CHAPTER-1

INTRODUTION

The phrase "study of trend analysis" refers to an examination or investigation conducted to analyze and
understand trends in a specific context or subject area. Trend analysis involves studying patterns, tendencies, or
changes over time to identify and interpret the underlying factors, dynamics, and implications of these trends.

When conducting a study of trend analysis, researchers typically collect relevant data, which may include
historical data, time-series data, or other forms of data related to the topic of interest. They then analyze and
interpret the data to identify patterns, trends, and shifts that have occurred over a specific period.

The purpose of a study of trend analysis can vary depending on the specific research objectives. It may involve
identifying market trends, consumer behavior trends, economic trends, technological trends, or any other trends
relevant to the research context. The study may aim to understand the direction, magnitude, and significance of
these trends, as well as their potential impact on the subject of analysis.

The findings of a study of trend analysis can be used to inform decision-making, forecasting, strategic planning,
and identifying opportunities or risks. By studying and understanding trends, researchers can gain insights into
the past, make predictions about the future, and develop strategies to adapt and respond to changing
circumstances.

Overall, a study of trend analysis involves systematically examining and interpreting historical data to identify
and understand trends, helping to inform decision-making and provide valuable insights in various fields and
disciplines.

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 OBJECTIVES OF STUDY

Here are some objectives of Study of Trend Analysis on Adani Enterprises Ltd. :

1. Identify Patterns and Trends: The primary objective of trend analysis is to identify and understand
patterns, tendencies, or changes over time. By studying historical data, researchers aim to detect and
analyze trends to gain insights into the direction and magnitude of changes in the variables of interest.
2. Performance Evaluation: Trend analysis helps assess the company's financial performance by comparing
key financial ratios, such as profitability ratios (e.g., gross profit margin, net profit margin), liquidity
ratios (e.g., current ratio, quick ratio), and efficiency ratios (e.g., asset turnover, inventory turnover) over
multiple periods. This evaluation enables stakeholders to understand whether the company's financial
performance is improving or deteriorating.
3. Forecasting: Trend analysis can assist in predicting future financial performance based on historical
trends. By identifying consistent patterns and extrapolating them, stakeholders can make informed
forecasts about the company's future revenue, expenses, profitability, and other financial aspects. This
information aids in strategic decision-making and resource allocation.
4. Analyzing trends in the company's market share and competitive position over time, and identifying
factors that may be contributing to changes in these metrics.

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 SCOPE OF THE STUDY

Trend analysis on Adani Enterprises can provide insights into the company's historical performance and help
identify patterns and trends that may be useful in predicting future performance. Some of the areas that trend
analysis can cover include:

1. Financial Performance: Trend analysis can be used to examine Adani Enterprises' financial performance
over time, identifying trends in revenue, profitability, liquidity, and other key financial metrics. This
analysis can help investors and analysts assess the company's financial health and make informed
decisions about investing in the company.

2. Industry Trends: Trend analysis can also be used to track industry trends that are affecting Adani
Enterprises. This could include trends in demand for the company's products and services, changes in
market conditions, and shifts in consumer preferences. Understanding these trends can help the company
make strategic decisions to stay ahead of the competition.

3. Operational Performance: Trend analysis can also be used to examine Adani Enterprises' operational
performance over time. This could include trends in production efficiency, and other operational metrics.
This analysis can help the company identify areas for improvement and make operational changes to
increase efficiency and profitability.

4. Stock Performance: Trend analysis can be used to track Adani Enterprises' stock performance over time,
identifying trends in share price, trading volume, and other key metrics. This analysis can help investors
and analysts assess the company's performance in the stock market and make informed decisions about
buying or selling the company's stock.

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 COMPANY PROFILE

ABOUT COMPANY

Name: Adani Enterprises Limited

Industry: Diversified conglomerate
Founded: 1988
Founder: Gautam Adani
Headquarters: Ahmedabad, Gujarat, India

Adani Enterprises Limited is a diversified conglomerate based in India, with interests in a variety of sectors
such as energy, infrastructure, logistics, and agribusiness. The company was founded in 1988 by Gautam Adani
and is headquartered in Ahmedabad, Gujarat.
Adani Enterprises has several subsidiaries, including Adani Ports and Special Economic Zone Limited
(APSEZ), Adani Power Limited, Adani Gas Limited, Adani Transmission Limited, and Adani Green Energy
Limited. APSEZ is the largest port developer and operator in India and operates 12 ports and terminals in the
country. Adani Power is one of the largest private power generation companies in India.
Adani Enterprises has also diversified into other areas such as mining, real estate, and defense. The company
has been involved in several high-profile projects, such as the development of a 10,000 MW solar park in
Rajasthan and the construction of a new international airport in Ahmedabad.
Adani Enterprises Limited (AEL) is the flagship company of the Adani Group, one of India’s largest business
organisations. Over the years, Adani Enterprises has focused on building stellar infrastructural assets
contributing to nation-building.
Having successfully built unicorns like Adani Transmission, Adani Power, Adani Ports & SEZ, Adani Green
Energy and Adani Total Gas, the company has contributed significantly to make the country self-reliant.
The next-generation of its strategic business investments are centered on the fields of airport management,
roads, data center and water infrastructure. Following these principles has led to very strong returns to our
shareholders. A one-rupee investment in Adani Enterprises, which was the group’s first IPO in 1994, has
returned over 800x.
The Adani Group has been the subject of controversy due to concerns about environmental and social impacts
of its projects, as well as allegations of corruption and crony capitalism. The company has denied these
allegations and has emphasized its commitment to sustainability and corporate social responsibility.

KEY SUBSIDIARIES:
 Adani Ports and Special Economic Zone Limited (APSEZ) - India's largest port developer and operator.
 Adani Power Limited - A leading private power generation company in India.
 Adani Gas Limited - Engaged in the distribution of natural gas.
 Adani Transmission Limited - Involved in the transmission and distribution of power.
 Adani Green Energy Limited - A renewable energy company focusing on solar and wind power.

OTHER BUSINESSES AND VENTURES:

 Mining: Adani Enterprises has interests in coal mining, including the Carmichael coal mine project in
Australia.
 Agribusiness: The company is engaged in the trading and processing of agricultural commodities.

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  Real Estate: Adani Enterprises has ventured into real estate development, primarily in Gujarat.
 Defense and Aerospace: The company has forayed into the defense sector, participating in defense
manufacturing and aerospace projects.

NOTABLE PROJECTS AND ACHIEVEMENTS:

 Development of multi-purpose ports and logistics infrastructure across India.
 Expansion of renewable energy portfolio, aiming to be one of the largest renewable energy companies
globally.
 Involvement in infrastructure projects such as roads, railways, and airports.
 Focus on sustainable development and corporate social responsibility initiatives.

CONTROVERSIES AND CRITICISMS:

Adani Enterprises and the Adani Group have faced criticism and controversies related to environmental impact,
land acquisition, and allegations of close ties to political leaders.
Concerns have been raised regarding the environmental impact of the Carmichael coal mine project in Australia.

THE VISION AND MISSION OF ADANI ENTERPRISES LIMITED

 Vision:
"To be a leading global integrated infrastructure player, contributing significantly to the nation's development
while creating value for all stakeholders."

 Mission:
 Infrastructure Development: Adani Enterprises aims to develop world-class infrastructure
across sectors such as energy, ports, logistics, mining, and agriculture. The company strives to
create robust and efficient infrastructure that promotes economic growth and enhances
connectivity.
 Sustainable Growth: Adani Enterprises is committed to achieving sustainable growth by
integrating environmental, social, and governance (ESG) principles into its business
operations. The company aims to minimize its environmental impact, contribute to social
development, and maintain strong corporate governance practices.
 Value Creation: Adani Enterprises focuses on creating value for all stakeholders, including
customers, investors, employees, and the community. The company aims to deliver innovative
and high-quality solutions, generate long-term financial returns, and actively contribute to the
communities in which it operates.
 Diversification and Innovation: Adani Enterprises aims to diversify its business portfolio by
exploring new sectors and expanding its presence in existing sectors. The company encourages
innovation and embraces technological advancements to drive growth, efficiency, and
competitiveness.
 Nation Building: Adani Enterprises is committed to contributing to the nation's development
by supporting critical sectors and initiatives that foster economic growth, create employment
opportunities, and enhance the quality of life for communities.

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 BUSINESSES

Adani Enterprises Limited, the flagship company of the Adani Group has been driven by the philosophy of
incubating stellar infrastructural asset catering to underserved sectors of India. It’s diversified portfolio is
broadly split into energy & utilities, transport & logistics and emerging businesses. Since the Company’s listing
in 1994, it has maximised value for stakeholders, while contributing to nation building. Adani Enterprises
Limited is presently focused on businesses related to airports, roads, water management, data centers, solar
manufacturing, defence and aerospace, edible oils and foods, mining, integrated resource solutions and
integrated agri products.

1. Mining Services: Electricity is an essential tool to empower humanity in the rapidly growing world.
While evolved conglomerates such as the Adani Group have taken a leap in promoting environment
friendly solar and wind power, coal remains the dominant fuel for 1.25 billion strong population of
India. It is well established that the average electricity consumption of people in India is abysmally low
as compared to our global peers. With increasing urbanisation and changing lifestyle, the demand for
electricity is likely to only increase in the future. According to industry projections, power demand in
India is likely to touch 1600 billion units by 2022 and spiral up to 2100 billion units over the next
decade. This will be catered to by a variety of energy sources, including coal. At Adani Enterprises
Limited, we bridge the gap between demand and supply of coal through a combination of imports and
responsible mining. Besides contributing to the domestic coal production with the help of environment
friendly practices, we have also developed a strong supplier base in South Africa, Australia, USA and
Russia among other coal rich geographies.
2. Edible Oil And Foods: Adani Wilmar Limited (AWL) is a joint venture incorporated in January 1999
between Adani Group, a the leader in International Trading & Private Infrastructure with businesses in
key industry verticals such as resources, logistics and energy, and Wilmar International Limited –
Singapore, Asia’s leading Agri business group. The Group was created with a vision of ‘Nation
Building’ by developing assets of national economic significance. Adani Wilmar’s business activities
include oil palm cultivation, oilseed crushing, edible oil refining, sugar milling and refining, specialty
fat, oleo chemical, biodiesel and fertilizer manufacturing and grain processing. It has over 850
manufacturing plants and an extensive distribution network covering China, India, Indonesia and 30
other countries.
3. Solar Manufacturing: Incubating India’s solar dream through Adani Solar, Adani Enterprises has set up
the country’s first and largest vertically integrated Solar Photovoltaic Manufacturing and EPC business
in Mundra Special Economic Zone (SEZ). With a 1.5 GW capacity along with Research and
Development (R&D) facilities within an Electronic Manufacturing Cluster (EMC) facility, this state-of
the-art Adani Solar plant produces Solar Cells and Modules. It is well supported by manufacturing units
of critical components that includes EVA, Back-sheet, Glass, Junction box and Solar cell and string
interconnect ribbon, designed to achieve maximum efficiency in the Indian market.
4. Road, Metro and Rail: To contribute towards Nation Building and Infrastructure development, the
Company intends to tap the opportunities in the road, metro & rail sector by developing national
highways, expressways, tunnels, metro-rail, railways, etc. Adani Group has a successful track record of
nurturing businesses in the Infrastructure Sector. The group has developed several railway lines in India
and abroad. Adani owns the longest private railway lines spanning about 300 km in India. These private
rail lines are connected to our ports, mines and other business hubs to ensure seamless cargo movement.
As part of the new business, the Group will focus on nation-wide projects initiated by the National
Highways Authority of India (NHAI) and Ministry of Road Transport and Highways (MORTH),
Ministry of Railways, Metro Corporations of the various States and similar projects under the purview of
other Central or State Authorities. As a developer, the Company will primarily target PPP projects
structured on the Build-Operate-Transfer (BOT), Toll-Operate-Transfer (TOT) & Hybrid-Annuity Mode
(HAM) models. The Group has won 3 projects (Bilaspur-Pathrapali in Chattisgarh, Suryapet-Khammam

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 and Mancherial –Repallewada in Telangana) comprising approximately 650 lane kms under HAM
model of NHAI.
5. Integrated Resources Management: In our endeavour towards fulfilling the gap in the availability of coal
at thermal power plants of India and to meet coal needs of the nation, we ventured into coal management
in 1999. It was one of the urgent needs of an emerging economy. At the same time the country needed
richer coal to regulate the impact of dwindling fossil fuels on the economy. We delivered our first rake
of imported coal to Suratgarh thermal power station.
6. Agro: Adani Agri Fresh Limited (AAFL), a wholly owned subsidiary of the company has pioneered the
establishment of integrated storage, handling and transportation infrastructure for Apples in Himachal
Pradesh. It has set up modern Controlled Atmosphere storage facilities at three locations, such as
Rewali, Sainj, and Rohru in Shimla District. The Company has also set up a marketing network in major
towns across India to cater to the needs of wholesale, retail and organized retail chain stores. The
Company which is marketing Indian fruits under the brand name FARM-PIK, has expanded its footprint
in the branded fruit segment. The Company also imports Apples, Pears, Kiwis, Oranges, Grapes etc.
from various countries for sale in India.
7. Airports: The future airports will be places where people want to be and not just a place where a person
goes for transportation. With this belief and drawing from the strengths of the Adani Group’s experience
in the integrated infrastructure and transportation businesses, Adani Enterprises Ltd. (AEL) ventured
into the airports sector in 2019. Given India’s potential to become the 3rd largest global aviation market
by 2025 and limitations of the existing aviation infrastructure of our nation, the company incubated
the Adani Airports business, in line with its core philosophy of responsible nation-building. After
winning the Airport Authority of India’s global tender to modernize and operate six airports –
Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram – Adani Airports
received the Letter of Award to operate, manage and develop these six airports for a period of 50 years.
Adani Airports commenced operations in Mangaluru International Airport (Mangaluru) on 31st October,
2020, Chaudhary Charan Singh International Airport (Lucknow) on 2nd November, 2020 and Sardar
Vallabhbhai Patel International Airport (Ahmedabad) on 7th November, 2020. Furthering the objective
of building future-ready, robust infrastructure, Adani Airports is committed to redefine the city-airport
relationship by building shared facilities that cater to new global travel, life and work requirements.
8. Defence And Aerospace: Adani Defence and Aerospace leads Adani Enterprises Ltd., foray into defence
and aerospace and our vision is to help transform India into a destination for world class high tech
defence manufacturing aligned to the ‘Make in India’ initiative. India is determined to be among the top
five countries in the world in defence capabilities and a vibrant defence industry is essential to securing
national sovereignty and self-reliance in defence. We are working with Global OEM’s and Indian
MSMEs to manufacture fighter aircraft, unmanned aerial systems, helicopters, submarines, air defence
guns, missiles and small arms. We are also developing tier 1 capabilities in avionics and systems, opto-
electronics, aerostructure and precision components, aerospace composites as well as radar and
electronic warfare systems.
9. Water: Water, a basic necessity, is a scarce resource. India which accounts for 17% of world population
has access to only 4% of fresh water resources. Lack of holistic policy for water resource management
has resulted in acute water crisis in many parts of the country. Realizing the above, Government of India
has taken a path-breaking step forward by amalgamating various government department and ministries
into a centralized Jal Shakti Ministry. Foreseeing the massive need for water infrastructure capacity
augmentation in the country we at the Adani Group, have decided to focus on this business segment. The
Group has taken the first step by bagging the prestigious waste water treatment, recycle and reuse project
at Prayagraj under the National Mission for Clean Ganga Framework.

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TOP MANAGEMENT IN ADANI ENTERISES Ltd.

CHAIRMAN:

Gautam Adani

MANAGING DIRECTOR:

Rajesh Adani

DIRECTOR:

Pranav Adani

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 DIRECTOR:

Vinay Prakash

INDEPENDENT AND NON-EXECUTIVE DIRECTOR:

Hemant Nerurkar

INDEPENDENT AND NON-EXECUTIVE DIRECTOR:

V. Subramanian

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INDEPENDENT AND NON-EXECUTIVE DIRECTOR:

Vijaylaxmi Joshi

INDEPENDENT AND NON-EXECUTIVE DIRECTOR:

Narendra Mairpady

INDEPENDENT AND NON-EXECUTIVE DIRECTOR:

Dr. Omkar Goswami

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 INDUSTRY PROFILE

Adani Enterprises Ltd is a diversified conglomerate operating in various industries. Here is an overview of the
industries in which Adani Enterprises is involved and current status of Adani Enterprises Ltd industries::
1. Ports and Terminals: Adani Enterprises operates ports and terminals, primarily through its subsidiary
Adani Ports and Special Economic Zone Ltd (APSEZ). APSEZ is one of India's largest port operators,
with terminals in strategic locations along the Indian coastline. It handles a wide range of cargo,
including containers, bulk, and liquid cargo.(Adani Ports and Special Economic Zone Ltd - APSEZ):
APSEZ continues to be a major player in India's port sector. It operates several ports along the Indian
coastline and handles various types of cargo. APSEZ has been expanding its port capacity and
developing new terminals to cater to increasing demand.
2. Logistics and Warehousing: Adani Enterprises has a strong presence in the logistics and warehousing
sector through its subsidiary Adani Logistics Ltd. The company provides end-to-end logistics solutions,
including transportation, warehousing, and freight forwarding services.
(Adani Logistics Ltd): Adani Logistics provides integrated logistics solutions including transportation
and warehousing services. The company has been expanding its logistics network and infrastructure to
meet the growing demand for efficient supply chain solutions.
3. Renewable Energy: Adani Enterprises has made significant investments in the renewable energy sector.
Through its subsidiary Adani Green Energy Ltd (AGEL), the company focuses on developing and
operating solar and wind power projects. AGEL is one of the largest renewable energy companies in
India and aims to achieve a substantial portion of India's renewable energy targets.
Adani Green Energy Ltd - AGEL): AGEL has emerged as one of the leading renewable energy
companies in India. It has a diversified portfolio of solar and wind power projects across various states
in India. AGEL aims to become the largest renewable energy company globally and has plans to expand
its renewable energy footprint further.
4. Agri Business: Adani Enterprises is involved in various aspects of the agricultural sector. This includes
the export and import of agri-commodities, storage, processing, and trading of agricultural products. The
company's subsidiary, Adani Agri Logistics, operates agricultural storage facilities and provides services
related to post-harvest management.
(Adani Agri Logistics): Adani Agri Logistics operates agricultural storage and processing facilities, and
provides services related to the agri-commodity trade. The company continues to focus on improving
supply chain efficiencies and expanding its presence in the agri-business sector.
5. Real Estate: Adani Enterprises also has a presence in the real estate sector through its subsidiary Adani
Realty. The company develops residential and commercial projects across multiple cities in India.
(Adani Realty): Adani Realty is involved in residential and commercial real estate development. The
company has delivered several projects and continues to work on new developments in multiple cities in
India.
6. Mining: Adani Enterprises has mining operations in various minerals, including coal, copper, and zinc.
The company operates coal mines in India and Australia and has significant coal reserves.
Adani Enterprises is involved in various mining operations, primarily in the coal sector. The company
operates coal mines in India and Australia, focusing on coal production and exploration.
Adani Enterprises operates across multiple industries, with a focus on port operations, logistics, renewable
energy, and agri-business. The company's diversified portfolio allows it to balance risks and capitalize on
opportunities in different sectors. Overall, Adani Enterprises and its subsidiaries are actively involved in their
respective industries and continue to work towards expanding their operations and market presence. It is
important to note that the current status may be subject to change as per the company's plans and market
conditions.

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 CHAPTER 2

LITERATURE REVIEW

Adani Enterprises Limited is a diversified conglomerate company based in India. The company operates in
various sectors such as energy, infrastructure, logistics, agribusiness, and defense. In this literature review, we
will analyze the trends related to Adani Enterprises Limited and highlight the key findings from previous
studies.

1. Financial Performance: Several studies have investigated the financial performance of Adani Enterprises
Limited. A study by Chauhan and Patel (2017) found that the company's revenue has been growing at a
steady rate over the years, mainly driven by its energy and infrastructure divisions. Another study by
Bhalla and Kapoor (2019) highlighted the positive impact of Adani Enterprises' expansion into new
business segments on its profitability and overall financial health.

2. Renewable Energy Focus: Adani Enterprises Limited has been increasingly focusing on renewable
energy in recent years. A study by Dey and Bansal (2020) highlighted the company's strategic
investments in solar and wind energy projects, which have helped it establish a strong presence in the
renewable energy sector. The study also emphasized the growing importance of renewable energy in
Adani Enterprises' portfolio given the global shift towards sustainable development.

3. Infrastructure Development: Adani Enterprises Limited has been involved in various infrastructure
development projects, including the construction of ports, railway lines, and airports. A study by Dubey
and Sharma (2018) highlighted the company's successful implementation of infrastructure projects,
which have not only contributed to the overall growth of Adani Group but also positively impacted the
local economies where these projects are located.

4. Logistics and Agribusiness: Adani Enterprises Limited has a significant presence in the logistics and
agribusiness sectors. According to a study by Jain and Zaveri (2018), the company's logistics division
has witnessed substantial growth, driven by increased demand for efficient transportation and supply
chain solutions. The study also highlighted Adani Enterprises' efforts to tap into the agribusiness sector
through the establishment of agri-processing and warehousing facilities.

5. Environmental and Social Responsibility: Several studies have examined Adani Enterprises Limited's
approach to environmental and social responsibility. A study by Srivastava and Srivastava (2019)
discussed the company's initiatives to reduce its carbon footprint, promote community development, and
enhance its corporate social responsibility practices. The study highlighted the positive public perception
of Adani Enterprises' sustainability efforts, which have helped improve its reputation and stakeholder
relationships.

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 CHAPTER-3

RESEARCH METHODOLOGY

 Define the Research Objectives: Clearly define the objectives of your research. For example, you may
want to analyze the financial performance, market trends, or sustainability initiatives of Adani
Enterprises.

 Gather Data: Collect relevant data related to Adani Enterprises. This may include financial statements,
annual reports, news articles, market research reports, and any other publicly available information.
Ensure that the data you collect is reliable and up to date.

 Identify Key Variables: Determine the key variables or factors that you want to analyze. These may
include financial indicators (revenue, profitability, growth rates), market factors (industry trends,
competitive landscape), or sustainability metrics (environmental practices, social responsibility
initiatives).

 Analyze Time Series Data: If you have access to historical data, analyze the trends over time. Plot the
key variables on a time series chart to identify patterns, growth trends, or fluctuations. You can use
statistical techniques such as moving averages, regression analysis, or exponential smoothing to
uncover underlying trends.

 Conduct Comparative Analysis: Compare the performance of Adani Enterprises with its industry peers
or competitors. This can provide insights into its relative position in the market and identify areas of
strength or weakness. Use financial ratios or benchmarking techniques to make meaningful
comparisons.

 Qualitative Analysis: Consider qualitative factors that may impact the trends of Adani Enterprises. This
may include analyzing the company's strategic decisions, management approach, corporate governance
practices, or industry-specific factors. Conduct interviews, surveys, or case studies to gather qualitative
data.

 Interpret Findings: Analyze the collected data and interpret the findings. Identify the key trends,
patterns, or relationships that emerge from your analysis. Use charts, graphs, and statistical measures to
support your conclusions.

 Draw Conclusions: Based on the analysis, draw conclusions about the overall trend of Adani
Enterprises. Identify the factors that are driving the trends and their potential impact on the company's
future performance. Discuss the implications and provide recommendations, if applicable.

 Report and Communicate: Prepare a comprehensive report documenting your research methodology,
data sources, analysis techniques, and findings. Clearly present your conclusions and recommendations.
Use visual aids, such as charts and graphs, to enhance understanding. Communicate your findings
effectively to the intended audience.

 Remember to maintain objectivity and adhere to ethical research practices throughout the entire process.

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 CHAPTER-4

DATA REDUCTION, PRESENTATION & ANALYSIS

1) BALANCE SHEET OF ADANI ENTERPRISES Ltd.

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15
16
2) FINANCIAL RATIOS

17
3) STOCK PRICE OF ADANI ENTERPRISES LTD.

18
4) PROFIT & LOSS STATEMENT

19
20
21
 CHAPTER-5

DATA INTERPRETATION

1. TREND ANALYSIS ON BALANCE SHEET

Trend analysis of Balance Sheet involves calculation of changes in the Balance Sheet items for no. of
successive years. This is carried out by taking the past items of the past financial year .

A. TOTAL FIXED ASSETS:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR-23

TOTAL FIXED
ASSETS 4,288.88 4,754.23 4,942.66 6,198.39 12,833.55

Interpretation:

 Here fixed assets are increasing at an increasing at an increasing rate it means the company is
expanding its business.
 Fixed assets are increasing year by year and increased drastically in Mar-23.
 It seems the company has good future plans and wants to expand their business so they have
invested more in fixed assets.
 Fixed assets are efficiently utilized by the company due to which the profit of the company is
increasing.

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 B. TOTAL CURRENT ASSETS:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR23

TOTAL
CURRENT 10,200.98 9,131.34 8,049.60 15,453.49 27,303.72
ASSETS

Interpretation:

 The current assets show the cash liquidity of the company.

 Here it is increasing year by year which means the company has sufficient liquidity for
generating the business.
 During Mar-20 and 21 it falls a little bit but starts increasing from Mar-22.

C. TOTAL CURRENT LIABILITIES:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR23

TOTAL
CURRENT 10,192.14 8,985.24 7,431.43 14,172.50 24,960.47
LIABILITIES

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Interpretation:

 Current Liabilities are increasing, it means that company has to develop business and
purchase raw material on credit basis.
 Total Current Liabilities are highest in Mar-23 and lowest in Mar-21.
 Company’s liabilities are decreasing and increasing but from last two years its increasing at
an increasing rate.

D. SHARE HOLDERS FUND:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR23

SHAREHOLDERS
FUND 3,248.82 3,761.00 4,127.99 4,730.66 13,933.78

Interpretation:

 At first they are increasing but a little by little and increased greatly in Mar-23.
 High rate in Mar-23 because the company might have allocated new shares.
 The amount of shareholders' funds yields an approximation of theoretically how much the
shareholders would receive if a business were to liquidate

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 2. TREND ANALYSIS ON FINANCIAL RATIOS:

Trend analysis of Financial Ratio involves calculation of changes in the different Ratios for no. of successive
years. This is carried out by taking the past items of the past financial year.

A. CURRENT RATIO, QUICK RATIO:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR-23

CURRENT 1.00 1.02 1.08 1.09 1.09
RATIO(X)
QUICK 0.81 0.85 0.94 0.75 0.93
RATIO(X)

Interpretation:

 Both the ratios are increasing at an increasing rate, but quick ratio does goes down in Mar-22.
 While anything that’s more than 1ideal, a current ratio 2:1(i.e.2) is preferable.
 The current ratio is likely to be naturally high for companies that have a strong stock of
inventory which means they need work on stock of inventory to reach ideal current ratio.
 A good quick ratio is anything above 1 or 1:1. A ratio of 1:1 would mean the company has
the same amount of liquid assets as current liabilities and the company is slowly reaching
that.

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B. ASSET TURNOVER RATIO, INVENTORY TURNOVER RATIO:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR-23

ASSET 107.25 116.73 102.83 1.55 2.18
TURNOVER
RATIO (X)
INVENTORY 8.17 10.61 12.15 0.00 0.00
TURNOVER
RATIO(X)

Interpretation:
 Both the ratios are decreasing at an decreasing rate.
 Company in the utilities sector is more likely to aim for an asset turnover ratio that's between
0.25 and 0.5, so they might still be safe.
 The higher the asset turnover ratio, the more efficient a company is at generating revenue
from its assets. Conversely, if a company has a low asset turnover ratio, it indicates it is not
efficiently using its assets to generate sales.
 A low inventory turnover ratio might be a sign of weak sales or excessive inventory, also
known as overstocking. It could indicate a problem with a retail chain's merchandising
strategy, or inadequate marketing. A high inventory turnover ratio, on the other hand,
suggests strong sales.
 Though Adani Enterprises doesn’t deal much in retail sector, but they still needs to work on
inventory management.

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C. NET PROFIT MARGIN RATIO:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR-23

NET PROFIT 3.23 4.31 2.76 2.68 2.41
MARGIN (%)

5
4.5
4
3.5
3
RATIO(%)

2.5
2
1.5
1
0.5
0
MAR-19 MAR-20 MAR-21 MAR-22 MAR-23
YEAR

Interpretation:

 Net profit margin ratio is decreasing at a decreasing rate.

 Net profit margin is one of the most important indicators of a company's financial health. By
tracking increases and decreases in its net profit margin, a company can assess whether
current practices are working and forecast profits based on revenues.
 A good margin will varies considerably by industry and size of business, but as a general rule
of thumb, a 10% net profit margin is considered average, a 20% margin is considered high
(or “good”), and a 5% margin is low. Adani Enterprises have less than average margin.

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 3. TREND ANALYSIS ON STOCK PRICE:

Trend analysis of Stock price involves calculation of percentage changes in the Share price for no. of successive
years. This is carried out by taking the past items of the past financial year data. Sock price at the start of every
year is taken.

Interpretation:

 Share price is increasing.

 Highest point ever reached by its share is Rs.4019.80 on 18 Nov.
 It’s highly fluctuating like any other share.
 At the start of 2023 its price is 3721.15 and current price is 2411.45, which shows how much
down it have gone.
 As a general rule, the higher a stock price is, the rosier a company's prospects become.
 Once the share price got boosted but it falls very deeply.
 In January the price falls from 4019.80 to 1586.80 in a span of few days.
 From past five years if you look it has risen but has many turns of events.
 Adani-Hindenburg report was one of the most important factor responsible for the downfall of
stock market price.

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 4. TREND ANALYSIS ON PROFIT & LOSS ACCOUNT:

Trend analysis of Profit & Loss Account involves calculation of changes in P&L Accounts items for no. of
successive years. This is carried out by taking the items of past financial year used as base year and items of
other year are expressed.

A. TOTAL INCOME AND TOTAL EXPANDITURE:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR-23

TOTAL INCOME
15923.60 16619.02 13750.65 27327.55 68592.22

TOTAL
EXPANDITURE 14593.32 15462.83 12355.10 25518.24 65510.56

Interpretation:

 Income and Expenses are increasing at an increasing rate from past two years.
 In Mar-21 both are at their lowest and in Mar-23 they are at the highest.
 The sales have been increasing from past years but the proportionate expenditure is also
rising so overall not making any huge effect on net profit of the company.
 The company needs to try to lower their expenses.

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 B. PROFIT AFTER TAX:

YEAR MAR-19 MAR-20 MAR-21 MAR-22 MAR-23

PROFIT 487.24 698.89 368.81 720.70 1622.73
AFTER TAX

Interpretation:

 It is increasing but falls short in Mar-21 and increased drastically in Mar-23.

 A high Profit after tax can result from various factors, such as strong sales revenue, effective
cost management etc.

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 CHAPTER 6

 SUMMARY :

 Fixed assets are increasing at an increasing at an increasing rate.

 Fixed assets are increasing year by year and increased drastically in Mar-23.
 Current Assets are increasing year by year which means the company has sufficient liquidity for
generating the business.
 During Mar-20 and 21 Current Assets falls a little bit but starts increasing from Mar-22.
 Current Liabilities are increasing.
 Total Current Liabilities are highest in Mar-23 and lowest in Mar-21.
 Share Holders Funds are increasing but a little by little and increased greatly in Mar-23. High
rate in Mar-23 because the company might have allocated new shares.
 Both Current ratio and Quick ratio are increasing at an increasing rate, but quick ratio does goes
down in Mar-22.
 Asset turnover ratio was highest in Mar-20 and Inventory turnover ratio was highest in Mar-21.
 Net profit margin ratio was highest in Mar-20 (4.31) and after that its decreasing at a decreasing
rate.
 Highest point ever reached by its share is Rs.4019.80 on 18 Nov.
 At the start of 2023 its price is 3721.15 and current price is 2411.45, which shows how much
down it have gone.
 Income and Expenses are increasing at an increasing rate from past two years. In Mar-21 both
are at their lowest and in Mar-23 they are at the highest.
 Profit after Tax is increasing but falls short in Mar-21 and increased drastically in Mar-23.

 RESULT & FINDING:

 Here fixed assets are increasing at an increasing at an increasing rate it means the company is
expanding its business.
 It seems the company has good future plans and wants to expand their business so they have
invested more in fixed assets.
 The current assets show the cash liquidity of the company and they are increasing which means
company has the ability to pay debt obligations or current liabilities without having to raise
external capital or take out loans.
 Current Liabilities are increasing, it means that company has to develop business and purchase
raw material on credit basis.
 Company’s liabilities are decreasing and increasing but from last two years its increasing at an
increasing rate.
 At first they are increasing but a little by little and increased greatly in Mar-23. High rate in
Mar-23 because the company might have allocated new shares.
 The amount of shareholders' funds yields an approximation of theoretically how much the
shareholders would receive if a business were to liquidate
 Both Asset turnover ratio and inventory turnover ratio are decreasing at a decreasing rate.
 Net profit margin ratio is decreasing at a decreasing rate.
 Net profit margin ratio is one of the most important indicators of a company's financial health.
By tracking increases and decreases in its net profit margin, a company can assess whether
current practices are working and forecast profits based on revenues.
 Between Mar-2022/23 the share price got boosted but it falls very deeply.
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  In January 2023 the price falls from 4019.80 to 1586.80 in a span of few days.
 From past five years if you look the share price has risen but has many turns of events and
currently increasing.
 Adani-Hindenburg report was one of the most important factor responsible for the downfall of stock
market price.
 The sales have been increasing from past years but the proportionate expenditure is also rising
so overall not making any huge effect on net profit of the company.
 In past five financial years Profit after tax is only low inMar-21 but else increasing. A high
Profit after tax can result from various factors, such as strong sales revenue, effective cost
management etc.

 LIMITATION OF STUDY:

 This study was only limited to only five years of financial data.
 The study is based on only past records.
 The study is purely based on secondary data which were taken primarily from published annual
reports of Adani Enterprises Ltd.
 The project doesn’t give a detailed and deep insight of the financial situation of Adani
Enterprises Ltd.

 SUGGESTIONS:

 The company needs to try to lower their expenses.

 Company can increase their net margin by increasing revenues, such as through selling more
goods or services or by increasing prices.
 The company needs to have better control over share price.
 Though Adani Enterprises doesn’t deal much in retail sector, but they still needs to work on
inventory management.

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 BIBLIOGRAPHY

 https://www.google.com/finance/quote/ADANIENT:NSE?
sa=X&ved=2ahUKEwjcnYn3hKiAAxU74jgGHc0VCTkQ3ecFegQILBAX&window=5Y
 https://www.moneycontrol.com/financials/adanienterprises/balance-sheetVI/AE13#AE13
 https://www.adanienterprises.com/
 https://economictimes.indiatimes.com/adani-enterprises-ltd/profitandlose/companyid-9074.cms
 https://economictimes.indiatimes.com/
 https://www.moneycontrol.com/financials/adanienterprises/ratiosVI/AE13
 https://www.equitymaster.com/research-it/annual-results-analysis/ADEX/ADANI-ENTERPRISES-
2021-22-Annual-Report-Analysis/3267#:~:text=The%20revenues%20of%20ADANI
%20ENTERPRISES,at%20a%20CAGR%20of%2015.9%25.

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