Consolidated EBIDTA increased by 43% to Rs. 5,874 cr


Emerging core infra incubating businesses contributed 48% of Total EBIDTA


Incubating assets backed EBIDTA increased by 111% to Rs. 2,825 cr



Financial Highlights H1 FY24 (Consolidated) (YoY Basis):


  • EBIDTA increased by 43% to Rs. 5,874 cr
  • Cash Accruals1 increased by 48% to Rs. 2,733 cr
  • Incubating assets backed EBIDTA increased by 111% to Rs. 2,825 cr
  • Incubating assets backed businesses PBT increased by 22x to Rs. 1,210 cr


Business Highlights:




ANIL Ecosystem

Solar Manufacturing

    • Ingot pilot plant completed
    • ANIL produces India’s first wafer

Wind Manufacturing

    • Successfully enlistment in the Revised List of Models & Manufacturers and commercial production started
    • Received Wind Guard certification affirming international recognition

AWL - Water

  • Achieved Commercial Operation Date certificate for Prayagraj Water project

AAHL – Airports

  • Mumbai Airport became the1st in India & 3rd in the world to receive the Level 4 customer experience accreditation
  • Ahmedabad Airport has inaugurated New Arrival & Departure Immigration block in T2
  • Domestic Cargo Terminal operationalized at Jaipur Airport


Operational Highlights (YoY Basis):



Q1 FY24

ANIL Ecosystem

Modules volume up by 132% to 1244 MW

AAHL – Airports

Pax movements up by 29% to 42.7 Mn from seven operational airports

Air Traffic movements up by 15% to 289.8K

Primary Industries - Mining Services

Production maintained at 13.5 MMT

Dispatch maintained at 12.6 MMT

Primary Industries IRM

Volume stood at 36.6 MMT



Ahmedabad, November 2, 2023: Adani Enterprises Ltd (AEL), part of the Adani Group, today announced its results for the quarter and half year ended September 30, 2023


AEL, has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24. The company's latest results showcase the emergence of key incubating businesses, including green hydrogen integrated manufacturing ecosystem, airports and roads, which collectively contributed 48% of the overall EBITDA.


“We are fundamentally reshaping the essence of incubation scale and velocity,” said Mr. Gautam Adani, Chairman of the Adani Group. “Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra incubating businesses, thereby being a strong testament to our incubating ventures.”


Financial Highlights Q2 FY24 (Consolidated) (YoY Basis): 

  • EBIDTA increased by 39% to Rs. 2,979 cr on account of strong incubating businesses
  • Cash Accruals1 increased by 26% to Rs. 1,242 cr


Quarterly Business Updates (YoY):


Adani New Industries Ecosystem


Solar manufacturing

  • Total operational capacity at 4.0 GW
  • Module sales increased by 205% to 630 MW
  • India’s first wafer produced

Wind Turbine manufacturing

  • Received Final type certificate for Prototype 1
  • Enlisted in RLMM & Started Commercial operations
  • Commissioned Prototype 2
  • Nacelle & Hub Facility – Commenced Commercial production



AdaniConnex Pvt Ltd (ACX - Data Center)


  • Update on overall project completion at Data Centers


Data Center


Chennai Phase-I 17 MW


Noida – 50 MW


Hyderabad – 48 MW



  • Orderbook of 111+ MW from Hyperscale & Enterprise customers


Adani Water Ltd (AWL - Water)


  • Achieved Commercial Operation Date certificate for Prayagraj water project


Adani Airports Holdings Ltd (AAHL - Airports)


Adani Airports handled at seven operation airports;

  • Pax movements up by 31% to 21.4 Mn passengers
  • Air Traffic Movements up by 17% to 148.2 K
  • Cargo stood at 1.9 Lacs MT



  1. Cash Accruals is equal to Profit Before Tax + Depreciation – Current Taxes