Adani Enterprises Ltd

NSE:ADANIENT

Earnings Call Transcript 2023-Q2

[Operator]

Ladies and gentlemen, good day, and welcome to the Adani Enterprises Q2 and H1 FY '23 Results Update Call hosted by Nuvama Wealth. [Operator Instructions]

I now hand the conference over to Mr. Parvez Qazi from Nuvama. Thank you, and over to you, sir.

[Parvez Qazi, analyst]

Good morning, friends. On behalf of Nuvama, I welcome you all to the Q2 FY '23 conference call of Adani Enterprises. Today, we have with us from the management side, Mr. Vinay Prakash, Director, Adani Enterprises and CEO, Natural Resources; Mr. Robbie Singh, the CFO of Adani Enterprises; Mr. Saurabh Shah, Finance Controller of the company; and Mr. Manan Vakharia from the Investor Relations.

I will now hand over the call to Mr. Robbie Singh for his opening remarks. Over to you, sir.

[Jugeshinder Singh, executive]

Thank you so much, and good morning. This is Robbie, CFO of Adani Enterprise. I welcome you all to the earnings call to discuss the quarter 2 FY '23 results.

AEL continues to create value for its shareholders as a SKU incubator for the past 2.5 decades. This incubation model has created leaders in the respective sectors like ports, transmission, green energy, city gas distribution and FMCG. The compound annual growth rate delivered for Adani's shareholders is in excess of 38%. These businesses, Adani Ports, Adani Transmission, Adani Green, Adani Total Gas, Adani Wilmar, have also over the past decade exhibited growth greater than 20%. AEL holds a portfolio of businesses, both established and incubating, which are spread across different verticals in Energy & Utility, Transport & Logistics, Direct to Consumer, and our Primary Industry vertical. Within Primary Industry verticals, we have established business for mining services, integrated resource management and commercial mining.

As our established businesses continue to sustain long-term growth, we are making significant progress in our attractive Incubation pipeline. Within the Incubation pipeline, our core area of utilities have Adani New Industries, which is our green hydrogen vertical, and AdaniConneX Data Center business, which is a joint venture with EdgeConneX of the U.S. On the Transport & Logistics side, we have Adani Airports, Adani Roads, and Wilmar currently sits within the Adani Enterprise shareholding.

In this journey of value creation, Adani Enterprise has always embedded ESG in its business philosophy and it has been now validated recently. I am happy to inform you all that Adani Enterprise has been ranked seventh in ESG rating amongst its peer group in the world by DJSI S&P Global. Adani Enterprise has scored 51 out of 100 against the industry average of 21 out of 100. AEL made a good progress on the score of 18 to 51 during the last year, reflecting commitments toward environment, sustainability and governance. This is a remarkable achievement, considering the diversity in the business profile of AEL.

Now, let me give you a brief update of various incubating businesses. In Adani New Industry portfolio, our manufacturing ecosystem all the way from polysilicon to ingot wafers to cell module, wind turbine, electrolyzer, that construction and development of this manufacturing vertical is well underway. With recent installation of 5.2-megawatt wind turbine, which is currently undergoing certification. We expect the green hydrogen generation to start sometime end of calendar year '25 or beginning '26. We are also continuing to develop the downstream products like ammonia and urea. Once we complete our investment in this vertical over the next 9 years, it will be approximately USD 50 billion.

During this quarter, a milestone was achieved by our manufacturing part of this business, with 2 gigawatt of on TopCon capacity for cell module line being implemented. The existing 1.5-gigawatt capacity will also be upgraded to 2-gigawatt capacity with the latest TopCon technology and will be ready by middle of next year.

One operational aspect, ANIL Ecosystem, cell module sales were 206 megawatts, and EBITDA itself stood at INR 52 crores. These numbers are small compared to where that this business will be, but it just highlights the fact of each individual component being cash flow positive in its own right.

In Adani Airport Holding, passenger movement is now at approximately 90% of pre-COVID level. The approximate passenger movement is 16.3 million passengers. Construction at Navi Mumbai is continuing at pace and is on schedule for completion in 2024.

Adani Roads portfolio is now approximately INR 32,000 crores. We recently also announced the acquisition of Macquarie's road portfolio in India, and we expect a continuing surge in the growth of this portfolio and its contribution to the EBITDA.

We have commissioned our first data center in Chennai. And this will finally be 33-megawatt data center, 17 of which is now operating and occupied. This facility can be powered 100% by clean energy from day 1 to minimize carbon footprint, and all our data center business will be so enabled.

Coming to financial performance. Total income rose 183% to INR 38,441 crores. EBITDA rose nearly 70% to INR 2,136 crores, and the PAT increased by 117% to INR 461 crores. These performances are also in light of the fact that we have a heavy CapEx businesses like Airports, Roads that are part of the portfolio in consolidation. And as this matures, we expect the PAT to rise significantly.

I will pass on to my colleague, Vinay Prakash, to take you through the Mining Services, IRM and Commercial Mining business. Vinay, over to you.

[Vinay Prakash, executive]

So thanks, Robbie. In fact I am currently in Australia. So please pardon me if you get some disturbance from here. There is a issue of connectivity also.

As far as the Mining Services business is concerned, Adani Enterprises Limited is the pioneer of MDO concept in India, with an integrated business model that expands across developing mines as well as the entire upstream and downstream activities. It provides the full-service range, right from seeking various approvals, land acquisition, I&R, developing required infrastructure, mining, beneficiation and transportation to the designated convergence points.

The company's MDO of 8 coal blocks and 2 iron ore blocks, with combined peak rate capacity of 100-plus million metric tonnes per annum. These coal blocks are located in the state of Chhattisgarh, Madhya Pradesh and Odisha. The mining production volume in quarter 2 FY '22 stood at 5.4 million metric tonnes and the dispatches stood at 4.9 million metric tonnes. The revenue from mining service for the quarter stood at INR 420 crores and EBITDA stood at INR 207 crores.

As far as the Iron business, Integrated Resources Management business is concerned, we have continued to develop business relationships with diversified customers across various end user industries. We remain #1 player in India and endeavor to maintain the leadership position going forward. The volume in quarter 2 FY '23 increased by 66% to 25.2 million metric tonne on year-on-year basis. Income for the quarter has increased by 126% to INR 1,112 crores on account of high volumes on year-on-year basis. Thank you.

[Operator]

[Operator Instructions] Our first question is from the line of Mohit Kumar from DAM Capital.

[Mohit Kumar, analyst]

Congratulations on a very, very good quarter, especially very strong number on the coal trading business and installing the largest wind turbine -- a single wind turbine capacity in this country.

Sir my question is, firstly, on the coal trading. The numbers are very, very strong, especially in the first half, around 50 million tonnes, which is like a very, very high market share. How do you think this will pan out in H2? Do you think there is a desilt decline, or do you think the possibility that we can continue at this run rate in H2 also?

[Jugeshinder Singh, executive]

So thanks for the question. In fact, as we have been telling always and we maintain that again. That in coal trading, we are a service provider to the industry, to supply coal to them as per their requirement. And considering that there was a lot of supply-demand gap in H1, we were in the right position to supply to them that quantity. And I think that's something which should give you a lot of pride that your company has actually been positioned to complete the requirement of supply chain and supply to these customers.

As for the future is concerned, we strongly believe that we are in position to continue having similar high market share, and it still requires a lot of coal to get imported. And considering that this volume is something which has gone up compared to last year, we are very confident that we will be in a position to get similar or around number only in the next half.

[Mohit Kumar, analyst]

From the coal mining side, a very soft quarter given that there's a high requirement of domestic coal. I think -- are we still on track to have the 40 million tonne for the FY '23? And second question is, when do you think our commercial coal mines will start becoming operational?

[Jugeshinder Singh, executive]

So as for the mining is concerned, considering that quarter 2 always remains a soft quarter because of the rain around the mining areas, we are going to put in a lot of efforts to make sure that we achieve a target of 40 million tonnes, but seeing that we might be around that volume only. Chances are going up, it's going beyond that is low, but we'll definitely do over that in largely next half, and especially in quarter 4 to achieve a higher number compared to quarter 2.

As for the commercial mining is concerned, I think the first mine, which is going to see the production, is going to be the Dhirauli mine in MP, and we are confident that this mine should start in FY '24.

[Mohit Kumar, analyst]

Interesting. Sir, my last question is, what was the profit for Airport Holdings in current quarter and half year? Are we sharing that number?

[Unknown Executive]

Yes, the numbers are already shared in the investor presentation. The numbers are in -- the revenue for H1 is INR 2,573 crores, and the EBITDA is INR 1,034 crores.

[Mohit Kumar, analyst]

And sir, profit number, sir? EBITDA?

[Unknown Executive]

The PAT numbers -- see, from -- for our perspective, the PBT is in line right now. It's improving. It's minus 91% as of now, but it's improving on a constant basis. We look at it more from the EBITDA perspective.

[Operator]

Our next question is from the line of Apoorva Bahadur from Investec.

[Apoorva Bahadur, analyst]

Sir, just wanted to understand on the solar manufacturing side, the module manufacturing side, so have we placed the orders for our TopCon capacity?

[Jugeshinder Singh, executive]

Sir, can you elaborate as to what you mean by that? What's your question?

[Apoorva Bahadur, analyst]

The module manufacturing capacity which we are going to set up, which we intend to set up, have you placed the orders for the machineries over there? If not, by when?

[Jugeshinder Singh, executive]

It is actually operate -- no, no, no. It is -- actually, 2 gigawatt is already operating and another 2 gigawatts will start operating middle of next year.

[Apoorva Bahadur, analyst]

Sir, our plan was to hit, I think, 10 gigawatts, right?

[Jugeshinder Singh, executive]

The planning is total capacity of 10 gigawatts. Yes, 4 gigawatts will be ready middle of next year, and it will continue to increase from thereafter.

[Apoorva Bahadur, analyst]

Okay, okay. Fair enough. Also on the wind manufacturing side, how much capacity are we targeting? And what all will be manufactured in-house, and what will we be sort of procuring from others?

[Jugeshinder Singh, executive]

Majority will be manufactured in that. Total capacity target is 10 gigawatt for wind as well. And the procurement from others will be negligible. The entire ecosystem almost to the level of 99% would be indigenous.

[Apoorva Bahadur, analyst]

Okay. So we'll be making the gears and everything as well?

[Jugeshinder Singh, executive]

That will be part of the supply chain ecosystem. But yes, we would be the prime manufacturer.

[Apoorva Bahadur, analyst]

Okay. Sir, any plans of then foraying into offshore wind as well, because I believe that they require larger turbines?

[Jugeshinder Singh, executive]

No, not yet. Because currently, we are full up on the entire capacity on onshore capacity, but we will continue to evaluate as to how we develop offshore, depending on if and when it is economically feasible.

[Apoorva Bahadur, analyst]

Fair enough. And then I think lastly, just wanted to check if we have finalized the electrolyzer technology tie-ups and all? What stage is that in?

[Jugeshinder Singh, executive]

Sorry, can you repeat that question, please?

[Apoorva Bahadur, analyst]

Just wanted to check on your electrolyzer technology tie ups. Given that we intend to start manufacturing hydrogen by end '25, early '26, so I believe we'll have to set up the factories, et cetera, well within say, by '24 end?

[Jugeshinder Singh, executive]

Yes. No, no, that is going on well. We will have some announcements over the coming next 6 months. Nothing to report that we can share with you today, but advanced discussions and all. But we'll be able to share market information either first quarter or second quarter calendar year next.

[Apoorva Bahadur, analyst]

Sir, can you share how much of electrolyzer capacity do we want to set up, or will you be setting up at least in first phase, if that's possible at all?

[Jugeshinder Singh, executive]

We will have a total electrolyzer capacity of 5 gigawatts.

[Apoorva Bahadur, analyst]

In the first phase itself, okay.

[Jugeshinder Singh, executive]

Correct.

[Operator]

[Operator Instructions] We'll take the next question from the line of Rohit Kothari from GeeCee Investments.

[Rohit Kothari, analyst]

Robbie, Vinay, congratulations on a very robust set of numbers. Robbie, this question. If you can highlight a little more on the green hydrogen foray? I understand it's a USD 70 billion CapEx which involves setting up the manufacturing of solar and wind equipments as well as the entire generation of solar and wind power farms, electrolyzer and the downstream capacities in ammonia, urea, methanol and other industries which can consume hydrogen.

If you can give -- as an equity investor, what I would be interested in knowing is over the next 5 to 6 years, what would be the total CapEx? What would be the various phases of hydrogen output? When would the downstream output start coming? What would be the gross investment? What would be the equity component of the investment? And as a promoter of this large foray, what would be the IRR on investments you would be looking at? So that is the first question.

And the second question is, what are the bottlenecks you see or what are the risks you see as you move ahead with, this is one of the largest CapEx investment in the Indian history? So if you can share whatever numbers broadly for us to make a calculated guess on the future of this business, that will be helpful.

The second question from my side relates to the Airport business, and part of the EBITDA number has got shared. And I believe it's INR 2,000 crores to INR 2,200 crores EBITDA run rate this year, which we have hit. A very similar question is that with all the work you and your team are doing on the non-Aero business, the duty-free business, the parking, the cargo and the other ancillary service business and the improvements you all are bringing around just in the existing airports. And there are rate -- the UDF charges which we read are getting hiked at various airports. What would be the EBITDA trajectory of this business in the next 2 to 3 years?

And once the Navi Mumbai Airport is fully operational, if you can share some light as to the CapEx and the return profile of that? And how do you see this business and the various constituents of revenues within this business panning out over the next 3 to 5 years? And as a man with a financial hat, how do you see the return profile on your incremental investments?

So Robbie, I think I've asked quite a lot, and please feel free to take a shot at them in the way you deem fit right.

[Jugeshinder Singh, executive]

Okay. I think just starting first with Adani New Industry and green hydrogen. We expect, as we have mentioned in our last year call, there's no major change to the CapEx profile. It remains consistent from [ USD 1 billion ], [ USD 1.2 billion ] this year, rising to [ USD 2 billion ], [ USD 2.5 billion ] next year and so on and so forth till we complete the full USD 50 billion in the hydrogen ecosystem. Currently, the main focus remains on the input costs. So therefore, the CapEx is going into the manufacture of cell modules, wind turbines, electrolyzers next year, ancillary systems like glass, batteries, aluminum frames and the entire ecosystem that sits around the component ecosystem that fits around the manufacturing.

And we are pretty much on track, and we expect this to continue and start our -- the electron production for green hydrogen, CapEx also will commence next year, and then we start ramping up from there onwards. So pretty much the same sort of -- we need to ramp up to USD 3 billion to USD 5 billion CapEx from '25, '26 onwards until we hit the mark of USD 50 billion by 2030, '31.

The main elements within this is, but we don't have -- we don't target a specific number in terms of, if we look at risk-adjusted cost. So our first and foremost objective is to produce the hydrogen at lowest cash cost. So we are confident that we will produce the hydrogen at one of the lowest cash costs anywhere in the world. And from there onwards, we expect that earnings from the products that we used that this will be a reasonably high-return business as any energy business is. Although this being green, so therefore, it has added advantage which we are not counting into yet. But we expect the return to be in high teens and even possibly in the low 20s.

Third element of your question related to how we see the bottlenecks. In anything that we do, the core thing, the bottleneck remains as to how you integrate this into the existing ecosystem. And there in hydrogen, the biggest impediment is that hydrogen itself does not have the infrastructure to move it around. So how would that hydrogen bottleneck, and we are addressing that bottleneck by building appropriate downstream capacity so that we don't have to rely on the hydrogen infrastructure, but that is one bottleneck.

The second, obviously, in this is the technology aspect. How do you integrate the electrolyzer? And there, we are working very closely with leading practitioners of the area to ensure that, that issue is addressed appropriately and build sufficient redundancy in the system and in our CapEx profile to allow us to, a, to overcome that bottleneck if it were to eventuate. So we have built sufficient buffer in our CapEx planning to overcome the second aspect of it.

Now moving to the Airports business. In the Airports business, our core value proposition always is, and we look at airport as a regional or community economic business, which means that airport must serve the community it sits in. So we are very confident on our -- what we call the city side or community side developments and which should start bearing fruit from '25, '26, and then should become the major part of the Airport business by 2030, '31. Our community-based Airport businesses will be about 55% to 60% of our Airport EBITDA. And non-Aero business would be another 20%, 25%, and Aero business will only be 10% to 15% of our community -- of our Airport business.

As you rightly pointed out, we are on track to have just over INR 2,000 crores of EBITDA in this business. And we are likely to continue to see movement as we go along, as the business recovers from the COVID period.

So on the main aspect, which is the community side of the Airport business, we are very confident we are on track, and investors will start seeing the results somewhere between 2025 and 2026 as that business starts coming online. The rate of return of this business will comfortably exceed our cost of capital. When I say comfortably, it is likely to be -- the rate of return is likely to be double of our businesses.

And so we are very, very pleased with the work that the team has been doing, and we are confident to deliver one of the best airport investment opportunity that exists in the world. And that largely is driven by, yes, our own execution capability and operational capability, but it also is that we are serving the aspiration of Indian consumer. And we believe that the aspiration of Indian consumer is one of the core strengths that our Airport business has.

[Operator]

Mr. Kothari, do you have any questions? Any more questions?

[Rohit Kothari, analyst]

Yes, just Robbie, a corporate level question. As you can see, it's a very large CapEx program, of course, backed by solid returns. As wearing a finance hat, do you think you're well covered over the next 3 to 5 years with the equity component required to fund these projects? And where do you see -- you will need partners or you will not need partners? I believe you already have Total as a partner which can aid that. But whether in the Airport business or any other business, are you looking for partners or you will continue to fund the equity on your own?

[Jugeshinder Singh, executive]

I think it's a very good question. Rohit, we have always -- as Chairman has announced and I've always said, we -- whenever we announce something, we announce it within the boundaries of what we can fund. And even within that boundary, we always try to and we always have a basic policy to derisk the growth of the group. By that I mean that whilst we can fund, because we always announce things within our envelope, but we always look at partners because we want to derisk the growth.

So in hydrogen, green hydrogen, Total is a partner because they bring their engineering capability. They bring their operational excellence. They bring their existing client base, knowledge, marketing. So it derisks our hydrogen business, not the money really. Money is not the issue there, it's the derisking of the business. Similarly, in data centers, we have got EdgeConneX. Airports also; we've been approached by a number of parties. But whilst we do not need the cash, but if we believe that a particular party can help us in derisking, we will derisk.

But in Airports, we are also taking, for example, a strategy because we are a community-based asset rather than airport only. So for example, we have a JV in duty free, we have a JV on the fuel side, we will have JV on the element of the community side and so on and so forth. I think those announcements will continue, and we continue -- derisking will continue of the business.

So whilst the CapEx program on the day looks large, but I think it has to be looked in the context of the ability of these businesses to generate cash flow. Like Airports, already generates -- is already EBITDA positive, so it already is making free cash flow. Data centers will start making free cash flows this year. Road business will also start this year, so our incubating businesses are already making EBITDA. So it's not as if they require operating cash to go in. So their return will come on -- come from -- equity return will come over the next 3 years, but we are cash flow positive business, and we can deploy that cash back into the business itself.

And I think that is the core strength of Adani as we look at it, that our investments go into the core of the infrastructure of the country which is linked to the aspiration of the public, and therefore, it has the value drive from the cash flows.

In terms of equity program, as you know, over the past 3 years, as we have outlined, we have exclusive equity program to sell. And from time to time, we'll continue that equity program, and that's largely to continue to position the businesses for growth. Land, CapEx, we can fund. It is more to support and strengthen the balance sheet for the growth that will come as India grows, and we want to exploit that growth of India. And therefore, that is what drives the equity program.

[Operator]

Our next question is from the line of Nikhil Abhyankar from DAM Capital.

[Nikhil Abhyankar, analyst]

Sir, congrats. First of all, congrats on a good set of numbers, Sir, the first question is, we have just started a 2-gigawatt capacity. We've got a order book of 1.5 gigawatt for it. So is there any time line for it, for the execution of that order book?

[Jugeshinder Singh, executive]

So I think it's -- whilst that itself is a very specific point, its annual capacity is 2 gigawatts, so the order book will be executed over the next 12 to 18 months. I think more important -- other element is that you see -- look at it as this specific capacity that is being built for the hydrogen business. Ultimately, our manufacturing business is to drive the input cost element of the green electron or Adani New Industries and for Adani Green.

Beyond that, we are less concerned about the market because we will be -- virtually all of the capacity, with the exception of some, will be acquired for the -- for our own internal requirements. And to an extent that market capacity is required, we look at it separately. But I think Nikhil, we should keep the focus on the longer term rather than in the interest we are doing just to continue to utilize the capacity that we already have by our own -- Adani New Industries' own -- the production of green electron, solar and wind starts in the next 2 to 3 years.

[Nikhil Abhyankar, analyst]

Understood. Perfect. And sir, and for the target capacity of 10 gigawatts of solar modules, so will it entirely be a JV?

[Jugeshinder Singh, executive]

To the start off it, very likely. But the flexibility in the manufacturing arms is that we have to remain -- if I understand your question correctly, we have to remain agile to upgrade the manufacturing as and when. So currently, we think that between 3 to 5 years upgrades will be required, and that's how we have built our investment base.

[Nikhil Abhyankar, analyst]

Okay, sir. And now sir, coming to Carmichael Mine. So can you just share the revenue and EBITDA for Carmichael?

[Vinay Prakash, executive]

Yes. I think will be more appropriate...

[Jugeshinder Singh, executive]

Sorry, Vinay, you can go ahead, but just I wanted to clarify this one point.

[Vinay Prakash, executive]

I don't have a number handy with me, Robbie, because I'm outside. I'm missing this actually. Sorry for that.

[Jugeshinder Singh, executive]

I think the Board -- if you don't mind, please, this, we will -- because this is -- now it has ramped up fully, I think the next quarterly results will be the best time to go through the actual financials of it. And we'll start doing that from next quarter when we start reporting that as an individual line item as it completes the full ramp-up. I think it will be better that we address that because currently, then -- there is too much ramp up, CapEx, currently some of the assets are capitalizing. We will complete all of that in this quarter, and then we'll be back to discuss it in January.

[Nikhil Abhyankar, analyst]

Understood. And sir, one last question. Our net loss has risen by around INR 12,000 crores, so is it mostly because of Carmichael?

[Vinay Prakash, executive]

Yes. That is because of the capitalization that took place in Carmichael Mine.

[Operator]

We'll take our next question from the line of Parvez Qazi from Nuvama.

[Parvez Qazi, analyst]

Yes. So for my first question is on the Navi Mumbai Airport, when do we expect that to become optional? And what is the current status of development there?

And second, on the MDO business, what is the kind of output guidance that we have, or let's say, output target that we have for the FY '23 and FY '24?

[Jugeshinder Singh, executive]

Vinay, you want to take the first question on the...

[Vinay Prakash, executive]

[indiscernible]

[Jugeshinder Singh, executive]

Okay. Second, from the information coming by we expect completion -- technical completion in 2024 and formal operational clearances shortly there, so we're pretty much on track for 2024 competition.

[Unknown Executive]

As far as the MDO business is concerned, we have set the target of -- I indicated a quarter back that for this financial year, FY '23, we should be closer to 40 million tonnes. We should be very close to that. And as far as the next financial year is concerned, FY '24, we should be somewhere around [ 50 plus ].

[Operator]

Our next question is from the line of Apoorva Bahadur from Investec.

[Apoorva Bahadur, analyst]

Sir, just one clarification. I think you highlighted that returns from our new energy business will be in high teens or low 20s. Just wanted to check whether it's for the -- you're talking about the equity IRRs or ROCE?

[Jugeshinder Singh, executive]

ROCE.

[Operator]

The next question is from the line of Prateek Kumar from Jefferies.

[Prateek Kumar, analyst]

My first question is on Airport business. So for the city side development business, which you talked about and which will be meaningful proportion of EBITDA, so what would be the status of land, and in what state the plan is currently? Would there be any end user restriction of area under development given it would be near airport?

[Jugeshinder Singh, executive]

No. All the land is available to us for this business, and it has no restrictions other than normal planning restrictions. No specific restrictions, and any way, what we have planned is within the restriction itself, so this development is going at full pace.

[Prateek Kumar, analyst]

So this is a vacant land currently, which you talk about?

[Jugeshinder Singh, executive]

Yes, yes. All clearly available to us. Nothing to be done, everything available.

[Prateek Kumar, analyst]

Sure. So my second question is on hydrogen business. So is there any update on time lines on the retail mission document from government on modalities around hydrogen purchase obligations or other things?

[Jugeshinder Singh, executive]

No, nothing on that time line. We don't try to see those kind of things. We are grateful for various support that the government provides to the entire sector actually. And I think which is a great, great step by the government and various state government as well.

But beyond that, I think we plan our businesses based on commercial outcomes, so we are confident of, of a business case independent of government targets.

[Operator]

I would request Mr. Parvez Qazi for closing comments. Over to you, Mr. Qazi.

[Parvez Qazi, analyst]

We thank all the participants for attending this call and also the management of the company for giving us the opportunity to host this call. Robbie, sir, any closing comments from your side?

[Jugeshinder Singh, executive]

Firstly, thanks to you for organizing this. Thank you to the investors who asked the questions. Please feel free to drop the questions, either my comment to investors or to analysts would be is they need to have any further questions, they can be to us via you or to Saurabh in our team.

But on behalf of Adani Group, Adani Family and AEL, we thank you for participation, and we are grateful for the comments and questions and the wishes conveyed to us by the various investors.

[Operator]

Thank you.

Ladies and gentlemen, on behalf of Nuvama Research, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.