Adani 2019-20

Adani Enterprises Limited
Annual Report 2019-20
Committed to
Value Creation
Enabling a Sustainable Future
Read Inside
Corporate Overview
002 Profile of Adani Group
004 About Adani Enterprises
006 Our Businesses
012 Chairman’s Message
016 Managing Director’s Message
018 Message from the Chief
Financial Officer
019 Shaping a stronger AEL
020 Investing in Growth
022 Financials - Measuring Growth
023 How we add value
024 Profile of Board of Directors
026 Corporate Social Responsibility
033 Awards and Recognition
Statutory Reports
035 Directors’ Report
067 Management Discussion
and Analysis Report
084 Corporate
Governance Report
106 Business
Responsibility Report “We continue to draw
inspiration from our
Financial Statements vision ‘Growth with
Goodness’, to be a
120 Independent Auditor’s Report world class leader in
businesses that enrich
130 Balance Sheet
lives and contribute to
131 Statement of Profit and Loss nation building.’’
133 Statement of Cash Flow Gautam S Adani
135 Notes to Financial Chairman
Statements
202 Independent Auditor’s
Report on Consolidated
Financial Statements
210 Consolidated Balance Sheet
211 Consolidated Statement of
Profit and Loss
215 Consolidated Statement “Defying unprecedented www.adanienterprises.com
of Cash Flow challenges and a
complicated external
217 Notes to Consolidated
environment, AEL
Financial Statements recorded a strong
308 Salient Features of the performance during the
Financial Statements of year with a singular focus
Subsidiaries / Associate / on creating value for our
Joint Ventures stakeholders.” Scan this code with a
QR reader app on your
317 Notice Rajesh S Adani smartphone or tablet and
Managing Director know more about us
Business begins with value
creation. It lays the foundation
for a sustainable future,
nurturing and enabling lives
as well as livelihoods. It is
through devoted action
and committed endeavours,
we succeed in building
extraordinary nations –
contributing to its progress
and development.
At Adani, we have inculcated ‘nation building’
into our core, to promote and accelerate
India’s growth story. Envisioning aspirations
for a new India, we continue to spearhead
change with our strategic value creation
model, incubating businesses that leave a
lasting imprint on our future.
As we unravel opportunities in diverse
territories – we remain singularly focused
to create synergies of growth, built on
the enthusiasm and energy to sustain an
empowered nation.
002 Adani Enterprises Limited
Profile of Adani Group
Adani Group, is a diversified organisation in India with combined market

cap of $21 Bn comprising 6 publicly traded companies. It has created world
class transport and utility infrastructure portfolio with a pan-India presence.
Adani Group is headquartered in Ahmedabad, in the state of Gujarat, India.
Over the years, Adani Group has positioned itself to be the market leader
in its transport logistics and energy utility portfolio businesses focusing
on large scale infrastructure development in India with O & M practices
benchmarked to global standards. With four IG rated businesses it is the
only Infrastructure Investment Grade issuer in India.
Adani owes its success and leadership position to its core philosophy of ‘Nation Building’ driven by ‘Growth
with Goodness’ - a guiding principle for sustainable growth. Adani is committed to increase its ESG footprint
by realigning its businesses with emphasis on climate protection and increasing community outreach
through its CSR programme based on the principles of sustainability, diversity and shared values.
Vision Values
To be a world class leader Courage: Trust: Commitment:

in businesses that enrich We shall We shall We shall
lives and contribute embrace new believe in our stand by our
to nations in building ideas and employees promises and
infrastructure through businesses and other adhere to high
sustainable value creation. stakeholders standards of
business
Culture
n Pa Performing with
a tio ss enthusiasm and
ic i energy
d
on
De
Seizing new

opportunities
with initiative and
ownership

neurship
Consistently
achieving goals
R es
e
ult
r
ep
Working with
s
tr
commitment in the
n
pursuit of our aims E

Integration Working across
functions and
businesses to create
synergies
Annual Report 2019-20 003
Corporate Overview
Statutory Reports
Adani Group – A world class infrastructure & utility portfolio
Transport & Logistics Portfolio Adani Energy & Utility Portfolio
62.79% 100% 75% 75%
APSEZ SRCPL ATL AGEL
Port & Logistics Rail T&D Renewables
100% 75% 37.4%

AAPT 75% APL AGL
Abbot Point IPP Gas DisCom
AEL
Incubator
100% 100% 100% 100%
AAHL ARTL AWL Data
Airports Roads Water Centre
~USD 21 Bn*
• Orange colour represents public traded listed vertical | Percentages denote promoter holding Notice
• * As on 31st March, 2020, USD/INR = 75.665
Repeatable, robust and proven businesses to deliver consistent RoE

Proven execution capabilities and track record
Operational Excellence with productivity, low-cost operations and high margins – among the
best in the world
Philosophical shift from B2B to B2C business, across key businesses
Deep Management Experience in regulated environments
Only Indian infrastructure portfolio with four Investment Grade (IG) issuers
About Adani Enterprises
Focusing on establishing new

businesses in the infrastructure
and energy sector, Adani
Enterprises Limited (AEL) is an
incubator that remains motivated
to convert opportunities to thriving
businesses. Since our listing
in 1994, we have consistently
delivered value – maximising
returns for stakeholders and
proactively participating in nation
building activities.
Over the past three decades, AEL has broadened its presence
across key industries, to emerge as a market leader. We are now
poised to nurture businesses that address issues of national
importance. Businesses such as Adani Ports and Special
Economic Zone Limited, Adani Power, Adani Transmission, Adani
Green Energy and Adani Gas have been demerged from Adani
Enterprises and/or independently listed on the Indian stock
exchanges, to synergise growth and facilitate our nation building
endeavours. To sustain our vision of an empowered nation, we
now remain focused on building infrastructure for Airports,
Roads, Water, Data Centre and Solar manufacturing.
AEL Business Portfolio
Resources Transport & Logistics Utility Strategic Investments
Mining Integrated Airports Roads Rail/ Water Data Centre Solar Agro Defence
Services Resources Metro Manufacturing
Management
(IRM)
Corporate Overview
Statutory Reports
Our Value Creation
History
At AEL, we believe we are in the business

of creating value. Our shareholder
value enhancement is probably one
Notice
of the highest on the Indian Stock
Exchanges and our focused value-
creation philosophy and sound business
strategies, centered around nation
building, remain at the core of this
outperformance.
150 75,000
H
Value per share
in Nov 1994
H
Value per share as on
31st March 2020
25%
~ CAGR growth
Our Businesses
Natural Resources
Global player in Resources

Management
As India’s largest resources

management Company and mine
developer and operator (with
domestic and global presence), we
continue to ramp up our capacities
of coal production across our
mines. With non-fulfilment of coal
demand being still met by coal
imports, we are optimistic about
our leveraging our integrated
presence in complete supply chain
with embedded technologies to
drive operational efficiencies.
Due to COVID-19 pandemic

resulting into lockdown across opening up of coal sector Highlights of FY 2019-20
the country, the coal demand for for commercial mining and
planning to bring nearly 50 We have Mining Service
FY 2020-21 is expected to remain
coal blocks for auction. Other Contracts for 9 coal blocks
subdued. Moreover, with huge
reforms measures include with the peak capacity of 100+
inventories, coal production for
investment of H 50,000 crore Mn metric tons per annum
FY 2020-21 is not expected to
have any incremental volumes. for coal / mineral evacuation We also have two mining
Despite these challenges, we are infrastructure, amending the projects for iron ore with the
focused on implementation of our MMDR Act to offer over 500 peak capacity of 16 Mn metric
projects and expect to deliver the mines of various minerals tons per annum
projects on time. through auction process. Our projects are located in the
Such reform measures offer States of Chhattisgarh, Madhya
Government of India has brought great opportunity to AEL for Pradesh and Odisha
in various reforms in the coal and sustainable business in natural
Parsa East Kente Basan
minerals sector, one such being resources sector.
(PEKB) mine, operational since
February 2013, is the first and
the only captive open cast coal
mine with washeries in the
country producing at a peak
capacity of 15 Mn metric tons
per annum
Two new mines opened i.e. GP
III and Talabira II & III in April
2019 and December 2019
respectively
78.7 MMT
IRM Volume
15.5 MMT
Resources produced
Corporate Overview
Solar Manufacturing
Contributing to nation’s green projects set to be completed

energy commitment in FY 2020-21
We have an EPC order book
Within a short span of time, of 400+ MW in FY 2020-21
the segment has established with major clients like SCCL,
itself as the largest vertically NTPC, EESL and others.
Integrated Solar PhotoVoltaic to strengthen our hold in the
manufacturer in India
990 MW
retail distribution segment
The manufacturing unit We are recognised globally for
Statutory Reports
is located in Electronic our quality of products
Manufacturing Cluster which Solar module
We are recognised globally for volume
is in our SEZ at Mundra
high-quality products, rated as
Our state-of-the-art R&D Tier 1 bankable by BNEF and
970 MW
facilities enable us to sustain ‘Top Performer’ by PVEL for
our market leadership (past) 3 years in a row
We have partnered with We are expanding our EPC Order book as on
leading players across India business with several major 1st May 2020
Defence & Aerospace
Committed to making India self-
reliant in defence space
The Government of India has

increasingly emphasised on
the need for self-reliance in
defence manufacturing. With the
prominence of the ‘Make in India’
initiative, multiple opportunities
have been unveiled for the
defence sector, to encourage for world class defence and We delivered Hermes 900 carbon
participation of the private sector aerospace manufacturing, Aero Structure with,
through policies like Strategic aligned to the Make in India
Notice
Partnership models. The focus
on Atmanirbhar Bharat has
initiative. We have established a
robust ecosystem of capabilities Zero defects,
also offered a fresh impetus to
indigenisation, extending support
by integrating state-of-the-
art technology available with Zero rework
to local defence manufacturing.
With our long-term vision and
MSMEs, collaborated with global
partners like Elbit, Airbus, SAAB to & Zero safety
willingness to strategically pursue
growth in the sector, Adani
contribute to India’s growth story,
and have setup greenfield facilities incidents
Group is poised to capitalise on with world-class processes.
favourable opportunities.
We view the Defence & Aerospace

sector as a key sector for the
Indian economy and intend to
~443 crore
MSMEs Investment for
transform India into a destination development of Critical Capabilities
Our Businesses
Adani Wilmar Limited
India’s leading consumer edible Exploring new business

opportunities in overseas
oil and fast growing food entity
markets
Business strategies aligned
Incorporated in January 1999, Adani
to changing consumer taste
Wilmar Limited (AWL) is a joint
and preference
venture between Adani Group- the
leaders in private infrastructure
and Wilmar International Limited
- Singapore, Asia’s leading Agri 10
business group. In the food segment, We have one of the largest Crushing units with cumulative
it is one of the fastest growing FMCG distribution networks in India, with capacity of 7,450 TPD
companies in India. 95 stock points, 5000 distributors
18
and *10% Retail Penetration,
We have the largest range of edible covering approx. 1.5 Mn outlets in
oils, comprising Soya, Sunflower, India.
Mustard, Rice bran, Groundnut, Refineries with a cumulative
Cottonseed and other varieties of Fortune brand continues capacity of 16,910 TPD
superior quality oil. As a growing to dominate the domestic
food company, we have ventured into
80th
retail consumer pack market
the food business with categories with 20% market share Rank
like packed Basmati Rice, Pulses, Pan India presence and
Soya Chunks, Besan, Fortune Chakki Fortune among Brand Equity’s Top
manufacturing network 100 Most Trusted Brands 2020
Fresh Atta and superfood Khichdi. with a team of strong
Our product portfolio spans across distributors, marketing and
#1
brands such as - Fortune, King’s, sales team
Bullet, Raag, Avsar, Pilaf, Jubilee,
Fryola, Alpha, Alife and Aadhar. Diversified product portfolio
with strong brand equity Packed oil - Fortune
More than 20% market share
Airports
Building infrastructure in the post COVID 19 era, when

for the future social distancing will be the
new norm- thereby creating a
In line with our vision of ‘Nation ‘Gateway to Goodness’.
Building’, Adani Group has ventured
into the Airports sector with a Well positioned to become
commitment to transform the leading airport operator in
Indian aviation sector. Our business India
model assures a hybrid revenue Won 6 of India’s Leading
model including aero and non-aero strategically located
revenue structure. With the non- Airports that handle 30+ Mn
aero revenue, we plan to develop passengers
Airport Villages that can tap into Growing domestic
the ‘non-passenger airport visitors’.
We are working towards designing

passenger traffic is
providing immense 6
opportunity to expand and
revolutionary airports, with an aim Bids won for Airports
scale up our business
to reimagine the future, offering (Ahmedabad, Lucknow,
seamless processes that facilitate Mangaluru, Jaipur, Guwahati,
touch-less operations – especially Thiruvananthapuram)
Corporate Overview
Transportation – Roads, Metro & Rails
Partnering in nation building projects in record time, we

through road infrastructure have successfully met the
highest quality standards while
To continue our nation building generating maximum value for our
efforts we remain committed to stakeholders.
build Infrastructure to boost India’s are targeting underground
socio-economic growth. With At Adani, we focus on various
projects initiated by National Metro-rail, Mono-rail & Light-
multiple infrastructure businesses rail projects. And for railways,
established across India, we Highways Authority of India
the focus is on EPC projects
Statutory Reports
leverage our expertise in project (NHAI), Ministry of Road Transport
management to build synergies for and Highways (MORTH), Ministry AEL is the first investor cum
Road, Metro & Rail Infrastructure of Railways, Metro Corporation developer of private railway
development. Adani Group is and other infrastructure projects line in India
confident about positioning under the purview of central or
state authorities.
3
itself as a dominant player in
the Roads, Metro and Rail sector
Focus on projects initiated
with its extensive experience
by NHAI & MORTH for Road On-going projects
of developing infrastructure for
projects initiated by various
National Highways, Expressways,
states for metro cities
5
Tunnels, Metro-Rail, Railways.
For road, we are targeting
With our expertise and experience
projects under BOT, TOT & Hybrid Annuity Road Projects
of setting up complex and
HAM model. For metro rail, we awarded by NHAI
mammoth infrastructure
Water
Aiming to build integrated water

infrastructure projects
Water remains an integral part

of sustainable development
initiatives. With growing concerns
Notice
about supply and availability of
water resources, policy makers are
focusing on infrastructure projects Desalination Projects to produce
that aid its conservation.
Realising the imminent challenges,

potable water for general
consumption or industrial use. 72 MLD
Sewage treatment plant
Adani Group is committed to Initiated PPP /Hybrid-Annuity cumulative capacity at
augment the water infrastructure / EPC projects for Central & 3 locations
capacity of India. We propose State Governments and Local
to build new Sewage Treatment Municipal Corporations
Plants (STPs) and rehabilitate
Rehabilitation of 6
existing STPs. Along with that, Ongoing projects for STPs with
we also focus on opportunities in Development of Sewage
areas of Irrigation Infrastructure
Development, Large Water Supply
Treatment Plant (STP) and
Associated Infrastructure in 254 MLD
& Water Distribution Projects and Prayagraj Capacity
Our Businesses
Data centres
As India’s internet economy network of hyperscale Data Fiber connectivity and

continues to be on a surge, as Centres/ Parks across the country. strong network connectivity
there is an increasing need to At AEL, we are competitively
build requisite datacentre to placed with some key advantages, Renewable Power
ensure seamless uninterrupted namely: generation to ensure
data consumption and storage. sustainability
The growing smartphone Complete ownership of
large land parcels across the Strong Policy advocacy
subscribers with rising monthly
country credentials
mobile data traffic, coupled with
rising broadband penetration and As a part of our initial plan,
Project management
increasing digital transactions we intend to build Data
capabilities and resources
per year, will create an enormous Centers in NCR, Mumbai
availability
need to collect, store, process & Chennai.
and distribute data. End-to-end power value chain
(generation, transmission and
AEL is the only company with
distribution)
inherent capabilities to build
Corporate Overview
Adani Agri Fresh Limited
(AAFL)
India’s largest Integrated Agri

Supply Chain
We have established the largest Highlights

integrated agri supply chain
3
initiative with an ultra-modern Conducted extensive grower
storage infrastructure. This has connect activities in major
catchments covering more
Statutory Reports
helped us provide fresh farm Controlled Atmosphere (CA)
products to our consumers than 350 villages out of 700
facilities with a cumulative
and improve the livelihood of villages
capacity of 22630 MT
the apple farmers across the
Expanded our Sales Network
Himalayan states.
to 6 new markets in North
and East regions and
17,000+
We have setup 3 Controlled
Atmosphere (CA) facilities supplied stocks to all Retail
located at Rampur, Rohru and Chain Stores
Sainj in Shimla, with a storage Registered Growers
During the year, Total
capacity of 22,630 MT of
Registered Growers grew to
apples. Today. we are widely
more than 17,000 growers
known by the brand name ‘Farm-
with an active participation
5,500+
Pik’ across the country with an
of more than of 5,500
elaborate distribution network.
growers
In addition to offering domestic Active Growers
apples, we also import apples,
along other fruits such as with
pears, citrus fruits, kiwis and
grapes from around the globe to
market in India.
Notice
Chairman’s Message
Dear Shareholders,
The Webster definition of resilience
is “the capability of a strained body
to recover its size and shape after
deformation caused especially by
compressive stress”. It’s hard to
believe that it was less than 3 months
ago, on 11th March 2020 that the
World Health Organisation declared
the outbreak of COVID-19 as a
pandemic, meaning COVID-19 has
spread worldwide. If there ever has
been a time when the need for global
resilience has been critical, it is now.
The Power to Overcome
At times like this one looks for

inspiration. In this context Wayne
Muller, a well-known author,
writes that for thousands of years
humankind has suffered famine,
war, plague, hunger, and countless
injustices; it has experienced
numberless births and deaths. Each
community of people has had to
find some way to speak about what
sustained them or brought them
We continue to draw grace—even in the midst of terrible
inspiration from our sorrow. We have struggled to name
vision ‘Growth with this human trait, the universal force
that makes the grass improbably
Goodness’, to be a push its way through concrete, the
world class leader force that turns the earth, the energy
in businesses that that we seem to possess and blesses
all life, the essential presence in our
enrich lives and deepest nature that can never be
contribute to nation spoken of with perfect accuracy but
building. yet make us what we are. History is
one big story of human overcoming.
It’s what we are born to do.
Decisive Governance
What we must realise is that there

are no absolute right or wrong
ideas. What is required during an
unprecedented crisis like COVID-19, is
a Government that is willing to make
Corporate Overview
decisions based on best available continuously on the up and one that structure as well as the criticality
information at a given point of time simply cannot be ignored. It will be to have systematic risk mitigation
and constantly adapting as new one of the world’s top consumption plans in place. Both optimal capital
information becomes available. For centers, manufacturing and service structures, and risk mitigation is a
this, the Indian Government and hubs and a beacon of stable part of the maturing of the business
bureaucracy must be complimented. democratic governance. If there was philosophies as they grow in size and
Countries with greater resources a time to make a bet on India, there lays the foundation for stability as
Statutory Reports
than ours have struggled and while may not be a better time than now. well as consistent value creation.
our battle with the virus is far from What I can predict is that on the other
over, I have no hesitation in stating side of this crisis will emerge massive At the Group level, our focus is
that had the decisions that got made new opportunities, will emerge great on optimising capital utilisation,
been delayed we could have been new leaders, will emerge terrific redesigning the organisational
facing an unmitigated disaster that businesses, and will emerge a few structure to minimise risk in our
would not just impact India but have stronger nations. Those that succeed businesses and funding operations
global ramifications. Yes, business will be the ones that understand that in phases. I am happy to share that
has suffered immensely, lives and resilience is built on the other side of during the year, the Group has
jobs have been lost, and the migrant the tunnel of crisis and we are already been able to bring strategic global
worker crisis saddened the entire getting ready for this. equity partners in Adani Gas Ltd,
Adani Green Energy Ltd and Adani
nation, but the consequences of the
unknown alternates would be far Resilient Group Performance Electricity Mumbai Ltd (AEML). The
grimmer. What the leaders of our total investment is USD 1.6 Bn; and
I am pleased to report that each will help drive future growth of our
nation, the doctors, the healthcare
one of our six publicly traded businesses. It is also pertinent to
workers, the police, the army, the
companies has performed well mention that AEML (part of Adani
small street side vendors, and the
even as we started to confront the Transmission) recently completed
citizens have done to support each
trying circumstances following the an investment grade, USD 1 Bn
other is truly what defines India and
first few weeks of 2020. While we bond issuance, the first by a private
its resiliency. Add to this the fact that
may have to do need-based course integrated utility from India. The
the Government is now able to do
correction in our strategies in the issue generated significant interest
direct benefits transfer as a result of
wake of the challenge that we are from international investors and
the integrated approach it has built
facing, the roadmap remains clear. was oversubscribed by 5.9 times. I
through the Jan Dhan, Aadhaar and
Our businesses are closely aligned to must also mention here that APSEZ
Mobile linking systems and we start
the lifeline of the economy, providing raised $750 Mn by selling overseas
seeing the benefits of a Government
Notice
essential services to enhance bonds, the proceeds from which
that had the vision to put in place the
the quality of life of citizens would be used for fund expansion
infrastructure we need to be able to
and addressing critical national and further reduce the cost of
handle a crisis.
infrastructure priorities. We look at debt and progressively further
The Possibilities our Group companies as individual deleverage the balance sheet. In the
growth drivers that complement preceding 12 months, the Group has
Sitting where we are today, I can say each other’s strengths. successfully placed seven bonds in
that history is in process of being the international markets, totaling to
scripted. I will be the first to admit Any shock to a system always helps
4.26 Bn USD.
that I have no way of predicting the drive home some key points and
short or mid-term possible economic what the Indian businesses have The Incubation Model
outcomes as a result of COVID-19. learnt over the past few years and Continues
However, there cannot be any most certainly post COVID-19 is the
denying the fact that India over the value of an optimal and perhaps for Over the years, Adani Enterprises
next several decades will be a market some sectors a conservative capital has focused on building emerging
Chairman’s Message
infrastructure businesses,
contributing to nation-building and
divesting them into separate listed
entities. Having successfully built
unicorns like Adani Transmission,
Adani Power, Adani Ports and SEZ, We, at the Adani Parivar,
Adani Green Energy and the recently are fighting the COVID-19
formed Adani Gas, we have set our
battle unitedly. Our
sights on making the country self-
reliant with our current portfolio Foundation has contributed
of robust businesses. The next- H 100 crore to the
generation of our strategic business
Prime Minister’s Citizen
investments will be centered around
the fields of solar PV manufacturing, Assistance and Relief in
airport management, technology Emergency Situations Fund
parks, and water infrastructure,
(PM CARES Fund).
Business review
It has been another year of resilient

performance and operations across
our business segments. In the
resources segment, we remain
the country’s largest resources in a rise of EBITDA to H 301 crore, multi-energy offerings for the
player, delivering industry leading against a modest H 37 crore in Indian energy market. We are
performance with a 17% increase FY 2018-19. As the government fully committed to supporting our
in volume handled, as compared to pushes for more reforms and nation in diversifying its energy mix
previous year. encourages greener energy, we through partnerships in natural gas
expect this segment to continue its and solar energy.
In our mining services business,
growth.
we peaked the capacity of 100+ Growth with Goodness
Mn metric tons per annum with an Group’s Sustainability Journey
enhanced project pipeline. We also We, at the Adani Parivar, are fighting
forayed into the Washery service Our journey towards sustainability the COVID-19 battle unitedly. Our
business and have received LOI for accelerated over the past 12 Foundation has contributed
Hingula washery project for 10 MMT. months. We are now leading the H 100 crore to the Prime Minister’s
We delivered robust performance clean energy transformation taking Citizen Assistance and Relief in
working on our three coal blocks at place not just in India but globally, Emergency Situations Fund (PM
Parsa East & Kente Basan (PEKB), and our Group is building one of the CARES Fund). I am equally grateful
Gare Palma III (GPIII) and Talabira II largest integrated energy portfolios. to our workforce in India for
& III. PEKB continues to produce at Our vision is to become the world’s contributing H 4 crore for the battle
peak rated capacity of 15 MMT, while largest solar power company by against COVID-19. It is because
GPIII and Talabira II & III became FY 2024-25, and the largest of the solidarity demonstrated
operational during the year. renewable power company by by this workforce of over 17,000
FY 2029-30. I must mention people that our Foundation could
During the year under review, we here that our Group and TOTAL add another H 4 crore, collectively
recorded a significant growth in signed definitive agreements to contributing another H 8 crore
our solar module volumes by 55% deepen our existing partnership towards COVID-19 relief projects in
to reach 990 MW. This resulted and commitment for developing India. As a responsible corporate, we
Corporate Overview
will continue to stand by the nation
in various capacities in this hour of
need. On that note, I must also take
this opportunity to thank our teams
for the following measures:
Adani Foundation contributed

H 5 crore to the Gujarat CM-
Statutory Reports
Relief Fund and H 1 crore to the
Maharashtra CM Relief Fund;
we have also contributed to
Kattupalli District Collector
COVID-19 Fund and the Bhadra
District Administration.
The Foundation is also

contributing to the CM-Relief
Funds of many other states such
as Kerala, Jharkhand, Andhra
Pradesh.
Women cooperatives aided by
Adani Saksham produced more
than 1.2 lakh masks to help
economically disadvantaged
sections of the population.
Gujarat Adani Institute of

Medical Sciences (GAIMS) is
the only hospital equipped for
handling COVID-19 cases in
Kutch, India’s largest district.
In times such as this the spirit and

compassion of our people reinstates
Notice
my belief in our core philosophy of
Growth with Goodness. Let all of us
contribute to help our nation rise
above this crisis. It may take time
but there is ample optimism to show
that it is possible.
Together, we will stay resilient and

hopeful in these testing times.
Regards,
Gautam S Adani
Chairman
Managing Director’s Message
Dear Shareholders,
Fiscal 2019-20 was eventful in State Power Generation Company undersea cables to address
more ways than one. Defying Ltd. (CSPGCL) (5.6 MMT) and the growing demand for data
unprecedented challenges and a Kurmitar Iron Ore Mine of Odisha consumption.
complicated external environment, Mining Corporation Limited (OMC)
AEL recorded a strong performance (6 MMT). The improved operational and
during the year with a singular strategic matrices have resulted in
focus on creating value for our Our solar manufacturing business better financial performance for the
stakeholders. Over the years, AEL turned around to deliver exceptional year under review. Our consolidated
has built a sustainable business performance during the year. It revenue from operations grew 8%
model to deliver remarkable registered a staggering growth in to H 44,086 crore in FY 2019-20
performances, ensuring business volume by 55% YoY to 990 MW as from H 40,951 crore in FY 2018-
continuity amidst challenges. compared to 637 MW in previous 19. Our consolidated EBITDA grew
year. Further, the segment also 17% to reach H 2,968 crore and
While we continue to identify delivered significant margins consolidated PAT attributable to
and invest in new businesses, we improvement with EBIDTA growing equity shareholders grew by 59%,
recorded improved performance by 8 times on the back of improved reaching H 1,138 crore.
in our core businesses. Our volumes as well as better realisation.
natural resources is one of the To further strengthen our
fastest growing business and Our commitment to ‘Make in India’ commitment to enhance shareholder
we continue to dominate with remains undeterred, as we achieved value creation, we will continue
our market leadership. Now our another strategic milestone in the to optimise cost and improve
Natural Resource business is defence segment. The acquisition of margins while investing in emerging
actively focusing and targeting Alpha Design Technologies Pvt Ltd, a infrastructure and utility businesses
diversification opportunities to own leading company involved in design, to create independent businesses
the mines across range of minerals development and manufacture in the near future. At AEL, we have
such as Iron Ore, Chromite, Diamond of defence electronics, avionics, been incubating businesses since
and several other key minerals. aero-structure assemblies, space 1994, successfully demerging
and satellite systems – provides us business verticals to significantly
In line with our vision towards India’s strong tier-1 capabilities to gradually build shareholder wealth.
energy security, the performance move towards the development of
of our Resources Mining business platform capabilities. Our commitment to value creation,
remained robust during the year. with a strong emphasis on enabling
We delivered robust performance We continued robust investments a sustainable future remains a
working on our Seven coal blocks in our strategic businesses as fundamental aspect of our business
and namely, Parsa East & Kente well. A major road infrastructure growth. We continue to make
Basan (PEKB), Parsa, Kente Extn, project, Bilaspur-Pathrapalli is a positive impact through our
Gare Palma III (GP III), Talabira II & being completed as per timelines, initiatives in the field of education,
III, Suliyari coal block and Gidhmuri with sustained revenue inflow from health, sustainable livelihood
Paturia. the National Highway Authority of generation and community
India (NHAI). Our successful bids infrastructure development. We
Our Parsa East & Kente Basan for airport maintenance will also believe that sustainability is not only
(PEKB) mine, the first and the only transcend into sustainable revenue a responsibility, it is an essential
captive open cast coal mine with streams. We remain bullish on business driver that is completely
washeries in the country, continued expanding our Data Centre business inculcated in our strategy and
to operate at its peak capacity of as data consumption continues with existence.
15 MMT per annum. During 2019- favourable government policies.
20 , we have signed two long term We are aggressively pursuing Going forward, we will continue
mining contracts for Gidhmuri opportunities to build data centres, to grow our business with a keen
Paturia coal block of Chhattisgarh data centre parks and deploying focus on nation building. We also
Corporate Overview
aim to maintain volume growth in
our core businesses while delivering
robust performances in our strategic
businesses. Nonetheless, this will
be challenging, considering the
global COVID-19 pandemic that
has caused serious damage to lives
and livelihoods across the globe.
Statutory Reports
Our country was also severely
affected by the pandemic, with the
government imposing lockdowns for
a significant period of time. Our core
businesses of IRM, Mining and Solar
Manufacturing, notified as essential
services, continued to operate with
limited resources. However, this will
result in a subdued demand for coal
and solar cells with little or very low
offtake by industrial and commercial
units, in the coming year. We will
continue to monitor demand outlook
more rigorously in the coming
quarters and gauge the revival of
economic activities aligned to our
business.
I would like to extend my

heartfelt gratitude to all medical Going forward, we will
professionals, other essential
workers and people who are
continue to grow our business
tirelessly working during these with the a mission of nation
challenging times. I would also building and creating more
express my regards for our valued
shareholders, employees and
value for our stakeholders. We
Notice
all other stakeholders for their also endeavour to maintain
continued support and co-operation our volume growth in our
as we continue our commitment
towards building a sustainable
core business while delivering
business. robust performances in our
strategic businesses.
Regards,
Rajesh S Adani
Managing Director
Message from the Chief Financial Officer
Fiscal year 2019-20 has been yet that has affected almost every
another year of resilient operations country in the world. To contain and
and financial performance across our curb its spread, India announced a
core business segments including nationwide lockdown on 22nd March
Mining Services and Integrated 2020. This led to a slowdown of
Resources Management. We our operations towards the end of
continued to maintain peak volume March 2020. However, during these
in our mining services business and challenging times, we have prioritised
Jugeshinder Singh
opened two new mines for coal the health and safety of our
Chief Financial Officer
production, registering margins of employees, protected the interest of
49%. Further, our IRM business grew our stakeholders and strictly adhered
17% y-o-y owing to sustained demand to government guidelines to ensure
for coal. minimal impact on our operations.
Dear Shareholders, To ensure business sustainability,
Our consolidated revenue from we have also triggered our liquidity
Fiscal year 2019-20 was an extremely operations grew 8% Y-o-Y from management plans.
successful year for our company, as H 40,951 crore in FY 2018-19 to
we continued to sustain our growth H 44,086 crore in FY 2019-20. It was As we enter the next fiscal year, the
trajectory. Despite a challenging supported by favourable growth in real challenge lies in overcoming the
macro-environment, we recorded the Mining services segment and slowdown caused by the COVID-19
strong performances across solar module manufacturing, which outbreak. The lockdown imposed
business segments. India witnessed grew 20% and 50% respectively. Our in India and many countries across
multiple headwinds, including EBITDA stood at H 2,968 crore in the world has resulted in supply
slow manufacturing activity, lower FY 2019-20, as compared to H 2,541 chain disruptions and has negatively
consumer spending, subdued demand crore in FY 2018-19, registering a impacted business operations.
for goods and muted growth in the growth of 17% YoY. Profit after Tax However, at AEL, we believe this
core sector, which contributed to attributable to owners grew by 59% is a temporary slowdown, and we
a softening GDP growth during the to H 1,138 crore during the year as are optimistic and confident about
year under review. However, it could compared to H 717 crore in previous resuming full-fledged operations as
not deter the country from emerging year. The growth in profitability soon as the situation is favourable.
as the fifth largest economy in the was mainly driven by solar module As far as liquidity is concerned, we
world in 2019. manufacturing where EBITDA grew are adequately funded to navigate
more than 8 times for FY 2019-20. through these challenging times
As India embarks on a
and we do not foresee any major
transformational journey of achieving Our constant endeavour to invest in impact on our operations. Despite
its vision of being a US$ 5 trillion strategic new businesses translates difficulties, we remain motivated and
economy by 2025, we, at AEL, into profitable returns for our committed to consistently create
remain committed to contribute shareholders. During the year under value for our stakeholders while
significantly towards our mission review, our earnings per share maintaining our strong leadership
of ‘nation building’. We have been increased by 59% to H 10.35 as position in key business segments.
constantly focused on building our compared to H 6.52 in the
portfolio of businesses, year after previous year. We also declared an
year, to deliver multi-fold returns to interim dividend of H 1 per share
our shareholders. Even as our core during the year, against H 0.40 in Regards,
business continues to sustain growth, the previous year.
we are making significant progress in
our strategic new business segments In the last quarter of FY 2019-20, the
comprising of Airports, Roads, Water, country was severely impacted by Jugeshinder Singh
Data Centre and Defence. the COVID-19 pandemic, a calamity Chief Financial Officer
Shaping a stronger AEL
Corporate Overview
Started commodity trading 1988
Listed on BSE and NSE @ H 150/ share

1994 Subscribed 25x
Mundra Port commenced operations 1995
Statutory Reports
1996 Bonus Issue 1:1
Commencement of IRM business.

Signed JV with Wilmar, Singapore 1999
Bonus Issue 1:1
2001 Started city gas distribution business
Awarded India’s first MDO 2005
2006 Stock Split of AEL into 10:1
Adani Ports and SEZ Limited IPO
Subscribed 116x
FCCB issue of $250 Mn 2007
Green Silo Depot commissioned at 7
locations
2008 Acquired Bunyu Mine Indonesia
Adani Power Limited IPO

subscribed 21x 2009
Bonus Issue 1:1
Raised a QIP of $850 Mn
2010 Won first MDO Contract
Acquired Carmichael mine Australia Notice
Completed the demerger of APSEZ,
APL and ATL 2015
2017 Started manufacturing Solar PV panels
Demerger of Adani Green Energy

and Adani Gas Limited 2018
Fortune Largest Food FMCG brand
in India 2019 #2 largest IRM player in the world
Investing in Growth
At AEL, we identify opportunities to invest in emerging

businesses that contribute to the nation’s growth, to make
the country self-reliant. With our passion and integrity, we
continue to nurture our diverse business segments and
transform them into value-accretive enterprises.
At AEL, we have always forayed This incubating ideology is built pace, at AEL we have positioned
into new business segments with on the strong foundation of ourselves to emerge as the
a strategy to create a positive Adani Group’s vision to respond largest private player in nation
impact and deliver unmatched strategically to some of India’s building efforts.
value. Each business has not only profound challenges and needs. As
registered profitable growth, but the country progresses at a rapid
has carved a unique identity in its
respective sector.
Business Year of listing on Value created

stock exchange
Adani Ports & SEZ Limited 2007 116x

IPO oversubscribed
Inception
Started business in 1998 223 MMT
Promoter Cargo Throughput in 2019-20
Business
Shareholding
Multi-modal logistics
H 1,771 crore
Capacity 62.79% Amount raised in IPO
8,481+ ha 11* H 52,043 crore

Mundra SEZ Ports across Market capitalisation as on
Land Bank Indian coast 31st March, 2020
Investment Grade
Rated by Moody’s S&P and Fitch
Adani Power Limited 2009 21x

IPO oversubscribed
Inception
Started business in 2009 H 3,017 crore
Promoter
Shareholding Amount raised in IPO
Business
Power generation
Capacity
75% H 10,703 crore
Market capitalisation as on
31st March, 2020
12,450 MW 1600 MW
Installed Proposed
capacity capacity
*9 operational & 2 under construction

Business Year of listing on Value created

stock exchange
Corporate Overview
Adani Transmission Limited 2015 2015
Inception De-merger of Transmission business
Started business in 2009 of AEL into ATL
Promoter
Business Shareholding
3 Mn
Power transmission and
Distribution 75% Consumers served in sub-urban Mumbai
(500 MW captive power generation)
Capacity
H 20,792 crore
~11,576 ckt km ~3,164 ckt km Market capitalisation as on
31st March, 2020
Operational Length of transmission
Statutory Reports
transmission lines lines under construction
Investment Grade
Rated by Moody’s S&P and Fitch
Adani Green Energy Limited 2018 2018

Incorporation De-merger of Renewable Power business
Incorporated business in 2015 Promoter of AEL into AGEL
Shareholding
Business
Renewable energy
Capacity
75% H 23,969 crore
Market capitalisation as on
31st March, 2020
2,545 MW 3,445 MW
Operational Capacity under
capacity construction
Adani Gas Limited 2018

Incorporation 2018 De-merger of Gas Sourcing and
Incorporated business in 2005 Promoter Distribution business of AEL into AGL
Shareholding
Business
City Gas marketing and
Distribution 37.4% 3.8 lakh
Consumers served
CGD Footprint
H 9,497 crore
13 GAs 38*
Notice
GAs Market capitalisation as on
31st March, 2020
Operational Authorisation
received
*Including 19 GAs of IOAGPL

Financials - Measuring Growth

Revenues (H in crore) EBITDA (H in crore)
Continuing Demerged Continuing Demerged
0
678 1,271
1,868 2,500
744 0
182
35,446 35,924 40,379 43,403 2,626 2,968
2,541
2,346
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20
Net Profit to Owners (H in crore) Networth (H in crore)
Continuing Demerged
0
16,947
81
15,089
14,136
14,756*
108
91
906 1,138
649
626
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20
* due to demerger of AGEL and AGL

How we add value
Corporate Overview
Consistently Building Value-Driven People Social Value
Businesses
As we reimagine the way With a mission to empower the
we build our businesses, underprivileged, AEL continues
At AEL, we continue to establish
we continue to rely on our to contribute to socio-economic
our presence in multiple business
talented and empowered development. In alignment with
verticals with a strategy to ensure
workforce. To foster our vision of delivering ‘Growth
market leadership and create
continuous growth, we with Goodness’, our businesses
value for stakeholders at large. Our
focus on building a strong are pivoted on a triple bottom
tactical abilities are visible with the
organisational culture that line approach that measures and
success of entities such as Adani
encourages our team to manages economic, social and
Statutory Reports
Power, Adani Transmission and
deliver the best, motivating environmental values.
Adani Ports, whereby each business
them to stay engaged and
today has secured a strong foothold
committed in an inclusive
in its respective business segment.
9 crore
work place that ensures a
5 H
healthy work environment.
Contributed towards social and
Businesses demerged in developmental activities in
last 5 years
2042 FY 2019-20
100 % Employees as on
31st March 2020
Interim dividend paid in
FY 2019-20
Robust Financial Standing Experienced Management Governance
We constantly focus on delivering Our experienced At AEL, we believe we are

value across multiple business management ensures engaged in a business where
segments and our robust financial business stability amidst trust and confidence of
position stands testimony to our evolving macro-economic stakeholders is critical. We
continued growth. By creating new trends. Their expertise and define governance in terms
business verticals that align to the knowledge have steered the of timely and transparent
group’s vision of ‘nation building’, Company to greater heights communication with respective
we have invested in each of our of success, exploring varied stakeholders, ensuring integrity
Notice
businesses to consistently deliver opportunities and sustaining and honesty in our operations.
profits, year after year continued market leadership.
7%
EBITDA Margin for FY 2019-20 20 + 50 %
Average experience of top Representation of
7% management (in years) Independent Directors on the

Board
Return on Net worth in FY 2019-20

Profile of Board of Directors
Mr Gautam S Adani Mr Rajesh S Adani Mr Pranav Adani

Chairman Managing Director Director
Mr Vinay Prakash Mr Hemant M. Nerurkar Mr V. Subramanian

Director Independent and Independent and
Non-Executive Director Non-Executive Director
Mrs Vijaylaxmi Joshi Mr Narendra Mairpady

Independent and Independent and
Non-Executive Director Non-Executive Director
Mr Gautam S Adani Mr Rajesh S Adani into a pan India Food Company. He

Chairman Managing Director also leads the Oil & Gas, City Gas
Distribution & Agri Infrastructure
Mr Gautam Adani, the Chairman Mr Rajesh Adani has been businesses of the Group. His astute
and Founder of the Adani Group, associated with Adani Group since understanding of the economic
has more than 33 years of business its inception. He is in charge of the environment has helped the group in
experience. Under his leadership, operations of the Group and has scaling up the businesses multi fold.
Adani Group has emerged as a global been responsible for developing its
integrated infrastructure player with business relationships. His proactive, Mr Pranav Adani is a Bachelor of
interest across Resources, Logistics personalised approach to the Science in Business Administration
and Energy verticals. business and competitive spirit has from the Boston University, USA. He
helped towards the growth of the is also an alumnus of the Owners/
Mr Adani’s success story is Group and its various businesses. President Management Program of
extraordinary in many ways. His the Harvard Business School, USA.
journey has been marked by his Mr Pranav Adani
ambitious and entrepreneurial Director Mr Pranav Adani has been conferred
vision, coupled with great with several awards, Globoil Man of the
vigour and hard work. This has Mr Pranav Adani has been active Year Award 2009 being one of them.
not only enabled the Group to in the group since 1999. He has
achieve numerous milestones been instrumental in initiating & Mr Vinay Prakash
but also resulted in creation of a building numerous new business Director
robust business model which is opportunities across multiple
sectors. He has spearheaded the A mechanical engineer with MBA
contributing towards building sound
Joint Venture with the Wilmar Group (finance), Mr Vinay Prakash has rich
infrastructure in India.
of Singapore and transformed it from and diversified experience of over 25
a single refinery edible oil business years, spanning across the integrated
resources management, Mining, Chain) and Chief Operating Officer. State and in the Centre. She had
Shipping & Logistics, Port & Power. He He has over 35 years of experience been Joint and Additional secretary
in the Commerce Ministry between
Corporate Overview
has been instrumental in nurturing our in steel industry in various functions.
Integrated Resources Management & Mr Nerurkar is an executive with 2011 to 2014. Thereafter, she
Mining business since their inception multifaceted experience ranging from took over as Secretary, Ministry of
and achieving multifold growth Project Execution, Manufacturing, Panchayati Raj on May 1, 2014. She
subsequently. Quality Control, Supply Chain and had also been appointed as Officer
Marketing. He became the Vice on Special Duty in the Ministry
Due to his focus and zeal of President (Flat Products) in November of Drinking Water and Sanitation.
organisational building, the India 2002 and in September 2007 was Lastly, she was head of the Swachh
mining business has been rated under appointed Chief Operating Officer. Bharat Abhiyan, the Clean India
the top 10 “Great Places to Work During his illustrious career, Mr programme.
in India” last year and has also won Nerurkar has been conferred with
several awards at various forums for several prestigious awards such as Under State level, she has also
its commitment towards Environment, the ‘Tata Gold Medal 2004’, ‘SMS been deputed as Managing Director
Community Engagement, Demag Excellence Award 2002’, ‘Steel of Government Companies such
Statutory Reports
Sustainability, Safety and CSR. 80’s Award - 1990’, ‘SAIL Gold Medal as Gujarat Mineral Development
- 1989’, ‘Visveswaraya Award - 1988’ Corporation Ltd.
That apart, Mr Prakash also holds
and ‘NMD Award 1987’.
key positions in various professional Mr Narendra Mairpady
bodies such as Chairman of Mr V. Subramanian Independent and Non-Executive
ASSOCHAM’s National Council on coal, Independent and Non-Executive Director
Member of India - Indonesia CEOs Director
Forum, Chairman of the Standing Mr Narendra Mairpady is an eminent
Committee on Coal & Industry in V. Subramanian joined the Indian banking professional having more
FIMI. Further, he has been conferred Administrative Service in 1971 (West than 40 years of wide experience
with many awards and accolades at Bengal Cadre). He occupied many and exposure. He is a commerce
different global platforms including senior positions in the Government graduate with Bachelor of Law
the Global Business Excellence Award of India and the Government of West Degree (University III Rank in both)
in coal sector at World Petrocoal Bengal during a career of 37 years. and is a Certified Member of the
Congress 2017. Most recently Mr Subramanian was Indian Institute of Bankers (CAIIB). He
the Secretary to the Government of started his career as officer trainee
Prior to joining our Group in 2001, India with the Ministry of New and with Corporation Bank. Later, he was
he was working with the Aditya Birla Renewable Energy (MNRE) where appointed as Chairman and Managing
group in various roles. he pioneered important initiatives Director of Indian Overseas Bank in
for reforms and development of the 2010 and retired as CMD in 2014.
Mr Hemant M. Nerurkar During his long sting career with
renewable energy sector, including
Independent and Non-Executive Banking Sector, he has ensured to
the introduction of the “Feed-
Director achieve all critical parameters like
in Tariff” concept. As Additional
Secretary & later Financial Adviser, Team Building, Brand Enhancement,
Mr Hemant M. Nerurkar was
Ministry of Rural Development, Priority Sector Initiatives, Branch
Executive Director of India and South-
he implemented National Rural Expansions, new initiatives for
East Asia of Tata Steel Limited since
Development plans including effective Risk Management etc in
April 9, 2009 and was appointed
the National Rural Employment Banking arena.
as Managing Director of Tata Steel
Guarantee Scheme. Presently, he is
Notice
Limited from October 1, 2009. A Mr Narendra has at his credit, some
B.Tech in metallurgical engineering a freelance consultant. He is also
of the prestigious awards in the field
from the College of Engineering, Pune the Business Development Adviser
of banking industry, for his excellence
University, Mr Nerurkar has attended to the Council for Industrial and
in outstanding performances
several management courses in India Scientific Research at New Delhi,
and exceptional contribution to
and overseas, including CEDEP in the Secretary General of the Indian
Indian Banking sector. He has held
France. He is associated with several Wind Energy Association, and
membership in RBI’s Technical
professional organisations, such as Chairman of the Research Council of
Advisory Committee on Money,
Indian Institute of Metals, INSDAG and Indian Institute Of Petroleum, in an
Forex and Government Securities
AIMA, amongst others. Mr Nerurkar honorary capacity.
Markets. He also held various
joined Tata Steel on February 1, esteemed councils and committees
Mrs Vijaylaxmi Joshi
1982 and has held various positions with Indian Bank’s Association (IBA).
Independent and Non-Executive
including Chief Metallurgist, Senior He is currently also the chairman of
Director
Divisional Manager (LD-1), Deputy ASSOCHAM National Council for
General Manager (Steel & Primary Mrs Vijaylaxmi Joshi is a 1980 batch Banking & Finance.
Mills), General Manager (Marketing), IAS officer of the Gujarat cadre. She
Senior General Manager (Supply had served in various posts in the
Corporate Social Responsibility

The Adani Foundation has been striving to create
sustainable opportunities for the marginalised
communities for over two decades now. Over the years,
the focus has extended from geographies where the
Adani Group operates its business, to regions that are in
a dire need for timely and relevant interventions.
Today, the Adani Foundation reaches out to 3.4 Mn people annually from 2315 villages in 18 States
across India. The success story of Adani Foundation is crafted through the communities who have
taken ownership of the initiatives, ensuring that the impact sustainable.
This year, Adani Foundation has taken a leap towards developing an inclusive society, with specific
attention to projects that benefit women, children, differently-abled people, SC and tribal communities,
fisher folk and farmers. It is doing so by facilitating quality education, enabling the youth with income-
generating skills, promoting a healthy society and supporting infrastructure development.
Our Interventions
Education
Adani Foundation believes

that education is the stepping
stone to lead a life of dignity
and quality, especially for the
underserved and the vulnerable.
The main philosophy behind its
educational initiatives is to make
‘quality’ education accessible and
affordable to the young minds. To
reach out to the most marginalised
population, the Adani Foundation
runs cost-free schools as well as
subsidised schools across India.
Many smart learning programmes
as well as projects to adopt
government schools are being
implemented in remote areas. It
aids Aanganwadis and Balwaadis
by creating a fun-filled environment
for kids at an early age.
Adani Vidya Mandir

The Adani Vidya Mandirs, currently
operational in Ahmedabad,
Bhadreshwar (Gujarat) and
Surguja (Chhattisgarh) provide
cost-free quality education to
2201 meritorious students from
economically weaker sections of
the society.
Corporate Overview
Qualified handpicked staff, from the fisherfolk families, while
continual training and capacity the school in Surguja, reaches
building of the school staff out to children in the tribal
ensures holistic development of communities. All the three schools
the students’ faculties. The school were recognised and appreciated
provides these students free at the recently held Samagra
education along with uniforms, Shiksha Empowering India Awards
books and stationery. The Schools 2020, for their contribution in
have created a benchmark in the providing quality and value-
cost-free model of education, as based primary education to the
recognised by the Quality Council underprivileged and realising their
of India (NABET Accreditation). aspirations of studying in quality
Statutory Reports
establishments.
Adani Vidya Mandir in
Bhadreshwar, caters to children
Educational Support to
tribal children
a. Special coaching classes: Free 189 students enrolled into

coaching classes are being Middle Schools. Similarly,
provided to students of two Adani Foundation provided
High Schools and one Middle 1610 school bags to the
Schools of Milupara and student of 15 Primary and 8
Bajarmuda villages of Raigarh, Middle Schools of GP-I.
Chhattisgarh. In all, 236
students are getting benefits c. Infrastructure support: Robust
of the programme which infrastructure is important for
emphasises on the subjects schools and anganwadis in
of Science, Mathematics and order to attract more children
English. As a result of the to enrol. Keeping this in mind,
personal attention given to Adani Foundation supported
students, 22 students secured 13 schools of GP-III to create
first division in their respective a positive environment
school examinations. for students by providing
materials like green board,
b. Promoting primary education: sports kit, sound system,
The tribal population of dustbin, almirah, water purifier
Raigarh is not usually keen etc. Sports materials was also
Notice
on sending their children to provided in 5 high schools
schools. To address this issue, of Tangerghat, Dhourabhata,
Adani Foundation observed Bijina, Samkera and Mahloi from 32 villages, who had
Shala Pravesh Utsav for villages of GP-I area. In seven scored 70% or above in the
Primary and Middle Schools primary schools, walls have Higher Secondary School
in presence of SMC members, been painted with visuals of examinations in FY 2018-19.
Sarpanch and other resource the solar system, geometrical Under another Education
person of the villages. The shapes, English alphabet etc Sponsorship programme,
objective of this activity was for better engagement of 100% education support was
to encourage already enrolled students. awarded to one child each
students to continue coming
from 300 families residing
to school and motivate more d. Scholarship support: Adani
around Jitpur mines to reduce
kids to enrol for formal school Foundation provided
drop-outs by focusing on
education. Consequently, 32 scholarship support of
quality education and thereby
students were welcomed into H 12,000 each to 20
getting students to attends
seven Primary Schools and meritorious students
school on a regular basis.

Gyanodaya
Gyanodaya is a digital learning and teachers alike. The use of The initiative has helped reduce
mission, launched in July 2018 Artificial Intelligence (AI) for the drop-out rates in the schools and
in the Godda district, Jharkhand personalised feedback based helped promote girls’ education
State, India through collaboration on the learning outcomes has in the aspirational district of
between the Adani Foundation, set this model apart from other Godda, Jharkhand. The decision
District Administration of Godda digital learning programmes. The of Jharkhand government to
and Eckovation Pvt. Ltd. In the year visually appealing, easy-to-grasp introduce this digital model in the
2019-20, the Gyanodaya scaled new and retainable concepts covered government schools of 19 districts
heights. The project which started in the digital study materials is reaffirms the success of this model.
with just 50 schools in the pilot regularly vetted.
phase, expanded its reach not only
in every high school of the district
but also in the middle as well as the
senior secondary schools. Today, it
is impacting 53,765 students from
246 schools in the district.
Within the limited available

resources in a school, Gyanodaya’s
digital learning platform provides
an effective model to reach
and impact both students
Health
Bringing healthcare to remotest most vulnerable and marginalised wheelchairs were also provided to
of regions, Adani Foundation’s in the area. The MHCU in Jitpur 40 differently-able people.
key focus is improving access to mines provided its services to 12
quality healthcare services for villages every week benefitting a
people belonging to the weaker total of 3438 patients.
sections of the society. In this
pursuit, it runs Mobile Health Specialised Health Camps
Care Units (MHCUs) across the
nation, hospitals and clinics, Adani Foundation team in
and organises general as well as Raigarh, held camps to help the
specialised health camps. differently-abled persons. To
enable them receive benefits of
Mobile Healthcare Units the Government schemes, the
(MHCUs) Foundation helped 46 differently-
abled people of GP-I and II area to
In Raigarh, Chhattisgarh, Adani process their disability certificates.
Foundation’s Mobile Health Care
Unit operated with support from Adani Foundation organised a free
Wockhardt Foundation is reaching health check-up and assessment
out to 14,707 people in 30 villages camp for the differently-abled
of Tamnar district, ensuring with support from Bhagwan
improved health services reach Mahavir Viklang Sahayata Samiti
the doorsteps of people residing (Jaipur Foot) in Tamnar, Raigarh.
in remote areas. The MHCU covers Measurements were taken for
the vicinity of up to 25 to 40 kms artificial limbs by experts from
from its centre and visits three Jaipur Foot. A free artificial limb
villages a day on a regular basis. fitment camp was organised
These villages are populated by on the occasion of World
tribal communities, who are the Disability Day, where apart from
artificial limbs, hearing aids, and
Corporate Overview
Sustainable Livelihood Development
Adani Foundation’s intervention

to support sustainable livelihood
generation is driven by the belief
that a society made of empowered
individuals with a decent standard
of living leads to overall prosperity
and development of the nation.
The Foundation builds social
capital by supporting initiatives
Statutory Reports
towards preservation of traditional
art and specific programmes
are designed for fishermen
communities, farmers, tribal
population and cattle owners,
youth and women.
(PJSASM). Adani Foundation District Administration has
Phoolo Jhano Saksham with support from the District entrusted faith on the group for
Aajeevika Sakhi Mandal Administration of Godda has set supply of sweaters for 1.50 lakh
up mega garment production hubs school students. H 50 lakh were
More than 1500 women in the where the women are involved in sanctioned for sweater making
aspirational district of Godda, stitching various items like school project which is taking place at
Jharkhand, have been trained in uniforms, bags and sweaters. The the Sunderpahari Centre. Women
stitching and tailoring, through women have collectively earned group of PJSASM are engaged
Adani Skill Development Centre. over H 1.86 crore in the year during this juncture in producing
These women have come together 2018-19 and 2019-20 through this around one lakh masks and
under the umbrella of a self-help initiative of Adani Foundation by approx. 200 aprons to help fight
group (SHG) called Phoolo Jhano stitching over 3,05,578 pairs of the COVID-19 outbreak.
Saksham Aajeevika Sakhi Mandal school uniforms.
Mahila Udyami Bahuddeshiy

Sahakari Samaiti (MUBSS)
In order to engage the rural

women in income generation
activities and to promote women
Notice
entrepreneurship, a registered
Women Cooperative Society called
the Mahila Udyami Bahuddeshiy
Sahakari Samiti (MUBSS) was
started in the year 2016 consisting
of 250 members from 10 villages
on the periphery of the mine.
Since its inception, MUBSS have

diversified into various income in these income generation the 672 students of Adani Vidya
generation activities like Mid-Day activities, the women were able to Mandir. MUBSS had acquired this
Meal Supply to Adani Vidya Mandir become financially independent contract through a competitive
(Surguja), Spice Grinding Unit, and more confident. bidding process and currently 10
Sanitary Pad Production Unit, women are engaged in this unit.
Phenyl production unit & Tailoring For instance, the group supplies Similarly, 10 women are engaged
and Stitching Unit. Being engaged nutritious mid-day meals to all in their tailoring & stitching unit

which received the contract for
stitching the uniform of students
of Adani Vidya Mandir. They also
started stitching eco-friendly
cloth bags and collaborated
with Amazon, one of the biggest
E-commerce players in India to
sell these bags throughout the
country.
At Gumga Village, 7 women have

been engaged in the production of
high quality biodegradable sanitary
pads which ensures that no harm
is being done to the environment.
This initiative by MUBSS also
help in generating awareness
among the village community
regarding the benefits of the use
of sanitary pads. Interestingly,
MUBSS have recently decided
to open a vermicomposting
unit at Parsa Village which will
enable the farmers to have easy
access to organic fertilisers. So,
by promoting self-reliance of
women through these activities,
the villages on the whole are
benefitting by becoming more
aware and growing sustainably.
Celebrating the contributions

of indigenous population
International Day of the World’s

Indigenous Peoples was
celebrated by Adani Foundation to
honour the local tribal community,
their culture and their contribution
to the society. The programme
was inaugurated by Hon’ble
MLA, Lailunga at the Mangal and supported with optimum Kavita Sidar, belonging to Milupara
Bhavan, Tamnar. Different cultural infrastructure as well as training, village, has been selected for
activities were organised and 3 right from the school level. In the national kabaddi girls team.
tribal leaders were recognised this regard, it is promoting a Girls Another three players have
and felicitated based on their Kabaddi team of Milupara village been selected for the state-level
contribution to the society. by providing them with resources kabaddi team. Adani Foundation
like dresses, uniform, separate pair organised Adani Pro-Kabaddi
Promoting Kabaddi of shoes for practicing and playing, tournament for women and men at
safety guards, knee and elbow Dhorabahata village, where a total
cap and transportation facilities. of 35 teams from Raigarh, Jangir
Adani Foundation is promoting
The team has participated in Champa and five blocks of Raigarh
kabaddi as a sport in Raigarh,
tournaments at block, district and participated. Milupara girls’ team
Chhattisgarh, owing to its huge
State level, where they secured and the Uchchabhatti boys team
popularity. Players with high
first position. One of the players, won the tournament.
potential are being encouraged
Corporate Overview
Community Infrastructure Development
Quality infrastructure bears a

direct influence on living standards
and economic development in the
rural areas. Access to resources,
increase in the avenues for
developing livelihoods, safe and
clean sources of drinking water,
and access to qualitative primary
health care systems lead to better
Statutory Reports
productivity, reduction in morbidity
and adequate employment. A
significant step in this direction is
setting up of two skill development
centres in Siktia and Sunderpahari
area. This will beneficial to 515
people directly and around 5000
people indirectly. A stage at
Panchayat ground for cultural
events in Dhaurabhata village, GP-I
Area of Raigarh was constructed
during the year. Also, 65 Solar
street lights at GP-III and GP-I
villages were installed. There are
total 35 lights installed in 5 villages
of GP-III and 30 lights installed at
20 villages of GP-I.
Water Conservation
To mitigate the drinking water

problem in Raigarh, Chhattisgarh,
Adani Foundation constructed
a 1000 litre capacity water tank
with submersible pump drilling
benefitting around 35 households.
A borewell was installed in
Notice
Milupara village in Raigarh, to
help families with cultivating
kitchen gardens in their backyard.
Borewells with 6 submersible
pumps were installed in
Khamhariya, Milupara, Bajarmuda,
Bijna, and Dhaurabhata villages of
Raigarh. Deepening of pond that
is a source of water for more than
70% of the needs at the Katrapali
village, Raigarh.

Equipping Schools with for cooking meals inside the
better infrastructure Community Health Centre, Tamnar
campus (Raigarh) for the patients
was constructed. CCTV cameras
Schools in the villages need to
with DBR and LED screen were
have necessary facilities in order
installed in the campus. One extra
to ensure regular functioning of
classroom in the only primary
the schools and hence, regular
school in Milupara village of
attendance by students. Adani
Raigarh was constructed so more
Foundation has taken up several
students could enrol for formal
need-based tasks in this regard.
education. A stage to hold cultural
The toilet and urinals at the
events was constructed at Middle
Government Higher Secondary
School, Karwahi village and at
School Kunjemura (Raigarh)
Dholnara village.
were renovated. A kitchen shed
GARV HAI
Garv Hai initiative named after The objective of this programme is Impact
the group’s pilot project built to support athletes in their quest
around the Rio Olympics 2016, to better results at global level, Tokyo Olympics:
is a nationwide programme that bringing pride to the nation. It 7 Qualifications –
aims to reach out and empower provides world class training and out of 9 senior athletes
stakeholders in the sports customised individual training
fraternity. The initiative aims to plans to the selected athletes so
Padma Shri and World
nurture India’s next generation of as ensure optimum productivity
Athlete of the Year:
sporting champions and support and maximum results. The athletes
them in their journey towards are provided monetary support Rani Rampal
Olympic glory. for full time coaches, tournament
expenses, supplements, mind World Boxing Championship:
Last year, applications were trainers, dietary needs etc.
invited from athletes across Performance benchmarks are set Amit Panghal – first Indian
India in multiple sports, to for each athlete and their training male boxer to win silver medal
ensure maximum reach. 19 is being closely monitored. An
promising athletes, with balanced amount of H 3-5 lacs is provided to World Boxing Championship:
representation of young and junior athletes and H 10-12 lacs for
experienced talent were elite athletes. 2 (Deepak Punia– Silver &
shortlisted from more than 5000 Ravi Kumar Dahiya - Bronze)
entries received from 100 cities Overall, the programme promotes
across 29 states. The list includes a sporting ecosystem that extends
icons such as Amit Panghal, from grassroots to the top-most Rome Ranking Series
Deepak Punia and Rani Rampal. levels and creates a database of (Wrestling) :
promising athletes. 3 medals (Ravi Dahiya- Gold,
Deepak Punia and Sajan
Bhanwal- Bronze)
ITF 25K Single & Doubles title :

Ankita Raina
World Rankings-
Amit Panghal – World No 1
Deepak Punia – World No 2
Ravi Kumar Dahiya – World No 4
Awards and Recognition
Corporate Overview
Great Place To Work Greentech Safety Award Apex Safety Award
Statutory Reports
Rajendra Ingale, Amitabh Mishra Adani Group won the top honour AEL received the ‘Platinum Award’
and Anshuman Sinha receiving the in the Metal and Mining category in the Mining sector, at the Apex
award for India’s Great Mid-size at the 18th Annual Greentech India Occupational Health and
Workplaces in 2019, during the Safety Award 2019. This award Safety Award 2019.
felicitation ceremony of Great Place is a testimony to the Company’s
to Work® Institute (India), held on commitment to safety.
July 19 in Mumbai.
Annual Mine Safety Mjunction awards Safety Award
Fortnight-2019
Notice
Parsa Kente Colliery Ltd (PKCL) At the 13th Indian Coal Markets AEL received the first prize
won the highest honour for Conference and Awards 2019 for Safety Management
overall performance, for the 5th organised by hashtag#mjunction, Plan at the Safety Fortnight
consecutive year, at the Annual Adani Group bagged 4 pivotal Programme 2019-20, organised
Mine Safety Fortnight-2019. awards. The winning categories by Directorate General of Mines
PKCL won the 1st prize in General are 1) Coal Importer of the Year 2) Safety, Gare Pelma III Collieries
Working, Health and Safety of Coal Transporter of the Year 3) Coal Limited/Chhattisgarh State
Contractor categories and 2nd prize Port Performer of the Year 4) Coal Power Generation Company
in the Vocational Training category. Mining Contractor of the Year Limited (GPIIICL/CSPGCL).
The award was handed over to the This was the first time GPIIICL/
PKCL team by Mr R. Subramanian, CSPGCL was participating in
DG, Mines Safety, Dhanbad. the programme.
28th Annual Report 2019-20

COMPANY INFORMATION
BOARD OF DIRECTORS BANKERS / FINANCIAL INSTITUTIONS

Mr. Gautam S. Adani, Chairman State Bank of India
Mr. Rajesh S. Adani, Managing Director ICICI Bank Limited
Mr. Pranav V. Adani, Director Axis Bank Limited
Mr. Vinay Prakash, Director Standard Chartered Bank
Mr. Hemant Nerurkar, Director YES Bank Limited
Mr. V. Subramanian, Director HDFC Bank Limited
Mrs. Vijaylaxmi Joshi, Director IndusInd Bank Limited
Mr. Narendra Mairpady, Director IDFC Bank Limited
Bank of India
CHIEF FINANCIAL OFFICER RBL Bank Limited
Central Bank of India
Mr. Jugeshinder Singh
Union Bank of India
COMPANY SECRETARY
REGISTRAR AND TRANSFER AGENT
Mr. Jatin Jalundhwala
M/s Link Intime India Private Limited
AUDITORS 5th Floor, 506-508, Amarnath Business Centre-1 (ABC-1),
M/s Shah Dhandharia & Co. Besides Gala Business Centre,
Chartered Accountants, Ahmedabad Near St. Xavier’s College Corner,
Off C G Road, Navrangpura, Ahmedabad - 380009
Tel: +91-79-26465179
REGISTERED OFFICE
“Adani House”, Nr. Mithakhali Six Roads,
Navrangpura, Ahmedabad-380009, Gujarat, India
CIN : L51100GJ1993PLC019067
IMPORTANT COMMUNICATION TO MEMBERS
The Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless
compliances by the companies and has issued circulars stating that service of notice / documents including Annual
Report can be sent by e-mail to its members. To support this green initiative of the Government in full measure,
members who have not registered their e-mail addresses, so far, are requested to register their e-mail addresses, in
respects of electronic holding with the Depository through their concerned Depository Participants.
Directors’ Report
Corporate Overview
Dear Shareholders,
Your Directors are pleased to present the 28th Annual Report along with the audited financial statements of your Company
for the financial year ended on 31st March, 2020.
Financial Performance
The summarised financial performance highlight is as mentioned below:

(H in crore)
Particulars Consolidated Results Standalone Results
Statutory Reports
2019-20 2018-19 2019-20 2018-19
FINANCIAL RESULTS
Total Revenue 44,086.21 40,950.62 16,619.02 15,923.60
Total Expenditure other than Financial Costs and 41,118.25 38,409.86 15,462.83 14,593.32
Depreciation
Profit before Depreciation, Finance Costs and Tax 2,967.96 2,540.76 1,156.19 1,330.28
Finance Costs 1,572.32 1,625.07 381.01 581.07
Depreciation and Amortisation Expense 472.06 389.77 120.97 101.19
Profit / (Loss) for the year before Exceptional Items and Tax 923.58 525.92 654.21 648.02
Add / (Less) Exceptional Items 198.75 (157.98) 315.34 (20.82)
Profit / (Loss) for the year before Taxation 1,122.33 367.94 969.55 627.20
Total Tax Expenses 324.33 144.54 270.66 142.29
Net Profit / (Loss) for the year from Continuing Operations 798.00 223.40 698.89 484.91
Net profit / (Loss) for the year from Discontinued Operations - 90.78 - 2.33
Profit for the year 798.00 314.18 698.89 487.24
Add / (Less) Share in Jointly Controlled Entities & Associates 241.99 191.73 - -
Net Profit / (Loss) after Jointly Controlled Entities & 1,039.99 505.91 698.89 487.24
Associates (A)
Add / (Less) Other Comprehensive Income (after tax) 1,238.46 683.23 (1.08) (0.88)
Total Comprehensive Income for the year 2,278.45 1189.14 697.81 486.36
Less: Share of Minority Interest (B) 98.18 211.23 - -
Net Profit / (Loss) for the year after Minority Interest (A+B) 1,138.17 717.14 698.89 487.24
APPROPRIATIONS
Net Profit / (Loss) for the year after Minority Interest 1,138.17 717.14 698.89 487.24
Other Comprehensive Income for the year (3.00) (0.25) (1.08) (0.88)
Balance brought forward from previous year 10,859.29 11,620.58 1,811.26 2,456.28
Notice
Add / (Less) : On account of Consolidation Adjustments (0.03) - - -
Add / (Less) : On account of Renewable & Gas Demerger - (1,616.72) - (1068.36)
Add / (Less) : On account of gain transferred on sale of - 201.57 - -
FVTOCI Equity Instruments
Amount available for appropriations 11,994.43 10,922.32 2,509.07 1,874.28
Less : Appropriations
Dividend on Equity Shares (153.97) (43.99) (153.97) (43.99)
Tax on Dividend (Including surcharge) (net of credit) (31.66) (9.04) (31.66) (9.04)
Transfer to General Reserve (25.00) (10.00) (25.00) (10.00)
Balance carried to Balance Sheet 11,783.80 10,859.29 2,298.44 1,811.26
Note:
1. There are no material changes and commitments affecting the financial position of the Company between the end of the
financial year and the date of this report.
2. Previous year figures have been regrouped / re-arranged wherever necessary.
Performance Highlights The operational performance of your Company has been

comprehensively discussed in the Management Discussion
Consolidated Financial Results:
and Analysis Report which forms part of this Report.
The audited consolidated financial statements of your
Company as on 31st March, 2020, prepared in accordance Organisational Initiatives in response to COVID-19
with the relevant applicable Ind AS and Regulation 33 of situation
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”) and provisions The ongoing COVID-19 crisis calls for the entire nation to
of the Companies Act, 2013, forms part of this Annual Report. fight as one collective force, the Adani Group as a whole
has contributed H 100 crore to the PM Cares Fund in this
The key aspects of your Company’s (“or AEL”) consolidated hour of India’s battle against COVID-19. Adani Group will
performance during the financial year 2019-20 are as further contribute additional resources to support the
follows: Governments and fellow citizen in these testing times.
Considering this humble initiatives of the group, your
Operational Highlights
Company has made contribution of H 15 crore to the PM
Your Company is the flagship company of the Adani Group, Cares Fund for India’s fight against COVID-19.
one of the India’s largest business conglomerates. AEL is a
Your Company has always strived towards nation building,
fast-growing company with a diversified business portfolio
through its business endeavours which focuses on
comprising integrated resources management and mining
creating excellent infrastructure capabilities to accelerate
services, solar modules manufacturing as well as edible oil
the growth. With the COVID-19 pandemic has brought
business. Through its efficient, competitive and profitable
things to a halt, we at Adani will persistently support our
B2B and B2C operations, your Company is enhancing access
fellow Indians through these testing times. We aim to
to basic services such as electricity through timely coal
emerge stronger once situations normalise. The emphasis
supplies, helping to create a clean environment, delivering
will be on continued incubation of future businesses and
quality food grain and providing a healthy cooking medium.
create value for our stakeholders in the long term.
In doing so, AEL is playing a key role in fostering a better
future for the people. The following are some of the Due to outbreak of COVID-19 globally and in India, the
operational highlights for FY 2019-20 - Company’s management has made initial assessment of
likely adverse impact on business and financial risks, and
Integrated Resources Management (IRM) volume
believes that the impact is likely to be short term in nature.
increased by 17% to 78.76 MMT against 67.45 MMT in
The management does not see any medium to long term
FY 2018-19.
risks in the Company’s ability to continue as a going concern
Mining Services coal production increased by 3% to and meeting its liabilities as and when they fall due, and
15.51 MMT vs 15.00 MMT in FY 2018-19. compliance with the debt covenants, as applicable.
Solar Manufacturing volume increased by 55% to 990

Dividend
MW vs 637 MW in FY 2018-19.
Your Company has already paid an interim dividend
Financial Highlights:
@100% (H 1 per share of H 1 fully paid up) on the fully paid
Shareholders value increased at CAGR of 45% in last up Equity Share Capital of the Company as recommended
3 years by demerger of renewable generation and city by the Board of Directors of the Company at its meeting
gas distribution businesses. held on 17th March, 2020 for the year 2019-20 resulting
into an outflow of H 132.60 crore (inclusive of tax).
Consolidated EBIDTA grew 17% to H 2,968 crore in
FY 2019-20 vs H 2,541 crore in FY 2018-19. Your Director wish to conserve resources for future
expansion and growth of the Company. Hence, your
Consolidated PAT attributable to owners rose 59% to
Directors have decided not to declare any further final
H 1,138 crore in FY 2019-20 vs H 717 crore in FY 2018-19.
dividend for the year under review.
Consolidated Income from Operations increased 8%
to H 44,086 crore vs H 40,951 crore in FY 2018-19.
Transfer to Reserves
Standalone Financial Results:
The Company proposes to transfer H 25 crore to the General
On standalone basis, your Company registered total Reserve out of the amount available for appropriation.
revenue of H 16,619.02 crore and PAT of H 698.89 crore,
registering healthy growth of 43%.
Fixed Deposits 11. Flaire Unmanned Systems Private Limited (Subsidiary

of Adani Defence Systems and Technologies Limited,
During the year under review, your Company has not accepted which is a wholly owned subsidiary of the Company)
Corporate Overview
any fixed deposits within the meaning of Section 73 of the
Companies Act, 2013 and the rules made there under. 12. Adani Guwahati International Airport Limited
13. Adani Thiruvananthapuram International Airport Limited

Particulars of Loans, Guarantees or Investments
14. Adani Mangaluru International Airport Limited
During the year under review, your Company has made
loans, given guarantees, provided securities and made 15. Adani Jaipur International Airport Limited
investments in compliance with Section 186 of the
16. Adani Ahmedabad International Airport Limited
Companies Act, 2013. The said details are given in the
notes to the financial statements. 17. Stratatech Mineral Resources Private Limited
18. Adani Metro Transport Limited

Subsidiaries, Joint Ventures, Associate
Statutory Reports
Companies and LLPs 19. Kurmitar Iron Ore Mining Private Limited
During the year under review, the following changes 20. Mundra Solar Energy Limited (Subsidiary of Adani
have taken place in Subsidiaries, Joint Venture, Associate Green Technology Limited, which is a step down
Companies and LLPs:- subsidiary of the Company)
Subsidiary companies formed/acquired 21. Adani Iron Ore Mining Private Limited
1. Mancherial Repallewada Road Private Limited 22. Adani Railways Transport Limited
(Subsidiary of Adani Road Transport Limited, which is
23. Gare Palma II Collieries Private Limited
a wholly owned subsidiary of the Company)
24. Sabarmati Infrastructure Services Limited (Subsidiary
2. Suryapet Khammam Road Private Limited (Subsidiary
of Adani Airport Holdings Limited, which is a wholly
of Adani Road Transport Limited, which is a wholly
owned subsidiary of the Company)
25. Vijaynagara Smart Solutions Limited (Subsidiary of
3. Alpha Design Technologies Private Limited (Subsidiary
Adani Airport Holdings Limited, which is a wholly
of Adani Defence Systems and Technologies Limited,
which is a wholly owned subsidiary of the Company)
4. NW Rail Operations Pte. Ltd (Subsidiary of Adani 26. Periyar Infrastructure Services Limited (Subsidiary
Global Pte. Ltd, which is a step down subsidiary of the of Adani Airport Holdings Limited, which is a wholly
Company) owned subsidiary of the Company)
5. North West Rail Holdings Pty Ltd (Subsidiary of 27. Gomti Metropolis Solutions Limited (Subsidiary of
NW Rail Operations Pte. Ltd, which is a step down Adani Airport Holdings Limited, which is a wholly
subsidiary of the Company) owned subsidiary of the Company)
6. North West Rail Pty Ltd (Subsidiary of North West Rail 28. Brahmaputra Metropolis Solutions Limited (Subsidiary
Notice
Holdings Pty Ltd, which is a step down subsidiary of of Adani Airport Holdings Limited, which is a wholly
the Company) owned subsidiary of the Company)
7. Gare Pelma II Mining Private Limited 29. Agneya Systems Limited (Subsidiary of Adani Defence
Systems and Technologies Limited, which is a wholly
8. Adani Airport Holdings Limited owned subsidiary of the Company)
9. Adani Lucknow International Airport Limited 30. Carroballista Systems Limited (Subsidiary of Adani
Defence Systems and Technologies Limited, which is
10. Kurmitar Mining Private Limited
a wholly owned subsidiary of the Company)
31. Rajputana Smart Solutions Limited (Subsidiary of Directors at the Annual General Meeting of the Company
Adani Airport Holdings Limited, which is a wholly held on 8th August, 2019. Further, Mr. V. Subramanian,
owned subsidiary of the Company) Mrs. Vijaylaxmi Joshi and Mr. Narendra Mairpady were
appointed as Independent Directors at the Annual General
New Associate company Meeting of the Company held on 9th August, 2017 and
7th August, 2018, respectively. The terms and conditions of
1. Adani Power Resources Limited
appointment of Independent Directors are as per Schedule
Cessation of Subsidiary company IV of the Act. The Company has received declarations from
all the Independent Directors of the Company confirming
1. Mundra Solar Energy Limited that they meet with the criteria of independence as
prescribed both under sub-section (6) of Section 149 of the
Cessation of Associate company
Companies Act, 2013 and the SEBI Listing Regulations and
1. CSPGCL AEL Parsa Collieries Limited there has been no change in the circumstances which may
affect their status as independent director during the year.
During the year under review, there was no change in Joint
Venture Companies. Pursuant to the requirements of the Companies Act, 2013
and Articles of Association of the Company, Mr. Vinay
Pursuant to the provisions of Section 129, 134 and 136 Prakash (DIN: 03634648) is liable to retire by rotation and
of the Companies Act, 2013 read with rules framed there being eligible offers himself for re-appointment.
under and Regulation 33 of the SEBI Listing Regulations,
the Company has prepared consolidated financial The Board recommends the appointment/re-appointment
statements of the Company and its subsidiaries and of above directors for your approval.
a separate statement containing the salient features
Brief details of Directors proposed to be appointed/
of financial statement of subsidiaries, joint ventures
re-appointed as required under Regulation 36 of the SEBI
and associates in Form AOC-1 which forms part of
Listing Regulations are provided in the Notice of Annual
this Annual Report.
General Meeting.
The annual financial statements and related detailed
information of the subsidiary companies shall be made Directors’ Responsibility Statement
available to the shareholders of the holding and subsidiary
companies seeking such information on all working days Pursuant to Section 134(5) of the Companies Act, 2013,
during business hours. The financial statements of the the Board of Directors, to the best of their knowledge and
subsidiary companies shall also be kept for inspection by ability, state the following:
any shareholder/s during working hours at the Company’s
a. that in the preparation of the annual financial
Registered Office and that of the respective subsidiary
statements, the applicable accounting standards have
companies concerned. In accordance with Section 136 of
been followed along with proper explanation relating
the Companies Act, 2013, the audited financial statements,
to material departures, if any;
including consolidated financial statements and related
information of the Company and audited accounts of b. that such accounting policies have been selected and
each of its subsidiaries, are available on our website, applied consistently and judgement and estimates
www.adanienterprises.com. Pursuant to Section 134 of have been made that are reasonable and prudent so
the Act read with Rule 8(1) of the Companies (Accounts) as to give a true and fair view of the state of affairs of
Rules, 2014 the details of developments of subsidiaries of the Company as at 31st March, 2020 and of the profit
the Company are covered in the Management’s Discussion of the Company for the year ended on that date;
and Analysis Report which forms part of this Report.
c. that proper and sufficient care has been taken for
the maintenance of adequate accounting records
Directors and Key Managerial Personnel
in accordance with the provisions of the Companies
During the year under review, Mr. Rakesh Shah resigned as Act, 2013 for safeguarding the assets of the Company
CFO of the Company w.e.f. 16th April, 2019 due to personal and for preventing and detecting fraud and other
reasons. The Board of Directors on recommendation irregularities;
of Nomination and Remuneration Committee & Audit
d. that the annual financial statements have been
Committee appointed Mr. Jugeshinder Singh as CFO of
prepared on a going concern basis;
the Company w.e.f. 29th May, 2019.
e. that proper internal financial controls were in place
Pursuant to the provisions of Section 149 of the Act, and that the financial control were adequate and
Mr. Hemant Nerurkar was re-appointed as an Independent were operating effectively;
f. that proper systems to ensure compliance with the Policy on Directors’ Appointment & Remuneration
provisions of all applicable laws were in place and
were adequate and operating effectively. The Company’s policy on directors’ appointment and
Corporate Overview
remuneration and other matters provided in Section 178(3)
of the Companies Act, 2013 is available on the Company’s
Policies website at https://www.adanienterprises.com/investors/
During the year under review, the Board of Directors of the corporate-governance.
Company has amended / approved changes in Corporate
Social Responsibility policy; Nomination and Remuneration Internal Financial Control system and their
Policy of Directors, Key Managerial Personnel and Other adequacy
Employees; Related Party Transaction Policy; Vigil
Mechanism / Whistle Blower Policy; Material Events The details in respect of internal financial control and their
Policy and Code of internal procedures and conduct for adequacy are included in the Management and Discussion
regulating, monitoring and reporting of Trading by Insiders & Analysis, which forms part of this report.
to comply with the recent amendments in the Companies
Statutory Reports
Act, 2013 and SEBI Listing Regulations. Accordingly, Risk Management
the updated policies are uploaded on website of the
Company at https://www.adanienterprises.com/investors/ The Board of the Company has formed a risk management
corporate-governance. committee to frame, implement and monitor the risk
management plan for the Company. The committee is
responsible for reviewing the risk management plan and
Number of Board Meetings
ensuring its effectiveness. The audit committee has
The Board of Directors met 5 (five) times during the year additional oversight in the area of financial risks and
under review. The details of board meetings and the controls.
attendance of the Directors are provided in the Corporate
Governance Report which forms part of this report. Committees of the Board
Details of various committees constituted by the Board
Independent Directors’ Meeting
of Directors as per the provision of the SEBI Listing
The Independent Directors met on 5th February, 2020, Regulations and the Companies Act, 2013 are given in the
without the attendance of Non-Independent Directors Corporate Governance Report which forms part of this
and members of the Management. The Independent report.
Directors reviewed the performance of non-independent
directors and the Board as a whole; the performance of Corporate Social Responsibility
the Chairperson of the Company, taking into account the
views of Executive Directors and Non-Executive Directors The Company has constituted a Corporate Social
and assessed the quality, quantity and timeliness of flow Responsibility (CSR) Committee and framed a CSR Policy.
of information between the Company Management and The brief details of CSR Committee are provided in the
the Board that is necessary for the Board to effectively Corporate Governance Report. The Annual Report on
and reasonably perform their duties. CSR activities is annexed to this Report. The updated
CSR Policy is available on the website of the Company at
Notice
https://www.adanienterprises.com/investors/corporate-
Board Evaluation
governance.
The Board adopted a formal mechanism for evaluating
its performance and as well as that of its Committees Corporate Governance and Management
and individual Directors, including the Chairman of the Discussion and Analysis Report
Board. The exercise was carried out through a structured
evaluation process covering various aspects of the Boards Separate reports on Corporate Governance compliance
functioning such as composition of the Board & committees, and Management Discussion and Analysis as stipulated
experience & competencies, performance of specific duties by the SEBI Listing Regulations forms part of this Annual
& obligations, contribution at the meetings and otherwise, Report along with the required Certificate from Practicing
independent judgment, governance issues etc. Company Secretary regarding compliance of the
conditions of Corporate Governance as stipulated.
In compliance with Corporate Governance requirements Auditors & Auditors’ Report

as per the SEBI Listing Regulations, your Company has
formulated and implemented a Code of Business Conduct Pursuant to the provisions of Section 139 of the
and Ethics for all Board members and senior management Companies Act, 2013 read with rules made thereunder,
personnel of the Company, who have affirmed the M/s. Shah Dhandharia & Co., Chartered Accountants (Firm
compliance thereto. Registration No. 118707W), were appointed as Statutory
Auditors of the Company to hold office till conclusion of
the 30th Annual General Meeting (AGM) of the Company to
Business Responsibility Report be held in the calendar year 2022.
The Business Responsibility Report for the year ended
The Notes to the financial statements referred in the
31st March, 2020 as stipulated under Regulation 34 of the
Auditors Report are self-explanatory. There are no
SEBI Listing Regulations is annexed which forms part of
qualifications or reservations on adverse remarks or
this Annual Report.
disclaimers given by Statutory Auditors’ of the Company
and therefore do not call for any comments under Section
Prevention of Sexual Harassment at Workplace 134 of the Companies Act, 2013. The Auditors’ Report is
enclosed with the financial statements in this Annual
As per the requirements of The Sexual Harassment of Report.
Women at Workplace (Prevention, Prohibition & Redressal)
Act, 2013 and rules made thereunder, your Company has
constituted Internal Complaints Committee (ICC) which is Secretarial Audit Report
responsible for redressal of complaints related to sexual
Pursuant to the provisions of Section 204 of the
harassment. During the year under review, there were no
Companies Act, 2013 and the rules made thereunder, the
complaints pertaining to sexual harassment.
Company has re-appointed Mr. Ashwin Shah, Practicing
Company Secretary to undertake the Secretarial Audit of
Extract of Annual Return the Company. The Secretarial Audit Report for FY 2019-20
is annexed, which forms part of this report as Annexure-B.
The details forming part of the extract of the Annual There are no qualifications or reservations on adverse
Return in Form MGT-9 are annexed to this Report as remarks or disclaimer given by Secretarial Auditors of the
Annexure-A. Company,
Related Party Transactions Cost Audit Report

All related party transactions entered into during the Your Company has re-appointed M/s. K. V. Melwani &
financial year were on an arm’s length basis and were in Associates, Practicing Cost Accountants to conduct audit
the ordinary course of business. Your Company had not of cost records of Mining Activities of the Company for the
entered into any transactions with related parties which year ending 31st March, 2021. The Cost Audit Report for
could be considered material in terms of Section 188 of the year 2018-19 was filed before the due date with the
the Companies Act, 2013. Accordingly, the disclosure of Ministry of Corporate Affairs.
related party transactions as required under Section
134(3)(h) of the Companies Act, 2013 in Form AOC - 2 is The Company has maintained the cost accounts and
not applicable. records in accordance with Section 148 of the Companies
Act, 2013 and Rule 8 of the Companies (Accounts) Rules,
2014.
Significant and Material Orders passed by the
Regulators or Courts or Tribunals Impacting the
Going Concern Status of the Company Particulars of Employees
There are no significant and material orders passed by The information required under Section 197 of the
the Regulators or Courts or Tribunals which would impact Companies Act, 2013 read with Rule 5(1) of the Companies
the going concern status and the Company’s future (Appointment and Remuneration of Managerial Personnel)
operations. Rules, 2014 are provided in separate annexure forming
part of this Report as Annexure-C.
Insurance The statement containing particulars of employees as

required under Section 197 of the Companies Act, 2013
Your Company has taken appropriate insurance for all
read with Rule 5(2) of the Companies (Appointment and
assets against foreseeable perils.
Remuneration of Managerial Personnel) Rules, 2014 will Acknowledgment

be provided upon request. In terms of Section 136 of
the Companies Act, 2013, the Report and Accounts are Your Directors are highly grateful for all the guidance,
Corporate Overview
being sent to the Members and others entitled thereto, support and assistance received from the Government of
excluding the information on employees’ particulars India, Government of Gujarat, Financial Institutions and
which is available for inspection by the members at Banks. Your Directors thank all shareholders, esteemed
the Registered Office of the Company during business customers, suppliers and business associates for their
hours on working days of the Company. If any member is faith, trust and confidence reposed in the Company.
interested in obtaining a copy thereof, such Member may
Your Directors also wish to place on record their sincere
write to the Company Secretary in this regard.
appreciation for the dedicated efforts and consistent
contribution made by the employees at all levels, to ensure
Conservation of Energy, Technology Absorption, that the Company continues to grow and excel.
Foreign Exchange Earnings and Outgo
The information on conservation of energy, technology

For and on behalf of the Board of Directors
Statutory Reports
absorption and foreign exchange earnings and outgo
stipulated under Section 134(3)(m) of the Companies Act,
2013 read with Rule 8 of The Companies (Accounts) Rules,
Gautam S. Adani
2014, as amended from time to time is annexed to this
Place: Ahmedabad Executive Chairman
Report as Annexure-D.
Date: 6th May, 2020 (DIN: 00006273)
Notice
Annexure - A
to the Directors’ Report
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended 31st March, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. Registration and Other Details:

CIN : L51100GJ1993PLC019067
Registration Date : 2nd March, 1993
Name of the Company : Adani Enterprises Limited
Category / Sub-Category of the Company : Company limited by shares
Address of the Registered office and contact : Adani House, Nr. Mithakhali Six Roads, Navrangpura,
details Ahmedabad-380009, Gujarat, India
Phone No. +91-79-26565555
Whether listed company : Yes
Name, Address and Contact details of Registrar : M/s. Link Intime India Private Limited
and Transfer Agent, if any 5th Floor, 506-508, Amarnath Business Centre-1 (ABC-1),
Besides Gala Business Centre, Near St. Xavier’s College Corner,
Off. C G Road, Navrangpura, Ahmedabad – 380009
Tel: +91-79-26465179
Email : ahmedabad@linkintime.co.in
II. Principal Business Activities of the Company:

All the business activities contributing 10% or more of the total turnover of the company shall be stated:
Name and description of main Products/Services NIC Code of the % to total

Product/ service turnover of the
Company
Wholesale trade Service – Coal Trading 46610 63.91%
Power Trading 35105 22.10%
III. Particulars of Holding, Subsidiary, Associate Companies and LLPs:

Sr. Name and address of the Company /LLP CIN/GLN/LLPIN Holding/ % of Applicable
No. Subsidiary/ stake Section
Associate held*
1. Adani Welspun Exploration Limited U40100GJ2005PLC046554 Subsidiary 65 2(87)
Adani House, Near Mithakhali, Six Roads,
Navrangpura, Ahmedabad - 380 009
2. Natural Growers Private Limited U74999MH2008PTC185990 Subsidiary 100 2(87)
601, 6th Floor, Hallmark Business Plaza,
Opp. Guru Nanak Hospital, Bandra (East),
Mumbai - 400051
3. Chendipada Collieries Private Limited U10200GJ2010PTC062625 Subsidiary 100 2(87)
10th Floor, Shikhar, Nr. Adani House, Mithakhali
Circle, Navrangpura, Ahmedabad - 380 009
4. Mundra Synenergy Limited U40106GJ2014PLC078744 Subsidiary 100 2(87)
Adani House, Nr. Mithakhali Six Roads,
Navrangpura, Ahmedabad – 380 009
Associate held*
Corporate Overview
5. Adani Agri Fresh Limited U63022GJ2004PLC045143 Subsidiary 100 2(87)
6. Adani Defence Systems and Technologies Limited U74900GJ2015PLC082700 Subsidiary 100 2(87)
7. Adani Shipping (India) Private Limited U63090MH2010PTC207152 Subsidiary 100 2(87)
601, 6th Floor, Hallmark Business Plaza, Opp. Guru
Nanak Hospital, Bandra (East), Mumbai - 400051
8. Adani Bunkering Private Limited U40200GJ2008PTC054045 Subsidiary 100 2(87)
Adani House, Nr. Mithakhali Circle, Navrangpura,
Ahmedabad - 380 009
Statutory Reports
9. Adani Resources Private Limited U74910GJ2012PTC068733 Subsidiary 100 2(87)
Adani House, Near Mithakhali Six Roads,
10. Surguja Power Private Limited U40100GJ2012PTC068748 Subsidiary 100 2(87)
11. Jhar Mining Infra Private Limited U10102HR2014PTC052406 Subsidiary 51 2(87)
Adani House, Plot No. 83, Sector 32,
Institutional Area, Gurgaon - 122 001
12. Parsa Kente Collieries Limited U10200RJ2007PLC025173 Subsidiary 74 2(87)
32, 6th Floor, Triniti, Plot No. 05, Swage Farm, New
Sanganer Road, Jaipur-302019
13. Rajasthan Collieries Limited U10100RJ2012PLC038382 Subsidiary 74 2(87)
32, 6th Floor, MahimaTriniti, Plot No. 05, Swej Farm,
New Sanganer Road, Sodala, Jaipur - 302 019
14. Adani Global Limited N.A. Subsidiary 100 2(87)
Suite 501, St James Court,
St Denis Street, Port-Louis, Mauritius
15. Adani Global FZE N.A. Subsidiary 100 2(87)
Adani Global FZE, P.O.Box No: 17186,
Dubai, U.A.E
16. Adani Global DMCC N.A. Subsidiary 100 2(87)
Adani Global FZE, P.O.Box No: 17186,
Dubai, U.A.E
17. Adani Global Pte Limited N.A. Subsidiary 100 2(87)
80 Raffles Place, #33-20 UOB Plaza,
Notice
Singapore - 048 624
18. PT Adani Global N.A. Subsidiary 100 2(87)
Graha Mustika Ratu Lt. 3,
Jl. Gatot Subroto kav. 74-75,
Pancoran - Jakarta Selatan 12870
19. Adani Shipping Pte Limited N.A. Subsidiary 100 2(87)
80, Raffles Place #30-20, UOB Plaza,
Singapore - 048 624
20. Rahi Shipping Pte. Limited N.A. Subsidiary 100 2(87)
Singapore - 048 624
21. Vanshi Shipping Pte. Limited N.A. Subsidiary 100 2(87)
Singapore - 048 624
Associate held*
22. PT Adani Global Coal Trading N.A. Subsidiary 100 2(87)
Graha Mustika Ratu Lt. 3, Jl. Gatot Subrotokav.
74-75, Pancoran Jakarta Selatan 12870, Indonesia
23. PT Coal Indonesia N.A. Subsidiary 100 2(87)
Jl. Gatot Subrotokav. 74-75, Pancoran Jakarta
Selatan 12870, Indonesia
24. PT Sumber Bara N.A. Subsidiary 100 2(87)
JI, Gatot Subroto kav. 74-75, Pancoran - Jakarta
25. PT Energy Resources N.A. Subsidiary 100 2(87)
JI, GatotSubrotokav. 74-75, Pancoran - Jakarta
26. PT Niaga Antar Bangsa N.A. Subsidiary 100 2(87)
JI, GatotSubrotokav. 74-75,
Pancoran Jakarta Selatan 12870, Indonesia
27. PT Niaga Lintas Samudra N.A. Subsidiary 100 2(87)
Jl. Gatot Subroto kav. 74-75, Pancoran - Jakarta
28. PT Gemilang Pusaka Pertiwi N.A. Subsidiary 100 2(87)
Jl. Gatot Subroto kav. 74-75, Pancoran Jakarta
29. PT Hasta Mundra N.A. Subsidiary 100 2(87)
Jl. Gatot Subroto kav. 74-75, Pancoran Jakarta
30. PT Lamindo Inter Multikon N.A. Subsidiary 100 2(87)
Jl. GatotSubrotokav. 74-75, Pancoran Jakarta
31. PT Suar Harapan Bangsa N.A. Subsidiary 100 2(87)
32. Adani North America Inc N.A. Subsidiary 100 2(87)
30, Montgomery Street #970, Jersey City,
New Jersey - 07302
33. PT Tambang Sejahtera Bersama N.A. Subsidiary 100 2(87)
Selatan 12870
34. Adani Mining Pty Limited N.A. Subsidiary 100 2(87)
Level 9, 120 Edward Street, Brisbane,
Queensland - 4000
35. Aanya Maritime Inc. N.A. Subsidiary 100 2(87)
Aquilino De La Guardia, Ogra Building, Street No.
8, Panama 0823 02435
Associate held*
Corporate Overview
36. Aashna Maritime Inc. N.A. Subsidiary 100 2(87)
Aquilino De La Guardia , Ogra Building,
Street No. 8, Panama 0823 02435
37. Adani Minerals Pty Limited N.A. Subsidiary 100 2(87)
Queensland - 4000
38. Galilee Transmission Holdings Pty Limited N.A. Subsidiary 100 2(87)
Queensland - 4000
39. Galilee Transmission Pty Limited N.A. Subsidiary 100 2(87)
Queensland - 4000
Statutory Reports
40. Adani Infrastructure Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
41. Urja Maritime Inc N.A. Subsidiary 100 2(87)
Ave., Balboa, Bicsa Financial Center, 30th Floor,
Office 3005, Panama City, Republic of Panama
42. Adani Global Resources Pte Ltd. N.A. Subsidiary 100 2(87)
80 Raffles Place #33-20, UOB Plaza
Singapore - 048 624
43. Carmichael Rail Network Holdings Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
44. Carmichael Rail Network Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
45. Adani Renewable Asset Holdings Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
46. Adani Renewable Assets Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
47. Adani Rugby Run Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
48. Adani Global Royal Holdings Pte Ltd. N.A. Subsidiary 100 2(87)
80 Raffles Place #33-20, UOB Plaza
Notice
Singapore - 048 624
49. Queensland RIPA Holdings Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
50. Queensland RIPA Finance Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
51. Queensland RIPA Pty Ltd. N.A. Subsidiary 100 2(87)
Queensland - 4000
52. Whyalla Renewable Holdings Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
53. Whyalla Renewables Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
Associate held*
54. Adani Australia Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
55. Adani Rugby Run Finance Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
56. Galilee Biodiversity Company Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
57. Mundra Solar PV Limited U74999GJ2015PLC083378 Subsidiary 51 2(87)
58. Mundra Solar Limited U40101GJ2015PLC083552 Subsidiary 51 2(87)
59. Adani Land Defence Systems and Technologies U74999GJ2015PLC083877 Subsidiary 100 2(87)
Limited
60. Adani Aerospace and Defence Limited U35115GJ2015PLC083876 Subsidiary 100 2(87)
61. Adani Naval Defence Systems and Technologies U74990GJ2015PLC083873 Subsidiary 91 2(87)
Limited
62. Talabira (Odisha) Mining Private Limited U14200GJ2016PTC086246 Subsidiary 100 2(87)
63. Mundra Solar Technopark Private Limited U74120GJ2015PTC082522 Subsidiary 88.35 2(87)
64. Adani Green Technology Limited U29100GJ2016PLC086498 Subsidiary 51 2(87)
65. Adani-Elbit Advanced Systems India Limited U74999GJ2016PLC094297 Subsidiary 51 2(87)
66. Adani Cementation Limited U74999GJ2016PLC094589 Subsidiary 100 2(87)
67. Adani Infrastructure Private Limited U74140GJ2015PTC084995 Subsidiary 100 2(87)
Adani Corporate House Shantigram, S. G.
Highway, Khodiyar Ahmedabad
Ahmedabad - 382421
68. Gare Pelma III Collieries Limited U14290HR2017PLC069970 Subsidiary 100 2(87)
Adani House, Plot no. 83,
Sector 32, Institutional Area,
Gurgaon – 122001
69. Adani Road Transport Limited U74993GJ2018PLC101340 Subsidiary 100 2(87)
Associate held*
Corporate Overview
70. Bilaspur Pathrapali Road Private Limited U45500GJ2018PTC101970 Subsidiary 74 2(87)
Adani House, 56, Shrimali Society,
Near Mithakhali Six Road, Navrangpura
Ahmedabad – 380006
71. Bailadila Iron Ore Mining Private Limited U14290GJ2018PTC104273 Subsidiary 100 2(87)
72. Mundra Copper Limited U14290GJ2018PLC105264 Subsidiary 100 2(87)
Statutory Reports
73. Adani Water Limited U41000GJ2018PLC105737 Subsidiary 100 2(87)
74. Prayagraj Water Private Limited U41000GJ2018PTC105778 Subsidiary 74 2(87)
75. Adani Rave Gears India Limited U75200GJ2019PLC107265 Subsidiary 100 2(87)
76. Gidhmuri Paturia Collieries Private Limited U14290GJ2019PTC107371 Subsidiary 74 2(87)
77. Adani Tradewing LLP AAI-9116 Subsidiary 100 2(87)
Adani House, 56, Shrimali Society, Navrangpura,
Ahmedabad-380 009
78. Adani Commodities LLP AAI-9117 Subsidiary 100 2(87)
Adani House, 56, Shrimali Society, Navrangpura,
Ahmedabad-380 009
79. Adani Tradex LLP AAI-8221 Subsidiary 100 2(87)
801, Shikhar Complex, Srimali Society,
80. Adani Tradecom LLP AAI-8220 Subsidiary 100 2(87)
Notice
801, Shikhar Complex, Srimali Society,
Navrangpura, Ahmedabad -380009
81. Mahaguj Power LLP AAJ-1976 Subsidiary 100 2(87)
82. Mancherial Repallewada Road Private Limited U45209GJ2019PTC107501 Subsidiary 74 2(87)
Adani House, 56, Shrimali Society, Navrangpura
Ahmedabad - 380009
83. Suryapet Khammam Road Private Limited U45201GJ2019PTC107602 Subsidiary 74 2(87)
Ahmedabad - 380009
84. Alpha Design Technologies Private Limited U74140KA2003PTC032191 Subsidiary 26# 2(87)
9, Service Road, HAL II Stage Indiranagar
Bangalore - 560008
#
Control in composition of the Board of Directors
Associate held*
85. NW Rail Operations Pte. Ltd N.A. Subsidiary 100 2(87)
80 Raffles Place #33-20, UOB Plaza,
Singapore 048624
86. North West Rail Holdings Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
87. North West Rail Pty Ltd N.A. Subsidiary 100 2(87)
Queensland - 4000
88. Gare Pelma II Mining Private Limited U14296GJ2019PTC109304 Subsidiary 100 2(87)
89. Adani Airport Holdings Limited U62100GJ2019PLC109395 Subsidiary 100 2(87)
90. Adani Lucknow International Airport Limited U63030GJ2019PLC109814 Subsidiary 100 2(87)
91. Kurmitar Mining Private Limited U14299GJ2019PTC109993 Subsidiary 100 2(87)
92. Flaire Unmanned Systems Private Limited U74999DL2019PTC347400 Subsidiary 100 2(87)
A-603, Garden Estate Apartment,
Plot No. 5B, Sector-22, Dwarka,
West Delhi - 110075
93. Adani Guwahati International Airport Limited U63030GJ2019PLC110032 Subsidiary 100 2(87)
94. Adani Thiruvananthapuram International Airport U63030GJ2019PLC110043 Subsidiary 100 2(87)
Limited
95. Adani Mangaluru International Airport Limited U63030GJ2019PLC110062 Subsidiary 100 2(87)
96. Adani Jaipur International Airport Limited U63033GJ2019PLC110077 Subsidiary 100 2(87)
97. Adani Ahmedabad International Airport Limited U63030GJ2019PLC110076 Subsidiary 100 2(87)
98. Stratatech Mineral Resources Private Limited U14290GJ2019PTC110138 Subsidiary 100 2(87)
99. Adani Metro Transport Limited U45309GJ2019PLC110345 Subsidiary 100 2(87)
100. Kurmitar Iron Ore Mining Private Limited U14290GJ2019PTC110399 Subsidiary 100 2(87)
101. Adani Iron Ore Mining Private Limited U14296GJ2019PTC110460 Subsidiary 100 2(87)
Associate held*
Corporate Overview
102. Adani Railways Transport Limited U45203GJ2019PLC110474 Subsidiary 100 2(87)
103. Gare Palma II Collieries Private Limited U14294GJ2019PTC110716 Subsidiary 100 2(87)
104. Sabarmati Infrastructure Services Limited U63030GJ2020PLC112573 Subsidiary 100 2(87)
105. Vijaynagara Smart Solutions Limited U63030GJ2020PLC112599 Subsidiary 100 2(87)
Statutory Reports
106. Periyar Infrastructure Services Limited U63030GJ2020PLC112598 Subsidiary 100 2(87)
Ahmedabad - 380009
107. Gomti Metropolis Solutions Limited U63030GJ2020PLC112612 Subsidiary 100 2(87)
Ahmedabad - 380009
108. Brahmaputra Metropolis Solutions Limited U63030GJ2020PLC112669 Subsidiary 100 2(87)
Ahmedabad - 380009
109. Agneya Systems Limited U75302GJ2020PLC112804 Subsidiary 100 2(87)
Ahmedabad - 380009
110. Carroballista Systems Limited U75302GJ2020PLC112831 Subsidiary 100 2(87)
Ahmedabad - 380009
111. Rajputana Smart Solutions Limited U63090GJ2020PLC113091 Subsidiary 100 2(87)
Ahmedabad - 380009
112. Adani Chendipada Mining Private Limited U10300GJ2011PTC068074 Associate 49 2(6)
Navrangpura, Ahmedabad -380 009
113. Adani Power Resources Limited U40100GJ2013PLC077749 Associate 49 2(6)
Navrangpura, Ahmedabad -380 009
*Representing aggregate % of stake held by the Company in its subsidiaries directly and / or along with other subsidiaries
IV. Share Holding Pattern (equity share capital breakup as percentage of total equity as on 31nd March, 2020) Notice
i) Category-wise Share Holding
Category of Shareholders No of Shares held at the beginning of the year No. of Shares held at the end of the year %
Demat Physical Total % of total Demat Physical Total % of total Change
Shares Shares during
the year
A. Promoter
1 Indian
a) Individuals/HUF 2 - 2 - 2 - 2 - -
b) Central Government - - - - - - - - -
c) State Government(s) - - - - - - - - -
d) Bodies Corporate 99491719 - 99491719 9.05 99491719 - 99491719 9.05 -
e) Banks/FI - - - - - - - - -
f) Any Others
Family Trust 630034660 - 630034660 57.29 630034660 - 630034660 57.29
Sub Total (A)(1) 729526381 - 729526381 66.33 729526381 - 729526381 66.33
Category of Shareholders No of Shares held at the beginning of the year No. of Shares held at the end of the year %
Demat Physical Total % of total Demat Physical Total % of total Change
Shares Shares during
the year
2 Foreign
a) NRIs-Individuals - - - - - - - - -
b) Other-Individuals - - - - - - - - -
c) Bodies Corporate 94437100 - 94437100 8.59 94437100 - 94437100 8.59 -
d) Banks/FI - - - - - - - - -
e) Any Other - - - - - - - - -
Sub Total(A)(2) 94437100 - 94437100 8.59 94437100 - 94437100 8.59 -
Total Shareholding of 823963481 - 823963481 74.92 823963481 - 823963481 74.92 -
Promoter and Promoter
Group (A)= (A)(1)+(A)(2)
B. Public shareholding
1 Institutions
a) Mutual Funds/ UTI 20908000 - 20908000 1.90 11491964 - 11491964 1.04 (0.86)
b) Banks/FI 6959149 - 6959149 0.63 5650727 - 5650727 0.51 (0.12)
c) Central Govt. - - - - - - - - -
d) State Govt. - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) FII 163478 - 163478 0.01 72238 - - 0.01 -
h) Foreign Venture Capital - - - - - - - - -
Funds
i) Any Other - - - - - - - - -
Foreign Portfolio Investor 212218014 - 212218014 19.30 224082945 - 224082945 20.37 1.07
(Corporate)
Sub-Total (B)(1) 240248641 - 240248641 21.84 241297874 - 241297874 21.94 0.09
2 Non-institutions -
a) Bodies Corporate
i Indian 7465562 - 7465562 0.68 7729036 - 7729036 0.70 0.02
ii Overseas - - - - - - - - -
b) Individuals
I Individuals shareholders 21266809 398569 21665378 1.96 19340228 297559 19637787 1.78 (0.18)
holding nominal share
capital up to H 1 lakh
ii Individual shareholders 2439538 0 2439538 0.22 4342696 0 4342696 0.40 0.18
holding nominal share
capital in excess of
H 1 lakh.
c) Other (specify)
Clearing Member 1819584 - 1819584 0.17 725593 - 725593 0.07 (0.10)
Non Resident Indian 243095 - 243095 0.02 830380 - 830380 0.08 0.06
(Repat)
Non Resident Indian 859997 - 859997 0.08 236502 - 236502 0.02 (0.06)
(Non Repat)
Foreign Nationals 10000 - 10000 0.00 10300 - 10300 0.00 0.00
Corp. Body - Foreign - - - - - - - -
Bodies
Trust 1600 - 1600 0.00 1500 - 1500 0.00 0.00
Hindu Undivided Family 1047557 - 1047557 0.10 988708 - 988708 0.09 (0.01)
IEPF Authority 45650 - 45650 0.00 46226 - 46226 0.00 0.00
Sub-Total (B)(2) 35199392 398569 35597961 3.24 34251169 297559 34548728 3.13 (0.09)
Total Public Shareholding 275448033 398569 275846602 25.08 275549043 297559 275846602 25.08 0.00
(B)= (B)(1)+(B)(2)
C. Shares held by Custodians - - - - - - - - -
for GDRs & ADRs
GRAND TOTAL 1099411514 398569 1099810083 100.00 1099411514 297559 1099810083 100.00 -
(A)+(B)+(C)
ii) Shareholding of Promoters /Promoters Group:
Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year % Change in
No. shareholding
Corporate Overview
No. of Shares % of total % shares No. of % of total % shares
shares of the pledged/ Shares shares pledged/ during the
company encumbered to of the encumbered year
total shares company to total
shares
1. Shri Gautambhai Shantilal Adani 1 - - 1 - - Nil
2. Shri Rajeshbhai Shantilal Adani 1 - - 1 - - Nil
3. Shri Gautam S. Adani/Smt. Priti 8836750 0.80 - 8836750 0.80 - Nil
G. Adani (on behalf of GSAFT1)
4. Shri Gautam S. Adani/Shri Rajesh 621197910 56.48 20.21 621197910 56.48 34.82 Nil
S. Adani (on behalf of SBAFT2)
5. Adani Properties Private Limited - - - - - - Nil
6. Adani Tradeline LLP 99491719 9.05 1.82 99491719 9.05 2.48 Nil
7. Flourishing Trade and Investment 3688000 0.34 - 3688000 0.34 - Nil
Limited
Statutory Reports
8. Afro Asia Trade and Investment 30249700 2.75 - 30249700 2.75 - Nil
Limited
9. Universal Trade and Investment 30249700 2.75 - 30249700 2.75 - Nil
Limited
10. Worldwide Emerging Market 30249700 2.75 - 30249700 2.75 - Nil
Holding Limited
Total 823963481 74.92 20.16 823963481 74.92 37.30 Nil
1. Gautam S. Adani Family Trust

2. S.B. Adani Family Trust
iii) Change in Promoters’ /Promoters’ Group Shareholding:
Particulars Shareholding at the Cumulative Shareholding
beginning of the year during the year
No. of % of total No. of % of total
Shares shares of the Shares shares of the
Company Company
At the beginning of the year
Date-wise Increase / Decrease in Promoters Shareholding
during the year specifying the reasons for increase / decrease No change during the year.
(e.g. allotment / transfer / bonus/ sweat equity etc):
At the end of the year
Notice
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoter and Holders of GDRs and ADRs)
Name of Shareholders* Shareholding at the Date wise Increase / Shareholding at the end
beginning of the year Decrease in Shareholding of the year
during the year specifying
the reasons for increase /
decrease (e.g. allotment
/ transfer / bonus/ sweat
equity etc)
No. of % of total Purchase Sell No. of % of total
Shares shares of the Sharesshares of the
Company Company
Elara India Opportunities Fund 48508788 4.41 1423900 - 49932688 4.54
Limited
Cresta Fund Ltd 31477920 2.86 164702 115000 31527622 2.87
Albula Investment Fund Ltd 20932425 1.90 2710246 - 23642671 2.15
APMS Investment Fund Ltd 23114822 2.10 247367 - 23362189 2.13
Vespera Fund Limited 19074892 1.73 724000 - 19798892 1.80
LTS Investment Fund Ltd 15959147 1.45 959092 - 16918239 1.53
Nomura Singapore Limited 12362124 1.12 437560 28000 12771684 1.16
Asia Investment Corporation 5646275 0.51 270799 5917074 0.54
(Mauritius) Ltd
Life Insurance Corporation of India 4997267 0.45 - - 4997267 0.45
Vanguard Total International 4049540 0.37 807701 105016 4752225 0.43
Stock Index Fund
*The shares of the Company are traded on a daily basis and hence the date wise increase / decrease in shareholding is not
indicated. Shareholding is consolidated based on permanent account number (PAN) of the shareholder.
v) Shareholding of Directors and Key Managerial Personnel
For each of the Directors and Shareholding at the Date Change in Shareholding at the end
KMP beginning of the year Shareholding of the year
(No. of Shares)
No. of % of total Increase Decrease No. of % of total
Shares shares of the Shares shares
Company of the
Company
Directors
Mr. Gautam S. Adani1 & 2 1 - - - - 1 -
Mr. Rajesh S. Adani1 1 - - - - 1 -
Mr. Pranav V. Adani - - - - - - -
Mr. Vinay Prakash - - - - -
Mr. Hemant Nerurkar - - - - - - -
Mr. V. Subramanian - - - - - - -
Mrs. Vijaylaxmi Joshi - - - - - - -
Mr. Narendra Mairpady - - - - - - -
Key Managerial Personnel
Mr. Jatin Jalundhwala 700 0.00 - - - 700 0.00
Company Secretary
Mr. Rakesh Shah3 - - - - - - -
Mr. Jugeshinder Singh4 - - - - - - -
1. Gautam S. Adani/ Rajesh S. Adani (on behalf of S.B. Adani Family Trust) holds 62,11,97,910 (56.48%) shares of the Company.
During the year under review, there was no increase / decrease in the same.
2. Gautam S. Adani/ Priti G. Adani (on behalf of Gautam S. Adani Family Trust) holds 88,36,750 (0.80%) shares of the Company.
During the year under review, there was no increase / decrease in the same.
3. Mr. Rakesh Shah resigned as CFO of the Company w.e.f. 16nd April, 2019.
4. Mr. Jugeshinder Singh was appointed as CFO of the Company w.e.f. 29nd May, 2019.
V. Indebtedness
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(H in crore)
Corporate Overview
Particulars Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 1,185.10 1,680.27 2,865.37
ii) Interest due but not paid - - -
iii) Interest accrued but not due 5.47 0.09 5.56
Total (i+ii+iii) 1,190.57 1,680.36 2,870.93
Change in Indebtedness during the financial year
• Addition 3,630.58 3,651.53 7,282.11
• Reduction 3,513.29 3,622.70 7,135.99
Net Change 117.29 28.83 146.12
Indebtedness at the end of the financial year
Statutory Reports
i) Principal Amount 1,302.44 1,709.19 3,011.63
ii) Interest due but not paid - - -
iii) Interest accrued but not due 5.42 - 5.42
Total (i+ii+iii) 1,307.86 1,709.19 3,017.05
VI. Remuneration of Directors and Key Managerial Personnel

A. Remuneration to Managing Director and Whole-time Directors:
(H in crore)
Sr. Particulars of Remuneration Mr. Gautam S. Mr. Rajesh S. Mr. Pranav Mr. Vinay Total
No. Adani Adani Adani Prakash Amount
Executive Managing Director Director
Chairman Director
1 Gross salary
a) Salary as per provisions contained 1.93 2.90 1.92 5.28 12.03
in section 17(1) of the Income-tax
Act, 1961
b) Value of perquisites u/s 17(2) - - - - -
Income-tax Act, 1961
c) Profits in lieu of salary under - - - - -
section 17(3) Income-tax Act, 1961
2 Stock Option - - - - -
3 Sweat Equity - - - - -
4 Commission
- as % of profit - 1.00 1.00 - 2.00
- others, specify - - - 10.00 10.00
Notice
(performance based variable
incentive)
5 Others - contribution towards PF etc 0.24 0.36 0.12 0.41 1.13
Total 2.17 4.26 3.04 15.69 25.16
Ceiling as per the Act H 75.11 (@ 10% of profit calculated as per Section 198 of the Companies
Act, 2013)
B. Remuneration to other Directors:

(H in lakh)
Particulars of Remuneration Mr. Hemant Mr. V. Mrs. Mr. Total
Nerurkar Subramanian Vijaylaxmi Narendra
Joshi Mairpady
Independent Directors
a) Fee for attending board, committee 6.25 6.50 5.50 2.50 20.75
meetings
b) Commission 14.00 14.00 14.00 14.00 56.00
c) Others, please specify - - - - -
Total 20.25 20.50 19.50 16.50 76.75
C. Remuneration to key managerial personnel other than MD/manager/WTD

(H in crore)
Sr. Particulars of Remuneration Mr. Rakesh Shah1 Mr. Jugeshinder Mr. Jatin Total
No. Chief Financial Singh2 Jalundhwala Amount
Officer Chief Financial Company
Officer Secretary & Joint
President (Legal)
1 Gross salary
a) Salary as per provisions contained in 0.21 3.49 1.91 5.61
section 17(1) of the Income-tax Act, 1961
b) Value of perquisites u/s 17(2) Income-tax - - - -
Act, 1961
c) Profits in lieu of salary under section 17(3) - - - -
Income-tax Act, 1961
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission - - - -
- as % of profit - - - -
- others, specify - 8.46 - 8.46
(performance based variable incentive)
5 Others – contribution towards PF etc 0.25 - 0.08 0.33
Total 0.46 11.95 1.99 14.40
1. Mr. Rakesh Shah resigned as CFO of the Company w.e.f. 16nd April, 2019.
2. Mr. Jugeshinder Singh was appointed as CFO of the Company w.e.f. 29th May, 2019.
VII. Penalties / Punishment/ Compounding of Offences:

Type Section of the Brief Details of penalty/ Authority Appeal made,
Companies Act Description punishment/ [RD / NCLT/ if any (give
compounding fees COURT] details)
imposed
A. Company
Penalty
Punishment None
Compounding
B. Directors
Penalty
Punishment None
Compounding
C. Other Officers in default
Penalty
Punishment None
Compounding
Annexure - B
Corporate Overview
FORM NO. MR-3 - SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2020
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
Statutory Reports
To
The Members
I have conducted the secretarial audit of the compliance extent of Foreign Direct Investment, Overseas Direct
of applicable statutory provisions and the adherence to Investment and External Commercial Borrowings;
good corporate practices by Adani Enterprises Limited
(hereinafter called “the company”). Secretarial Audit was v. The following Regulations and Guidelines prescribed
conducted in a manner that provided me a reasonable under the Securities and Exchange Board of India Act,
basis for evaluating the corporate conducts/ statutory 1992 (‘SEBI Act’):-
compliances and expressing my opinion thereon.
a. The Securities and Exchange Board of India
Based on my verification of books, papers, minute books, (Substantial Acquisition of Shares and Takeovers)
forms and returns filed and other records maintained Regulations, 2011;
by the company and also the information provided b. The Securities and Exchange Board of India
by the Company, its officers, agents and authorised (Prohibition of Insider Trading) Regulations, 2015;
representatives in the conduct of secretarial audit
during the lockdown situation across the country due to c. The Securities and Exchange Board of India
pandemic of COVID 19, I hereby report that in my opinion, (Issue of Capital and Disclosure Requirements)
the company has, during the audit period covering the Regulations, 2009 (Not Applicable to the
financial year ended on 31st March, 2020 complied with Company during the Audit Period);
the statutory provisions listed hereunder and also that the d. The Securities and Exchange Board of India (Share
Company has proper Board-processes and compliance- Based Employee Benefit) Regulation, 2014 (Not
mechanism in place to the extent, in the manner and Applicable to the Company during the Audit
subject to the reporting made hereinafter: Period);
I have examined the books, papers, minute books, forms e. The Securities and Exchange Board of India (Issue
Notice
and returns filed and other records maintained by Adani and Listing of Debt Securities) Regulations, 2008;
Enterprises Limited (“the Company”) for the financial year
f. The Securities and Exchange Board of India
ended on 31st March, 2020 according to the provisions of:
(Registrars to an Issue and Share Transfer Agents)
i. The Companies Act, 2013 (the Act) and the rules made Regulations, 1993 regarding the Companies Act
thereunder; and dealing with client;
g. The Securities and Exchange Board of India

ii. The Securities Contracts (Regulation) Act, 1956
(Delisting of Equity Shares) Regulations, 2009
(‘SCRA’) and the rules made thereunder;
(Not Applicable to the Company during the Audit
iii. The Depositories Act, 1996 and the Regulations and Period); and
Bye-laws framed thereunder; h. The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 1998 (Not
iv. Foreign Exchange Management Act, 1999 and
Applicable to the Company during the Audit Period);
the rules and regulations made thereunder to the
vi. Laws specifically applicable to the industry to Guidelines, Standards, etc. mentioned above subject to
which the company belongs, as identified by the filing of certain e-forms with additional fees.
management, that is to say:
I further report that
Legislation Name
The Board of Directors of the Company is duly constituted
Payment of Wages Act, 1936 with proper balance of Executive Directors, Non-Executive
The Payment of Bonus Act, 1965 Directors and Independent Directors. The changes in
The Employees’ Provident Fund and Miscellaneous the composition of the Board of Directors that took
Provisions Act, 1952 place during the period under review were carried out in
Employees’ State Insurance Act, 1948 compliance with the provisions of the Act.
The Minimum Wages Act, 1948
Payment of Gratuity Act, 1972 Adequate notice is given to all directors to schedule the
Employee Taxation as per Income Tax Act, 1961 Board Meetings, agenda and detailed notes on agenda
Employee Group Insurance Scheme and Maternity were sent at least seven days in advance, and a system
Benefits. exists for seeking and obtaining further information and
Shops and Establishment Act & Rules thereunder. clarifications on the agenda items before the meeting and
The Contract Labour (Abolition & Repeal) Act & and for meaningful participation at the meeting.
Rules thereunder
Majority decision is carried through while the dissenting
Environment (Protection) Act, 1986
members’ views are captured and recorded as part of the
The Air (Prevention and Control of Pollution)
minutes.
Act, 1981
The Water (Prevention and Control of Pollution) I further report that there are adequate systems and
Act, 1974 processes in the company commensurate with the size
The Noise Pollution (Regulation and Control) and operations of the company to monitor and ensure
Rules, 2000 compliance with applicable laws, rules, regulations and
Hazardous Wastes (Management and Handling) guidelines
Rules, 1989
Manufactures Stores and import of Hazardous I further report that during the audit period the company
Chemical Rules, 1989 has:
Factories Act, 1948
1. Passed a special resolution for Re-appointment of
I have also examined compliance with the applicable Mr. Hemant Nerurkar (DIN: 00265887), as an
clauses of the following: Independent Director.
a. Secretarial Standards issued by The Institute of 2. Passed a special resolution for approval of offer or
Company Secretaries of India. invitation to subscribe to Securities for an amount not
exceeding H 5,000 crore
b. The Securities and Exchange Board of India
(Listing Obligations and Disclosures Requirements)
Regulations, 2015. CS Ashwin Shah
Place: Ahmedabad Company Secretary
During the period under review the Company has complied Date: 6th May, 2020 C. P. No. 1640
with the provisions of the Act, Rules, Regulations, UDIN: F001640B000204491
Note: This report is to be read with our letter of even date which is annexed as ‘Annexure-A’ and forms an integral part of this
report.
Annexure A
to the Secretarial Audit Report
Corporate Overview
To
The Members
Our report of even date is to be read along with this letter
1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
Statutory Reports
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the company.
CS Ashwin Shah
Place: Ahmedabad Company Secretary
Date: 6th May, 2020 C. P. No. 1640
UDIN: F001640B000204491
Notice
Annexure - C
[Information pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
i) The ratio of the remuneration of each Director to ii) The percentage increase in the median remuneration
the median remuneration of the employees of the of employees in the financial year: 10%
Company for the financial year 2019-20 and the
percentage increase in remuneration of each Director, iii) The number of permanent employees on the rolls of
Chief Financial Officer, Chief Executive Officer, Company: 2,042 as on 31st March, 2020.
Company Secretary in the financial year 2019-20:
iv) Average percentile increase already made in the
salaries of employees other than the managerial
Name of Directors/ KMP Ratio of % increase in
remuneration remuneration personnel in the last financial year and its comparison
to median in the with the percentile increase in the managerial
remuneration financial year remuneration and justification thereof and point
of Employees out if there are any exceptional circumstances for
Executive Directors increase in the managerial remuneration:
Mr. Gautam S. Adani 21.76 : 1 2.62
Average increase in remuneration of employees
Mr. Rajesh S. Adani 42.76 :1 1.74
Mr. Pranav V. Adani 30.51: 1 1.62
excluding KMPs: 10%.
Mr. Vinay Prakash1 57.14:1 5.32 Average increase in remuneration of KMPs: 8.08%.
Non-Executive Directors
Mr. Hemant Nerurkar2 2.03 : 1 - KMP salary increases are decided based on the
Mr. V. Subramanian2 2.06 : 1 - Company’s performance, individual performance,
Mrs. Vijaylaxmi Joshi2 1.96 : 1 - inflation, prevailing industry trends and
Mr. Narendra Mairpday2 1.66 : 1 - benchmarks.
Key Managerial Personnel
Mr. Jatin Jalundhwala1 16.01 : 1 19.81 v) Affirmation that the remuneration is as per the
Mr. Jugeshinder Singh1&3 35.05 : 1 - Remuneration Policy of the Company:
1. Excluding performance based variable incentive. The Company affirms remuneration is as per the
2. Reflects sitting fees and commission.
Remuneration Policy of the Company.
3. Mr. Jugeshinder Singh was appointed as CFO of the
Company w.e.f. 29th May, 2019.
Annexure - D
Corporate Overview
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Information as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3)
of the Companies (Accounts) Rules, 2014 are set out as under:
A. Conservation of Energy : Replacement of conventional HPSV luminaries

by LED in lighting Highmast and streetlight
a) the steps taken or impact on conservation of
Statutory Reports
across the mine area. Total 3nos of highmast
energy: and 22nos of street light luminaries replaced
with LED fitting details given under as:
Installation of high efficiency LED lighting for
Mine, CHP & Washery, Street Lights, siding
Installed Replace by Total Qty
locations.
2X400Watt 350Watt 30
Installation of 13 nos. LED High-mast along 250Watt 150Watt 44
railway corridor & Silo in Parsa.
Replacement of conventional fluorescent lights
Replacement of conventional fluorescent by LEDs. Vocation training center, canteen,
lights by LEDs in Administrative Office Parsa washery control room, electrical switchgear
(36W x 155 nos, & 18W x 190 nos). room (SS-1, washery PMCC, switchyard, 132kv
substation details given under as:
Installation of energy efficient LED lights
(165nos, 2 x 18W) for new VTC & Hostel.
Installed Replace by Total Qty
Installation of energy efficient LED lights 2X36watt 36watt 146
8mtr, 70W, 25Nos at Adani Vidya Mandir Salhi 2X26watt 18watt 79
Village.
36watt 18watt 241
Installation of energy efficient LED street
New DMC Washery Plant is designed and
lights (1no, 18mtr, 8 x 120W, 2no, 9mtr, 6
installed with complete LED luminaries.
x60W) for Gumga Township.
b) the steps taken by the company for utilising
One 30 watt Solar Street light installed near
alternate sources of energy:
mines affected village under CSR initiative.
Installation of 27 Units of Solar water
Replaced conventional HPSV Luminaries of
Notice
heater at Adani Gumga Township in place of
High-mast by LED. Total no of High-mast flood
conventional geyser units.
light replaced with LED detailed under as:
Installation of energy efficient LED Solar light
Installed Replace by Total Qty 38no, 8mtr, 1 x 30W for external illumination
400Watt 350Watt 145 of Gumga township.
800Watt 350Watt 60
Installation of energy efficient Solar LED
Replacement of conventional HPSV lights 45 no’s in mine nearby project affected
luminaries by LED in Streetlight inside plant. villages under CSR initiative.
Total no’s of street light luminaries replaced
c) the capital investment on energy conservation
with led fitting details given under as:
equipment:
Installed Replace by Total Qty Sequential steps are in process for finalising
250Watt 150Watt 56 the planning to ascertain the requirement of
additional investment and proposals, if any In Process - Implementation of an Integrated

required for reduction of consumption of energy. Security Command and Control center.
Drill Blast optimisation initial field level

B. Technology Absorption: assessment done.
(i) the efforts made towards technology absorption: ESRI-GIS and SAP integration POC in progress.
Geo-spatial Database Implementation: Shortlisted partner for OITDS.

Integrated Maps through various sources
including Drone has been created for PEKB, Expression of Interest for Mine Control and
GP3, Parsa and upcoming blocks. This will Command center was released.
help in one Map for one Business with all
important information at just one click. (ii) the benefits derived like product improvement,
Measurement tools for compliance have been cost reduction, product development or import
built. substitution:
Online condition monitoring for 12 critical Condition based monitoring to increase

assets of CHP & Washery has been completed. reliability and minimise downtime Simplified
operation of CHP & Washery plant.
Predictive model for Asset failure has been
built using Machine Learning. Surplus mine water after treatment to be
discharged into nearby water bodies for
Big Data (SPLUNK) implemented for CHPP potable use of nearby villages.
internal bench marking.
Reduction in power bills for illumination.
Installation of Mine water treatment system.
Operational alerts through Mobile dash
Installation of RO Plant for drinking water boards.
purpose.
Slope stability of OB dumps.
Video Analytics implemented at PEKB for
Security and Surveillance. Efficiency improvement using Dash boards.
CCTV installation at various locations in plant (iii) in case of imported technology (imported during
premises and monitoring through central the last three years reckoned from the beginning
security control room. of the financial year)
Deployment of Mobile App (Mine Shot & One No Technology imported for conservation of
Resource) for daily operational MIS. energy.
Aerial survey for assessing DGMS compliance (iv) The expenditure incurred on Research and
conditions. Development.
Implemented SPRY scheduler for short term NIL

mine planning.
C. Foreign Exchange Earnings and Outgo :
Using state of the art terrestrial Lidar for
surveying. (H in crore)
Particulars 2019-20 2018-19
Using Tree-Trans planter for trans-locating
1. Foreign exchange 0.16 0.11
the native species.
earned (including
Using Geo-texturing for dump and slope export of goods on
stability. FOB basis)
2. Foreign exchange used 7,391.02 9,592.68
Trials for Radar based slope stability for Mine
OB is taken up.
Annexure
Corporate Overview
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
ACTIVITIES AS PER SECTION 135 OF THE COMPANIES ACT, 2013
1. A brief outline of the Company’s CSR policy, including 2. Composition of the CSR Committee:
overview of projects or programmes proposed to be
undertaken and a reference to the web-link to the • Mr. Rajesh S. Adani, Chairman
CSR policy and projects or programmes: • Mr. Pranav V. Adani, Member
• Mr. Hemant Nerurkar, Member
Statutory Reports
The Company has framed Corporate Social
Responsibility (CSR) Policy which encompasses 3. Average net profit of the Company for last three
its philosophy and guides its sustained efforts financial years:
for undertaking and supporting socially useful
programmes for the welfare & sustainable Average net profit: H 433.96 crore
development of the society.
4. Prescribed CSR Expenditure (two percent of the
The Company carried out/ implemented its CSR amount as in item 3 above):
activities/ projects mainly through Adani Foundation.
The Company was required to spend H 8.68 crore
The Company has identified Primary Education,
towards CSR.
Community Health, Sustainable Livelihood
Development, Rural Infrastructure Development and 5. Details of CSR spend for the financial year:
promoting Nationally Recognised Sports as the core
sectors for CSR activities. The CSR Policy has been a) Total amount spent for the financial year:
uploaded on the website of the Company at https:// H 9 crore
www.adanienterprises.com/investors/corporate-
governance b) Amount unspent, if any: Nil
c) Manner in which the amount spent during the

financial year is detailed below:
(J In lakh)
Sr. Projects/ Activities Sector Location Amount Outlay Amount Spent on the project or Cumulative Amount
No. Sector (Budget) programmes (J In lakh) Expenditure spent: Direct
Notice
Project or Direct expenditure Overheads Up to reporting or through
Programs Wise on projects or Period (J In implementing
(J In lakh) programmes lakh) agency
1. Operating Cost of Education Ahmedabad 256.00 255.62 - 838.43 Adani Foundation

Adani Vidhya Mandir and Surguja
Surguja 9.22 9.22 9.22 Direct
2. Project Udaan Ahmedabad - - - 20.00
3. Adani Institute for - - - 300.00
Education & Research
4. Providing complete Hyderabad - - - 40.02
Audio Visual (AV)
system at IPE
auditorium, Hyderabad
5. Improving Education Godda 148.50 148.38 - 428.15 Adani Foundation
quality through various Raigarh 27.50 27.61 - 51.60
initiatives and helping
different institutes Gandhinagar 127.00 127.18 - 127.18
and Meerut
(J In lakh)
Sr. Projects/ Activities Sector Location Amount Outlay Amount Spent on the project or Cumulative Amount
No. Sector (Budget) programmes (J In lakh) Expenditure spent: Direct
Project or Direct expenditure Overheads Up to reporting or through
Programs Wise on projects or Period (J In implementing
(J In lakh) programmes lakh) agency
6. Creating and Improving Rural Godda 11.75 11.72 - 61.95 Adani Foundation
various community Infrastructure Raigarh 82.50 82.45 - 82.45
infrastructure in rural
areas Chhattisgarh 41.01 41.01 - 41.01 Direct
7. Water Conservation Godda - - - 42.69 Adani Foundation

trough Pond Deepening
8. Constructing Toilets for - - - 12.62
Health & Sanitation
9. Generating livelihood Sustainable Godda 34.50 34.48 - 34.48
opportunities Livelihood Raigarh 12.00 11.93 43.10
10. Cultural Promotion Protection of Surguja 5.00 5.00 - 5.00 Direct
Culture
11. Supporting health of Community Godda 8.00 8.09 - 8.09 Adani Foundation
people by arranging Health Raigarh 49.59 49.60 65.32
various health Facility
12. Rural Development Rural Bitta - - - 11 Direct
Project Infrastructure
13. Promoting Health care Health care Bitta - - 1
Chhattisgarh 20.39 20.39 - 20.39
14. Coaching Facilities to Sports Across India 5.00 5.00 - 5.00 Direct
Olympic Players & Rural 63.75 63.93 - 63.93 Adani Foundation
Sports
Total 901.71 901.61 2312.63
6. In case the company has failed to spend the two Education

percent of the average net profit of the last three
financial years or any part thereof: Not Applicable Adani Foundation believes that education is the
stepping stone to lead a life of dignity and quality,
7. The CSR Committee confirms that the implementation especially for the underserved and the vulnerable.
and monitoring of CSR Policy, is in compliance with The main philosophy behind its educational initiatives
CSR objectives and policy of the company. is to make ‘quality’ education accessible and
affordable to the young minds. To reach out to the
8. Details of CSR programme most marginalised population, the Adani Foundation
runs cost-free schools as well as subsidised schools
The Adani Foundation has been striving to create
across India. Many smart learning programmes as well
sustainable opportunities for the marginalised
as projects to adopt government schools are being
communities for over two decades now. Over the years,
implemented in remote areas. It aids Aanganwadis
the focus has extended from geographies where the
and Balwaadis by creating a fun-filled environment for
Adani Group operates its business, to regions that are
kids at an early age.
in a dire need for timely and relevant interventions.
Adani Vidya Mandir
Today, the Adani Foundation reaches out to 3.4 Mn
people annually from 2315 villages in 18 States across The Adani Vidya Mandirs, currently operational in
India. The success story of Adani Foundation is crafted Ahmedabad, Bhadreshwar (Gujarat) and Surguja
through the communities who have taken ownership of (Chhattisgarh) provide cost-free quality education to
the initiatives, ensuring that the impact sustainable. 2201 meritorious students from economically weaker
sections of the society. The students were enrolled
This year, Adani Foundation has taken a leap towards
in Classes from LKG to Class IX. The students are
developing an inclusive society, with specific
provided with free of cost meals. The meals made
attention to projects that benefit women, children,
available to students ensure required nutritional value
differently-abled people, SC and tribal communities,
for the students. The cost of food provided to the
fisher folk and farmers. It is doing so by facilitating
students was borne by the Company.
quality education, enabling the youth with income-
generating skills, promoting a healthy society and
supporting infrastructure development.
Qualified handpicked staff, continual training and Samkera and Mahloi villages of GP-I area. In seven
capacity building of the school staff ensures holistic primary schools, walls have been painted with
development of the students’ faculties. The school visuals of the solar system, geometrical shapes,
Corporate Overview
provides these students free education along with English alphabet etc for better engagement of
uniforms, books and stationery. The Schools have students.
created a benchmark in the cost-free model of
education, as recognised by the Quality Council of d. Scholarship support: Adani Foundation provided
India (NABET Accreditation). scholarship support of H 12,000 each to 20
meritorious students from 32 villages, who had
Adani Vidya Mandir in Bhadreshwar, caters to children scored 70% or above in the Higher Secondary
from the fisherfolk families, while the school in Surguja, School examinations in FY 2018-19. Under
reaches out to children in the tribal communities. All another Education Sponsorship programme,
the three schools were recognised and appreciated 100% education support was awarded to one
at the recently held Samagra Shiksha Empowering child each from 300 families residing around
India Awards 2020, for their contribution in providing Jitpur mines to reduce drop-outs by focusing on
quality and value-based primary education to the quality education and thereby getting students to
Statutory Reports
underprivileged and realising their aspirations of attends school on a regular basis.
studying in quality establishments.
Gyanodaya
Educational Support to tribal children
Gyanodaya is a digital learning mission, launched in
a. Special coaching classes: Free coaching classes July 2018 in the Godda district, Jharkhand State, India
are being provided to students of two High through collaboration between the Adani Foundation,
Schools and one Middle Schools of Milupara District Administration of Godda and Eckovation
and Bajarmuda villages of Raigarh, Chhattisgarh. Pvt. Ltd. In the year 2019-20, the Gyanodaya scaled
In all, 236 students are getting benefits of the new heights. The project which started with just 50
programme which emphasises on the subjects schools in the pilot phase, expanded its reach not
of Science, Mathematics and English. As a result only in every high school of the district but also in the
of the personal attention given to students, middle as well as the senior secondary schools. Today,
22 students secured first division in their it is impacting 53,765 students from 246 schools in
respective school examinations. the district.
b. Promoting primary education: The tribal Within the limited available resources in a school,
population of Raigarh is not usually keen on Gyanodaya’s digital learning platform provides an
sending their children to schools. To address this effective model to reach and impact both students
issue, Adani Foundation observed Shala Pravesh and teachers alike. The use of Artificial Intelligence
Utsav for Primary and Middle Schools in presence (AI) for the personalised feedback based on the
of SMC members, Sarpanch and other resource learning outcomes has set this model apart from other
person of the villages. The objective of this activity digital learning programmes. The visually appealing,
was to encourage already enrolled students easy-to-grasp and retainable concepts covered in the
to continue coming to school and motivate digital study materials is regularly vetted.
more kids to enrol for formal school education.
The initiative has helped reduce drop-out rates in
Notice
Consequently, 32 students were welcomed into
seven Primary Schools and 189 students enrolled the schools and helped promote girls’ education in
into Middle Schools. Similarly, Adani Foundation the aspirational district of Godda, Jharkhand. The
provided 1610 school bags to the student of decision of Jharkhand government to introduce this
15 Primary and 8 Middle Schools of GP-I. digital model in the government schools of 19 districts
reaffirms the success of this model.
c. Infrastructure support: Robust infrastructure is
important for schools and anganwadis in order Health
to attract more children to enrol. Keeping this
Bringing healthcare to remotest of regions, Adani
in mind, Adani Foundation supported 13 schools
Foundation’s key focus is improving access to quality
of GP-III to create a positive environment for
healthcare services for people belonging to the
students by providing materials like green board,
weaker sections of the society. In this pursuit, it runs
sports kit, sound system, dustbin, almirah, water
Mobile Health Care Units (MHCUs) across the nation,
purifier etc. Sports materials was also provided in
hospitals and clinics, and organises general as well as
5 high schools of Tangerghat, Dhourabhata, Bijina,
specialised health camps.
In the peripheral villages of Parsa East & Kente Basan Phoolo Jhano Saksham Aajeevika Sakhi Mandal
Coal Mines, about 12000 cloth masks were distributed
by the Company to villagers as a precautionary More than 1500 women in the aspirational district
measure to keep away from the infection of COVID-19 of Godda, Jharkhand, have been trained in stitching
virus. The villagers got the masks right in the beginning and tailoring, through Adani Skill Development
soon after awareness on spread of COVID-19 in India. Centre. These women have come together under the
The villagers have developed the habit of putting the umbrella of a self-help group (SHG) called Phoolo
masks on their face and maintain a distance 6 feet for Jhano Saksham Aajeevika Sakhi Mandal (PJSASM).
social distancing to remain safe. Adani Foundation with support from the District
Administration of Godda has set up mega garment
Apart from the above, activities for village sanitation, production hubs where the women are involved in
drainage sanitation and nutritious food to needy stitching various items like school uniforms, bags and
persons for maintaining good health sweaters. The women have collectively earned over
H 1.86 crore in the year 2018-2019 and 2019-20
Mobile Healthcare Units (MHCUs) through this initiative of Adani Foundation by stitching
over 3,05,578 pairs of school uniforms.
In Raigarh, Chhattisgarh, Adani Foundation’s Mobile
Health Care Unit operated with support from District Administration has entrusted faith on
Wockhardt Foundation is reaching out to 14,707 the group for supply of sweaters for 1.50 lakh
people in 30 villages of Tamnar district, ensuring school students. H 50 lakh were sanctioned for
improved health services reach the doorsteps of sweater making project which is taking place at the
people residing in remote areas. The MHCU covers the Sunderpahari Centre. Women group of PJSASM are
vicinity of up to 25 to 40 kms from its centre and visits engaged during this juncture in producing around one
three villages a day on a regular basis. These villages lakh masks and approx. 200 aprons to help fight the
are populated by tribal communities, who are the most COVID-19 outbreak.
vulnerable and marginalised in the area. The MHCU in
Jitpur mines provided its services to 12 villages every Project Annapurna
week benefitting a total of 3438 patients.
Project Annaupurna is a livelihood based initiative
Specialised Health Camps which is aimed at sustainable agriculture practices.
Under this project, the farmers of the mine peripheral
Adani Foundation team in Raigarh, held camps to help areas are provided with high quality hybrid seeds
the differently-abled persons. To enable them receive which will increase their land productivity. They are
benefits of the Government schemes, the Foundation also trained on modern agricultural practices which
helped 46 differently-abled people of GP-I and II area will help enhance their income. The Project has
to process their disability certificates. successfully impacted the lives of the farmers. Under
this project, 50 Farmers Club have been formed so far
Adani Foundation organised a free health check-up
involving around 560 farmers. During F.Y 2019-20,
and assessment camp for the differently-abled with
organic cultivation of paddy across an area of 700
support from Bhagwan Mahavir Viklang Sahayata
acres through SRI Method involving 300 farmers was
Samiti (Jaipur Foot) in Tamnar, Raigarh. Measurements
carried out. Different vegetables were grown across
were taken for artificial limbs by experts from Jaipur
an area of 200 acres and 100 farmers were also
Foot. A free artificial limb fitment camp was organised
involved in wheat cultivation.
on the occasion of World Disability Day, where apart
from artificial limbs, hearing aids, and wheelchairs More recently, special emphasis has been given
were also provided to 40 differently-able people. on organic farming and efforts are being made to
convert Parsa Village into an organic village. For
• Sustainable Livelihood Development
this, around 70 farmers were selected and trained. A
Adani Foundation’s intervention to support vermicompost unit has also been set up at the Village
sustainable livelihood generation is driven by so that the farmers have easy access to organic
the belief that a society made of empowered fertilisers. Additionally, 7 farmers from 3 villages on
individuals with a decent standard of living leads to the periphery of the mine started bee-keeping on
overall prosperity and development of the nation. pilot basis to secure an additional source of income.
The Foundation builds social capital by supporting With assistance from appropriate government
initiatives towards preservation of traditional scheme and under the aegis of Krishi Vigyan Kendra
art and specific programmes are designed for (KVK), Surajpur-Surguja, a total of 20 bee boxes were
fishermen communities, farmers, tribal population distributed free of cost to these farmers.
and cattle owners, youth and women.
Mahila Udyami Bahuddeshiy Sahakari Samaiti Celebrating the contributions of indigenous

(MUBSS) population
Corporate Overview
In order to engage the rural women in income generation International Day of the World’s Indigenous Peoples
activities and to promote women entrepreneurship, was celebrated by Adani Foundation to honour
a registered Women Cooperative Society called the the local tribal community, their culture and their
Mahila Udyami Bahuddeshiy Sahakari Samiti (MUBSS) contribution to the society. The programme was
was started in the year 2016 consisting of 250 members inaugurated by Hon’ble MLA, Lailunga at the Mangal
from 10 villages on the periphery of the mine. Bhavan, Tamnar. Different cultural activities were
organised and 3 tribal leaders were recognised and
Since its inception, MUBSS have diversified into various felicitated based on their contribution to the society.
income generation activities like Mid-Day Meal Supply
to Adani Vidya Mandir (Surguja), Spice Grinding Unit, Promoting Kabaddi
Sanitary Pad Production Unit, Phenyl production unit
& Tailoring and Stitching Unit. Being engaged in these Adani Foundation is promoting kabaddi as a sport in
income generation activities, the women were able to Raigarh, Chhattisgarh, owing to its huge popularity.
Statutory Reports
become financially independent and more confident. Players with high potential are being encouraged and
supported with optimum infrastructure as well as
For instance, the group supplies nutritious mid- training, right from the school level. In this regard, it
day meals to all the 672 students of Adani Vidya is promoting a Girls Kabaddi team of Milupara village
Mandir. MUBSS had acquired this contract through by providing them with resources like dresses, uniform,
a competitive bidding process and currently 10 separate pair of shoes for practicing and playing,
women are engaged in this unit. Similarly, 10 women safety guards, knee and elbow cap and transportation
are engaged in their tailoring & stitching unit which facilities. The team has participated in tournaments at
received the contract for stitching the uniform of block, district and State level, where they secured first
students of Adani Vidya Mandir. They also started position. One of the players, Kavita Sidar, belonging
stitching eco-friendly cloth bags and collaborated to Milupara village, has been selected for the national
with Amazon, one of the biggest E-commerce players kabaddi girls team. Another three players have been
in India to sell these bags throughout the country. selected for the state-level kabaddi team. Adani
Foundation organised Adani Pro-Kabaddi tournament
At Gumga Village, 7 women have been engaged in for women and men at Dhorabahata village, where a
the production of high quality biodegradable sanitary total of 35 teams from Raigarh, Jangir Champa and five
pads which ensures that no harm is being done to the blocks of Raigarh participated. Milupara girls’ team and
environment. This initiative by MUBSS also help in the Uchchabhatti boys team won the tournament.
generating awareness among the village community
regarding the benefits of the use of sanitary pads. Community Infrastructure Development
Interestingly, MUBSS have recently decided to open a
vermicomposting unit at Parsa Village which will enable Quality infrastructure bears a direct influence on living
the farmers to have easy access to organic fertilisers. standards and economic development in the rural
So, by promoting self-reliance of women through these areas. Access to resources, increase in the avenues
activities, the villages on the whole are benefitting by for developing livelihoods, safe and clean sources
becoming more aware and growing sustainably. of drinking water, and access to qualitative primary
health care systems lead to better productivity,
Notice
In order to facilitate farmers to acquire modern reduction in morbidity and adequate employment. A
farming skills for best agricultural practices and significant step in this direction is setting up of two
promote organic farming in peripheral villages, about skill development centres in Siktia and Sunderpahari
200 farmers were imparted training on vermicompost area. This will beneficial to 515 people directly and
making by the partnering organisation Mahila around 5000 people indirectly. A stage at Panchayat
Udyami Bahuddeshiy Sahakari Samiti(Ltd.), Parsa ground for cultural events in Dhaurabhata village,
on facilitation of Adani Foundation to produce it GP-I Area of Raigarh was constructed during the year.
at village level. The farmers got the vermicompost Also, 65 Solar street lights at GP-III and GP-I villages
making training at the Model Vermicompost Product were installed. There are total 35 lights installed
Unit established at Parsa village for promotion of in 5 villages of GP-III and 30 lights installed at
organic farming through Project Annapurna. 20 villages of GP-I.
Apart from the above, a training on technology based Water Conservation

agriculture was imparted to a good number of farmers.
The training included zero tillage farming and sowing To mitigate the drinking water problem in Raigarh,
of seeds through agricultural equipment. Chhattisgarh, Adani Foundation constructed a 1000
litre capacity water tank with submersible pump Garv Hai initiative named after the group’s pilot
drilling benefitting around 35 households. A borewell project built around the Rio Olympics 2016, is a
was installed in Milupara village in Raigarh, to help nationwide programme that aims to reach out and
families with cultivating kitchen gardens in their empower stakeholders in the sports fraternity. The
backyard. Borewells with 6 submersible pumps were initiative aims to nurture India’s next generation of
installed in Khamhariya, Milupara, Bajarmuda, Bijna, sporting champions and support them in their journey
and Dhaurabhata villages of Raigarh. Deepening of towards Olympic glory.
pond that is a source of water for more than 70% of
the needs at the Katrapali village, Raigarh. Last year, applications were invited from athletes across
India in multiple sports, to ensure maximum reach. 19
In order to help farmers get the water available in promising athletes, with balanced representation of
their village round the year, an arrangement was done young and experienced talent were shortlisted from
for getting water from inside the Mines premises more than 5000 entries received from 100 cities
to the village pond through HDPE pipe line. This across 29 states. The list includes icons such as Amit
arrangement made benefited about 200 farmers Panghal, Deepak Punia and Rani Rampal.
for their agriculture development through water
availability for irrigation throughout the year. The objective of this programme is to support athletes
in their quest to better results at global level, bringing
Whereas a pond was dug at Parsa village to develop pride to the nation. It provides world class training and
water storage facility for harvesting of rainwater and customised individual training plans to the selected
getting required quantity of water from Parsa Mine athletes so as ensure optimum productivity and
pit through water pipeline for irrigation of about 200 maximum results. The athletes are provided monetary
acres of land at Parsa village benefiting more than 100 support for full time coaches, tournament expenses,
farmers with irrigation water availability round the year. supplements, mind trainers, dietary needs etc.
Performance benchmarks are set for each athlete and
Cultural Promotion their training is being closely monitored. An amount
A cultural meet was organised in form of Manpat of H 3-5 lakh is provided to junior athletes and H 10-12
Mahotsav in Surguja district (Chhattisgarh) for which lakh for elite athletes.
a contribution was made by the Company. More than Overall, the programme promotes a sporting ecosystem
10000 people took part in that Mahotsav wherein that extends from grassroots to the top-most levels
cultural performances were staged by various artists and creates a database of promising athletes.
and stalls were organised for display of the art and
crafts and local culture based products etc. Impact:
Equipping Schools with better infrastructure • Tokyo Olympics : 7 Qualifications – out of 9 senior
athletes
Schools in the villages need to have necessary facilities
in order to ensure regular functioning of the schools • Padma Shri and World Athlete of the Year: Rani
and hence, regular attendance by students. Adani Rampal
Foundation has taken up several need-based tasks in
this regard. The toilet and urinals at the Government • World Boxing Championship : Amit Panghal – first
Higher Secondary School Kunjemura (Raigarh) were Indian male boxer to win silver medal
renovated. A kitchen shed for cooking meals inside the • World Wrestling Championship: 2 (Deepak Punia–
Community Health Centre, Tamnar campus (Raigarh) Silver & Ravi Kumar Dahiya - Bronze)
for the patients was constructed. CCTV cameras with
DBR and LED screen were installed in the campus. • Rome Ranking Series (Wrestling)- 3 medals ( Ravi
One extra classroom in the only primary school in Dahiya- Gold, Deepak Punia and Sajan Bhanwal-
Milupara village of Raigarh was constructed so more Bronze)
students could enrol for formal education. A stage
• ITF 25K Single & Doubles title- Ankita Raina
to hold cultural events was constructed at Middle
School, Karwahi village and at Dholnara village. • World Rankings-
GARV HAI: Amit Panghal – World No 1
Deepak Punia – World No 2
To promote sports through support to athlete and
Ravi Kumar Dahiya – World No 4
players has been one of the focus areas for the
Company and hence, financial support was extended
to the athlete for training and participation in Gautam S. Adani Rajesh S. Adani
international level sports and games. Executive Chairman Chairman- CSR Committee
**********
Annexure
Corporate Overview
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
Indian Economic Overview
In terms of GDP, Indian economy is the 5th largest economy Make in India campaign, infusion of H 70,000 crore in
in the world. The economy faced multiple headwinds and public sector banks, etc. With these initiatives, the PMI for
grew by 4.2%1 in FY 2019-20, registering a slower growth the month of January 2020 rose to 55.3, taking it to an
Statutory Reports
as compared to the previous year. The decline was primarily eight-year high.
driven by a mix of both internal as well as external factors
such as synchronised global slowdown, plummeting However, the recent outbreak of COVID-19, which led to a
domestic automobile sales, flattening of core sector growth country wide lockdown to curtail the spread of the virus,
and declining investment in construction and infrastructure has posed a altogether new challenge and has altered the
sector. Other factors such as credit crisis due to drying up of outlook of the Indian economy. The economy is further
lending from non-banking financial institutions throughout expected to experience slowdown and is projected to
CY 2019, deceleration in consumption and as well as a grow by a modest 1.9% in FY 2020-21. Government of
contraction in exports, with reduced demand for imports India and the RBI are nevertheless continuously working
also contributed to the slow growth. in tandem to revive the economy to address the demand
side to revive the economy and all efforts are being made
Despite the slowdown, the country has improved its to enhance rural incomes. Fiscal as well as monetary
ranking in World Bank’s ‘Doing Business’ and stood at measures have been introduced and are expected to
63rd position in CY 2019 as compared to 142nd position decelerate this slowdown and will help the economy grow
in CY 2014. This improvement was backed by reforms in at rebound within a short period of time. Looking ahead,
introduced by the Government of India such as corporate the Indian economy is expected to touch 7.4%2 growth
tax rate cuts, ease in manufacturing policies to boost the rate by FY 2021-22.
Graph 1: Quarterly GDP Rate at Constant Prices (2011-12)
9
8.1 8
8 7.7
7
6.8
7 6.6
6 5.8
6
5
5 4.5 4.7
4
3.1 Notice
1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20
GDP%
[Source: GoI]
1
https://economictimes.indiatimes.com/news/economy/indicators/imf-projects-indias-growth-rate-at-1-9-in-2020-
forecasts-global-recession-due-to-covid-19/articleshow/75142792.cms?from=mdr
2
https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020
Industry Overview Passenger traffic in India stood at 293.99 Mn in FY 2019-

20 (till January 2020). Of the total, domestic passenger
Coal Business traffic reached 235.44 Mn and International passenger
reached 58.55 Mn.11 Domestic freight traffic stood at 1.14
At present, Coal is the most important and abundant fossil
Mn tonnes, while international freight traffic was at 1.70
fuel in India and accounts for 54.2% of the country’s energy
Mn tonnes in FY 2019-20 (till January 2020).
need3. India is the second largest producer of Coal in the
world4. The Production of Coal in India reached 729.08 Mn Domestic and international aircraft movements reached
tonnes5 in FY 2019-20 as compared to 728.72 Mn tonnes 1.82 Mn and 0.37 Mn in FY 2019-20 (till January 2020),
during the previous year. Driven by the rising population, respectively in the country. The fundamental drivers
expanding economy and a quest for improved quality of life, of air passenger demand – include rising population,
energy usage in India is expected to rise. demographic change and increasing disposable incomes.
To cater to the rising air traffic, the Government of
Further, the country is also the second largest importer of
India has been working towards increasing the number
Coal and total import in FY 2019-20 (till December 2019)
of airports. 100 more airports, 16 private greenfield
stood at 186.64 Mn tonnes. Of the total, import of thermal
airports, and 15 AAI airports are to be made operational by
coal also grew by 12.6% reaching 200 Mn tonnes6 in 2019,
FY 2023-24 (For details refer graph 1), to ease the
the highest since 2014. The government is however is
strain on existing airport capacities. Six airports
investing in developing more domestic resources and
(Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore, and
aims to stop the import of thermal coal from FY 2023-
Thiruvananthapuram) have been taken up for development
24.7 In an effort to boost the growth of the industry the
under PPP mode to bring in efficiency and resources. Five
government has allocated H 7008 crore in the interim
new greenfield airports [Durgapur (West Bengal), Shirdi
budget 2020-21 under the head “Exploration of Coal and
(Maharashtra), Pakyong (Sikkim), and Kannur (Kerala)
Lignite”. The allocation is meant for preliminary drilling to
and Kalaburagi/ Gulbarga (Karnataka)] were successfully
assess coal availability to meet the sizeable increase in the
operationalised this year.
demand for coal. The scheme is implemented by Central
Mine Planning and Design Institute Limited (CMPDIL). Automation continues to be on the rise to augment
Moreover, the Government allocated 5 new coal mines9 capacity utilisation at airports. Since the scheme for
in the country with a view to increase the production of operationalising unserved airports (Udan) was taken up,
coal in the country. This will boost the coal production in a total of 43 airports have been operationalised, of which
the country and reduce the dependence of industries on 4 were done in FY 2019-20. Additionally, to continue with
imported coal. the high growth trajectory, the Government has been
providing a congenial environment so that the Indian
Airports
carriers double their fleet from about 680 aircraft (number
At present, India has 136 commercially-managed airports of aircrafts endorsed on Scheduled Airlines) at the close
by Airports Authority of India (AAI) and 6 under Public- of November 2019 to over 1,200 by FY 2023-24. Easing
Private Partnerships (PPP) for Operation, Maintenance leasing and financing from Indian shores in conformance
and Development of airports, making it the third largest with the provisions of the Cape Town Convention and
domestic market for civil aviation in the world.10 The Protocol on Aircraft Equipment, efficient use of air traffic
number of operational airports is expected to increase to rights, encouraging domestic and international passenger
190-200 by FY 2039-40. The airline operators in India have and goods transfers, and rationalising the tax regime
scaled up their aircraft seat capacity from an estimated would help to achieve.
0.07 annual seats per capita in 2013 to 0.12 in 2018.
3
https://coal.nic.in/content/coal-indian-energy-choice
4
https://economictimes.indiatimes.com/small-biz/productline/power-generation/indias-annual-coal-power-output-falls-
for-first-time-in-a-decade/articleshow/74187767.cms?from=mdr
5
https://coal.nic.in/content/production-and-supplies
6
https://www.business-standard.com/article/economy-policy/india-2019-thermal-coal-imports-rise-12-6-to-nearly-200-
mn-tonnes-govt-120031100187_1.html
7
https://www.coal.nic.in/sites/upload_files/coal/files/curentnotices/PIB-Coal-18022020.pdf
8
Budget 2020-21
9
https://www.coal.nic.in/sites/upload_files/coal/files/curentnotices/PIB-Coal-05122019.pdf
10
Economic survey
11
https://www.ibef.org/industry/indian-aviation.aspx
Graph 1: Additional Airport Capacity to be Developed Water

(cumulative number of airports)
The use of water globally has increased by a factor of six
100
Corporate Overview
over the past 100 years and continues to grow steadily
75
at a rate of about 1% per year as a result of increasing
55 population, economic development and shifting
35 consumption patterns. Combined with a more erratic and
15 uncertain supply, and climate change will only aggravate
the situation of currently water-stressed regions, and
generate water stress in regions where water resources
are still abundant today. As per the United Nations World
2019-20 2020-21 2021-22 2022-23 2023-24 Water Development Report 2020 (WWDR), around 2.2
[Source: Ministry of Civil Aviation] Bn people still do not have access to clean and readily
available drinking water and that up to 4.2 Bn are without
Infrastructure access to safe sanitation.
Statutory Reports
India is expected to become the third largest construction As compared to the global context, India is home to
market globally by 2022. From roadways, railways to ~18% of the global population but has only 4%13 of the
airports and other smart-city initiatives, the last few global water resources. The country’s per capita water
years have witnessed a phenomenal change, leading to availability is around 1,100 cubic meter (m3), well below
world-class facilities coming up across various parts in the internationally recognised threshold of water stress
the country. Infrastructure Industry in India has been of 1,700 m3 per person, and dangerously close to the
experiencing rapid growth in different sectors with the threshold for water scarcity of 1,000 m3 per person.
development of urbanisation and increasing involvement Population growth and economic development has put
of foreign investments in this field. This growth is likely further pressure on water resources. Climate change
to continue on the back of rapidly developing services is expected to increase variability and to bring more
and manufacturing sector, increasing consumer demand extreme weather events. The water demand in all sectors
(largely driven by increased spending by India’s middle by 2050 is estimated to exceed its supply. While demand
class) and the government’s commitment to rejuvenate is growing, the quality of water supply is dwindling. Per
the agricultural sector and improve the economic capita water supply is declining on an annual basis and is
conditions of India’s rural population. Additionally, with likely to touch the benchmark of water-scarce supply in
infrastructure being one of the core areas for economic the coming years. Groundwater levels are also decreasing,
growth, the Government of India has introduced initiatives although globally, India is the highest user of groundwater,
like National Infrastructure Pipeline. These initiatives are especially in irrigation and domestic sectors. Its quality is
expected to help meet the $5-trillion economy target by also a cause of concern.
FY 2024-25.
Although, the country has started to take critical steps
National Infrastructure Pipeline (NIP) to mitigate water stress, including setting up the Jal
Shakti Ministry to prioritise all water issues—including
A National Infrastructure Pipeline of H 111.3 lakh crore has supply, drinking water and sanitation—under one
also been launched on December 31, 2019. It is a first-of- national government umbrella. Moreover, government
its-kind, whole-of-government exercise to provide world- has announced in the Budget through the allocations
Notice
class infrastructure across the country, and improve the for the water and sanitation sectors, it aims to achieve
quality of life for all citizens, improve ease of living, and the Sustainable Development Goal (SDG 6) of ensuring
provide equitable access to infrastructure to all. It aims availability and sustainable management of water and
to improve project preparation, attract investments (both sanitation for all. These are welcome steps given the
domestic and foreign) into infrastructure, and will be critical condition of India’s water sector, which is highly
crucial for target of becoming a $5 trillion economy by stressed. The Ministry of Jal Shakti has received an
FY 2024-25. The highest investments are proposed for allocation of H 30,478 crore in FY 2020-21, an increase
the energy sector (24%), followed by roads (18%), urban of H 4,600 crore (18%) over the revised estimates of
development (17%) and railways (12%)12. FY 2019-20.
12
hhttps://www.financialexpress.com/economy/govt-task-force-lays-out-rs-111-lakh-crore-infra-investment-road-
map/1943675/
13
https://www.worldbank.org/en/news/feature/2019/12/09/solving-water-management-crisis-india
Schemes under Central budget FY 2020-21 at a glance

(H in crore)
Sl. Items Actual 2018-19 Revised Estimate Budget Estimate
No. (RE) 2019-20 (BE) 2020-21
1 Jal Jeevan Mission (Access of water) 5484 10000 11500
2 Swachh Bharat Mission (SBM) (Rural and Urban) 14857 9638 12,294
3 PMKSY (Per drop more crop) 2918 2032 4000
4 PMKSY (Total)- Pradhan Mantri Krishi Sinchai 8143 7895 11126
Yojana
5 Namame Gange 687 357 800
6 National Ricver Conservation 1620 1200 840
7 Atal Bhujal Yojana (Ground Water management) 0 0.01 200
[Source: Budget 2020]
Given the allocation of funds for water and sanitation Share of Defence Services in Interim Defence Budget
sectors of H 30,478 crore for 2020-21 (higher than the 2020-21
2019-20 figure by about 18%), India’s commitment to
implementing the SDG 6 goal is evident.
OFs, DRDO,
Defence Industry 1443, 19327,
0% 6%
India is currently the 5th largest economy and the 3rd largest
spender14 on defence in the world. The defence spending
has been growing in recent years and is expected to
continue its growth trajectory. The increase in spending
also indicates the huge availability of opportunities for
the domestic and global companies in the defence and
aerospace sector. At present, about 70% of the defence
requirements are met through imports. Imports account Air Force,
for a major portion of defence-related requirements 73245,
and this offers a huge opportunity for foreign investors. 23% Army,
However, In the coming years, the Government targets
179415,
to step up local sourcing to reduce the defence budget
56%
by a significant number. Since independence, the goal of
self-reliance has propelled India to nurture and expand its Navy,
defence industrial base. This has led the country to set an 49623,
ambitious target for the Defence industry to reach $26 Bn 15%
by 2025, which would also help the economy to realise the
$5 trillion mark by 2024.15
H 323,053 crore
[Source: Manohar Parrikar Institute for Defence Studies and
Analyses]
Allocated towards defence sector in the
Interim Budget 2020-21 as compared to
H 301,866 crore in FY 2019-20
14
http://www.indiandefensenews.in/2020/05/wasteful-us-and-china-chasing-india.html
15
https://indiandefenceindustries.in/rm-26billion-defence-ind
Revenue and Capital Expenditure of Army, Navy and Air Force, 2020-21
Army Navy Air Force
Revenue Expenditure (H in crore) 1,46,941 22,935 29,963
Corporate Overview
Capital Expenditure (H in crore) 32,474 26,688 43,282
Total (H in crore) 1,79,415 49,623 73,245
Revenue Expenditure as % of total 82 46 41
Capital Expenditure as % of total 18 54 59
[Source: Manohar Parrikar Institute for Defence Studies and Analyses]
Additionally, under the ‘Make in India’ initiative, the economic growth continues to drive electricity demand in
Defence sector has been identified as one of the most India. The Indian government’s focus on attaining ‘Power
prominent sectors. The GoI has undertaken a slew of for All’ has accelerated capacity addition in the country. As
structural reforms to create increased synergy between of March 2020, the National Electric Grid had an installed
the industry and the public sector to overcome the capacity of 370.10 GW17. India’s power sector is one of the
Statutory Reports
challenges of private investment in defence. most diversified in the world. Sources of power generation
range from conventional sources such as coal, lignite,
Major growth drivers16 natural gas, oil, hydro and nuclear power to viable non-
conventional sources such as wind, solar, and agricultural
• 100% FDI is allowed in defence industry; wherein 49%
and domestic waste. However, power production in India
is allowed under automatic route and beyond 49% is still dominated by Coal.
through Government route
As of March 2020, 54.2% of India’s electricity has been
• Exchange Rate Variation (ERV) protection has been generated from coal-based plants. Out of total electricity
made applicable for Indian private sector at par with produced, solar power accounts 34.63 GW or around
Defence Public Sector Undertakings 9.36%18 as of March 2020 which reflects a growth of
22.8% YoY from 28.18 GW generated in the same period
• Ordnance Factory Board has categorised 275 items as
last year. The capacity addition of renewable energy
Non-Core to be sourced from vendors
sources has grown at a CAGR of 22% in the 5-year period
• With an aim to promote Design and Development by to February 2020. Within renewable energy, the capacity
the vendors, revised and simplified Make-II procedure addition by solar power has grown the fastest – at a CAGR
is issued, with preferential treatment to MSMEs for of 67% during this period. It accounted for 47% of the new
capacity addition in FY 2019-20, surpassing the 30% of
prototype development costing H 3 crore
conventional power sources such as coal. Further, the
• Around 70% of the items are removed from purview of dependency on Coal is expected to reduce in the future as
industrial licensing including but not limited to parts, the government of India has has set an ambitious target
components, subsystems, raw materials etc. of 175 GW of renewable power by 2022 that includes - 100
GW of Solar power, 60 GW from Wind power, 10 GW from
• Initial validity of industrial license has been increased Biomass power, and 5 GW from Small Hydro power19.
from 3 years to 15 years, which is further extendable
up to 3 years under IDR Act and lifetime validity under Additionally, India has solar modules manufacturing
Arm’s Act capacity of 7-8 gigawatts (GW). After the implementation of
Notice
the safeguard duty, imports of solar cells and modules have
• Comprehensive guidelines have been issued by the fallen drastically. The sector imported solar modules and
Defence Public Sector Undertaking’s/Ordnance cells worth nearly $1.4 Bn during FY 2019-20 till November
Factory Board, which include vendor development for 2020, a decline from $2.15 Bn in FY 2018-19. The safeguard
Indigenisation and import substitution duty has had a positive impact for Indian manufacturers of
solar equipment as their share in total project installation
Solar Panel Manufacturing increased from 15% to 25% in 201920.
Indian power sector is undergoing a significant change Major factors driving the solar market are the declining
that has redefined the industry outlook. Sustained cost of the solar module and the government policies like
16
https://defenceinvestorcell.gov.in/
17
https://powermin.nic.in/en/content/power-sector-glance-all-india
18
http://cea.nic.in/reports/monthly/installedcapacity/2020/installed_capacity-04.pdf
19
https://www.equitymaster.com/research-it/sector-info/power/Power-Sector-Analysis-Report.asp
20
https://www.financialexpress.com/industry/basic-customs-duty-on-solar-modules-being-planned-mnre-secy/1933526/
allowing 100% FDI under automatic route for renewable NMEO covering three Sub-Missions to increase production
power generation and distribution projects which is of oilseeds and edible oils from –
expected to increase the participation from global players
into the Indian market. Moreover, Solar energy is becoming • Primary Sources (Annual Crops, Plantation Crops and
inexpensive in comparison to other conventional energy Edible TBOs),
sources due to innovations in the solar sector that has
• Secondary Sources (Rice bran oil and Cotton seed oil)
reduced the global average selling prices of solar PV. With
and
the anticipated improvements in technology and increased
supply of panels from China/Europe, the capital costs are • Consumer Awareness for maintaining edible oil
expected to stabilise at lower levels. With government consumption constant at 19.00 kg per person per
promoting the solar installation in rural area by providing annum.
subsidised solar panels and other incentives, the solar
installation is ought to increase and is expected to drive The proposed mission will aim to increase production
the market. from 30.88 to 47.80 Mn tonnes of oilseeds which will
produce 7.00 to 11.00 Mn tonnes of edible oils from
Edible oil Primary Sources by FY 2024-25. Similarly, edible oils from
secondary sources will be doubled from 3.50 to 7 Mn
India is one of the top three consumers of edible oils in
tonnes.
the world21. To fulfil the domestic edible oil demand,
the country however largely relies on imports which Data Centre
account for more than 70%22 of the total domestic
edible oil requirements. Of the total, palm oil is nearly India has been making a move towards being an inclusive
entirely imported and constitutes ~40% of total edible oil digital economy where more and more data is being
consumption and ~60% of total edible oil imports in India. generated across platforms such as Cloud and social
media as well as accessed by more people using mobile
Total Oilseeds production in the country during technology. All this data needs to be stored, managed and
FY 2019-20 is estimated at 34.19 Mn tonnes23 which is disseminated to users via public and private cloud, making
higher by 2.67 Mn tonnes than the production of 31.52 data centres a key pillar in digital transformation.
Mn tonnes during FY 2018-19. Further, the production of
oilseeds during FY 2019-20 is higher by 4.54 Mn tonnes Data centre industry in India is projected to register
than the average oilseeds production. Despite being the 4th threefold growth in revenue to $3.2 Bn by CY 2024 and is
largest oilseed producing country in the world, the country likely to propel the development of additional real estate
is still an oil deficient economy24. There is a demand and space of 7.8 Mn sq. ft. for setting up data centre facilities.26
supply mismatch of edible oil. Consumption of edible oil in This growth is primarily in data usage and storage driven
India has increased from less than 6 kg per capita in 1992- by the country’s e-commerce sector, use of smartphones
93 to 19 kg25 in recent years. The growth in consumption and social media, government’s focus on digital economy
is predominantly driven by increasing income, urbanisation, and rise in technology-driven start-ups, increasing data
changing food habits, and deeper penetration of processed centre space.
foods. Domestic oilseed industry hasn’t been able keep
With the advent of internet and mobile phones, India’s
pace with the rising demand owing factors such as limited
data centre industry continues to provide data storage,
size of land, dearth of technological improvements in the
computing and other value-added services. To meet the
field, vagaries of weather, etc.
rising demand arising from data localisation and rising data
Moreover, the availability of cheap palm oil from South usage, India’s data centre industry capacity is projected
Asian countries is also an important contributory factor. to increase from 350 MW (design IT power load) in
Presently, India imports close to 70% of its total edible oil FY 2018-19 to 781 MW in the next five years, an increase of
requirements from various countries. 431 MW. Mumbai and Chennai will account for 76% share
of these new capacity additions, other key metros such as
However, to increase domestic availability and reduce Delhi-NCR, Pune and Hyderabad are expected to follow.
import dependency, a National Mission on Edible Oils Other factors such as the issue of right to privacy and
(NMEO) is proposed for next five years (FY 2020-25).
21
http://www.careratings.com/upload/NewsFiles/SplAnalysis/Edible%20oils%20update%20Dec%202019.pdf
22
https://www.equitybulls.com/admin/news2006/news_det.asp?id=260911
23
https://pib.gov.in/newsite/PrintRelease.aspx?relid=199401
24
https://www.sundayguardianlive.com/news/oilseed-economy-needs-favourable-policies
25
https://pib.gov.in/PressReleseDetail.aspx?PRID=1602417
26
‘India’s Data Centre Industry - Poised at the Tipping Point’ by JLL
data protection is being widely discussed leading to data last two years, consistent with the same model we have
protection laws. The data localisation laws are expected demerged Adani Green Energy Limited and Adani Gas
to be the tipping point for growth of Indian Data Centre Limited from Adani Enterprises which were respectively
Corporate Overview
industry. Additionally, with the outbreak of COVID-19, listed in June 2018 and November 2018.
companies across the globe have started operating
remotely, which is also likely to increase the need for data Financial performance
centre. The country is witnessing an increasing interest
The Company’s continued focus on infrastructure and
for data centre facilities from enterprises and investors,
energy verticals is expected to continue to drive its
both domestic and international. Businesses around the
performance and the company remain committed to
world continue to work on data consolidation, storage and
maintaining high operating standards. The Company has
cloud adoption.
registered improved financial performance on the back of
its strong operational performance across key businesses.
Data centre capacity addition
MW (IT power load) Key Highlights of the Company’s consolidated performance
154 for the year are as under.
Statutory Reports
139
• Consolidated Income from Operations increased 8%
to H 44,086 crore vs H 40,951 crore in FY 2018-19.
73
• Consolidated EBIDTA stood at H 2,968 crore vs
42 H 2,541 crore in FY 2018-19.
23
The Company has demonstrated strong performance
2020F 2021F 2022F 2023F 2024F across Integrated Resources Management, Mining &
Services, Solar Manufacturing and Agro vertical in spite of
[Source: ‘India’s Data Centre Industry - Poised at the Tipping rising exchange rates and competition.
Point’ by JLL]
Operational Performance
The following factors are expected to contribute to the
growth of the data center market in India: The Company remains committed to play an enhanced
role in Nation Building. As an incubator, it focuses on
• Migration to cloud-based business operations
establishing new businesses in infrastructure in the energy
• Government to grow the digital economy through sector. The Company has achieved this consistently since
supporting data center development 1994 when it was listed. Post which, various businesses
were demerged from the Company and/or independently
• Big data and IoT to increase data center investment listed on the Indian stock exchanges.
• Increased adoption of converged and hyper-converged During the year under review, the performance of the
infrastructure platforms Company is encouraging. The Company has been leading
across all the fronts and maintained better than industry
performance. We remain focused on executing our
Company Overview strategy and increasing momentum of our businesses
across the key sectors for long term, sustainable growth.
Notice
About Us
Key highlights of the Company’s consolidated operational
Adani Enterprises Ltd. (the company or AEL) is one of
performance for the year is as under –
the fastest growing diversified conglomerates providing
a range of products and services together with its • Mining Services coal production increased by 3% to
subsidiaries. The Company is engaged in resources mining 15.51 MMT vs 15.00 MMT in FY 2018-19 on starting of
& services, resources logistics, solar module manufacturing coal production from GPIII mine, with PEKB operating
and edible oil & FMCG food businesses in India and at its peak capacity
internationally. Besides this, the Company is an incubator
focusing on establishing new businesses in infrastructure • Integrated Resources Management (IRM) volume
and energy sector. It has done this consistently since increased by 17% to 78.76 MMT against 67.45 MMT in
1994, when it was first established and listed. Post FY 2018-19
which, APSEZ, Adani Power, Adani Transmissions and
• Solar Manufacturing volume increased by 55% to 990
such businesses were demerged from Adani Enterprises
MW vs 637 MW in FY 2018-19.
and independently listed on the stock exchanges. In the
Key business segments to look at opportunities to develop business relations

with the new miners, which will lead to timely and cost
Integrated Resources Management (IRM) effective delivery of resources.
Adani Group has evolved as a diversified conglomerate The company imports coal through all the major ports of
based in India having global presence with primary India, which saves the logistic cost and ensures timely
interests in energy sector while the Company continues delivery to its customers.
to operate as the flagship company of the group. Group
was primarily involved in resources logistics business Natural Resources Business
and gradually it has backward integrated its operations
in domestic and overseas resources mining through the AEL Natural Resources business is one of the fastest
Company along with forward integration in ports, logistics, growing business and we are leaders in our operating
power generation and transmission through various other segments. Our current operations are focussed on the
group companies. contractual mining business i.e. Mine Developer & Operator
(MDO). Now our Natural Resource business is actively
Adani “door to door – resources delivery model comprises focussing and targeting diversification opportunities to
taking the responsibility and accountability of sourcing own the mines across range of minerals such as Iron Ore,
the resources from suppliers, managing sea-borne logistics, Chromite, Diamond and several other key minerals.
providing intermediate holding facility at discharge ports
and inland transportation to finally delivering resources Mining Development and Operation (Coal & Minerals)
at the doorstep of customers. This unique approach
In India, as part of the public private partnership model,
has allowed the business to create a base of over 600
Government / Public sector companies including State
satisfied customers across various industries such as
Gencos (State Electricity Boards), and state mineral
Power, Cement, Steel and Iron amongst others
corporations which are allotted Coal & Mineral Blocks,
The Company has maintained the status of being the appoint a Mine Developer and Operator (“MDO”) to
largest Trader and Importer of Thermal Coal (Non Coking undertake all activities relating to the development and
Steam Coal) in India during the financial year 2019-20 and operations of a Coal & Mineral Block allotted and deliver
maintained its market share. However, the business saw a the coal/mineral under agreed contractual terms. Many
decline in the volume pertaining to the supplies made to of the Government / Public sector companies who were
various States or Central owned Electricity Boards. This allotted coal & mineral blocks have published tenders
segment continues to struggle amidst increased domestic for selection of MDO and are at various stages of bid
production from CIL and it’s subsidiaries and power processes and subsequent award of tender. The Company
generation scenario in the country. The company however has participated widely in such tenders to secure
is also expanding its presence in South Asia, ASEAN, & long term MDO contracts in the last financial year. In
Pacific regions. FY 2019-20, AEL has successfully entered into long
term MDO contracts for Gidhmuri Paturia coal block
During the current financial year i.e. FY 2019-20, there of Chhattisgarh State Power Generation Company Ltd.
were some improvement in the demand from various (CSPGCL) and Kurmitar Iron Ore Mine of Odisha Mining
States or Central owned Electricity Boards. Some of the Corporation Limited (OMC). There are several other MDO
Central and State owned Electricity Boards have come tenders which are in advance stages where AEL intends to
up with the tenders for the procurement of imported coal participate and secure in FY 2020-21 and onwards.
for their respective plants. Furthermore, the Company is
expanding its efforts in capturing higher market share Commercial Mining - Resources
in steel, cement and other sector by venturing into the
Government of India has passed a bill in Mar’20 for
retail segment to cater specific local market in different
opening up of commercial coal mining for private sector
geographies. In addition, the company has started
and removing restriction on end use of coal. Discussion
to provide logistic solutions for coastal movement of
paper was also published by MoC reflecting guidelines and
domestic coal under the ambit of SAGARMALA.
seeking insight from all the stakeholders. Now, Ministry of
The Company with its established business relations Coal (MoC) is expected to undertake auction of identified
with coal suppliers has evolved as India’s largest coal off coal blocks in phased manner. AEL intends to evaluate and
taker in Indonesia, South Africa & USA for non-coking participate in the commercial coal auction leveraging its
coal catering to the requirement of both private and PSU mining and integrated resources management capabilities.
clients in India. The Company has consolidated its position
Commercial Mining - Mineral
in coal trading business during the last decade and has
developed strong business relationships with miners for Following the enactment of MMDR Amendment Act 2015,
procurement of imported coal. The Company continues all the Mining Leases (ML) are being auctioned by various
state governments for all major minerals. AEL is actively beneficiation of coal and arranging for transportation
evaluating these opportunities and participating in the and delivery of coal to end use power projects of
auctions. In FY 2019-20, AEL participated in more than 10 RRVUNL. The Coal Block is under development stage.
Corporate Overview
such auctions for ML of various minerals such as iron ore,
chromite, diamond etc. In FY 2019-20 AEL could not secure • Parsa Coal Block
ML for any mineral and we will continue to evaluate and
RRVUNL has been allocated the Parsa Coal Block at
participate in the auctions to secure MLs for major minerals.
Chhattisgarh. RRVUNL has entered into a Coal Mining
A brief of existing operations is provided below: and Delivery Agreement with Rajasthan Collieries
Limited (RCL) [a Joint Venture Company of RRVUNL
Domestic Coal Production (MMT)
and Adani Enterprises Limited] appointing RCL as Sole
Mining Contractor. RCL as Mine Developer & Operator
MMT
of Parsa coal block will be undertaking development
16.00 15.00 15.51 of the Coal Block, mining, beneficiation of coal and
14.00 arranging for transportation and delivery of coal to
12.00 end use power projects of RRVUNL. The Coal Block is
Statutory Reports
10.00 under development stage.
8.27 8.33
8.00
6.21 • Gare Pelma Sector-III Coal Block
6.00
4.00 3.44
1.20 Chhattisgarh State Power Generation Company
2.00
Ltd. (CSPGCL) has been allocated the Gare Pelma
0.00
13-14 14-15 15-16 16-17 17-18 18-19 19-20 Sector -III Coal Block at Chhattisgarh for captive use in
their Thermal Power Plant in the State of Chhattisgarh.
ROM Coal Production (MMT)
CSPGCL has appointed Gare Pelma III Collieries Limited
[Source: ‘India’s Data Centre Industry - Poised at the Tipping (GPIIICL), a 100% subsidiary of Adani Enterprises
Point’ by JLL] Limited, as Mine Developer and Operator (MDO)
for Development, Operation, Mining and delivery of
• Parsa East and Kente Basan Coal Block coal to end use power project of CSPGCL. CSPGCL
has entered into a Coal Mine Services Agreement
Rajasthan Rajya Vidyut Utpadan Nigam Limited with GPIIICL on 16th November 2017. GPIIICL as Mine
(“RRVUNL”) has been allocated the Parsa East and Kente Development & Operator of Gare Pelma Sector III
Basan Coal Blocks (PEKB) in Chhattisgarh. RRVUNL Coal Block is undertaking development of the Coal
has entered into a Coal Mining and Delivery Agreement Block, mining and arranging for transportation and
with Parsa Kente Collieries Limited (PKCL) [a Joint delivery of coal to end use power projects of CSPGCL.
Venture Company of RRVUNL and Adani Enterprises The Mine Opening Permission of the Coal Block was
Limited] appointing PKCL as Sole Mining Contractor. obtained on 26th March 2019 and overburden removal
PKCL as Mine Developer and Operator of PEKB is commenced on 28th March 2019.
undertaking development, mining, beneficiation of
coal, arranging transportation and delivery of washed Coal Production commenced on 6th December 2019
coal to end use power projects of RRVUNL. The project and coal produced in FY 2019-20 is 0.511 MMT. Coal
commenced Mining Operations and dispatches of coal Dispatch commenced on 16th March 2020 and total
to Thermal Power stations of RRVUNL in March 2013. coal dispatched in FY 2019-20 is 0.015 MMT.
For Financial Year 2019-20, Raw coal Production was
• Talabira II & III Coal Block Notice
15 MMT, Washed coal Production was 11.70 MMT and
Washed coal dispatch to Thermal Power Plants of NLC India Limited (NLCIL) has been allocated the
RRVUNL was 11.23 MMT. Talabira II & III Coal Block at Odisha for captive use
in their Thermal Power Plant. NLCIL has appointed
• Kente Extension Coal Block
Talabira (Odisha) Mining Private Limited (TOMPL),
RRVUNL has been allocated the Kente Extension Coal a subsidiary of Adani Enterprises Limited, as Mine
Block at Chhattisgarh. RRVUNL has entered into a Developer and Operator (MDO) for Development,
Coal Mining and Delivery Agreement with Rajasthan Operation, Mining and delivery of coal to NLCIL. NLCIL
Collieries Limited (RCL) [a Joint Venture Company of has entered into a Coal Mining Agreement with TOMPL
RRVUNL and Adani Enterprises Limited] appointing on 23rd March 2018. TOMPL as Mine Development &
RCL as Sole Mining Contractor. RCL as Mine Operator of Talabira II & III Coal Block is undertaking
Developer & Operator of Kente Extn Coal Block will be development of the Coal Block, mining, loading,
undertaking development of the Coal Block, mining, transportation and delivery of coal to delivery points.
The Mine Opening Permission of the Coal Block was Sector-II Coal Block at Chhattisgarh for captive
obtained on 29th March 2019. use in their Thermal Power Plants in the State of
Maharashtra. MAHAGENCO has issued Final Letter of
During FY 2019-20, TOMPL has commenced Acceptance (LoA) to Adani Enterprises Limited (AEL)
overburden removal and quantity removed till on 5th November, 2019 for Development, Operation,
31st March 2020 is 0.734 MBCM. Mining and Loading into wagon for delivery to end use
power projects of MAHAGENCO.
• Suliyari Coal Block
AEL has formed SPV named “Gare Palma II Collieries
Andhra Pradesh Mineral Development Corporation
Private Limited”. Coal Mine Services Agreement
Limited (APMDC) has been allocated the Suliyari
between Gare Palma II Collieries Private Limited and
Coal Block at Madhya Pradesh for commercial mining
MAHAGENCO is yet to be signed.
of coal. APMDC has appointed Adani Enterprises
Limited (AEL) as Mine Developer and Operator (MDO) • Gidhmuri Paturia Coal Block
for Development, Operation, Mining and delivery
of coal to APMDC. APMDC has entered into a Coal Chhattisgarh State Power Generation Company Ltd.
Mining Agreement with AEL on 8th March 2018. The (CSPGCL) has been allocated the Gidhmuri Paturia
Coal Block is under development stage. AEL as Mine Coal Block at Chhattisgarh for captive use in their
Development & Operator of Suliyari Coal Block will be Thermal Power Plants in the State of Chattisgarh.
undertaking development of the Coal Block, thereafter, CSPGCL has appointed Gidhmuri Paturia Collieries
mining, loading, transportation and delivery of coal to Private Limited (GPCPL), a SPV of Adani Enterprises
delivery points. Limited (AEL, 74%) and Sainik Mining and Allied
Service Limited (SMASL, 26%) as Mine Developer and
• Bailadila Deposit – 13 Iron Ore Mine Operator (MDO) for Development, Operation, Mining
and delivery of coal to CSPGCL. CSPGCL has entered
NCL (NMDC-CMDC Limited) is the Mining Lease
into a Coal Mining Agreement with GPCPL on 2nd May
holder of Bailadila Deposit -13 Iron Ore Mine in the
2019. GPCPL as Mine Development & Operator (MDO)
state of Chhattisgarh. NCL has appointed Adani
of Gidhmuri Paturia Coal Block will be undertaking
Enterprises Limited (AEL), as Mine Developer and
development of the Coal Block, mining and arranging
Operator (MDO) for Development, Operation, Mining
for transportation and delivery of coal. The Coal Block
and delivery of iron ore to NCL. NCL has entered into
is under development stage.
an Iron Ore Mining Services Agreement with AEL on
6th December, 2018. AEL has awarded sub-contract • Kurmitar Iron Ore Mine
to Bailadila Iron Ore Mining Private Limited (BIOMPL),
a 100% Subsidiary Company of Adani Enterprises Odisha Mining Corporation Limited (OMCL) is the Mining
Limited (AEL), for development of the Iron Ore Block, Lease holder of Kurmitar Iron Ore Mine in Sundargarh
mining, loading, transportation and delivery of iron District, in the state of Odisha. Kurmitar Iron Ore Mining
ore to delivery point. The Iron Ore mine is under Private Limited (KIOMPL), a 100% Subsidiary Company
development stage. of Adani Enterprises Limited (AEL), has been appointed
by OMCL as the Mine Developer and Operator (MDO)
• Gare Palma Sector I Coal Block for Development, Operation, Mining, transportation
and delivery of iron ore to delivery point. OMCL has
Gujarat State Electricity Corporation Limited (GSECL)
entered into an Iron Ore Mining Agreement with AEL
has been allocated the Gare Pelma Sector-I Coal Block
and KIOMPL on 31st October, 2019. The Iron Ore mine is
at Chhattisgarh for captive use in their Thermal Power
under development stage.
Plants in the State of Gujarat. GSECL has issued
conditional Letter of Acceptance (LoA) to Consortium Resources Mining in Indonesia
of Adani Enterprises Limited (AEL, 74%) and Sainik
Mining and Allied Services Limited (SMASL, 26%) PT Adani Global, Indonesia a wholly-owned step down
on 15th December, 2018 for Development, Operation, subsidiary of the Company, has been awarded coal mining
Mining and delivery of coal to end use power projects concession in PT Lamindo Inter Multikon (stepdown
of GSECL. Coal Mine Services Agreement between subsidiary in Bunyu Island, Indonesia).
the AEL-SMASL Consortium and GSECL is yet to be
signed. The Bunyu Mines has Joint Ore Reserves Committee
(JORC) compliant resource of 269 Mn Metric Tonnes
• Gare Palma Sector II Coal Block (MMT) for both the mines (i.e. combined). Production from
the mine during the year 2019-20 has been at 1.05 Mn
Maharashtra State Power Generation Co. Ltd. Metric Tonnes (MMT).
(MAHAGENCO) has been allocated the Gare Pelma
Resources Mining and related Infrastructure in Australia Projects from NHAI which are under various stages of
development/execution.
Our wholly owned step down subsidiaries in Australia have
Corporate Overview
100% interest in the Carmichael mine in the Galilee Basin • AEL would continue to evaluate and bid for attractive
in Queensland, Australia. opportunities in transport sector which generates
value for the stakeholders, The Group would use its
During the year ended 31st March, 2020, the Group has immense expertise and experience of setting up
been working on the development of the coal mining complex and mammoth infrastructure projects in
tenements situated in the Galilee Basin in Queensland record time and to world class quality standards and
(Australia). also successfully operating them.
Road, Metro and Rail Water
Adani Enterprises Limited (AEL) is focused on incubating Water touches every aspect of development and it links
successful businesses to address the Country’s growing with nearly every Sustainable Development Goal. It drives
appetite for Infrastructure. With reference to our economic growth, supports healthy ecosystems, and is
Statutory Reports
vision of Nation building, we remain committed to build essential and fundamental for life itself. Indian Economy
Infrastructure to boost India’s socio-economic growth. To is undergoing rapid Urbanisation & Industrial Growth.
contribute towards Nation Building and infrastructure Water being the key resource, getting high attention
development, company wants to tap the opportunity from Government, Policy makers, Media, and increasingly
in the Road, Metro & Rail sector by developing National so from the markets given the rising concern on future
Highways, Expressways, Tunnels, Metro-Rail, Rail, etc. availability. A report by NITI Aayog draws attention to the
Adani group is confident of positioning itself as dominant fact that 48% of India’s population is under high water
player in the Road, Metro and Rail sector. stress.
• The company will focus on projects across pan-India Realising the above, Jal Shakti Ministry has been taking
initiated by National Highways Authority of India various initiatives and focusing on programmes such as
(NHAI) under Bharatmala Pariyojana, etc. and Ministry ‘National Mission for Clean Ganga (NMCG)’ & ‘National
of Road Transport and Highways (MORTH), Ministry River Conservation’ for pollution abatement of Ganga &
of Railways, Metro Corporation of the respective Other Rivers, ‘Pradhan Mantri Krishi Sinchayee Yojana
States and any other projects under the purview of (PMKSY)’ for extending coverage of irrigation with
the Central or State Authorities and Agencies. improved efficiency of micro-irrigation, ‘Jal Jeevan Mission
(JJM)’ for providing piped water connection to 14.6 crore
• As a developer, the Company will primarily target PPP
rural household by 2024, ‘Jal Shakti Abhiyaan’ to stimulate
projects structured in Build-Operate-Transfer (BOT),
rainwater harvesting and water conservation, ‘National
Toll-Operate-Transfer (TOT) & Hybrid-Annuity Mode
River Linking’ projects to connect 37 rivers across the
(HAM) models.
nation to ensure adequate water though out the year in
• The company will also focus on select EPC projects all regions etc.
which can offer scale and complexity in terms of
Adani Group, too, foreseeing the massive need for water
the nature of work and technology requirement and
infrastructure capacity augmentation in the country.
which requires the developer to leverage its project
execution capabilities to create a differentiated value The Group has taken the first step by bagging the
Notice
in the industry. prestigious Waste Water Treatment project at Prayagraj
City under the National Mission for Clean Ganga Framework
• Having multiple infrastructure businesses established
which comprises Construction Three (3) new Sewage
across different states in India, we would like to
Treatment Plants (STP) of cumulative 72 MLD capacity
leverage our local presence and expertise in project
and Rehabilitation of Six (6) existing STPs of cumulative
management to build synergies for our Road, Metro &
254 MLD capacity with 15 years O&M. For execution of
Rail Infrastructure development.
Project, Special Purpose Vehicle (SPV) named Prayagraj
• In addition, the Company would be focusing on Water Pvt. Ltd. (PWPL) was formed and the Concession
in-organic growth through Mergers and Acquisition, Agreement was executed in Jan’19 among PWPL, UP Jal
where we will look out for good assets which offer Nigam & National Mission for Clean Ganga. Construction
clear visibility of cash flows and are available at work of new STPs and Rehabilitation work of existing STPs
attractive valuations. are in Progress.
• The Company and its subsidiary Adani Road Transport The Group proposes to build upon this in the coming
Ltd. have already bagged Five Hybrid Annuity Road year by exploring more such opportunities. In addition
to this, the Group will also focus on opportunities in the India is the fastest growing aviation market in the world
areas of Irrigation Infrastructure Development, Large with the number of aircraft expected to quadruple in the
Water Supply & Water Distribution Projects, Desalination next 20 years. Consequently the Aircraft Services Market
Projects wherein sea water/brackish water shall be taken shall also witness explosive growth in the coming years.
up to produce portable water for consumption of general As per estimates, the size of the aircraft services market
public/ industrial purpose. is estimated at US$145 Bn till 2037. Adani and Airbus
have come together with a vision of offering customers
Defence a one-stop shop for all aircraft related services across
India and South Asia. The two Companies shall work on
In continuation of its vision of nation building, your
multiple opportunities like aircraft maintenance, overhaul
Company had ventured into Defence & Aerospace in
and repair, component services, training, digital solutions,
2017 with a commitment towards transforming India
airport services across India and South Asia.
into a destination for world class defence and aerospace
manufacturing, aligned to the Make in India initiative; In its quest for building indigenous design and development
thus helping India become self-reliant in its defence and capabilities within the country, the Company partnered
security needs. The Indian Armed Forces are expected to with Delhi Technological University to indigenously
spend approx. 10 Lac crore in upgrading and modernising design, develop the unique swarm drone solutions for the
the capital equipment in the next 15-20 years. The India Armed Forces making India only the fifth country
Government’s focus on self-reliance and the commitment in the world to have indigenous capabilities in swarm
towards Make in India presents a big opportunity for India development. These swarms intended to be deployed
to realise its true potential in design, development and by the Armed Forces in search and rescue missions
manufacturing of state-of-the-art defence equipment are capable of operating in GPS denied environments,
within the country. can detect human life signs and can carry a payload of
3kgs for a distance of 90km. The Company intends to
During the year, your Company further ramped up its
commercialise and explore further applications of this
efforts in building a vibrant defence ecosystem which
technology going ahead.
caters not just for India but also for the Export markets.
The Company’s Joint Venture with Elbit Systems (Israel) Airports
exported the first shipset of the Hermes 900 fuselage
to Israel with Zero defects, Zero rework and Zero safety Adani Group Foray into Airports
incidents. The successful delivery is a testimony to your
Company’s excellence in industrialisation, engineering In line with its vision to be the globally admired leader
and quality systems and the ability to deliver products in the integrated infrastructure businesses, Adani Group
with zero-concessions. has made its maiden venture into the airports sector by
bidding for Operation, Management & Development of
With the confidence of the customers reinforced by the six airports viz. Ahmedabad, Lucknow, Mangaluru, Jaipur,
excellence demonstrated in its first delivery, the Joint Guwahati & Thiruvananthapuram. Adani Enterprises
Venture has received two additional orders for Thor Limited (AEL) has been declared as the highest bidder for
and Skylark drones. The order for Thor Mini-Drones is all the six airports and have got the Letter of Award (LoA)
the largest order that shall be executed by any Indian for three airports viz. Ahmedabad, Lucknow & Mangaluru
Company. The Company also has signed a Memorandum of from Airports Authority of India (AAI). Subsequently, the
Understanding with Elbit Systems for setting up a world- Concession Agreement (CA) for these three airports have
class research and development centre in India. been entered on 14th February 2020. As per the CA, AEL
has the concession to operate, manage & develop the
Small Arms is one of the most fundamental requirement airports for a period of 50 (fifty) years commencing from
for the armed forces and other security personnel. the date of Commercial Operations (COD).
Committing to create complete self-reliance in this area,
your Company through its subsidiary Adani Land Defence Adani Group’s Vision for Airport Vertical
Systems and Technologies Limited has agreed to acquire
a majority stake in a Joint Venture of Israel Weapon Adani Group’s focus is to create the world class
Industries Limited. The Joint Venture shall address the infrastructure and provide the world class services to the
requirement of Small Arms and Weapons for 1.2 Mn Army Passengers. The Group’s focus is not only to provide the
Personnel and a similar number for paramilitary and state best in class passenger experience to all the passengers
police personnel through indigenously manufactured travelling from its airports but also to provide an unique
Arms. The Joint Venture shall also start bringing critical experience to the non-passenger customers, given the
capabilities like barrel manufacturing into the Country in location of the airports at the city centre.
the coming year.
The glimpse of the transformation journey is specified into

following processes: 4900+ man years
Corporate Overview
1) Developing the world class infrastructure at the Total experience of the team engaged in solar
airport, both at airside and landside, to enhance the manufacturing business.
passenger experience.
2) Building the regional experience architecture in and
12+ 1054
around all the airports.
PHDs MW modules
3) Creating the entertainment destinations (e.g.
Aerotropolis, Airport village, Hotels, Malls etc.).
Working on product Production volume during
4) Increase the domestic airline connectivity to the new development and FY 2019-20.
and underserved destinations. research in the segment
5) Increase the international flights to long haul western
Statutory Reports
and ASEAN destinations
Solar Manufacturing H 301 crore 970 MW
The Company has set up a vertically integrated Solar

EBITDA as on Size of order book as on
Photovoltaic Manufacturing facility of 1.2 GW Capacity
31st March, 2020 1st May, 2020
along with Research and Development (R&D) facilities
within an Electronic Manufacturing Cluster (EMC) facility
in Mundra Special Economic Zone (SEZ). The state-of-the
art large-scale integrated manufacturing plant to produce
Silicon Ingots/wafers, Silicon Solar Cells, Modules and Agro
support manufacturing facilities that includes EVA, Back-
sheet,. Adani Wilmar Ltd
At 1.2 GW of production, this plant is the largest vertically The Company entered the edible oil refining business
integrated producer of Solar Cells and Modules in India through a 50:50 joint venture company, Adani Wilmar
and well supported by manufacturing units of critical Limited (AWL) with Singapore’s Wilmar group. Since its
components designed to achieve maximum efficiency in inception in the year 2000, “Fortune” has been a brand
the Indian market. On account of the process engineering dear to millions of households in the country. The brand
and innovations, our plant is capable to produce modules is geared up to meet the new challenges in the future not
of upto 1.5 GW. This Solar PV manufacturing facility within just as a No.1 Oil Brand but as a No.1 Foods Brand. AWL
EMC facility is the first to be located in an SEZ under the takes pride in being one of India’s fastest growing food
M-SIPs scheme under which the investment by MSPVL FMCG companies. With a 19.3% market share and growth
has been approved and a major portion of the said capex of 10.6% in Refined Oil Consumer Pack (ROCP) category
subsidy received during the FY 2019-20. (Source: Nielsen Retail Monthly Index February 2020
report), “Fortune” continued to be the undisputed leader
The state-of-the-art manufacturing facility with multilevel among edible oil brands in India with largest variety of oils
Notice
infrastructure is being optimised for scaling up to under a single brand name.
3.5 GW of modules and cells under a single roof. The unit
is located in one of the world’s largest Special Economic Today, after almost 2 decades, the brand Fortune is
Zone at Mundra, Gujarat and hence plays host to the transforming its visual identity with the launch of a new
entire solar manufacturing ecosystem from Polysilicon logo that reflects modernity and its fast-evolving product
to modules, including ancillaries and supporting utilities. offerings. The company is confident that with this renewed
MSPVL is facilitating the thrust of GoI’s “Make in India” zeal and enthusiasm, more households will be reached
concept through its various measures of 12GW CPSU in the country and especially the younger families who
scheme, KUSUM scheme etc. to achieve its target of 100 believe in modern outlook of the society. The company
GW by 2022. is also completely prepared for this transformation in its
journey from oil to food and has already started taking
The cutting-edge technology, with machines and huge strides with the launch of several new products.
equipment sourced from the best in class producers, Understanding the changing lifestyle of its consumers, the
aim to help in cost leadership, scale of operations and company went a step ahead and made a simple food into
reliability standards as per global benchmarks. a superfood by adding healthy grains to the usual khichdi
and introduced “Fortune Superfood Khichdi” in three Award for highest exporter of castor seed extractions and
tasty regional flavors. In order to cater to the regional highest exporter of rapeseed extraction.
preferences, AWL also launched variants in its existing
Basmati Rice category. like Sona Masuri Regular, Sona Adani Agri Fresh Limited
Masuri Supreme, Wada Kollam, Banskanthi Rice, Govinda
Adani Agri Fresh Limited (AAFL), a wholly owned subsidiary
Bhog, Miniket and Gujarat Jeerasar to choose from.
of the company has pioneered the establishment
Similarly, as a logical extension to the successful launch
of integrated storage, handling and transportation
of “Fortune Chakki Fresh Atta”, the company introduced
infrastructure for Apple in Himachal Pradesh. It has set up
products like Maida, Sooji and Rawa to further strengthen
modern Controlled Atmosphere storage facilities at three
its food portfolio. Moving out of the kitchen and into the
locations, Rewali, Sainj, and Rohru in Shimla District. The
personal and skin care category, AWL launched its first
Company has also set up a marketing network in major
product – Alife Soap in four variants namely Lime, Lily,
towns across India to cater to the needs of wholesale,
Rose & Sandalwood.
retail and organised retail chain stores. The Company
AWL has spent heavily during the year on advertising and which is marketing Indian fruits under the brand name
promotion last year and come up with new commercials FARM-PIK, has expanded its footprint in the branded fruit
featuring its brand ambassador Akshay Kumar. The segment. The Company also imports Apple, Pear, Kiwi,
company also went a step ahead and chose Indian Orange, Grapes etc. from various countries for sale in India.
Railways as a medium for branding. It hired 10 locomotive
The production of apple during the financial year 2019-20
engines which will be used for superfast trains and travel
was better than the previous year though there were many
on routes across the country.
production areas impacted by the hailstorm in Himachal
Being one of the socially responsible companies in the Pradesh. There was rainfall during last part of September
country, under the Extended Producer’s Responsibility, which affected the quality of the fruit towards the fag
AWL has successfully implemented Plastic Waste of the season. Hence, the availability of good quality
Management system. It has ensured that the amount of apples for CA storage got reduced towards the end. This
plastic sent by the company in the market through product resulted in the company procuring less than its target.
packaging, is collected back and sent to the recyclers in The company also took decision to hedge its risk by not
the country by the government authorised agencies to procuring fruits having quality issues.
whom the company appointed last year.
On the other hand, apple production in Washington
In order to spread awareness about the hazards of State and European countries was less than the previous
plastic, AWL organised a Plogging event – ‘Reuse or year. The ban on importing apples from China is further
Refuse Plastic’ in which all its employees located at Head extended to the current year as well. The duty on apples
Office participated in great strength and made the event from USA had also increased to 70% as against 50% in
successful. Nearly, 400 employees participated in this previous years. The CA storage capacity has increased
event on 7th December, 2019. The drive went on for 21 days manifold in Shimla, Kashmir, Punjab and Delhi NCR region.
and around 700 kg plastic was collected cumulatively Though there was solace due to reduced imports from
from the 3 km area around its office. other countries, but the competition from the domestic
CA operators became intense. We could able to procure
Project SuPoshan, our fight against malnutrition and apples at reduced rate in comparison to the previous
anemia is actively moving further and has added new sites year by H10/kg but the realisation was lower than the
Vidisha in Madhya Pradesh & Katupally in Tamil Nadu. previous year due to higher supplies of CA/ CS stocks from
The project has also implemented village extensions in Kashmir region in early part of selling period. The impact
Raigrah and Godda in Chhattisgarh. Today, the project has of COVID-19 in the month of March 2020 was severe and
634 Sanginis onboard who reaches out to almost 3.5 lakh affected thee company’s target and profitability.
households.
During FY 2018-19, the Company bought 19314 MT of
AWL has been recognised as great place to work by the Indian apple valued H 79 crore and Imported 3159 MT of
Great Place to Work Institute. It has also been conferred various fruits, valued at H 35 crore. The Company sold
with the Dainik Jagran CSR Awards, Globoil Megastar of the 17076 MT of domestic apples and 3159 MT of imported
year award and manufacturing excellence achievement fruits total valued at H 178 crore.
using Six Sigma. AWL has also been awarded the Globoil
Details of Significant Changes in the Key Financial Ratios & Return on Net Worth
Pursuant to amendment made in Schedule V to the Listing Regulations, details of significant changes (i.e. change of 25%
Corporate Overview
or more as compared to the immediately previous financial year) in Key Financial Ratios and any changes in Return on
Net Worth of the Company (on standalone basis) including explanations therefor are given below:
Particulars FY ended FY ended Changes between Explanation

31st March, 2020 31st March, 2019 Current FY &
Previous FY
Debtors Turnover 3.59 3.92 (8.39%) Not Applicable
Inventory Turnover 7.39 7.90 (6.39%) Not Applicable
Interest Coverage Ratio 3.03 2.29 32.55% The Company has been able
to reduce its Finance Cost
signficantly during the year
and thereby impacting the
Statutory Reports
ratio positively. This was done
primarily using proceeds from
sale of subsidiaries in Agri
Logistics and Power business at
the end of last FY.
Current Ratio 1.02 1.00 1.54% Not Applicable
Debt Equity Ratio 0.80 0.88 (9.21%) Not Applicable
Operating Profit Margin 4.60% 6.10% (24.56%) The decline is on account of
increase in operating expenses
of IRM and Mining Services
businesses in line with volumes.
Net Profit Margin 4.31% 3.14% 37.53% Ratio shows significant
improvement during the year
mainly on account of booking of
exceptional gain of H315 crore
pursuant to favourable order in
Mining Services division of the
company.
Return on Net worth 18.58% 15.00% 23.90% Not Applicable
Risk Mitigation with the businesses to establish and monitor the specific
profiles including strategic, financial and operational risks.
The Company is exposed to business risks which may
be internal as well as external. The Company has a We believe that our multi-location operations also allow us
comprehensive risk management system in place, which to leverage the competitive advantages of each location
Notice
is tailored to the specific requirements of its diversified to enhance our competitiveness and reduce geographic
businesses, is deployed, taking into account various and political risks in our businesses.
factors, such as the size and nature of the inherent risks
and the regulatory environment of the individual business Services Transformation
segment or operating company. The risk management
The objective of the Services Transformation programme
system enables it to recognise and analyze risks early and
is to strengthen the delivery capabilities and governance
to take the appropriate action. The senior management
effectiveness across all corporate services, to enable
of the Company regularly reviews the risk management
Services to support Group and Business growth and
processes of the Company for effective risk management.
sustainability agenda. This underlines the need for
The Company is subject to risks arising from interest Services to continually evolve and transform themselves,
rate fluctuations. The Company maintains its accounts to be able to deliver on ever growing expectations.
and reports its financial results in rupees. As such, the
The programme includes capacity building for services,
Company is exposed to risks relating to exchange rate
greater empowerment and accountability at Sites and
fluctuations. The Corporate Risk Management Cell works
with expertise leverage across group as guiding principles.
Key services have focused on operating models, keeping scope is discussed amongst MA&AS team, functional
the service peculiarities, industry practices and delivery heads / process owners / CEO & CFO. The audit plan is
expectations, besides the overarching principles. formally reviewed and approved by Audit Committee
of the Board.
As a follow-up, services have strengthened organisation
structure, KRAs of key roles, operational processes and • The entire internal audit processes are web enabled
delegation of authority. Besides, the governance framework and managed on-line by Audit Management System.
for Services has been also strengthened to sharpen focus
on agreed priorities and monitoring progress. • The Company has a strong compliance management
system which runs on an online monitoring system.
Integral part of the service transformation programme
is competency development in each of the service. • The Company has a well-defined delegation of power
Accordingly Services are in the process of refining the with authority limits for approving revenue & capex
competency frameworks and designing competency expenditure which is reviewed and suitably amended
development programmes based on baselines created on an annual basis
through assessments. Group is engaged with Academic
• The Company uses Enterprise Resource Planning
institutes of repute to design and deliver programmes to
(ERP) System (SAP) to record data for accounting,
employees working at different competency levels.
consolidation and management information purposes
Towards leveraging the power of networked organisation, and connects to different locations for efficient
several collaboration platforms have been created exchange of information.
including Service Function Councils and All-Service
• Apart from having all policies, procedures and internal
Councils. These councils would provide platforms for
audit mechanism in place, Company periodically engages
deliberating common evolution agenda, debate specific
outside experts to carry out an independent review of
solutions, and explore options of expertise and resource
the effectiveness of various business processes and
sharing across boundaries.
invite suggestions for process improvements
Service Transformation Program is a multi-year mission,
• Internal Audit is carried out in accordance with
wherein the foundational elements for next stage of
auditing standards to review design effectiveness
evolution have been put in place, while the design and
of internal control system & procedures to manage
roll-out various across services and shall be tracked to
risks, operation of monitoring control, compliance
effective execution in coming years.
with relevant policies & procedure and recommend
Internal Control improvement in processes and procedure.
The Company has put in place strong internal control The Audit Committee of the Board of Directors regularly
systems and best in class processes commensurate with reviews execution of Audit Plan, the adequacy &
its size and scale of operations. effectiveness of internal audit systems, and monitors
implementation of internal audit recommendations
There is a well-established multidisciplinary Management including those relating to strengthening of company’s
Audit & Assurance Services (MA&AS) that consists of risk management policies & systems.
professionally qualified accountants, engineers and SAP
experienced executives who carry out extensive audit Human Resource Strategy
throughout the year, across all functional areas and submit
As an organisation, the Company strongly believes that
reports to Management and Audit Committee about the
Human Resources are the principal drivers of change.
compliance with internal controls and efficiency and
They push the levers that take futuristic businesses to the
effectiveness of operations and key processes risks.
next level of excellence and achievement. The Company
Some Key Features of the Company’s internal controls focuses on providing individual development and growth
system are: in a professional work culture that enables innovation,
ensures high performance and remains empowering. Our
• Adequate documentation of Policies & Guidelines. lot of focus has been given to HR Transformation activities
to revamp the HR organisation structure and processes.
• Preparation & monitoring of Annual Budgets through The new human resource management systems and
monthly review for all operating & service functions. processes are designed to enhance organisational
effectiveness and employee alignment. The result is that
• MA&AS department prepares Risk Based Internal
the Company is able to work towards creating leadership in
Audit scope with the frequency of audit being
all the businesses that it operates. During the year, several
decided by risk ratings of areas / functions. Risk based
initiatives, such as performance management systems,
Learning & Development system, and Talent Management of underlying identified / non identified risks and
system were put in place to efficient & effective uncertainties that could cause actual results to differ
organisation. A lot of focus is being given to enhance materially. In addition to the foregoing changes in the
Corporate Overview
people capability through e-learning management system. macro-environment, global pandemic like COVID-19 may
The broad categories of learning & development include pose an unforeseen, unprecedented, unascertainable
Behavioural, Functional / Domain and Business related. and constantly evolving risk(s), inter-alia, to the Company
and the environment in which it operates. The results of
Many other programmes for employee rejuvenation and these assumptions made, relying on available internal
creating stronger inter-personnel relations, team building and external information, are the basis for determining
as well as aimed at further strengthening the bonding certain facts and figures stated in the report. Since the
across all divisions and locations of the company were factors underlying these assumptions are subject to
organised in the year. These programmes help employees change over time, the estimates on which they are based,
significantly in leading a balanced work life in the are also subject to change accordingly. These forward-
organisation. The HR function is committed to improve looking statements represent only the Company’s current
all its processes based on the results and feedback and intentions, beliefs or expectations, and any forward-
ensure that its manpower will remain its greatest asset.
Statutory Reports
looking statement speaks only as of the date on which it
was made. The Company assumes no obligation to revise
Cautionary Notice
or update any forward-looking statements, whether as a
Certain statements in the Management Discussion and result of new information, future events, or otherwise.
Analysis section concerning future prospects may be
forward-looking statements which involve a number
**********
Notice
Annexure
CORPORATE GOVERNANCE REPORT
1. COMPANY’S PHILOSOPHY ON CORPORATE is constituted with a high level of integrated,

GOVERNANCE knowledgeable and committed professionals. The
Board provides strategic guidance and independent
Corporate Governance is about meeting our strategic views to the Company’s senior management while
goals responsibly and transparently, while being discharging its fiduciary responsibilities.
accountable to our stakeholders. Adani Enterprises
Limited (“the Company”) is equipped with a robust Composition of the Board
framework of corporate governance that considers
The Company has a balanced board with optimum
the long-term interest of every stakeholder as we
combination of Executive and Non-Executive
operate with a commitment to integrity, fairness,
Directors, including independent professionals, which
equity, transparency, accountability and commitment
plays a crucial role in Board processes and provides
to values. The framework lays down procedures and
independent judgment on issues of strategy and
mechanisms for enhancing leadership for smooth
performance. As on 31st March, 2020, board comprises
administration and productive collaboration among
of 8 (Eight) Directors out of which 4 (Four) Directors
employees, value chain, community, investors and the
are Executive Directors and remaining 4 (Four) are
Government.
Independent Directors. Independent Directors are
Courage, Trust and Commitment are the main tenents non-executive directors as defined under Regulation
of our Corporate Governance Philosophy - 16(1)(b) of the SEBI Listing Regulations as amended
from time to time. The maximum tenure of the
Courage: we shall embrace new ideas and Independent Directors is in compliance with the
businesses. Take calculated risks in pursuing new Companies Act, 2013. All Independent Directors have
and big business opportunities. confirmed that they meet the criteria as mentioned
under Regulation 16(1)(b) of the SEBI Listing
Trust: we shall standby our promises and adhere
Regulations as amended from time to time and Section
to high standards of business.
149 of the Companies Act, 2013. The present strength
Commitment: we shall believe in our employees of the Board reflects judicious mix of professionalism,
and other stakeholders. competence and sound knowledge which enables the
Board to provide effective leadership to the Company.
The Company believes that sustainable and
long-term growth of every stakeholder depends upon None of the Directors is a Director in more than 10
the judicious and effective use of available resources Public Limited Companies or acts as an Independent
and consistent endeavor to achieve excellence in Director in more than 7 Listed Companies. Further,
business along with active participation in the growth none of the Directors on the Company’s Board is
of society, building of environmental balances and a Member of more than 10 (ten) Committees and
significant contribution in economic growth. Chairman of more than 5 (five) Committees (Committees
being, Audit Committee and Stakeholders’ Relationship
The Company is in compliance with the conditions of Committee) across all the companies in which he/she
corporate governance as required under the SEBI (Listing is a Director. All the Directors have made necessary
Obligations and Disclosures Requirements) Regulations, disclosures regarding Committee positions held by
2015 (“SEBI Listing Regulations”), as applicable. them in other companies and do not hold the office of
Director in more than 10 (ten) public companies as on
2. BOARD OF DIRECTORS 31st March, 2020.
The “Board”, being the trustee of the Company, The composition of the Board is in conformity with
responsible for the establishment of cultural, the Regulation 17 of the SEBI Listing Regulations.
ethical and accountable growth of the Company,
The composition of the Board of Directors and the number of Directorships and Committee positions held by them
as on 31st March, 2020 are as under:
Name and Designation Category No. of other No. of Board Committees2
Corporate Overview
(DIN) of Director Directorships held1 (other than AEL) in which
(Other than AEL) Chairman / Member.
Chairman Member
Mr. Gautam S. Adani Promoter 5 - -
Executive Chairman Executive
(DIN: 00006273)
Mr. Rajesh S. Adani Promoter 5 1 5
Managing Director Executive
(DIN: 00006322)
Mr. Pranav V. Adani Promoter 7 - 2
Director Executive
Statutory Reports
(DIN: 00008457)
Mr. Vinay Prakash Executive 3 - -
Director
(DIN: 03634648)
Mr. Hemant Nerurkar Non Executive 8 4 3
Director (Independent)
(DIN: 00265887)
Mr. V. Subramanian Non Executive 3 - `2
(DIN: 00357727)
Mrs. Vijaylaxmi Joshi Non Executive 1 - 1
(DIN: 00032055)
Mr. Narendra Mairpady Non Executive 4 1 3
(DIN: 00536905)
Notes :
1. The Directorships held by the Directors, as mentioned above excludes alternate directorships, directorships in foreign
companies, Companies under Section 8 of the Companies Act, 2013 and Private Limited Companies, which are not the
subsidiaries of Public Limited Companies.
2. Represents Membership / Chairmanship of two Committees viz. Audit Committee and Stakeholders’ Relationship
Committee as per Regulation 26 of the SEBI Listing Regulations.
3. As on 31st March, 2020, none of the Directors of the Company were related to each other except Mr. Rajesh S. Adani,
Managing Director being brother of Mr. Gautam S. Adani, Chairman.
Details of name of other listed entities where Directors of the Company are Directors and the category of Directorship
as on 31st March, 2020 are as under:
Notice
Name of Director Name of other Listed entities in which the Category of Directorship
concerned Director is a Director
Mr. Gautam S. Adani Adani Ports and Special Economic Zone Limited Promoter & Executive
(DIN: 00006273) Adani Transmission Limited Promoter & Executive
Adani Gas Limited Promoter & Non-Executive
Adani Power Limited Promoter & Non-Executive
Adani Green Energy Limited Promoter & Non-Executive
Mr. Rajesh S. Adani Adani Ports and Special Economic Zone Limited Promoter & Non-Executive
(DIN: 00006322) Adani Transmission Limited Promoter & Executive
Adani Power Limited Promoter & Executive
Adani Green Energy Limited Promoter & Non-Executive
Mr. Pranav V. Adani Adani Gas Limited Promoter & Executive
(DIN: 00008457)
Mr. Vinay Prakash Nil NIl
(DIN: 03634648)
Name of Director Name of other Listed entities in which the Category of Directorship
concerned Director is a Director
Mr. Hemant Nerurkar NCC Limited Non-Executive & Independent
(DIN: 00265887) Igarashi Motors India Limited Non-Executive & Independent
Crompton Greaves Consumer Electricals Limited Non-Executive & Independent
DFM Foods Limited Non-Executive & Independent
Mr. V. Subramanian Sundaram-Clayton Limited Non-Executive & Independent
(DIN: 00357727)
Mrs. Vijaylaxmi Joshi GHCL Limited Non-Executive & Independent
(DIN: 00032055)
Mr. Narendra Mairpady Sequent Scientific Limited Non-Executive & Independent
(DIN: 00536905)
Board Meetings and Procedure strategy and the risk management practices before
taking on record the quarterly / half yearly / annual
The internal guidelines for Board / Committee financial results of the Company.
meetings facilitate the decision making process at
the meetings of the Board/Committees in an informed The required information as enumerated in Part A
and efficient manner. of Schedule II to SEBI Listing Regulations is made
available to the Board of Directors for discussions
Board Meetings are governed by structured agenda. and consideration at every Board Meetings. The
All major agenda items are backed by comprehensive Board periodically reviews compliance reports of all
background information to enable the Board to laws applicable to the Company as required under
take informed decisions. The Company Secretary in Regulation 17(3) of the SEBI Listing Regulations.
consultation with the Senior Management prepares
the detailed agenda for the meetings. The important decisions taken at the Board
/ Committee meetings are communicated to
Agenda papers and Notes on Agenda are circulated departments concerned promptly. Action taken report
to the Directors, in advance, in the defined Agenda on the decisions taken at the meeting(s) is placed at
format. All material informations are being circulated the immediately succeeding meeting of the Board /
along with Agenda papers for facilitating meaningful Committee for noting by the Board / Committee.
and focused discussions at the meeting. Where it
is not practicable to attach any document to the 5 (Five) Board Meetings were held during the
Agenda, the same is tabled before the meeting with financial year 2019-20. The Company has held at
specific reference to this effect in the Agenda. In least one Board meeting in every quarter and the gap
special and exceptional circumstances, additional or between two meetings did not exceed one hundred
supplementary item(s) on the Agenda are permitted. and twenty days. The necessary quorum was present
In order to transact some urgent business, which in all the meetings. Leave of absence was granted
may come up after circulation agenda papers, the to the concerned directors who could not attend
same is placed before the Board by way of Table the respective board meeting on request. The dates
Agenda or Chairman’s Agenda. Frequent and detailed on which the Board Meetings were held during
deliberation on the agenda provides the strategic FY 2019-20 are as follows:
roadmap for the future growth of the Company.
29th May, 2019, 8th August, 2019, 12th November, 2019,
Minimum 4 (four) pre-scheduled Board meetings 5th February, 2020 and 17th March, 2020.
are held every year. Apart from the above, additional
Board meetings are convened by giving appropriate The Companies Act, 2013 read with the relevant rules
notice to address the specific needs of the Company. made thereunder, now facilitates the participation of a
In case of business exigencies or urgency of matters, Director in Board/Committee Meetings through video
resolutions are also passed by way of circulation. conferencing or other audio visual mode. Accordingly,
the option to participate in the Meeting through video
Detailed presentations are made at the Board conferencing was made available for the Directors
/ Committee meetings covering Finance, major except in respect of such Meetings/Items which
business segments and operations of the Company, are not permitted to be transacted through video
global business environment, all business areas of the conferencing.
Company including business opportunities, business
The details of attendance of Directors at the Board Meetings and at the last Annual General Meeting are as under:
Name of Director(s) Number of Board Meetings held and Attended Last AGM
attended during FY 2019-20
Corporate Overview
Held during the tenure Attended
Mr. Gautam S. Adani 5 5 Yes
Mr. Rajesh S. Adani 5 5 Yes
Mr. Pranav V. Adani 5 5 Yes
Mr. Vinay Prakash 5 5 Yes
Mr. Hemant Nerurkar 5 5 Yes
Mr. V. Subramanian 5 5 Yes
Mrs. Vijaylaxmi Joshi 5 5 Yes
Mr. Narendra Mairpady 5 5 Yes
During the year, the Board of Directors accepted all recommendations of the Committees of the Board, which were
Statutory Reports
statutory in nature and required to be recommended by the Committee and approved by the Board of Directors.
Hence, the Company is in compliance of condition of clause 10(j) of schedule V of the SEBI Listing Regulations.
During the year under review, the Board of Directors of the Company has amended / approved changes in Corporate
Social Responsibility policy; Nomination and Remuneration Policy of Directors, Key Managerial Personnel and Other
Employees; Related Party Transaction Policy; Vigil Mechanism / Whistle Blower Policy; Material Events Policy and
Code of internal procedures and conduct for regulating, monitoring and reporting of Trading by Insiders to comply
with the recent amendments in the Companies Act, 2013 and SEBI Regulations. Accordingly, the updated policies are
uploaded on website of the Company at https://www.adanienterprises.com/investors/corporate-governance.
Skills / expertise competencies of the Board of Directors:
The following is the list of core skills / competencies identified by the Board of Directors as required in the context
of the Company’s business and that the said skills are available within the Board Members:
Business Leadership Leadership experience including in areas of business development, strategic

planning, succession planning, driving change and long-term growth and guiding
the Company and its senior management towards its vision and values.
Financial Expertise Knowledge and skills in accounting, finance, treasury management, tax and financial
management of large corporations with understanding of capital allocation, funding
and financial reporting processes.
Risk Management Ability to understand and asses the key risks to the organisation, legal compliances
and ensure that appropriate policies and procedures are in place to effectively
manage risk.
Global Experience Global mindset and staying updated on global market opportunities, competition
experience in driving business success around the world with an understanding of
diverse business environments, economic conditions and regulatory frameworks.
Merger & Acquisition Ability to assess ‘build or buy’ & timing of decisions, analyze the fit of a target with Notice
the company’s strategy and evaluate operational integration plans
Corporate Governance & ESG Experience in implementing good corporate governance practices, reviewing
compliance and governance practices for a sustainable growth of the company and
protecting stakeholders interest.
Technology & Innovations Experience or knowledge of emerging areas of technology such as digital, artificial
intelligence, cyber security, data centre, data security etc.
In the table below, the specific areas of focus or expertise of individual board members have been highlighted.
Name of Director Areas of Skills/ Expertise
Business Financial Risk Global Corporate Merger & Technology
Leadership Expertise Management Experience Governance Acquisition &
& ESG Innovation
Mr. Gautam S. Adani Y Y Y Y Y Y Y
Mr. Rajesh S. Adani Y Y Y Y Y Y Y
Mr. Pranav V. Adani Y Y Y Y Y Y Y
Mr. Vinay Prakash Y Y Y Y Y Y Y
Mr. Hemant Nerurkar Y Y Y Y Y Y Y
Mr. V. Subramanian Y Y Y Y Y Y Y
Mrs. Vijaylaxmi Joshi Y Y Y Y Y Y Y
Mr. Narendra Mairpady Y Y Y Y Y Y Y
Note - Each Director may possess varied combinations of skills/ expertise within the described set of parameters and it is
not necessary that all Directors possess all skills/ expertise listed therein.
Confirmation as regards independence of Independent A. Audit Committee

Directors
The Audit Committee acts as a link among the
In the opinion of the Board, both the existing Management, the Statutory Auditors, Internal
Independent Directors and those who are proposed to Auditors and the Board of Directors to oversee
be re-appointed at the Annual General Meeting, fulfil the financial reporting process of the Company.
the conditions specified in the Listing Regulations The Committee’s purpose is to oversee the quality
and are independent of the Management. and integrity of accounting, auditing and financial
reporting process including review of the internal
Notes on Directors appointment / re-appointment audit reports and action taken report.
Brief resume(s) of the Directors proposed to be Terms of Reference:
appointed / re-appointed are given in the Explanatory
Statement annexed to the Notice convening the The powers, role and terms of reference of
Annual General Meeting. the Audit Committee covers the areas as
contemplated under SEBI Listing Regulations
as amended from time to time and Section 177
3. COMMITTEES OF THE BOARD
of the Companies Act, 2013. The brief terms of
The Board Committees play a vital role in ensuring sound reference of Audit Committee are as under:
Corporate Governance practices. The Committees are
1. Oversight of the company’s financial reporting
constituted to handle specific activities and ensure
process and the disclosure of its financial
speedy resolution of the diverse matters. The Board
information to ensure that the financial
Committees are set up under the formal approval of
statement is correct, sufficient and credible;
the Board to carry out clearly defined roles under
which are considered to be performed by members of 2. Recommendation for appointment,
the Board, as a part of good governance practice. The remuneration and terms of appointment of
Board supervises the execution of its responsibilities auditors of the company;
by the Committees and is responsible for their action.
3. Approval of payment to statutory auditors for
The minutes of the meetings of all the Committees
any other services rendered by the Statutory
are placed before the Board for review. As on date, the
Auditors;
Board has established the following Committees:
4. Reviewing, with the management, the annual
A. Audit Committee financial statements and auditor’s report
B. Nomination and Remuneration Committee thereon before submission to the Board for
C. Stakeholders’ Relationship Committee approval, with particular reference to;
D. Corporate Social Responsibility Committee a) Matters required to be included in the
E. Risk Management Committee Director’s Responsibility Statement to be
F. Securities Transfer Committee included in the Board’s report in terms of
Section 134(3)(c) of the Companies Act,
2013.
b) Changes, if any, in accounting policies department, reporting structure coverage

and practices and reasons for the same. and frequency of internal audit;
c) Major accounting entries involving 14. Discussion with internal auditors of any
Corporate Overview
estimates based on the exercise of significant findings and follow up there on;
judgment by the management.
15. Reviewing the findings of any internal
d) Significant adjustments made in the investigations by the internal auditors into
financial statements arising out of audit matters where there is suspected fraud or
findings. irregularity or a failure of internal control
systems of a material nature and reporting
e) Compliance with listing and other
the matter to the board;
legal requirements relating to financial
statements. 16. Discussion with statutory auditors before
the audit commences, about the nature and
f) Disclosure of any related party
scope of audit as well as post-audit discussion
transactions
to ascertain any area of concern;
Statutory Reports
g) Modified opinion(s) in the draft audit
17. To look into the reasons for substantial
report
defaults, if any, in the payment to the
5. Reviewing, with the management, the depositors, debenture holders, shareholders
quarterly financial statements before (in case of non-payment of declared
submission to the board for approval; dividends) and creditors;
6. Reviewing, with the management, the 18. To review the functioning of the Whistle
statement of uses / application of funds Blower mechanism;
raised through an issue (public issue, rights 19. Approval of appointment of Chief Financial
issue, preferential issue, etc.), the statement Officer after assessing the qualifications,
of funds utilised for purposes other than those experience and background, etc. of the
stated in the offer document / prospectus candidate;
/ notice and the report submitted by the
monitoring agency, monitoring the utilisation 20. Carrying out any other function as is
of proceeds of a public or rights issue, and mentioned in the terms of reference of the
making appropriate recommendations to the Audit Committee.
Board to take up steps in this matter; 21. Reviewing financial statements, in particular
7. Review and monitor the Auditor’s the investments made by the Company’s
independence and performance, and unlisted subsidiaries.
effectiveness of audit process; 22. Reviewing the utilisation of loans and/ or
8. Approval or any subsequent modification of advances from/investment by the holding
transactions of the company with related company in the subsidiary exceeding rupees
parties; 100 crore or 10% of the asset size of the
subsidiary, whichever is lower including
9. Scrutiny of inter-corporate loans and existing loans / advances / investments.
Notice
investments;
Review of Information by Audit Committee:
10. Valuation of undertakings or assets of the
company, wherever it is necessary; 1. The Management discussion and analysis of
11. Evaluation of internal financial controls and financial condition and results of operations;
risk management systems; 2. Statement of significant related party
12. Reviewing, with the management, the transactions submitted by management;
performance of statutory and internal 3. Management letters / letters of internal control
auditors, adequacy of the internal control weaknesses issued by the statutory auditors;
systems;
4. Internal audit reports relating to internal
13. Reviewing the adequacy of internal audit control weaknesses; and
function, if any, including the structure
of the internal audit department, staffing 5. The appointment, removal and terms of
and seniority of the official heading the remuneration of the Chief Internal Auditor.
6. Statement of deviations : Meetings, Attendance & Composition of the

Audit Committee
a) quarterly statement of deviation(s)
including report of monitoring agency, During the financial year 2019-20, four meetings
if applicable, submitted to stock of the Audit Committee were held on 29th May,
exchange(s). 2019, 7th August, 2019, 12th November, 2019 and
5th February, 2020. The intervening gap between
b) annual statement of funds utilised for two meetings did not exceed one hundred and
purposes other than those stated in the twenty days.
offer document / prospectus / notice.
The details of the Audit Committee meetings attended by its members as on 31st March, 2020 are given below:
Sr. Name Designation(s) Category Number of meetings held

No. during FY 2019-20
Held during the Attended
tenure
1. Mr. Hemant Nerurkar Chairman Non-Executive & Independent 4 4
2. Mr. Rajesh S. Adani Member Executive Promoter 4 4
3. Mr. V. Subramanian Member Non-Executive & Independent 4 4
4. Mrs. Vijaylaxmi Joshi Member Non-Executive & Independent 4 4
All members of the Audit Committee have in senior management in accordance with
accounting and financial management knowledge the criteria laid down, and recommend to the
and expertise / exposure. The Audit Committee Board their appointment and removal and
meetings are attended by the Internal Auditors, shall carry out evaluation of every director’s
Statutory Auditors, Chief Financial Officer and performance.
head of finance. The Company Secretary acts as
5. To extend or continue the term of appointment
the Secretary of the Audit Committee.
of the independent director, on the basis
The Chairman of the Audit Committee attended of the report of performance evaluation of
the last Annual General Meeting (AGM) held on independent directors.
8th August, 2019 to answer shareholders’ queries. 6. To recommend / review remuneration of
the Managing Director(s) and Whole-time
B. Nomination and Remuneration Committee
Director(s) based on their performance and
The constitution and terms of reference of defined assessment criteria.
Nomination and Remuneration Committee of 7. To carry out any other function as is mandated
the Company are in compliance with provisions by the Board from time to time and / or enforced
of Companies Act, 2013 and the SEBI Listing by any statutory notification, amendment or
Regulations. modification, as may be applicable.
Terms of reference: 8. To perform such other functions as may be
necessary or appropriate for the performance
1. Formulation of the criteria for determining of its duties.
qualifications, positive attributes and
independence of a director and recommend 9. To recommend to the board, all remuneration,
to the Board a policy, relating to the in whatever form, payable to senior
remuneration of the directors, key managerial management.
personnel and other employees;
Meeting, Attendance & Composition of the
2. Formulation of criteria for evaluation of Nomination & Remuneration Committee
Independent Directors and the Board of
directors; During FY 2019-20, four meetings of the
Nomination & Remuneration Committee were
3. Devising a policy on Board diversity; held on 29th May, 2019, 7th August, 2019,
4. Identifying persons who are qualified to 12th November, 2019 and 5th February, 2020.
become directors and who may be appointed
The details of the Nomination & Remuneration Committee meetings attended by its members as on 31st March,
2020 are given below:
Corporate Overview
Held during Attended
the tenure
1. Mr. Hemant Nerurkar Chairman Non-Executive & Independent 4 4
2. Mr. Gautam S. Adani Member Executive Promoter 4 4
3. Mr. V. Subramanian Member Non-Executive & Independent 4 4
4. Mrs. Vijaylaxmi Joshi Member Non-Executive & Independent 4 4
The Quorum of the Committee is of two members. by way of commission to the Non-Executive
directors other than promoter directors of the
The Board of Directors review the Minutes of Company, of a sum not exceeding 1% per annum
Statutory Reports
the Nomination & Remuneration Committee of the net profits of the Company, calculated in
Meetings at its subsequent Board Meetings. accordance with the provisions of the Act for
a period of 5 years commencing 1st April, 2020.
The Company Secretary acts as a Secretary to the In addition to commission, Non-Executive
Committee. Directors are paid H 50,000/- as sitting fees
for attending meeting of Board of Directors &
Remuneration Policy
Audit Committee and H 25,000/- for attending
The remuneration policy of the Company is meeting of Corporate Social Responsibility
directed towards rewarding performance, based Committee, Stakeholders’ Relationship
on review of achievements on a periodic basis. Committee, Nomination & Remuneration
The Company endeavours to attract, retain, Committee and Risk Management Committee
develop and motivate the high-calibre executives & actual reimbursement of expenses incurred
and to incentivise them to develop and implement for attending each meeting of the Board and
the Group’s Strategy, thereby enhancing the Committee.
business value and maintain a high performance
The Company has also taken a Directors’ &
workforce. The policy ensures that the level and
Officers’ Liability Insurance Policy.
composition of remuneration of the Directors is
optimum. The Executive and Promoter group Directors
are not being paid sitting fees for attending
i) Remuneration to Non-Executive Directors
meetings of the Board of Directors and its
The remuneration by way of commission to the committees. Other than sitting fees and
non-executive directors is decided by the Board commission paid to Non-Executive Directors,
of Directors and paid to them based on their there were no pecuniary relationships or
participation and contribution in the affairs of transactions by the Company with any of the
the Company as well as the valuable time spent Non-Executive and Independent Directors
on Company’s matters. The Members had at of the Company. The Company has not
Notice
the Annual General Meeting held on 8th August, granted stock options to Non-Executive and
2019 approved the payment of remuneration Independent Directors.
The details of sitting fees and commission paid to Non-Executive and Independent Directors for the Financial Year
2019-20 are as under:
(H In lakh)
Name of the Directors Sitting Fees paid during FY 2019-20 Commission Total
Board Meeting Committee Meeting
Mr. Hemant Nerurkar 2.50 3.75 14.00 20.25
Mr. V. Subramanian 2.50 4.00 14.00 20.50
Mrs. Vijaylaxmi Joshi 2.50 3.00 14.00 19.50
Mr. Narendra Mairpady 2.50 - 14.00 16.50
Performance Evaluation Criteria for Independent Remuneration Committee based on criteria

Directors such as industry benchmarks, the Company’s
performance vis-à-vis the industry,
The performance evaluation criteria for responsibilities shouldered, performance/
independent directors is determined by the track record, macro economic review on
Nomination and Remuneration committee. An remuneration packages of heads of other
indicative list of factors that may be evaluated organisations and is decided by the Board of
include participation and contribution by a Directors.
director, commitment, effective deployment of
knowledge and expertise, effective management The Company pays remuneration by way
of relationship with stakeholders, integrity and of salary, perquisites and allowances (fixed
maintenance of confidentiality and independence component), incentive remuneration and/
of behavior and judgement. or commission (variable components) to
its Executive Directors within the limits
ii) Remuneration to Executive Directors. prescribed under the Companies Act, 2013
and approved by the shareholders.
The remuneration of the Executive Directors
is recommended by the Nomination and
Details of the remuneration paid / payable to the Executive Directors of the Company during the financial year
2019-20 are as under:
(H In crore)
Name & Designation of Directors Salary Perquisites & Allowances Commission* Total
Mr. Gautam S. Adani, Executive Chairman 1.93 0.24 - 2.17
Mr. Rajesh S. Adani, Managing Director 2.90 0.36 1.00 4.26
Mr. Pranav V. Adani, Director 0.91 1.13 1.00 3.04
Mr. Vinay Prakash, Director 3.31 12.381 - 15.69
* Payable in FY 2020-21
1. Including performance based variable incentive.
There is no separate provision for payment of Employees’ Stock Option Scheme and there is no
severance fees under the resolutions governing separate provision for payment of Severance Fees.
the appointment of Executive Chairman,
Managing Director and Executive Director. C. Stakeholders’ Relationship Committee
The Company has not granted stock options to The constitution and terms of reference of
the Managing / Executive Directors or Employees Stakeholders’ Relationship Committee of the
of the Company. Company are in compliance with provisions of
Companies Act, 2013 and SEBI Listing Regulations.
The aforesaid Executive Directors, so long as
they function as such shall not be entitled to any Terms of Reference:
sitting fees for attending any meetings of Board
1. To look into various aspects of interest of
or Committees thereof.
shareholders, debenture holders and other
Mr. Gautam S. Adani / Rajesh S. Adani (on behalf of security holders including complaints
S.B. Adani Family Trust) and Mr. Gautam S. Adani / related to transfer/transmission of shares,
Mrs. Priti G. Adani (on behalf of Gautam S. Adani non-receipt of annual report, non-receipt of
Family Trust) hold 62,11,97,910 and 88,36,750 declared dividends, issue of new/duplicate
Equity Shares of the Company respectively. Mr. certificates, general meetings etc.
Gautam S. Adani and Rajesh S. Adani hold 1 (one)
2. Reviewing the measures taken for effective
Equity Share each of the Company.
exercise of voting rights by shareholders.
Except above, none of Directors of the Company
3. Reviewing of adherence to the service
holds equity shares of the Company in their
standards adopted in respect of various
individual capacity. The Company does not have any
services being rendered by the Registrar &
Share Transfer Agent.
4. Reviewing the various measures and any statutory notification / amendment or

initiatives taken for reducing the quantum modification as may be applicable.
of unclaimed dividends and ensuring timely
Corporate Overview
receipt of dividend warrants/annual reports/ Composition, Meetings and Attendance of
statutory notices by the shareholders of the Stakeholders’ Relationship Committee
Company.
During the financial year 2019-20, four meetings
5. Carry out any other function as is referred by of the said Committee were held on 29th May,
the Board from time to time or enforced by 2019, 7th August, 2019, 12th November, 2019 and
5th February, 2020.
The details of the Stakeholders’ Relationship Committee meetings attended by its members as on 31st March,
2020 are given below:

Statutory Reports
the tenure
1. Mr. V. Subramanian Chairman Non-Executive & Independent 4 4
2. Mr. Rajesh S. Adani Member Executive Promoter 4 4
3. Mr. Pranav V. Adani Member Executive Promoter 4 4
The Company Secretary is the Compliance Officer shall indicate the activities to be undertaken
of the Company as per requirements of the SEBI by the company as specified in Schedule VII
Listing Regulations. of the Companies Act, 2013 and rules made
there under;
The Minutes of the Stakeholders’ Relationship
Committee are reviewed by the Board of Directors 2. To recommend the amount of expenditure to
at the subsequent Board Meeting. be incurred on the CSR activities.
Redressal of Investor Grievances 3. To monitor the implementation of framework

of CSR Policy.
The Company and its Registrar and Share Transfer
Agent addresses all complaints, suggestions 4. To carry out any other function as is mandated
and grievances expeditiously and replies are by the Board from time to time and/or enforced
sent usually within 7-10 days except in case of by any statutory notification, amendment or
dispute over facts or other legal impediments modification as may be applicable or as may
and procedural issues. The Company endeavours be necessary or appropriate for performance
to implement suggestions as and when received of its duties.
from the investors.
CSR Policy
During the year under review, 2 (two) investors’
complaints were received & resolved. There was The updated CSR Policy of the Company is available
Notice
no unattended or pending investor grievance as on its website (https://www.adanienterprises.
on 31st March, 2020. com/investors/corporate-governance).
D. Corporate Social Responsibility (“CSR”) Committee Composition, Meetings and Attendance of CSR
Committee
The Company has constituted a CSR Committee
as required under Section 135 of the Companies During the year under review, three meetings
Act, 2013 and rules framed there under. of CSR Committee were held on 29th May, 2019,
12th November, 2019 and 5th February, 2020.
Terms of reference of the Committee, inter alia,
includes the following:
1. To formulate and recommend to the Board, a

Corporate Social Responsibility Policy which
The details of the CSR Committee meetings attended by its members during FY 2019-20 are given below:

the tenure
1. Mr. Rajesh S. Adani Chairman Executive Promoter 3 3
2. Mr. Hemant Nerurkar Member Non-Executive & Independent 3 3
Quorum of the Committee is of two members. Terms of reference of the Committee:
The Board of Directors review the Minutes of the 1. To review the Company’s risk governance
CSR Committee Meetings at subsequent Board structure, risk assessment and minimisation
Meetings. procedures and the guidelines, strategies and
policies for risk mitigation on short term as
The Company Secretary acts as a Secretary to the well as long term basis.
Committee.
2. To monitor and review the risk management
Sustainability Governance plan of the Company.
The Company has integrated Sustainability into 3. To review the current and expected risk
its core business strategy. To ensure smooth exposures of the organisation, to ensure
implementation of various measures across the the same are identified, qualitatively and
organisation, we have established a Sustainability quantitatively evaluated, analysed and
Governance mechanism wherein at the pinnacle appropriately managed;
is the Board of Directors followed by Corporate 4. Carry out any other function as is referred by
Sustainability Leadership Committee which looks the Board from time to time or enforced by
after the Sustainability Business Unit Committee any statutory notification / amendment or
who is responsible for Sustainability Reporting modification as may be applicable.
Committee at each site. The Sustainability Report
of the Company is available on the website of the 5. To review cyber security function of the
Company at https://www.adanienterprises.com/ Company.
sustainability/environment. 6. To oversee management processes, standards
and strategies designed to manage Health,
E. Risk Management Committee:
Safety & Environment and Social risks and
The Risk Management Committee of the ensure maintaining the highest standards
Company is constituted in line with the provisions and compliance with applicable statutory
of Regulation 21 of the SEBI Listing Regulations. provisions.
7. To monito & report non-compliance of any

The Committee is required to lay down the
environmental laws pertaining to Copper
procedures to inform to the Board about the
Refinery Plant at Mundra, Gujarat.
risk assessment and minimisation procedures
and the Board shall be responsible for Composition, Meetings and Attendance of Risk
framing, implementing and monitoring the risk Management Committee
management plan of the Company.
During the year under review, one Risk
Management Committee Meeting was held on
5th February, 2020.
The details of the Risk Management Committee meeting attended by its members as are given below:
Corporate Overview
the tenure
1. Mr. Rajesh S. Adani Chairman Executive Promoter 1 1
2. Mr. Vinay Prakash Member Executive 1 1
4. Mr. Jugeshinder Singh Member - 1 1
The Company has a risk management framework concerns about unethical behaviour. No person
to identify, monitor and minimise risks. has been denied access to the chairman of the
audit committee. The updated Whistle Blower
The Quorum of the Committee is of two members. policy is uploaded on the website of the Company
Statutory Reports
at http://www.adanienterprises.com/investors/
The Board of Directors review the Minutes of
corporate-governance. During the year under
the Risk Management Committee Meetings at
review, there were no instances of whistle blower.
subsequent Board Meetings.
Investor Services
The Company Secretary acts as a Secretary to the
Committee. M/s. Link Intime India Private Limited are acting
as Registrar & Share Transfer Agent of the
F. Securities Transfer Committee
Company. They have adequate infrastructure and
In order to provide efficient and timely services VSAT connectivity with both the depositories,
to investors, the Board of Directors has delegated which facilitate better and faster services to the
the power of approving transfer/transmission of investors.
Company’s Securities, issue of duplicate share /
a) Name, Designation and Address of the
debenture certificates, split up / sub-division, and
Compliance Officer:
consolidation of shares, issue of new certificates
on re-materialisation, sub-division and other related Mr. Jatin Jalundhwala
formalities to the Securities Transfer Committee. Company Secretary and Compliance Officer
No requests for transfers of any Securities are Adani Enterprises Limited
pending as on 31st March, 2020 except those that
are disputed and / or sub-judiced. “Adani House”, Near Mithakhali Six Roads,
Navarangpura, Ahmedabad – 380 009
Whistle Blower Policy: Gujarat, India,
Tel No.(079) 25555 555, 26565 555,
The Company has adopted a whistle blower
Fax No. (079) 26565 500, 25555 500.
policy and has established the necessary vigil
E-mail ID: jatin.jalundhwala@adani.in
mechanism for employees and directors to report
Notice
4. GENERAL BODY MEETINGS
a) Annual General Meetings
Location, day, date and time of Annual General Meetings (AGMs) and Special Resolutions passed thereat:
Financial Day & Date Location of Meeting Time No. of Special

Year resolutions passed
2016-17 Wednesday, J.B. Auditorium, AMA Complex, ATIRA, 10:30 a.m. 2
9th August, 2017 Dr. Vikram Sarabhai Marg, Ahmedabad – 380 015.
2017-18 Tuesday, J.B. Auditorium, AMA Complex, ATIRA, 9:30 a.m. 4
7th August, 2018 Dr. Vikram Sarabhai Marg, Ahmedabad – 380 015.
2018-19 Wednesday, H. T. Parekh Hall, AMA Complex, ATIRA, 11:30 a.m. 2
7th August, 2019 Dr. Vikram Sarabhai Marg, Ahmedabad - 380 015
b) Whether special resolutions were put through The subsidiaries of the Company function with
postal ballot last year, details of voting pattern: an adequately empowered Board of Directors and
No sufficient resources
There were no special resolutions passed through For more effective governance, the Company monitors
postal ballot process during FY 2019-20. performance of subsidiary companies, interalia, by
following means:
c) Whether any resolutions are proposed to be
conducted through postal ballot: a) Financial statements, in particular investments
No Resolution is proposed to be passed by way made by unlisted subsidiary companies, are
of Postal Ballot at the ensuing Annual General reviewed quarterly by the Company’s Audit
Meeting. Committee.
d) Procedure for postal ballot: b) Minutes of unlisted subsidiary companies are

placed before the Board of the Company regularly.
Prescribed procedure for postal ballot as per
the provisions contained in this behalf in the c) A statement, wherever applicable, of all significant
Companies Act, 2013 read with rules made there transactions and arrangements entered into by
under as amended from time to time shall be the Company’s subsidiaries is presented to the
complied with whenever necessary. Board of the Company at its meetings.
The risk factors and project reports of the

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

Financial Year Rate Per Share (J) Dividend Payout
(J in crore)#
2010-11 100% 1.00 128.25
2011-12 100% 1.00 127.82
2012-13 140% 1.40 154.96
2013-14 140% 1.40 153.97
2014-15 140% 1.40 159.15
2015-16 (Interim) 40% 0.40 44.07
2016-17 40% 0.40 52.95
2017-18 40% 0.40 53.04
2018-19 40% 0.40 53.04
2019-20 (Interim) 100% 1.00 132.59
#
Including dividend tax
7. OTHER DISCLOSURES
a) Disclosure on materially significant related party Company has developed a policy on materiality
transactions: of Related Party Transactions and also on dealing
with Related Party Transactions.
All related party transactions entered into during
the financial year were on an arm’s length basis The Company has updated a Related Party
and were in the ordinary course of business. The Transaction Policy which is uploaded on the website
details of Related Party Transactions are disclosed of the Company at https://www.adanienterprises.
in financial section of this Annual Report. The com/investors/corporate-governance.
b) In the preparation of the financial statements, the the Board pursuant to Regulation 33 of the SEBI
Company has followed the accounting policies Listing Regulations.
and practices as prescribed in the Accounting
Corporate Overview
Standards. f) Proceeds from public issues, rights issues,
preferential issues etc.
c) Details of compliance
The Company discloses to the Audit Committee,
The Company has complied with all the the uses / application of proceeds /funds raised
requirements of the Stock Exchanges as well as from Rights Issue, Preferential Issue as part of
the regulations and guidelines prescribed by the the quarterly review of financial results whenever
Securities and Exchange Board of India (SEBI). applicable.
There were no penalties or strictures imposed
on the Company by Stock Exchanges or SEBI or g) The designated Senior Management Personnel of
any statutory authority on any matter related to the Company have disclosed to the Board that no
capital markets during the last three years. material, financial and commercial transactions
have been made during the year under review
Statutory Reports
d) ADANI Code of Conduct in which they have personal interest, which may
have a potential conflict with the interest of the
The ADANI Code of Conduct for the Directors and Company at large.
Senior Management of the Company has been
laid down by the Board and the same is posted on h) The Company has also updated Material Events
the website of the Company. Policy, Website Content Archival Policy and Policy
on Preservation of Documents which is uploaded
A declaration signed by the Managing Director on the website of the Company at https://www.
affirming the compliance with the ADANI Code adanienterprises.com/investors/corporate-
of Conduct by the Board Members and Senior governance.
Management Personnel of the Company is as under:
i) Details of the familiarisation programmes
Declaration as required under SEBI (Listing imparted to the independent directors are
Obligations and Disclosure Requirements) available on the website of the company at
Regulations 2015 https://www.adanienterprises.com/investors/
corporate-governance.
All Directors and senior management of the
Company have affirmed compliance with the j) With a view to regulate trading in securities by
ADANI Code of Conduct for the financial year the directors and designated employees, the
ended 31st March, 2020. Company has updated a Code of Conduct for
Prohibition of Insider Trading.
Place: Ahmedabad Rajesh S. Adani
Date: 6th May, 2020 Managing Director k) The company has put in place succession plan
for appointment to the Board and to senior
Adani Code of Conduct for Prevention of Insider management.
Trading
l) The Company complies with all applicable
ADANI Code of Conduct for Prevention of Insider Secretarial Standards.
Notice
Trading, as approved by the Board of Directors,
inter alia, prohibits purchase / sale of securities m) The Company has complied with all the mandatory
of the Company by Directors and employees requirements specified in Regulations 17 to 27
while in possession of unpublished price sensitive and clauses (b) to (i) of sub – regulation (2) of
information in relation to the Company. Regulation 46 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations,
e) CEO / CFO Certificate 2015. It has obtained a certificate affirming the
compliances from Statutory Auditors and the
The CEO and CFO have certified to the board
same is attached to this Report.
with regard to the financial statements and
other matters as required by the SEBI Listing n) As required under Regulation 36(3) of the SEBI
Regulations. The certificate is appended as an Listing Regulations, particulars of Director
Annexure to this report. seeking re-appointment at the forthcoming AGM
are given herein and in the Annexure to the Notice
They have also provided quarterly certificates on
of the 28th AGM to be held on 26th June, 2020.
financial results while placing the same before
o) The Company has obtained certificate from investors and the presentations made to analysts
CS Chirag Shah, Practising Company Secretary and transcripts of earnings call are uploaded on
confirming that none of the Directors of the the website thereafter.
Company is debarred or disqualified by the
Securities and Exchange Board of India / Ministry of
9. GENERAL SHAREHOLDER INFORMATION
Corporate Affairs or any such authority from being
appointed or continuing as Director of the Company A. Company Registration Details:
and the same is also attached to this Report.
The Company is registered in the State of Gujarat,
p) Total fees for all services paid by the Company and
India. The Corporate Identity Number (CIN) allotted
its subsidiaries, on a consolidated basis, to the
to the Company by the Ministry of Corporate
statutory auditors and all entities in the network
Affairs (MCA) is L51100GJ1993PLC019067.
firm / network entity of which the statutory
auditor is a part, is given below: B. Annual General Meeting:
M/s. Shah Dhandharia & Co.

Day and Date Time Mode
(H in lakh)
Friday, 1.00 p.m. Through Video
Payment to Statutory Auditors FY 2019-20
26th June, Conferencing / Other
Audit Fees 56.47
2020 Audio Visual Means
Other Services 2.14
Total 58.61
C. Registered Office:
q) As per the requirement of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition & “Adani House”, Near Mithakhali Six Roads,
Redressal) Act, 2013 and rules made thereunder, Navrangpura, Ahmedabad – 380009, Gujarat.
the Company has constituted Internal Complaints
Committee which is responsible for redressal of D. Financial Calendar for 2020-21: (tentative
complaints related to sexual harassment. During schedule, subject to change)
the year under review, there were no complaints
pertaining to sexual harassment. Period Approval of Quarterly
results
8. MEANS OF COMMUNICATION Quarter ending Mid August, 2020
30th June, 2020.
a) Financial Results:
Quarter and half year Mid November, 2020
The quarterly/half-yearly and annual results of ending
the Company are normally published in the Indian 30th September, 2020.
Express (English) and Financial Express (a regional Quarter ending Mid February, 2020
daily published from Gujarat). These results are 31st December, 2020.
not sent individually to the shareholders but are The year ending End May, 2021
put on the website of the Company. 31st March, 2021.
The quarterly/half-yearly and annual results and

other official news releases are displayed on the E. Date of Book Closure:
website of the Company – www.adanienterprises.
Friday, 19th June, 2020 to Friday, 26th June, 2020
com shortly after its submission to the Stock
(both days inclusive) for the purpose of
Exchanges.
28th Annual General Meeting.
b) Intimation to Stock Exchanges:
F. Dividend Distribution Policy
The Company also regularly intimates to the Stock
As per Regulation 43A of the SEBI Listing
Exchanges all price sensitive and other information
Regulations, the top 500 listed companies
which are material and relevant to the investors.
shall formulate a dividend distribution policy.
c) Earnings Calls and Presentations to Analysts: Accordingly, the policy was adopted to set out
the parameters and circumstances that will be
At the end of each quarter, the Company organises taken into account by the Board in determining
meetings / conference call with analysts and
the distribution of dividend to its shareholders (b)

Depositories:
and/or retaining profits earned by the Company.
The Dividend Distribution Policy of the Company 1. National Securities Depository Limited
Corporate Overview
is available on the website of the Company at (NSDL)
https://www.adanienterprises.com/investors/ Trade World, 4th Floor, Kamala Mills
corporate-governance. Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013.
G. Listing on Stock Exchanges: 2. Central Depository Services (India)
Limited (CDSL)
(a) The Equity Shares of the Company are listed
Phiroze Jeejeebhoy Towers, 28th Floor,
with the following stock exchanges
Dalal Street, Mumbai – 400 023.
BSE Limited (BSE) (Stock Code
The Shares of the Company are traded
P. J. Towers, Dalal Street, : 512599)
compulsorily in Demat Segments. The ISIN
Fort, Mumbai - 400 001
allotted to the Company’s Equity Shares under
National Stock Exchange of (Stock Code the depository system is INE423A01024.
Statutory Reports
India Limited (NSE) : ADANIENT)
“Exchange Plaza”, Bandra- Annual Listing fee has been paid to the BSE &
Kurla Complex, Bandra (E), NSE and Annual Custody / Issuer fee for the year
Mumbai – 400 051. 202-21 will be paid by the Company to NSDL &
CDSL on receipt of the invoices.
H. Market Price Data: High, Low during each month in Financial Year 2019-20.
Monthly share price movement during the year 2019-20 at BSE & NSE:
Month BSE NSE
High (J) Low (J) Volume High (J) Low (J) Volume
(No. of shares) (No. of shares)
April, 2019 153.30 125.10 8541207 153.30 125.00 84096284
May, 2019 180.70 113.00 28986816 180.80 113.00 259447184
June, 2019 161.80 140.45 10675620 161.90 140.35 95314002
July, 2019 161.75 123.85 13848273 161.80 123.85 134769773
August, 2019 138.25 121.30 7659822 138.30 121.15 100071949
September, 2019 155.70 130.70 12139416 155.40 130.60 83432166
October, 2019 201.15 134.20 11116342 201.30 134.10 118061511
November, 2019 221.40 194.00 15010382 221.50 194.05 88000203
December, 2019 220.70 202.50 6599238 220.80 202.40 57055289
January, 2020 238.15 194.65 6917074 238.35 194.55 84990733
February, 2020 261.10 215.00 7216499 261.00 215.60 78330548
March, 2020 227.35 116.25 9824376 228.65 116.40 91281037
Notice
[Source: This information is compiled from the data available from the websites of BSE and NSE]
I. Performance in comparison to broad-based indices such as BSE Sensex.
43000 BSE SENSEX AEL Share Price 300.00

42000 250.00
AEL Share Price
41000
BSE SENSEX
200.00
40000
39000 150.00
38000
100.00
37000
36000 50.00
35000 0.00
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Months
J. Registrar and Transfer Agents : in the Rules. Shareholders may refer Rule 7 of the
said Rules for Refund of shares / dividend etc.
M/s. Link Intime India Private Limited are
appointed as Registrar and Transfer (R&T) Agents In terms of the Section 125 of the Companies
of the Company for both Physical and Demat Act, 2013, the amount of dividend that remained
Shares. The address is given below: unclaimed for a period of seven years is required
to be transferred to the Investor Education
M/s. Link Intime India Private Limited and Protection Fund (IEPF) administered by
5th Floor, 506 to 508, Amarnath Business the Central Government. To ensure maximum
Centre - 1 (ABC-1), Beside Gala Business Centre, disbursement of unclaimed dividend, the Company
Nr. St. Xavier’s College Corner, Off C G Road, sends reminders to the relevant shareholders,
Navrangpura, Ahmedabad – 380009 before transfer of dividend to IEPF.
Tel: +91-79- 26465179
Fax : +91-79-26465179 During the year under review, the unclaimed dividend
Contact Person: Mr. Narendra Tavde amount for the year 2011-12 was transferred to the
IEPF established by the Central Government under
Shareholders are requested to correspond directly Section 125 of the Companies Act, 2013.
with the R & T Agent for transfer / transmission of
shares, change of address, queries pertaining to L. Share Transfer System:
their shares, dividend etc.
The Company’s shares are compulsorily traded
K. Transfer to Investor Education and Protection in the demat segment on stock exchanges, bulk
Fund (IEPF) of the transfers take place in the electronic form.
The share transfers received in physical form are
In terms of Section 124(6) of the Act read with processed through R & T Agent, within seven days
Investor Education and Protection Fund Authority from the date of receipt, subject to the documents
(Accounting, Auditing, Transfer and Refund Rules, being valid and complete in all respects. The Board
2016), the Company has transferred the shares has delegated the authority for approving transfer,
in respect of which the dividend has not been transmission, issue of duplicate share certificate,
claimed for a period of seven years or more for dematerialisation etc. to the Securities Transfer
the dividend declared in 2011-12 to the demat Committee. All the physical transfers received are
account of IEPF Authority. processed by the R & T Agent and are approved
by the Securities Transfer Committee well within
Pursuant to Section 124 of the Companies Act,
the statutory period of one month. The securities
2013 read with provisions of Investors Education
transfer committee meets every fortnight for
& protection Fund Authority (Accounting, Audit,
approval of the transfer, transmission, issue of
Transfer & Refund) Rules 2016 (as amended), all
duplicate share certificate, dematerialisation /
shares in respect of which dividend has not been
rematerialisation of shares etc. and all valid share
paid or claimed by the shareholders for seven
transfers received during the year ended 31st March,
consecutive years or more, already transferred
2020 have been acted upon. The share certificates
by the Company in favour of Investor Education
duly endorsed are returned immediately to the
& Protection Fund (IEPF). The Company had
shareholders by the R & T Agent.
communicated to all the concerned shareholders
individually whose shares were liable to be The Company obtained following certificate(s)
transferred to IEPF. The Company had also from a Practising Company Secretary and
given newspaper advertisements, before such submitted the same to the stock exchanges
transfer in favour of IEPF. The Company had also within stipulated time
uploaded the details of such shareholders and
shares transferred to IEPF on the website of the 1. Certificate confirming due compliance of
Company at https://www.adanienterprises.com/ share transfer formalities by the Company
investors/corporate-governance/ pursuant to Regulation 40(9) of the SEBI
Listing Regulations for half year ended
Shareholders may note that both the unclaimed 30th September, 2019 and 31st March, 2020
dividend and corresponding shares transferred to respectively with the Stock Exchanges and
the IEPF Authority including all benefits accruing
on such shares, if any, can be claimed back by them 2. Certificate regarding reconciliation of the
from IEPF Authority after following the procedure share capital audit of the Company on
(i.e. an application in E-form No. IEPF-5) prescribed quarterly basis.
All share transfer and other communication of National Securities Depository Limited (NSDL)
regarding share certificates, change of address, and Central Depository Services (India) Limited
dividend etc. should be addressed to R & T Agents (CDSL). The demat security (ISIN) code for the
Corporate Overview
of the Company at the address given above. Equity Share is INE 423A01024.
M. Dematerialisation of Shares and Liquidity: As on 31st March, 2020, 109,95,12,524 (constituting

99.97%) were in dematerialised form.
The Equity Shares of the Company are tradable in
compulsory dematerialised segment of the Stock The Company’s Equity Shares are frequently
Exchanges and are available in depository system traded on the BSE Limited and National Stock
Exchange of India Limited.
N. The Distribution of Shareholding as on 31st March, 2020 is as follows:
Number of shares Category Number of shareholders Equity Shares held in each category
Holders % of Total Total Shares % of Total
Statutory Reports
1 to 500 75473 92.47 6665094 0.61
501 to 1000 2984 3.66 2390009 0.22
1001 to 2000 1477 1.81 2251008 0.20
2001 to 3000 449 0.55 1146406 0.10
3001 to 4000 287 0.35 1047245 0.10
4001 to 5000 167 0.20 776705 0.07
5001 to 10000 363 0.44 2606766 0.24
Above 10000 420 0.51 1082926850 98.46
TOTAL 81620 100.00 1099810083 100.00
O. Shareholding Pattern as on 31st March, 2020 is as follows:
Category No. of Shares held (%) of total
Promoters and Promoter Group 823963481 74.92
Foreign Portfolio Investors / Institutional Investors 212381492 20.38
Mutual Funds, Financial Institutions / Banks 27867149 1.56
N.R.I., Foreign National and Foreign Bodies 1113092 0.10
Private Bodies Corporate 7438620 0.70
Indian Public and others 25181015 2.27
Clearing Members (Shares in Transit) 1819584 0.07
IEPF Authority 45650 0.00
Total 1099810083 100.00
P. Debenture Trustees: Not Applicable Team of the Company under the framework of Risk
Management Policy for Currency and Interest rate
Q. Outstanding GDRs/ADRs/Warrants or any risk as approved by the Board of Directors of the
Notice
convertible instruments conversion date and Company. The Company’s Treasury Team ensures
likely impact on equity. appropriate financial risk governance framework
for the Company through appropriate policies and
There were no outstanding GDRs/ADRs/Warrants or
procedures and that financial risks are identified,
any convertible instruments as at 31st March, 2020.
measured and managed in accordance with the
R. Commodity Price Risk/Foreign Exchange Risk Company’s policies and risk objectives. It is the
and Hedging: Company’s policy that no trading in derivatives
for speculative purposes may be undertaken.
In the ordinary course of business, the Company The decision of whether and when to execute
is exposed to risks resulting from exchange derivative financial instruments along with its
rate fluctuation and interest rate movements. tenure can vary from period to period depending
It manages its exposure to these risks through on market conditions and the relative costs of the
derivative financial instruments. The Company’s instruments. The tenure is linked to the timing
risk management activities are subject to the of the underlying exposure, with the connection
management, direction and control of Treasury between the two being regularly monitored.
S. Major Plant Locations:
Not Applicable
T. Address for correspondence:
The shareholders may address their communications / suggestions / grievances /queries to:
1. Mr. Jatin Jalundhwala 2. M/s. Link Intime India Private Limited

Company Secretary and Compliance Officer 5th Floor, 506 to 508, Amarnath Business
Adani Enterprises Limited Centre - 1 (ABC-1), Beside Gala Business Centre,
“Adani House”, Near Mithakhali Six Roads, Nr. St. Xavier’s College Corner, Off C G Road,
Navarangpura, Navrangpura, Ahmedabad – 380009
Ahmedabad 380 009 Tel: +91-79- 26465179
Tel No. (079) 25555 555, 26565 555. Fax: +91-79-26465179
Fax No. (079) 26565 500, 25555 500. Contact Person: Mr. Narendra Tavde
Email id: jatin.jalundhwala@adani.in Email id: ahmedabad@linkintime.co.in
U. Credit Rating:
Rating Agency Facility Rating/Outlook

Care Ratings Limited Bank Facilities for Parsa East Long Term Rating - CARE A+(SO)/
and Kete Basan Block of MDO Stable/
Division Short Term Rating - CARE A1+(SO)
All other Bank Facilities Long Term Rating – CARE A/Stable
Short Term Rating – CARE A1
Brickwork Ratings India Private Limited Commercial Paper Issuance BWR A1+
Acuite Ratings & Research Limited Commercial Paper Issuance ACUITE A1+
Non-mandatory Requirements: 3. Modified opinion(s) audit report:
The non-mandatory requirements have been The Company already has a regime of
adopted to the extent and in the manner as stated un-qualified financial statements. Auditors
under the appropriate headings detailed below: have raised no qualification on the financial
statements.
1. The Board:
4. Separate posts of Chairperson and CEO:
Your Company has an Executive Chairman
and hence, the need for implementing this Mr. Gautam S. Adani is the Chairman and
non-mandatory requirement does not arise. Mr. Rajesh S. Adani is a Managing Director
and CEO of the Company.
2. Shareholders Right:
5. Reporting of Internal Auditor:
The quarterly, half-yearly and annual financial
results of your Company are published in The Internal Auditor of the Company is a
newspapers and posted on Company’s website permanent invitee to the Audit Committee
www.adanienterprises.com. The same are also Meeting and regularly attends the Meeting
available on the sites of stock exchanges for reporting their findings of the internal
where the shares of the Company are listed i.e. audit to the Audit Committee Members.
www.bseindia.com and www.nseindia.com.
**********
Certification by
Chief Executive Officer (CEO) and
Corporate Overview
Chief Financial Officer (CFO)
We have reviewed the financial statements and the cash flow statements for the year ended 31st March, 2020 and that
to the best of our knowledge and belief:
1. These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.
Statutory Reports
2. These statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
3. To the best of our knowledge and belief, no transactions entered into by the Company during the year ended
31st March, 2020 which are fraudulent, illegal or violation of the Company’s Code of Conduct.
4. We accept responsibility for establishing and maintaining internal control system and that we have evaluated the
effectiveness of the internal control system of the Company and we have disclosed to the auditors and the Audit
Committee, efficiencies in the design or operation of internal control system, if any, of which we are aware and the
steps we have taken or propose to take to rectify these deficiencies.
5. We further certify that we have indicated to the auditors and the Audit Committee:
a) There have been no significant changes in internal control system during the year;
b) There have been no significant changes in accounting policies during the year and that the same have been
disclosed in the notes to the financial statements; and
c) There have been no instances of significant fraud of which we have become aware, involving management or an
employee having a significant role in the Company’s internal control system.
Place : Ahmedabad Rajesh S. Adani Jugeshinder Singh

Date : 6th May, 2020 Managing Director Chief Financial Officer
Notice
Auditors’ Certificate Regarding Compliance

of conditions of Corporate Governance
To the Members of Adani Enterprises Limited
We have examined the compliance of conditions of Corporate Governance by Adani Enterprises Limited for the
year ended on 31st March, 2020, as stipulated in Regulations 17, 18, 19, 20, 22, 23, 24, 25, 26, 27 and clauses(b) to (i)
sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India
(Listing Obligations and Disclosures Requirements) Regulations, 2015 (as amended) (collectively referred to as ‘SEBI
Listing Regulations, 2015’).
The compliance of conditions of Corporate Governance is the responsibility of the Company’s Management. Our
examination was carried out in accordance with the Guidance Note on Certification of Corporate Governance, issued
by the Institute of Chartered Accountants of India and was limited to procedures and implementations thereof, adopted
by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an
expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us and the representations
made by the Directors and the Management and considering the relaxations granted by the Ministry of Corporate Affairs
and Securities and Exchange Board of India warranted due to the spread of the COVID-19 pandemic, we certify that the
Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, 2015.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the Company.
For SHAH DHANDHARIA & CO.

Chartered Accountants
Firm Registration No. 118707W
Ankit Ajmera
Partner
Place : Ahmedabad Membership No. 434347
Date : 6th May, 2020 UDIN : 20434347AAAABE9213
Certificate of Non-Disqualification
of Directors
Corporate Overview
(PURSUANT TO REGULATION 34(3) AND SCHEDULE V PARA C CLAUSE (10)(I) OF THE SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015)
To,
The Members of
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Adani
Enterprises Limited having CIN L51100GJ1993PLC019067 and having registered office Adani House, Shrimali Society,
Statutory Reports
Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009. (hereinafter referred to as ‘the Company’), produced before
us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule
V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the
Company & its officers, We hereby certify that none of the Directors on the Board of the Company as stated below for
the Financial Year ending on March 31, 2020 have been debarred or disqualified from being appointed or continuing as
Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other
Statutory Authority.
Sr. Name of Director DIN Date of appointment
No. or re-appointment in
Company
1. Mr. Gautam S. Adani 00006273 02/03/1993
2. Mr. Rajesh S. Adani 00006322 02/03/1993
3. Mr. Pranav V. Adani 00008457 31/03/2015
4. Mr. Vinay Prakash 03634648 12/08/2017
5. Mr. Hemant Nerurkar 00265887 11/08/2015
6. Mr. Venkataraman Subramanian 00357727 22/08/2016
7. Mrs. Vijaylaxmi Joshi 00032055 02/12/2016
8. Mr. Narendra Mairpady 00536905 09/12/2017
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the
Notice
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
For, Chirag Shah and Associates
Chirag Shah
Partner
Place: Ahmedabad FCS.: 5545
Date : 6th May, 2020 COP No.: 3498
UDIN : F005545B000207505
Business Responsibility Report
Section A: General Information about the 4. Total spending on Corporate Social Responsibility
Company (CSR) as percentage of profit after tax:
1. Corporate Identity Number (CIN): The Company carries its CSR activities through its
L51100GJ1993PLC019067 dedicated CSR wing i.e. Adani Foundation. During
FY 2018-19, the Company has spent H 9.00 crore
2. Name of the Company: Adani Enterprises Limited towards CSR activities.
3. Registered Office Address: 5. List of activities in which expenditure in 4 above has
‘Adani House’, Nr. Mithakhali Six Roads, been incurred:
Navrangpura, Ahmedabad - 380 009, Gujarat, India
The major CSR activities are in the Sectors of Primary
4. Website: www.adanienterprises.com Education, Community Health, Sustainable Livelihood
Development, Rural Infrastructure Development, Cultural
5. Email id: jatin.jalundhwala@adani.in
Promotion and promoting Nationally Recognised Sports.
6. Financial Year reported: 01.04.2019 to 31.03.2020
Section C: Other Details
7. Sector(s) that the Company is engaged in (industrial
1. Does the Company have any Subsidiary Company /
activity code-wise):
Companies?
Group Class Sub-class Description Yes, the Company has 113 subsidiary and Associate
466 4661 46610 Coal trading companies (including step-down subsidiaries) as on
051 0510 05101 & Coal mining 31st March, 2020.
05103 2. Do the subsidiary Company / companies participate in
469 4690 46909 Merchant exporters the BR initiatives of the parent Company?
As per National Industrial Classification – Ministry of Business Responsibility initiatives of the parent
Statistics and Program Implementations Company are applicable to the subsidiary companies
to the extent that they are material in relation to the
8. List three key products that the Company business activities of the subsidiaries..
manufactures/provides (as in balance sheet):
3. Do any other entity / entities that the Company does
The Company does not manufacture any product, but business with participate in the BR initiatives of the
is involved in the business activities listed in the table Company?
above. No other entity / entities participate in the BR
9. Total number of locations where business activity is initiatives of the Company.
undertaken by the Company:
Section D: BR Information
The total number of locations of Adani Group 1. Details of Director / Directors responsible for BR:
companies is as follows:
Details of the Director / Directors responsible for
(i) Number of international locations: 12 (including implementation of the BR policy/ policies:
offices)
• DIN: 00008457
(ii) Number of national locations: 70 (including • Name: Mr. Pranav V. Adani
offices). • Designation: Director
10. Markets served by the Company: Details of the BR head:
State, National, International
Sr. No Particulars Details
1 DIN Number 00008457
Section B: Financial Details of the Company
(if applicable)
1. Paid up capital (INR): 109.98 crore 2 Name Mr. Pranav V. Adani
2. Total turnover (INR): 16,208.69 crore 3 Designation Director
4 Telephone Number (079) 2555 5665
3. Total Profit /(Loss) After Taxes (INR): 697.81 crore
5 E mail Id pranav.adani@adani.in
2. Principle-wise (as per NVGs) BR Policy / policies (Reply in Y/N):
Responsibility
Human Rights
Environment
Engagement
Product Life
Stakeholder
Well-being
Advocacy
Employee
Customer
Corporate Overview
Inclusive
Business
Growth
Ethics
Policy
Value
Sr.
Questions
No.
P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Do you have a policy /policies for.... Y Y* Y Y Y Y Y Y Y
2. Has the policy been formulated in
Y Y Y Y Y Y Y Y Y
consultation with the relevant stakeholders?
3. Does the policy conform to any national /
international standards? If yes, specify? (The
policies are based on the NVG-guidelines All the policies are compliant with respective principles of
in addition to conformance to the spirit of NVG Guidelines.
Statutory Reports
international standards like ISO 9000, ISO
14000, OHSAS 18000)
4. Has the policy being approved by the Board?
If yes, has it been signed by MD/owner/CEO/ Y Y Y Y Y Y Y Y Y
appropriate Board Director?
5. Does the Company have a specified
committee of the Board/ Director/ Official to Y Y Y Y Y Y Y Y Y
oversee the implementation of the policy?
6. Indicate the link for the policy to be viewed https://www.adanienterprises.com/investors/corporate-
online? governance
7. Has the policy been formally communicated The policies have been communicated to key internal
to all relevant internal and external stakeholders. The communication is an ongoing process
stakeholders? to cover all internal & external shareholders.
8. Does the Company have in-house structure to
Y Y Y Y Y Y Y Y Y
implement the policy/policies.
9. Does the Company have a grievance redressal
mechanism related to the policy/policies to
Y Y Y Y Y Y Y Y Y
address stakeholders’ grievances related to
the policy/ policies?
10. Has the Company carried out independent
audit/evaluation of the working of this policy Y Y Y Y Y Y Y Y Y
by an internal or external agency?
* While the Company does not manufacture any products, the policy addresses the aspect of environmental protection
in the Company’s coal mining operations.
2a. If answer to S. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options).
Sr. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Notice

No.
1. The Company has not understood the principle
2. The Company is not at stage where it finds
itself in a position to formulate and implement
the policies on specified principle
3. The Company does not have financial or NOT APPLICABLE
manpower resources available for the task
4. It is planned to be done within next six month
5. It is planned to be done within next one year
6. Any other reason (please specify)
3. Governance related to BR:
(i) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year:
The CEO / Executive Director periodically assess the BR performance of the Company.
(ii) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How
frequently it is published?
This report comprises the Company’s 8th Business Responsibility Report as per the National Voluntary Guidelines on
Social, Environmental and Economic Responsibility of Business (NVG). The Company has published its Sustainability
Report FY 2018-19. The link for viewing the report - https://www.adanienterprises.com/sustainability
Section E: Principle-wise Performance
Principle 1: Business should conduct and govern II. Reduction during usage by consumers (energy,
themselves with Ethics, Transparency and water) achieved since the previous year?
Accountability
Not applicable.
1. Does the policy relating to ethics, bribery and
3. Does the Company have procedures in place for
corruption cover only the Company? Yes/No. Does
sustainable sourcing (including transportation)?
it extend to the Group/Joint Ventures/Suppliers/
Contractors/NGOs/Others? No specific procedures have been adopted for
sustainable sourcing.
The Company has adopted a Code of Conduct for
its Directors and Senior Management personnel. 4. Has the Company undertaken any steps to procure
Additionally, the Policy on Code of Conduct for goods and services from local and small producers,
Employees applies to all employees across Adani Group including communities surrounding their place of
of companies. These do not extend to any other entities. work? If yes, what steps have been taken to improve
the capacity and capability of local and small vendors?
2. How many stakeholder complaints have been received
in the past financial year and what percentage was Not applicable
satisfactorily resolved by the management? If so,
provide details thereof, in about 50 words or so. 5. Does the Company have a mechanism to recycle
products and waste? If yes, what is the percentage of
No stakeholder complaints pertaining to the above recycling of products and waste? (Separately as <5%,
Codes were received in the past financial year. 5-10%, >10%). Also, provide details thereof, in about
50 words or so.
Principle 2: Business should provide goods Not applicable
and services that are safe and contribute to
sustainability throughout their life cycle
Principle 3: Business should promote the
1. List up to 3 of your products or services whose design wellbeing of all employees
has incorporated social or environmental concerns,
1. Please indicate total number of employees:
risks and/or opportunities.
The Company has a total of 2,042 employees as on
Not applicable since the Company does not
31st March, 2020.
manufacture any products.
2. Please indicate total number of employees hired on
2. For each such product, provide the following details
temporary/contractual/casual basis:
in respect of resource use (energy, water, raw material
etc) per unit of product (optional): The Company has a total 611 employees hired on
contractual basis as on 31st March, 2020.
I. Reduction during sourcing / production /
distribution achieved since the previous year 3. Please indicate the number of permanent women
through the value chain: employees:
Not applicable since the Company does not The Company has 34 women employees as on
manufacture any products. 31st March, 2020.
4. Please indicate the number of permanent employees Principle 4: Business should respect the interest
with disabilities. of, and be responsive towards all stakeholders,
especially those who are disadvantaged,
Corporate Overview
There was no permanent employee with disabilities as
vulnerable and marginalised
on 31st March, 2020.
1. Has the Company mapped its internal and external
5. Do you have an employee association that is
stakeholders?
recognised by the Management?
Yes, the Company’s key stakeholders include
The Company does not have an employee association.
employees, suppliers, customers, business partners,
6. What Percentage of permanent employees who are regulatory agencies and local communities around its
members of this recognised employee association? sites of operations.
Not applicable. 2. Out of the above, has the Company identified

the disadvantaged, vulnerable and marginalised
7. Please indicate the number of complaints relating stakeholders?
Statutory Reports
to child labor, forced labor, involuntary labor, sexual
harassment in the last financial year and those Yes, the Company has identified the disadvantaged,
pending as on the end of the financial year. vulnerable and the marginalised sections within the
local communities around its sites of operations.
There were no complaints of this nature during the
financial year. 3. Special initiatives taken by the Company to engage
with the disadvantaged, vulnerable and marginalised
8. What Percentage of under mentioned employees were stakeholders:
given safety and skill up-gradation training in the last
year? The company firmly believes in enabling sustainable
and inclusive development of the marginalised
“Employee Learning & Development is crucial for and underserved communities. It undertakes these
organisational success and this is an integral part of endeavours through Adani Foundation, the CSR,
whole organisation wide Human Resources Strategy. sustainability and community outreach arm of Adani
Group.
The organisation has clearly defined Training
& Development Policy – which cut across the After more than two decades of creating opportunities
organisational Vision & Mission and Values. The entire for the underprivileged and marginalised sections of
employees irrespective of their grade and status have the society, Adani Foundation has turned its focus
been provided with opportunity to hone their skills & towards sustaining the impact of its efforts across the
competencies. country. With the communities taking ownership and
being an important stakeholder, Adani Foundation has
A special attention was given to conduct a well-
been able to create a growth model which sustains by
structured Assessment & Development Centres
enhancing human potential and rural infrastructure.
across all categories of employees and through which
a detailed Individual Development Plans (IDPs) were With special focus on marginalised and vulnerable
prepared. With this outcome the employees were sections like tribal persons, farmers, women, children,
trained reinforcing – Job related Skills; Competencies widows and the differently-abled, the foundation
Notice
and desired behavioural improvement etc. has reached out to 3.4 Mn people every year in 2315
villages in 18 States in India.
In the current year the organisation has achieved
around 8 man-days of training at each grade & all the The Company, AEL, contributes to sustainable and
contractual or sourced staff was also provided similar inclusive growth of the above mentioned communities,
opportunities and the programmes like etiquettes & more so in the areas where it operates its business. It
self-improvement were organised for drivers and all is committed towards building integrated systems to
staff were under went mandatory First Aid ; Fire & enable sharing the prosperity of its business with the
Safety training etc. people and the society at large. The Company has been
promoting CSR activities in its operational areas through Mandir in Bhadreshwar caters to children mostly
Adani Foundation. To ensure holistic development of from the fisher folk families and the school in
every member in the society, the company supports Surguja largely reaches out to children in the
Adani Foundation’s initiatives in education, community tribal communities. All the three schools were
health, sustainable livelihood development and recognised and appreciated at the recently
community infrastructure development. held Samagra Shiksha Empowering Awards
2020, for providing quality and value-based
The following Adani Foundation initiatives have primary education to the underprivileged. This
been supported by the Company at Sarguja, Raigarh prestigious recognition from the Government of
(Chhattisgarh) and Godda (Jharkhand): India reflects the consistency and coherence in
Adani Foundation’s vision for imparting holistic
1. EDUCATION
education to more and more children in India.
The Company and Adani Foundation view
1.2 Improving quality of education in Godda,
education as the major factor that can transform
Jharkhand:
communities. The goal is to enable learning for
as many children as possible, with higher level a. Adani Gyan Jyoti Yojana: Under this scheme,
and better quality of education in their formative coaching classes are made available to
years. To reach out to the most marginalised students from tribal area of Godda and
population, the Adani Foundation runs several nearby villages in Jharkhand. The classes
cost-free schools as well as subsidised schools help in creating a strong foundation at the
across India. Many smart learning programmes as primary and secondary level education, in
well as projects to adopt government schools are turn reflecting in the grades secured by the
being implemented in remote areas to ensure the students in the year-end school examinations.
realisation of true potential of children. 492 students studying in classes up till
Standard 10 benefitted from Adani Gyan Jyoti
It also aids Aanganwadis and Balwaadis by
Yojana this year.
creating a fun-filled environment for the
children. The replicability and scalability of b. Apna School: This is another initiative to help
these educational models are ensuring that develop the basic foundations of education
more and more children pave their way towards among children in the tribal areas of Godda.
a bright future for themselves, their families and Coaching classes catering to 830 students
communities. In this regard, the Adani Foundation studying in classes up till Standard 5 are
is implementing the following initiatives: being run in 8 locations at Gangta, Nayabad
I & Nayabad II, Kauribihar, Kaithartikar,
1.1 Adani Vidya Mandir, Ahmedabad, Bhadreshwar &
Sondiha, Baliakitta & Amrakanoli villages.
Surguja:
c. Ekal Vidyalaya: Adani Foundation has
The Adani Vidya Mandir, currently operational
extended its support to Shree Sankar Shewa
in Ahmedabad (Gujarat), Bhadreshwar (Kutch,
Shamiti, Jharkhand to run Ekal Vidyalaya.
Gujarat) and Surguja (Chhattisgarh) provide
Classes have commenced in 120 schools in
cost-free quality education to 2201 meritorious
remote tribal villages of Godda, Podaiyahat,
students from economically weaker sections of
Sunderpahari and Boarijor blocks. Over 3600
the society. Qualified handpicked staff along with
students who were drop-outs are being given
their continual training and capacity building is
support to get back to continuing their formal
central to these schools.
education through this scheme.
All three Adani Vidya Mandirs provide the
d. Material support for education: Adani
students with uniforms, books and stationery.
Foundation distributed 1706 uniforms in
With a sharp focus on the overall development of
anganwadis in Pipeline village of Godda and
children, the schools have successfully created a
Sahebganj district benefitting children of
benchmark in the cost-free model of education,
35 villages.
as recognised by the Quality Council of India
(NABET Accreditation). Adani Foundation also supported Education
department and School Management
The Adani Vidya Mandir in Ahmedabad admits
Committees through distribution of two pairs
meritorious children who belong to weaker
of school uniforms, sweaters, shoes and socks
economic sections in the city. Adani Vidya
to students gearing up for academic session
2019-2020 across 9 blocks of Godda district. to schools, resulting in either children not
During the year, 24386 students of Class enrolling in the schools or dropping out of
1 and 2 received school uniforms, along with schools. To encourage more children to enroll
Corporate Overview
sweaters, shoes and socks benefitting more in schools, Adani Foundation observed Shala
than 1 lakh children. Books, learning kits, Pravesh Utsav for Primary and Middle Schools
raincoat and bags were provided to nearly in presence of SMC members, Sarpanch and
2000 students of 20 schools in 15 villages. other resource person of the villages. The
objective of this activity is to retain the new
Under the Education Sponsorship programme, students and to motivate the kids towards
100% education support was awarded to formal school education. 232 students were
one child each from 300 project-affected welcomed into seven Primary Schools and
families of Jitpur mines to reduce drop-outs 189 students enrolled into Middle Schools.
by focusing on quality education and thereby Similarly Adani Foundation Raigarh supported
regular attendance of students. 1610 school bags to the student of 15 Primary
& 8 Middle Schools of GP-I.
e. Sports coaching and competitions: Senior
Statutory Reports
school children attending classes at the Gyan c. Infrastructure support to schools: A sound
Jyoti Kendra were trained in Kabaddi by a infrastructure is important for schools and
trainer. Athletics competition was organised anganwadis in order to attract more children
in TPP-Gyan Jyoti Kendra, Motia for physical to come and study. Keeping this in mind, Adani
and mental development of students. A two- Foundation supported 13 schools of GP-III to
day school sports competition and cultural create a positive environment for students
programme was organised to conduct events providing materials like- Green Board, Sports
like race (100m & 200 m), long jump and Kit, Sound System, Dustbin, Almirah, Water
shot-put for boys and girls in which a total of Purifier etc. Seven Primary schools have
300 students from 8 schools participated. also developed a print rich environment
adding colour to the school walls. Pictorial
Additionally, sports kit comprising football
representation of solar system, days of the
kit, volley ball kit, cricket kit and other sports
week, geometrical shapes, English alphabets,
items such as rope and discuss etc., were
national flag, 1 to 100 numbers chart and
distributed to 50 youth groups and schools.
multiplication tables have been developed to
Seven Cricket tournaments were held in
give visual stimulation to the students.
the year with participation of 3 teams in
Pathargama block of pipeline area, 5 teams To encourage holistic development of
played in railway line area and 8 teams in core students, Adani Foundation provided
area who were supported with cricket kits. sports materials in 5 High Schools name as
Nine Football Tournaments were held in core, Tangerghat, Dhourabhata, Bijina, Samkera
railway line and pipeline villages in which and Mahloi villages of GP-I area.
16 teams participated in each tournament
with combined audience size of more than d. Scholarship support to meritorious students:
21,000 spectators. Adani Foundation provided scholarship
support of H 12,000 each to 20 meritorious
1.3 Supporting education of tribal children in
Notice
students of 32 villages. The financial assistance
Raigarh, Chhattisgarh: was awarded to those students who scored
70% or above in the Higher Secondary School
a. Special coaching classes for students: Free
examinations in FY 2018-19.
coaching classes are being provided to
students of two High Schools and one Middle 2. COMMUNITY HEALTH
Schools of Milupara and Bajarmuda villages.
In all 236 students are getting benefits of the Adani Foundation facilitates health-related
programme. Special emphasis is given on the awareness and services for those who are
subjects of Science, Mathematics & English. underserved in the society. Bringing healthcare to
As a result of the personal attention given to remotest of regions, the Foundation believes that
students, 22 students secured first division. ensuring good health of people is critical for the
development of a nation. Its key focus is improving
b. Support to primary education: In the tribal- access to quality healthcare services for people
dominated areas of Raigarh, most of the from the grassroots level belonging to the weaker
families are not keen on sending their children
sections of the society. In this pursuit, it runs to be related to Ear, Nose and Throat. Adani
Mobile Healthcare Units (MHCUs) across the Foundation organised specialised camp for ENT
nation, hospitals and clinics, and general as well related issues in the GP-III area where 51 people
as specialised health camps. Another significant from three villages participated, out of which 11
step in this direction is providing special support patients were referred for further check-up and
to the differently-abled and elderly. treatment.
2.1 Mobile Health Care Units (MHCU): Five specialist doctors provided health check-
up, treatment, counseling, guidance & referral
In Raigarh, Chhattisgarh, Adani Foundation’s services at the Mega Health Camp organised
Mobile Health Care Unit operated with support in in Kunjemura village of GP-I in Raigarh. Free
from Wockhardt Foundation is reaching out to medicines were also provided at the camps
14,707 people in 30 villages of Tamnar district, along with diagnostic services like checking of
ensuring improved health services reach the BP & sugar levels. Another specialised health
doorsteps of people residing in remote areas. The camp was organised to mark the International
MHCU covers the vicinity of up to 25 to 40 Kms Women’s Day at the Kunjemura village. A total of
from its centre and visits three villages a day on 147 women were treated at the camp by specialists
a regular basis. These villages are populated by - gynecologists, skin specialists, orthopedics and
tribal communities, who are the most vulnerable pediatricians.
and marginalised in the area. The MHCU in Jitpur
mines provided its services to 12 villages every Two more such Mega Health Camps were organised
week benefitting a total of 3438 patients. in Dhaurabhata and Milupara village, in Raigarh.
A total of 794 people were provided check-up
2.2 Specialised Health Camps: and treatment services by gynaecologists, skin
specialists, orthopedics, pediatricians, dentists,
Specialised Medical Camps including Mega Health
ENT specialists and psychologists.
Camps were organised at 7 locations covering
more than 100 villages from core, railway line and Support to the differently-abled: Adani
pipeline area of Godda, Jharkhand. Medical camps Foundation teams in Raigarh, also held camps to
were organised to provide critical and specialty help the differently-abled persons. To enable them
healthcare services in villages with special focus receive benefits of the Government schemes, the
on medical issues concerning women and children Foundation helped 46 differently-abled people
and eye related ailments. Post these camps, of GP-I and II area to process their disability
54 people from Pathargama and Borio, were certificates.
provided spectacles.
Adani Foundation organised a free health check-
Apart from this, 3153 people were diagnosed up and assessment camp for the differently-abled
and treated by doctors in these camps which with support from Bhagwan Mahavir Viklang
took care of illnesses related to gynaecology, Sahayata Samiti (Jaipur Foot) in Tamnar, Raigarh.
ophthalmology and pediatrics along with blood Measurements were taken for artificial limbs by
pressure and sugar level measurements. They experts from Jaipur Foot. A free artificial limb
were provided medicines free of cost. fitment camp was organised on the occasion of
World Disability Day, where apart from artificial
The CSR Medical Team at Godda, regularly
limbs, hearing aids, and wheelchairs were also
conducts health check-up for the labourers at
provided to 40 differently-able people.
the project area. Major check-up includes height
& weight, colour blindness, blood pressure, 2.3 Awareness Programmes:
blood group, sugar level and eye check-up. This
year as the COVID19 pandemic spread in India, Awareness generation about prevention
the labourers were checked for the respective from common prevalent diseases in the area,
symptoms as well. A total of 6588 labourers were importance of maintaining cleanliness and
checked and treated by Adani Medical Teams at hygiene, balanced diet to boost immunity were
the site office, TPP, Motia. some of the issues addressed during awareness
programmes organised in peripheral & railway
During the rainy season in Raigarh, Chhattisgarh, line village area of Godda, Jharkhand. These were
health issues majorly arising in the remote area conducted in collaboration with Helpage India.
surrounded by mountains and forests, was found
3. SUSTAINABLE LIVELIHOOD DEVELOPMENT: Bajarmuda, Dholnara, Karwahi, Khamariya, and

Milupara villages, covering nearly 80 kilometers
Promoting inclusive growth of communities every day.
Corporate Overview
through livelihood security is one of Adani
Foundation’s most widespread initiatives. It 3.3 Mahila Udyami Bahuddeshiy Sahakari Samaiti
empowers lives and broadens people’s scope (MUBSS)
for economic opportunities, driven by the belief
that a society made of empowered individuals In order to engage the rural women in income
with a decent standard of living leads to overall generation activities and to promote women
prosperity and development of the nation. Specific entrepreneurship, a registered Women Cooperative
programmes are designed for tribal communities, Society called the Mahila Udyami Bahuddeshiy
farmers and cattle owners, youth and women so Sahakari Samiti (MUBSS) was started in the year
that they can capitalise on their strengths and 2016 consisting of 250 members from 10 villages
readily available resources to become self-reliant. on the periphery of the mine.
3.1 Phoolo Jhano Saksham Aajeevika Sakhi Mandal: Since its inception, MUBSS have diversified into
Statutory Reports
various income generation activities like Mid-Day
More than 1500 women in the aspirational Meal Supply to Adani Vidya Mandir (Surguja),
district of Godda, Jharkhand, have been trained Spice Grinding Unit, Sanitary Pad Production Unit,
in stitching and tailoring, through Adani Skill Phenyl production unit & Tailoring and Stitching
Development Centre. These women have come Unit. Being engaged in these income generation
together under the umbrella of a self-help group activities, the women were able to become
(SHG) called Phoolo Jhano Saksham Aajeevika financially independent and more confident.
Sakhi Mandal (PJSASM). Adani Foundation with
support from the District Administration of Godda For instance, the group supplies nutritious mid-
has set up mega garment production hubs where day meals to all the 672 students of Adani Vidya
the women are involved in stitching various items Mandir. MUBSS had acquired this contract
like school uniforms, bags and sweaters. The through a competitive bidding process and
women have collectively earned over H 1.86 crore currently 10 women are engaged in this unit.
in the year 2018-2019 and 2019-20 through this Similarly, 10 women are engaged in their tailoring
initiative of Adani Foundation by stitching over & stitching unit which received the contract for
3,05,578 pairs of school uniforms. stitching the uniform of students of Adani Vidya
Mandir. They also started stitching eco-friendly
District Administration has entrusted faith on the cloth bags and collaborated with Amazon, one of
group for supply of sweaters for 1.50 lakh school the biggest E-commerce players in India to sell
students. H 50 lakh were sanctioned for sweater these bags throughout the country.
making project which is taking place at the
Sunderpahari Centre. Women group of PJSASM At Gumga Village, 7 women have been engaged
are engaged during this juncture in producing in the production of high quality biodegradable
around one lakh masks and approx. 200 aprons to sanitary pads which ensures that no harm is
help fight the COVID-19 outbreak. being done to the environment. This initiative by
MUBSS also help in generating awareness among
3.2 Digital Learning Centres: the village community regarding the benefits of
Notice
the use of sanitary pads. Interestingly, MUBSS
Eight Digital Learning Centers are operational in have recently decided to open a vermicomposting
schools and colleges of Rangania, Pathargama, unit at Parsa Village which will enable the farmers
Sunderpahari, Rampur villages of Godda, to have easy access to organic fertilisers. So,
Jharkhand benefitting students from tribal and by promoting self-reliance of women through
underprivileged backgrounds in the area. Under these activities, the villages on the whole are
this programme, a total of 1301 rural youth and benefitting by becoming more aware and growing
children are becoming future ready to face the sustainably.
digital dominated world.
3.4 Farm-based livelihood development:
Adani Foundation has also arranged 5 electric
auto-rickshaws for transportation of students a. Organic Farming: A one-day village-level
from home to school and back, in the coalmines training programme was organised at
area of Bajarmuda Village of Raigarh district. Panchayat Bhawan in Motia village in
The rickshaws ferry more than 50 students from Godda, Jharkhand, with participation of
50 farmers of nearby villages on promotion Chhattisgarh, Adani Foundation collaborated

of organic farming and vermicomposting. with District Veterinary Office to organise a
The farmers were encouraged to adopt bio- Veterinary Camps at Khamariya, Dholnara,
based fertilisers prepared from available local Milupara and Karwahi villages. A total of 1683
resources. They were also made aware about cattle were treated at these camps belonging
the advantages of practicing organic farming to 324 farmers at the camp. Along with cows,
which is more effective for health and hygiene buffaloes and bullock, goats and dogs were
of farmers’ families and preservation of land also treated at the camps. Free medicines,
and soil fertility. vaccination, crustation, deworming were some
of the services provided at the camps for the
b. Vermicomposting: In the FY 2019-20, 100 cattle.
farmers have been supported to take up
vermicomposting unit development in Godda, f. Mushroom Harvesting: Adani Foundation
Jharkhand with an aim to promote organic organised mushroom harvesting training
farming practices along with developing for women of three Self Help Groups
alternative livelihood options for the farmers. namely Laxmi, Sharda and Nari Jagarati in
Krishi Vigyan Kendra, (KVK) Godda and Bajarmuda, Khamariya and Milupara village of
other technical experts are the knowledge Raigarh, Chhattisgarh. A total of 22 women
partners for this initiative. In the first cycle, attended the training programme. After the
demonstration plot developed by a farmer training, three women have harvested 60 kgs
of Motia village has given a yield of 20 tons of mushrooms in the last month and sold at
out of which he sold 20 MT vermicompost H 120. The women earned a total of H 7200 in
at an average rate of H 7000. The farmer has the year, through this initiative.
received an order for another 30 MT from
local and nearby markets. 3.5 Project Annapurna
Adani Foundation also supported 69 small Project Annaupurna is a livelihood based initiative
and marginal farmers in the core and which is aimed at sustainable agriculture
pipeline villages by providing poly-bags practices. Under this project, the farmers of the
and educating them about the concept of mine peripheral areas are provided with high
manure making process at their doorsteps. quality hybrid seeds which will increase their land
These vermicomposting beds will be helpful productivity. They are also trained on modern
to improve the fertility of their farms during agricultural practices which will help enhance
Paddy cultivation in month of June and July. their income. The Project has successfully
impacted the lives of the farmers. Under this
c. Piggery farming: Two farmers from Paharpur project, 50 Farmers Club have been formed
village of Jitpur mines were supported so far involving around 560 farmers. During
this year on pilot basis for piggery farming. F.Y. 2019-20, organic cultivation of paddy across
Support was provided in form of 4 piglets an area of 700 acres through SRI Method involving
per farmer and piggery shade which costed 300 farmers was carried out. Different vegetables
around H 40,000 per farmer. Cost of feeding were grown across an area of 200 acres and 100
the piglets at the rate of H 2000 per month farmers were also involved in wheat cultivation.
for 14 months i.e. H 28,000 is borne by the
farmer. Krishi Vigyan Kendra (KVK) is helping More recently, special emphasis has been given
with the market linkages for the initiative. on organic farming and efforts are being made
to convert Parsa Village into an organic village.
d. Horticulture plant distribution: 5000 saplings For this, around 70 farmers were selected and
were distributed in core, railway siding and trained. A vermicompost unit has also been
pipeline villages of Godda, as well as public set up at the Village so that the farmers have
offices on World Environment Day and 2000 easy access to organic fertilisers. Additionally,
Mango plants were supplied to Divisional 7 farmers from 3 villages on the periphery of the
Forest Office, Pakur with an aim to promote mine started bee-keeping on pilot basis to secure
horticulture and orchard development in the an additional source of income. With assistance
area. from appropriate government scheme and under
the aegis of Krishi Vigyan Kendra (KVK), Surajpur-
e. Livestock development: Livestock contributed Surguja, a total of 20 bee boxes were distributed
immensely to a rural household economy and free of cost to these farmers.
also helps the farmer in agriculture. In Raigarh,
3.6 Celebrating the Indigenous population: and adequate employment. Recognising this, the
Foundation endeavours to make its activities more
International Day of the World’s Indigenous need specific and responsive to the grassroots’
Corporate Overview
Peoples was celebrated by Adani Foundation. The requirements.
programme was organised to honour the local tribal
community, their culture and their contribution In the geographies where Adani Foundation is
to the society. The programme was inaugurated present, it facilitates small scale basic structures,
by Hon’ble MLA, Lailunga at the Mangal Bhavan, technical facilities and systems built at the
Tamnar. Different cultural activities were organised community level that are critical for sustenance
where school children performed various cultural of lives and livelihoods of the population living in
programmes exhibited tribal culture, dance, that community.
costumes, ornaments etc. There are 3 tribal
leaders identified based on their contribution to 4.1 Adani Skill Development Centre, Godda: Two skill
the society. The programme was widely accepted development centres have been set up in Skitia
by the tribal community where three of the tribal and Sunderpahari area. This will beneficial to 515
leaders who made a significant contribution to the people directly and around 5000 people indirectly.
Statutory Reports
community were also recognised.
4.2 Water related activities, Raigarh:
3.7 Promoting Kabaddi:
• To mitigate the drinking water problem in
Adani Foundation is promoting kabaddi as a sport Raigarh, Chhattisgarh, Adani Foundation
in Raigarh, Chhattisgarh, owing to the popularity constructed a 1000 litre capacity water tank
of the sport in the area. Players with high potential with submersible pump drilling benefitting
are being encouraged and supported through around 35 households.
infrastructure as well as coaching and training,
• Borewell was installed in Milupara village
from the school level and onwards.
in Raigarh, to help families with cultivating
Adani Foundation is promoting a Girls Kabaddi kitchen gardens in their backyard. Adani
team of Milupara village. The Foundation Foundation also installed borewells with
provided them with resources like dresses, 6 submersible pumps in Khamhariya,
uniform, separate pair of shoes for practicing and Milupara, Bajarmuda, Bijna, and Dhaurabhata
playing, safety guards, knee and elbow cap and villages of Raigarh.
transportation facilities.
• Renovated toilet and urinals at the
A team of 12 girls are training and playing Kabaddi. Government Higher Secondary School
The foundation enabled the team to participate Kunjemura (Raigarh).
in tournaments at block, district and State level,
• Constructed a kitchen shed for cooking meals
where they secured first position. One of the
inside the Community Health Centre, Tamnar
players, Kavita Sidar, belonging to Milupara village,
campus (Raigarh) for the patients. Also installed
has been selected for the national kabaddi girls
CCTV cameras with DBR and LED screen.
team. Another three players have been selected
for the state-level kabaddi team. • Constructed one extra classroom in the only
primary school in Milupara village of Raigarh.
Notice
Adani Foundation organised Adani Pro-Kabaddi
for women and men tournament at Dhorabahata • Adani Foundation constructed a stage at
village, where a total of 35 teams from Raigarh, Panchayat ground for cultural events in
Jangir Champa and five blocks of Raigarh Dhaurabhata village, GP-I Area of Raigarh.
participated. Milupara girls’ team and the Also constructed a similar platform at Middle
Uchchabhatti boys team won the tournament. School, Karwahi village and at Dholnara village.
4. COMMUNITY INFRASTRUCTURE DEVELOPMENT • Adani Foundation installed 65 Solar street

lights at GP-III and GP-I villages. There are
Community infrastructure bears a direct impact
total 35 lights installed in 5 villages of GP-III
on the standard of living. Access to resources,
and 30 lights installed at 20 villages of GP-I.
increase in the avenues for developing livelihoods,
safe and clean sources of drinking water, and • Deepening of pond that is a source of water
access to qualitative primary health care systems for more than 70% of the needs at the
lead to better productivity, reduction in morbidity Katrapali village, Raigarh.
5. GARV HAI: • ITF 25K Single & Doubles title- Ankita Raina
Garv Hai initiative named after the group’s pilot • World Rankings-
project built around the Rio Olympics 2016, is a
nationwide programme that aims to reach out and Amit Panghal – World No 1
empower stakeholders in the sports fraternity. The Deepak Punia – World No 2
initiative aims to nurture India’s next generation Ravi Kumar Dahiya – World No 4
of sporting champions and support them in their
journey towards Olympic glory. Principle 5: Business should respect and promote
human rights
Last year, applications were invited from athletes
across India in multiple sports, to ensure maximum 1. Does the Company’s policy on human rights cover only
reach. 19 promising athletes, with balanced the Company or extend to the Group / Joint Ventures
representation of young and experienced talent / Suppliers / Contractors / NGOs / others?
were shortlisted from more than 5000 entries
received from 100 cities across 29 states. The The Company has put in place a Human Rights
list includes icons such as Amit Panghal, Deepak Policy applicable to all Adani Group of Companies.
Punia and Rani Rampal. The Company’s commitment to follow the basic
principles of human rights is embedded in “Code of
The objective of this programme: Conduct” adopted by the Company. The Company
strictly adheres to all applicable labor laws and other
• To support athletes in their quest to better
statutory requirements in order to uphold the human
results at global level – and instilling pride in
rights within its organisational boundary.
the nation
2. How many stakeholder complaints have been received
• Create a sporting ecosystem that extends
in the past financial year and what percent was
from grassroots to the elite level
satisfactorily resolved by the Management?
• To create database of promising athletes
No stakeholder complaints were received during the
To provide world class training and customised last financial year.
individual training plans to the selected athletes
so as ensure optimum productivity and maximum Principle 6: Business should respect, protect,
results. and make effort to restore the environment
The athletes are provided monetary support 1. Does the policy pertaining to this Principle cover only
for full time coaches, tournament expenses, the Company or extends to the Group / Joint Ventures
supplements, mind trainers, dietary needs etc. / Suppliers / Contractors / NGOs / others?
Performance benchmarks are set for each athlete
and their training is being closely monitored. An Environment policy of the Company does not extend
amount of H 3-5 lakh is provided to junior athletes to any other entities.
and H 10-12 lakh for elite athletes.
2. Does the Company have strategies / initiatives to
Impact: address global environmental issues such as climate
change, global warming, etc? Y / N. If yes, please give
• Tokyo Olympics : 7 Qualifications – out of hyperlink for webpage etc.
9 senior athletes
Yes, the Company is committed to addressing the
• Padma Shri and World Athlete of the Year: global environmental issues such as climate change
Rani Rampal and global warming through energy conservation,
efficient natural resource utilisation and adoption of
• World Boxing Championship : Amit Panghal –
cleaner energy sources such as solar power.
first Indian male boxer to win silver medal
3. Does the Company identify and assess potential
• World Wrestling Championship: 2 (Deepak
environmental risks? Y/N
Punia– Silver & Ravi Kumar Dahiya - Bronze)
Yes, the Company regularly identifies and assesses
• Rome Ranking Series (Wrestling)- 3 medals
environmental risk during all stages of its existing and
(Ravi Dahiya- Gold, Deepak Punia and Sajan
planned projects.
Bhanwal- Bronze)
4. Does the Company have any project related to Clean energy security and electricity pricing, food security
Development Mechanism (CDM)? If so provide details with respect to edible oil and pulses, increasing the
thereof, in about 50 words or so. Also, If Yes, whether productivity of coal mining, and improvement in
Corporate Overview
any environmental compliance report is filed? logistics and rail connectivity of ports.
Not Applicable
Principle 8: Business should support inclusive
5. Has the Company undertaken any other initiatives on - growth and equitable development
clean technology, energy efficiency, renewable energy
etc? 1. Does the Company have specified programme /
initiatives/ projects in pursuit of the policy related to
Not Applicable principle 8? If yes details thereof.
6. Are the Emissions / Waste generated by the Company The Company has been pursuing and promoting
within the permissible limits given by CPCB / SPCB for the societal mission of equitable development and
the financial year being reported? inclusive growth through Adani Foundation, the
Statutory Reports
CSR and sustainability arm of the Adani Group of
Yes, the emissions / waste generated are within the Companies. Adani Foundation, since its formation in
permissible limits given by CPCB/SPCB. year 1996, has been working in numerous strategic
human development areas, benefitting the most
7. Number of show cause / legal notices received from
deserving members of the society.
CPCB / SPCB which are pending
Adani Foundation works with a bottom-up approach
There are no show cause / legal notices received from
with the community with an inclusive agenda. Adani
CPCB/SPCB which are pending as of end of financial
Foundation has always endeavoured to work in
year.
with the focus on sustainability, transparency and
replicability.
Principle 7: Business, when engaged in influencing
public and regulatory policy, should do so in a Adani Foundation has been working across
responsible manner 2250 villages in 18 states of India, creating meaningful
impact in the lives of 3.2 Mn individuals a year. Its core
1. Is your Company a member of any trade and chambers areas of focus have been on Education, Community
of association? If Yes, name only those major ones Health, Sustainable Livelihoods Development and
that your business deals with. Community Infrastructure Development.
Yes, the Company is a member of the following key 2. Are the programmes /projects undertaken through
associations: in-house team / own foundation /external NGO/Govt.
structure /any other organisation?
(i) Confederation of Indian Industry (CII)
Adani Foundation is the CSR, sustainability and
(ii) Independent Power Producers Association of
community outreach arm of Adani Group. Established
India (IPPAI)
in 1996, Adani Foundation aligns its mission with the
(iii) Gujarat Chamber of Commerce and Industry group philosophy of Growth with Goodness. Adani
Foundation is committed to the cause of the deprived
Notice
(GCCI)
and underprivileged with a multi-faceted approach of
(iv) Ahmedabad Management Association (AMA) development.
(V) Federation of Indian Chamber of Commerce and Adani Foundation has proper operational and
Industry (FICCI) functional structures in place. At various strategic
project locations across India, the organisation has got
2. Have you advocated / lobbied through above both human resource and operational infrastructure
associations for the advancement or improvement of for efficient functioning.
public good? Yes/No; If yes specify the broad areas
(Governance and Administration, Economic Reform, In addition, Adani Foundation has partnerships and
Inclusive Development Polices, Energy security, Water, collaborations with organisations of relevant expertise
Food Security, Sustainable Business Principles, Others): that include government departments & institutions,
non-government think-tanks & agencies, community-
Yes, through its membership in the above bodies, based knowledge, among others.
the Company has advocated on the key areas of
3. Have you done any impact assessment of your Principle 9: Business should engage with and
initiative? provide value to their customers and consumers
in a responsible manner.
Yes, impact assessments of the on-going CSR
initiatives; and need & outcome assessments at 1. What Percentage of customer complaints / consumer
grassroots level through participatory rural appraisals cases are pending as on the end of financial year
are conducted at regular intervals to evaluate 2019-20?
and continually improve efficiency in programme
implementation and outcomes There were no customer complaints / consumer cases
pending as on end of financial year 2019-20.
4. What is the Company’s direct monetary contribution
to community development projects and details of 2. Does the Company display product information on
projects undertaken? the product label, over and above what is mandated
as per local laws? Yes/No/N.A. /Remarks (additional
The Company’s monetary contribution to community information)
development projects in financial year 2019-29 was
H 9 crore. The focus areas of the Company’s community Not applicable.
development projects are outlined in response to
3. Is there any case filed by any stakeholder against
Question 3 of Principle 4 under Section E.
the Company regarding unfair trade practices,
5. Have you taken steps to ensure that community irresponsible advertising and/or anti-competitive
development initiative is successfully adopted by the behavior during the last five years and pending as of
community? Please explain in 50 words. end of FY 2019-20?
Community members are included in the process of There were no such pending cases against the
need assessment, inception, execution and utilisation Company in a court of law.
of services related to any development initiative.
4. Did your Company carry out any consumer survey /
In addition, efforts are made to involve relevant
consumer satisfaction trends?
government agencies and suitable non-government
organisations. These inclusive approach help make The Company has not carried out a formal consumer
our initiatives become more sustainable and being survey, however there is a continuous improvement
adopted by the community. process through which periodic feedback is taken
on a regular basis from customers/stakeholders and
immediate action is taken on any issues that they are
facing.
**********
Standalone
Financial
Statements
Independent Auditor’s Report

To the Members of
Report on the Audit of the Standalone Financial Audit of the Standalone Financial Statements section
Statements of our report. We are independent of the Company in
Opinion accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with
We have audited the accompanying standalone financial the ethical requirements that are relevant to our audit of
statements of Adani Enterprises Limited (“the Company”), the standalone financial statements under the provisions
which comprise the balance sheet as at 31st March, of the Act and the Rules made there under, and we have
2020, the statement of Profit and Loss (including other fulfilled our other ethical responsibilities in accordance
comprehensive income), the statement of cash flows with these requirements and the ICAI’s Code of Ethics.
and the statement of changes in equity for the year then We believe that the audit evidence we have obtained is
ended, and a summary of significant accounting policies sufficient and appropriate to provide a basis for our audit
and other explanatory information (herein after referred opinion on the Standalone Financial Statements.
to as “Standalone Financial Statements”).
Emphasis of Matter
In our opinion and to the best of our information and
according to the explanations given to us, read with our We draw your attention to Note 56 to the Standalone
comments in the Emphasis of Matter paragraph below, Financial Statements which explains the management’s
the aforesaid standalone financial statements give the assessment of the financial impact due to the lock-down
information required by the Companies Act, 2013 (“the Act”) and other restrictions and conditions related to the
in the manner so required and give a true and fair view in COVID - 19 pandemic situation, for which a definitive
conformity with the Indian Accounting Standards prescribed assessment of the impact in the subsequent period is
under section 133 of the Act read with the Companies (Indian highly dependent upon circumstances as they evolve. Our
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) opinion is not modified in respect of this matter.
and other accounting principles generally accepted in India,
Key Audit Matters
of the state of affairs of the Company as at 31st March, 2020,
the profit and total comprehensive income, its cash flows Key audit matters are those matters that, in our professional
and the changes in equity for the year ended on that date. judgment, were of most significance in our audit of the
Standalone Financial Statements of the current year.
Basis for Opinion
These matters were addressed in the context of our audit
We conducted our audit of the standalone financial of the Standalone Financial Statements as a whole, and
statements in accordance with the Standards on in forming our opinion thereon, and we do not provide a
Auditing specified under section 143(10) of the Act separate opinion on these matters. We have determined
(SAs). Our responsibilities under those Standards are the matters described below to be the key audit matters
further described in the Auditor’s Responsibilities for the to be communicated in our report.
Sr. Key Audit Matters Principal Audit Procedures/ Auditor’s Response:

No.
1 Evaluation of pending tax litigations We have obtained details of tax litigations under various statutes
for the year ended 31st March, 2020 from the management.
The Company has pending litigation for demand in
dispute under various tax statutes which involves We have reviewed the management’s underlying assumptions
significant judgment to determine the possible in estimating the tax provision and the possible outcome of the
outcome of these disputes. disputes. We have also reviewed the legal precedence and other
rulings provided for review by the management in evaluating its
position in various matters.
We have also reviewed the assumptions made by the

management as at 31st March, 2019 and evaluated whether any
change was required on account of information and updates
made available during the year.

No.
2 Evaluation of litigations under arbitration or We have obtained details of litigations pending under arbitration
Corporate Overview
various court forums and various forums of court for the year ended 31st March, 2020
from the management.
The Company has pending litigation with various
parties pending under arbitration and various We have reviewed basis of assumptions made by the
forums of court which involves significant management in relation to the ongoing proceedings. We have
judgment to determine the possible outcome of had verbal discussions with internal and external legal experts
these disputes. of the Company and evaluated whether the stands taken by the
management required any change.
3 Appropriateness of Current / Non-current For the purpose of current/non-current classification of assets
classification and liabilities, the Company has ascertained its normal operating
cycle as twelve months. This is based on the nature of services
and the time between the acquisition of assets or inventories for
Statutory Reports
processing and their realisation in cash and cash equivalents.
The classification of assets and liabilities has been done on the

basis of documentary evidences. Where conclusive evidences
are not available, the classification has been done on the basis
of management’s best estimate of the period in which the assets
would be realised or the liabilities would be settled. We have
evaluated the reasonability of the management’s estimates.
4 Non-responses of external confirmations request We revised our assessed risk and have modified our audit
perpetrated pursuant to SA 505 procedures to mitigate these risks. We have obtained a reliable
assurance pertaining to transactions with confirming parties, in
COVID-19 has impacted the procedure of external
the sense for accurate and complete processing of routine and
confirmation request to vendors and customers.
significant classes of transactions such as revenue, purchases
Postal facilities were not available in the near-end
and cash receipts or cash purchases.
of the financial year. To combat this, we had sent
positive external confirmation requests through We selected samples and tested the effectiveness of controls
electronic modes. However, due to suspension relating to accuracy and completeness of transactions in totality
of business activities of many confirming parties, considering the frequency and regularity of transactions.
there are fewer confirmations received than
We performed alternative audit procedures like follow-up
anticipated.
confirmation requests, verification of subsequent payments
In such events, in accordance with SA, auditors and receipts to verify part of the balances appearing in the
have to revise the assessed risk of material original confirmation requests.
misstatement at the assertion level, and modify
the planned audit procedures. SA also directs the
auditors to perform alternative audit procedures.
5 Measurement of inventory quantities of coal Our audit procedures relating to the measurement of inventory
quantities of coal included the following:
Notice
As at 31st March 2020 the Company has coal
inventory of H 1,516.82 crore. This was determined Understanding and evaluating the design and operating
a key audit matter, as the measurement of these effectiveness of controls over physical count and measurement
inventory quantities lying at the ports/ yards of such inventory; Evaluation of competency and capabilities
involves significant judgement and estimate of management’s experts; Physically observing inventory
resulting from measuring the surface area. The measurement and count procedures carried out by management
Company uses internal and external experts, to using experts, to ensure its appropriateness and completeness;
perform volumetric assessments, basis which the and obtaining and inspecting, inventory measurement and
quantity for these inventories is estimated. physical count results for such inventories, including assessing
and evaluating the results of analysis performed by management
in respect of differences between book and physical quantities.
Based on the above procedures performed, we did not identify

any material exceptions in the measurement of inventory
quantities of coal.

No.
6 Adoption of Ind AS 116, Leases Our procedures included the following:
Effective 1st April 2019, Ind AS 116 replaces the Assessing the accounting regarding leases with reference to
existing standard Ind AS 17 and specifies how consistency with the definitions of Ind AS 116. This includes
an entity will recognise, measure, present and factors such as lease term, discount rate and measurement
disclose leases. principles;
The standard provides a single lease accounting Testing completeness of the lease data as at 31st March, 2019
model, requiring lessees to recognise a right of use by reconciling the Company’s operating lease commitments to
asset (“ROU asset”) and a corresponding liability the underlying data used in computing the ROU asset and Lease
on the lease commencement date. It provides liability;
exemption for leases with lease term of 12 months
Assessing the transition to Ind AS 116 by verifying consistency with
or less or the underlying asset has a low value.
the definitions and practical expedients of Ind AS 116;
The Company has applied Ind AS 116.
Examining the Company’s judgement in establishing the
We considered the first-time application of underlying assumptions. This includes assessing the discount
the standard as a key audit matter due to the rate used in determining the lease liability.
judgements needed in establishing the underlying
key assumptions.
7 Receivables for Insurance Claims We have applied audit procedures for evaluation the principles and
guidelines laid in the insurance agreement between the company
The company books a receivable against a claim
and the insurer for calculation of such claims.
placed with insurer when the claim amount is
assessed by the insurer and reasonable assurance We have verified the computation, methodologies and
is given by the insurer for acceptance of such assumptions taken by the management to arrive at the amount
claim. of insurance claim put before the insurer. We have evaluated
the reasonability of the management’s claim.
As the calculation for such claims is complex and
requires involvement of an expert to arrive at the We have analysed and compared insurance claims with the
amount of claims placed by the company, we have previous identical insurance claims accepted by the insurers.
considered this as a key audit matter.
We have assessed the professional competence, objectivity
and capabilities of the third party expert considered by the
management for this purpose.
Information other than the Standalone Financial If, based on the work we have performed, we conclude that
Statements and Auditor’s Report thereon there is a material misstatement of this other information;
we are required to report that fact. We have nothing to
The Company’s Board of Directors is responsible for the report in this regard.
other information. The other information comprises the
information included in the Company’s annual report, but Management’s Responsibility for the Standalone
does not include the standalone financial statements and Financial Statements
our auditor’s report thereon.
The Company’s Board of Directors is responsible for the
Our opinion on the Standalone Financial Statements does matters stated in Section 134(5) of the Companies Act,
not cover the other information and we do not express any 2013 (“the Act”) with respect to the preparation and
form of assurance conclusion thereon. presentation of these Standalone Financial Statements
that give a true and fair view of the financial position,
In connection with our audit of the Standalone Financial
financial performance including other comprehensive
Statements, our responsibility is to read the other
income, cash flows and changes in equity of the
information and, in doing so, consider whether the other
Company in accordance with the accounting principles
information is materially inconsistent with the standalone
generally accepted in India, including the applicable
financial statements or our knowledge obtained in the
Indian Accounting Standards (Ind AS) prescribed under
audit or otherwise appears to be materially misstated.
Section 133 of the Act, read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate Obtain an understanding of internal financial controls
accounting records in accordance with the provisions of relevant to the audit in order to design audit procedures
the Act for safeguarding the assets of the Company and that are appropriate in the circumstances. Under
Corporate Overview
for preventing and detecting frauds and other irregularities; section 143(3)(i) of the Act, we are also responsible for
selection and application of appropriate accounting expressing our opinion on whether the Company has
policies; making judgments and estimates that are adequate internal financial controls system in place
reasonable and prudent; and design, implementation and and the operating effectiveness of such controls.
maintenance of adequate internal financial controls, that
Evaluate the appropriateness of accounting policies
were operating effectively for ensuring the accuracy and
used and the reasonableness of accounting estimates
completeness of the accounting records, relevant to the
and related disclosures made by the management.
preparation and presentation of the Standalone Financial
Statements that give a true and fair view and are free from Conclude on the appropriateness of management’s use
material misstatement, whether due to fraud or error. of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
In preparing the Standalone Financial Statements, uncertainty exists related to events or conditions
management is responsible for assessing the Company’s
Statutory Reports
that may cast significant doubt on the Company’s
ability to continue as a going concern, disclosing, as ability to continue as a going concern. If we conclude
applicable, matters related to going concern and using the that a material uncertainty exists, we are required to
going concern basis of accounting unless management draw attention in our auditor’s report to the related
either intends to liquidate the Company or to cease disclosures in the Standalone Financial Statements
operations, or has no realistic alternative but to do so. or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
The Board of Directors is also responsible for overseeing
evidence obtained up to the date of our auditor’s
the Company’s financial reporting process.
report. However, future events or conditions may cause
the Company to cease to continue as a going concern.
Auditor’s Responsibilities for the Audit of the
Evaluate the overall presentation, structure and content
Standalone Financial Statements
of the Standalone Financial Statements, including the
Our objectives are to obtain reasonable assurance about disclosures, and whether the Standalone Financial
whether the standalone financial statements as a whole Statements represent the underlying transactions and
are free from material misstatement, whether due to fraud events in a manner that achieves fair presentation.
or error, and to issue an auditor’s report that includes
We communicate with those charged with governance
our opinion. Reasonable assurance is a high level of
regarding, among other matters, the planned scope and
assurance, but is not a guarantee that an audit conducted
timing of the audit and significant audit findings, including
in accordance with SAs will always detect a material
any significant deficiencies in internal control that we
misstatement when it exists. Misstatements can arise from
identify during our audit.
fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to We also provide those charged with governance with a
influence the economic decisions of users taken on the statement that we have complied with relevant ethical
basis of these Standalone Financial Statements. requirements regarding independence, and to communicate
with them all relationships and other matters that may
As part of an audit in accordance with SAs, we exercise
Notice
reasonably be thought to bear on our independence, and
professional judgment and maintain professional
where applicable, related safeguards.
scepticism throughout the audit. We also:
From the matters communicated with those charged with
Identify and assess the risks of material misstatement
governance, we determine those matters that were of
of the Standalone Financial Statements, whether due
most significance in the audit of the Standalone Financial
to fraud or error, design and perform audit procedures
Statements of the current year and are therefore the key
responsive to those risks, and obtain audit evidence
audit matters. We describe these matters in our auditor’s
that is sufficient and appropriate to provide a basis
report unless law or regulation precludes public disclosure
for our opinion. The risk of not detecting a material
about the matter or when, in extremely rare circumstances,
misstatement resulting from fraud is higher than for
we determine that a matter should not be communicated
one resulting from error, as fraud may involve collusion,
in our report because the adverse consequences of doing
forgery, intentional omissions, misrepresentations, or
so would reasonably be expected to outweigh the public
the override of internal control.
interest benefits of such communication.
Other Matter the operating effectiveness of such controls, refer to

our separate Report in “Annexure B”.
The attached Standalone Financial Statements include
Company’s share of net assets of H 96.43 crore in one g) With respect to the other matters to be included in
unincorporated Joint Venture not operated by the the Auditor’s Report in accordance with Rule 11 of
Company, the unaudited accounts of which have been the Companies (Audit and Auditors) Rules, 2014, in
certified by the management which we have relied upon. our opinion and to the best of our information and
according to the explanations given to us:
Report on Other Legal and Regulatory i. The Standalone Financial Statements disclose the
Requirements impact of pending litigations on the standalone
financial position of the Company – Refer Note
1. As required by the Companies (Auditor’s Report) Order,
40 to the Standalone Financial Statements;
2016 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of ii. Provision has been made in the Standalone
the Companies Act, 2013, we give in the “Annexure A” Financial Statements, as required under the
a statement on the matters specified in paragraphs 3 applicable law or Ind AS, for material foreseeable
and 4 of the Order, to the extent applicable. losses, if any, on long term contracts including
derivative contracts- Refer Note 39 to the
2. As required by Section 143(3) of the Act, based on our
Standalone Financial Statements.
audit, we report that:
iii. there has been no delay in transferring the
a) We have sought and obtained all the information and
amounts, required to be transferred, to the
explanations which to the best of our knowledge and
Investor Education and Protection Fund by the
belief were necessary for the purposes of our audit.
Company.
b) In our opinion, proper books of account as required
3. With respect to the matters to be included in the
by law have been kept by the Company so far as it
Auditor’s Report in accordance with the requirements
appears from our examination of those books.
of section 197(16) of the Act, as amended:
c) The Balance Sheet, the Statement of Profit and Loss
In our opinion and to the best of our information
including other comprehensive income, the Statement
and according to the explanations given to us, the
of Cash Flows and the Statement of Changes in Equity
remuneration paid by the Company to its directors during
dealt with by this Report are in agreement with the
the current year is in accordance with the provisions of
books of account.
section 197 of the Act.
d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.
e) On the basis of the written representations received For SHAH DHANDHARIA & CO.
from the directors of the Company as on 31st March, Chartered Accountants
2020 taken on record by the Board of Directors, none Firm Registration No. 118707W
of the directors is disqualified as on 31st March, 2020
from being appointed as a director in terms of Section
164 (2) of the Act. Ankit Ajmera
Partner
f) With respect to the adequacy of the internal financial Place : Ahmedabad Membership No. 434347
controls over financial reporting of the Company and Date : 6th May, 2020 UDIN: 20434347AAAABB1102
Annexure – A to the Independent Auditor’s Report

RE: Adani Enterprises Limited
Corporate Overview
(Referred to in Paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements’ section of our Report of even date)
(i) (a) The Company has maintained proper records of grant of loans, investments made, and guarantees
showing full particulars, including quantitative and securities provided by it.
details and situation of fixed assets.
(v) According to information and explanations given to
(b) As explained to us, fixed assets, according to the us, the Company has not accepted any deposits from
practice of the Company, are physically verified the public within the meaning of the directives issued
by the management at reasonable intervals, in by the Reserve Bank of India, provisions of section
a phased verification programme, which, in our 73 to 76 of the Act, any other relevant provisions of
opinion, is reasonable, looking to the size of the the Act and the relevant rules framed thereunder.
Statutory Reports
Company and the nature of its business. Accordingly, the provisions of clause 3(v) of the Order
are not applicable to the Company.
(c) The title deeds of immovable properties, as
(vi) We have broadly reviewed the cost records maintained
disclosed in Note 3 on Property, Plant and
by the Company pursuant to the Companies (Cost
Equipment, to the standalone financial statements,
Records and Audit) Rules 2014 prescribed by the
are held in the name of the company, except for
Central Government under section 148(1) of the
leasehold land.
Companies Act, 2013 in respect of the company’s
(ii) The inventory, other than stocks lying with third parties, products/ services to which the said rules are made
has been physically verified by the management during applicable and are of the opinion that prima facie
the year. Full verification could not be conducted the prescribed cost records have been made and
due to COVID-19 outbreak. However, alternate maintained. However, we have not made a detailed
audit procedures were applied for verifying physical examination of the cost records with a view to
presence of the balance inventory. In our opinion, the determine whether they are accurate or complete.
frequency of verification is reasonable. In respect of (vii) (a) According to the information and explanations
stocks lying with third parties at the year-end, written given to us and on the basis of our examination of
confirmations have been obtained. The discrepancies the records of the Company, amounts deducted/
noticed on verification between the physical stocks accrued in the books of account in respect of
and the book records were not material and have been undisputed statutory dues including Provident
properly dealt with in the books of account. Fund, Employees State Insurance, Income Tax,
Sales Tax, Service Tax, Customs Duty, Excise Duty,
(iii) (a)
The Company has granted unsecured loans
Value Added Tax, Goods and Service Tax, Cess
to parties covered in the register maintained
and other material statutory dues have generally
under section 189 of the Act. According to the been deposited regularly during the year by the
information and explanation given to us and the Company with the appropriate authorities.
records produced to us, the terms and conditions
of the grant of such loan are not prejudicial to the (b) According to the information and explanations
Notice
interest of the Company. given to us, no undisputed amounts payable in
respect of applicable statutory dues as referred
(b) The schedule of repayment of principal and to above were in arrears as at 31st March, 2020 for
payment of interest has been stipulated and a period of more than six months from the date
repayments or receipts of principal amounts and they became payable.
interest have been regular as per stipulations.
(c) According to the information and explanations
(c) There are no amounts of loan granted to such given to us, there are no material dues of
parties covered in the register maintained under wealth tax which have not been deposited with
section 189 of the Act, which are overdue for the appropriate authorities on account of any
more than ninety days. dispute. However, according to information and
explanations given to us, the following dues of
(iv) In our opinion and according to information and Customs Duty, cess, Income Tax, sales tax/ value
explanations given to us and representations made added tax, service tax, excise duty, Stamp Duty
by the Management, the Company has complied with and FEMA/ FERA have not been deposited by the
provisions of Section 185 and 186 of the Act in respect Company on account of disputes.
Name of Statute Nature of Forum where dispute is Amount (*) Amount paid Period to which the
the dues pending (J in crore) under protest amount relates
(J in crore)
Income Tax Act Income Tax Appellate Authority upto 51.94 51.94 2011-12 to 2015-16
Commissioner’s Level
Appellate Tribunal 7.56 --- 2008-09
High Court 83.45 33.71 2001-02 & 2006-07 to
2009-10
Supreme Court 7.08 7.08 2006-07
Finance Act, 1994 Service Tax Appellate Tribunal 31.65 13.52 2006-07 to 2009-10 &
2012-13 to 2014-15
Sales Tax Acts Sales Tax Appellate Authority 131.55 5.30 2002-03 to 2010-11 &
upto Commissioner’s 2012-13 to 2017-18
Level
Appellate Tribunal 126.47 19.14 2001-02, 2004-05 &
2008-09 – 2015-16
High Court 16.22 1.91 2005-06 to 2010-11
Excise Act Excise Duty High Court 0.61 0.15 1998-99 & 1999-2000
Foreign Exchange Penalty High Court 4.1 --- 2000-01
Management Act
Foreign Exchange Penalty Appellate Authority 0.16 --- 1997-98
Regulation Act upto Commissioner’s
Level
Bombay Stamp Stamp Duty Chief Controlling 75.00 18.75 2015-16
Duty Act Revenue Authority
Customs Act Customs Assessing Authority 267.39 110.66 1994-96, 1997-98, 1999-
Duty 2009, 2012-13 & 2013-14
Appellate Tribunal 691.50 270.07 1997-98, 2005-06 to
2007-08, 2011-12 &
2012-13
High Court 8.67 0.87 1992-93 to 1993-94 &
1996-97
Jt. Secretary, Ministry of 0.83 --- 2006-07 to 2009-10
Finance
Supreme Court 1.08 --- 1997-98 & 1999-2000
*Amount as per Demand orders including interest and penalty wherever figures available.
(viii) According to the information and explanations given to given to us, we have neither come across any instance
us and on the basis of our examination of the records of material fraud by the company or on the company
of the Company, it has not defaulted in repayment by its officers or employees, noticed or reported
of loans or borrowings from Banks and Financial during the year.
Institutions. The Company has not taken any loan from
government or has not issued any debentures. (xi) According to the information and explanations given
to us and on the basis of our examination of the
(ix) Based upon the audit procedures performed, the records of the Company, managerial remuneration has
company has not raised moneys by way of initial been paid or provided in accordance with the requisite
public offer or further public offer. In our opinion approvals mandated by the provisions of Section 197
and as per the information and explanations given read with Schedule V of the Act.
by the management, the funds raised through debt
instruments and term loans have been applied for the (xii) In our opinion, the Company is not a nidhi Company.
purpose for which they were raised. Accordingly the provisions of Clauses 3 (xii) of the
Order are not applicable.
(x) During the course of our examination of the books
and records of the company, carried out in accordance (xiii) As per information and explanation given to us and
with the generally accepted auditing practice in India, on the basis of our examination of the records of the
and according to the information and explanation Company, all the transaction with related parties are
in compliance with section 177 and 188 of Companies (xvi) In our opinion, the company is not required to be
Act, 2013 and all the details have been disclosed in registered under section 45 IA of the Reserve Bank
Standalone Financial Statements as required by the of India Act, 1934 and accordingly, the provisions of
Corporate Overview
applicable Indian Accounting Standards. clause 3(xvi) of the Order are not applicable.
(xiv) According to the information and explanations given

records, the Company has not made any preferential
allotment or private placement or not issued any fully
or partly convertible debenture during the year under
review. Accordingly the provisions of paragraph 3(xiv) For SHAH DHANDHARIA & CO.
of the Order are not applicable. Chartered Accountants
(xv) According to the information and explanations given
records, Company has not entered into any non-cash Ankit Ajmera
Statutory Reports
transactions with any director or any person connected Partner
with him. Accordingly the provisions of Clauses 3(xv) of Place : Ahmedabad Membership No. 434347
the Order are not applicable to the Company. Date : 6th May, 2020 UDIN: 20434347AAAABB1102
Notice
Annexure – B to the Independent Auditor’s Report

(Referred to in Paragraph 2(f) under ‘Report on Other Legal and Regulatory
Report on the Internal Financial Controls under Over Financial Reporting (the Guidance Note) and the
Clause i of sub-section 3 of section 143 of the Standards on Auditing, issued by ICAI and deemed to be
Companies Act 2013 (the Act). prescribed under section 143(10) of the Companies Act,
Opinion 2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal
We have audited the internal financial controls over Financial Controls and, both issued by the Institute of
financial reporting of the Company as of 31st March, 2020 Chartered Accountants of India. Those Standards and
in conjunction with our audit of the Standalone Financial the Guidance Note require that we comply with ethical
Statements of the company for the year ended on that date. requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal
In our opinion, the Company has, in all material respects, financial controls over financial reporting was established
an adequate internal financial controls system over and maintained and if such controls operated effectively
financial reporting and such internal financial controls in all material respects.
over financial reporting were operating effectively as
at 31st March, 2020, based on the internal control over Our audit involves performing procedures to obtain audit
financial reporting criteria established by the Company evidence about the adequacy of the internal financial
considering the essential components of internal control controls system over financial reporting and their
stated in the Guidance Note on Audit of Internal Financial operating effectiveness. Our audit of internal financial
Controls Over Financial Reporting issued by the Institute controls over financial reporting included obtaining
of Chartered Accountants of India. an understanding of internal financial controls over
financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design
Management’s Responsibilities for Internal
and operating effectiveness of internal control based on
Financial Controls
the assessed risk. The procedures selected depend on
The Company’s management is responsible for establishing the auditor’s judgment, including the assessment of the
and maintaining internal financial controls based on the risks of material misstatement of the Ind AS Financial
internal control over financial reporting criteria established Statements, whether due to fraud or error.
by the Company considering the essential components of
We believe that the audit evidence we have obtained is
internal control stated in the Guidance Note on Audit of
sufficient and appropriate to provide a basis for our audit
Internal Financial Controls over Financial Reporting issued
opinion on the Company’s internal financial controls
by the Institute of Chartered Accountants of India. These
system over financial reporting.
responsibilities include the design, implementation and
maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and Meaning of Internal Financial Controls over
efficient conduct of its business, including adherence Financial Reporting
to company’s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the A company’s internal financial control over financial
accuracy and completeness of the accounting records, and reporting is a process designed to provide reasonable
the timely preparation of reliable financial information, as assurance regarding the reliability of financial reporting
required under the Companies Act, 2013. and the preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles. A company’s internal financial
Auditor's Responsibility control over financial reporting includes those policies
and procedures that:
Our responsibility is to express an opinion on the Company’s
internal financial controls over financial reporting based (1) pertain to the maintenance of records that, in reasonable
on our audit. We conducted our audit in accordance with detail, accurately and fairly reflect the transactions and
the Guidance Note on Audit of Internal Financial Controls dispositions of the assets of the company;
(2)
provide reasonable assurance that transactions material misstatements due to error or fraud may occur and
are recorded as necessary to permit preparation of not be detected. Also, projections of any evaluation of the
financial statements in accordance with generally internal financial controls over financial reporting to future
Corporate Overview
accepted accounting principles, and that receipts and periods are subject to the risk that the internal financial
expenditures of the company are being made only in control over financial reporting may become inadequate
accordance with authorisations of management and because of changes in conditions, or that the degree of
directors of the company; and compliance with the policies or procedures may deteriorate.
(3) provide reasonable assurance regarding prevention or

timely detection of unauthorised acquisition, use, or
disposition of the company’s assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial
Controls over Financial Reporting
Ankit Ajmera
Statutory Reports
Because of the inherent limitations of internal financial Partner
controls over financial reporting, including the possibility Place : Ahmedabad Membership No. 434347
of collusion or improper management override of controls, Date : 6th May, 2020 UDIN: 20434347AAAABB1102
Notice
Balance Sheet
as at 31st March, 2020
(H in crore)
Particulars Notes As at As at
31st March, 2020 31st March, 2019
ASSETS
I Non-Current Assets
(a) Property, Plant & Equipment 3 917.36 931.03
(b) Capital Work-in-Progress 4 219.61 211.39
(c) Investment Property 5 18.29 9.37
(d) Intangible Assets 3 592.49 617.27
(e) Financial Assets
(i) Investments 6 2,273.91 1,943.24
(ii) Other Financial Assets 7 96.55 45.78
(f) Deferred Tax Assets (net) 8 78.24 168.27
(g) Income Tax Assets (net) 9 210.29 168.46
(h) Other Non-Current Assets 10 347.49 194.07
4,754.23 4,288.88
II Current Assets
(a) Inventories 11 1,527.47 1,901.88
(b) Financial Assets
(i) Investments 12 1.00 1.00
(ii) Trade Receivables 13 3,846.48 5,182.05
(iii) Cash & Cash Equivalents 14 411.08 140.83
(iv) Bank Balances other than (iii) above 15 372.21 208.87
(v) Loans 16 1,620.56 2,013.52
(vi) Other Financial Assets 17 636.82 435.59
(c) Other Current Assets 18 715.72 500.87
9,131.34 10,384.61
Total Assets 13,885.57 14,673.49
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 19 109.98 109.98
(b) Other Equity 20 3,651.02 3,138.84
Total Equity 3,761.00 3,248.82
LIABILITIES
I Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 21 1,051.25 928.34
(ii) Other Financial Liabilities 22 62.98 103.17
(b) Provisions 23 25.10 17.39
1,139.33 1,048.90
II Current Liabilities
(i) Borrowings 24 1,676.89 1,915.33
(ii) Trade Payables 25
- Total outstanding dues of micro and small enterprises 2.05 1.34
- Total outstanding dues of creditors other than micro and 6,378.53 7,725.22
small enterprises
(iii) Other Financial Liabilities 26 582.85 417.96
(b) Other Current Liabilities 27 299.94 276.13
(c) Provisions 28 44.98 39.79
8,985.24 10,375.77
Total Liabilities 10,124.57 11,424.67
Total Equity and Liabilities 13,885.57 14,673.49
The accompanying notes are an integral part of these financial statements.
As per our attached report of even date For and on behalf of the Board of Directors
For SHAH DHANDHARIA & CO GAUTAM S. ADANI RAJESH S. ADANI
Chartered Accountants Chairman Managing Director
Firm Reg. No. : 118707W DIN : 00006273 DIN : 00006322
ANKIT AJMERA JUGESHINDER SINGH JATIN JALUNDHWALA
Partner Chief Financial Officer Company Secretary &
Membership No. 434347 Joint President (Legal)
Place : Ahmedabad Place : Ahmedabad
Date : 6th May, 2020 Date : 6th May, 2020
Statement of Profit and Loss

for the year ended 31st March, 2020
Corporate Overview
(H in crore)
Particulars Notes For the year ended For the year ended
Continuing Operations
Income
Revenue from Operations 29 16,208.69 15,541.30
Other Income 30 410.33 382.30
Total Income 16,619.02 15,923.60
Expenses
Purchases of Stock-in-Trade 31 12,303.72 13,230.36
Changes in Inventories of Stock-in-Trade 32 376.27 (605.27)
Employee Benefits Expense 33 275.87 239.36
Finance Costs 34 381.01 581.07
Statutory Reports
Depreciation and Amortisation Expense 3&5 120.97 101.19
Operating and Other Expenses 35 2,506.97 1,728.87
Total Expenses 15,964.81 15,275.58
Profit/(Loss) before exceptional items and tax 654.21 648.02
Add/(Less) : Exceptional items 36 315.34 (20.82)
Profit/(Loss) for the year before tax 969.55 627.20
Tax Expense: 8
Current Tax 179.34 94.90
Tax Adjustment for earlier years 0.71 2.87
Deferred Tax (including MAT) 90.61 44.52
Total Tax Expense 270.66 142.29
Profit/(Loss) for the year from Continuing Operations 698.89 484.91
Discontinued Operations
Profit/(Loss) from Discontinued Operations 37 - 2.76
Less: Tax Expense of Discontinued Operations - 0.43
Profit/(Loss) after Tax from Discontinued Operations - 2.33
Profit/(Loss) for the year 698.89 487.24
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
(a) Remeasurement of defined benefit plans (1.66) (1.34)
(b) Income tax relating to the above item 0.58 0.46
Discontinued Operations - -
Other Comprehensive Income / (loss) (after tax) (1.08) (0.88)
Total Comprehensive Income for the Year (after tax)
Continuing Operations 697.81 484.03
Discontinued Operations - 2.33
Continuing and Discontinued Operations 697.81 486.36
Earning per Equity Share of J 1/- each - Basic & Diluted 50 Notice
Continuing and Discontinued Operations 6.35 4.43

For SHAH DHANDHARIA & CO. GAUTAM S. ADANI RAJESH S. ADANI

Statement of Changes in Equity

A. Equity Share Capital

Particulars No. of Shares (J in crore)
Balance as at 1st April, 2018 1,09,98,10,083 109.98
Changes in equity share capital during the year - -
Balance as at 31st March, 2019 1,09,98,10,083 109.98
Balance as at 31st March, 2020 1,09,98,10,083 109.98
B. Other Equity
(H in crore)
Particulars Reserves and Surplus Total
General Securities Capital Retained
Reserve Premium Reserve Earnings
Balance as at 1st April, 2018 334.94 982.64 24.55 2,456.28 3,798.42
Profit for the year - - - 487.24 487.24
Other Comprehensive Income / (loss) for the year - - - (0.88) (0.88)
Total Comprehensive Income for the year - - - 486.36 486.36
On account of Scheme of Arrangement - - (24.55) (1,068.36) (1,092.91)
Dividend on equity shares - - - (43.99) (43.99)
Tax on Dividend - - - (9.04) (9.04)
Transfer to General Reserve 10.00 - - (10.00) -
Balance as at 31st March, 2019 344.94 982.64 - 1,811.26 3,138.84
Profit for the year - - - 698.89 698.89
Other Comprehensive Income / (loss) for the year - - - (1.08) (1.08)
Total Comprehensive Income for the year - - - 697.81 697.81
Dividend on equity shares - - - (43.99) (43.99)
Tax on Dividend - - - (9.04) (9.04)
Interim Dividend on equity shares - - - (109.98) (109.98)
Tax on Interim Dividend - - - (22.62) (22.62)
Transfer to General Reserve 25.00 - - (25.00) -
Balance as at 31st March, 2020 369.94 982.64 - 2,298.44 3,651.02




Statement of Cash Flow

Corporate Overview
(H in crore)
Particulars For the year ended For the year ended
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax 969.55 629.96
Adjustment for:
Depreciation and Amortisation 120.97 101.19
Interest and Dividend from Investments (0.12) (0.13)
Unrealised Exchange Rate Difference 147.63 (74.88)
Loss / (Profit) from Limited Liability Partnerships (net) (0.04) (192.40)
Net Gain on Sale of Current Investments (8.68) (23.42)
Loss /(Profit) on sale of Property, Plant and Equipments (net) 0.08 0.29
Statutory Reports
Bad Debts / Provision for Doubtful Debts, Loans & Advances 60.23 47.18
Liabilities no longer required written back (22.64) (5.27)
Finance Cost 381.01 581.07
Interest Income (365.50) (333.62)
Stamp Duty on account of Scheme of Arrangement - 25.00
Impairment in value of Investments (net) 24.92 5.14
Gain on disposal of Non Current Investments - (4.18)
Operating Profit before Working Capital changes 1,307.41 755.92
Adjustment for:
Trade & Other Receivables 853.08 (2,528.08)
Inventories 374.41 (607.46)
Loans & Advances 0.54 0.31
Trade Payables, Other Liabilities & Provisions (1,711.59) 4,375.47
Cash Generated from Operations 823.85 1,996.16
Direct Tax paid (net) (222.47) (88.20)
Net Cash from Operating Activities A 601.38 1,907.96
B CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant and Equipments (after (166.07) (214.25)
adjustment of Increase/decrease of Capital Work-in-Progress,
Capital Creditors and advances)
Proceeds from Sale/Disposal of Property, Plant and 0.60 0.71
Equipments
Loans to Subsidiaries / Jointly Controlled Entities (JCE) / 403.86 1,176.45
Associates (net)
Loans to Others (net) (11.44) (3.40)
Notice
Proceeds from Sale/Redemption of Investments in - 1,268.34
Subsidiaries / JCE / Associates
Investments made in Subsidiaries / JCE / Associates (300.59) (285.34)
Gain from Sale/Redemption of Investments in others (net) 8.68 23.42
Withdrawal / (Investment) in Limited Liability Partnerships (net) (56.06) 53.56
Withdrawal/ (Investments) in Short Term deposits (net) (163.28) 42.87
Interest and Dividend from Investments 0.12 0.13
Interest Received 375.45 334.28
Net Cash from Investing Activities B 91.27 2,396.77
Statement of Cash Flow

(H in crore)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/(Repayment) of Short Term Loan from Subsidiary / 362.10 241.23
Related Parties (net)
Proceeds/(Repayment) from Short term borrowings (net) (600.54) (3,272.62)
Proceeds from Long Term Borrowings 900.00 1,046.31
Repayment of Long Term Borrowings (520.74) (1,781.03)
Stamp Duty paid on account of Scheme of Arrangement - (25.00)
Finance Cost Paid (373.92) (592.70)
Dividend Paid (Including Dividend Tax) (53.03) (53.04)
Payment of Lease liability (3.67) -
Interim Dividend Paid (Including Dividend Tax) (132.60) -
Net Cash used in Financing Activities C (422.40) (4,436.85)
Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) 270.25 (132.12)
Cash & Cash equivalents at the beginning of the year 140.83 272.95
Cash & Cash Equivalents as at the end of the year 411.08 140.83
Notes to the Statement of Cash Flow :

(i) Reconciliation of Cash and cash equivalents with the Balance Sheet:
(H in crore)
Particulars As at As at
Cash and cash equivalents as per Balance Sheet (Refer note 14) 411.08 140.83
(ii) The Statement of Cash Flow has been prepared under the ‘Indirect Method’ set out in Ind AS 7 ‘Statement of Cash Flow’.
(iii) As per the amendment in Ind AS 7 'Statement of Cash Flow' : Disclosure of changes in liabilities arising from financing
activities, including both changes arising from cash flows and non-cash changes.
(H in crore)
Particulars As at Cash Flows Non-cash changes As at
31st March, 2019 Exchange Rate Amortisation of 31st March, 2020
Difference ancillary cost
Adjustment of borrowing
Long Term Borrowings 928.34 117.47 - 5.44 1,051.25
Current maturity of 21.70 261.79 - - 283.49
Long Term Borrowings
Short Term Borrowings 1,915.33 (238.44) - - 1,676.89
Total 2,865.37 140.82 - 5.44 3,011.63




Notes forming part of the Financial Statements

Corporate Overview
1 Corporate Information i) Useful life of property, plant and equipment and
intangible assets:
Adani Enterprises Limited (‘the Company’, ‘AEL’) is a
public company domiciled in India and incorporated This involves determination of the estimated
under the provisions of Companies Act, 1956, having useful life of property, plant and equipment and
its registered office at “Adani House”, Near Mithakhali intangible assets and the assessment as to which
Six Roads, Navrangpura, Ahmedabad - 380009, components of the cost may be capitalised. Useful
Gujarat, India. Its shares are listed on the BSE Limited life of these assets is based on the life prescribed in
and National Stock Exchange. The Company is in the Schedule II to the Companies Act, 2013 or based on
business of Trading of Coal and other commodities & technical estimates, taking into account the nature
Coal Mine Development and Operations (MDO). of the asset, estimated usage, expected residual
values and operating conditions of the asset.
Statutory Reports
Management reviews its estimate of the useful lives
2 Significant Accounting Policies
of depreciable/ amortisable assets at each reporting
I Basis of Preparation date, based on the expected utility of the assets.
a) Statement of Compliance
ii) Impairment of Non Financial Asset :
The financial statements of the Company have been
prepared in accordance with Indian Accounting Determining whether property, plant and
Standards (Ind AS) notified under section 133 of the equipment and intangible assets are impaired
Companies Act, 2013 read with the Companies (Indian requires an estimation of the value in use of
Accounting Standards) Rules, 2015, as amended from the relevant cash generating units. The value in
time to time and other accounting principles generally use calculation is based on a Discounted Cash
accepted in India. Flow model over the estimated useful life of
the underlying assets or cash generating units.
These financial statements have been prepared and Further, the cash flow projections are based on
presented under the historical cost convention with estimates and assumptions relating to expected
the exception of certain assets and liabilities that are revenues, operational performance of the assets,
required to be carried at fair values by Ind AS. Fair value market prices of related products or services,
is the price that would be received to sell an asset or paid inflation, terminal value etc. which are considered
to transfer a liability in an orderly transaction between reasonable by the management.
the market participants at the measurement date.
iii)
Taxes:
The financial statements are presented in INR except
when otherwise stated. All amounts have been rounded- The Company’s tax jurisdiction is India. Significant
off to the nearest crore, unless otherwise indicated. judgements are involved in estimating budgeted
profits for the purpose of paying advance
b) Use of Estimates and Judgements tax, determining the provision for income
taxes, including amount expected to be paid/
Notice
The preparation of financial statements in conformity recovered for uncertain tax positions. Significant
with Ind AS requires management to make certain management judgement is also required to
judgements, estimates and assumptions that affect determine the amount of deferred tax assets that
the reported amounts of revenues, expenses, assets can be recognised, based upon the likely timing
and liabilities (including contingent liabilities) and the and the level of future taxable profits together with
accompanying disclosures. Future results could differ future tax planning strategies, including estimates
due to these estimates and differences between the of temporary differences reversing on account of
actual results and the estimates are recognised in the available benefits from the Income Tax Act, 1961.
periods in which the results are known / materialised.
Estimates and underlying assumptions are reviewed iv)
Fair value measurement of financial
on an ongoing basis. instruments:
Significant Estimates and assumptions are required In estimating the fair value of financial assets
in particular for: and financial liabilities, the Company uses market
observable data to the extent available. Where

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

vii) Determination of lease term & discount rate :
restricted from being exchanged or used to settle
Ind AS 116 Leases requires lessee to determine the a liability for at least twelve months after the
lease term as the non-cancellable period of a lease reporting date;
adjusted with any option to extend or terminate
vi) In the case of a liability, the Company does not
the lease, if the use of such option is reasonably
have an unconditional right to defer settlement
certain. The Company makes assessment on the
of the liability for at least twelve months after the
expected lease term on lease by lease basis and
reporting date.
thereby assesses whether it is reasonably certain
that any options to extend or terminate the contract All other assets and liabilities are classified as non-
will be exercised. In evaluating the lease term, the current. Deferred tax assets and liabilities are classified
Company considers factors such as any significant as non-current assets and liabilities respectively.
leasehold improvements undertaken over the lease

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

the extent they relate to the period till such assets e) Investment Properties
are ready to be put to use. The present value of the
expected cost for the decommissioning of an asset i) Property which is held for long-term rental yields
after its use is included in the cost of the respective or for capital appreciation or both, is classified as
asset if the recognition criteria for a provision are met. Investment Property. Investment properties are
If significant parts of an item of property, plant and measured initially at cost, including transaction
equipment have different useful lives, then they are costs. Subsequent to initial recognition,
accounted for as separate items (major components) investment properties are stated at cost less
of property, plant and equipment. accumulated depreciation and accumulated
impairment loss, if any.
Subsequent Measurement
ii) The Company depreciates investment properties
Subsequent expenditure related to an item of Property, over their estimated useful lives, as specified in
Plant and Equipment are included in its carrying amount Schedule II to the Companies Act, 2013.
or recognised as a separate asset, as appropriate, only
when it is probable that the future economic benefits iii) Investment properties are derecognised either
associated with the item will flow to the Company and when they have been disposed off or when they
the cost of the item can be measured reliably.Subsequent are permanently withdrawn from use and no future
costs are depreciated over the residual life of the economic benefit is expected from their disposal.
respective assets. All other expenses on existing Property, The difference between the net disposal proceeds
Plant and Equipments, including day-to-day repair and and the carrying amount of the asset is recognised
maintenance expenditure and cost of replacing parts, in Statement of Profit and Loss in the period in
are charged to the Statement of Profit and Loss for the which the property is derecognised.
period during which such expenses are incurred.
f) Intangible Assets
Capital Work in Progress
i) Intangible assets are measured on initial
Expenditure related to and incurred during recognition at cost and are subsequently carried
implementation of capital projects to get the assets at cost less any accumulated amortisation and
ready for intended use is included under “Capital Work accumulated impairment losses, if any. Internally
in Progress”. The same is allocated to the respective generated intangibles are not capitalised.
items of property plant and equipment on completion
of construction/ erection of the capital project/ ii) The intangible assets of the Company are assessed
property plant and equipment. The cost of asset not to be of finite lives and are amortised over the
put to use before the year and capital inventory are useful economic life and assessed for impairment
disclosed under Capital work in progress. whenever there is an indication that the intangible
asset may be impaired. The Company reviews
Depreciation amortisation period on an annual basis.
Depreciation is provided using straight-line method as Intangible assets are amortised on straight line
specified in Schedule II to the Companies Act, 2013. basis over their estimated useful lives as follows:
Depreciation on assets acquired / disposed off during
the year is provided on pro-rata basis with reference Intangible Assets Estimated Useful
to the date of addition / disposal. Life (Years)
Software applications 3-5 Years based on
Derecognition management estimate
Mine Development Over a period of
An item of property, plant and equipment is derecognised
Assets underlying contract
upon disposal or when no future economic benefits
are expected to arise from continued use of the asset. Mine Development Assets include expenses
Any gain or loss arising on the disposal or retirement pertaining to land and mine development, initial
of property, plant and equipment is determined as the overburden removal, environmental and other
difference between the sale proceeds and the carrying regulatory approvals etc. It represents expenses
amount of the assets and is recognised in Statement of incurred towards development of mines where the
Profit and Loss. Company is operating as operator and developer.

Corporate Overview
iii) Gains or losses arising from derecognition of an generating unit) is increased to the revised estimate
intangible asset are measured as the difference of its recoverable amount, but so that the increased
between the net disposal proceeds and the carrying carrying amount does not exceed the carrying amount
amount of the asset and are recognised in the that would have been determined had no impairment
Statement of Profit and Loss when the asset is loss been recognised for the asset (or cash-generating
derecognised. unit) in prior years. A reversal of an impairment loss is
recognised immediately in statement of profit and loss.
g) Impairment of Non-Financial Assets
h) Investment in Subsidiaries, Jointly Controlled
At the end of each reporting period, the Company Entities, Associates and Unincorporated Entities
reviews the carrying amounts of non-financial assets,
other than inventories and deferred tax assets to Investment in Subsidiaries, Joint Controlled Entities
Statutory Reports
determine whether there is any indication that those and Associates are measured at cost less impairment
assets have suffered an impairment loss. If any such in accordance with Ind AS 27 ”Separate Financial
indication exists, the recoverable amount of the asset Statements”.
is estimated in order to determine the extent of the
impairment loss (if any). When it is not possible to In case of unincorporated entities in the nature of a
estimate the recoverable amount of an individual Joint Operation, the Company recognises its direct right
asset, the Company estimates the recoverable and its share of jointly held or incurred assets, liabilities,
amount of the cash-generating unit to which the contingent liabilities, revenues and expenses of joint
asset belongs. Each CGU represents the smallest operations. These have been incorporated in these
group of assets that generates cash inflows that financial statements under the appropriate headings.
are largely independent of the cash inflows of other
i) Financial Instruments
assets or CGUs. When a reasonable and consistent
basis of allocation can be identified, corporate assets A financial instrument is any contract that gives
are also allocated to individual cash-generating units, rise to a financial asset of one entity and a financial
or otherwise they are allocated to the smallest group liability or equity instrument of another entity.
of cash-generating units for which a reasonable and
consistent allocation basis can be identified. Financial Asset and financial liabilities are initially
measured at fair value. Transaction costs that are
Recoverable amount is the higher of fair value less costs directly attributable to the acquisition or issue of
of disposal and value in use. In assessing value in use, financial assets and financial liabilities (other than
the estimated future cash flows are discounted to their financial assets and financial liabilities at fair value
present value using a pre-tax discount rate that reflects through profit or loss) are added to or deducted
current market assessments of the time value of money from the fair value of the financial assets or financial
and the risks specific to the asset or CGU for which the liabilities, as appropriate, on initial recognition.
estimates of future cash flows have not been adjusted. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities
If the recoverable amount of an asset (or cash-
Notice
at fair value through profit or loss are recognised
generating unit) is estimated to be less than its carrying
immediately in Statement of Profit and Loss.
amount, the carrying amount of the asset (or CGU) is
reduced to its recoverable amount. An impairment loss An equity instrument is any contract that evidences
is recognised immediately in statement of profit and a residual interest in the assets of an entity after
loss. Impairment loss recognised in respect of a CGU is deducting all of its liabilities. Equity instruments
allocated to reduce the carrying amounts of the other issued by a Company entity are recognised at the
assets of the CGU (or group of CGUs) on a pro rata basis. proceeds received, net of direct issue costs.
Non Financial Assets (other than goodwill) for which A) Financial Assets
impairment loss has been recognised in prior periods,
Initial Measurement
the Company reviews at each reporting date whether
there is any indication that the loss has decreased or no All financial assets, except investment in
longer exists. When an impairment loss subsequently subsidiaries, associates and joint controlled
reverses, the carrying amount of the asset (or a cash- entities are recognised initially at fair value.

Subsequent Measurment value in OCI. If the Company decides to classify an

equity instrument as at FVTOCI, then all fair value
The measurement of financial assets depends on changes on the instrument, excluding dividends,
their classification, as described below: are recognised in the OCI. There is no recycling of
the amounts from OCI to Statement of Profit and
1) At amortised cost
Loss, even on sale of investment.
A financial asset is measured at the amortised
3) At Fair Value through Profit & Loss (FVTPL)
cost if both the following conditions are met :
FVTPL is a residual category for debt instruments
(a) The asset is held within a business model
and default category for equity instruments.
whose objective is to hold assets for
Financial assets included within the FVTPL
collecting contractual cash flows, and
category are measured at fair value with all changes
(b) Contractual terms of the asset give rise, on recognised in the Statement of Profit and Loss.
specified dates, to cash flows that are solely
In addition, the Company may elect to designate a
payments of principal and interest (SPPI) on
debt instrument, which otherwise meets amortised
the principal amount outstanding.
cost or FVTOCI criteria, as at FVTPL. However,
This category is the most relevant to the Company. such election is allowed only if doing so reduces
After initial measurement, such financial assets or eliminates a measurement or recognition
are subsequently measured at amortised cost inconsistency (referred to as ‘accounting mismatch’).
using the Effective Interest Rate (EIR) method.
Derecognition
Amortised cost is calculated by taking into
account any discount or premium on acquisition On derecognition of a financial asset, the
and fees or costs that are an integral part of the difference between the asset’s carrying amount
EIR. The EIR amortisation is included in finance and the sum of the consideration received and
income in the Statement of Profit and Loss. The receivable and the cumulative gain or loss that
losses arising from impairment are recognised in had been recognised in other comprehensive
the Statement of Profit and Loss. This category income and accumulated in equity is recognised
generally applies to trade and other receivables. in Statement of Profit and Loss if such gain or
loss would have otherwise been recognised in
2) At Fair Value through Other Comprehensive
Statement of Profit and Loss on disposal of that
Income (FVTOCI) financial asset.
A financial asset is classified as at the FVTOCI if Impairment of financial assets
both of the following criteria are met:
The Company applies Expected Credit Loss
a) The objective of the business model is (ECL) model for measurement and recognition
achieved both by collecting contractual cash of impairment loss on the financial assets and
flows and selling the financial assets, and credit risk exposure. The Company assesses on a
(b) Contractual terms of the asset give rise on forward looking basis the expected credit losses
specified dates to cash flows that are solely associated with its receivables based on historical
payments of principal and interest (SPPI) on trends and past experience.
the principal amount outstanding.
The Company follows ‘Simplified Approach’ for
Debt instruments included within the FVTOCI recognition of impairment loss allowance on
category are measured initially as well as at each all trade receivables or contractual receivables.
reporting date at fair value. Fair value movements Under the simplified approach the Company does
are recognised in the Other Comprehensive Income not track changes in credit risk, but it recognises
impairment loss allowance based on lifetime
(OCI) and on derecognition, cumulative gain or
ECLs at each reporting date, right from its initial
loss previously recognised in OCI is reclassified
recognition. If credit risk has not increased
to Statement of Profit and Loss. For equity
significantly, 12 month ECL is used to provide
instruments, the Company may make an irrevocable
for impairment loss. However, if credit risk has
election to present subsequent changes in the fair
increased significantly, lifetime ECL is used.

Corporate Overview
ECL is the difference between all contracted cash C) Derivative financial instruments
flows that are due to the Company in accordance Initial recognition and subsequent measurement
with the contract and all the cash flows that
the Company expects to receive, discounted at The Company uses derivative financial instruments
such as forward and options currency contracts to
the original EIR. ECL impairment loss allowance
hedge its foreign currency risks. Such derivative
(or reversal) recognised during the period is
financial instruments are initially recognised and
recognised as income / (expense) in the Statement
subsequently measured at fair value through profit
of Profit and Loss.
or loss (FVTPL). Derivatives are carried as financial
B) Financial Liabilities assets when the fair value is positive and as
financial liabilities when the fair value is negative.
Financial liabilities are classified, at initial
Statutory Reports
recognition as at amortised cost or fair value Any gains or losses arising from changes in the
through profit or loss. The measurement of fair value of derivative financial instrument are
financial liabilities depends on their classification, recognised in the Statement of Profit and Loss and
as described below: reported with foreign exchange gains/(loss) not
within results from operating activities. Changes
At amortised cost in fair value and gains/(losses) on settlement of
foreign currency derivative financial instruments
This is the category most relevant to the Company. relating to borrowings, which have not been
After initial recognition, financial liabilities are designated as hedge are recorded as finance cost.
subsequently measured at amortised cost using
the EIR method. Gains and losses are recognised j) Income Taxes
in Statement of Profit and Loss when the liabilities Income tax expense comprises current tax expense and
are derecognised as well as through the EIR the net change in the deferred tax asset or liability during
amortisation process. Amortised cost is calculated the year. Current and deferred taxes are recognised in
by taking into account any discount or premium on Statement of Profit and Loss, except when they relate
acquisition and fees or costs that are an integral to items that are recognised in other comprehensive
part of the EIR. The EIR amortisation is included as income or directly in equity, in which case, the current and
finance costs in the Statement of Profit and Loss. deferred tax are also recognised in other comprehensive
income or directly in equity, respectively.
At fair value through profit or loss (FVTPL)
i) Current Tax
Financial liabilities at fair value through profit or
loss include financial liabilities held for trading Current income tax assets and liabilities are
and financial liabilities designated upon initial measured at the amount expected to be recovered
recognition as such. Subsequently, any changes from or paid to the taxation authorities. Current
in fair value are recognised in the Statement of income tax(including Minimum Alternate Tax
Profit and Loss. (MAT)) is measured at the amount expected to be
paid to the tax authorities in accordance with the
Derecognition of Financial Liability Income-Tax Act, 1961 enacted in India. The tax Notice
rates and tax laws used to compute the amount
A financial liability is derecognised when the are those that are enacted or substantially
obligation under the liability is discharged or enacted, at the reporting date.
cancelled or expires. The difference in the
respective carrying amounts is recognised in the Current income tax relating to items recognised
Statement of Profit and Loss. An exchange with outside the statement of profit and loss is
a lender of debt instruments with substantially recognised outside the statement of profit and
different terms is accounted for as an loss (either in other comprehensive income (OCI)
extinguishment of the original financial liability or in equity). Current tax items are recognised in
and the recognition of a new financial liability. correlation to the underlying transaction either in
Similarly, a substantial modification of the terms OCI or directly in equity. Management periodically
of an existing financial liability is accounted for as evaluates positions taken in the tax returns with
respect to situations in which applicable tax
an extinguishment of the original financial liability
regulations are subject to interpretation and
and the recognition of a new financial liability.
establishes provisions where appropriate.

ii) Deferred Tax iii) The basis of determining cost for various
categories of inventories are as follows:
Deferred tax is recognised using the Balance Sheet
approach. Deferred tax assets and liabilities are
Traded goods Weighted Average Cost
recognised for deductible and taxable temporary
Stores and Spares Weighted Average Cost
differences arising between the tax base of assets
and liabilities and their carrying amount, except
when the deferred tax arises from the initial iv) Net realisable value is the estimated selling price
recognition of an asset or liability in a transaction in the ordinary course of business, less estimated
that is not a business combination and affects cost of completion and estimated cost necessary to
neither accounting nor taxable profit or loss at the make the sale. Necessary adjustment for shortage
time of the transaction. / excess stock is given based on the available
evidence and past experience of the Company.
Deferred tax assets are recognised to the extent
that it is probable that taxable profit will be l) Provision, Contingent Liabilities and Contingent
available against which the deductible temporary Assets
differences, and the carry forward of unused tax
credits and unused tax losses can be utilised. Provisions are recognised for when the Company has
The carrying amount of unrecognised deferred at present, legal or contractual obligation as a result
tax assets are reviewed at each reporting date of past events, only if it is probable that an outflow of
to assess their realisability and corresponding resources embodying economic outgo or loss will be
adjustment is made to carrying values of deferred required and if the amount involved can be measured
tax assets in the financial statements. reliably. If the effect of the time value of money is
material, provisions are discounted using a current
Deferred tax assets and liabilities are measured pre-tax rate that reflects, when appropriate, the risks
at the tax rates that are expected to apply in the specific to the liability. When discounting is used, the
year when the asset is realised or the liability is increase in the provision due to the passage of time is
settled, based on tax rates (and tax laws) that recognised as a finance cost.
have been enacted or substantively enacted at
the reporting date. Contingent liabilities being a possible obligation as a
result of past events, the existence of which will be
Deferred tax assets and liabilities are offset where a
confirmed only by the occurrence or non occurrence
legally enforceable right exists to offset current tax
of one or more future events not wholly in control
assets and liabilities and the deferred taxes relate
of the Company are not recognised in the accounts.
to the same taxable entity and the same taxation
The nature of such liabilities and an estimate of its
authority. Net outstanding balance in Deferred Tax
financial effect are disclosed in notes to the financial
account is recognised as deferred tax liability/asset.
statements.
Deferred tax includes MAT tax credit. The Company
recognises tax credits in the nature of MAT credit as Contingent assets are not recognised in the financial
an asset only to the extent that there is convincing statements. the nature of such assets and an estimate
evidence that the Company will pay normal income of its financial effect are disclosed in notes to the
tax during the specified period, i.e., the period for financial statements.
which tax credit is allowed to be carried forward.
m) Revenue Recognition
The Company reviews the such tax credit asset at
each reporting date to assess its recoverability. Revenue from contract with customer is recognised
upon transfer of control of promised products or
k) Inventories
services to customers in an amount that reflects the
i) Inventories are valued at lower of cost or net consideration which the Company expects to receive
realisable value. in exchange for those products or services. Revenue
is measured based on the transaction price, which is
ii) Cost of inventories have been computed to
the consideration, adjusted for discounts and other
include all costs of purchases, cost of conversion,
incentives, if any, as per contracts with the customers.
all non-refundable duties & taxes and other costs
Revenue also excludes taxes or amounts collected
incurred in bringing the inventories to their
from customers in its capacity as agent.
present location and condition.

Corporate Overview
The specific recognition criteria from various stream Contract Liability
of revenue is described below:
A contract liability is the obligation to transfer
(i) Sale of Goods goods or services to a customer for which
the Company has received consideration (or
Revenue from the sale of goods is recognised
an amount of consideration is due) from the
when the control of the goods has been passed
customer. Contract liabilities are recognised as
to the customer as per the terms of agreement
revenue when the Company performs under the
and there is no continuing effective control or
contract. The same is disclosed as “Advance from
managerial involvement with the goods.
Customers” under Other Current Liabilities.
(ii) Rendering of Services
n) Employee Benefits
Statutory Reports
Revenue from services rendered is recognised
when the work is performed and as per the terms Employee benefits includes gratuity, compensated
of agreement. absences, contribution to provident fund, employees’
state insurance and superannuation fund.
(iii) Dividends
i) Short Term Employee Benefits
Revenue is recognised when the Company’s right
to receive the payment is established, which is Employee benefits payable wholly within twelve
generally when shareholders approve the dividend. months of rendering the services are classified
as short term employee benefits and recognised

(iv)
Interest Income in the period in which the employee renders
Interest income is accrued on a time basis, by the related service. These are recognised at the
undiscounted amount of the benefits expected to
reference to the principal outstanding and at the
effective interest rate applicable, which is the be paid in exchange for that service.
rate that exactly discounts estimated future cash
ii) Post Employment Benefits
receipts through the expected life of the financial
asset to that asset’s net carrying amount on initial Defined Contribution Plans
recognition.
Retirement benefits in the form of provident fund
(v) Profit or Loss on Sale of Investment and superannuation fund are defined contribution
schemes. The Company has no obligation, other
Profit or Loss on sale of investment is recognised than the contribution payable to the provident
on the contract date. fund. The Company recognises contribution
payable to the these funds as an expense, when
Contract Assets
an employee renders the related service.
A contract asset is the right to consideration in
Defined Benefit Plans
exchange for goods or services transferred to the
Notice
customer. If the Company performs by transferring The Company operates a defined benefit gratuity
goods or services to a customer before the plan. The cost of providing benefits under the
customer pays consideration or before payment defined benefit plan is determined based on
is due, a contract asset is recognised for the actuarial valuation, carried out by an independent
earned consideration that is conditional. The same actuary, using the projected unit credit method.
is disclosed as “Unbilled Revenue” under Other The liability for gratuity is funded annually to a
Current Financial Assets. gratuity funds maintained with the Life Insurance
Corporation of India and SBI Life Insurance
Trade Receivable
Company Limited.
A receivable represents the Company’s right to
Re-measurements gains and losses arising from
an amount of consideration that is unconditional
experience adjustments and changes in actuarial
i.e. only the passage of time is required before
assumptions are recognised immediately in
payment of consideration is due.

the balance sheet with a corresponding debit to control the use of an identified asset for a period of
or credit to retained earnings through other time in exchange for consideration. To assess whether
comprehensive income in the period in which they a contract conveys the right to control the use of an
occur. Re-measurements are not reclassified to identified asset, the Company assesses whether (i) the
profit or loss in subsequent periods. Net interest contract involves the use of identified asset; (ii) the
is calculated by applying the discount rate to the Company has substantially all of the economic benefits
net balance of defined benefit liability or asset. from the use of the asset through the period of lease and
(iii) the Company has right to direct the use of the asset
The Company recognises the following changes in
the net defined benefit obligation as an expense i) Company as a Lessee
in the statement of profit and loss in the line item
“Employee Benefits Expense”: The Company recognises a right-of-use asset
and a lease liability at the lease commencement
- Service cost including current service cost, past date. The right-of-use asset is initially measured
service cost, gains and losses on curtailments at cost, which comprises the initial amount of the
and non-routine settlements; and lease liability adjusted for any lease payments
made at or before the commencement date, plus
- Net interest expense or income
any initial direct costs incurred and an estimate
iii) Other Long Term Employee Benefits of costs to dismantle and remove the underlying
asset or to restore the site on which it is located,
Other long term employee benefits comprise of less any lease incentives received.
compensated absences / leaves. The actuarial
valuation is done as per projected unit credit Certain lease arrangements include the option
method. Remeasurements as a result of to extend or terminate the lease before the end
experience adjustments and changes in actuarial of the lease term. The right-of-use assets and
assumptions are recognised in the Statement of lease liabilities include these options when it is
Profit and Loss. reasonably certain that the option will be exercised.
iv) For the purpose of presentation of defined benefit The right-of-use asset is subsequently
plans and other long term benefits, the allocation depreciated using the straight-line method from
between current and non-current provisions has the commencement date to the earlier of the end
been made as determined by an actuary. of the useful life of the right-of-use asset or the
end of the lease term. In addition, the right-of-use
o) Borrowing Costs asset is periodically reduced by impairment losses,
if any, and adjusted for certain re-measurements
Borrowing costs directly attributable to the acquisition,
of the lease liability.
construction or production of a qualifying asset that
necessarily takes a substantial period of time to get The lease liability is initially measured at the
ready for its intended use or sale are capitalised as present value of the lease payments that are not
part of the cost of the asset. Borrowing costs consist paid at the commencement date, discounted
of interest and transaction costs that an entity incurs using the interest rate implicit in the lease or,
in connection with the borrowing of funds. Transaction if that rate cannot be readily determined, the
costs in respect of long-term borrowings are amortised Company’s incremental borrowing rate. Generally,
over the tenor of respective loans using effective the Company uses its incremental borrowing rate
interest method. All other borrowing costs are expensed as the discount rate.
in the period in which they are incurred.Borrowing costs
also includes exchange differences arising from foreign The lease liability is subsequently measured
currency borrowings to the extent they are regarded as at amortised cost using the effective interest
an adjustment to the borrowing costs. method. It is remeasured when there is a change in
future lease payments arising from a change in an
p) Leases index or rate, if there is a change in the Company’s
estimate of the amount expected to be payable
The Company assesses whether a contract contains
under a residual value guarantee, or if Company
a lease, at the inception of the contract. A contract is,
changes its assessment of whether it will exercise
or contains, a lease if the contract conveys the right
a purchase, extension or termination option.

Corporate Overview
When the lease liability is remeasured in this Operating results of the business units are monitored
way, a corresponding adjustment is made to the separately for the purpose of making decisions about
carrying amount of the right-of-use asset or is resource allocation and performance assessment.
recorded in profit or loss if the carrying amount of Segment performance is evaluated based on profit or
the right-of-use asset has been reduced to zero. loss and is measured consistently with the statement
of profit or loss in the financial statements.
Lease payments have been classified as financing
activities in Statement of Cash Flow. r) Earning Per Share
The Company has elected not to recognise right- Basic EPS is computed by dividing the profit or
of-use assets and lease liabilities for short term loss attributable to the equity shareholders of the
leases that have a lease term of less than or equal Company by the weighted average number of equity
Statutory Reports
to 12 months with no purchase option and assets shares outstanding during the year. Diluted EPS is
with low value leases. The Company recognises computed by adjusting the profit or loss attributable
the lease payments associated with these leases to the ordinary equity shareholders and the weighted
as an expense in statement of profit and loss average number of equity shares, for the effects of all
over the lease term. The related cash flows are dilutive potential equity shares.
classified as operating activities.
s) Service Work in Progress
Lease under Ind AS 17 :
Service Work in Progress is valued at lower of cost
A lease is classified at the inception date as a and net realisable value. Cost is determined based on
finance lease or an operating lease. Leases are Weighted Average Cost Method.
classified as finance leases whenever the terms
Service Work in Progress represents closing inventory
of the lease transfer substantially all the risks and
rewards of ownership to the lessee. All other leases of Washed and Reject Coal, which is not owned by
are classified as operating leases. The Company the Company as per the terms of Mine Development
has identified all its leases as operating leases. and Operation (MDO) contract. Hence, this represents
work performed under contractual liability in bringing
i) Assets taken on operating lease : this inventory to its present condition and location.
Operating lease payments are recognised as an Net realisable value is the contract price as per the
expense in the statement of profit and loss on a MDO Agreement, less estimated costs of completion
straight-line basis over the lease term. and estimated costs necessary to make the sale.
ii) Assets given on operating lease : t) Overburden Cost Adjustment
Assets subject to operating leases are included Overburden removal expenses incurred during
in fixed assets. Rental income from operating production stage are charged to revenue based on
leases is recognised in the statement of profit and waste-to-ore ratio, (commonly known as Stripping Ratio
Notice
loss on a straight line basis over the lease term. in the industry). This ratio is taken based on the current
Costs including depreciation are recognised as an operational phase of overall mining area. To the extent
expense in the statement of profit and loss. the current period ratio exceeds the expected Stripping
Ratio of a phase, excess overburden costs are deferred.
q) Segment Accounting
u) Expenditure
Operating segments are reported in a manner
consistent with the internal reporting to management. Expenses are net of taxes recoverable, where
For management purposes, the Company is organised applicable.
into business units based on its products and services.
146

Note : 3 Property, Plant & Equipments & Intangible Assets

( H in crore)
Particulars Property, Plant & Equipments Intangible Assets
Land Building- Building- Plant & Furniture Electrical Office Computer Vehicles Air Right of Use - Total Computer Mine Total
Office Factory Machinery & Fixture Fittings Equipment Equipments Craft Lease Assets Software Development
Land Building Rights
Year Ended 31st March 2019
Gross Carrying Value
Opening Balance 20.52 245.95 2.97 328.35 25.71 60.77 24.19 26.38 20.75 6.27 - - 761.86 54.79 678.71 733.50
Addition - 72.52 - 281.37 0.44 14.77 2.16 0.83 9.44 - - - 381.53 7.02 8.56 15.58
Deduction - 0.10 - 1.16 0.38 0.01 0.01 0.03 0.40 - - - 2.09 - - -
Closing Balance 20.52 318.37 2.97 608.56 25.77 75.53 26.34 27.18 29.79 6.27 - - 1,141.30 61.81 687.27 749.08
Accumulated Depreciation and
Amortisation
Opening Balance - 20.12 0.36 66.63 9.83 8.55 12.63 11.05 7.33 1.83 - - 138.33 33.03 71.37 104.40
Depreciation and Amortisation - 10.53 0.12 39.47 2.50 7.42 4.10 4.82 3.52 0.61 - - 73.09 9.08 19.02 28.10
for the year
Deduction - 0.10 - 0.44 0.26 - - 0.02 0.25 - - - 1.07 - - -
Closing Balance - 30.55 0.48 105.66 12.07 15.97 16.73 15.85 10.60 2.44 - - 210.35 42.11 90.39 132.50
Net Carrying Amount 20.52 287.82 2.49 502.90 13.70 59.56 9.61 11.33 19.19 3.83 - - 930.95 19.70 596.88 616.58
Share of Un Incorporated JV - - - - 0.01 - 0.02 0.05 - - - - 0.08 0.69 - 0.69
Total Net Carrying Amount 20.52 287.82 2.49 502.90 13.71 59.56 9.63 11.38 19.19 3.83 - - 931.03 20.39 596.88 617.27
Year Ended 31 st March 2020
Opening Balance 20.52 318.37 2.97 608.56 25.77 75.53 26.34 27.18 29.79 6.27 - - 1,141.30 61.81 687.27 749.08
Addition - 10.60 - 35.91 0.26 1.35 1.81 5.53 7.73 - 12.52 8.67 84.38 3.09 4.78 7.87
Deduction - - - 0.17 0.21 - 0.15 0.09 1.10 - - - 1.72 - - -
Transfer (4.67) (2.62) (2.44) - - - - - - - - - (9.73) - 0.12 0.12
Closing Balance 15.85 326.35 0.53 644.30 25.82 76.88 28.00 32.62 36.42 6.27 12.52 8.67 1,214.23 64.90 692.17 757.07
Accumulated Depreciation and
Amortisation
Opening Balance - 30.55 0.48 105.66 12.07 15.97 16.73 15.85 10.60 2.44 - - 210.35 42.11 90.39 132.50
Depreciation and Amortisation - 11.88 0.02 50.14 2.31 7.73 3.62 4.61 4.05 0.61 0.20 2.90 88.07 7.80 24.96 32.76
for the year
Deduction - - - 0.05 0.10 - 0.12 0.04 0.61 - - - 0.92 - - -
Transfer - (0.17) (0.38) - - - - - - - - - (0.55) - 0.01 0.01
Closing Balance - 42.26 0.12 155.75 14.28 23.70 20.23 20.42 14.04 3.05 0.20 2.90 296.95 49.91 115.36 165.27
Net Carrying Amount 15.85 284.09 0.41 488.55 11.54 53.18 7.77 12.20 22.38 3.22 12.32 5.77 917.28 14.99 576.81 591.80
Share of Un Incorporated JV - - - - 0.01 - 0.02 0.05 - - - - 0.08 0.69 - 0.69
Total Net Carrying Amount 15.85 284.09 0.41 488.55 11.55 53.18 7.79 12.25 22.38 3.22 12.32 5.77 917.36 15.68 576.81 592.49

Corporate Overview
Note : 3 Property, Plant & Equipments & Intangible Assets (Contd..)
a) Out of above assets, following assets have been given on operating lease as on 31st March, 2020 :
(H in crore)
Particulars Gross Block Accumulated Net Block Depreciation
As at Depreciation As at charge for the year
Land 6.55 - 6.55 -
Office Building 29.93 2.48 27.45 0.50
Plant & Machinery 2.41 1.61 0.80 0.13
Vehicles 14.56 2.10 12.46 1.36
Total 53.45 6.19 47.26 1.99
31st March, 2019 54.37 4.67 49.70 1.49
Statutory Reports
The total future minimum lease rentals receivable at the Balance Sheet date is as under:
(H in crore)
i) For a period not later than one year 6.90 4.80
ii) For a period later than one year and not later than five years 11.45 9.42
iii) For a period later than five years 15.54 16.11
33.89 30.33
b) Office buildings includes cost of shares in Co-operative Housing Society of H 3,500/- (31st March 2019: H 3,500/-).
c) Office buildings includes H 2.32 crore of unquoted shares (160 equity shares of A type and 1,280 equity shares of
B type of H 100 each fully paid-up) in Ruparelia Theatres Pvt. Ltd. By virtue of investment in shares, the Company
is enjoying rights in the leasehold land and H 1.44 crore towards construction contribution and exclusive use of
terrace and allotted parking space.
d) For security / mortgage, refer notes 21 and 24.
4 Capital Work-In-Progress
(H in crore)
Capital Work-in-Progress 207.92 173.87
Capital Inventory 11.69 37.52
219.61 211.39
a) Includes Building of H 0.85 crore (31st March 2019 : H 0.85 crore) which is in dispute and the matter is sub-judice. Notice
b) Agricultural Land of H 0.45 crore (31st March 2019 : H 0.45 crore) recovered under settlement of debts, in which
certain formalities are yet to be executed.
c) Includes Company’s share in Unincorporated Jointly Controlled Asset of H 98.22 crore (31st March 2019 :
H 96.23 crore) (Refer Note 48(a)).
d) Includes expenses directly attributable to construction period of H 48.15 crore (31st March, 2019 : H 44.17 crore)
(Refer Note 49).

5 Investment Property
(H in crore)
Particulars Land Building Total
Year Ended 31st march, 2019
Opening Balance 9.37 - 9.37
Addition - - -
Deduction - - -
Transfer - - -
Closing Balance 9.37 9.37
Accumulated Depriciation
Opening Balance - - -
Depreciation for the year - - -
Deduction - - -
Transfer - - -
Closing Balance - - -
Total Net Carrying Value 9.37 - 9.37
Year Ended 31st march, 2020
Opening Balance 9.37 - 9.37
Addition - - -
Deduction - - -
Transfer 4.67 4.94 9.61
Closing Balance 14.04 4.94 18.98
Accumulated Depreciation
Opening Balance - - -
Depreciation for the year - 0.14 0.14
Deduction - - -
Transfer - 0.55 0.55
Closing Balance - 0.69 0.69
Total Net Carrying Value 14.04 4.25 18.29
a) Fair Value of Investment Properties
The fair value of the Company’s investment properties at the end of the year have been determined on the basis of
valuation carried out by the management based on the transacted prices near the end of the year in the location and
category of the properties being valued. The fair value measurement for all of the investment properties has been
categorised as a Level 2 fair value based on the inputs to the valuation techniques used. Total fair value of Investment
Properties is H 18.29 crore (31st March 2019 : H 9.37 crore)
b) During the year, the Company carried out a review of the recoverable amount of investment properties. As a result,
there were no allowances for impairment required for these properties.
c) The Company has earned a rental income of H 0.65 crore (31st March 2019 : H Nil crore) and has incurred expense of
H 0.01 crore towards municipal tax for these Investment Properties.

Corporate Overview
6 Non Current Investments
(H in crore)
I UNQUOTED INVESTMENTS (measured at cost)
(a) Investment in Equity Instruments of Subsidiary companies
(all fully paid)
1) 64,000 (31st March, 2019 : 64,000) Equity Shares of Adani Global 30.90 30.90
Ltd. of $ 100/- each
2) 10,25,71,000 (31st March, 2019 : 4,56,10,000) Equity Shares of 102.57 45.61
Adani Agri Fresh Ltd. of H 10/- each (Refer Note 6(e))
3) 3,70,000 (31st March, 2019 : 3,70,000) Equity Shares of Rajasthan 0.37 0.37
Collieries Ltd. of H 10/- each
Statutory Reports
4) 50,000 (31st March, 2019 : 50,000) Equity Shares of Adani Shipping 0.05 0.05
(India) Pvt. Ltd. of H 10/- each
5) 50,000 (31st March, 2019 : 50,000) Equity Shares of Natural 0.05 0.05
Growers Pvt. Ltd. of H 10/- each
6) 50,000 (31st March, 2019 : 50,000) Equity Shares of Chendipada 0.05 0.05
Collieries Pvt. Ltd. of H 10/- each
7) 86,45,003 (31st March, 2019 : 86,45,003) Equity Shares of Adani 37.22 37.22
Welspun Exploration Ltd. of H 10/- each
8) 3,70,000 (31st March, 2019 : 3,70,000) Equity Shares of Parsa Kente 1.50 1.50
Collieries Ltd. of H 10/- each (Refer Note 6(d))
9) 50,000 (31st March, 2019 : 50,000) Equity Shares of Mundra 0.05 0.05
Synenergy Ltd of H 10/- each (formerly known as Adani Synenergy Ltd.)
10) 1,50,000 (31st March, 2019 : 1,50,000) Equity Shares of Adani 0.85 0.85
Minerals Pty Ltd. of AUD 1/- each
Adani Defence Systems & Technologies Ltd. of H 10/- each
12) 10,000 (31st March, 2019 : 10,000) Equity Shares of Adani 0.01 0.01
Resources Pvt. Ltd. of H 10/- each
13) 10,000 (31st March, 2019 : 10,000) Equity Shares of Surguja Power 0.01 0.01
Pvt. Ltd. of H 10/- each
14) 19,60,784 (31st March, 2019 : 19,60,784) Equity Shares of Talabira 1.96 1.96
(Odisha) Mining Pvt. Ltd. of H 10/- each
Cementation Ltd. of H 10/-each
Infrastructure Pvt. Ltd. of H 10/- each
17) 1,00,000 (31st March, 2019 : 1,00,000) Equity Shares of Gare Pelma 0.10 0.10
III Collieries Ltd. of H 10/- each
Notice
18) 10,000 (31st March, 2019 : 10,000) Equity Shares of Adani Road 0.01 0.01
Transport Ltd. (Previously known as Adani Transport Ltd ) of H 10/- each
19) 7,400 (31st March, 2019 : 7,400) Equity Shares of Bilaspur 0.01 0.01
Pathrapali Road Pvt. Ltd. of H 10/- each (Refer note 6(a)(i))
20) 10,000 (31st March, 2019 : 10,000) Equity Shares of Mundra Copper 0.01 0.01
Ltd. of H 10/- each
21) 1,00,000 (31st March, 2019 : 1,00,000) Equity Shares of Bailadila 0.10 0.10
Iron Ore Mining Pvt. Ltd. of H 10/- each
22) 59,36,157 (31st March, 2019 : 7,400) Equity Shares of Prayagraj 5.94 0.01
Water Pvt. Ltd. of H 10/- each (Refer Note 6(a)(ii))
23) 10,000 (31st March, 2019 : 10,000) Equity Shares of Adani Water 0.01 0.01
Ltd. of H 10/- each
24) 7,400 (31st March, 2019 : Nil) Equity Shares of Gidhmuri Paturia 0.01 -
25) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Airport 0.01 -
Holdings Ltd. (formerly known as Adani Airports Ltd.) of H 10/- each

6 Non Current Investments (Contd..)

(H in crore)
26) 10,000 (31st March, 2019 : Nil) Equity Shares of Gare Pelma II 0.01 -
Mining Pvt. Ltd. of H 10/- each
27) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Ahmedabad 0.01 -
International Airport Ltd. of H 10/- each
28) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Mangaluru 0.01 -
International Airport Ltd. (formerly known as Adani Mangalore
International Airport Ltd.) of H 10/- each
29) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Lucknow 0.01 -
30) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Jaipur 0.01 -
31) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Guwahati 0.01 -
32) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani 0.01 -
Thiruvananthapuram International Airport Ltd. (formerly known as
Adani Trivandrum International Airport Ltd.) of H 10/- each
33) 10,000 (31st March, 2019 : Nil) Equity Shares of Gare Palma II 0.01 -
34) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Metro 0.01 -
Transport Ltd of H 10/- each
35) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Railways 0.01 -
Transport Ltd. of H 10/- each
36) 10,000 (31st March, 2019 : Nil) Equity Shares of Adani Iron Ore 0.01 -
Mining Pvt Ltd. of H 10/- each
37) 10,000 (31st March, 2019 : Nil) Equity Shares of Kurmitar Iron Ore 0.01 -
Mining Pvt Ltd of H 10/- each
38) 10,000 (31st March, 2019 : Nil) Equity Shares of Kurmitar Mining Pvt 0.01 -
Ltd of H 10/- each
39) 10,000 (31st March, 2019 : Nil) Equity Shares of Stratatech Mineral 0.01 -
Resources Pvt Ltd of H 10/- each
(b) Investment in Equity Instruments of Jointly Controlled Entities
(all fully paid)
1) 1,88,27,550 (31st March, 2019 : 1,48,27,550) Equity Shares of Adani 18.83 14.83
Elbit Advanced Systems India Ltd. of H 10/- each
Chendipada Mining Pvt. Ltd. of H 10/- each
3) 25,500 (31st March, 2019 : 25,500) Equity Shares of Jhar Mining 0.03 0.03
Infra Pvt. Ltd. of H 10/- each
(c) Investment in Equity Instruments of Associate companies
(all fully paid)
1) 3,52,000 (31st March, 2019 : 3,52,000) Equity Shares of Mundra 0.35 0.35
SEZ Textile & Apparel Park Pvt. Ltd. of H 10/- each
Less: Impairment in value of investment (0.35) - (0.35) -
2) Nil (31st March, 2019 : 78,400) Equity Shares of CSPGCL AEL Parsa - 0.08
Collieries Ltd. of H 10/- each (Refer note 6(f))
Less: Impairment in value of investment - - (0.08) -
GSPC LNG Ltd. of H 10/- each
4) 24,500 (31st March, 2019 : Nil) Equity Shares of Adani Power 0.02 -
Resources Ltd. of H 10/- each
(d) Investment in Preference Shares of Subsidiary companies
(all fully paid)
1) Nil (31st March, 2019 : 5,69,61,000) 0.01% Non Cumulative Optionally - 56.96
Convertible Preference Shares of Adani Agri Fresh Ltd. of H 10/- each
(Refer Note 6(e))

Corporate Overview
(H in crore)
(e) Investment in Debentures of Subsidiary companies (all fully paid)
1) 3,00,00,000 (31st March, 2019 : 3,00,00,000) 0% Compulsory 300.00 300.00
Convertible Debentures of Adani Green Technology Ltd. of H 100/- each
2) 47,25,415 (31st March, 2019 : 47,07,098) 0% Compulsory Convertible 47.25 47.07
Debentures of Natural Growers Pvt. Ltd. of H 100/- each
Less: Impairment in value of investment (Refer note 6(c)) (29.71) 17.54 (4.71) 42.36
3) 7,83,39,140 (31st March, 2019 : 6,92,21,340) 0% Compulsory Convertible 783.39 692.21
Debentures of Adani Welspun Exploration Ltd. of H 100/- each
(f) Investment in Limited Liability Partnerships
Statutory Reports
1) Adani Commodities LLP (Refer note 6(d)) 342.07 342.62
2) Adani Tradecom LLP (Refer Note 6(d)) 11.09 11.66
3) Adani Tradewing LLP 0.05 0.05
4) Adani Tradex LLP 183.84 126.85
5) Mahaguj Power LLP 0.29 0.05
2,273.83 1,943.16
II UNQUOTED INVESTMENTS (measured at FVTPL)
Investment in Other Equity Instruments (all fully paid)
1) 20,000 (31st March, 2019 : 20,000) Equity shares of Kalupur 0.05 0.05
Commercial Co-op. Bank of H 25/- each
2) 4 (31st March, 2019 : 4) Equity Shares of The Cosmos Co.op.Bank 0.00 0.00
Ltd. of H 25/- each
3) 4,000 (31st March, 2019 : 4,000) Equity Shares of Shree Laxmi Co- 0.01 0.01
op Bank Ltd. of H 25 each
Less: Impairment in value of investment (0.01) - (0.01) -
0.05 0.05
III UNQUOTED INVESTMENTS (measured at Amortised Cost)
Investment in Government or Trust securities
6 Year National Saving certificates 0.03 0.03
(Lodged with Government departments)
0.03 0.03
Total (I+II+III) 2,273.91 1,943.24
Aggregate amount of unquoted investments 2,273.91 1,943.24
Aggregate amount of impairment in value of investments 30.07 5.15
Notes:

6a) Details of Shares pledged:
i) Includes 5,100 (31st March, 2019 : 5,100) shares pledged against loans taken by subsidiary company - Bilaspur
Pathrapalli Road Private Ltd. from bank / financial institutions.
Notice
ii) Includes 40,91,135 (31st March, 2019 : Nil) shares pledged against loans taken by subsidiary company - Prayagraj
Water Private Limited from bank / financial institution.
6b) Net Worth of 10 subsidiaries as on 31st March, 2020 has been eroded and there is a consequent possibility
of impairment of Equity Investment of H 103.27 crore. Looking to the subsidiaries’ future business plans and
growth prospects, such impairment if any is considered to be temporary in nature and no impairment in value of
investment is made in the accounts of the Company.
6c) Due to temporary closure of plant in this subsidiary, the Company has considered impairment in value of its
investment to the tune of H 25 crore ( 31st March, 2019 H 4.71 crore) in the current financial year.
6d) Above investment includes deemed investment on account of Corporate Guarantee issued to these entities /
their subsidiaries.
6e) During the year, the Company has exercised the option to convert its holding of Non Cumulative Optionally
Convertible Preference Shares in Adani Agri Fresh Ltd into Equity Shares. Accordingly, the value of investment
has been reclassified to 'Investment in Equity Instruments of Subsidiary Companies' for Adani Agri Fresh Ltd.
6f) During the year, CSPGCL AEL Parsa Collieries Ltd has been disolved and its name has beeen striked off from
Ministry of Corporate Affairs w.e.f 30th January 2020.

7 Other Non Current Financial Assets

(Unsecured, considered good)
(H in crore)
Security deposit 46.55 19.28
Share application money pending allotment
Adani Defence Systems and Technologies Ltd. 50.00 26.50
96.55 45.78
8 Deferred Tax Assets (Net)

a. Major Components of Deferred Tax Liability / Asset (net)
(H in crore)
Deferred Tax Liability
Property, Plant & Equipment and Intangible Assets 165.12 221.10
Others 6.32 14.87
Gross Deferred Tax Liability 171.44 235.97
Deferred Tax Assets
Allowances for Credit Losses 24.77 13.69
Employee Benefits Liability 6.12 4.23
Deferred Revenue Expenditure 4.56 7.99
MAT Credit Entitlement 206.04 376.03
Others 8.19 2.30
Gross Deferred Tax Assets 249.68 404.24
Net Deferred Tax Assets 78.24 168.27
Note: In accordance with the Ind AS 12, the deferred tax expense for H 90.61 crore (31st March, 2019 : H 44.52 crore
deferred tax expense) for the year has been recognised in the Statement of Profit & Loss.
b. The gross movement in the deferred tax account for the year ended 31st March 2020 and 31st March 2019, are as
follows:
(H in crore)
Net Deferred Tax Asset at the beginning 168.27 214.01
Tax (Expenses) / Income recognised in:
Difference in tax base of assets / liabilities
Property, Plant & Equipments and Intangible Assets 55.98 (15.06)
Other Deferred Tax Liabilities 8.55 3.07
Allowances for Credit Losses 11.08 0.23
Employee Benefits Liability 1.31 (0.83)
Deferred Revenue Expenditure (3.43) 6.45
Unabsorbed Depreciation / Business Loss - (72.31)
MAT Credit Entitlement (169.99) 29.95
Other Deferred Tax Assets 5.89 2.30
Net Deferred Tax Asset at the end 78.24 168.27

Corporate Overview
c. Reconciliation of Income Tax Expense and the Accounting Profit multiplied by India’s applicable tax rate:
This note presents the reconciliation of Income Tax charged as per the applicable tax rate specified in Income Tax
Act, 1961 & the actual provision made in the Financial Statements as at 31st March 2020 & 31st March 2019 with
breakup of differences in Profit as per the Financial Statements and as per Income Tax Act, 1961.
(H in crore)
Profit Before Tax attributable to:
Profit Before Tax as per Statement of Profit & Loss 969.55 629.96
Statutory Reports
Tax Rate for Corporate Entity as per Income Tax Act, 1961 34.944% 34.944%
Tax Expense as per Income Tax Act, 1961 338.80 220.13
Tax Effect of:
Incomes exempt from Income Tax (0.01) (72.19)
Adjustment in respect of tax on income taxed differently as per (3.03) (9.65)
Income Tax Law
Expenses permanently disallowed from Income Tax 10.35 1.17
Adjustments for changes in estimates of deferred tax assets - (2.89)
Impact of Deferred Tax due to change in tax rate (77.34) -
Tax adjustment of earlier years 0.71 2.87
Others 1.18 3.27
Total Tax Expense attributable to:
d. Provision For Taxation :
Provision for taxation for the year has been made after considering allowance, claims and relief available to the
Company as advised by the Company’s tax consultants.
There are certain income-tax related legal proceedings which are pending against the Company. Potential liabilities,
if any have been adequately provided for, and the Company does not currently estimate any probable material
incremental tax liabilities in respect of these matters. (Refer note 40(A))
e. Transfer Pricing Regulations :
The Company has established a comprehensive system of maintenance of information and documentation as required
Notice
by the transfer pricing legislation under section 92 – 92F of the Income Tax Act, 1961.
The management is of the opinion that its international transactions are at arm’s length and the aforesaid legislation
will not have any impact on the financial statements, particularly on the amount of tax expense and that of provision for
taxation.
f. Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 :
The Company has decided to continue with the existing tax structure until utilisation of accumulated minimum
alternative tax (MAT) credit. However, the Company has used the new tax rates to re-measure their deferred tax
liabilities that is expected to reverse in future when the companies would migrate to the new tax regime. The full
impact of this change in tax rates was recognised in tax expenses during the year ended 31st March 2020.

9 Income Tax Assets (Net)

(H in crore)
Advance payment of income tax (net of provision) 210.29 168.46
210.29 168.46
10 Other Non-Current Assets

(H in crore)
Capital advances 33.36 62.39
Prepaid expenses 176.49 -
Deposits against demand in disputes 137.64 131.68
347.49 194.07
11 Inventories
(Valued at lower of cost or net realisable value)
(H in crore)
Traded goods (Refer Note a) 1,516.81 1,893.08
Stores and spares 10.66 8.80
1,527.47 1,901.88
Note:
a) Includes Goods in Transit H 387.29 crore (31st March 2019 : H 788.15 crore).
b) For security / hypothecation, refer note 21 & 24.
12 Current Investments
(H in crore)
Unquoted Investment in Bonds (measured at Amortised Cost)
10 (31st March, 2019 : 10) 11.80% LVB-Tier-II 2024 bonds of Laxmi Vilas 1.00 1.00
Bank Ltd. of H 10,00,000/- each
1.00 1.00
Aggregate amount of unquoted investments 1.00 1.00
Aggregate amount of impairment in value of unquoted investments - -
13 Trade Receivables
(H in crore)
Unsecured, Considered good 3,846.48 5,182.05
Unsecured, Credit Impaired 26.17 29.50
3,872.65 5,211.55
Allowance for Credit Losses (26.17) (29.50)
3,846.48 5,182.05
Above includes due from related parties
Unsecured, Considered good (Refer Note 45) 1,811.16 3,419.43
Note:
For security / hypothecation, refer note 21 & 24.

Corporate Overview
14 Cash & Cash Equivalents
(H in crore)
Balances with banks:
- In current accounts 207.91 105.43
- Deposits with original maturity of less than three months 202.62 14.04
Cheques / drafts on hand - 20.81
Cash on hand 0.55 0.55
411.08 140.83
15 Bank Balances (Other Than Cash & Cash Equivalents)
Statutory Reports
(H in crore)
Margin money deposits (lodged against bank guarantee and letter of 240.80 146.79
credits)
Margin money deposits (Against Margin of buyers credit) - 6.58
Deposits with original maturity over 3 months but less than 12 months 131.00 55.15
Earmarked balances in unclaimed dividend accounts 0.41 0.35
372.21 208.87
16 Current Loans
(H in crore)
Loans given
Loans to related parties (Refer Note 45) 1,491.01 1,894.87
Loans to others 125.90 114.46
Loans to employees 3.65 4.19
1,620.56 2,013.52
17 Other Current Financial Assets

(H in crore)
Notice
Security deposits 39.32 37.99
Other accrued interest (net of provision for doubtful receivable) 1.08 14.36
Interest accrued but not due 8.76 5.43
Unbilled revenue 18.54 73.30
Insurance claim Receivable 36.59 -
Derivative assets 115.48 6.57
Claims recoverable from Mine Owners (Refer note (a)) 361.07 297.92
Other financial assets 55.98 0.02
636.82 435.59
Notes:
(a) The Company has incurred cost as Mine Developer Cum Operator for Machhakata and Chendipada Coal blocks,
allotment of which have been cancelled pursuant to the Supreme Court orders dated 24th Aug, 2014 and 25th Sep,
2014. The Company has filed claim for cost of investment in respect of Machhakata Coal block against MahaGuj
Colleries Ltd. and for Chendipada Coal block against UCM Coal Company Ltd. Due to favourable arbitration orders
these amounts have been classified as current financial assets during the previous year.
(b) Refer Note : 45 for receivable from Related Party

18 Other Current Assets

(H in crore)
Advances to suppliers
Considered good 241.80 149.44
Considered doubtful 8.99 8.99
250.79 158.43
Allowance for doubtful advances (8.99) 241.80 (8.99) 149.44
Advances to employees 2.39 1.62
Prepaid expenses 37.38 19.55
Excess Contribution towards Gratuity (Refer Note 44) - 4.83
Balances with Government Authorities 405.35 314.73
Service Work in Progress (Refer Note 2(II)(s)) 28.80 10.70
715.72 500.87
Refer Note : 45 for receivable from Related Party
19 Equity Share Capital

(H in crore)
AUTHORISED
4,85,92,00,000 (31st March, 2019 : 4,85,92,00,000) 485.92 485.92
Equity Shares of H 1/- each
485.92 485.92
ISSUED, SUBSCRIBED & FULLY PAID-UP
1,09,98,10,083 (31st March, 2019: 1,09,98,10,083) 109.98 109.98
Equity Shares of H 1/- each
109.98 109.98
(a) Reconciliation of the number of Shares Outstanding
Equity shares As at 31st March, 2020 As at 31st March, 2019

Nos. (J in crore) Nos. (J in crore)
At the beginning of the year 1,09,98,10,083 109.98 1,09,98,10,083 109.98
Movements for the year - - - -
Outstanding at the end of the year 1,09,98,10,083 109.98 1,09,98,10,083 109.98
(b) Rights, preferences and restrictions attached to each class of shares
The Company has only one class of Equity Shares having a par value of H 1/- per share and each holder of the Equity
Shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting,
except in case of Interim Dividend.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the
remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion
to the number of shares held by the shareholders.

Corporate Overview
(c) Details of shareholders holding more than 5% shares in the Company

Nos. % Holding Nos. % Holding
Equity shares of J 1 each fully paid
Shri Gautam S. Adani / Shri Rajesh S. Adani 62,11,97,910 56.48% 62,11,97,910 56.48%
(on behalf of S. B. Adani Family Trust)
Adani Tradeline LLP 9,94,91,719 9.05% 9,94,91,719 9.05%
72,06,89,629 65.53% 72,06,89,629 65.53%
20 Other Equity
(H in crore)
Statutory Reports
20.1 GENERAL RESERVE
As per last balance sheet 344.94 334.94
Add : Transferred from Retained Earnings 25.00 10.00
369.94 344.94
20.2 SECURITIES PREMIUM
As per last balance sheet 982.64 982.64
982.64 982.64
20.3 CAPITAL RESERVE
As per last balance sheet - 24.55
Less : On Account of Scheme of Arrangement - (24.55)
- -
20.4 RETAINED EARNINGS
As per last Balance Sheet 1,811.26 2,456.28
Profit/(Loss) for the year 698.89 487.24
Other Comprehensive Income (1.08) (0.88)
On Account of Scheme of Arrangement - (1,068.36)
Dividend on Equity Shares (43.99) (43.99)
Tax on Dividend (9.04) (9.04)
Interim Dividend on Equity Shares (109.98) -
Tax on Interim Dividend (22.62) -
Transfer to General Reserve (25.00) (10.00)
2,298.44 1,811.26
Notice
3,651.02 3,138.84
Nature and Purpose of Reserves

General Reserve
General reserve is created by the Company by appropriating the balance of Retained Earnings. It is a free reserve
which can be used for meeting the future contingencies, creating woking capital for business operations, strengthing
the financial position of the Company etc.
Securities Premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.


Capital Reserve
It is a difference between the net assets acquired in the subsidiary and the consideration paid for the acquisition.
This is not a free reserve and cannot be utilised for the distribution of dividends.

Retained Earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.
21 Long Term Borrowings

(H in crore)
Term Loans
From Banks - Secured (Refer Note a and b) 551.25 508.16
Loans from Related parties
Loans from Related Parties-Unsecured (Refer note c) 500.00 420.18
1,051.25 928.34
The above amount includes
Secured borrowings 551.25 508.16
Unsecured borrowings 500.00 420.18
1,051.25 928.34
Notes :
a) Outstanding loan from Yes Bank of H 513.75 crore (31st March, 2019 : H 536.76 crore) are secured through first
ranking hypothecation / charge / pledge / mortgage on borrower's Parsa East and Kente Basin blocks immovable
and movable properties, leasehold / sub-leasehold rights over the land and property pertaining to coal washery
and railway land, revenue and receivables, project accounts, both present and future, relating to the said project.
Repayment of balance loan from Yes Bank is repayable in 40 quarterly instalments from May, 2020.
b) Outstanding loan from Indusind Bank of H 333.33 crore (31st March, 2019 : H NIL) are secured through subservient
charges over current assets of Adani Enterprises Limited excluding those pertaning to mining division of the
company. Repayment of loan from Indusind Bank is repayable in 5 quarterly instalments from June, 2020.
c) Unsecured loan from Sunbourne Developers Private Limited of H 500 crore (31st March, 2019 : H NIL) is repayable
in April, 2021. Unsecured loan from Adani Bunkering Private Limited of H 420.18 crore outstanding as at 31st
March, 2019 has been repaid during the year.
d) The above loans carry interest rate in the range of 9% to 11% p.a.
e) For the current maturities of long-term borrowings, refer note 26 - Other Current Financial Liabilities.
22 Other Non-Current Financial Liabilities

(H in crore)
Retention Money 48.85 103.17
Lease Liability (Refer note 43) 14.13 -
62.98 103.17

Corporate Overview
23 Long Term Provisions
(H in crore)
Provision for Employee Benefits (Refer note 44)
Provision for Gratuity 2.46 -
Provision for Compensated Absences 15.52 10.80
Other Provision
Asset Retirement Obligation (Refer note (a)) 7.12 6.59
25.10 17.39
Note (a) : Movement in Asset Retirement Obligation

(H in crore)
Statutory Reports
Opening Balance 6.59 6.11
Add : Additions during the year 0.53 0.48
Less :Utilised / (Settled) during the year - -
24 Short Term Borrowings

(H in crore)
i Loans from related parties repayable on demand (Unsecured) 1,124.19 762.09
ii From Banks
Term Loan - Secured (Notes a, b and c) 354.14 410.00
Term Loan - Unsecured (Note d) - 300.00
Cash credit facilities - Secured (Note e) 113.56 245.24
iii From Others
Commercial Paper - Unsecured 85.00 198.00
1,676.89 1,915.33
The above amount includes
Secured borrowings 467.70 655.24
Unsecured borrowings 1,209.19 1,260.09
1,676.89 1,915.33
Notes:
a) Short term loan from RBL Bank is H NIL (31st March 2019 : H 150 crore) and from IndusInd Bank of H 200 crore
(31st March 2019 : H 200 crore) are secured by subservient charge on current assets and movable fixed assets of
Notice
the Company excluding those pertaining to mining division. The same are repayable July, 2020.
b) Short term loan from Yes Bank H NIL (31st March, 2019 : H 60 crore) is secured through first ranking hypothecation
/ charge / pledge / mortgage on Parsa East and Kente Basin blocks immovable and movable properties, leasehold /
sub-leasehold rights over the land and property pertaining to coal washery and railway land, revenue and receivables,
project accounts, both present and future, relating to the said project. The same has been repaid during the year.
c) Secured WCDL loan from Yes Bank of H 90 crore (31st March, 2019 : H NIL) and from RBL Bank of H 64.14 crore
(31st March, 2019 : H NIL) secured by subservient charge on current assets and movable fixed assets of the Company
excluding those pertaining to mining division are repayable in the month of April, 2020 and May, 2020.
d) Unsecured loan from IndusInd Bank of H 300 crore outstanding as at 31st March, 2019 has been repaid during the
year.
e) Cash credit facility from Yes Bank and Central Bank is secured through first ranking hypothecation / charge /
pledge / mortgage on Parsa East and Kente Basin blocks immovable and movable properties, leasehold / sub-
leasehold rights over the land and property pertaining to coal washery and railway land, revenue and receivables,
project accounts, both present and future, relating to the said project.
f) The above loans carry interest rate in the range of 9% to 11% p.a.

25 Trade Payables
(H in crore)
Acceptances 1,333.42 1,743.63
Trade payables
- Total outstanding dues of creditors other than micro and small 5,045.11 5,981.59
enterprises
6,380.58 7,726.56
Notes :
(a) Refer Note : 45 for balances payable to related parties
(b) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(H in crore)
(i) Principal amount remaining unpaid to any supplier as at the 2.05 1.34
end of the accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at - -
the end of the accounting year
(iii) The amount of interest paid along with the amounts of the - -
payment made to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the - -
end of the accounting year
(vi) The amount of further interest due and payable even in the - -
succeeding year, until such date when the interest dues as
above are actually paid
The Disclosure in respect of the amounts payable to Micro and Small Enterprises have been made in the
financial statements based on the information received and available with the Company. Further in view of the
Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act
is not expected to be material. The Company has not received any claim for interest from any supplier as at the
balance sheet date. These facts have been relied upon by the auditors.
26 Other Current Financial Liabilities

(H in crore)
Current maturities of long term debt
From Banks - Secured (Refer note 21 (a) and (b)) 283.49 21.70
Customers' Bill Discounted 185.61 183.63
Unclaimed Dividend (Refer note a) 0.41 0.35
Capital Creditors 98.68 88.19
Derivative Liability 1.33 117.95
Current Lease Liability (Refer note 43) 4.14 -
Others 3.77 0.58
582.85 417.96
Note:
a) As at 31st March, 2020, there is no amount due and outstanding to be transferred to the Investor Education and
Protection Fund by the Company. Unclaimed Dividend, if any, shall be transferred to Investor Education and
Protection Fund as and when it becomes due.

Corporate Overview
27 Other Current Liabilities
(H in crore)
Revenue received in advance
Advance from Customers 259.54 226.44
Others
Statutory dues (including GST, TDS, PF and others) 40.40 46.22
Others - 3.47
299.94 276.13
28 Short Term Provisions
Statutory Reports
(H in crore)
Provision for Employee Benefits
Provision for compensated absences (Refer note no. 44) 6.33 5.26
Other Provision
Provision for Minimum Work Program (Refer note (a)) 38.65 34.53
44.98 39.79
Note (a) : Movement in Provision for Minimum Work Program

(H in crore)
Add : Additions during the year - 10.11
Less : Utilised / Settled during the year - -
Add / (Less) : Exchange rate difference 4.12 1.94
29 Revenue From Operations

(H in crore)
Revenue from Contracts with Customers
Sale of Goods 14,119.64 13,384.34
Notice
Sale of Services 2,069.85 1,950.28
Other Operating Revenue
Insurance Claim Received 0.85 7.61
Profit from Limited Liability Partnerships 0.04 192.40
Others 18.31 6.67
16,208.69 15,541.30
Note:
a) Reconciliation of revenue recognised with contract price:
(H in crore)
Contract Price 16,213.29 15,354.45
Adjustment for:
Refund Liabilities (23.80) (19.83)
16,189.49 15,334.62

b) Significant changes in contract assets and liabilities during the period:

(H in crore)
Contract assets reclassified to receivables 73.30 22.64
Contract liabilities recognised as revenue during the year 226.44 133.28
30 Other Income
(H in crore)
Interest Income
Current Investments 0.12 0.12
Bank Deposits 22.27 15.52
Inter Corporate Loans 123.63 203.94
Delayed payment from Customers 203.77 99.09
Others 15.83 15.07
Dividend Income from Current Investments - 0.01
Others
Net Gain on Sale of Current Investments 8.68 23.42
Liabilities No Longer Required Written Back 22.64 5.27
Miscellaneous Income 13.39 19.86
410.33 382.30
31 Purchases of Stock-In-Trade
(H in crore)
Purchases of Stock-in-Trade 12,303.72 13,230.36
12,303.72 13,230.36
32 Changes in Inventories of Stock-In-Trade

(H in crore)
Inventories at the beginning of the year
Traded goods 1,893.08 1,287.81
Inventories at the end of the year
Traded goods 1,516.81 1,893.08
376.27 (605.27)
33 Employee Benefits Expense

(H in crore)
Salaries, Wages & Bonus 239.37 204.82
Contributions to Provident & Other Funds 16.71 17.58
Staff Welfare Expenses 19.79 16.96
275.87 239.36
34 Finance Costs
(H in crore)
Interest 309.13 492.74
Bank and Other Finance Charges 71.88 79.94
Exchange difference regarded as an adjustment to Borrowing Cost - 8.39
381.01 581.07

Corporate Overview
35 Operating and Other Expenses
(H in crore)
Stores & Spares Consumed 12.01 7.08
Clearing & Forwarding Expenses 1,067.20 612.68
Coal Mining Operating Expenses 658.26 364.55
Loss of Stock due to Fire 9.19 2.07
Electric Power Expenses 44.19 30.37
Rent & Infrastructure Usage Charges 11.92 11.73
Repairs to:
Buildings 6.93 4.62
Statutory Reports
Plant & Machinery 1.95 1.06
Others 20.53 15.04
29.41 20.72
Insurance Expenses 6.69 4.38
Rates & Taxes 3.63 2.40
Communication Expenses 3.43 2.62
Travelling & Conveyance Expenses 21.33 18.72
Stationery & Printing Expenses 2.33 1.36
Rebates, Selling and Advertising Expenses 107.29 79.40
Donation 0.37 0.35
Legal & Professional Fees 59.43 60.67
Payment to Auditors
For Statutory Audit 0.54 0.54
For Other Services 0.02 0.04
0.56 0.58
Directors Sitting Fees 0.21 0.20
Commission to Non-Executive Directors 0.56 0.54
Supervision & Testing Expenses 10.38 8.90
Bad debts / Advances Written off 28.49 35.57
Impairment in value of Investments (net) 24.92 5.14
Allowances for Credit Loss / Doubtful advances 31.73 11.60
Business Support Expenses 0.03 0.07
Office Expenses 19.40 10.37
Manpower Services 47.92 39.02
Net Exchange Rate Difference non financing activity 282.40 381.79
Loss on Sale of Assets (Net) 0.08 0.29
Miscellaneous Expenses 14.60 9.61
Corporate Social Responsibility Expenses (Refer note 51) 9.01 6.09
Notice
2,506.97 1,728.87
36 Exceptional Items
(H in crore)
Price escalation claim and interest thereon (Note (a)) 315.34 -
Stamp duty on account of scheme of arrangement (Note (b)) - (25.00)
Net (Gain)/Loss on disposal of non-current investments (Note (c)) - 4.18
315.34 (20.82)
Note :
a) During the current year ended 31st March, 2020 the Company has received a favourable order from the Hon’ble
Supreme Court with respect to its claim of price escalation in mining business. Pursuant to the favourable order,
the Company recognised cumulative revenue and interest thereon since financial year 2013-14.

36 Exceptional Items (Contd..)

b) During the previous year, Stamp duty of H 25 crore paid on account of Composite Scheme of Arrangement for the
demerger of Renewable Power Undertaking from the Company.
c) Net Gain of H 4.18 crore on disposal of 100% equity holding in subsidiaries - Adani Agri Logistics Ltd., Adani Agri
Logistics (Dahod) Ltd., Adani Agri Logistics (Samastipur) Ltd., Adani Agri Logistics (Darbhanga) Ltd., Adani Power
Dahej Ltd., Pench Power Thermal Energy (MP) Ltd. (formerly known as Adani Pench Power Ltd.) and Kutchh
Power Generation Ltd.
37 Discontinued Operations
The Scheme of Arrangement among Adani Enterprises Limited, Adani Gas Limited (AGL) and Adani Gas Holdings
Limited and their respective shareholders and creditors had become effective from its appointed date of 28th
August, 2018. Accordingly, the results of Gas Sourcing and Distribution Undertaking were classified as Discontinued
Operations in these financial statements for the year ended on 31st March, 2019.
The break-up of the financial results of Discontinued Operations is as follows :

(H in crore)
Particulars For the year ended
31st March, 2019
Gas Sourcing and
Distribution Undertaking
Revenue from Operations 15.45
Other Income -
Total Income 15.45
Cost of Material and Other Expenses 12.69
Finance Costs -
Total Expenses 12.69
Profit / (Loss) before tax from Discontinued Operations 2.76
Tax Expense 0.43
Profit / (Loss) after tax from Discontinued Operations 2.33
Earning per share (Face Value J 1 each)
Basic and Diluted 0.02
38 Financial Instruments and Risk Review

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

Fair Value Hierarchy :
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:
Level-1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level-2 : Inputs are other than quoted prices included within Level-1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Corporate Overview
Level-3 : Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole
or in part using a valuation model based on the assumptions that are neither supported by prices from observable
current market transactions in the same instrument nor are they based on available market data.
The following tables summarise carrying amounts of financial instruments by their categories and their levels in fair
value hierarchy for each year end presented.
As at 31st March, 2020 :

(H in crore)
Particulars FVTPL FVTOCI Amortised Total
Level-1 Level-2 Level-3 Cost
Financial Assets
Statutory Reports
Investments - - 0.05 - 1.03 1.08
Trade Receivables - - - - 3,846.48 3,846.48
Cash & Cash Equivalents - - - - 411.08 411.08
Other Bank Balances - - - - 372.21 372.21
Loans - - - - 1,620.56 1,620.56
Derivative Assets - 115.48 - - - 115.48
Other Financial Assets - - - - 617.89 617.89
Total - 115.48 0.05 - 6,869.25 6,984.78
Financial Liabilities
Borrowings - - - - 3,011.63 3,011.63
Trade Payables - - - - 6,380.58 6,380.58
Derivative Liabilities - 1.33 - - - 1.33
Other Financial Liabilities - - - - 361.01 361.01
Total - 1.33 - - 9,753.22 9,754.55

(H in crore)
Level-1 Level-2 Level-3 Cost
Financial Assets
Investments - - 0.05 - 1.03 1.08
Trade Receivables - - - - 5,182.05 5,182.05
Cash & Cash Equivalents - - - - 140.83 140.83
Other Bank Balances - - - - 208.87 208.87
Loans - - - - 2,013.52 2,013.52
Derivative Assets - 6.57 - - - 6.57
Notice
Other Financial Assets - - - - 474.80 474.80
Total - 6.57 0.05 - 8,021.10 8,027.72
Borrowings - - - - 2,865.37 2,865.37
Trade Payables - - - - 7,726.56 7,726.56
Derivative Liabilities - 117.95 - - - 117.95
Other Financial Liabilities - - - - 381.48 381.48
Total - 117.95 - - 10,973.41 11,091.36
Notes :
(a) Investments exclude Investment in Subsidiaries, Jointly Controlled Entities and Associates.
(b) Carrying amounts of current financial assets and liabilities as at the end of the each year presented approximate
the fair value because of their short term nature. Difference between carrying amounts and fair values of other
non-current financial assets and liabilities subsequently measured at amortised cost is not significant in each
of the year presented.

(b) Financial Risk Management Objective and Policies :
The Company’s risk management activities are subject to the management direction and control under the framework
of Risk Management Policy as approved by the Board of Directors of the Company. The Management ensures
appropriate risk governance framework for the Company through appropriate policies and procedures and that risks
are identified, measured and managed in accordance with the Company’s policies and risk objectives.
The Company is primarily exposed to risks resulting from fluctuation in market risk, credit risk and liquidity risk, which
may adversely impact the fair value of its financial instruments.
(i) Market Risk
Market risk is the risk that future earnings and fair value of future cash flows of a financial instrument may
fluctuate because of changes in market price. Market risk comprises of currency risk and interest risk.
A. Foreign Currency Exchange Risk :
Since the Company operates internationally and portion of the business transacted are carried out in more than
one currency, it is exposed to currency risks through its transactions in foreign currency or where assets or
liabilities are denominated in currency other than functional currency.
The company evaluates exchange rate exposure arising from foreign currency transactions and follows
established risk management policies including the use of derivatives like foreign exchange forward and option
contracts to hedge exposure to foreign currency risks.
For open positions on outstanding foreign currency contracts and details on unhedged foreign currency
exposure, please refer note no. 39.
For every percentage point depreciation / appreciation in the exchange rate between the Indian Rupee and the
U. S. Dollar, the Company’s profit for the year would increase or decrease as follows:
(H in crore)
Impact on profit for the year 10.46 8.08
B. Interest Risk :
The Company is exposed to changes in interest rates due to its financing, investing and cash management
activities. The risks arising from interest rate movements arise from borrowings with variable interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and
borrowings.
The Company’s risk management activities are subject to the management, direction and control of Central
Treasury Team of the Adani Group under the framework of Risk Management Policy for interest rate risk. The
Group’s Central Treasury Team ensures appropriate financial risk governance framework for the Company through
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance
with the Group’s policies and risk objectives.
For Company’s total borrowings, the analysis is prepared assuming that the amount of the liability outstanding
at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is
used, which represents management’s assessment of the reasonably possible change in interest rate.
(H in crore)
Total Borrowings 3,011.63 2,865.37

Corporate Overview
B. Interest Risk : (Contd..)
In case of fluctuation in interest rates by 50 basis points and all other variables were held constant, the Company’s
profit for the year would increase or decrease as follows:
(H in crore)
(ii)
Credit Risk
Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations resulting in a
Statutory Reports
loss to the Company. Financial instruments that are subject to credit risk principally consist of Loans, Trade and Other
Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets. The carrying amounts of financial
assets represent the maximum credit risk exposure.
Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as
concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of counter parties on
continuous basis with appropriate approval mechanism for sanction of credit limits. Credit risk from balances with
banks, financial institutions and investments is managed by the Company’s treasury team in accordance with the
Company’s risk management policy. Cash and cash equivalents and Bank Deposits are placed with banks having good
reputation, good past track record and high quality credit rating.
Since the Company has a fairly diversified portfolio of receivables in terms of spread, no concentration risk is
foreseen. A significant portion of the Company’s receivables are due from public sector units (which are government
undertakings) and hence may not entail any credit risk.
Movement in expected credit loss allowance on trade receivables:

(H in crore)
Changes during the year (3.33) 0.65
(iii)
Liquidity Risk
Liquidity risk refers the risk that the Company will encounter difficulty in meeting the obligations associated with
Notice
its financial liabilities. The Company’s objective is to provide financial resources to meet its obligations when they
are due in a timely, cost effective and reliable manner without incurring unacceptable losses or risking damage to
the Company’s reputation. The Company monitors liquidity risk using cash flow forecasting models. These models
consider the maturity of its financial investments, committed funding and projected cash flows from operations.
The tables below provide details regarding contractual maturities of significant liabilities as at the end of each year
end presented.

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


(H In crore)
Particulars Refer Note Less than Between More than Total
1 year 1 to 5 years 5 years
Borrowings 21, 24 & 26 1,937.03 551.08 377.26 2,865.37
Trade Payables 25 7,726.56 - - 7,726.56
Other Financial Liabilities 22 & 26 396.26 103.17 - 499.43
Total Financial Liabilities 10,059.85 654.25 377.26 11,091.36
(iv) Capital Management
For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves
attributable to the equity shareholders of the Company. The primary objective of the Company when managing
capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to
maximise shareholder value.
The Company monitors capital using gearing ratio, which is net debt (borrowings less cash and bank balances)
divided by total equity plus net debt.
(H in crore)
Total Borrowings (Refer note 21, 24 and 26) 3,011.63 2,865.37
Less: Cash and bank balance (Refer note 14 and 15) 783.29 349.70
Net Debt (A) 2,228.34 2,515.67
Total Equity (B) 3,761.00 3,248.82
Total Equity and Net Debt (C = A + B) 5,989.34 5,764.49
Gearing ratio 37% 44%
Management monitors the return on capital, as well as the levels of dividends to equity shareholders. The Company is
not subject to any externally imposed capital requirements. There have been no breaches in the financial covenants
of any borrowing in the current period. No changes were made in the objectives, policies or processes for managing
capital during the years ended 31st March, 2020 and 31st March, 2019.
39 Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency Exposure

(a) The outstanding foreign currency derivative contracts as at 31st March, 2020 in respect of various types of derivative
hedge instruments and nature of risk being hedged are as follows :
Forward derivative contracts in respect of Imports and Other Payables
Particulars Currency Foreign Currency Indian Rupees Foreign Currency Indian Rupees
in Millions in crore in Millions in crore
As at As at As at As at
31st March, 2020 31st March, 2020 31st March, 2019 31st March, 2019
Forward Contracts
Trade Payables USD 487.04 3,685.17 767.71 5,309.11
Total USD 487.04 3,685.17 767.71 5,309.11

Corporate Overview
(b) Foreign currency exposures not covered by derivative instruments or otherwise as at 31st March, 2020 as under :
Particulars Currency Foreign Currency Indian Rupees in Foreign Currency Indian Rupees
in Millions crore in Millions in crore
Interest Accrued but USD 0.05 0.40 0.10 0.69
not due
Trade Payables USD 138.18 1,045.53 116.80 807.71
Trade Payables GBP 0.02 0.15 - -
Other Receivables SGD 0.01 0.08 - -
Trade Receivables USD 0.02 0.14 0.02 0.13
Statutory Reports
Notes:
(i) As at 31st March, 2020 1 USD = H 75.6650, 1 GBP = H 93.5025, 1 SGD = H 53.025 and as at 31st March, 2019 1 USD
= H 69.155
(ii) The Company enters into derivative financial instruments such as foreign currency forward and option contracts
to mitigate the risk of changes in exchange rates on foreign currency exposures. The counter party for these
contracts is generally a bank.
All derivative financial instruments are recognised as assets or liabilities on the balance sheet and measured at fair
value. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the
derivative and the resulting designation. The use of derivative instruments is subject to limits, authorities and regular
monitoring by appropriate levels of management. The limits, authorities and monitoring systems are periodically
reviewed by management and the Board. The market risk on derivatives is mitigated by changes in the valuation of
the underlying assets, liabilities or transactions, as derivatives are used only for risk management purposes.
All derivative contracts stated above are for the purpose of hedging the underlying foreign currency exposure.
40 Contingent Liabilities and Commitments

(A) Contingent Liabilities to the extent not provided for :
(H in crore)
a) Claims against the Company not acknowledged as Debts 3.00 3.00
b) In respect of :
Income Tax (Interest thereon not ascertainable at present) 154.92 141.09
Service Tax 35.08 44.39
Notice
VAT / Sales Tax 304.16 233.20
Custom Duty (Interest thereon not ascertainable at present) 969.49 996.45
Excise Duty / Duty Drawback 0.61 0.61
FERA / FEMA 4.26 4.26
Stamp Duty on Demerger 68.75 68.75
c) In respect of Corporate Guarantee given:-
(amount outstanding at the end of the year)
i On behalf of its Subsidiaries 469.42 96.00
ii On behalf of its Other Related Parties 3,502.81 3,994.72
d) In respect of Bank Guarantees given for Subsidiaries / Group 482.55 348.15
Companies

(A) Contingent Liabilities to the extent not provided for : (Contd..)
e) The Hon’ble Supreme Court (SC) has passed a judgement dated 28th February 2019, relating to components
of salary structure to be included while computing the contribution to provident fund under the Employees
Provident Fund Act, 1952. The Company’s Management is of the view that there is considerable uncertainty
around the timing, manner and extent in which the judgment will be interpreted and applied by the regulatory
authorities. The Company will continue to assess any further developments in this matter for the implications on
financial statements, if any. Currently, the Company has not considered any impact in these financial statements.
f) Certain claims / show cause notices disputed have neither been considered as contingent liabilities nor
acknowledged as claims, based on internal evaluation of the management.
g) Show cause notice issued under Section 16 of the Foreign Exchange Management Act, 1999 read with Rule (4)
of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rule, 2000, in which liability is
unascertainable.
h) Show cause notices issued under The Custom Act, 1962, wherein the Company has been asked to show cause
why, penalty should not been imposed under section 112 (a) and 114 (iii) of The Custom Act,1962 in which liability
is unascertainable.
i) Show cause notices issued under Income Tax Act, 1961, wherein the Company has been asked to show cause
why, penalty should not been imposed under section 271(1)(c) in which liability is unascertainable.
j) Show cause notice issued by DGCEI proposes for imposition of penalties under Section 76 and Section 78 of the
Finance Act, 1994 in which liability is unascertainable.
k) Custom Department has considered a different view for levy of custom duty in respect of specific quality of
coal imported by the Company for which the Company has received demand show cause notices amounting to H
863.62 crore (31st March, 2019 : H 863.62 crore) from custom departments at various locations and the Company
has deposited H 378.63 crore (31st March, 2019 : H 378.63 crore) as custom duties under protest and contested
the view taken by authorities as advised by external legal counsel. The Company being the merchant trader
generally recovers custom duties from its customers and does not envisage any major financial or any other
implication and the net effect of the same is already considered above under clause (b)(Custom duty).
Note:
(i) Most of the issues of litigation pertaining to Central Excise / Service Tax / Income Tax are based on interpretation
of the respective Law & Rules thereunder. Management has been opined by its counsel that many of the issues
raised by revenue will not be sustainable in the law as they are covered by judgements of respective judicial
authorities which supports its contention. As such no material impact on the financial position and performance
of the Company is envisaged.
(ii) Other issues are either in ordinary course of business or not of substantial nature and management is reasonably
confident of their positive outcome. Management shall deal with them judiciously and provide for appropriately,
if any such need arises.
(iii) Future cash outflows in respect of the above matters are determinable only on receipt of judgments / decisions
pending at various forums / authorities / settlement of disputes.
(B) Capital and Other Commitments :

a) Capital Commitments
(H In crore)
Estimated amounts of contracts remaining to be executed and not 62.75 51.59
provided for (Net of Advances)

Corporate Overview
b)
Other Commitments :
i) The Company from time to time provides need based support to subsidiaries towards capital and other financial
commitments.
ii) For derivatives and lease commitments, refer Note 39 and 43 respectively.
41 The Company has initiated legal proceedings against various parties for recovery of dues and such legal proceedings
are pending at different stages as at the date of the Balance Sheet and are expected to materialise in recovering the
dues in the future. Based on the review of these accounts by the management, adequate provision has been made
for doubtful recovery. Management is hopeful for their recovery. In the opinion of the management adequate balance
is lying in General Reserve / Retained earnings to meet the eventuality of such accounts being irrecoverable.
Statutory Reports
42 During the current year, the Company has booked one off expense of H 290.98 crore in its mining division on account
of compensation cess on reject coal. Although the management strongly believes that the said amount is the
responsibility of customer and it has initiated necessary commercial and legal steps to recover the same, the expense
has been booked in line with Company’s conservative approach. The same is included in Coal Mining Operating
Expenses under Note 35 to Statement of Profit & Loss
43 Transition to Ind AS 116 'Leases'
The Ministry of Corporate Affairs (“MCA”) through the Companies (Indian Accounting Standards) Amendment Rules,
2019 has notified Ind AS 116 Leases (‘Ind AS 116’) which replaces the existing lease standard, Ind AS 17 Leases. Ind AS
116 sets out the principles for recognition, measurement, presentation and disclosure of leases for both lessees and
lessors.
Effective 1st April, 2019, the Company has adopted Ind AS 116 – 'Leases' and applied the standard to all lease contracts
existing on 1st April, 2019 using the modified retrospective method. The Company has recorded the lease liability at
the present value of the lease payments discounted at the incremental borrowing rate at the date of initial application
and right of use asset at an amount equal to the lease liability adjusted for any prepayments/accruals recognised in
the balance sheet as on 31st March, 2019. There is no impact on retained earnings as on 1st April, 2019.
The Company has elected below practical expedients on transition to Ind AS 116:
(i) Applied a single discount rate to a portfolio of leases with reasonably similar characteristics.
(ii) Applied the exemption not to recognise right of use assets and lease liabilities with less than 12 months of lease
term on the date of initial application.
(iii) Excluded the initial direct costs from the measurement of right of use asset at the date of initial application.
Notice
(iv) Elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for
contracts entered into before the transition date, the Company relied on its assessment made applying Ind AS 17
Leases.
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified assets for
a period of time in exchange for consideration.
(v) The Company has adopted Ind AS 116, effective annual reporting period beginning 1st April, 2019 and applied
the standards to its leases, prospectively, applying the standards on initial application without making any
adjustment to opening balance of retained earnings.
(vi) The Company has elected not to apply the requirements of Ind AS 116 to short term leases of all the assets that
have a lease term of twelve months or less and leases for which the underlying asset is of low value. The lease
payments associated with these leases are recognised as an expense on a straight line basis over the lease term.
(vii) The weighted average incremental borrowing rate applied to lease liabilities as at 1st April, 2019 is 10%.

(A) Leases as lessee

(i) The movement in Lease liabilities during the year
(H In crore)
Particulars As at
31st March, 2020
Opening Balance -
Balance as at 1st April, 2019 7.93
(on adoption of Ind AS 116 - Leases)
Additions during FY 2019-20 13.25
Finance costs incurred during the year 0.76
Payments of Lease Liabilities (3.67)
Balance as at 31st March, 2020 18.27
(ii) The carrying value of the Rights-of-use and depreciation charged during the year
For details pertaining to the carrying value of right of use of lease assets and depreciation charged thereon
during the year, kindly refer note -3 "Property, Plant & Equipments & Intangible Assets".
(iii) Amount Recognised in Statement of Profit & Loss Account during the Year
(H In crore)
(i) Expenses related to Short Term Lease & Low Asset Value Lease 3.09 -
(ii) Lease Expenses - 11.73
Total Expenses 3.09 11.73
(iv) Amounts recognised in statement of cash flows

(H In crore)
31st March, 2020
Total Cash outflow for Leases 3.67
(v) Maturity analysis of lease liabilities

(H In crore)
Particulars As at
31st March, 2020
Maturity Analysis of contractual undiscounted cash flows
Less than one year 4.33
One to five years 8.25
More than five years 34.54
Total undiscounted Lease Liability 47.12
Balances of Lease Liabilities
Non Current Lease Liability 14.13
Current Lease Liability 4.14
Total Lease Liability 18.27

Corporate Overview
44 The Company has made provision in the Accounts for Gratuity based on Actuarial valuation. The particulars under the
Ind AS 19 "Employee Benefits" furnished below are those which are relevant and available to the Company for this year.
(a) Contributions to Defined Contribution Plan, recognised as expense for the year are as under :
(H In crore)
Provident Fund 10.93 8.75
Superannuation Fund 0.31 0.22
Total 11.24 8.97
Statutory Reports
(b) The actuarial liability for compensated absences as at the year ended 31st March, 2020 is H 21.85 crore (31st March
2019 H 16.06 crore).
(c) Contributions to Defined Benefit Plan are as under :
The Company has a defined benefit gratuity plan (funded) and is governed by the Payment of Gratuity Act, 1972.
Under the Act, every employee who has completed at least five year of service is entitled to gratuity benefits on
departure at 15 days of basic salary (last drawn basic salary) for each completed year of service. The scheme is
funded with contributions to insurers (LIC and SBI) in form of a qualifying insurance policy.
The following tables summarise the component of the net benefits expense recognised in the statement of profit and
loss account and the funded status and amounts recognised in the balance sheet for the respective plan.
(1) Net amount recognised in the statement of Profit & Loss for the year
(H In crore)
Particulars Gratuity (Funded) Gratuity (Funded)
Current Service cost 4.68 3.37
Interest cost 2.35 2.02
Expected return on plan assets (2.63) (2.31)
Net amount recognised 4.40 3.08
(2) Net amount recognised in the Other Comprehensive Income for the year
(H In crore)
Actuarial (Gains) / Losses 1.40 1.52
Return on plan assets, excluding amount recognised in net interest 0.26 (0.18) Notice
expense
(3) Net amount recognised in the Balance Sheet

(H In crore)
i) Details of Provision for Gratuity
Present value of defined obligation 38.54 29.68
Fair value of plan assets 36.08 34.51
Surplus/(deficit) of funds (2.46) 4.83
Net asset/ (liability) (2.46) 4.83

(3) Net amount recognised in the Balance Sheet (Contd..)

(H In crore)
ii) Change in Present Value of the defined benefit obligation
Defined benefit obligation as at the beginning of period 29.68 29.14
Acquisition Adjustment (net) 1.23 (3.18)
Service cost 4.68 3.37
Past Service cost - -
Actuarial loss/(gain) - Due to change in Demographic Assumptions (0.27) -
Actuarial loss/(gain) - Due to change in Financial Assumptions 2.71 0.46
Actuarial loss/(gain) - Due to experience variance (1.04) 1.06
Benefits paid (0.80) (3.20)
Defined benefit obligation as at end of the period 38.54 29.68
iii) Change in Fair Value of Plan Assets
Fair value of plan assets as at the beginning of period 34.51 29.65
Acquisition Adjustment - -
Expected return on plan assets 2.63 2.31
Contributions by employer - 2.83
Actuarial (loss)/gain (0.26) 0.18
Fair value of plan assets as at end of the period 36.08 34.51
iv) The major categories of plan assets as a percentage of fair
value of total plan assets are as follows:
Policy of Insurance 100% 100%
(4) The Principle Actuarial Assumptions used are as follows:

Discount Rate 6.70% 7.60%
Rate of increase in Compensation Levels (Refer Note (c) below) 8.00% 8.00%
Mortality Indian Assured Indian Assured Lives
Lives Mortality Mortality (2006-08)
(2012-14) Ultimate Ultimate
Attrition rate based on age (per annum)
- Upto 30 Years 5% 1.00%
- 31 to 44 Years 3% 1.00%
- Above 44 Years 1% 1.00%

Corporate Overview
Sensitivity Analysis:
The sensitivity analysis below has been determined based on reasonably possible changes of the assumptions
occurring at the end of the reporting period, while holding all other assumptions constant. The results of
sensitivity analysis is given below :
(H In crore)
Change in Assumption Change Gratuity (Funded) Gratuity (Funded)
in Rate 31st March, 2020 31st March, 2019
Increase in Decrease in Increase in Decrease in
Assumption Assumption Assumption Assumption
Discount Rate ( - / + 1 %) (2.83) 3.26 (2.19) 2.53
Salary Growth Rate ( - / + 1 %) 3.18 (2.82) 2.49 (2.20)
Statutory Reports
Attrition Rate ( - / + 0.50 %) (0.28) 0.31 (0.05) 0.05
Mortality Rate ( - / + 10 %) (0.01) 0.01 (0.00) 0.00
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated. There is no change in method of valuation for the prior period.
(5) Maturity Profile of Obligations
The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 8 years
(31st March 2019: 8 years). The expected maturity analysis of gratuity benefits is as follows :
(H In crore)
Within 1 year 9.10 4.94
2 to 5 years 9.67 11.67
6 to 10 years 13.11 7.80
More than 10 years 41.83 39.43
(6) Asset - Liability Matching Strategies
The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in which
the interest rate is declared on yearly basis and is guaranteed for a period of one year. The insurance Company, as
part of the policy rules, makes payment of all gratuity outgoes happening during the year (subject to sufficiency
of funds under the policy). Any deficit in the policy assets is funded by the Company. The policy helps mitigate
the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared to the
Notice
duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the significant
fall in interest rates, which should result in a increase in liability without corresponding increase in the asset).
(7) The company's expected contribution to the fund in the next financial year is H 7.97 crore (31st March 2019 :
H Nil)
(8) The estimate of future salary increase, considered in actuarial variation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.

45 Disclosure of transactions with Related Parties, as required by Ind AS 24 “Related Party Disclosures” has been set
below. Related parties as defined under clause 9 of the Ind AS 24 have been identified on the basis of representations
made by the management and information available with the Company.
(i) Name of Related Parties & Description of Relationship

(A) Controlling Entity :
Shantilal Bhudhermal Adani Family Trust (SBAFT)
(B) Subsidiary Companies :
1 Adani Global Ltd. 23 Bailadila Iron Ore Mining Pvt. Ltd.

2 Adani Agri Fresh Ltd. 24 Mundra Copper Ltd.
3 Adani Shipping (India) Pvt. Ltd. 25 Prayagraj Water Pvt. Ltd.
4 Natural Growers Pvt. Ltd. 26 Adani Water Ltd.
5 Chendipada Collieries Pvt. Ltd. 27 Bilaspur Pathrapali Road Pvt. Ltd.
6 Parsa Kente Collieries Ltd. 28 Gidhmuri Paturia Collieries Pvt. Ltd.
7 Adani Welspun Exploration Ltd. 29 Gare Pelma II Mining Pvt. Ltd. (w.e.f 29th July, 2019)
8 Mundra Synenergy Ltd. 30 Adani Airport Holdings Ltd. (formerly known as
(formerly known as Adani Synenergy Ltd.) Adani Airports Ltd.) (w.e.f 2nd Aug, 2019)
9 Rajasthan Collieries Ltd. 31 Adani Ahmedabad International Airport Ltd.
(w.e.f 26th Sept, 2019)
10 Adani Defence Systems and Technologies Ltd. 32 Adani Mangaluru International Airport Ltd. (formerly
known as Adani Mangalore International Airport Ltd.)
(w.e.f 25th Sept, 2019)
11 Mahaguj Power LLP 33 Adani Lucknow International Airport Ltd.
(w.e.f 6th Sept, 2019)
12 Adani Resources Pvt. Ltd. 34 Adani Jaipur International Airport Ltd.
(w.e.f 26th Sept, 2019)
13 Surguja Power Pvt. Ltd. 35 Adani Guwahati International Airport Ltd.
(w.e.f 23th Sept, 2019)
14 Talabira (Odisha) Mining Pvt. Ltd. 36 Adani Thiruvananthapuram International Airport Ltd.
(formerly known as Adani Trivandrum International
Airport Ltd.)
(w.e.f 24th Sept, 2019)
15 Adani Tradecom LLP 37 Gare Palma II Collieries Pvt. Ltd.
(w.e.f 7th Nov, 2019)
16 Adani Tradex LLP 38 Adani Metro Transport Ltd. (w.e.f 16th Oct, 2019)
17 Adani Commodities LLP 39 Adani Railways Transport Ltd. (w.e.f 22nd Oct, 2019)
18 Adani Tradewing LLP 40 Adani Iron Ore Mining Pvt. Ltd.
(w.e.f 22nd Oct, 2019)
19 Adani Infrastructure Pvt. Ltd. 41 Kurmitar Iron Ore Mining Pvt. Ltd.
(w.e.f 18th Oct, 2019)
20 Adani Cementation Ltd. 42 Kurmitar Mining Pvt. Ltd. (w.e.f 19th Sept, 2019)
21 Gare Pelma III Collieries Ltd. 43 Stratatech Mineral Resources Pvt. Ltd.
(w.e.f 3rd Oct, 2019)
22 Adani Road Transport Ltd.
(Formerly known as Adani Transport Ltd.)
(C) Step-down Subsidiary Companies / Firms :
1 Adani Global Pte. Ltd., Singapore 38 Queensland RIPA Finance Pty Ltd., Australia
2 Adani Shipping Pte. Ltd., Singapore 39 Urja Maritime Inc., Panama
3 Rahi Shipping Pte. Ltd., Singapore 40 Adani North America Inc., USA
4 Vanshi Shipping Pte. Ltd., Singapore 41 Adani Global DMCC, UAE
5 Adani Global FZE, UAE 42 Galilee Transmission Holdings Trust, Australia
6 Adani Mining Pty Ltd., Australia 43 Queensland RIPA Holdings Trust, Australia

Corporate Overview
(C) Step-down Subsidiary Companies / Firms : (Contd..)
7 PT Adani Global, Indonesia 44 Queensland RIPA Trust, Australia

8 PT Adani Global Coal Trading, Indonesia 45 Adani Renewable Assets Trust, Australia
9 PT Coal Indonesia, Indonesia 46 Adani Renewable Assets Holdings Trust, Australia
10 PT Sumber Bara, Indonesia 47 Adani Rugby Run Trust, Australia
11 PT Energy Resources, Indonesia 48 Whyalla Renewables Trust, Australia
12 PT Niaga Antar Bangsa, Indonesia 49 Whyalla Renewable Holdings Trust, Australia
13 PT Niaga Lintas Samudra, Indonesia 50 Whyalla Renewables Pty Ltd., Australia
14 PT Gemilang Pusaka Pertiwi, Indonesia 51 Whyalla Renewable Holdings Pty Ltd., Australia
15 PT Hasta Mundra, Indonesia 52 Adani Rave Gears India Ltd.
Statutory Reports
16 PT Lamindo Inter Multikon, Indonesia 53 Galilee Biodiversity Company Pty Ltd., Australia
17 PT Suar Harapan Bangsa, Indonesia 54 Adani Rugby Run Finance Pty Ltd., Australia
18 PT Tambang Sejahtera Bersama, Indonesia 55 Adani Australia Pty Ltd., Australia
19 Aanya Maritime Inc, Panama 56 Alpha Design Technologies Pvt. Ltd.
(w.e.f 19th April, 2019)
20 Aashna Maritime Inc, Panama 57 Mancherial Repallewada Road Pvt. Ltd.
21 Adani Minerals Pty Ltd., Australia 58 Suryapet Khammam Road Pvt. Ltd.
22 Adani Bunkering Pvt. Ltd. 59 NW Rail Operations Pte Ltd., Singapore
(w.e.f 27th May, 2019)
23 Galilee Transmission Holdings Pty Ltd., Australia 60 North West Rail Holdings Pty Ltd., Australia
(w.e.f 31st May, 2019)
24 Galilee Transmission Pty Ltd., Australia 61 North West Rail Pty Ltd., Australia
(w.e.f 31st May, 2019)
25 Mundra Solar Ltd. 62 Flaire Unmanned Systems Pvt. Ltd.
(w.e.f 13th Sept, 2019)
26 Mundra Solar PV Ltd. 63 Mundra Solar Energy Ltd.
(w.e.f 18th Oct, 2019 upto 1st Jan, 2020)
27 Adani Infrastructure Pty Ltd., Australia 64 Sabarmati Infrastructure Services Ltd.
(w.e.f 7th Feb, 2020)
28 Adani Aerospace And Defence Ltd. 65 Vijaynagara Smart Solutions Ltd.
(w.e.f 10th Feb, 2020)
29 Mundra Solar Technopark Pvt. Ltd. 66 Gomti Metropolis Solutions Ltd.
(w.e.f 10th Feb, 2020)
Notice
30 Adani Green Technology Ltd. 67 Periyar Infrastructure Services Ltd.
(w.e.f 10th Feb, 2020)
31 Adani Renewable Asset Pty Ltd., Australia 68 Brahmaputra Metropolis Solutions Ltd.
(w.e.f 12th Feb, 2020)
32 Adani Rugby Run Pty Ltd., Australia 69 Agneya Systems Ltd. (w.e.f 19th Feb, 2020)
33 Adani Global Royal Holdings Pte Ltd., Singapore 70 Carroballista Systems Ltd. (w.e.f 19th Feb, 2020)
34 Queensland RIPA Holdings Pty Ltd., Australia 71 Rajputana Smart Solutions Ltd.
(w.e.f 6th Mar, 2020)
35 Adani Land Defence Systems and Technologies Ltd. 72 Galilee Basin Conservation And Research Fund,
Australia (w.e.f 9th April, 2019)
36 Adani Naval Defence Systems and Technologies Ltd. 73 Adani Renewable Asset Holdings Pty Ltd., Australia
37 Queensland RIPA Pty Ltd., Australia

(D) Associates with whom transactions done during the year :

1 Adani Power Resources Ltd.
(E) Jointly Controlled Entities
1 Adani Wilmar Ltd. 10 Carmichael Rail Network Trust, Australia

2 Adani Wilmar Pte. Ltd., Singapore 11 Carmichael Rail Network Holdings Pty Ltd., Australia
3 AWN Agro Pvt. Ltd. 12 Carmichael Rail Assets Holdings Trust, Australia
4 Golden Valley Agrotech Pvt. Ltd. 13 Adani Global Resources Pte Ltd., Singapore
5 Vishakha Polyfab Pvt. Ltd. 14 Adani Chendipada Mining Pvt. Ltd.
6 KOG KTV Food Products (India) Pvt. Ltd. 15 Jhar Mining Infra Pvt. Ltd.
7 KTV Health and Foods Pvt. Ltd. 16 AWL Edible Oils And Foods Pvt. Ltd.
8 Adani Elbit Advanced Systems India Ltd. 17 Adani Total LNG Singapore Pte Ltd., Singapore
(w.e.f 10th July, 2019)
9 Carmichael Rail Network Pty Ltd., Australia
(F) Key Management Personnel :
1 Mr. Gautam S. Adani, Chairman 5 Mr. Vinay Prakash, Director

2 Mr. Rajesh S. Adani, Managing Director 6 Mr. Rakesh Shah, CFO (upto 16th April, 2019)
3 Mr. Pranav V. Adani, Director 7 Mr. Jugeshinder Singh, CFO (w.e.f. 29th May, 2019)
4 Mr. Rajiv Nayar, Executive Director & CFO 8 Mr. Jatin Jalundhwala, Company Secretary & Joint
(Upto 1st May, 2018) President (Legal)
(G) Non-Executive Directors :
1 Mr. Berjis Desai (Refer Note a) 4 Mrs. Vijaylaxmi Joshi

2 Mr. Hemant Nerurkar 5 Mr. Narendra Mairpady
3 Mr. V. Subramanian
a) Mr. Berjis Desai resigned as Director (Non-Executive & Independent Director) of the Company w.e.f. 26th June,
2018 due to his pre-occupation.
(H) Enterprises over which (A) or (F) above have significant influence with whom transactions done during the year
1 Adani Properties Pvt. Ltd. 36 Adani Agri Logistics Ltd.

2 Adani Institute for Education and Research 37 Adani Electricity Mumbai Ltd.
3 Adani Infrastructure and Developers Pvt. Ltd. 38 Adani Ennore Container Terminal Pvt. Ltd.
4 Adani Township & Real Estate Company Pvt. Ltd. 39 Adani Finserve Pvt. Ltd.
5 Adani M2K Projects LLP 40 Adani Gas Ltd.
6 Belvedere Golf and Country Club Pvt. Ltd. 41 Adani Green Energy (MP) Ltd.
7 Adani Power Ltd. 42 Adani Green Energy (Tamilnadu) Ltd.
8 Adani Power (Mundra) Ltd. 43 Adani Green Energy (UP) Ltd.
9 Adani Ports and Special Economic Zone Ltd. 44 Adani Green Energy Ltd.
10 Adani Power Maharashtra Ltd. 45 Adani Infrastructure Management Service Ltd.
11 Adani Power Rajasthan Ltd. 46 Adani Power Dahej Ltd.
12 Udupi Power Corporation Ltd. 47 Adani Renewable Energy Park (Rajasthan) Ltd.
13 Adani Foundation 48 Adani Renewable Energy Park Ltd.
14 Karnavati Aviation Pvt. Ltd. 49 Adani Vizag Coal Terminal Pvt. Ltd.
15 MPSEZ Utilities Pvt. Ltd. 50 Adani Wind Energy (Gujarat) Pvt. Ltd.
16 Adani Logistics Ltd. 51 Indianoil-Adani Gas Pvt. Ltd.
17 Adani Hazira Port Pvt. Ltd. 52 Kamuthi Renewable Energy Ltd.

Corporate Overview
(H) Enterprises over which (A) or (F) above have significant influence with whom transactions done during the year (Contd..)
18 Adani Petronet (Dahej) Port Pvt. Ltd. 53 Kamuthi Solar Power Ltd.
19 Adani Kandla Bulk Terminal Pvt. Ltd. 54 Kilaj Solar (Maharashtra) Pvt. Ltd.
20 The Dhamra Port Company Ltd. 55 Kutchh Power Generation Ltd.
21 Adani Murmugao Port Terminal Pvt. Ltd. 56 Mahoba Solar (UP) Pvt. Ltd.
22 Adani Kattupalli Port Pvt. Ltd. 57 Marine Infrastructure Developer Pvt. Ltd.
23 Adani Transmission Ltd. 58 Parampujya Solar Energy Pvt. Ltd.
24 Adani Transmission (India) Ltd. 59 Pench Power Thermal Energy (MP) Ltd.
25 Prayatna Developers Pvt. Ltd. 60 Maharashtra Eastern Grid Power Transmission
Company Ltd.
26 Wardha Solar (Maharashtra) Pvt. Ltd. 61 Raigarh Energy Generation Ltd.
Statutory Reports
(Formerly known as Korba West Power Company Ltd.)
27 Adani Infra (India) Ltd. 62 Raipur Energen Ltd. (Formerly known as GMR
Chhatisgarh Energy Ltd.)
28 Ramnad Renewable Energy Ltd. 63 Raipur – Rajnandgaon – Warora Transmission Ltd.
29 Sipat Transmission Ltd. 64 Ramnad Solar Power Ltd.
30 Sarguja Rail Corridor Pvt. Ltd. 65 Rosepetal Solar Energy Pvt. Ltd.
31 Adani Power (Jharkhand) Ltd. 66 Shantigram Utility Services Pvt. Ltd.
32 Adani Agri Logistics (Dahod) Ltd. 67 Sunbourne Developers Pvt. Ltd.
(Formerly known as Adani Developers Pvt. Ltd.)
33 Adani Agri Logistics (Kannauj) Ltd. 68 The Adani Harbour Services Pvt. Ltd.
34 Adani Agri Logistics (Panipat) Ltd. 69 Valuable Properties Pvt. Ltd.
35 Adani Estate Management Pvt. Ltd. 70 Adani Total Pvt. Ltd.
(Formerly known as Shantigram Estate Management (Formerly known as Adani Petroleum Terminal Ltd.)
Pvt. Ltd.)
71 Adani Estates Pvt. Ltd.
(ii) Nature and volume of transaction with Related Parties

(* Denotes amount less than H 50,000)
(H In crore)
Sr. Nature of Transaction Name of Related Party For the year ended For the year ended
No. 31st March, 2020 31st March, 2019
1 Sale of Goods Adani Power Ltd. - 43.01
Adani Power Maharashtra Ltd. - 287.47
Adani Power Rajasthan Ltd. 1.01 146.47
Adani Wilmar Ltd. 29.23 388.28
MPSEZ Utilities Pvt. Ltd. 2.30 7.02
Notice
Mundra Solar PV Ltd. 161.09 113.48
Adani Gas Ltd. - 12.53
Adani Green Energy Ltd. - 3.02
Adani Power (Mundra) Ltd. 2,146.89 2,176.25
Udupi Power Corporation Ltd. 0.46 -
Adani Infra (India) Ltd. - 126.65
Adani Bunkering Pvt. Ltd. - 228.01
Adani Electricity Mumbai Ltd. 1,051.20 78.60
Adani Petronet (Dahej) Port Pvt. Ltd. 0.28 -
Adani Hazira Port Pvt. Ltd. 5.08 -
2 Purchase of Goods Adani Gas Ltd. 0.20 0.10
Adani Global FZE 2,188.52 2,847.20
Adani Global Pte Ltd. 4,760.67 5,688.32
Adani Power Ltd. - 19.40
Mundra Solar PV Ltd. - 0.49

(ii) Nature and volume of transaction with Related Parties (Contd...)

(H In crore)
Adani Wilmar Ltd. 0.03 -
Adani Infra (India) Ltd. 32.54 16.75
Raigarh Energy Generation Ltd. 126.26 -
Raipur Energen Ltd. 465.34 -
Udupi Power Corporation Ltd. 37.07 167.64
3 Rendering of Adani Agri Fresh Ltd. - 0.72
Services Adani Agri Logistics Ltd. - 0.81
(incl. reimbursement Adani Chendipada Mining Pvt. Ltd. 0.94 -
of expenses) Adani Gas Ltd. 8.27 8.22
Adani Green Energy Ltd. 10.10 9.55
Adani Hazira Port Pvt. Ltd. 3.53 2.81
Adani Institute for Education and Research 0.07 0.32
Adani Kandla Bulk Terminal Pvt. Ltd. 0.42 0.52
Adani Logistics Ltd. 2.44 1.93
Adani Murmugao Port Terminal Pvt. Ltd. 0.29 0.31
Adani Petronet (Dahej) Port Pvt. Ltd. 1.37 1.43
Adani Ports and Special Economic Zone Ltd. 53.15 57.22
Adani Power Ltd. 0.69 8.09
Adani Power Maharashtra Ltd. 5.04 35.89
Adani Transmission (India) Ltd. - 2.22
Adani Bunkering Pvt. Ltd. 0.22 1.75
The Dhamra Port Company Ltd. 2.30 2.45
Karnavati Aviation Pvt. Ltd. 0.03 0.10
Maharashtra Eastern Grid Power 15.66 12.68
Transmission Co. Ltd.
Parsa Kente Collieries Ltd. 3,070.49 3,680.61
Sarguja Rail Corridor Pvt. Ltd. 6.94 11.43
Adani Township & Real Estate Co. Pvt. Ltd. - 1.92
Adani Kattupalli Port Pvt. Ltd. - 0.55
Adani Power (Mundra) Ltd. 117.21 42.95
Indianoil-Adani Gas Pvt. Ltd. - 0.82
Adani Defence Systems and Technologies Ltd. - 0.47
Adani Elbit Advanced Systems India Ltd. - 0.08
Adani Estate Management Pvt. Ltd. 5.03 4.02
Adani Electricity Mumbai Ltd. 100.72 63.71
Gare Pelma III Collieries Ltd. 4.51 -
Jhar Mining Infra Pvt. Ltd. 3.04 -
Adani Infrastructure Management Service Ltd. 0.25 -
Bailadila Iron Ore Mining Pvt. Ltd. 28.88 -
Gidhmuri Paturia Collieries Pvt. Ltd. 2.65 -
Marine Infrastructure Developer Pvt. Ltd. 0.89 0.11
Kurmitar Iron Ore Mining Pvt. Ltd. 0.71 -

Corporate Overview
(H In crore)
Talabira (Odisha) Mining Pvt. Ltd. 17.01 -
Gare Palma II Collieries Ltd. 22.65 -
Adani Airport Holdings Ltd. * -
Adani Lucknow International Airport Ltd. * -
Adani Ahmedabad International Airport Ltd. * -
Adani Mangaluru International Airport Ltd. * -
Adani Jaipur International Airport Ltd. * -
Adani Guwahati International Airport Ltd. * -
Statutory Reports
Adani Thiruvananthapuram International * -
Airport Ltd.
Adani Resources Pvt. Ltd. 0.08 -
Adani Shipping (India) Pvt. Ltd. 0.35 0.30
4 Services Availed Adani Hazira Port Pvt. Ltd. 114.01 83.95
(incl. reimbursement Adani Logistics Ltd.# 19.37 7.24
of expenses) Adani Murmugao Port Terminal Pvt. Ltd. 11.13 7.43
Adani Ports and Special Economic Zone Ltd.# 43.71 80.32
Adani Resources Pvt. Ltd. 11.47 10.75
Parsa Kente Collieries Ltd. 331.83 27.66
Shantilal Budhermal Adani Family Trust * *
Rajasthan Collieries Ltd. 0.78 5.09
Adani Township & Real Estate Company Pvt. 0.01 0.32
Ltd.
Belvedere Golf and Country Club Pvt. Ltd. 0.97 1.64
Adani Vizag Coal Terminal Pvt. Ltd. 15.16 2.45
Sarguja Rail Corridor Pvt. Ltd. - 0.31
Adani Electricity Mumbai Ltd. 12.04 -
Adani Finserve Pvt. Ltd. 2.50 -
Notice
Adani Estate Management Pvt. Ltd. 0.04 -
Shantigram Utility Services Pvt. Ltd. 0.85 -
Adani Infrastructure and Developers Pvt. Ltd. 4.83 -
The Adani Harbour Services Pvt. Ltd. 0.51 0.89
5 Interest Income Adani Agri Fresh Ltd. 15.44 11.87
Adani Agri Logistics Ltd. - 22.35
Adani Defence Systems and Technologies Ltd. - 0.01
Pench Power Thermal Energy (MP) Ltd. 0.04 *
Adani Renewable Energy Park Ltd. 0.56 4.96
Mundra Synenergy Ltd. 5.39 4.35
#
Services availed from Adani Ports and Special Economic Zone Ltd. and Adani Logistics Ltd. does not include pass through transactions.


(H In crore)
Mahaguj Power LLP 0.01 0.03
Mundra Solar Ltd. 0.71 2.85
Surguja Power Pvt. Ltd. 0.95 0.84
Adani Bunkering Pvt. Ltd. * 0.89
Jhar Mining Infra Pvt. Ltd. 0.09 0.06
Mundra Solar Technopark Pvt. Ltd. 3.02 30.73
Talabira (Odisha) Mining Pvt. Ltd. 3.89 0.46
Adani Cementation Ltd. 8.80 6.19
Adani Green Technology Ltd. 0.24 0.21
Adani Chendipada Mining Pvt. Ltd. 0.03 0.03
Adani Infrastructure and Developers Pvt. Ltd. 2.71 4.32
Gare Pelma III Collieries Ltd. 6.55 3.59
Adani Tradex LLP - 0.83
Adani Road Transport Ltd. 17.63 0.47
Bilaspur Pathrapali Road Pvt. Ltd. 2.67 0.47
Adani Water Ltd. 0.37 *
Chendipada Collieries Pvt. Ltd. 0.01 -
Mundra Copper Ltd. 0.05 -
Gare Pelma II Mining Pvt. Ltd. * -
Stratatech Mineral Resources Pvt. Ltd. * -
Kurmitar Iron Ore Mining Pvt. Ltd. * -
Prayagraj Water Pvt. Ltd. 1.08 0.01
6 Interest Expense Adani Gas Ltd. 30.22 44.55
Talabira (Odisha) Mining Pvt. Ltd. - 0.01
Adani Chendipada Mining Pvt. Ltd. * -
Adani Renewable Energy Park (Rajasthan) 1.14 8.58
Ltd.
Adani Gas Holdings Ltd. - 23.96
Sunbourne Developers Pvt. Ltd. 24.29 -
Mahoba Solar (UP) Pvt. Ltd. - 5.17
7 Rent Income Adani Wilmar Ltd. 0.60 0.60
Adani M2K Projects LLP 1.09 1.09
Marine Infrastructure Developer Pvt. Ltd. 0.17 -

Corporate Overview
(H In crore)
Sr. Nature of Name of Related Party For the year ended For the year ended
No. Transaction 31st March, 2020 31st March, 2019
8 Rent Expense Adani Petronet (Dahej) Port Pvt. Ltd. - *
Adani Properties Pvt. Ltd. 1.10 1.36
Adani Infrastructure and Developers Pvt. Ltd. - 0.44
9 Donation Adani Foundation 8.21 6.00
10 Profit from Limited Adani Tradex LLP 0.04 192.41
Liability Partnerships
Statutory Reports
11 Loss from Limited Adani Commodities LLP * *
Liability Partnerships Adani Tradecom LLP * *
Adani Tradewing LLP * *
12 Discount Received Adani Power (Mundra) Ltd. 2.31 0.37
on Prompt Payment Raipur Energen Ltd. 0.12 -
of Bills
13 Discount given on Adani Electricity Mumbai Ltd. 18.15 -
Prompt Payment of
Bills
14 Short-term Benefits# Mr. Gautam S. Adani 2.17 2.11
Mr. Rajesh S. Adani 4.26 4.19
Mr. Pranav V. Adani 3.04 2.99
Mr. Rajiv Nayar - 0.44
Mr. Vinay Prakash 15.69 15.40
Mr. Jatinkumar Jalundhwala 1.99 1.33
Mr. Rakesh Shah 0.46 1.04
Mr. Jugeshinder Singh 11.95 -
15 Directors Sitting Fees Mr. Hemant Nerurkar 0.06 0.06
Mr. V. Subramanian 0.07 0.07
Mrs. Vijaylaxmi Joshi 0.06 0.05
Mr. Narendra Mairpady 0.03 0.03
16 Commission to Non- Mr. Hemant Nerurkar 0.14 0.12
Executive Directors Mr. Berjis Minoo Desai - 0.06
Mr. V. Subramanian 0.14 0.12
Mrs. Vijaylaxmi Joshi 0.14 0.12 Notice
17 Sale of Asset The Dhamra Port Company Ltd. - 0.08
Adani Ports and Special Economic Zone Ltd. 0.01 -
18 Purchase of Asset Adani Power Maharashtra Ltd. 0.06 -
19 Borrowings (Loan Adani Gas Ltd. 27.20 108.60
Taken) Addition Adani Infra (India) Ltd. 1,581.04 3,344.70
Adani Renewable Energy Park (Rajasthan) - 39.09
Ltd.
Provision for Compensated absences and Gratuity is provided in the books on the basis of actuarial valuation for the Company as a
#
whole and hence individual figures cannot be identified.



(H In crore)
Adani Chendipada Mining Pvt. Ltd. 0.12 -
Adani Infrastructure and Developers Pvt. 115.25 -
Ltd.
Sunbourne Developers Pvt. Ltd. 1,302.41 -
20 Borrowings (Loan Adani Gas Ltd. 75.00 1,042.41
Repaid) Repaid Adani Infra (India) Ltd. 1,575.42 3,051.51
Adani Renewable Energy Park (Rajasthan) 109.89 -
Ltd.
Ltd.
21 Loans Given Adani Agri Fresh Ltd. 25.65 39.19
Adani Defence Systems and Technologies - 0.91
Ltd.
Adani Infra (India) Ltd. 496.08 1,137.27
Pench Power Thermal Energy (MP) Ltd. 0.04 0.45
Adani Renewable Energy Park Ltd. - 4.46
Mahaguj Power LLP - 0.02
Adani Infrastructure and Developers Pvt. 45.66 296.39
Ltd.

Corporate Overview
(H In crore)
Adani Water Ltd. 8.94 0.03
Statutory Reports
Adani Airport Holdings Ltd. 0.14 -
Stratatech Mineral Resources Pvt. Ltd. 0.01 -
Gare Pelma II Mining Pvt. Ltd. 1.01 -
22 Loans Received back Adani Agri Fresh Ltd. - 13.50
Adani Defence Systems and Technologies - 1.09
Ltd.
Adani Infra (India) Ltd. 496.08 2,512.82
Adani Renewable Energy Park Ltd. 54.05 -
Mundra Solar Ltd. 30.00 -
Mahaguj Power LLP 0.28 -
Adani Water Ltd. 7.44 -
Prayagraj Water Pvt. Ltd. 4.14 -
Notice
Adani Road Transport Ltd. 56.96 -
Ltd.
Adani Tradex LLP 25.80 0.53


(H In crore)
23 Purchase or Pench Power Thermal Energy (MP) Ltd. - 0.73
Subscription of Adani Power Dahej Ltd. - 0.23
Investment Natural Growers Pvt. Ltd. 0.18 0.08
Adani Elbit Advanced Systems India Ltd. 4.00 14.06
Adani Defence Systems and Technologies 198.10 167.80
Ltd.
Adani Welspun Exploration Ltd. 91.18 115.19
Adani Tradex LLP 56.99 126.01
Adani Road Transport Ltd - 0.01
Bilaspur Pathrapali Road Pvt. Ltd. - 0.01
Bailadila Iron Ore Mining Pvt. Ltd. - 0.10
Mundra Copper Ltd. - 0.01
Adani Agri Logistics (Dahod) Ltd. - 0.05
Adani Water Ltd. - 0.01
Adani Power Maharashtra Ltd. 0.01 -
Adani Power Rajasthan Ltd. 0.01 -
Adani Lucknow International Airport Ltd. 0.01 -
Adani Ahmedabad International Airport Ltd. 0.01 -
Adani Mangaluru International Airport Ltd. 0.01 -
Adani Jaipur International Airport Ltd. 0.01 -
Adani Guwahati International Airport Ltd. 0.01 -
Adani Thiruvananthapuram International 0.01 -
Airport Ltd.
Kurmitar Mining Pvt. Ltd. 0.01 -
Adani Metro Transport Ltd. 0.01 -
Adani Railways Transport Ltd. 0.01 -
Mahaguj Power LLP 0.24 -
Adani Iron Ore Mining Pvt. Ltd. 0.01 -
24 Sale or Redemption Adani Logistics Ltd. - 945.70
of Investment Adani Power Ltd. - 323.82
Kutchh Power Generation Ltd. - 0.04
25 Conversion of Adani Agri Fresh Ltd. 56.96 -
Investment in
Prefrence share to
Investment in equity
share

Corporate Overview
(H In crore)
26 Share Application Adani Defence Systems and Technologies 50.00 -
Money Paid Ltd.
27 Transfer-out of Adani Gas Ltd. - *
employees Loans and Adani Wilmar Ltd. - 0.04
advances Karnavati Aviation Pvt. Ltd. - 0.01
Statutory Reports
Rajasthan Collieries Ltd. - 0.01
Adani Infrastructure and Developers Pvt. Ltd. 0.01 *
Ltd.
Gare Pelma III Collieries Ltd. - 0.15
Adani Electricity Mumbai Ltd. - 0.01
28 Transfer-in of Adani Ports & Special Economic Zone Ltd. * *
employees Loans and Adani Power Rajasthan Ltd. * 0.01
advances Adani Wilmar Ltd. - *
Adani Infra (India) Ltd. 0.06 -
Adani Bunkering Pvt. Ltd. * -
Gare Pelma III Collieries Ltd. * -
The Dhamra Port Company Ltd. - *
Karnavati Aviation Pvt. Ltd. - *
Adani Kandla Bulk Terminal Pvt. Ltd. - *
Adani Power (Mundra) Ltd. - 0.01
29 Transfer-out of Adani Wilmar Ltd. - 0.44
employees liabilities Adani Green Energy Ltd. 0.03 -
Adani Agri Logistics Ltd. 0.02 -
Notice
Adani Power (Mundra) Ltd. * -
Adani Bunkering Pvt. Ltd. - 0.02
Adani Properties Pvt. Ltd. 0.02 -
Adani Gas Ltd. 0.02 0.48
Transmission Company Ltd.
Adani Green Energy (Tamilnadu) Ltd. 0.03 -


(H In crore)
Ltd.
Mundra Synenergy Ltd. 0.11 -
Sipat Transmission Ltd. 0.02 -
Raipur – Rajnandgaon – Warora 0.03 -
Transmission Ltd.
Adani Total Pvt. Ltd. 0.03 -
Adani Wind Energy (Gujarat) Pvt. Ltd. - *
Marine Infrastructure Developer Pvt. Ltd. - *
30 Transfer-in of Adani Ports and Special Economic Zone Ltd. 0.82 0.81
employees liabilities Adani Power Ltd. 0.69 0.06
Adani Power (Mundra) Ltd. 0.01 -
Adani Wilmar Ltd. - 0.07
Adani Green Energy (UP) Ltd. - 0.07
Adani Green Energy (Tamilnadu) Ltd. - 0.03
Karnavati Aviation Pvt. Ltd. - 0.02
Adani Township & Real Estate Company Pvt. 0.02 -
Ltd.
Adani Gas Ltd. 0.05 -
Adani Green Energy Ltd. 0.01 -
Adani Transmission (India) Ltd. 0.06 -
Ltd.
Wardha Solar (Maharashtra) Pvt. Ltd. - 0.02

Corporate Overview
Closing Balances
(H In crore)
Sr. Nature of Transaction Name of Related Party As at As at
31 Trade Receivable Adani Agri Fresh Ltd. - 0.19
Statutory Reports
Adani Transmission (India) Ltd. 0.06 0.72
MPSEZ Utilities Pvt. Ltd. - 0.06
Parampujya Solar Energy Pvt. Ltd. - *
Parsa Kente Collieries Ltd. 1,352.37 1,600.79
Prayatna Developers Pvt. Ltd. * *
Adani Power (Mundra) Ltd. 153.15 1,170.62
Indianoil-Adani Gas Pvt. Ltd. 0.93 0.93
Adani Township & Real Estate Co. Pvt. Ltd. 2.09 2.10 Notice
Adani M2K Projects LLP 0.78 *
Transmission Co. Ltd.
Adani Defence Systems and Technologies Ltd. 0.51 0.51
Sipat Transmission Ltd. * *


(H In crore)
Adani Estates Pvt. Ltd. * *
Adani Infrastructure Management Services - *
Ltd.
Adani Infrastructure Management Service Ltd. * -
Adani Shipping (India) Pvt. Ltd. 0.23 0.32
32 Loans - Current Adani Agri Fresh Ltd. 166.62 140.97
Ltd.
Pench Power Thermal Energy (MP) Ltd. 0.49 0.45
Mahaguj Power LLP - 0.28
Adani Water Ltd. 1.52 0.03

Corporate Overview
(H In crore)
33 Other Current Adani Gas Ltd. 0.03 0.03
Financial Assets Parsa Kente Collieries Ltd. 31.50 -
Adani Defence Systems and Technologies - *
Ltd.
Sarguja Rail Corridor Pvt. Ltd. 0.80 -
Statutory Reports
Adani Lucknow International Airport Ltd. * -
Adani Ahmedabad International Airport Ltd. * -
Adani Mangaluru International Airport Ltd. * -
Adani Jaipur International Airport Ltd. * -
Adani Guwahati International Airport Ltd. * -
Adani Thiruvananthapuram International * -
Airport Ltd.
Wardha Solar (Maharashtra) Pvt. Ltd. - *
34 Other Current Assets Adani Institute for Education and Research - 0.03
Adani Petronet (Dahej) Port Pvt. Ltd. - 0.06
Adani Ports and Special Economic Zone Ltd. - 2.83
Parsa Kente Collieries Ltd. 5.62 -
The Adani Harbour Services Pvt. Ltd. * -
Notice
Ltd.
Karnavati Aviation Pvt. Ltd. * -
Adani Power Resources Ltd. 0.94 -
Adani Vizag Coal Terminal Pvt. Ltd. - 0.43
Rajasthan Collieries Ltd. 0.11 -
35 Other Non-Current Adani Defence Systems and Technologies 50.00 26.50
Financial Assets Ltd.
Parsa Kente Collieries Ltd. 222.44 -
Adani Ports and Special Economic Zone Ltd. 1.84 -


(H In crore)
36 Accounts Payable Adani Bunkering Pvt. Ltd. 0.02 0.02
(incl provisions) Adani Agri Fresh Ltd. 0.01 -
Adani Institute for Education and Research 0.06 -
Maharashtra Eastern Grid Power 0.07 -
Adani Global FZE 91.56 743.08
Adani Global Pte Ltd. 3,563.50 3,635.89
Mundra Synenergy Ltd. * *
Adani Transmission Ltd. - *
Ltd.
Adani Township & Real Estate Company Pvt. 1.04 1.06
Ltd.
Shantigram Utility Services Pvt. Ltd. 0.85 -
Valuable Properties Pvt. Ltd. 0.01 -

Corporate Overview
(H In crore)
37 Long Term Sunbourne Developers Pvt. Ltd. 500.00 -
Borrowings
38 Short Term Adani Gas Ltd. 311.22 359.02
Borrowings Adani Renewable Energy Park (Rajasthan) - 109.89
Ltd.
Ltd.
Statutory Reports
39 Other Current Ramnad Renewable Energy Ltd. - *
Liabilities Ramnad Solar Power Ltd. - *
Adani Green Energy (Tamilnadu) Ltd. 0.03 *
Kamuthi Solar Power Ltd. - *
Parampujya Solar Energy Pvt. Ltd. - 0.01
Adani Wind Energy (Gujarat) Pvt. Ltd. * *
MPSEZ Utilities Pvt. Ltd. 0.35 -
Transmission Ltd.
Adani Ennore Container Terminal Pvt. Ltd. - *
40 Other Non-Current Mundra Solar PV Ltd. - 2.59
Liabilities
41 Other Current Adani Infrastructure and Developers Pvt. 4.83 -
Financials Liabilities Ltd.
42 Corporate Adani Wilmar Ltd. 95.70 76.30
Guarantees Given Adani Green Energy Ltd. 506.00 2,270.10
Adani Power Rajasthan Ltd. 1,050.11 1,086.53 Notice
Indianoil-Adani Gas Pvt. Ltd. - 36.52
Bilaspur Pathrapali Road Pvt. Ltd. 114.00 -
Terms and Conditions of transactions with related parties :
(i) Transactions with Related Parties are shown net of taxes.

(ii) The Company’s material related party transactions and outstanding balances are with related parties with whom
the Company routinely enters into transactions in the ordinary course of business and at arm's length basis.

46 Following are the details of loans and advances in nature of loans given to subsidiaries, associates and other entities
in which directors are interested in terms of regulation 53 (F) read together with Para A of Schedule V of SEBI
(Listing Obligation and Disclosure Regulation, 2013).
(a) Loans and advances in the nature of loans to subsidiaries and associates by name and amount :
(H In crore)
Sr. Name of Entity Closing Balance Maximum amount
No. As at Outstanding
31st March, 2020 during the year
1 Adani Agri Fresh Ltd. CY 166.62 166.62
PY 140.97 140.97
2 Parsa Kente Collieries Ltd. CY 430.09 438.20
PY 175.21 268.57
3 Adani Agri Logistics Ltd. CY Nil Nil
PY Nil 237.40
4 CSPGCL AEL Parsa Collieres Ltd. CY Nil Nil
PY Nil 2.27
5 Mundra Synenergy Ltd. CY 58.80 58.80
(formerly known as Adani Synenergy Ltd.) PY 50.48 50.48
6 Adani Renewable Energy Park Ltd. CY Nil 54.05
PY 54.05 54.05
7 Gidhmuri Paturia Collieries Pvt. Ltd. CY 5.23 48.00
PY Nil Nil
8 Mundra Copper Ltd CY 1.33 1.33
PY Nil Nil
9 Rajasthan Collieries Ltd. CY 13.67 13.67
PY 8.22 8.22
10 Mundra Solar Ltd. CY 1.89 31.05
PY 31.05 31.05
11 Mundra Solar PV Ltd. CY 187.00 187.00
PY 30.62 491.17
12 Chendipada Collieries Pvt. Ltd. CY 0.25 0.25
PY Nil Nil
13 Adani Defence Systems And Technologies Ltd. CY Nil Nil
PY Nil 1.01
14 Gare Pelma II Mining Pvt. Ltd. CY 0.01 1.00
PY Nil Nil
15 Bailadila Iron Ore Mining Pvt. Ltd. CY 29.53 29.53
PY Nil Nil
16 Adani Airport Holdings Ltd. CY 0.14 0.14
(Formerly known as Adani Airports Ltd) PY Nil Nil
17 Mahaguj Power LLP CY Nil 0.28
PY 0.28 0.28
18 Surguja Power Pvt. Ltd. CY 10.35 10.35
PY 9.43 9.43
19 Adani Bunkering Pvt. Ltd. CY Nil 1.25
PY Nil 12.50
20 Adani Cementation Ltd. CY 101.08 101.08
PY 80.37 80.37
21 Mundra Solar Technopark Pvt. Ltd CY 3.35 646.97
PY 646.97 646.97
22 Stratatech Mineral Resources Pvt. Ltd. CY 0.01 0.01
PY Nil Nil

Corporate Overview
(a) Loans and advances in the nature of loans to subsidiaries and associates by name and amount : (Contd..)
(H In crore)
23 Adani Green Technology Ltd. CY 2.67 2.67
PY 2.36 2.36
24 Kurmitar Iron Ore Mining Pvt Ltd CY 0.18 0.18
PY Nil Nil
25 Talabira (Odisha) Mining Pvt. Ltd. CY 57.62 57.62
PY 12.72 12.72
26 Jhar Mining Infra Pvt. Ltd. CY 1.01 1.01
Statutory Reports
PY 0.65 0.65
27 Adani Chendipada Mining Pvt. Ltd. CY 0.29 0.53
PY 0.30 0.30
28 Gare Pelma III Collieries Ltd. CY 84.07 84.07
PY 38.57 38.57
29 Adani Tradex LLP CY Nil 25.80
PY 25.80 25.80
30 Adani Road Transport Ltd. CY 267.62 281.76
(Formerly known as Adani Transport Ltd) PY 148.92 148.92
31 Bilaspur Pathrapali Road Pvt. Ltd. CY 29.10 29.10
PY 26.07 26.07
32 Prayagraj Water Pvt. Ltd. CY 23.34 23.34
PY 0.30 0.30
33 Adani Water Ltd. CY 1.52 7.07
PY 0.03 0.03
Note :- All the above loans and advances have been given for business purposes.
(b) Loans and advances in the nature of loans to firms / companies in which directors are interested by name and amount:
(H In crore)
1 Adani Power Ltd. CY Nil 320.16
PY 320.16 320.16
2 Adani Agri Fresh Ltd. CY 166.62 166.62
Notice
PY 140.97 140.97
3 Adani Agri Logistics Ltd. CY Nil Nil
PY Nil 237.40
4 Mundra Synenergy Ltd. CY 58.80 58.80
(formerly known as Adani Synenergy Ltd.) PY 50.48 50.48
5 Adani Bunkering Pvt. Ltd. CY Nil 1.25
PY Nil 12.50
6 Adani Infrastructure & Developers Pvt. Ltd. CY 6.79 105.29
PY 84.63 135.78
7 Parsa Kente Collieries Ltd. CY 430.09 438.20
PY 175.21 268.57
8 Rajasthan Collieries Ltd CY 13.67 13.67
PY 8.22 8.22
(c) None of the loanee and loanees of subsidiary companies have per se made Investments in the shares of the Company.

47 Items of Expenditure in the Statement of Profit and Loss include reimbursements for common sharing facilities to
and by the Company.
48 Pursuant to Ind AS 31 'Interests in Joint Venture' and Ind AS 112 – 'Disclosure of Interests in Other Entities' the
interest of the Company in various Jointly Controlled Assets, Jointly Controlled Entities & Associates are as follows :
(a) Jointly Controlled Assets
The Company jointly with other parties to the joint venture, have been awarded two onshore oil & gas blocks at Palej
and Assam by Government of India through NELP-VI bidding round, has entered into Production Sharing Contracts
(PSC) with Ministry of Petroleum and Natural Gas for exploration of oil and gas in the aforesaid blocks. NAFTOGAZ India
Pvt. Ltd.(NIPL) being one of the parties to consortium was appointed as operator of the blocks vide Joint Operating
Agreements (JOAs) entered into between parties to consortium. The expenditures related to the activities in the blocks
were incurred by Adani Group, Welspun Group or through their venture Adani Welspun Exploration Ltd.
Government of India has issued a notice intimating the termination of the Production Sharing Contracts (PSCs) in
respect of the Assam and Palej blocks purportedly due to misrepresentation made by the operator of the blocks -
NIPL. The Company has contested the termination and in accordance with the provisions of the PSC has urged the
Government to allow it to continue the activities in Palej block. The Company has already written off its investment
in Assam block in earlier years. The details of the Palej blocks is stated below:
Jointly Controlled Assets Company’s Participating Other Partners Other Partner’s

Interest % Participating Interest %
CB-ONN-2004/5 Block Palej 55% Welspun Natural 35%
Resources Ltd.
NAFTOGAZ India 10%
Pvt. Ltd.
The financial statements of the company reflect its share of Assets and Liabilities of the jointly controlled assets
which are accounted on a line to line basis with similar items in the Company’s accounts to the extent of participating
interest of the Company as per the various joint control agreements, in compliance with Ind AS 31. The summary of
the Company’s share in Assets & Liabilities of unincorporated Jointly Controlled Entity are as follow:
(H In crore)
Particulars CB-ONN-2004/5-Block Palej
As at As at
Property, Plant & Equipment 0.08 0.08
Capital Work in Progress 98.22 96.23
Intangible Assets 0.69 0.69
Cash & Cash Equivalents * *
Other Non-Current Assets 0.02 0.02
99.01 97.02
Capital Contributions 79.30 79.10
Other Current Liabilities 2.59 2.59
Provisions 17.12 15.33
99.01 97.02
(*Denotes amount less than H 50,000)

Corporate Overview
(b) Jointly Controlled Entities & Associates
The Company has Jointly Controlled interests in Adani Elbit Advanced Systems India Ltd., Adani Chendipada Mining
Pvt. Ltd., Jhar Mining Infra Pvt. Ltd. and has significant influence in Adani Power Resources Ltd as on 31st March 2020,
the Company has invested sum of H 18.83 crore (31st March 2019: H 14.83 crore), H 0.00 crore (31st March 2019: H 0.00
crore), H 0.03 crore (31st March 2019 : H 0.03 crore) and H 0.02 crore (31st March 2019 : H Nil) respectively.
The assets, liabilities , income & expenditure, contingent liabilities and capital commitments of the Jointly Controlled
Entities & Associates are as given below:
(H in crore)
Particulars Adani Elbit Advanced Systems India Ltd.
Country of Incorporation India
Statutory Reports
% of ownership interest 51%
Relationship Jointly Controlled Entity
2019-20 2018-19
Current Assets 10.44 7.31
Non Current Assets 22.23 17.69
Current Liabilities 7.83 1.39
Non Current Liabilities 0.60 0.10
Income 4.89 -
Profit/(Loss) for the year (3.25) (4.48)
Other Comprehensive Income (0.01) *
Total Comprehensive Income / (Loss) (3.26) (4.48)
Contingent Liabilities - -
Capital Commitments - -
(H in crore)
Particulars Adani Chendipada Mining Pvt Ltd
2019-20 2018-19
Current Assets * 0.51
Non Current Assets 0.17 *
Non Current Liabilities - -
Income * -
Notice
Other Comprehensive Income - -

(b) Jointly Controlled Entities & Associates (Contd..)

(H in crore)
Particulars Jhar Mining Infra Pvt Ltd
2019-20 2018-19
Income 0.01 0.01
(H in crore)
Particulars Adani Power Resources Ltd*
Relationship Associate
2019-20 2018-19
Income 0.95 *
*The Company has acquired 49% stake in Adani Power Resources Ltd w.e.f 8th November, 2019.
49 Expenses directly attributable to construction period :

The following expenses including borrowing cost which are specifically attributable to construction of project are
included in Capital Work-In-Progress (CWIP):
(H In crore)
Add: Employee Benefits Expense 18.04 21.83
Add: Finance costs 3.74 3.90
Add: Operating and Other Expenses 3.77 5.63
69.72 84.13
Less: Capitalised during the year 21.57 39.96

Corporate Overview
50 Earnings Per Share :
(H In crore)
Earnings per Equity Share of J 1/- each - Basic & Diluted:
Net Profit after tax available for Equity Shareholders (H in crore) 698.89 484.91
Weighted Number of shares used in computing Earnings Per Share 1,09,98,10,083 1,09,98,10,083
Earnings Per Share (face value H 1/- each) 6.35 4.41
Net Profit after tax available for Equity Shareholders (H in crore) - 2.33
Statutory Reports
Earnings Per Share (face value H 1/- each) - 0.02
Continuing & Discontinued Operations
Net Profit after tax available for Equity Shareholders (H in crore) 698.89 487.24
Earnings Per Share (face value H 1/- each) 6.35 4.43
51 Corporate Social Responsibility :
As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) committee has been formed
by the Company. During the year, the Company was required to spend H 8.68 crore as per the provisions of Section
135 of the Companies Act, 2013.
The CSR activities of the Company are generally carried out through charitable organisations set up by the Group,
where funds are allocated from the Company. These organisations carry out the CSR activities as specified in
Schedule VII of the Companies Act, 2013 on behalf of the Company. During the year, the Company has contributed
H 8.21 crore to these organisations (refer note 45) and has spent H 0.80 crore on other charitable activities.
(H In crore)
Particulars Amount Amount yet to Total
Contributed be Contributed
a) Construction / Acquisition of any assets - - -
b) For purpose other than (a) above 9.01 - 9.01
Total 9.01 - 9.01
52 Recent Indian Accounting Standards (Ind AS)
Notice
As at the date of issue of financial statements, there are no new standards or amendments which have been notified
by the MCA but not yet adopted by the Company. Hence, the disclosure is not applicable.
53 Details of Loans given, Investments made and Guarantee given or security provided covered u/s 186 (4) of the
Companies Act, 2013 are given under respective heads (refer notes 6 and 45).
54 As per Ind AS 108, "Operating Segments", in case a financial report contains both Standalone Financial Statements
and Consolidated Financial Statements of the Company, segment information is required to be presented only on
the basis of Consolidated Financial Statements of the Company. Hence, the required segment information has been
disclosed in the Consolidated Financial Statements.
55 During the year, the Company has declared and paid an interim dividend of H 1.00 (100%) per equity share of the face
value of H 1 each for the financial year 2019-20 pursuant to its board meeting held on 17th March 2020.
Also, for the year ended 31st March, 2019, the Company had proposed final dividend of H 0.40 per equity share of H 1
each. The same was declared and paid during the year ended 31st March, 2020.

56 Due to outbreak of COVID-19 globally and in India, the Company’s management has made initial assessment of likely
adverse impact on business and financial risks, and believes that the impact is likely to be short term in nature. The
management does not see any medium to long term risks in the Company’s ability to continue as a going concern and
meeting its liabilities as and when they fall due.
57 Events occurring after the Balance Sheet Date
The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to
approval of the financial statements to determine the necessity for recognition and/or reporting of any of these
events and transactions in the financial statements. There are no subsequent events to be recognised or reported
that are not already disclosed.
58 Approval of financial statements
The financial statements were approved for issue by the board of directors on 6th May, 2020.



Consolidated
Financial
Statements
Independent Auditor’s Report

To the Members of
Report on the Audit of the Consolidated Financial specified under section 143(10) of the Act (SAs). Our
Statements responsibilities under those Standards are further
Opinion described in the Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements section of our
We have audited the accompanying Consolidated Financial report. We are independent of the Group in accordance
Statements of Adani Enterprises Limited (hereinafter with the Code of Ethics issued by the Institute of
referred to as “the Holding Company”), its subsidiaries (the Chartered Accountants of India (ICAI) together with the
Holding Company and its subsidiaries together referred ethical requirements that are relevant to our audit of the
to as “the Group”), its associates and jointly controlled Consolidated Financial Statements under the provisions
entities, comprising of the Consolidated Balance Sheet of the Act and the Rules made there under, and we have
as at 31st March, 2020, the Consolidated Statement of fulfilled our other ethical responsibilities in accordance
Profit and Loss (including other comprehensive income), with these requirements and the ICAI’s Code of Ethics.
the Consolidated Statement of Cash Flows and the We believe that the audit evidence we have obtained is
Consolidated Statement of Changes in Equity for the year sufficient and appropriate to provide a basis for our audit
then ended, and a summary of significant accounting
opinion on the Consolidated Financial Statements.
policies and other explanatory information (herein after
referred to as “Consolidated Financial Statements”). Emphasis of Matter
In our opinion and to the best of our information and We draw your attention to Note 59 to the Consolidated
according to the explanations given to us and based on the Financial Statements which explains the management’s
consideration of reports of other auditors on separate financial assessment of the financial impact due to the lock-down
statements of subsidiaries, associates and jointly controlled and other restrictions and conditions related to the
entities referred to in the Other Matters paragraph below, and COVID - 19 pandemic situation, for which a definitive
read with our comments in the Emphasis of Matter paragraph assessment of the impact in the subsequent period is
below, the aforesaid Consolidated Financial Statements give highly dependent upon circumstances as they evolve. Our
the information required by the Companies Act, 2013 (“the opinion is not modified in respect of this matter.
Act”) in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed Key Audit Matters
under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) Key audit matters are those matters that, in our professional
and other accounting principles generally accepted in India, judgment, were of most significance in our audit of the
of the consolidated state of affairs of the Group, its associates Consolidated Financial Statements of the current year.
and jointly controlled entities as at 31st March, 2020, and These matters were addressed in the context of our audit
their consolidated profit and total comprehensive income, of the Consolidated Financial Statements as a whole, and
consolidated cash flows and consolidated changes in equity in forming our opinion thereon, and we do not provide a
for the year ended on that date. separate opinion on these matters. We have determined
the matters described below to be the key audit matters
Basis for Opinion to be communicated in our report.
We conducted our audit of the Consolidated Financial
Statements in accordance with the Standards on Auditing
Sr. Key Audit Matters Procedures Performed / Auditor’s Response:

No.
1 Evaluation of pending tax litigations We have obtained details of tax litigations under various statutes
for the year ended 31st March, 2020 from the management.
The Group, its associates and jointly controlled
entities have pending litigations for demand We have reviewed the management’s underlying assumptions
in dispute under various tax statutes which in estimating the tax provision and the possible outcome of the
involves significant judgment to determine the disputes. We have also reviewed the legal precedence and other
possible outcome of these disputes. rulings provided for review by the management in evaluating its
position in various matters.

No.
We have also reviewed the assumptions made by the management
Corporate Overview
as at 31st March, 2019 and evaluated whether any change was
required on account of information and updates made available
during the year. For entities audited by other auditors we have
relied upon their audit reports.
2 Evaluation of litigations under arbitration or We have obtained details of litigations pending under arbitration
various court forums and various forums of court for the year ended 31st March, 2020
from the management.
The Group, its associates and jointly controlled
entities has pending litigations with various We have reviewed basis of assumptions made by the management
parties pending under arbitration and various in relation to the ongoing proceedings. We have had verbal
forums of court which involves significant discussions with internal and external legal experts of the
judgment to determine the possible outcome of Holding Company and evaluated whether the stands taken by the
Statutory Reports
these disputes. management required any change. For entities audited by other
auditors we have relied upon their audit reports.
3 Appropriateness of Current / Non-current For the purpose of current/non-current classification of assets
classification and liabilities, the Group, its associates and jointly controlled
entities have ascertained its normal operating cycle as twelve
months. This is based on the nature of services and the time
between the acquisition of assets or inventories for processing
and their realisation in cash and cash equivalents.
The classification of assets and liabilities has been done on the

basis of documentary evidences. Where conclusive evidences
are not available, the classification has been done on the basis
of management’s best estimate of the period in which the assets
would be realised or the liabilities would be settled. We have
evaluated the reasonability of the management’s estimates.
4 Measurement of inventory quantities of coal Our audit procedures relating to the measurement of inventory
quantities of coal included the following:
As at 31st March, 2020 the Group has coal inventory
of H 1,451.14 crore. This was determined a key Understanding and evaluating the design and operating
audit matter, as the measurement of these effectiveness of controls over physical count and measurement
inventory quantities lying at the ports/ yards of such inventory; Evaluation of competency and capabilities
involves significant judgement and estimate of management’s experts; Physically observing inventory
resulting from measuring the surface area. The measurement and count procedures carried out by management
Group uses internal and external experts, to using experts, to ensure its appropriateness and completeness;
perform volumetric assessments, basis which and obtaining and inspecting, inventory measurement and
the quantity for these inventories is estimated. physical count results for such inventories, including assessing
and evaluating the results of analysis performed by management in
Notice
respect of differences between book and physical quantities.
Based on the above procedures performed, we did not identify any

material exceptions in the measurement of inventory quantities
of coal.
5 Adoption of Ind AS 116, Leases Our procedures included the following:
Effective 1 April, 2019, Ind AS 116 replaces the Assessing the accounting regarding leases with reference to
st
existing standard Ind AS 17 and specifies how consistency with the definitions of Ind AS 116. This includes factors
an entity will recognise, measure, present and such as lease term, discount rate and measurement principles;
disclose leases.
Testing completeness of the lease data as at 31st March, 2019
The standard provides a single lease accounting by reconciling the Group’s operating lease commitments to the
model, requiring lessees to recognise a right of underlying data used in computing the ROU asset and Lease
use asset (“ROU asset”) and a corresponding liability;

No.
liability on the lease commencement date. It Assessing the transition to Ind AS 116 by verifying consistency
provides exemption for leases with lease term with the definitions and practical expedients of Ind AS 116;
of 12 months or less or the underlying asset has
Examining the Group’s judgement in establishing the underlying
a low value.
assumptions. This includes assessing the discount rate used in
The Group has applied Ind AS 116. determining the lease liability.
We considered the first-time application of

the standard as a key audit matter due to
the judgements needed in establishing the
underlying key assumptions.
6 Business Combinations Our audit procedures related to the reasonability of the fair values
assigned to assets acquired and liabilities assumed included the
During the year, the Group has acquired the
following :
businesses of Alpha Design Technologies Private
Limited for a consideration of H 400 crore. The We tested the Design, Implementation and Operating effectiveness
Group accounted for the acquisitions under the of controls over the purchase price allocation process.
acquisition method of accounting for business
We evaluated
combinations. Accordingly, the purchase price
was allocated to the assets acquired and - the appropriateness of the valuation methodologies for
liabilities (including contingent liabilities, if identified intangibles and
any) assumed based on their fair values on their
- reasonableness of the valuation assumptions viz. discount rate /
respective acquisition dates.
contributory asset charge, as applicable discount rate, including
The determination of such fair values for the testing the source information underlying the determination
purpose of purchase price allocation was of the discount rate, testing the mathematical accuracy
considered to be a key focus area of our audit of the calculation, and developing a range of independent
as the fair valuation process involves judgments estimates and comparing those to the discount rate selected by
and estimates such as appropriateness of the independent valuers and relied upon by the management.
valuation methodology applied and the discount
We evaluated the competencies, capabilities and objectivity of the
rates applied to future cash flow forecasts.
independent valuers engaged by the Company’s management for
value analysis of tangible and intangible assets.
Information other than the Consolidated Financial audit or otherwise appears to be materially misstated.
Statements and Auditor’s Report thereon Other information so far as it relates to the subsidiaries,
associates and jointly controlled entities audited by the
The Holding Company’s Board of Directors is responsible other auditors or certified by the management, is traced
for the other information. The other information comprises from the financial statements audited by the other
the information included in the Group’s annual report, but auditors or certified by the management.
does not include the Consolidated Financial Statements
and our auditor’s report thereon. If, based on the work we have performed or on the basis of
other auditor’s report, we conclude that there is a material
Our opinion on the Consolidated Financial Statements misstatement of this other information; we are required to
does not cover the other information and we do not report that fact. We have nothing to report in this regard.
express any form of assurance conclusion thereon.
In connection with our audit of the Consolidated Responsibilities of Management and Those
Financial Statements, our responsibility is to read the Charged with Governance for the Consolidated
other information, compare with the financial statements Financial Statements
of the subsidiaries, associates and jointly controlled
The Holding Company’s Board of Directors is responsible
entities audited by the other auditors or certified by the
for the matters stated in Section 134(5) of the Companies
management, to the extent it relates to these entities and,
Act, 2013 (“the Act”) with respect to the preparation and
in doing so, place reliance on the work of the other auditors
presentation of these Consolidated Financial Statements
and consider whether the other information is materially
that give a true and fair view of the consolidated financial
inconsistent with the Consolidated Financial Statements
position, consolidated financial performance including
or our knowledge obtained during the course of our
other comprehensive income, consolidated cash flows As part of an audit in accordance with SAs, we exercise
and consolidated changes in equity of the Group, its professional judgment and maintain professional
associates and jointly controlled entities in accordance scepticism throughout the audit. We also:
Corporate Overview
with the accounting principles generally accepted in India,
including the applicable Indian Accounting Standards (Ind Identify and assess the risks of material misstatement
AS) prescribed under Section 133 of the Act, read with the of the Consolidated Financial Statements, whether
Companies (Indian Accounting Standards) Rules, 2015, due to fraud or error, design and perform audit
as amended. procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide
This responsibility also includes maintenance of adequate a basis for our opinion. The risk of not detecting
accounting records in accordance with the provisions a material misstatement resulting from fraud is
of the Act for safeguarding the assets of the Group, higher than for one resulting from error, as fraud
its associates and jointly controlled entities and for may involve collusion, forgery, intentional omissions,
preventing and detecting frauds and other irregularities; misrepresentations, or the override of internal control.
selection and application of appropriate accounting
policies; making judgments and estimates that are Obtain an understanding of internal financial controls
Statutory Reports
reasonable and prudent; and design, implementation relevant to the audit in order to design audit procedures
and maintenance of adequate internal financial controls, that are appropriate in the circumstances. Under
that were operating effectively for ensuring the accuracy section 143(3)(i) of the Act, we are also responsible
and completeness of the accounting records, relevant for expressing our opinion on whether the Holding
to the preparation and presentation of the Consolidated Company has adequate internal financial controls
Financial Statements that give a true and fair view and are system in place and the operating effectiveness of
free from material misstatement, whether due to fraud or such controls.
error, which have been used for the purpose of preparation
Evaluate the appropriateness of accounting policies
of the Consolidated Financial Statements by the Board of
used and the reasonableness of accounting estimates
Directors of the Holding Company, as aforesaid.
and related disclosures made by management.
In preparing the Consolidated Financial Statements, the
Conclude on the appropriateness of management’s
Board of Directors is responsible for assessing the Group’s
use of the going concern basis of accounting and,
ability to continue as a going concern, disclosing, as
based on the audit evidence obtained, whether
applicable, matters related to going concern and using the
a material uncertainty exists related to events
going concern basis of accounting unless management
or conditions that may cast significant doubt on
either intends to liquidate or to cease operations, or has
the ability of the Group, its associates and jointly
no realistic alternative but to do so.
controlled entities to continue as a going concern. If
The respective Board of Directors of the companies we conclude that a material uncertainty exists, we are
included in the group and of its associates and jointly required to draw attention in our auditor’s report to
controlled entities are also responsible for overseeing the the related disclosures in the Consolidated financial
financial reporting process of the Group and its associates statements or, if such disclosures are inadequate, to
and jointly controlled entities. modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
Auditor’s Responsibilities for the Audit of the
Notice
cause the Group, its associates and jointly controlled
Consolidated Financial Statements entities to cease to continue as a going concern.
Our objectives are to obtain reasonable assurance about Evaluate the overall presentation, structure and
whether the Consolidated Financial Statements as a whole content of the Consolidated Financial Statements,
are free from material misstatement, whether due to fraud including the disclosures, and whether the
or error, and to issue an auditor’s report that includes our Consolidated Financial Statements represent the
opinion. Reasonable assurance is a high level of assurance, underlying transactions and events in a manner that
but is not a guarantee that an audit conducted in accordance achieves fair presentation.
with SAs will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and Obtain sufficient appropriate audit evidence
are considered material if, individually or in the aggregate, regarding the financial information of the entities or
they could reasonably be expected to influence the business activities within the Group, its associates
economic decisions of users taken on the basis of these and jointly controlled entities to express an opinion
Consolidated Financial Statements. on the Consolidated Financial Statements. We
are responsible for the direction, supervision and of H 28,924.78 crore and total profit after tax of
performance of the audit of the financial statements H 357.69 crore, total comprehensive income of
of such entities included in the consolidated financial H 1,566.01 crore and net cash inflows of H 871.90 crore
Statements of which we are the independent auditors. for the year then ended, which have been audited
For the other entities or business activities included by other auditors whose financial statements, other
in the Consolidated Financial Statements, which have financial information and auditor’s reports have been
been audited by other auditors, such other auditors furnished to us by the management. Our opinion on
remain responsible for the direction, supervision and the consolidated financial statements, in so far as it
performance of the audits carried out by them. We relates to the amounts and disclosures included in
remain solely responsible for our audit opinion. respect of these subsidiaries is based solely on the
reports of such other auditors.
We believe that the audit evidence obtained by us read
with the ‘Other Matters’ paragraph below, is sufficient and (iii) The accompanying Consolidated Financial Statements
appropriate to provide a basis for our audit opinion on the include the Group’s share of Net Loss after tax of H 1.24
Consolidated Financial Statements. crore for the year ended 31st March, 2020, in respect of
8 Associates and 2 Jointly Controlled Entities, which
We communicate with those charged with governance of have been audited by other auditors, whose financial
the Holding Company and such other entities included in statements, other financial information and auditor’s
the Consolidated Financial Statements of which we are reports have been furnished to us by the management.
the independent auditors regarding, among other matters, Our opinion on the consolidated financial statements,
the planned scope and timing of the audit and significant in so far as it relates to the amounts and disclosures
audit findings, including any significant deficiencies in included in respect of these associates and jointly
internal control that we identify during our audit. controlled entities is based solely on the reports of
such other auditors.
We also provide those charged with governance with
a statement that we have complied with relevant (iv) The accompanying Consolidated Financial Statements
ethical requirements regarding independence, and to include Financial Statements of 30 subsidiaries which
communicate with them all relationships and other reflect total assets of H 3,216.43 crore as at 31st March,
matters that may reasonably be thought to bear on our 2020 and total revenues of H 430.67 crore and total
independence, and where applicable, related safeguards. loss after tax of H 134.62 crore, total comprehensive
loss of H 64.74 crore and net cash inflows of H6.91 crore
From the matters communicated with those charged with
for the year then ended whose financial statements
governance, we determine those matters that were of most
are unaudited and have been furnished to us by the
significance in the audit of the Consolidated Financial
Management and our opinion on the Consolidated
Statements of the current year and are therefore the key
Financial Statements in so far as it relates to the
audit matters. We describe these matters in our auditor’s
amounts and disclosures included in respect of
report unless law or regulation precludes public disclosure
these Subsidiaries is based solely on such unaudited
about the matter or when, in extremely rare circumstances,
financial statements. In our opinion and according to
we determine that a matter should not be communicated
the information and explanations given to us by the
in our report because the adverse consequences of doing
Board of Directors, these financial statements are not
so would reasonably be expected to outweigh the public
material to the Group.
interest benefits of such communication.
(v) The accompanying Consolidated Financial Statements
Other Matters include the Group’s share of Net Profit after tax of
H 45.93 crore for the year ended 31st March, 2020,
(i) The accompanying Consolidated Financial Statements in respect of 8 Associates and 10 Jointly Controlled
include the Group’s proportionate share in jointly Entities whose financial statements are unaudited
controlled net assets of H 215.32 crore in respect of 3 and have been furnished to us by the Management and
Unincorporated Jointly Controlled Entities not operated our opinion on the consolidated financial statements
by the Group, which is based on unaudited statements in so far as it relates to the amounts and disclosures
which have been certified by the management and included in respect of these associates and jointly
relied upon by us. controlled entities is based solely on such unaudited
financial statements. In our opinion and according to
(ii)
The accompanying Consolidated Financial
the information and explanations given to us by the
Statements include Financial Statements of 75
Board of Directors, these financial statements are not
subsidiaries which reflect total assets of H 33,272.78
material to the Group.
crore as at 31st March, 2020 and total revenues
(vi) Attention is drawn to the fact that some of the from being appointed as a director in terms of
subsidiary companies are incurring continuous losses Section 164 (2) of the Act.
and have a negative net current assets position.
Corporate Overview
However, the financial statements of these companies f) With respect to the adequacy of the internal
are prepared on a going concern basis. financial controls over financial reporting of the
Group, its associates and jointly controlled entities
Our opinion on the Consolidated Financial Statements, and and the operating effectiveness of such controls,
our report on Other Legal and Regulatory Requirements refer to our separate Report in Annexure A.
below, is not modified in respect of the above matters with
respect to our reliance on the work done and the reports of g) With respect to the other matters to be included in
the other auditors and the Financial Statements certified the Auditor’s Report in accordance with Rule 11 of
by the Management. the Companies (Audit and Auditors) Rules, 2014,
in our opinion and to the best of our information
and according to the explanations given to us:
Report on Other Legal and Regulatory
Requirements i. The Consolidated Financial Statements
Statutory Reports
disclose the impact of pending litigations
1. As required by Section 143(3) of the Act, based on on the consolidated financial position of the
our audit and on the consideration of the reports of Group, its associates and jointly controlled
other auditors on separate financial statements of its entities – Refer Note 50 to the Consolidated
subsidiaries, associates and jointly controlled entities Financial Statements;
incorporated in India, referred in the Other Matters
paragraph above we report, to the extent applicable, ii. Provision has been made in the Consolidated
that: Financial Statements, as required under
the applicable law or Ind AS, for material
a) We have sought and obtained all the information
foreseeable losses, if any, on long-term
and explanations which to the best of our
contracts including derivative contracts –
knowledge and belief were necessary for
Refer Note 40 to the Consolidated Financial
the purposes of our audit of the aforesaid
Statements;
Consolidated Financial Statements;
b) In our opinion, proper books of account as required iii. There has been no delay in transferring
by law relating to preparation of the aforesaid amounts, required to be transferred, to the
Consolidated Financial Statements have been Investor Education and Protection Fund
kept so far as it appears from our examination of by the Holding Company and other group
those books and the reports of the other auditors; companies incorporated in India.
c) The Consolidated Balance Sheet, the Consolidated 2. With respect to the matters to be included in the
Statement of Profit and Loss including other Auditor’s Report in accordance with the requirements
comprehensive income, the Consolidated of section 197(16) of the Act, as amended:
Statement of Cash Flows and the Consolidated
In our opinion and to the best of our information
Statement of Changes in Equity dealt with by this
and according to the explanations given to us, the
Report are in agreement with the books of account
remuneration paid by the Holding Company to its
maintained for the purpose of preparation of the
Notice
directors during the current period is in accordance
Consolidated Financial Statements;
with the provisions of section 197 of the Act.
d) In our opinion, the aforesaid Consolidated Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.
e) On the basis of the written representations
received from the directors of the Holding
Company as on 31st March, 2020 taken on record
by the Board of Directors of the Holding Company,
and the reports of the statutory auditors of its Ankit Ajmera
subsidiaries, associates and jointly controlled Partner
entities, none of the directors of the Group Place : Ahmedabad Membership No. 434347
Companies is disqualified as on 31st March, 2020 Date : 6th May, 2020 UDIN: 20434347AAAABD7273
Annexure – A to the Independent Auditor’s Report

(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory
Report on the Internal Financial Controls under and detection of frauds and errors, the accuracy and
Clause i of sub-section 3 of section 143 of the completeness of the accounting records, and the timely
Companies Act 2013 (the Act). preparation of reliable financial information, as required
under the Act.
Opinion
We have audited the internal financial controls over Auditor’s Responsibility

financial reporting of Adani Enterprises Limited (hereinafter
referred to as “the Holding Company”), its subsidiaries (the Our responsibility is to express an opinion on the internal
Holding Company and its subsidiaries together referred to financial controls over financial reporting of the Holding
as “the Group”), its associates and jointly controlled entities Company, its subsidiaries, associates and jointly controlled
which are incorporated in India, as of 31st March, 2020 in entities, which are companies incorporated in India, based
conjunction with our audit of the Consolidated Financial on our audit. We conducted our audit in accordance with
Statements of the Group, its associates and jointly the Guidance Note and the Standards on Auditing, issued
controlled entities for the year ended on that date. by ICAI and deemed to be prescribed under section 143(10)
of the Companies Act, 2013, to the extent applicable to
In our opinion, to the best of our information and an audit of internal financial controls, both applicable to
according to the explanations given to us and based on the an audit of Internal Financial Controls and both issued
consideration of reports of the other auditors, as referred by the ICAI. Those Standards and the Guidance Note
to in Other Matters paragraph, the Group, its associates require that we comply with ethical requirements and
and jointly controlled entities, which are companies plan and perform the audit to obtain reasonable assurance
incorporated in India, have maintained, in all material about whether adequate internal financial controls over
respects, an adequate internal financial controls system financial reporting was established and maintained and if
over financial reporting and such internal financial controls such controls operated effectively in all material respects.
over financial reporting were operating effectively as at 31st
March, 2020, based on the internal control over financial Our audit involves performing procedures to obtain audit
reporting criteria established by the Holding Company evidence about the adequacy of the internal financial
considering the essential components of internal control controls system over financial reporting and their
stated in the Guidance Note issued by the ICAI. operating effectiveness. Our audit of internal financial
controls over financial reporting included obtaining
Management’s Responsibilities for Internal an understanding of internal financial controls over
Financial Controls financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design
The respective Board of Directors or management of the and operating effectiveness of internal control based on
Companies, which are companies incorporated in India, the assessed risk. The procedures selected depend on the
are responsible for establishing and maintaining internal auditor’s judgment, including the assessment of the risks
financial controls based on the internal control over of material misstatement of the Consolidated Financial
financial reporting criteria established by the respective Statements, whether due to fraud or error.
Companies considering the essential components of
internal control stated in the Guidance Note on Audit of We believe that the audit evidence we have obtained and
Internal Financial Controls over Financial Reporting (the the audit evidence obtained by the other auditors in terms
‘Guidance Note’) issued by the ICAI. These responsibilities of their reports referred to in the Other Matters paragraph
include the design, implementation and maintenance of below, is sufficient and appropriate to provide a basis
adequate internal financial controls that were operating for our audit opinion on the internal financial controls
effectively for ensuring the orderly and efficient conduct of system over financial reporting of the Holding Company,
its business, including adherence to respective company’s its subsidiaries, associates and jointly controlled entities,
policies, the safeguarding of its assets, the prevention which are companies incorporated in India.
Other Matters financial statements in accordance with generally

accepted accounting principles, and that receipts and
Our report under Section 143(3)(i) of the Act on the expenditures of the company are being made only in
Corporate Overview
adequacy and operating effectiveness of the internal accordance with authorisations of management and
financial controls over financial reporting of the Holding directors of the company; and
Company, its subsidiaries, associates and jointly controlled
entities, which are companies incorporated in India, in so (3) provide reasonable assurance regarding prevention or
far as it relates to separate financial statements of 53 timely detection of unauthorised acquisition, use, or
subsidiaries, 2 associates and 3 jointly controlled entities disposition of the company’s assets that could have a
is based on the corresponding reports of the auditors material effect on the financial statements.
of such subsidiaries, associates and jointly controlled
entities, which are companies incorporated in India. Inherent Limitations of Internal Financial
We do not comment on the adequacy and operating
Controls over Financial Reporting
effectiveness of the internal financial controls over financial Because of the inherent limitations of internal financial
reporting of 11 subsidiaries, 8 associates and 3 jointly controls over financial reporting, including the possibility
Statutory Reports
controlled entity incorporated in India, whose financial of collusion or improper management override of controls,
statements are unaudited and have been furnished to us by material misstatements due to error or fraud may occur
the Management. and not be detected. Also, projections of any evaluation
of the internal financial controls over financial reporting
Meaning of Internal Financial Controls over to future periods are subject to the risk that the internal
Financial Reporting financial control over financial reporting may become
inadequate because of changes in conditions, or that the
A company’s internal financial control over financial reporting degree of compliance with the policies or procedures may
is a process designed to provide reasonable assurance deteriorate.
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A
company’s internal financial control over financial reporting
includes those policies and procedures that: For SHAH DHANDHARIA & CO.
(1) pertain to the maintenance of records that, in Firm Registration No. 118707W
reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the
company; Ankit Ajmera
Partner
(2)
provide reasonable assurance that transactions Place : Ahmedabad Membership No. 434347
are recorded as necessary to permit preparation of Date : 6th May, 2020 UDIN: 20434347AAAABD7273
Notice
Consolidated Balance Sheet

as at 31st March, 2020
(H in crore)
Particulars Notes As at As at
ASSETS
I NON-CURRENT ASSETS
(a) Property, Plant & Equipment 3 6,446.75 5,745.59
(b) Capital Work-In-Progress 4 7,231.14 5,764.92
(c) Investment Properties 5 31.86 22.02
(d) Goodwill 3 139.13 54.22
(e) Other Intangible Assets 3 3,858.72 3,198.28
(f) Intangible Assets under Development 4 115.59 -
(g) Financial Assets
(i) Investments 6 1,897.53 1,508.53
(ii) Loans 7 945.87 1,376.46
(iii) Other Financial Assets 8 948.14 865.95
(h) Deferred Tax Assets (net) 9 272.77 349.31
(i) Income Tax Assets (net) 277.97 240.92
(j) Other Non-Current Assets 10 549.97 281.97
22,715.44 19,408.17
II CURRENT ASSETS
(a) Inventories 11 2,562.37 2,668.82
(b) Financial Assets
(i) Investments 12 54.96 2.82
(ii) Trade Receivables 13 13,146.53 14,307.03
(iii) Cash & Cash Equivalents 14 2,124.69 973.88
(iv) Bank Balances other than (iii) above 15 1,251.99 735.40
(v) Loans 16 1,959.86 2,238.77
(vi) Other Financial Assets 17 1,463.83 892.40
(c) Other Current Assets 18 1,618.69 1,308.89
24,182.92 23,128.01
Total Assets 46,898.36 42,536.18
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 19 109.98 109.98
(b) Other Equity 20 16,836.59 14,645.96
Equity attributable to owners of the Company 16,946.57 14,755.94
(c) Non Controlling Interests 1,263.37 387.77
Total Equity 18,209.94 15,143.71
LIABILITIES
I NON-CURRENT LIABILITIES
(i) Borrowings 21 3,515.81 2,992.22
(ii) Other Financial Liabilities 22 1,219.64 1,234.33
(b) Provisions 23 63.00 49.93
(c) Deferred Tax Liabilities (net) 9 23.30 -
(d) Other Non-Current Liabilities 24 577.79 606.70
5,399.54 4,883.18
II CURRENT LIABILITIES
(i) Borrowings 25 8,136.84 6,959.14
(ii) Trade Payables 26
enterprises
(iii) Other Financial Liabilities 27 1,368.93 1,948.74
(b) Other Current Liabilities 28 1,858.47 1,521.68
(c) Provisions 29 61.46 52.70
(d) Current Tax Liabilities (net) 49.52 38.30
23,288.88 22,509.29
Total Liabilities 28,688.42 27,392.47
Total Equity and Liabilities 46,898.36 42,536.18

Consolidated Statement of Profit and Loss

Corporate Overview
(H in crore)
Income
Revenue from Operations 30 43,402.56 40,378.66
Other Income 31 683.65 571.96
Total Income 44,086.21 40,950.62
Expenses
Cost of Materials Consumed 32 1,750.17 1,223.17
Purchases of Stock-in-Trade 32,600.03 32,598.23
Statutory Reports
Changes in Inventories of Finished Goods, Work In Progress and 310.13 (499.99)
Stock-in-Trade
Employee Benefits Expense 33 682.48 656.40
Finance Costs 34 1,572.32 1,625.07
Depreciation and Amortisation Expense 3 472.06 389.77
Operating and Other Expenses 35 5,775.44 4,432.05
Total Expenses 43,162.63 40,424.70
Profit before exceptional items and tax 923.58 525.92
Add / (Less) : Exceptional items (Net) 36 198.75 (157.98)
Profit for the year before tax 1,122.33 367.94
Tax Expense 9
Current Tax 240.63 159.80
Adjustment for Earlier Years 0.75 7.75
Deferred Tax (including MAT) 82.95 (23.01)
Total Tax Expense 324.33 144.54
Profit for the year before Share of Profit from Jointly Controlled 798.00 223.40
Entities & Associates
Add : Share of Profit from Jointly Controlled Entities & Associates 241.99 191.73
Net Profit for the year from Continuing Operations 1,039.99 415.13
Discontinued Operations 38
Profit before tax from Discontinued Operations - 140.56
Less : Tax Expense of Discontinued Operations - 49.78
Net Profit for the year from Discontinued Operations - 90.78
Notice
Profit for the year 1,039.99 505.91
Item that will not be reclassified to Profit and Loss
(i) Remeasurement of defined benefit plans (3.85) (0.26)
(ii) Fair Value of Equity Investments - 5.76
(iii) Income tax relating to the above items 1.19 (0.09)
(2.66) 5.41
(i) Remeasurement of defined benefit plans - 0.05
(ii) Income tax relating to the above item - (0.01)
- 0.04
Total (2.66) 5.45
Consolidated Statement of Profit and Loss

(H in crore)
Item that will be reclassified to Profit and Loss
(i) Exchange differences on translation of financial statements 1,241.12 677.78
of foreign subsidiaries
(ii) Income tax relating to the above item - -
1,241.12 677.78
Discontinued Operations - -
Total 1,241.12 677.78
Other Comprehensive Income (After Tax) 1,238.46 683.23
Total Comprehensive Income for the Year 2,278.45 1,189.14
Total Comprehensive Income for the Year (After Tax)
Continuing Operations 2,278.45 1,098.32
Continuing and Discontinued Operations 2,278.45 1,189.14
Net Profit attributable to :
Owners of the Company 1,138.17 717.14
Non Controlling Interests (98.18) (211.23)
1,039.99 505.91
Other Comprehensive Income attributable to :
Owners of the Company 1,238.12 683.29
Non Controlling Interests 0.34 (0.06)
1,238.46 683.23
Total Comprehensive Income attributable to :
Owners of the Company 2,376.29 1,400.43
Non Controlling Interests (97.84) (211.29)
2,278.45 1,189.14
Earning per Equity Share of J 1/- each - Basic & Diluted 53
From Continuing Operations 10.35 5.69
From Discontinued Operations - 0.83
From Continuing & Discontinued Operations 10.35 6.52




Consolidated Statement of Changes in Equity
A. Equity Share Capital

(H in crore)
Particulars No. of Shares Amount
Balance as at 1st April, 2018 109,98,10,083 109.98
st
Balance as at 31 March, 2019 109,98,10,083 109.98
st
Balance as at 31 March, 2020 109,98,10,083 109.98
B. Other Equity
(H in crore)
Particulars Attributable to the Owners of the Company Non Total
Reserves and Surplus Other Comprehensive Total Other Controlling
Income Equity Interests
General Securities Retained Capital Reserve Amalgamation Foreign Currency Equity attributable to
Reserve Premium Earnings on Consolidation Reserve Translation Instruments owners of the
Reserve through OCI Company
Balance as at 1st April, 2018 410.19 982.64 11,620.58 74.88 63.46 1,631.63 195.81 14,979.19 777.86 15,757.05
Profit for the year - - 717.14 - - - - 717.14 (211.23) 505.91
Other Comprehensive Income / (loss) for - - (0.25) - - 677.78 5.76 683.29 (0.06) 683.23
the year
Total Comprehensive Income for the year - - 716.89 - - 677.78 5.76 1,400.43 (211.29) 1,189.14
- On account of Scheme of Arrangement - - (1,616.72) (39.36) (24.55) - - (1,680.63) (655.78) (2,336.41)
- Gain transferred on sale of Equity - - 201.57 - - - (201.57) - - -
Investments classified as ‘FVTOCI’
- Transfer to General Reserve 10.00 - (10.00) - - - - - - -
- Dividend on Equity Shares - - (43.99) - - - - (43.99) - (43.99)
- Tax on Dividend - - (9.04) - - - - (9.04) - (9.04)
- Transaction with Non Controlling - - - - - - - - 476.98 476.98
Interests
Balance as at 31st March, 2019 420.19 982.64 10,859.29 35.52 38.91 2,309.41 - 14,645.96 387.77 15,033.73
213
Notice Financial Statements Statutory Reports Corporate Overview

214
Consolidated Statement of Changes in Equity

B. Other Equity (Contd..)

(H in crore)
Particulars Attributable to the Owners of the Company Non Total
Reserves and Surplus Other Comprehensive Total Other Controlling
Income Equity Interests
General Securities Retained Capital Reserve Amalgamation Foreign Currency Equity attributable to
Reserve Premium Earnings on Consolidation Reserve Translation Instruments owners of the
Reserve through OCI Company
Balance as at 1st April, 2019 420.19 982.64 10,859.29 35.52 38.91 2,309.41 - 14,645.96 387.77 15,033.73
Profit for the year - - 1,138.17 - - - - 1,138.17 (98.18) 1,039.99
Other Comprehensive Income / (Loss) for - - (3.00) - - 1,241.12 - 1,238.12 0.34 1,238.46
the year
Total Comprehensive Income for the year - - 1,135.17 - - 1,241.12 - 2,376.29 (97.84) 2,278.45
- Transfer to General Reserve 25.00 - (25.00) - - - - - - -
- Dividend on Equity Shares - - (43.99) - - - - (43.99) - (43.99)
- Tax on Dividend - - (9.04) - - - - (9.04) - (9.04)
- Interim Dividend on Equity Shares - - (109.98) - - - - (109.98) - (109.98)
- Tax on Interim Dividend - - (22.62) - - - - (22.62) - (22.62)
- On account of Acquisition of Subsidiary - - - - - - - - 909.81 909.81
- Transaction with Non Controlling - - - - - - - - 63.60 63.60
Interests
- On account of Consolidation Adjustments - - (0.03) - - - - (0.03) 0.03 -
Balance as at 31st March, 2020 445.19 982.64 11783.80 35.52 38.91 3,550.53 - 16,836.59 1,263.37 18,099.96




Consolidated Statement of Cash Flow

Corporate Overview
(H in crore)
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax
Continuing Operations 1,122.33 367.94
Discontinued Operations - Excluding Share of Jointly Controlled - 142.98
Entity
Adjustments for :
Depreciation, Amortisation & Impairment 601.79 1,087.25
Impairment in value of Investments - 0.35
Dividend Income from Non Current Investments - (2.75)
Statutory Reports
Dividend Income from Current Investments (0.02) (0.02)
Profit from Partnership Firm - (0.03)
Net Gain on Sale of Current / Non Current Investments (11.76) (32.39)
Gain on Sale of Subsidiaries / Associates / Jointly Controlled - (537.82)
Entities (net)
Government Incentives (54.02) (49.64)
(Profit) / Loss on Sale of Property, Plant & Equipments (net) (42.54) 0.20
Bad Debts / Provision for Doubtful Debts, Loans & Advances 131.08 65.70
Liabilities no longer required written back (23.15) (5.44)
Unrealised Exchange Rate Difference 410.04 (80.11)
Stamp Duty on account of Scheme of Arrangement - 25.00
Finance Costs 1,572.32 1,637.34
Interest Income (524.26) (489.89)
Operating Profit before Working Capital Changes 3,181.81 2,128.67
Adjustments for :
Trade Receivables & Other Financial Assets 455.16 (2,108.66)
Inventories 172.59 (369.23)
Other Current & Non-Current Assets (472.69) (381.82)
Other Current & Non-Current Liabilities 253.85 158.48
Trade Payables, Other Financial Liabilities & Provisions (870.03) 4,110.17
Cash Generated from Operations 2,720.69 3,537.61
Direct Taxes Paid (net) (267.13) (210.91)
Net Cash from Operating Activities (A) 2,453.56 3,326.70
B. CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant & Equipments, Intangible (2901.16) (1,772.32)
Assets and Investment Properties (after adjustment of increase /
decrease of Capital Work-in-Progress and Capital Advances)
Notice
Investment in Jointly Controlled Entities & Associates (253.15) (324.06)
(including Share Application Money)
Proceeds from Sale / Disposal of Property, Plant & Equipments 179.66 7.09
Non Current Loans advanced (1,540.08) (753.29)
Non Current Loans received back 1,973.73 797.70
Current Loans (advanced to) / received back (net) 279.38 1,906.75
Withdrawal / (Investments) in Other Bank Deposits (net) (480.05) (44.55)
Sale / (Purchase) of Current Investments (net) (40.38) 36.01
Profit from Partnership Firm - 0.03
Dividend from Current Investments 0.02 0.02
Dividend from Non Current Investments - 2.75
Proceeds from Sale of Investments in Subsidiaries - 1,269.52
Interest Received 459.06 476.25
Proceeds from Sale of Non Current Investments - 207.23
Net Cash Generated from / (used in) Investing Activities (B) (2,322.97) 1,809.13
Consolidated Statement of Cash Flow

(H in crore)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long Term Borrowings 3,274.08 3,031.47
Repayment of Long Term Borrowings (3,255.49) (2,002.76)
Proceeds / (Repayment) from Short Term Borrowings (net) 1,161.34 (5,633.26)
Transaction with Non Controlling Interests 63.60 26.98
Government Grant received 293.77 103.01
Finance Costs paid (1,532.16) (1,605.82)
Payment of Lease Liabilities (40.41) -
Stamp Duty paid on account of Scheme of Arrangement - (25.00)
Dividend paid (Including Dividend Tax) (53.03) (53.03)
Interim Dividend paid (Including Dividend Tax) (132.60) -
Net Cash used in Financing Activities (C) (220.90) (6,158.41)
D. OTHERS
Exchange Difference arising on conversion taken to Foreign 1,241.12 677.78
Currency Translation Reserve
Net Cash Flow from Others (D) 1,241.12 677.78
E. On account of Demerger of Gas Sourcing and Distribution (E) - (90.78)
undertaking during the Year (Refer Note : 38)
Net Increase in Cash and Cash Equivalents (A+B+C+D+E) 1,150.81 (435.58)
Cash and Cash Equivalents at the beginning of the year 973.88 1,409.46
Cash and Cash Equivalents at the end of the year 2,124.69 973.88
Cash and Cheques on Hand 0.89 21.47
Balances with Scheduled Banks
- On Current Accounts 1,590.91 585.02
- On Fixed Deposit Accounts - (original maturity less than three 532.89 367.39
months)
Cash and Cash Equivalents at the end of the year 2,124.69 973.88
Note :
1 The Consolidated Statement of Cash Flow has been prepared under the indirect method as set out in Indian
Accounting Standard (Ind AS 7) Statement of Cash Flows.
2 The Group has elected to present combined Statement of Cash Flow of both Continuing and Discontinued Operations.




Notes forming part of the Consolidated Financial Statements

Corporate Overview
1 Corporate Information member of the group uses accounting policies other
than those adopted in the consolidated financial
Adani Enterprises Limited (‘the Company’, ‘AEL’) statements, appropriate adjustments are made to that
is a listed public company domiciled in India and group member’s financial statements in preparing
incorporated under the provisions of the Companies the consolidated financial statements to ensure
Act, 1956, having its registered office at “Adani House”, conformity with the group’s accounting policies.
Near Mithakhali Six Roads, Navrangpura, Ahmedabad
- 380009, Gujarat, India. Its shares are listed on the The financial statements of all the entities used for the
Bombay Stock Exchange and the National Stock purpose of consolidation are drawn up to same reporting
Exchange. AEL along with its subsidiaries and other date as that of the parent company. When the end of
group companies (“Adani Group”) is a global integrated the reporting period of the parent is different from that
infrastructure player with businesses spanning coal of a subsidiary, jointly controlled entity or associate, the
Statutory Reports
trading, coal mining, oil & gas exploration, ports, multi- respective entity prepares, for consolidation purposes,
model logistics, power generation and transmission, additional financial information as of the same date as
gas distribution and edible oil & agro commodities. the financial statements of the parent to enable the
parent to consolidate the financial information of the
said entity, unless it is impracticable to do so.
2 Significant Accounting Policies
I. Basis of Preparation The consolidated financial statements have been
prepared on the following basis.
a) Statement of Compliance
Subsidiaries
The consolidated financial statements of the
Company have been prepared in accordance with Subsidiaries are all entities over which the Group has
Indian Accounting Standards (Ind AS) notified under control. The Group controls an entity when the Group
Section 133 of the Companies Act, 2013 read with the is exposed, or has rights, to variable returns from its
Companies (Indian Accounting Standards) Rules, 2015, power and involvement with the investee and has the
as amended from time to time and other accounting ability to affect those returns through its power over
principles generally accepted in India. the investee.
These consolidated financial statements have been Subsidiaries are considered for consolidation when
prepared and presented under the historical cost the Group obtains control over the subsidiary and are
convention with the exception of certain assets and derecognised when the Group loses control of the
liabilities that are required to be carried at fair values subsidiary. Subsidiaries have been consolidated on a
by Ind AS. Fair value is the price that would be received line-by-line basis by adding together the book values
to sell an asset or paid to transfer a liability in an of the like items of assets, liabilities, equity, income and
orderly transaction between the market participants expenses. Intercompany transactions, balances and
at the measurement date. unrealised gains resulting on intra-group transactions
are eliminated in full. Unrealised losses resulting from
Notice
The financial statements are presented in INR except intra-group transactions are eliminated in arriving at the
when otherwise stated. All amounts have been carrying amount of assets unless transaction provides
rounded-off to the nearest crore, unless otherwise an evidence of impairment of transferred asset.
indicated.
Non-controlling interests represent the portion of
b) Principles of Consolidation profit or loss and net assets not held by the Group and
are presented separately in the Statement of Profit
The consolidated financial statements comprise the
and Loss and Consolidated Balance Sheet, separately
financial statements of the Company, its subsidiaries
from parent shareholders’ equity. Profit and loss and
and equity accounting of its investment in associates
each component of other comprehensive income (OCI)
and jointly controlled entities.
are attributed to the equity holders of the parent of
Consolidated financial statements are prepared using the Group and to the non-controlling interests, even
uniform accounting policies for like transactions if this results in the non-controlling interests having a
and other events in similar circumstances. If a deficit balance.

Changes in the Group’s ownership interests in investment. Unrealised gains and losses resulting from
subsidiaries that do not result in the Group losing transactions between the Group, Jointly Controlled
control over the subsidiaries are accounted for as Entity and Associate entities are eliminated to the
equity transactions. The carrying amounts of the extent of the interest in the Jointly Controlled Entity
Group’s interests and the non-controlling interests and Associate entities.
are adjusted to reflect the changes in their relative
interests in the subsidiaries. After application of the equity method, at each
reporting date, the Group determines whether there
Associates and Jointly Controlled Entities - Equity is objective evidence that the investment in the
Accounting associate or jointly controlled Entity is impaired. If
there exists such evidence, the Group determines
An associate is an entity over which the Group has extent of impairment and then recognises the loss in
significant influence. Significant influence is the the Statement of Profit and Loss.
power to participate in the financial and operating
policy decisions of the investee but is not control or Upon loss of significant influence over the associate
joint control over those policies. or joint control over the jointly controlled entity,
the Group measures and recognises any retained
A jointly controlled entity is a joint arrangement investment at its fair value. Any difference between
whereby the parties that have joint control of the the carrying amount of the associate or the jointly
arrangement have rights to the net assets of the joint controlled entity and the fair value of the retained
arrangement. Joint control is the contractually agreed investment and proceeds from disposal is recognised
sharing of control of an arrangement, which exists only in profit and loss.
when decisions about the relevant activities require
unanimous consent of the parties sharing control. Unincorporated Entities
The results and assets and liabilities of associates In case of unincorporated entities in the nature of a
and jointly controlled entity are incorporated in the Joint Operation, the Group recognises its direct right
consolidated financial statements using the equity and its share of jointly held or incurred assets, liabilities,
method of accounting. Under the equity method, an contingent liabilities, revenues and expenses of joint
investment in an associate or a jointly controlled entity operations. These have been incorporated in these
is initially recognised at cost and adjusted thereafter financial statements under the appropriate headings.
to recognise the Group’s share of post acquisition
profits or losses and that of other comprehensive The list of Companies / Firms included in consolidation,
income of the associate or jointly controlled entity. relationship with the Company and shareholding
Distributions received from an associate or a jointly therein is as under. The reporting date for all the
controlled entity reduce the carrying amount of the entities is 31st March, 2020 except otherwise specified.
Sr. Name of Company / Firm Country of Relationship Shareholding as at

No. Incorporation 31 March 2020
st
31st March 2019
1 Adani Global Ltd (AGL) Mauritius Subsidiary 100% by AEL 100% by AEL
2 Adani Global FZE (AGFZE) U.A.E. Subsidiary 100% by AGL 100% by AGL
3 Adani Global DMCC U.A.E Subsidiary 100% by AGFZE 100% by AGFZE
4 Adani Global Pte Ltd (AGPTE) Singapore Subsidiary 100% by AGL 100% by AGL
5 PT Adani Global (PTAGL) Indonesia Subsidiary 95% by AGPTE, 95% by AGPTE,
5% by AGL 5% by AGL
6 PT Adani Global Coal Trading Indonesia Subsidiary 95% by AGPTE, 95% by AGPTE,
(PTAGCT) 5 % by AGL 5 % by AGL
7 PT Coal Indonesia (PTCI) Indonesia Subsidiary 99.33% by PTAGL, 99.33% by PTAGL,
0.67% by PTAGCT 0.67% by PTAGCT
8 PT Sumber Bara (PTSB) Indonesia Subsidiary 99.33% by PTAGL, 99.33% by PTAGL,
9 PT Energy Resources (PTER) Indonesia Subsidiary 99.33% by PTAGL, 99.33% by PTAGL,

Corporate Overview
No. Incorporation 31st March 2020 31st March 2019
10 PT Niaga Antar Bangsa (PTNAB) Indonesia Subsidiary 75% by PTSB, 75% by PTSB,
25% by PTER 25% by PTER
11 PT Niaga Lintas Samudra (PTNLS) Indonesia Subsidiary 75% by PTSB, 75% by PTSB,
25% by PTER 25% by PTER
12 PT Gemilang Pusaka Pertiwi Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
25% by PTNLS 25% by PTNLS
13 PT Hasta Mundra Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
14 PT Lamindo Inter Multikon Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
Statutory Reports
15 PT Suar Harapan Bangsa Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
16 PT Tambang Sejahtera Bersama Indonesia Subsidiary 75% by PTNAB, 75% by PTNAB,
17 Adani Agri Fresh Ltd (AAFL) India Subsidiary 100% by AEL 100% by AEL
18 Natural Growers Pvt. Ltd India Subsidiary 100% by AEL 100% by AEL
19 Parsa Kente Collieries Ltd India Subsidiary 74% by AEL 74% by AEL
20 Chendipada Collieries Pvt. Ltd India Subsidiary 100% by AEL 100% by AEL
21 Adani Resources Pvt. Ltd India Subsidiary 100% by AEL 100% by AEL
22 Surguja Power Pvt. Ltd India Subsidiary 100% by AEL 100% by AEL
23 Rajasthan Collieries Ltd India Subsidiary 74% by AEL 74% by AEL
24 Talabira (Odisha) Mining Pvt. Ltd. India Subsidiary 100% by AEL 100% by AEL
25 Gare Pelma III Collieries Ltd. India Subsidiary 100% by AEL 100% by AEL
26 Bailadila Iron Ore Mining Private India Subsidiary 100% by AEL 100% by AEL
Limited
27 Gidhmuri Paturia Collieries India Subsidiary 74% by AEL 74% by AEL
Private Limited
28 Adani Welspun Exploration Ltd India Subsidiary 65% by AEL 65% by AEL
29 Mahaguj Power LLP India Subsidiary 99.9% by AEL 99.9% by AEL
0.1% by AIPL 0.1% by AIPL
30 Mundra Synenergy Ltd (Formerly India Subsidiary 100% by AEL 100% by AEL
known as Adani Synenergy Ltd)
31 Adani Shipping Pte Ltd (ASPL) Singapore Subsidiary 100% by AGPTE 100% by AGPTE
32 Adani Shipping (India) Pvt. Ltd India Subsidiary 100% by AEL 100% by AEL
Notice
33 Aanya Maritime Inc Panama Subsidiary 100% by ASPL 100% by ASPL
34 Aashna Maritime Inc Panama Subsidiary 100% by ASPL 100% by ASPL
35 Rahi Shipping Pte Ltd Singapore Subsidiary 100% by ASPL 100% by ASPL
36 Vanshi Shipping Pte Ltd Singapore Subsidiary 100% by ASPL 100% by ASPL
37 Urja Maritime Inc Panama Subsidiary 100% by ASPL 100% by ASPL
38 Adani Bunkering Pvt. Ltd India Subsidiary 100% by AGPTE 100% by AGPTE
39 Adani Minerals Pty Ltd Australia Subsidiary 90% by AGPTE 90% by AGPTE
10% by AEL 10% by AEL
40 Adani Mining Pty Ltd (AMPTY) Australia Subsidiary 100% by AGPTE 100% by AGPTE
41 Adani Infrastructure Pty Ltd Australia Subsidiary 100% by AGPTE 100% by AGPTE
42 Galilee Transmission Holdings Pty Australia Subsidiary 100% by AMPTY 100% by AMPTY
Ltd (GTHPL)
43 Galilee Transmission Pty Ltd Australia Subsidiary 100% by GTHPL 100% by GTHPL
(GTPL)


44 Galilee Transmission Holdings Trust Australia Subsidiary 100% by GTPL 100% by GTPL
45 Galilee Biodiversity Company Pty Australia Subsidiary 100% by AMPTY 100% by AMPTY
Limited
46 Adani Renewable Asset Holdings Australia Subsidiary 100% by AGPTE 100% by AGPTE
Pty Ltd. (ARAHPTYL)
47 Adani Renewable Asset Holdings Australia Subsidiary 100% by AGPTE 100% by AGPTE
Trust (ARAHT)
48 Adani Renewable Asset Pty Ltd. Australia Subsidiary 100% by ARAHPTYL 100% by ARAHPTYL
(ARAPL)
49 Adani Renewable Asset Trust Australia Subsidiary 100% by ARAHT 100% by ARAHT
(ARAT)
50 Adani Rugby Run Trust (ARRT) Australia Subsidiary 100% by ARAT 100% by ARAT
51 Adani Rugby Run Pty Ltd Australia Subsidiary 100% by ARAPL 100% by ARAPL
(ARRPTYL)
52 Adani Global Royal Holding Pte Singapore Subsidiary 100% by AGPTE 100% by AGPTE
Ltd (AGRH)
53 Queensland RIPA Holdings Trust Australia Subsidiary 100% by AGRH 100% by AGRH
(QRHT)
54 Queensland RIPA Holdings Pty Australia Subsidiary 100% by AGRH 100% by AGRH
Ltd (QRHPL)
55 Queensland RIPA Pty Ltd (QRPL) Australia Subsidiary 100% by QRHPL 100% by QRHPL
56 Queensland RIPA Trust (QRT) Australia Subsidiary 100% by QRHT 100% by QRHT
57 Queensland RIPA Finance Pty Ltd Australia Subsidiary 100% by QRT 100% by QRT
58 Adani Rugby Run Finance Pty Ltd Australia Subsidiary 90% by ARRT 90% by ARRT
59 Whyalla Renewable Holdings Pty Australia Subsidiary 100% by ARAHPTYL 100% by ARAHPTYL
Ltd (WRHPL)
60 Whyalla Renewable Holdings Australia Subsidiary 100% by ARAHT 100% by ARAHT
Trust (WRHT)
61 Whyalla Renewables Pty Ltd Australia Subsidiary 100% by WRHPTYL 100% by WRHPTYL
(WRPTYL)
62 Whyalla Renewables Trust (WRT) Australia Subsidiary 100% by WRHT 100% by WRHT
63 Adani Australia Pty Ltd Australia Subsidiary 100% by AGPTE 100% by AGPTE
64 Adani Green Technology Ltd India Subsidiary 51% by ATCM LLP 51% by ATCM LLP
(AGTL)
65 Adani Tradex LLP (ATX LLP) India Subsidiary 99.999% by AEL 99.999% by AEL
66 Adani Tradecom LLP (ATCM LLP) India Subsidiary 99.83% by AEL 99.83% by AEL
67 Adani Tradewing LLP (ATWG LLP) India Subsidiary 99.98% by AEL 99.98% by AEL
68 Adani Commodities LLP (ACOM India Subsidiary 100% by AEL 100% by AEL
LLP) 0% by AIPL 0% by AIPL
(AIPL holding rounded off to zero
due to fractions)
69 Mundra Solar Ltd (MSL) India Subsidiary 100% by AGTL 100% by AGTL
70 Mundra Solar PV Ltd (MSPVL) India Subsidiary 100% by AGTL 100% by AGTL

Corporate Overview
71 Mundra Solar Technopark Pvt. Ltd India Subsidiary 38.15% by AGTL, 38.15% by AGTL,
25.10% by MSL, 25.10% by MSL,
25.10% by MSPVL 25.10% by MSPVL
72 Adani Defence Systems and India Subsidiary 100% by AEL 100% by AEL
Technologies Ltd (ADSTL)
73 Adani Land Defence Systems and India Subsidiary 100% by ADSTL 100% by ADSTL
Technologies Ltd
74 Adani Aerospace and Defence India Subsidiary 100% by ADSTL 100% by ADSTL
Ltd.
Statutory Reports
75 Adani Naval Defence Systems and India Subsidiary 91% by ADSTL 100% by ADSTL
Technologies Ltd
76 Adani Rave Gears India Limited India Subsidiary 100% by ADSTL 100% by ADSTL
77 Adani Road Transport Ltd (ARTL) India Subsidiary 100% by AEL 100% by AEL
(Formerly known as Adani
Transport Ltd)
78 Bilaspur Pathrapali Road Pvt Ltd. India Subsidiary 74% by AEL 74% by AEL
79 Adani Water Ltd India Subsidiary 100% by AEL 100% by AEL
80 Prayagraj Water Private Limited India Subsidiary 74% by AEL 74% by AEL
81 Mundra Copper Ltd India Subsidiary 100% by AEL 100% by AEL
82 Adani Cementation Ltd India Subsidiary 100% by AEL 100% by AEL
83 Adani North America Inc (ANAI) USA Subsidiary 100% by AGPTE 100% by AGPTE
84 Adani Infrastructure Pvt. Ltd India Subsidiary 100% by AEL 100% by AEL
(AIPL)
85 Alpha Design Technologies Pvt India Subsidiary 26% by ADSTL 26% by ADSTL
Ltd w.e.f 19th April, 2019
(upto 18th April, 2019 considered
as Associates)
86 Mancherial Repallewada Road India Subsidiary 74% by ARTL -
Pvt Limited w.e.f 5th April, 2019
87 Galilee Basin Conservation And Australia Subsidiary 100% by AMPTY -
Research Fund w.e.f 9th April, 2019
88 Suryapet Khammam Road Pvt India Subsidiary 74% by ARTL -
Limited w.e.f 12th April, 2019
89 NW Rail Operations Pte Limited Singapore Subsidiary 100% by AGPTE -
Notice
(NWRPTE) w.e.f 27th May, 2019
90 North West Rail Holdings Pty Australia Subsidiary 100% by NWRPTE -
Limited (NWRHPTY) w.e.f 31st May, 2019
91 North West Rail Pty Limited Australia Subsidiary 100% by NWRHPTY -
w.e.f 31st May, 2019
92 Gare Pelma II Mining Private India Subsidiary 100% by AEL -
Limited w.e.f 29th July, 2019
93 Adani Airport Holdings Limited India Subsidiary 100% by AEL -
(AAHL) (Formerly known as Adani w.e.f 2nd Aug, 2019
Airports Ltd)
94 Adani Lucknow International India Subsidiary 100% by AEL -
Airport Limited w.e.f 6th Sept, 2019
95 Flaire Unmanned Systems Private India Subsidiary 100% by ADSTL -
Limited w.e.f 13th Sept, 2019


96 Kurmitar Mining Private Limited India Subsidiary 100% by AEL -
w.e.f 19th Sept, 2019
97 Adani Guwahati International India Subsidiary 100% by AEL -
98 Adani Thiruvananthapuram India Subsidiary 100% by AEL -
International Airport Limited w.e.f 24th Sept, 2019
Trivandrum International Airport
Limited)
99 Adani Mangaluru International India Subsidiary 100% by AEL -
Airport Limited (Formerly known w.e.f 25th Sept, 2019
as Adani Mangalore International
Airport Limited)
100 Adani Ahmedabad International India Subsidiary 100% by AEL -
101 Adani Jaipur International Airport India Subsidiary 100% by AEL -
Limited w.e.f 26th Sept, 2019
102 Stratatech Mineral Resources Pvt India Subsidiary 100% by AEL -
Limited w.e.f 3rd Oct, 2019
103 Adani Metro Transport Limited India Subsidiary 100% by AEL -
w.e.f 16th Oct, 2019
104 Mundra Solar Energy Limited India Subsidiary 51% by AGTL -
w.e.f 18th Oct, 2019
upto 1st Jan, 2020
105 Kurmitar Iron Ore Mining Private India Subsidiary 100% by AEL -
Limited w.e.f 18th Oct, 2019
106 Adani Iron Ore Mining Private India Subsidiary 100% by AEL -
Limited w.e.f 22nd Oct, 2019
107 Adani Railways Transport Limited India Subsidiary 100% by AEL -
w.e.f 22nd Oct, 2019
108 Gare Palma II Collieries Pvt India Subsidiary 100% by AEL -
Limited w.e.f 7th Nov, 2019
109 Sabarmati Infrastructure Services India Subsidiary 100% by AAHL -
Limited w.e.f 7th Feb, 2020
110 Vijaynagara Smart Solutions India Subsidiary 100% by AAHL -
111 Gomti Metropolis Solutions India Subsidiary 100% by AAHL -
112 Periyar Infrastructure Services India Subsidiary 100% by AAHL -
113 Brahmaputra Metropolis India Subsidiary 100% by AAHL -
Solutions Limited w.e.f 12th Feb, 2020
114 Agneya Systems Limited India Subsidiary 100% by ADSTL -
w.e.f 19th Feb, 2020
115 Carroballista Systems Limited India Subsidiary 100% by ADSTL -
w.e.f 19th Feb, 2020

Corporate Overview
116 Rajputana Smart Solutions India Subsidiary 100% by AAHL -
Limited w.e.f 6th Mar, 2020
117 Adani Chendipada Mining Pvt. Ltd India Jointly 49% by AEL 49% by AEL
Controlled w.e.f 25th May, 2018
Entity
118 Jhar Mining Infra Pvt. Ltd India Jointly 51% by AEL 51% by AEL
Controlled w.e.f 19th June, 2018
Entity
119 Adani Wilmar Pte Ltd - Singapore Jointly 50% by AGPTE 50% by AGPTE
Statutory Reports
Consolidated (AWPTE)^ Controlled
Entity
120 CSPGCL AEL Parsa Collieries Ltd India Associate 49% by AEL 49% by AEL
(Struck-off & Dissolved during the upto 30th Jan, 2020
year)
121 Adani Wilmar Ltd (AWL) India Jointly 50% by ACOM LLP 50% by ACOM LLP
Controlled
Entity
122 Vishakha Polyfab Pvt. Ltd (VPPL) India Jointly 50% by AWL 50% by AWL
Controlled
Entity
123 KTV Health and Foods Pvt. Ltd India Jointly 50% by AWL 50% by AWL
Controlled
Entity
124 KOG KTV Food Products (India) India Jointly 50% by AWL 50% by AWL
Pvt. Ltd Controlled
Entity
125 Golden Valley Agrotech Pvt. Ltd India Jointly 100% by AWL 100% by AWL
Controlled
Entity
126 AWN Agro Pvt. Ltd India Jointly 50% by AWL 50% by AWL
Controlled
Entity
127 AWL Edible Oils and Foods Private India Jointly 100% by AWL 100% by AWL
Limited Controlled
Entity
128 Adani-Elbit Advance Systems India Jointly 51% by AEL 51% by AEL Notice
India Ltd Controlled
Entity
129 GSPC LNG Ltd^ India Associate 5.46% by AEL 14.49% by AEL
130 Vishakha Industries Pvt. Ltd India Associate 50% by AAFL 50% by AAFL
131 Adani Global Resources Pte Ltd Singapore Jointly 50% by AGPTE 50% by AGPTE
(AGRPTE) Controlled
Entity
132 Carmichael Rail Network Holdings Australia Jointly 100% by AGRPTE 100% by AGRPTE
Pty Ltd (CRNHPL) Controlled
Entity


133 Carmichael Rail Network Pty Ltd Australia Jointly 100% by CRNHPL 100% by CRNHPL
Controlled
Entity
134 Carmichael Rail Network Trust Australia Jointly 100% by CRAHT 100% by CRAHT
Controlled
Entity
135 Carmichael Rail Asset Holdings Australia Jointly 100% by AGRPTE 100% by AGRPTE
Trust (CRAHT) Controlled
Entity
136 Autotec Systems Pvt Ltd India Associate 26% by ADSTL 26% by ADSTL
137 Comprotech Engineering Pvt Ltd India Associate 26% by ADSTL 26% by ADSTL
138 Adani Solar USA Inc (ASUI) USA Associate 49% by AGPTE 49% by AGPTE
139 Adani Solar USA LLC (ASULLC) USA Associate 100% by ASUI 100% by AFLLC
140 Hartsel Solar LLC USA Associate 100% by ASUI 100% by ASULLC
141 Oakwood Construction Services USA Associate 100% by ASUI 100% by ASUI
Inc
142 Sigurd Solar LLC USA Associate 100% by ASULLC 100% by ASULLC
143 Adani Finance LLC (AFLLC) USA Associate 100% by ASUI 100% by ASUI
upto 8th July, 2019
144 Midland Solar LLC USA Associate 100% by MLPLLC 100% by ASULLC
upto 20th Dec, 2019
145 Midlands Managing Member LLC USA Associate 100% by MHLLC -
(MMMLLC) upto 20th Dec, 2019
146 Midlands Lessor Parent LLC USA Associate 100% by MMMLLC -
(MLPLLC) upto 20th Dec, 2019
147 Midlands Holding LLC (MHLLC) USA Associate 100% by MPLLC -
upto 20th Dec, 2019
148 Midlands Lessee LLC USA Associate 100% by MMMLLC -
upto 20th Dec, 2019
149 Adani Development LLC USA Associate 100% by ASUI -
upto 3rd March, 2020
150 Adani Land LLC USA Associate 100% by ASUI -
upto 3rd March, 2020
151 Oakstream Holdings Inc USA Associate 100% by ASUI 100% by AFLLC
upto 6th March, 2020
152 Midlands Parent LLC (MPLLC) USA Associate 100% by ASULLC -
w.e.f 1st July, 2019
153 Adani Total LNG Singapore Pte Ltd Singapore Jointly 50% by AGPTE -
Controlled w.e.f 10th July, 2019
Entity
154 Adani Power Resources Ltd India Associate 49% by AEL -
w.e.f. 8th Nov, 2019
^Reporting date is 31st December, 2019

Corporate Overview
c) Use of Estimates and Judgements including amount expected to be paid/recovered for
uncertain tax positions. Significant management
The preparation of financial statements in conformity judgement is also required to determine the amount
with Ind AS requires management to make certain of deferred tax assets that can be recognised, based
judgements, estimates and assumptions that affect upon the likely timing and the level of future taxable
the reported amounts of revenues, expenses, assets profits together with future tax planning strategies,
and liabilities (including contingent liabilities) and the including estimates of temporary differences
accompanying disclosures. Future results could differ reversing on account of available benefits from the
due to these estimates and differences between the tax laws applicable to respective entities.
actual results and the estimates are recognised in the
periods in which the results are known / materialised. iv) Fair value measurement of financial instruments:
Estimates and underlying assumptions are reviewed
Statutory Reports
on an ongoing basis. In estimating the fair value of financial assets
and financial liabilities, the Group uses market
Significant estimates and assumptions are required in observable data to the extent available. Where
particular for: such Level 1 inputs are not available, the Group
establishes appropriate valuation techniques
i) Useful life of property, plant and equipment and and inputs to the model. The inputs to these
intangible assets: models are taken from observable markets where
possible, but where this is not feasible, a degree
This involves determination of the estimated
of judgment is required in establishing fair values.
useful life of property, plant and equipment and
Judgments include considerations of inputs such
intangible assets and the assessment as to which
as liquidity risk, credit risk and volatility. Changes
components of the cost may be capitalised.
in assumptions about these factors could affect
Useful life of these assets is based on the life
the reported fair value of financial instruments
prescribed in Schedule II to the Companies Act,
2013 or based on technical estimate, taking into v) Defined benefit plans:
account the nature of the asset, estimated usage,
expected residual values and operating conditions The cost of the defined benefit plan and the present
of the asset. Management reviews its estimate of value of the obligation are determined using
the useful lives of depreciable/ amortisable assets actuarial valuations. An actuarial valuation involves
at each reporting date, based on the expected making various assumptions that may differ from
utility of the assets. actual developments in the future. These include
the determination of the discount rate, future
ii) Impairment of Non Financial Asset : salary increases and mortality rates. Due to the
complexities involved in the valuation and its long-
Determining whether property, plant and
term nature, a defined benefit obligation is highly
equipment and intangible assets are impaired
sensitive to changes in these assumptions. All
requires an estimation of the value in use of
assumptions are reviewed at each reporting date.
Notice
the relevant cash generating units. The value in
use calculation is based on a Discounted Cash vi) Inventory Measurement
Flow model over the estimated useful life of
the underlying assets or cash generating units. Measurement of bulk inventory lying at
Further, the cash flow projections are based on ports/ yards is material, complex and involves
estimates and assumptions relating to expected significant judgement and estimate resulting
revenues, operational performance of the assets, from measuring the surface area. The Group
market prices of related products or services, performs physical counts of above inventory on
inflation, terminal value etc. which are considered a periodic basis using internal / external experts
reasonable by the management. to perform volumetric surveys and assessments,
basis which the estimate of quantity for these
iii)
Taxes: inventories is determined. The variations noted
between book records and physical quantities of
Significant judgements are involved in estimating
above inventories are evaluated and appropriately
budgeted profits for the purpose of paying advance
accounted in the books of accounts.
tax, determining the provision for income taxes,

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

Corporate Overview
iii) Group Companies the lower of their carrying amount and the fair value
less costs to sell / distribute. Assets and liabilities
On consolidation, the assets and liabilities of classified as held for sale / distribution are presented
foreign operations are translated at the exchange separately in the balance sheet. The results of
rate prevailing at the reporting date and their discontinued operations are excluded from the overall
statements of profit and loss are translated using results of the Group and are presented separately in
average rate of exchange prevailing during the the statement of profit and loss. Also, the comparative
year, which approximates to the exchange rate statement of profit and loss is re-presented as if the
prevailing at the transaction date. All resulting operations had been discontinued from the start of
exchange differences arising on translation for the comparative period.
consolidation are recognised in OCI. On disposal of
a foreign operation, the component of OCI relating c) Cash & Cash Equivalents
Statutory Reports
to that particular foreign operation is reclassified /
recognised in the statement of profit and loss. Cash comprises cash on hand and demand deposit with
banks. Cash equivalents are short-term balances (with an
b) Non Current Assets held for Sale and Discontinued original maturity of three months or less from the date
Operations of acquisition), highly liquid investments that are readily
convertible into known amounts of cash and which are
The Group classifies assets and operations as held subject to insignificant risk of changes in value.
for sale / distribution to owners or as discontinued
operations if their carrying amounts will be recovered For the purpose of Statement of Cash Flow, cash
principally through a sale / distribution rather and cash equivalents is defined as above, net of
than through continuing use. Classification as a outstanding Bank overdraft. In the balance sheet,
discontinued operations occurs upon disposal or when bank overdraft is shown with in short term borrowing
the operation meets the below criteria whichever in current financial liability.
earlier.
d) Property, Plant and Equipment
Non Current Assets are classified as held for sale only Recognition and Measurement
when both the conditions are satisfied –
Property, Plant and Equipment, including Capital
1. The sale is highly probable, and Work in Progress, are stated at cost of acquisition
or construction less accumulated depreciation and
2. The asset or disposal group is available for
impairment losses, if any. Cost comprises the purchase
immediate sale in its present condition subject
price (net of tax credits, wherever applicable), import
only to terms that are usual and customary for
duty and other non-refundable taxes or levies and
sale of such assets.
any directly attributable cost of bringing the asset to
Non-current assets which are subject to depreciation its working condition for its intended use. In case of
are not depreciated or amortised once those classified self-constructed assets, cost includes the costs of all
as held for sale. materials used in construction, direct labour, allocation
Notice
of overheads. Borrowing cost relating to acquisition /
A discontinued operation is a component of the construction of Property, Plant and Equipment which
Group’s business, the operations of which can be takes substantial period of time to get ready for its
clearly distinguished from those of the rest of the intended use are also included to the extent they
Group and relate to the period till such assets are ready to be put
to use. The present value of the expected cost for the
i) is part of a single co-ordinated plan to dispose of
decommissioning of an asset after its use is included
a separate major line of business or geographical
in the cost of the respective asset if the recognition
area of operations; or
criteria for a provision are met. If significant parts of an
ii) is a subsidiary acquired exclusively with a view to item of property, plant and equipment have different
resale. useful lives, then they are accounted for as separate
items (major components) of property, plant and
Non-current assets held for sale / distribution to
equipment.
owners and discontinued operations are measured at

Subsequent Measurement “Capital Work in Progress” until the exploration phase

relating to the license area is complete or commercial
Subsequent expenditure related to an item of Property, oil and gas reserves have been discovered. Indirect
Plant and Equipment are included in its carrying amount costs are expensed off in the year of incurrence.
or recognised as a separate asset, as appropriate, only
when it is probable that the future economic benefits Exploratory/appraisal drilling costs are initially
associated with the item will flow to the Group and the capitalised within “Capital Work in Progress” on a
cost of the item can be measured reliably. Subsequent block by block basis until the success or otherwise of
costs are depreciated over the residual life of the the block is established. The success or failure of each
respective assets. All other expenses on existing Property, exploration/appraisal effort is judged on a block basis.
Plant and equipment, including day-to-day repair and
maintenance expenditure and cost of replacing parts, Where results of seismic studies or exploration
are charged to the Statement of Profit and Loss for the drilling indicate the presence of oil and gas reserves
period during which such expenses are incurred. which are ultimately not considered commercially
recoverable and no additional exploratory activity is
Capital Work in Progress firmly planned, all related costs are written off to the
Statement of Profit and Loss in the year of cessation
Expenditure related to and incurred during of the exploration activity.
implementation of capital projects to get the assets
ready for intended use is included under “Capital Work Any payment made towards fulfilment of commitment
in Progress”. The same is allocated to the respective under the contracts from earlier periods continues to
items of property plant and equipment on completion be included under Exploration and Evaluation Assets
of construction/ erection of the capital project/ at its carried value in accordance with Ind AS 101.
property plant and equipment. The cost of asset not
put to use before the year and capital inventory are Exploration and Evaluation assets :
disclosed under Capital work in progress.
Exploration and evaluation expenditure comprises
Depreciation cost that are directly attributable to :
- Cost of acquiring mining and exploration

Depreciation is provided using straight-line method as
tenements;
specified in Schedule II to the Companies Act, 2013 .
Depreciation on assets acquired / disposed off during - Research and analysing historical exploration
the year is provided on pro-rata basis with reference data;
to the date of addition / disposal. - Conducting topographical, geochemical and
geophysical studies;
Derecognition
- Conducting exploratory drilling, trenching and
An item of property, plant and equipment is derecognised sampling;
upon disposal or when no future economic benefits
- Examining and testing extraction and treatment
are expected to arise from continued use of the asset.
methods; and/or
Any gain or loss arising on the disposal or retirement
of property, plant and equipment is determined as - Compiling prefeasibility and feasibility studies.
the difference between the sale proceeds and the
Exploration expenditure relates to the initial search for
carrying amount of the assets and is recognised in the
mineral deposits with economic potential. Evaluation
Statement of Profit and Loss.
expenditure arises from detailed assessment of
Oil & Gas assets : deposits or other projects that have been identified
as having economic potential.
Expenditure incurred prior to obtaining the right(s)
to explore, develop and produce oil and gas are Exploration and evaluation expenditure is charged
expensed off in the year of incurrence to the extent to Statement of Profit and Loss as incurred unless
of the efforts not successful. Expenditure incurred on the directors are confident of the project’s technical
the acquisition of the license are initially capitalised and commercial feasibility and it is probable that
on a license by license basis. Costs including indirect economic benefits will flow to the Group, in which
cost incurred for the block are held, undepleted within case expenditure may be capitalised.

Corporate Overview
Capitalised exploration and evaluation expenditure Mine Development Assets include expenses
is treated as a tangible asset and is recorded at pertaining to land and mine development, initial
cost less any accumulated impairment charges. No overburden removal, environmental and other
amortisation is charged during the exploration and regulatory approvals etc. It represents expenses
evaluation phase as the assets is not available for use. incurred towards development of mines where
the Group is operating as operator and developer.
e) Investment Property
iii) Expenditure incurred during development of
i) Property which is held for long-term rental yields intangible assets is included under “Intangible
or for capital appreciation or both, is classified as Assets under Development”. The same is allocated
Investment Property. Investment properties are to the respective items of intangible assets on
measured initially at cost, including transaction completion of the project.
Statutory Reports
costs. Subsequent to initial recognition,
investment properties are stated at cost less iv) Gains or losses arising from derecognition of an
accumulated depreciation and accumulated intangible asset are measured as the difference
impairment loss, if any. between the net disposal proceeds and the
carrying amount of the asset and are recognised
ii) The Group depreciates investment properties in the Statement of Profit and Loss when the
over their estimated useful lives as specified in asset is derecognised.
Schedule II to the Companies Act, 2013.
g) Impairment of Non-Financial Assets
iii) Investment properties are derecognised /
transferred when they have been disposed off, have i) At the end of each reporting period, the Group
been used for own purpose of the Company or when reviews the carrying amounts of non-financial
they have permanently withdrawn from use and assets, other than inventories and deferred
no future economic benefit is expected from their tax assets to determine whether there is any
disposal. The difference between the net disposal indication that those assets have suffered an
proceeds and the carrying amount of the asset is impairment loss. If any such indication exists, the
recognised in Statement of Profit and Loss in the recoverable amount of the asset is estimated in
period in which the property is derecognised. order to determine the extent of the impairment
loss (if any). When it is not possible to estimate
f) Intangible Assets the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the
i) Intangible assets are measured on initial
cash-generating unit to which the asset belongs.
recognition at cost and are subsequently carried
Each CGU represents the smallest group of assets
at cost less any accumulated amortisation and
that generates cash inflows that are largely
accumulated impairment losses, if any. Internally
independent of the cash inflows of other assets
generated intangibles are not capitalised.
or CGUs. When a reasonable and consistent basis
ii) The intangible assets of the Group are assessed of allocation can be identified, corporate assets
Notice
to be of finite lives and are amortised over are also allocated to individual cash-generating
the useful economic life and assessed for units, or otherwise they are allocated to the
impairment whenever there is an indication that smallest group of cash-generating units for which
the intangible asset may be impaired. The Group a reasonable and consistent allocation basis can
reviews amortisation period on an annual basis. be identified.
Intangible assets are amortised on straight line ii) Recoverable amount is the higher of fair value less
basis over their estimated useful lives as follows: costs of disposal and value in use. In assessing
value in use, the estimated future cash flows are
Intangible Assets Estimated Useful discounted to their present value using a pre-
Life (Years) tax discount rate that reflects current market
Software 3-5 Years based on assessments of the time value of money and the
applications management estimate risks specific to the asset or CGU for which the
Mine Development Over a period of estimates of future cash flows have not been
Assets underlying contract adjusted.

iii) If the recoverable amount of an asset (or cash- i) Government Grants

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

Corporate Overview
1) At amortised cost 3) At fair value through profit or loss (FVTPL)
A financial asset is measured at the amortised FVTPL is a residual category for debt instruments
cost if both the following conditions are met : and default category for equity instruments.
(a) The asset is held within a business model Financial assets included within the FVTPL
whose objective is to hold assets for category are measured at fair value with all changes
collecting contractual cash flows, and recognised in the Statement of Profit and Loss.
(b) Contractual terms of the asset give rise, on In addition, the Group may elect to designate a
specified dates, to cash flows that are solely debt instrument, which otherwise meets amortised
payments of principal and interest (SPPI) on cost or FVTOCI criteria, as at FVTPL. However,
the principal amount outstanding. such election is allowed only if doing so reduces
Statutory Reports
or eliminates a measurement or recognition
This category is the most relevant to the Group. inconsistency (referred to as ‘accounting mismatch’).
After initial measurement, such financial assets
are subsequently measured at amortised cost Derecognition
using the effective interest rate (EIR) method.
On derecognition of a financial asset, the
Amortised cost is calculated by taking into
difference between the asset’s carrying amount
account any discount or premium on acquisition
and the sum of the consideration received and
and fees or costs that are an integral part of the
receivable and the cumulative gain or loss that
EIR. The EIR amortisation is included in finance
had been recognised in other comprehensive
income in the Statement of Profit and Loss. The
income and accumulated in equity is recognised
losses arising from impairment are recognised in
in profit or loss if such gain or loss would have
the profit or loss. This category generally applies
otherwise been recognised in profit or loss on
to trade and other receivables.
disposal of that financial asset.
2) At fair value through other comprehensive Impairment of Financial Assets
income (FVTOCI)
The Group applies Expected Credit Loss (ECL)
A financial asset is classified as at the FVTOCI if model for measurement and recognition of
both of the following criteria are met: impairment loss on the financial assets and
(a) The objective of the business model is credit risk exposure. The Group assesses on a
achieved both by collecting contractual cash forward looking basis the expected credit losses
flows and selling the financial assets, and associated with its receivables based on historical
trends and past experience.
(b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely The Group follows ‘Simplified Approach’ for
payments of principal and interest (SPPI) on recognition of impairment loss allowance on
the principal amount outstanding. all trade receivables or contractual receivables.
Notice
Under the simplified approach, the Group does
Debt instruments included within the FVTOCI not track changes in credit risk, but it recognises
category are measured initially as well as at each impairment loss allowance based on lifetime
reporting date at fair value. Fair value movements ECLs at each reporting date, right from its initial
are recognised in the other comprehensive income recognition. If credit risk has not increased
(OCI) and on derecognition, cumulative gain or significantly, 12 month ECL is used to provide
loss previously recognised in OCI is reclassified for impairment loss. However, if credit risk has
to Statement of Profit and Loss. For equity increased significantly, lifetime ECL is used.
instruments, the Group may make an irrevocable
election to present subsequent changes in the fair ECL is the difference between all contracted cash
value in OCI. If the Group decides to classify an flows that are due to the Group in accordance
equity instrument as at FVTOCI, then all fair value with the contract and all the cash flows that the
changes on the instrument, excluding dividends, Group expects to receive, discounted at the original
are recognised in the OCI. There is no recycling of EIR. ECL impairment loss allowance (or reversal)
the amounts from OCI to the Statement of Profit recognised during the period is recognised as income
and Loss, even on sale of investment. / (expense) in the Statement of Profit and Loss.

B) Financial Liabilities instruments are initially recognised and subsequently

measured at fair value through profit or loss (FVTPL).
Financial liabilities are classified, at initial Derivatives are carried as financial assets when the
recognition as at amortised cost or fair value fair value is positive and as financial liabilities when
through profit or loss. The measurement of the fair value is negative.
financial liabilities depends on their classification,
as described below: Any gains or losses arising from changes in the fair
value of derivative financial instrument are recognised
At amortised cost in the Statement of Profit and Loss and reported with
foreign exchange gains/(loss) not within results from
This is the category most relevant to the Group.
operating activities. Changes in fair value and gains/
After initial recognition, financial liabilities are
(losses) on settlement of foreign currency derivative
subsequently measured at amortised cost using
financial instruments relating to borrowings, which
the EIR method. Gains and losses are recognised
have not been designated as hedge are recorded as
in Statement of Profit and Loss when the
finance expense.
liabilities are derecognised as well as through
the EIR amortisation process. Amortised cost is k) Income Taxes
calculated by taking into account any discount or
premium on acquisition and fees or costs that are Income tax expense comprises current tax expense
an integral part of the EIR. The EIR amortisation and the net change in the deferred tax asset or
is included as finance costs in the Statement of liability during the year. Current and deferred taxes
Profit and Loss. are recognised in Statement of Profit and Loss, except
when they relate to items that are recognised in other
At fair value through profit or loss (FVTPL) comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognised
Financial liabilities at fair value through profit or
in other comprehensive income or directly in equity,
loss include financial liabilities held for trading
respectively.
and financial liabilities designated upon initial
recognition as such. Subsequently, any changes i) Current Income Tax
in fair value are recognised in the Statement of
Profit and Loss. Provision for current tax is measured at the
amount of tax expected to be payable on the
Derecognition of Financial Liability taxable income for the year as determined in
accordance with the provisions of the tax laws
A financial liability is derecognised when the
of the concerned jurisdiction. Current income tax
obligation under the liability is discharged or
assets and liabilities are measured at the amount
cancelled or expires. The difference in the
expected to be recovered from or paid to the
respective carrying amounts is recognised in the
taxation authorities. The tax rates and tax laws
Statement of Profit and Loss. An exchange with
used to compute the amount are those that are
a lender of debt instruments with substantially
enacted or substantially enacted, at the reporting
different terms is accounted for as an
date for each concerned jurisdiction.
extinguishment of the original financial liability
and the recognition of a new financial liability. Current income tax relating to items recognised
Similarly, a substantial modification of the terms outside the statement of profit and loss is
of an existing financial liability is accounted for as recognised outside the statement of profit and
an extinguishment of the original financial liability loss (either in other comprehensive income (OCI)
and the recognition of a new financial liability. or in equity). Current tax items are recognised in
correlation to the underlying transaction either in
C) Derivative financial instruments
OCI or directly in equity. The Group periodically
Initial recognition and subsequent measurement evaluates positions taken in the tax returns with
respect to situations in which applicable tax
The Group uses derivative financial instruments such
regulations are subject to interpretation and
as forward and options currency contracts to hedge
establishes provisions where appropriate.
its foreign currency risks. Such derivative financial

Corporate Overview
Current tax assets and liabilities are offset l) Inventories
where the Group has a legally enforceable right
to offset and intends either to settle on a net i) Inventories are valued at lower of cost or net
basis, or to realise the asset and settle the liability realisable value.
simultaneously.
ii) Cost of inventories have been computed to
ii) Deferred Tax include all costs of purchases, cost of conversion,
all non refundable duties & taxes and other costs
Deferred tax is recognised using the Balance incurred in bringing the inventories to their
Sheet approach. Deferred tax assets and liabilities present location and condition.
are recognised for deductible and taxable
temporary differences arising between the tax iii) The basis of determining cost for various
categories of inventories are as follows:
Statutory Reports
base of assets and liabilities and their carrying
amount, except when the deferred tax arises from
Raw Material : Weighted Average Cost
the initial recognition of an asset or liability in a
transaction that is not a business combination Traded Goods : Weighted Average Cost
and affects neither accounting nor taxable profit Stores and Spares : Weighted Average Cost
or loss at the time of the transaction.
iv) Net realisable value is the estimated selling price
Deferred tax assets are recognised to the extent in the ordinary course of business, less estimated
that it is probable that taxable profit will be cost of completion and estimated cost necessary to
available against which the deductible temporary make the sale. Necessary adjustment for shortage
differences, and the carry forward of unused tax / excess stock is given based on the available
credits and unused tax losses can be utilised. evidence and past experience of the Group.
The carrying amount of unrecognised deferred
m) Provision, Contingent Liabilities and Contingent
tax assets are reviewed at each reporting date
Assets
to assess their realisability and corresponding
adjustment is made to carrying values of deferred Provisions are recognised for when the Group has at
tax assets in the financial statements. present, legal or contractual obligation as a result of past
events, only if it is probable that an outflow of resources
Deferred tax assets and liabilities are measured
embodying economic outgo or loss will be required and
at the tax rates that are expected to apply in the
if the amount involved can be measured reliably. If the
year when the asset is realised or the liability is
effect of the time value of money is material, provisions
settled, based on tax rates (and tax laws) that
are discounted using a current pre-tax rate that reflects,
have been enacted or substantively enacted at
when appropriate, the risks specific to the liability. When
the reporting date.
discounting is used, the increase in the provision due to
Deferred tax assets and liabilities are offset where a the passage of time is recognised as a finance cost.
legally enforceable right exists to offset current tax
Notice
Contingent liabilities being a possible obligation as a
assets and liabilities and the deferred taxes relate
result of past events, the existence of which will be
to the same taxable entity and the same taxation
confirmed only by the occurrence or non occurrence of
authority. Net outstanding balance in Deferred Tax
one or more future events not wholly in control of the
account is recognised as deferred tax liability/asset
Group are not recognised in the accounts. The nature
for each individual subsidiary in the Group.
of such liabilities and an estimate of its financial effect
Deferred tax includes MAT tax credit. The Group are disclosed in notes to the financial statements.
recognises tax credits in the nature of MAT credit as
Contingent assets are not recognised in the financial
an asset only to the extent that there is convincing
statements. the nature of such assets and an estimate
evidence that the Group will pay normal income
of its financial effect are disclosed in notes to the
tax during the specified period, i.e., the period for
financial statements.
which tax credit is allowed to be carried forward.
The Group reviews the such tax credit asset at each n) Revenue recognition
reporting date to assess its recoverability.
Revenue from contract with customer is recognised
upon transfer of control of promised products or

services to customers in an amount that reflects the Contract Assets

consideration which the Company expects to receive
in exchange for those products or services. Revenue A contract asset is the right to consideration in
is measured based on the transaction price, which is exchange for goods or services transferred to the
the consideration, adjusted for discounts and other customer. If the Group performs by transferring goods
incentives, if any, as per contracts with the customers. or services to a customer before the customer pays
Revenue also excludes taxes collected from customers consideration or before payment is due, a contract
in its capacity as agent. asset is recognised for the earned consideration that
is conditional. The same is disclosed as “Unbilled
The specific recognition criteria described below must Revenue” under Other Current Financial Assets.
also be met before revenue is recognised.
Trade Receivable
i) Sale of Goods
A receivable represents the Comapany’s right to
Revenue from the sale of goods is recognised an amount of consideration that is unconditional
when the control of the goods has been passed i.e. only the passage of time is required before
to the customer as per the terms of agreement payment of consideration is due.
and there is no continuing effective control or
managerial involvement with the goods. Contract Liability
ii) Rendering of Services A contract liability is the obligation to transfer

goods or services to a customer for which the
Revenue from services rendered is recognised
Group has received consideration (or an amount
when the work is performed and as per the terms
of consideration is due) from the customer.
of agreement.
Contract liabilities are recognised as revenue
iii) Service Concession Arrangements when the Group performs under the contract The
same is disclosed as “Advance from Customers”
Revenue related to construction services under Other Current Liabilities.
provided under service concession arrangement
is recognised based on the stage of completion of o) Employee Benefits
the work performed. Operation and maintenance
services revenue with respect to intangible assets Employee benefits includes gratuity, compensated
is recognised in the period in which the services absences, contribution to provident fund, employees’
are provided by the Group. Finance income is state insurance and superannuation fund.
recognised using effective interest rate method
i) Short Term Employee Benefits
for financial assets.
Employee benefits payable wholly within twelve
iv) Dividends
months of rendering the services are classified
Revenue is recognised when the Group’s right as short term employee benefits and recognised
to receive the payment is established, which is in the period in which the employee renders
generally when shareholders approve the dividend. the related service. These are recognised at the
undiscounted amount of the benefits expected to
v) Interest Income be paid in exchange for that service.
Interest income is accrued on a time basis, by
ii) Post Employment Benefits
reference to the principal outstanding and at the
effective interest rate applicable, which is the Defined Contribution Plans
rate that exactly discounts estimated future cash
Retirement benefits in the form of provident fund
receipts through the expected life of the financial
and superannuation fund are defined contribution
asset to that asset’s net carrying amount on initial
schemes. The Group has no obligation, other than
recognition.
the contribution payable to these funds. The
vi) Profit or Loss on Sale of Investment Group recognises contribution payable to these
funds as an expense, when an employee renders
Profit or Loss on Sale of Investment is recognised the related service.
on the contract date.

Corporate Overview
Defined Benefit Plans part of the cost of the asset. Borrowing costs consist
of interest and other costs that an entity incurs in
The Group operates a defined benefit gratuity connection with the borrowing of funds. Transaction
plan. The cost of providing benefits under the costs in respect of long-term borrowings are amortised
defined benefit plan is determined based on over the tenor of respective loans using effective
actuarial valuation, carried out by an independent interest method. All other borrowing costs are expensed
actuary, using the projected unit credit method. in the period in which they are incurred. Borrowing costs
The liability for gratuity is funded annually to a also includes exchange differences arising from foreign
gratuity funds maintained with the Life Insurance currency borrowings to the extent they are regarded as
Corporation of India and SBI Life Insurance an adjustment to the borrowing costs.
Company Limited.
q) Leases
Statutory Reports
Re-measurements gains and losses arising from
experience adjustments and changes in actuarial The Group assesses whether a contract contains a lease,
assumptions are recognised immediately in the at the inception of the contract. A contract is, or contains,
balance sheet with a corresponding debit or credit a lease if the contract conveys the right to control the
to retained earnings through other comprehensive use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys
income in the period in which they occur. Re-
the right to control the use of an identified asset, the
measurements are not reclassified to Statement of
Group assesses whether (i) the contract involves the use
Profit and Loss in subsequent periods. Net interest
of identified asset; (ii) the Group has substantially all of
is calculated by applying the discount rate to the
the economic benefits from the use of the asset through
net balance of defined benefit liability or asset.
the period of lease and (iii) the Group has right to direct
The Group recognises the following changes in the use of the asset.
the net defined benefit obligation as an expense
i) Group as a Lessee
in the Statement of Profit and Loss in the line
item “Employee Benefits Expense”: The Group recognises a right-of-use asset and a
lease liability at the lease commencement date.
- Service cost including current service
The right-of-use asset is initially measured at
cost, past service cost, gains and losses on cost, which comprises the initial amount of the
curtailments and non-routine settlements; lease liability adjusted for any lease payments
and made at or before the commencement date, plus
- Net interest expense or income any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying
iii) Other Long Term Employee Benefits asset or to restore the site on which it is located,
less any lease incentives received.
Other long term employee benefits comprise of
compensated absences/leaves. The actuarial Certain lease arrangements include the option
valuation is done as per projected unit credit to extend or terminate the lease before the end
Notice
method. Remeasurements as a result of of the lease term. The right-of-use assets and
experience adjustments and changes in actuarial lease liabilities include these options when it is
assumptions are recognised in the Statement of reasonably certain that the option will be exercised.
Profit and Loss.
The right-of-use asset is subsequently
iv) For the purpose of presentation of defined benefit depreciated using the straight-line method from
plans and other long term benefits, the allocation the commencement date to the earlier of the end
between current and non-current provisions has of the useful life of the right-of-use asset or the
been made as determined by an actuary. end of the lease term. In addition, the right-of-use
asset is periodically reduced by impairment losses,
p)
Borrowing Costs if any, and adjusted for certain re-measurements
of the lease liability.
Borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset that The lease liability is initially measured at the present
necessarily takes a substantial period of time to get
value of the lease payments that are not paid at the
ready for its intended use or sale are capitalised as
commencement date, discounted using the interest

rate implicit in the lease or, if that rate cannot Costs including depreciation are recognised as an
be readily determined, the Group’s incremental expense in the statement of profit and loss.
borrowing rate. Generally, the Group uses its
r) Segment Accounting
incremental borrowing rate as the discount rate.
Operating segments are reported in a manner
The lease liability is subsequently measured
consistent with the internal reporting to management.
at amortised cost using the effective interest
For management purposes, the Group is organised
method. It is remeasured when there is a change
into business units based on its products and services.
in future lease payments arising from a change in
an index or rate, if there is a change in the Group’s Operating results of the business units are monitored
estimate of the amount expected to be payable separately for the purpose of making decisions about
under a residual value guarantee, or if the Group resource allocation and performance assessment.
changes its assessment of whether it will exercise Segment performance is evaluated based on profit or
a purchase, extension or termination option. loss and is measured consistently with Statement of
Profit and Loss in the financial statements.
When the lease liability is remeasured in this
way, a corresponding adjustment is made to the s) Earning Per Share (EPS)
carrying amount of the right-of-use asset or is
Basic EPS is computed by dividing the profit or
recorded in profit or loss if the carrying amount of
loss attributable to the equity shareholders of the
the right-of-use asset has been reduced to zero.
Group by the weighted average number of equity
shares outstanding during the year. Diluted EPS is
Lease payments have been classified as financing
computed by adjusting the profit or loss attributable
activities in Statement of Cash Flow.
to the ordinary equity shareholders and the weighted
The Group has elected not to recognise right- average number of equity shares, for the effects of all
of-use assets and lease liabilities for short term dilutive potential equity shares.
leases that have a lease term of less than or equal
t) Service Work in Progress
to 12 months with no purchase option and assets
with low value leases. The Group recognises the Service Work in Progress is valued at lower of cost
lease payments associated with these leases and net realisable value. Cost is determined based on
as an expense in statement of profit and loss Weighted Average Cost Method.
over the lease term. The related cash flows are
Service Work In Progress represents closing inventory
classified as operating activities.
of Washed and Reject Coal, which is not owned by
Lease under Ind AS 17 : the Group as per the terms of Mine Development and
Operation (MDO) contract. Hence, this represents
A lease is classified at the inception date as a work performed under contractual liability in bringing
finance lease or an operating lease. Leases are this inventory to its present condition and location.
classified as finance leases whenever the terms
of the lease transfer substantially all the risks and Net realisable value is the contract price as per the
rewards of ownership to the lessee. All other leases Mining Development and Operation (MDO) agreement,
less the estimated costs of completion and estimated
are classified as operating leases. The Group has
costs necessary to make the sale.
identified all its leases as operating leases.
u) Overburden Cost Adjustment
i) Assets taken on operating lease :
Overburden removal expenses incurred during
Operating lease payments are recognised as an
production stage are charged to revenue based on
expense in the statement of profit and loss on a
waste-to-ore ratio, (commonly known as Stripping Ratio
straight-line basis over the lease term. in the industry). This ratio is taken based on the current
operational phase of overall mining area. To the extent
ii) Assets given on operating lease :
the current period ratio exceeds the expected Stripping
Assets subject to operating leases are included Ratio of a phase, excess overburden costs are deferred.
in fixed assets. Rental income from operating
v) Expenditure
leases is recognised in the statement of profit and
loss on a straight-line basis over the lease term. Expenses are net of taxes recoverable, where applicable.
3. Property, Plant & Equipments and Intangible Assets

(H in crore)
Particulars Property, Plant & Equipments
Freehold Leasehold Building- Building- Plant & Furniture Electrical Office Computer Vehicles Air Craft Ship Railway Marine Wagons Right of Use - Total
Land Land Office Factory Machinery & Fixture Fittings Equipment Equipments Tracks and Structures Lease Assets
Sidings Land Building Vehicle
Opening Gross Carrying Value 620.92 1,011.96 986.15 155.55 3,252.85 88.62 83.07 45.95 57.59 28.41 6.27 1,847.01 74.29 12.63 102.39 - - - 8,373.66
Addition during the year (note : a) 19.70 - 77.64 15.75 313.25 1.88 15.05 3.86 1.58 10.76 - - 0.57 - - - - - 460.04
Foreign Exchange Translation (9.04) - (1.08) - 2.76 0.38 - 0.20 0.31 0.09 - 112.21 - 0.33 - - - - 106.16
Assets of Discontinued Operations (16.53) (43.52) (56.45) - (917.93) (9.15) (7.03) (4.55) (5.88) (0.20) - - - - - - - -
(Refer note 38) (1,061.24)
Deductions during the year 121.00 237.85 0.22 118.36 157.62 2.07 0.01 0.63 1.34 1.62 - - 74.86 - 102.39 - - - 817.97
Closing Gross Carrying Value 494.05 730.59 1,006.04 52.94 2,493.31 79.66 91.08 44.83 52.26 37.44 6.27 1,959.22 - 12.96 - - - - 7,060.65
Opening Accumulated Depreciation - 51.20 98.27 21.33 685.97 44.25 16.62 23.03 24.95 10.57 1.83 223.84 8.69 2.49 11.25 - - - 1,224.29
Depreciation, Amortisation & - 25.56 42.18 5.82 195.84 5.15 8.13 7.37 8.57 4.60 0.61 80.16 3.03 0.97 11.91 - - - 399.90
Impairment during the year (note : a)
Foreign Exchange Translation - - (0.33) - 1.33 0.25 - 0.16 0.25 0.09 - 13.13 - 0.07 - - - - 14.95
Relating to Assets of Discontinued - (1.68) (3.55) - (172.63) (5.39) (3.14) (2.60) (2.53) (0.13) - - - - - - - - (191.65)
Operations (Refer note 38)
Deductions during the year - 12.56 0.17 21.43 59.50 1.27 - 0.49 0.71 1.42 - - 11.72 - 23.16 - - - 132.43
Closing Accumulated Depreciation - 62.52 136.40 5.72 651.01 42.99 21.61 27.47 30.53 13.71 2.44 317.13 - 3.53 - - - - 1,315.06
Net Carrying Value 494.05 668.07 869.64 47.22 1,842.30 36.67 69.47 17.36 21.73 23.73 3.83 1,642.09 - 9.43 - - - - 5,745.59
Opening Gross Carrying Value 494.05 730.59 1,006.04 52.94 2,493.31 79.66 91.08 44.83 52.26 37.44 6.27 1,959.22 - 12.96 - - - - 7,060.65
Reclass to Right of Use Assets - (730.59) - - - - - - - - - - - - - 730.59 - - -
Acquisitions through Business 92.99 - - - 64.70 2.72 0.44 0.44 1.64 0.20 - - - - - 12.67 - - 175.80
Combination (Refer Note 44)
Addition during the year - - 10.80 3.42 840.54 2.88 8.84 2.85 14.14 10.83 - - - - - 15.18 56.25 0.11 965.84
Foreign Exchange Translation (26.07) - (4.92) 1.41 (5.73) 0.64 - 0.02 0.50 0.16 - 183.55 - (0.66) - - - - 148.90
Deductions during the year (note : a) 95.70 - 2.85 2.44 17.31 0.31 - 0.24 0.09 1.43 - 29.51 - - - - - - 149.88
Closing Gross Carrying Value 465.27 - 1,009.07 55.33 3,375.51 85.59 100.36 47.90 68.45 47.20 6.27 2,113.26 - 12.30 - 758.44 56.25 0.11 8,201.31
Opening Accumulated Depreciation - 62.52 136.40 5.72 651.01 42.99 21.61 27.47 30.53 13.71 2.44 317.13 - 3.53 - - - - 1,315.06
Reclass to Right of Use Assets - (62.52) - - - - - - - - - - - - - 62.52 - - -
Depreciation, Amortisation & - - 42.08 4.99 212.83 6.96 8.88 6.65 10.83 5.89 0.61 87.30 - 0.92 - 22.56 17.79 0.05 428.34
Impairment during the year
Foreign Exchange Translation - - (1.98) 0.02 (3.65) 0.48 - (0.06) 0.46 0.05 - 29.03 - (0.17) - - (0.26) - 23.92
Deductions during the year (note : a) - - 0.36 0.39 0.05 0.20 - 0.12 0.04 0.93 - 10.67 - - - - - - 12.76
Closing Accumulated Depreciation - - 176.14 10.34 860.14 50.23 30.49 33.94 41.78 18.72 3.05 422.79 - 4.28 - 85.08 17.53 0.05 1,754.56
Net Carrying Value 465.27 - 832.93 44.99 2,515.37 35.37 69.87 13.96 26.67 28.48 3.22 1,690.47 - 8.02 - 673.36 38.72 0.06 6,446.75
Note :
a). Addition / Deduction from the Gross Block and Accumulated Depreciation of Property, Plant & Equipment includes transfer from / to Investment Property. Refer note 5 for further details.
237


3. Property, Plant & Equipments And Intangible Assets (Contd..)

(H in crore)
Particulars Intangible Assets
Computer Right of Intangible Mine Other Total
Software Use of Land Asset under Development Intangible
SCA Rights Assets
Opening Gross Carrying value 67.40 0.11 25.96 684.75 2,627.36 3,405.58
Addition during the year 8.88 - - 8.57 - 17.45
Foreign Exchange Translation (0.02) - - - (53.81) (53.83)
Assets of Discontinued (7.79) (0.11) - - - (7.90)
Operations (Refer note 38)
Deductions during the year 0.14 - 25.96 - - 26.10
Closing Gross Carrying Value 68.33 - - 693.32 2,573.55 3,335.20
Opening Accumulated 41.06 0.11 1.92 72.01 0.02 115.12
Depreciation
Depreciation, Amortisation & 11.11 - 0.87 19.23 - 31.21
Foreign Exchange Translation (0.02) - - - - (0.02)
Relating to Assets of (5.63) (0.11) - - - (5.74)
(Refer note 38)
Deductions during the year 0.86 - 2.79 - - 3.65
Closing Accumulated 45.66 - - 91.24 0.02 136.92
Depreciation
Net Carrying Value 22.67 - - 602.08 2,573.53 3,198.28
Opening Gross Carrying value 68.33 - - 693.32 2,573.55 3,335.20
Acquisitions through Business - - - - 166.92 166.92
Combination (Refer Note 44)
Addition during the year 4.24 - - 44.07 661.59 709.90
Foreign Exchange Translation (0.06) - - - (154.61) (154.67)
Deductions during the year - - - - - -
Closing Gross Carrying Value 72.51 - - 737.39 3,247.45 4,057.35
Opening Accumulated 45.66 - - 91.24 0.02 136.92
Depreciation
Depreciation, Amortisation & 8.66 - - 25.61 27.51 61.78
Foreign Exchange Translation (0.07) - - - - (0.07)
Deductions during the year - - - - - -
Closing Accumulated 54.25 - - 116.85 27.53 198.63
Depreciation
Net Carrying Value 18.26 - - 620.54 3,219.92 3,858.72
3. Goodwill
(H In crore)
Carrying value at the beginning of the year 54.22 79.66
Add / (Less) : Amount recognised through acquisitions, mergers and demergers 84.91 (25.44)
Carrying value at the end of the year 139.13 54.22

Corporate Overview
3. Property, Plant & Equipments And Intangible Assets (Contd..)
i) Out of above assets, following assets were given on Operating Lease as on 31st March, 2020.
(H In crore)
Particulars Gross Block Accumulated Net Block Depreciation
As at Depreciation As at charge for the year
Land 6.55 - 6.55 -
Office Building 29.93 2.48 27.45 0.50
Plant & Machinery 2.41 1.61 0.80 0.13
Vehicles 14.56 2.10 12.46 1.36
Total 53.45 6.19 47.26 1.99
31st March, 2019 54.37 4.67 49.70 1.49
Statutory Reports
The total future minimum lease rentals receivable at the Balance Sheet date is as under:
(H In crore)
For a period not later than one year 6.90 4.80
For a period later than one year and not later than five years 11.45 9.42
For a period later than five years 15.54 16.11
33.89 30.33
ii) Office buildings includes H 2.32 crore of unquoted shares (160 equity shares of A type and 1,280 equity shares
of B type of H 100 each fully paid-up) in Ruparelia Theatres Pvt. Ltd. By virtue of investment in shares, the Group
is enjoying rights in the leasehold land and H 1.44 crore, towards construction contribution and exclusive use of
terrace and allotted parking space.
iii) For security / mortgage, refer notes 21 and 25.
4 Capital Work-In-Progress & Intangible Assets Under Development

(H In crore)
Capital Work in Progress 6,982.48 5,684.65
Capital Inventories 248.66 80.27
7,231.14 5,764.92
Notice
Capital Work in Progress includes :
a) Building of H 0.85 crore (31st March, 2019 : H 0.85 crore) which is in dispute and the matter is sub-judice.
b) Agricultural Land of H 0.45 crore (31st March, 2019: H 0.45 crore) recovered under settlement of debts, in which
certain formalities are yet to be executed.
c) The Group’s share in Jointly controlled Assets is H 217.04 crore (31st March, 2019 : H 330.54 crore). Refer note 54
(a).
d) Assets of H 476.46 Crs (31st March, 2019 : Nil) has been acquired under business combination. Refer note 44.

Intangible Assets Under Development

(H In crore)
Intangible Assets under Development 115.59 -
115.59 -
5 Investment Properties
(H In crore)
Gross Carrying Amount
Opening Gross Value 32.33 47.91
Transfer from / (to) Property, Plant and Equipment (Refer note (b)) 9.61 (16.90)
Foreign Exchange Translation Differences 2.16 1.32
Balance as at the end of the year 44.10 32.33
Opening Accumulated Depreciation 10.31 12.21
Depreciation during the year 0.40 0.54
Transfer from / (to) Property, Plant and Equipment (Refer note (b)) 0.55 (3.00)
Foreign Exchange Translation Differences 0.98 0.56
Balance as at the end of the year 12.24 10.31
Net Carrying Amount 31.86 22.02
a) Fair Value of Investment Properties
The fair value of the Group’s investment properties at the end of the year have been determined on the basis of
valuation carried out by the management based on the transacted prices near the end of the year in the location and
category of the properties being valued. The fair value measurement for all of the investment properties has been
categorised as Level 2 fair value measurement. Total fair value of Investment Properties is H 31.08 crore (31st March,
2019 : H 29.92 crore).
b) During the previous year, one of the Subsidiary in the Group had initiated using the Office Building which was
earlier designated as investment property, for its own use. Accordingly, investment property had been reclassified
and transferred to Property, Plant and Equipment in previous year ended on 31st March, 2019
c) During the year, the Group carried out a review of the recoverable amount of investment properties. As a result, there
were no allowances for impairment required for these properties.
d) Amounts recognised in the Statement of Profit and Loss

(H In crore)
Income
Rental Income 1.41 0.83
Expenses
Property Tax 0.16 0.23
Depreciation (Refer note (b) above) 0.40 0.54

Corporate Overview
6 Non Current Investments
(Amounts below H 50,000/- denoted as*)
(H In crore)
I. INVESTMENTS IN JOINTLY CONTROLLED ENTITIES & ASSOCIATES
a) Unquoted Investment in Jointly Controlled Entities (Accounted
using Equity Method)
1 5,71,47,443 (31st March, 2019 : 5,71,47,443) Equity Shares of 1,309.21 1,087.57
H 10 each of Adani Wilmar Ltd
2 38,00,000 (31st March, 2019 : 38,00,000) Equity Shares of 98.85 76.82
$ 1 each of Adani Wilmar Pte Ltd
Statutory Reports
3 1,88,27,550 (31st March, 2019 : 1,48,27,550) Equity Shares of 14.37 12.02
H 10 each of Adani Elbit Advanced Systems India Ltd
4 1,000 (31st March, 2019 : 1,000) Equity Shares of $ 1 each of Adani 0.01 0.01
Global Resources Pte Ltd
5 25,500 (31st March, 2019 : 25,500 ) Equity Shares of H 10 each of - -
Jhar Mining Infra Pvt Ltd
6 4,900 (31st March, 2019 : 4,900 ) Equity Shares of H 10 each of Adani - -
Chendipada Mining Pvt Ltd
7 2,50,00,001 (31st March, 2019 : Nil) Equity Shares of $ 1 each of 188.92 -
Adani Total LNG Singapore Pte Ltd
b) Unquoted Investment in Associate Entities (Accounted using Equity
Method)
1 4,82,00,000 (31st March, 2019 : 4,82,00,000) Equity Shares of 56.54 56.53
H 10 each of GSPC LNG Ltd
2 1,46,685 (31st March, 2019 : 1,46,685) Equity Shares of H 10 each of 5.28 5.27
Vishakha Industries Pvt Ltd
3 Nil (31st March, 2019 : 78,400) Equity Shares of H 10 each of CSPGCL - -
AEL Parsa Collieries Ltd (Refer note (a))
4 1,37,339 (31st March, 2019 : 1,37,339 ) Equity Shares of H 10 each of 12.01 11.63
Comprotech Engineering Pvt Ltd
5 7,21,277 (31st March, 2019 : 7,21,277 ) Equity Shares of H 10 each of 8.10 8.26
Autotec Systems Pvt Ltd
6 Nil (31st March, 2019 : 1,33,16,909 ) Equity Shares of H 10 each of - 106.20
Alpha Design Technologies Pvt Ltd (Refer note 44)
7 4,900 (31st Match, 2019 : 4,900 ) Equity shares of $ 1 each in Adani - -
Solar USA Inc
Notice
8 49,000 (31st March, 2019 : Nil) Equity Shares of H 10 each of Adani 0.02 -
Power Resources Ltd
II. INVESTMENTS IN OTHER EQUITY INSTRUMENTS
a) Unquoted Investment in Other Equity Instruments (Measured at
FVTPL)
1 50% share in Vishakha Industries 8.94 8.94
2 20,000 (31st March, 2019 : 20,000) Equity Shares of H 25 each of 0.05 0.05
Kalupur Commercial Co-Operative Bank
3 4 (31st March, 2019 : 4) Equity Shares of H 25 each of The Cosmos * *
Co-Operative Bank Ltd
4 3,00,000 (31st March, 2019 : 3,00,000) Equity Shares of PT Coalindo 0.15 0.15
Energy of IDR 1 Mn each


(H In crore)
5 3,52,000 (31st March, 2019 : 3,52,000) Equity Shares of H 10 each of 0.35 0.35
Mundra SEZ Textile & Apparel Park Pvt Ltd
Less : Impairment in value of investment (0.35) (0.35)
- -
6 4,000 (31st March, 2019 : 4,000) Equity Shares of H 25 each of Shree 0.01 0.01
Laxmi Co-operative Bank Ltd
Less : Impairment in value of investment (0.01) (0.01)
- -
b) Unquoted Investment in Other Equity Instruments (Measured at
Amortised Cost)
1 1,20,00,000 (31st March, 2019 : Nil) Compulsorily Convertible 120.00 -
Debentures of H 100 each of Astronomical Logistics Park Pvt Ltd
2 75,00,000 (31st March, 2019 : Nil) Compulsorily Convertible 75.00 -
Debentures of H 100 each of MGN Agro Properties Pvt Ltd
3 Nil (31st March, 2019 : 35,00,000) Compulsorily Convertible - 35.00
Debentures of H 100 each of Trueguard Realcon Pvt Ltd
4 Nil (31st March, 2019 : 1,00,00,000) Compulsorily Convertible - 100.00
Debentures of H 100 each of Welspun Steel Ltd
III. INVESTMENT IN PREFERENCE SHARES (MEASURED AT
AMORTISED COST)
50,000 (31st March, 2019 : 50,000 ) Preference Shares of H 10 each 0.05 0.05
of Adani Gas Ltd
IV. UNQUOTED INVESTMENTS IN DEBT SECURITIES (MEASURED AT
AMORTISED COST)
1 National Saving Certificates 0.03 0.03
(Lodged with Government Departments)
1,897.53 1,508.53
Aggregate amount of Quoted Investments - -
Aggregate amount of Unquoted Investments 1,897.53 1,508.53
Market Value of the Quoted Investments - -
Aggregate amount of impairment in the value of Investments 0.36 0.36
Note :
a) During the year, CSPGCL AEL Parsa Collieries Ltd has been disolved and its name has been striked off from
7 Non-Current Loans
(H In crore)
Loans given 945.87 1,376.46
945.87 1,376.46
(for dues from the Related Parties, refer note 41)


Corporate Overview
8 Other Non-Current Financial Assets
(H In crore)
Security Deposits (Refer Note 48) 919.85 771.57
Land Lease Receivable (Refer Note : (a)) 9.01 3.00
Interest accrued but not due 0.41 -
Share Application Money pending allotment :
- Alpha Design Technologies Pvt Ltd - 75.00
Other Non Current Financial Assets 18.87 16.38
948.14 865.95
Statutory Reports
Note :
(a) Asset given under finance lease
Future minimum lease receivables under finance leases together with the present value of the net minimum
lease payments receivable (“MLPR”) are as follows:
(H In crore)
Particulars As at 31st March, 2020 As at 31st March, 2019
Gross Investment Present Value Gross Investment Present Value
in the lease of MLPR in the lease of MLPR
Within one year 0.45 0.41 0.42 0.14
After one year but not later than 2.26 1.71 2.06 0.53
five years
More than five years 25.26 6.89 26.00 2.32
Total minimum lease receivables 27.96 9.01 28.49 3.00
Less: Amounts representing (18.95) - (25.49) -
finance charges
Present value of minimum lease 9.01 9.01 3.00 3.00
receivables
(b) For dues from the related parties, refer note 41
9 Deferred Tax Assets & Liabilities

(a) Major Components of Deferred Tax Liability / Asset (Net) :
(H In crore)
Notice
DEFERRED TAX LIABILITIES
Property, Plant & Equipments and Intangible Assets 497.52 442.53
Present value of Lease Receivable 24.57 22.33
Other Items 37.54 37.98
Gross Deferred Tax Liabilities 559.63 502.84
DEFERRED TAX ASSETS
Unabsorbed Depreciation & Tax Losses 424.22 320.56
MAT Credit Entitlement 245.12 403.19
Present Value of Lease Liability 112.34 101.01
Other Items 17.25 20.95
Gross Deferred Tax Assets 809.10 852.15
Net Deferred Tax Liability / (Asset) (249.47) (349.31)

Disclosure in Consolidated Balance Sheet is based on entity wise recognition, as follows :

(H In crore)
Deferred Tax Liabilities 23.30 -
Deferred Tax Assets 272.77 349.31
Net Deferred Tax Liability / (Asset) (249.47) (349.31)
Note :
i) Deferred tax liabilities have not been recognised on temporary differences associated with investments in
subsidiaries as it is probable that the temporary differences will not reverse in the foreseeable future.
ii) Few of the subsidiary companies in the Group have not recognised Deferred Tax Asset of H 91.99 crore
(31st March, 2019 : H 92.50 crore) since there is no reasonable certainty as to when these assets can be realised
in the future by them.
(b) The gross movement in the deferred tax account for the year ended 31st March 2020 and 31st March 2019, are as
follows:
(H In crore)
Net Deferred Tax Assets at the beginning 349.31 227.68
Tax (Expenses) / Income recognised in:
Property, Plant & Equipments and Intangible Assets (54.99) 21.09
Unabsorbed Depreciation / Business Loss 103.66 (67.20)
MAT Credit Entitlement (158.07) 29.94
Asset under Service Concession Arrangement - 36.73
Present Value of Lease Receivable and Lease Liability (net) 9.09 (5.81)
Others (3.26) 9.07
Net Deferred Tax (Assets) / Liability Pertaining to Discontinued - 99.59
Operations
Net Deferred Tax Assets at the end 249.47 349.31
(c) This note presents the reconciliation of Income Tax charged as per the applicable tax rates & the actual provision
made in the Financial Statements as at 31st March, 2020 & 31st March, 2019 with breakup of differences in Profit as
per the Financial Statements & as per the applicable taxation laws.
(H In crore)
Profit Before Tax attributable to :
Continuing Operations 1,122.33 367.94
Profit Before Tax as per Statement of Profit & Loss 1,122.33 508.50
Tax Rate for Corporate Entity as per Income Tax Act, 1961 34.944% 34.944%
Expected Tax Expense as per Income Tax Act, 1961 392.19 177.69
Tax Effect of:
Tax concessions and tax rebates (74.68) (71.74)
Expenses not allowed for tax purposes 112.14 247.99
Income exempt under tax laws (55.53) (197.95)
Adjustments for changes in estimates & rate of deferred tax (70.67) (1.97)
(Refer Note d)
Tax adjustments of earlier years 0.75 7.75
Others (net) 20.13 32.55
Total Tax Expense as per Statement of Profit and Loss 324.33 194.32
Total Tax Expense Attributable to :
324.33 194.32

Corporate Overview
(d) Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 :
Pursuant to the Taxation Laws (Amendment) Ordinance, 2019, the Company and few of its Indian subsidiaries have
decided to continue with the existing tax structure until utilisation of accumulated minimum alternative tax (MAT)
credit. However, the Company and these subsidiaries have used new tax rates to re-measure their deferred tax
liabilities that is expected to reverse in future when the companies would migrate to the new tax regime. The full
impact of this change in tax rates has been recognised in tax expenses during the year ended on 31st March, 2020.
10 Other Non-Current Assets

(H In crore)
Statutory Reports
Capital Advances 89.94 94.71
Balances with Government Authorities (incl. amount paid under dispute) 150.09 133.88
Prepaid Expenses 268.52 4.51
549.97 281.97
11 Inventories
(Valued at lower of cost and net realisable value)
(H In crore)
Raw Materials 96.44 80.09
Work In Progress 237.57 44.34
Finished / Traded Goods (Refer note a and b) 2,140.20 2,459.50
Stores and Spares 88.16 84.89
2,562.37 2,668.82
Notes :
(a) Includes Goods in Transit H 387.29 crore (31st March 2019 : H 788.15 crore).
(b) Includes land and related development cost of H 461.91 crore (31st March, 2019 : H 469.82 crore) for one of the
subsidiary companies.
(c) For security / hypothecation, refer notes 21 and 25.
12 Current Investments
(H In crore)
Particulars As at As at Notice
I. Unquoted Investment in Mutual Funds (Measured at FVTPL)
1 4,99,078.582 (31st March, 2019 : 336.186) Units in Birla Sun Life 53.91 0.01
Liquid Fund - Direct - Growth of H 100 each
2 Nil (31st March, 2019 : 6,08,445.71) Units in SBI Savings Fund - - 1.76
Regular - Growth of H 10 each
3 195.12 (31st March, 2019 : 195.12) Units of Edelweiss Liquid Fund - 0.05 0.05
Direct - Growth of H 1,000 each
II. Unquoted Investment in Bonds (measured at Amortised Cost)
1 10 (31st March, 2019 : 10) 11.80% LVB-Tier-II 2024 Bonds of Laxmi 1.00 1.00
Vilas Bank Ltd. of H 10,00,000 each
54.96 2.82
Aggregate amount of Quoted Investments - -
Aggregate amount of Unquoted Investments 54.96 2.82

13 Trade Receivables
(H In crore)
Unsecured, Considered good 13,146.53 14,307.03
Unsecured, Credit Impaired 138.22 67.00
13,284.75 14,374.03
Allowance for Credit Losses (138.22) (67.00)
13,146.53 14,307.03
Notes :
(a) For dues from the Related Parties, refer note 41
(b) For Security / Hypothecation, refer note 21 and 25.
14 Cash & Cash Equivalents

(H In crore)
Balances with Banks:
- In Current accounts 1,590.91 585.02
- Deposits with original maturity of less than three months 532.89 367.39
Cheques / drafts on hand - 20.81
Cash on hand 0.89 0.66
2,124.69 973.88
15 Bank Balances (Other Than Cash & Cash Equivalents)

(H In crore)
Margin Money Deposits (lodged against Bank Guarantee, Buyer’s 561.46 307.19
Credit, Cash Credit and Letter of Credit)
Deposits with original maturity of more than three months but less 690.12 427.86
than twelve months
Earmarked balances In unclaimed dividend accounts 0.41 0.35
1,251.99 735.40
16 Current Loans
(H In crore)
Loan to Employees 38.61 5.32
Loan to Others 1,921.25 2,233.45
1,959.86 2,238.77

Corporate Overview
17 Other Current Financial Assets
(H In crore)
Security and Other Deposits 90.59 47.21
Interest Accrued 113.00 46.56
Unbilled Revenue 400.98 125.62
Derivative Assets 115.69 6.57
Government Grant Receivable 74.37 348.56
Claims recoverable from Mine Owners (note (a)) 361.07 297.92
Financial Assets under Service Concession Arrangements (note (b)) 264.20 18.53
Statutory Reports
Insurance Claim Receivable 36.59 -
Other Current Financial Assets 7.34 1.43
1,463.83 892.40
Notes :
(a) The Group has incurred cost as Mine Developer cum Operator for Machhakata and Chendipada coal blocks,
allotment of which have been cancelled pursuant to Coal Mines (Special Provision) Ordinance, 2014. The Group
has filed claim for cost of investment in respect of Machhakata coal block with MahaGuj Collieries Ltd and for
Chendipada coal block with UCM Coal Company Ltd. Due to favourable arbitration orders these amounts have
been classified as current financial assets during the previous year.
(b) For Service Concession Arrangements refer notes 49.
18 Other Current Assets

(H In crore)
Prepaid Expenses 142.10 102.51
Balances with Government Authorities 569.85 359.25
Service Work in Progress (Refer Note 2(II)(t)) 38.42 10.70
Other Current Assets 1.00 0.02
Advances recoverable for value to be received
Considered good 867.32 836.41
Notice
Credit impaired 8.99 8.99
876.31 845.40
Allowance for doubtful advances (8.99) (8.99)
867.32 836.41
1,618.69 1,308.89


19 Equity Share Capital

(H In crore)
AUTHORISED
4,85,92,00,000 (31st March 2019: 4,85,92,00,000) Equity Shares of 485.92 485.92
H 1/- each
485.92 485.92
ISSUED, SUBSCRIBED & FULLY PAID-UP
1,09,98,10,083 (31st March 2019: 1,09,98,10,083) Equity Shares of 109.98 109.98
H 1/- each
109.98 109.98
(a) Reconciliation of the Number of Shares Outstanding

Nos. (J in crore) Nos. (J in crore)
At the beginning of the year 1,09,98,10,083 109.98 1,09,98,10,083 109.98
Movements for the year - - - -
At the end of the year 1,09,98,10,083 109.98 1,09,98,10,083 109.98
(b) Rights, Preferences and Restrictions attached to each class of shares
The Parent has only one class of Equity Shares having a par value of H 1/- per share and each holder of the Equity
Shares is entitled to one vote per share. The Parent Company declares and pays dividends in Indian Rupees. The
dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General
Meeting, except in case of Interim Dividend.
In the event of liquidation of the Parent, the holders of the equity shares will be entitled to receive any of the
remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion
to the number of shares held by the shareholders.
(c) Details of shareholders holding more than 5% shares in the company
Name of Shareholders As at 31st March, 2020 As at 31st March, 2019

Nos. % Holding Nos. % Holding
Equity shares of J 1 each fully paid
Shri Gautam S. Adani / Shri Rajesh S. Adani 62,11,97,910 56.48% 62,11,97,910 56.48%
(on behalf of S. B. Adani Family Trust)
Adani Tradeline LLP 9,94,91,719 9.05% 9,94,91,719 9.05%
72,06,89,629 65.53% 72,06,89,629 65.53%
20 Other Equity
(H In crore)
20.1 General Reserve
Add : Transfer from Retained Earning 25.00 10.00
Total 445.19 420.19
20.2 Securities Premium
Add / (Less) : Changes during the year - -
Total 982.64 982.64

Corporate Overview
20 Other Equity (Contd..)
(H In crore)
20.3 Retained Earnings
Opening Balance 10,859.29 11,620.58
Add : Total Comprehensive Income 1,135.17 716.89
Less : On account of Scheme of arrangement - (1,616.72)
Less : Dividend on Equity Shares (43.99) (43.99)
Less : Tax on Dividend (9.04) (9.04)
Less : Interim Dividend on Equity Shares (109.98) -
Less : Tax on Interim Dividend (22.62) -
Statutory Reports
Less : Transfer to General Reserve (25.00) (10.00)
Add : Gain transferred on sale of Equity Investments classified as - 201.57
'FVTOCI'
Less : On account of Consolidation Adjustments (0.03) -
Total 11,783.80 10,859.29
20.4 Capital Reserve On Consolidation
Less : On account of Scheme of arrangement - (39.36)
Total 35.52 35.52
20.5 Amalgamation Reserve
Less : On account of Scheme of arrangement - (24.55)
Total 38.91 38.91
20.6 Foreign Currency Translation Reserve
Opening Balance 2,309.41 1,631.63
Add : Changes during the year 1,241.12 677.78
Total 3,550.53 2,309.41
20.7 Equity Instruments Through OCI
Opening Balance - 195.81
Add : Fair value gain recognised during the year - 5.76
Less : Transferred to Retained Earnings on sale of instruments - (201.57)
Total - -
Total Other Equity 16,836.59 14,645.96
Nature And Purpose Of Reserves

General Reserve
General reserve is created by the Company by appropriating the balance of Retained Earnings. It is a free reserve
Notice
which can be used for meeting the future contingencies, creating woking capital for business operations, strengthing
the financial position of the Company etc.
Securities Premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
Retained Earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders.
Capital Reserve On Consolidation
Capital reserve on consolidation refers to the gain arised on initial investment in the subsidiary. It is a difference
between the net assets acquired in the subsidiary and the consideration paid for the acquisition. This is not a free
reserve and can not be utilised for the distribution of dividends.


Amalgamation Reserve
Amalgamation reserve represents the surplus arised in the course of amalgamation of wholly owned subsidiary
companies in one of the Jointly Controlled Entity in India. The said reserve shall be treated as free reserve available
for distribution as per the scheme approved by Hon’ble Gujarat High Court.
Foreign Currency Translation Reserve
Exchange differences arising on translation of the foreign subsidiaries are recognised in Other Comprehensive Income
as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount shall be
reclassified to the statement of Profit and loss when the net investment is derecognised by the Company.
Equity Instruments Through OCI
The Company had elected to recognise changes in the fair value of certain investments in equity securities in other
comprehensive income. These changes are accumulated within the FVOCI equity investments reserve within equity.
The Company has transferred this amount to retained earnings since the relevant equity securities have been sold by
the Company.
21 Long Term Borrowings

(H In crore)
SECURED (Note (a))
Term Loans from Banks 1,985.19 1,573.84
Term Loans from Financial Institutions 407.47 555.88
Non Convertible Bonds 361.23 -
Borrowings under Letter of Credit Facilities - 742.44
UNSECURED
Term Loan from Financial Institutions (Note (b)) 0.12 0.85
Inter Corporate Loans (Note (c)) 761.80 119.21
3,515.81 2,992.22
The above amount includes :
Secured Borrowings 2,753.89 2,872.16
Unsecured Borrowings 761.92 120.06
3,515.81 2,992.22
(for dues to Related Parties, refer note 41)
Notes :
Above facilities are secured by :

(a)
(i) Hypothecation/Mortgage of respective immovable and movable assets both present and future by way of
charge (First/Second/Subservient) ranking pari-passu among the Banks/Financial Institutions by 10 entities
of the Group.
(ii) Pledge of equity shares of 1 subsidiary through execution of pledge agreement.
(b) Unsecured loans from Financial Institution of H 0.12 crore is repayable by September 2021.
(c) The Inter Corporate Loans are long term In nature. The terms and conditions of the inter corporate loans and
its maturity are governed by respective agreements. The term period of these loans are renewable on mutual
consent of both the parties.
(d) The above borrowings carry interest rate ranging 2.75% to 11.00% p.a.
(e) The above notes are given in summarised general form for the sake of brevity. Detailed terms could be better
viewed, when referred from the respective financial statements.

Corporate Overview
22 Other Non-Current Financial Liabilities
(H In crore)
Lease Liability (Refer Note : 51) 432.27 388.50
Deferred Reimbursement of Costs (Refer Note : 48) 635.84 676.48
Other Non-Current Financial Liabilities 77.18 45.00
1,219.64 1,234.33
Statutory Reports
23 Long Term Provisions
(H In crore)
Provision for Employee Benefits (Refer note - 52)
Provision for Gratuity 31.37 26.15
Other Provision
Asset Retirement Obligations (Refer Note (a)) 7.12 6.59
63.00 49.93
Note (a) : Movement in Asset Retirement Obligations
(H In crore)
Add : Additions during the year 0.53 0.48
Less : Settled / Transferred during the year - (0.40)
24 Other Non-Current Liabilities

(H In crore)
Advances from Customers 1.43 -
Deferred Government Grants 488.58 521.56
Notice
Unearned Income under Long Term Lease Arrangements 87.78 85.14
577.79 606.70
25 Short Term Borrowings

(H In crore)
SECURED
Banks (Refer Note (a) and (b)) 4,947.38 4,602.22
Borrowings under Letters of Credit Facilities (Refer Note(a) and (b)(i)) 362.00 316.68
Non Convertible Bonds (Refer Note (a) and (b)) 5.07 -
Buyer's Credit (Refer Note (a) and (b)(i)) - 2.91
Financial Institutions (Refer Note (b)(i)) - 156.91

25 Short Term Borrowings (Contd..)

(H In crore)
UNSECURED
Banks 654.36 630.23
Commercial Paper 85.00 198.00
Other Loans 2,083.03 1,052.19
8,136.84 6,959.14
The above amount includes :
Secured borrowings 5,314.45 5,078.72
Unsecured borrowings 2,822.39 1,880.42
8,136.84 6,959.14
Notes :
Above facilities are secured by :
(a) Hypothecation/Mortgage of respective immovable and movable assets both present and future by way of charge
(First/Second/Subservient) ranking pari-passu among the Banks/Financial Institutions by 8 entities of the Group.
(b) First pari passu charge on inventories, book debts. other receivables, materials purchased, assignment of
Insurance Policies under the facility.
(i) The facilities are secured by the margin money deposits and by hypothecation of current assets both present
& future by way of first charge ranking pari passu.
(ii) The above borrowings carry interest rate ranging 2.75% to 12.95% p.a.
(iii) The above notes are given in summarised general form for the sake of brevity. Detailed terms could be better
viewed, when referred from the respective financial statements.
26 Trade Payables
(H In crore)
Acceptances 1,333.42 1,743.63
Trade payables
- Total outstanding dues of micro and small enterprises (Refer Note (b)) 35.11 4.42
enterprises
11,813.66 11,988.73
Notes :
(a) (for dues to related parties, refer note 41)

Corporate Overview
(b) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
(H In crore)
(i) Principal amount remaining unpaid to any supplier as at the end of 35.11 4.42
the accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at the end of - -
the accounting year
(iii) The amount of interest paid along with the amounts of the payment - -
made to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of the - -
Statutory Reports
accounting year
(vi) The amount of further interest due and payable even in the succeeding - -
year, until such date when the interest dues as above are actually paid
The Disclosure in respect of the amounts payable to Micro and Small Enterprises have been made in the financial
statements based on the information received and available with the Group. Further in view of the Management,
the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to
be material. The Group has not received any claim for interest from any supplier as at the balance sheet date. These
facts have been relied upon by the auditors.
27 Other Current Financial Liabilities
(H In crore)
Current Maturities of Long Term Debt (Refer Note 21)
- Term Loan - Bank/Financial institutions - Secured 765.91 1,291.03
- Term Loan - Bank/Financial institutions - Unsecured 0.74 0.81
Current Lease Liability (Refer Note : 51) 18.68 -
Customer's Bill Discounting 185.61 128.63
Unpaid Dividends (Refer Note (a))
- Equity Shares 0.41 0.35
Capital Creditors and Other Payables 237.29 225.12
Deposits from Customers and Others 0.38 1.46
Derivative Liabilities 1.33 162.83
Notice
1,368.93 1,948.74
Note :
(a) As at 31st March, 2020, there is no amount due and outstanding to be transferred to the Investor Education and
Protection Fund by the Company. Unclaimed Dividend, if any, shall be transferred to Investor Education and
Protection Fund as and when it becomes due.
(b) For dues to Related Parties, refer note 41


28 Other Current Liabilities

(H In crore)
Revenue received in advance
Advances from Customers 1,697.09 1,406.37
Others
Statutory Current Liabilities (including GST, TDS, PF and others) 121.72 73.85
Deferred Government Grants 33.02 33.05
Unearned Income under Long Term Lease Arrangements - Current 6.30 6.07
Others 0.34 2.34
1,858.47 1,521.68
29 Short Term Provisions

(H In crore)
Provision for Employee Benefits (Refer note - 52)
Provision for Gratuity 1.55 0.96
Other Provision
Provision for Minimum Work Program (Refer note (a)) 38.65 34.53
61.46 52.70
Note (a) : Movement in Provision for Minimum Work Program

(H In crore)
Add : Additions during the year - 10.11
Less : Utilised / settled during the year - -
Add / (Less) : Exchange rate difference 4.12 1.94
30 Revenue From Operations

(H In crore)
Revenue from Contract with Customers
- Sale of Goods 39,667.98 37,352.09
- Sale of Services 3,629.13 2,858.33
Other Operating Revenue
- Insurance Claims Received 1.24 7.61
- Profit from Partnership Firm - 0.03
- Government Incentives 54.02 49.64
- Others 50.19 110.96
43,402.56 40,378.66

Corporate Overview
31 Other Income
(H In crore)
Interest Income :
- from Banks 54.79 37.84
- from Others 469.47 451.21
Dividend Income :
- Non Current Investments - 2.75
- Current Investments 0.02 0.02
Gain on Sale of :
- Investments 11.76 26.54
Statutory Reports
- Property, Plant & Equipments 52.62 0.34
Others :
- Gain on Commodities Hedging 28.73 -
- Gain on Foreign Exchange Variation (net) 15.92 27.13
- Liabilities no longer required, written back 23.15 5.44
- Rent Income 8.08 6.90
- Sale of Scrap 2.83 4.78
- Miscellaneous Income 16.28 9.01
683.65 571.96
32 Cost of Materials Consumed

(H In crore)
Raw Material consumed
Opening Stock 80.09 193.89
Add : Purchases during the year 1,766.52 1,109.37
Less : Closing Stock 96.44 80.09
1,750.17 1,223.17
33 Employee Benefit Expenses

(H In crore)
Salaries and Bonus 603.38 585.12
Contributions to Provident and Other Funds 39.05 35.57
Staff Welfare Expenses 40.05 35.71
Notice
682.48 656.40
34 Finance Costs
(H In crore)
Interest 1,006.51 1,347.29
Bank and Other Finance Charges 218.21 199.34
Exchange difference regarded as an adjustment to Borrowing cost 347.60 78.44
1,572.32 1,625.07

35 Operating And Other Expenses

(H In crore)
Vessel Operation and Maintenance Expenses 1,742.88 1,703.43
Clearing & Forwarding Expenses 1,292.46 730.19
Other Operating and Manufacturing Expenses 1,242.37 743.92
Rent & Infrastructure Usage Charges 21.93 26.94
Rates & Taxes 19.33 43.79
Communication Expenses 10.71 8.12
Stationery & Printing Expenses 4.58 2.41
Repairs to:
- Buildings 8.52 7.44
- Plant & Machinery 17.36 16.03
- Others 53.03 78.91 43.57 67.04
Electric Power Expenses 12.22 5.74
Insurance Expenses 55.23 23.81
Legal and Professional Fees 150.26 142.15
Payment to Auditors for :
- Statutory Audit 3.30 3.23
- Tax Audit 0.18 0.16
- Other Services 0.20 3.68 0.10 3.49
Office Expenses 30.79 20.68
Security Charges 5.80 6.78
Directors Sitting Fees 0.24 0.24
Commission to Non-Executive Directors 0.56 0.54
Impairment in Value of Investments - 0.35
Loss on Sale of Assets 10.08 0.54
Manpower Services 51.09 36.89
Supervision & Testing Expenses 16.05 9.99
Donation 0.88 0.67
Loss of Stock due to Accident / In Transit 9.19 2.07
Rebate, Advertisement and Selling Expenses 287.02 162.57
Bad Debts / Advances written off 32.42 35.68
Damages on Contract Settlement 1.12 31.56
Allowances for Credit Loss / Doubtful advances 98.66 30.02
Travelling & Conveyance Expenses 56.73 49.70
Net Exchange Rate difference non financing activity 377.05 421.31
Corporate Social Responsibility Expenses (Refer Note 37) 9.97 6.58
Miscellaneous Expenses 153.23 114.85
5,775.44 4,432.05

Corporate Overview
36 Exceptional Items
(H In crore)
Write off of unsuccessful exploration project (Note (a)) (129.73) -
Price escalation claim and interest thereon (Note (b)) 328.48 -
Net gain on sale of investment in Subsidiaries / Associates / Jointly - 537.82
Controlled Entities (Note (c))
Impairment of Non Current Assets (Note (d)) - (670.80)
Stamp Duty expense (Note (e)) - (25.00)
198.75 (157.98)
Statutory Reports
(a) During the current year ended 31st March, 2020, one of the subsidiaries which is engaged in oil and natural gas
exploration business had written-off one of its blocks due to commercial unviability of the project.
(b) During the current year ended 31st March, 2020, the Company has received a favourable order from the Hon’ble
Supreme Court with respect to its claim of price escalation in mining business. Pursuant to the favourable order,
the Company recognised cumulative revenue and interest thereon since financial year 2013-14.
(c) As decided in the board meeting dated 23rd February, 2019 and as subsequently approved by shareholders,
the Company has divested its investment in Agri Logistics and Thermal Energy entities in order to consolidate
operations within single business segment of Adani Group and bring in more focus on efficient operations.
Accordingly, the Company has completed sale of its investment in these entities on 28th March, 2019 and
has recognised net gain of H 510.26 crore. The gain is recognised after adjusting impairment of non-current
assets of H 464.63 crore in Energy business entities as per independent valuation reports. During the previous
year, Company also recognised Gain of H 27.56 crore on sale of investment in other Subsidiaries / Associates /
Jointly Controlled Entities.
(d) During the previous year, two subsidiaries at Australia have recognised impairment of non-current assets of
H 670.80 crore due to continuous delay in regulatory approval process and various legal challenges.
(e) During the previous year, Stamp duty of H 25 crore paid on account of Composite Scheme of Arrangement for the
demerger of Renewable Power Undertaking from the Company.
37 Corporate Social Responsibility Expenditure
(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 by the Group during the year is
H 9.67 crore. Expenditure incurred towards Corporate Social Responsibility for the year is H 9.97 crore.
Notice
(b) The CSR activities of the Group are taken care by Adani Foundation, a Charitable Trust set up by the Adani Group,
where by the funds are allocated from the Group. The Charitable Trust carries out the CSR activities as specified in
Schedule VII of the Companies Act, 2013 on behalf of the Group.
(c) During the year the Group has contributed H 8.65 crore as donations to such trust as a part of CSR expenditure and
has spent H 1.32 crore for other charitable activities.
(H In crore)
Particulars Amount Amount yet to Total
Contributed be Contributed
a) Construction / Acquisition of any assets - - -
b) On purpose other than (a) above 9.97 - 9.97
Total 9.97 - 9.97

38 Discontinued Operations
The Scheme of Arrangement among Adani Enterprises Limited, Adani Gas Limited and Adani Gas Holdings Limited
and their respective shareholders and creditors became effective from its appointed date of 28th August, 2018.
Accordingly, the results of Gas Sourcing and Distribution undertakings were classified as Discontinued Operations in
the financial statements for previous year ended on 31st March, 2019.
The financial results of following Subsidiaries & Jointly Controlled Entity being the part of Gas Sourcing and
Distribution undertakings were considered as part of Discontinued Operations :
Gas Sourcing and Distribution Undertaking

Subsidiaries
1 Adani Gas Ltd

2 Adani Gas Holdings Ltd
Jointly Controlled Entity
1 Indian Oil Adani Gas Pvt. Ltd
The financial results of Gas Sourcing & Distribution undertaking for the year ended on 31st March, 2019 is as follows:
(H In crore)
Particulars Amount
Income
Revenue from Operations 677.75
Other Income 7.99
Total Income 685.74
Expenses
Cost of Material, Operating and Other Expenses 485.61
Employee Benefit Expense 18.20
Finance Costs 12.27
Depreciation and Amortisation 26.68
Total Expenses 542.76
Profit / (Loss) before tax 142.98
Tax Expense :
Current Tax 47.93
Deferred Tax (including MAT) 1.85
Total Tax Expense 49.78
Profit / (Loss) for the year before Share in Jointly Controlled Entity 93.20
Add : Share of Loss in Jointly Controlled Entity (2.42)
Net Profit / (Loss) for the Discontinued Operations 90.78
39 Financial Instruments And Risk Review

(a) Accounting Classification and Fair Value Hierarchy
Financial Assets and Liabilities :
The Group’s principal financial assets include loans and trade receivables, cash and cash equivalents and other
receivables. The Group’s principal financial liabilities comprise of borrowings, provisions, trade and other payables.
The main purpose of these financial liabilities is to finance the Group’s operations and projects.
Fair Value Hierarchy :
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:
Level-1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level-2 : Inputs are other than quoted prices included within Level-1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Corporate Overview
Level-3 : Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole
or in part using a valuation model based on the assumptions that are neither supported by prices from observable
current market transactions in the same instrument nor are they based on available market data.
The following tables summarises carrying amounts of financial instruments of continuing operations by their
categories and their levels in fair value hierarchy for each year end presented.
As at 31st March, 2020

(H in crore)
Level-2 Level-3 Cost
Financial Assets
Investments 53.96 9.14 - 196.08 259.18
Statutory Reports
Trade Receivables - - - 13,146.53 13,146.53
Cash and Cash Equivalents - - - 2,124.69 2,124.69
Other Bank Balances - - - 1,251.99 1,251.99
Loans - - - 2,905.73 2,905.73
Derivative Assets 115.69 - - - 115.69
Other Financial Assets - - - 2,296.28 2,296.28
Total 169.65 9.14 - 21,921.30 22,100.09
Borrowings - - - 12,419.30 12,419.30
Trade Payables - - - 11,813.66 11,813.66
Derivative Liabilities 1.33 - - - 1.33
Other Financial Liabilities - - - 1,820.59 1,820.59
Total 1.33 - - 26,053.55 26,054.88
As at 31st March, 2019
(H in crore)
Level-2 Level-3 Cost
Financial Assets
Investments 1.82 9.14 - 136.08 147.04
Trade Receivables - - - 14,307.03 14,307.03
Cash and Cash Equivalents - - - 973.88 973.88
Other Bank Balances - - - 735.40 735.40
Loans - - - 3,615.23 3,615.23
Derivative Assets 6.57 - - - 6.57
Other Financial Assets - - - 1,751.78 1,751.78
Total 8.39 9.14 - 21,519.40 21,536.93
Borrowings - - - 11,243.20 11,243.20
Trade Payables - - - 11,988.73 11,988.73
Notice
Derivative Liabilities 162.83 - - - 162.83
Other Financial Liabilities - - - 1,728.40 1,728.40
Total 162.83 - - 24,960.33 25,123.16
(a) Investments exclude Investment in Jointly Controlled Entities and Associates.
(b) Carrying amounts of current financial assets and liabilities as at the end of the each year presented approximate
the fair value because of their short term nature. Difference between carrying amounts and fair values of other
non-current financial assets and liabilities subsequently measured at amortised cost is not significant in each of
the year presented.
(b) Financial Risk Management Objective and Policies :
The Group’s risk management activities are subject to the management direction and control under the framework of
Risk Management Policy as approved by the Board of Directors. The management ensures appropriate risk governance
framework for the Group through appropriate policies and procedures and that risks are identified, measured and
managed in accordance with the Group’s policies and risk objectives.

The Group is primarily exposed to risks resulting from fluctuation in market risk, credit risk and liquidity risk, which
may adversely impact the fair value of its financial instruments.

(i)
Market Risk
Market risk is the risk that future earnings and fair value of future cash flows of a financial instrument may
fluctuate because of changes in market price. Market risk comprises of currency risk and interest risk.
A. Foreign Currency Exchange Risk :
Since the Group operates internationally and portion of the business transacted are carried out in more than one
currency, it is exposed to currency risks through its transactions in foreign currency or where assets or liabilities
are denominated in currency other than functional currency.
The Group evaluates exchange rate exposure arising from foreign currency transactions and follows established
risk management policies including the use of derivatives like foreign exchange forward and option contracts to
hedge exposure to foreign currency risks.
For open positions on outstanding foreign currency contracts and details on unhedged foreign currency
exposure, Refer Note 40.
Every percentage point depreciation / appreciation in the exchange rate between the Indian Rupee and the U.S.
Dollar, would have affected the Group’s profit from Continuing Operation for the year as follows:
(H In crore)

B.
Interest Risk :
The Group is exposed to changes in interest rates due to its financing, investing and cash management activities.
The risks arising from interest rate movements arise from borrowings with variable interest rates. The Group
manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The Group’s risk management activities are subject to the management, direction and control of Central Treasury
Team of the Adani Group under the framework of Risk Management Policy for interest rate risk. The Group’s
central treasury team ensures appropriate financial risk governance framework through appropriate policies
and procedures and that financial risks are identified, measured and managed in accordance with the Group’s
policies and risk objectives.
For Group’s total borrowings , the analysis is prepared assuming that the amount of the liability outstanding at
the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used,
which represents management’s assessment of the reasonably possible change in interest rate.
(H In crore)
Total Borrowings at the year end 12,419.30 11,243.20
In case of fluctuation in interest rates by 50 basis points and all other variables were held constant, the Group’s
profit for the year from continuing operations would increase or decrease as follows:
(H In crore)

Corporate Overview

(ii)
Credit Risk
Credit risk refers to the risk that a counterparty or customer will default on its contractual obligations resulting
in a loss to the Group. Financial instruments that are subject to credit risk principally consist of Loans, Trade and
Other Receivables, Cash & Cash Equivalents, Investments and Other Financial Assets. The carrying amounts of
financial assets represent the maximum credit risk exposure.
Credit risk encompasses both, the direct risk of default and the risk of deterioration of creditworthiness as well as
concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of counter parties on
continuous basis with appropriate approval mechanism for sanction of credit limits. Credit risk from balances with
banks, financial institutions and investments is managed by the Group’s treasury team in accordance with the
Company’s risk management policy. Cash and cash equivalents and Bank deposits are placed with banks having
Statutory Reports
good reputation, good past track record and high quality credit rating and also reviews their credit-worthiness
on an on-going basis.
Since the Group has a fairly diversified portfolio of receivables in terms of spread, no concentration risk is
foreseen. A significant portion of the Group’s receivables are due from public sector units (which are government
undertakings) and hence may not entail any credit risk.
Movement in expected credit loss allowances on Trade Receivable :

(H In crore)
Changes during the year 71.22 (38.25)

(iii)
Liquidity Risk
Liquidity risk refers the risk that the Group will encounter difficulty in meeting the obligations associated with
its financial liabilities. The Group’s objective is to provide financial resources to meet its obligations when they
are due in a timely, cost effective and reliable manner without incurring unacceptable losses or risking damage
to the Group’s reputation. The Group monitors liquidity risk using cash flow forecasting models. These models
consider the maturity of its financial investments, committed funding and projected cash flows from operations.
The tables below provide details regarding contractual maturities of significant liabilities of continuing operations
as at the end of each year end presented.

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


(H In crore)
Particulars Refer Note Less than 1 to 5 Years More than Total
1 Year 5 Years
Borrowings 21, 25 & 27 8,250.98 2,127.44 864.78 11,243.20
Trade Payables 26 11,988.73 - - 11,988.73
Other Financial Liabilities 22 & 27 656.90 124.34 1,109.99 1,891.23
Total 20,896.61 2,251.78 1,974.77 25,123.16
(iv) Capital Management
For the purpose of the Group’s capital management, capital includes issued capital and all other equity reserves
attributable to the equity shareholders of the Group. The primary objective of the Group when managing capital
is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to
maximise shareholder value.
The Group monitors capital using gearing ratio, which is net debt (borrowings less cash and bank balances)
divided by total capital plus total debt.
(H In crore)
Total Borrowings (Refer notes 21, 25, 27) 12,419.30 11,243.20
Less : Cash and Bank Balances (Refer notes 14, 15) 3,376.68 1,709.28
Net Debt (A) 9,042.62 9,533.92
Total Equity (B) 18,209.94 15,143.71
Total Equity and Net Debt (C = A + B) 27,252.56 24,677.63
Gearing Ratio 33% 39%
Management monitors the return on capital, as well as the levels of dividends to equity shareholders. The Group
is not subject to any externally imposed capital requirements. There have been no breaches in the financial
covenants of any borrowing in the current period. No changes were made in the objectives, policies or processes
for managing capital during the years ended 31st March, 2020 and 31st March, 2019.
40 Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency Exposure :
(a) The total outstanding foreign currency derivative contracts / options as at 31st March, 2020 in respect of various
types of derivative hedge instruments and nature of risk being hedged are as follows :
(H In crore)
Particulars Currency As at 31 March, 2020
st
As at 31 March, 2019
st
Amount in Amount in Amount in Amount in

Foreign Currency Indian Rupees Foreign Currency Indian Rupees
Imports and Other Payables USD 48.70 3,685.17 76.77 5,309.11
Foreign Currency Loans and USD - - 14.15 978.34
Interest EUR 0.37 28.09 - -

Corporate Overview
40 Disclosure Regarding Derivative Instruments And Unhedged Foreign Currency Exposure : (Contd..)
(b) Total foreign currency exposures not covered by derivative instruments or otherwise as at 31st March, 2020 are as under
(H In crore)
Particulars Currency As at 31st March, 2020 As at 31st March, 2019
Amount in Amount in Amount in Amount in
Foreign Currency Indian Rupees Foreign Currency Indian Rupees
USD 4.81 364.25 14.75 1,019.71
Foreign Letter of Credit/
EUR 0.01 1.09 0.59 45.58
Buyers Credit
GBP * 0.36 * 0.28
USD 0.25 19.18 0.10 7.04
Statutory Reports
EUR - - * 0.29
JPY - - 0.01 0.01
Other Payables
SGD - - * 0.24
KRW - - 0.68 0.04
GBP * 0.19 * *
USD 17.09 1,292.90 13.87 959.32
EUR 0.08 6.40 0.10 8.05
GBP * 0.40 * 0.01
Trade Payables SGD 0.02 1.05 * 0.24
AUD * * 0.02 1.03
JPY 0.26 0.18 - -
AED * 0.09 * 0.08
USD 3.26 246.34 1.78 122.87
SGD 0.41 21.74 0.07 3.50
Trade Receivables EUR * 0.03 - -
GBP 0.04 3.30 - -
AUD 0.03 1.39 1.95 95.48
EEFC Accounts / Cash & Cash SGD * 0.24 0.01 0.30
Equivalents
USD * 0.11 - -
Other Receivables GBP * 0.02 - -
SGD * * - -
(Amounts below 50,000/- denoted as*)
Notes :
1) As at 31st March, 2020 : 1 USD = H 75.665, 1 EUR = H 82.77, 1 GBP = H 93.5025, 1 SGD = H 53.025, 1 AED = H 20.6, Notice
1 AUD = H 46.075, 1 JPY = H 0.6963
2) As at 31st March, 2019 : 1 USD = H 69.155, 1 EUR = H 77.6725, 1 GBP = H 90.525, 1 SGD = H 51.0375, 1 AED =
H 18.8275, 1 AUD = H 49.02, 1 KRW = H 0.0609

41 Disclosure of transactions with Related Parties, as required by Ind AS 24 “Related Party Disclosures” has been set out
below. Related parties as defined under clause 9 of the Ind AS 24 have been identified on the basis of representations
made by the management and information available with the Group.
(i) Name of Related Parties & Description of Relationship
(A) Controlling Entity :

Shantilal Bhudhermal Adani Family Trust (SBAFT)
(B) Joint Control Entities :
1 Adani Wilmar Ltd (Consolidated) 7 Carmichael Rail Network Holdings Pty Ltd
2 Adani Wilmar Pte Ltd (Consolidated) 8 Carmichael Rail Network Pty Ltd
3 Adani-Elbit Advanced Systems India Ltd 9 Carmichael Rail Network Trust
4 Adani Global Resouces Pte Ltd 10 Carmichael Rail Asset Holdings Trust
5 Jhar Mining Infra Pvt. Ltd. (w.e.f. 19th May, 2018) 11 Adani Total LNG Singapore Pte Ltd (w.e.f. 10th July, 2019)
6 Adani Chendipada Mining Pvt Ltd (w.e.f. 25th
May, 2018)
(C) Associates with whom transactions done during the year :
1 Vishakha Industries Pvt. Ltd 6 Midland Solar LLC

2 Autotec Systems Pvt Ltd 7 Hartsel Solar LLC
3 Comprotech Engineering Pvt Ltd 8 Adani Power Resources Ltd (w.e.f 8th November, 2019)
4 Adani Solar USA Inc 9 Alpha Design Technologies Pvt Ltd. (Upto 18th April, 2019)
5 Adani Solar USA LLC
(D) Key Management Personnel :
1 Mr. Gautam S. Adani, Chairman 5 Mr. Vinay Prakash, Director

2 Mr. Rajesh S. Adani, Managing Director 6 Mr. Rakesh Shah, CFO (upto 16th April, 2019)
3 Mr. Pranav V. Adani, Director 7 Mr. Jugeshinder Singh, CFO (w.e.f. 29th May, 2019)
4 Mr. Rajiv Nayar, Executive Director & CFO 8 Mr. Jatin Jalundhwala, Company Secretary &
(Upto 1st May, 2018) Joint President (Legal)
(E) Non Executive Directors :
1 Mr. Berjis Desai (Refer Note a) 4 Mrs. Vijaylaxmi Joshi

2 Mr. Hemant Nerurkar 5 Mr. Narendra Mairpady
3 Mr. V. Subramanian
Notes:
a) Mr. Berjis Desai resigned as Director (Non-Executive & Independent Director) of the Company w.e.f. 26th June,
2018 due to his pre-occupation.

Corporate Overview
(F) Enterprises over which (A) or (D) above have significant influence :
1 Abbot Point Operations Pty Ltd 49 Adani Tradeline LLP

2 Abbot Point Port Holding Pte Ltd 50 Adani Transmission (India) Ltd.
3 Adani Abbot Point Terminal Pty Ltd 51 Adani Transmission Ltd.
4 Adani Agri Logistics (Harda) Ltd. 52 Adani Vizag Coal Terminal Pvt. Ltd.
5 Adani Agri Logistics Ltd. 53 Adani Vizhinjam Port Pvt Ltd.
6 Adani Australia Coal Terminal Pty Ltd 54 Adani Warehousing Services Pvt. Ltd.
7 Adani Australia Holding Trust 55 Adani Wind Energy (Gujarat) Pvt. Ltd.
8 Adani Electricity Mumbai Ltd. 56 Barmer Power Transmission Service Ltd
9 Adani Ennore Container Terminal Pvt. Ltd. 57 Belvedere Golf and Country Club Pvt. Ltd.
10 Adani Estates Pvt Ltd. 58 Bowen Rail Company Pty Ltd
Statutory Reports
11 Adani Finserve Pvt Ltd. 59 Carmichael Rail Holdings Pty Ltd
12 Adani Foundation 60 Carmichael Rail Network Holdings Trust
13 Adani Gas Ltd. 61 Carmichael Rail Pty Ltd
14 Adani Green Energy (MP) Ltd. 62 Chatisgarh WR Transmission Ltd.
15 Adani Green Energy (Tamilnadu) Ltd. 63 Gujarat Adani Institute of Medical Science
16 Adani Green Energy (UP) Ltd. 64 Hadoti Power Transmission Service Ltd
17 Adani Green Energy Four Ltd 65 Indian Oil – Adani Gas Pvt. Ltd.
18 Adani Green Energy Ltd. 66 Kamuthi Solar Power Ltd.
19 Adani Green Energy Pte Ltd 67 Karnavati Aviation Pvt. Ltd.
20 Adani Green Energy US Pte Ltd 68 Kilaj Solar (Maharashtra) Pvt Ltd
21 Adani Hazira Port Pvt. Ltd. 69 Kodangal Solar Parks Pvt Ltd
22 Adani Hospitals Mundra Pvt. Ltd. 70 Maharashtra Eastern Grid Power Transmission Company
Ltd.
23 Adani Infra (India) Ltd. 71 Mahoba Solar (UP) Pvt Ltd
24 Adani Infrastructure and Developers Pvt. Ltd. 72 Marine Infrastructure Developer Pvt. Ltd.
25 Adani Infrastructure Management Services Ltd. 73 MPSEZ Utilities Pvt. Ltd.
26 Adani Institute for Education and Research 74 Mundra Port Pty Ltd
27 Adani Institute for Infrastructure Management 75 Mundra Solar Energy Ltd. (w.e.f. 2nd January, 2020)
28 Adani International Terminal Pte Ltd 76 Parampujya Solar Energy Pvt. Ltd.
29 Adani Kandla Bulk Terminal Pvt. Ltd. 77 Prayatna Developers Pvt. Ltd.
30 Adani Kattupalli Port Pvt. Ltd. 78 Raipur – Rajnandgaon – Warora Transmission Ltd.
31 Adani Logistics Ltd. 79 Ramnad Renewable Energy Ltd.
32 Adani M2K Project LLP 80 Ramnad Solar Power Ltd.
33 Adani Murmugao Port Terminal Pvt. Ltd. 81 Sarguja Rail Corridor Pvt. Ltd.
34 Adani Petronet (Dahej) Port Pvt. Ltd. 82 Shanti Sagar International Dredging Pvt. Ltd
35 Adani Ports and Special Economic Zone Ltd. 83 Shantigram Utility Services Pvt Ltd.
36 Adani Power (Jharkhand) Ltd. 84 Shantikrupa Estate Pvt. Ltd.
Notice
37 Adani Power (Mundra) Ltd. 85 Sipat Transmission Ltd.
38 Adani Power Ltd. 86 Thar Power Transmission Service Ltd
39 Adani Power Maharashtra Ltd. 87 The Dhamra Port Company Ltd.
40 Adani Power Rajasthan Ltd. 88 The Adani Harbour Services Pvt Ltd.
41 Adani Properties Pvt. Ltd. 89 Udupi Power Corporation Ltd.
42 Adani Renewable Energy (RJ) Ltd. 90 Valuable Properties Pvt Ltd
43 Adani Renewable Energy Park Ltd. 91 Vishakha Industries
44 Adani Renewable Energy Park Rajasthan Ltd. 92 Wardha Solar (Maharashtra) Pvt. Ltd.
45 Adani Township and Real Estate Company Pvt. 93 Raigarh Energy Generation Ltd. (Formerly known as
Ltd. Korba West Power Company Ltd.)
46 Adani Estate Management Pvt. Ltd. (Formerly 94 Raipur Energen Ltd. (Formerly known as GMR
known Shantigram Estate Management Pvt Ltd.) Chhatisgarh Energy Ltd.)
47 Adani Total Pvt. Ltd. (Formerly known as Adani 95 Sunbourne Developers Pvt Ltd. (Formerly known as
Petroleum Terminal Ltd.) Adani Developers Pvt. Ltd.)
48 Pench Power Thermal Energy (MP) Ltd. (Formerly
known as Adani Pench Power Ltd.)

(ii) Nature and Volume of Transaction with Related Parties

(Transactions below H 50,000/- denoted as*)
(H In crore)
1 Sale of Goods Adani Petronet (Dahej) Port Pvt. Ltd. 4.59 0.02
Adani Power Ltd. 32.03 2,193.30
Indian Oil – Adani Gas Pvt. Ltd. - 0.04
Adani Renewable Energy (RJ) Ltd. 260.45 -
Kilaj Solar (Maharashtra) Pvt Ltd 25.58 -
Midland Solar LLC 267.86 -
Shanti Sagar International Dredging Pvt. Ltd 13.98 7.58
Adani Green Energy Pte Ltd 18.16 -
Gujarat Adani Institute of Medical Science - 0.66
Adani Foundation 0.18 -
Adani Green Energy (UP) Ltd. 5.45 91.86
Adani Infrastructure Management Services - 3.03
Ltd.
Adani Logistics Ltd. - 2.26
Parampujya Solar Energy Pvt. Ltd. 5.89 12.42
Prayatna Developers Pvt. Ltd. - 12.47
Adani Electricity Mumbai Ltd. 1,051.66 78.60
The Adani Harbour Services Pvt Ltd. 4.64 36.48
Adani Gas Ltd. - *
2 Purchase of Goods Adani Power Ltd. - 19.47
Adani Hospitals Mundra Pvt. Ltd. - 0.03
Adani Transmission Ltd. 75.67 -

Corporate Overview
(ii) Nature and Volume of Transaction with Related Parties (Contd..)
(H In crore)
3 Rendering of Adani Hazira Port Pvt. Ltd. 3.53 2.81
Services (incl. Adani Infra (India) Ltd. 2.46 2.13
reimbursement of Adani Institute for Education and Research 0.07 0.32
expenses) Adani Kandla Bulk Terminal Pvt. Ltd. 0.42 0.52
Statutory Reports
Adani Transmission (India) Ltd. - 2.22
Adani Township and Real Estate Company - 1.92
Pvt. Ltd.
Carmichael Rail Network Trust 106.42 1.64
Adani Abbot Point Terminal Pty Ltd 9.42 11.66
Adani Vizhinjam Port Pvt Ltd. - *
Thar Power Transmission Service Ltd - 3.07
Barmer Power Transmission Service Ltd - 3.42
Hadoti Power Transmission Service Ltd - 4.31
Notice
Adani Green Energy Pte Ltd - 1.51
Adani International Terminal Pte Ltd - 5.02
Comprotech Engineering Pvt Ltd 0.82 -
Autotec Systems Pvt Ltd 0.13 -
Adani Infrastructure Management Services 0.25 -
Ltd.
Bowen Rail Company Pty Ltd 1.86 -
Carmichael Rail Pty Ltd 9.88 -
Carmichael Rail Network Pty Ltd 0.01 -
Carmichael Rail Network Holdings Trust 0.02 -
Carmichael Rail Holdings Pty Ltd 0.03 -
Carmichael Rail Network Holdings Pty Ltd 0.02 -


(H In crore)
4 Services Availed (incl. Adani Hazira Port Pvt. Ltd. 114.01 86.22
reimbursement of Adani Logistics Ltd.# 19.40 7.52
expenses) Adani Murmugao Port Terminal Pvt. Ltd. 11.13 7.43
Adani Ports and Special Economic Zone Ltd.# 65.55 99.72
Abbot Point Operations Pty Ltd 11.31 -
Adani Hospitals Mundra Pvt. Ltd. 0.92 0.95
Adani Finserve Pvt Ltd. 2.50 -
Shantilal Budhermal Adani Family Trust * *
Udupi Power Corporation Ltd. 0.50 *
Adani Township and Real Estate Company 3.19 0.32
Pvt. Ltd.
The Adani Harbour Services Pvt Ltd. 1.14 1.51
Shantikrupa Estate Pvt. Ltd. - 0.19
Carmichael Rail Network Trust - 1.64
Shantigram Utility Services Pvt Ltd. 0.85 -
Adani Solar USA Inc 0.71 -
Adani Institute for Infrastructure 0.01 -
Management
5 Interest Income Adani Infra (India) Ltd. 2.00 13.35
Vishakha Industries 0.81 0.70
#
Services availed from Adani Ports & Special Economic Zone Ltd. and Adani Logistics Ltd. does not include pass through
transactions.

Corporate Overview
(H In crore)
5 Interest Income Parampujya Solar Energy Pvt. Ltd. 1.93 40.53
Prayatna Developers Pvt. Ltd. - 5.76
Wardha Solar (Maharashtra) Pvt. Ltd. 0.03 31.20
Pench Power Thermal Energy (MP) Ltd. 0.04 -
Kodangal Solar Parks Pvt Ltd - 4.62
Statutory Reports
Adani Renewable Energy Park Ltd. 0.56 3.30
Mundra Solar Energy Ltd. * -
Abbot Point Port Holding Pte Ltd 67.30 -
6 Interest Expense Adani Ports and Special Economic Zone Ltd. 37.90 35.86
Adani Renewable Energy Park Rajasthan Ltd. 1.14 8.58
Adani Hazira Port Pvt. Ltd. - 0.73
Adani Kandla Bulk Terminal Pvt. Ltd. - 0.73
Sunbourne Developers Pvt Ltd. 24.29 -
Mahoba Solar (UP) Pvt Ltd - 5.17
Prayatna Developers Pvt. Ltd. 0.19 1.73
Abbot Point Port Holding Pte Ltd - 46.14
Mundra Port Pty Ltd 3.02 3.55
Vishakha Industries Pvt. Ltd. 0.07 -
Adani Chendipada Mining Pvt. Ltd. * -
7 Rent Income Adani Wilmar Ltd. 0.60 0.60
Adani M2K Project LLP 1.09 1.09
8 Rent Expense Adani Petronet (Dahej) Port Pvt. Ltd. - *
Notice
Adani Infrastructure and Developers Pvt. Ltd. - 0.44
Adani Power (Mundra) Ltd. - *
9 Donation Adani Foundation 8.65 6.36
10 Discount Received Adani Power (Mundra) Ltd. 2.31 0.37
on Prompt Payment Raipur Energen Ltd. 0.12 -
of Bills
11 Discount Given on Adani Electricity Mumbai Ltd. 18.15 -
Prompt Payment of
Bills


(H In crore)
12 Short Term Benefits# Mr. Gautam S. Adani 2.17 2.11
Mr. Jatinkumar Jalundhwala 1.99 1.33
Mr. Vinay Prakash 15.69 15.40
Mr. Rajiv Nayar - 0.44
Mr. Rakesh Shah 0.46 1.04
Mr. Jugeshinder Singh 11.95 -
13 Commission to Non- Mr. Hemant Nerurkar 0.14 0.12
Executive Directors Mr. Berjis Desai - 0.06
Mr. V Subramanian 0.14 0.12
14 Directors Sitting Fees Mr. Hemant Nerurkar 0.06 0.06
Mr. V Subramanian 0.07 0.07
15 Purchase of Assets Adani Power Maharashtra Ltd. 0.06 -
Adani Green Energy (UP) Ltd. 0.05 -
Adani Green Energy (Tamilnadu) Ltd. * -
Carmichael Rail Network Trust 645.05 -
16 Sale of Assets Adani Ports and Special Economic Zone Ltd. 0.01 -
Adani Power (Jharkhand) Ltd. - 0.04
Adani Green Energy (MP) Ltd. 0.04 -
Vishakha Industries - 0.14
The Dhamra Port Company Ltd. - 0.08
17 Borrowings (Loan Adani Infrastructure and Developers Pvt. 115.25 -
Taken) Addition Ltd.
Adani Properties Pvt. Ltd. 1,321.76 21.91
Adani Infra (India) Ltd. 1,581.04 3,344.70
Adani Renewable Energy Park Rajasthan - 39.09
Ltd.
Sunbourne Developers Pvt Ltd. 1,302.41 -
#
Provision for Leave Encashment and Gratuity is provided in the books on the basis of actuarial valuation for the Company
as a whole and hence individual figures cannot be identified.

Corporate Overview
(H In crore)
18 Borrowings (Loan Adani Infrastructure and Developers Pvt. Ltd. 107.00 -
Repaid) Reduction Sunbourne Developers Pvt Ltd. 318.00 -
Adani Infra (India) Ltd. 1,575.42 3,287.26
Adani Renewable Energy Park Rajasthan 109.89 -
Ltd.
Statutory Reports
19 Loans Given Adani Infra (India) Ltd. 632.05 1,145.28
Adani Total LNG Singapore Pte Ltd. 3.08 -
Adani Solar USA Inc 243.78 56.71
Adani Green Energy US Pte Ltd 0.40 2.07
Mundra Solar Energy Ltd. 0.01 -
Adani Solar USA LLC 2.68 -
Adani Green Energy Four Ltd 0.35 -
Notice
Adani Abbot Point Terminal Pty Ltd 6.46 -
Carmichael Rail Network Trust 1,083.13 -
20 Loans Received back Adani Infra (India) Ltd. 625.22 2,520.82
Hartsel Solar LLC 0.05 -
Ltd.
Adani Solar USA Inc 48.23 -
Adani Abbot Point Terminal Pty Ltd 2.81 -
Adani Renewable Energy Park Ltd. 54.05 -
Mundra Solar Energy Ltd. 0.01 -


(H In crore)
20 Loans Received back Adani Finserve Pvt Ltd. 15.00 -
Adani Australia Holding Trust 0.40 -
Adani Australia Coal Terminal Pty Ltd 0.45 -
Carmichael Rail Network Trust 1,610.29 827.22
21 Sale or Redemption Adani Logistics Ltd. - 945.70
of Investments Adani Power Ltd. - 323.82
Adani Power (Mundra) Ltd. * -
22 Advances / Deposit Adani Electricity Mumbai Ltd. - 0.70
Given
23 Advances / Deposit Adani Electricity Mumbai Ltd. - 0.70
Received Back
24 Share Application Alpha Design Technologies Pvt Ltd. - 75.00
Money Paid Indian Oil – Adani Gas Pvt. Ltd. - 22.50
25 Issue of Compulary Adani Tradeline LLP - 450.00
Convertible
Debentures
26 Transfer-out of Adani Green Energy Ltd. 0.03 -
Employee Liabilities Adani Power Ltd. 0.08 0.13
Adani Green Energy (UP) Ltd. 0.01 -
Adani Power (Mundra) Ltd. 0.07 -
Adani Green Energy (Tamilnadu) Ltd. 0.03 -
Adani Renewable Energy Park Rajasthan Ltd. 0.01 -
Adani Wind Energy (Gujarat) Pvt. Ltd. - *
Transmission Ltd.
Marine Infrastructure Developer Pvt. Ltd. - *
Adani Infra (India) Ltd. 0.02 -
Adani Vizhinjam Port Pvt Ltd. 0.62 -

Corporate Overview
(H In crore)
27 Transfer-in of Adani Ports and Special Economic Zone Ltd. 0.82 0.81
Employee Liabilities Adani Power Ltd. 0.70 0.06
Statutory Reports
Adani Green Energy (Tamilnadu) Ltd. 0.01 0.03
Adani Township and Real Estate Company 0.02 -
Pvt. Ltd.
Adani Gas Ltd. 0.05 -
Prayatna Developers Pvt. Ltd. 0.01 *
28 Purchase or Adani Elbit Advanced Systems India Ltd. 4.00 14.06
Subscription of Adani Total LNG Singapore Pte Ltd. 189.16 -
Investments Adani Power Maharashtra Ltd. 0.01 -
Alpha Design Technologies Pvt Ltd. - 100.00
Adani Solar USA Inc - 0.03
29 Transfer-out of Adani Infra (India) Ltd. - 0.05
Employee Loans and Adani Ports and Special Economic Zone Ltd. - 0.19
Advances Adani Renewable Energy Park Rajasthan Ltd. 0.03 -
Notice
Udupi Power Corporation Ltd. - 0.02
Ltd.
Adani Wind Energy (Gujarat) Pvt. Ltd. - 0.01
Adani Green Energy (Tamilnadu) Ltd. - *
Adani Gas Ltd. - *


(H In crore)
30 Transfer-in of Adani Ports and Special Economic Zone Ltd. * 0.49
Employee Adani Power Rajasthan Ltd. * 0.01
Loans and Advances Adani Power Maharashtra Ltd. - 0.03
Adani Power Ltd. - *
Udupi Power Corporation Ltd. - *
Maharashtra Eastern Grid Power - 0.18
The Dhamra Port Company Ltd. - *
Karnavati Aviation Pvt. Ltd. - *
Adani Kandla Bulk Terminal Pvt. Ltd. - *
(iii) Closing Balances with Related Parties
(Balances below H 50,000/- denoted as*)

(H In crore)
31 Other Current Assets Adani Infra (India) Ltd. 6.06 -
Adani Institute for Education and Research - 0.03
Karnavati Aviation Pvt. Ltd. * -
The Adani Harbour Services Pvt Ltd. * -
Adani Renewable Energy Park Rajasthan Ltd. 0.02 -
Adani Vizag Coal Terminal Pvt. Ltd. - 0.43
Adani Power Resources Ltd. 0.94 -
32 Other Non Current Adani Infra (India) Ltd. - 136.40
Assets Adani Ports and Special Economic Zone Ltd. - 3.21

Corporate Overview
(iii) Closing Balances with Related Parties (Contd..)
(H In crore)
33 Other Current Adani Vizhinjam Port Pvt Ltd. 0.62 -
Liabilities Adani Electricity Mumbai Ltd. 167.12 -
Transmission Ltd.
Statutory Reports
Adani Properties Pvt. Ltd. - 0.02
Ramnad Renewable Energy Ltd. - *
Ramnad Solar Power Ltd. - *
Adani Green Energy (Tamilnadu) Ltd. 0.03 *
Kamuthi Solar Power Ltd. - *
Parampujya Solar Energy Pvt. Ltd. - 0.01
Adani Wind Energy (Gujarat) Pvt. Ltd. * *
Adani Ennore Container Terminal Pvt. Ltd. - *
34 Other Non Current Adani Abbot Point Terminal Pty Ltd 635.84 676.48
Financial Assets Adani Ports and Special Economic Zone Ltd. 1.84 -
35 Other Current Adani Power Ltd. - *
Financial Assets Autotec Systems Pvt Ltd 0.01 -
Maharashtra Eastern Grid Power - 0.18
Wardha Solar (Maharashtra) Pvt. Ltd. - *
Adani Vizhinjam Port Pvt Ltd. - *
Notice
Vishakha Industries Pvt. Ltd. - 0.04
Carmichael Rail Network Holdings Pty Ltd - *
Carmichael Rail Network Pty Ltd - *
Adani Abbot Point Terminal Pty Ltd - 0.05


(H In crore)
36 Non-Current Loans Adani Power Ltd. 466.24 -
Adani Australia Coal Terminal Pty Ltd 0.46 0.49
Carmichael Rail Network Trust 3.80 531.55
Abbot Point Port Holding Pte Ltd 472.97 753.29
37 Current Loans Adani Infra (India) Ltd. 6.84 0.01
Mundra Solar Energy Ltd. * -
Adani Total LNG Singapore Pte Ltd. 3.08 -
Adani Green Energy US Pte Ltd 2.47 2.07
Adani Solar USA Inc 257.05 61.50
Adani Solar USA LLC 31.20 28.52
Hartsel Solar LLC - 0.05
Adani Australia Holding Trust 6.32 6.72
Adani Australia Coal Terminal Pty Ltd 6.57 6.98
38 Trade Receivables Adani Infra (India) Ltd. 80.62 0.56
Adani Transmission (India) Ltd. 0.31 0.72

Corporate Overview
(H In crore)
38 Trade Receivables Sipat Transmission Ltd. * *
Adani M2K Project LLP 0.78 *
Pvt. Ltd.
Statutory Reports
Adani Power (Mundra) Ltd. 162.02 3,771.14
Indian Oil – Adani Gas Pvt. Ltd. 0.93 0.93
Shanti Sagar International Dredging Pvt. Ltd 4.77 2.40
Adani Agri Logistics (Harda) Ltd. * -
Adani Green Energy (Tamilnadu) Ltd. 2.31 2.32
Parampujya Solar Energy Pvt. Ltd. 6.35 329.59
Wardha Solar (Maharashtra) Pvt. Ltd. 0.17 160.63
Adani Estates Pvt Ltd. * *
Adani Infrastructure Management Services 0.06 0.46
Ltd.
Gujarat Adani Institute of Medical Science 0.08 0.08
Kodangal Solar Parks Pvt Ltd - 4.62
Thar Power Transmission Service Ltd - 3.32
Barmer Power Transmission Service Ltd - 3.70
Hadoti Power Transmission Service Ltd - 4.65
Notice
The Adani Harbour Services Pvt Ltd. - 11.61
Adani Green Energy Pte Ltd - 6.51
Adani International Terminal Pte Ltd - 2.37
Kilaj Solar (Maharashtra) Pvt Ltd 27.34 -
Bowen Rail Company Pty Ltd 1.78 -
Belvedere Golf and Country Club Pvt. Ltd. 0.03 -
Chatisgarh WR Transmission Ltd. 0.03 -
Carmichael Rail Network Holdings Pty Ltd * -
Comprotech Engineering Pvt Ltd 0.30 0.29


(H In crore)
39 Trade Payables (incl Adani Hazira Port Pvt. Ltd. 80.54 39.66
provisions) Adani Agri Logistics Ltd. 0.02 -
Adani Transmission Ltd. 0.05 *
Adani Warehousing Services Pvt. Ltd. 0.10 0.10
Adani Hospitals Mundra Pvt. Ltd. 0.13 0.28
Ltd.
Pvt. Ltd.
Adani Institute for Education and Research 0.07 -
Adani Green Energy (MP) Ltd. 0.03 -
Adani Wind Energy (Gujarat) Pvt. Ltd. 0.01 0.01
The Adani Harbour Services Pvt Ltd. 0.63 -
Adani Global Resources Pte Ltd. 0.01 -
Adani International Terminal Pte Ltd 32.97 -
Shantigram Utility Services Pvt Ltd. 0.85 -
Valuable Properties Pvt Ltd 0.01 -

Corporate Overview
(H In crore)
39 Trade Payables (incl Adani Infra (India) Ltd. 6.30 -
provisions) Parampujya Solar Energy Pvt. Ltd. 0.53 -
Adani Foundation 0.09 -
Abbot Point Operations Pty Ltd 2.16 -
Carmichael Rail Pty Ltd * -
Mundra Port Pty Ltd 0.10 -
Carmichael Rail Network Holdings Pty Ltd * -
Statutory Reports
40 Short Term Adani Infra (India) Ltd. 298.80 293.18
Borrowings Adani Renewable Energy Park Rajasthan - 109.89
Ltd.
Adani Green Energy Pte Ltd 21.53 19.67
Adani Gas Ltd. 311.22 359.02
Ltd.
Sunbourne Developers Pvt Ltd. 484.41 -
41 Long Term Adani Properties Pvt. Ltd. 141.71 50.66
Borrowings Sunbourne Developers Pvt Ltd. 500.00 -
42 Other Current Mundra Port Pty Ltd 0.66 -
Financial Liabilities Adani Ports and Special Economic Zone Ltd. - 52.50
Adani Renewable Energy Park Rajasthan 0.09 0.09
Ltd.
Adani Green Energy Ltd. * 0.03
Abbot Point Port Holding Pte Ltd 48.54 45.05
43 Guarantee & Adani Power Rajasthan Ltd. 1,050.11 1,086.53
Collateral Securities Adani Wilmar Ltd. 95.70 76.30
Notice
Adani Green Energy Ltd. 506.00 2,270.10
Terms & Conditions for Related Party Transactions :
a). Transactions with Related Parties are shown net of taxes.
b). The Company’s material related party transactions and outstanding balances are with related parties with whom
the Company routinely enters into transactions in the ordinary course of business.

42 Segment Reporting
(i)
Primary Segment
Segments have been identified in line with Ind AS 108 “Operating Segments”, taking into account the Group structure
as well as different risk and returns of these segments.
(ii)
Secondary Segment
Two secondary segments have been identified based on the Geographical Locations of Customers : (a) Within India
(b) Outside India.
During the previous year, the Group has internally reorganised the business segments to improve the focus on
operating revenue and management oversight for the profitability. Consequent to this reorganisation, reportable
business segments have also undergone change in line with requirements of Ind AS 108 ‘Operating Segments’.
Primary Segment Information :

(H In crore)
Particulars Integrated Resources Mining Others Inter Segment Total
Management Elimination
Revenue from Operations 30,914.91 1,838.51 12,113.21 (1,464.07) 43,402.56
31,443.74 2,179.38 8,686.91 (1,931.37) 40,378.66
Profit Before Finance Costs, Tax 1,010.91 422.56 378.78 - 1,812.25
Expense & Other Income 743.98 725.47 109.58 - 1,579.03
Other Income - - - - 683.65
- - - - 571.96
Finance Cost - - - - 1,572.32
- - - - 1,625.07
Net Profit Before Tax & - - - - 923.58
Exceptional Items (Net) - - - - 525.92
Exceptional Items (Net) - - - - 198.75
- - - - (157.98)
Tax Expenses - - - - 324.33
- - - - 144.54
Share of Profit from Jointly - - - - 241.99
Controlled Entities & Associates - - - - 191.73
Net Profit for the Year from - - - - 1,039.99
Continuing Operations - - - - 415.13
Net Profit from Discontinued - - - - -
Operations (Refer Note 38) - - - - 90.78
Net Profit for the Year - - - - 1,039.99
505.91
Other Information
(H In crore)
Particulars Integrated Resources Mining Others Unallocable Total
Management
Segment Assets 12,103.79 13,688.91 12,205.13 8,900.53 46,898.36
12,806.54 11,679.54 10,500.12 7,549.98 42,536.18
Segment Liabilities 9,059.62 1,165.48 5,918.13 12,545.19 28,688.42
10,244.53 1,404.65 4,420.87 11,322.42 27,392.47
Investment in Equity Accounted - - - 1,693.31 1,693.31
Associates & Jointly Controlled - - - 1,364.31 1,364.31
Entities (not included in Segment
Assets above)
Capital Expenditure incurred 23.21 1,472.33 2,086.22 - 3,581.76
during the year (Net) 17.58 1,016.77 937.65 - 1,972.00

Corporate Overview
Secondary Segment Information :
(H in crore)
Particulars Operating Revenue Total
Within India OutsideIndia
Operating Revenue from Continuing Operations 24,848.95 18,553.61 43,402.56
28,023.89 12,354.77 40,378.66
Operating Revenue from Discontinued Operations - - -
677.75 - 677.75
43 The Consolidated results for the year ended 31st March 2020 are not comparable with that of the previous year, due
to following:
Statutory Reports
a Investment in Subsidiaries, Step-down Subsidiaries, Joint Controlled Entities & Associates during the year :
Sr. Name of the Entity Nature of Entity With effect from

No.
1 Alpha Design Technologies Pvt Ltd Subsidiary 19.04.2019
(upto 18th April, 2019 considered as Associates)
2 Mancherial Repallewada Road Pvt Limited Subsidiary 05.04.2019
3 Galilee Basin Conservation And Research Fund Subsidiary 09.04.2019
4 Suryapet Khammam Road Pvt Limited Subsidiary 12.04.2019
5 NW Rail Operations Pte Limited Subsidiary 27.05.2019
6 North West Rail Holdings Pty Limited Subsidiary 31.05.2019
7 North West Rail Pty Limited Subsidiary 31.05.2019
8 Gare Pelma II Mining Private Limited Subsidiary 29.07.2019
9 Adani Airport Holdings Limited Subsidiary 02.08.2019
(Formerly known as Adani Airports Limited)
10 Adani Lucknow International Airport Limited Subsidiary 06.09.2019
11 Flaire Unmanned Systems Private Limited Subsidiary 13.09.2019
12 Kurmitar Mining Private Limited Subsidiary 19.09.2019
13 Adani Guwahati International Airport Limited Subsidiary 23.09.2019
14 Adani Thiruvananthapuram International Airport Limited Subsidiary 24.09.2019
(Formerly known as Adani Trivandrum International Airport Limited)
15 Adani Mangaluru International Airport Limited Subsidiary 25.09.2019
(Formerly known as Adani Mangalore International Airport Limited)
16 Adani Ahmedabad International Airport Limited Subsidiary 26.09.2019
17 Adani Jaipur International Airport Limited Subsidiary 26.09.2019
18 Stratatech Mineral Resources Pvt Limited Subsidiary 03.10.2019
19 Adani Metro Transport Limited Subsidiary 16.10.2019
20 Mundra Solar Energy Limited Subsidiary 18.10.2019 upto
Notice
01.01.2020
21 Kurmitar Iron Ore Mining Private Limited Subsidiary 18.10.2019
22 Adani Iron Ore Mining Private Limited Subsidiary 22.10.2019
23 Adani Railways Transport Limited Subsidiary 22.10.2019
24 Gare Palma II Collieries Pvt Limited Subsidiary 07.11.2019
25 Sabarmati Infrastructure Services Limited Subsidiary 07.02.2020
26 Vijaynagara Smart Solutions Limited Subsidiary 10.02.2020
27 Gomti Metropolis Solutions Limited Subsidiary 10.02.2020
28 Periyar Infrastructure Services Limited Subsidiary 10.02.2020
29 Brahmaputra Metropolis Solutions Limited Subsidiary 12.02.2020
30 Agneya Systems Limited Subsidiary 19.02.2020
31 Carroballista Systems Limited Subsidiary 19.02.2020
32 Rajputana Smart Solutions Limited Subsidiary 06.03.2020
33 Midlands Parent LLC Associate 01.07.2019
35 Adani Power Resources Ltd Associate 08.11.2019
34 Adani Total LNG Singapore Pte Ltd Jointly Controlled 10.07.2019
Entity

b Dissolution / Liquidation of Associates during the year :
Sr. Name of the Entity* Nature of Entity With effect from

No.
1 Adani Finance LLC Associate 08.07.2019
2 Midland Solar LLC Associate 20.12.2019
3 Midlands Managing Member LLC Associate 20.12.2019
4 Midlands Lessor Parent LLC Associate 20.12.2019
5 Midlands Holding LLC Associate 20.12.2019
6 Midlands Lessee LLC Associate 20.12.2019
7 CSPGCL AEL Parsa Collieries Ltd Associate 30.01.2020
8 Adani Development LLC Associate 03.03.2020
9 Adani Land LLC Associate 03.03.2020
10 Oakstream Holdings Inc Associate 06.03.2020
*Refer note 54(b)(iii) for entities incorporated & liquidated its interest during the year.
44 Business Combinations during the year
On 19th April 2019, one of the subsidiaries Adani Defence Systems and Technologies Limited (ADSTL) has acquired
Alpha Design Technologies Private Limited (along with its subsidiaries, together referred to as ‘Alpha Group’) with
management control over composition of the Board of Directors and with 26% equity stake. Alpha Group of entities
are engaged in the business of Aerospace and Defence Manufacturing. The company has made determination of
fair values of the identified assets and liabilities for the purpose of purchase price allocation. The fair value of the
identifiable assets and liabilities as at the date of acquisition were as under.
Particulars J in crore
Assets
Property, Plant and Equipment 175.80
Capital work in progress 476.46
Other Intangible Assets 166.92
Intangible Assets under Development 85.56
Trade Receivables 200.29
Inventories 66.14
Cash and Bank Balances 62.60
Consideration to be infused 225.00
Other current/non current assets 123.08
Total Assets 1,581.85
Liabilities
Borrowings 59.23
Other non-current liabilities 76.31
Trade Payables 98.36
Other current liabilities 100.14
Current & Deferred Tax Liabilities 18.33
Total Liabilities 352.37
Total Identifiable Net Assets at fair value 1,229.48
Purchase Consideration
- Paid for equity shares (cash consideration) 400.00
- As fair value gain during equity accounting 4.96
404.96
Non-Controlling Interests (909.81)
Goodwill arising on acquisition 85.29
(a) The determination of the fair value is based on discounted cash flow method. Key assumptions on which the
management has based fair valuation include estimated long-term growth rates, weighted average cost of
capital and estimated operating margin.
(b) From the date of acquisition, Alpha Group has contributed H 404.01 crore and H 11.87 crore to the Revenue and
Profit after Tax to the Group. If the business combination had taken place at the beginning of the year, revenue
would have been H 405.90 crore and the Profit after Tax to the group would have been H 7.10 crore.

Corporate Overview
45 The Group has determined the recoverable amounts of its Cash Generating Units (CGU) under Ind AS 36, Impairment
of Assets on the basis of their value in use by estimating future cash inflows over the estimated useful life of the
respective CGU (including Goodwill). Further, the cash flow projections are based on estimates and assumptions
relating to contracted market rates, operational performance of the CGU, market prices of inputs, exchange variations,
inflation, terminal value etc. which are considered reasonable by the management.
On a careful evaluation of the aforesaid factors, the management of the Group has concluded that the recoverable
amounts of the CGU (including Goodwill) are higher than their carrying amounts as at 31st March, 2020 in most of
the cases. However, if this estimates and assumption change in future, there could be corresponding impact on the
recoverable amounts of the CGU or their respective Goodwill. The Group provides for impairment loss in cases where
recoverable amounts are less than the carrying values.
Statutory Reports
During the previous year, subsidiary companies Adani Mining Pty Ltd and Adani Rugby Run Trust at Australia had
recognised impairment of its Capital Work-in-Progress due to continuous delay in regulatory approval process and
various legal challenges. The Company had evaluated fair value less cost of disposal of the project considering the
various factors into consideration viz, long term coal prices, discount rates, exchange rate fluctuations, timing of
development of project, per unit realisation from power sales. Having assessed the cumulative carrying amount of
the CGU exceeded its fair value less cost of disposal, the subsidiaries had recognised total impairment provision of
H 670.80 crore during the previous year.
46 An appeal was filed before National Green Tribunal (NGT), New Delhi against Grant of Forest Clearance to RVUNL
for Parsa East and Kente Basin (PEKB) Coal Block. NGT vide its order dated 24th March, 2014 set aside the Forest
Clearance and remanded back the case to MoEF.
Against the order of NGT, RVUNL had filed appeal before Supreme Court of India, which stayed the direction of NGT
on 28th April, 2014 vide its order as follows, “We stay the direction in the impugned order that all works commenced
by the appellant pursuant to the order dated 28th March, 2012 passed by the state of Chhattisgarh under section 2 of
the Forest Conservation Act, 1980 shall stand suspended till further orders are passed by the Ministry of Environment
and Forests”.
This appeal filed by RVUNL before Supreme Court of India is pending for final adjudication.
47 During the current year, the Company has booked one off expense of H 290.98 crore in its mining division on
account of compensation cess on reject coal. Although the management strongly believes that the said amount is
the responsibility of customer and it has initiated necessary commercial and legal steps to recover the same, the
expense has been booked in line with Company’s conservative approach. The same is included in Other Operating
and Manufacturing Expenses under Note 35 to Consolidated Statement of Profit & Loss.
48 On 31st October 2016, subsidiary company Adani Mining Pty Ltd entered into a Deed of Novation (Deed) with Adani
Notice
Abbot Point Terminal Pty Ltd (AAPT) and Queensland Coal Pty Ltd (QCPL), whereby QCPL agreed to assign its port
capacity under a user agreement with AAPT to the subsidiary company for a consideration of H 635.84 crore (AUD
138 Mn) (plus GST). The total consideration received from QCPL in exchange for the subsidiary company assuming
QCPL’s obligation to AAPT under its user agreement has been disclosed under Other Non-Current Financial Liabilities
as ‘Deferred Reimbursement of Costs’.
In a separate arrangement with AAPT, the subsidiary company agreed to make a payment of H 635.84 crore (AUD
138 Mn) as a security deposit towards the performance of its obligation under the user agreement. As at the balance
sheet date, the subsidiary company has fully paid H 635.84 crore (AUD 138 Mn) as security deposit to AAPT and the
same has been disclosed under Other Non-Current Financial Assets as a part of ‘Security Deposit’.

49 Service Concession Arrangements
Few of the subsidiary companies of the Group has entered into Service Concession Arrangement (SCA) with National
Highway Authority of India (NHAI) for the construction of Roads across various states in India & with the State
Department of Uttar Pradesh for Sewage treatment plant in the Prayagraj city. Following under mentioned are the
further details pertaining to individual Service Concession arrangement entered by each of the subsidiary of the
Group.
(a) One of the subsidiary companies of the Group, Bilaspur Pathrapali Road Pvt Ltd has entered into Service Concession
Arrangements (SCA) with NHAI for the purpose of construction of road from Bilaspur to Pathrapali in the State
of Chhattisgarh. As per the SCA, NHAI grants to the company exclusive right, license and authority to construct,
operate and maintain the project. The construction period of the project is of 730 days and operation period is of
15 years commencing from COD. The arrangement provides for the payment of bonus if the COD of the project is
achieved on or more than 30 days prior to the scheduled completion date of the project.
The cost of construction of the project is finalised as H 1140 crore as at the bid date. Bid project cost is inclusive
of the cost of construction, interest during construction, working capital, physical contingency and all other costs,
expenses and charges for and in respect of the construction of the project.
(b) One of the subsidiary companies of the Group, Suryapet Khammam Road Pvt Ltd has entered into Service Concession
Arrangements (SCA) with NHAI for the purpose of construction of road from Suryapet to Khammam in the State of
Telangana. As per the SCA, NHAI grants to the company exclusive right, license and authority to construct, operate
and maintain the project. The construction period of the project is of 910 days and operation period is of 15 years
commencing from COD. The arrangement provides for the payment of bonus if the COD of the project is achieved on
or more than 30 days prior to the scheduled completion date of the project.
The cost of construction of the project is finalised as H 1566.30 crore as at the bid date. Bid project cost is inclusive
(c) One of the subsidiary companies of the Group, Mancherial Repallewada Road Pvt Ltd has entered into Service
Concession Arrangements (SCA) with NHAI for the purpose of construction of road from Mancherial to Repallewada
in the State of Telangana. As per the SCA, NHAI grants to the company exclusive right, license and authority to
construct, operate and maintain the project. The construction period of the project is of 730 days and operation
period is of 15 years commencing from COD. The arrangement provides for the payment of bonus if the COD of the
project is achieved on or more than 30 days prior to the scheduled completion date of the project.
The cost of construction of the project is finalised as H 1356.90 crore as at the bid date. Bid project cost is inclusive
(d) One of the subsidiary companies of the Group, Prayagraj Water Pvt Ltd has entered into Service Concession
Arrangements (SCA) with Uttar Pradesh Jal Nigam (UPJN) for the purpose of design, construct, complete, operate
and maintain the Package-I, design, construct, rehabilitate, complete, operate and maintain the Package-II and
Package-III Facilities along with associate infrastructure at Prayagraj city in the state of Uttar Pradesh. As per the
SCA, UPJN grants to the company exclusive right, license and authority to construct, rehabilitate, operate and
maintain the project during the construction period of 2 years and operation period of 15 years commencing from
COD. The arrangement provides for the payment of bonus if the COD of the project is achieved prior to the scheduled
completion date of the project.
The cost of the construction and rehabiliation of the project is finalised as H 399.47 crore as at the bid date. Bid project
cost is inclusive of the cost of construction, interest during construction, working capital, physical contingency and
all other costs, expenses and charges for and in respect of the construction of the project.

Corporate Overview
50 Contingent Liabilities And Commitments
(a) Contingent liabilities not provided for :
(H In crore)
Sr. Particulars As at As at
a) Claims against the Group not acknowledged as debts 3.96 3.96
b) In respect of :
- Income Tax (Interest thereon not ascertainable at present) 170.01 179.78
- Service Tax 36.39 45.42
- VAT / Sales Tax 491.49 420.52
- Custom Duty 1,004.78 1,018.31
- Excise Duty / Duty Drawback 0.61 0.87
Statutory Reports
- FERA / FEMA 4.26 4.26
- Stamp Duty on Demerger 68.75 68.75
c) Corporate Guarantee given on behalf of Associate & Jointly 3,502.81 3,994.72
Controlled Entities
d) In respect of Bank Guarantees given 422.96 164.43
e) Letter of Credits 696.17 1,019.34
f) The Hon’ble Supreme Court (SC) has passed a judgement dated 28th February 2019, relating to components
of salary structure to be included while computing the contribution to provident fund under the Employees
Provident Fund Act, 1952. The Company’s Management is of the view that there is considerable uncertainty
around the timing, manner and extent in which the judgment will be interpreted and applied by the regulatory
authorities. The Company will continue to assess any further developments in this matter for the implications on
financial statements, if any. Currently, the Company has not considered any impact in these financial statements.
g) Certain claims / show cause notices disputed have neither been considered as contingent liabilities nor
acknowledged as claims, based on internal evaluation of the management.
h) Show cause notice issued under Section 16 of the Foreign Exchange Management Act, 1999 read with Rule (4)
of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rule, 2000, in which liability is
unascertainable.
i) Show cause notices issued under The Custom Act, 1962, wherein the Group has been asked to show cause why,
penalty should not been imposed under section 112 (a) and 114 (iii) of The Custom Act,1962 in which liability is
unascertainable.
j) Show cause notices issued under Income Tax Act, 1961, wherein the Group has been asked to show cause why,
penalty should not been imposed under section 271(1)(c) in which liability is unascertainable.
k) Show cause notice issued by DGCEI proposes for imposition of penalties under Section 76 and Section 78 of the Notice
Finance Act, 1994 in which liability is unascertainable.
l) Custom Department has considered a different view for levy of custom duty in respect of specific quality of coal
imported by the Group for which the Group has received demand show cause notices amounting to H 863.62 crore
(31st March 2019 : H 863.62 crore) from custom departments at various locations and the Group has deposited H
378.63 crore (31st March 2019 : H 378.63 crore) as custom duties under protest and contested the view taken by
authorities as advised by external legal counsel. The Group being the merchant trader generally recovers custom
duties from its customers and does not envisage any major financial or any other implication and the net effect
of the same is already considered above under clause (b) (Custom duty).

(b) Capital & Other Commitments:

(H In crore)
Estimated amounts of contracts remaining to be executed and not 5,694.89 700.47
provided for (Net of Advances)
The above does not include :

i)
EPC 1690 Royalty
On 10th August 2010, as part of subsidiary company Adani Mining Pty Ltd’s (AMPty) acquisition of EPC
1690 (the “burdened tenement”), AMPty entered into an Overriding Royalty Deed (“the Deed”) with Linc
Energy Limited (“Linc”). Inter alia, the Deed requires AMPty to pay Linc AUD 2.00 per tonne (CPI adjusted)
for all tonnes of coal extracted from the burdened tenement, with the exception of the first 400,000
tonnes mined in any one production year. Under the Deed, there is no minimum royalty payable to Linc
and the royalty only becomes payable as and when coal is dispatched from the burdened tenement. The
Royalty is payable for a period of 20 years from the production date. During the year ended 31st March
2016, the Deed was assigned by Linc to Carmichael Rail Network Pty Ltd as trustee for Carmichael
Rail Network Trust (CRNT). In May 2019, CRNT entered into a Royalty Income Purchase Agreement
(“Agreement”) with Queensland RIPA Pty Ltd as trustee for Queensland RIPA Trust (QRIPA) wherein CRNT has
agreed to pay royalty income payments to QRIPA.

ii)
EPC 1080 Royalty
On 29th November 2011, AMPty entered into a Royalty Deed (‘’the Deed’’) with Mineralogy Pty Ltd (‘’MPL’’) pursuant
to entry of EPC 1080 Eastern Area deed. Inter alia, the Deed requires AMPty to pay ‘MPL’ AUD 2 per tonne for
all tonnes of coal mined from the eastern area of EPC 1080 (as defined in the Deed). The royalty amount will be
reduced by AUD 0.50 per tonne if paid within 14 business day after the end of each quarter.
51 Transition to Ind AS 116 Leases:
The Ministry of Corporate Affairs (“MCA”) through the Companies (Indian Accounting Standards) Amendment Rules, 2019
has notified Ind AS 116 Leases (‘Ind AS 116’) which replaces the existing lease standard, Ind AS 17 Leases. Ind AS 116 sets
out the principles for recognition, measurement, presentation and disclosure of leases for both lessees and lessors.
Effective 1st April, 2019, the Company & its subsidiaries (“Group”) have adopted Ind AS 116 – Leases and applied the standard
to all lease contracts existing on 1st April, 2019 using the modified retrospective method. The Company has recorded the
lease liability at the present value of the lease payments discounted at the incremental borrowing rate at the date of initial
application and right of use asset at an amount equal to the lease liability adjusted for any prepayments/accruals recognised
in the balance sheet as on 31st March, 2019. There is no impact on retained earnings as on 1st April, 2019.
The Group has elected below practical expedients on transition to Ind AS 116:
(i) Applied the exemption not to recognise right of use assets and lease liabilities with less than 12 months of lease
term on the date of initial application.
(ii)
Excluded the initial direct costs from the measurement of right of use asset at the date of initial application.
(iii) Elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for
contracts entered into before the transition date, the Group relied on its assessment made applying Ind AS 17 Leases.
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified assets for
a period of time in exchange for consideration.

Corporate Overview
(iv) The Group has adopted Ind AS 116, effective annual reporting period beginning 1st April, 2019 and applied the
standards to its leases, prospectively, applying the standards on initial application without making any adjustment
to opening balance of retained earnings.
(v) The Group has elected not to apply the requirements of Ind AS 116 to short term leases of all the assets that
have a lease term of twelve months or less and leases for which the underlying asset is of low value. The lease
payments associated with these leases are recognised as an expense on a straight line basis over the lease term.
(vi) The weighted average incremental borrowing rate applied to lease liabilities as at 1st April, 2019 is 3% to 10%.
(A) Leases as lessee

(i) The movement in Lease liabilities during the year
(H In crore)
Statutory Reports
Particulars As at
31st March, 2020
Opening Balance 388.50
Add : Balance as at 1st April, 2019 (on adoption of Ind AS 116 - Leases) 45.78
Add : Additions during FY 2019-20 23.10
Add : Finance costs incurred during the year 33.72
Less : Payments of Lease Liabilities 40.41
Add : Forex Adjustment 0.27
Closing Balance 450.95
(ii) The carrying value of the Rights-of-use and depreciation charged during the year
For details pertaining to the carrying value of right of use of lease assets and depreciation charged during the
year, kindly refer note - 3 “Property, Plant & Equipments & Intangible Assets”.
(iii) Amounts recognised in statement of cash flows

(H In crore)
31st March, 2020
Total Cash outflow for Leases 40.41
(iv) Maturity analysis of lease liabilities

(H In crore)
Particulars As at
31st March, 2020
Notice
Maturity Analysis of contractual undiscounted cash flows
Less than one year 39.10
One to five years 129.19
More than five years 1,162.30
Total undiscounted lease liabilities 1,330.60
Balances of Lease Liabilities
Non Current Lease Liability 432.27
Current Lease Liability 18.68
Total Lease Liability 450.95

52 The Group has made provision in the Accounts for Gratuity based on Actuarial valuation. The particulars under the
Ind AS 19 “Employee Benefits” furnished below are those which are relevant and available to the Group for the year.
(a) Contributions to Defined Contribution Plan, recognised as expense for the year are as under :
(H In crore)
Provident Fund 16.36 13.62
Superannuation Fund 0.40 2.51
Total 16.76 16.13
(b) The liability for compensated absences as at the year ended 31st March, 2020 is H 45.77 crore (31st March, 2019
H 34.40 crore).
(c) Contributions to Defined Benefit Plans are as under :
The Group’s Indian Subsidiaries has a defined benefit gratuity plan (funded) and is governed by the Payment of
Gratuity Act, 1972. Under the Act, every employee who has completed at least five year of service is entitled to
gratuity benefits on departure at 15 days basic salary (last drawn basic salary) for each completed year of service.
The scheme is funded with contributions to insurers in form of a qualifying insurance policy.
The following tables summarise the component of the net benefits expense recognised in the statement of profit and
loss account and the funded status and amounts recognised in the balance sheet for the respective plan.
(1) Net amount recognised in the statement of Profit & Loss for year
(H In crore)
Current Service cost 11.81 12.64
Expected return on plan assets (2.76) (2.42)
(2) Net amount recognised in the Other Comprehensive Income for year
(H In crore)
Actuarial (Gains) / Losses 3.09 1.41
Return on plan assets, excluding amount recognised in net 0.27 (0.15)
interest expense

Corporate Overview
(3) Net amount recognised in the Balance Sheet
(H In crore)
i) Details of Provision for Gratuity
Present value of defined obligation 71.02 58.56
Fair value of plan assets 38.38 36.32
Surplus / (deficit) of funds (32.64) (22.24)
Net asset / (liability) (32.64) (22.24)
ii) Change in Present Value of the defined benefit obligation
Defined benefit obligation as at the beginning of period 58.56 51.67
Acquisition Adjustment (Net) 1.23 (0.90)
Statutory Reports
Current & Past Service cost 11.82 12.65
Actuarial loss/(gain) - Due to change in Demographic (0.21) (0.09)
Assumptions
Actuarial loss/(gain) - Due to change in Financial Assumptions 3.26 0.54
Actuarial loss/(gain) - Due to Experience Variance 0.04 0.97
Other Adjustment (1.09) (1.73)
Defined benefit obligation as at end of the period 71.02 58.56
iii) Change in Fair Value of Plan Assets
Fair value of plan assets as at the beginning of period 36.32 32.28
Expected return on plan assets 2.77 2.42
Contributions by employer 0.40 3.24
Actuarial (loss)/gain (0.27) 0.17
Other Adjustment - (1.17)
Fair value of plan assets as at end of the period 38.38 36.32
iv) The major categories of plan assets as a percentage of fair
value of total plan assets are as follows:
Policy of Insurance 100% 100%
(4) The principal actuarial assumption used are as follows:

(H In crore)
Discount Rate 6.70% to 8.50% 7.10% to 7.60%
Notice
Rate of increase in Compensation Levels (Refer Note (d) below) 7.00% to 8.50% 7.00% to 8.50%
Mortality Indian Assured Lives Indian Assured Lives
Mortality (2012-14) Mortality (2006-08)
Ultimate Ultimate
Attrition rate based on age (per annum) 0% to 23.00% 1% to 21.00%

Sensitivity Analysis:
The sensitivity analysis below has been determined based on reasonably possible changes of the assumptions
occurring at the end of the reporting period, while holding all other assumptions constant. The results of
sensitivity analysis is given below :
(H In crore)
Change in Assumption Change in Gratuity (Funded) Gratuity (Funded)
Rate 31st March, 2020 31st March, 2019
Increase in Decrease in Increase in Decrease in
Assumption Assumption Assumption Assumption
Discount Rate ( - / + 1 %) 11.20 20.76 7.97 15.06
Salary Growth Rate ( - / + 1 %) 20.64 11.21 15.00 7.94
Attrition Rate ( - / + 0.50 %) 14.82 16.61 10.89 11.64
Mortality Rate ( - / + 10 %) 15.60 15.63 11.24 11.25
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated. There is no change in method of valuation for the prior period.
(5) Maturity Profile of Obligations
The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 5 Years
to 22 Years (31st March 2019: 5 Years to 20 Years). The expected maturity analysis of gratuity benefits is as follows
(H In crore)
Within 1 year 10.27 5.89
2 to 5 years 13.83 15.27
6 to 10 years 18.73 11.92
More than 10 years 69.72 62.10
(6) Asset - Liability Matching Strategies
The company and its subsidiaries have purchased insurance policy, which is basically a year-on-year cash
accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period of one
year. The insurance Company, as part of the policy rules, makes payment of all gratuity outgoes happening
during the year (subject to sufficiency of funds under the policy). Any deficit in the policy assets are funded
by the such companies. The policy helps mitigate the liquidity risk. However, being a cash accumulation plan,
the duration of assets is shorter compared to the duration of liabilities. Thus, the companies are exposed to
movement in interest rate (in particular, the significant fall in interest rates, which should result in a increase in
liability without corresponding increase in the asset).
(d) The estimate of future salary increase, considered in actuarial variation, take account of inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
(e) The expected contribution to the fund in the next financial year is in line with current financial year.
(f) The figures here in are consolidated on line to line basis, wherein the net balances of planned assets of H 0.28 crore
(Previous Year H 4.87 crore) which has been included in Other Current Assets, is netted off in this disclosure.

Corporate Overview
53 Earning Per Share (EPS)

Net Profit After Tax attributable to the Equity Shareholders (J in crore)
From Continuing Operations 1,138.17 626.36
From Continuing & Discontinued Operations 1,138.17 717.14
Weighted Avg. Number of shares for computing EPS - Basic & Diluted 1,09,98,10,083 1,09,98,10,083
EPS in J (face value J 1/- each) - Basic & Diluted
From Continuing Operations 10.35 5.69
Statutory Reports
From Continuing & Discontinued Operations 10.35 6.52
54 Pursuant to Ind AS 31 - ‘Interests in Joint Venture’ and Ind AS 112 - ‘Disclosure of Interests in Other Entities’, the
interest of the Group in various Jointly Controlled Assets, Associates and Jointly Controlled Entities are as follows :
(a) Jointly Controlled Assets
(i) The Company jointly with other parties to the joint venture, have been awarded two onshore oil & gas blocks
at Palej and Assam by Government of India through NELP-VI bidding round. Also it has entered into Production
Sharing Contracts (PSC) with Ministry of Petroleum and Natural Gas for exploration of oil and gas in the aforesaid
blocks. NAFTOGAZ India Pvt. Ltd.(NIPL) being one of the parties to consortium was appointed as operator of the
blocks vide Joint Operating Agreements (JOAs) entered into between parties to consortium. The expenditures
related to the activities in the blocks were incurred by Adani Group, Welspun Group or through their subsidiary
Adani Welspun Exploration Ltd.
Government of India has issued a notice intimating the termination of the Production Sharing Contracts (PSCs)
in respect of the Assam and Palej blocks purportedly due to misrepresentation made by the operator of the
blocks - NIPL. The Company has contested the termination and in accordance with the provisions of the PSC has
urged the Government to allow it to continue the activities in Palej block. The company has already written-off
its investment in Assam block in earlier years. The details of the Palej blocks are stated below :
Jointly Controlled Assets Company’s Other Partners Other Partner’s

Participating Participating
Interest % Interest %
CB-ONN-2004/5 Block Palej 55% Welspun Natural Resources Ltd 35%
NAFTOGAZ India Pvt Ltd 10%
The financial statements of the Group reflect its share of Assets and Liabilities of the jointly controlled assets Notice
which are accounted on a line to line basis with similar items in the Group’s accounts to the extent of participating
interest of the Group as per the various joint control agreements, in compliance of Ind AS 31. The summary of the
Group’s share in Assets & Liabilities of unincorporated Jointly Controlled Entity are as follow:
(H In crore)
Particulars CB-ONN-2004/5-Palej
As at As at
31st March 2020 31st March 2019
Property, Plant & Equipment 0.08 0.08
Capital Work in Progress 98.22 96.23
Intangible Assets 0.69 0.69
Cash & Cash Equivalents * *
99.01 97.02

(a) Jointly Controlled Assets (Contd..)

(H In crore)
Particulars CB-ONN-2004/5-Palej
As at As at
31st March 2020 31st March 2019
Capital Contributions 79.30 79.10
Other Current Liabilities 2.59 2.59
Provisions 17.12 15.33
99.01 97.02
(ii) One of the group company is having a portfolio of four offshore blocks, wherein the Group is operator in two
blocks, and in the balance it is acting as a non operator.
Jointly Controlled Assets One of the group company’s

Participating Interest %
MB-OSN-2005/2 100%
GK-OSN-2009/1 (Operated by ONGC)* 20%
GK-OSN-2009/2 (Operated by ONGC) 30%
MB/OSDSF/B9/2016# 100%
*25% after exit of GSPC from Appraisal Phase, GSPC having the right for subsequent farm in.
#New Block awarded to company by Government of India under Discovered Small Field Bid Round 2016.
(iii) One of the Subsidiary company has entered into Joint Control Agreement in the nature of Production Sharing
Contracts (PSC) with the Government of India, Oil & Natural Gas Corporation Ltd (ONGC), Indian Oil Corporation
Ltd (IOCL) and Gujarat State Petroleum Corporation Ltd (GSPCL) for two offshore blocks GK-OSN-2009/1 & GK-
OSN-2009/2 located in Gulf of Kutch. The PSC for the blocks were signed on August 5, 2010. The company holds
20% participating interest in Block GK-OSN-2009/1 (25% for Appraisal Phase after exit of GSPC from Appraisal
phase) and 30% participating interest in Block GK-OSN-2009/2.
The Group company’s share of the Assets and Liabilities of the Jointly Controlled Assets for the year ended 31st
March, 2020 are as follows :
(H In crore)
Particulars GK-OSN-2009/1 GK-OSN-2009/2
Current Assets 0.03 0.03 0.04 0.08
Current Liabilities * (0.09) * *
Exploratory Work In Progress 118.82 115.16 - 119.15
(Transactions below H 50,000/- denoted as*)
Based on the results of Well NFA#1 in the Block GK-OSN-2009/1, the operator ONGC has submitted a Declaration
of Commerciality (DoC) proposal to the MoPNG/DGH. During the year under review, MoPNG/DGH has reviewed
the DoC proposal and ask operator to submit Field Development plan(FDP) with in the timelines of Production
Sharing Contract of the Block.
Based on the outcome of appraisal drilling and results of technical evaluations, during the year, operating
committee of the block GK-OSN-2009/2 has decided to relinquish the Block. Accordingly, subsidiary company
has written off expenditure of H 129.73 Crs incurred for this block by charging it to Profit and Loss account as
an exceptional item. However, the formal relinquishment process of the block is under progress at Operator’s
(ONGC) level as on the Balance Sheet date.
All the expenditure pertaining to Jointly Controlled Assets has been shown under “Capital Work In Progress’’ and
in the case of an oil or gas discovery, the same will be allocated / transferred to the producing property.

Corporate Overview
(iv) During the year under review, in respect of Block MB-OSN-2005/2, Directorate General of Hydrocarbons (DGH)
vide its letter dated 31st October 2019, has granted approval on subsidiary company’s request for entering
into Exploration Phase II, with effect from 30th October 2019. Based on this approval, company has started
procurement of long-lead and other tangible items for the coming up drilling of one well. In respect of Block
MB/OSDSF/B9/2016 also, company has started procurement of long-lead and other tangible items for the coming
up drilling of well.
(b) Interest in Other Entities
The Group has made investment in below mentioned Jointly Controlled Entities and Associate entities and are
consolidated under equity method of accounting. These entities are in the nature of closely held entities and are not
listed on any public exchange. The following tables provides summarised financial information about these entities :
Statutory Reports
Name of Jointly Controlled Entities / Country of Relationship Percentage Ownership
Associates Incorporation 31-Mar-20 31-Mar-19
Adani Wilmar Ltd (Consolidated) India Jointly Controlled Entity 50% 50%
Adani Wilmar Pte Ltd (Consolidated) Singapore Jointly Controlled Entity 50% 50%
Adani-Elbit Advanced Systems India Ltd India Jointly Controlled Entity 51% 51%
Vishakha Industries Pvt. Ltd India Associate 50% 50%
CSPGCL AEL Parsa Collieries Ltd (Note : ii) India Associate - 49%
Adani Global Resouces Pte Ltd Singapore Jointly Controlled Entity 50% 50%
Carmichael Rail Network Holdings Pty Ltd Australia Jointly Controlled Entity 50% 50%
Carmichael Rail Network Pty Ltd Australia Jointly Controlled Entity 50% 50%
Carmichael Rail Network Trust Australia Jointly Controlled Entity 50% 50%
Carmichael Rail Asset Holdings Trust Australia Jointly Controlled Entity 50% 50%
Autotec Systems Pvt Ltd India Associate 26% 26%
Comprotech Engineering Pvt Ltd India Associate 26% 26%
Alpha Design Technologies Pvt Ltd India Associate - 26%
(Consolidated) (Note : i)
Adani Total LNG Singapore Pte Ltd Singapore Jointly Controlled Entity 50% -
Adani Power Resources Ltd India Associate 49% -
Adani Chendipada Mining Pvt Ltd India Jointly Controlled Entity 49% 49%
Jhar Mining Infra Pvt Ltd India Jointly Controlled Entity 51% 51%
Adani Solar USA Inc (Consolidated) USA Associate 49% 49%
Notes :
i) From 19th April 2019, the Group has taken control over Alpha Design Technologies Pvt Ltd, and it has been
consolidated as a Subsidiary.
ii) During the year, CSPGCL AEL Parsa Collieries Ltd has been disolved and its name has beeen striked off from Notice
iii) During the year, the Group acquired significant influnece in the below mentioned entities & also liquidated its
interest during the year.
a). Adani Development LLC d). Midlands Lessor Parent LLC

b). Adani Land LLC e). Midlands Holding LLC
c). Midlands Managing Member LLC f). Midlands Lessee LLC
294

Summarised Financial Position of Group’s Investment in Jointly Controlled Entities & Associates :
(H in crore)
Particulars Adani Wilmar Ltd. Adani Wilmar Pte Ltd. Adani-Elbit Advanced Vishakha Industries CSPGCL AEL Parsa Adani Global
Consolidated Consolidated Systems India Ltd Pvt Ltd Collieries Ltd Resouces Pte Ltd
31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 30-Jan-20 31-Mar-19 31-Mar-20 31-Mar-19
Non Current Assets (A) 4,455.25 3,898.44 442.00 734.99 22.23 17.69 0.29 0.29 - - 0.01 0.01
Current Assets
i) Cash & Cash Equivalents 346.00 78.86 8.04 54.09 0.20 5.14 0.08 0.05 - - - -
ii) Others 6,996.55 7,517.71 473.02 171.59 10.25 2.17 8.54 11.06 - - 0.02 0.01
Total Current Assets (B) 7,342.55 7,596.57 481.06 225.68 10.45 7.31 8.62 11.11 - - 0.02 0.01
Total Assets (A+B) 11,797.80 11,495.00 923.06 960.67 32.68 25.00 8.91 11.40 - - 0.03 0.02
Non Current Liabilities
i) Financial Liabilities 1,477.94 1,207.22 - - - - 3.68 5.21 - - 0.01 0.01
ii) Non Financial Liabilities 402.19 290.81 - - 0.60 0.10 - - - - - -
Total Non Current Liabilities (A) 1,880.13 1,498.03 - - 0.60 0.10 3.68 5.21 - - 0.01 0.01
Current Liabilities
i) Financial Liabilities 7,059.38 7,751.11 569.41 677.77 7.66 1.36 0.37 1.30 - - 0.01 0.01
ii) Non Financial Liabilities 287.62 118.17 169.56 140.21 0.18 0.02 0.02 0.08 - - - -
Total Current Liabilities (B) 7,347.00 7,869.28 738.97 817.98 7.84 1.38 0.39 1.38 - - 0.01 0.01
Total Liabilities (A+B) 9,227.13 9,367.31 738.97 817.98 8.44 1.48 4.07 6.60 - - 0.02 0.02
Total Equity (Net Assets) 2,570.67 2,127.70 184.09 142.69 24.24 23.52 4.84 4.80 - - 0.01 *
Contingent Liabilities and 489.01 739.98 115.55 77.18 - 4.80 - - - - - -
Capital Commitments
Summarised Financial Position of Group’s Investment in Jointly Controlled Entities & Associates : (Contd..)
(H in crore)
Particulars Carmichael Rail Carmichael Rail Carmichael Rail Carmichael Rail Asset Autotec Systems Pvt Comprotech
Network Holdings Pty Network Pty Ltd Network Trust Holdings Trust Ltd Engineering Pvt Ltd
Ltd
Non Current Assets (A) 0.01 * - - 2,561.37 1,485.48 * * 6.01 3.14 3.67 5.05
Current Assets
i) Cash & Cash Equivalents 0.01 * 0.11 * 4.60 0.06 - - 0.03 1.23 1.41 0.57
ii) Others - - 2.87 - 149.62 40.68 - - 22.67 18.30 13.55 10.59
Total Current Assets (B) 0.01 * 2.98 * 154.22 40.74 - - 22.70 19.53 14.96 11.16
Total Assets (A+B) 0.02 0.01 2.98 * 2,715.59 1,526.22 * * 28.71 22.67 18.63 16.21
i) Financial Liabilities - - - - 3,889.80 2,032.85 - - 0.46 - - -
ii) Non Financial Liabilities - - 0.65 - - - - - 3.24 0.56 0.34 0.02
Total Non Current Liabilities (A) - - 0.65 - 3,889.80 2,032.85 - - 3.70 0.56 0.34 0.02
Current Liabilities
i) Financial Liabilities 0.01 * - * 440.24 843.66 * - 11.92 8.10 2.94 2.33
ii) Non Financial Liabilities - - 2.32 - - - - - 0.54 0.85 0.54 0.51
Total Current Liabilities (B) 0.01 * 2.32 - 440.24 843.66 * - 12.46 8.95 3.48 2.84
Total Liabilities (A+B) 0.01 * 2.97 - 4,330.04 2,876.51 * - 16.16 9.51 3.82 2.86
Total Equity (Net Assets) 0.01 * 0.01 * (1,614.45) (1,350.29) * * 12.55 13.16 14.81 13.35
Contingent Liabilities and - - - - 2,002.03 175.94 - - 4.99 5.15 0.45 -
Capital Commitments
295

296

Summarised Financial Position of Group’s Investment in Jointly Controlled Entities & Associates : (Contd..)
(H in crore)
Particulars Adani Total LNG Adani Power Adani Chendipada Jhar Mining Infra Pvt Adani Solar USA Inc -
Singapore Pte Ltd Resources Ltd Mining Pvt Ltd Ltd Consolidated
31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19
Non Current Assets (A) 378.33 - 0.09 0.01 0.17 * 6.31 0.01 177.77 125.70
Current Assets
i) Cash & Cash Equivalents 6.16 - 0.80 0.02 * 0.01 0.06 0.01 16.00 5.35
ii) Others * - - - - 0.50 0.65 0.65 72.24 1.03
Total Current Assets (B) 6.16 - 0.80 0.02 * 0.51 0.71 0.66 88.24 6.38
Total Assets (A+B) 384.49 - 0.89 0.03 0.17 0.51 7.02 0.67 266.01 132.08
i) Financial Liabilities - - - - - - - - - -
ii) Non Financial Liabilities - - - - - - - - - -
Total Non Current Liabilities (A) - - - - - - - - - -
Current Liabilities
i) Financial Liabilities 6.65 - 0.87 0.01 2.15 0.57 6.95 0.93 349.43 135.26
ii) Non Financial Liabilities - - * * 0.08 * 0.36 * 10.05 -
Total Current Liabilities (B) 6.65 - 0.87 0.01 2.23 0.57 7.31 0.93 359.48 135.26
Total Liabilities (A+B) 6.65 - 0.87 0.01 2.23 0.57 7.31 0.93 359.48 135.26
Total Equity (Net Assets) 377.84 - 0.02 0.02 (2.06) (0.07) (0.29) (0.25) (93.47) (3.18)
Contingent Liabilities and - - - - - - - - - -
Capital Commitments
Summarised Profitability of Jointly Controlled Entities & Associates :

(H in crore)
Particulars Adani Wilmar Ltd. Adani Wilmar Pte Ltd. Adani-Elbit Advanced Vishakha Industries CSPGCL AEL Parsa Adani Global
Consolidated Consolidated Systems India Ltd Pvt Ltd Collieries Ltd Resouces Pte Ltd
Revenue 29,657.04 28,797.46 1,434.67 1,895.83 4.82 - 0.32 1.11 - - - -
Interest Income 92.14 100.51 1.23 2.30 - - 0.42 0.59 - * - -
Depreciation & Amortisation 242.13 181.88 1.63 1.47 1.64 - - - - - - -
Finance Costs 586.31 470.10 21.07 13.83 - - 0.35 0.54 - - - *
Profit / (Loss) Before Tax 659.38 592.22 63.60 2.10 (2.80) (4.48) 0.03 0.05 - (0.12) - *
Provision for Tax 213.95 205.21 18.11 12.58 0.44 - 0.01 0.02 - - - -
Profit / (Loss) After Tax 445.43 387.00 45.49 (10.48) (3.24) (4.48) 0.02 0.03 - (0.12) - *
Other Comprehensive Income (1.18) (0.90) - - (0.01) - - - - - - -
Total Comprehensive Income 444.25 386.10 45.49 (10.48) (3.25) (4.48) 0.02 0.03 - (0.12) - *
(H in crore)
Particulars Carmichael Rail Network Carmichael Rail Carmichael Rail Carmichael Rail Asset Autotec Systems Pvt Comprotech
Holdings Pty Ltd Network Pty Ltd Network Trust Holdings Trust Ltd Engineering Pvt Ltd
31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19
Revenue - - - - - - - - 13.34 21.22 14.35 4.41
Interest Income * - * * 0.68 2.72 - - 0.16 0.19 0.07 0.33
Depreciation & Amortisation - - - - - 896.29 - - 0.66 0.25 0.85 0.33
Finance Costs - - * * 41.25 0.05 - - 0.63 0.20 0.01 0.04
Profit / (Loss) Before Tax - - - - (361.15) (936.84) * - (0.64) 0.62 1.67 (2.94)
Provision for Tax - - - - 0.24 - - - (0.04) (0.08) 0.21 (0.04)
Profit / (Loss) After Tax - - - - (361.39) (936.84) * - (0.60) 0.70 1.46 (2.90)
Other Comprehensive Income - - - - - - - - (0.02) (0.01) - *
Total Comprehensive Income - - - - (361.39) (936.84) * - (0.62) 0.69 1.46 (2.91)
297

298

Summarised Profitability of Jointly Controlled Entities & Associates : (Contd..)

(H in crore)
Particulars Adani Total LNG Adani Power Adani Chendipada Jhar Mining Infra Pvt Adani Solar USA Inc -
Singapore Pte Ltd Resources Ltd Mining Pvt Ltd Ltd Consolidated
31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19
Revenue - - - - - - - - 75.81 -
Interest Income - - 0.86 - * - 0.01 0.01 - -

Depreciation & Amortisation - - - - - - - - 0.14 -
Finance Costs 0.01 - 0.88 - 0.06 0.05 0.04 0.08 - 0.01
Profit / (Loss) Before Tax (0.46) - (0.01) (0.01) (1.99) (0.06) (0.04) (0.08) (84.59) (2.85)
Provision for Tax - - - - - - - - - -
Profit / (Loss) After Tax (0.46) - (0.01) (0.01) (1.99) (0.06) (0.04) (0.08) (84.59) (2.85)
Other Comprehensive - - - - - - - - - -
Income
Total Comprehensive Income (0.46) - (0.01) (0.01) (1.99) (0.06) (0.04) (0.08) (84.59) (2.85)

Corporate Overview
55 Recent Indian Accounting Standards (Ind AS)
As at the date of issue of financial statements, there are no new standards or amendments which have been notified
by the MCA but which have not yet been adopted by the Company. Hence, the disclosure is not applicable.
56 The Company has declared and paid an interim dividend of H 1.00 (100%) per equity share of the face value of H 1 each
for the financial year 2019-20 pursuant to its board meeting held on 17th March 2020.
Also, for the year ended 31st March, 2019, the Company had proposed final dividend of H 0.40 per equity share of H 1
each. The same was declared and paid during the year ended 31st March, 2020.
Statutory Reports
Notice
300

57 Additional information of net assets and share in profit or loss contributed by various entities as required under Schedule III of the Companies Act, 2013.
Particulars Net Assets i.e. Share in Profit & Loss Share in Other Share in Total
Total Assets less Comprehensive Income Comprehensive Income
Total Liabilities
As % of J in crore As % of J in crore As % of J in crore As % of J in crore
consolidated consolidated consolidated consolidated
Net Assets Profit or Loss Other Total
Comprehensive Comprehensive
Income Income
Adani Enterprises Limited 19% 3,761.00 65% 698.89 0% (1.08) 30% 697.81
Indian Subsidiaries
Adani Agri Fresh Limited 0% (13.84) -2% (17.05) 0% (0.14) -1% (17.19)
Mundra Synenergy Limited (Formerly 0% (0.15) 0% (0.01) 0% - 0% (0.01)
known as Adani Synenergy Limited)
Adani Defence Systems And Technologies 2% 432.70 0% (1.77) 0% - 0% (1.77)
Limited
Adani Land Defence Systems And 0% 1.56 0% (0.17) 0% - 0% (0.17)
Technologies Limited
Adani Aerospace And Defence Limited 0% 0.03 0% (0.00) 0% - 0% (0.00)
Adani Naval Defence Systems And 0% 0.03 0% (0.01) 0% - 0% (0.01)
Adani Cementation Limited 0% (0.10) 0% (0.11) 0% - 0% (0.11)
Adani Shipping India Private Limited 0% (0.04) 0% 0.19 0% (0.01) 0% 0.18
Natural Growers Private Limited 0% 5.33 -2% (17.17) 0% - -1% (17.17)
Adani Welspun Exploration Limited 5% 990.14 -12% (134.99) 0% (0.01) -6% (135.00)
Talabira (Odisha) Mining Private Limited 0% 1.82 0% (0.01) 0% - 0% (0.01)
Parsa Kente Collieries Limited 0% 68.26 3% 34.05 0% (0.08) 1% 33.97
Chendipada Collieries Private Limited 0% (0.20) 0% (0.22) 0% - 0% (0.22)
Adani Resources Private Limited 0% 0.66 0% 0.14 0% - 0% 0.14
Surguja Power Private Limited 0% (3.77) 0% (0.95) 0% - 0% (0.95)
Rajasthan Collieries Limited 0% (10.01) -1% (5.67) 0% (0.02) 0% (5.70)
Adani Bunkering Private Limited 1% 157.49 3% 27.38 0% (0.04) 1% 27.34
Adani Commodities LLP 4% 724.35 0% (0.00) 0% - 0% (0.00)
Adani Tradecom LLP 0% 0.05 0% (0.00) 0% - 0% (0.00)
Adani Tradewing LLP 0% 0.05 0% (0.00) 0% - 0% (0.00)
Adani Tradex LLP 1% 195.09 0% 0.04 0% - 0% 0.04
57 Additional information of net assets and share in profit or loss contributed by various entities as required under Schedule III of the Companies Act, 2013. (Contd..)
Total Liabilities
Income Income
Adani Infrastructure Private Limited 0% 0.03 0% (0.00) 0% - 0% (0.00)
Gare Pelma III Collieries Limited 0% (8.01) -1% (8.10) 0% - 0% (8.10)
Mundra Solar Technopark Private Limited -2% (395.71) -12% (127.19) 0% (0.01) -6% (127.20)
Bailadila Iron Ore Mining Private Limited 0% 0.09 0% (0.01) 0% - 0% (0.01)
Adani Road Transport Limited (Formerly 0% 0.97 0% 0.85 0% (0.05) 0% 0.81
known as Adani Transport Limited)
Bilaspur Pathrapali Road Private Limited 0% 27.47 0% 0.75 0% (0.00) 0% 0.75
Mundra Solar PV Limited 2% 346.39 3% 36.46 0% (0.37) 2% 36.09
Mundra Copper Limited 0% 0.00 0% (0.00) 0% - 0% (0.00)
Mahaguj Power LLP 0% 0.03 0% (0.01) 0% - 0% (0.01)
Adani Rave Gears India Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Prayagraj Water Private Limited 0% 7.85 0% 0.07 0% (0.00) 0% 0.07
Adani Water Limited 0% 0.11 0% 0.12 0% (0.02) 0% 0.09
Gidhmuri Paturia Collieries Private Limited 0% 0.00 0% (0.01) 0% - 0% (0.01)
Mundra Solar Limited 0% 0.02 0% (0.01) 0% - 0% (0.01)
Adani Green Technology Limited 2% 299.32 0% (0.25) 0% - 0% (0.25)
Mancherial Repallewada Road Pvt Limited 0% (1.46) 0% (1.47) 0% - 0% (1.47)
Suryapet Khammam Road Pvt Limited 0% 0.02 0% 0.01 0% - 0% 0.01
Alpha Design Technologies Private Limited 3% 602.54 1% 7.13 0% (0.17) 0% 6.96
Adani Airport Holdings Limited (Formerly 0% (0.13) 0% (0.14) 0% - 0% (0.14)
known as Adani Airports Limited)
Kurmitar Mining Private Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Gare Pelma II Mining Private Limited 0% (0.00) 0% (0.01) 0% - 0% (0.01)
Flaire Unmanned Systems Private Limited 0% 3.99 0% (0.01) 0% - 0% (0.01)
Kurmitar Iron Ore Mining Private Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)

Adani Iron Ore Mining Private Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
301

302

Total Liabilities
Income Income
Adani Ahmedabad International Airport 0% 0.01 0% (0.00) 0% - 0% (0.00)
Limited
Adani Lucknow International Airport 0% 0.01 0% (0.00) 0% - 0% (0.00)
Limited
Adani Jaipur International Airport Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Adani Guwahati International Airport 0% 0.01 0% (0.00) 0% - 0% (0.00)
Limited
Adani Thiruvananthapuram International 0% 0.01 0% (0.00) 0% - 0% (0.00)
Airport Limited
(Formerly known as Adani Trivandrum
International Airport Limited)
Adani Mangaluru International Airport 0% 0.01 0% (0.00) 0% - 0% (0.00)
Limited
(Formerly known as Adani Mangalore
International Airport Limited)
Stratatech Mineral Resources Pvt Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Adani Metro Transport Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Adani Railways Transport Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Mundra Solar Energy Limited 0% - 0% - 0% - 0% -
Gare Palma II Collieries Pvt Limited 0% 0.01 0% (0.00) 0% - 0% (0.00)
Sabarmati Infrastructure Services Limited 0% - 0% - 0% - 0% -
Vijaynagara Smart Solutions Limited 0% - 0% - 0% - 0% -
Gomti Metropolis Solutions Limited 0% - 0% - 0% - 0% -
Brahmaputra Metropolis Solutions Limited 0% - 0% - 0% - 0% -
Periyar Infrastructure Services Limited 0% - 0% - 0% - 0% -
Rajputana Smart Solutions Limited 0% - 0% - 0% - 0% -
Agneya Systems Limited 0% 0.01 0% - 0% - 0% -
Carroballista Systems Limited 0% 0.01 0% - 0% - 0% -
Total Liabilities
Income Income
Foreign Subsidiaries
Adani Global Limited 2% 347.63 0% 0.27 0% 0.02 0% 0.30
Urja Maritime Inc 0% 6.42 1% 6.99 0% 0.32 0% 7.31
Adani Global FZE 23% 4,606.37 8% 84.42 33% 394.22 21% 478.64
Adani Global Pte Limited 45% 8,930.86 48% 516.78 60% 718.68 54% 1,235.46
Adani North America Inc 0% (61.42) 0% (0.10) 0% (5.28) 0% (5.38)
Adani Shipping Pte Limited -1% (170.58) 1% 12.68 -1% (18.06) 0% (5.38)
Pt Adani Global 0% 81.72 -1% (5.88) 0% (3.21) 0% (9.09)
Pt Adani Global Coal Trading 0% 0.22 0% (0.06) 0% 0.15 0% 0.08
Adani Mining Pty Limited -18% (3,621.93) -25% (266.30) 5% 56.73 -9% (209.57)
Galilee Transmission Holding Pty Limited 0% (0.02) 0% (0.00) 0% 0.00 0% (0.00)
Galilee Transmission Pty Limited 0% (0.39) 0% (0.06) 0% 0.02 0% (0.04)
Galilee Transmission Holdings Trust 0% (0.05) 0% - 0% 0.00 0% 0.00
Adani Minerals Pty Limited 0% 4.83 0% 0.38 0% (0.30) 0% 0.08
Adani Infrastructure Pty Limited 0% (6.67) 0% (0.27) 0% 0.42 0% 0.15
Pt Coal Indonesia 0% (21.53) -1% (5.72) 0% 1.09 0% (4.64)
Pt Sumber Bara 0% 0.43 0% (0.01) 0% (0.00) 0% (0.01)
Pt Energy Resources 0% 0.41 0% 0.31 0% (0.02) 0% 0.29
Pt Suar Harapan Bangsa 0% 0.09 0% (0.01) 0% (0.00) 0% (0.02)
Pt Tambang Sejahtera Bersama 0% 4.04 0% (0.11) 0% (0.29) 0% (0.40)
Pt Niaga Antar Bangsa 0% 2.14 0% 1.09 0% 0.35 0% 1.44
Pt Niaga Lintas Samudra 0% 6.11 0% 1.09 0% (0.14) 0% 0.95
Pt Gemilang Pusaka Pertiwi 0% 0.92 0% (0.00) 0% (0.07) 0% (0.07)
Pt Hasta Mundra 0% 0.35 0% (0.03) 0% (0.01) 0% (0.05)
Rahi Shipping Pte Limited 0% 80.12 0% 0.04 1% 6.81 0% 6.84

Vanshi Shipping Pte Limited 1% 99.80 0% (1.71) 1% 8.55 0% 6.84
Aanya Maritime Inc. 1% 141.81 2% 17.44 1% 11.72 1% 29.16
303

304

Total Liabilities
Income Income
Aashna Maritime Inc. 1% 136.97 2% 16.80 1% 11.30 1% 28.11
Adani Global DMCC 0% 13.17 0% 4.90 0% 1.02 0% 5.92
Pt Lamindo Inter Multikon 0% (62.73) -2% (21.32) 0% 3.39 -1% (17.93)
Queensland Ripa Holdings Trust 0% (0.05) 0% (0.04) 0% 0.00 0% (0.03)
Queensland Ripa Finance Pty Limited 0% (0.02) 0% (0.02) 0% 0.00 0% (0.02)
Adani Renewable Assets Pty Limited 0% 0.00 0% (0.00) 0% 0.00 0% (0.00)
Adani Rugby Run Pty Limited 0% (0.00) 0% (0.01) 0% (0.00) 0% (0.01)
Whyalla Renewables Trust 0% (2.12) 0% (2.19) 0% 0.10 0% (2.09)
Whyalla Renewable Holdings Trust 0% 0.00 0% (0.00) 0% 0.00 0% (0.00)
Adani Rugby Run Finance Pty Limited 0% 0.13 0% 0.17 0% (0.01) 0% 0.16
Adani Renewable Asset Holdings Pty 0% 0.01 0% - 0% 0.00 0% 0.00
Limited
Whyalla Renewables Pty Limited 0% 0.00 0% (0.00) 0% (0.00) 0% (0.00)
Whyalla Renewable Holdings Pty Limited 0% 0.00 0% (0.00) 0% 0.00 0% (0.00)
Queensland Ripa Holdings Pty Limited 0% 0.00 0% - 0% - 0% -
Queensland Ripa Trust 0% (26.22) -3% (27.43) 0% 1.22 -1% (26.21)
Adani Global Royal Holding Pte Limited 0% 0.01 0% - 0% (0.00) 0% (0.00)
Adani Renewable Assets Holdings Trust 0% (45.50) 0% 0.10 0% 2.91 0% 3.01
Adani Renewable Assets Trust 0% 0.00 0% 0.00 0% 0.00 0% 0.00
Adani Rugby Run Trust -1% (128.67) -7% (81.10) 1% 6.85 -3% (74.25)
Adani Australia Pty Limited 0% (0.09) 0% (0.04) 0% 0.01 0% (0.03)
Queensland Ripa Pty Limited 0% 0.00 0% - 0% (0.00) 0% (0.00)
Galilee Basin Conservation And Research 0% 1.49 0% (0.02) 0% (0.04) 0% (0.07)
Fund
North West Rail Pty Limited 0% 0.01 0% 0.00 0% (0.00) 0% 0.00
North West Rail Holdings Pty Limited 0% 0.00 0% - 0% - 0% -
NW Rail Operations Pte Limited 0% (0.02) 0% (0.02) 0% (0.00) 0% (0.02)
Total Liabilities
Income Income
Galilee Biodiversity Company Pty Limited 0% 0.00 0% 0.00 0% (0.00) 0% (0.00)
Total - Subsidiaries (A) 17,512.19 741.69 1,196.46 1,938.15
Less: Non Controlling Interests
Adani Welspun Exploration Limited 294.72 (47.25) 0.00 (47.25)
Parsa Kente Collieries Limited 17.75 8.81 0.02 8.83
Rajasthan Collieries Limited (2.60) (1.49) 0.01 (1.48)
Mundra Solar Technopark Private Limited (219.56) (69.89) 0.00 (69.88)
Mundra Solar Pv Limited 252.24 17.51 0.18 17.68
Mundra Solar Limited (0.01) (0.00) - (0.00)
Adani Green Technology Limited (0.34) (0.12) - (0.12)
Prayagraj Water Private Limited 2.04 0.02 0.00 0.02
Bilaspur Patharpali Road Private Limited 7.14 0.19 0.00 0.19
Adani Rugby Run Finance Pty Limited 0.01 0.02 0.00 0.02
Mancherial Repallewada Road Pvt Limited (0.38) (0.38) - (0.38)
Suryapet Khammam Road Pvt Limited 0.00 0.00 - 0.00
Alpha Design Technologies Private Limited 912.36 (5.59) 0.13 (5.46)
Gidhmuri Paturia Collieries Private Limited 0.00 (0.00) - (0.00)
Adani Naval Defence Systems And 0.00 (0.00) - (0.00)
Total Non Controlling Interests (B) 1,263.37 (98.18) 0.34 (97.84)
305

306

Total Liabilities
Income Income
Jointly Controlled Entities
Adani-Elbit Advanced Systems (Ind) Limited 0% (3.97) 0% (1.66) 0% - 0% (1.66)
Adani Chendipada Mining Private Limited 0% (0.00) 0% - 0% - 0% -
Adani Wilmar Limited - Consolidated 5% 968.05 21% 222.13 0% - 10% 222.13
Adani Wilmar Pte Limited 0% 81.89 2% 22.75 0% (0.72) 1% 22.03
Carmichael Rail Network Trust 0% - 0% - 0% - 0% -
Adani Global Resources Pte Limited 0% (0.00) 0% (0.00) 0% - 0% (0.00)
Carmichael Rail Network Holdings Pty 0% 0.00 0% - 0% - 0% -
Limited
Carmichael Rail Assets Holdings Trust 0% - 0% - 0% - 0% -
Jhar Mining Infra Private Limited 0% (0.03) 0% - 0% - 0% -
Carmichael Rail Network Pty Limited 0% - 0% - 0% - 0% -
Adani Total LNG Singapore Pte Limited 0% 11.88 0% (0.23) 1% 12.11 1% 11.88
Total - Jointly Controlled Entities (C) 1,057.82 242.99 11.39 254.37
Associates
Vishakha Industries Private Limited 0% 0.28 0% 0.01 0% - 0% 0.01
Adani Solar USA Inc - Consolidated 0% (0.03) 0% - 0% - 0% -
CSPGCL AEL Parsa Collieries Limited 0% - 0% - 0% - 0% -
GSPC LNG Limited 0% 8.34 0% 0.01 0% - 0% 0.01
Autotec Systems Pvt Limited 0% 0.31 0% (0.16) 0% (0.01) 0% (0.16)
Comprotech Engineering Pvt Limited 0% (0.37) 0% 0.38 0% - 0% 0.38
Alpha Design Technology Limited (upto 18th 0% - 0% (1.24) 0% - 0% (1.24)
April, 2019)
Adani Power Resources Ltd 0% (0.00) 0% (0.00) 0% - 0% (0.00)
Total - Associates (D) 8.52 (1.00) (0.01) (1.01)
Total (A-B+C+D) 100% 19,841.91 100% 1,081.86 100% 1,207.50 100% 2,289.36
Less: Adjustments arising out of 2,895.34 (56.31) (30.62) (86.93)
consolidation
Consolidated Net Assets / Profit after Tax 16,946.57 1,138.17 1,238.12 2,376.29
Note : Figures in crore and Percentage are being nullified at few places on being rounded off.

Corporate Overview
58 Some of the subsidiaries, jointly controlled entities and associates were consolidated based on the unaudited financial
statements in the previous year. The difference between the audited vis-a-vis unaudited financial statements being
insignificant, have been considered in the current financial year.
59 Due to outbreak of COVID-19 globally and in India, the Company’s management has made initial assessment of likely
adverse impact on business and financial risks, and believes that the impact is likely to be short term in nature. The
management does not see any medium to long term risks in the Company’s ability to continue as a going concern and
meeting its liabilities as and when they fall due.
60 Events occurring after the Balance sheet Date
Statutory Reports
The Group evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval
of the financial statements to determine the necessity for recognition and/or reporting of any of these events and
transactions in the financial statements. There are no subsequent events to be recognised or reported that are not
already disclosed.
61 Approval of Consolidated Financial Statements

The Consolidated Financial Statements were approved for issue by the Board of Directors on 6th May, 2020.



Notice
Form No. AOC - 1
308
Salient features of the financial statement of Subsidiaries / Associate/ Jointly Controlled Entities as per Companies Act, 2013
(Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)
Part “A” : Subsidiaries
Sr. Entity Name Reporting Currency Share Other Equity Total Total Investment Sales Profit / Provision Profit / % of
No. Period Capital Assets Liabilities Turnover (Loss) before for (Loss) After Shareholding
taxation Taxation taxation
1 Adani Agri Fresh Limited 2019-20 INR 102.57 (116.41) 223.01 236.85 13.94 331.92 (17.05) 0.00 (17.05) 100% by AEL
2 Mundra Synenergy Limited 2019-20 INR 0.05 (0.20) 60.47 60.63 - - (0.01) - (0.01) 100% by AEL

Synenergy Ltd)
3 Adani Defence Systems And 2019-20 INR 386.45 46.25 434.13 1.42 376.06 2.74 (1.77) (0.00) (1.77) 100% by AEL
Technologies Limited (ADSTL)
4 Adani Land Defence Systems And 2019-20 INR 1.75 (0.19) 1.57 0.00 - - (0.17) - (0.17) 100% by ADSTL
5 Adani Aerospace And Defence 2019-20 INR 0.05 (0.02) 0.03 0.00 - - (0.00) - (0.00) 100% by ADSTL
Limited
6 Adani Naval Defence Systems And 2019-20 INR 0.05 (0.02) 0.03 0.00 - - (0.01) - (0.01) 91% by ADSTL
7 Adani Cementation Limited 2019-20 INR 0.05 (0.15) 104.45 104.55 0.60 - (0.01) 0.10 (0.11) 100% by AEL
8 Adani Shipping India Private 2019-20 INR 0.05 (0.09) 1.10 1.15 - 3.99 0.26 0.07 0.19 100% by AEL
Limited
9 Natural Growers Private Limited 2019-20 INR 47.30 (41.97) 10.91 5.57 - - (17.17) 0.00 (17.17) 100% by AEL
10 Adani Welspun Exploration Limited 2019-20 INR 1,138.78 (148.64) 993.73 3.59 0.01 - (134.99) - (134.99) 65% by AEL
11 Talabira (Odisha) Mining Private 2019-20 INR 1.96 (0.14) 72.37 70.55 - - (0.01) 0.00 (0.01) 100% by AEL
Limited
12 Parsa Kente Collieries Limited 2019-20 INR 0.50 67.76 2,503.35 2,435.09 - 1,624.90 45.56 11.51 34.05 74% by AEL
13 Chendipada Collieries Private 2019-20 INR 0.05 (0.25) 0.06 0.26 - - (0.22) 0.00 (0.22) 100% by AEL
Limited
14 Adani Resources Private Limited 2019-20 INR 0.01 0.65 4.79 4.13 - 11.30 0.19 0.05 0.14 100% by AEL
15 Surguja Power Private Limited 2019-20 INR 0.01 (3.78) 6.60 10.38 - - (0.95) 0.00 (0.95) 100% by AEL
16 Rajasthan Collieries Limited 2019-20 INR 0.50 (10.51) 8.54 18.55 - - (5.67) - (5.67) 74% by AEL
17 Adani Bunkering Private Limited 2019-20 INR 1.69 155.81 761.47 603.98 0.00 669.33 35.93 8.55 27.38 100% by AGPTE
18 Adani Commodities LLP 2019-20 INR 724.35 - 724.35 0.00 724.35 - (0.00) 0.00 (0.00) 100% by AEL,
0% by AIPL
19 Adani Tradecom LLP (ATRDC LLP) 2019-20 INR 0.05 - 0.05 0.00 0.01 - (0.00) - (0.00) 99.83% by AEL,
0.17 % by AIPL
20 Adani Tradewing LLP 2019-20 INR 0.05 - 0.05 0.00 0.02 - (0.00) - (0.00) 99.98% by AEL,
0.02% by AIPL
21 Adani Tradex LLP 2019-20 INR 195.09 - 195.94 0.85 195.00 - 0.14 0.10 0.04 99.999% by AEL,
0.001 % by AIPL
22 Adani Infrastructure Private 2019-20 INR 0.05 (0.02) 0.04 0.00 0.00 - (0.00) 0.00 (0.00) 100% by AEL
Limited (AIPL)
Form No. AOC - 1 (Part A Contd..)
23 Gare Pelma III Collieries Limited 2019-20 INR 0.10 (8.11) 86.88 94.90 - 0.59 (8.09) 0.00 (8.10) 100% by AEL
24 Mundra Solar Technopark Private 2019-20 INR 4.98 (400.69) 1,391.49 1,787.20 0.05 26.84 (127.18) 0.01 (127.19) 38.15% by AGTL,
Limited 25.10% by MSL,
25.10% by MSPVL
25 Bailadila Iron Ore Mining Private 2019-20 INR 0.10 (0.01) 63.64 63.55 - - (0.01) - (0.01) 100% by AEL
Limited
26 Adani Road Transport Limited 2019-20 INR 0.01 0.96 312.65 311.69 21.09 50.02 1.22 0.36 0.85 100% by AEL
Transport Ltd) (ARTL)
27 Bilaspur Pathrapali Road Private 2019-20 INR 26.33 1.15 266.36 238.89 40.61 340.13 1.23 0.48 0.75 74% by AEL
Limited
28 Mundra Solar Pv Limited (MSPVL) 2019-20 INR 750.00 (403.61) 3,024.02 2,677.63 1.25 2,355.28 13.47 (22.99) 36.46 100% by AGTL
29 Mundra Copper Limited 2019-20 INR 0.01 (0.01) 1.60 1.60 - - (0.00) - (0.00) 100% by AEL
30 Mahaguj Power LLP 2019-20 INR 0.29 (0.26) 0.03 0.00 0.03 - (0.01) 0.00 (0.01) 99.9% by AEL,
0.1% by AIPL
31 Adani Rave Gears India Limited 2019-20 INR 0.01 (0.00) 0.01 0.00 - - (0.00) 0.00 (0.00) 100% by ADSTL
32 Prayagraj Water Private Limited 2019-20 INR 8.02 (0.17) 59.76 51.91 3.50 46.84 0.08 0.00 0.07 74% by AEL
33 Adani Water Limited 2019-20 INR 0.01 0.10 17.65 17.54 7.60 39.58 0.16 0.04 0.12 100% by AEL
34 Gidhmuri Paturia Collieries Private 2019-20 INR 0.01 (0.01) 7.47 7.47 - - (0.01) 0.00 (0.01) 74% by AEL
Limited
35 Mundra Solar Limited (MSL) 2019-20 INR 0.05 (0.03) 192.10 192.07 1.25 - (0.01) 0.00 (0.01) 100% by AGTL
36 Adani Green Technology Limited 2019-20 INR 300.01 (0.69) 302.07 2.76 301.96 - (0.25) 0.00 (0.25) 51% by ATRDC
(AGTL) LLP
37 Mancherial Repallewada Road Pvt 05.04.2019 INR 0.01 (1.47) 9.12 10.58 - - (1.97) (0.49) (1.47) 74% by ARTL
Limited to 31.03.2020
38 Suryapet Khammam Road Pvt 12.04.2019 to INR 0.01 0.01 87.89 87.87 - 54.72 0.01 0.00 0.01 74% by ARTL
Limited 31.03.2020
39 Alpha Design Technologies Private 19.04.2019 to INR 49.59 552.95 1,186.33 583.79 - 405.91 21.67 14.54 7.13 26% by ADSTL
Limited 31.03.2020
40 Adani Airport Holdings Limited 02.08.2019 INR 0.01 (0.14) 0.01 0.14 - - (0.14) - (0.14) 100% by AEL
(Formerly known as Adani Airports to 31.03.2020
Ltd) (AAHL)
41 Kurmitar Mining Private Limited 19.09.2019 to INR 0.01 (0.00) 0.01 0.00 - - (0.00) 0.00 (0.00) 100% by AEL
31.03.2020
42 Gare Pelma II Mining Private 29.07.2019 to INR 0.01 (0.01) 0.02 0.02 - - (0.01) - (0.01) 100% by AEL
Limited 31.03.2020
43 Flaire Unmanned Systems Private 13.09.2019 to INR 4.00 (0.01) 4.02 0.03 - - (0.01) - (0.01) 100% by ADSTL
Limited 31.03.2020
44 Kurmitar Iron Ore Mining Private 18.10.2019 to INR 0.01 (0.00) 1.28 1.28 - - (0.00) - (0.00) 100% by AEL
Limited 31.03.2020
309

310
45 Adani Iron Ore Mining Private 22.10.2019 to INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Limited 31.03.2020
46 Adani Ahmedabad International 26.09.2019 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Airport Limited to 31.03.2020
47 Adani Lucknow International 06.09.2019 INR 0.01 (0.00) 0.01 0.00 - - (0.00) 0.00 (0.00) 100% by AEL
48 Adani Jaipur International Airport 26.09.2019 INR 0.01 (0.00) 0.01 0.00 - - (0.00) 0.00 (0.00) 100% by AEL
49 Adani Guwahati International 23.09.2019 INR 0.01 (0.00) 0.01 0.00 - - (0.00) 0.00 (0.00) 100% by AEL
50 Adani Thiruvananthapuram 24.09.2019 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
International Airport Limited to 31.03.2020
Trivandrum International Airport
Limited)
51 Adani Mangaluru International 25.09.2019 INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
Mangalore International Airport
Limited)
52 Stratatech Mineral Resources Pvt 03.10.2019 to INR 0.01 (0.00) 0.01 0.01 - - (0.00) - (0.00) 100% by AEL
Limited 31.03.2020
53 Adani Metro Transport Limited 16.10.2019 to INR 0.01 (0.00) 0.01 0.00 - - (0.00) - (0.00) 100% by AEL
31.03.2020
54 Adani Railways Transport Limited 22.10.2019 to INR 0.01 (0.00) 0.01 0.00 - - (0.00) 0.00 (0.00) 100% by AEL
31.03.2020
18.10.2019 to
55 Mundra Solar Energy Limited INR - - - - - - - - - 51% by AGTL
01.01.2020
07.11.2019 to
56 Gare Palma II Collieries Pvt Limited INR 0.01 (0.00) 26.58 26.57 - - (0.00) 0.00 (0.00) 100% by AEL
31.03.2020
Sabarmati Infrastructure Services 07.02.2020
57 INR - - - - - - - - - 100% by AAHL
Vijaynagara Smart Solutions 10.02.2020
58 INR - - - - - - - - - 100% by AAHL
Gomti Metropolis Solutions 10.02.2020
59 INR - - - - - - - - - 100% by AAHL
Brahmaputra Metropolis Solutions 12.02.2020 to
60 INR - - - - - - - - - 100% by AAHL
Limited 31.03.2020
Periyar Infrastructure Services 10.02.2020
61 INR - - - - - - - - - 100% by AAHL
06.03.2020
62 Rajputana Smart Solutions Limited INR - - - - - - - - - 100% by AAHL
to 31.03.2020
19.02.2020
63 Agneya Systems Limited INR 0.01 - 0.01 - - - - - - 100% by ADSTL
to 31.03.2020
19.02.2020
64 Carroballista Systems Limited INR 0.01 - 0.01 - - - - - - 100% by ADSTL
to 31.03.2020
USD Mio 6.40 39.54 45.97 0.03 45.91 - 0.04 0.00 0.04
65 Adani Global Ltd. (AGL) 2019-20 100% by AEL
INR 48.43 299.20 347.87 0.24 347.34 - 0.27 - 0.27
USD Mio 27.60 1,152.72 2,454.92 1,274.60 69.05 3,005.84 77.62 4.64 72.98
66 Adani Global PTE Ltd. (AGPTE) 2019-20 100% by AGL
INR 208.84 8,722.03 18,575.16 9,644.29 522.45 21,285.94 549.67 32.89 516.78
USD Mio 0.01 0.84 23.91 23.06 - 5.49 0.99 - 0.99
67 Urja Maritime Inc (URMINC) 2019-20 100% by ASPL
INR 0.08 6.35 180.88 174.46 - 38.88 6.99 - 6.99
USD Mio 0.04 10.55 54.78 44.19 - 7.69 0.00 - 0.00
68 Rahi Shipping PTE Ltd. (RS PT) 2019-20 100% by ASPL
INR 0.30 79.82 414.49 334.38 - 54.43 0.04 - 0.04
USD Mio 0.04 13.15 54.78 41.59 - 7.69 (0.24) 0.00 (0.24)
69 Vanshi Shipping PTE Ltd. (VS PT) 2019-20 100% by ASPL
INR 0.30 99.50 414.50 314.70 - 54.43 (1.71) 0.00 (1.71)
USD Mio 0.00 18.74 43.56 24.81 - 8.42 2.46 - 2.46
70 Aanya Maritime Inc. (AAMMINC) 2019-20 100% by ASPL
INR 0.01 141.81 329.57 187.76 - 59.61 17.44 - 17.44
USD Mio 0.00 18.10 44.62 26.52 - 8.42 2.37 - 2.37
71 Aashna Maritime Inc. (AASMINC) 2019-20 100% by ASPL
INR 0.01 136.97 337.65 200.68 - 59.61 16.80 - 16.80
USD Mio 0.00 (22.54) 133.01 155.55 0.09 317.47 1.79 - 1.79
72 Adani Shipping PTE Ltd. (ASPL) 2019-20 100% by AGPTE
INR 0.00 (170.58) 1,006.41 1,176.99 0.69 2,248.20 12.68 - 12.68
NW Rail Operations Pte Limited 27.05.2019 to USD Mio 0.00 (0.00) 0.00 0.00 0.00 - (0.00) - (0.00)
73 100% by AGPTE
(NWRPTE) 31.03.2020 INR 0.00 (0.02) 0.01 0.02 0.01 - (0.02) - (0.02)
USD Mio 0.01 (8.13) 6.25 14.37 - - (0.01) - (0.01)
74 Adani North America Inc (ANINC) 2019-20 100% by AGPTE
INR 0.08 (61.50) 47.30 108.73 - - (0.10) - (0.10)
Adani Global Royal Holding Pte USD Mio 0.00 - 0.00 0.00 0.00 - - - -
75 2019-20 100% by AGPTE
Ltd. (AGRHPTE) INR 0.01 - 0.01 0.00 0.01 - - - -
AED Mio 16.60 2,219.50 4,233.72 1,997.62 1.00 6,327.14 43.79 - 43.79
76 Adani Global FZE (AGFZE) 2019-20 100% by AGL
INR 34.20 4,572.18 8,721.47 4,115.09 2.06 12,196.00 84.42 - 84.42
AED Mio 1.00 5.39 293.53 287.14 - 430.78 2.54 - 2.54
77 Adani Global DMCC (AGDMCC) 2019-20 100% by AGFZE
INR 2.06 11.11 604.67 591.50 - 830.36 4.90 - 4.90
IDR Mio 2,31,548.85 (55,798.08) 180,734.79 4,984.02 6,358.00 6,000.00 (14,624.76) (2,832.87) (11,791.90) 95% by AGPTE,
78 PT Adani Global (PT AGL) 2019-20
INR 107.67 (25.95) 84.04 2.32 2.96 2.99 (7.29) (1.41) (5.88) 5% by AGL
PT Adani Global Coal Trading IDR Mio 6,701.83 (6,221.18) 906.39 425.74 42.00 - (122.97) - (122.97) 95% by AGPTE,
79 2019-20
(PTAGCT) INR 3.12 (2.89) 0.42 0.20 0.02 - (0.06) - (0.06) 5 % by AGL
IDR Mio 1,500.00 (47,790.77) 4,987.60 51,278.36 - 3,455.13 (11,463.37) 17.28 (11,480.65) 99.33% by PTAGL,
80 PT Coal Indonesia (PT CT) 2019-20
INR 0.70 (22.22) 2.32 23.84 - 1.72 (5.71) 0.01 (5.72) 0.67% by PTAGCT
311

312
IDR Mio 1,500.00 (582.80) 962.20 45.00 765.00 - (21.13) (0.88) (20.26) 99.33% by PTAGL,
81 PT Sumber Bara (PT SB) 2019-20
INR 0.70 (0.27) 0.45 0.02 0.36 - (0.01) (0.00) (0.01) 0.67% by PTAGCT
IDR Mio 1,500.00 (615.76) 1,598.60 714.36 255.00 7,869.24 798.91 170.28 628.63 99.33% by PTAGL,
82 PT Energy Resources (PT ER) 2019-20
INR 0.70 (0.29) 0.74 0.33 0.12 3.92 0.40 0.08 0.31 0.67% by PTAGCT
IDR Mio 550.00 (352.10) 12,662.35 12,464.45 - - (32.77) (9.37) (23.40) 75% by PTNAB,
83 PT Suar Harapan Bangsa (PT SHB) 2019-20
INR 0.26 (0.16) 5.89 5.80 - - (0.02) (0.00) (0.01) 25% by PTNLS
PT Tambang Sejahtera Bersama IDR Mio 9,250.00 (554.10) 8,737.10 41.20 - - (217.23) 0.60 (217.83) 75% by PTNAB,
84 2019-20
(PT TSB) INR 4.30 (0.26) 4.06 0.02 - - (0.11) 0.00 (0.11) 25% by PTNLS
IDR Mio 510.00 4,088.58 23,139.55 18,540.97 17,858.00 4,744.27 2,210.15 23.72 2,186.43 75% by PTSB,
85 PT Niaga Antar Bangsa (PT NAB) 2019-20
INR 0.24 1.90 10.76 8.62 8.30 2.37 1.10 0.01 1.09 25% by PTER
IDR Mio 510.00 12,637.31 12,348.91 (798.40) 5,952.00 4,691.34 2,207.19 23.46 2,183.73 75% by PTSB,
86 PT Niaga Lintas Samudra (PT NLS) 2019-20
INR 0.24 5.88 5.74 (0.37) 2.77 2.34 1.10 0.01 1.09 25% by PTER
PT Gemilang Pusaka Pertiwi (PT IDR Mio 2,510.00 (528.72) 2,013.28 32.00 - - (9.48) (0.57) (8.91) 75% by PTNAB &
87 2019-20
GPP) INR 1.17 (0.25) 0.94 0.01 - - (0.00) (0.00) (0.00) 25% by PTNLS
IDR Mio 1,000.00 (245.81) 2,442.84 1,688.65 - - (0.46) 62.74 (63.20) 75% by PTNAB &
88 PT Hasta Mundra (PT HM) 2019-20
INR 0.46 (0.11) 1.14 0.79 - - (0.00) 0.03 (0.03) 25% by PTNLS
PT Lamindo Inter Multikon (PT IDR Mio 10,500.00 (1,45,410.35) 4,52,246.19 5,87,156.54 200.00 3,76,490.82 (54,828.78) (12,063.12) (42,765.66) 75% by PTNAB,
89 2019-20
LIM) INR 4.88 (67.62) 210.29 273.03 0.09 187.68 (27.33) (6.01) (21.32) 25% by PTNLS
AUD Mio 8.69 (794.79) 1,516.81 2,302.91 0.20 - (54.51) 0.36 (55.22)
90 Adani Mining PTY Ltd. (AMPTY) 2019-20 100% by AGPTE
INR 40.06 (3,661.99) 6,988.72 10,610.65 0.93 - (262.86) 1.72 (266.30)
Galilee Transmission Holding PTY AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - (0.00) - (0.00)
91 2019-20 100% by AMPTY
Ltd. (GTHPL) INR 0.00 (0.02) 0.00 0.02 0.00 - (0.00) - (0.00)
Galilee Transmission PTY Ltd. AUD Mio 0.00 (0.08) 0.00 0.09 - - (0.01) - (0.01)
92 2019-20 100% by GTHPL
(GTPTYL) INR 0.00 (0.39) 0.02 0.41 - - (0.06) - (0.06)
Galilee Transmission Holdings AUD Mio 0.00 (0.01) 0.00 0.01 - - - - -
93 2019-20 100% by GTPL
Trust (GTHL) INR 0.00 (0.05) 0.00 0.05 - - - - -
Adani Minerals PTY Ltd. AUD Mio 1.50 (0.45) 1.08 0.03 - - 0.08 0.00 0.08 90% by AGPTE
94 2019-20
(AMRLPTY) INR 6.91 (2.08) 4.96 0.13 - - 0.38 0.00 0.38 10% by AEL
Adani Infrastructure PTY Ltd. AUD Mio 0.00 (1.45) 9.61 11.06 - - (0.06) - (0.06)
95 2019-20 100% by AGPTE
(AIPTYL) INR 0.00 (6.67) 44.28 50.95 - - (0.27) - (0.27)
Queensland RIPA Holdings Trust AUD Mio 0.00 (0.01) 0.00 0.01 0.00 - (0.01) - (0.01) 100% by
96 2019-20
(QRHT) INR 0.00 (0.06) 0.00 0.06 0.00 - (0.04) - (0.04) AGRHPTE
Queensland RIPA Finance PTY Ltd AUD Mio 0.00 (0.00) 0.00 0.00 - - (0.00) - (0.00)
97 2019-20 100% by QRT
(QRFPTYL) INR 0.00 (0.02) 0.01 0.02 - - (0.02) - (0.02)
Adani Renewable Assets PTY Ltd. AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - (0.00) - (0.00) 100% by
98 2019-20
(ARAPL) INR 0.00 (0.00) 0.01 0.01 0.00 - (0.00) - (0.00) ARAHPTYL
Adani Rugby Run PTY Ltd. AUD Mio 0.00 (0.00) 0.00 0.00 - - (0.00) - (0.00)
99 2019-20 100% by ARAPL
(ARRPTYL) INR 0.00 (0.01) 0.01 0.01 - - (0.01) - (0.01)
AUD Mio 0.00 (0.46) 1.66 2.12 - - (0.45) - (0.45)
100 Whyalla Renewables Trust (WRT) 2019-20 100% by WRHT
INR 0.00 (2.13) 7.65 9.78 - - (2.19) - (2.19)
Whyalla Renewable Holdings Trust AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - (0.00) - (0.00)
101 2019-20 100% by ARAHT
(WRHT) INR 0.00 (0.00) 0.01 0.01 0.00 - (0.00) - (0.00)
Adani Rugby Run Finance PTY Ltd AUD Mio 0.00 0.03 81.13 81.10 - - 0.05 0.01 0.03
102 2019-20 90% by ARRT
(ARRFPTYL) INR 0.00 0.13 373.81 373.68 - - 0.22 0.06 0.17
Adani Renewable Asset Holdings AUD Mio 0.00 - 6.82 6.82 0.00 - 0.00 0.00 -
103 2019-20 100% by AGPTE
PTY Ltd. (ARAHPTYL) INR 0.00 - 31.42 31.41 0.01 - 0.01 0.01 -
Whyalla Renewables PTY Ltd AUD Mio 0.00 (0.00) 0.00 0.00 - - (0.00) - (0.00) 100% by
104 2019-20
(WRPTYL) INR 0.00 (0.00) 0.01 0.00 - - (0.00) - (0.00) WRHPTYL
Whyalla Renewable Holdings PTY AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - (0.00) - (0.00) 100% by
105 2019-20
Ltd (WRHPTYL) INR 0.00 (0.00) 0.01 0.01 0.00 - (0.00) - (0.00) ARAHPTYL
Queensland RIPA Holdings PTY Ltd AUD Mio 0.00 - 0.02 0.02 0.00 - - - - 100% by
106 2019-20
(QRHPTYL) INR 0.00 - 0.08 0.07 0.00 - - - - AGRHPTE
AUD Mio 0.00 (5.69) 140.01 145.70 0.00 - (5.69) - (5.69)
107 Queensland RIPA Trust (QRT) 2019-20 100% by QRHT
INR 0.00 (26.22) 645.07 671.29 0.00 - (27.43) - (27.43)
Adani Renewable Assets Holdings AUD Mio 0.00 (9.88) 1.47 11.35 0.00 - 0.02 - 0.02
108 2019-20 100% by AGPTE
Trust (ARAHT) INR 0.00 (45.50) 6.80 52.30 0.01 - 0.10 - 0.10
Adani Renewable Assets Trust AUD Mio 0.00 (0.00) 0.00 0.00 0.00 - 0.00 - 0.00
109 2019-20 100% by ARAHT
(ARAT) INR 0.00 (0.00) 0.01 0.00 0.00 - 0.00 - 0.00
AUD Mio 0.00 (27.93) 126.26 154.19 0.00 9.34 (16.82) - (16.82)
110 Adani Rugby Run Trust (ARRT) 2019-20 100% by ARAT
INR 0.00 (128.67) 581.75 710.42 0.00 45.04 (81.10) - (81.10)
AUD Mio 0.00 (0.02) 1.78 1.80 - - (0.01) - (0.01)
111 Adani Australia PTY Ltd (AAPTYL) 2019-20 100% by AGPTE
INR 0.00 (0.10) 8.21 8.30 - - (0.04) - (0.04)
Queensland RIPA PTY Ltd. AUD Mio 0.00 - 0.00 0.00 - - - - - 100% by
112 2019-20
(QRPTYL) INR 0.00 - 0.02 0.01 - - - - - QRHPTYL
Galilee Biodiversity Company PTY AUD Mio 0.00 0.00 0.00 (0.00) - - 0.00 - 0.00
113 2019-20 100% by AMPTY
Ltd. (GBCPTYL) INR 0.00 0.00 0.00 (0.00) - - 0.00 - 0.00
Galilee Basin Conservation And 09.04.2019 AUD Mio 0.20 (0.00) 0.20 0.00 - - (0.00) - (0.00)
114 100% by AMPTY
Research Fund (GBCRF) to 31.03.2020 INR 1.51 (0.02) 1.52 0.03 - - (0.02) - (0.02)
North West Rail Pty Limited 31.05.2019 to AUD Mio 0.00 0.00 24.45 24.45 - - 0.00 0.00 0.00 100% by
115
(NWRPTY) 31.03.2020 INR 0.00 0.00 112.64 112.63 - - 0.00 0.00 0.00 NWRHPTY
North West Rail Holdings Pty 31.05.2019 to AUD Mio 0.00 - 0.00 0.00 0.00 - - - -
116 100% by NWRPTE
Limited (NWRHPTY) 31.03.2020 INR 0.00 - 0.01 0.00 0.00 - - - -
Notes:
1) As at 31st March, 2020 : 1 USD = H 75.665, 1 AED = H 20.6, 1 AUD = H 46.075, 1 IDR = H 0.0046
2) Average Rate for the year : 1 USD = H 70.8152, 1 AED = H 19.2757, 1 AUD = H 48.2234, 1 IDR = H 0.0050
3) Few figures are being nullified on being rounded off.
313

Names of Subsidiaries which are yet to commence operations
Sr. Company Name Sr. Company Name

No. No.
1 Mundra Synenergy Ltd. 42 Sabarmati Infrastructure Services Ltd.
2 Adani Land Defence Systems And Technologies Ltd. 43 Vijaynagara Smart Solutions Ltd.
3 Adani Aerospace And Defence Ltd. 44 Gomti Metropolis Solutions Ltd.
4 Adani Naval Defence Systems And Technologies Ltd. 45 Brahmaputra Metropolis Solutions Ltd.
5 Adani Cementation Ltd. 46 Periyar Infrastructure Services Ltd.
6 Adani Welspun Exploration Ltd. 47 Rajputana Smart Solutions Ltd.
7 Talabira (Odisha) Mining Private Ltd. 48 Adani North America Inc
8 Chendipada Collieries Private Ltd. 49 Adani Global Royal Holding Pte Ltd.
9 Surguja Power Private Ltd. 50 PT Sumber Bara
10 Rajasthan Collieries Ltd. 51 PT Suar Harapan Bangsa
11 Adani Commodities LLP 52 PT Tambang Sejahtera Bersama
12 Adani Tradecom LLP 53 PT Gemilang Pusaka Pertiwi
13 Adani Tradewing LLP 54 PT Hasta Mundra
14 Adani Tradex LLP 55 Adani Mining PTY Ltd.
15 Adani Infrastructure Private Ltd. 56 Galilee Transmission Holding PTY Ltd.
16 Bailadila Iron Ore Mining Private Ltd. 57 Galilee Transmission PTY Ltd.
17 Mundra Copper Ltd. 58 Galilee Transmission Holdings Trust
18 Mahaguj Power LLP 59 Adani Minerals PTY Ltd.
19 Mundra Solar Ltd. 60 Adani Infrastructure PTY Ltd.
20 Adani Green Technology Ltd. 61 Queensland RIPA Holdings Trust
21 Mancherial Repallewada Road Pvt Ltd. 62 Queensland RIPA Finance PTY Ltd
22 Adani Rave Gears India Ltd. 63 Adani Renewable Assets PTY Ltd.
23 Gidhmuri Paturia Collieries Pvt Ltd. 64 Adani Rugby Run PTY Ltd.
24 Adani Airport Holdings Ltd. 65 Whyalla Renewables Trust
25 Kurmitar Mining Private Ltd. 66 Whyalla Renewable Holdings Trust
26 Gare Pelma II Mining Private Ltd. 67 Adani Rugby Run Finance PTY Ltd
27 Flaire Unmanned Systems Private Ltd. 68 Adani Renewable Asset Holdings PTY Ltd.
28 Kurmitar Iron Ore Mining Private Ltd. 69 Whyalla Renewables PTY Ltd
29 Adani Iron Ore Mining Private Ltd. 70 Whyalla Renewable Holdings PTY Ltd
30 Adani Ahmedabad International Airport Ltd. 71 Queensland RIPA Holdings PTY Ltd
31 Adani Lucknow International Airport Ltd. 72 Queensland RIPA Trust
32 Adani Jaipur International Airport Ltd. 73 Adani Renewable Assets Holdings Trust
33 Adani Guwahati International Airport Ltd. 74 Adani Renewable Assets Trust
34 Adani Thiruvananthapuram Airport Ltd. 75 Adani Australia PTY Ltd
35 Adani Mangaluru International Airport Ltd. 76 Queensland RIPA PTY Ltd.
36 Stratatech Mineral Resources Pvt Ltd. 77 Galilee Biodiversity Company PTY Ltd.
37 Adani Metro Transport Ltd. 78 Galilee Basin Conservation And Research Fund
38 Adani Railways Transport Ltd. 79 North West Rail Pty Ltd.
39 Gare Palma II Collieries Pvt Ltd. 80 North West Rail Holdings Pty Ltd.
40 Agneya Systems Ltd. 81 NW Rail Operations Pte Ltd.
41 Carroballista Systems Ltd.
Name of Subsidiary which have been sold during the year
Sr. Company Name

No.
1 Mundra Solar Energy Ltd.
Part : “B” Associates & Jointly Controlled Entities
(Pursuant to first proviso to sub-section (3) of Section 129 Read with Rule 5 of Companies (Accounts) Rules, 2014), related to Associate Companies and Jointly
Controlled Entities
(H in crore)
Sr. Name of Associate / Jointly Latest Shares of Associate / Extent of Description Reason why Networth Profit / (Loss) for the Year
No. Controlled Entity Audited Jointly Controlled Entity Holding % of Associate Attributable to
Balance held by the Company at the Significant / Jointly Shareholding
Sheet Date year end Influence Controlled as per latest
No of Amount of Entity is not audited Considered in Not
Shares Investment Consolidated Balance Sheet Consolidation Considered in
in Associate date Consolidation
/ Jointly
Controlled
Entity
1 Adani Wilmar Ltd - Consolidated 31.03.2019 57,147,443 341.38 50% by ATCM LLP Note - A N.A 1285.33 222.13 -
2 Adani Wilmar Pte Ltd - Consolidated 31.12.2018 3,800,000 25.18 50% by AGPTE Note - A N.A 92.04 22.75 -
CSPGCL AEL Parsa Kente Collieries
3 31.03.2019 - - 49% by AEL Note - A N.A - - -
Ltd (upto 30th January, 2020)
4 GSPC LNG Limited 31.03.2019 48,200,000 48.20 5.46% by AEL Note - A N.A 312.68 0.01 -
5 Vishakha Industries Pvt Ltd 31.03.2019 146,685 5.00 50% by AAFL Note - A N.A 2.42 0.01 -
Adani-Elbit Advance Systems India
6 31.03.2019 18,827,550 18.83 51% by AEL Note - A N.A 12.36 (1.66) -
Ltd
Adani Global Resouces Pte Ltd
7 31.03.2019 1,000 0.01 50% by AGPTE Note - A N.A 0.00 0.00 -
(AGRPTE)
8 Carmichael Rail Network Pty Ltd - 1,000 - 100% by CRNHPL Note - A N.A 0.00 - -
9 Carmichael Rail Network Trust 31.03.2019 1,000 - 100% by CRAHT Note - A N.A (807.23) - (180.69)
Carmichael Rail Network Holdings
10 - 1,000 - 100% by AGRPTE Note - A N.A 0.00 - -
Pty Ltd (CRNHPL)
Carmichael Rail Assets Holdings
11 - 1,000 - 100% by AGRPTE Note - A N.A 0.00 - -
Trust (CRAHT)
12 Autotec Systems Pvt Ltd 31.03.2019 721,277 7.80 26% by ADSTL Note - A N.A 3.26 (0.16) -
13 Comprotech Engineering Pvt Ltd 31.03.2019 137,339 12.38 26% by ADSTL Note - A N.A 3.85 0.38 -
14 Adani Chendipada Mining Pvt Ltd 31.03.2020 4,900 0.00 49% by AEL Note - A N.A (1.01) - (0.98)
15 Jhar Mining Infra Pvt Ltd 31.03.2020 25,500 0.03 51% by AEL Note - A N.A (0.15) - (0.02)
Adani Power Resources Ltd
16 31.03.2020 49,000 0.02 49% by AEL Note - A N.A 0.01 (0.00) -
(w.e.f. 8th November, 2019)
17 Adani Solar USA Inc - Consolidated 31.03.2020 4,900 0.04 49% by AGPTE Note - A N.A (45.80) - (41.45)
Adani Total LNG Singapore Pte Ltd
18 - 25,000,001 189.16 50% by AGPTE Note - A N.A 188.92 (0.23) -
(w.e.f. 10th July, 2019)
Alpha Design Technology Limited
19 - - - 26% by ADSTL - N.A - (1.24) -

(upto 18th April, 2019)
Note :
315
A. There is a significant influence due to percantage (%) of Shareholding

Form No. AOC - 1 (Part B Contd..)
Names of Associates & Jointly Controlled Entities which are yet to commence operations
Sr. Company Name Sr. Company Name

No. No.
1 Vishakha Industries Pvt Ltd 7 Jhar Mining Infra Pvt Ltd
2 Carmichael Rail Network Pty Ltd 8 Adani Global Resouces Pte Ltd
3 Carmichael Rail Network Trust 9 Adani Solar USA Inc - Consolidated
4 Carmichael Rail Network Holdings Pty Ltd 10 Adani Total LNG Singapore Pte Ltd
5 Carmichael Rail Assets Holdings Trust 11 Adani Power Resources Ltd
6 Adani Chendipada Mining Pvt Ltd
Name of Associate which have been dissolved during the year
Sr. Company Name

No.
1 CSPGCL AEL Parsa Kente Collieries Ltd
For and on behalf of the Board of Directors
GAUTAM S. ADANI RAJESH S. ADANI JUGESHINDER SINGH JATIN JALUNDHWALA

Chairman Managing Director Chief Financial Officer Company Secretary &
DIN 00006273 DIN 00006322 Joint President (Legal)
Notice
Corporate Overview
NOTICE is hereby given that the 28th Annual General whether in India or overseas (hereinafter collectively
Meeting of Adani Enterprises Limited will be held on referred to as the “Appropriate Authorities”), the
Friday, 26th June, 2020 at 1.00 p.m. through Video enabling provisions of the Memorandum and Articles
Conferencing / Other Audio Visual Means to transact the of Association of the Company, as amended, and
following businesses: the listing agreements entered into by the Company
with the Stock Exchanges and subject to requisite
ORDINARY BUSINESS approvals, consents, permissions and sanctions, if any,
of the Appropriate Authorities and subject to such
1. To receive, consider and adopt the audited financial
Statutory Reports
conditions and modifications as may be prescribed
statements (including audited consolidated by any of them in granting any such approvals,
financial statements) for the financial year ended on consents, permissions, and sanctions (hereinafter
31st March, 2020 and the Reports of the Board of referred as the “Requisite Approvals”) which may be
Directors and Auditors thereon. agreed to by the Board of Directors of the Company
(hereinafter referred as the “Board” which term shall
2. To confirm the payment of interim dividend on Equity
be deemed to include any committee constituted
Shares.
or to be constituted by the Board to exercise its
3. To appoint a Director in place of Mr. Vinay Prakash powers including the powers conferred by this
(DIN: 03634648), who retires by rotation and being resolution, or any person(s) authorised by the Board
eligible offers, himself for re-appointment. or its committee for such purposes), consent of the
Company be and is hereby accorded to the Board in
SPECIAL BUSINESS its absolute discretion, to create, offer, issue and allot,
from time to time in either one or more international
4. To consider and if thought fit, to pass, with or without offerings, in one or more foreign markets, in one or
modification(s), the following resolution as a Special more tranches and/or in the course of one or more
Resolution: domestic offering(s) in India, such number of equity
shares and/or any securities linked to, convertible into
“RESOLVED THAT pursuant to the provisions of
or exchangeable for equity shares including without
Section 42, 62 and all other applicable provisions, if
limitation through Global Depository Receipts (“GDRs”)
any, of the Companies Act, 2013 and the rules framed
and/or American Depository Receipts (“ADRs”) and/
thereunder (including any statutory modification(s) or
or convertible preference shares and/or convertible
re-enactment thereof, for the time being in force) (the
debentures (compulsorily and/or optionally, fully and/
“Companies Act”), the Foreign Exchange Management
or partly) and/or Commercial Papers and/or warrants
Act, 1999, as amended or restated (“FEMA”), the
with a right exercisable by the warrant holder to
Securities and Exchange Board of India (Issue of
exchange or convert such warrants with equity
Capital and Disclosure Requirements) Regulations,
Notice
shares of the Company at a later date simultaneously
2009, as amended or restated (the “ICDR Regulations”),
with the issue of non-convertible debentures and/or
the Issue of Foreign Currency Convertible Bonds
Foreign Currency Convertible Bonds (“FCCBs”) and/
and Ordinary Shares (Through Depository Receipt
or Foreign Currency Exchangeable Bonds (“FCEBs”)
Mechanism) Scheme, 1993, as amended or restated,
and/or any other permitted fully and/or partly paid
the Foreign Exchange Management (Transfer or
securities/ instruments/ warrants, convertible into
Issue of Security by a Person Resident Outside India)
or exchangeable for equity shares at the option of
Regulations 2000, as amended or restated, and
the Company and/or holder(s) of the security(ies)
subject to all other applicable laws, statutes, rules,
and/or securities linked to equity shares (hereinafter
circulars, notifications, regulations and guidelines of
collectively referred to as “Securities”), in registered
the Government of India, the Securities and Exchange
or bearer form, secured or unsecured, listed on a
Board of India (the “SEBI”), the Reserve Bank of India
recognised stock exchange in India or abroad whether
(the “RBI”), the relevant stock exchanges where the
rupee denominated or denominated in foreign
equity shares of the Company are listed (the “Stock
currency, to such investors who are eligible to acquire
Exchanges”) and all other appropriate statutory and
such Securities in accordance with all applicable
regulatory authorities, as may be applicable or relevant,
laws, rules, regulations, guidelines and approvals, provided otherwise under the terms of issue/offering
through public issue(s), rights issue(s), preferential and in the offer document and/or offer letter and/or
issue(s), private placement(s) and / or qualified offering circular and /or listing particulars.
institutional placement in terms of Chapter VIII of
the SEBI (ICDR) Regulations or any combinations RESOLVED FURTHER THAT the Board be and is hereby
thereof, through any prospectus, offer document, authorised to engage, appoint and to enter into and
offer letter, offer circular, placement document or execute all such agreement(s)/ arrangement(s)/ MoUs/
otherwise, at such time or times and at such price placement agreement(s)/ underwriting agreement(s)/
or prices subject to compliance with all applicable deposit agreement(s)/ trust deed(s)/ subscription
laws, rules, regulations, guidelines and approvals, at a agreement/ payment and conversion agency
discount or premium to market price or prices in such agreement/ any other agreements or documents with
manner and on such terms and conditions including any consultants, lead manager(s), co-lead manager(s),
as regards security, rate of interest, etc., as may be manager(s), advisor(s), underwriter(s), guarantor(s),
deemed appropriate by the Board in its absolute depository(ies), custodian(s), registrar(s), agent(s) for
discretion, subject to compliance with all applicable service of process, authorised representatives, legal
laws, rules, regulations, guidelines and approvals, for advisors / counsels, trustee(s), banker(s), merchant
an aggregate amount, not exceeding H 2,500 crore banker(s) and all such advisor(s), professional(s),
(Rupees Two Thousand Five Hundred crore Only) or intermediaries and agencies as may be required
foreign currency equivalent thereof, at such premium or concerned in such offerings of Securities and to
as may from time to time be decided by the Board remunerate them by way of commission, brokerage,
and the Board shall have the discretion to determine fees and such other expenses as it deems fit, listing of
the categories of eligible investors to whom the offer, Securities in one or more Indian/ International Stock
issue and allotment shall be made to the exclusion of Exchanges, authorising any director(s) or any officer(s)
all other categories of investors at the time of such of the Company, severally, to sign for and on behalf
offer, issue and allotment considering the prevailing of the Company offer document(s), arrangement(s),
market conditions and all other relevant factors and application(s), authority letter(s), or any other related
where necessary in consultation with advisor(s), lead paper(s)/documents(s), give any undertaking(s),
manager(s), and underwriter(s) appointed by the affidavit(s), certification(s), declaration(s) including
Company. without limitation the authority to amend or modify
such document(s).
RESOLVED FURTHER THAT without prejudice to the
generality of the above, the issue(s) of Securities may, RESOLVED FURTHER THAT for the purpose of
subject to compliance with all applicable laws, rules, giving effect to the above resolution, consent of the
regulations, guidelines and approvals, have all or any members of the Company be and is hereby accorded
terms, or combination of terms, in accordance with to the Board to do all such acts, deeds, matters and/
domestic and/or international practice, including, but or things, in its absolute discretion and including,
not limited to, conditions in relation to payment of but not limited to finalisation and approval of the
interest, additional interest, premium on redemption, preliminary as well as final document(s), determining
prepayment and any other debt service payments the form, terms, manner of issue, the number of
whatsoever and all other such terms as are provided the Securities to be allotted, timing of the issue(s)/
in offerings of such nature including terms for issue of offering(s) including the investors to whom the
additional equity shares or variation of the conversion Securities are to be allotted, issue price, face value,
price of the Securities during the duration of the number of equity shares or other securities upon
Securities. conversion or redemption or cancellation of the
Securities, premium or discount on issue /conversion/
RESOLVED FURTHER THAT in case of any offering exchange of Securities, if any, rate of interest, period
of Securities, including without limitation any GDRs/ of conversion or redemption, listing on one or more
ADRs/FCCBs/FCEBs/other securities convertible stock exchanges in India and / or abroad and any
into equity shares, consent of the shareholders be other terms and conditions of the issue, including
and is hereby given to the Board to issue and allot any amendments or modifications to the terms of the
such number of equity shares as may be required to Securities and any agreement or document (including
be issued and allotted upon conversion, redemption without limitation, any amendment or modification,
or cancellation of any such Securities referred to after the issuance of the Securities), the execution
above in accordance with the terms of issue/offering of various transaction documents, creation of
in respect of such Securities and such equity shares mortgage/charge in accordance with the provisions
shall rank pari passu with the existing equity shares of the Companies Act and any other applicable laws
of the Company in all respects, except as may be or regulations in respect of any Securities, either on
a pari passu basis or otherwise, fixing of record date of this nature and to provide for the tradability or
or book closure and related or incidental matters as free transferability thereof as per the international
the Board in its absolute discretion deems fit and to practices and/or domestic practices and regulations,
Corporate Overview
settle all questions, difficulties or doubts that may and under the forms and practices prevalent in
arise in relation to the issue, offer or allotment of the international and/or domestic capital markets.
Securities, accept any modifications in the proposal
as may be required by the Appropriate Authorities RESOLVED FURTHER THAT the Securities may be
in such issues in India and / abroad and subject redeemed and/or converted into and/or exchanged
to applicable law, for the utilisation of the issue for the equity shares of the Company (or exchanged
proceeds as it may in its absolute discretion deem fit for equity shares of another company as permitted
without being required to seek any further consent or under applicable law), subject to compliance with
approval of the members or otherwise to the end and all applicable laws, rules, regulations, guidelines and
intent and that the members shall be deemed to have approvals, in a manner as may be provided in the
given their approval thereto for all such acts, deeds, terms of their issue.
matters and/or things, expressly by the authority of
RESOLVED FURTHER THAT in case of a Qualified
Statutory Reports
this resolution.
Institutional Placement (QIP) pursuant to Chapter
RESOLVED FURTHER THAT for the purpose of VIII of the SEBI (ICDR) Regulations, the allotment
giving effect to the above resolution, the Board is of eligible securities within the meaning of Chapter
authorised on behalf of the Company to take all VIII of the SEBI (ICDR) Regulations shall only be
actions and to do all such deeds, matters and things made to Qualified Institutional Buyers (QIBs) within
as it may, in its absolute discretion, deem necessary, the meaning of Chapter VIII of the SEBI (ICDR)
desirable or expedient to the issue or allotment of Regulations, such securities shall be fully paid-up and
aforesaid Securities and listing thereof with the the allotment of such securities shall be completed
stock exchange(s) as appropriate and to resolve and within 12 months from the date of the resolution
settle all questions and difficulties that may arise in approving the proposed issue by the members of the
the proposed issue, offer and allotment of any of the Company or such other time as may be allowed by
Securities, utilisation of the issue proceeds and to do SEBI (ICDR) Regulations from time to time and that
all acts, deeds and things in connection therewith the securities be applied to the National Securities
and incidental thereto as the Board in its absolute Depository Limited and/or Central Depository Services
discretion deem fit, without being required to seek (India) Limited for admission of the eligible securities
any further consent or approval of the members or to be allotted as per Chapter VIII of the SEBI (ICDR)
otherwise to the end and intent that they shall be Regulations.
deemed to have given their approval thereto expressly
RESOLVED FURTHER THAT the relevant date for the
by the authority of this resolution.
purpose of pricing of the Securities by way of QIP/
RESOLVED FURTHER THAT the Company and/or GDRs/ADRs/FCCBs/FCEBs or by way of any other
any agency or body authorised by the Company issue(s) shall be the date as specified under the
may, subject to compliance with all applicable laws, applicable law or regulation or it shall be the date of
rules, regulations, guidelines and approvals, issue the meeting in which the Board decides to open the
certificates and/or depository receipts including issue.
global certificates representing the Securities
Notice
RESOLVED FURTHER THAT the Board and other
with such features and attributes as are prevalent
designated officers of the Company be and are hereby
in international and/or domestic capital markets
severally authorised to make all filings including as
for instruments of such nature and to provide for
regards the requisite listing application/ prospectus/
the tradability or transferability thereof as per
offer document/registration statement, or any draft(s)
the international and/or domestic practices and
thereof, or any amendments or supplements thereof,
regulations, and under the forms and practices
and of any other relevant documents with the Stock
prevalent in such international and/or domestic
Exchanges (in India or abroad), the RBI, the FIPB,
capital markets.
the SEBI, the Registrar of Companies and such other
RESOLVED FURTHER THAT the Company may enter authorities or institutions in India and/or abroad for
into any arrangement with any agency or body for this purpose and to do all such acts, deeds and things
the issue, upon conversion of the Securities, of equity as may be necessary or incidental to give effect to
shares of the Company in registered or bearer form the resolutions above and the Common Seal of the
with such features and attributes as are prevalent Company be affixed wherever necessary.
in international capital markets for instruments
RESOLVED FURTHER THAT such of these Securities and take all such steps as may be necessary, proper or
as are not subscribed may be disposed off by the expedient to give effect to this resolution.”
Board in its absolute discretion in such manner, as the
Board may deem fit and as permissible by law. 6. To consider and if thought fit, to pass, with or without
modification(s), the following resolution as a Special
RESOLVED FURTHER THAT the Board be and is Resolution:
hereby authorised to delegate all or any of its powers
conferred by this resolution on it, to any Committee of “RESOLVED THAT pursuant to the provisions of
directors or the Managing Director or Directors or any Section 12 and other applicable provisions, if any,
other officer of the Company, in order to give effect to of the Companies Act, 2013 and Rules framed
the above resolutions. thereunder, the Registered Office of the Company
be shifted from “Adani House”, Nr. Mithakhali Six
RESOLVED FURTHER THAT all actions taken by the Roads, Navrangpura, Ahmedabad-380 009 to “Adani
Board in connection with any matter referred to or Corporate House”, Shantigram, Near Vaishno Devi
contemplated in any of the foregoing resolutions Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421,
are hereby approved, ratified and confirmed in all which is outside the local limits of the city, but
respects.” within the same state falling under the jurisdiction of
Registrar of Companies, Gujarat.
5. To consider and if thought fit, to pass, with or without
modification(s), the following resolution as an RESOLVED FURTHER THAT the Board of Directors of
Ordinary Resolution: the Company be and are hereby severally authorised
to file necessary forms and documents, as may be
“RESOLVED THAT pursuant to the provisions of required and to do all such acts, deeds and things as
Section 148 and all other applicable provisions of may be deemed fit and proper for shifting of registered
the Companies Act, 2013 and the Companies (Audit office of the Company.”
and Auditors) Rules, 2014 (including any statutory
modification(s) or re-enactment thereof, for the time
being in force), the Cost Auditors appointed by the
Date : 6th May, 2020 For and on behalf of the Board
Board of Directors of the Company, to conduct the
Place : Ahmedabad
audit of the cost records of mining activities of the
Company for the financial year ending 31st March, Regd. Office: Jatin Jalundhwala
2021, be paid the remuneration as set out in the “Adani House”, Company Secretary &
Statement annexed to the Notice convening this Near Mithakhali Six Roads, Joint President (Legal)
Meeting. Navrangpura,
Ahmedabad - 380 009
RESOLVED FURTHER THAT the Board of Directors of Gujarat, India.
the Company be and is hereby authorised to do all acts CIN : L51100GJ1993PLC019067
Notes:-
Corporate Overview
1. In view of the massive outbreak of the COVID-19 i.e. BSE Limited and National Stock Exchange of India
pandemic, social distancing is a norm to be followed, Limited at www.bseindia.com and www.nseindia.com
the Government of India, Ministry of Corporate Affairs respectively and the AGM Notice is also available on
allowed conducting Annual General Meeting through the website of CDSL (agency for providing the Remote
Video Conferencing (VC) or Other Audio Visual Means e-Voting facility) i.e. www.evotingindia.com.
(OAVM) and dispended the personal presence of the
7. The Register of members and share transfer books of
members at the meeting. Accordingly, the Ministry of
the Company will remain closed from Friday, 19th June,
Corporate Affairs issued Circular No. 14/2020 dated
2020 to Friday, 26th June, 2020 (both days inclusive)
April 08, 2020, Circular No. 17/2020 dated April 13,
for the purpose of Annual General Meeting.
2020 and Circular No. 20/2020 dated May 05, 2020
prescribing the procedures and manner of conducting 8. Members seeking any information with regard to
the Annual General Meeting through VC/OAVM. accounts are requested to write to the Company
Statutory Reports
In terms of the said circulars, the 28th Annual atleast 10 days before the meeting so as to enable
General Meeting (AGM) of the members will be held the management to keep the information ready.
through VC/OAVM. Hence, members can attend and
9. Members holding the shares in physical mode are
participate in the AGM through VC/OAVM only. The
requested to notify immediately the change of their
detailed procedure for participation in the meeting
address and bank particulars to the R & T Agent of the
through VC/OAVM is as per note no. 19 and available
Company. In case shares held in dematerialised form,
at the Company’s website www.adanienterprises.com.
the information regarding change of address and
2. The helpline number regarding any query / assistance bank particulars should be given to their respective
for participation in the AGM through VC/OAVM is Depository Participant.
1800225533.
10. In terms of Section 72 of the Companies Act, 2013,
3. Information regarding appointment/re-appointment nomination facility is available to individual members
of Directors and Explanatory Statement in respect holding shares in the physical form. The members
of special businesses to be transacted pursuant who are desirous of availing this facility, may kindly
to Section 102 of the Companies Act, 2013 and/ write to Company’s R & T Agent for nomination form
or Regulation 36(3) of the SEBI (Listing Obligations by quoting their folio number.
and Disclosure Requirements) Regulations, 2015 is
11. The balance lying in the unpaid dividend account
annexed hereto.
of the Company in respect of dividend declared on
4. Pursuant to the Circular No. 14/2020 dated April 08, for the financial year 2012-13 will be transferred to
2020, issued by the Ministry of Corporate Affairs, the the Investor Education and Protection Fund of the
facility to appoint proxy to attend and cast vote for the Central Government by October, 2020. Members who
members is not available for this AGM. However, the have not encashed their dividend warrants pertaining
Body Corporates are entitled to appoint authorised to the said year may approach the Company or its
representatives to attend the AGM through VC/OAVM share transfer agent for obtaining payments thereof
and participate thereat and cast their votes through by September, 2020.
e-voting.
Notice
12. The Register of Directors’ and Key Managerial
5. The attendance of the Members attending the AGM Personnel and their shareholding maintained under
through VC/OAVM will be counted for the purpose Section 170 of the Companies Act, 2013, the Register
of reckoning the quorum under Section 103 of the of contracts or arrangements in which the Directors
Companies Act, 2013. are interested under Section 189 of the Companies
Act, 2013 and all other documents referred to in the
6. In line with the aforesaid Ministry of Corporate Affairs
Notice will be available for inspection in electronic
(MCA) Circulars, the Notice of AGM alongwith Annual
mode.
Report 2019-20 is being sent only through electronic
mode to those Members whose email addresses are 13. The Members can join the AGM through the VC/OAVM
registered with the Company/ Depositories. Member mode 15 minutes before and after the scheduled time
may note that Notice and Annual Report 2019-20 of the commencement of the Meeting by following
has been uploaded on the website of the Company the procedure mentioned in the Notice. The facility
at www.adanienterprises.com. The Notice can also be of participation at the AGM through VC/OAVM will be
accessed from the websites of the Stock Exchanges made available for 1,000 members on first come first
served basis. This will not include large Shareholders mentioned above and the remote e-voting module
(Shareholders holding 2% or more shareholding), shall be disabled for voting by CDSL thereafter.
Promoters, Institutional Investors, Directors, Key
v. Once the vote on a resolution is cast by the
Managerial Personnel, the Chairpersons of the Audit
member, he/she shall not be allowed to change it
Committee, Nomination and Remuneration Committee
subsequently or cast the vote again.
and Stakeholders Relationship Committee, Auditors
etc. who are allowed to attend the AGM without vi. The voting rights of the members shall be in
restriction on account of first come first served basis. proportion to their share in the paid up equity share
capital of the Company as on the Cut-off date
14. Process and manner for members opting for voting
i.e. Friday, 19th June, 2020.
through Electronic means:
vii. The Company has appointed CS Chirag Shah,
i. Pursuant to the provisions of Section 108 of the
Practising Company Secretary (Membership No.
Companies Act, 2013 read with Rule 20 of the
FCS: 5545; CP No: 3498), to act as the Scrutiniser
Companies (Management and Administration)
for conducting the remote e-voting process as well
Rules, 2014 (as amended) and Regulation 44 of SEBI
as the e-voting system on the date of the AGM, in a
(Listing Obligations & Disclosure Requirements)
fair and transparent manner.
Regulations 2015 (as amended), and the Circulars
issued by the Ministry of Corporate Affairs dated 15. Process for those shareholders whose email ids are
April 08, 2020, April 13, 2020 and May 05, 2020 not registered:
the Company is providing facility of remote
e-voting to its Members in respect of the business a) For members holding shares in Physical mode
to be transacted at the AGM. For this purpose, - please provide necessary details like Folio
the Company has entered into an agreement with No., Name of shareholder by email to krutarth.
Central Depository Services (India) Limited (CDSL), thakkar@adani.com.
as the Authorised e-voting agency for facilitating
b) Members holding shares in Demat mode can get
voting through electronic means. The facility of
their E-mail ID registered by contacting their
casting votes by a member using remote e-voting
respective Depository Participant or by email to
as well as e-voting system on the date of the AGM
krutarth.thakkar@adani.com.
will be provided by CDSL.
16. The instructions for shareholdres for remote voting
ii. Members whose names are recorded in the
are as under:
Register of Members or in the Register of Beneficial
Owners maintained by the Depositories as on the (i) The voting period begins on Monday, 22nd June,
Cut-off date i.e. Friday, 19th June, 2020, shall be 2020 at 9.00 a.m. and ends on Thursday, 25th June,
entitled to avail the facility of remote e-voting as 2020 at 5.00 p.m. During this period shareholders’
well as e-voting system on the date of the AGM. Any of the Company, holding shares either in physical
recipient of the Notice, who has no voting rights form or in dematerialised form, as on the cut-off
as on the Cut-off date, shall treat this Notice as date i.e. Friday, 19th June, 2020 may cast their
intimation only. vote electronically. The e-voting module shall be
iii. A person who has acquired the shares and has disabled by CDSL for voting thereafter.
become a member of the Company after the
(ii) Shareholders who have already voted prior to the
despatch of the Notice of the AGM and prior to
meeting date would not be entitled to vote at the
the Cut-off date i.e Friday, 19th June, 2020, shall be
meeting.
entitled to exercise his/her vote either electronically
i.e. remote e-voting or e-voting system on the date (iii) The shareholders should log on to the e-voting
of the AGM by following the procedure mentioned website www.evotingindia.com.
in this part.
(iv) Click on Shareholders.
iv. The remote e-voting will commence on Monday,
(v) Now Enter your User ID
22nd June, 2020 at 9.00 a.m. and ends on Thursday,
25th June, 2020 at 5.00 p.m. During this period, the a. For CDSL: 16 digits beneficiary ID,
members of the Company holding shares either in
physical form or in demat form as on the Cut-off b. For NSDL: 8 Character DP ID followed by 8
date i.e. Friday, 19th June, 2020 may cast their vote Digits Client ID,
electronically. The members will not be able to cast c. Members holding shares in Physical Form
their vote electronically beyond the date and time should enter Folio Number registered with
the Company.
(vi) Next enter the Image Verification as displayed (xiii) On the voting page, you will see “RESOLUTION
and Click on Login. DESCRIPTION” and against the same the option
“YES/NO” for voting. Select the option YES or
Corporate Overview
(vii) If you are holding shares in demat form and had NO as desired. The option YES implies that you
logged on to www.evotingindia.com and voted assent to the Resolution and option NO implies
on an earlier voting of any company, then your that you dissent to the Resolution.
existing password is to be used.
(xiv) Click on the “RESOLUTIONS FILE LINK” if you
(viii) If you are a first time user follow the steps given wish to view the entire Resolution details.
below:
(xv) After selecting the resolution, you have decided
For Members holding shares in Demat Form and to vote on, click on “SUBMIT”. A confirmation box
Physical Form will be displayed. If you wish to confirm your vote,
PAN Enter your 10-digit alpha-numeric click on “OK”, else to change your vote, click on
*PAN issued by Income Tax “CANCEL” and accordingly modify your vote.
Department (Applicable for both
(xvi) Once you “CONFIRM” your vote on the resolution,
Statutory Reports
demat shareholders as well as
you will not be allowed to modify your vote.
physical shareholders)
(xvii) You can also take a print of the votes cast by
Members who have not updated their
clicking on “Click here to print” option on the
PAN with the Company/Depository
Voting page.
Participant are requested to use the
sequence number indicated in the PAN (xviii) If a demat account holder has forgotten the login
field. password, then Enter the User ID and the image
Dividend Enter the Dividend Bank Details or verification code and click on Forgot Password &
Bank Date of Birth (in dd/mm/yyyy format) enter the details as prompted by the system.
Details as recorded in your demat account (xix) Shareholders can also cast their vote using CDSL’s
OR Date or in the company records in order mobile app m-Voting. The m-Voting app can be
of Birth to login. downloaded from Google Play Store. Apple and
(DOB) Windows phone users can download the app
If both the details are not recorded
with the depository or company from the App Store and the Windows Phone Store
please enter the member id / folio respectively. Please follow the instructions as
number in the Dividend Bank details prompted by the mobile app while voting on your
field as mentioned in instruction (v). mobile.
(ix) After entering these details appropriately, click (xx) Note for Non – Individual Shareholders and
on “SUBMIT” tab. Custodians
(x) Members holding shares in physical form will then
• Non-Individual shareholders (i.e. other than
directly reach the Company selection screen.
Individuals, HUF, NRI etc.) and Custodian are
However, members holding shares in demat form
required to log on to www.evotingindia.com
will now reach ‘Password Creation’ menu wherein
and register themselves as Corporates.
they are required to mandatorily enter their
Notice
login password in the new password field. Kindly • A scanned copy of the Registration Form
note that this password is to be also used by the bearing the stamp and sign of the entity
demat holders for voting for resolutions of any should be emailed to helpdesk.evoting@
other company on which they are eligible to vote, cdslindia.com.
provided that company opts for e-voting through
CDSL platform. It is strongly recommended not • After receiving the login details a Compliance
to share your password with any other person User should be created using the admin login
and take utmost care to keep your password and password. The Compliance User would
confidential. be able to link the account(s) for which they
wish to vote on.
(xi) For Members holding shares in physical form,
the details can be used only for e-voting on the • The list of accounts linked in the login should
resolutions contained in this Notice. be mailed to helpdesk.evoting@cdslindia.
com and on approval of the accounts they
(xii) Click on the EVSN of the Company - ADANI
would be able to cast their vote.
ENTERPRISES LIMITED on which you choose to
vote.
• A scanned copy of the Board Resolution and 4. Members who have voted through Remote
Power of Attorney (POA) which they have e-Voting will be eligible to attend the AGM.
issued in favour of the Custodian, if any, However, they will not be eligible to vote at the
should be uploaded in PDF format in the AGM.
system for the scrutiniser to verify the same.
18. The results declared along with the Scrutiniser’s
• Alternatively, Non Individual shareholders Report shall be placed on the Company’s website
are required to send the relevant Board www.adanienterprises.com and on the website of
Resolution/ Authority letter etc. together CDSL i.e. www.cdslindia.com within three days of
with attested specimen signature of the duly the passing of the Resolutions at the 28th Annual
authorised signatory who are authorised to General Meeting of the Company and shall also be
vote, to the Scrutiniser and to the Company, communicated to the Stock Exchanges where the
if voted from individual tab & not uploaded shares of the Company are listed.
same in the CDSL e-voting system for the
scrutiniser to verify the same. 19. Instructions for members for attending the AGM
through VC / OAVM are as under:
In case you have any queries or issues regarding
e-voting, you may refer the Frequently Asked 1. Member will be provided with a facility to attend
Questions (“FAQs”) and e-voting manual the AGM through VC/OAVM or view the live
available at www.evotingindia.com, under webcast of AGM through the CDSL e-Voting
help section or write an email to helpdesk. system. Members may access the same at https://
evoting@cdslindia.com or call 1800225533. www.evotingindia.com under shareholders’/
members login by using the remote e-voting
All grievances connected with the facility for credentials. The link for VC/OAVM will be available
voting by electronic means may be addressed in shareholder/members login where the EVSN of
to Mr. Rakesh Dalvi, Manager, (CDSL) Central Company will be displayed.
Depository Services (India) Limited, A Wing,
25th Floor, Marathon Futurex, Mafatlal Mill 2. Members are encouraged to join the Meeting
Compounds, N M Joshi Marg, Lower Parel through Laptops for better experience.
(East), Mumbai - 400013 or send an email
3. Further Members will be required to allow Camera
to helpdesk.evoting@cdslindia.com or call
and use Internet with a good speed to avoid any
1800225533.
disturbance during the meeting.
17. The instructions for shareholders voting on the day
4. Please note that Participants Connecting from
of the AGM on e-voting system are as under: -
Mobile Devices or Tablets or through Laptop
1. The procedure for e-Voting on the day of the AGM connecting via Mobile Hotspot may experience
is same as the instructions mentioned above for Audio/Video loss due to Fluctuation in their
Remote e-voting. respective network. It is therefore recommended
to use Stable Wi-Fi or LAN Connection to mitigate
2. Only those Members/ shareholders, who will be any kind of aforesaid glitches.
present in the AGM through VC/OAVM facility
and have not casted their vote on the Resolutions 5. For ease of conduct, members who would like
through remote e-Voting and are otherwise not to ask questions may send their questions in
barred from doing so, shall be eligible to vote advance atleast (7) days before AGM mentioning
through e-Voting system available in the AGM. their name, demat account number / folio number,
email id, mobile number at krutarth.thakkar@
3. If any Votes are cast by the members through the adani.com and register themselves as a speaker.
e-voting available during the AGM and if the same Those Members who have registered themselves
members have not participated in the meeting as a speaker will only be allowed to express their
through VC/OAVM facility, then the votes cast by views/ask questions during the AGM.
such members shall be considered invalid as the
facility of e-voting during the meeting is available 6. Since the AGM will be held through VC/OAVM, the
only to the members participating in the meeting. Route Map is not annexed in this Notice.
Contact Details:
Company : Adani Enterprises Limited
Corporate Overview
Regd. Office : “Adani House “,
Nr. Mithakhali, Six Roads, Navrangpura,
Ahmedabad-380 009, Gujarat, India
CIN : L51100GJ1993PLC019067
E-mail : jatin.jalundhwala@adani.in
Registrar and Transfer Agent : Link Intime India Private Limited
5th Floor, 506-508, Amarnath Business Centre-1 (ABC-1),
Besides Gala Business Centre,
Near St. Xavier’s College Corner,
Off C G Road, Navrangpura, Ahmedabad - 380009
Tel : +91-79-26465179
e-Voting Agency : Central Depository Services (India) Limited
E-mail : helpdesk.evoting@cdslindia.com
Statutory Reports
Phone : 022- 22723333/ 8588
Scrutiniser : CS Chirag Shah
Practising Company Secretary
E-mail : pcschirag@gmail.com
Notice
Annexure to Notice
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES

ACT, 2013 AND / OR REGULATION 36(3) OF THE SEBI (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
For Item No. 4: within the meaning of Chapter VIII of the SEBI Regulations
to Qualified Institutional Investors, it will be subject to
The Company proposes to have flexibility to infuse the provisions of Chapter VIII of the SEBI Regulations as
additional capital, to tap capital markets and to raise amended from time to time. The aforesaid securities can
additional long term resources, if necessary in order be issued at a price after taking into consideration the
to sustain rapid growth in the business, for business pricing formula prescribed in Chapter VIII of the SEBI (ICDR)
expansion and to improve the financial leveraging Regulations. Allotment of securities issued pursuant to
strength of the Company. The proposed resolution Chapter VIII of SEBI Regulations shall be completed within
seeks the enabling authorisation of the members to twelve months from the date of passing of the resolution
the Board of Directors to raise funds to the extent of under Section 42 and 62 of the Companies Act, 2013.
H 2,500 crore (Rupees Two Thousand Five Hundred crore This Special Resolution gives (a) adequate flexibility and
Only) or its equivalent in any one or more currencies, in discretion to the Board to finalise the terms of the issue, in
one or more tranches, in such form, on such terms, in consultation with the Lead Managers, Underwriters, Legal
such manner, at such price and at such time as may be Advisors and experts or such other authority or authorities
considered appropriate by the Board (inclusive at such as need to be consulted including in relation to the pricing
premium as may be determined) by way of issuance of of the Issue which will be a free market pricing and may be
equity shares of the Company (“Equity Shares”) and/or at premium or discount to the market price in accordance
any instruments or securities including Global Depository with the normal practice and (b) powers to issue and
Receipts (“GDRs”) and/or American Depository Receipts market any securities issued including the power to issue
(“ADRs”) and/or convertible preference shares and/or such Securities in such tranche or tranches with/without
convertible debentures (compulsorily and/or optionally, voting rights or with differential voting rights.
fully and/or partly) and/or non-convertible debentures
(or other securities) with warrants, and/or warrants with The detailed terms and conditions for the issue of
a right exercisable by the warrant holder to exchange or Securities will be determined in consultation with the
convert such warrants with equity shares of the Company advisors, and such Authority/Authorities as may be
at a later date simultaneously with the issue of Foreign required to be consulted by the Company considering the
Currency Convertible Bonds (“FCCBs”) and/or Foreign prevailing market conditions and other relevant factors.
Currency Exchangeable Bonds (“FCEBs”) and/or any other
permitted fully and/or partly paid securities/instruments/ The consent of the shareholders is being sought pursuant
warrants, convertible into or exchangeable for equity to the provisions of Section 42, 62 and other applicable
shares at the option of the Company and/or holder(s) of provisions of the Companies Act, 2013 and in terms of
the security(ies) and/or securities linked to equity shares the provisions of the listing agreement executed by the
(hereinafter collectively referred to as “Securities”), in Company with Stock Exchanges where the Equity Shares
registered or bearer form, secured or unsecured, listed on of the Company are listed. Since the resolution involves
a recognised stock exchange in India or abroad whether issue of Equity Shares to persons other than existing
rupee denominated or denominated in foreign currency by shareholders, special resolution in terms of Section
way of private placement or otherwise. 42 and 62 of the Companies Act, 2013 is proposed for
your approval. The amount proposed to be raised by the
The Special Resolution also seeks to empower the Company shall not exceed H 2,500 crore (Rupees Two
Board of Directors to undertake a Qualified Institutional Thousand Five Hundred crore Only).
Placement (QIP) with Qualified Institutional Buyers
(QIBs) as defined by SEBI under Issue of Capital and The Equity shares, which would be allotted, shall rank in
Disclosure Requirements Regulations, 2009. The Board of all respects pari passu with the existing Equity Shares of
Directors may in their discretion adopt this mechanism as the Company, except as may be provided otherwise under
prescribed under Chapter VIII of the SEBI (Issue of Capital the terms of issue/offering and in the offer document
and Disclosure Requirements) Regulations, 2009. Further and/or offer letter and/or offering circular and/or listing
in case the Company decides to issue eligible securities particulars.
The Board of Directors recommends the said resolution at Shantigram, Near Vaishno Devi Circle, S. G. Highway,
for your approval. Khodiyar, Ahmedabad 382 421. The following are some
of the advantages for shifting of registered office of the
Corporate Overview
None of the Directors or any key managerial personnel or Company to the new address -
any relative of any of the Directors of the Company or the
relatives of any key managerial personnel is, in anyway, • The Adani group has built its own new multi-storied
concerned or interested in the above resolution. and spacious office building for integration of
operations of all group companies at one central
For Item No. 5: office place.
The Board, on the recommendation of the Audit Committee, • Synergy of operations leading to administrative
has approved the appointment and remuneration of convenience.
M/s. K V Melwani & Associates, Practising Cost Accountants
as the cost auditors of the Company to conduct the audit • Single point of contact for all the stakeholders of
of the cost records of the Mining Activities of the Company the Adani Group of Companies and its subsidiaries/
for the financial year 2020-21, at a fee of H 55,000/- plus associates etc.
Statutory Reports
applicable Taxes and reimbursement of out of pocket
expenses, as remuneration for cost audit services for the • To avoid multiple office locations and reduce rental
FY 2020-21. and incidental costs for managing offices at different
locations.
In accordance with the provisions of Section 148 of the
Companies Act, 2013 read with the Companies (Audit and The proposed registered office falls outside the local
Auditors) Rules, 2014, the remuneration payable to the limits of Ahmedabad city and pursuant to the provisions
Cost Auditors has to be ratified by the shareholders of the of Section 12(5) of the Act, shifting of registered office to
Company. the new address as mentioned in the Special Resolution,
outside the local limits of the city, requires approval of the
Accordingly, consent of the members is sought for members by way of a Special Resolution.
passing an Ordinary Resolution as set out at Item
No. 5 of the Notice for ratification of the remuneration The Board of Directors recommends the above resolution
payable to the Cost Auditors for the financial year ending for your approval.
31st March, 2021.
None of the other Directors or key managerial personnel
The Board of Directors recommends the above resolution or their relatives is, in any way, concerned or interested in
for your approval. the said resolution.
None of the Directors or any key managerial personnel or

any relative of any of the Directors of the Company or the
Date : 6th May, 2020 For and on behalf of the Board
relatives of any key managerial personnel is, in anyway,
Place : Ahmedabad
concerned or interested in the above resolution.
For Item No. 6: Regd. Office: Jatin Jalundhwala

“Adani House”, Company Secretary &
The existing Registered Office of the Company’s is located Near Mithakhali Six Roads, Joint President (Legal)
at “Adani House”, Nr. Mithakhali Six Roads, Navrangpura, Navrangpura,
Notice
Ahmedabad-380009, which is within the local limits of Ahmedabad - 380 009
Ahmedabad. The Company has set up new office premises Gujarat, India.
in the name of “Adani Corporate House” which is situated CIN : L51100GJ1993PLC019067
Annexure to the Notice

Details of Director seeking Appointment / Re-appointment
Name of Age, Date of Qualification Nature of expertise in Name of the companies Name of committees in which he
Director Birth specific functional areas in which he holds holds membership/ chairmanship
(No. of directorship as on as on 31.03.2020
Shares held) 31.03.2020
Mr. Vinay 46 years Mechanical A mechanical engineer with • Adani Enterprises • Adani Enterprises Limited^^
Prakash 28/06/1973 Engineer MBA (finance), Limited^^ o Risk Management
(Nil) with MBA Mr. Vinay Prakash has a rich • Parsa Kente Collieries Committee (Member)
(Finance) and diversified experience Limited
• Parsa Kente Collieries Limited
of over 24 years, spanning • Rajasthan Collieries
across the complete coal Limited o Corporate Social
value chain, from Mining, • Adani Resources Responsibility Committee
Trading, Shipping & Private Limited (Chairman)
Logistics to Port & Power. • Adani Bunkering
He has been instrumental Private Limited
in nurturing our trading
& mining business &
achieving multifold growth
subsequently.
^^Listed Company.
For other details such as number of meetings of the board attended during the year, remuneration drawn and relationship
with other directors and key managerial personnel in respect of above director. Please refer to the Corporate Governance
Report
Important Communication to Members

The Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless
compliances by the Companies and has issued circulars stating that service of notice / documents including Annual
Report can be sent by e-mail to its members. To support this green initiative of the Government in full measure, members
who have not registered their e-mail addresses, so far, are requested to register their e-mail addresses. In respect of
electronic holding with the Depository through concerned Depository Participants.
Disclaimer
We have exercised utmost care in the preparation of this report. It contains forecasts and/or information relating to forecasts. Forecasts are
based on facts, expectations, and/or past figures. As with all forward looking statements, forecasts are connected with known and unknown
uncertainties, which may mean the actual result deviate significantly from the forecast. Forecasts prepared by the third parties, or data or
evaluations used by third parties and mentioned in this communication, may be inappropriate, incomplete, or falsified. We cannot assess whether
information in this report has been taken from third parties, or these provide the basis of our own evaluations, such use is made known in this
report. As a result of the above mentioned circumstances, we can provide no warranty regarding the correctness, completeness, and upto-date
nature of information taken, and declared as being taken, from third parties, as well as for forward looking statements, irrespective of whether
these derive from third parties or ourselves. Readers should keep this in mind. We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise.
a K&A creation | www.kalolwala.co.in
Adani House,
Near Mithakhali Six Roads, Navrangpura,
Ahmedabad - 380 009,
Gujarat, India.
T: +91 79 2656 5555

F: +91 79 2656 5500
info@adani.com
www.adanienterprises.com
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Adani Enterprises Limited

Annual Report 2019-20

Profile of Adani Group

Adani Group, is a diversified organisation in India with combined market

To be a world class leader Courage: Trust: Commitment:

pursuit of our aims E

Transport & Logistics Portfolio Adani Energy & Utility Portfolio

62.79% 100% 75% 75%

100% 75% 37.4%

Repeatable, robust and proven businesses to deliver consistent RoE

About Adani Enterprises

Focusing on establishing new

AEL Business Portfolio

Resources Transport & Logistics Utility Strategic Investments

At AEL, we believe we are in the business

Global player in Resources

As India’s largest resources

Due to COVID-19 pandemic

Contributing to nation’s green projects set to be completed

Defence & Aerospace

The Government of India has

We view the Defence & Aerospace

India’s leading consumer edible Exploring new business

Building infrastructure in the post COVID 19 era, when

We are working towards designing

Partnering in nation building projects in record time, we

Aiming to build integrated water

Water remains an integral part

Realising the imminent challenges,

As India’s internet economy network of hyperscale Data Fiber connectivity and

India’s largest Integrated Agri

We have established the largest Highlights

The Power to Overcome

At times like this one looks for

What we must realise is that there

It has been another year of resilient

Adani Foundation contributed

The Foundation is also

Gujarat Adani Institute of

In times such as this the spirit and

Together, we will stay resilient and

Managing Director’s Message

I would like to extend my

Message from the Chief Financial Officer

Shaping a stronger AEL

Listed on BSE and NSE @ H 150/ share

Mundra Port commenced operations 1995

Commencement of IRM business.

2001 Started city gas distribution business

Awarded India’s first MDO 2005

Adani Power Limited IPO

2017 Started manufacturing Solar PV panels

Demerger of Adani Green Energy

At AEL, we identify opportunities to invest in emerging

Business Year of listing on Value created

Adani Ports & SEZ Limited 2007 116x

8,481+ ha 11* H 52,043 crore

Adani Power Limited 2009 21x

*9 operational & 2 under construction

Business Year of listing on Value created