual change in the defined
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another
as some of the assumptions may be correlated. There is no change in method of valuation for the prior
period.
(5) Maturity Profile of Obligations
The weighted average duration of the defined benefit plan obligation at the end of the reporting period is
7 years (31st March, 2020: 8 years). The expected maturity analysis of gratuity benefits is as follows :
(H In crore)
Within 1 year 8.83 9.10
2 to 5 years 9.54 9.67
6 to 10 years 9.94 13.11
More than 10 years 33.73 41.83
256

Note : 43 (contd)
(6) Asset - Liability Matching Strategies
The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in
which the interest rate is declared on yearly basis and is guaranteed for a period of one year. The insurance
Company, as part of the policy rules, makes payment of all gratuity outgoes happening during the year
(subject to sufficiency of funds under the policy). Any deficit in the policy assets is funded by the Company.
The policy helps mitigate the liquidity risk. However, being a cash accumulation plan, the duration of
assets is shorter compared to the duration of liabilities. Thus, the Company is exposed to movement in
interest rate (in particular, the significant fall in interest rates, which should result in a increase in liability
without corresponding increase in the asset).
(7) The company’s expected contribution to the fund in the next financial year is H5.91 crore (31st March, 2020
: H7.97).
(8) The estimate of future salary increase, considered in actuarial variation, take account of inflation, seniority,
Corporate Overview
promotion and other relevant factors, such as supply and demand in the employment market.
Note : 44
Disclosure of transactions with Related Parties, as required by Ind AS 24 “Related Party Disclosures” has been
set out below. Related parties as defined under clause 9 of the Ind AS 24 have been identified on the basis of
representations made by the management and information available with the Company.
Statutory Reports
(i) Name of Related Parties & Description of Relationship
(A) Controlling Entity :
Shantilal Bhudhermal Adani Family Trust (SBAFT)
(B) Subsidiary Companies / Firms :
1 Adani Global Ltd. 14 Adani Infrastructure Pvt. Ltd.
2 Adani Agri Fresh Ltd. 15 MH Natural Resources Pvt. Ltd.
3 Natural Growers Pvt. Ltd. (Formerly known as Gare Pelma II Mining Pvt.
Ltd.) (w.e.f. 29th July, 2019)
4 Parsa Kente Collieries Ltd. 16 Adani Airport Holdings Ltd. (w.e.f. 2nd Aug,
2019)
5 Jhar Mineral Resources Pvt. Ltd. 17 Adani Lucknow International Airport Ltd. (w.e.f.
(Formerly known as Chendipada Collieries 6th Sept, 2019)
Pvt. Ltd.) 18 AP Mineral Resources Pvt. Ltd.
6 Adani Resources Pvt. Ltd. (Formerly known as Kurmitar Mining Pvt. Ltd.)
(w.e.f. 19th Sept, 2019)
7 Surguja Power Pvt. Ltd. 19 Adani Guwahati International Airport Ltd. (w.e.f.
23th Sept, 2019)
8 Rajasthan Collieries Ltd. 20 Adani Thiruvananthapuram International
Airport Ltd. (w.e.f. 24th Sept, 2019)
9 Talabira (Odisha) Mining Pvt. Ltd. 21 Adani Mangaluru International Airport Ltd.
(w.e.f. 25th Sept, 2019)
10 Gare Pelma III Collieries Ltd. 22 Adani Ahmedabad International Airport Ltd.
(w.e.f. 26th Sept, 2019)
11 Bailadila Iron Ore Mining Pvt. Ltd. 23 Adani Jaipur International Airport Ltd.
(w.e.f. 26th Sept, 2019)
12 Gidhmuri Paturia Collieries Pvt. Ltd. 24 Stratatech Mineral Resources Pvt. Ltd.
(w.e.f. 3rd Oct, 2019)
13 Adani Welspun Exploration Ltd. 25 Adani Metro Transport Ltd.
(w.e.f. 16th Oct, 2019)
257

Note : 44 (contd)
26 Mahaguj Power LLP 39 Kurmitar Iron Ore Mining Pvt. Ltd.
(w.e.f. 18th Oct, 2019)
27 Mundra Synenergy Ltd. 40 CG Natural Resources Pvt. Ltd.
(Formerly known as Adani Iron Ore Mining Pvt.
28 Adani Shipping (India) Pvt. Ltd. Ltd.) (w.e.f. 22nd Oct, 2019)
29 Adani Tradex LLP 41 Adani Railways Transport Ltd. (w.e.f. 22nd Oct,
2019)
30 Adani Tradecom LLP 42 Gare Palma II Collieries Pvt. Ltd. (w.e.f. 7th Nov,
2019)
31 Adani Tradewing LLP 43 Adani Chendipada Mining Pvt. Ltd. (w.e.f. 24th
Aug, 2020)
32 Adani Commodities LLP 44 Vijayawada Bypass Project Pvt. Ltd. (w.e.f. 15th
May, 2020)
33 Adani Defence Systems and Technologies 45 AdaniConnex Pvt. Ltd.
Ltd. (Formerly known as DC Development Chennai
34 Adani Road Transport Ltd. Pvt. Ltd.) (w.e.f. 21st May, 2020)
35 Adani Water Ltd. 46 DC Development Hyderabad Pvt. Ltd. (w.e.f.
28th May, 2020)
36 Prayagraj Water Pvt. Ltd. 47 DC Development Noida Pvt. Ltd. (w.e.f. 28th
Statutory Reports
May, 2020)
37 Mundra Copper Ltd. 48 Azhiyur Vengalam Road Pvt. Ltd. (w.e.f. 1st Feb,
2021)
38 Adani Cementation Ltd. 49 Kutch Copper Ltd. (w.e.f. 24th Mar, 2021)
50 Vizag Tech Park Ltd. (w.e.f. 30th Mar, 2021)
(C) Step-down Subsidiary Companies / Firms :

Corporate Overview
1 Adani Global FZE, UAE 17 Carmichael Rail Development Company Pty

Ltd., Australia
2 Adani Global DMCC, UAE (Formerly known as Queensland RIPA Finance
Pty Ltd.)
3 Adani Global Pte Ltd., Singapore 18 Adani Rugby Run Finance Pty Ltd., Australia
4 PT Adani Global, Indonesia 19 Whyalla Renewable Holdings Pty Ltd., Australia
5 PT Adani Global Coal Trading, Indonesia 20 Whyalla Renewable Holdings Trust, Australia
6 PT Coal Indonesia, Indonesia 21 Whyalla Renewables Pty Ltd., Australia
7 PT Sumber Bara, Indonesia 22 Whyalla Renewables Trust, Australia
8 PT Energy Resources, Indonesia 23 Adani Australia Pty Ltd., Australia
9 PT Niaga Antar Bangsa, Indonesia 24 Adani Green Technology Ltd.
10 PT Niaga Lintas Samudra, Indonesia 25 Mundra Solar Ltd.
11 PT Gemilang Pusaka Pertiwi, Indonesia 26 Mundra Solar PV Ltd.
12 PT Hasta Mundra, Indonesia 27 Ordefence Systems Ltd.
13 PT Lamindo Inter Multikon, Indonesia (Formerly known as Adani Land Defence
Systems and Technologies Ltd.)
14 PT Suar Harapan Bangsa, Indonesia 28 Adani Aerospace and Defence Ltd.
15 PT Tambang Sejahtera Bersama, Indonesia 29 Adani Naval Defence Systems and Technologies
(upto 16th Oct, 2020) Ltd.
16 Adani Shipping Pte Ltd., Singapore 30 Adani Rave Gears India Ltd.
258

Note : 44 (contd)
31 Aanya Maritime Inc, Panama 57 Adani North America Inc, Panama
32 Aashna Maritime Inc, Panama 58 Alpha Design Technologies Pvt. Ltd. (w.e.f. 19th
April, 2019)
33 Rahi Shipping Pte Ltd., Singapore 59 Mancherial Repallewada Road Pvt. Ltd. (w.e.f.
5th April, 2019)
34 Vanshi Shipping Pte Ltd., Singapore 60 Galilee Basin Conservation And Research Fund,
Australia (w.e.f. 9th April, 2019)
35 Urja Maritime Inc, Panama 61 Suryapet Khammam Road Pvt. Ltd. (w.e.f. 12th
April, 2019)
36 Adani Bunkering Pvt. Ltd. 62 NW Rail Operations Pte Ltd., Singapore (w.e.f.
27th May, 2019)
37 Adani Minerals Pty Ltd., Australia 63 North West Rail Holdings Pty Ltd., Australia
Corporate Overview
(w.e.f. 31st May, 2019)
38 Adani Mining Pty Ltd., Australia 64 North West Rail Pty Ltd., Australia
39 Adani Infrastructure Pty Ltd., Australia (w.e.f. 31st May, 2019 and upto 26th Oct, 2020)
40 Galilee Transmission Holdings Pty Ltd., 65 Flaire Unmanned Systems Pvt. Ltd.
Australia (w.e.f. 13th Sept, 2019)
41 Galilee Transmission Pty Ltd., Australia 66 Mundra Solar Energy Ltd. (w.e.f. 18th Oct, 2019
upto 1st Jan, 2020)
Statutory Reports
42 Galilee Transmission Holdings Trust, Australia 67 Sabarmati Infrastructure Services Ltd.
(w.e.f. 7th Feb, 2020)
43 Galilee Biodiversity Company Pty Ltd., 68 Vijaynagara Smart Solutions Ltd. (w.e.f. 10th
Australia Feb, 2020)
44 Adani Renewable Asset Holdings Pty Ltd., 69 Gomti Metropolis Solutions Ltd.
Australia (w.e.f. 10th Feb, 2020)
45 Adani Renewable Asset Holdings Trust, 70 Periyar Infrastructure Services Ltd. (w.e.f. 10th
Australia Feb, 2020)
46 Adani Renewable Asset Pty Ltd., Australia 71 Brahmaputra Metropolis Solutions Ltd. (w.e.f.
12th Feb, 2020)
47 Adani Renewable Asset Trust, Australia 72 Agneya Systems Ltd. (w.e.f. 19th Feb, 2020)
48 Adani Rugby Run Trust, Australia 73 Carroballista Systems Ltd. (w.e.f. 19th Feb, 2020)
49 Adani Rugby Run Pty Ltd., Australia 74 Rajputana Smart Solutions Ltd.
(w.e.f. 6th Mar, 2020)
50 Adani Global Royal Holding Pte Ltd., 75 Adani Global (Switzerland) LLC, Switzerland
Singapore (w.e.f. 22nd Apr, 2020)
51 Queensland RIPA Holdings Trust, Australia 76 Nanasa Pidgaon Road Pvt. Ltd.
(w.e.f. 8th May, 2020)
52 Queensland RIPA Holdings Pty Ltd., Australia 77 PLR Systems Pvt. Ltd. (w.e.f. 10th Sept, 2020)
53 Queensland RIPA Pty Ltd., Australia 78 PRS Tolls Pvt. Ltd. (w.e.f. 25th Mar, 2021)
54 Adani-Elbit Advance Systems India Ltd. 79 Kodad Khammam Road Pvt. Ltd.
(w.e.f. 2nd Sept, 2020) (w.e.f. 30th Mar, 2021)
55 Queensland RIPA Trust, Australia 80 Mundra Solar Technopark Pvt. Ltd.
56 Bilaspur Pathrapali Road Pvt. Ltd (upto 31st Dec, 2020)
259

Note : 44 (contd)
(D) Jointly Controlled Entities :
1 Adani Wilmar Ltd. 10 Adani Global Resources Pte Ltd., Singapore
2 Adani Wilmar Pte Ltd., Singapore 11 Jhar Mining Infra Pvt. Ltd.
3 AWN Agro Pvt. Ltd. 12 Adani Chendipada Mining Pvt. Ltd. (upto 23rd
Aug, 2020)
4 Golden Valley Agrotech Pvt. Ltd. 13 Carmichael Rail Network Holdings Pty Ltd.,
Australia
5 Vishakha Polyfab Pvt. Ltd. 14 Carmichael Rail Network Pty Ltd., Australia
6 KOG KTV Food Products (India) Pvt. Ltd. 15 Carmichael Rail Network Trust, Australia
7 KTV Health and Foods Pvt. Ltd. 16 Carmichael Rail Asset Holdings Trust, Australia
8 AWL Edible Oils and Foods Pvt. Ltd. 17 Adani-Elbit Advanced Systems India Ltd. (upto
1st Sept, 2020)
9 Adani Total LNG Singapore Pte Ltd., 18 Mundra Solar Technopark Pvt. Ltd. (w.e.f. 1st
Singapore Jan, 2021)
(E) Associates with whom transactions done during the year :

1 Adani Power Resources Ltd.
(F) Key Management Personnel :
Statutory Reports
1 Mr. Gautam S. Adani, Chairman 4 Mr. Vinay Prakash, Director

2 Mr. Rajesh S. Adani, Managing Director 5 Mr. Jugeshinder Singh, CFO (w.e.f. 29th May,
2019)
3 Mr. Pranav V. Adani, Director 6 Mr. Jatin Jalundhwala, Company Secretary &
Joint President (Legal)
(G) Non-Executive Directors :

Corporate Overview
1 Mr. Hemant Nerurkar 3 Mrs. Vijaylaxmi Joshi

2 Mr. V. Subramanian 4 Mr. Narendra Mairpady
(H) Entities over which (A) or (F) above have significant influence with whom transactions done during the year:
1 Adani Vizhinjam Port Pvt. Ltd. 15 Adani Renewable Energy Holding Two Ltd.
2 Adani Agri Logistics Ltd. (Formerly known as Adani Renewable Energy
Park Ltd.)
3 Adani Brahma Synergy Pvt. Ltd. 16 Adani Township & Real Estate Company Pvt.
Ltd.
4 Adani Capital Pvt. Ltd. 17 Adani Transmission (India) Ltd.
5 Adani CMA Mundra Terminal Pvt. Ltd. 18 Adani Vizag Coal Terminal Pvt. Ltd.
6 Adani Electricity Mumbai Ltd. 19 Adani Wind Energy (Gujarat) Pvt. Ltd.
7 Adani Estate Management Pvt. Ltd. 20 Alluvial Mineral Resources Pvt. Ltd.
8 Adani Estates Pvt. Ltd. 21 Alluvial Natural Resources Pvt. Ltd.
9 Adani Finserve Pvt. Ltd. 22 Belvede Golf and Country Club Pvt. Ltd.
10 Adani Foundation 23 Indianoil-Adani Gas Pvt. Ltd.
11 Adani Total Gas Ltd. (Formerly known as 24 Kamuthi Solar Power Ltd.
Adani Gas Ltd.)
12 Adani Green Energy (Tamilnadu) Ltd. 25 Karnavati Aviation Pvt. Ltd.
13 Adani Green Energy (UP) Ltd. 26 Adani Solar Energy Four Pvt. Ltd.
14 Adani Green Energy Ltd. (Formerly known as Kilaj Solar (Maharashtra)
Pvt. Ltd.)
260

Note : 44 (contd)
27 Adani Solar Energy Jodhpur Two Ltd. 49 Adani Krishnapatnam Port Ltd.
(Formerly known as Adani Green Energy (Formerly known as Krishnapatnam Port
Ninteen Ltd.) Company Ltd.)
28 Adani Hazira Port Ltd. 50 Maharashtra Eastern Grid Power Transmission
(Formerly known as Adani Hazira Port Pvt. Company Ltd.
Ltd.) 51 Adani Renewable Energy Holding One Ltd.
29 Adani Infra (India) Ltd. (Formerly known as Mahoba Solar (UP) Pvt.
Ltd.)
30 Adani Infrastructure and Developers Pvt. Ltd. 52 Marine Infrastructure Developer Pvt. Ltd.
31 Adani Infrastructure Management Services 53 MPSEZ Utilities Ltd. (Formerly known as MPSEZ
Ltd. Utilities Pvt. Ltd.)
32 Adani Institute for Education and Research 54 Parampujya Solar Energy Pvt. Ltd.
Corporate Overview
33 Adani Kandla Bulk Terminal Pvt. Ltd. 55 Pench Power Thermal Energy (MP) Ltd.
34 Adani Logistics Ltd. 56 Power Distribtion Services Pvt. Ltd.
35 Adani Logistics Services Pvt. Ltd. 57 Prayatna Developers Pvt. Ltd.
36 Adani M2K Projects LLP 58 Raigarh Energy Generation Ltd.
37 Adani Murmugao Port Terminal Pvt. Ltd. 59 Raipur – Rajnandgaon – Warora Transmission
Ltd.
38 Adani Petronet (Dahej) Port Pvt. Ltd. 60 Raipur Energen Ltd.
Statutory Reports
39 Adani Ports and Special Economic Zone Ltd. 61 Sarguja Rail Corridor Pvt. Ltd.
40 Adani Power (Mundra) Ltd. 62 Shantigram Utility Services Pvt. Ltd.
41 Adani Power Ltd. 63 Sipat Transmission Ltd.
42 Adani Power Maharashtra Ltd. 64 Sunbourne Developers Pvt. Ltd.
43 Adani Power Rajasthan Ltd. 65 The Adani Harbour Services Ltd.
44 Adani Properties Pvt. Ltd. (Formerly known as The Adani Harbour
Services Pvt. Ltd.)
45 Adani Rail Infra Pvt. Ltd. 66 The Dhamra Port Company Ltd.
46 Adani Renewable Energy Holding One Ltd. 67 Udupi Power Corporation Ltd.
47 Adani Renewable Energy Park (Rajasthan) 68 Valuable Properties Pvt. Ltd.
Ltd.
48 Adani Total Pvt. Ltd. 69 Wardha Solar (Maharashtra) Pvt. Ltd.
(ii) Nature and Volume of Transaction with Related Parties

(Transactions below H50,000/- denoted as 0.00)
(H In crore)
Sr. Nature of For the Subsidiaries Jointly Associates Other Key
No. Transaction Year Ended (including Controlled Related Management
Step-down Entities Parties* Personnel &
Subsidiaries) Non-
Executive
Directors
1 Sale of Goods 31st March, 2021 481.36 72.42 - 498.94 -
31st March, 2020 161.09 29.23 - 3,207.22 -
2 Purchase of 31st March, 2021 4,058.39 - - 3,119.78 -
Goods 31st March, 2020 6,949.19 0.03 - 2,172.14 -
261

Note : 44 (contd)
(H In crore)
Subsidiaries) Non-
Executive
Directors
3 Rendering of 31st March, 2021 1,739.19 5.57 - 503.60 -
Services (incl.
reimbursement of 31st March, 2020 3,152.61 10.27 - 428.30 -
expenses)
4 Services Availed 31st March, 2021 199.41 - 0.05 472.76 -
(incl.
reimbursement of 31st March, 2020 344.08 - - 437.71 -

expenses)
5 Interest Income 31st March, 2021 303.46 0.68 - 1.68 -
31st March, 2020 376.95 0.25 - 9.19 -
6 Interest Expense 31st March, 2021 4.51 - - 148.62 -
31st March, 2020 35.11 0.00 - 71.08 -
7 Rent Income 31st March, 2021 - 0.60 - 1.75 -
Statutory Reports
31st March, 2020 - 0.60 - 1.74 -

8 Rent Expense 31st March, 2021 - - - 12.79 -
31st March, 2020 - - - 9.93 -
9 Donation 31st March, 2021 - - - - -
31st March, 2020 - - - 8.21 -
10 Profit from 31st March, 2021 11.25 - - - -
Corporate Overview
Ltd. Liability
Partnerships 31st March, 2020 0.04 - - - -
11 Loss from 31st March, 2021 0.00 - - - -

Ltd. Liability
31 March, 2020
st
0.00 - - - -
Partnerships
12 Discount 31st March, 2021 - - - 8.96 -
Received on
Prompt Payment 31st March, 2020 - - - 2.43 -
of Bills
13 Discount Given 31st March, 2021 - - - 2.84 -
on Prompt
Payment of Bills 31st March, 2020 - - - 18.15 -
14 Short Term 31st March, 2021 - - - - 58.64

Benefits# 31st March, 2020 - - - - 39.56
15 Commission to 31st March, 2021 - - - - 0.80
Non-Executive
Directors 31st March, 2020 - - - - 0.56
16 Directors Sitting 31st March, 2021 - - - - 0.19

Fees 31st March, 2020 - - - - 0.21
17 Purchase of 31st March, 2021 - - - - -
Assets 31st March, 2020 - - - 0.06 -
18 Sale of Assets 31st March, 2021 0.09 0.04 - 0.00 -
31st March, 2020 0.14 - - 0.01 -
262

Note : 44 (contd)
(H In crore)
Subsidiaries) Non-
Executive
Directors
19 Borrowings (Loan 31st March, 2021 329.50 - - 1,810.08 -
Taken) 31st March, 2020 149.51 0.12 - 3,025.90 -
20 Borrowings (Loan 31st March, 2021 308.75 - - 3,307.30 -
Repaid) 31st March, 2020 548.18 0.12 - 2,185.32 -
21 Loans Given 31st March, 2021 4,178.29 9.01 - 6.36 -
31st March, 2020 1,140.00 75.68 - 562.23 -
Corporate Overview
22 Loans Received 31st March, 2021 3,080.39 1.08 - 5.33 -
back 31st March, 2020 449.26 718.96 - 1,013.55 -
23 Purchase or 31st March, 2021 428.04 2.14 - - -
Subscription of
Investments 31st March, 2020 352.78 4.00 - 0.02 -
24 Sale or 31st March, 2021 256.21 - - - -
Statutory Reports
Redemption of
Investments 31st March, 2020 - - - - -
25 Conversion of 31st March, 2021 - - - - -

Investment in
Preference share
to Investment in 31st March, 2020 56.96 - - - -
Equity share
26 Share Application 31st March, 2021 - - - - -
Money Paid 31st March, 2020 50.00 - - - -
27 Transfer-out 31st March, 2021 3.90 0.03 - 8.83 -
of Employee
31st March, 2020 0.12 - - 0.88 -
Liabilities
28 Transfer-in 31st March, 2021 0.26 - - 2.43 -
of Employee
31st March, 2020 0.48 - - 2.39 -
Liabilities
29 Transfer-out of 31st March, 2021 0.10 - - 0.09 -
Employee Loans
31st March, 2020 0.07 - - 0.06 -
and Advances
30 Transfer-in of 31st March, 2021 0.04 - - 0.00 -
Employee Loans
and Advances 31st March, 2020 0.02 - - 0.06 -
263

Note : 44 (contd)
(iii) Closing Balances with Related Parties
(Balances below H50,000/- denoted as 0.00)
(H In crore)
Sr. Nature of As at Subsidiaries Jointly Associates Other Key
No. Transaction (including Controlled Related Management
Subsidiaries) Non-
Executive
Directors
31 Current Loans 31st March, 2021 2,571.23 11.38 - 15.26 -
31st March, 2020 1,472.13 4.65 - 14.23 -
32 Trade Receivables 31st March, 2021 1,568.66 0.34 - 293.60 -
31st March, 2020 1,467.96 3.75 - 337.47 -

33 Trade Payables 31st March, 2021 1,719.44 - - 321.78 2.60
31st March, 2020 3,704.52 0.13 - 526.98 2.00
34 Short Term 31st March, 2021 42.27 - - 105.45 -
Borrowings 31st March, 2020 21.51 - - 1,102.67 -
35 Long Term 31st March, 2021 - - - - -
Borrowings 31st March, 2020 - - - 500.00 -
Statutory Reports
36 Other Current 31st March, 2021 0.19 - 0.08 0.92 -

Assets 31st March, 2020 5.77 - 0.94 2.29 -
37 Other Non 31st March, 2021 - - - 0.00 -
Current Assets 31st March, 2020 - - - - -
39 Other Current 31st March, 2021 163.36 0.03 - 271.42 -
Liabilities 31st March, 2020 - - - 168.81 -
Corporate Overview
40 Other Non 31st March, 2021 - - - 1.84 -

Current Financial
31st March, 2020 272.44 - - 1.84 -
Assets
41 Other Current 31st March, 2021 19.89 - - 9.99 -
Financial Assets 31st March, 2020 34.17 0.38 - 1.89 -
42 Other Current 31st March, 2021 - - - - -
Financial
31st March, 2020 - - - 4.83 -
Liabilities
43 Guarantee 31st March, 2021 408.50 - - 3,517.68 -
& Collateral
31st March, 2020 469.42 95.70 - 3,407.11 -
Securities
* Entities over which Controlling Entity or Key Management Personnel has significant influence.
Terms & Conditions for Related Party Transactions :
a) Transactions with Related Parties are shown net of taxes.
b) The Company’s material related party transactions and outstanding balances are with related parties with
whom the Company routinely enters into transactions in the ordinary course of business and at arm’s
length basis.
264

Note : 45
Following are the details of loans and advances in nature of loans given to subsidiaries, associates and other
entities in which directors are interested in terms of regulation 53 (F) read together with Para A of Schedule V of
SEBI (Listing Obligation and Disclosure Regulation, 2013).
(a) Loans and advances in the nature of loans to subsidiaries and associates by name and amount :
(H in crore)
Sr. Name of Entity Closing Balance Maximum amount
No. As at Outstanding
31st March, 2021 during the year
1 Adani Agri Fresh Ltd. CY 182.75 223.62
PY 166.62 166.62
2 Parsa Kente Collieries Ltd. CY 798.18 828.72
PY 430.09 438.20
Corporate Overview
3 Mundra Synenergy Ltd. CY Nil 59.88
PY 58.80 58.80
4 Gidhmuri Paturia Collieries Pvt. Ltd. CY 17.62 17.62
PY 5.23 48.00
5 Mundra Copper Ltd. CY 2.72 2.72
PY 1.33 1.33
Statutory Reports
6 Rajasthan Collieries Ltd. CY 19.15 19.15
PY 13.67 13.67
7 Mundra Solar Ltd. CY 2.07 2.07
PY 1.89 31.05
8 Mundra Solar PV Ltd. CY 0.27 187.00
PY 187.00 187.00
9 Chendipada Collieries Pvt. Ltd. CY 0.10 0.55
PY 0.25 0.25
10 Adani Ahmedabad International Airport Ltd. CY 24.91 24.91
PY Nil Nil
11 Adani Guwahati International Airport Ltd. CY 0.07 0.07
PY Nil Nil
12 Adani Jaipur International Airport Ltd. CY 0.06 0.06
PY Nil Nil
13 Adani Lucknow International Airport Ltd. CY 9.11 15.19
PY Nil Nil
14 Adani Mangaluru International Airport Ltd. CY 9.48 9.48
PY Nil Nil
15 Adani Thiruvananthanpuram International Airport Ltd. CY 0.12 0.12
PY Nil Nil
16 Gare Pelma II Mining Pvt. Ltd. CY 0.01 0.01
PY 0.01 1.00
17 Bailadila Iron Ore Mining Pvt. Ltd. CY 78.75 78.75
PY 29.53 29.53
18 Adani Airport Holdings Ltd. CY 511.82 511.82
PY 0.14 0.14
19 Adani Railways Transport Ltd. CY 0.03 0.03
PY Nil Nil
265

Note : 45 (contd)
(H in crore)
20 Surguja Power Pvt. Ltd. CY 11.40 11.40
PY 10.35 10.35
21 Adani Cementation Ltd. CY 119.67 119.67
PY 101.08 101.08
22 Gare Palma II Collieries Pvt. Ltd. CY 49.14 49.14
PY Nil Nil
23 Mundra Solar Technopark Pvt. Ltd. CY 2.96 3.35
PY 3.35 646.97
24 Stratatech Mineral Resources Pvt. Ltd. CY 140.52 140.52

PY 0.01 0.01
25 Adani Green Technology Ltd. CY 2.92 2.92
PY 2.67 2.67
26 Kurmitar Iron Ore Mining Pvt. Ltd. CY 17.22 17.22
PY 0.18 0.18
27 Talabira (Odisha) Mining Pvt. Ltd. CY 252.21 487.02
Statutory Reports
PY 57.62 57.62
28 Jhar Mining Infra Pvt. Ltd. CY 8.42 8.42
PY 1.01 1.01
29 Adani Chendipada Mining Pvt. Ltd. CY 0.14 1.39
PY 0.29 0.53
30 Gare Pelma III Collieries Ltd. CY 109.90 116.67
Corporate Overview
PY 84.07 84.07
31 Adani Defence Systems and Technologies Ltd. CY 10.14 10.14
PY Nil Nil
32 Adani Road Transport Ltd. CY 130.23 345.83
PY 267.62 281.76
33 Bilaspur Pathrapali Road Pvt. Ltd. CY 31.80 31.80
PY 29.10 29.10
34 Prayagraj Water Pvt. Ltd. CY 37.91 37.91
PY 23.34 23.34
35 Adani Water Ltd. CY 0.82 2.43
PY 1.52 7.07
Note :- All the above loans and advances have been given for business purposes.
(b) Loans and advances in the nature of loans to firms / companies in which directors are interested
by name and amount :
(H in crore)
1 Adani Power Ltd. CY Nil Nil
PY Nil 320.16
2 Adani Agri Fresh Ltd. CY 182.75 223.62
PY 166.62 166.62
266

Note : 45 (contd)
(H in crore)
3 Mundra Synenergy Ltd. CY Nil 59.88
PY 58.80 58.80
4 Adani Infrastructure & Developers Pvt. Ltd. CY 7.54 7.54
PY 6.79 105.29
5 Parsa Kente Collieries Ltd. CY 798.18 828.72
PY 430.09 438.20
6 Rajasthan Collieries Ltd. CY 19.15 19.15
PY 13.67 13.67
Corporate Overview
7 Adani Airport Holdings Ltd. CY 511.82 511.82
PY 0.14 0.14
(c) None of the loanee and loanees of subsidiary companies have per se made Investments in the shares of the
Company.
Note : 46
Statutory Reports
Items of Expenditure in the Statement of Profit and Loss include reimbursements for common sharing facilities to
and by the Company.
Note : 47
Pursuant to Ind AS 111 ‘Joint Arrangements’ and Ind AS 112 – ‘Disclosure of Interests in Other Entities’ the interest
of the Company in various Jointly Controlled Assets, Jointly Controlled Entities & Associates are as follows :
(a) Jointly Controlled Assets
The Company jointly with other parties to the joint venture, have been awarded two onshore oil & gas blocks at
Palej and Assam by Government of India through NELP-VI bidding round, has entered into Production Sharing
Contracts (PSC) with Ministry of Petroleum and Natural Gas for exploration of oil and gas in the aforesaid
blocks. NAFTOGAZ India Pvt. Ltd.(NIPL) being one of the parties to consortium was appointed as operator
of the blocks vide Joint Operating Agreements (JOAs) entered into between parties to consortium. The
expenditures related to the activities in the blocks were incurred by Adani Group, Welspun Group or through
their venture Adani Welspun Exploration Ltd.
Government of India had issued a notice intimating the termination of the Production Sharing Contracts
(PSCs) in respect of the Assam and Palej blocks purportedly due to misrepresentation made by the operator of
the blocks - NIPL. The Company had contested the termination and in accordance with the provisions of the
PSC had urged the Government to allow it to continue the activities in Palej block. The Company had already
written off its investment in Assam block in earlier years. During the year, the Company received a letter from
Ministry of Petroleum & Natural Gas confirming termination of its Palej oil exploration block. Accordingly, the
Company has written off project cost of H79.44 crore as exceptional item (Refer Note 36).
267

Note : 47 (contd)
(b) Jointly Controlled Entities & Associates
The Company has Jointly Controlled Interest in Jhar Mining Infra Pvt. Ltd. and has significant influence in
Adani Power Resources Ltd as on 31st March, 2021, the Company has invested sum of H0.03 crore (31st March,
2020 : H0.03 crore) and H0.02 crore (31st March, 2020 : H0.02 crore) respectively.
The Company had Jointly Controlled Interests in Adani Elbit Advanced Systems India Ltd. and Adani Chendipada
Mining Pvt. Ltd. as on 31st March, 2020.
The assets, liabilities, income & expenditure, contingent liabilities and capital commitments of the Jointly
Controlled Entities & Associates are as given below :
(H in crore)
Particulars Adani Elbit Advanced Systems India Ltd. * Adani Chendipada Mining Pvt. Ltd. #
Country of Incorporation India India
% of ownership interest 51% 49%

Relationship Jointly Controlled Entity Jointly Controlled Entity
2019-20 2019-20
Current Assets 10.44 0.00
Non Current Assets 22.23 0.17
Current Liabilities 7.83 2.23
Non Current Liabilities 0.60 -
Income 4.89 0.00
Statutory Reports
Profit/(Loss) for the Year (3.25) (1.98)

Other Comprehensive (0.01) -
Income
Total Comprehensive (3.26) (1.98)
Income / (Loss)
Contingent Liabilities - -
Corporate Overview
Capital Commitments - -
* The Company has sold its 51% stake in Adani Elbit Advanced Systems India w.e.f 02nd September, 2020.
Accordingly, this entity has ceased to be Jointly Controlled Entity.
# The Company has acquired remaining 51% stake in Adani Chendipada Mining Pvt. Ltd. w.e.f 24th August,
2020. Accordingly, status of this entity has changed from Jointly Controlled Entity to Subsidiary.
268

Note : 47 (contd)
(H in crore)
Particulars Jhar Mining Infra Pvt. Ltd. Adani Power Resources Ltd
Country of Incorporation India India
% of ownership interest 51% 49%
Relationship Jointly Controlled Entity Associate
2020-21 2019-20 2020-21 2019-20
Current Assets 0.54 0.71 0.00 0.79
Non Current Assets 11.26 6.31 0.09 0.09
Current Liabilities 12.08 7.31 0.08 0.87
Non Current Liabilities 0.06 - - -
Income 0.00 0.01 0.00 0.95
Profit/(Loss) for the Year (0.05) (0.04) (0.01) (0.01)
Corporate Overview
Other Comprehensive Income - - - -
Total Comprehensive Income / (Loss) (0.05) (0.04) (0.01) (0.01)
Contingent Liabilities - - - -
Capital Commitments 48.85 - - -
Note : 48 Expenses directly attributable to construction period
Statutory Reports
The following expenses including borrowing cost which are specifically attributable to construction of project are
included in Capital Work-In-Progress (CWIP):
(H In crore)
Add: Employee Benefits Expense 14.86 18.04
Add: Finance costs 2.83 3.74
Add: Operating and Other Expenses 6.06 3.77
71.90 69.72
Less: Capitalised during the year - 21.57
Note : 49 Earnings Per Share

Earnings per Equity Share of H1/- each - Basic & Diluted:
Net Profit after tax available for Equity Shareholders (H in crore) 368.81 698.89
Weighted Number of shares used in computing Earnings Per Share 1,09,98,10,083 1,09,98,10,083
Earnings Per Share (face value H1/- each) 3.35 6.35
269

Note : 50 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) committee has been formed
by the Company. During the year, the Company was required to spend H12.57 crore as per the provisions of Section
135 of the Companies Act, 2013.
The CSR activities of the Company are generally carried out through charitable organisations set up by the Group,
where funds are allocated from the Company. These organisations carry out the CSR activities as specified in
Schedule VII of the Companies Act, 2013 on behalf of the Company. During the year, the Company has contributed
H15 crore to PM CARES FUND.
(H in crore)
Particulars Amount Amount yet to be Total
Contributed Contributed
a) Construction / Acquisition of any assets - - -
b) For purpose other than (a) above 15.00 - 15.00
Total 15.00 - 15.00
Note : 51 Recent Pronouncements

On 24th March, 2021, the Ministry of Corporate Affairs (“MCA”) through a notification, amended Schedule III of the
Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from 1st April,
2021.
Balance Sheet:
Statutory Reports
i) Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as
current or non-current.
ii) Certain additional disclosures in the statement of changes in equity such as changes in equity share capital
due to prior period errors and restated balances at the beginning of the current reporting period.
iii) Specified format for disclosure of shareholding of promoters.
iv) Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and
Corporate Overview
intangible asset under development.

v) If a company has not used funds for the specific purpose for which it was borrowed from banks and financial
institutions, then disclosure of details of where it has been used.
vi) Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of
arrangements, compliance with number of layers of companies, title deeds of immovable property not held in
name of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related
parties, details of benami property held etc.
Statement of profit and loss:
i) Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or
virtual currency specified under the head ‘additional information’ in the notes forming part of the standalone
financial statements.
The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.
270

Note : 52
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment
benefits has received Presidential assent on 28th September 2020. The Code has been published in the Gazette
of India. However, the effective date of the Code is yet to be notified and final rules for quantifying the financial
impact are also yet to be issued. In view of this, 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.
Note : 53
Details of Loans given, Investments made and Guarantee given or security provided covered u/s 186 (4) of the
Companies Act, 2013 are given under respective heads (refer note 6 and 44).
Note : 54
As per Ind AS 108, “Operating Segments”, in case a financial report contains both Standalone Financial Statements
Corporate Overview
and Consolidated Financial Statements of the Company, segment information is required to be presented only on
the basis of Consolidated Financial Statements of the Company. Hence, the required segment information has
been disclosed in the Consolidated Financial Statements.
Note : 55
The Board of Directors at its meeting held on 05th May, 2021 have recommended payment of final dividend of H1
(100%) per equity share of the face value of H1 each for the year ended 31st March, 2021. This proposed dividend is
subject to approval of shareholders in the ensuing annual general meeting.
Statutory Reports
Also, during the previous year, the Company had declared and paid an interim dividend of H1.00 (100%) per equity
share of the face value of H1 each for the financial year 2019-20 pursuant to its board meeting held on 17th March
2020.
Note : 56
The spread of COVID-19 pandemic impacted operations and financial results of the Company during the year
ended 31st March, 2021 due to lockdown and restrictions. The operations across various segments have shown
recovery from this impact. The Company has assessed the impact of pandemic on its financial results based on the
internal and external information available upto the date of approval of these financial results. The Company will
continue to closely monitor any material changes to future economic conditions due to this pandemic situation,
Note : 57 Events occurring after the Balance Sheet Date

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to
approval of the financial statements to determine the necessity for recognition and/or reporting of any of these
events and transactions in the financial statements. There are no subsequent events to be recognized or reported
that are not already disclosed.
Note : 58 Approval of financial statements

The financial statements were approved for issue by the board of directors on 5th May, 2021.


271
Independent Auditor’s Report
To
The Members of
Report on the Audit of the Consolidated total comprehensive income, consolidated cash flows
Financial Statements and consolidated changes in equity for the year ended
on that date.
Opinion
Basis for Opinion
We have audited the accompanying Consolidated
Financial Statements of Adani Enterprises Limited We conducted our audit of the Consolidated Financial
Statements in accordance with the Standards on
(hereinafter referred to as “the Parent Company”), its

subsidiaries (the Parent Company and its subsidiaries Auditing specified under section 143(10) of the Act
together referred to as “the Group”), its associates (SAs). Our responsibilities under those standards are
and jointly controlled entities, comprising of the further described in the Auditor’s Responsibilities for
Consolidated Balance Sheet as at 31st March, 2021, the the Audit of the Consolidated Financial Statements
Consolidated Statement of Profit and Loss (including section of our report. We are independent of the
other comprehensive income), the Consolidated Group in accordance with the Code of Ethics issued
Statement of Cash Flows and the Consolidated by the Institute of Chartered Accountants of India
(ICAI) together with the ethical requirements that are
Statutory Reports
Statement of Changes in Equity for the year then ended,

and a summary of significant accounting policies and relevant to our audit of the Consolidated Financial
other explanatory information (herein after referred to Statements under the provisions of the Act and the
as “Consolidated Financial Statements”). Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
In our opinion and to the best of our information and requirements and the ICAI’s Code of Ethics. We believe
according to the explanations given to us and based that the audit evidence we have obtained is sufficient
on the consideration of reports of other auditors on and appropriate to provide a basis for our audit opinion
Corporate Overview
separate financial statements of subsidiaries, associates on the Consolidated Financial Statements.

and jointly controlled entities referred to in the Other
Matters paragraph below the aforesaid Consolidated Key Audit Matters
Financial Statements give the information required Key audit matters are those matters that, in our
by the Companies Act, 2013 (“the Act”) in the manner professional judgment, were of most significance in
so required and give a true and fair view in conformity our audit of the Consolidated Financial Statements
with the Indian Accounting Standards prescribed under of the current year. These matters were addressed in
section 133 of the Act read with the Companies (Indian the context of our audit of the Consolidated Financial
Accounting Standards) Rules, 2015, as amended, Statements as a whole, and in forming our opinion
(“Ind AS”) and other accounting principles generally thereon, and we do not provide a separate opinion
accepted in India, of the consolidated state of affairs of on these matters. We have determined the matters
the Group, its associates and jointly controlled entities described below to be the key audit matters to be
as at 31st March, 2021, and their consolidated profit and communicated in our report.
272

No.
1 Provisions and contingent liabilities relating to Our audit procedures included:
taxation, litigations and arbitrations • Understanding the process followed by the Group
The provisions and contingent liabilities relate to for assessment and determination of the amount
ongoing litigations and claims with various authorities of provisions and contingent liabilities relating to
and third parties. These relate to direct tax, indirect taxation, litigations and claims.
tax, claims and general legal proceedings arising in
• Evaluating the design and implementation and testing
the regular course of business. As at the year ended
operating effectiveness of key internal controls around
31st March, 2021, the amounts involved are significant.
the recognition and measurement of provisions and
The computation of a provision or contingent liability
reassessment of contingent liabilities.
requires significant judgement by the Group because
of the inherent complexity in estimating future • Involving tax professionals with specialised skills and
costs. The amount recognised as a provision is the knowledge to assist in the assessment of the value
best estimate of the expenditure. The provisions and of significant provisions and contingent liabilities
contingent liabilities are subject to changes in the relating to taxation matter, on sample basis, in light
outcomes of litigations and claims and the positions of the nature of the exposures, applicable regulations
taken by the Group. It involves significant judgement and related correspondence with the authorities.
and estimation to determine the likelihood and timing • We have also obtained confirmations from the legal
Corporate Overview
of the cash outflows and interpretations of the legal councils on sample basis where required.
aspects, tax legislations and judgements previously • Inquiring the status in respect of significant provisions
made by authorities. and contingent liabilities with the Group’s internal tax
and legal team, including challenging the assumptions
and critical judgements made by the Group which
impacted the computation of the provisions and
inspecting the computation.
Statutory Reports
2 Timing of Revenue recognition and adjustments for In view of the significance of the matter we applied the
coal quality variances involving critical estimates following audit procedures in this area, among others to
obtain sufficient appropriate audit evidence:
Material estimation by the Group is involved in • Assessing the Group’s accounting policies for revenue
recognition and measurement of its revenue. The value recognition by comparing with the applicable
and timing of revenue recognition for sale of goods accounting standards i.e. Ind AS 115;
varies from contract to contract, and the activity can
span beyond the year end. • Assessing the appropriateness of the estimated
adjustments in the process;
Revenue from sale of goods is recognised when
control is transferred to the customers and when • Testing the design, implementation and operating
there are no other unfulfilled obligations. This requires effectiveness of key internal controls over timing
detailed analysis of each sale agreement/ contract / of recognition of revenue from sale of goods and
customer purchase order regarding timing of revenue subsequent adjustments made to the transaction
recognition. price;
Inappropriate assessment could lead to a risk of • Performing testing on selected statistical samples of
revenue being recognized on sale of goods before the customer contracts. Checked terms and condition
control in the goods is transferred to the customer.
related to acceptance of goods, acknowledged delivery
Subsequent adjustments are made to the transaction receipts and tested the transit time to deliver the
price due to grade mismatch/slippage of the transferred goods and its revenue recognition. Our tests of details
goods (coal).
focused on cut-off samples to verify only revenue
The variation in the contract price if not settled mutually pertaining to current year is recognized based on terms
between the parties to the contract is referred to third and conditions set out in sale agreements/ contracts
party testing and the Group estimates the adjustments
and delivery documents. We also performed tests to
required for revenue recognition pending settlement
of such dispute. establish the basis of estimation of the consideration
and whether such estimates are commensurate with
Such adjustments in revenue are made on estimated
the accounting policy of the Group.
basis following historical trend.
Inappropriate estimation could lead to a risk of revenue
being overvalued or undervalued.
Accordingly, timing of recognition of revenue and
adjustments for coal quality variances involving critical
estimates is a key audit matter.
273

No.
3 Significant judgement relating to impairment of non- Our audit procedures includes :
current assets
The Group has major non-current assets as at • We obtained understanding of the Group’s policy on
31 st March 2021. The Management assesses at least assessment of impairment of non-current assets and
annually the existence of impairment indicators of assumptions used by the Management including
non-current assets. design and implementation of controls. We have
The process and methodologies for assessing and testing operating effectiveness of those controls. ;
determining the recoverable amount of these non- • We have assessed the methodology used by the
current assets are based on the complex assumptions, Management to estimate recoverable value of each
that by their nature imply the use of Management’s non-current asset and consistency with the Ind AS.
judgement, in particular with reference to identification • We compared the carrying value of the Group’s non-
of impairment indicators, forecasting future cashflow current assets with their respective net asset values as
relating to period covered by the Group’s strategic per the audited financial statements..
business plan, normalised cashflow assumed as a basis
• With respect to the cases where indicators of
for terminal values, as well as the long term growth
impairment were identified by the Management, we
rates and discount rates applied to such forecasted
obtained the projections/ future cash flows along with
cash flow.
sensitivity analysis thereof with respect to relevant

Considering the judgement required for estimating the these assets.
cash flows and complexity of the assumptions used,
• We evaluated management’s methodology,
this is considered as a Key Audit Matter.
assumptions and estimates used in the calculation.
• We evolved the subject matter expert internally to
evaluate the appropriateness of the assumptions used.
4 Measurement of inventory quantities of coal Our audit procedures relating to the measurement of
As at 31st March, 2021 the Group has coal inventory inventory quantities of coal included the following:
Statutory Reports
of H1,047.97 crore. This was determined a key audit • Understanding and evaluating the design and
matter, as the measurement of these inventory operating effectiveness of controls over physical
quantities lying at the ports/ yards involves significant count and measurement of such inventory;
judgement and estimate resulting from measuring the
• Evaluation of competency and capabilities of
surface area. The Group uses internal and external
management’s experts;
experts, to perform volumetric assessments, basis
which the quantity for these inventories is estimated. • Involving external expert for quantification of the
Corporate Overview
inventories on sample basis.

• Physically observing inventory measurement and count
procedures carried out by management using experts,
to ensure its appropriateness and completeness; and
• Obtaining and inspecting, inventory measurement and
physical count results for such inventories, including
assessing and evaluating the results of analysis
performed by management in respect of differences
between book and physical quantities.
274

No.
5 Business Combinations Our audit procedures related to the reasonability of the
During the year, the Group has acquired the businesses fair values assigned to assets acquired and liabilities
of PLR Systems Private Limited for a consideration of assumed included the following :
H50.25 crore. The Group accounted for the acquisitions • We tested the Design, Implementation and Operating
under the acquisition method of accounting for effectiveness of controls over the purchase price
business combinations. Accordingly, the purchase allocation process.
price was allocated to the assets acquired and liabilities • We evaluated
(including contingent liabilities, if any) assumed based
- the appropriateness of the valuation methodologies
on their fair values on their respective acquisition
for identified intangibles and
dates.
- reasonableness of the valuation assumptions viz.
The determination of such fair values for the purpose
discount rate / contributory asset charge, as applicable
of purchase price allocation was considered to be
discount rate, including testing the source information
a key focus area of our audit as the fair valuation
underlying the determination of the discount rate,
process involves judgments and estimates such as
testing the mathematical accuracy of the calculation,
appropriateness of the valuation methodology applied
and developing a range of independent estimates
and the discount rates applied to future cash flow
and comparing those to the discount rate selected
forecasts.
Corporate Overview
by independent valuers and relied upon by the
management.
• We evaluated the competencies, capabilities and
objectivity of the independent valuers engaged by the
Company’s management for value analysis of tangible
and intangible assets.
Statutory Reports
Information other than the Consolidated or certified by the management, is traced from the
Financial Statements and Auditor’s Report financial statements audited by the other auditors or
certified by the management.
thereon
The Parent Company’s Management and Board of If, based on the work we have performed or on the basis
Directors is responsible for the other information. The of other auditor’s report, we conclude that there is a
other information comprises the information included material misstatement of this other information; we
in the Group’s annual report, but does not include the are required to report that fact. We have nothing to
Consolidated Financial Statements and our auditor’s report in this regard.
report thereon.
Responsibilities of Management and
Our opinion on the Consolidated Financial Statements Those Charged with Governance for the
does not cover the other information and we do not Consolidated Financial Statements
express any form of assurance conclusion thereon.
The Parent Company’s Management and Board of
In connection with our audit of the Consolidated Directors is responsible for the matters stated in
Financial Statements, our responsibility is to read Section 134(5) of the Companies Act, 2013 (“the Act”)
the other information, compare with the financial with respect to the preparation and presentation of
statements of the subsidiaries, associates and jointly these Consolidated Financial Statements that give
controlled entities audited by the other auditors or a true and fair view of the consolidated financial
certified by the management, to the extent it relates position, consolidated financial performance including
to these entities and, in doing so, place reliance on the other comprehensive income, consolidated cash flows
work of the other auditors and consider whether the and consolidated changes in equity of the Group, its
other information is materially inconsistent with the associates and jointly controlled entities in accordance
Consolidated Financial Statements or our knowledge with the accounting principles generally accepted
obtained during the course of our audit or otherwise in India, including the applicable Indian Accounting
appears to be materially misstated. Other information Standards (Ind AS) prescribed under Section 133 of
so far as it relates to the subsidiaries, associates and the Act, read with the Companies (Indian Accounting
jointly controlled entities audited by the other auditors Standards) Rules, 2015, as amended.
275
The respective Management and Board of Directors economic decisions of users taken on the basis of
of the companies included in the Group and of these Consolidated Financial Statements.
its associates and jointly controlled entities are
As part of an audit in accordance with SAs, we exercise
responsible for maintenance of adequate accounting
professional judgment and maintain professional
records in accordance with the provisions of the Act
scepticism throughout the audit. We also:
for safeguarding the assets of the Group, its associates
and jointly controlled entities and for preventing and • Identify and assess the risks of material
detecting frauds and other irregularities; selection and misstatement of the Consolidated Financial
application of appropriate accounting policies; making Statements, whether due to fraud or error, design
judgments and estimates that are reasonable and and perform audit procedures responsive to those
prudent; and design, implementation and maintenance risks, and obtain audit evidence that is sufficient
of adequate internal financial controls, that were and appropriate to provide a basis for our opinion.
operating effectively for ensuring the accuracy and The risk of not detecting a material misstatement
completeness of the accounting records, relevant to resulting from fraud is higher than for one resulting
the preparation and presentation of the Consolidated from error, as fraud may involve collusion, forgery,
Financial Statements that give a true and fair view and intentional omissions, misrepresentations, or the
are free from material misstatement, whether due to override of internal control.
fraud or error, which have been used for the purpose of
• Obtain an understanding of internal financial
preparation of the Consolidated Financial Statements
controls relevant to the audit in order to design
by the Board of Directors of the Parent Company, as
audit procedures that are appropriate in the

aforesaid.
circumstances. Under section 143(3)(i) of the Act,
In preparing the Consolidated Financial Statements, we are also responsible for expressing our opinion
the management and the Board of Directors of the on whether the Parent Company has adequate
companies included in the Group and of its associates internal financial controls system in place and the
and jointly controlled entities are responsible for operating effectiveness of such controls.
assessing the Group’s ability to continue as a going
• Evaluate the appropriateness of accounting
concern, disclosing, as applicable, matters related
policies used and the reasonableness of
Statutory Reports
to going concern and using the going concern basis

accounting estimates and related disclosures
of accounting unless management either intends to
made by management.
liquidate or to cease operations, or has no realistic
alternative but to do so. • Conclude on the appropriateness of management’s
use of the going concern basis of accounting and,
The respective Board of Directors of the subsidiaries
based on the audit evidence obtained, whether
included in the Group and of its associates and jointly
a material uncertainty exists related to events
controlled entities are also responsible for overseeing
Corporate Overview
or conditions that may cast significant doubt on

the financial reporting process of the Group and its
the ability of the Group, its associates and jointly
associates and jointly controlled entities.
controlled entities to continue as a going concern.
Auditor’s Responsibilities for the Audit of If we conclude that a material uncertainty exists,
the Consolidated Financial Statements we are required to draw attention in our auditor’s
report to the related disclosures in the Consolidated
Our objectives are to obtain reasonable assurance Financial Statements or, if such disclosures are
about whether the Consolidated Financial Statements inadequate, to modify our opinion. Our conclusions
as a whole are free from material misstatement, are based on the audit evidence obtained up to the
whether due to fraud or error, and to issue an auditor’s date of our auditor’s report. However, future events
report that includes our opinion. Reasonable assurance or conditions may cause the Group, its associates
is a high level of assurance, but is not a guarantee and jointly controlled entities to cease to continue
that an audit conducted in accordance with SAs will as a going concern.
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are • Evaluate the overall presentation, structure and
considered material if, individually or in the aggregate, content of the Consolidated Financial Statements,
they could reasonably be expected to influence the including the disclosures, and whether the
276
Consolidated Financial Statements represent the Other Matters

underlying transactions and events in a manner (i) The accompanying Consolidated Financial
that achieves fair presentation. Statements include the Group’s proportionate
• Obtain sufficient appropriate audit evidence share in jointly controlled net assets of H119.83
regarding the financial information of the crore in respect of 2 Unincorporated Jointly
entities or business activities within the Group, Controlled Entities not operated by the Group,
its associates and jointly controlled entities to which is based on unaudited statements which
express an opinion on the Consolidated Financial have been certified by the management and relied
Statements. We are responsible for the direction, upon by us.
supervision and performance of the audit of the (ii)
The accompanying Consolidated Financial
financial statements of such entities included in Statements include Financial Statements of
the consolidated financial Statements of which we 82 subsidiaries which reflect total assets of H
are the independent auditors. For the other entities 34,429.33 crore as at 31st March, 2021 and total
or business activities included in the Consolidated revenues of H26,777.07 crore and total profit after
Financial Statements, which have been audited tax of H696.11 crore, total comprehensive loss of
by other auditors, such other auditors remain H15.52 crore and net cash inflows of H1,246.64 crore
responsible for the direction, supervision and for the year then ended, which have been audited
performance of the audits carried out by them. We by other auditors whose financial statements,
remain solely responsible for our audit opinion. other financial information and auditor’s reports
Corporate Overview
We believe that the audit evidence obtained by us read have been furnished to us by the management. Our
with the ‘Other Matters’ paragraph below, is sufficient opinion on the consolidated financial statements,
and appropriate to provide a basis for our audit opinion in so far as it relates to the amounts and disclosures
on the Consolidated Financial Statements. included in respect of these subsidiaries is based
solely on the reports of such other auditors.
We communicate with those charged with governance
of the Parent Company and such other entities included (iii)
in the Consolidated Financial Statements of which we Statements include the Group’s share of Net
Statutory Reports
are the independent auditors regarding, among other Loss after tax of H0.04 crore for the year ended
matters, the planned scope and timing of the audit 31st March, 2021, in respect of 7 Associates and
and significant audit findings, including any significant 1 Jointly Controlled Entities, which have been
deficiencies in internal control that we identify during audited by other auditors, whose financial
our audit. statements, other financial information and
auditor’s reports have been furnished to us by the
We also provide those charged with governance with management. Our opinion on the consolidated
a statement that we have complied with relevant financial statements, in so far as it relates to the
ethical requirements regarding independence, and to amounts and disclosures included in respect of
communicate with them all relationships and other these associates and jointly controlled entities
matters that may reasonably be thought to bear on is based solely on the reports of such other
our independence, and where applicable, related auditors.
safeguards.
(iv)
From the matters communicated with those charged Statements include Financial Statements of 24
with governance, we determine those matters that were subsidiaries which reflect total assets of H45.76
of most significance in the audit of the Consolidated crore as at 31st March, 2021 and total revenues of
Financial Statements of the current year and are H36.12 crore and total profit after tax of H3.73 crore,
therefore the key audit matters. We describe these total comprehensive income of H6.10 crore and
matters in our auditor’s report unless law or regulation net cash outflows of H0.90 crore for the year then
precludes public disclosure about the matter or when, ended whose financial statements are unaudited
in extremely rare circumstances, we determine that and have been furnished to us by the Management
a matter should not be communicated in our report and our opinion on the Consolidated Financial
because the adverse consequences of doing so would Statements in so far as it relates to the amounts
reasonably be expected to outweigh the public interest and disclosures included in respect of these
benefits of such communication. Subsidiaries is based solely on such unaudited
financial statements. In our opinion and according
277
to the information and explanations given to us by Report on Other Legal and Regulatory
the Board of Directors, these financial statements Requirements
are not material to the Group.
1. As required by Section 143(3) of the Act, based on
(v) Certain of these subsidiaries are located outside our audit and on the consideration of the reports
India whose financial statements and other financial of other auditors on separate financial statements
information have been prepared in accordance with of its subsidiaries, associates and jointly controlled
accounting principles generally accepted in their entities incorporated in India, referred in the Other
respective countries and which have been audited Matters paragraph above we report, to the extent
by other auditors under generally accepted auditing applicable, that:
standards applicable in their respective countries.
a) We have sought and obtained all the
The Company‘s management has converted
information and explanations which to the best
the financial statements of such subsidiaries
of our knowledge and belief were necessary
located outside India from accounting principles
for the purposes of our audit of the aforesaid
generally accepted in their respective countries to
Consolidated Financial Statements;
accounting principles generally accepted in India.
We have audited these conversion adjustments b) In our opinion, proper books of account as
made by the Company‘s management. Our opinion required by law relating to preparation of the
in so far as it relates to the balances and affairs aforesaid Consolidated Financial Statements
of such subsidiaries located outside India is based have been kept so far as it appears from our
on the report of other auditors and the conversion examination of those books and the reports of
adjustments prepared by the management of the the other auditors;
Company and audited by us.
c) The Consolidated Balance Sheet, the
(vi)
The accompanying Consolidated Financial Consolidated Statement of Profit and Loss
Statements include the Group’s share of Net including other comprehensive income, the
Loss after tax of H62.76 crore for the year ended Consolidated Statement of Cash Flows and the
31st March, 2021, in respect of 6 Associates and Consolidated Statement of Changes in Equity
7 Jointly Controlled Entities whose financial
Statutory Reports
dealt with by this Report are in agreement

statements are unaudited and have been furnished with the books of account maintained for the
to us by the Management and our opinion on the purpose of preparation of the Consolidated
consolidated financial statements in so far as it Financial Statements;
relates to the amounts and disclosures included in
respect of these associates and jointly controlled d) In our opinion, the aforesaid Consolidated
entities is based solely on such unaudited financial Financial Statements comply with the Indian
statements. In our opinion and according to the Accounting Standards specified under Section
Corporate Overview
information and explanations given to us by the 133 of the Act.

Board of Directors, these financial statements are e) On the basis of the written representations
not material to the Group. received from the directors of the Parent
(vii) Attention is drawn to the fact that some of the Company as on 31st March, 2021 taken on
subsidiary companies are incurring continuous record by the Board of Directors of the Parent
losses and have a negative net current assets Company, and the reports of the statutory
position. However, the financial statements of auditors of its subsidiaries, associates and
these subsidiary companies have been prepared jointly controlled entities, none of the directors
on a going concern basis considering financial of the Group Companies is disqualified as on
support from Parent and other fellow subsidiaries. 31st March, 2021 from being appointed as a
director in terms of Section 164 (2) of the Act.
Our opinion on the Consolidated Financial Statements,
and our report on Other Legal and Regulatory f) With respect to the adequacy of the internal
Requirements below, is not modified in respect of the financial controls over financial reporting of
above matters with respect to our reliance on the work the Group, its associates and jointly controlled
done and the reports of the other auditors and the entities and the operating effectiveness of
Financial Statements certified by the Management. such controls, refer to our separate Report in
“Annexure A”.
278
g) With respect to the other matters to be In our opinion and according to the information
included in the Auditor’s Report in accordance and explanations given to us and based on the
with Rule 11 of the Companies (Audit and reports of the statutory auditors of subsidiaries
Auditors) Rules, 2014, in our opinion and to the and an associate incorporated in India which
best of our information and according to the were not audited by us, the remuneration paid
explanations given to us: during the current year by the Parent Company, its
subsidiaries and its associate incorporated in India,
i. The Consolidated Financial Statements
to its directors is in accordance with the provisions
disclose the impact of pending litigations
of Section 197 of the Act. The remuneration paid to
on the consolidated financial position
any director by the Parent Company, its subsidiaries
of the Group, its associates and jointly
and its associate incorporated in India, is not in
controlled entities – Refer Note 4 (a),
excess of the limit laid down under Section 197
4 (b) and 49 to the Consolidated Financial
of the Act. The Ministry of Corporate Affairs has
Statements;
not prescribed other details under Section 197(16)
ii. Provision has been made in the which are required to be commented upon by us.
Consolidated Financial Statements, as
required under the applicable law or
Ind AS, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts – Refer Note 39 to the
Corporate Overview
Consolidated Financial Statements; Chartered Accountants
iii. There has been no delay in transferring Firm’s Registration No. 118707W/W100724
amounts, required to be transferred, to the
Investor Education and Protection Fund
by the Parent Company and other group
companies incorporated in India. Ankit Ajmera
Partner
Statutory Reports
2. With respect to the matters to be included in Membership No. 434347
the Auditor’s Report in accordance with the UDIN : 21434347AAAADE8702
requirements of section 197(16) of the Act, as Place: Ahmedabad
amended: Date : 5th May 2021
279
Annexure – A to the Independent Auditor’s Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory
Report on the Internal Financial Controls and detection of frauds and errors, the accuracy and
under Clause i of sub-section 3 of section completeness of the accounting records, and the
timely preparation of reliable financial information, as
143 of the Companies Act 2013 (the Act). required under the Act.
Opinion Auditor’s Responsibility
We have audited the internal financial controls over Our responsibility is to express an opinion on the
financial reporting of Adani Enterprises Limited internal financial controls over financial reporting
(hereinafter referred to as “the Parent Company”), its of the Parent Company, its subsidiaries, associates
subsidiaries (the Parent Company and its subsidiaries and jointly controlled entities, which are companies
together referred to as “the Group”), its associates and incorporated in India, based on our audit. We
jointly controlled entities which are incorporated in conducted our audit in accordance with the Guidance
India, as of 31st March, 2021 in conjunction with our Note and the Standards on Auditing, issued by ICAI and
audit of the Consolidated Financial Statements of the deemed to be prescribed under section 143(10) of the
Group, its associates and jointly controlled entities for Companies Act, 2013, to the extent applicable to an
the year ended on that date. audit of internal financial controls, both applicable to
In our opinion, to the best of our information and an audit of Internal Financial Controls and both issued
according to the explanations given to us and based by the ICAI. Those Standards and the Guidance Note
require that we comply with ethical requirements
Statutory Reports
on the consideration of reports of the other auditors,

as referred to in Other Matters paragraph, the Group, and plan and perform the audit to obtain reasonable
its associates and jointly controlled entities, which are assurance about whether adequate internal financial
companies incorporated in India, have maintained, in controls over financial reporting was established and
all material respects, an adequate internal financial maintained and if such controls operated effectively in
controls system over financial reporting and such all material respects.
internal financial controls over financial reporting were Our audit involves performing procedures to obtain
Corporate Overview
operating effectively as at 31st March, 2021, based on audit evidence about the adequacy of the internal
the internal control over financial reporting criteria financial controls system over financial reporting and
established by the Parent Company considering the their operating effectiveness. Our audit of internal
essential components of internal control stated in the financial controls over financial reporting included
Guidance Note issued by the ICAI. obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that
Management’s Responsibilities for Internal
a material weakness exists, and testing and evaluating
Financial Controls the design and operating effectiveness of internal
The respective Board of Directors or management of control based on the assessed risk. The procedures
the Companies, which are companies incorporated in selected depend on the auditor’s judgment, including
India, are responsible for establishing and maintaining the assessment of the risks of material misstatement
internal financial controls based on the internal of the Consolidated Financial Statements, whether due
control over financial reporting criteria established by to fraud or error.
the respective Companies considering the essential
components of internal control stated in the Guidance We believe that the audit evidence we have obtained
Note on Audit of Internal Financial Controls over and the audit evidence obtained by the other auditors
Financial Reporting (the ‘Guidance Note’) issued by in terms of their reports referred to in the Other
the ICAI. These responsibilities include the design, Matters paragraph below, is sufficient and appropriate
implementation and maintenance of adequate internal to provide a basis for our audit opinion on the internal
financial controls that were operating effectively financial controls system over financial reporting of the
for ensuring the orderly and efficient conduct of its Parent Company, its subsidiaries, associates and jointly
business, including adherence to respective company’s controlled entities, which are companies incorporated
policies, the safeguarding of its assets, the prevention in India.
280
Other Matters made only in accordance with authorizations of

Our report under Section 143(3)(i) of the Act on the management and directors of the company; and
adequacy and operating effectiveness of the internal (3) provide reasonable assurance regarding prevention
financial controls over financial reporting of the or timely detection of unauthorized acquisition,
Parent Company, its subsidiaries, associates and jointly use, or disposition of the company’s assets that
controlled entities, which are companies incorporated could have a material effect on the financial
in India, in so far as it relates to separate financial statements.
statements of 48 subsidiaries and 1 associates is based
on the corresponding reports of the auditors of such Inherent Limitations of Internal Financial
subsidiaries and associates, which are companies Controls over Financial Reporting
Corporate Overview
incorporated in India. Because of the inherent limitations of internal
We do not comment on the adequacy and operating financial controls over financial reporting, including
effectiveness of the internal financial controls over the possibility of collusion or improper management
financial reporting of 6 subsidiaries, 5 associates and override of controls, material misstatements due to
1 jointly controlled entity incorporated in India, whose error or fraud may occur and not be detected. Also,
financial statements are unaudited and have been projections of any evaluation of the internal financial
furnished to us by the Management. controls over financial reporting to future periods are
subject to the risk that the internal financial control
Statutory Reports
Meaning of Internal Financial Controls over over financial reporting may become inadequate
Financial Reporting because of changes in conditions, or that the degree
A company’s internal financial control over financial of compliance with the policies or procedures may
reporting is a process designed to provide reasonable deteriorate.
assurance regarding the reliability of financial
reporting and the preparation of financial statements
for external purposes in accordance with generally
accepted accounting principles. A company’s internal
financial control over financial reporting includes those For SHAH DHANDHARIA & CO LLP
policies and procedures that: Chartered Accountants
Firm’s Registration No. 118707W/W100724
(1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the
company; Ankit Ajmera
Partner
(2) provide reasonable assurance that transactions Membership No. 434347
are recorded as necessary to permit preparation of UDIN : 21434347AAAADE8702
financial statements in accordance with generally
accepted accounting principles, and that receipts Place: Ahmedabad
and expenditures of the company are being Date : 5th May 2021
281
Consolidated Balance Sheet

as at 31st March, 2021
(H in crore)
Particulars Notes As at As at
31 March, 2021
st
31 March, 2020
st
ASSETS
I NON-CURRENT ASSETS
(a) Property, Plant & Equipments 3 5,647.48 6,446.75
(b) Capital Work-In-Progress 4 8,686.27 7,231.14
(c) Investment Properties 5 31.40 31.86
(d) Goodwill 3 151.97 139.13
(e) Other Intangible Assets 3 5,006.76 3,858.72
(f) Intangible Assets under Development 4 139.19 115.59
(g) Financial Assets
(i) Investments 6 5,473.43 1,897.53
(ii) Loans 7 3,199.01 945.87
(iii) Other Financial Assets 8 2,237.96 948.14
(h) Deferred Tax Assets (net) 9 76.54 272.77
(i) Income Tax Assets (net) 238.87 277.97
(j) Other Non-Current Assets 10 790.67 549.97
31,679.55 22,715.44
II CURRENT ASSETS
(a) Inventories 11 1,757.04 2,562.37
(b) Financial Assets
(i) Investments 12 29.51 54.96

(ii) Trade Receivables 13 11,982.65 13,146.53
(iii) Cash & Cash Equivalents 14 666.15 2,124.69
(iv) Bank Balances other than (iii) above 15 1,144.67 1,251.99
(v) Loans 16 1,413.10 1,959.86
(vi) Other Financial Assets 17 1,382.45 1,463.83
(c) Other Current Assets 18 1,587.74 1,618.69
19,963.31 24,182.92
Total Assets 51,642.86 46,898.36
EQUITY AND LIABILITIES
Statutory Reports
EQUITY
(a) Equity Share Capital 19 109.98 109.98
(b) Other Equity 20 17,048.59 16,836.59
Equity attributable to owners of the Company 17,158.57 16,946.57
(c) Non Controlling Interests 1,751.44 1,263.37
Total Equity 18,910.01 18,209.94
LIABILITIES
I NON-CURRENT LIABILITIES
Corporate Overview
(i) Borrowings 21 9,523.30 3,515.81

(ii) Other Financial Liabilities 22 1,353.78 1,219.64
(b) Provisions 23 76.82 63.00
(c) Deferred Tax Liabilities (net) 9 26.14 23.30
(d) Other Non-Current Liabilities 24 269.72 577.79
11,249.76 5,399.54
II CURRENT LIABILITIES
(i) Borrowings 25 5,770.01 8,136.84
(ii) Trade Payables 26
- Total outstanding dues of creditors other than micro and small enterprises 11,708.47 11,778.55
(iii) Other Financial Liabilities 27 2,377.23 1,368.93
(b) Other Current Liabilities 28 1,490.46 1,858.47
(c) Provisions 29 64.76 61.46
(d) Current Tax Liabilities (net) 24.29 49.52
21,483.09 23,288.88
Total Liabilities 32,732.85 28,688.42
Total Equity and Liabilities 51,642.86 46,898.36
The accompanying notes are an integral part of these consolidated financial statements.



282
Consolidated Statement of Profit & Loss

(H in crore)
Particulars Notes For the year ended For the year ended
Income
Revenue from Operations 30 39,537.13 43,402.56
Other Income 31 753.80 683.65
Total Income 40,290.93 44,086.21
Expenses
Cost of Materials Consumed 32 1,948.90 1,750.17
Purchases of Stock-in-Trade 27,842.18 32,600.03
Changes in Inventories of Finished Goods, Work In Progress and Stock-in-Trade 456.74 310.13
Employee Benefits Expense 33 829.31 682.48
Finance Costs 34 1,376.85 1,572.32
Depreciation and Amortisation Expense 3 537.14 472.06
Operating and Other Expenses 35 5,954.95 5,775.44
Total Expenses 38,946.07 43,162.63
Profit before exceptional items and tax 1,344.86 923.58
Add / (Less) : Exceptional items (Net) 36 (258.89) 198.75
Profit for the year before tax 1,085.97 1,122.33
Corporate Overview
Tax Expense 9
Current Tax 123.73 240.63
Adjustment for Earlier Years (1.07) 0.75
Deferred Tax (including MAT) 216.99 82.95
Profit for the year before Share of Profit from Jointly Controlled Entities & 746.32 798.00
Associates
Add : Share of Profit from Jointly Controlled Entities & Associates 299.44 241.99
Profit for the year 1,045.76 1,039.99
Statutory Reports
Item that will not be reclassified to Profit and Loss
(i) Remeasurement of defined benefit plans (4.89) (3.85)
(ii) Income tax relating to the above items 1.30 1.19
Total (3.59) (2.66)
Item that will be reclassified to Profit and Loss
(i) Exchange differences on translation of financial statements of foreign (708.27) 1,241.12
subsidiaries
(ii) Income tax relating to the above item - -
Total (708.27) 1,241.12
Other Comprehensive Income / (Loss) (After Tax) (711.86) 1,238.46
Total Comprehensive Income for the Year 333.90 2,278.45
Net Profit attributable to :
Owners of the Company 922.64 1,138.17
Non Controlling Interests 123.12 (98.18)
1,045.76 1,039.99
Other Comprehensive Income / (Loss) attributable to :
Owners of the Company (712.09) 1,238.12
Non Controlling Interests 0.23 0.34
(711.86) 1,238.46
Total Comprehensive Income attributable to :
Owners of the Company 210.55 2,376.29
Non Controlling Interests 123.35 (97.84)
333.90 2,278.45
Earning per Equity Share of H1/- each - Basic & Diluted 52 8.39 10.35



283
284
Consolidated Statement of Changes in Equity
A. Equity Share Capital

Particulars No. of Shares (H in crore)
Balance as at 1st April, 2019 1,09,98,10,083 109.98

B. Other Equity
(H in crore)
Particulars Attributable to the Owners of the Company Non Total Other
Reserves and Surplus Other Total Other Controlling Equity
Comprehensive Equity Interests
Income attributable to
General Securities Retained Capital Amalgamation Foreign Currency owners of the
Reserve Premium Earnings Reserve on Reserve Translation Company
Consolidation Reserve
Balance as at 1st April, 2019 420.19 982.64 10,859.29 35.52 38.91 2,309.41 14,645.96 387.77 15,033.73
Profit for the year - - 1,138.17 - - - 1,138.17 (98.18) 1,039.99
Other Comprehensive Income - - (3.00) - - 1,241.12 1,238.12 0.34 1,238.46
/ (Loss) for the year
Total Comprehensive Income - - 1,135.17 - - 1,241.12 2,376.29 (97.84) 2,278.45
for the year
- Transfer to General Reserve 25.00 - (25.00) - - - - - -
- Dividend on Equity Shares - - (43.99) - - - (43.99) - (43.99)
- Tax on Dividend - - (9.04) - - - (9.04) - (9.04)
- Interim Dividend on Equity - - (109.98) - - - (109.98) - (109.98)
Shares
- Tax on Interim Dividend - - (22.62) - - - (22.62) - (22.62)
- On account of Acquisition of - - - - - - - 909.81 909.81
Subsidiary
- Transaction with Non - - - - - - - 63.60 63.60
Controlling Interests
- On account of Consolidation - - (0.03) - - - (0.03) 0.03 -
Adjustments
Balance as at 31st March, 2020 445.19 982.64 11,783.80 35.52 38.91 3,550.53 16,836.59 1,263.37 18,099.96
Consolidated Statement of Changes in Equity
B. Other Equity (contd)

(H in crore)
Particulars Attributable to the Owners of the Company Non Total Other
Reserves and Surplus Other Total Other Controlling Equity
Comprehensive Equity Interests
Income attributable to
General Securities Retained Capital Amalgamation Foreign Currency owners of the
Reserve Premium Earnings Reserve on Reserve Translation Company
Consolidation Reserve
Balance as at 1st April, 2020 445.19 982.64 11,783.80 35.52 38.91 3,550.53 16,836.59 1,263.37 18,099.96
Profit for the year - - 922.64 - - - 922.64 123.12 1,045.76
Other Comprehensive Income - - (3.82) - - (708.27) (712.09) 0.23 (711.86)
/ (Loss) for the year
Total Comprehensive Income - - 918.82 - - (708.27) 210.55 123.35 333.90
for the year
- Transfer to General Reserve 25.00 - (25.00) - - - - - -
- On account of Acquisition of - - - - - - - 7.82 7.82
Subsidiary
- Movement within Non - - - - - - - 356.90 356.90
Controlling Interests
- On account of Consolidation - - 1.45 - - - 1.45 - 1.45
Adjustments
Balance as at 31st March, 2021 470.19 982.64 12,679.07 35.52 38.91 2,842.26 17,048.59 1,751.44 18,800.03


285

Consolidated Statement of Cash Flow

(H in crore)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax 1,085.97 1,122.33
Adjustments for :
Depreciation, Amortisation & Impairment 616.58 601.79
Dividend Income from Non Current Investments (0.01) -
Dividend Income from Current Investments (0.03) (0.02)
Profit from Partnership Firm (0.17) -
Net Gain on Sale of Current / Non Current Investments (1.83) (11.76)
Government Incentives (43.74) (54.02)
(Profit) / Loss on Sale of Property, Plant & Equipments (net) (2.73) (42.54)
Bad Debts / Provision for Doubtful Debts, Loans & Advances 49.14 131.08
Liabilities no longer required written back (11.11) (23.15)
Unrealised Exchange Rate Difference (461.57) 410.04

Finance Costs 1,376.85 1,572.32
Write off for Interest on delayed payments 179.45 -
Interest Income (431.46) (524.26)
Operating Profit before Working Capital Changes 2,355.34 3,181.81
Adjustments for :
(Increase) / Decrease in Trade Receivables & Other Financial (248.23) 455.16
Statutory Reports
Assets
(Increase) / Decrease in Inventories 343.42 172.59
(Increase) / Decrease in Other Current & Non-Current Assets (12.76) (472.69)
Increase / (Decrease) in Other Current & Non-Current (266.93) 253.85
Liabilities
Increase / (Decrease) in Trade Payables, Other Financial 2,034.88 (870.03)
Liabilities & Provisions
Corporate Overview
Cash Generated from Operations 4,205.71 2,720.69

Direct Taxes Paid (net) (112.18) (267.13)
Net Cash from Operating Activities (A) 4,093.53 2,453.56
B. CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant & Equipments, (4,138.98) (2,901.16)
Intangible Assets and Investment Properties
(after adjustment of increase / decrease of Capital Work-in-
Progress and Capital Advances)
Investment in Jointly Controlled Entities & Associates (3,488.13) (253.15)
(including Share Application Money) (Net)
Proceeds from Sale / Disposal of Property, Plant & 779.99 179.66
Equipments
Non Current Loans advanced (5,624.93) (1,540.08)
Non Current Loans received back 3,371.15 1,973.73
Current Loans (advanced to) / received back (net) 546.76 279.38
Withdrawal / (Investments) in Other Bank Deposits (net) 107.32 (480.05)
Sale / (Purchase) of Current Investments (net) 27.28 (40.38)
Profit from Partnership Firm 0.17 -
Dividend from Current Investments (0.02) 0.02
Dividend from Non Current Investments 0.01 -
Interest Received 321.99 459.06
Proceeds from Sale of Non Current Investments 195.00 -
Net Cash Generated from / (used in) Investing Activities (B) (7,902.39) (2,322.97)
286
Consolidated Statement of Cash Flow

(H in crore)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Non Current Borrowings 7,520.06 3,274.08
Repayment of Non Current Borrowings (1,760.15) (3,255.49)
Proceeds / (Repayment) from Current Borrowings (net) (1,337.15) 1,161.34
Transaction with Non Controlling Interests (186.18) 63.60
Government Grant received 51.23 293.77
Finance Costs paid (1,211.70) (1,532.16)
Payment of Lease Liabilities (17.52) (40.41)
Dividend paid (Including Dividend Tax) - (53.03)
Interim Dividend paid (Including Dividend Tax) - (132.60)
Net Cash Generated from / (used in) Financing Activities (C) 3,058.59 (220.90)
D. OTHERS
Corporate Overview
Exchange Difference arising on conversion taken to Foreign (708.27) 1,241.12
Currency Translation Reserve
Net Cash Flow from Others (D) (708.27) 1,241.12
Net Increase in Cash and Cash Equivalents (A+B+C+D) (1,458.54) 1,150.81
Cash and Cash Equivalents at the beginning of the year 2,124.69 973.88
Cash and Cash Equivalents at the end of the year 666.15 2,124.69
Cash and Cheques on Hand 1.25 0.89
Statutory Reports
Balances with Scheduled Banks
- On Current Accounts 506.93 1,590.91
- On Fixed Deposit Accounts - (original maturity less than three months) 157.97 532.89
Cash and Cash Equivalents at the end of the year 666.15 2,124.69
Note :
1 The Consolidated Statement of Cash Flow has been prepared under the indirect method as set out in Indian
Accounting Standard (Ind AS 7) Statement of Cash Flows.
2 As per the amendment in Ind AS 7 ‘Statement of Cash flow’ : Disclosure of changes in liabilities arising from
financing activities :
(H in crore)
Particulars Opening Balance Cash Flow Changes Non-Cash Changes Closing Balance
Non Current 4,282.46 5,759.91 188.82 10,231.19
Borrowing (including
Current Maturity)
Current Borrowing 8,136.84 (1,337.15) (1,029.68) 5,770.01
Total 12,419.30 4,422.76 (840.86) 16,001.20


287
Notes forming part of the Consolidated Financial Statements

1 Corporate Information Consolidated financial statements are prepared

Adani Enterprises Limited (‘the Company’, ‘AEL’) using uniform accounting policies for like
is a listed public company domiciled in India transactions and other events in similar
and incorporated under the provisions of the circumstances. If a member of the group uses
Companies Act, 1956, having its registered office at accounting policies other than those adopted in
“Adani Corporate House”, Shantigram, Near Vaishno the consolidated financial statements, appropriate
Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - adjustments are made to that group member’s
382421, Gujarat, India. Its shares are listed on the financial statements in preparing the consolidated
Bombay Stock Exchange and the National Stock financial statements to ensure conformity with the
Exchange. AEL along with its subsidiaries and group’s accounting policies.
other group companies (“Adani Group”) is a global The financial statements of all the entities used for
integrated infrastructure player with businesses the purpose of consolidation are drawn up to same
spanning coal trading, coal mining, oil & gas reporting date as that of the parent company. When
exploration, ports, multi-model logistics, power the end of the reporting period of the parent is
generation and transmission, gas distribution and different from that of a subsidiary, jointly controlled
edible oil & agro commodities. entities or associate, the respective entity prepares,
for consolidation purposes, additional financial
2 Significant Accounting Policies information as of the same date as the financial
I. Basis of Preparation statements of the parent to enable the parent to
a) Statement of Compliance consolidate the financial information of the said
entity, unless it is impracticable to do so.
The consolidated financial statements of the
Statutory Reports
Company have been prepared in accordance with The consolidated financial statements have been
Indian Accounting Standards (Ind AS) notified prepared on the following basis.
under Section 133 of the Companies Act, 2013 read
Subsidiaries
with the Companies (Indian Accounting Standards)
Rules, 2015, as amended from time to time and Subsidiaries are all entities over which the Group
other accounting principles generally accepted in has control. The Group controls an entity when the
India. Group is exposed, or has rights, to variable returns
Corporate Overview
from its power and involvement with the investee

These consolidated financial statements have been and has the ability to affect those returns through
prepared and presented under the historical cost its power over the investee.
convention with the exception of certain assets
and liabilities that are required to be carried at fair Subsidiaries are considered for consolidation when
values by Ind AS. Fair value is the price that would the Group obtains control over the subsidiary and
be received to sell an asset or paid to transfer a are derecognised when the Group loses control of
liability in an orderly transaction between the the subsidiary. Subsidiaries have been consolidated
market participants at the measurement date. on a line-by-line basis by adding together the book
values of the like items of assets, liabilities, equity,
The financial statements are presented in INR income and expenses. Intercompany transactions,
except when otherwise stated. All amounts have balances and unrealised gains resulting on intra-
been rounded-off to the nearest crore, unless group transactions are eliminated in full. Unrealised
otherwise indicated. losses resulting from intra-group transactions are
b) Principles of Consolidation eliminated in arriving at the carrying amount of
assets unless transaction provides an evidence of
The consolidated financial statements comprise
impairment of transferred asset.
the financial statements of the Company,
its subsidiaries and equity accounting of its Non-controlling interests represent the portion of
investment in associates and jointly controlled profit or loss and net assets not held by the Group
entities. and are presented separately in the Statement of
288

Profit and Loss and Consolidated Balance Sheet, controlled entity is initially recognised at cost and
separately from parent shareholders’ equity, adjusted thereafter to recognise the Group’s share
profit and loss and each component of other of post acquisition profits or losses and that of
comprehensive income (OCI) are attributed to the other comprehensive income of the associate or
equity holders of the parent of the Group and to jointly controlled entity. Distributions received from
the non-controlling interests, even if this results an associate or a jointly controlled entity reduce
in the non-controlling interests having a deficit the carrying amount of the investment. Unrealised
balance. gains and losses resulting from transactions
between the Group, Jointly Controlled Entity and
Changes in the Group’s ownership interests in
Associate entities are eliminated to the extent of
subsidiaries that do not result in the Group losing
the interest in the Jointly Controlled Entity and
control over the subsidiaries are accounted for as
Associate entities.
equity transactions. The carrying amounts of the
Group’s interests and the non-controlling interests After application of the equity method, at each
are adjusted to reflect the changes in their relative reporting date, the Group determines whether
Corporate Overview
interests in the subsidiaries. there is objective evidence that the investment in
the associate or jointly controlled entity is impaired.
Associates and Jointly Controlled Entities - Equity
If there exists such evidence, the Group determines
Accounting
extent of impairment and then recognises the loss
An associate is an entity over which the Group has in the Statement of Profit and Loss.
significant influence. Significant influence is the
power to participate in the financial and operating Upon loss of significant influence over the
associate or joint control over the jointly controlled
Statutory Reports
policy decisions of the investee but is not control
or joint control over those policies. entity, the Group measures and recognises any
retained investment at its fair value. Any difference
A jointly controlled entity is a joint arrangement between the carrying amount of the associate or
whereby the parties that have joint control of the the jointly controlled entity and the fair value of the
arrangement have rights to the net assets of the retained investment and proceeds from disposal is
joint arrangement. Joint control is the contractually recognised in profit and loss.
agreed sharing of control of an arrangement, which
exists only when decisions about the relevant Unincorporated Entities
activities require unanimous consent of the parties In case of unincorporated entities in the nature
sharing control. of a Joint Operation, the Group recognizes its
direct right and its share of jointly held or incurred
The results and assets and liabilities of associates
assets, liabilities, contingent liabilities, revenues
and jointly controlled entities are incorporated in
and expenses of joint operations. These have been
the consolidated financial statements using the
incorporated in these financial statements under
equity method of accounting. Under the equity
the appropriate headings.
method, an investment in an associate or a jointly
289

The list of Companies / Firms included in consolidation, relationship with the Company and shareholding therein is
as under. The reporting date for all the entities is 31st March, 2021 except otherwise specified.
Sr. Name of Company / Firm Country of Relationship Shareholding as at
No. Incorporation 31st March 2021 31st March 2020
1 Adani Global Ltd (AGL) Mauritius Subsidiary 100% by AEL 100% by AEL
2 Adani Global FZE (AGFZE) U.A.E. Subsidiary 100% by AGL 100% by AGL
3 Adani Global DMCC U.A.E. Subsidiary 100% by AGFZE 100% by AGFZE
4 Adani Global Pte Ltd (AGPTE) Singapore Subsidiary 100% by AGL 100% by AGL
5 PT Adani Global (PTAGL) Indonesia Subsidiary 95% by AGPTE, 95% by AGPTE,
5% by AGL 5% by AGL
6 PT Adani Global Coal Trading Indonesia Subsidiary 95% by AGPTE, 95% by AGPTE,
(PTAGCT) 5 % by AGL 5 % by AGL
7 PT Coal Indonesia (PTCI) Indonesia Subsidiary 99.33% by PTAGL, 99.33% by PTAGL,
0.67% by PTAGCT 0.67% by PTAGCT

8 PT Sumber Bara (PTSB) Indonesia Subsidiary 99.33% by PTAGL, 99.33% by PTAGL,
9 PT Energy Resources (PTER) Indonesia Subsidiary 99.33% by PTAGL, 99.33% by PTAGL,
10 PT Niaga Antar Bangsa (PTNAB) Indonesia Subsidiary 75% by PTSB, 75% by PTSB,
25% by PTER 25% by PTER
Statutory Reports
11 PT Niaga Lintas Samudra (PTNLS) Indonesia Subsidiary 75% by PTSB, 75% by PTSB,
25% by PTER 25% by PTER
12 PT Gemilang Pusaka Pertiwi Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
25% by PTNLS 25% by PTNLS
13 PT Hasta Mundra Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
14 PT Lamindo Inter Multikon Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
Corporate Overview

15 PT Suar Harapan Bangsa Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
16 PT Tambang Sejahtera Bersama Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
upto 16th Oct, 2020
17 Adani Agri Fresh Ltd (AAFL) India Subsidiary 100% by AEL 100% by AEL
18 Natural Growers Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
19 Parsa Kente Collieries Ltd India Subsidiary 74% by AEL 74% by AEL
20 Jhar Mineral Resources Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
(Formerly known as Chendipada
Collieries Pvt Ltd)
21 Adani Resources Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
22 Surguja Power Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
23 Rajasthan Collieries Ltd India Subsidiary 74% by AEL 74% by AEL
24 Talabira (Odisha) Mining Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
25 Gare Pelma III Collieries Ltd India Subsidiary 100% by AEL 100% by AEL
26 Bailadila Iron Ore Mining Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
27 Gidhmuri Paturia Collieries Pvt Ltd India Subsidiary 74% by AEL 74% by AEL
28 Adani Welspun Exploration Ltd India Subsidiary 65% by AEL 65% by AEL
29 Mahaguj Power LLP India Subsidiary 99.9% by AEL 99.9% by AEL
0.1% by AIPL 0.1% by AIPL
290


30 Mundra Synenergy Ltd India Subsidiary 100% by AEL 100% by AEL
31 Adani Shipping Pte Ltd (ASPL) Singapore Subsidiary 100% by AGPTE 100% by AGPTE
32 Adani Shipping (India) Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
33 Aanya Maritime Inc Panama Subsidiary 100% by ASPL 100% by ASPL
34 Aashna Maritime Inc Panama Subsidiary 100% by ASPL 100% by ASPL
35 Rahi Shipping Pte Ltd Singapore Subsidiary 100% by ASPL 100% by ASPL
36 Vanshi Shipping Pte Ltd Singapore Subsidiary 100% by ASPL 100% by ASPL
37 Urja Maritime Inc Panama Subsidiary 100% by ASPL 100% by ASPL
38 Adani Bunkering Pvt Ltd India Subsidiary 100% by AGPTE 100% by AGPTE
39 Adani Minerals Pty Ltd Australia Subsidiary 90% by AMPTY 90% by AGPTE
10% by AEL 10% by AEL
Corporate Overview
40 Adani Mining Pty Ltd (AMPTY) Australia Subsidiary 100% by AGPTE 100% by AGPTE
41 Adani Infrastructure Pty Ltd Australia Subsidiary 100% by AGPTE 100% by AGPTE
42 Galilee Transmission Holdings Pty Australia Subsidiary 100% by AMPTY 100% by AMPTY
Ltd (GTHPL)
43 Galilee Transmission Pty Ltd (GTPL) Australia Subsidiary 100% by GTHPL 100% by GTHPL
44 Galilee Transmission Holdings Trust Australia Subsidiary 100% by GTPL 100% by GTPL
Statutory Reports
45 Galilee Biodiversity Company Pty Ltd Australia Subsidiary 100% by AMPTY 100% by AMPTY
46 Adani Renewable Asset Holdings Australia Subsidiary 100% by AGPTE 100% by AGPTE
Pty Ltd (ARAHPTYL)
47 Adani Renewable Asset Holdings Australia Subsidiary 100% by AGPTE 100% by AGPTE
Trust (ARAHT)
48 Adani Renewable Asset Pty Ltd Australia Subsidiary 100% by ARAHPTYL 100% by ARAHPTYL
(ARAPL)
49 Adani Renewable Asset Trust (ARAT) Australia Subsidiary 100% by ARAHT 100% by ARAHT
50 Adani Rugby Run Trust (ARRT) Australia Subsidiary 100% by ARAT 100% by ARAT
51 Adani Rugby Run Pty Ltd (ARRPTYL) Australia Subsidiary 100% by ARAPL 100% by ARAPL
52 Adani Global Royal Holding Pte Ltd Singapore Subsidiary 100% by AGPTE 100% by AGPTE
(AGRH)
53 Queensland RIPA Holdings Trust Australia Subsidiary 100% by AGRH 100% by AGRH
(QRHT)
54 Queensland RIPA Holdings Pty Ltd Australia Subsidiary 100% by AGRH 100% by AGRH
(QRHPL)
55 Queensland RIPA Pty Ltd (QRPL) Australia Subsidiary 100% by QRHPL 100% by QRHPL
56 Queensland RIPA Trust (QRT) Australia Subsidiary 100% by QRHT 100% by QRHT
57 Carmichael Rail Development Australia Subsidiary 100% by QRT 100% by QRT
Company Pty Ltd
(Formerly known as Queensland
RIPA Finance Pty Ltd)
58 Adani Rugby Run Finance Pty Ltd Australia Subsidiary 100% by ARRT 90% by ARRT
59 Whyalla Renewable Holdings Pty Ltd Australia Subsidiary 100% by ARAHPTYL 100% by ARAHPTYL
(WRHPL)
60 Whyalla Renewable Holdings Trust Australia Subsidiary 100% by ARAHT 100% by ARAHT
(WRHT)
61 Whyalla Renewables Pty Ltd Australia Subsidiary 100% by 100% by
(WRPTYL) WRHPTYL WRHPTYL
291


62 Whyalla Renewables Trust (WRT) Australia Subsidiary 100% by WRHT 100% by WRHT
63 Adani Australia Pty Ltd Australia Subsidiary 100% by AGPTE 100% by AGPTE
64 Adani Green Technology Ltd (AGTL) India Subsidiary 51% by ATCM LLP 51% by ATCM LLP
65 Adani Tradex LLP (ATX LLP) India Subsidiary 99.999% by AEL 99.999% by AEL
66 Adani Tradecom LLP (ATCM LLP) India Subsidiary 99.83% by AEL 99.83% by AEL
67 Adani Tradewing LLP (ATWG LLP) India Subsidiary 99.98% by AEL 99.98% by AEL
68 Adani Commodities LLP (ACOM LLP) India Subsidiary 100% by AEL 100% by AEL
(AIPL holding rounded off to zero 0% by AIPL 0% by AIPL
due to fractions)
69 Mundra Solar Ltd (MSL) India Subsidiary 100% by AGTL 100% by AGTL
70 Mundra Solar PV Ltd (MSPVL) India Subsidiary 100% by AGTL 100% by AGTL
71 Adani Defence Systems and India Subsidiary 100% by AEL 100% by AEL
Technologies Ltd (ADSTL)
72 Ordefence Systems Ltd (OSL) India Subsidiary 100% by ADSTL 100% by ADSTL
(Formerly known as Adani Land
Statutory Reports
Defence Systems and Technologies

Ltd)
73 Adani Aerospace and Defence Ltd India Subsidiary 100% by ADSTL 100% by ADSTL
74 Adani Naval Defence Systems and India Subsidiary 91% by ADSTL 91% by ADSTL
Technologies Ltd
75 Adani Rave Gears India Ltd India Subsidiary 100% by ADSTL 100% by ADSTL
76 Adani Road Transport Ltd (ARTL) India Subsidiary 100% by AEL 100% by AEL
Corporate Overview
77 Bilaspur Pathrapali Road Pvt Ltd India Subsidiary 0.02% by AEL 74% by AEL
73.98% by ARTL
78 Adani Water Ltd India Subsidiary 100% by AEL 100% by AEL
79 Prayagraj Water Pvt Ltd India Subsidiary 74% by AEL 74% by AEL
80 Mundra Copper Ltd India Subsidiary 100% by AEL 100% by AEL
81 Adani Cementation Ltd India Subsidiary 100% by AEL 100% by AEL
82 Adani North America Inc (ANAI) USA Subsidiary 100% by AGPTE 100% by AGPTE
83 Adani Infrastructure Pvt Ltd (AIPL) India Subsidiary 100% by AEL 100% by AEL
84 Alpha Design Technologies Pvt Ltd India Subsidiary 26% by ADSTL 26% by ADSTL
(ADTPL) - Consolidated w.e.f 19th April,
2019
85 Mancherial Repallewada Road Pvt India Subsidiary 74% by ARTL 74% by ARTL
Ltd w.e.f 5th April,
2019
86 Galilee Basin Conservation And Australia Subsidiary 100% by AMPTY 100% by AMPTY
Research Fund w.e.f 9th April,
2019
87 Suryapet Khammam Road Pvt Ltd India Subsidiary 74% by ARTL 74% by ARTL
w.e.f 12th April,
2019
292


88 NW Rail Operations Pte Ltd Singapore Subsidiary 100% by AGPTE 100% by AGPTE
(NWRPTE) w.e.f 27th May,
2019
89 North West Rail Holdings Pty Ltd Australia Subsidiary 100% by NWRPTE 100% by NWRPTE
(NWRHPTY) w.e.f 31st May,
2019
90 North West Rail Pty Ltd Australia Subsidiary 100% by 100% by
NWRHPTY NWRHPTY
upto 26th Oct, w.e.f 31st May,
2020 2019
91 MH Natural Resources Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
Corporate Overview
(Formerly known as Gare Pelma II w.e.f 29th July,
Mining Pvt Ltd) 2019
92 Adani Airport Holdings Ltd (AAHL) India Subsidiary 100% by AEL 100% by AEL
w.e.f 2nd Aug, 2019
93 Adani Lucknow International Airport India Subsidiary 85.5% by AEL 100% by AEL
Ltd 14.5% by AAHL w.e.f 6th Sept,
2019
Statutory Reports
94 Flaire Unmanned Systems Pvt Ltd India Subsidiary 100% by ADSTL 100% by ADSTL
upto 1st Sept, w.e.f 13th Sept,
2020 2019
100% by ADTPL
w.e.f 2nd Sept,
2020
95 AP Mineral Resources Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
(Formerly known as Kurmitar Mining w.e.f 19th Sept,
Pvt Ltd) 2019
96 Adani Guwahati International India Subsidiary 100% by AEL 100% by AEL
Airport Ltd w.e.f 23th Sept,
2019
97 Adani Thiruvananthapuram India Subsidiary 100% by AEL 100% by AEL
International Airport Ltd w.e.f 24th Sept,
2019
98 Adani Mangaluru International India Subsidiary 85.5% by AEL 100% by AEL
Airport Ltd 14.5% by AAHL w.e.f 25th Sept,
2019
99 Adani Ahmedabad International India Subsidiary 85.5% by AEL 100% by AEL
Airport Ltd 14.5% by AAHL w.e.f 26th Sept,
2019
100 Adani Jaipur International Airport India Subsidiary 100% by AEL 100% by AEL
Ltd w.e.f 26th Sept,
2019
101 Stratatech Mineral Resources Pvt India Subsidiary 100% by AEL 100% by AEL
Ltd w.e.f 3rd Oct, 2019
102 Adani Metro Transport Ltd India Subsidiary 100% by AEL 100% by AEL
w.e.f 16th Oct,
2019
293


103 Mundra Solar Energy Ltd India Subsidiary - 51% by AGTL
w.e.f 18th Oct,
2019 upto 1st Jan,
2020
104 Kurmitar Iron Ore Mining Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
w.e.f 18th Oct,
2019
105 CG Natural Resources Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
(Formerly known as Adani Iron Ore w.e.f 22nd Oct,
Mining Pvt Ltd) 2019
106 Adani Railways Transport Ltd India Subsidiary 100% by AEL 100% by AEL
w.e.f 22nd Oct,

2019
107 Gare Palma II Collieries Pvt Ltd India Subsidiary 100% by AEL 100% by AEL
w.e.f 7th Nov, 2019
108 Sabarmati Infrastructure Services India Subsidiary 100% by AAHL 100% by AAHL
Ltd w.e.f 7th Feb, 2020
109 Vijaynagara Smart Solutions Ltd India Subsidiary 100% by AAHL 100% by AAHL
w.e.f 10th Feb,
Statutory Reports
2020
110 Gomti Metropolis Solutions Ltd India Subsidiary 100% by AAHL 100% by AAHL
w.e.f 10th Feb,
2020
111 Periyar Infrastructure Services Ltd India Subsidiary 100% by AAHL 100% by AAHL
w.e.f 10th Feb,
2020
Corporate Overview
112 Brahmaputra Metropolis Solutions India Subsidiary 100% by AAHL 100% by AAHL
Ltd w.e.f 12th Feb,
2020
113 Agneya Systems Ltd India Subsidiary 100% by ADSTL 100% by ADSTL
w.e.f 19th Feb,
2020
114 Carroballista Systems Ltd India Subsidiary 100% by ADSTL 100% by ADSTL
w.e.f 19th Feb,
2020
115 Rajputana Smart Solutions Ltd India Subsidiary 100% by AAHL 100% by AAHL
w.e.f 6th Mar, 2020
116 Adani Chendipada Mining Pvt Ltd India Subsidiary 100% by AEL 49% by AEL
(upto 23rd August, 2020 considered w.e.f 24th Aug,
as a Jointly Controlled Entity) 2020
117 Adani Global (Switzerland) LLC Switzerland Subsidiary 100% by AGPTE -
w.e.f 22nd Apr,
2020
118 Nanasa Pidgaon Road Pvt Ltd India Subsidiary 25% by AEL -
75% by ARTL
w.e.f 8th May,
2020
294


119 Vijayawada Bypass Project Pvt Ltd India Subsidiary 74% by AEL -
w.e.f 15th May,
2020
120 AdaniConnex Pvt Ltd India Subsidiary 100% by AEL -
(Formerly known as DC Development w.e.f 21th May,
Chennai Pvt Ltd) 2020
121 DC Development Hyderabad Pvt Ltd India Subsidiary 100% by AEL -
w.e.f 28th May,
2020
122 DC Development Noida Pvt Ltd India Subsidiary 100% by AEL -
w.e.f 28th May,
Corporate Overview
2020
123 PLR Systems Pvt Ltd India Subsidiary 51% by OSL -
w.e.f 10th Sept,
2020
124 Azhiyur Vengalam Road Pvt Ltd India Subsidiary 100% by AEL -
w.e.f 1st Feb, 2021
125 Kutch Copper Ltd India Subsidiary 100% by AEL -
Statutory Reports
w.e.f 24th Mar,
2021
126 PRS Tolls Pvt Ltd India Subsidiary 100% by ARTL -
w.e.f 25th Mar,
2021
127 Kodad Khammam Road Pvt Ltd India Subsidiary 100% by ARTL -
w.e.f 30th Mar,
2021
128 Vizag Tech Park Ltd India Subsidiary 100% by AEL -
w.e.f 30th Mar,
2021
129 Adani-Elbit Advance Systems India India Subsidiary 54% by ADTPL 51% by AEL
Ltd (upto 1st September, 2020 w.e.f 2nd Sept,
considered as a Jointly Controlled 2020
Entity)
130 Mundra Solar Technopark Pvt Ltd India Jointly 38.15% by AGTL, 38.15% by AGTL,
(upto 31st December, 2020 Controlled 25.10% by MSL, 25.10% by MSL,
considered as a Subsidiary) Entity 25.10% by MSPVL 25.10% by MSPVL
w.e.f 1st Jan, 2021
131 Jhar Mining Infra Pvt Ltd India Jointly 51% by AEL 51% by AEL
Controlled
Entity
132 Adani Wilmar Pte Ltd - Consolidated Singapore Jointly 50% by AGPTE 50% by AGPTE
(AWPTE) ^ Controlled
Entity
133 CSPGCL AEL Parsa Collieries Ltd India Associate - 49% by AEL
upto 30th Jan,
2020
295


134 Adani Wilmar Ltd (AWL) India Jointly 50% by ACOM 50% by ACOM LLP
Controlled LLP
Entity
135 Vishakha Polyfab Pvt Ltd (VPPL) India Jointly 50% by AWL 50% by AWL
Controlled
Entity
136 KTV Health and Foods Pvt Ltd India Jointly 50% by AWL 50% by AWL
Controlled
Entity
137 KOG KTV Food Products (India) Pvt India Jointly 50% by AWL 50% by AWL
Ltd Controlled
Entity
138 Golden Valley Agrotech Pvt Ltd India Jointly 100% by AWL 100% by AWL
Controlled
Entity
139 AWN Agro Pvt Ltd India Jointly 50% by AWL 50% by AWL
Controlled
Entity
140 AWL Edible Oils and Foods Pvt Ltd India Jointly 100% by AWL 100% by AWL
Statutory Reports
Controlled
Entity
141 GSPC LNG Ltd India Associate 5.46% by AEL 5.46% by AEL
142 Vishakha Industries Pvt Ltd India Associate 50% by AAFL 50% by AAFL
143 Adani Global Resources Pte Ltd Singapore Jointly 50% by AGPTE 50% by AGPTE
(AGRPTE) Controlled
Corporate Overview
Entity
144 Carmichael Rail Network Holdings Australia Jointly 100% by AGRPTE 100% by AGRPTE
Pty Ltd (CRNHPL) Controlled
Entity
145 Carmichael Rail Network Pty Ltd Australia Jointly 100% by CRNHPL 100% by CRNHPL
Controlled
Entity
146 Carmichael Rail Network Trust Australia Jointly 100% by CRAHT 100% by CRAHT
Controlled
Entity
147 Carmichael Rail Asset Holdings Trust Australia Jointly 100% by AGRPTE 100% by AGRPTE
(CRAHT) Controlled
Entity
148 Autotec Systems Pvt Ltd India Associate 26% by ADTPL 26% by ADSTL
149 Comprotech Engineering Pvt Ltd India Associate 26% by ADSTL 26% by ADSTL
150 Adani Solar USA Inc (ASUI) USA Associate 49% by AGPTE 49% by AGPTE
151 Adani Solar USA LLC (ASULLC) USA Associate 100% by ASUI 100% by ASUI
152 Hartsel Solar LLC USA Associate 100% by ASUI 100% by ASUI
153 Oakwood Construction Services Inc USA Associate 100% by ASUI 100% by ASUI
154 Midlands Parent LLC (MPLLC) USA Associate 100% by ASULLC 100% by ASULLC
w.e.f 1st July, 2019
296


155 Sigurd Solar LLC USA Associate 100% by ASULLC 100% by ASULLC
upto 4th May,
2020
156 Adani Finance LLC (AFLLC) USA Associate - 100% by ASUI
upto 8th July, 2019
157 Midland Solar LLC USA Associate - 100% by MLPLLC
upto 20th Dec,
2019
158 Midlands Managing Member LLC USA Associate - 100% by MHLLC
(MMMLLC) upto 20th Dec,
2019
Corporate Overview
159 Midlands Lessor Parent LLC USA Associate - 100% by MMMLLC
(MLPLLC) upto 20th Dec,
2019
160 Midlands Holding LLC (MHLLC) USA Associate - 100% by MPLLC
upto 20th Dec,
2019
161 Midlands Lessee LLC USA Associate - 100% by MMMLLC
Statutory Reports
upto 20th Dec,
2019
162 Adani Development LLC USA Associate - 100% by ASUI
upto 3rd March,
2020
163 Adani Land LLC USA Associate - 100% by ASUI
upto 3rd March,
2020
164 Oakstream Holdings Inc USA Associate - 100% by ASUI
upto 6th March,
2020
165 Adani Total LNG Singapore Pte Ltd Singapore Jointly 50% by AGPTE 50% by AGPTE
Controlled w.e.f 10th July,
Entity 2019
166 Adani Power Resources Ltd India Associate 49% by AEL 49% by AEL
w.e.f. 8th Nov,
2019
167 Vishakha Industries India Associate 50% by AAFL 50% by AAFL
168 Mumbai International Airport Ltd India Associate 23.5% by AAHL -
(MIAL) w.e.f 5th Feb, 2021
169 Navi Mumbai International Airport India Associate 74% by MIAL -
Pvt Ltd w.e.f 5th Feb, 2021
^ Reporting date is 31st December, 2020
297

c) Use of Estimates and Judgements for income taxes, including amount expected
The preparation of financial statements in to be paid/recovered for uncertain tax
conformity with Ind AS requires management positions. Significant management judgement
to make certain judgements, estimates and is also required to determine the amount of
assumptions that affect the reported amounts deferred tax assets that can be recognised,
of revenues, expenses, assets and liabilities based upon the likely timing and the level of
(including contingent liabilities) and the future taxable profits together with future tax
accompanying disclosures. Future results could planning strategies, including estimates of
differ due to these estimates and differences temporary differences reversing on account of
between the actual results and the estimates are available benefits from the tax laws applicable
recognised in the periods in which the results are to respective entities.
known / materialised. Estimates and underlying iv) Fair value measurement of financial
assumptions are reviewed on an ongoing basis. instruments:
Significant estimates and assumptions are
In estimating the fair value of financial assets

required in particular for: and financial liabilities, the Company uses
i) Useful life of property, plant and equipment market observable data to the extent available.
and intangible assets: Where such Level 1 inputs are not available, the
Company establishes appropriate valuation
This involves determination of the estimated
techniques and inputs to the model. The inputs
useful life of property, plant and equipment
to these models are taken from observable
and intangible assets and the assessment
markets where possible, but where this is not
as to which components of the cost may be
Statutory Reports
feasible, a degree of judgment is required in

capitalised. Useful life of these assets is based
establishing fair values. Judgments include
on the life prescribed in Schedule II to the
considerations of inputs such as liquidity
Companies Act, 2013 or based on technical
risk, credit risk and volatility. Changes in
estimates, taking into account the nature of
assumptions about these factors could affect
the asset, estimated usage, expected residual
the reported fair value of financial instruments.
values and operating conditions of the asset.
Management reviews its estimate of the useful v) Defined benefit plans:
Corporate Overview
lives of depreciable/ amortisable assets at each The cost of the defined benefit plan and the
reporting date, based on the expected utility of present value of the obligation are determined
the assets. using actuarial valuations. An actuarial
ii) Impairment of Non Financial Asset : valuation involves making various assumptions
that may differ from actual developments in
Determining whether property, plant and
the future. These include the determination
equipment and intangible assets are impaired
of the discount rate, future salary increases
requires an estimation of the value in use of
and mortality rates. Due to the complexities
the relevant cash generating units. The value
involved in the valuation and its long-term
in use calculation is based on a Discounted
nature, a defined benefit obligation is highly
Cash Flow model over the estimated useful life
sensitive to changes in these assumptions. All
of the underlying assets or cash generating
assumptions are reviewed at each reporting
units. Further, the cash flow projections
date.
are based on estimates and assumptions
relating to expected revenues, operational vi) Inventory Measurement
performance of the assets, market prices of Measurement of bulk inventory lying at
related products or services, inflation, terminal ports/ yards is material, complex and involves
value etc. which are considered reasonable by significant judgement and estimate resulting
the management. from measuring the surface area. The
iii) Taxes: Company performs physical counts of above
inventory on a periodic basis using internal /
Significant judgements are involved in
external experts to perform volumetric surveys
estimating budgeted profits for the purpose of
and assessments, basis which the estimate of
paying advance tax, determining the provision
quantity for these inventories is determined.
298

The variations noted between book records iv) The asset/liability is expected to be realised/
and physical quantities of above inventories settled within twelve months after the
are evaluated and appropriately accounted in reporting period;
the books of accounts.
v) The asset is cash or cash equivalent unless it
vii) Determination of lease term & discount rate : is restricted from being exchanged or used to
Ind AS 116 Leases requires lessee to determine settle a liability for at least twelve months after
the lease term as the non-cancellable period the reporting date;
of a lease adjusted with any option to extend vi) In the case of a liability, the Group does not
or terminate the lease, if the use of such have an unconditional right to defer settlement
option is reasonably certain. The Group makes of the liability for at least twelve months after
assessment on the expected lease term on the reporting date.
lease by lease basis and thereby assesses
whether it is reasonably certain that any All other assets and liabilities are classified as
non-current. Deferred tax assets & liabilities
Corporate Overview
options to extend or terminate the contract will
be exercised. In evaluating the lease term, the are classified as non-current assets & liabilities
Group considers factors such as any significant respectively.
leasehold improvements undertaken over the For the purpose of current/non-current classification
lease term, costs relating to the termination of of assets and liabilities, the Group has ascertained
lease and the importance of the underlying to its normal operating cycle as twelve months. This is
the Company’s operations taking into account based on the nature of services and the time between
the location of the underlying asset and the the acquisition of assets or inventories for processing
Statutory Reports
availability of the suitable alternatives. The and their realisation in cash and cash equivalents.
lease term in future periods is reassessed to
ensure that the lease term reflects the current II Summary of Significant Accounting Policies
economic circumstances. a) Foreign Currency Transactions and Translations
The discount rate is generally based on the i) Functional and Presentation Currency
incremental borrowing rate specific to the The financial statements are presented in
lease being evaluated or for a portfolio of Indian Rupee (INR), which is the functional and
leases with similar characteristics. presentation currency of the parent company.
viii) Asset Retirement Obligation : ii) Transactions and Balances
The liability for asset retirement obligations Foreign currency transactions are translated
are recognised when the Group has an into the functional currency, for initial
obligation to perform site restoration activity. recognition, using the exchange rates at the
The recognition and measurement of asset dates of the transactions.
retirement obligations involves the use of
estimates and assumptions, viz. the timing of All foreign currency denominated monetary
abandonment of site facilities which would assets and liabilities are translated at the
depend upon the ultimate life of the project, exchange rates on the reporting date.
expected utilization of assets in other projects, Exchange differences arising on settlement or
the scope of abandonment activity and pre-tax translation of monetary items are recognised
rate applied for discounting. in statement of profit and loss except to the
extent of exchange differences which are
d) Current & Non-Current Classification regarded as an adjustment to interest costs on
Any asset or liability is classified as current if it foreign currency borrowings that are directly
satisfies any of the following conditions : attributable to the acquisition or construction
of qualifying assets which are capitalised as
i) The asset/liability is expected to be realised/ cost of assets. Additionally, all exchange gains
settled in the Group’s normal operating cycle; or losses on foreign currency borrowings taken
ii) The asset is intended for sale or consumption; prior to 1st April, 2016 which are related to
the acquisition or construction of qualifying
iii) The asset/liability is held primarily for the assets are adjusted in the carrying cost of such
purpose of trading; assets. Non-monetary items that are measured
299

in terms of historical cost in a foreign currency at the lower of their carrying amount and the fair
are not retranslated. value less costs to sell / distribute. Assets and
liabilities classified as held for sale / distribution
iii) Group Companies
are presented separately in the balance sheet. The
On consolidation, the assets and liabilities results of discontinued operations are excluded
of foreign operations are translated at the from the overall results of the Group and are
exchange rate prevailing at the reporting presented separately in the statement of profit and
date and their statements of profit and loss. Also, the comparative statement of profit and
loss are translated using average rate loss is re-presented as if the operations had been
of exchange prevailing during the year, discontinued from the start of the comparative
which approximates to the exchange rate period.
prevailing at the transaction date. All resulting
exchange differences arising on translation c) Cash & Cash Equivalents
for consolidation are recognised in OCI. On Cash comprises cash on hand and demand
disposal of a foreign operation, the component deposit with banks. Cash equivalents are short-
of OCI relating to that particular foreign term balances (with an original maturity of three
operation is reclassified / recognised in the months or less from the date of acquisition), highly
statement of profit and loss. liquid investments that are readily convertible into
known amounts of cash and which are subject to
b) Non Current Assets held for Sale and Discontinued
insignificant risk of changes in value.
Operations
The Group classifies assets and operations as held d) Property, Plant and Equipment
for sale / distribution to owners or as discontinued
Statutory Reports
Recognition and Measurement

operations if their carrying amounts will be
recovered principally through a sale / distribution Property, Plant and Equipment, including Capital
rather than through continuing use. Classification Work in Progress, are stated at cost of acquisition
as a discontinued operations occurs upon disposal or construction less accumulated depreciation
or when the operation meets the below criteria and impairment losses, if any. Cost comprises
whichever is earlier. the purchase price (net of tax credits, wherever
applicable), import duty and other non-refundable
Corporate Overview
Non Current Assets are classified as held for sale taxes or levies and any directly attributable cost
only when both the conditions are satisfied – of bringing the asset to its working condition
1. The sale is highly probable, and for its intended use. In case of self-constructed
assets, cost includes the costs of all materials
2. The asset or disposal group is available for used in construction, direct labour, allocation of
immediate sale in its present condition subject overheads. Borrowing cost relating to acquisition /
only to terms that are usual and customary for construction of Property, Plant and Equipment which
sale of such assets. takes substantial period of time to get ready for its
Non-current assets which are subject to intended use are also included to the extent they
depreciation are not depreciated or amortized relate to the period till such assets are ready to
once those classified as held for sale. be put to use. The present value of the expected
cost for the decommissioning of an asset after its
A discontinued operation is a component of the use is included in the cost of the respective asset
Group’s business, the operations of which can be if the recognition criteria for a provision are met.
clearly distinguished from those of the rest of the If significant parts of an item of property, plant
Group and and equipment have different useful lives, then
i) is part of a single co-ordinated plan to they are accounted for as separate items (major
dispose of a separate major line of business or components) of Property, Plant and Equipment.
geographical area of operations; or Subsequent Measurement
ii) is a subsidiary acquired exclusively with a view Subsequent expenditure related to an item of
to resale. Property, Plant and Equipment are included in
its carrying amount or recognised as a separate
Non-current assets held for sale / distribution to
asset, as appropriate, only when it is probable
owners and discontinued operations are measured
300

that the future economic benefits associated have been discovered. Indirect costs are expensed
with the item will flow to the Group and the cost off in the year of incurrence.
of the item can be measured reliably. Subsequent
Exploratory/appraisal drilling costs are initially
costs are depreciated over the residual life of the
capitalised within “Capital Work in Progress” on a
respective assets. All other expenses on existing
block by block basis until the success or otherwise
Property, Plant and equipment, including day-to-
of the block is established. The success or failure
day repair and maintenance expenditure and cost
of each exploration/appraisal effort is judged on a
of replacing parts, are charged to the Statement
block basis.
of Profit and Loss for the period during which such
expenses are incurred. Where results of seismic studies or exploration
drilling indicate the presence of oil and gas reserves
Capital Work in Progress
which are ultimately not considered commercially
Expenditure related to and incurred during recoverable and no additional exploratory activity
implementation of capital projects to get the assets is firmly planned, all related costs are written off
Corporate Overview
ready for intended use is included under “Capital to the Statement of Profit and Loss in the year of
Work in Progress”. The same is allocated to the cessation of the exploration activity.
respective items of property plant and equipment
on completion of construction/ erection of the Any payment made towards fulfilment of
capital project/ property plant and equipment. The commitment under the contracts from earlier
cost of asset not ready for its intended use before periods continues to be included under Exploration
the year end & capital inventory are disclosed and Evaluation Assets at its carried value in
under Capital work in progress. accordance with Ind AS 101.
Statutory Reports
Depreciation Exploration and Evaluation assets :
Depreciation is provided using straight-line method Exploration and evaluation expenditure comprises
as specified in Schedule II to the Companies Act, cost that are directly attributable to :
2013 or based on technical estimates. Depreciation - Cost of acquiring mining and exploration
on assets acquired / disposed off during the year tenements;
is provided on pro-rata basis with reference to the
- Research and analysing historical exploration
date of addition / disposal.
data;
Derecognition - Conducting topographical, geochemical and
An item of property, plant and equipment is geophysical studies;
derecognised upon disposal or when no future - Conducting exploratory drilling, trenching and
economic benefits are expected to arise from sampling;
continued use of the asset. Any gain or loss arising
- Examining and testing extraction and treatment
on the disposal or retirement of property, plant and
methods; and/or
equipment is determined as the difference between
the sale proceeds and the carrying amount of the - Compiling prefeasibility and feasibility studies.
assets and is recognised in the Statement of Profit Exploration expenditure relates to the initial search
and Loss. for mineral deposits with economic potential.
Oil & Gas assets : Evaluation expenditure arises from detailed
assessment of deposits or other projects that have
Expenditure incurred prior to obtaining the right(s)
been identified as having economic potential.
to explore, develop and produce oil and gas are
expensed off in the year of incurrence to the extent Exploration and evaluation expenditure is charged
of the efforts not successful. Expenditure incurred to Statement of Profit and Loss as incurred unless
on the acquisition of the license are initially the directors are confident of the project’s technical
capitalised on a license by license basis. Costs and commercial feasibility and it is probable that
including indirect cost incurred for the block are economic benefits will flow to the Group, in which
held, undepleted within “Capital Work in Progress” case expenditure may be capitalised.
until the exploration phase relating to the license
Capitalised exploration and evaluation expenditure
area is complete or commercial oil and gas reserves
is treated as a tangible asset and is recorded at
301

cost less any accumulated impairment charges. No Mine Development Assets include expenses
amortisation is charged during the exploration and pertaining to land and mine development,
evaluation phase as the assets is not available for initial overburden removal, environmental and
use. other regulatory approvals etc. It represents
expenses incurred towards development of
e) Investment Property
mines where the Company is operating as
i) Property which is held for long-term rental operator and developer.
yields or for capital appreciation or both, is
classified as Investment Property. Investment iii) Expenditure incurred during development of
properties are measured initially at cost, intangible assets is included under “Intangible
including transaction costs. Subsequent to Assets under Development”. The same is
initial recognition, investment properties are allocated to the respective items of intangible
stated at cost less accumulated depreciation assets on completion of the project.
and accumulated impairment loss, if any. iv) Gains or losses arising from derecognition
ii) The Group depreciates investment properties of an intangible asset are measured as the
over their estimated useful lives as specified in difference between the net disposal proceeds
Schedule II to the Companies Act, 2013. and the carrying amount of the asset and are
recognised in the Statement of Profit and Loss
iii) Investment properties are derecognised / when the asset is derecognised.
transferred when they have been disposed off,
have been used for own purpose of the Company g) Impairment of Non-Financial Assets
or when they have permanently withdrawn i) At the end of each reporting period, the Group
Statutory Reports
from use and no future economic benefit is reviews the carrying amounts of non-financial
expected from their disposal. The difference assets, other than inventories and deferred
between the net disposal proceeds and the tax assets to determine whether there is any
carrying amount of the asset is recognised in indication that those assets have suffered
Statement of Profit and Loss in the period in an impairment loss. If any such indication
which the property is derecognised. exists, the recoverable amount of the asset
is estimated in order to determine the extent
f) Intangible Assets
Corporate Overview
of the impairment loss (if any). When it is

i) Intangible assets are measured on initial not possible to estimate the recoverable
recognition at cost and are subsequently amount of an individual asset, the Group
carried at cost less any accumulated estimates the recoverable amount of the cash-
amortisation and accumulated impairment generating unit to which the asset belongs.
losses, if any. Internally generated intangibles Each CGU represents the smallest group of
are not capitalised. assets that generates cash inflows that are
ii) The intangible assets of the Group are largely independent of the cash inflows of
assessed to be of finite lives and are amortised other assets or CGUs. When a reasonable and
over the useful economic life and assessed for consistent basis of allocation can be identified,
impairment whenever there is an indication corporate assets are also allocated to individual
that the intangible asset may be impaired. cash-generating units, or otherwise they
The Group reviews amortisation period on an are allocated to the smallest group of cash-
annual basis. generating units for which a reasonable and
consistent allocation basis can be identified.
Intangible assets are amortised on straight
line basis over their estimated useful lives as ii) Recoverable amount is the higher of fair
follows: value less costs of disposal and value in use.
In assessing value in use, the estimated future
Intangible Assets Estimated Useful Life cash flows are discounted to their present
(Years) value using a pre-tax discount rate that reflects
Software 3-5 Years based on current market assessments of the time value
applications management estimate of money and the risks specific to the asset or
Mine Over a period of CGU for which the estimates of future cash
Development underlying contract flows have not been adjusted.
Assets
302

iii) If the recoverable amount of an asset (or cash- subsequently measured at cost less accumulated
generating unit) is estimated to be less than amortisation and impairment losses. The intangible
its carrying amount, the carrying amount of assets are amortised over a period of service
the asset (or CGU) is reduced to its recoverable concession arrangements.
amount. An impairment loss is recognised
i) Government Grants
immediately in statement of profit and loss.
Impairment loss recognised in respect of a CGU Government grants are recognised at their fair
is allocated to reduce the carrying amounts of value where there is reasonable assurance that the
the other assets of the CGU (or group of CGUs) grant will be received and all attached conditions
on a pro rata basis. will be complied with.
iv) Assets (other than goodwill) for which When the grant relates to an expense item, it
impairment loss has been recognised in prior is deferred and recognised as income in the
periods, the Group reviews at each reporting Statement of Profit and Loss on a systematic basis
date whether there is any indication that the over the periods necessary to match the related
Corporate Overview
loss has decreased or no longer exists. When costs, which they are intended to compensate.
an impairment loss subsequently reverses, When the grant relates to an asset or a non-
the carrying amount of the asset (or a cash- monetary item, it is recognised as deferred income
generating unit) is increased to the revised under liabilities and is recognised as income in
estimate of its recoverable amount, but so the Statement of Profit and Loss on a straight line
that the increased carrying amount does not basis over the expected useful life of the related
exceed the carrying amount that would have asset or a non-monetary item.
Statutory Reports
been determined had no impairment loss been
recognised for the asset (or cash-generating j) Financial Instruments
unit) in prior years. A reversal of an impairment A financial instrument is any contract that gives
loss is recognised immediately in statement of rise to a financial asset of one entity and a financial
profit and loss. liability or equity instrument of another entity.
h) Service Concession Arrangements Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are
Service Concession Arrangements (SCA) refers
to an arrangement between the grantor (a public directly attributable to the acquisition or issue
sector entity) and the operator (a private sector of financial assets and financial liabilities (other
entity) to provide services that give the public than financial assets and financial liabilities at
access to major economic and social facilities fair value through profit or loss) are added to or
utilising private sector funds and expertise. deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial
With respect to SCA, revenue and costs are recognition. Transaction costs directly attributable
allocated between those relating to construction to the acquisition of financial assets or financial
services and those relating to operation and liabilities at fair value through profit or loss are
maintenance services, and accounted for recognised immediately in Statement of Profit and
separately. The infrastructure used in a concession Loss.
are classified as an intangible asset or a financial
asset, depending on the nature of the payment An equity instrument is any contract that evidences
entitlements under the SCA. When the Company a residual interest in the assets of an entity after
has an unconditional right to receive cash or deducting all of its liabilities. Equity instruments
another financial asset from or at the direction of issued by a Group entity are recognised at the
the grantor, such right is recognised as a financial proceeds received, net of direct issue costs.
asset and is subsequently measured at amortised A) Financial Assets
cost. When the demand risk is with the Group and
All financial assets, except investment in
it has right to charge the user for use of facility,
subsidiaries, associates and jointly controlled
the right is recognised as an intangible asset and is
entities are recognised initially at fair value.
303

The measurement of financial assets depends fair value in OCI. If the Group decides to classify
on their classification, as described below: an equity instrument as at FVTOCI, then all fair
value changes on the instrument, excluding
1) At amortised cost
dividends, are recognised in the OCI. There is
A financial asset is measured at the amortised no recycling of the amounts from OCI to the
cost if both the following conditions are met : Statement of Profit and Loss, even on sale of
(a) The asset is held within a business model investment.
whose objective is to hold assets for 3) At fair value through profit or loss (FVTPL)
collecting contractual cash flows, and
FVTPL is a residual category for debt
(b) Contractual terms of the asset give rise, on instruments and default category for equity
specified dates, to cash flows that are solely instruments. Financial assets included within
payments of principal and interest (SPPI) the FVTPL category are measured at fair value
on the principal amount outstanding. with all changes recognised in the Statement
This category is the most relevant to the of Profit and Loss.

Group. After initial measurement, such In addition, the Group may elect to designate
financial assets are subsequently measured at a debt instrument, which otherwise meets
amortised cost using the effective interest rate amortised cost or FVTOCI criteria, as at FVTPL.
(EIR) method. Amortised cost is calculated by However, such election is allowed only if doing
taking into account any discount or premium so reduces or eliminates a measurement or
on acquisition and fees or costs that are an recognition inconsistency (referred to as
integral part of the EIR. The EIR amortisation ‘accounting mismatch’).
Statutory Reports
is included in finance income in the Statement

of Profit and Loss. The losses arising from Derecognition
impairment are recognised in the profit or loss. On derecognition of a financial asset, the
This category generally applies to trade and difference between the asset’s carrying
other receivables. amount and the sum of the consideration
received and receivable and the cumulative
2) At fair value through other comprehensive
gain or loss that had been recognised in other
Corporate Overview
income (FVTOCI)
comprehensive income and accumulated in
A financial asset is classified as at the FVTOCI equity is recognised in profit or loss if such gain
if both of the following criteria are met: or loss would have otherwise been recognised
(a) The objective of the business model is in profit or loss on disposal of that financial
achieved both by collecting contractual asset.
cash flows and selling the financial assets, Impairment of Financial Assets
and
The Group applies Expected Credit Loss (ECL)
(b) Contractual terms of the asset give rise on model for measurement and recognition of
specified dates to cash flows that are solely impairment loss on the financial assets and
payments of principal and interest (SPPI) credit risk exposure. The Group assesses on
on the principal amount outstanding. a forward looking basis the expected credit
losses associated with its receivables based on
Debt instruments included within the
historical trends and past experience.
FVTOCI category are measured initially as
well as at each reporting date at fair value. The Group follows ‘Simplified Approach’ for
Fair value movements are recognised in recognition of impairment loss allowance on
the other comprehensive income (OCI) and all trade receivables or contractual receivables.
on derecognition, cumulative gain or loss Under the simplified approach, the Group
previously recognised in OCI is reclassified does not track changes in credit risk, but it
to Statement of Profit and Loss. For equity recognises impairment loss allowance based
instruments, the Group may make an irrevocable on lifetime ECLs at each reporting date, right
election to present subsequent changes in the from its initial recognition. If credit risk has not
304

increased significantly, 12 month ECL is used to liability and the recognition of a new financial
provide for impairment loss. However, if credit liability. Similarly, a substantial modification
risk has increased significantly, lifetime ECL is of the terms of an existing financial liability
used. is accounted for as an extinguishment of the
original financial liability and the recognition
ECL is the difference between all contracted
of a new financial liability.
cash flows that are due to the Group in
accordance with the contract and all the C) Derivative financial instruments
cash flows that the Group expects to receive,
Initial recognition and subsequent
discounted at the original EIR. ECL impairment
measurement
loss allowance (or reversal) recognised during
the period is recognised as income / (expense) The Group uses derivative financial instruments
in the Statement of Profit and Loss. such as forward and options currency contracts
to hedge its foreign currency risks. Such
B) Financial Liabilities derivative financial instruments are initially
Corporate Overview
Financial liabilities are classified, at initial recognised and subsequently measured at fair
recognition as at amortised cost or fair value value through profit or loss (FVTPL). Derivatives
through profit or loss. The measurement are carried as financial assets when the fair
of financial liabilities depends on their value is positive and as financial liabilities
classification, as described below: when the fair value is negative.
At amortised cost Any gains or losses arising from changes in the

fair value of derivative financial instrument
Statutory Reports
This is the category most relevant to the Group.
are recognised in the Statement of Profit
After initial recognition, financial liabilities
and Loss and reported with foreign exchange
are subsequently measured at amortised
gains/(loss) not within results from operating
cost using the EIR method. Gains and losses
activities. Changes in fair value and gains/
are recognised in Statement of Profit and
(losses) on settlement of foreign currency
Loss when the liabilities are derecognised
derivative financial instruments relating to
as well as through the EIR amortisation
borrowings, which have not been designated
process. Amortised cost is calculated by
as hedge are recorded as finance expense.
taking into account any discount or premium
on acquisition and fees or costs that are an k) Income Taxes
integral part of the EIR. The EIR amortisation is Income tax expense comprises current tax
included as finance costs in the Statement of expense and the net change in the deferred tax
Profit and Loss. asset or liability during the year. Current and
At fair value through profit or loss (FVTPL) deferred taxes are recognised in Statement of
Profit and Loss, except when they relate to items
Financial liabilities at fair value through profit
that are recognised in other comprehensive
or loss include financial liabilities held for
income or directly in equity, in which case, the
trading and financial liabilities designated
current and deferred tax are also recognised in
upon initial recognition as such. Subsequently,
other comprehensive income or directly in equity,
any changes in fair value are recognised in the
respectively.
Statement of Profit and Loss.
i) Current Income Tax
Derecognition of Financial Liability
Provision for current tax is measured at the
A financial liability is derecognised when the
amount of tax expected to be payable on the
obligation under the liability is discharged or
taxable income for the year as determined in
cancelled or expires. The difference in the
accordance with the provisions of the tax laws
respective carrying amounts is recognised in
of the concerned jurisdiction. Current income
the Statement of Profit and Loss. An exchange
tax assets and liabilities are measured at the
with a lender of debt instruments with
amount expected to be recovered from or paid
substantially different terms is accounted for
to the taxation authorities. The tax rates and
as an extinguishment of the original financial
305

tax laws used to compute the amount are those the deferred taxes relate to the same taxable
that are enacted or substantially enacted, entity and the same taxation authority. Net
at the reporting date for each concerned outstanding balance in Deferred Tax account
jurisdiction. is recognized as deferred tax liability/asset for
each individual subsidiary in the Group.
Current income tax relating to items recognised
outside the statement of profit and loss is Deferred tax includes MAT tax credit. The Group
recognised outside the statement of profit and recognises tax credits in the nature of MAT
loss (either in other comprehensive income credit as an asset only to the extent that there
(OCI) or in equity). The Group periodically is convincing evidence that the Group will pay
evaluates positions taken in the tax returns normal income tax during the specified period,
with respect to situations in which applicable i.e., the period for which tax credit is allowed
tax regulations are subject to interpretation to be carried forward. The Group reviews the
and establishes provisions where appropriate. such tax credit asset at each reporting date to
assess its recoverability.
Current tax assets and liabilities are offset

where the Group has a legally enforceable l) Inventories
right to offset and intends either to settle on a i) Inventories are valued at lower of cost or net
net basis, or to realise the asset and settle the realisable value.
liability simultaneously.
ii) Cost of inventories have been computed
ii) Deferred Tax
to include all costs of purchases, cost of
Deferred tax is recognised using the Balance conversion, all non refundable duties &
Statutory Reports
Sheet approach. Deferred tax assets and taxes and other costs incurred in bringing
liabilities are recognised for deductible and the inventories to their present location and
taxable temporary differences arising between condition.
the tax base of assets and liabilities and their
carrying amount, except when the deferred tax iii) The basis of determining cost for various
arises from the initial recognition of an asset or categories of inventories are as follows:
liability in a transaction that is not a business Raw Material : Weighted Average Cost
Corporate Overview
combination and affects neither accounting Traded Goods : Weighted Average Cost
nor taxable profit or loss at the time of the
Stores and Spares : Weighted Average Cost
transaction.
Deferred tax assets are recognised to the iv) Net realisable value is the estimated selling
extent that it is probable that taxable profit price in the ordinary course of business, less
will be available against which the deductible estimated cost of completion and estimated
temporary differences, and the carry forward cost necessary to make the sale. Necessary
of unused tax credits and unused tax adjustment for shortage / excess stock is given
losses can be utilised. The carrying amount based on the available evidence and past
of unrecognised deferred tax assets are experience of the Group.
reviewed at each reporting date to assess their m) Provision, Contingent Liabilities and Contingent
realisability and corresponding adjustment is Assets
made to carrying values of deferred tax assets
Provisions are recognised for when the Group has at
in the financial statements.
present, legal or contractual obligation as a result
Deferred tax assets and liabilities are measured of past events, only if it is probable that an outflow
at the tax rates that are expected to apply of resources embodying economic outgo or loss
in the year when the asset is realised or the will be required and if the amount involved can be
liability is settled, based on tax rates (and tax measured reliably. If the effect of the time value
laws) that have been enacted or substantively of money is material, provisions are discounted
enacted at the reporting date. using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When
Deferred tax assets and liabilities are offset
discounting is used, the increase in the provision
where a legally enforceable right exists to
due to the passage of time is recognised as a
offset current tax assets and liabilities and
finance cost.
306

Contingent liabilities being a possible obligation using effective interest rate method for
as a result of past events, the existence of which financial assets.
will be confirmed only by the occurrence or non
iv) Dividends
occurrence of one or more future events not
wholly in control of the Group are not recognised Revenue is recognised when the Group’s right
in the accounts. The nature of such liabilities and to receive the payment is established, which
an estimate of its financial effect are disclosed in is generally when shareholders approve the
notes to the financial statements. dividend.
Contingent assets are not recognised in the v) Interest Income

financial statements. the nature of such assets Interest income is accrued on a time basis, by
and an estimate of its financial effect are disclosed reference to the principal outstanding and at
in notes to the financial statements. the effective interest rate applicable, which
is the rate that exactly discounts estimated
n) Revenue recognition
future cash receipts through the expected
Corporate Overview
Revenue from contract with customer is life of the financial asset to that asset’s net
recognised upon transfer of control of promised carrying amount on initial recognition.
products or services to customers in an amount
that reflects the consideration which the Company vi) Profit or Loss on Sale of Investment
expects to receive in exchange for those products Profit or Loss on Sale of Investment is
or services. Revenue is measured based on the recognised on the contract date.
transaction price, which is the consideration, Contract Assets
Statutory Reports
adjusted for discounts and other incentives, if any,
A contract asset is the right to consideration
as per contracts with the customers. Revenue also
in exchange for goods or services transferred
excludes taxes collected from customers in its
to the customer. If the Group performs by
capacity as agent.
transferring goods or services to a customer
The specific recognition criteria described below before the customer pays consideration or
must also be met before revenue is recognised. before payment is due, a contract asset is
recognised for the earned consideration that is
i) Sale of Goods
conditional. The same is disclosed as “Unbilled
Revenue from the sale of goods is recognised Revenue” under Other Current Financial Assets.
when the control of the goods has been passed
to the customer as per the terms of agreement Trade Receivable
and there is no continuing effective control or A receivable represents the Comapany’s
managerial involvement with the goods. right to an amount of consideration that is
unconditional i.e. only the passage of time is
ii) Rendering of Services
required before payment of consideration is
Revenue from services rendered is recognised due.
when the work is performed and as per the
terms of agreement. Contract Liability
A contract liability is the obligation to transfer
iii) Service Concession Arrangements
goods or services to a customer for which
Revenue related to construction services the Group has received consideration (or an
provided under service concession amount of consideration is due) from the
arrangement is recognised based on the customer. Contract liabilities are recognised as
stage of completion of the work performed. revenue when the Group performs under the
Operation and maintenance services revenue contract The same is disclosed as “Advance
with respect to intangible assets is recognised from Customers” under Other Current
in the period in which the services are provided Liabilities.
by the Group. Finance income is recognised
307

o) Employee Benefits expense in the Statement of Profit and Loss in

Employee benefits includes gratuity, compensated the line item “Employee Benefits Expense”:
absences, contribution to provident fund, - Service cost including current service
employees’ state insurance and superannuation cost, past service cost, gains and losses on
fund. curtailments and non-routine settlements;
i) Short Term Employee Benefits and
Employee benefits payable wholly within - Net interest expense or income
twelve months of rendering the services are
iii) Other Long Term Employee Benefits
classified as short term employee benefits
and recognised in the period in which the Other long term employee benefits comprise of
employee renders the related service. These compensated absences/leaves. The actuarial
are recognised at the undiscounted amount of valuation is done as per projected unit credit
the benefits expected to be paid in exchange method. Remeasurements as a result of
for that service. experience adjustments and changes in

actuarial assumptions are recognised in the
ii) Post Employment Benefits Statement of Profit and Loss.
Defined Contribution Plans iv) For the purpose of presentation of defined
Retirement benefits in the form of provident benefit plans and other long term benefits, the
fund and superannuation fund are defined allocation between current and non-current
contribution schemes. The Group has no provisions has been made as determined by an
obligation, other than the contribution actuary.
Statutory Reports
payable to these funds. The Group recognises

p) Borrowing Costs
contribution payable to these funds as an
expense, when an employee renders the Borrowing costs directly attributable to the
related service. acquisition, construction or production of a
qualifying asset that necessarily takes a substantial
Defined Benefit Plans period of time to get ready for its intended use or
The Group operates a defined benefit gratuity sale are capitalised as part of the cost of the asset.
Corporate Overview
plan. The cost of providing benefits under Borrowing costs consist of interest and other
the defined benefit plan is determined based costs that an entity incurs in connection with the
on actuarial valuation, carried out by an borrowing of funds. Transaction costs in respect of
independent actuary, using the projected long-term borrowings are amortised over the tenor
unit credit method. The liability for gratuity is of respective loans using effective interest method.
funded annually to a gratuity funds maintained All other borrowing costs are expensed in the
with the Life Insurance Corporation of India period in which they are incurred. Borrowing costs
and SBI Life Insurance Company Limited. also includes exchange differences arising from
foreign currency borrowings to the extent they are
Re-measurements gains and losses arising
regarded as an adjustment to the borrowing costs.
from experience adjustments and changes
in actuarial assumptions are recognised q) Leases
immediately in the balance sheet with a The Group assesses whether a contract contains a
corresponding debit or credit to retained lease, at the inception of the contract. A contract
earnings through other comprehensive is, or contains, a lease if the contract conveys the
income in the period in which they occur. right to control the use of an identified asset for
Re-measurements are not reclassified to a period of time in exchange for consideration. To
Statement of Profit and Loss in subsequent assess whether a contract conveys the right to
periods. Net interest is calculated by applying control the use of an identified asset, the Group
the discount rate to the net balance of defined assesses whether (i) the contract involves the use
benefit liability or asset. of identified asset; (ii) the Group has substantially
The Group recognises the following changes all of the economic benefits from the use of the
in the net defined benefit obligation as an asset through the period of lease and (iii) the Group
has right to direct the use of the asset.
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The Group recognises a right-of-use asset and a The Group has elected not to recognise right-of-
lease liability at the lease commencement date. use assets and lease liabilities for short term leases
The right-of-use asset is initially measured at cost, that have a lease term of less than or equal to 12
which comprises the initial amount of the lease months with no purchase option and assets with
liability adjusted for any lease payments made at low value leases. The Group recognises the lease
or before the commencement date, plus any initial payments associated with these leases as an
direct costs incurred and an estimate of costs to expense in statement of profit and loss over the
dismantle and remove the underlying asset or to lease term. The related cash flows are classified as
restore the site on which it is located, less any operating activities.
lease incentives received.
r) Business Combination
Certain lease arrangements include the option Business combinations are accounted for using
to extend or terminate the lease before the end the acquisition method of accounting. The cost
of the lease term. The right-of-use assets and of an acquisition is measured at the fair value of
lease liabilities include these options when it is
Corporate Overview
the assets transferred, equity instruments issued
reasonably certain that the option will be exercised. and liabilities assumed at their acquisition date i.e.
The right-of-use asset is subsequently depreciated the date on which control is acquired. Contingent
using the straight-line method from the consideration to be transferred is recognised at fair
commencement date to the earlier of the end of value and included as part of cost of acquisition.
the useful life of the right-of-use asset or the end Transaction related costs are expensed in the
of the lease term. In addition, the right-of-use asset period in which the costs are incurred. For each
is periodically reduced by impairment losses, if any, business combination, the Group elects whether
Statutory Reports
and adjusted for certain re-measurements of the to measure the non-controlling interests in the
lease liability. acquiree at fair value or at the proportionate share
of the acquiree’s identifiable net assets.
The lease liability is initially measured at the
present value of the lease payments that are not Where the aggregate of consideration transferred
paid at the commencement date, discounted using and amount recognised for non-controlling
the interest rate implicit in the lease or, if that interests exceeds the fair value of net identifiable
rate cannot be readily determined, the Group’s assets acquired and liabilities assumed, the excess
incremental borrowing rate. Generally, the Group is recorded as goodwill. After initial recognition,
uses its incremental borrowing rate as the discount goodwill is tested for impairment annually and
rate. measured at cost less any accumulated impairment
losses if any. Alternatively, in case of a bargain
The lease liability is subsequently measured purchase wherein the aggregate of consideration
at amortised cost using the effective interest transferred and amount recognised for non-
method. It is remeasured when there is a change controlling interests is lower than the fair value
in future lease payments arising from a change in of net identifiable assets acquired and liabilities
an index or rate, if there is a change in the Group’s assumed, the difference is recognised as capital
estimate of the amount expected to be payable reserve within equity.
under a residual value guarantee, or if the Group
changes its assessment of whether it will exercise Business combinations involving entities under
a purchase, extension or termination option. common control are accounted for using the
pooling of interest method, wherein the assets and
When the lease liability is remeasured in this way, a liabilities of the business acquired are reflected at
corresponding adjustment is made to the carrying carrying value.
amount of the right-of-use asset or is recorded in
profit or loss if the carrying amount of the right-of- s) Segment Accounting
use asset has been reduced to zero. Operating segments are reported in a manner
consistent with the internal reporting to
Lease payments have been classified as financing
management. For management purposes, the
activities in Statement of Cash Flow.
Group is organised into business units based on its
products and services.
309

Operating results of the business units are not owned by the Group as per the terms of Mine
monitored separately for the purpose of making Development and Operation (MDO) contract.
decisions about resource allocation and Hence, this represents work performed under
performance assessment. Segment performance is contractual liability in bringing this inventory to its
evaluated based on profit or loss and is measured present condition and location.
consistently with Statement of Profit and Loss in
Net realisable value is the contract price as per
the financial statements.
the Mining Development and Operation (MDO)
t) Earning Per Share (EPS) agreement , less the estimated costs of completion
Basic EPS is computed by dividing the profit or and estimated costs necessary to make the sale.
loss attributable to the equity shareholders of v) Overburden Cost Adjustment
the Group by the weighted average number of
Overburden removal expenses incurred during
equity shares outstanding during the year. Diluted
production stage are charged to revenue based on
EPS is computed by adjusting the profit or loss
waste-to-ore ratio, (commonly known as Stripping
attributable to the ordinary equity shareholders

Ratio in the industry). This ratio is taken based on
and the weighted average number of equity shares,
the current operational phase of overall mining
for the effects of all dilutive potential equity shares.
area. To the extent the current period ratio exceeds
u) Service Work in Progress the expected Stripping Ratio of a phase, excess
Service Work in Progress is valued at lower of cost overburden costs are deferred.
and net realisable value. Cost is determined based w) Expenditure
on Weighted Average Cost Method.
Expenses are net of taxes recoverable, where
Statutory Reports
Service Work In Progress represents closing applicable.

inventory of Washed and Reject Coal, which is
Corporate Overview
310
Note : 3 Property, Plant & Equipments & Intangible Assets (H in crore)

PARTICULARS Property, Plant & Equipments
Freehold Leasehold Building- Building- Plant & Furniture Electrical Office Computer Vehicles Air Ship Marine Right of Use - Lease Assets Total
Land Land Office Factory Machinery & Fixture Fittings Equipment Equipments Craft Structures Land Building Vehicle
Opening Gross Carrying Value 494.05 730.59 1,006.04 52.94 2,493.31 79.66 91.08 44.83 52.26 37.44 6.27 1,959.22 12.96 - - - 7,060.65
Reclass to Right of Use Assets - (730.59) - - - - - - - - - - - 730.59 - - -
Acquisitions through Business 92.99 - - - 64.70 2.72 0.44 0.44 1.64 0.20 - - - 12.67 - - 175.80
Combination
Addition during the year - - 10.80 3.42 840.54 2.88 8.84 2.85 14.14 10.83 - - - 15.18 56.25 0.11 965.84
Foreign Exchange Translation (26.07) - (4.92) 1.41 (5.73) 0.64 - 0.02 0.50 0.16 - 183.55 (0.66) - - - 148.90
Deductions during the year 95.70 - 2.85 2.44 17.31 0.31 - 0.24 0.09 1.43 - 29.51 - - - - 149.88
(note : a)
Closing Gross Carrying Value 465.27 - 1,009.07 55.33 3,375.51 85.59 100.36 47.90 68.45 47.20 6.27 2,113.26 12.30 758.44 56.25 0.11 8,201.31
Opening Accumulated - 62.52 136.40 5.72 651.01 42.99 21.61 27.47 30.53 13.71 2.44 317.13 3.53 - - - 1,315.06
Depreciation
Reclass to Right of Use Assets - (62.52) - - - - - - - - - - - 62.52 - - -
Depreciation, Amortisation & - - 42.08 4.99 212.83 6.96 8.88 6.65 10.83 5.89 0.61 87.30 0.92 22.56 17.79 0.05 428.34
Impairment during the year
Foreign Exchange Translation - - (1.98) 0.02 (3.65) 0.48 - (0.06) 0.46 0.05 - 29.03 (0.17) - (0.26) - 23.92
Deductions during the year - - 0.36 0.39 0.05 0.20 - 0.12 0.04 0.93 - 10.67 - - - - 12.76
(note : a)
Closing Accumulated - - 176.14 10.34 860.14 50.23 30.49 33.94 41.78 18.72 3.05 422.79 4.28 85.08 17.53 0.05 1,754.56
Depreciation
Net Carrying Value 465.27 - 832.93 44.99 2,515.37 35.37 69.87 13.96 26.67 28.48 3.22 1,690.47 8.02 673.36 38.72 0.06 6,446.75
Opening Gross Carrying Value 465.27 - 1,009.07 55.33 3,375.51 85.59 100.36 47.90 68.45 47.20 6.27 2,113.26 12.30 758.44 56.25 0.11 8,201.31
Acquisitions through Business - - - - 12.08 0.27 - - - - - - - - - - 12.35
Combination (Refer Note 43)
Addition during the year 0.01 - 85.23 229.73 510.04 7.71 2.55 26.50 9.18 16.03 - - - 27.83 113.58 - 1,028.39
Foreign Exchange Translation 66.15 - 15.75 (0.66) 72.22 (0.13) 0.01 0.27 (0.24) (0.01) - (123.39) 1.06 - (1.19) - 29.84
Deductions during the year - - 172.94 0.72 148.97 5.01 4.19 8.61 10.74 1.18 - 1,016.08 - 331.39 0.22 - 1,700.05
(note : a)
Closing Gross Carrying Value 531.43 - 937.11 283.68 3,820.88 88.43 98.73 66.06 66.65 62.04 6.27 973.79 13.36 454.88 168.42 0.11 7,571.84
Opening Accumulated - - 176.14 10.34 860.14 50.23 30.49 33.94 41.78 18.72 3.05 422.79 4.28 85.08 17.53 0.05 1,754.56
Depreciation
Depreciation, Amortisation & - - 37.15 13.35 264.72 6.30 9.23 15.01 8.68 10.30 0.61 38.87 1.00 18.08 20.41 0.05 443.76
Impairment during the year
Foreign Exchange Translation - - 8.75 (0.13) 40.51 (0.85) 0.00 0.29 (0.17) 0.08 - (13.98) 0.36 - (0.15) - 34.71
Deductions during the year - - 26.14 0.11 33.48 1.09 0.01 5.42 5.20 0.45 - 214.61 - 22.07 0.09 - 308.67
(note : a)
Closing Accumulated - - 195.90 23.45 1,131.89 54.59 39.71 43.82 45.09 28.65 3.66 233.07 5.64 81.09 37.70 0.10 1,924.36
Depreciation
Net Carrying Value 531.43 - 741.21 260.23 2,688.99 33.84 59.02 22.24 21.56 33.39 2.61 740.72 7.72 373.79 130.72 0.01 5,647.48
Note :
a). Deduction from the Gross Block and Accumulated Depreciation of Property, Plant & Equipment includes transfer from / to Investment Property. Refer note 5 for further details.
311



(H in crore)
PARTICULARS Intangible Assets
Computer Mine Other Total
Software Development Intangible
Rights Assets
Opening Gross Carrying value 68.33 693.32 2,573.55 3,335.20
Acquisitions through Business Combination - - 166.92 166.92
Addition during the year 4.24 44.07 661.59 709.90
Foreign Exchange Translation (0.06) - (154.61) (154.67)
Deductions during the year - - - -
Closing Gross Carrying Value 72.51 737.39 3,247.45 4,057.35

Opening Accumulated Depreciation 45.66 91.24 0.02 136.92
Depreciation, Amortisation & Impairment during the year 8.66 25.61 27.51 61.78
Foreign Exchange Translation (0.07) - - (0.07)
Deductions during the year - - - -
Closing Accumulated Depreciation 54.25 116.85 27.53 198.63
Statutory Reports
Net Carrying Value 18.26 620.54 3,219.92 3,858.72

Opening Gross Carrying value 72.51 737.39 3,247.45 4,057.35
Acquisitions through Business Combination (Refer Note 43) - - 44.17 44.17
Addition during the year 7.39 66.57 263.10 337.06
Corporate Overview
Foreign Exchange Translation 0.22 - 857.65 857.87

Deductions during the year 29.63 - - 29.63
Closing Gross Carrying Value 50.49 803.96 4,412.37 5,266.82
Opening Accumulated Depreciation 54.25 116.85 27.53 198.63
Depreciation, Amortisation & Impairment during the year 8.38 28.43 54.03 90.84
Foreign Exchange Translation 0.22 - - 0.22
Deductions during the year 29.63 - - 29.63
Closing Accumulated Depreciation 33.22 145.28 81.56 260.06
Net Carrying Value 17.27 658.68 4,330.81 5,006.76
Note : 3 Goodwill
(H In crore)
Carrying value at the beginning of the year 139.13 54.22
Add : Amount recognised through acquisitions, mergers & demergers 12.84 84.91
Carrying value at the end of the year 151.97 139.13
312


i) Out of above assets, following assets were given on Operating Lease as on 31st March, 2021
(H In crore)
Particulars Gross Block Accumulated Net Block Depreciation
As at 31st Depreciation As at 31st charge for the
March, 2021 March, 2021 year
Land 6.55 - 6.55 -
Office Building 29.93 2.98 26.95 0.50
Plant & Machinery 1.77 1.17 0.60 0.13
Vehicles 14.56 3.75 10.81 1.65
Total 52.81 7.90 44.91 2.28
31st March, 2020 53.45 6.19 47.26 1.99
The total future minimum lease rentals receivable at the Balance Sheet date is as under:
Corporate Overview
(H In crore)
For a period not later than one year 6.91 6.90
For a period later than one year and not later than five years 8.38 11.45
For a period later than five years 14.96 15.54
Statutory Reports
30.25 33.89
ii) For security / mortgage, refer notes 21 and 25.
Note : 4 Capital Work-In-Progress & Intangible Assets Under Development

(H In crore)
Capital Work-in-Progress 8,406.86 6,982.48
Capital Inventory 279.41 248.66
8,686.27 7,231.14
Capital Work in Progress includes :

a) Building of H0.85 crore (31st March, 2020 : H0.85 crore) which is in dispute and the matter is sub-judice.
b) Agricultural Land of H0.45 crore (31st March, 2020: H0.45 crore) recovered under settlement of debts, in which
certain formalities are yet to be executed.
c) The Group’s share in Jointly controlled Assets is H119.76 crore (31st March, 2020 : H217.04 crore). Refer note 53
(a).
Intangible Assets Under Development
(H In crore)
Intangible Assets under Development 139.19 115.59
139.19 115.59
313

Note : 5 Investment Properties

(Measured at cost)
(H In crore)
Gross Carrying Amount
Opening Gross Value 44.10 32.33
Transfer from / (to) Property, Plant and Equipment 0.64 9.61
Foreign Exchange Translation Differences (0.85) 2.16
Balance as at the end of the year 43.89 44.10
Opening Accumulated Depreciation 12.24 10.31
Depreciation during the year 0.28 0.40
Transfer from / (to) Property, Plant and Equipment 0.37 0.55

Foreign Exchange Translation Differences (0.40) 0.98
Balance as at the end of the year 12.49 12.24
Net Carrying Amount 31.40 31.86
a) Fair Value of Investment Properties

The fair value of the Group’s investment properties at the end of the year have been determined on the basis
Statutory Reports
of valuation carried out by the management based on the transacted prices near the end of the year in the
location and category of the properties being valued. The fair value measurement for all of the investment
properties has been categorised as Level 2 fair value measurement. Total fair value of Investment Properties is
H37.10 crore (31st March, 2020 : H36.67 crore).
b) During the year, the Group carried out a review of the recoverable amount of investment properties. As a result,
there were no allowances for impairment required for these properties.
Corporate Overview
c) Amounts recognised in the Statement of Profit and Loss

(H In crore)
Income
Rental Income 1.09 1.41
Expenses
Property Tax 0.34 0.16
Depreciation 0.28 0.40
314

Note : 6 Non Current Investments

(Amounts below H50,000/- denoted as *)
(H In crore)
I. INVESTMENTS IN JOINTLY CONTROLLED ENTITIES &
ASSOCIATES (ACCOUNTED USING EQUITY METHOD)
a) Unquoted Investment in Jointly Controlled Entities
1 5,71,47,443 (31st March, 2020 : 5,71,47,443) Equity Shares of H10 1,677.60 1,309.21
each of Adani Wilmar Ltd
2 38,00,000 (31st March, 2020 : 38,00,000) Equity Shares of $ 1 119.46 98.85
each of Adani Wilmar Pte Ltd
3 Nil (31st March, 2020 : 1,88,27,550) Equity Shares of H10 each of - 14.37
Adani Elbit Advanced Systems India Ltd
Corporate Overview
4 1,000 (31st March, 2020 : 1,000) Equity Shares of $ 1 each of 0.01 0.01
Adani Global Resources Pte Ltd
5 25,500 (31st March, 2020 : 25,500) Equity Shares of H10 each of - -
Jhar Mining Infra Pvt Ltd
6 Nil (31st March, 2020 : 4,900) Equity Shares of H10 each of Adani - -
Chendipada Mining Pvt Ltd
7 2,50,00,001 (31st March, 2020 : 2,50,00,001) Equity Shares of $ 1 128.93 188.92
Statutory Reports
each of Adani Total LNG Singapore Pte Ltd
8 44,00,000 (31st March, 2020 : Nil) Equity Shares of H10 each of - -
Mundra Solar Technopark Pvt Ltd
b) Unquoted Investment in Associate Entities
1 4,82,00,000 (31st March, 2020 : 4,82,00,000) Equity Shares of 48.16 56.54
H10 each of GSPC LNG Ltd
2 1,46,685 (31st March, 2020 : 1,46,685) Equity Shares of H10 each 5.30 5.28
of Vishakha Industries Pvt Ltd
3 1,37,339 (31st March, 2020 : 1,37,339) Equity Shares of H10 each of 12.31 12.01
Comprotech Engineering Pvt Ltd
4 7,21,277 (31st March, 2020 : 7,21,277) Equity Shares of H10 each of 7.04 8.10
Autotec Systems Pvt Ltd
5 4,900 (31st Match, 2020 : 4,900) Equity shares of $ 1 each in - -
Adani Solar USA Inc
6 49,000 (31st March, 2020 : 49,000) Equity Shares of H10 each of 0.02 0.02
Adani Power Resources Ltd
7 50% share in Vishakha Industries (Partnership Firm) 9.11 8.94
8 282,00,00,000 (31st March, 2020 : Nil) Equity Shares of H10 each 1,662.46 -
of Mumbai International Airport Ltd
II. UNQUOTED INVESTMENTS IN OTHER EQUITY INSTRUMENTS
(MEASURED AT FVTPL)
1 20,000 (31st March, 2020 : 20,000) Equity Shares of H25 each of 0.05 0.05
Kalupur Commercial Co-Operative Bank
2 4 (31st March, 2020 : 4) Equity Shares of H25 each of The Cosmos * *
Co-Operative Bank Ltd
3 3,00,000 (31st March, 2020 : 3,00,000) Equity Shares of PT 0.15 0.15
Coalindo Energy of IDR 1 Million each
4 3,52,000 (31st March, 2020 : 3,52,000) Equity Shares of H10 each - -
of Mundra SEZ Textile & Apparel Park Pvt Ltd
315

Note : 6 Non Current Investments (contd)

(H In crore)
5 4,000 (31st March, 2020 : 4,000) Equity Shares of H25 each of - -
Shree Laxmi Co-operative Bank Ltd
6 Nil (31st March, 2020 : 1,20,00,000) Compulsorily Convertible - 120.00
Debentures of H100 each of Astronomical Logistics Park Pvt Ltd
7 Nil (31st March, 2020 : 75,00,000) Compulsorily Convertible - 75.00
Debentures of H100 each of MGN Agro Properties Pvt Ltd
III. UNQUOTED INVESTMENTS IN DEBT INSTRUMENTS (MEASURED
AT FVTPL)
1 13,150 (31st March, 2020 : Nil) Non-Convertible Redeemable 1,552.75 -
Debentures of H10,00,000 each of GVK Airport Developers Ltd
2 25,00,00,000 (31st March, 2020 : Nil) Optionally Convertible 250.00 -

Debentures of H10 each of Sutara Road and Infra Ltd
IV. UNQUOTED INVESTMENTS IN DEBT INSTRUMENTS (MEASURED
AT AMORTISED COST)
1 50,000 (31st March, 2020 : 50,000) Preference Shares of H10 each 0.05 0.05
of Adani Total Gas Ltd
2 National Saving Certificates (Lodged with Government 0.03 0.03
Statutory Reports
Departments)
5,473.43 1,897.53
Aggregate amount of Quoted Investments - -
Aggregate amount of Unquoted Investments 5,473.43 1,897.53
Market Value of the Quoted Investments - -
Aggregate amount of impairment in the value of Investments - -
Corporate Overview
Note : 7 Non-Current Loans

(H In crore)
Loans given 3,199.01 945.87
3,199.01 945.87
(for dues from the Related Parties, refer note 40)
Note : 8 Other Non-Current Financial Assets

(H In crore)
Security Deposits (Refer Note : 47) 1,227.39 919.85
Land Lease Receivable (Refer Note : (a)) - 9.01
Financial Assets under Service Concession Arrangements 541.37 -
Fixed Deposits with maturity over 12 months (including Margin Money 459.20 14.07
against Bank Guarantee & Letter of Credit)
Other Non Current Financial Assets 9.64 4.80
2,237.96 948.14
316

Note : 8 Other Non-Current Financial Assets (contd)

Notes :
(a) Asset given under finance lease
Future minimum lease receivables under finance leases together with the present value of the net minimum
lease payments receivable (“MLPR”) are as follows:
(H In crore)
Particulars As at 31st March, 2021 As at 31st March, 2020
Gross Investment Present Value of Gross Investment Present Value of
in the lease MLPR in the lease MLPR
Within one year - - 0.45 0.41
After one year but not later than - - 2.26 1.71
five years
More than five years - - 25.26 6.89
Corporate Overview
Total minimum lease receivables - - 27.96 9.01
Less: Amounts representing - - (18.95) -
finance charges
Present value of minimum lease - - 9.01 9.01
receivables
(b) For dues from the related parties, refer note 40
Statutory Reports
Note : 9 Deferred Tax Assets & Liabilities
(a) Major Components of Deferred Tax Liability / Asset (Net) :
(H In crore)
DEFERRED TAX LIABILITIES
Property, Plant & Equipments and Intangible Assets 407.10 497.52
Present value of Lease Receivable - 24.57
Other Items 1.77 37.54
Gross Deferred Tax Liabilities 408.87 559.63
DEFERRED TAX ASSETS
Unabsorbed Depreciation & Tax Losses 281.13 424.22
MAT Credit Entitlement (Refer Note : ii) 162.91 245.12
Present Value of Lease Liability 6.37 112.34
Other Items 0.26 17.25
Gross Deferred Tax Assets 459.27 809.10
Net Deferred Tax Liability / (Asset) (50.40) (249.47)
Disclosure in Consolidated Balance Sheet is based on entity wise recognition, as follows :
(H In crore)
Deferred Tax Liabilities 26.14 23.30
Deferred Tax Assets 76.54 272.77
Net Deferred Tax Liability / (Asset) (50.40) (249.47)
317

Note : 9 Deferred Tax Assets & Liabilities (contd)

Note :
i) Deferred tax liabilities have not been recognized on temporary differences associated with investments in
subsidiaries as it is probable that the temporary differences will not reverse in the foreseeable future.
ii) Details for Expiry of Unused tax credits :
(H In crore)
Unused tax credits 162.91 FY 2024-25 0.34
FY 2025-26 3.92
FY 2026-27 2.95
FY 2027-28 2.12
FY 2028-29 2.40
FY 2029-30 2.71
FY 2030-31 3.41
FY 2031-32 48.68
FY 2032-33 51.54
FY 2033-34 38.90
FY 2034-35 3.16
FY 2035-36 0.24
FY 2036-37 2.54
iii) Few of the Indian subsidiary companies in the Group have not recognized Deferred Tax Asset of H42.50
crore (31st March, 2020 : H91.99 crore) since they may not be used to offset taxable profits elsewhere in
Statutory Reports
the Group and there are no other tax planning opportunities or other evidence of recoverability in the near
future. These Indian subsidiary companies have carried forward unabsorbed depreciation aggregating
H112.67 crore under the Income Tax Act, 1961 for which there is no expiry date of its tax credit utilisation
by the respective entities. Further these Indian subsidiary companies have carried forward losses which
gets expired within 8 years of the respective year. Below are the details for expiry of unused tax losses on
which deferred tax asset is not recognised :
(H In crore)
Corporate Overview

Unused tax losses 51.96 FY 2020-21 0.01
FY 2022-23 2.85
FY 2023-24 4.56
FY 2024-25 14.13
FY 2025-26 15.44
FY 2026-27 3.87
FY 2027-28 5.69
FY 2028-29 5.41
(b) The gross movement in the deferred tax account for the year ended 31st March 2021 and
31st March 2020, are as follows:
(H In crore)
Net Deferred Tax Assets at the beginning 249.47 349.31
Tax (Expenses) / Income recognised in:
Statement of Profit and Loss
Property, Plant & Equipments and Intangible Assets 90.42 (54.99)
Unabsorbed Depreciation / Business Loss (143.09) 103.66
MAT Credit Entitlement (82.21) (158.07)
Present Value of Lease Receivable and Lease Liability (net) (81.40) 9.09
Employee Benefits Liability (2.87) 2.54
Others 18.78 (3.26)
Net Deferred Tax Assets at the end 50.40 249.47
318

Note : 9 Deferred Tax Assets & Liabilities (contd)

(c) This note presents the reconciliation of Income Tax charged as per the applicable tax rates & the actual
provision made in the Financial Statements as at 31st March, 2021 & 31st March, 2020 with breakup of differences
in Profit as per the Financial Statements & as per the applicable taxation laws.
(H In crore)
Profit Before Tax as per Statement of Profit & Loss 1,085.97 1,122.33
Tax Rate for Corporate Entity as per Income Tax Act, 1961 34.944% 34.944%
Expected Tax Expense as per Income Tax Act, 1961 379.48 392.19
Tax Effect of:
Tax concessions and tax rebates (42.62) (74.68)
Expenses not allowed for tax purposes 58.85 112.14
Corporate Overview
Income exempt under tax laws (63.15) (55.53)
Adjustments for changes in estimates & rate of deferred tax (Refer - (70.67)
Note : d)
Tax adjustments of earlier years (1.07) 0.75
Others (net) 8.16 20.13
Total Tax Expense as per Statement of Profit and Loss 339.65 324.33
(d) Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 :
Statutory Reports
The Company and few of its Indian subsidiaries have decided to continue with the existing tax structure
until utilisation of accumulated minimum alternative tax (MAT) credit. However, the Company and these
subsidiaries have used new tax rates to re-measure their deferred tax liabilities that is expected to reverse in
future when the companies would migrate to the new tax regime. The full impact of this change in tax rates
was recognised in tax expenses during the year ended on 31st March, 2020.
Note : 10 Other Non-Current Assets
(H In crore)
Capital Advances 291.50 89.94
Balances with Government Authorities (including amount paid under dispute) 244.68 150.09
Prepaid Expenses 218.41 268.52
Other Non-Current Assets 36.08 41.42
790.67 549.97
Note : 11 Inventories
(Valued at lower of cost and net realisable value)
(H In crore)
Raw Materials 145.88 96.44
Work In Progress 295.77 237.57
Finished / Traded Goods (Refer note a and b) 1,233.62 2,140.20
Stores and Spares 81.77 88.16
1,757.04 2,562.37
Notes :
(a) Includes goods in transit H476.29 crore (31st March 2020 : H387.29 crore).
(b) Includes land and related development cost : Nil (31st March, 2020 : H461.91 crore) for one of the subsidiary
companies.
(c) For security / hypothecation, refer notes 21 and 25.
319

Note : 12 Current Investments

(H In crore)
I. Unquoted Investment in Mutual Funds (Measured at FVTPL)
1 1,36,757.66 (31st March, 2020 : Nil) Units in Birla Sun Overnight Fund - 15.22 -
Direct - Growth of H100 each
2 39,642.78 (31st March, 2020 : Nil) Units in SBI Overnight Fund - 13.29 -
Direct - Growth of H100 each
3 Nil (31st March, 2020 : 4,99,078.58) Units in Birla Sun Life Liquid - 53.91
Fund - Direct - Growth of H100 each
4 Nil (31st March, 2020 : 195.12) Units of Edelweiss Liquid Fund - Direct - - 0.05
Growth of H1,000 each
II. Unquoted Investment in Bonds (Measured at Amortised Cost)

1 10 (31st March, 2020 : 10) 11.80% LVB-Tier-II 2024 Bonds of Laxmi 1.00 1.00
Vilas Bank Ltd. of H10,00,000 each
29.51 54.96
Aggregate amount of Quoted Investments - -
Aggregate amount of Unquoted Investments 29.51 54.96
Statutory Reports
Note : 13 Trade Receivables

(H In crore)
Unsecured, Considered good 11,982.65 13,146.53
Unsecured, Credit Impaired 73.85 138.22
12,056.50 13,284.75
Corporate Overview
Allowance for Credit Losses (73.85) (138.22)

11,982.65 13,146.53
Notes :
(a) For dues from the Related Parties, refer note 40.
(b) For Security / Hypothecation, refer note 21 and 25.
Note : 14 Cash & Cash Equivalents

(H In crore)
Balances with banks:
- In current accounts 506.93 1,590.91
- Deposits with original maturity of less than three months 157.97 532.89
Cash on hand 1.25 0.89
666.15 2,124.69
320

Note : 15 Bank Balances (Other Than Cash & Cash Equivalents)

(H In crore)
Margin Money Deposits (lodged against Bank Guarantee, Buyer's Credit, 613.87 561.46
Cash Credit and Letter of Credit)
Deposits with original maturity of more than three months but less than 530.43 690.12
twelve months
Earmarked balances in unclaimed dividend accounts 0.37 0.41
1,144.67 1,251.99
Note : 16 Current Loans

Corporate Overview
(H In crore)
Loan to Employees 32.15 38.61
Loan to Others 1,380.95 1,921.25
1,413.10 1,959.86
Statutory Reports
Note : 17 Other Current Financial Assets
(H In crore)
Security and Other Deposits 75.52 90.59
Interest Accrued 203.78 113.00
Unbilled Revenue 455.64 400.98
Derivative Assets 4.09 115.69
Government Grant Receivable 46.70 74.37
Claims recoverable from Mine Owners (note (a)) 361.07 361.07
Financial Assets under Service Concession Arrangements (note (b)) 227.11 264.20
Insurance Claim Receivable 0.34 36.59
Other Current Financial Assets 8.20 7.34
1,382.45 1,463.83
Notes :
(a) The Group has incurred cost as Mine Developer cum Operator for Machhakata and Chendipada coal blocks,
allotment of which have been cancelled pursuant to Coal Mines (Special Provision) Ordinance, 2014. The Group
has filed claim for cost of investment in respect of Machhakata coal block with MahaGuj Collieries Ltd and
for Chendipada coal block with UCM Coal Company Ltd. This amount also includes claims under arbitration in
respect of existing operational contracts.
(b) For Service Concession Arrangements refer note 48.
321

Note : 18 Other Current Assets

(H In crore)
Prepaid Expenses 104.44 142.10
Balances with Government Authorities 709.06 569.85
Service Work in Progress (Refer Note 2(II)(u)) 31.91 38.42
Other Current Assets 1.51 1.00
Advances recoverable for value to be received
Considered good 740.82 867.32
Credit impaired 8.99 8.99
749.81 876.31
Allowance for doubtful advances (8.99) (8.99)
740.82 867.32
1,587.74 1,618.69
Note : 19 Equity Share Capital

(H In crore)
Statutory Reports
AUTHORISED
4,85,92,00,000 (31st March 2020 : 4,85,92,00,000) Equity Shares of H1/- 485.92 485.92
each
485.92 485.92
ISSUED, SUBSCRIBED & FULLY PAID-UP
1,09,98,10,083 (31st March 2020 : 1,09,98,10,083) Equity Shares of H1/- 109.98 109.98
Corporate Overview
each
109.98 109.98
(a) Reconciliation of the Number of Shares Outstanding

At the beginning of the year 1,09,98,10,083 109.98 1,09,98,10,083 109.98
Movements for the year - - - -
At the end of the year 1,09,98,10,083 109.98 1,09,98,10,083 109.98
(b) Rights, Preferences and Restrictions attached to each class of shares

The Parent has only one class of Equity Shares having a par value of H1/- per share and each holder of the
Equity Shares is entitled to one vote per share. The Parent Company declares and pays dividends in Indian
Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the
ensuing Annual General Meeting, except in case of Interim Dividend.
In the event of liquidation of the Parent, the holders of the equity shares will be entitled to receive any of
the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of shares held by the shareholders.
322

Note : 19 Equity Share Capital (contd)

(c) Details of shareholders holding more than 5% shares in the company
Name of the Shareholder As at 31st March, 2021 As at 31st March, 2020
Equity shares of H1 each fully paid
Shri Gautam S. Adani / Shri Rajesh S. Adani 62,11,97,910 56.48% 62,11,97,910 56.48%
(on behalf of S. B. Adani Family Trust)
Adani Tradeline LLP 9,94,91,719 9.05% 9,94,91,719 9.05%
72,06,89,629 65.53% 72,06,89,629 65.53%
Note : 20 Other Equity

(H In crore)
Corporate Overview
20.1 General Reserve
Add : Transfer from Retained Earning 25.00 25.00
Total 470.19 445.19
20.2 Securities Premium
Statutory Reports
Add / (Less) : Changes during the year - -
Total 982.64 982.64
20.3 Retained Earnings
Opening Balance 11,783.80 10,859.29
Add : Total Comprehensive Income 918.82 1,135.17
Less : Dividend on Equity Shares - (43.99)
Less : Tax on Dividend - (9.04)
Less : Interim Dividend on Equity Shares - (109.98)
Less : Tax on Interim Dividend - (22.62)
Less : Transfer to General Reserve (25.00) (25.00)
Add / (Less) : On account of Consolidation Adjustments 1.45 (0.03)
Total 12,679.07 11,783.80
20.4 Capital Reserve On Consolidation
Total 35.52 35.52
20.5 Amalgamation Reserve
Total 38.91 38.91
20.6 Foreign Currency Translation Reserve
Opening Balance 3,550.53 2,309.41
Add / (Less) : Changes during the year (708.27) 1,241.12
Total 2,842.26 3,550.53
Total Other Equity 17,048.59 16,836.59
323

Note : 20 Other Equity (contd)

Nature And Purpose Of Reserves
General Reserve
General reserve is created by the Company by appropriating the balance of Retained Earnings. It is a free reserve
which can be used for meeting the future contingencies, creating woking capital for business operations,
strengthing the financial position of the Company etc.
Securities Premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
Retained Earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.
Capital Reserve On Consolidation

Capital reserve on consolidation refers to the gain arised on initial investment in the subsidiary. It is a difference
between the net assets acquired in the subsidiary and the consideration paid for the acquisition. This is not a free
reserve and cannot be utilised for the distribution of dividends.
Amalgamation Reserve
Amalgamation reserve represents the surplus arised in the course of amalgamation of wholly owned subsidiary
Statutory Reports
companies in one of the jointly controlled entities company in India. The said reserve shall be treated as free
reserve available for distribution as per the scheme approved by Hon’ble Gujarat High Court.
Foreign Currency Translation Reserve
Exchange differences arising on translation of the foreign subsidiaries are recognised in Other Comprehensive
Income as described in accounting policy and accumulated in a separate reserve within equity. The cumulative
amount shall be reclassified to the statement of profit and loss when the net investment is derecognised by the
Corporate Overview
Company.
Note : 21 Non Current Borrowings

(H In crore)
SECURED
Term Loans from Banks (Refer Note (a)) 1,725.29 1,616.94
Term Loans from Financial Institutions (Refer Note (a)) 1,763.09 407.47
Non Convertible Bonds (Refer Note (b)) 436.71 361.23
Redeemable Non Convertible Debenture (Refer Note (c)) 557.46 -
UNSECURED
Term Loan from Financial Institutions (Refer Note (d)) - 0.12
Compulsory Convertible Debenture (Refer Note (e)) 217.88 -
Inter Corporate Loans (Refer Note (f)) 4,822.87 1,130.05
9,523.30 3,515.81
The above amount includes :
Secured Borrowings 4,482.55 2,385.64
Unsecured Borrowings 5,040.75 1,130.17
9,523.30 3,515.81
(for dues to Related Parties, refer note 40)
324


Notes :
(a) Term Loans from Banks and Financial Institutions
(i) Term Loan from financial institutions taken by Adani Enterprises Ltd of H876.46 crore (Previous Year :
Nil) is secured through first ranking hypothecation/ charge/ pledge/ mortgage on borrower’s Parsa East
and Kente Basin blocks immovable and movable properties, leasehold/ sub-leasehold rights over the land
and property pertaining to coal washery and railway land, revenue and receivables, project accounts,
both present and future, relating to the said project. Repayment of loan is repayable in 113 monthly
instalments from April, 2021. Term loan carries interest rate of 10.65% p.a.
(ii) Term Loan from banks taken by Adani Enterprises Ltd : Nil (Previous Year : H513.75 crore) was secured
through first ranking hypothecation/ charge/ pledge/ mortgage on borrower’s Parsa East and Kente Basin
blocks immovable and movable properties, leasehold/ sub-leasehold rights over the land and property
Corporate Overview
pertaining to coal washery and railway land, revenue and receivables, project accounts, both present and
future, relating to the said project. Term loan carries interest rate from 10.75% to 10.85% p.a. The same
(iii) Term Loan from banks taken by Adani Enterprises Ltd of : Nil (Previous Year : H333.33 crore) was secured
through subservient charges over current assets excluding those pertaning to mining division of the
Company. Term loan carries interest rate of 9.35% p.a. The same has been repaid during the year.
Statutory Reports
(iv) Term Loan from banks taken by Mundra Solar PV Limited of H869.34 crore (Previous Year : H944.50 crore)
are secured by first charge by way of mortgage on all immovable properties and first charge by way of
hypothecation on all movable assets, intangibles, goodwill, uncalled capital, present and future project on
pari-passu basis along with 51% equity shares of the company. Also secured by second charge on stock
of raw material, semi finished goods, finished goods, stores & spares, goods in transit, book debt, bills,
outstanding monies, receivable relating to both present and future projects. Secured Loan from bank
would be repaid in 22 quarterly structured instalments till September 2026 and it carries interest rate of
9.90% p.a.
(v) Term Loan facility arrangement called Coal swap loan/ Coal advance sales and purchase transaction
entered into with a financial institution by Adani Global Pte Limited of H536.15 crore (Previous Year :
H346.81 crore). This facility used API4 coal price index as a reference price in its calculation to determine
the payment amounts. The facility is secured by lien on fixed deposits and cash margin with banks and
charges over certain specific receivables, inventories, bankers’ performance guarantee and the related
marine insurance policies, which are financed by the banks and private establishment. The loan facility is
repayable by June, 2023 subject to decision taken by the financial institution. This facility carries interest
rate from 4.24% to 4.50% p.a.
(vi) Term Loan taken by Aanya Maritme Inc. of H73.53 crore (Previous Year : H132.26 crore) is secured against
the vessel of the company MV Aanya. Loan is payable within 10 years starting from June, 2012 which
carries interest rate 7.04% p.a.
(vii) Term Loan taken by Aashna Maritme Inc. of H87.43 crore (Previous Year : H145.85 crore) is secured against
the vessel of the company MV Aashna. Loan is payable within 10 years starting from June, 2012 which
(viii) Term Loan taken by Urja Maritme Inc. of H140.18 crore (Previous Year : H160.73 crore) is secured against
the vessel of the company MV Urja. Loan is payable within 10 years starting from December, 2016 which
325


(ix) Term Loan taken by Rahi Shipping Pte Limited Inc. : Nil (Previous Year : H84.68 crore) was secured against
the vessel of the company MV Rahi & also by assignment of earnings from vessel at an interest rate from
LIBOR+3% to 8% p.a. The same has been repaid during the year.
(x) Term Loan taken by Vanshi Shipping Pte Limited Inc. : Nil (Previous Year : H84.68 crore) was secured
against the vessel of the company MV Vanshi & also by assignment of earnings from vessel at an interest
rate from LIBOR+3% to 8% p.a. The same has been repaid during the year.
(xi) Term Loan from banks taken by Alpha Design Technologies Pvt Ltd of H70.22 crore (Previous Year : H58.70
crore) are secured by first charge of mortgage of leasehold rights of immovable properties and pari-
passu charge on all the fixed assets pertaining to the simulator project and industrial land. Vehicle loan
taken by the company is secured by hypothecation of the vehicle. These loans are payable in variable
instalments starting from October, 2018 to September, 2021 which carries interest from 7.40% to 10.60% p.a.
(xii) Term Loan taken by Adani Mining Pty Ltd of H148.50 crore (Previous Year : Nil) for Lease Purchase
Agreement denominated in US dollars to finance the plant and equipment to be used in the construction
and operations of the mine project with repayments over 60 months at an implicit interest rate of LIBOR
plus a margin of 3.85% p.a.
(xiii) Term Loan facility taken by Adani Infrastructure Pty Limited of H732.73 crore (Previous Year : Nil) is due
for repayment in March, 2024 and it carries interest rate of 4.60% p.a.
Statutory Reports
(xiv) Term Loan facility taken by Queensland Ripa Trust of H586.19 crore (Previous Year : Nil) is due for
repayment in December, 2023 and carries interest rate of LIBOR plus a margin of 4.25% p.a.
(xv) Term Loan from financial institutions taken by Prayagraj Water Private Limited of H30 crore (Previous Year
: Nil) are secured by first exclusive charge on tangible movable assets & intangible assets, including cash
flows, receivable, movable plant & machinery, machinery spares, tools & accessories, furniture, fixtures,
vehicles and all other movable assets, both present & future, save and except the project assets, first
Corporate Overview
exclusive charge over all accounts including escrow account & sub accounts, pledge of 51% equity shares
of the company. Loan instalments are repayable quarterly from March, 2022 and carries interest rate of
10.75% p.a.
(xvi) Term Loan from financial institutions taken by Bilaspur Patharpali Road Private Limited of H30 crore
(Previous Year : Nil) are secured by first exclusive charge on tangible movable assets & intangible assets,
including cash flows, receivable, movable plant & machinery, machinery spares, tools & accessories,
furniture, fixtures, vehicles and all other movable assets, both present & future, save and except the
project assets, first exclusive charge over all accounts including escrow account & sub accounts, pledge
of 51% equity shares of the company. Term Loan from financial institution would be repaid in instalments
till 2035 and it carries interest rate of 11.10% p.a.
(xvii) Term Loan from bank taken by Bilaspur Patharpali Road Private Limited of H30 crore (Previous Year : Nil)
are secured by first exclusive charge on tangible movable assets & intangible assets, including cash flows,
receivable, movable plant & machinery, machinery spares, tools & accessories, furniture, fixtures, vehicles
and all other movable assets, both present & future, save and except the project assets, first exclusive
charge over all accounts including escrow account & sub accounts. Term Loan from bank would be repaid
in instalments till 2035 and it carries interest rate of 9.80% p.a.
(xviii) Term Loans from bank taken by Adani Agri Fresh Limited : Nil (Previous Year : H3.63 crore) was secured by
first pari-passu charge on all the Immovable and movable fixed assets of the company, both present and
future and second pari-passu charge on all the current assets of the company, both present and future.
Term Loan from bank carries interest rate of 10.35% p.a. The same has been repaid during the year.
326


(b) Non Convertible Bonds taken by Adani Rugby Run Finance Pty Ltd of H430.86 crore (Previous Year : H361.23
crore) are secured by a first ranking security over all assets of the company and Adani Rugby Run Pty Ltd in its
personal capacity and in its capacity as trustee of Adani Rugby Run Trust, including a mortgage over the lease
held by the Trust. This bonds are repayable by December, 2024 and carries interest rate of 5.10% p.a.
(c) Redeemable Non Convertible Debentures (NCD) issued by Adani Enterprises Ltd of H557.46 crore (Previous
Year : Nil) are secured by way of first pari-passu & subservient charge on the current assets of the Company
except those pertaining to Mining Division. Redemption of these NCD’s starts from April, 2022 and it carries
interest rate from 8.75% to 8.95% p.a.
(d) Unsecured Term Loan from financial institutions taken by Mundra Solar PV Limited of H0.12 crore (Previous
Year : H0.86 crore) repayable by September, 2021 which carries interest rate 10.21% p.a.
(e) Compulsory Convertible Debenture (CCD) taken by Adani Road Transport Limited of H217.88 crore (Previous
Corporate Overview
Year : Nil) shall be compulsorily convertible at any time after 5 years period from the date of issue but on or
before 10 Years from the date of allotment. It carries interest rate of USD 6 month LIBOR + 400 bps. The CCD’s
shall be convertable at applicable fair market value as defined in the agreement.
(f) Inter Corporate Loans
(i) Unsecured Loan availed from a non-financial institution by Adani Global Pte Limited of H548.33 crore
(Previous Year : H378.33 crore) is repayable by October, 2025 and carries interest rate at 3% per annum for
3 years from the date of loan availed & thereafter 6% per annum.
Statutory Reports
(ii) Loan taken by Adani Airport Holdings Limited of H4,197.47 crore (Previous Year : Nil) is repayable in March,
2023 which carries interest from 10.00% to 13.50% p.a.
(iii) Loan taken by Mundra Solar Limited from related parties of H59.68 crore (Previous Year : H62.63 crore)
payable within 5 years from the date of agreement which carries interest rate from 10.00% to 10.60% p.a.
(iv) Loan taken by Alpha Design Technologies Pvt Ltd from related parties of H17.39 crore (Previous Year : Nil)
payable in 36 months (including moratorium period of 12 months) with the first installment due in July,
2021. It carries interest rate from 5% p.a.
(v) Loan taken by Adani Enterprises Limited : Nil (Previous Year : H500 crore) from related party which carries
interest rate of 11% p.a. The same has been repaid during the year.
(vi) Loan taken by Mundra Solar PV Limited from related parties & others : Nil (Previous Year : H189.09 crore)
payable within 5 years from the date of agreement which carries interest rate from 10.00% to 10.60% p.a.
The same has been repaid during the year.
327

Note : 22 Other Non-Current Financial Liabilities

(H In crore)
Lease Liability (Refer Note : 50) 163.11 432.27
Deferred Reimbursement of Costs (Refer Note : 47) 768.69 635.84
Liability for Contribution to Jointly Controlled Entity 153.36 -
Liability for Rehabilitation 98.77 -
Other Non-Current Financial Liabilities 86.91 77.18
1,353.78 1,219.64
Note : 23 Non Current Provisions

(H In crore)
Provision for Employee Benefits (Refer note - 51)
Statutory Reports
Other Provision
Asset Retirement Obligations (Refer Note (a)) 7.69 7.12
76.82 63.00
Note (a) : Movement in Asset Retirement Obligation

(H In crore)
Corporate Overview

Add : Additions during the year 0.57 0.53
Less : Settled / Transferred during the year - -
Note : 24 Other Non-Current Liabilities

(H In crore)
Advances from Customers - 1.43
Deferred Government Grants 269.72 488.58
Unearned Income under Long Term Lease Arrangements - 87.78
269.72 577.79
328

Note : 25 Current Borrowings

(H In crore)
SECURED
Banks (Refer Note (a) and (b)) 3,858.55 4,947.38
Borrowings under Letters of Credit Facilities (Refer Note(a) and (b)(i)) 338.41 362.00
Non Convertible Bonds (Refer Note (a) and (b)) 5.85 5.07
UNSECURED
Banks 460.12 654.36
Financial Institutions 6.89 -
Commercial Paper 884.00 85.00
Corporate Overview
Other Loans 216.19 2,083.03
5,770.01 8,136.84
The above amount includes :

(H In crore)
Secured borrowings 4,202.81 5,314.45
Statutory Reports
Unsecured borrowings 1,567.20 2,822.39
5,770.01 8,136.84
Notes :
Above facilities are secured by :
(a) Hypothecation/Mortgage of respective immovable and movable assets both present and future by way of
charge (First/Second/Subservient) ranking pari-passu among the Banks/Financial Institutions by 9 entities of
the Group.
(b) First pari passu charge on inventories, book debts. other receivables, materials purchased, assignment of
Insurance Policies under the facility.
(i) The facilities are secured by the margin money deposits and by hypothecation of current assets both
present & future by way of first charge ranking pari passu.
(ii) The above borrowings carry interest rate ranging 2.75% to 10.50% p.a.
(iii) The above notes are given in summarised general form for the sake of brevity. Detailed terms could be
better viewed, when referred from the respective financial statements.
Note : 26 Trade Payables

(H In crore)
Acceptances 1,876.32 1,333.42
Trade payables
(Refer Note : (b))
- Total outstanding dues of creditors other than micro and small 9,832.15 10,445.13
enterprises
11,756.34 11,813.66
329

Note : 26 Trade Payables (contd)

Notes :
(a) For dues from the Related Parties, refer note 40
(b) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(H In crore)
(i) Principal amount remaining unpaid to any supplier as at the end of 47.87 35.11
the accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at the end - -
of the accounting year
(iii) The amount of interest paid along with the amounts of the payment - -
made to the supplier beyond the appointed day

(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of - -
the accounting year
(vi) The amount of further interest due and payable even in the - -
succeeding year, until such date when the interest dues as above
are actually paid
Statutory Reports
The Disclosure in respect of the amounts payable to Micro and Small Enterprises have been made in the financial
statements based on the information received and available with the Group. Further in view of the Management,
the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected
to be material. The Group has not received any claim for interest from any supplier as at the balance sheet date.
These facts have been relied upon by the auditors.
Note : 27 Other Current Financial Liabilities

Corporate Overview
(H In crore)
Current Maturities of Non-Current Borrowings (Refer Note 21)
- Term Loan - Bank/Financial institutions - Secured 707.77 765.91
- Term Loan - Bank/Financial institutions - Unsecured 0.12 0.74
Current Lease Liability (Refer Note : 50) 12.53 18.68
Customer's Bill Discounting 50.22 185.61
Unclaimed Dividends (Refer note : (a))
- Equity Shares 0.37 0.41
Capital Creditors and Other Payables 1,196.53 237.29
Deposits from Customers and Others 16.96 0.38
Derivative Liabilities 37.20 1.33
2,377.23 1,368.93
Note :
(a) As at 31st March, 2021, there is no amount due and outstanding to be transferred to the Investor Education and
Protection Fund by the Company. Unclaimed Dividend, if any, shall be transferred to Investor Education and
Protection Fund as and when it becomes due.
(b) For dues to Related Parties, refer note 40
330

Note : 28 Other Current Liabilities

(H In crore)
Revenue received in advance
Advances from Customers 1,353.16 1,697.09
Others
Statutory Current Liabilities (including GST, TDS, PF and others) 113.68 121.72
Deferred Government Grants 22.97 33.02
Unearned Income under Long Term Lease Arrangements - Current - 6.30
Others 0.65 0.34
1,490.46 1,858.47
Corporate Overview
Note : 29 Current Provisions
(H In crore)
Provision for Employee Benefits (Refer note - 51)
Statutory Reports
Other Provision
Provision for Minimum Work Program (Refer note (a)) 37.04 38.65
64.76 61.46
Note (a) : Movement in Provision for Minimum Work Program

(H In crore)
Add : Additions during the year - -
Less : Utilised / settled during the year - -
Add / (Less) : Exchange rate difference (1.61) 4.12
Note : 30 Revenue From Operations

(H In crore)
Revenue from Contract with Customers
- Sale of Goods 34,688.92 39,667.98
- Sale of Services 4,754.03 3,629.13
Other Operating Revenue
- Insurance Claims Received 2.05 1.24
- Profit from Partnership Firm 0.17 -
- Government Incentives 43.74 54.02
- Others 48.22 50.19
39,537.13 43,402.56
331

Note : 30 Revenue From Operations (contd)

Note:
a) Reconciliation of revenue recognised with contract price:
(H In crore)
Contract Price 39,498.04 43,359.59
Adjustment for :
Refund & Rebate Liabilities (55.09) (62.48)
39,442.95 43,297.11
b) Significant changes in contract assets and liabilities during the period:

(H In crore)

Contract assets reclassified to receivables 400.98 125.62
Contract liabilities recognised as revenue during the year 1,697.09 1,406.37
Note : 31 Other Income

(H In crore)
Statutory Reports

Interest Income :
- from Banks 72.96 54.79
- from Others 358.50 469.47
Dividend Income :
- Non Current Investments 0.01 -
Corporate Overview
- Current Investments 0.03 0.02

Gain on Sale of :
- Investments 1.83 11.76
- Property, Plant & Equipments 3.33 52.62
Others :
- Gain on Commodities Hedging 0.09 28.73
- Gain on Foreign Exchange Variation (net) 282.52 15.92
- Liabilities no longer required, written back 11.11 23.15
- Rent Income 8.58 8.08
- Sale of Scrap 5.30 2.83
- Miscellaneous Income 9.54 16.28
753.80 683.65
332

Note : 32 Cost Of Materials Consumed

(H In crore)
Raw Material consumed
Opening Stock 96.44 80.09
Add : Purchases during the year 1,998.34 1,766.52
Less : Closing Stock 145.88 96.44
1,948.90 1,750.17
Note : 33 Employee Benefits Expense

(H In crore)
Corporate Overview
Salaries and Bonus 747.04 603.38
Contributions to Provident and Other Funds 49.30 39.05
Staff Welfare Expenses 32.97 40.05
829.31 682.48
Statutory Reports
Note : 34 Finance Costs
(H In crore)
Interest 1,179.36 1,006.51
Bank and Other Finance Charges 193.18 218.21
Exchange difference regarded as an adjustment to borrowing cost 4.31 347.60
1,376.85 1,572.32
333

Note : 35 Operating and Other Expenses

(H In crore)
Vessel Operation and Maintenance Expenses 2,423.28 1,742.88
Clearing & Forwarding Expenses 620.07 1,292.46
Other Operating and Manufacturing Expenses 1,777.54 1,242.37
Rent & Infrastructure Usage Charges 47.41 21.93
Rates & Taxes 19.30 19.33
Communication Expenses 16.80 10.71
Stationery & Printing Expenses 4.49 4.58
Repairs to:
- Buildings 16.13 8.52
- Plant & Machinery 28.19 17.36

- Others 59.29 103.61 53.03 78.91
Electric Power Expenses 13.40 12.22
Insurance Expenses 88.69 55.23
Legal and Professional Fees 239.04 150.26
Payment to Auditors for :
- Statutory Audit 4.45 3.30
Statutory Reports
- Tax Audit 0.19 0.18

- Other Services 0.20 4.84 0.20 3.68
Office Expenses 42.85 30.79
Security Charges 7.14 5.80
Directors Sitting Fees 0.25 0.24
Commission to Non-Executive Directors 0.80 0.56
Corporate Overview
Loss on Sale of Assets 0.60 10.08

Manpower Services 53.45 51.09
Supervision & Testing Expenses 9.65 16.05
Donation 7.52 0.88
Loss of Stock due to Accident / In Transit - 9.19
Rebate, Advertisement and Selling Expenses 166.91 287.02
Bad Debts / Advances written off 39.82 32.42
Damages on Contract Settlement 2.79 1.12
Allowances for Credit Loss / Doubtful advances 9.32 98.66
Travelling & Conveyance Expenses 39.29 56.73
Net Exchange Rate difference non financing activity 53.11 377.05
Corporate Social Responsibility Expenses (Refer Note 37) 16.69 9.97
Miscellaneous Expenses 146.29 153.23
5,954.95 5,775.44
334

Note : 36 Exceptional Items

(H In crore)
Write off of unsuccessful exploration project (Note (a)) (79.44) (129.73)
Reversal of interest claim on delayed payment (Note (b)) (179.45) -
Price escalation claim and interest thereon (Note (c)) - 328.48
(258.89) 198.75
(a) During the current year, the Company received a letter from Ministry of Petroleum & Natural Gas confirming
termination of its Palej oil exploration block. Accordingly, the Company has written off project cost of H79.44
crore.
During the previous year, one of the subsidiaries which is engaged in oil and natural gas exploration business
had written-off one of its blocks for H129.73 crore due to commercial unviability of the project.
Corporate Overview
(b) During the current year, the Group has based on advice from external legal counsel, derecognised certain interest
claims on delayed payment amounting to H179.45 crore, relating to earlier years. Though the management
believes it has good grounds on merit for recovery of such interest, the same has been derecognized in the
current year on conservative basis.
(c) During the previous year, the Company had received a favourable order from the Hon’ble Supreme Court with
respect to its claim of price escalation in mining business. Pursuant to the favourable order, the Company
Statutory Reports
recognised cumulative revenue and interest thereon of H328.48 crore since financial year 2013-14.
Note : 37 Corporate Social Responsibility Expenditure

(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 by the Group during the year
is H13.88 crore. Expenditure incurred towards Corporate Social Responsibility for the year is H16.69 crore.
(b) The CSR activities of the Group are taken care by Adani Foundation, a Charitable Trust set up by the Adani
Group, where by the funds are allocated from the Group. The Charitable Trust carries out the CSR activities as
specified in Schedule VII of the Companies Act, 2013 on behalf of the Group.
(c) During the year the Group has contributed H0.56 crore as donations to such trust as a part of CSR expenditure
and has spent H1.13 crore for other charitable activities. During the year, the Company has contributed H15
crore to PM CARES FUND.
(H in crore)
Particulars Amount Amount yet to be Total
Contributed Contributed
a) Construction / Acquisition of any assets - - -
b) On purpose other than (a) above 16.69 - 16.69
Total 16.69 - 16.69
335

Note : 38 Financial Instruments and Risk Review

(a) Accounting Classification and Fair Value Hierarchy
Financial Assets and Liabilities :
The Group’s principal financial assets include loans and trade receivables, cash and cash equivalents and
other receivables. The Group’s principal financial liabilities comprise of borrowings, provisions, trade and other
payables. The main purpose of these financial liabilities is to finance the Group’s operations and projects.
Fair Value Hierarchy :
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are
either observable or unobservable and consists of the following three levels:
Level-1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level-2 : Inputs are other than quoted prices included within Level-1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level-3 : Inputs are not based on observable market data (unobservable inputs). Fair values are determined in
whole or in part using a valuation model based on the assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.
The following tables summarises carrying amounts of financial instruments by their categories and their levels
in fair value hierarchy for each year end presented.
Statutory Reports
(H In crore)
Financial Assets
Investments - 28.51 1,802.95 - 1.08 1,832.54
Corporate Overview
Cash and Cash Equivalents - - - - 666.15 666.15

Other Bank Balances - - - - 1,144.67 1,144.67
Loans - - - - 4,612.11 4,612.11
Other Financial Assets - - - - 3,616.32 3,616.32
Total - 32.60 1,802.95 - 22,022.98 23,858.53
Borrowings - - - - 16,001.20 16,001.20
Trade Payables - - - - 11,756.34 11,756.34
Other Financial Liabilities - - - - 2,985.92 2,985.92
Total - 37.20 - - 30,743.46 30,780.66
336


(H In crore)
Financial Assets
Investments - 53.96 195.20 - 1.08 250.24
Cash and Cash Equivalents - - - - 2,124.69 2,124.69
Other Bank Balances - - - - 1,251.99 1,251.99
Loans - - - - 2,905.73 2,905.73
Other Financial Assets - - - - 2,296.28 2,296.28
Corporate Overview
Total - 169.65 195.20 - 21,726.30 22,091.15
Borrowings - - - - 12,419.30 12,419.30
Trade Payables - - - - 11,813.66 11,813.66
Other Financial Liabilities - - - - 1,820.59 1,820.59
Statutory Reports
Total - 1.33 - - 26,053.55 26,054.88
(a) Investments exclude Investment in Jointly Controlled Entities and Associates.

(b) Carrying amounts of current financial assets and liabilities as at the end of the each year presented
approximate the fair value because of their current nature. Difference between carrying amounts and fair
values of other non-current financial assets and liabilities subsequently measured at amortised cost is not
significant in each of the year presented.
(b) Financial Risk Management Objective and Policies :
The Group’s risk management activities are subject to the management direction and control under the
framework of Risk Management Policy as approved by the Board of Directors. The management ensures
appropriate risk governance framework for the Group through appropriate policies and procedures and that
risks are identified, measured and managed in accordance with the Group’s policies and risk objectives.
The Group is primarily exposed to risks resulting from fluctuation in market risk, credit risk and liquidity risk,
which may adversely impact the fair value of its financial instruments.
(i) Market Risk
Market risk is the risk that future earnings and fair value of future cash flows of a financial instrument
may fluctuate because of changes in market price. Market risk comprises of price risk, currency risk and
interest risk.
A. Commodity Price Risk :
The Group’s performance is affected by the price volatility of commodities being traded (primarily coal and
also other materials) which are being sourced mainly from international markets. As the Group is engaged
in the on-going purchase or continuous sale of traded goods, it keeps close monitoring over its purchases
to optimise the price. Commodity prices are affected by demand and supply scenario in the international
market, currency exchange fluctuations and taxes levied in various countries. To mitigate price risk, the
Group effectively manages availability of coal as well as price volatility through widening its sourcing base,
appropriate combination of long term and short term contracts with its vendors and customers and well
planned procurement and inventory strategy.
337


B. Foreign Currency Exchange Risk :
Since the Group operates internationally and portion of the business transacted are carried out in more
than one currency, it is exposed to currency risks through its transactions in foreign currency or where
assets or liabilities are denominated in currency other than functional currency.
The Group evaluates exchange rate exposure arising from foreign currency transactions and follows
established risk management policies including the use of derivatives like foreign exchange forward and
option contracts to hedge exposure to foreign currency risks.
For open positions on outstanding foreign currency contracts and details on unhedged foreign currency
exposure, Refer Note 39.
Every percentage point depreciation / appreciation in the exchange rate between the Indian Rupee and
the U.S. Dollar, would have affected the Group’s profit for the year as follows :
(H In crore)
C. Interest Risk :
The Group is exposed to changes in interest rates due to its financing, investing and cash management
activities. The risks arising from interest rate movements arise from borrowings with variable interest rates.
Statutory Reports
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and
borrowings.
The Group’s risk management activities are subject to the management, direction and control of Central
Treasury Team of the Adani Group under the framework of Risk Management Policy for interest rate risk.
The Group’s central treasury team ensures appropriate financial risk governance framework through
appropriate policies and procedures and that financial risks are identified, measured and managed in
Corporate Overview
accordance with the Group’s policies and risk objectives.

For Group’s borrowings , the analysis is prepared assuming that the amount of the liability outstanding at
the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease
is used, which represents management’s assessment of the reasonably possible change in interest rate.
(H In crore)
Variable Cost Borrowings at the year end 11,000.12 9,838.62
In case of fluctuation in interest rates by 50 basis points and all other variables were held constant, the
Group’s profit for the year from continuing operations would increase or decrease as follows:
(H In crore)
(ii) Credit Risk

Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations
resulting in a loss to the Group. Financial instruments that are subject to credit risk principally consist of
Loans, Trade and Other Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets. The
carrying amounts of financial assets represent the maximum credit risk exposure.
338


Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness
as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness
of counter parties on continuous basis with appropriate approval mechanism for sanction of credit limits.
Credit risk from balances with banks, financial institutions and investments is managed by the Group’s
treasury team in accordance with the Company’s risk management policy. Cash and cash equivalents
and bank deposits are placed with banks having good reputation, good past track record and high quality
credit rating and also reviews their credit-worthiness on an on-going basis.
Since the Group has a fairly diversified portfolio of receivables in terms of spread, no concentration risk
is foreseen. A significant portion of the Group’s receivables are due from public sector units (which are
government undertakings) and hence may not entail any credit risk.
Movement in expected credit loss allowance on trade receivables:
(H In crore)
Corporate Overview
Changes during the year (64.37) 71.22
(iii) Liquidity Risk
Statutory Reports
Liquidity risk refers the risk that the Group will encounter difficulty in meeting the obligations associated
with its financial liabilities. The Group’s objective is to provide financial resources to meet its obligations
when they are due in a timely, cost effective and reliable manner and to manage its capital structure. The
Group monitors liquidity risk using cash flow forecasting models. These models consider the maturity of its
financial investments, committed funding and projected cash flows from operations. A balance between
continuity of funding and flexibility is maintained through continued support from trade creditors, lenders
and equity contributions.
The tables below provide details regarding contractual maturities of significant liabilities of continuing
operations as at the end of each year end presented.
(H In crore)
Particulars Refer Note Less than 1 to 5 years More than Total
1 year 5 years
Borrowings 21, 25 & 27 6,477.90 8,822.59 700.71 16,001.20
Trade Payables 26 11,756.34 - - 11,756.34
Other Financial Liabilities 22 & 27 1,669.34 189.40 1,164.38 3,023.12
Total 19,903.58 9,011.99 1,865.09 30,780.66

(H In crore)
Particulars Refer Note Less than 1 to 5 years More than Total
1 year 5 years
Borrowings 21, 25 & 27 8,903.49 3,047.88 467.93 12,419.30
Trade Payables 26 11,813.66 - - 11,813.66
Other Financial Liabilities 22 & 27 602.28 175.46 1,044.18 1,821.92
Total 21,319.43 3,223.34 1,512.11 26,054.88
339


(iv) Capital Management
For the purpose of the Group’s capital management, capital includes issued capital and all other equity
reserves attributable to the equity shareholders of the Group. The primary objective of the Group when
managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal
capital structure so as to maximise shareholder value.
The Group monitors capital using gearing ratio, which is net debt (borrowings less cash and bank balances)
divided by total capital plus total debt.
(H in crore)
Total Borrowings (Refer notes 21, 25, 27) 16,001.20 12,419.30
Less : Cash and Bank Balances (Refer notes 14, 15) 1,810.82 3,376.68
Net Debt (A) 14,190.38 9,042.62
Total Equity (B) 18,910.01 18,209.94
Total Equity and Net Debt (C = A + B) 33,100.39 27,252.56
Gearing Ratio 43% 33%
Management monitors the return on capital, as well as the levels of dividends to equity shareholders.
Statutory Reports
The Group is not subject to any externally imposed capital requirements. There have been no breaches in
the financial covenants of any borrowing in the current period. No changes were made in the objectives,
policies or processes for managing capital during the years ended 31st March, 2021 and 31st March, 2020.
Note : 39 Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency Exposure
(a) The total outstanding foreign currency derivative contracts / options as at 31st March, 2021 & 31st March, 2020 in
Corporate Overview
respect of various types of derivative hedge instruments and nature of risk being hedged are as follows :
(H in crore)
Particulars Currency As at 31st March, 2021 As at 31st March, 2020
Amount in Amount in Indian Amount in Amount in Indian
Foreign Currency Rupees Foreign Currency Rupees
Imports and Other USD 59.67 4,362.47 48.70 3,685.17
Payables
Foreign Currency EUR - - 0.37 28.09
Loans and
Interest
340

Note : 39 Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency Exposure
(contd)
(b) Total foreign currency exposures not covered by derivative instruments or otherwise as at 31st March, 2021 &
31st March, 2020 are as under :
(H in crore)
Particulars Currency As at 31st March, 2021 As at 31st March, 2020
Amount in Amount in Indian Amount in Amount in Indian
Foreign Currency Rupees Foreign Currency Rupees
Foreign Letter USD 2.63 192.55 4.81 364.25
of Credit/Buyers EUR 0.50 42.76 0.01 1.09
Credit
GBP - - * 0.36
Corporate Overview
Other Payables USD 1.25 91.72 0.25 19.18
GBP - - * 0.19
Trade Payables USD 4.78 349.84 17.09 1,292.90
EUR 0.26 22.55 0.08 6.40
GBP * 0.13 * 0.40
SGD 0.13 7.29 0.02 1.05
AUD - - * *
Statutory Reports
JPY 0.86 0.57 0.26 0.18
AED * 0.09 * 0.09
Trade Receivables USD 2.76 202.15 3.26 246.34
SGD 0.48 26.00 0.41 21.74
EUR * 0.03 * 0.03
GBP * 0.21 0.04 3.30
CHF * 0.24 - -
AUD - - 0.03 1.39
EEFC Accounts / USD 0.27 20.03 - -
Cash & Cash
Equivalents SGD - - * 0.24
Other Receivables USD 0.24 17.55 * 0.11

GBP - - * 0.02
SGD - - * *
(Amounts below 50,000/- denoted as *)
Notes :
1) As at 31st March, 2021 : 1 USD = H73.11, 1 EUR = H85.75, 1 GBP = H100.7525, 1 SGD = H54.35, 1 AED = H19.905,
1 AUD = H55.7025, 1 JPY = H0.6612, 1 CHF = H77.555
2) As at 31st March, 2020 : 1 USD = H75.665, 1 EUR = H82.77, 1 GBP = H93.5025, 1 SGD = H53.025, 1 AED = H20.6,
1 AUD = H46.075, 1 JPY = H0.6963
341

Note : 40
Disclosure of transactions with Related Parties, as required by Ind AS 24 “Related Party Disclosures” has been
set out below. Related parties as defined under clause 9 of the Ind AS 24 have been identified on the basis of
representations made by the management and information available with the Group.
(i) Name of Related Parties & Description of Relationship
(A) Controlling Entity :
Shantilal Bhudhermal Adani Family Trust (SBAFT)
(B) Jointly Controlled Entities :
1 Adani Wilmar Ltd (Consolidated) 7 Carmichael Rail Network Holdings Pty Ltd
2 Adani Wilmar Pte Ltd (Consolidated) 8 Carmichael Rail Network Pty Ltd
3 Adani Total LNG Singapore Pte Ltd 9 Carmichael Rail Network Trust
4 Adani Global Resources Pte Ltd 10 Carmichael Rail Asset Holdings Trust
5 Adani Chendipada Mining Pvt Ltd (upto 23rd 11 Jhar Mining Infra Pvt Ltd
August, 2020)
6 Adani-Elbit Advanced Systems India Ltd (upto 1st 12 Mundra Solar Technopark Pvt Ltd (w.e.f 1st
September, 2020) January, 2021)
(C) Associates with whom transactions done during the year :

1 Vishakha Industries Pvt. Ltd. 7 Navi Mumbai International Airport Pvt Ltd
Statutory Reports
2 Autotec Systems Pvt. Ltd. 8 Adani Solar USA Inc

3 Comprotech Engineering Pvt. Ltd. 9 Adani Solar USA LLC
4 Vishakha Industries 10 Midland Solar LLC
5 Adani Power Resources Ltd. 11 Hartsel Solar LLC
6 Mumbai International Airport Ltd
(D) Key Management Personnel :

Corporate Overview
1 Mr. Gautam S. Adani, Chairman 4 Mr. Vinay Prakash, Director

2 Mr. Rajesh S. Adani, Managing Director 5 Mr. Jugeshinder Singh, CFO
3 Mr. Pranav V. Adani, Director 6 Mr. Jatin Jalundhwala,
Company Secretary & Joint President (Legal)
(E) Non Executive Directors :

1 Mr. Hemant Nerurkar 3 Mrs. Vijaylaxmi Joshi
2 Mr. V. Subramanian 4 Mr. Narendra Mairpady
(F) Entities over which (A) or (D) above have significant influence with whom transactions done during the year :
1 Abbot Point Operations Pty Ltd 11 Carmichael Rail Operations Trust
2 Abbot Point Port Holding Pte Ltd 12 Carmichael Rail Pty Ltd
3 Adani Agri Logistics (Harda) Ltd 13 Chhattisgarh-WR Transmission Ltd
4 Adani Agri Logistics Ltd 14 Essel Urja Pvt Ltd
5 Adani Australia Coal Terminal Pty Ltd 15 Gujarat Adani Institute of Medical Science
6 Adani Australia Holding Trust 16 Indian Oil – Adani Gas Pvt Ltd
7 Adani Brahma Synergy Pvt Ltd 17 Kamuthi Solar Power Ltd
8 Adani Capital Pvt Ltd 18 Karnavati Aviation Pvt Ltd
9 Adani CMA Mundra Terminal Pvt Ltd 19 Maharashtra Eastern Grid Power Transmission
Company Ltd
10 Adani Electricity Mumbai Ltd 20 Marine Infrastructure Developer Pvt Ltd
342

Note : 40 (Contd)
21 Adani Estate Management Pvt Ltd 61 Mundra Solar Energy Ltd
22 Adani Estates Pvt Ltd 62 Northwest Rail Pty Ltd
23 Adani Finserve Pvt Ltd 63 Parampujya Solar Energy Pvt Ltd
24 Adani Foundation 64 Pench Power Thermal Energy (MP) Ltd
25 Adani Green Energy (Tamilnadu) Ltd 65 Power Distribtion Services Pvt Ltd
26 Adani Green Energy (UP) Ltd 66 Prayatna Developers Pvt Ltd
27 Adani Green Energy Ltd 67 Raigarh Energy Generation Ltd
28 Adani Green Energy Pte Ltd 68 Raipur – Rajnandgaon – Warora Transmission Ltd
29 Adani Green Energy US Pte Ltd 69 Raipur Energen Ltd
30 Adani Hospitals Mundra Pvt Ltd 70 Sarguja Rail Corridor Pvt Ltd
31 Adani Infra (India) Ltd 71 Shantigram Utility Services Pvt Ltd
Corporate Overview
32 Adani Infrastructure and Developers Pvt Ltd 72 Sipat Transmission Ltd
33 Adani Infrastructure Management Services Ltd 73 Sunbourne Developers Pvt Ltd
34 Adani Institute for Education and Research 74 The Dhamra Port Company Ltd
35 Adani Institute for Infrastructure Management 75 TN Urja Pvt Ltd
36 Adani International Terminal Pte Ltd 76 Udupi Power Corporation Ltd
37 Adani Kandla Bulk Terminal Pvt Ltd 77 Valuable Properties Pvt Ltd
38 Adani Logistics Ltd 78 Wardha Solar (Maharashtra) Pvt Ltd
Statutory Reports
39 Adani Logistics Services Pvt Ltd 79 Adani Renewable Energy Holding Four Ltd
40 Adani M2K Project LLP (Formerly known as Adani Green Energy Four
Ltd)
41 Adani Murmugao Port Terminal Pvt Ltd 80 Adani Renewable Energy Holding One Ltd
42 Adani Petronet (Dahej) Port Pvt Ltd (Formerly known as Mahoba Solar (UP) Pvt Ltd)
43 Adani Ports and Special Economic Zone Ltd 81 Adani Renewable Energy Holding Two Ltd
44 Adani Power (Mundra) Ltd (Formerly known as Adani Renewable Energy
Park Ltd)
45 Adani Power Ltd 82 Adani Solar Energy Four Pvt Ltd
46 Adani Power Maharashtra Ltd (Formerly known as Kilaj Solar (Maharashtra) Pvt
Ltd)
47 Adani Power Rajasthan Ltd 83 Adani Solar Energy Jodhpur Two Ltd
48 Adani Properties Pvt Ltd (Formerly known as Adani Green Energy Ninteen
Ltd)
49 Adani Rail Infra Pvt Ltd 84 Adani Wind Energy Kutchh One Ltd
50 Adani Renewable Energy (RJ) Ltd (Formerly known as Adani Green Energy (MP)
Ltd)
51 Adani Renewable Energy Park Rajasthan Ltd 85 Adani Hazira Port Ltd
52 Adani Total Pvt Ltd (Formerly known as Adani Hazira Port Pvt Ltd)
53 Adani Township and Real Estate Company Pvt 86 Adani Krishnapatnam Port Ltd
Ltd (Formerly known as Krishnapatnam Port Co Ltd)
54 Adani Transmission (India) Ltd
55 Adani Transmission Ltd 87 MPSEZ Utilities Ltd
56 Adani Vizag Coal Terminal Pvt Ltd (Formerly known as MPSEZ Utilities Pvt Ltd)
57 Adani Vizhinjam Port Pvt Ltd 88 The Adani Harbour Services Ltd
58 Adani Warehousing Services Pvt Ltd (Formerly known as The Adani Harbour Services
Pvt Ltd)
59 Adani Wind Energy (Gujarat) Pvt Ltd 89 Adani Total Gas Ltd
60 Alluvial Mineral Resources Pvt Ltd (Formerly known as Adani Gas Ltd)
343

Note : 40 (Contd)
90 Alluvial Natural Resources Pvt Ltd 97 North Queensland Export Terminal Pty Ltd
91 Alton Buildtech India Pvt Ltd (Formerly known as Adani Abbot Point Terminal
Pty Ltd)
92 Belvedere Golf and Country Club Pvt Ltd 98 NQXT Port Pty Ltd
93 Bowen Rail Company Pty Ltd (Formerly known as Mundra Port Pty Ltd)
94 Carmichael Rail Holdings Pty Ltd 99 Shanti Sagar International Dredging Ltd
95 Carmichael Rail Network Holdings Trust (Formerly known as Shanti Sagar International
96 Carmichael Rail Operations Holding Pty Ltd Dredging Pvt Ltd)
(ii) Nature and Volume of Transaction with Related Parties

(Transactions below H50,000/- denoted as 0.00)
(H In crore)
Sr. Nature of For the Jointly Associates Other Related Key

No. Transaction Year Ended Controlled Parties* Management
Entities Personnel &
Non-Executive
Directors
1 Sale of Goods 31st March, 2021 1,218.59 - 2,399.06 -
31st March, 2020 29.73 267.86 4,004.23 -
Statutory Reports
2 Purchase of Goods 31st March, 2021 0.03 - 3,243.88 -

31st March, 2020 0.03 - 2,275.92 -
3 Rendering of 31st March, 2021 78.74 0.90 520.50 -
Services
(incl. reimbursement 31st March, 2020 130.62 0.95 451.21 -
of expenses)
4 Services Availed 31st March, 2021 5.88 0.05 986.22 -
Corporate Overview
(incl. reimbursement
31 March, 2020
st
0.19 0.71 823.91 -
of expenses)
5 Interest Income 31 March, 2021
st
8.07 1.69 75.66 -
31st March, 2020 0.25 0.83 101.89 -
6 Interest Expense 31st March, 2021 0.12 - 459.20 -
31st March, 2020 0.00 0.07 153.52 -
7 Rent Income 31st March, 2021 0.60 - 2.26 -
31st March, 2020 0.60 - 1.74 -
8 Rent Expense 31st March, 2021 0.96 - 32.45 -
31st March, 2020 - - 33.15 -
9 Donation 31st March, 2021 - - 0.56 -
31st March, 2020 - - 8.65 -
10 Dividend Received 31st March, 2021 - - 0.00 -
31st March, 2020 - - - -
11 Discount Received 31st March, 2021 - - 8.96 -
on Prompt Payment
31st March, 2020 - - 2.43 -
of Bills
344

Note : 40 (Contd)
(H In crore)
Sr. Nature of For the Jointly Associates Other Related Key
No. Transaction Year Ended Controlled Parties* Management
Non-Executive
Directors
12 Discount Given on 31st March, 2021 - - 2.84 -
Prompt Payment of
Bills 31st March, 2020 - - 18.15 -
13 Short Term Benefits 31st March, 2021 - - - 58.64
31st March, 2020 - - - 39.56
14 Commission to Non- 31st March, 2021 - - - 0.80
Executive Directors 31st March, 2020 - - - 0.56
Corporate Overview
15 Directors Sitting 31st March, 2021 - - - 0.19
Fees 31st March, 2020 - - - 0.21
16 Purchase of Assets 31st March, 2021 - - - -
31st March, 2020 645.05 0.17 0.12 -
17 Sale of Assets 31st March, 2021 0.04 - 0.00 -
31st March, 2020 140.99 - 0.05 -
Statutory Reports
18 Borrowings (Loan 31st March, 2021 63.24 - 7,895.43 -
Taken) 31st March, 2020 0.12 2.00 4,822.64 -
19 Borrowings (Loan 31st March, 2021 5.20 - 5,389.83 -
Repaid) 31st March, 2020 0.12 2.00 3,143.06 -
20 Loans Given 31st March, 2021 5,373.94 76.40 1,766.00 -
31st March, 2020 1,096.30 253.46 1,165.86 -
21 Loans Received 31st March, 2021 2,558.63 151.36 2,317.69 -
back 31st March, 2020 1,610.89 48.29 1,470.18 -
22 Purchase or 31st March, 2021 2.14 - - -
Subscription of
Investments 31st March, 2020 193.16 - 0.02 -
23 Sale or Redemption 31st March, 2021 - - - -

of Investments 31st March, 2020 - - 0.01 -
24 Transfer-out of 31st March, 2021 0.03 - 9.22 -
Employee Liabilities 31st March, 2020 - - 1.78 -
25 Transfer-in of 31st March, 2021 0.01 - 3.84 -
Employee Liabilities 31st March, 2020 - - 3.04 -
26 Transfer-out of 31st March, 2021 - - 0.41 -
Employee Loans and
31st March, 2020 - - 0.06 -
Advances
27 Transfer-in of 31st March, 2021 - - 0.00 -
Employee Loans and 31st March, 2020 - - 0.06 -
Advances
345

Note : 40 (Contd)
(iii) Closing Balances with Related Parties
(Balances below H50,000/- denoted as 0.00)
(H In crore)
Sr. Nature of As at Jointly Associates Other Related Key
No. Transaction Controlled Parties* Management
Non-Executive
Directors
28 Non-Current Loans 31st March, 2021 2,815.62 - 379.79 -
31st March, 2020 3.80 - 941.17 -
29 Current Loans 31st March, 2021 17.60 227.68 53.27 -
31st March, 2020 14.10 302.63 43.58 -
30 Trade Receivables 31st March, 2021 220.89 0.70 652.25 -

31st March, 2020 6.00 0.37 594.16 -
31 Trade Payables 31st March, 2021 94.08 0.00 1,207.37 2.60
31st March, 2020 58.39 2.03 1,237.13 2.00
32 Short Term 31st March, 2021 58.04 - 128.43 -
Borrowings 31st March, 2020 - - 1,938.98 -
33 Long Term 31st March, 2021 - - 4,257.15 -
Statutory Reports
Borrowings 31st March, 2020 - - 641.71 -

34 Other Current 31st March, 2021 - 0.08 1.16 -
Assets 31st March, 2020 - 0.94 8.57 -
35 Other Current 31st March, 2021 0.03 - 272.04 -
Liabilities 31st March, 2020 - - 169.43 -
36 Other Non Current 31st March, 2021 - - 770.54 -
Corporate Overview
Financial Assets 31st March, 2020 - - 637.68 -

37 Other Current 31st March, 2021 - 0.25 11.15 -
Financial Assets 31st March, 2020 0.38 0.01 72.38 -
38 Other Current 31st March, 2021 - - 170.86 -
Financial Liabilities 31st March, 2020 - - 54.12 -
39 Guarantee & 31st March, 2021 - - 3,517.68 -
Collateral Securities 31st March, 2020 95.70 - 3,407.11 -
* Entities over which Controlling Entity or Key Management Personnel has significant influence.
Terms & Conditions for Related Party Transactions :
a). Transactions with Related Parties are shown net of taxes.
b). The Company’s material related party transactions and outstanding balances are with related parties with
whom the Company routinely enters into transactions in the ordinary course of business.
346

Note : 41 Segment Reporting

Operating segments have been identified on the basis of nature of products, risk and returns associated therewith
and other quantitative criteria specified in Ind AS 108 “Operating Segments”. The chief operational decision
maker monitors the operating results of its business segment separately for the purpose of making decision about
resource allocation and performance assessment. Accordingly, below operating segments have been identified
and reported.
Segment Information :
(H in crore)
Particulars Integrated Mining Solar Others Inter Total
Resources Manufacturing Segment
Management Elimination
Revenue from Operations 23,950.92 2,013.85 2,933.96 12,974.43 (2,336.03) 39,537.13
30,914.91 1,838.51 2,355.29 10,157.87 (1,864.02) 43,402.56
Corporate Overview
Profit Before Finance Costs, 844.73 372.96 678.62 (187.29) - 1,709.02
Tax Expense & Other Income
(including Exceptional 1,010.91 751.04 181.23 67.82 - 2,011.00
Items)
Other Income 753.80
683.65
Finance Cost 1,376.85
Statutory Reports
1,572.32
Net Profit Before Tax 1,085.97
1,122.33
Tax Expenses 339.65
324.33
Share of Profit from Jointly 299.44
Controlled Entities &
241.99
Associates
Net Profit for the Year 1,045.76
1,039.99
Other Information
(H in crore)
Particulars Integrated Mining Solar Others Unallocable Total
Resources Manufacturing
Management
Segment Assets 9,547.43 16,371.75 3,171.68 10,684.96 11,867.04 51,642.86
12,103.79 13,688.91 2,896.23 9,308.90 8,900.53 46,898.36
Segment Liabilities 7,685.98 1,766.63 976.12 5,862.38 16,441.74 32,732.85
9,059.62 1,165.48 705.97 5,212.16 12,545.19 28,688.42
Investment in Equity - - - - 3,670.40 3,670.40
Accounted Associates &
Jointly Controlled Entities
(not included in Segment - - - - 1,702.25 1,702.25
Assets)
Capital Expenditure incurred 3.16 1,845.99 108.64 1,845.01 - 3,802.80
during the year (Net) 23.21 1,472.33 150.80 1,935.42 - 3,581.76
347

Note : 41 Segment Reporting (contd)

Additional Information regarding Group’s Geographical Segments :
(H In crore)
Particulars Within India Outside Total
India
Operating Revenue 23,155.38 16,381.75 39,537.13
24,848.95 18,553.61 43,402.56
Non-Current Assets (excluding Financial Assets, Deferred Tax Assets & 8,736.96 11,716.78 20,453.74
Income Tax Assets) 7,268.92 11,104.24 18,373.16
Note : 42
The consolidated results for the year ended 31st March 2021 are not comparable with that of the previous year, due
to following:
a Investment in Subsidiaries, Step-down Subsidiaries, Joint Controlled Entities & Associates during
the year :
Sr. Name of the Entity Nature of With effect
No. Entity from
1 Adani Global (Switzerland) LLC Subsidiary 22.04.2020
2 Nanasa Pidgaon Road Pvt Ltd Subsidiary 08.05.2020
Statutory Reports
3 Vijayawada Bypass Project Pvt Ltd Subsidiary 15.05.2020

4 AdaniConnex Pvt Ltd Subsidiary 21.05.2020
(Formerly known as DC Development Chennai Pvt Ltd)
5 DC Development Hyderabad Pvt Ltd Subsidiary 28.05.2020
6 DC Development Noida Pvt Ltd Subsidiary 28.05.2020
7 Adani Chendipada Mining Pvt Ltd Subsidiary 24.08.2020
(upto 23rd August, 2020 considered as a Jointly Controlled Entity)
Corporate Overview
8 Adani-Elbit Advance Systems India Ltd Subsidiary 02.09.2020

(upto 1st September, 2020 considered as a Jointly Controlled Entity)
9 PLR Systems Pvt Ltd Subsidiary 10.09.2020
10 Azhiyur Vengalam Road Pvt Ltd Subsidiary 01.02.2021
11 Kutch Copper Ltd Subsidiary 24.03.2021
12 PRS Tolls Pvt Ltd Subsidiary 25.03.2021
13 Kodad Khammam Road Pvt Ltd Subsidiary 30.03.2021
14 Vizag Tech Park Ltd Subsidiary 30.03.2021
15 Mundra Solar Technopark Pvt Ltd Jointly 01.01.2021
(upto 31st December, 2020 considered as a Subsidiary) Controlled
Entity
16 Mumbai International Airport Ltd Associate 05.02.2021
17 Navi Mumbai International Airport Pvt Ltd Associate 05.02.2021
b Divestment / Liquidation of Subsidiaries, Joint Controlled Entities & Associates during the year :
Sr. Name of the Entity Nature of With effect
No. Entity from
1 Sigurd Solar LLC Associate 04.05.2020
2 PT Tambang Sejahtera Bersama Subsidiary 16.10.2020
3 North West Rail Pty Ltd Subsidiary 26.10.2020
348

Note : 43 Business Combinations during the year

On 10th September 2020, one of the subsidiaries Ordefence Systems Ltd (Formerly known as Adani Land Defence
Systems and Technologies Ltd) has acquired PLR Systems Private Limited (PLR) with 51% equity stake & hence,
the same has been consolidated as subsidiary from the date of acquisition. PLR is engaged in the manufacture
and supply of defence equipment for the armed forces in India and other countries. The company has made
determination of fair values of the identified assets and liabilities for the purpose of purchase price allocation. The
fair value of the identifiable assets and liabilities as at the date of acquisition were as under.
Particulars H In crore
Assets
Property, Plant and Equipment 12.35
Other Intangible Assets 44.17
Trade Receivables 2.71
Corporate Overview
Inventories 2.74
Cash and Bank Balances 1.82
Current tax assets (net) 0.11
Other current/non current assets 1.47
Total Assets 65.37
Liabilities
Trade Payables 5.18
Statutory Reports
Other current liabilities 0.61
Advance to Customer 1.07
Provisions 0.18
Deferred Tax Liabilities 0.26
Total Liabilities 7.30
Total Identifiable Net Assets at fair value 58.07
Purchase Consideration paid for equity shares (cash consideration) 50.25
Non-Controlling Interests (7.82)
Goodwill arising on acquisition -
(a) The determination of the fair value is based on discounted cash flow method. Key assumptions on which the
management has based fair valuation include estimated long-term growth rates, weighted average cost of
capital and estimated operating margin.
(b) From the date of acquisition, PLR has contributed H11.49 crore and H0.61 crore to the Revenue and Profit after
Tax to the Group. If the business combination had taken place at the beginning of the year, revenue would
have been H17.60 crore and the Profit after Tax to the group would have been H0.39 crore.
349

Note : 44
The Group has determined the recoverable amounts of its Cash Generating Units (CGU) under Ind AS 36, Impairment
of Assets on the basis of their value in use by estimating future cash inflows over the estimated useful life of the
respective CGU (including Goodwill). Further, the cash flow projections are based on estimates and assumptions
relating to contracted market rates, operational performance of the CGU, market prices of inputs, exchange
variations, inflation, terminal value etc. which are considered reasonable by the management.
On a careful evaluation of the aforesaid factors, the management of the Group has concluded that the recoverable
amounts of the CGU (including Goodwill) are higher than their carrying amounts as at 31st March, 2021 in most of
the cases. However, if this estimates and assumption change in future, there could be corresponding impact on
the recoverable amounts of the CGU or their respective Goodwill. The Group provides for impairment loss in cases
where recoverable amounts are less than the carrying values.
Note : 45
An appeal was filed before National Green Tribunal (NGT), New Delhi against Grant of Forest Clearance to RVUNL
for Parsa East and Kente Basin (PEKB) Coal Block. NGT vide its order dated 24th March, 2014 set aside the Forest
Clearance and remanded back the case to MoEF.
Against the order of NGT, RVUNL had filed appeal before Supreme Court of India, which stayed the direction
of NGT on 28th April, 2014 vide its order as follows, “We stay the direction in the impugned order that all works
commenced by the appellant pursuant to the order dated 28th March, 2012 passed by the state of Chhattisgarh
under section 2 of the Forest Conservation Act, 1980 shall stand suspended till further orders are passed by the
Statutory Reports
Ministry of Environment and Forests”.

This appeal filed by RVUNL before Supreme Court of India is pending for final adjudication.
Note : 46
During the previous year, the Company had booked one off expense of H290.98 crore in its mining division on
account of compensation cess on reject coal. Although the management strongly believes that the said amount is
Corporate Overview
the responsibility of customer and it has initiated necessary commercial and legal steps to recover the same, the
expense had been booked in line with Company’s conservative approach. The same is included in Other Operating
and Manufacturing Expenses under Note 35 to Consolidated Statement of Profit & Loss.
Note : 47
On 31st October 2016, subsidiary company Adani Mining Pty Ltd entered into a Deed of Novation (Deed) with
North Queensland Export Terminal Pty Ltd (NQXT) (Formerly known as Adani Abbot Point Terminal Pty Ltd)
and Queensland Coal Pty Ltd (QCPL), whereby QCPL agreed to assign its port capacity under a user agreement
with NQXT to the subsidiary company for a consideration of H768.69 crore (AUD 138 million) (plus GST). The
total consideration received from QCPL in exchange for the subsidiary company assuming QCPL’s obligation to
NQXT under its user agreement has been disclosed under Other Non-Current Financial Liabilities as ‘Deferred
Reimbursement of Costs’.
In a separate arrangement with NQXT, the subsidiary company agreed to make a payment of H768.69 crore (AUD
138 million) as a security deposit towards the performance of its obligation under the user agreement. As at the
balance sheet date, the subsidiary company has fully paid H768.69 crore (AUD 138 million) as security deposit to
NQXT and the same has been disclosed under Other Non-Current Financial Assets as a part of ‘Security Deposit’.
350

Note : 48 Service Concession Arrangements

Few of the subsidiary companies of the Group has entered into Service Concession Arrangement (SCA) with
National Highway Authority of India (NHAI) for the construction of roads across various states in India & with the
State Department of Uttar Pradesh for Sewage treatment plant in the Prayagraj city. Following are the further
details pertaining to individual Service Concession arrangement entered by each of the subsidiary of the Group.
(a) One of the subsidiary companies of the Group, Bilaspur Pathrapali Road Pvt Ltd has entered into Service
Concession Arrangements (SCA) with NHAI for the purpose of construction of road from Bilaspur to Pathrapali
in the State of Chhattisgarh. As per the SCA, NHAI grants to the company exclusive right, license and authority
to construct, operate and maintain the project. The construction period of the project is of 730 days and
operation period is of 15 years commencing from COD. The arrangement provides for the payment of bonus
if the COD of the project is achieved on or more than 30 days prior to the scheduled completion date of the
project.
The cost of construction of the project is finalised as H1140 crore as at the bid date. Bid project cost is inclusive
Corporate Overview
of the cost of construction, interest during construction, working capital, physical contingency and all other
costs, expenses and charges for and in respect of the construction of the project.
(b) One of the subsidiary companies of the Group, Suryapet Khammam Road Pvt Ltd has entered into Service
Concession Arrangements (SCA) with NHAI for the purpose of construction of road from Suryapet to Khammam
in the State of Telangana. As per the SCA, NHAI grants to the company exclusive right, license and authority
to construct, operate and maintain the project. The construction period of the project is of 910 days and
operation period is of 15 years commencing from COD. The arrangement provides for the payment of bonus
Statutory Reports
if the COD of the project is achieved on or more than 30 days prior to the scheduled completion date of the
project.
The cost of construction of the project is finalised as H1566.30 crore as at the bid date. Bid project cost is
inclusive of the cost of construction, interest during construction, working capital, physical contingency and
all other costs, expenses and charges for and in respect of the construction of the project.
(c) One of the subsidiary companies of the Group, Mancherial Repallewada Road Pvt Ltd has entered into Service
Concession Arrangements (SCA) with NHAI for the purpose of construction of road from Mancherial to
Repallewada in the State of Telangana. As per the SCA, NHAI grants to the company exclusive right, license
and authority to construct, operate and maintain the project. The construction period of the project is of 730
days and operation period is of 15 years commencing from COD. The arrangement provides for the payment of
bonus if the COD of the project is achieved on or more than 30 days prior to the scheduled completion date of
the project.
(d) One of the subsidiary companies of the Group, Nanasa Pidgaon Road Pvt Ltd has entered into Service
Concession Arrangements (SCA) with NHAI for the purpose of construction of road from Nanasa to Pidgaon
section of NH-47 in the State of Madhya Pradesh. As per the SCA, NHAI grants to the company exclusive
right, license and authority to construct, operate and maintain the project. The construction period of the
project is of 730 days and operation period is of 15 years commencing from COD. The arrangement provides
for the payment of bonus if the COD of the project is achieved on or more than 30 days prior to the scheduled
completion date of the project.
351

Note : 48 Service Concession Arrangements (contd)

(e) One of the subsidiary companies of the Group, Vijayawada Bypass Project Pvt Ltd has entered into Service
Concession Arrangements (SCA) with NHAI for the purpose of construction of the project “Six laning of
Vijaywada Bypass from Gollapudi to Chinnakakani” in the State of Andhra Pradesh. As per the SCA, NHAI
grants to the company exclusive right, license and authority to construct, operate and maintain the project.
The construction period of the project is of 730 days and operation period is of 15 years commencing from
COD. The arrangement provides for the payment of bonus if the COD of the project is achieved on or more than
30 days prior to the scheduled completion date of the project.
(f) One of the subsidiary companies of the Group, Prayagraj Water Pvt Ltd has entered into Service Concession
Arrangements (SCA) with Uttar Pradesh Jal Nigam (UPJN) for the purpose of design, construct, complete,
operate and maintain the Package-I, design, construct, rehabilitate, complete, operate and maintain the
Package-II and Package-III Facilities along with associate infrastructure at Prayagraj city in the state of Uttar
Pradesh. As per the SCA, UPJN grants to the company exclusive right, license and authority to construct,
rehabilitate, operate and maintain the project during the construction period of 2 years and operation period
of 15 years commencing from COD. The arrangement provides for the payment of bonus if the COD of the
project is achieved prior to the scheduled completion date of the project.
The cost of the construction and rehabiliation of the project is finalized as H399.47 crore as at the bid date.
Statutory Reports
Bid project cost is inclusive of the cost of construction, interest during construction, working capital, physical
contingency and all other costs, expenses and charges for and in respect of the construction of the project.
Note : 49 Contingent Liabilities And Commitments

(a) Contingent liabilities not provided for :
(H In crore)
Corporate Overview
Sr. Particulars As at As at
No. 31st March, 2021 31st March, 2020
a) Claims against the Group not acknowledged as debts 4.26 3.96
b) In respect of :
- Income Tax (Interest thereon not ascertainable at present) 203.58 170.01
- Service Tax 43.82 36.39
- VAT / Sales Tax 393.36 491.49
- Custom Duty 1,024.86 1,004.78
- Excise Duty / Duty Drawback 0.61 0.61
- FERA / FEMA 4.26 4.26
- Others (including Stamp Duty on Demerger) 69.16 68.75
c) Corporate Guarantee given on behalf of Associates & Jointly 3,517.68 3,502.81
Controlled Entities
d) In respect of Bank Guarantees given 325.30 422.96
e) Letter of Credits 1,062.19 696.17
352

Note : 49 Contingent Liabilities And Commitments (contd)

f) The Hon’ble Supreme Court (SC) has passed a judgement dated 28th February 2019, relating to components
of salary structure to be included while computing the contribution to provident fund under the Employees
Provident Fund Act, 1952. The Company’s Management is of the view that there is considerable uncertainty
around the timing, manner and extent in which the judgment will be interpreted and applied by the
regulatory authorities. The Company will continue to assess any further developments in this matter for
the implications on financial statements, if any. Currently, the Company has not considered any impact in
these financial statements.
g) Certain claims / show cause notices disputed have neither been considered as contingent liabilities nor
acknowledged as claims, based on internal evaluation of the management.
h) Show cause notice issued under Section 16 of the Foreign Exchange Management Act, 1999 read with
Rule (4) of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rule, 2000, in
Corporate Overview
i) Show cause notices issued under The Custom Act, 1962, wherein the Group has been asked to show cause
why, penalty should not been imposed under section 112 (a) and 114 (iii) of The Custom Act,1962 in which
liability is unascertainable.
j) Show cause notices issued under Income Tax Act, 1961, wherein the Group has been asked to show cause
why, penalty should not been imposed under section 271(1)(c) in which liability is unascertainable.
Statutory Reports
k) Show cause notice issued by DGCEI proposes for imposition of penalties under Section 76 and Section 78
of the Finance Act, 1994 in which liability is unascertainable.
l) Custom Department has considered a different view for levy of custom duty in respect of specific quality
of coal imported by the Group for which the Group has received demand show cause notices amounting
to H863.62 crore (31st March 2020 : H863.62 crore) from custom departments at various locations and the
Group has deposited H460.61 crore (31st March 2020 : H460.61 crore) as custom duties (including interest)
under protest and contested the view taken by authorities as advised by external legal counsel. The Group
being the merchant trader generally recovers custom duties from its customers and does not envisage any
major financial or any other implication and the net effect of the same is already considered above under
clause (b) (Custom duty).
(b) Capital & Other Commitments:

(H In crore)
Estimated amounts of contracts remaining to be executed and not 6,012.02 5,694.89
provided for (Net of Advances)
The above does not include :
i) EPC 1690 Royalty
On 10th August 2010, as part of subsidiary company Adani Mining Pty Ltd’s (AMPty) acquisition of EPC
1690 (the “burdened tenement”), AMPty entered into an Overriding Royalty Deed (“the Deed”) with Linc
Energy Limited (“Linc”). Inter alia, the Deed requires AMPty to pay Linc AUD 2.00 per tonne (CPI adjusted)
for all tonnes of coal extracted from the burdened tenement, with the exception of the first 400,000
tonnes mined in any one production year. Under the Deed, there is no minimum royalty payable to Linc
and the royalty only becomes payable as and when coal is dispatched from the burdened tenement. The
Royalty is payable for a period of 20 years from the production date. During the year ended 31st March 2016,
the Deed was assigned by Linc to Carmichael Rail Network Pty Ltd as trustee for Carmichael Rail Network
Trust (CRNT). In May 2019, CRNT entered into a Royalty Income Purchase Agreement (“Agreement”) with
Queensland RIPA Pty Ltd as trustee for Queensland RIPA Trust (QRIPA) wherein CRNT has agreed to pay
royalty income payments to QRIPA.
353

Note : 49 Contingent Liabilities And Commitments (contd)

ii) EPC 1080 Royalty
On 29th November 2011, AMPty entered into a Royalty Deed (‘’the Deed’’) with Mineralogy Pty Ltd (‘’MPL’’)
pursuant to entry of EPC 1080 Eastern Area deed. Inter alia, the Deed requires AMPty to pay ‘MPL’ AUD
2 per tonne for all tonnes of coal mined from the eastern area of EPC 1080 (as defined in the Deed). The
royalty amount will be reduced by AUD 0.50 per tonne if paid within 14 business day after the end of each
quarter.
Note : 50 Lease Accounting

Leases as lessee
(i) The movement in Lease liabilities during the year
(H In crore)

Add : Balance as at 1st April, 2019 (on adoption of Ind AS 116 - Leases) - 45.78
Add : Additions / (Deduction) during the year (290.14) 23.10
Add : Finance costs incurred during the year 31.19 33.72
Less : Payments of Lease Liabilities 17.52 40.41
Add : Forex Adjustment 1.16 0.27
Statutory Reports
(ii) The carrying value of the Rights-of-use and depreciation charged during the year
For details pertaining to the carrying value of right of use of lease assets and depreciation charged during the
year, kindly refer note - 3 “Property, Plant & Equipments & Intangible Assets”.
(iii) Amount Recognised in Statement of Profit & Loss Account during the Year
(H In crore)
Corporate Overview

(i) Expenses related to Short Term Lease 12.65 10.13
(ii) Expenses related to Leases of Low-Value Assets - -
Total Expenses 12.65 10.13
(iv) Amounts recognised in statement of cash flows

(H In crore)
Total Cash outflow for Leases 17.52 40.41
(v) Maturity analysis of lease liabilities

(H In crore)
Maturity Analysis of contractual undiscounted cash flows
Less than one year 23.97 39.10
One to five years 66.29 129.19
More than five years 371.59 1,162.30
Total undiscounted lease liabilities 461.85 1,330.60
354

Note : 50 Lease Accounting (contd)

(H In crore)
Balances of Lease Liabilities
Non Current Lease Liability 163.11 432.27
Current Lease Liability 12.53 18.68
Total Lease Liability 175.64 450.95
Note : 51
The Group has made provision in the accounts for Gratuity based on actuarial valuation. The particulars under the
Ind AS 19 “Employee Benefits” furnished below are those which are relevant and available to the Group for the year.
(a) Contributions to Defined Contribution Plan, recognised as expense for the year are as under :
Corporate Overview
(H In crore)
Provident Fund 21.11 16.36
Superannuation Fund 0.30 0.40
Total 21.41 16.76
Statutory Reports
(b) The liability for compensated absences as at the year ended 31st March, 2021 is H53.05 crore (31st March, 2020
H45.77 crore).
(c) Contributions to Defined Benefit Plans are as under :
The Group’s Indian Subsidiaries has a defined benefit gratuity plan (funded) and is governed by the Payment
of Gratuity Act, 1972. Under the Act, every employee who has completed at least five year of service is entitled
to gratuity benefits on departure at 15 days basic salary (last drawn basic salary) for each completed year of
service. The scheme is funded with contributions to insurers in form of a qualifying insurance policy.
The following tables summarise the component of the net benefits expense recognised in the statement of
profit and loss account and the funded status and amounts recognized in the balance sheet for the respective
plan.
(1) Net amount recognised in the statement of Profit & Loss for year
(H In crore)
Particulars Gratuity (Funded)
Current Service cost 15.36 11.81
Expected return on plan assets (2.58) (2.76)
(2) Net amount recognised in the Other Comprehensive Income for year
(H In crore)
Actuarial (Gains) / Losses 4.21 3.09
Return on plan assets, excluding amount recognised in net 4.44 0.27
interest expense
355

Note : 51 (contd)
(3) Net amount recognised in the Balance Sheet
(H in crore)
i) Details of Provision for Gratuity
Present value of defined obligation 78.18 71.02
Fair value of plan assets 34.38 38.38
Surplus / (deficit) of funds (43.80) (32.64)
Net asset / (liability) (43.80) (32.64)
ii) Change in Present Value of the defined benefit obligation
Defined benefit obligation as at the beginning of year 71.02 58.56
Acquisition Adjustment (Net) (4.38) 1.23
Current & Past Service cost 15.36 11.82

Actuarial loss/(gain) - Due to change in Demographic 0.07 (0.21)
Assumptions
Actuarial loss/(gain) - Due to change in Financial 0.15 3.26
Assumptions
Actuarial loss/(gain) - Due to Experience Variance 3.99 0.04
Statutory Reports

Other Adjustment 2.45 (1.09)
Defined benefit obligation as at end of the year 78.18 71.02
iii) Change in Fair Value of Plan Assets
Fair value of plan assets as at the beginning of year 38.38 36.32
Expected return on plan assets 2.57 2.77
Corporate Overview
Contributions by employer 0.01 0.40

Actuarial (loss)/gain (4.44) (0.27)
Fair value of plan assets as at end of the year 34.38 38.38
iv) The major categories of plan assets as a percentage of
fair value of total plan assets are as follows
Policy of Insurance 100% 100%
(4) The principal actuarial assumption used are as follows:

Discount Rate 6.70% to 8.50% 6.70% to 8.50%
Rate of increase in Compensation Levels 7.06% to 10.00% 7.00% to 8.50%
(Refer Note (d) below)
Mortality Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2012-14) Ultimate (2012-14) Ultimate
Attrition rate based on age (per annum) 1% to 15.63% 0% to 23.00%
356

Note : 51 (contd)
Sensitivity Analysis:
The sensitivity analysis below has been determined based on reasonably possible changes of the
assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The results of sensitivity analysis is given below :
(H In crore)
Change in Change in Gratuity (Funded)
Assumption Rate 31st March, 2021 31st March, 2020
Increase in Decrease in Increase in Decrease in
Assumption Assumption Assumption Assumption
Discount Rate ( - / + 1 %) 14.93 25.13 11.20 20.76
Salary Growth Rate ( - / + 1 %) 24.99 14.95 20.64 11.21
Attrition Rate ( - / + 0.50 %) 18.70 20.80 14.82 16.61
Corporate Overview
Mortality Rate ( - / + 10 %) 19.61 19.65 15.60 15.63
The sensitivity analysis presented above may not be representative of the actual change in the defined
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another
as some of the assumptions may be correlated. There is no change in method of valuation for the prior
period.
(5) Maturity Profile of Obligations
Statutory Reports
The weighted average duration of the defined benefit plan obligation at the end of the reporting period
is 2 Years to 20 Years (31st March 2020: 5 Years to 22 Years). The expected maturity analysis of gratuity
benefits is as follows :
(H In crore)
Within 1 year 10.21 10.27
2 to 5 years 15.28 13.83
6 to 10 years 18.70 18.73
More than 10 years 73.10 69.72
(6) Asset - Liability Matching Strategies

The company and its subsidiaries have purchased insurance policy, which is basically a year-on-year cash
accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period
of one year. The insurance Company, as part of the policy rules, makes payment of all gratuity outgoes
happening during the year (subject to sufficiency of funds under the policy). Any deficit in the policy
assets are funded by the such companies. The policy helps mitigate the liquidity risk. However, being a
cash accumulation plan, the duration of assets is shorter compared to the duration of liabilities. Thus, the
companies are exposed to movement in interest rate (in particular, the significant fall in interest rates,
which should result in a increase in liability without corresponding increase in the asset).
(d) The estimate of future salary increase, considered in actuarial variation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
(e) The expected contribution to the fund in the next financial year is in line with current financial year.
(f) The figures here in are consolidated on line to line basis, wherein the net balances of planned assets : Nil
(Previous Year H0.28 crore) which has been included in Other Current Assets, is netted off in this disclosure.
357

Note : 52 Earning Per Share (EPS)

Net Profit After Tax attributable to the Equity Shareholders (H in crore) 922.64 1,138.17
Weighted Avg. Number of shares for computing EPS - Basic & Diluted 1,09,98,10,083 1,09,98,10,083
EPS in H (face value H1/- each) - Basic & Diluted 8.39 10.35
Note : 53
Pursuant to Ind AS 111 - ‘Joint Arrangements’ and Ind AS 112 - ‘Disclosure of Interests in Other Entities’, the interest
of the Group in various Jointly Controlled Assets, Associates and Jointly Controlled Entities are as follows :
(a) Jointly Controlled Assets
(i) The Company jointly with other parties to the joint venture, have been awarded two onshore oil & gas
blocks at Palej and Assam by Government of India through NELP-VI bidding round. Also it has entered into
Production Sharing Contracts (PSC) with Ministry of Petroleum and Natural Gas for exploration of oil and
gas in the aforesaid blocks. NAFTOGAZ India Pvt. Ltd. (NIPL) being one of the parties to consortium was
appointed as operator of the blocks vide Joint Operating Agreements (JOAs) entered into between parties
to consortium. The expenditures related to the activities in the blocks were incurred by Adani Group,
Welspun Group or through their subsidiary Adani Welspun Exploration Ltd.
Government of India had issued a notice intimating the termination of the Production Sharing Contracts
Statutory Reports
(PSCs) in respect of the Assam and Palej blocks purportedly due to misrepresentation made by the operator
of the blocks - NIPL. The Company had contested the termination and in accordance with the provisions of
the PSC had urged the Government to allow it to continue the activities in Palej block. The Company had
already written off its investment in Assam block in earlier years. During the year, the Company received
a letter from Ministry of Petroleum & Natural Gas confirming termination of its Palej oil exploration block.
Accordingly, the Company has written off project cost of H79.44 crore as exceptional item (Refer Note 36)
(ii) One of the group company is having a portfolio of three offshore blocks, wherein the Group is operator in
Corporate Overview
two blocks, and in the one block it is acting as a non operator.

Jointly Controlled Assets One of the group company’s Participating Interest %
MB-OSN-2005/2 100%
GK-OSN-2009/1 (Operated by ONGC) * 20%
MB/OSDSF/B9/2016 # 100%
* 25% after exit of GSPC from Appraisal Phase, GSPC having the right for subsequent farm in.
# New Block awarded to company by Government of India under Discovered Small Field Bid Round 2016.
(iii) One of the Subsidiary company has entered into Joint Venture Agreement in the nature of Production
Sharing Contracts (PSC) with the Government of India, Oil & Natural Gas Corporation Ltd (ONGC), Indian
Oil Corporation Ltd (IOCL) and Gujarat State Petroleum Corporation Ltd (GSPCL) for two offshore blocks
GK-OSN-2009/1 & GK-OSN-2009/2 located in Gulf of Kutch. The PSC for the blocks were signed on August
5, 2010. The company holds 20% participating interest in Block GK-OSN-2009/1 (25% for Appraisal Phase
after exit of GSPC from Appraisal phase) and 30% participating interest in Block GK-OSN-2009/2.
358

Note : 53 (contd)
The Group company’s share of the Assets and Liabilities of the Jointly Controlled Assets for the year ended
31st March, 2021 are as follows :
(H In crore)
Particulars GK-OSN-2009/1 GK-OSN-2009/2
Current Assets 0.03 0.03 0.04 0.04
Current Liabilities * * * *
Exploratory Work In 119.76 118.82 - -
Progress
(Transactions below H50,000/- denoted as *)
Corporate Overview
Based on the results of Well NFA#1 in the Block GK-OSN-2009/1, the operator ONGC has submitted a
Declaration of Commerciality (DoC) proposal to the MoPNG/DGH. During the year under review, MoPNG/
DGH has reviewed the DoC proposal and ask operator to submit Field Development plan(FDP) with in the
timelines of Production Sharing Contract of the Block. During the year under review, preparation of FDP is
under progress. On account of Covid-19 pandemic and its continuing impact on petroleum operations, the
Government has approved the extension of timelines for submission of FDP up to 1st August, 2021.
Based on the outcome of appraisal drilling and results of technical evaluations, during the previous year,
Statutory Reports
operating committee of the block GK-OSN-2009/2 has decided to relinquish the Block. Accordingly, in
the previous year subsidiary company had written off expenditure of H129.73 Crs incurred for this block by
charging it to Profit and Loss account as an exceptional item. However, the formal relinquishment process
of the block is under progress. Operator (ONGC) has submitted proposal of relinquishment to Directorate
General of Hydrocarbons (DGH) along with relevant data and reports.
All the expenditure related to jointly controlled assets has been shown under “Capital Work In Progress’’
and in the case of an oil or gas discovery, the same will be allocated / transferred to the producing property.
(iv) During the previous year, in respect of Block MB-OSN-2005/2, Directorate General of Hydrocarbons (DGH)
vide its letter dated 31st October 2019, has granted approval on subsidiary company’s request for entering
into Exploration Phase II, with effect from 30th October 2019. During the year, subsidiary company has
commenced Drilling Operations and drilled one well in the block. Drilling in the block has completed during
the year with positive outcome. The subsidiary company has discovered Natural Gas in this Block.
(b) Interest in Other Entities
The Group has made investment in below mentioned Jointly Controlled Entities and Associate entities and are
consolidated under equity method of accounting. These entities are in the nature of closely held entities and
are not listed on any public exchange. The following tables provides summarised financial information about
these entities :
Name of Joint Controlled Entities / Country of Relationship Percentage Ownership
Associates Incorporation 31-Mar-21 31-Mar-20
Adani Wilmar Ltd (Consolidated) India Jointly Controlled 50% 50%
Entity
Adani Wilmar Pte Ltd (Consolidated) Singapore Jointly Controlled 50% 50%
Entity
Vishakha Industries Pvt. Ltd India Associate 50% 50%
Adani Global Resouces Pte Ltd Singapore Jointly Controlled 50% 50%
Entity
Carmichael Rail Network Holdings Pty Ltd Australia Jointly Controlled 50% 50%
Entity
359

Note : 53 (contd)
Name of Joint Controlled Entities / Country of Relationship Percentage Ownership
Associates Incorporation 31-Mar-21 31-Mar-20
Carmichael Rail Network Pty Ltd Australia Jointly Controlled 50% 50%
Entity
Carmichael Rail Network Trust Australia Jointly Controlled 50% 50%
Entity
Carmichael Rail Asset Holdings Trust Australia Jointly Controlled 50% 50%
Entity
Autotec Systems Pvt Ltd India Associate 6.76% 26%
Comprotech Engineering Pvt Ltd India Associate 26% 26%
Adani Total LNG Singapore Pte Ltd Singapore Jointly Controlled 50% 50%
Entity
Adani Power Resources Ltd India Associate 49% 49%
Jhar Mining Infra Pvt Ltd India Jointly Controlled 51% 51%
Entity
Adani Solar USA Inc (Consolidated) USA Associate 49% 49%
Vishakha Industries India Associate 50% 50%
Adani-Elbit Advanced Systems India Ltd India Jointly Controlled - 51%
Entity
Statutory Reports
Adani Chendipada Mining Pvt Ltd India Jointly Controlled - 49%

Entity
Mundra Solar Technopark Pvt Ltd India Jointly Controlled 45.06% -
Entity
Mumbai International Airport Ltd India Associate 23.50% -
(Consolidated)
Corporate Overview
Notes :
i) During the year, the Group has liquidated its interest in the below mentioned entity.
a) Sigurd Solar LLC [Considered in Adani Solar USA Inc (Consolidated)]
ii) During the year, the Company has acquired remaining 51% stake in Adani Chendipada Mining Pvt Ltd.
360
Note : 53 (contd)
Summarised Financial Position of Group’s Investment in Jointly Controlled Entities & Associates :
(H in crore)
Particulars Adani Wilmar Ltd. Adani Wilmar Pte Ltd. Vishakha Industries Adani Global
Carmichael Rail Carmichael Rail
Consolidated Consolidated Pvt Ltd Resouces Pte Ltd
Network Holdings Network Pty Ltd
Pty Ltd
31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20
Non Current Assets (A) 4,646.63 4,455.25 537.42 442.00 0.33 0.29 0.01 0.01 0.01 0.01 - -
Current Assets
i) Cash & Cash 57.25 346.00 25.48 8.04 0.04 0.08 - - 0.02 0.01 0.19 0.11
Equivalents
ii) Others 8,623.88 6,996.55 482.89 473.02 8.57 8.54 0.01 0.02 - - 5.16 2.87
Total Current Assets (B) 8,681.13 7,342.55 508.37 481.06 8.61 8.62 0.01 0.02 0.02 0.01 5.35 2.98
Total Assets (A+B) 13,327.76 11,797.80 1,045.79 923.06 8.94 8.91 0.02 0.03 0.03 0.02 5.35 2.98
Non Current Liabilities
i) Financial Liabilities 1,469.62 1,477.94 - - 4.00 3.68 0.01 0.01 - - - -
ii) Non Financial Liabilities 236.71 402.19 - - - - - - - - 0.56 0.65
Total Non Current 1,706.33 1,880.13 - - 4.00 3.68 0.01 0.01 - - 0.56 0.65
Liabilities (A)
Current Liabilities
i) Financial Liabilities 7,679.03 7,059.38 638.59 569.41 * 0.37 0.13 0.01 0.01 0.01 - -
ii) Non Financial Liabilities 643.42 287.62 181.92 169.56 0.04 0.02 - - - - 4.77 2.32
Total Current Liabilities (B) 8,322.45 7,347.00 820.51 738.97 0.04 0.39 0.13 0.01 0.01 0.01 4.77 2.32
Total Liabilities (A+B) 10,028.78 9,227.13 820.51 738.97 4.04 4.07 0.14 0.02 0.01 0.01 5.33 2.97
Total Equity (Net Assets) 3,298.98 2,570.67 225.28 184.09 4.90 4.84 (0.12) 0.01 0.02 0.01 0.02 0.01
Contingent Liabilities and 433.26 489.01 210.24 115.55 - - - - - - - -
Capital Commitments
361

362
Note : 53 (contd)
(H in crore)
Particulars Carmichael Rail Carmichael Rail Asset Autotec Systems Pvt Comprotech Adani Total LNG Adani Power
Network Trust Holdings Trust Ltd Engineering Pvt Ltd Singapore Pte Ltd Resources Ltd
Non Current Assets (A) 8,365.08 2,561.37 0.01 * 11.58 14.20 6.10 3.67 274.16 378.33 0.09 0.09
Current Assets
i) Cash & Cash 64.57 4.60 - - 0.01 0.03 1.12 1.41 18.71 6.16 * 0.80
Equivalents
ii) Others 281.01 149.62 - - 17.31 14.48 21.69 13.55 0.21 * - -
Total Current Assets (B) 345.58 154.22 - - 17.32 14.51 22.81 14.96 18.92 6.16 - 0.80
Total Assets (A+B) 8,710.66 2,715.59 0.01 * 28.90 28.71 28.91 18.63 293.08 384.49 0.09 0.89
i) Financial Liabilities 7,992.86 3,889.80 - - 3.19 3.24 - - - - - -
ii) Non Financial Liabilities - - - - 0.45 0.46 0.07 0.34 - - - -
Total Non Current 7,992.86 3,889.80 - - 3.64 3.70 0.07 0.34 - - - -
Liabilities (A)
Current Liabilities
i) Financial Liabilities 2,039.01 440.24 0.03 * 10.81 11.88 12.47 2.94 8.83 6.65 0.08 0.87
ii) Non Financial Liabilities - - - - 2.80 0.58 0.42 0.54 1.71 - * *
Total Current Liabilities (B) 2,039.01 440.24 0.03 * 13.61 12.46 12.89 3.48 10.54 6.65 0.08 0.87
Total Liabilities (A+B) 10,031.87 4,330.04 0.03 * 17.25 16.16 12.96 3.82 10.54 6.65 0.08 0.87
Total Equity (Net Assets) (1,321.21) (1,614.45) (0.02) * 11.65 12.55 15.95 14.81 282.54 377.84 0.01 0.02
Contingent Liabilities and 1,257.91 2,002.03 - - 5.14 4.99 1.33 0.45 - - - -
Capital Commitments
Note : 53 (contd)
(H in crore)
Particulars Jhar Mining Infra Pvt Adani Solar USA Inc Vishakha Industries Adani-Elbit Advanced Adani Chendipada Mundra Solar
Ltd Consolidated Systems India Ltd Mining Pvt Ltd Technopark Pvt Ltd
Non Current Assets (A) 11.26 6.31 31.83 177.77 37.41 40.22 - 22.23 - 0.17 774.38 -
Current Assets
i) Cash & Cash 0.01 0.06 42.23 16.00 0.03 * - 0.20 - * 5.44 -
Equivalents
ii) Others 0.53 0.65 50.22 72.24 17.97 13.03 - 10.25 - - 561.69 -
Total Current Assets (B) 0.54 0.71 92.45 88.24 18.00 13.03 - 10.45 - * 567.13 -
Total Assets (A+B) 11.80 7.02 124.28 266.01 55.41 53.25 - 32.68 - 0.17 1,341.51 -
i) Financial Liabilities - - - - 23.08 22.96 - - - - 413.71 -
ii) Non Financial Liabilities 0.06 - - - - - - 0.60 - - 344.98 -
Total Non Current 0.06 - - - 23.08 22.96 - 0.60 - - 758.69 -
Liabilities (A)
Current Liabilities
i) Financial Liabilities 12.04 6.95 274.88 349.43 13.10 11.90 - 7.66 - 2.15 1,063.38 -
ii) Non Financial Liabilities 0.04 0.36 - 10.05 1.05 0.34 - 0.18 - 0.08 17.20 -
Total Current Liabilities (B) 12.08 7.31 274.88 359.48 14.15 12.24 - 7.84 - 2.23 1,080.58 -
Total Liabilities (A+B) 12.14 7.31 274.88 359.48 37.23 35.20 - 8.44 - 2.23 1,839.27 -
Total Equity (Net Assets) (0.34) (0.29) (150.60) (93.47) 18.18 18.05 - 24.24 - (2.06) (497.76) -
Contingent Liabilities and 48.85 - - - - - - - - - 234.65 -
Capital Commitments
363

364
Note : 53 (contd)
(H in crore)
Particulars Mumbai International
Airport Ltd - Consolidated
31-Mar-21 31-Mar-20
Non Current Assets (A) 14,644.68 -
Current Assets
i) Cash & Cash Equivalents 391.24 -
ii) Others 782.43 -
Total Current Assets (B) 1,173.67 -
Total Assets (A+B) 15,818.35 -
i) Financial Liabilities 8,456.33 -
ii) Non Financial Liabilities 3,013.66 -
Total Non Current Liabilities (A) 11,469.99 -
Current Liabilities
i) Financial Liabilities 2,683.62 -
ii) Non Financial Liabilities 328.25 -
Total Current Liabilities (B) 3,011.87 -
Total Liabilities (A+B) 14,481.86 -
Total Equity (Net Assets) 1,336.49 -
Contingent Liabilities and Capital Commitments 2,807.21 -
Summarised Profitability of Jointly Controlled Entities & Associates :
(H in crore)
Particulars Adani Wilmar Ltd. Adani Wilmar Pte. Ltd. Vishakha Industries Adani Global Carmichael Rail Carmichael Rail
Consolidated Consolidated Pvt Ltd Resouces Pte Ltd Network Holdings Network Pty Ltd
Pty Ltd
Revenue 37,090.42 29,657.04 1,443.65 1,434.67 1.02 0.32 - - - - - -
Interest Income 75.09 92.14 1.83 1.23 0.44 0.42 - - 0.03 * * *
Depreciation & 267.78 242.13 3.60 1.63 - - - - - - - -
Amortisation
Finance Costs 406.61 586.31 17.39 21.07 0.38 0.35 * - - - * *
Profit / (Loss) Before Tax 832.37 659.38 66.60 63.60 0.01 0.03 (0.13) - - - - -
Provision for Tax 103.26 213.95 21.32 18.11 0.01 0.01 - - - - - -
Profit / (Loss) After Tax 729.11 445.43 45.28 45.49 - 0.02 (0.13) - - - - -
Other Comprehensive (0.20) (1.18) - - - - - - - - - -
Income
Total Comprehensive 728.91 444.25 45.28 45.49 - 0.02 (0.13) - - - - -
Income
Note : 53 (contd)
(H in crore)
Particulars Carmichael Rail Carmichael Rail Asset Autotec Systems Pvt Comprotech Adani Total LNG Adani Power
Network Trust Holdings Trust Ltd Engineering Pvt Ltd Singapore Pte Ltd Resources Ltd
Revenue - - - - 13.94 13.34 19.70 14.35 14.72 - - -
Interest Income 1.38 0.68 - - 0.22 0.16 0.07 0.07 - - - 0.86
Depreciation & - - - - 0.63 0.66 0.78 0.85 92.72 - - -
Amortisation
Finance Costs 14.37 41.25 - - 0.71 0.63 0.08 0.01 0.15 0.01 - 0.88
Profit / (Loss) Before Tax 602.74 (361.15) (0.02) * (4.36) (0.64) 1.33 1.67 (105.10) (0.46) (0.01) (0.01)
Provision for Tax 0.86 0.24 - - (0.20) (0.04) 0.18 0.21 1.74 - - -
Profit / (Loss) After Tax 601.88 (361.39) (0.02) * (4.16) (0.60) 1.15 1.46 (106.84) (0.46) (0.01) (0.01)
Other Comprehensive - - - - 0.07 (0.02) 0.01 - - - - -
Income
Total Comprehensive 601.88 (361.39) (0.02) * (4.09) (0.62) 1.16 1.46 (106.84) (0.46) (0.01) (0.01)
Income
(H in crore)
Particulars Jhar Mining Infra Pvt Adani Solar USA Inc - Vishakha Industries Adani-Elbit Advance Adani Chendipada
Ltd Consolidated Systems India Ltd. Mining Pvt Ltd
31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20 31-Aug-20 31-Mar-20 23-Aug-20 31-Mar-20
Revenue - - 349.98 75.81 18.01 16.01 - 4.82 - -
Interest Income * 0.01 - - - - - - - *
Depreciation & Amortisation - - 0.22 0.14 0.69 0.30 0.97 1.64 - -
Finance Costs 0.04 0.04 - - 2.85 2.24 - - 0.05 0.06
Profit / (Loss) Before Tax (0.05) (0.04) (61.20) (84.59) 0.33 0.16 (2.91) (2.80) (0.05) (1.99)
Provision for Tax * - - - - 0.04 0.06 0.44 - -
Profit / (Loss) After Tax (0.05) (0.04) (61.20) (84.59) 0.33 0.12 (2.97) (3.24) (0.05) (1.99)
Other Comprehensive Income - - - - - - - (0.01) - -
Total Comprehensive Income (0.05) (0.04) (61.20) (84.59) 0.33 0.12 (2.97) (3.25) (0.05) (1.99)
365


Note : 53 (contd)
(H in crore)
Particulars Mundra Solar Mumbai International
Technopark Pvt Ltd Airport Ltd - Consolidated
01/01/2021 31-Mar-20 05/02/2021 31-Mar-20
to to
31/03/2021 31/03/2021
Revenue 4.27 - 357.31 -
Interest Income 0.18 - 7.27 -
Depreciation & Amortisation 9.32 - 107.96 -
Finance Costs - - 122.03 -
Profit / (Loss) Before Tax 2.62 - (100.31) -
Provision for Tax (0.07) - - -
Profit / (Loss) After Tax 2.69 - (100.31) -

Other Comprehensive Income * - - -
Total Comprehensive Income 2.69 - (100.31) -
Note : 54 Recent Pronouncements

On March 24, 2021, the Ministry of Corporate Affairs (“MCA”) through a notification, amended Schedule III of
the Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from
Statutory Reports
1st April, 2021.

Balance Sheet :
(i) Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as
current or non-current.
(ii) Certain additional disclosures in the statement of changes in equity such as changes in equity share capital
due to prior period errors and restated balances at the beginning of the current reporting period.
Corporate Overview
(iii) Specified format for disclosure of shareholding of promoters.

(iv) Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and
intangible asset under development.
(v) If a group has not used funds for the specific purpose for which it was borrowed from banks and financial
institutions, then disclosure of details of where it has been used.
(vi) Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of
arrangements, compliance with number of layers of companies, title deeds of immovable property not held
in name of group, loans and advances to promoters, directors, key managerial personnel (KMP) and related
parties, details of benami property held etc.
Statement of profit and loss :
(i) Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or
virtual currency specified under the head ‘additional information’ in the notes forming part of the standalone
financial statements.
The amendments are extensive and the Group will evaluate the same to give effect to them as required by law.
366

Note : 55
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment
benefits has received Presidential assent on 28th September, 2020. The Code has been published in the Gazette
of India. However, the effective date of the Code is yet to be notified and final rules for quantifying the financial
impact are also yet to be issued. In view of this, 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.
Note : 56
The Board of Directors at its meeting held on 5th May, 2021 have recommended payment of final dividend of H1
(100%) per equity share of the face value of H1 each for the year ended 31st March, 2021. This proposed dividend is
subject to approval of shareholders in the ensuing annual general meeting.
Also, during the previous year, the Company had declared and paid an interim dividend of H1.00 (100%) per equity share
of the face value of H1 each for the financial year 2019-20 pursuant to its board meeting held on 17th March 2020.
Corporate Overview
Statutory Reports
367
368
Note : 57
Additional information of net assets and share in profit or loss contributed by various entities as required under Schedule III of the Companies Act, 2013.
Particulars Net Assets i.e. Share in Profit & Loss Share in Other Comprehensive Share in Total
Total Assets less Income Comprehensive Income
Total Liabilities
As % of H in As % of H in As % of H in crore As % of H in
consolidated crore consolidated crore consolidated Other consolidated Total crore
Net Assets Profit or Loss Comprehensive Comprehensive
Income Income
Adani Enterprises Limited 18% 4,127.99 38% 368.81 0% (1.82) 135% 366.99
Indian Subsidiaries
Adani Agri Fresh Limited 0% (9.87) 0% 3.88 0% (0.09) 1% 3.78
Mundra Synenergy Limited 0% 63.86 0% (0.01) 0% - 0% (0.01)
Adani Defence Systems And Technologies Limited 2% 496.40 0% (0.70) 0% - 0% (0.70)
Ordefence Systems Limited (Formerly known as Adani Land 0% 53.97 0% (0.59) 0% - 0% (0.59)
Defence Systems And Technologies Limited)
Adani Aerospace And Defence Limited 0% 0.02 0% (0.01) 0% - 0% (0.01)
Adani Naval Defence Systems And Technologies Limited 0% 0.02 0% (0.00) 0% - 0% (0.00)
Adani Cementation Limited 0% (0.11) 0% (0.00) 0% - 0% (0.00)
Adani Shipping India Private Limited 0% 0.27 0% 0.30 0% 0.02 0% 0.32
Natural Growers Private Limited 0% 3.61 0% (1.83) 0% - -1% (1.83)
Adani Welspun Exploration Limited 5% 1,133.79 0% (3.20) 0% - -1% (3.20)
Talabira (Odisha) Mining Private Limited 0% (24.55) -3% (26.03) 0% (0.34) -10% (26.38)
Parsa Kente Collieries Limited 0% 63.42 0% (4.63) 0% (0.21) -2% (4.84)
Jhar Mineral Resources Private Limited 0% 0.01 0% (0.29) 0% - 0% (0.29)
(Formerly known as Chendipada Collieries Private Limited)
Adani Resources Private Limited 0% 0.85 0% 0.18 0% - 0% 0.18
Surguja Power Private Limited 0% (8.32) 0% (4.54) 0% - -2% (4.54)
Rajasthan Collieries Limited 0% (15.31) -1% (5.31) 0% 0.01 -2% (5.30)
Adani Bunkering Private Limited 1% 163.11 1% 5.77 0% (0.15) 2% 5.62
Adani Commodities LLP 3% 724.35 0% (0.00) 0% - 0% (0.00)
Adani Tradecom LLP 0% 0.05 0% (0.00) 0% - 0% (0.00)
Adani Tradewing LLP 0% 0.05 0% 0.00 0% - 0% 0.00
Adani Tradex LLP 0% 0.03 0% (0.00) 0% - 0% (0.00)
Adani Infrastructure Private Limited 0% 0.03 0% (0.00) 0% - 0% (0.00)
Gare Pelma III Collieries Limited 0% 3.46 1% 11.68 0% (0.21) 4% 11.47
Mundra Solar Technopark Private Limited 0% - -11% (104.74) 0% - -39% (104.74)
(upto 31st December, 2020)
Note : 57 (contd)
Total Liabilities
Income Income
Bailadila Iron Ore Mining Private Limited 0% 0.09 0% (0.00) 0% - 0% (0.00)
Adani Road Transport Limited 0% 65.28 0% 4.25 0% 0.06 2% 4.31
Bilaspur Pathrapali Road Private Limited 0% 46.08 0% 0.83 0% (0.01) 0% 0.82
Mundra Solar PV Limited 3% 764.40 43% 418.09 0% (0.10) 154% 417.99
Mundra Copper Limited 0% (0.01) 0% (0.01) 0% - 0% (0.01)
Mahaguj Power LLP 0% 0.03 0% 0.00 0% - 0% 0.00
Adani Rave Gears India Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
Prayagraj Water Private Limited 0% 7.87 0% 0.02 0% 0.00 0% 0.02
Adani Water Limited 0% 0.25 0% 0.10 0% 0.04 0% 0.14
Gidhmuri Paturia Collieries Private Limited 0% (0.00) 0% (0.00) 0% - 0% (0.00)
Mundra Solar Limited 0% 0.14 0% 0.12 0% - 0% 0.12
Adani Green Technology Limited 1% 299.04 0% (0.27) 0% - 0% (0.27)
Mancherial Repallewada Road Private Limited 0% (1.39) 0% 0.07 0% 0.01 0% 0.07
Suryapet Khammam Road Private Limited 0% 42.58 0% 0.07 0% (0.00) 0% 0.07
Alpha Design Technologies Private Limited - Consolidated 3% 648.00 1% 9.75 0% 0.19 4% 9.94
Adani Airport Holdings Limited 0% (112.97) -12% (113.12) 0% 0.05 -42% (113.08)
AP Mineral Resources Private Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
(Formerly known as Kurmitar Mining Private Limited)
MH Natural Resources Private Limited 0% (0.00) 0% (0.00) 0% - 0% (0.00)
(Formerly known as Gare Pelma II Mining Private Limited)
Flaire Unmanned Systems Private Limited 0% - 0% - 0% - 0% -
(upto 1st September, 2020)
Kurmitar Iron Ore Mining Private Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
CG Natural Resources Private Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
(Formerly known as Adani Iron Ore Mining Private Limited)
Adani Ahmedabad International Airport Limited 0% (83.87) -9% (83.28) 0% (0.60) -31% (83.88)
Adani Lucknow International Airport Limited 0% (38.27) -4% (38.21) 0% (0.06) -14% (38.27)
Adani Jaipur International Airport Limited 0% (0.00) 0% (0.01) 0% - 0% (0.01)
Adani Guwahati International Airport Limited 0% (0.00) 0% (0.01) 0% - 0% (0.01)
Adani Thiruvananthapuram International Airport Limited 0% (0.00) 0% (0.01) 0% - 0% (0.01)
369

370
Note : 57 (contd)
Total Liabilities

Income Income
Adani Mangaluru International Airport Limited 0% (28.97) -3% (28.97) 0% (0.00) -11% (28.97)
Stratatech Mineral Resources Private Limited 0% (0.39) 0% (0.39) 0% - 0% (0.39)
Adani Metro Transport Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
Adani Railways Transport Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
Gare Palma II Collieries Private Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
Sabarmati Infrastructure Services Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Vijaynagara Smart Solutions Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Gomti Metropolis Solutions Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Brahmaputra Metropolis Solutions Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Periyar Infrastructure Services Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Rajputana Smart Solutions Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Agneya Systems Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Carroballista Systems Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Adani Chendipada Mining Private Limited 0% 0.07 0% 0.88 0% - 0% 0.88
Nanasa Pidgaon Road Private Limited 0% (1.54) 0% (1.58) 0% (0.00) -1% (1.58)
Vijayawada Bypass Project Private Limited 0% (3.97) 0% (3.98) 0% - -1% (3.98)
Adani Connex Private Limited 0% 54.44 0% (1.57) 0% - -1% (1.57)
(Formerly known as DC Development Chennai Private
Limited)
DC Development Hyderabad Private Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
DC Development Noida Private Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
PLR Systems Private Limited 0% 16.51 0% 0.61 0% - 0% 0.61
Azhiyur Vengalam Road Private Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Kutch Copper Limited 0% - 0% - 0% - 0% -
PRS Tolls Private Limited 0% - 0% - 0% - 0% -
Kodad Khammam Road Private Limited 0% - 0% - 0% - 0% -
Vizag Tech Park Limited 0% - 0% - 0% - 0% -
Note : 57 (contd)
Total Liabilities
Income Income
Foreign Subsidiaries
Adani Global Limited 1% 335.81 0% (0.08) 0% (0.01) 0% (0.09)
Urja Maritime Inc 0% 16.59 1% 10.53 0% (0.34) 4% 10.19
Adani Global FZE 19% 4,531.91 8% 82.17 22% (156.56) -27% (74.40)
Adani Global Pte Limited 38% 8,979.97 37% 355.81 41% (289.18) 25% 66.62
Adani North America Inc 0% (59.93) 0% (0.59) 0% 2.08 1% 1.50
Adani Shipping Pte Limited -1% (210.69) -5% (46.55) -1% 7.57 -14% (38.98)
PT Adani Global 0% 70.76 -2% (17.81) -1% 6.89 -4% (10.92)
PT Adani Global Coal Trading 0% 0.17 0% (0.08) 0% 0.02 0% (0.06)
Adani Mining Pty Limited -9% (2,214.48) -20% (193.29) 30% (209.45) -148% (402.74)
Galilee Transmission Holding Pty Limited 0% (0.03) 0% (0.01) 0% (0.00) 0% (0.01)
Galilee Transmission Pty Limited 0% (0.48) 0% (0.01) 0% (0.08) 0% (0.09)
Galilee Transmission Holdings Trust 0% (0.07) 0% - 0% (0.01) 0% (0.01)
Adani Minerals Pty Limited 0% 5.77 0% (0.06) 0% 1.01 0% 0.94
Adani Infrastructure Pty Limited 0% (9.35) 0% (1.23) 0% (1.45) -1% (2.68)
PT Coal Indonesia 0% (2.16) 0% 1.79 0% (2.09) 0% (0.30)
PT Sumber Bara 0% 0.45 0% (0.01) 0% 0.01 0% (0.01)
PT Energy Resources 0% (1.63) 0% (2.10) 0% 0.06 -1% (2.04)
PT Suar Harapan Bangsa 0% 0.11 0% 0.01 0% 0.01 0% 0.01
PT Tambang Sejahtera Bersama 0% - 0% 0.28 0% - 0% 0.28
(upto 16th October, 2020)
PT Niaga Antar Bangsa 0% 0.54 0% (1.80) 0% (0.52) -1% (2.32)
PT Niaga Lintas Samudra 0% 5.33 0% (1.30) 0% 0.27 0% (1.03)
PT Gemilang Pusaka Pertiwi 0% 0.99 0% (0.00) 0% 0.07 0% 0.07
PT Hasta Mundra 0% 0.37 0% (0.01) 0% 0.03 0% 0.02
Rahi Shipping Pte Limited 0% 87.34 1% 10.08 0% (2.83) 3% 7.25
Vanshi Shipping Pte Limited 0% 108.50 1% 12.25 1% (3.53) 3% 8.72
Aanya Maritime Inc. 1% 153.14 2% 16.35 1% (5.00) 4% 11.35
Aashna Maritime Inc. 1% 148.38 2% 16.26 1% (4.83) 4% 11.43
Adani Global DMCC 0% 13.17 0% 0.45 0% (0.45) 0% (0.00)
371

372
Note : 57 (contd)
Total Liabilities

Income Income
PT Lamindo Inter Multikon 0% (86.39) -2% (18.88) 1% (5.77) -9% (24.65)
Queensland Ripa Holdings Trust 0% (0.11) 0% (0.04) 0% (0.01) 0% (0.06)
Carmichael Rail Development Company Pty Limited 0% (0.05) 0% (0.03) 0% (0.00) 0% (0.03)
(Formerly known as Queensland RIPA Finance Pty Limited)
Adani Renewable Assets Pty Limited 0% 0.01 0% - 0% (0.00) 0% (0.00)
Adani Rugby Run Pty Limited 0% 0.00 0% - 0% 0.00 0% 0.00
Whyalla Renewables Trust 0% (2.60) 0% (0.03) 0% (0.44) 0% (0.47)
Whyalla Renewable Holdings Trust 0% (0.00) 0% (0.01) 0% (0.00) 0% (0.01)
Adani Rugby Run Finance Pty Limited 0% 0.46 0% 0.28 0% 0.04 0% 0.33
Adani Renewable Asset Holdings Pty Limited 0% 0.01 0% 0.00 0% (0.00) 0% 0.00
Whyalla Renewables Pty Limited 0% 0.01 0% - 0% 0.00 0% 0.00
Whyalla Renewable Holdings Pty Limited 0% 0.01 0% - 0% (0.00) 0% (0.00)
Queensland Ripa Holdings Pty Limited 0% 0.01 0% - 0% - 0% -
Queensland Ripa Trust 0% 109.53 14% 134.80 0% 0.95 50% 135.75
Adani Global Royal Holding Pte Limited 0% (0.12) 0% (0.13) 0% 0.00 0% (0.13)
Adani Renewable Assets Holdings Trust 0% (58.36) 0% (3.20) 1% (9.66) -5% (12.86)
Adani Renewable Assets Trust 0% 4.86 0% 4.63 0% 0.22 2% 4.85
Adani Rugby Run Trust -1% (117.81) 4% 36.02 4% (25.00) 4% 11.03
Adani Australia Pty Limited 0% (2.70) 0% (2.48) 0% (0.14) -1% (2.61)
Queensland Ripa Pty Limited 0% 0.01 0% - 0% 0.00 0% 0.00
Galilee Basin Conservation And Research Fund 0% 0.99 0% (0.10) 0% 0.18 0% 0.09
North West Rail Pty Limited 0% - 0% (0.00) 0% - 0% (0.00)
(upto 26th October, 2020)
North West Rail Holdings Pty Limited 0% 0.01 0% - 0% 0.00 0% 0.00
NW Rail Operations Pte Limited 0% (0.07) 0% (0.06) 0% 0.00 0% (0.06)
Galilee Biodiversity Company Pty Limited 0% (0.00) 0% (0.01) 0% 0.00 0% (0.01)
Adani Global (Switzerland) LLC 0% 0.02 0% (0.14) 0% (0.00) 0% (0.14)
Total - Subsidiaries (A) 20,258.85 793.69 (701.19) 92.51
Less: Non Controlling Interests
Adani Welspun Exploration Limited 343.98 (1.12) - (1.12)
Note : 57 (contd)
Total Liabilities
Income Income
Parsa Kente Collieries Limited 16.49 (1.47) 0.21 (1.26)
Rajasthan Collieries Limited (3.98) (1.37) (0.01) (1.38)
Mundra Solar Technopark Private Limited - (57.55) - (57.55)
(upto 31st December, 2020)
Mundra Solar PV Limited 457.06 204.72 0.10 204.82
Mundra Solar Limited 0.05 0.06 - 0.06
Adani Green Technology Limited (0.47) (0.13) - (0.13)
Prayagraj Water Private Limited 2.05 0.01 (0.00) 0.01
Bilaspur Patharpali Road Private Limited 11.98 0.20 0.01 0.21
Mancherial Repallewada Road Private Limited (0.36) 0.03 (0.01) 0.02
Suryapet Khammam Road Private Limited 11.07 0.02 0.00 0.02
Alpha Design Technologies Private Limited 906.51 (19.54) (0.07) (19.60)
Gidhmuri Paturia Collieries Private Limited (0.00) (0.00) - (0.00)
Adani Naval Defence Systems And Technologies Limited 0.00 (0.00) - (0.00)
PLR Systems Private Limited 8.09 0.30 - 0.30
Vijayawada Bypass Project Private Limited (1.03) (1.03) - (1.03)
Total Non Controlling Interests (B) 1,751.44 123.12 0.23 123.35
Adani-Elbit Advanced Systems (Ind) Limited 0% (5.97) 0% (1.51) 0% - -1% (1.51)
(upto 1st September, 2020)
Adani Wilmar Limited - Consolidated 6% 1,332.49 38% 364.45 0% - 134% 364.45
Mundra Solar Technopark Private Limited 0% - 0% - 0% - 0% -
Adani Wilmar Pte Limited 0% 104.53 2% 22.64 0% (2.75) 7% 19.89
Carmichael Rail Network Trust 0% - 0% - 0% - 0% -
Adani Global Resources Pte Limited 0% (0.01) 0% (0.01) 0% - 0% (0.01)
Carmichael Rail Network Holdings Pty Limited 0% 0.00 0% 0.00 0% - 0% 0.00
Carmichael Rail Assets Holdings Trust 0% - 0% - 0% - 0% -
Jhar Mining Infra Private Limited 0% (0.03) 0% - 0% - 0% -
Carmichael Rail Network Pty Limited 0% 0.00 0% 0.00 0% - 0% 0.00
Adani Total LNG Singapore Pte Limited 0% (41.54) -6% (53.42) -1% 5.78 -18% (47.65)
Total - Jointly Controlled Entities (C) 1,389.48 332.15 3.03 335.18
373

374
Note : 57 (contd)
Total Liabilities

Income Income
Associates
Vishakha Industries Private Limited 0% 0.28 0% - 0% - 0% -
Adani Solar Usa Inc - Consolidated 0% (0.03) 0% - 0% - 0% -
GSPC LNG Limited 0% (0.04) -1% (8.38) 0% - -3% (8.38)
Autotec Systems Private Limited 0% (0.75) 0% (1.06) 0% - 0% (1.06)
Comprotech Engineering Private Limited 0% (0.07) 0% 0.30 0% - 0% 0.30
Vishakha Industries 0% - 0% - 0% - 0% -
Adani Power Resources Limited 0% (0.01) 0% (0.00) 0% - 0% (0.00)
Mumbai International Airport Limited - Consolidated 0% (23.57) -2% (23.57) 0% - -9% (23.57)
Total - Associates (D) (24.19) (32.71) - (32.71)
Total (A-B+C+D) 100% 23,375.57 100% 970.01 100% (698.39) 100% 271.62
Less: Adjustments arising out of consolidation 6,217.00 47.37 13.70 61.07
Consolidated Net Assets / Profit after Tax 17,158.57 922.64 (712.09) 210.55
Note : Figures in crore and Percentage are being nullified at few places on being rounded off.

Note : 58
Some of the subsidiaries, jointly controlled entities and associates were consolidated based on the unaudited
financial statements in the previous year. The difference between the audited vis-a-vis unaudited financial
statements being insignificant, have been considered in the current financial year.
Note : 59
The spread of COVID-19 pandemic impacted operations and financial results of the Group during the year ended
31st March 2021 due to lockdown and restrictions. The operations across various segments have shown recovery
from this impact. The Group has assessed the impact of pandemic on its financial results based on the internal
and external information available upto the date of approval of these financial results. The Group will continue to
closely monitor any material changes to future economic conditions due to this pandemic situation.
Note : 60 Events occurring after the Balance sheet Date
Corporate Overview
The Group evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval
of the financial statements to determine the necessity for recognition and/or reporting of any of these events and
transactions in the financial statements. There are no subsequent events to be recognized or reported that are
not already disclosed.
Note : 61 Approval of Consolidated Financial Statements

The Consolidated Financial Statements were approved for issue by the Board of Directors on 5th May, 2021.
Statutory Reports



375
376
Form No. AOC - 1
Salient features of the financial statement of Subsidiaries / Associate/ Jointly Controlled Entities as per Companies Act, 2013
(Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)
Part “A” : Subsidiaries

(H in crore)
Sr. Entity Name Reporting Currency Share Other Equity Total Assets Total Investment Sales Profit / Provision Profit / % of
No Period Capital Liabilities Turnover (Loss) for (Loss) After Shareholding
before Taxation taxation
taxation
1 Adani Agri Fresh 2020-21 INR 102.57 (112.44) 197.88 207.74 14.11 168.22 3.88 - 3.88 100% by AEL
Limited
2 Mundra Synenergy 2020-21 INR 64.07 (0.21) 64.72 0.85 - - (0.01) - (0.01) 100% by AEL
Limited
3 Adani Defence 2020-21 INR 500.85 (4.45) 507.14 10.74 467.26 1.99 (0.70) - (0.70) 100% by AEL
Systems And
Technologies Limited
(ADSTL)
4 Ordefence Systems 2020-21 INR 54.75 (0.78) 64.12 10.15 52.30 - (0.59) - (0.59) 100% by
Limited (OSL) ADSTL
(Formerly known
as Adani Land
Defence Systems
and Technologies
Limited)
5 Adani Aerospace And 2020-21 INR 0.05 (0.03) 0.02 0.00 - - (0.01) - (0.01) 100% by
Defence Limited ADSTL
6 Adani Naval Defence 2020-21 INR 0.05 (0.03) 0.02 0.00 - - (0.00) - (0.00) 91% by
Systems And ADSTL
Technologies Limited
7 Adani Cementation 2020-21 INR 0.05 (0.16) 122.58 122.69 0.13 - (0.00) 0.00 (0.00) 100% by AEL
Limited
8 Adani Shipping India 2020-21 INR 0.05 0.22 1.25 0.98 - 4.44 0.40 0.10 0.30 100% by AEL
Private Limited
9 Natural Growers 2020-21 INR 47.41 (43.80) 9.18 5.57 - - (1.83) (0.00) (1.83) 100% by AEL
Private Limited
10 Adani Welspun 2020-21 INR 1,285.64 (151.84) 1,172.52 38.72 0.01 - (3.20) - (3.20) 65% by AEL
Exploration Limited
11 Talabira (Odisha) 2020-21 INR 1.96 (26.51) 493.27 517.82 - 41.08 (34.94) (8.90) (26.03) 100% by AEL
Mining Private
Limited
12 Parsa Kente Collieries 2020-21 INR 0.50 62.92 2,686.92 2,623.50 - 1,751.77 (5.91) (1.28) (4.63) 74% by AEL
Limited
13 Jhar Mineral 2020-21 INR 0.55 (0.54) 0.13 0.12 - 0.03 (0.29) 0.00 (0.29) 100% by AEL
Resources Private
Limited
(Formerly known as
Chendipada Collieries
Private Limited)
Form No. AOC - 1 Part “A” (contd) (H in crore)
taxation
14 Adani Resources 2020-21 INR 0.01 0.84 5.33 4.48 - 12.16 0.24 0.06 0.18 100% by AEL
Private Limited
15 Surguja Power 2020-21 INR 0.01 (8.33) 3.10 11.42 - - (4.54) 0.00 (4.54) 100% by AEL
Private Limited
16 Rajasthan Collieries 2020-21 INR 0.50 (15.81) 10.23 25.53 - - (5.31) - (5.31) 74% by AEL
Limited
17 Adani Bunkering 2020-21 INR 1.69 161.42 468.13 305.02 0.00 440.91 10.60 4.84 5.77 100% by
Private Limited AGPTE
18 Adani Commodities 2020-21 INR 724.35 - 724.35 0.00 724.34 - (0.00) - (0.00) 100% by AEL,
LLP 0% by AIPL
19 Adani Tradecom LLP 2020-21 INR 0.05 - 0.05 0.00 0.01 - (0.00) - (0.00) 99.83% by
(ATRDC LLP) AEL,
0.17 % by
AIPL
20 Adani Tradewing LLP 2020-21 INR 0.05 - 0.06 0.00 0.02 - 0.00 0.00 0.00 99.98% by
AEL,
0.02% by
AIPL
21 Adani Tradex LLP 2020-21 INR 0.03 - 0.03 0.00 - - (0.00) (0.00) (0.00) 99.999% by
AEL,
0.001 % by
AIPL
22 Adani Infrastructure 2020-21 INR 0.05 (0.02) 0.03 0.00 0.00 - (0.00) - (0.00) 100% by AEL
Private Limited (AIPL)
23 Gare Pelma III 2020-21 INR 0.10 3.36 161.91 158.46 - 91.23 13.22 1.54 11.68 100% by AEL
Collieries Limited
24 Mundra Solar 01.04.2020 INR - - - - - 12.81 (104.69) (0.05) (104.74) 38.15% by
Technopark Private to 31.12.2020 AGTL,
Limited 25.10% by
MSL,
25.10% by
MSPVL
25 Bailadila Iron Ore 2020-21 INR 0.10 (0.01) 82.72 82.63 - - (0.00) - (0.00) 100% by AEL
Mining Private
Limited
26 Adani Road Transport 2020-21 INR 60.01 5.27 765.26 699.98 64.12 458.23 5.50 1.25 4.25 100% by AEL
Limited (ARTL)
27 Bilaspur Pathrapali 2020-21 INR 44.11 1.97 527.42 481.34 23.32 415.73 0.61 (0.22) 0.83 0.02% by AEL
Road Private Limited 73.98% by
ARTL
28 Mundra Solar PV 2020-21 INR 750.00 14.40 3,410.43 2,646.03 1.25 2,924.87 532.33 114.22 418.11 100% by
Limited (MSPVL) AGTL
29 Mundra Copper 2020-21 INR 0.01 (0.02) 3.00 3.01 0.08 - (0.01) 0.00 (0.01) 100% by AEL
Limited
377

378
taxation
30 Mahaguj Power LLP 2020-21 INR 0.29 (0.26) 0.03 0.00 0.03 - 0.00 0.00 0.00 99.9% by
AEL,
0.1% by AIPL
31 Adani Rave Gears 2020-21 INR 0.01 (0.01) 0.00 0.00 - - (0.00) - (0.00) 100% by
India Limited ADSTL
32 Prayagraj Water 2020-21 INR 8.02 (0.15) 104.22 96.34 0.66 108.46 0.06 0.04 0.02 74% by AEL
Private Limited
33 Adani Water Limited 2020-21 INR 0.01 0.24 39.36 39.11 - 95.37 0.14 0.04 0.10 100% by AEL
34 Gidhmuri Paturia 2020-21 INR 0.01 (0.01) 19.59 19.59 - - (0.00) - (0.00) 74% by AEL
Collieries Private
Limited
35 Mundra Solar Limited 2020-21 INR 0.05 0.09 210.03 209.89 1.25 9.09 0.16 0.04 0.12 100% by
(MSL) AGTL
36 Adani Green 2020-21 INR 300.01 (0.97) 301.98 2.93 301.96 - (0.27) - (0.27) 51% by
Technology Limited ATRDC LLP
(AGTL)
37 Mancherial 2020-21 INR 0.01 (1.40) 263.91 265.30 3.93 249.84 0.62 0.55 0.07 74% by ARTL
Repallewada Road
Private Limited
38 Suryapet Khammam 2020-21 INR 42.50 0.08 200.07 157.49 0.39 250.48 0.09 0.02 0.07 74% by ARTL
Road Private Limited
39 Alpha Design 2020-21 INR 51.22 596.78 1,477.74 804.88 8.55 450.03 17.34 7.59 9.75 26% by
Technologies ADSTL
Private Limited -
Consolidated
40 Adani Airport 2020-21 INR 0.25 (113.22) 4,782.27 4,895.23 3,833.84 30.72 (113.12) - (113.12) 100% by AEL
Holdings Limited
(AAHL)
41 AP Mineral 2020-21 INR 0.01 (0.01) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Resources Private
Limited
(Formerly known
as Kurmitar Mining
Private Limited)
42 MH Natural 2020-21 INR 0.01 (0.01) 0.01 0.01 - - (0.00) - (0.00) 100% by AEL
Resources Private
Limited
(Formerly known as
Gare Pelma II Mining
Private Limited)
43 Kurmitar Iron Ore 2020-21 INR 0.01 (0.01) 21.41 21.40 - - (0.00) - (0.00) 100% by AEL
Mining Private
Limited
taxation
44 CG Natural 2020-21 INR 0.01 (0.01) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Resources Private
Limited
(Formerly known
as Adani Iron Ore
Mining Private
Limited)
45 Adani Ahmedabad 2020-21 INR 0.01 (83.88) 380.04 463.92 - 65.87 (83.28) - (83.28) 85.5% by AEL
International Airport 14.5% by
Limited AAHL
46 Adani Lucknow 2020-21 INR 0.01 (38.28) 784.59 822.86 - 58.69 (38.21) - (38.21) 85.5% by AEL
Limited AAHL
47 Adani Jaipur 2020-21 INR 0.01 (0.01) 2.74 2.74 - - (0.01) - (0.01) 100% by AEL
International Airport
Limited
48 Adani Guwahati 2020-21 INR 0.01 (0.01) 2.76 2.76 - - (0.01) - (0.01) 100% by AEL
Limited
49 Adani 2020-21 INR 0.01 (0.01) 3.90 3.91 - - (0.01) - (0.01) 100% by AEL
Thiruvananthapuram
Limited
50 Adani Mangaluru 2020-21 INR 0.01 (28.98) 303.90 332.87 - 15.54 (28.97) - (28.97) 85.5% by AEL
Limited AAHL
51 Stratatech Mineral 2020-21 INR 0.01 (0.40) 140.48 140.87 - - (0.39) - (0.39) 100% by AEL
Resources Private
Limited
52 Adani Metro 2020-21 INR 0.01 (0.01) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Transport Limited
53 Adani Railways 2020-21 INR 0.01 (0.01) 0.04 0.03 - - (0.00) - (0.00) 100% by AEL
Transport Limited
54 Gare Palma II 2020-21 INR 0.01 (0.01) 56.34 56.34 - - (0.00) - (0.00) 100% by AEL
Collieries Private
Limited
55 Sabarmati 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
Infrastructure AAHL
Services Limited
56 Vijaynagara Smart 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
Solutions Limited AAHL
57 Gomti Metropolis 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
379

380
taxation
58 Brahmaputra 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
Metropolis Solutions AAHL
Limited
59 Periyar Infrastructure 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
Services Limited AAHL
60 Rajputana Smart 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
61 Agneya Systems 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
Limited ADSTL
62 Carroballista Systems 2020-21 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by
Limited ADSTL
63 Adani Chendipada 24.08.2020 INR 1.25 (1.18) 0.25 0.17 - - 0.88 - 0.88 100% by AEL
Mining Private to 31.03.2021
Limited
64 Nanasa Pidgaon 08.05.2020 INR 0.04 (1.58) 5.63 7.18 - - (1.58) - (1.58) 25% by AEL
Road Private Limited to 31.03.2021 75% by ARTL
65 Vijayawada Bypass 15.05.2020 INR 0.01 (3.98) 20.02 23.99 - - (3.98) - (3.98) 74% by AEL
Project Private to 31.03.2021
Limited
66 AdaniConnex Private 21.05.2020 INR 56.01 (1.57) 71.35 16.92 - - (1.57) - (1.57) 100% by AEL
Limited to 31.03.2021
(Formerly known as
DC Development
Chennai Private
Limited)
67 DC Development 28.05.2020 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Hyderabad Private to 31.03.2021
Limited
68 DC Development 28.05.2020 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Noida Private Limited to 31.03.2021
69 PLR Systems Private 10.09.2020 INR 13.41 3.10 33.53 17.01 - 11.49 0.77 0.16 0.61 51% by OSL
70 Azhiyur Vengalam 01.02.2021 to INR 0.01 (0.00) 0.01 0.00 - - - - - 100% by AEL
Road Private Limited 31.03.2021
71 Kutch Copper Limited 24.03.2021 INR - - - - - - - - - 100% by AEL
to 31.03.2021
72 PRS Tolls Private 25.03.2021 INR - - - - - - - - - 100% by
Limited to 31.03.2021 ARTL
73 Kodad Khammam 30.03.2021 INR - - - - - - - - - 100% by
Road Private Limited to 31.03.2021 ARTL
taxation
74 Vizag Tech Park 30.03.2021 INR - - - - - - - - - 100% by AEL
75 Adani Global Limited 2020-21 USD Mio 6.40 39.53 46.07 0.13 45.91 - (0.01) - (0.01) 100% by AEL
(AGL) INR 46.79 289.02 336.78 0.97 335.61 - (0.08) - (0.08)
76 Adani Global PTE 2020-21 USD Mio 27.60 1,200.68 2,222.03 993.75 69.57 2,176.16 49.75 1.78 47.97 100% by AGL
Limited (AGPTE) INR 201.78 8,778.19 16,245.28 7,265.31 508.64 16,142.34 369.02 13.21 355.81
77 Urja Maritime Inc 2020-21 USD Mio 0.01 2.26 22.96 20.70 - 5.48 1.42 - 1.42 100% by
(URMINC) INR 0.07 16.52 167.89 151.30 - 40.61 10.53 - 10.53 ASPL
78 Rahi Shipping PTE 2020-21 USD Mio 0.04 11.91 11.98 0.03 - 5.29 1.36 0.00 1.36 100% by
Limited (RS PT) INR 0.29 87.05 87.56 0.22 - 39.26 10.08 0.00 10.08 ASPL
79 Vanshi Shipping PTE 2020-21 USD Mio 0.04 14.80 14.90 0.06 - 5.90 1.65 0.00 1.65 100% by
Limited (VS PT) INR 0.29 108.21 108.95 0.45 - 43.77 12.25 0.00 12.25 ASPL
80 Aanya Maritime Inc. 2020-21 USD Mio 0.00 20.95 41.49 20.54 - 8.40 2.20 - 2.20 100% by
(AAMMINC) INR 0.01 153.13 303.33 150.17 - 62.27 16.35 - 16.35 ASPL
81 Aashna Maritime Inc. 2020-21 USD Mio 0.00 20.29 42.43 22.13 - 8.40 2.19 - 2.19 100% by
(AASMINC) INR 0.01 148.37 310.21 161.79 - 62.27 16.26 - 16.26 ASPL
82 Adani Shipping PTE 2020-21 USD Mio 0.00 (28.82) 104.59 133.41 0.09 386.31 (6.28) - (6.28) 100% by
Limited (ASPL) INR 0.00 (210.70) 764.66 975.36 0.66 2,865.57 (46.55) - (46.55) AGPTE
83 NW Rail Operations 2020-21 USD Mio 0.00 (0.01) 0.00 0.01 0.00 - (0.00) - (0.00) 100% by
Pte Limited (NWRPTE) INR 0.00 (0.07) 0.01 0.08 0.01 - (0.03) - (0.03) AGPTE
84 Adani North America 2020-21 USD Mio 0.01 (8.21) 6.16 14.36 - - (0.08) - (0.08) 100% by
Inc (ANINC) INR 0.07 (60.00) 45.04 104.97 - - (0.59) - (0.59) AGPTE
85 Adani Global Royal 2020-21 USD Mio 0.00 (0.02) 0.00 0.02 0.00 - (0.02) - (0.02) 100% by
Holding Pte Limited INR 0.01 (0.13) 0.01 0.13 0.01 - (0.13) - (0.13) AGPTE
(AGRHPTE)
86 Adani Global FZE 2020-21 AED Mio 16.60 2,260.17 4,040.34 1,763.57 1.00 5,672.67 40.66 - 40.66 100% by AGL
(AGFZE) INR 33.04 4,498.86 8,042.30 3,510.39 1.99 11,462.21 82.17 - 82.17
87 Adani Global DMCC 2020-21 AED Mio 1.00 5.62 179.62 173.00 - 71.26 0.22 - 0.22 100% by
(AGDMCC) INR 1.99 11.18 357.54 344.36 - 143.99 0.45 - 0.45 AGFZE
88 PT Adani Global (PT 2020-21 IDR Mio 2,31,548.85 (90,723.85) 1,43,818.53 2,993.53 44,848.00 6,000.00 (29,349.05) 5,576.72 (34,925.77) 95% by
AGL) INR 116.35 (45.59) 72.27 1.50 22.54 3.06 (14.97) 2.84 (17.81) AGPTE,
5% by AGL
89 PT Adani Global Coal 2020-21 IDR Mio 6,701.83 (6,369.78) 481.36 149.30 42.00 - (148.60) - (148.60) 95% by
Trading (PTAGCT) INR 3.37 (3.20) 0.24 0.08 0.02 - (0.08) - (0.08) AGPTE,
5 % by AGL
90 PT Coal Indonesia 2020-21 IDR Mio 39,990.00 (44,283.42) (3,666.49) 626.93 - 4,472.77 7,803.54 4,296.20 3,507.34 99.33% by
(PT CT) INR 20.09 (22.25) (1.84) 0.32 - 2.28 3.98 2.19 1.79 PTAGL,
0.67% by
PTAGCT
381

382
taxation
91 PT Sumber Bara (PT 2020-21 IDR Mio 1,500.00 (604.19) 953.01 57.20 765.00 - (21.39) - (21.39) 99.33% by
SB) INR 0.75 (0.30) 0.48 0.03 0.38 - (0.01) - (0.01) PTAGL,
0.67% by
PTAGCT
92 PT Energy Resources 2020-21 IDR Mio 1,500.00 (4,738.09) 1,484.19 4,722.29 255.00 8,996.03 (4,122.33) - (4,122.33) 99.33% by
(PT ER) INR 0.75 (2.38) 0.75 2.37 0.13 4.59 (2.10) - (2.10) PTAGL,
0.67% by
PTAGCT
93 PT Suar Harapan 2020-21 IDR Mio 550.00 (338.76) 12,601.55 12,390.31 - - 26.84 13.50 13.34 75% by
Bangsa (PT SHB) INR 0.28 (0.17) 6.33 6.23 - - 0.01 0.01 0.01 PTNAB,
25% by
PTNLS
94 PT Tambang 01.04.2020 IDR Mio - - - - - - 554.10 - 554.10 75% by
Sejahtera Bersama to 16.10.2020 INR - - - - - - 0.28 - 0.28 PTNAB,
(PT TSB) 25% by
PTNLS
95 PT Niaga Antar 2020-21 IDR Mio 510.00 566.12 16,417.49 15,341.37 10,920.00 3,754.54 (3,503.68) 18.77 (3,522.45) 75% by PTSB,
Bangsa (PT NAB) INR 0.26 0.28 8.25 7.71 5.49 1.91 (1.79) 0.01 (1.80) 25% by PTER
96 PT Niaga Lintas 2020-21 IDR Mio 510.00 10,094.43 10,645.04 40.61 3,640.00 - (2,542.88) - (2,542.88) 75% by PTSB,
Samudra (PT NLS) INR 0.26 5.07 5.35 0.02 1.83 - (1.30) - (1.30) 25% by PTER
97 PT Gemilang Pusaka 2020-21 IDR Mio 2,510.00 (537.79) 2,004.21 32.00 - - (5.37) 3.69 (9.06) 75% by
Pertiwi (PT GPP) INR 1.26 (0.27) 1.01 0.02 - - (0.00) 0.00 (0.00) PTNAB &
25% by
PTNLS
98 PT Hasta Mundra (PT 2020-21 IDR Mio 1,000.00 (257.76) 2,430.89 1,688.65 - - (0.51) 11.43 (11.95) 75% by
HM) INR 0.50 (0.13) 1.22 0.85 - - (0.00) 0.01 (0.01) PTNAB &
25% by
PTNLS
99 PT Lamindo Inter 2020-21 IDR Mio 10,500.00 (1,82,427.58) 4,38,606.06 6,10,533.65 200.00 2,35,468.60 (40,413.59) (3,396.35) (37,017.23) 75% by
Multikon (PT LIM) INR 5.28 (91.67) 220.40 306.79 0.10 120.09 (20.61) (1.73) (18.88) PTNAB,
25% by
PTNLS
100 Adani Mining PTY 2020-21 AUD Mio 8.69 (406.25) 2,251.78 2,649.33 1.55 - (36.00) 0.35 (36.36) 100% by
Limited (AMPTY) INR 48.43 (2,262.91) 12,542.98 14,757.46 8.64 - (191.41) 1.88 (193.29) AGPTE
101 Galilee Transmission 2020-21 AUD Mio 0.00 (0.01) 0.00 0.01 0.00 - (0.00) - (0.00) 100% by
Holding PTY Limited INR 0.00 (0.03) 0.00 0.03 0.00 - (0.01) - (0.01) AMPTY
(GTHPL)
102 Galilee Transmission 2020-21 AUD Mio 0.00 (0.09) 0.00 0.09 - - (0.00) - (0.00) 100% by
PTY Limited INR 0.00 (0.48) 0.02 0.49 - - (0.01) - (0.01) GTHPL
(GTPTYL)
103 Galilee Transmission 2020-21 AUD Mio 0.00 (0.01) 0.00 0.01 - - - - - 100% by
Holdings Trust INR 0.00 (0.07) 0.00 0.07 - - - - - GTPL
(GTHL)
taxation
104 Adani Minerals PTY 2020-21 AUD Mio 1.50 (0.46) 1.08 0.04 - - (0.01) - (0.01) 90% by
Limited (AMRLPTY) INR 8.36 (2.58) 6.02 0.24 - - (0.06) - (0.06) AMPTY
10% by AEL
105 Adani Infrastructure 2020-21 AUD Mio 0.00 (1.68) 129.89 131.57 - - (0.23) - (0.23) 100% by
PTY Limited (AIPTYL) INR 0.01 (9.36) 723.51 732.86 - - (1.23) - (1.23) AGPTE
106 Queensland RIPA 2020-21 AUD Mio 0.00 (0.02) 0.00 0.02 0.00 - (0.01) - (0.01) 100% by
Holdings Trust INR 0.01 (0.11) 0.01 0.11 0.01 - (0.04) - (0.04) AGRHPTE
(QRHT)
107 Carmichael Rail 2020-21 AUD Mio 0.00 (0.01) 0.00 0.01 - - (0.01) - (0.01) 100% by QRT
Development INR 0.01 (0.05) 0.01 0.06 - - (0.03) - (0.03)
Company Pty Limited
(Formerly known as
Queensland RIPA
Finance Pty Limited)
108 Adani Renewable 2020-21 AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - - - - 100% by
Assets PTY Limited INR 0.01 (0.00) 0.02 0.01 0.01 - - - - ARAHPTYL
(ARAPL)
109 Adani Rugby 2020-21 AUD Mio 0.00 (0.00) 0.00 0.00 - - - - - 100% by
Run PTY Limited INR 0.01 (0.01) 0.01 0.00 - - - - - ARAPL
(ARRPTYL)
110 Whyalla Renewables 2020-21 AUD Mio 0.00 (0.47) 2.26 2.73 - - (0.01) - (0.01) 100% by
Trust (WRT) INR 0.01 (2.60) 12.61 15.21 - - (0.03) - (0.03) WRHT
111 Whyalla Renewable 2020-21 AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - (0.00) - (0.00) 100% by
Holdings Trust INR 0.01 (0.01) 0.02 0.02 0.01 - (0.01) - (0.01) ARAHT
(WRHT)
112 Adani Rugby Run 2020-21 AUD Mio 0.00 0.08 80.02 79.94 - - 0.08 0.02 0.05 100% by
Finance PTY Limited INR 0.01 0.45 445.76 445.30 - - 0.42 0.13 0.28 ARRT
(ARRFPTYL)
113 Adani Renewable 2020-21 AUD Mio 0.00 0.00 2.12 2.12 0.00 - 0.02 0.02 0.00 100% by
Asset Holdings PTY INR 0.01 0.00 11.80 11.79 0.01 - 0.12 0.12 0.00 AGPTE
Limited (ARAHPTYL)
114 Whyalla Renewables 2020-21 AUD Mio 0.00 (0.00) 0.00 - - - - - - 100% by
PTY Limited INR 0.01 (0.00) 0.01 - - - - - - WRHPTYL
(WRPTYL)
115 Whyalla Renewable 2020-21 AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - - - - 100% by
Holdings PTY Limited INR 0.01 (0.00) 0.02 0.01 0.01 - - - - ARAHPTYL
(WRHPTYL)
116 Queensland RIPA 2020-21 AUD Mio 0.00 - 0.02 0.02 0.00 - - - - 100% by
Holdings PTY Limited INR 0.01 - 0.13 0.12 0.01 - - - - AGRHPTE
(QRHPTYL)
117 Queensland RIPA 2020-21 AUD Mio 0.00 19.66 245.26 225.59 - - 25.35 - 25.35 100% by
Trust (QRT) INR 0.01 109.53 1,366.14 1,256.61 - - 134.80 - 134.80 QRHT
118 Adani Renewable 2020-21 AUD Mio 0.00 (10.48) 1.06 11.54 0.00 - (0.60) - (0.60) 100% by
Assets Holdings Trust INR 0.01 (58.36) 5.90 64.26 0.01 - (3.20) - (3.20) AGPTE
(ARAHT)
383

384
taxation
119 Adani Renewable 2020-21 AUD Mio 0.00 0.87 56.79 55.92 0.00 - 0.87 - 0.87 100% by
Assets Trust (ARAT) INR 0.01 4.85 316.36 311.50 0.01 - 4.63 - 4.63 ARAHT
120 Adani Rugby Run 2020-21 AUD Mio 0.00 (21.15) 118.25 139.40 0.00 11.30 6.78 - 6.78 100% by
Trust (ARRT) INR 0.01 (117.82) 658.67 776.48 0.01 60.10 36.02 - 36.02 ARAT
121 Adani Australia PTY 2020-21 AUD Mio 0.00 (0.49) 1.64 2.13 - - (0.47) - (0.47) 100% by
Limited (AAPTYL) INR 0.01 (2.71) 9.14 11.84 - - (2.48) - (2.48) AGPTE
122 Queensland RIPA 2020-21 AUD Mio 0.00 - 0.01 0.01 - - - - - 100% by
PTY Limited INR 0.01 - 0.07 0.06 - - - - - QRHPTYL
(QRPTYL)
123 Galilee Biodiversity 2020-21 AUD Mio 0.00 (0.00) 0.00 0.00 - - (0.00) - (0.00) 100% by
Company PTY INR 0.01 (0.01) 0.00 0.01 - - (0.01) - (0.01) AMPTY
Limited (GBCPTYL)
124 Galilee Basin 2020-21 AUD Mio 0.20 (0.02) 0.19 0.01 - - (0.02) - (0.02) 100% by
Conservation And INR 1.11 (0.12) 1.04 0.04 - - (0.10) - (0.10) AMPTY
Research Fund
(GBCRF)
125 North West Rail Pty 01.04.2020 AUD Mio - - - - - - 2.12 0.64 1.48 100% by
Limited (NWRPTY) to INR - - - - - - 11.26 3.38 7.88 NWRHPTY
26.10.2020
126 North West Rail 2020-21 AUD Mio 0.00 - 0.00 - - - - - - 100% by
Holdings Pty Limited INR 0.01 - 0.01 - - - - - - NWRPTE
(NWRHPTY)
127 Adani Global 22.04.2020 CHF Mio 0.02 (0.02) 0.03 0.03 - - (0.02) - (0.02) 100% by
(Switzerland) LLC to 31.03.2021 INR 0.16 (0.14) 0.26 0.24 - - (0.14) - (0.14) AGPTE
Notes:
1) As at 31st March, 2021 : 1 USD = H73.11, 1 AED = H19.905, 1 AUD = H55.7025, 1 CHF = H77.555, 1 IDR = H0.0050
2) Average Rate for the year : 1 USD = H74.1781, 1 AED = H20.206, 1 AUD = H53.1670, 1 CHF = H80.3779, 1 IDR = H0.0051
3) Few figures are being nullified on being rounded off.
Form No. AOC - 1 Part “A” (contd)

Names of Subsidiaries which are yet to commence operations
Sr Company Name Sr Company Name
No No
1 Mundra Synenergy Ltd. 43 Nanasa Pidgaon Road Pvt Ltd.
2 Ordefence Systems Ltd. 44 Vijayawada Bypass Project Pvt Ltd.
3 Adani Aerospace And Defence Ltd. 45 AdaniConnex Pvt Ltd.
4 Adani Naval Defence Systems And Technologies Ltd. 46 DC Development Hyderabad Pvt Ltd.
5 Adani Cementation Ltd. 47 DC Development Noida Pvt Ltd.
6 Adani Welspun Exploration Ltd. 48 Azhiyur Vengalam Road Pvt Ltd.
7 Chendipada Collieries Private Ltd. 49 PRS Tolls Pvt Ltd.
8 Surguja Power Private Ltd. 50 Kodad Khammam Road Pvt Ltd.
9 Rajasthan Collieries Ltd. 51 Adani North America Inc
10 Adani Commodities LLP 52 Adani Global Royal Holding Pte Ltd.
11 Adani Tradecom LLP 53 PT Sumber Bara
12 Adani Tradewing LLP 54 PT Suar Harapan Bangsa
Corporate Overview
13 Adani Tradex LLP 55 PT Gemilang Pusaka Pertiwi
14 Adani Infrastructure Private Ltd. 56 PT Hasta Mundra
15 Bailadila Iron Ore Mining Private Ltd. 57 Adani Mining PTY Ltd.
16 Mundra Copper Ltd. 58 Galilee Transmission Holding PTY Ltd.
17 Mahaguj Power LLP 59 Galilee Transmission PTY Ltd.
18 Adani Chendipada Mining Pvt Ltd. 60 Galilee Transmission Holdings Trust
19 Adani Green Technology Ltd. 61 Adani Minerals PTY Ltd.
Statutory Reports
20 Adani Rave Gears India Ltd. 62 Adani Infrastructure PTY Ltd.
21 Gidhmuri Paturia Collieries Pvt Ltd. 63 Queensland RIPA Holdings Trust
22 AP Mineral Resources Pvt Ltd. 64 Carmichael Rail Development Company PTY Ltd.
23 MH Natural Resources Pvt Ltd. 65 Adani Renewable Assets PTY Ltd.
24 Kurmitar Iron Ore Mining Private Ltd. 66 Adani Rugby Run PTY Ltd.
25 CG Natural Resources Pvt Ltd. 67 Whyalla Renewables Trust
26 Adani Jaipur International Airport Ltd. 68 Whyalla Renewable Holdings Trust
27 Adani Guwahati International Airport Ltd. 69 Adani Rugby Run Finance PTY Ltd
28 Adani Thiruvananthapuram Airport Ltd. 70 Adani Renewable Asset Holdings PTY Ltd.
29 Stratatech Mineral Resources Pvt Ltd. 71 Whyalla Renewables PTY Ltd
30 Adani Metro Transport Ltd. 72 Whyalla Renewable Holdings PTY Ltd
31 Adani Railways Transport Ltd. 73 Queensland RIPA Holdings PTY Ltd
32 Gare Palma II Collieries Pvt Ltd. 74 Queensland RIPA Trust
33 Agneya Systems Ltd. 75 Adani Renewable Assets Holdings Trust
34 Carroballista Systems Ltd. 76 Adani Renewable Assets Trust
35 Sabarmati Infrastructure Services Ltd. 77 Adani Australia PTY Ltd
36 Vijaynagara Smart Solutions Ltd. 78 Queensland RIPA PTY Ltd.
37 Gomti Metropolis Solutions Ltd. 79 Galilee Biodiversity Company PTY Ltd.
38 Brahmaputra Metropolis Solutions Ltd. 80 Galilee Basin Conservation And Research Fund
39 Periyar Infrastructure Services Ltd. 81 North West Rail Holdings PTY Ltd.
40 Rajputana Smart Solutions Ltd. 82 NW Rail Operations Pte Ltd.
41 Vizag Tech Park Ltd. 83 Adani Global (Switzerland) LLC
42 Kutch Copper Ltd.
Name of Subsidiary which have been sold / liquidated during the year
Sr Company Name
No
1 PT Tambang Sejahtera Bersama
2 North West Rail PTY Ltd.
385
386
Form No. AOC - 1
Part : “B” Associates & Jointly Controlled Entities
(Pursuant to first proviso to sub-section (3) of Section 129 Read with Rule 5 of Companies (Accounts) Rules, 2014), related to Associate Companies and
(H in crore)
Sr Name of Associate / Jointly Latest Shares of Associate / Jointly Extent of Description Reason why Networth Profit / (Loss) for the Year
No Controlled Entities Audited Controlled Entity held by the Holding % of Associate Attributable
Balance Company at the year end Significant / Jointly to
Sheet Date No of Shares Amount of Influence Controlled Shareholding Considered in Not
Investment Entity is not as per latest Consolidation Considered in

in Associate Consolidated audited Consolidation
/ Jointly Balance
Controlled Sheet date
Entity
1 Adani Wilmar Ltd - Consolidated 31.03.2021 5,71,47,443 341.38 50% by ATCM LLP Note - A N.A 1649.49 364.45 -
2 Adani Wilmar Pte Ltd - Consolidated 31.12.2019 38,00,000 25.18 50% by AGPTE Note - A N.A 112.64 22.64 -
3 GSPC LNG Limited 31.03.2020 4,82,00,000 48.20 5.46% by AEL Note - A N.A 45.15 (8.38) -
4 Vishakha Industries Pvt Ltd 31.03.2020 1,46,685 5.00 50% by AAFL Note - A N.A 2.45 - -
5 Adani-Elbit Advance Systems India Ltd 31.03.2020 - - 51% by AEL Note - A N.A - (1.51) -
(upto 31st August, 2020)
6 Adani Global Resouces Pte Ltd 31.03.2021 1,000 0.01 50% by AGPTE Note - A N.A (0.06) (0.01) (0.05)
(AGRPTE)
7 Carmichael Rail Network Pty Ltd - 1,000 - 100% by CRNHPL Note - A N.A 0.01 0.00 -
8 Carmichael Rail Network Trust 31.03.2020 1,000 - 100% by CRAHT Note - A N.A (660.61) - 300.94
9 Carmichael Rail Network Holdings Pty - 1,000 - 100% by AGRPTE Note - A N.A 0.01 0.00 -
Ltd (CRNHPL)
10 Carmichael Rail Assets Holdings Trust - 1,000 - 100% by AGRPTE Note - A N.A (0.01) - -
(CRAHT)
11 Autotec Systems Pvt Ltd 31.03.2021 7,21,277 7.80 26% by ADTPL Note - A N.A 3.03 (1.06) -
12 Comprotech Engineering Pvt Ltd 31.03.2021 1,37,339 12.38 26% by ADSTL Note - A N.A 4.15 0.30 -
13 Adani Chendipada Mining Pvt Ltd 31.03.2020 - - 49% by AEL Note - A N.A - - (0.03)
(upto 23rd August, 2020)
14 Jhar Mining Infra Pvt Ltd 31.03.2020 25,500 0.03 51% by AEL Note - A N.A (0.17) - (0.03)
15 Adani Power Resources Ltd 31.03.2021 49,000 0.02 49% by AEL Note - A N.A 0.00 (0.00) -
16 Adani Solar USA Inc - Consolidated 31.03.2021 4,900 0.04 49% by AGPTE Note - A N.A (73.80) - (29.99)
17 Adani Total LNG Singapore Pte Ltd 31.03.2020 2,50,00,001 189.16 50% by AGPTE Note - A N.A 141.27 (53.42) -
18 Vishakha Industries 31.03.2020 - 7.82 50% by AAFL Note - A N.A 9.09 0.17 -
19 Mundra Solar Technopark Pvt Ltd 31.03.2021 44,00,000 4.40 38.15% by AGTL, Note - A N.A (224.29) - 1.21
(w.e.f. 1st January, 2021) 25.10% by MSL,
25.10% by MSPVL
20 Mumbai International Airport Ltd - 31.03.2020 282,00,00,000 1,686.03 23.5% by AAHL Note - A N.A 314.08 (23.57) -
Consolidated (w.e.f. 5th February, 2021)
Note:
A. There is a significant influence due to percentage (%) of Shareholding.
Form No. AOC - 1 Part “B” (contd)

Names of Associates & Jointly Controlled Entities which are yet to commence operations
Sr Comapany Name Sr Comapany Name
No No
1 Vishakha Industries Pvt Ltd 6 Jhar Mining Infra Pvt Ltd
2 Carmichael Rail Network Pty Ltd 7 Adani Global Resouces Pte Ltd
3 Carmichael Rail Network Trust 8 Adani Total LNG Singapore Pte Ltd
4 Carmichael Rail Network Holdings Pty Ltd 9 Adani Power Resources Ltd
5 Carmichael Rail Assets Holdings Trust
For and on behalf of the Board of Directors
GAUTAM S. ADANI RAJESH S. ADANI JUGESHINDER SINGH JATIN JALUNDHWALA
Corporate Overview
Chairman Managing Director Chief Financial Officer Company Secretary &
DIN 00006273 DIN 00006322 Joint President (Legal)
Statutory Reports
387
Notice
NOTICE is hereby given that the 29th Annual General accordance with the SEBI (Listing Obligations
Meeting of Adani Enterprises Limited will be held on and Disclosure Requirements) Regulations, 2015,
Monday, 12th July, 2021 at 12.00 noon through Video Mrs. Vijaylaxmi Joshi (DIN: 00032055) who was
Conferencing / Other Audio Visual Means to transact appointed as an Independent Director and who
the following businesses: holds office upto November, 2021 and being eligible
and in respect of whom the Company has received
Ordinary Business a notice in writing under Section 160 of the Act
1. To receive, consider and adopt the audited financial from a member proposing her candidature for the
statements (including audited consolidated office of Director, be and is hereby re-appointed as
financial statements) for the financial year ended an Independent Director of the Company not liable
on 31st March, 2021 and the Reports of the Board of to retire by rotation to hold office for a second term
Directors and Auditors thereon. of 5 (five) consecutive years upto November, 2026
on the Board of the Company.”
2. To declare dividend on Equity Shares.
6. To consider and if thought fit, to pass, with or
3. To appoint a Director in place of Mr. Pranav V. Adani
without modification(s), the following resolution
(DIN:00008457), who retires by rotation and being
as a Special Resolution:
eligible offers, himself for re-appointment.
“RESOLVED THAT pursuant to the provisions of
Special Business Section 42, 62 and all other applicable provisions,
4. To consider and if thought fit, to pass, with or if any, of the Companies Act, 2013 and the rules
without modification(s), the following resolution framed there under (including any statutory
as a Special Resolution: modification(s) or re-enactment thereof, for the
time being in force) (‘the Companies Act’), the
Notice
Foreign Exchange Management Act, 1999, as

Sections 149, 152 and Schedule IV and all other
amended or restated (‘the FEMA’), the Securities
applicable provisions of the Companies Act, 2013
and Exchange Board of India (Issue of Capital and
(‘the Act’) and the Companies (Appointment and
Disclosure Requirements) Regulations, 2009, as
Qualification of Directors) Rules, 2014 (including
amended or restated (‘the ICDR Regulations’), the
any statutory modification(s) or re-enactment
Issue of Foreign Currency Convertible Bonds and
thereof for the time being in force) and in
Ordinary Shares (Through Depository Receipt
accordance with the SEBI (Listing Obligations
Mechanism) Scheme,1993, as amended or restated,
and Disclosure Requirements) Regulations, 2015,
the Foreign Exchange Management (Transfer or
Mr. V. Subramanian (DIN: 00357727) who was
Issue of Security by a Person Resident Outside India)
appointed as an Independent Director and who
Regulations 2000, as amended or restated, and
holds office upto August, 2021 and being eligible
subject to all other applicable laws, statutes, rules,
and in respect of whom the Company has received
circulars, notifications, regulations and guidelines
a notice in writing under Section 160 of the Act
of the Government of India, the Securities and
from a member proposing his candidature for the
Exchange Board of India (‘the SEBI’), the Reserve
office of Director be and is hereby re-appointed as
Bank of India (‘the RBI’), the relevant stock
an Independent Director of the Company, not liable
exchanges where the equity shares of the Company
to retire by rotation, to hold office for a second
are listed (‘the Stock Exchanges’) and all other
term of 5 (five) consecutive years upto August,
appropriate statutory and regulatory authorities,
2026 on the Board of the Company.”
as may be applicable or relevant, whether in India
5. To consider and if thought fit, to pass, with or or overseas (hereinafter collectively referred to
without modification(s), the following resolution as ‘the Appropriate Authorities’), the enabling
as a Special Resolution: provisions of the Memorandum and Articles of
Association of the Company, as amended, and the
listing agreements entered into by the Company
Sections 149, 152 and Schedule IV and all other
with the Stock Exchanges and subject to requisite
applicable provisions, of the Companies Act, 2013
approvals, consents, permissions and sanctions,
(‘the Act’) and the Companies (Appointment and
if any, of the Appropriate Authorities and subject
Qualification of Directors) Rules, 2014 (including
to such conditions and modifications as may be
any statutory modification(s) or re-enactment
prescribed by any of them in granting any such
thereof, for the time being in force) and in
388
approvals, consents, permissions, and sanctions exceeding H2,500 crore (Rupees Two Thousand
(hereinafter referred as ‘the Requisite Approvals’) Five Hundred crore Only) or foreign currency
which may be agreed to by the Board of Directors equivalent thereof, at such premium as may from
of the Company (hereinafter referred as the time to time be decided by the Board and the
“Board” which term shall be deemed to include Board shall have the discretion to determine the
any committee constituted or to be constituted categories of eligible investors to whom the offer,
by the Board to exercise its powers including issue and allotment shall be made to the exclusion
the powers conferred by this resolution, or any of all other categories of investors at the time of
person(s) authorised by the Board or its committee such offer, issue and allotment considering the
for such purposes), consent of the Company be prevailing market conditions and all other relevant
and is hereby accorded to the Board in its absolute factors and where necessary in consultation with
discretion, to create, offer, issue and allot, from advisor(s), lead manager(s), and underwriter(s)
time to time in either one or more international appointed by the Company.
offerings, in one or more foreign markets, in one
RESOLVED FURTHER THAT without prejudice to the
or more tranches and/or in the course of one or
generality of the above, the issue(s) of Securities
more domestic offering(s) in India, such number
may, subject to compliance with all applicable
of equity shares and/or any securities linked
laws, rules, regulations, guidelines and approvals,
to, convertible into or exchangeable for equity
have all or any terms, or combination of terms, in
shares including without limitation through Global
accordance with domestic and/or international
Depository Receipts (‘GDRs’) and/or American
practice, including, but not limited to, conditions
Depository Receipts (‘ADRs’) and/or convertible
in relation to payment of interest, additional
preference shares and/or convertible debentures
interest, premium on redemption, prepayment and
(compulsorily and/or optionally, fully and/or partly)
any other debt service payments whatsoever and
and/or Commercial Papers and/or warrants with a
all other such terms as are provided inofferings of
right exercisable by the warrant holder to exchange
such nature including terms for issue of additional
or convert such warrants with equity shares of
equity shares or variation of the conversion price of
the Company at a later date simultaneously with
the Securities during the duration of the Securities.
the issue of non-convertible debentures and/
Notice
or Foreign Currency Convertible Bonds (‘FCCBs’) RESOLVED FURTHER THAT in case of any offering
and/or Foreign Currency Exchangeable Bonds of Securities, including without limitation any
(‘FCEBs’) and/or any other permitted fully and/ GDR s/ADR s/F C C Bs/F C E Bs/o th er securities
or partly paid securities/ instruments/ warrants, convertible into equity shares, consent of the
convertible into or exchangeable for equity shares shareholders be and is hereby given to the Board
at the option of the Company and/or holder(s) to issue and allot such number of equity shares
of the security(ies) and/or securities linked to as may be required to be issued and allotted upon
equity shares (hereinafter collectively referred to conversion, redemption or cancellation of any
as ‘the Securities’), in registered or bearer form, such Securities referred to above inaccordance
secured or unsecured, listed on a recognized with the terms of issue/offering in respect of
stock exchange in India or abroad whether rupee such Securities and such equity shares shall rank
denominated or denominated in foreign currency, pari passu with the existing equity shares of the
to such investors who are eligible to acquire Company in all respects, except as may be provided
such Securities in accordance with all applicable otherwise under the terms of issue/offering and
laws, rules, regulations, guidelines and approvals, in the offer document and/or offer letter and/or
through public issue(s), rights issue(s),preferential offering circular and /or listing particulars.
issue(s), private placement(s) and / or qualified
RESOLVED FURTHER THAT the Board be and
institutional placement in terms of Chapter VIII of
is hereby authorised to engage, appoint and to
the SEBI (ICDR) Regulations or any combinations
enter into and execute all such agreement(s)/
thereof, through any prospectus, offer document,
arrangement(s)/ MoUs/placement agreement(s)/
offer letter, offer circular, placement document or
underwriting agreement(s)/ deposit agreement(s)/
otherwise, at such time or times and at such price
trust deed(s)/ subscription agreement/ payment
or prices subject to compliance with all applicable
and conversion agency agreement/ any other
laws, rules, regulations, guidelines and approvals,
agreements or documents with any consultants,
at a discount or premium to market price or prices
lead manager(s), co-leadmanager(s), manager(s),
in such manner and on such terms and conditions
advisor(s), underwriter(s), guarantor(s), depository(ies),
including as regards security, rate of interest, etc.,
custodian(s), registrar(s), agent(s) for service
as may be deemed appropriate by the Board in its
of process, authorised representatives, legal
absolute discretion, subject to compliance with
advisors / counsels, trustee(s), banker(s), merchant
all applicable laws, rules, regulations, guidelines
banker(s) and all such advisor(s), professional(s),
and approvals, for an aggregate amount, not
389
intermediaries and agencies as may be required or RESOLVED FURTHER THAT for the purpose of
concerned in such offerings of Securities and to giving effect to the above resolution, the Board
remunerate them by way of commission, brokerage, is authorised on behalf of the Company to take
fees and such other expenses as it deems fit, listing all actions and to do all such deeds, matters and
of Securities in one or more Indian/ International things as it may, in its absolute discretion, deem
Stock Exchanges, authorizing any director(s) or necessary, desirable or expedient to the issue or
any officer(s) of the Company, severally, to sign for allotment of aforesaid Securities and listing thereof
and on behalf ofthe Company offer document(s), with the stock exchange(s) as appropriate and
arrangement(s), application(s), authority letter(s), to resolve and settle all questions and difficulties
or any other related paper(s)/documents(s), give that may arise in the proposed issue, offer and
any undertaking(s), affidavit(s), certification(s), allotment of any of the Securities, utilization of the
declaration(s) including without limitation the issue proceeds and to do all acts, deeds and things
authority to amend or modify such document(s). in connection therewith and incidental thereto
as the Board in its absolute discretion deem fit,
RESOLVED FURTHER THAT for the purpose of
without being required to seek any further consent
giving effect to the above resolution, consent of
or approval of the members or otherwise to the end
the members of the Company be and is hereby
and intent that they shall be deemed to have given
accorded to the Board to do all such acts, deeds,
their approval thereto expressly by the authority of
matters and/or things, in its absolute discretion
this resolution.
and including, but not limited to finalization
and approval of the preliminary as well as final RESOLVED FURTHER THAT the Company and/or
document(s), determining the form, terms, any agency or body authorised by the Company
manner of issue, the number of the Securities may, subject to compliance with all applicable laws,
to be allotted,timing of the issue(s)/ offering(s) rules, regulations, guidelines and approvals, issue
including the investors to whom the Securities are certificates and/or depository receipts including
to be allotted, issue price, face value, number of global certificates representing the Securities
equity shares or other securities upon conversion with such features and attributes as are prevalent
or redemption or cancellation of the Securities, in international and/or domestic capital markets
premium or discount on issue /conversion/ for instruments of such nature and to provide for
Notice
exchange of Securities, if any, rate of interest, the tradability or transferability thereof as per
period of conversion or redemption, listing on one the international and/or domestic practices and
or more stock exchanges in India and / or abroad regulations, and under the forms and practices
and any other terms and conditions of the issue, prevalent in such international and/or domestic
including any amendments or modifications to capital markets.
the terms of the Securities and any agreement
RESOLVED FURTHER THAT the Company may enter
or document (including without limitation, any
into any arrangement with any agency or body
amendment or modification, after the issuance
for the issue, upon conversion of the Securities,
of the Securities), the execution of various
of equity shares of the Company in registered or
transaction documents, creation of mortgage/
bearer form with such features and attributes as
charge in accordance with the provisions of the
are prevalent in international capital markets for
Companies Act and any other applicable laws or
instruments of this nature and to provide for the
regulations in respect of any Securities, either on a
tradability or free transferability thereof as per the
pari passu basis or otherwise, fixing of record date
international practices and/or domestic practices
or book closure and related or incidental matters as
and regulations, and under the forms and practices
the Board in its absolute discretion deems fit and
prevalent in international and/ordomestic capital
to settle all questions, difficulties or doubts that
markets.
may arise in relation to the issue, offer or allotment
of the Securities,accept any modifications in the RESOLVED FURTHER THAT the Securities may be
proposal as may be required by the Appropriate redeemed and/or converted into and/or exchanged
Authorities in such issues in India and / abroad and for the equity shares of the Company (or exchanged
subject to applicable law, for the utilization of the for equity shares of another company as permitted
issue proceeds as it may in its absolute discretion under applicable law), subject to compliance with
deem fit without being required to seek any further all applicable laws, rules, regulations, guidelines
consent or approval of the members or otherwise and approvals, in a manner as may be provided in
to the end and intent and that the members shall the terms of their issue.
be deemed to have given their approval thereto
RESOLVED FURTHER THAT in case of a Qualified
for all such acts, deeds, matters and/or things,
Institutional Placement (QIP) pursuant to Chapter
expressly by the authority of this resolution.
VIII of the SEBI (ICDR) Regulations, the allotment
390
of eligible securities within the meaning of Chapter RESOLVED FURTHER THAT the Board be and is
VIII of the SEBI(ICDR) Regulations shall only be hereby authorised to delegate all or any of its
made to Qualified Institutional Buyers (QIBs) powers conferred by this resolution on it, to any
within the meaning of Chapter VIII of the SEBI Committee of directors or the Managing Director
(ICDR) Regulations, such securities shall be fully or Directors or anyother officer of the Company, in
paid-up and the allotment of such securities shall order to give effect to the above resolutions.
be completed within 12 months from the date of
RESOLVED FURTHER THAT all actions taken by the
the resolution approving the proposed issue by the
Board in connection with any matter referred to or
members of the Company or such other time as
contemplated in any of the foregoing resolutions
may be allowed by SEBI (ICDR) Regulations from
are hereby approved, ratified and confirmed in all
time to time and that the securities be applied to
respects.”
the National Securities Depository Limited and/
or Central Depository Services (India) Limited for 7. To consider and if thought fit, to pass, with or
admission of the eligible securities to be allotted without modification(s), the following resolution
as per Chapter VIII of the SEBI(ICDR) Regulations. as an Ordinary Resolution:
RESOLVED FURTHER THAT the relevant date for “RESOLVED THAT pursuant to the provisions of
the purpose of pricing of the Securities by way Section 148 and all other applicable provisions of
of QIP/GDRs/ADRs/FCCBs/FCEBs or by way of any the Companies Act, 2013 and the Companies (Audit
other issue(s) shall be the date as specified under and Auditors) Rules, 2014 (including any statutory
the applicable law or regulation or it shall be the modification(s) or re-enactment thereof for the
date of the meeting in which the Board decides to time being in force), the Cost Auditors appointed by
open the issue. the Board of Directors of the Company, to conduct
the audit of the cost records of mining activities
RESOLVED FURTHER THAT the Board and
of the Company for the financial year ending
other designated officers of the Company be
31st March, 2022, be paid remuneration as set out in
and are hereby severally authorised to make
the explanatory statement annexed to the Notice
all filings including as regards the requisite
convening this Meeting.
listing application/ prospectus/ offer document/
Notice
registration statement, or any draft(s) thereof, or RESOLVED FURTHER THAT the Board of Directors
any amendments or supplements thereof, and of the Company be and is hereby authorised
of any other relevant documents with the Stock to do all acts and take all such steps as may be
Exchanges (in India or abroad), the RBI, the FIPB, necessary, proper or expedient to give effect to this
the SEBI, the Registrar of Companies and such resolution.”
other authorities or institutions in India and/or
abroad for this purpose and to do all such acts,
deeds and things as may be necessary or incidental
to give effect to the resolutions above and the Date : 5th May 2021 For and on behalf of the Board
Common Seal of the Company be affixed wherever Place : Ahmedabad
Jatin Jalundhwala
necessary.
Regd. Office: Company Secretary &
RESOLVED FURTHER THAT such of these Securities “Adani Corporate House”, Joint President (Legal)
as are not subscribed may be disposed off by the Shantigram, Near Vaishno Devi Circle,
Board in its absolute discretion in such manner, as S. G. Highway, Khodiyar,
Ahmedabad - 382421
the Board may deem fit and as permissible by law.
CIN : L51100GJ1993PLC019067
391
Notes:
1. In view of resurgence of the COVID-19 pandemic, A Resident individual shareholder with PAN and
social distancing is still a norm to be followed, who is not liable to pay income tax can submit a
the Government of India, Ministry of Corporate yearly declaration in Form No. 15G / 15H, to avail
Affairs has allowed conducting Annual General the benefit of non-deduction of tax at source by
Meeting through Video Conferencing (VC) or Other e-mail to [email protected] by 30th
Audio Visual Means (OAVM) and dispended the June, 2021. Shareholders are requested to note
personal presence of the members at the meeting. that in case their PAN is not registered, the tax will
Accordingly, the Ministry of Corporate Affairs vide be deducted at a higher rate of 20%.
its Circular No. 14/2020 dated 8th April, 2020,
Non-resident shareholders [including Foreign
Circular No. 17/2020 dated 13th April, 2020, Circular
Institutional Investors (FIIs) / Foreign Portfolio
No. 20/2020 dated 5th May, 2020 and Circular No.
Investors(FPIs)] can avail beneficial rates under
02/2021 dated 13th January, 2021 prescribed the
tax treaty between India and their country of
procedures and manner of conducting the Annual
tax residence, subject to providing necessary
General Meeting through VC/OVAM. In terms of
documents i.e. No Permanent Establishment and
the said circulars, the 29th Annual General Meeting
Beneficial Ownership Declaration, Tax Residency
(AGM) of the members of the Company be held
Certificate, Form 10F, any other document which
through VC/OAVM. Hence, members can attend
may be required to availthe tax treaty benefits.
and participate in the AGM through VC/OAVM
For this purpose the shareholder may submit the
only. The detailed procedure for participation in
above documents (PDF / JPG Format) by e-mail
the AGM through VC/OAVM is as per note no. 20
to [email protected] aforesaid
and also available at the Company’s website www.
declarations and documents need to be submitted
adanienterprises.com.
by the shareholders by 30th June, 2021.
2. The helpline number regarding any query /
7. In line with the aforesaid Circulars of the Ministry
assistance for participation in the AGM through
of Corporate Affairs (MCA) and SEBI Circular No.
VC/OAVM is 022-23058542/43.
SEBI/HO/CFD/CMD1/CIRP/2020/79 dated 12th May,
Notice
3. Information regarding appointment/re-appointment 2020 and Circular No. SEBI/HO/CFD/CMD2/CIR/

of Directors and Explanatory Statement in respect P/2021/11 dated 15th January, 2021, the Notice of
of special businesses to be transacted pursuant AGM alongwith Annual Report 2020-21 is being
to Section 102 of the Companies Act, 2013 and/or sent only through electronic mode to those
Regulation 36(3) of the SEBI (Listing Obligations Members whose email addresses are registered
and Disclosure Requirements) Regulations, 2015, is with the Company/ Depositories. Members may
annexed hereto. note that the Notice and Annual Report
2020-21 have been uploaded on the website of
4. Pursuant to the Circular No. 14/2020 dated 8th
the Company at www.adanienterprises.com. The
April, 2020, issued by the Ministry of Corporate
Notice can also be accessed from the websites of
Affairs, the facility to appoint proxy to attend and
the Stock Exchanges i.e. BSE Limited and National
cast vote for the members is not available for this
Stock Exchange of India Limited at www.bseindia.
AGM. However, the Body Corporates are entitled to
com and www.nseindia.com, respectively. The said
appoint authorised representatives for attending
Notice of the AGM is also available on the website
the AGM through VC/OAVM, participating there at
of CDSL (agency for providing the Remote e-Voting
and casting their votes through e-voting.
facility) at www.evotingindia.com.
5. The attendance of the Members attending the
8. The Company has fixed Friday, 2nd July, 2021 as
AGM through VC/OAVM will be counted for the
the ‘Record Date’ for determining entitlement of
purpose of reckoning the quorum under Section
members to receive dividend for the FY 2020-21, if
103 of the Companies Act, 2013.
approved at the AGM.
6. Pursuant to the Finance Act 2020, dividend income Those members whose names are recorded in
is taxable in the hands of shareholders w.e.f. 1st the Register of Members or in the Register of
April, 2020 and the Company is required to deduct Beneficial Owners maintained by the Depositories
tax at source from dividend paid to shareholders as on the Record Date shall be entitled for the
at the prescribed rates. For the prescribed rates dividend which will be paid on or after Tuesday,
for various categories, please refer to the Finance 13th July, 2021, subject to applicable TDS.
Act, 2020 and the amendments thereof. The
shareholders are requested to update their PAN 9. Members seeking any information with regard to
with the DP (if shares held in electronic form) and accounts are requested to write to the Company
Company/ RTA (if shares held in physical form). atleast 10 days before the meeting so as to enable
the management to keep the information ready.
392
10. Members holding the shares in physical mode Disclosure Requirements) Regulations 2015
are requested to notify immediately the change (as amended), and the Circulars issued by the
of their address and bank particulars to the R & Ministry of Corporate Affairs dated 8th April,
T Agent of the Company. In case shares held in 2020, 13th April, 2020, 5th May, 2020 and 13th
dematerialized form, the information regarding January, 2021 the Company is providing facility
change of address and bank particulars should be of remote e-voting to its Members in respect of
given to their respective Depository Participant. the business to be transacted at the AGM. For
this purpose, the Company has entered into an
11. In terms of Section 72 of the Companies Act,
agreement with Central Depository Services
2013, nomination facility is available to individual
(India) Limited (CDSL) for facilitating voting
members holding shares in the physical form. The
through electronic means, as the authorized
members who are desirous of availing this facility,
e-Voting’s agency. The facility of casting votes
may kindly write to Company’s R & T Agent for
by a member using remote e-voting as well as
nomination form by quoting their folio number.
e-voting during AGM will be provided by CDSL.
12. The balance lying in the unpaid dividend account ii. Members whose names are recorded in
of the Company in respect of dividend declared for the Register of Members or in the Register
the financial year 2013-14 will be transferred to of Beneficial Owners maintained by the
the Investor Education and Protection Fund of the Depositories as on the Cut-off date i.e. Monday,
Central Government by October, 2021. Members 5th July, 2021, shall be entitled to avail the
who have not encashed their dividend warrants facility of remote e-voting as well as e-voting
pertaining to the said year may approach the during AGM. Any recipient of the Notice, who
Company or its R&T Agent for obtaining payments has no voting rights as on the Cut-off date,
thereof by September, 2021. shall treat this Notice as intimation only.
13. The Register of Directors’ and Key Managerial iii. A person who has acquired the shares and has
Personnel and their shareholding maintained become a member of the Company after the
under Section 170 of the Companies Act, 2013, the despatch of the Notice of the AGM and prior
Register of contracts or arrangements in which to the Cut-off date i.e. Monday, 5th July, 2021,
the Directors are interested under Section 189 of shall be entitled to exercise his/her vote either
Notice
the Companies Act, 2013 and all other documents electronically i.e. remote e-voting or e-voting
referred to in the Notice will be available for during AGM by following the procedure
inspection in electronic mode. mentioned in this part.
14. The Members can join the AGM in the VC/OAVM iv. The remote e-voting will commence on
mode 15 minutes before and after the scheduled Thursday, 8th July, 2021 at 9.00 a.m. and will
time of the commencement of the Meeting by end on Sunday, 11th July, 2021. During this
following the procedure mentioned in the Notice. period, the members of the Company holding
The facility of participation at the AGM through VC/ shares either in physical form or in demat form
OAVM will be made available for 1,000 members on as on the Cut-off date i.e. Monday, 5th July, 2021
first come first served basis. This will not include may cast their vote electronically. The members
large Shareholders (Shareholders holding 2% will not be able to cast their vote electronically
or more shareholding), Promoters, Institutional beyond the date and time mentioned above
Investors, Directors, Key Managerial Personnel, the and the remote e-voting module shall be
Chairpersons of the Audit Committee, Nomination disabled for voting by CDSL thereafter.
and Remuneration Committee and Stakeholders v. Once the vote on a resolution is cast by the
Relationship Committee, Auditors etc. who are member, he/she shall not be allowed to change
allowed to attend the AGM without restriction on it subsequently or cast the vote again.
account of first come first served basis. vi. The voting rights of the members shall be in
15. Process and manner for members opting for voting proportion to their share in the paid up equity
through Electronic means: share capital of the Company as on the Cut-off
date i.e. Monday, 5th July, 2021.
i. Pursuant to the provisions of Section 108
vii. The Company has appointed CS Chirag Shah,
of the Companies Act, 2013 read with Rule
Practising Company Secretary (Membership
20 of the Companies (Management and
No. FCS: 5545; CP No: 3498), to act as the
Administration) Rules, 2014 (as amended) and
Scrutinizer for conducting the remote e-voting
Regulation 44 of SEBI (Listing Obligations &
process as well as the venue voting system on
393
the date of the AGM, in a fair and transparent Exchange Board of India (Listing Obligations
manner. and Disclosure Requirements) Regulations,
2015, listed entities are required to provide
16. Process for those shareholders whose email ids
remote e-voting facility to its shareholders,
are not registered:
in respect of all shareholders’ resolutions.
a) For members holding shares in Physical mode- However, it has been observed that the
please provide necessary details like Folio participation by the public non-institutional
No., Name of shareholder, scanned copy of shareholders/retail shareholders is at a
the share certificate (front and back), PAN negligible level.
(self-attested scanned copy), AADHAR (self- Currently, there are multiple e-voting service
attested scanned copy) by email to krutarth. providers (ESPs) providing e-voting facility
[email protected]. to listed entities in India. This necessitates
b) For members holding shares in Demat mode registration on various ESPs and maintenance
- Please provide Demat account details of multiple user IDs and passwords by the
(CDSL-16 digit beneficiary ID or NSDL-16 digit shareholders.
DPID + CLID), Name, client master or copy In order to increase the efficiency of the voting
of Consolidated Account statement, PAN process, pursuant to a public consultation,
(self-attested scanned copy), AADHAR (self- it has been decided to enable e-voting to
attested scanned copy) to krutarth.thakkar@ all the demat account holders, by way of a
adani.com. single login credential, through their demat
accounts/ websites of Depositories/ Depository
17. The instructions for shareholdres for remote
Participants. Demat account holders would
e-voting are as under:
be able to cast their vote without having to
(i) The voting period begins on Thursday, register again with the ESPs, thereby, not
8 th July, 2021 at 9.00 a.m. and ends on Sunday, only facilitating seamless authentication
11th July, 2021 at 5.00 p.m. During this period but also enhancing ease and convenience of
shareholders’ of the Company, holding shares participating in e-voting process.
either in physical form or in dematerialized (iv) In terms of SEBI circular no. SEBI/HO/CFD/CMD/
Notice
form, as on the cut-off date i.e. Monday, CIR/P/2020/242 dated 9th December, 2020 on
5th July, 2021 may cast their vote electronically. e-Voting facility provided by Listed Companies,
The e-voting module shall be disabled by CDSL Individual shareholders holding securities in
for voting thereafter. demat mode are allowed to vote through their
(ii) Shareholders who have already voted prior to demat account maintained with Depositories
the meeting date would not be entitled to vote and Depository Participants. Shareholders are
at the meeting. advised to update their mobile number and
(iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/ email Id in their demat accounts in order to
CMD/CIR/P/2020/242 dated 9th December, access e-Voting facility.
2020, under Regulation 44 of Securities and
Pursuant to abovesaid SEBI Circular dated 9th December, 2020 , Login method for e-Voting and joining virtual
meetings for Individual shareholders holding securities in Demat mode, is given below:
Type of shareholders Login Method
Individual Shareholders holding 1) Users of who have opted for CDSL’s Easi / Easiest facility, can login
securities in Demat mode with CDSL through their existing user id and password. Option will be made
available to reach e-Voting page without any further authentication.
The URLs for users to login to Easi / Easiest arehttps://web.cdslindia.
com/myeasi/home/login or www.cdslindia.com and click on Login
icon and select New System Myeasi.
2) After successful login the Easi / Easiest user will be able to see
the e-Voting Menu. On clicking the e-voting menu, the user will
be able to see his/her holdings along with links of the respective
e-Voting service provider i.e. CDSL/ NSDL/ KARVY/ LINK INTIME as
per information provided by Issuer / Company. Additionally, we are
providing links to e-Voting Service Providers, so that the user can
visit the e-Voting service providers’ site directly.
394
Type of shareholders Login Method

3) If the user is not registered for Easi/Easiest, option to register
is available at https://web.cdslindia.com/myeasi/Registration/
EasiRegistration
4) Alternatively, the user can directly access e-Voting page by
providing Demat Account Number and PAN No. from a link in www.
cdslindia.com home page. The system will authenticate the user by
sending OTP on registered Mobile & Email as recorded in the Demat
Account. After successful authentication, user will be provided
links for the respective ESP where the e-Voting is in progress during
or before the AGM.
Individual Shareholders holding 1) If you are already registered for NSDL IDeAS facility, please visit
securities in demat mode with NSDL the e-Services website of NSDL. Open web browser by typing the
following URL: https://eservices.nsdl.com either on a Personal
Computer or on a mobile. Once the home page of e-Services
is launched, click on the “Beneficial Owner” icon under “Login”
which is available under ‘IDeAS’ section. A new screen will open.
You will have to enter your User ID and Password. After successful
authentication, you will be able to see e-Voting services. Click on
“Access to e-Voting” under e-Voting services and you will be able
to see e-Voting page. Click on company name or e-Voting service
provider name and you will be re-directed to e-Voting service
provider website for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
2) If the user is not registered for IDeAS e-Services, option to register
is available at https://eservices.nsdl.com. Select “Register Online
for IDeAS “Portal or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
Notice
3) Visit the e-Voting website of NSDL. Open web browser by typing
the following URL: https://www.evoting.nsdl.com/ either on a
Personal Computer or on a mobile. Once the home page of e-Voting
system is launched, click on the icon “Login” which is available
under ‘Shareholder/Member’ section. A new screen will open. You
will have to enter your User ID (i.e. your sixteen digit demat account
number hold with NSDL), Password/OTP and a Verification Code as
shown on the screen. After successful authentication, you will be
redirected to NSDL Depository site wherein you can see e-Voting
page. Click on company name or e-Voting service provider name
and you will be redirected to e-Voting service provider website
for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting
Individual Shareholders (holding You can also login using the login credentials of your demat account
securities in demat mode) login through through your Depository Participant registered with NSDL/CDSL for
their Depository Participants e-Voting facility. After successful login, you will be able to see e-Voting
option. Once you click on e-Voting option, you will be redirected to
NSDL/CDSL Depository site after successful authentication, wherein
you can see e-Voting feature. Click on company name or e-Voting
service provider name and you will be redirected to e-Voting service
provider’s website for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned website.
395
Helpdesk for Individual Shareholders holding For Shareholders holding shares in Demat
securities in demat mode for any technical Form other than individual and Physical Form
issues related to login through Depository i.e.
PAN Enter your 10-digit alpha-
CDSL and NSDL
numeric PAN issued by
Login type Helpdesk details Income Tax Department
Individual Members facing any (Applicable for both demat
Shareholders technical issue in login shareholders as well as
holding securities can contact CDSL physical shareholders).
in Demat mode helpdesk by sending a Members who have not
with CDSL request at helpdesk. updated their PAN with
evoting@cdslindia. the Company/Depository
com or contact at 022- Participant are requested to
23058738 and 22- use the sequence number
23058542-43. indicated in the PAN field.
Individual Members facing any Dividend Bank Enter the Dividend Bank
Shareholders technical issue in login Details OR Date Details or Date of Birth (in
holding securities can contact NSDL of Birth (DOB) dd/mm/yyyy format) as
in Demat mode helpdesk by sending a recorded in your demat
with NSDL request at evoting@nsdl. account or in the company
co.in or call at toll free records in order to login.
no.: 1800 1020 990 and If both the details are
1800 22 44 30 not recorded with the
depository or company
(v) Login method for e-Voting and joining virtual please enter the member
meeting for shareholders other than individual id/ folio number in the
shareholders holding shares in physical form: Dividend Bank details field
1. The shareholders should log on to the as mentioned in instruction
(v).
Notice
e-voting website www.evotingindia.com.

2. Click on Shareholders. (vi) After entering these details appropriately,
3. Now Enter your User ID click on “SUBMIT” tab.
a. For CDSL: 16 digits beneficiary ID, (vii) Members holding shares in physical form will
b. For NSDL: 8 Character DP ID followed then directly reach the Company selection
by 8 Digits Client ID, screen. However, members holding shares
c. Members holding shares in Physical in demat form will now reach ‘Password
Form should enter Folio Number Creation’ menu wherein they are required
registered with the Company. to mandatorily enter their login password in
the new password field. Kindly note that this
4. Next enter the Image Verification as
password is to be also used by the demat
displayed and Click on Login.
holders for voting for resolutions of any
5. If you are holding shares in demat form other company on which they are eligible
and had logged on to www.evotingindia. to vote, provided that company opts for
com and voted on an earlier voting of any e-voting through CDSL platform. It is strongly
company, then your existing password is to recommended not to share your password
be used. with any other person and take utmost care
6. If you are a first time user follow the steps to keep your password confidential.
given below:
(viii) For Members holding shares in physical form,
the details can be used only for e-voting on
the resolutions contained in this Notice.
396
(ix) Click on the EVSN of the Company – ADANI vote on.

ENTERPRISES LIMITED on which you • The list of accounts linked in the login
choose to vote. should be mailed to helpdesk.evoting@
(x) On the voting page, you will see cdslindia.com and on approval of the
“RESOLUTION DESCRIPTION” and against accounts they would be able to cast their
the same the option “YES/NO” for voting. vote.
Select the option YES or NO as desired. The • A scanned copy of the Board Resolution
option YES implies that you assent to the and Power of Attorney (POA) which they
Resolution and option NO implies that you have issued in favour of the Custodian, if
dissent to the Resolution. any, should be uploaded in PDF format
in the system for the scrutinizer to verify
(xi) Click on the “RESOLUTIONS FILE LINK” if you
the same.
wish to view the entire Resolution details.
• Alternatively, Non Individual shareholders
(xii) After selecting the resolution, you have are required to send the relevant Board
decided to vote on, click on “SUBMIT”. A Resolution/ Authority letter etc. together
confirmation box will be displayed. If you with attested specimen signature of
wish to confirm your vote, click on “OK”, else the duly authorized signatory who are
to change your vote, click on “CANCEL” and authorized to vote, to the Scrutinizer and
accordingly modify your vote. to the Company, if voted from individual
(xiii) Once you “CONFIRM” your vote on the tab & not uploaded same in the CDSL
resolution, you will not be allowed to modify e-voting system for the scrutinizer to
your vote. verify the same.
In case you have any queries or issues
(xiv)You can also take a print of the votes cast by
regarding e-voting, you may refer the
clicking on “Click here to print” option on the
Frequently Asked Questions (“FAQs”)
Voting page.
and e-voting manual available at www.
(xv) If a demat account holder has forgotten evotingindia.com, under help section
Notice
the login password, then Enter the User ID or write an email to helpdesk.evoting@
and the image verification code and click cdslindia.com or call 022-23058542/43 .
on Forgot Password & enter the details as
All grievances connected with the facility
prompted by the system.
for voting by electronic means may be
(xvi) Shareholders can also cast their vote using addressed to Mr. Rakesh Dalvi, Manager,
CDSL’s mobile app m-Voting. The m-Voting Central Depository Services (India)
app can be downloaded from Google Play Limited, A Wing, 25th Floor, Marathon
Store. Apple and Windows phone users Futurex, Mafatlal Mill Compounds, N. M.
can download the app from the App Store Joshi Marg, Lower Parel (East), Mumbai
and the Windows Phone Store respectively. - 400013 or send an email to helpdesk.
Please follow the instructions as prompted [email protected] or call 022-
by the mobile app while voting on your 23058542/43.
mobile.
18. Instructions for members attending the AGM
(xvii) Note for Non – Individual Shareholders and through VC/OAVM & e-voting during the meeting
Custodians are as under:-
• Non-Individual shareholders (i.e. other 1. The procedure for attending meeting &
than Individuals, HUF, NRI etc.) and e-Voting on the day of the AGM is same as
Custodian are required to log on to www. the instructions mentioned above for Remote
evotingindia.com and register themselves e-voting.
as Corporates
2. The link for VC/OAVM to attend the meeting
• A scanned copy of the Registration Form will be available where the EVSN of Company
bearing the stamp and sign of the entity will be displayed after successful login as per
should be emailed to helpdesk.evoting@ the instructions mentioned above for Remote
cdslindia.com. e-voting.
• After receiving the login details a
3. Only those Members/ shareholders, who will be
Compliance User should be created
present in the AGM through VC/OAVM facility
using the admin login and password. The
and have not cast their vote on the Resolutions
Compliance User would be able to link
through remote e-Voting and are otherwise
the account(s) for which they wish to
397
not barred from doing so, shall be eligible to shareholders’/members login by using the
vote through e-Voting system available in the remote e-voting credentials. The link for VC/
AGM. OAVM will be available in shareholder/members
login where the EVSN of Company will be
4. If any Votes are cast by the members through
displayed.
the e-voting available during the AGM and if
the same members have not participated in 2. Members are encouraged to join the Meeting
the meeting through VC/OAVM facility, then through Laptops / IPadsfor better experience.
the votes cast by such members shall be
3. Members will be required to allow Camera and
considered invalid as the facility of e-voting
use Internet with a good speed to avoid any
during the meeting is available only to the
disturbance during the meeting.
members participating in the meeting.
4. Please note that Participants Connecting
5. Members who have voted through Remote
from Mobile Devices or Tablets or through
e-Voting will be eligible to attend the AGM.
Laptop connecting via Mobile Hotspot may
However, they will not be eligible to vote at the
experience Audio/Video loss due to fluctuation
AGM.
in their respective network. It is therefore
19. The results declared along with the Scrutinizer’s recommended to use stable Wi-Fi or LAN
Report shall be placed on the Company’s website connection to mitigate any kind of aforesaid
www.adanienterprises.com and on the website of glitches.
CDSL i.e. www.cdslindia.com within three days of
5. For ease of conduct, members who would like
the passing of the Resolutions at the 29th Annual
to ask questions may send their questions
General Meeting of the Company and shall also be
in advance atleast (7) days before AGM
communicated to the Stock Exchanges where the
mentioning their name, demat account
shares of the Company are listed.
number / folio number, email id, mobile number
20. Instructions for members for attending the AGM to [email protected] and register
through VC/OAVM are as under: themselves as a speaker. Those Members
who have registered themselves as a speaker
1. Member will be provided with a facility to
Notice
will only be allowed to express theirviews/ask

attend the AGM through VC/OAVMor view questions during the AGM.
the live webcast of AGM through the CDSL
e-Voting system. Members may access the 6. Since the AGM will be held through VC/OAVM,
same at https://www.evotingindia.com under the Route Map is not annexed in this Notice.
Contact Details:
Company Adani Enterprises Limited
Regd. Office: “Adani Corporate House”,
Ahmedabad - 382421, Gujarat, India
CIN: L51100GJ1993PLC019067
E-mail :[email protected]
Website:www.adanienterprises.com
Registrar and share Transfer Agent Link Intime India Private Limited
5th Floor, 506-508,Amarnath Business Centre-1(ABC-1),
Besides Gala Business Centre,
Near St. Xavier’s College Corner,
Off C G Road, Ellisbridge, Ahmedabad - 380006
Tel: +91-79-26465179
Fax:+91-79-26465179
Email: [email protected]
Website: https://linkintime.co.in/
e-Voting Agency Central Depository Services (India) Limited
Phone :022-23058542/43
Scrutinizer CS Chirag Shah
Practising Company Secretary
398
Annexure to Notice
Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 and / or Regulation 36(3) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
For Item No. 4: of 37 years. In the State, he headed the departments

Mr. V. Subramanian was appointed as an Independent of Power and Labour. Most recently Mr. Subramanian
Director on the Board of the Company pursuant to was the Secretary to the Government of India with the
the provisions of Section 149 of the Companies Act, Ministry of New and Renewable Energy (MNRE) where
2013 (“Act”) read with Companies (Appointment and he pioneered important initiatives for reforms and
Qualification of Directors) Rules, 2014. He holds office development of the renewable energy sector, including
as an Independent Director of the Company upto the introduction of the “Feed-in Tariff” concept. As
August, 2021. Additional Secretary & Financial Adviser, Ministries
of Civil Aviation, Tourism and Culture, he was on the
The Nomination and Remuneration Committee of boards of Air India, Indian Airlines, Airports Authority
the Board of Directors, on the basis of the report of of India, Heliocopter Corporation of India and India
performance evaluation of Independent Directors has Tourism Development Corporation. He was also the
recommended the re-appointment of Mr. V. Subramanian Member – Secretary of the High Level Committee
as an Independent Director for a second term of 5 (five) that recommended reforms and a Roadmap for Civil
consecutive years upto August, 2026 on the Board of the Aviation in India. Later, as Financial Adviser, Ministry
Company. of Rural Development, he implemented National
Rural Development plans including the National
The Board, based on the performance evaluation of
Rural Employment Guarantee Scheme. Presently, he
Independent Directors and as per the recommendation of
is a freelance consultant. He was also the Business
Nomination and Remuneration Committee considers that
Development Adviser to the Council for Industrial
given the background and experience and contributions
and Scientific Research at New Delhi for a year after
made by Mr. V. Subramanian during his tenure, the
his retirement. He was also the Chairman of the
Notice
continued association of Mr. V. Subramanian would be
Research Council of the Indian Institute of Petroleum
beneficial to the Company and it is desirable to continue
in an honorary capacity for three years. He headed the
availing his services as an Independent Director.
Indian Wind Energy Association as Secretary General
Accordingly, it is proposed to re-appoint Mr. V. Subramanian and later as Chairman from 2008 to 2018. Presently, he
as an Independent Director of the Company not liable is also on the Advisory Board of India Energy Exchange.
to retire by rotation and to hold office for a second
The Company has received notice in writing from a
term of 5 (five) consecutive years on the Board of the
member under Section 160 of the Act proposing the
Company.
candidature of Mr. V. Subramanian for the office of
Section 149 of the Act prescribes that an independent Independent Director of the Company.
director of a company shall meet the criteria of
The Company has also received a declaration from
independence as provided in Section 149(6) of the
Mr. V. Subramanian that he meets the criteria of
Act. Section 149(10) of the Act provides further that
Independence as prescribed under Section 149(6)
an independent director shall hold office for a term
of the Act and Regulation 16 of the SEBI (Listing
of up to five consecutive years on the Board and shall
Obligations and Disclosure Requirements) Regulations,
be eligible for re-appointment on passing a special
2015, as amended from time to time,
resolution by the company and disclosure of such
appointment in its Board’s report. Section 149(11) In the opinion of the Board, Mr. V. Subramanian fulfils
provides that an independent director may hold office the conditions for appointment as Independent
for up to two consecutive terms. Director as specified in the Act.
Mr. V. Subramanian is not disqualified from being Copy of the draft letter for re-appointment of
appointed as Director in terms of Section 164 of the Mr. V. Subramanian as an Independent Director
Act and has given his consent to act as Director. (Non-Executive) setting out terms and conditions would
be available for inspection in electronic mode.
Mr. V. Subramanian joined the Indian Administrative
Service in 1971 (West Bengal Cadre). He occupied Brief resume and other details of Mr. V. Subramanian
many senior positions in the Government of India are provided in annexure to the Notice pursuant to the
and the Government of West Bengal during a career provision of SEBI (Listing Obligations and Disclosure
399
Requirements) Regulation, 2015 and Secretarial appointment in its Board’s report. Section 149(11)
Standardon General Meetings (“SS-2”), issued by the provides that an independent director may hold office
Institute of Company Secretaries of India. for up to two consecutive terms.
The Board of Directors recommends the said resolution Mrs. Vijaylaxmi Joshi is not disqualified from being
for your approval. appointed as Director in terms of Section 164 of the
Act and has given her consent to act as Director.
Mr. V. Subramanian is deemed to be interested in the
said resolution as it relates to his re-appointment. Mrs. Vijaylaxmi Joshi is a 1980 batch IAS officer of
the Gujarat cadre. She had served in various posts
None of the other Directors or key managerial personnel
in the State and in the Centre. She had been Joint
or their relatives is, in anyway, concerned or interested
and Additional Secretary in the Commerce Ministry
in the said resolution.
between 2011 to 2014. Thereafter, she took over as
Secretary, Ministry of Panchayati Raj on 1st May, 2014.
For Item No. 5: She had also been appointed as Officer on Special Duty
Mrs. Vijaylaxmi Joshi was appointed as an Independent in the Ministry of Drinking Water and Sanitation. Lastly,
Director on the Board of the Company pursuant to she was head of the Swachh Bharat Abhiyan, the
the provisions of Section 149 of the Companies Act, Clean India programme. Under State level, she has also
2013 (“Act”) read with Companies (Appointment and been deputed as Managing Director of Government
Qualification ofDirectors) Rules, 2014. She holds office Companies such as Gujarat Mineral Development
as an Independent Director of the Company upto Corporation Ltd.
November, 2021.
The Company has received notice in writing from a
The Nomination and Remuneration Committee of the member under Section 160 of the Act proposing the
Board of Directors, on the basis of the report of performance candidature of Mrs. Vijaylaxmi Joshi for the office of
evaluation of Independent Directors has recommended the Independent Director of the Company.
re-appointment of Mrs. Vijaylaxmi Joshi as an Independent
The Company has also received a declaration from
Director for a second term of 5 (five) consecutive years upto
Mrs. Vijaylaxmi Joshi that she meets the criteria of
November, 2026 on the Board of the Company.
Independence as prescribed under Section 149(6)
Notice
The Board, based on the performance evaluation of of the Act and Regulation 16 of the SEBI (Listing
Independent Directors and as per the recommendation Obligations and Disclosure Requirements) Regulations,
of Nomination and Remuneration Committee 2015, as amended from time to time,
considers that given the background and experience
In the opinion of the Board, Mrs. Vijaylaxmi Joshi fulfils
and contributions made by Mrs. Vijaylaxmi Joshi
the conditions for appointment as an Independent
during her tenure, the continued association of Mrs.
Director as specified in the Act.
Vijaylaxmi Joshi would be beneficial to the Company
and it is desirable to continue availing her services as Copy of the draft letter for re-appointment of
an Independent Director. Mrs. Vijaylaxmi Joshi as an Independent Director
(Non-Executive) setting out terms and conditions
Accordingly, it is proposed to re-appoint Mrs. Vijaylaxmi
would be available for inspection in electronic mode.
Joshi as an Independent Director of the Company
not liable to retire by rotation and to hold office for a Brief resume and other details of Mrs. Vijaylaxmi Joshi
second term of 5 (five) consecutive years on the Board are provided in annexure to the Notice pursuant to the
of the Company. provision of SEBI (Listing Obligations and Disclosure
Requirements) Regulation, 2015 and Secretarial
Section 149 of the Act prescribes that an independent
Standard on General Meetings (“SS-2”), issued by the
director of a company shall meet the criteria of
Institute of Company Secretaries of India.
independence as provided in Section 149(6) of the
Act. Section 149(10) of the Act provides further that The Board of Directors recommends the said resolution
an independent director shall hold office for a term for your approval.
of up to five consecutive years on the Board and shall
Mrs. Vijaylaxmi Joshi is deemed to be interested in the
be eligible for re-appointment on passing a special
said resolution as it relates to her re-appointment.
resolution by the company and disclosure of such
400
None of the other Directors or key managerial personnel SEBI (ICDR) Regulations. Allotment of securities issued
or their relatives is, in anyway, concerned or interested pursuant to Chapter VIII of SEBI Regulations shall be
in the said resolution. completed within twelve months from the date of
passing of the resolution under Section 42 and 62 of
For Item No. 6: the Companies Act, 2013. This Special Resolution gives
The Company proposes to have flexibility to infuse (a) adequate flexibility and discretion to the Board to
additional capital, to tap capital markets and to raise finalise the terms of the issue, in consultation with
additional long term resources, if necessary in order the Lead Managers, Underwriters, Legal Advisors and
to sustain rapid growth in the business, for business experts or such other authority or authorities as need
expansion and to improve the financial leveraging to be consulted including in relation to the pricing
strength of the Company. The proposed resolution seeks of the Issue which will be a free market pricing and
the enabling authorization of the members to the Board may be at premium or discount to the market price in
of Directors to raise funds to the extent of H2,500 crore accordance with the normal practice and (b) powers
(Rupees Two Thousand Five Hundred crore Only) or its to issue and market any securities issued including
equivalent in any one or more currencies, in one or more the power to issue such Securities in such tranche or
tranches, in such form, on such terms, in such manner, tranches with/without voting rights or with differential
at such price and at such time as may be considered voting rights.
appropriate by the Board (inclusive at such premium
The detailed terms and conditions for the issue of
as may be determined) by way of issuance of equity
Securities will be determined in consultation with the
shares of the Company (‘Equity Shares’) and/or any
advisors, and such Authority/Authorities as may be
instruments or securities including Global Depository
required to be consulted by the Company considering
Receipts (‘GDRs’) and/or American Depository Receipts
the prevailing market conditions and other relevant
(‘ADRs’) and/or convertible preference shares and/or
factors.
convertible debentures (compulsorily and/or optionally,
fully and/or partly) and/or non-convertible debentures The consent of the shareholders is being sought
(or other securities) with warrants, and/orwarrants with pursuant to the provisions of Section 42, 62 and other
a right exercisable by the warrant holder to exchange applicable provisions of the Companies Act, 2013 and
or convert such warrants with equity shares of the in terms of the provisions of the listing agreement
Notice
Company at a later date simultaneously with the issue executed by the Company with Stock Exchanges where
of Foreign Currency Convertible Bonds (’FCCBs’) and/or the Equity Shares of the Company are listed. Since the
Foreign Currency Exchangeable Bonds (‘FCEBs’) and/or resolution involves issue of Equity Shares to persons
any other permitted fully and/or partly paid securities/ other than existing shareholders, special resolution in
instruments/warrants, convertible into or exchangeable terms of Section 42 and 62 of the Companies Act, 2013
for equity shares at the option of the Company and/or is proposed for your approval. The amount proposed
holder(s) of the security(ies) and/or securities linked to be raised by the Company shall not exceed H2,500
to equity shares (hereinafter collectively referred to crore (Rupees Two Thousand Five Hundred crore Only).
as ‘Securities’), in registered or bearer form, secured
The Equity shares, which would be allotted, shall rank in
or unsecured, listed on a recognized stock exchange
all respects pari passu with the existing Equity Shares
in India or abroad whether rupee denominated or
of the Company, except as may be provided otherwise
denominated in foreign currency by way of private
under the terms of issue/offering and in the offer
placement or otherwise.
document and/or offer letter and/or offering circular
The Special Resolution also seeks to empower the and/or listing particulars.
Board of Directors to undertake a Qualified Institutional
The Board of Directors recommends the said resolution
Placement (QIP) with Qualified Institutional Buyers
for your approval.
(QIBs) as defined by SEBI under Issue of Capital and
Disclosure Requirements Regulations, 2009. The None of the Directors or any key managerial personnel
Board of Directors may in their discretion adopt this or any relative of any of the Directors of the Company
mechanism as prescribed under Chapter VIII of the or the relatives of any key managerial personnel is,
SEBI (Issue of Capital and Disclosure Requirements) in anyway, concerned or interested in the above
Regulations, 2009. Further in case the Company resolution.
decides to issue eligible securities within the meaning
of Chapter VIII of the SEBI Regulations to Qualified For Item No. 7:
Institutional Investors, it will be subject to the
The Board, on the recommendation of the Audit
provisions of Chapter VIII of the SEBI Regulations as
Committee, has approved the re-appointment and
amended from time to time. The aforesaid securities
remuneration of M/s. K V Melwani & Associates,
can be issued at a price after taking into consideration
Practising Cost Accountants as the cost auditors of the
the pricing formula prescribed in Chapter VIII of the
Company to conduct the audit of the cost records of
401
the Mining Activities of the Company for the financial None of the Directors or any key managerial personnel
year 2021-22, at a fee of H60,000/- plus applicable or any relative of any of the Directors of the Company
Taxes and reimbursement of out of pocket expenses, as or the relatives of any key managerial personnel is,
remuneration for cost auditservices for the FY 2021-22. in anyway, concerned or interested in the above
resolution.
In accordance with the provisions of Section 148 of the
Companies Act, 2013 read with the Companies (Audit
and Auditors) Rules, 2014, the remuneration payable to
the Cost Auditors has to be ratified by the shareholders
of the Company.
Date : 5th May 2021 For and on behalf of the Board
Accordingly, consent of the members is sought for Place : Ahmedabad
passing an Ordinary Resolution as set out at Item No. 7 of Jatin Jalundhwala
the Notice for ratification of the remuneration payable Regd. Office: Company Secretary &
to the Cost Auditors for the financial year ending “Adani Corporate House”, Joint President (Legal)
31st March, 2022.
The Board of Directors recommends the above Ahmedabad - 382421
resolution for your approval. CIN : L51100GJ1993PLC019067
Notice
402
Annexure to the Notice
Details of Directors seeking Appointment / Re-appointment
Name of Age, Date of Qualification Nature of expertise in specific functional Name of the companies in Name of committees in which he
Director Birth (No. of areas which he holds directorship as holds membership/ chairmanship as on
Shares held) on 31.03.2021 31.03.2021
Mr. Pranav V. 42 years B.B.A. Mr. Pranav V. Adani has been active in the • Adani Enterprises Limited^^ • Adani Enterprises Limited^^
Adani 09.08.1978 group since 1999. He has been instrumental in • Adani Total Gas Limited^^  Stakeholders’ Relationship Committee
(Nil) initiating & building numerous new business (Member)
• Adani Agri Fresh Limited
opportunities across multiple sectors. He  Corporate Social Responsibility
has spearheaded the Joint Venture with the • Adani Agri Logistics Limited Committee (Member)
Wilmar Group of Singapore and transformed • Adani Wilmar Limited  Risk Management Committee (Member)
it from a single refinery edible oil business
• Adani Bunkering Private
into a pan India Food Company. He also • Adani Total Gas Limited^^
Limited
leads the Oil & Gas, City Gas Distribution &  Risk Management Committee (Chairman)
•
Agri Infrastructure businesses of the Group. Adani Airport Holdings Limited  Corporate Social Responsibility
His astute understanding of the economic • Adani Welspun Exploration Committee (Member)
environment has helped the group in scaling Limited  Stakeholders’ Relationship Committee
up the businesses multi fold. • Mundra Synenergy Limited (Member)
Mr. Pranav V. Adani is a Bachelor of Science • Adani Sportsline Private  Nomination and Remuneration
in Business Administration from the Boston Limited Committee (Member)
University, USA. He is also an alumnus of the
• Adani Infrastructure and • Adani Agri Fresh Limited
Owners/ President Management Program
Developers Private Limited  Corporate Social Responsibility
of the Harvard Business School, USA.
Committee (Chairman)
Mr. Pranav V. Adani has been conferred with • Adani Properties Private
several awards, Globoil Man of the Year Award Limited • Adani Agri Logistics Limited
2009 being one of them.  Corporate Social Responsibility
• Adani Wilmar Limited
 Corporate Social Responsibility
Committee (Member)
 Audit Committee (Member)
• Adani Bunkering Private Limited
• Adani Properties Private Limited
403
Notice
Notice
Name of Age, Date of Qualification Nature of expertise in specific functional Name of the companies in Name of committees in which he
404
Director Birth (No. of areas which he holds directorship as holds membership/ chairmanship as on
Shares held) on 31.03.2021 31.03.2021
Mr. V. 72 years Retd. IAS Mr. V. Subramanian joined the Indian • Adani Enterprises Limited^^ • Adani Enterprises Limited
Subramanian 17.06.1948 Administrative Service in 1971 (West Bengal • Sundaram-Clayton Limited^^  Stakeholders’ Relationship Committee
(Nil) Cadre). He occupied many senior positions in (Chairman)
• Bhoruka Power Corporation
the Government of India and the Government
Limited  Audit Committee (Member)
of West Bengal during a career of 37 years.
In the State, he headed the departments • Enfragy Solutions India Private  Nomination and Remuneration
of Power and Labour. Most recently Mr. Limited Committee (Member)
Subramanian was the Secretary to the • GPS Renewables Private

• Sundaram-Clayton Limited^^
Government of India with the Ministry of New Limited
and Renewable Energy (MNRE) where he
• Engenrin Energy Private
pioneered important initiatives for reforms and  Nomination and Remuneration
Limited
development of the renewable energy sector, Committee (Member)
including the introduction of the “Feed-in
Tariff” concept. As Additional Secretary &
Financial Adviser, Ministries of Civil Aviation,
Tourism and Culture, he was on the boards of
Air India, Indian Airlines, Airports Authority of
India, Heliocopter Corporation of India and
India Tourism Development Corporation. He
was also the Member – Secretary of the High
Level Committee that recommended reforms
and a Roadmap for Civil Aviation in India.
Later, as Financial Adviser, Ministry of Rural
Development, he implemented National Rural
Development plans including the National
Rural Employment Guarantee Scheme.
Presently, he is a freelance consultant. He was
also the Business Development Adviser to the
Council for Industrial and Scientific Research
at New Delhi for a year after his retirement.
He was also the Chairman of the Research
Council of the Indian Institute of Petroleum
in an honorary capacity for three years. He
headed the Indian Wind Energy Association
as Secretary General and later as Chairman
from 2008 to 2018. Presently, he is also on the
Advisory Board of India Energy Exchange.
Name of Age, Date of Qualification Nature of expertise in specific functional Name of the companies in Name of committees in which she
Director Birth (No. of areas which she holds directorship as holds membership/ chairmanship as on
Shares held) on 31.03.2021 31.03.2021
Mrs. 62 years Retd. IAS Mrs. Vijaylaxmi Joshi is a 1980 batch IAS • Adani Enterprises Limited^^ • Adani Enterprises Limited^^
Vijaylaxmi 01.08.1958 officer of the Gujarat cadre. She had served in • GHCL Limited ^^  Audit Committee (Member)
Joshi (Nil) various posts in the State and in the Centre.
She had been Joint and Additional secretary  Nomination and Remuneration
in the Commerce Ministry between 2011 to Committee (Member)
2014. Thereafter, she took over as Secretary, • GHCL Limited ^^
Ministry of Panchayati Raj on 1st May, 2014.
She had also been appointed as Officer on  Nomination and Remuneration
Special Duty in the Ministry of Drinking Committee (Chairperson)
Water and Sanitation. Lastly, she was head  Corporate Social Responsibility
of the Swachh Bharat Abhiyan, the Clean Committee (Member)
India programme. Under State level, she has
also been deputed as Managing Director
of Government Companies such as Gujarat
Mineral Development Corporation Ltd.
^^Listed Company.
For other details such as number of meetings of the board attended during the year, remuneration drawn and relationship with other directors and key
managerial personnel in respect of above directors, please refer to the Corporate Governance Report.
405
Notice
Notes
Notes
Notes

Adani Enter. Annual Report 2020-21

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Adani Enterprises Limited

is India’s largest listed

Adani Enterprises Limited

40,291 H crore 3,259 H crore

PAT attributable to owners* Net worth#

1,182 H crore 18,910 H crore

*Before Exceptional items

Adani Enterprises Limited is a

Integrated Resource Management

Mundra Solar PV Ltd.

Corporate Social Responsibility

Key numbers in FY 2020-21

Awards and recognition

CII National Awards ABCI Awards

How we have grown

1988 1994 1995 1996

2019 2018 2017 2015

Emerged #2 largest Demerger of Adani Started manufacturing Completed the

Forayed into the Airports

1999 2001 2005 2006

Commencement of Started city gas Awarded India’s first Stock-split of AEL

2010 2009 2008 2007

Our Board of Directors

1 Mr. Gautam S Adani 3 Mr. Pranav Adani management, Mining, Shipping

forums for its commitment

development of Ahmedabad, Thiruvananthapuram airports airports

Created AdaniConneX, a Data Received LOA from NHAI for

AEL and EdgeConneX, to Odisha, West Bengal and

Revenues EBIDTA Normalised PAT* Exceptional Item

How our businesses

Integrated resource management

– 3 MMTPA in Dhirauli, § The Company signed an

§ The joint venture operated eight seed

crushing plants with oil processing

to Work Institute India for the fourth

EBITDA Net Profit to Net Worth Interest cover

(H crore) (H crore) (H crore) (x)

Definition Definition Definition Definition

The multi-business Adani Group

Engaged Enhancing Enriching

To be a world class leader in Courage Trust Commitment

We shall We shall We shall

Passion Results Integration Dedication Entrepreneurship

The promoter The Adani Group logistics, energy and utilities –

Adani Group: A world class infrastructure & utility portfolio

63.7% 100% 75% 56%

100% 100% 100% 100%

APSEZ: Adani Ports and Special Economic

Opportunity identification, development and beneficiation is intrinsic

Adani Group: Repeatable & proven

intelligence § Concessions design planning capital structure of

All listed entities

How Adani Group companies

AEL AGEL ATGL

FY 2020-21 FY 2020-21 FY 2020-21

APSEZ ATL APL

AEL* ATGL AGEL

FY 2020-21 FY 2020-21 FY 2020-21

Combined PAT of Adani Group’s listed portfolio grew 166% in 2020-21

The Adani Group