Financial Statement Analysis

Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data

Standardized
Restated:2014 A Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A
For the period ending 2014-3-31 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31
Total Assets
+ Cash, Cash 38,654.10 42,419.40 11,343.30 14,692.40 15,322.30 14,045.60 28,697.70 12,260.90 39,788.80 55,386.90
Equivalents & STI
+ Cash & Cash 37,211.20 36,510.40 11,033.00 13,724.80 14,605.40 14,017.40 28,148.10 11,965.80 39,158.60 53,736.90
Equivalents
+ ST Investments 1,442.90 5,909.00 310.30 967.60 716.90 28.20 549.60 295.10 630.20 1,650.00
+ Accounts & Notes 101,125.30 153,191.50 101,874.60 127,417.50 120,987.70 143,070.30 131,465.30 119,826.50 137,121.90 125,528.80
Receiv
+ Accounts 101,125.30 153,191.50 101,874.60 127,417.50 120,987.70 143,070.30 131,465.30 119,826.50 137,121.90 125,528.80
Receivable, Net
+ Notes Receivable, 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net
+ Unbilled Revenues 2,145.60 2,494.40 830.60 1,256.20 4,009.80 4,556.40 5,914.50 7,632.90
+ Inventories 39,240.70 40,816.80 12,997.80 16,519.00 23,425.60 26,688.20 25,623.70 17,570.40 67,882.80 69,180.50
+ Raw Materials 12,879.40 17,110.30 0.70 1,768.10 1,938.90 800.90 964.40 1,458.80 2,399.10 1,109.80
+ Work In Process 0.00 0.00 0.00 0.00 872.00 443.40 2,375.70 2,957.70 5,010.80 4,690.30
+ Finished Goods 19,996.90 16,197.90 8,324.20 8,278.50 19,824.10 24,595.00 21,402.00 12,336.20 58,478.70 62,070.80
+ Other Inventory 6,364.40 7,508.60 4,672.90 6,472.40 790.60 848.90 881.60 817.70 1,994.20 1,309.60
+ Other ST Assets 89,995.00 90,823.90 85,005.50 60,463.50 193,997.60 46,219.80 52,032.70 45,418.90 58,745.90 113,488.20
+ Prepaid Expenses 11,600.90 9,750.30 12,781.20 14,918.70 7,901.70 9,389.20 10,094.20 8,452.60 19,191.50 22,773.10
+ Derivative & 0.00 1.20 97.90 249.10 65.70 1,156.90 40.90 32.80 3,094.40
Hedging Assets
+ Assets Held-for- 133,742.50 0.00 0.00 0.00 1,000.00
Sale
+ Misc ST Assets 78,394.10 81,073.60 72,223.10 45,446.90 52,104.30 36,764.90 40,781.60 36,925.40 39,521.60 86,620.70
Total Current Assets 269,015.10 327,251.60 213,366.80 221,586.80 354,563.80 231,280.10 241,829.20 199,633.10 309,453.90 371,217.30
+ Property, Plant & 808,509.30 851,756.90 147,672.20 180,314.20 127,109.40 115,325.30 137,097.50 143,651.50 403,854.90 675,572.10
Equip, Net
+ Property, Plant & 890,450.30 976,453.10 150,654.70 189,058.30 139,352.30 128,475.90 154,643.10 162,895.10 434,656.50 722,700.50
Equip
- Accumulated 81,941.00 124,696.20 2,982.50 8,744.10 12,242.90 13,150.60 17,545.60 19,243.60 30,801.60 47,128.40
Depreciation
+ LT Investments & 1,441.00 1,532.10 192.30 9,873.60 28,099.00 28,849.90 28,434.00 86,724.40 104,657.20 107,222.20
Receivables
+ LT Investments 1,441.00 1,532.10 192.30 9,873.60 28,099.00 28,849.90 28,434.00 86,724.40 104,657.20 107,222.20
+ Other LT Assets 103,572.00 128,045.10 56,329.60 65,119.50 55,174.90 49,906.50 61,622.90 86,419.60 199,635.90 260,866.60
+ Total Intangible 33,013.70 53,913.70 34,485.40 33,680.50 33,701.10 32,525.00 41,134.40 52,979.20 132,817.00 70,229.00
Assets
+ Goodwill 926.10 20,170.90 803.80 796.60 796.60 542.20 1,391.30 1,519.70 3,009.20 8,871.60
+ Other Intangible 32,087.60 33,742.80 33,681.60 32,883.90 32,904.50 31,982.80 39,743.10 51,459.50 129,807.80 61,357.40
Assets
+ Prepaid Expense 157.30 255.90 45.10 2,685.20 2,184.10 4,437.60 3,941.70
+ Deferred Tax 1,518.20 1,403.80 4,050.40 4,876.30 3,170.50 3,493.10 2,727.70 765.40 1,738.30 2,093.40
Assets
+ Derivative & 0.00
Hedging Assets
+ Investments in 0.00 0.00 7,250.10 9,335.70 0.00 0.00 0.00 0.00 0.00
Affiliates
+ Misc LT Assets 69,040.10 72,727.60 10,386.40 16,971.10 18,303.30 13,843.30 15,075.60 30,490.90 60,643.00 184,602.50
Total Noncurrent 913,522.30 981,334.10 204,194.10 255,307.30 210,383.30 194,081.70 227,154.40 316,795.50 708,148.00 1,043,660.90
Assets
Total Assets 1,182,537.40 1,308,585.70 417,560.90 476,894.10 564,947.10 425,361.80 468,983.60 516,428.60 1,017,601.90 1,414,878.20

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 1

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data
Restated:2014 A Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A
For the period ending 2014-3-31 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31
Liabilities &
Shareholders' Equity
+ Payables & 88,762.20 103,831.80 64,444.50 91,959.10 86,052.30 123,978.50 122,521.70 132,988.80 202,853.90 326,531.20
Accruals
+ Accounts Payable 88,762.20 103,831.80 51,943.20 76,545.10 85,490.00 119,887.30 118,136.60 117,563.40 176,478.20 285,468.50
+ Accrued Taxes 396.10 325.90 402.40 383.00 495.20 242.90 1,676.60 1,014.90
+ Interest & 1,107.80 1,030.10 1,275.30 1,288.90 2,940.00 2,191.80 8,081.00
Dividends Payable
+ Other Payables & 10,997.40 14,058.00 159.90 2,432.90 2,601.00 12,242.50 22,507.30 31,966.80
Accruals
+ ST Debt 153,948.10 194,132.00 121,603.10 116,723.90 133,637.10 82,509.80 89,221.70 64,904.30 202,839.80 70,258.80
+ ST Borrowings 153,948.10 194,132.00 110,059.90 106,798.80 125,993.80 69,591.40 81,368.40 57,700.10 193,721.00 42,418.50
+ ST Lease 0.00 0.00 0.00 0.00 0.00 0.00 186.80 125.30 636.40 12,962.90
Liabilities
+ ST Finance 0.00 0.00 0.00 0.00 0.00 0.00
Leases
+ Current Portion of 11,543.20 9,925.10 7,643.30 12,918.40 7,666.50 7,078.90 8,482.40 14,877.40
LT Debt
+ Other ST Liabilities 124,442.50 130,786.50 13,665.20 13,586.80 123,306.00 18,604.60 21,145.40 16,937.80 32,804.10 51,240.50
+ Deferred Revenue 0.00 0.00 0.00 0.00 0.00 0.00
+ Derivatives & 0.00 801.50 2,188.40 25.30 1,628.30 13.30 372.00 419.80 856.80
Hedging
+ Misc ST Liabilities 124,442.50 130,786.50 12,863.70 11,398.40 123,280.70 16,976.30 21,132.10 16,565.80 32,384.30 50,383.70
Total Current Liabilities 367,152.80 428,750.30 199,712.80 222,269.80 342,995.40 225,092.90 232,888.80 214,830.90 438,497.80 448,030.50
+ LT Debt 495,842.30 554,867.60 70,090.40 91,733.20 42,729.80 29,922.20 39,480.80 96,864.10 213,200.50 461,745.80
+ LT Borrowings 495,842.30 554,867.60 70,090.40 91,733.20 42,729.80 29,922.20 35,158.10 95,233.00 208,034.30 325,900.30
+ LT Lease 0.00 0.00 0.00 0.00 0.00 0.00 4,322.70 1,631.10 5,166.20 135,845.50
Liabilities
+ LT Finance 0.00 0.00 0.00 0.00 0.00 0.00
Leases
+ Other LT Liabilities 37,163.90 26,671.20 13,129.30 15,908.90 20,551.60 18,909.60 14,514.60 15,633.50 96,619.90 126,201.40
+ Accrued Liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
+ Pension Liabilities 0.00 0.00 278.90 378.70 461.30 433.40 558.80 691.30 1,351.40 1,955.90
+ Deferred Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
+ Deferred Tax 7,997.50 10,048.30 767.10 779.30 893.70 0.00 233.00 261.40 26,062.70 29,799.10
Liabilities
+ Derivatives & 0.00
Hedging
+ Misc LT Liabilities 29,166.40 16,622.90 12,083.30 14,750.90 19,196.60 18,476.20 13,722.80 14,680.80 69,205.80 94,446.40
Total Noncurrent 533,006.20 581,538.80 83,219.70 107,642.10 63,281.40 48,831.80 53,995.40 112,497.60 309,820.40 587,947.20
Liabilities
Total Liabilities 900,159.00 1,010,289.10 282,932.50 329,911.90 406,276.80 273,924.70 286,884.20 327,328.50 748,318.20 1,035,977.70
+ Preferred Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
and Hybrid Capital
+ Share Capital & 1,099.80 1,099.80 10,926.20 10,926.20 10,926.20 10,926.20 10,926.20 10,926.20 26,278.30 103,278.30
APIC
+ Common Stock 1,099.80 1,099.80 1,099.80 1,099.80 1,099.80 1,099.80 1,099.80 1,140.00
+ Additional Paid in 9,826.40 9,826.40 9,826.40 9,826.40 9,826.40 9,826.40 25,178.50 102,138.30
Capital
- Treasury Stock 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
+ Retained Earnings 0.00 0.00 99,597.50 109,308.10 116,205.80 108,592.90 117,838.00 126,790.70 132,224.50 155,857.30
+ Other Equity 236,472.10 256,178.30 23,252.40 21,125.40 23,759.70 28,040.30 40,701.50 33,868.80 64,062.30 71,374.50
Equity Before Minority 237,571.90 257,278.10 133,776.10 141,359.70 150,891.70 147,559.40 169,465.70 171,585.70 222,565.10 330,510.10
Interest

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 2

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data
Restated:2014 A Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A
For the period ending 2014-3-31 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31
+ Minority/Non 44,806.50 41,018.50 852.30 5,622.50 7,778.60 3,877.70 12,633.70 17,514.40 46,718.60 48,390.40
Controlling Interest
Total Equity 282,378.40 298,296.60 134,628.40 146,982.20 158,670.30 151,437.10 182,099.40 189,100.10 269,283.70 378,900.50
Total Liabilities & 1,182,537.40 1,308,585.70 417,560.90 476,894.10 564,947.10 425,361.80 468,983.60 516,428.60 1,017,601.90 1,414,878.20
Equity

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 1,099.81 1,099.81 1,099.81 1,099.81 1,099.81 1,099.81 1,099.81 1,099.81 1,099.81 1,140.00
Number of Treasury 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Shares
Pension Obligations 0.00 278.90 378.70 461.30 433.40 558.80 691.30 1,351.40 1,955.90
Future Minimum 1,153.50 894.90 371.40 269.00 756.80 657.90 13,306.00
Operating Lease
Obligations
Capital Leases - Total 0.00 0.00 0.00 0.00 0.00 0.00
Percent Of Foreign 22.67 20.75 18.24 18.70 20.81 19.41 20.48 20.74 20.42 25.70
Ownership
Number Of 37,629.00 49,364.00 100,927.00 81,677.00 74,533.00 83,070.00 81,620.00 151,802.00 226,071.00 761,044.00
Shareholders
Options Granted 0.00 0.00 0.00 0.00 0.00 0.00 0.00
During Period
Options Outstanding at 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Period End
Net Debt 611,136.30 706,580.20 180,350.20 193,764.70 161,044.60 98,386.40 100,004.80 149,507.50 376,251.50 476,617.70
Net Debt to Equity 216.42 236.87 133.96 131.83 101.50 64.97 54.92 79.06 139.72 125.79
Tangible Common 17.80 16.21 25.92 24.30 22.06 29.28 29.99 25.59 10.14 19.36
Equity Ratio
Current Ratio 0.73 0.76 1.07 1.00 1.03 1.03 1.04 0.93 0.71 0.83
Cash Conversion 28.69 24.07 60.91 57.06 56.50 37.12 16.70 -5.67 9.10 -22.30
Cycle
Number of Employees 1,518.00 1,614.00 877.00 2,042.00 790.00 1,155.00 2,140.00

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 3

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data

BBG Adj Highlights

Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
Market Capitalization 676,768.13 81,165.98 119,384.38 172,010.30 161,397.13 151,333.87 1,134,069.17 2,215,842.36 1,995,514.96 2,704,082.66
- Cash & Equivalents 42,419.40 11,343.30 14,692.40 15,322.30 14,045.60 28,697.70 12,260.90 39,788.80 55,386.90 84,126.50
+ Preferred & Other 41,018.50 852.30 5,622.50 7,778.60 3,877.70 12,633.70 17,514.40 46,718.60 48,390.40 50,685.40
+ Total Debt 748,999.60 191,693.50 208,457.10 176,366.90 112,432.00 128,702.50 161,768.40 416,040.30 532,004.60 571,446.40
Enterprise Value 1,424,366.83 262,368.48 318,771.58 340,833.50 263,661.23 263,972.37 1,301,091.07 2,638,812.46 2,520,523.06 3,242,087.96

Revenue, Adj 643,979.20 337,862.80 365,227.10 357,533.90 402,104.20 432,971.10 394,429.50 693,043.60 1,368,258.80 1,059,140.60
Growth %, YoY 16.94 -47.54 8.10 -2.11 12.47 7.68 -8.90 75.71 97.43 -13.64
Gross Profit, Adj
Margin %
EBITDA, Adj 185,383.80 28,240.10 33,430.10 38,419.60 39,874.30 34,306.30 38,175.60 57,397.10 119,896.50 103,495.40
Margin % 28.79 8.36 9.15 10.75 9.92 7.92 9.68 8.28 8.76 9.77
Net Income, Adj 18,967.78 10,239.61 9,763.43 8,870.55 7,010.08 10,800.49 9,193.85 7,744.04 24,612.08 24,442.90
Margin % 2.95 3.03 2.67 2.48 1.74 2.49 2.33 1.12 1.80 2.31
EPS, Adj 17.25 9.31 8.88 8.07 6.37 9.82 8.36 7.04 21.68 21.44
Growth %, YoY -11.59 -46.02 -4.65 -9.15 -20.97 54.07 -14.88 -15.77 207.83 95.32

Cash from Operations 14,796.80 45,499.40 -1,517.10 17,677.80 21,999.00 13,804.80 32,038.10 -3,945.60 148,924.20
Capital Expenditures -95,574.20 -59,201.40 -41,671.20 -73,050.00 -17,723.20 -29,011.60 -41,389.80 -116,474.80 -147,247.20 -114,985.70
Free Cash Flow -80,777.40 -13,702.00 -43,188.30 -55,372.20 4,275.80 -15,206.80 -9,351.70 -120,420.40 1,677.00

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 1

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data

Standardized
Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
Cash from Operating
Activities
+ Net Income 19,480.50 10,107.20 9,877.40 7,572.50 7,171.40 11,381.70 9,226.40 7,765.60 24,729.40 24,442.90
+ Depreciation & 35,218.60 3,144.50 6,400.00 13,575.60 10,872.50 6,017.90 6,165.80 12,477.80 24,361.40 29,584.70
Amortization
+ Non-Cash Items -7,547.80 -3,428.50 -4,294.90 -1,459.60 -11,564.10 1,016.40 -1,857.90 1,132.70 26,276.90
+ Other Non-Cash -7,547.80 -3,428.50 -4,294.90 -1,459.60 -11,564.10 1,016.40 -1,857.90 1,132.70 26,276.90
Adj
+ Chg in Non-Cash -32,354.50 35,676.20 -13,499.60 -2,697.90 14,089.40 -4,611.20 18,503.80 -25,321.70 73,556.50
Work Cap
+ (Inc) Dec in Accts -52,508.80
Receiv
+ (Inc) Dec in -1,648.40 -1,331.30 -3,521.20 -7,131.20 -3,692.30 1,725.90 3,434.20 -50,237.90 -1,297.70
Inventories
+ Inc (Dec) in Other 21,802.70 37,007.50 -9,978.40 4,433.30 17,781.70 -6,337.10 15,069.60 24,916.20 74,854.20
+ Net Cash From Disc 0.00 0.00 0.00 687.20 1,429.80 0.00 0.00 0.00 0.00
Ops
Cash from Operating 14,796.80 45,499.40 -1,517.10 17,677.80 21,999.00 13,804.80 32,038.10 -3,945.60 148,924.20
Activities

Cash from Investing

Activities
+ Change in Fixed & -91,523.00 -58,900.20 -41,469.30 -72,940.20 -17,652.30 -27,215.00 -33,589.90 -116,456.10 -146,548.00
Intang
+ Disp in Fixed & 4,051.20 301.20 201.90 109.80 70.90 1,796.60 7,799.90 18.70 699.20
Intang
+ Disp of Fixed Prod 4,051.20 301.20 201.90 109.80 70.90 1,796.60 7,799.90 18.70 699.20
Assets
+ Disp of Intangible 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Assets
+ Acq of Fixed & -95,574.20 -59,201.40 -41,671.20 -73,050.00 -17,723.20 -29,011.60 -41,389.80 -116,474.80 -147,247.20
Intang
+ Acq of Fixed Prod -95,574.20 -59,201.40 -41,671.20 -73,050.00 -17,723.20 -29,011.60 -41,389.80 -116,474.80 -147,247.20
Assets
+ Acq of Intangible 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Assets
+ Net Change in LT 0.00 0.00 0.00 0.00 0.00 0.00 3,023.20 888.20 0.00
Investment
+ Dec in LT 0.00 0.00 0.00 0.00 0.00 0.00 3,023.20 888.20 0.00
Investment
+ Inc in LT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investment
+ Net Cash From Acq -42,043.00 -472.50 -728.10 0.00 12,695.20 0.00 0.00 -14,842.60 -9,136.90
& Div
+ Cash from 0.00 453.00 0.00 0.00 12,695.20 0.00 0.00 0.00 0.00
Divestitures
+ Cash for Acq of -42,043.00 -523.50 0.00 0.00 0.00 0.00 0.00 -14,842.60 -9,136.90
Subs
+ Cash for JVs 0.00 -402.00 -728.10 0.00 0.00 0.00 0.00 0.00 0.00
+ Other Investing 7,070.80 26,856.60 23,360.50 -9,638.40 18,258.20 -605.50 -51,677.00 -52,673.60 -19,000.10
Activities
+ Net Cash From Disc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ops

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 1

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data
Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
Cash from Investing -126,495.20 -32,516.10 -18,836.90 -82,578.60 13,301.10 -27,820.50 -82,243.70 -183,084.10 -174,685.00
Activities

Cash from Financing

Activities
+ Dividends Paid -1,460.00 -2,084.50 0.00 -529.50 -530.30 -1,856.30 0.00 -1,099.80 -1,140.00
+ Cash From 115,367.30 -17,460.80 17,195.80 65,854.40 -46,045.50 11,395.20 44,052.40 184,963.40 -48,103.40
(Repayment) Debt
+ Cash From 40,183.90 -29,775.60 -3,261.10 30,868.30 -56,332.60 11,613.40 -13,371.50 54,960.90 -151,368.40
(Repay) ST Debt
+ Cash From LT 262,784.20 47,719.30 42,664.40 119,821.30 30,314.70 32,740.80 75,200.60 133,775.20 303,385.40
Debt
+ Repayments of LT -187,600.80 -35,404.50 -22,207.50 -84,835.20 -20,027.60 -32,959.00 -17,776.70 -3,772.70 -200,120.40
Debt
+ Cash (Repurchase) 0.10 0.00 5,393.90 1,005.90 269.80 636.00 0.00 0.00 77,000.00
of Equity
+ Increase in Capital 0.10 0.00 5,393.90 1,005.90 269.80 636.00 0.00 0.00 77,000.00
Stock
+ Decrease in 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital Stock
+ Other Financing -45.00 0.00 374.40 2,124.90 780.10 2,937.70 -1,349.50 1,159.30 -6,307.30
Activities
+ Net Cash From Disc 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ops
Cash from Financing 113,862.40 -19,545.30 22,964.10 68,455.70 -45,525.90 13,112.60 42,702.90 185,022.90 21,449.30
Activities

Effect of Foreign 2,957.50 4,949.90 -2,309.00 576.20 5,870.00 12,411.20 -7,082.70 4,467.60 14,012.50
Exchange Rates

Net Changes in Cash 5,121.50 -1,612.10 301.10 4,131.10 -4,355.80 11,508.10 -14,585.40 2,460.80 9,701.00

Cash Paid for Taxes 8,337.70 2,305.10 2,195.00 2,501.00 2,109.10 2,671.30 1,121.80 2,046.70 9,099.70
Cash Paid for Interest 79,410.00 14,935.20 15,805.90 17,260.00 16,058.20 15,321.60 12,117.00 26,008.70 33,424.50

Reference Items
EBITDA 185,339.70 28,071.90 33,311.50 37,477.90 33,160.90 34,205.50 38,169.60 57,393.10 119,896.50 103,495.40
Trailing 12M EBITDA 28.78 8.31 9.12 10.48 8.25 7.90 9.68 8.28 8.76 9.77
Margin
Interest Received 8,719.80 7,542.90 6,510.30 5,469.90 4,762.50 4,590.60 3,219.90 8,209.70 6,083.40
Net Cash Paid for 42,043.00 523.50 14,842.60 9,136.90
Acquisitions
Free Cash Flow -80,777.40 -13,702.00 -43,188.30 -55,372.20 4,275.80 -15,206.80 -9,351.70 -120,420.40 1,677.00
Free Cash Flow to -28,245.37 -3,139.68 -35,027.80 -47,776.10 12,456.06 -8,050.30 -1,246.69 -110,633.24 22,090.75
Firm
Free Cash Flow to 38,641.10 -30,861.60 -25,790.60 10,592.00 -41,698.80 -2,015.00 42,500.60 64,561.70 -45,727.20
Equity
Free Cash Flow per -73.45 -12.46 -39.27 -50.35 3.89 -13.83 -8.50 -109.49 1.48
Basic Share
Price to Free Cash 37.75 1,185.22 1,605.73
Flow
Cash Flow to Net 0.76 4.50 -0.15 2.33 3.07 1.21 3.47 -0.51 6.02
Income

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 2

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data

BBG Adjusted
Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
Revenue 643,979.20 337,862.80 365,227.10 357,533.90 402,104.20 432,971.10 394,429.50 693,043.60 1,368,258.80 1,059,140.60
+ Sales & Services 643,979.20 337,862.80 365,227.10 357,533.90 402,104.20 432,971.10 394,429.50 693,043.60 1,368,258.80 1,059,140.60
Revenue
+ Other Operating 1,839.60 1,455.50 855.90 1,705.30 1,682.40 1,054.50 941.80 1,158.20 1,518.80
Income
- Operating Expenses 495,653.60 314,222.70 339,052.90 334,395.20 374,784.80 405,737.20 363,361.50 649,282.50 1,274,242.50 985,229.90
+ Selling & 5,325.70 1,667.30 1,088.80 2,870.20 1,669.10 1,478.00 5,522.40
Marketing
+ Research & 0.00 0.00 0.00 0.00 0.00 0.00
Development
+ Depreciation & 70,437.20 3,144.50 3,154.60 6,639.20 10,872.50 4,720.60 5,371.40 14,563.20 26,148.80 29,584.70
Amortization
+ Prov For Doubtful 44.90 -143.30 214.60 75.80 300.20 986.60 93.20 865.60 -415.30
Accts
+ Other Operating 419,845.80 309,554.20 334,594.90 327,680.20 363,612.10 397,159.80 356,227.80 632,375.70 1,242,986.60 955,645.20
Expense
Operating Income 150,165.20 25,095.60 27,030.10 24,844.00 29,001.80 28,288.40 32,009.80 44,919.30 95,535.10 73,910.70
(Loss)
- Non-Operating 124,315.40 14,335.30 16,570.50 17,917.30 24,256.00 17,895.40 21,196.60 35,429.60 63,203.70 35,743.10
(Income) Loss
+ Interest Expense, 54,173.40 3,664.50 4,463.00 4,993.70 8,582.40 4,822.50 7,479.00 11,904.40 21,651.90
Net
+ Interest Expense 60,884.80 11,404.20 10,774.40 10,199.50 13,472.90 10,065.10 11,793.60 19,601.30 30,033.70
- Interest Income 6,711.40 7,739.70 6,311.40 5,205.80 4,890.50 5,242.60 4,314.60 7,696.90 8,381.80
+ Other Investment -170.50 -1,771.60 -37.80 -44.00 -27.70 -0.20 -0.40 -0.60 -0.70
(Inc) Loss
+ Foreign Exch 11,694.30 2,718.80 528.60 -777.10 -1,055.70 -3,635.20 -2,251.00 3,494.50 3,370.40
(Gain) Loss
+ (Income) Loss 0.00 0.00 0.00 0.00 0.00
from Affiliates
+ Other Non-Op 58,618.20 9,723.60 11,616.70 13,744.70 16,757.00 16,708.30 15,969.00 20,031.30 38,182.10 33,951.30
(Income) Loss
Pretax Income (Loss), 25,849.80 10,760.30 10,459.60 6,926.70 4,745.80 10,393.00 10,813.20 9,489.70 32,331.40 38,167.60
Adjusted
- Abnormal Losses -784.10 202.50 -717.10 2,534.50 1,066.40 -830.30 -46.50 -30.80 -167.60 0.00
(Gains)
+ Abnormal -182.90 -359.20 -401.20 -63.30 -287.30 -0.90
Derivatives
+ Disposal of Assets -160.70 6.50 92.40 23.70 2.00 -425.40 -27.30 -11.70 -18.20
+ Asset Write-Down 896.40 6,708.00
+ Gain/Loss on Sale/ -131.00 -43.50
Acquisition of Business
+ Sale of -446.30 -63.10 -138.80 -167.40 -265.40 -117.60 -18.30 -19.10 -105.90
Investments
+ Unrealized
Investments
+ Other Abnormal 5.80 749.30 -269.50 1,845.10 -5,378.20
Items
Pretax Income (Loss), 26,633.90 10,557.80 11,176.70 4,392.20 3,679.40 11,223.30 10,859.70 9,520.50 32,499.00 38,167.60
GAAP
- Income Tax 3,653.90 779.40 2,711.50 1,121.10 1,445.40 3,243.30 3,396.50 4,766.80 10,409.60 13,460.70
Expense (Benefit)

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 1

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data
Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
+ Current Income 1,408.40 1,575.50 1,830.70 1,130.90 1,675.50 2,413.80 1,226.60 3,914.10 7,698.10 10,597.50
Tax
+ Deferred Income 2,245.50 -796.10 880.80 -9.80 -230.10 829.50 2,169.90 852.70 2,711.50 2,863.20
Tax
- (Income) Loss from -219.90 -1,175.30 -2,194.80 -1,917.30 -2,419.90 -2,994.40 -3,123.30 -2,126.60 -601.40
Affiliates
Income (Loss) from 22,980.00 9,998.30 9,640.50 5,465.90 4,151.30 10,399.90 10,457.60 7,877.00 24,216.00 25,308.30
Cont Ops
- Net Extraordinary 0.00 0.00 388.00 -476.10 -907.80 0.00 0.00 0.00 0.00 0.00
Losses (Gains)
+ Discontinued 0.00 0.00 388.00 -476.10 -907.80 0.00 0.00 0.00 0.00 0.00
Operations
+ XO & Accounting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Changes
Income (Loss) Incl. MI 22,980.00 9,998.30 9,252.50 5,942.00 5,059.10 10,399.90 10,457.60 7,877.00 24,216.00 25,308.30
- Minority Interest 3,499.50 -108.90 -624.90 -1,630.50 -2,112.30 -981.80 1,231.20 111.40 -513.40 865.40
Net Income, GAAP 19,480.50 10,107.20 9,877.40 7,572.50 7,171.40 11,381.70 9,226.40 7,765.60 24,729.40 24,442.90
- Preferred Dividends 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- Other Adjustments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Income Avail to 19,480.50 10,107.20 9,877.40 7,572.50 7,171.40 11,381.70 9,226.40 7,765.60 24,729.40 24,442.90
Common, GAAP

Net Income Avail to 18,967.78 10,239.61 9,763.43 8,870.55 7,010.08 10,800.49 9,193.85 7,744.04 24,612.08 24,442.90
Common, Adj
Net Abnormal Losses -512.72 132.41 -501.97 1,774.15 746.48 -581.21 -32.55 -21.56 -117.32 0.00
(Gains)
Net Extraordinary 0.00 0.00 388.00 -476.10 -907.80 0.00 0.00 0.00 0.00 0.00
Losses (Gains)

Basic Weighted Avg 1,099.81 1,099.81 1,099.81 1,099.81 1,099.80 1,099.81 1,099.81 1,099.81 1,135.49 1,140.00
Shares
Basic EPS, GAAP 17.71 9.19 8.98 6.89 6.52 10.35 8.39 7.06 21.78 21.44
Basic EPS from Cont 17.71 9.19 9.33 6.45 5.69 10.35 8.39 7.06 21.78 21.44
Ops, GAAP
Basic EPS from Cont 17.25 9.31 8.88 8.07 6.37 9.82 8.36 7.04 21.68 21.44
Ops, Adjusted

Diluted Weighted Avg 1,099.81 1,099.81 1,099.81 1,099.81 1,099.80 1,099.81 1,099.81 1,099.81 1,135.49 1,140.00
Shares
Diluted EPS, GAAP 17.71 9.19 8.98 6.89 6.52 10.35 8.39 7.06 21.78 21.44
Diluted EPS from Cont 17.71 9.19 9.33 6.45 5.69 10.35 8.39 7.06 21.78 21.44
Ops, GAAP
Diluted EPS from Cont 17.25 9.31 8.88 8.07 6.37 9.82 8.36 7.04 21.68 21.44
Ops, Adjusted

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 185,383.80 28,240.10 33,430.10 38,419.60 39,874.30 34,306.30 38,175.60 57,397.10 119,896.50 103,495.40
EBITDA Margin 28.79 8.36 9.15 10.75 9.92 7.92 9.68 8.28 8.76 9.77
(T12M)
EBITA 150,165.20 25,462.10 30,667.50 31,780.40 29,001.80 30,022.90 33,738.00 44,948.30 96,725.90
EBIT 150,165.20 25,095.60 27,030.10 24,844.00 29,001.80 28,288.40 32,009.80 44,919.30 95,535.10 73,910.70
Operating Margin 23.32 7.43 7.40 6.95 7.21 6.53 8.12 6.48 6.98 6.98
Profit Margin 2.95 3.03 2.67 2.48 1.74 2.49 2.33 1.12 1.80 2.31
Sales per Employee 240,597,562.58 221,520,384.14 458,499,657.92 212,032,859.94 499,277,848.10 600,037,748.92 639,373,271.03
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 2

 Financial Statement Analysis
Ticker: ADE IN Equity Periodicity: Annuals Currency: INR Note: Years shown on the report are Fiscal Years Company: Adani Enterprises Ltd
Filing: Most Recent Consolidation Basis: Consolidated Data
Restated:2015 A Restated:2016 A Restated:2017 A Restated:2018 A Restated:2019 A Original:2020 A Original:2021 A Original:2022 A Original:2023 A Current/LTM
For the period ending 2015-3-31 2016-3-31 2017-3-31 2018-3-31 2019-3-31 2020-3-31 2021-3-31 2022-3-31 2023-3-31 2023-9-30
Dividends per Share 1.40 0.40 0.40 0.40 0.40 1.40 1.00 1.00 1.00
Total Cash Common 1,539.73 439.92 439.92 439.92 439.92 1,539.73 1,099.81 1,099.81 1,140.00
Dividends
Personnel Expenses 11,503.60 5,279.20 5,106.70 5,683.10 6,564.00 6,824.80 8,293.10 11,805.60 18,773.30 20,819.70
Export Sales 0.00
Depreciation Expense 35,218.60 2,778.00 2,762.60 6,639.20 10,872.50 4,283.40 4,437.60 12,448.80 23,170.60
Rental Expense 628.30 351.20 504.10 199.10 269.40 219.30 126.50 567.10

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP
Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates
do not provide investment advice, and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 12/01/2023 03:53:03 3

 CORPORATE FINANCE
CASE STUDY ON: Ratio Analysis of Company for the last
five years : 2018-19 to 2022-23
Company Name: Adani Enterprises Ltd

Submitted By:
Name- Rishabh Thakur
Roll No- 23WU0202230
Submitted to:
Dr. Nikhil

( Assosiate Professor Finance)