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25th July, 2022BSE LimitedP J Towers,Dalal Street,Mumbai – 400001.National Stock Exchange of India LimitedExchange plaza,Bandra-Kurla Complex,Bandra (E), Mumbai – 400051.Scrip Code: 512599Scrip Code: ADANIENTDear Sir / Madam,Sub: Submission of presentation for interaction at the investors’ meeting.Please find enclosed herewith the presentation to be deliberated at theinvestors’ meeting.You are requested to take the same on your records.Thanking you,Yours faithfully,Encl: As aboveAdani Enterprises Ltd“Adani Corporate House”,Shantigram, Near Vaishno Devi Circle,S. G. Highway, KhodiyarAhmedabad 382 421Gujarat, IndiaCIN: L51100GJ1993PLC019067Tel 91 79 2656 5555Fax 91 79 2555 5500info@adani.comwww.adani.comRegistered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421
Adani New Industries Limited (ANIL)Sunidhi Investor Meet – Green Hydrogen Ecosystem25 July 20220
CONTENTS1Adani Portfolio Overview2ANIL: Green Hydrogen Ecosystem
01Adani Portfolio OverviewSTRICTLY CONFIDENTIAL
Adani: A World Class Infrastructure & Utility Portfolio USD 170 bn1Combined Market CapInfrastructure PortfolioIncubatorEnergy & UtilityTransport & LogisticsDirect to lesATLT&DAPSEZPorts & LogisticsNQXT2AWLFood FMCG(37.4%)(75.0%)ATGL3Gas DiscomAPLIPP(100%)(50%)(100%)(100%)(100%)ANILNew IndustriesAdaniConneX4Data CentreAAHLAirportsARTLRoadsADLDigital(%): Promoter equity stake in Adani Portfolio companies(%): AEL equity stake in its subsidiaries(100%)Other businesses(44%)(100%).Other specialty businesses(Defence, Mining services, Copper,Petrochemicals)- Represents public traded listed verticalsA multi-decade story of high growth and de-risked cash flow generation1 . As on June 30, 2022, USD/INR – 78.90 Note - Light blue color represent public traded listed verticals 2. NQXT: North Queensland Export Terminal 3. ATGL: Adani Total Gas Ltd, JV with Total Energies 4. Data center, JVwith EdgeConnex, APSEZ: Adani Ports and Special Economic Zone Limited; ATL: Adani Transmission Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: AdaniAirport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited3
Adani: Decades long track record of industry best growth rates across sectorsPort Cargo Throughput (MMT)Renewable Capacity (GW)132%12%18%5x3xCGD7 (GAs8 ssion Network (ckm)APSEZ972 MMT1,320 MMT113 MMT312 MMTAPSEZHighest Margin amongPeers globallyEBITDA margin: 70% 1,2Next best peer margin: 55%Industry20162022AGEL46 GW150 GW90.3 GW20.4 GW6AGELWorlds largestdeveloperEBITDA margin: 92% 1,4Among the best in IndustryIndustry20162022ATL320,000 ckm456,716 ckm6,950 ckm18,795 ckmATLHighest availabilityamong PeersEBITDA margin: 92%1,3,5Next best peer margin: 89%Industry20152022AGL62 Gas293 GAs6 GAs52 GAsATGLIndia’s Largest private CGDbusinessEBITDA margin: 41%10Among the best in industryTransformative model driving scale, growth and free cashflowNote: 1. Data for FY22; 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 supply5. Operating EBITDA margin of transmission business only, does not include distribution business. 6. Contracted & awarded cap acity 7. CGD: City Gas distribution 8. GAs - Geographical Areas - Including JV Industry data isfrom market intelligence 9. This includes 17GW of renewable capacity where PPA has been signed and the capacity is under vari ous stages of implementation and 29GW of capacity where PPA is yet to be signed’ 10. Data forFY214
Adani: Repeatable, robust & proven transformative model of investmentPhaseActivityOrigination Analysis & marketintelligence Viability analysis Strategic valueDevelopmentSite DevelopmentOperationsOperationConstruction Site acquisition Engineering & design Concessions ®ulatory agreements Sourcing & quality levels Investment casedevelopmentPost Operations Equity & debt funding atprojectCapital Mgmt Life cycle O&Mplanning Redesigning the capital structureof the asset Asset Management Plan Operational phase funding consistentwith asset life PerformanceIndia’s LargestCommercial Port (atMundra)Highest Marginamong PeersLongest Private HVDC Linein Asia(Mundra - Mohindergarh)Highest availabilityEnergy Network OperationCenter (ENOC)6 4 8 MW Ultra Mega SolarPower Plant(at Kamuthi, TamilNadu)Centralized continuousmonitoring of plantsacross India on a singlecloud based platformConstructed andCommissioned in ninemonths First ever GMTN of USD 2Bn by an energyutility player in India - an SLB in line withCOP26 goals - at AEMLAGEL’s tied up “Diversified GrowthCapital” with revolving facility of USD 1.64Bn - fully fund its entire project pipelineIssuance of 20 & 10 year dual tranchebond of USD 750 mn - APSEZ the onlyinfrastructure company to do soGreen bond issuance of USD 750 mnestablishes AGEL as India’s leading creditin the renewable sectorDebt structure moving from PSUbanks to Bonds6%37%14%31%O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global MediumTerm Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd. IG: Investment Grade, LC: Letter of Credit, DII: DomesticInstitutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd.PSUPvt. BanksBondsDIIGlobal Int. Banks PSU – Capex LC55%March 201625%6%8% 18%March 20225
ANIL: Emulating Adani’s Business PhilosophyDevelopmentOperationsLarge Integrated PlatformDe-risking CapexStrategic LocationPlatform uniquely positioned to offerscale and high efficienciesIntegrated platform - Lowest cost ofenergy - Lowest cost for all productsin value chainNext generation technologies to stayahead of the curveIntegrated ManufacturingPartnership with industry leadingtechnology partnersMundra SEZ: Integrated Green H2 HubLand availability, supportinginfrastructure, large existing industryclusterKhavda: Green H2 Generation HubEnergy Infrastructure ExpertiseAdopting Global StandardsTechnology enabled OperationsAdopting Global Green Hydrogenstandard making it ready to exportENOCAnalytics driven O&M with AI basedtechnology to maximize generationand perform predictive maintenanceAdani expertise in building andoperating energy infrastructureassets across entire value chainGlobally accepted Highestmanufacturing quality standardsValue CreationFavourable Govt. PoliciesEfficient Capital ManagementSustainability FocusSeveral production linked and capexlinked incentives for Green H2ecosystemLong term guaranteed offtakecontracts plannedCapital management plan in line withunderlying business philosophyDiversification of funding sourcesSeveral environmental and socialactivities undertaken at Mundra:Water conservation, afforestation,community, health and educationinfrastructure for local communitiesH2: Hydrogen; RE: Renewable Energy; GW: Gigawatt; ENOC: Energy Network Operation Centre; AI: Artificial Intelligence; O&M: Operation & Maintenance; SEZ: Special Economic Zone6
02ANIL: Green Hydrogen EcosystemSTRICTLY CONFIDENTIAL
About Adani New Industries Limited (ANIL): The Vision1Significant Green Hydrogen demand Green H2 market of 6 MMTPA by 2030 and 2030 MMTPA by 20505Decarbonization of Industrial Energy & Mobility Decarbonisation covering Manufacturing ecosystem, Green H2 generation and Downstream products like LH2,ammonia, methanol, urea and DAP2 Transitioning from imported fossil fuel energy todomestic green energy Adani Group investment of USD 50 bn by 2030in Green H2 ecosystemNew Industries34Transform India’s Energy EcosystemIntegrated Green H2 ecosystem Green H2 generation hub at Khavda, Gujarat Green H2 consumption hub at Mundra, GujaratEnd-to-end supply chain and resource control Execution Risk mitigated by full integration ofsupply chain Tighter control on cost and resourcesDecarbonize and deliver the lowest cost green molecule to transform India’s energy landscapeUSD: INR 75H2: Hydrogen; MMTPA: Million Metric Tons Per Annum8
ANIL Business Segments Manufacturing, H2 generation anddownstream products will result ina fully integrated green hydrogenecosystemAdani New IndustriesLimitedSupply Chain ProductsManufacturingGreen Hydrogen Generation Manufacture key componentsand materials for RE projectsIntegrated RE and H2Electrolyser Projects Independent P&L for eachmanufacturing entity. Renewable Power generationto power H2 electrolyserSolar – PolysiliconSolar – Ingot, wafer, cell, modulesWTGElectrolysersBatteryFuel Cells Part of H2 will go intodownstream products Integrated project connectingKhavda to Mundra with a H2pipeline for manufacturing ofdownstream productsDownstream ProductsLarge scale downstreamprojects involving chemicalprojects Focus on Ammonia, urea,methanol / ethanol Develop Mundra SEZ as Hydrogenconsumption hub and Khavda asHydrogen generation hub Manufacturing of ancillaries suchas Glass, Trackers also being set upin Mundra ensuring completeintegration Largely establishedtechnology / projects Various incentives being proposedby Government under Gujarat statemanufacturing policies andNational Green Hydrogen Mission Anchor projects in MundraSEZ Total investment of USD 50 bn by2030 Technology development toscale up and integrate RE andElectrolysersRE: Renewable Energy; H2: Hydrogen; P&L: Profit & Loss; MSPVL: Mundra Solar Photovoltaic Limited; PPA: Power Purchase Agreement; WTG: Wind Turbine Generator; SEZ: Special Economic Zone9
Green Hydrogen – Massive potential to decarbonize industriesEnd Use SectorsGreen Hydrogen Market (MMT)1.85Refinery Demand0.780.130.78 Substitution of Ammonia imports0.46CGD Demand0.060.191.51Green Fertilizer0.260.670.18Exports andShipping fuel1.35 India imports 10 MT urea. Opportunity to substitute urea imports Green methanol production which can be blended with diesel for loweremissions Pilots are being conducted for 15% methanol blending with diesel8.500.30 Green H2 blended with city gas distribution (15% blending expected inline with National Hydrogen Energy mission) GHCO mandates as decided by MNRE8.66Mobility - Methanol Green H2 consumption by existing refining capacity in line withexpected policy from GoI (National Hydrogen Energy mission) New Refinery projects will further add to demand.0.52Green AmmoniaRemarks2.50 Forecast in line with MNRE projections, additional demand from greenshipping fuel21.8Total0.9FY266.0FY30FY35GHCO: Green Hydrogen Consumption Obligation; CGD: City Gas Distribution; MMT: Million Metric Tons; MT: Metric Tons; MNRE: Ministry of New & Renewable Energy; H2: Hydrogen; GoI: Government of India10
ANIL Business Philosophy: End to end value chain tteryElectrolyserGreen H2GenerationEcosystemGreen H2pipelineDownstreamProducts Full backward integration starting from silicon till modulesKey Considerations Focus on high efficiency future technologies – TOPCon and HJT ANIL & AGEL will be the largestconsumer of RE manufacturingecosystem Manufacturing Hub, Nacelle & Rotor Blades Technology partnership with renowned global players Focus on utility scale stationary storage market Partnership with established technology players being evaluated Full backward integration for better control and cost efficiency Focus on reduction in production cost: USD 250/kW - USD 100/kW (FY30) Khavda resource site to supply power to H2 generation plant Electrolyser supplied by manufacturing division Market certainty for ANIL givencaptive consumers and executioncertainty for captive consumers Fully integrated manufacturing andconsumption to result in lowerwastage, faster turnaround, lowerinventory, savings in overheadsimproving cost efficiency Electrolyser technology (AWE and PEM) targeting lowest H2 generationcost while maintaining flexibility for intermittent renewable power Khavda as the ideal Hydrogengeneration hub due to its immenseRE potential and site readiness Integrated project connecting Khavda to Mundra with H2 pipeline of initial1.0 MMTPA for manufacturing of downstream products at Mundra SEZ Mundra as an ideal green Hydrogenand manufacturing ecosystem dueto fully developed site and utilityinfrastructure Landed cost at Mundra will be the lowest through pipeline given economiesof scale Mundra SEZ best placed to become green Hydrogen hub with portinfrastructure and various industry clusters Multiple end use cases: Ammonia, methanol, urea and DAP production Industry clusters for Green H2 consumption: Steel, PetchemH2: Hydrogen; ANIL: Adani New Industries Limited; AGEL: Adani Green Energy Limited; TOPCon: Tunnel oxide passivated contact technology; HJT: Heterojunction technology; WTG: Wind Turbine Generator; PEM: Polymerelectrolyte membrane; MMTPA: million metric ton per annum; RE: Renewable Energy; SEZ: Special Economic Zone11
Khavda: An ideal hub for Renewable Green Hydrogen GenerationGreen Hydrogen Generation at Khavda 80% of the total cost to produce hydrogen ispower cost Low cost renewable power key ingredient forgreen hydrogen generationH2Khavda (Green H2 Generation Hub)H2 pipeline of initial1.0 MMTPA (210 kms)Mundra SEZ (Green H2 ConsumptionHub) Khavda site ( 71,000 acres) in Gujarat withlarge scale renewable deployment potential of 20 GW High wind and solar resource potential at site Site is ready for renewable power projects as wellas H2 generation projects deployment Electrolyser to be sourced from manufacturingfacility at Mundra SEZ Green H2 generation plant to be located nearthe renewable cluster. Green H2 to betransported via pipeline to MundraH2: Hydrogen; ROW: Right of Way; CTU: Central Transmission Utility; CUF: Capacity Utilization Factor; M/s: Meters / Second; MMTPA: Million Metric Tons Per Annum; SEZ: Special Economic Zone12
ANIL: Green Hydrogen Ecosystem for First phase of 1.0 MMTPAKey components of the project which is to be executed for 1.0 MMTPA Green H2 ecosystem include:Hybrid REGeneration 20 GW RenewableEnergy Capacities tobe optimizedwith furtherstudies WeH2 Pipeline 210 KmpipelineElectrolyzer forGreen H2productionGreen H2Compression Up to 14GWElectrolyzercapacity 1 MMTPAGreenHydrogen (H2)productionGreen AmmoniaGreenAmmoniaOfftake 5.6 MMTPAGreenAmmoniacapacity orequivalentderivatives 1 Developmentof derivativetransportinfrastructure at Mundraport Air separationUnit (ASU) forNitrogengeneration Export to EU,Japan andKorea Domesticdemandwill also look at Urea and/or methanol production or LH2 possibilities as per Carbon Dioxide (CO2) availability and market study13
Mundra SEZ: The largest integrated Green Hydrogen Hub in the worldFull suite of Hydrogenofferings For multiple end uses including substantial captiveuse in Adani Portfolio businesses 1RE capacitydirectlyconnected48 GWGreen HydrogenUpto 2.54MMTPA5Green FertilizersSteel, Petrochemicals26Fuel cell mobility atMundra & other portsExports as ammoniaGreen AmmoniaUpto 7.54MMTPAGreen MethanolUpto 1.7MMTPAHydrogenCompression &StorageOthertechnologies (LH2,LOHC)MundraGreenHydrogenHubMarine Mobility(Ammonia, Methanol)4Available asrequired73Supports 1.5MMTPAecosystem And backed by credibleaction on groundLong haul & heavyTrucking (Methanolfor diesel blending)Polysilicon, CGD,Edible oil & otherSmall scale users of H28Power generation- CofiringOnly Hydrogen Hub developedby a player with Renewable and Portinfrastructure expertise Downstream demandBacked by ongoinginvestments Polysilicon capacity (30KMTPA by FY25) MOU with POSCO forintegrated Green Steel plantEnabling infrastructure inplace Logistics network to NorthIndia hinterland Handling of Methanol /fuels, RE and power Demand from edible oil Net zero aspiration of portRE: Renewable Energy; PVC: Polyvinyl chloride; MMTPA: Million Metric Tons Per Annum; LH2: Liquid Hydrogen; LOHC: Liquid Organic Hydrogen Carrier; CGD: City Gas Distribution; KMTPA: Kilo Metric Tons Per Annum; GW:Gigawatt; MOU: Memorandum of Understanding; SEZ: Special Economic Zone14
Thank You
Fax 91 79 2555 5500 info@adani.com www.adani.com CIN: L51100GJ1993PLC019067 Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 25th July, 2022 . BSE Limited P J Towers,
