Adani Enterprises Ltd Management Discussions

(GH2^{) is globally recognised as a key}

that demand coming from new applications. H2

remains concentrated in very selected segments of industry (like Ammonia production) and refining with

<1% off take of low-emission (green) hydrogen in existing applications.

With the single unified grid and large renewable capacity potential, Indian government has ambitions to have the cheapest green hydrogen in the world. For green hydrogen, the Government of India has set a production target of 5 MTPA by 2030. This will require an electrolyser installation capacity of 27–30 GW and nearly 110–130 GW of renewable capacity. However, given the favourable regulatory policies as well as aggressive announcements by the corporates, hydrogen production by 2030 may exceed the target. Industry believes that driven by technological development, economies of scale, declining renewable prices, and electrolyser costs hold promise to make green hydrogen economical in the future. Based on industry estimates, majority of the cost for producing green hydrogen is the cost of power used to produce green hydrogen, and India offers significant untapped potential to build Renewable Energy (RE) power capacity. The National Institute of Solar Energy (NISE) has assessed Indias solar energy potential at 748 GW at full capacity, and currently total installed solar capacity in India sits at 70+GW, i.e., ~10% of its total potential. Parts of Western Gujarat and Rajasthan offer the best located sites in India for development of large-scale RE parks because of the solar radiation and wind velocity and thus have the potential to become one of the lowest-cost green hydrogen producing regions. The Indian government has undertaken a series of reforms aimed at attaining RE and climate change objectives within thesespecified reforms seek to foster domestic production by implementing trade barriers, safeguarding India?s energy security from excessive imports. The Governments announcement of favourable policies and incentives, such as PLI incentives, National Solar Mission, Central Public Sector Undertaking scheme, Solar Rooftop Assistance program, and Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), has attracted substantial investments from domestic and foreign stakeholders. To enhance self-sufficiency and moderate reliance on China, the government has actively encouraged indigenous manufacturers and facilitated the vertical integration of domestic players. India launched National Green Hydrogen Mission in early 2023, for the development of green hydrogen production capacity of at least 5 MTPA with an associated RE capacity addition of about 125 GW in the country.

India has allocated USD 2.4 billion to initial financing pool of incentives for producing green hydrogen.

Under the Hydrogen policy, the government is offering to set up manufacturing zones for production, connectivity to the ISTS (Inter-State Transmission System) on priority basis, and free transmission for 25 years if the production facility is commissioned before June 2025. This means that a green hydrogen producer will be able to set up a solar power plant in Rajasthan to supply RE to a green hydrogen plant in distant geography in distant parts of India, would not be required to pay inter-state transmission charges. Besides, producers will be allowed to set up bunkers near ports for storage of green ammonia for export. Under the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT), two distinct incentivefinancial mechanisms targeting domestic manufacturing of electrolysers and production of Green Hydrogen will be provided. With a total installed capacity of 45.89 GW as on FY24, India?s wind power accounts for 10% of the country?s total installed capacity and 25% of its total renewable power capacity. India ranks fourth in the world in terms of installed wind capacity. The government is preparing to annually allocate approximately 10 GW of wind projects. These initiatives are directed toward achieving the ambitious goal of reaching 500 GW in renewable capacity by 2030. India aspires to meet nearly half of its electricity requirements through renewable energy sources by 2030. India has a coastline of about 7,600 km surrounded by seawater on three sides and has tremendous power generation potential from offshore wind energy. India has a strong wind potential of around 302 GW at 100m and around 695 GW at 120m above the ground level. The wind potential is mainly concentrated in the top 7 windy states including Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, and Tamil Nadu.

Indias Data Centers industry is witnessing a continuous uptrend, owing to rapid digitalisation, improving tech infrastructure, and inclusion of advanced technologies such as 5G, Artificial Intelligence (AI), blockchain, and cloud computing. Indias growing digital infrastructure, grew at a 13% CAGR over FY09-increasing technology penetration, and proactive regulatory push have made it an attractive destination for Data Centers investments. India hosts ~164 data centers spread across nine cities. Total installed capacity as of fiscal 2022 was 550 580 MW and 320-370 MW in fiscal

2020. With the pandemic-induced challenges, digital transformation became a necessity, and the demand for hybrid cloud and colocation models surged. Data usage also increased, creating more demand for data storage and transformation of the data center industry to a large and strategically important segment. Digital solutions being implemented across a range of social and economic sectors and activities will help make India a USD 1 trillion digital economy by 2025. In India, data centers are buoyant in key cities like Mumbai, Chennai, Bengaluru, Hyderabad, Pune and Delhi. The Governments announcement of favourable policies and incentives, such as data protection bill, rising internet subscriber base, rising cloud adoption and with rapid adoption of artificial intelligence, Internet of Things (IoT) and big data analytics demands for more bandwidth and more reliable and scalable data centers. By 2025, the number of IoT devices is expected to reach ~75 million and big data analytics will reach USD 68 billion.

In India, use of water is broadly for two purposes: domestic and industrial usage. The water treatment industry comprises activities related to the provision of fresh water and management of wastewater for commercial/residential customers and industries. About 1.3 lakh Million Litre Per Day (MLD) of waste water is estimated to be generated in India in fiscal 2025.

Sewage wastewater is expected to grow @ CAGR of 5-6%, whereas industrial wastewater is expected to grow

@ CAGR of 8-9% between fiscals 2022 and 2025.

Rising urbanisation and expansion of industries capacity along with lack of access to usable water will increase the demand. The Government has initiated stringent regulatory norms for Effluent Treatment Plant (ETP), creating an opportunity for expert players to enter in the wastewater treatment market. The Central Government has launched Namami Gange Programme that aims to develop sewage treatment plants (STPs) with a capital outlay of Rs 25,000 crore. Under the National Infrastructure Pipeline (NIP), wastewater treatment plants have been allocated Rs 80,000 crore, creating a huge potential for this growing market.

India is the third-largest aviation market and has been one of the fastest-growing markets in recent years.

FY19, Passenger traffic with domestic and international traffic growing at CAGRs of 14% and 10%, respectively. Indias aviation growth industry is driven by strong underlying economic growth, increasing per capita income, increased urbanisation, continued demographic shift, business travel, and competitive fares. Further, the expansion of airport capacity and increasing connectivity for Tier 2 / Tier-3 cities are among the other key drivers contributing to the growth story. This has also driven the modal shift for travel from rail to air segment. Despite the rapid growth witnessed in the passenger traffic in India, per capita penetration is still significantly low versus global average.

India is at 0.13 seats deployed per capita (domestic air travel penetration) vs. 0.49 for China and 0.57 for Brazil. Benchmarking of the international seats per capita for India versus peer countries stands at a much lower figure. The total fleet operated by all airlines companies

(combined) in India is less than the number of aircraft run by some global leading airlines. We believe low penetration of air passenger traffic in India on the back of growing affordability will continue to be the trigger for double-digit CAGR in air passenger traffic in India.

Over the years, the Indian government has been pushing for improved connectivity via larger number of airports, and overall better aviation infrastructure. The number of operational airports in India doubled from 74 in 2014 to 148 in 2023 and the Government aspires to take this to 230-240 by 2030. Among the key Government initiatives is the Regional Connectivity Scheme — Ude Desh ka Aam Nagrik (RCS-UDAN) — launched in 2016, under which 493 routes connecting 75 airports have been made operational since Despite having the launch of the a network scheme. The National Civil Aviation Policy (NCAP) in 2016 envisaged regional air connectivity under Regional Connectivity Scheme (RCS), with the primary objective to facilitate / stimulate regional air connectivity. Passenger growth in India, especially at the metro cities, and custom movement have pushed the airport infrastructure need for modernisation and expansion. Indian government moved towards privatising the airport sector under the Public Private Partnership (PPP) model in 2005. Privatisation of airports reduces the burden of investment on Government, and induces operating efficiencies, improving profitability and competitiveness

Further, 100% foreign investment has been allowed in the construction, development, and management of airports in India, with selective approval from the Foreign Investment Promotion Board (FIPB). As per the National Monetization Pipeline (NMP) policy of Government of

India, 25 airports have been identified for monetisation over next three to five years. Considering the growth projections for Indian aviation, the Ministry of Civil Aviation has taken up a key initiative, the Digi Yatra (DY) programme, to reimagine air travel in the country, which looks beyond the conventional "build a bigger airport to manage more passengers" approach. It aims to provide a seamless, hassle-free and paperless journey experience, using cutting-edge identity management and facial recognition technology.

Investments in the infrastructure sector as a percentage of real GDP have increased from 5.9% in fiscal 2018 to 7.3% in fiscal been increasing from last 2-3 years as the Government undertook widescale capital expenditure in the infrastructure segment in order to revive the economy ravaged by the onset of the Covid-19 pandemic. Given the Government?s undeterred thrust towards infrastructure development, investments in infrastructure are expected to remain robust going forward. As a matter of fact, infrastructure investments as a percentage of real GDP are expected to comfortably cross the 8% mark by fiscal

2025. Roads, power and railways are expected to drive the bulk of these investments. India has the second-largest road network in the world, with about 63.32 lakh km as of FY23. This comprises national highways, expressways, state highways, major district roads, other district roads, and village roads. To accelerate the country?s growth, the development of national highways has been the key focus area. On the other hand, state highways, district and rural roads continue to be a large part of the overall road network. Road transportation, the most common mode of transportation in India, accounts for about

87% of passenger traffic. of 1,44,955 km, Indian national highways account for only 2% of total road network and 40% of total road traffic. State highways and major district roads make up the countrys secondary road transportation system, accounting for 60% of traffic and 98% of road length.

The National Highway Development Program (NHDP) is a significant infrastructure initiative undertaken by the

Government of India to upgrade and expand the countrys road network. CCEA on January 12, 2000 approved NHDP Phase-I – Four laning of 6,359 km. at a cost of Rs 30,300 crore, it aimed to improve connectivity and facilitate . economic growth by enhancing road infrastructure across the nation. The NHDP encompasses various phases and components, each targeting different aspects of highway development, including expansion, modernisation, and connectivity enhancement. Bharatmala Pariyojana, Indias one of the largest infrastructure program was envisioned in 2017 to develop 34,800 km of National Highway corridors, connecting 580+ districts in the nation. The program signalled a paradigm shift to corridor approach of infrastructure development. The overall network of the nation was reimagined through scientific studies including, Origin - Destination study of freight movement across 600 districts and crow-flight alignment for optimised route to reduce transit time. Bharatmala Pariyojana also ushered in a new age of technology driven highway development in the country through deployment of automatic traffic satellite mapping and imagery to identify upgradation requirements of corridors. Bharatmala Pariyojana envisages 60% projects on Hybrid Annuity Mode, 10% projects on BOT (Toll) Mode and 30% projects on EPC mode respectively. Total aggregate length of 25,713 km with a total capital cost of Rs 7,81,845 crore have been approved and awarded till date under Bharatmala Pariyojana (including 6,649 km length of residual NHDP with a total capital cost of Rs 1,51,991 crore). Out of the total approved 25,713 km, EPC, HAM and BOT models account for 56%, 42% and 2% respectively. The national highway projects have witnessed a decline in awarding activity due to lower participation from private players. However, with an increased focus on Engineering, Procurement and Construction (EPC) and Hybrid Annuity Model (HAM) models, the pace of awards of national highway projects till FY23 grew at a strong pace of

11.41% CAGR over the past 4 years. The investments in roads sector is expected to grow by a CAGR of around 10-12% during the period FY25-FY28.

India is the second largest coal producer in the world. Coal deposits are mainly concentrated in eastern and south-central parts of the country. The states of Jharkhand, Odisha, Chhattisgarh, West Bengal, Madhya Pradesh, Telangana and Maharashtra account for ~98% of the total coal reserves in the country. Non-coking coal consumption is expected to grow at 2-3% CAGR to reach

~1,105 million tonne by fiscal 2027, driven by growth in power demand and key end-use industrial segments. India?s base power demand grew at a 3.6% CAGR from fiscal 2012 to 2022 to reach ~1,380 billion units.

Growth has been led by economic growth, improvement in T&D infrastructure coupled with extensive rural electrification under various schemes. Demand from the power and non-power sectors such as cement, sponge iron, aluminium and other industries has led to non-coking coal consumption increasing at a CAGR of ~4.9% over the past 10 years. Coking coal, which is mainly used by steel players for production of steel, grew at a CAGR of ~3.8% over the past decade, in line with India?s crude steel production which increased at a CAGR of 4.8% over the same period. Indias domestic coal production increased at a CAGR of 3.7% over last decade. However, domestic production could not keep pace with rising demand from both power and non-power sectors leading to an increase in both coking and non-coking coal imports at CAGR of ~3.8% and ~8% over the same period. Consequently, India has had to increasingly rely on coal imports to meet domestic coal demand. India?s iron ore demand is driven by the domestic steel industry. The domestic consumption of iron ore has moved in line with domestic steel production over the years, given little change in scrap usage due to lower availability of scrap in the domestic market. Further, to boost private participation in the sector, the Government has been actively taking steps to open up the mining sector to private enterprises. Under the same, the Government aims to auction 500 mineral blocks by the end of 2024 as per a plan released by the Press Information Bureau in 2022.

In India, domestic demand for copper and its alloys is met through domestic production, recycling of scrap, and imports. Electronic industry is one of the largest consumers of copper, where it is used in the form of cables, winding wires. Copper is used in construction industry as plumbing, taps, valves, and fittings components. In transportation industry, copper is used in various components. Copper is extensively used in industrial machinery and equipment. The per capita consumption of copper in India in fiscal 2020 was 0.5 kg compared with Russia?s 3.3 kg, China?s 5.4 kg, the US?s 5.5 kg and the global average of 3.2 kg. Average per capita consumption of developed economies is ~10 kg. Thus, going forward, the country is expected to witness healthy domestic consumption. Overall, copper demand is expected to log 8.5-9.5% CAGR between fiscals strong demand from consumer durable, automobile and construction segments. The demand may see significant upside depending on renewable energy investments and electrical vehicles penetration.

India is one of the largest importers of PVC in the world. With increasing domestic demand and limited production capacity to cater to the growing needs, Indian players are dependent on imports for as much as half of their consumption requirement. Imports are expected to grow at 6-7% CAGR between fiscals over 60% of demand in fiscal 2025, at 2,450-2,550

(total demand: 3,950-4,050 KTPA). Decline in imports is expected from fiscal 2026 onwards. Over fiscals 2023 to 2027, PVC demand is expected to clock 8-10% CAGR, on account of increased spending on infrastructure and various Government initiatives. The demand would be driven by sectors such as agriculture with increased land under irrigation, infrastructure aided by water supply and sanitation, housing segment with growing focus on housing for all. Other key segments aiding demand growth would be pharmaceutical and packaging segments.

India is the third largest country in the world based on defence expenditure, behind the US and China. Aerospace and defence industry deals with the manufacturing and supply of aircraft, helicopters, missiles, radars, satellites, other defence equipment or components for equipments. The key driving factor for growth in the industry is capital expenditure on defence procurement by the Government of India. The capital outlay portion of India?s defence has been on a rise, but India?s purchase of defence equipment has been dominated by imports. To make the defence sector more self-reliant, the Ministry of Defence has given fresh impetus on indigenisation by signing a number of contracts with domestic players. Indian government has set the defence production target at Rs 1,75,000 crore by 2025. Defence production stood at Rs 92,708 crore in fiscal 2022. With a number of steps taken to boost domestic manufacturing coupled with rising spends by the Indian forces on capital expenditure, CRISIL MI&A Research expects defence expenditure to log 8-12%

CAGR over fiscals 2022 to 2025. In line with Atmanirbhar

Bharat and keeping geopolitical factors in mind, the Government has mandated a minimum of 68% of defence purchases to be done from Indian companies fiscal 2022 onwards. Policies have been framed in order to boost the Indian defence manufacturing ecosystem in India.

The Indian edible oil industry is heavily dependent on imports, which accounts for more than 75% of domestic consumption. In India, the usage of edible oil varies across regions like rapeseed, mustard and rice bran oils are preferred in the eastern and northern regions; soybean oil in the central region; and groundnut, sunflower and cottonseed oils in the southern and western regions.

The southern region also uses a significant amount of coconut oil. India edible oil market size increased from

~ Rs 1,410 billion in FY 2016-17 to ~Rs 2,670 billion in

FY 2021-22 registering a five-year CAGR of 14%

Even though imports dominate the market, production of edible oil domestically has increased over the years from 6.8 MMT in FY 2016-17 to ~ 8 MMT in FY 2021-22, registering a five-year CAGR of 3%. As the edible oil industry is fragmented, small- and mid-sized players focus on segments where they have a strong presence and raw material linkages.

India is one of the top ten rice-producing countries in world, which Asia-Pacific is endowed with a wet environment suitable for rice cultivation. Rice-based farming is the main economic activity for hundreds of millions of rural farmers in the region. The major rice varieties grown in India include parboiled rice, broken rice, Sella rice, Swarna rice, and Sona Masoori rice. Basmati rice is known to be one of the best varieties of rice in the world, known for its sleek, slender, tapering grains with unique aroma and taste and its grain elongation quality upon cooking. The areas of basmati rice production in India are the states of Punjab, Haryana, Himachal Pradesh, Delhi, Uttarakhand, Uttar Pradesh, and Bihar.

Your Company Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India?s largest business organizations. Over the years, your Company has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, your Company has contributed to make India self-reliant with our robust businesses. The next generation of your Company?s strategic business investments are centered around green hydrogen ecosystem, airport management, data center, roads and primary industries like copper and PVC

- all of which have significant scope for value unlocking.

Your Company has registered stronger than ever financial performance on the back of robust operational performance from emerging core infra businesses comprising of ANIL Ecosystem, Airports and Roads which are making significant strides in their operational performance. The contribution of these businesses to overall EBIDTA has now increased to 45% in FY24 compared to 40% in FY23.

Key highlights of your Company?s consolidated performance for the year 2023-24 are as under:

Consolidated Total Income stood at Rs 98,282 Crore

Consolidated EBIDTA increased by 32% to Rs 13,237 Crore

Consolidated PAT attributable to owners increased by 31% to 3,240 Crore

Key highlights of your Company?s operational performance for the year 2023-24 are as under:

Module sales increased by 110% to 2,679 MW

54 Wind Turbine Generators (WTG) sets supplied during the year. The commercial operations started during Q3 FY24.

Passenger movements increased by 19% to 88.6 million

Mining Services production volume increased by 9% to 32.5 MMT

IRM volume stood at 82.1 MMT

Adani New Industries Limited (ANIL) was established to create an integrated platform to manufacture renewable energy and related products at the lowest cost possible. This initiative encompasses the entire supply and value chain. ANIL will ultimately serve as the parent company overseeing the entire supply chain of its green hydrogen ecosystem, addressing Indias energy security needs. Through its integrated supply chain mechanism, ANIL has already established 4 GW capacity of solar cell and module manufacturing, 2 GW of ingot-wafer manufacturing and 1.5 GW capacity of wind manufacturing. ANIL has received the letter of award to set up electrolysers manufacturing capacity of 198.5 MW. This business segment has reflected robust operational and financial performance during the current year. The current year was the emergence of this business and it contributed 9% to total income and 17% to overall EBIDTA.

Solar manufacturing business has successfully installed the 2 GW cell and module TopCon technology. This year, your Company became the first Indian Company to start backward integration beyond solar cell manufacturing by commissioning the ingot and wafer lines with 2 GW capacity. During FY 2023-24, the module sales was 2,679 MW with a growth of 110% compared to the previous year driven by an increase in export sales by 172%. The top-tier rating as tier 1 supplier gained broader acceptance of its brand, facilitating more effective penetration into export markets.

Wind manufacturing business has successfully installed India?s largest wind turbine with 5.2 MW capacity and is included in the revised list of models and manufacturers (RLMM) by the Ministry of New and Renewable Energy (MNRE). This business started its commercial production from Q3 FY24. It supplied 54 sets by the end of FY24 and generated revenue during the last two quarters of FY24. The order book stands at 254 sets. It received the provisional type certificate for its own manufactured blades. Your Companys wind turbine of 5.2 MW capacity was recognised as the bronze winner among the 5.6 MW capacity globally validating the quality and performance of the products manufactured by your Company. Your Company has made progress towards opening an

R&D center in Germany, including office finalisation.

ANIL envisions a robust outlook and in the firstphase of development is aiming to establish a production capacity of 1 MMTPA of green hydrogen. In a modular fashion, your Company is planning to expand its ANIL ecosystem, i.e. module manufacturing capacity to 10 GW along with backward integration for manufacturing of polysilica plant and wind manufacturing capacity to 3 GW. With complete backward integration from polysilica to wafer to cell to module manufacturing, the resultant cost competency is envisaged to improve operating margins and offer a competitive advantage. In the wind manufacturing business, the 5.2 MW turbine holds a competitive advantage, positioning itself as a preferred choice in the market. Additionally, there are strategic initiatives aimed at exploring international market regions, particularly in the United States and other global areas, to expand the reach of your Companys wind turbine solutions. The development of a new platform for 3 MW turbines is underway to address diverse regional needs and requirements.

AdaniConneX, a 50:50 joint venture between the Adani Group and EdgeConneX, envisions building

1 GW data center infrastructure platform by 2030. Globally awarded for demonstrating excellence, including the coveted Frost and Sullivan Company of 2023 in the South Asian data center operation and infrastructure category, AdaniConneX is earning the trust of customers worldwide through its comprehensive build-to-suit data center solutions along with one-of-its-kind energy-as-a-solution offerings. With this unique combination of product offerings, AdaniConneX delivered an unparalleled advantage to hyperscale customers with faster time to market and full stack control on the digital-energy value chain.

AdaniConneX?s state-of-the-art Chennai 1 facility Phase 1 islivewithacapacityof17MW.Thisfacilityispoweredwith renewable energy, offering enterprises and hyperscale customers sustainable energy choices. Chennai data center has delivered 100% uptime throughout FY24. During the cyclone Michaung, AdaniConneX flagship Chennai 1 data center ensured zero downtime for all its customers. The accumulated order book is more than 210 MW. This order book is tied up with hyperscale and enterprise customers for our build-to-suite Noida, Hyderabad, and Pune data centers.

While our flagship Chennai 1 data center caters to enterprises and tech native businesses, we are currently building built-to-suit hyperscale data center campuses in Noida, Hyderabad and Pune for large technology companies. The Noida and Hyderabad data center will go live in FY25.

Your Company through its subsidiary Adani Water Limited (AWL) had secured three projects with order value of more than Rs 3,900 crore in the states of Uttar Pradesh, Bihar, and Madhya Pradesh. Out of the three projects, your Company got two projects under the HAM model for implementing wastewater treatment project at Prayagraj in Uttar Pradesh and Bhagalpur in Bihar under the ‘Namami Gange, one city one operator? framework with an O&M period of 15 years and bagged one project under EPC model which comprises irrigation of area by constructing dam, pump houses and pressurised piped irrigation network at Shakkar Pench Lift Irrigation Project in Gadarwara and Amarwada, Madhya Pradesh. Your Company achieved the commercial operation date for the Prayagraj project. Significant construction progress has been made in the Bhagalpur project, and it is 71% completed as of the close of the financial year under review.

Your Company in its own capacity as a developer, focusses primarily on PPP projects and large and complex EPC projects. The major focus is on the projects tendered out by Namami Mission for Clean Ganga, Narmada Valley Development Corporation, and other initiatives from the Central and/or State authorities. Going forward, your Company shall explore and bid on more such project opportunities in the areas of wastewater treatment, irrigation infrastructure development, river interlinking projects, large water supply and water distribution projects, and desalination projects.

Your Company through its wholly-owned subsidiary Adani Airports Holding Limited (AAHL) commenced operations in Ahmedabad, Lucknow and Mangaluru airports in FY21 while the commencement of operations in Jaipur, Guwahati and Thiruvananthapuram started in FY22. Further, it acquired Mumbai International Airport Limited (MIAL) in FY22. Currently, your Company has seven operational airports and one greenfield airport under its fold. Navi Mumbai International Airport Limited (NMIAL), the subsidiary of MIAL, is building a state-of-the-art and world-class airport, which is scheduled to commence its commercial operations by FY25. Your Company has emerged as the largest private operator of airports based on the number of airports. These airports are city airports located adjacent to and well connected with large cities with easy access by bus, taxi, automobile, and other public transportation modes. This has contributed to traffic at our airports being relatively resilient to the effects of seasonality and economic cycles affecting specific regions and tourism traffic. The non-focus is to be directed towards the development of airport villages that can address non-passenger airport visitors. These airports handle 23.5% of India?s air traffic consumer base of 375+ million people. Your Companys ability to identify, prioritise and implement digital solutions like pranaam services, passenger self-service solutions, centralised airport control center, airport operations system, customer relationship management, and electronic point of sales system has been critical to our success. Your Company enjoys a decisive advantage in being a sectorial outlier within only a couple of years of entering the business, holding attractive prospects of outsized and sustainable growth across the long term. During FY24, we serviced 88.6 million passengers, 593.8 thousand air traffic movement and 8.1 Lakhs-MT of cargo across seven operational airports.

The green field airport NMIAL is progressing as per schedule and phase I is expected to be operational by FY25 with an initial capacity of 20 million. Your Company is envisaging the growth in non-aero revenue and encompassing this as a major contributor to airport revenue and EBITDA. The phase I development to the city side development area for 98 acres is being started at five airports from next year. Your Company intends to design revolutionary airports that reimagine the future and offer seamless processes. The airport business model assures a hybrid revenue model including aero and non-aero revenues. Your Company intends to redefine

India?s airport infrastructure sector through gateway development, regional footprint growth, focus on consumers and non-passengers and a deeper investment in digital technology interventions that widen consumer choice and delight. With the diversification of revenue streams together with untapped growth potential and economies of scale, the airports segment continues to be a strong contributor to the growth story of your Company The outlook for the airport infrastructure business is positive on account of the Governments decision to progressively divest ownership stakes in Indian airports in favour of private operators. This divestment and related opportunities are expected to accelerate the modernisation of infrastructure, turning them into showpieces of global standard. Your Company plans to further accelerate digital investments leading to pranaam services, passenger self-service solutions, centralised airport control center, airport operations system, customer relationship management, real-time airport community monitoring and management system with functions such as queue and flow management, bio-metric identification, tracking and analytics, artificial intelligence and digital assistance and technology-oriented services, such as virtual shopping screens, robotics powered porter service or navigation support, virtual food ordering services and smart fitness centers. Your Company also intends to deliver a contactless end-to-end travel experience using advanced technologies such as facial recognition, self-baggage drops and self-boarding gates, apply 5G technology, and provide digitised advertising channels. The outlook for your Company is underpinned by the fact that India is expected to emerge as the third-largest aviation market catalysed by the Governments decision to popularise the public-private partnership model, flexible use of air space and matured regulatory framework with assured returns.

Your Company through its wholly-owned subsidiary, Adani Road Transport Limited (ARTL), has forayed into creating world-class infrastructure for the road projects by developing national highways and expressways. It has 14 road projects for construction and maintenance of more than 5,000 lane km throughout India in the states of Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Gujarat, West Bengal, Odisha, Kerala, Uttar Pradesh, and Maharashtra with order value of more than

Rs 41,000 crore. This portfolio consists of a combination of HAM (Hybrid Annuity Model), TOT (Toll-Operate-Transfer), and BOT (Build-Operate-Transfer) type of assets. Additionally, ARTL has acquired the Maharashtra Border Check Post Network Ltd, which has a total of 24 border checkpoints in the state of Maharashtra. Your Company is using advanced technology deployment-implementation of SAP across functions and toll collections through RFID (FASTag), which has allowed to strengthen the existing asset management platform by precise monitoring and development in conjunction with several growth opportunities. Your Company already operates three HAM projects and one TOT project in the states of Chhattisgarh, Telangana, and Gujarat.

In one of the largest greenfield projects, full-fledged construction work is in progress at all three packages of the Ganga Expressway. Ganga Expressway will connect city of Meerut with Prayagraj and will be India?s longest expressway being constructed. During FY24, your Company constructed 514.8 lane-km of roads across all 10 under construction road projects.

Your Company in its own capacity as a developer, focusses primarily on Public Private Participation (PPP) projects to be developed on BOT, TOT and HAM models. Having a focus on sustainable environmental practices with a positive contribution to nature, society and other stakeholders, your Company has one of the largest portfolios of toll road assets with high quality, a strong team, long and robust track record of growth and strong cash flow generation with low leverage. 04 out of the 10 existing under construction projects are more than 70% completed and ARTL expects to achieve commercial operation date for these projects. Your Company would continue to evaluate and bid for attractive opportunities in the transport sector which generates value for the stakeholders as well as helps in nation building. Your Company would use its immense expertise and experience in setting up and operating complex and mammoth infrastructure projects in record time and to world-class quality standards and will continue to focus on developing roads in states with the highest gross state domestic product. A strong regional presence has helped the business to use the established network and synergies to leverage the same in project management and business development.

The IRM business of your Company, through its established relations with its suppliers, has maintained its position as one of India?s largest suppliers of imported natural resources from Indonesia, South Africa, Australia and the USA for catering to the customised requirement of both private and public sector enterprises in India. Your Companys door-to-door delivery model comprises taking the responsibility and accountability of sourcing from suppliers, managing sea-borne logistics, providing intermediate holding facility at discharge ports and inland transportation to provide delivery tailored for each customer. This unique and dynamic approach has allowed the business to create satisfied customers across various industries such as power, cement, steel, and iron amongst others. Your Company has developed strong business relationships with suppliers for procurement of imported natural resources and leveraging upon the in-house industry experts to function as a facilitator to cater to the requirements of its customers. Leveraging on its wide network presence across the supply chain and its position as a market leader, your Company is able to import natural resources through the majority of ports in India, which saves logistic costs and ensures timely delivery to its customers. Your Company has yet again for another year, maintained the status of being the largest IRM service provider and maintained its market position. During the year, IRM business achieved 82.1 MMT volume pertaining to the supplies made to various public and private customers. This year, your Company witnessed an improved sales mix with increasing sales to private customers and further also continued to expand its efforts in capturing higher market share in steel, cement, and other sectors by venturing into the retail segment to cater to specific local markets in different geographies. Your Company was able to significantly bring new business from its flagship e-portal for online trading of natural resources and attain a good stronghold in this space by leveraging on the benefits as an early entrant.

Your Company continues to explore opportunities to develop business relations with the new miners, enabling it to deliver natural resources for its esteemed customers in a timely and cost-effective manner. Over the past couple of years, the IRM business has been exploring ways to tap into newer market segments through initiatives like flagship e-portal (Adani IRM portal) for the online trading of natural resources. Your Company expects that the e-portal would bring in two-fold benefits of ease of doing business for retail customers at the same time the use of technology will enable a faster, reliable and more customer-centric business approach which will help in capturing an even larger market share in retail business and marching ahead on its path of digitalisation. Going forward, your Company is targeting a balanced customer mix of private and public sector enterprise customers which is expected to yield the benefits of growth with steady cash flow.

In India, as part of the public-private partnership model, public sector companies including State Power Generation companies (State Electricity Boards), and State mineral corporations which are allotted Coal and Mineral Blocks, publish tenders to appoint a Mine Developer and Operator ("MDO"). Your Company acts as MDO to undertake all services relating to the development and operations of coal and mineral blocks allotted and deliver the coal/mineral under agreed contractual terms. Currently, your Company has 8 mining service contracts for coal out of which 4 are operational with a peak operational capacity of 48.0 MMT and 1 operational mining service contract for iron ore with a peak capacity of 6.0 MMT. During FY24, your Company despatched 27.1 MMT of coal and 3.9 MMT of iron ore to the customers.

Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) has been allocated Parsa East and Kanta Basan Coal Blocks(PEKB)inChhattisgarhandcontractedParsaKente Collieries Limited (PKCL - a subsidiary of AEL) as MDO. The Ministry of Environment Forest & Climate Change (MoEFCC) and the State Pollution Control Board issued consent to establish for expansion of mining capacity from 15 MTPA to 18 MTPA. During FY 2023-24, raw coal production was 6.7 MMT, and washed coal despatched to thermal power plants of RRVUNL was 5.6 MMT.

Chhattisgarh State Power Generation Company Ltd. (CSPGCL) has been allocated the Gare Pelma Sector-III Coal Block at Chhattisgarh and appointed Gare Pelma III Collieries Limited (GPIIICL - a subsidiary of AEL) as MDO in November 2017. During FY 2023-24, GPIIICL achieved coal production of 4.0 MMT and despatched 3.8 MMT.

NLC India Limited (NLCIL) has been allocated the Talabira II & III Coal Block at Odisha for captive use in their thermal powerplant.NLCILhasappointedTalabira(Odisha)Mining Private Limited (TOMPL - a subsidiary of AEL) as MDO. During FY 2023-24, TOMPL achieved coal production of 12.6 MMT and despatched/stocked 12.6 MMT.

Andhra Pradesh Mineral Development Corporation Limited (APMDC) has been allocated the Suliyari Coal Block in Madhya Pradesh. APMDC has appointed AEL as MDO for the development, mining, and delivery of coal to APMDC. During FY24, Suliyari mine achieved its peak rated capacity of 5.0 MMT in 2^nd year of its full-fledged operation and 5.0 MMT coal was despatched.

RRVUNL secured the allocation of Parsa Coal Block at Chhattisgarh and contracted Rajasthan Collieries Limited (RCL - a subsidiary of AEL) as MDO. The production of this coal block is expected to commence in FY 2024-25.

RRVUNL has been allocated the Kente Extension Coal Block at Chhattisgarh and appointed Rajasthan Collieries Limited (RCL) as MDO. The Coal Block is under development stage.

Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) has been allocated the Gare Pelma Sector-II Coal Block at Chhattisgarh for the use of coal in their thermal power plants. MAHAGENCO has appointed Gare Palma II Collieries Private Limited (a subsidiary of AEL) as MDO. The Coal Block is under development stage.

Pelma Coal Mine Chhattisgarh is allocated to South

Eastern Coalfields Limited (SECL), a subsidiary of Coal

India Limited. A special purpose vehicle with the name Pelma Collieries Limited (PCL) entered into Coal Mining Agreement (CMA) with SECL in August 2023. The Coal Block is under development stage.

Odisha Mining Corporation Limited (OMCL) is the Mining Leaseholder of Kurmitar Iron Ore Mine in Sundargarh District, in Odisha. OMCL appointed Kurmitar Iron Ore Mining Private Limited (KIOMPL - a subsidiary of AEL), as the MDO. OMCL entered into Iron Ore Mining Agreement with KIOMPL in October 2019. During FY 2023-24, iron ore production was 4.2 MMT and despatch was 3.9 MMT.

Your Company is expected to operationalise two MDO coal mines Parsa and Gera Pelma II during FY 2024-25 which will augment the peak capacity by 28.6 MMT. Your Company is also evaluating upcoming opportunities actively and will participate in the auctions by leveraging its mining and integrated coal management capabilities.

The Government of India launched an auction process for opening commercial coal mining for the private sector and removing restrictions on the end use of coal in June 2020. Your Company and its subsidiaries have won Gondbahera Ujheni, Purunga, Gondulpara, Dhirauli, Bijahan and Northwest of Madheri coal blocks in various tranches. Further, for the minerals, the Government of India approved Mines and Minerals (Development and Regulation) Amendment Bill, 2021 on March 23, 2021 to attract investors and ease mine development and operation. The amendment to sections 10A (2)(b) & 10A (2)(c) of Mines and Minerals (Development and Regulation) Act, 1957 will make available for auction more than 500 mineral deposit blocks of various minerals such as iron ore, bauxite, graphite, chromite, diamond, etc. Your Company with its subsidiaries won Kutrumali and Ballada bauxite blocks in a forward auction.

Your Company has six commercial mine contracts across five states in India. The total capacity from four

(Gondulpara, Dhirauli, Bijahan and Gondbahera Ujheni) is 19.9 MMT and the capacity for the rest of the two mines (Madheri (Northwest) and Purunga) are yet to be decided.

AEL emerged as a successful bidder of Gondulpara coal block (Jharkhand) which was auctioned for sale of coal. AEL entered into Coal Block Development and Production Agreement (CBDPA) with Nominated Authority, Ministry of Coal in January 2021. The coal block is under development stage.

Stratatech Mineral Resources Private Limited (SMRPL - a subsidiary of AEL) emerged as a successful bidder of Dhirauli coal block (Madhya Pradesh) which was auctioned for the sale of coal. SMRPL entered into CBDPA with the Nominated Authority, Ministry of Coal in January 2021. The coal block is under development stage.

Mahanadi Mines and Minerals Private Limited (MMMPL- a subsidiary of AEL), emerged as a successful bidder of Bijahan coal block (Odisha) which was auctioned for the sale of coal. MMMPL entered into CBDPA with Nominated Authority, Ministry of Coal in August 2022. The coal block is under development stage.

MH Natural Resources Private Limited (MHNRPL - a subsidiary of AEL) emerged as a successful bidder for Northwest of Madheri Coal Mine (Maharashtra) for commercial mining. MHNRPL entered into CBDPA with Nominated Authority, Ministry of Coal in March 2023. The coal block is under development stage.

CG Natural Resources Private Limited (CGNRPL - a subsidiary of AEL) emerged as a successful bidder of Purunga Coal Mine (Chhattisgarh) which was auctioned for the sale of coal. CBDPA between Nominated Authority, Ministry of Coal and CGNRPL was signed in March 2023. The coal block is under development stage.

MP Natural Resources Private Limited (MPNRPL - a subsidiary of AEL), emerged as a successful bidder of Gondbahera Ujheni Coal Mine (Madhya Pradesh) which was auctioned for the sale of coal. CBDPA between Nominated Authority, Ministry of Coal and MPNRPL was signed in March 2023. The coal block is under development stage.

Your Company has two commercial mines in Indonesia and Australia. Both the mines are operational.

Our wholly-owned step-down subsidiaries in Australia, Bravus Mining and Resources and Bowen Rail Company have interests in the Carmichael coal mine and associated above-rail infrastructure in the Galilee Basin in Queensland, Australia. Further, the associated below-rail infrastructure is owned by our jointly controlled entity, Carmichael Rail Network. During FY 2023-24, the production was 11.2 MMT and shipment was 11.2 MMT. The Carmichael mine has a total marketable reserve of more than 700 MMT and it has already achieved a capacity of 11.2 MMT in FY 2023-24, the mine is expected to unlock operational capacity of 15 MMT by FY 2024-25.

PT Adani Global, Indonesia a wholly-owned step-down subsidiary of the Company, has been awarded coal mining concession in PT Lamindo Inter Multikon (stepdown subsidiary in Bunyu Island, Indonesia). The Bunyu Mines is Joint Ore Reserves Committee (JORC) compliant.

Your Company is expected to start its domestic production in FY 2024-25 through its commercial mines of Gondulpara, Dhirauli and Bijahan and expects to unlock the peak capacity by 15.8 MMT. Further, mineral blocks for commercial mining are anticipated to be put up for auction in FY 2024-25 and onwards and your Company intends to evaluate and participate in auctions of these minerals.

Kutch Copper Limited (KCL), a 100% subsidiary of your Company has successfully commenced the commercial sale of copper products produced at copper plant in Mundra. This validates your Companys construction excellence in executing large and complex projects across diversified business segments. This plant is constructed using state-of-the-art technology with technological advancements while leveraging the Groups strong position in resource trading and energy infrastructure. The plant is focussed on following the best sustainable practices. This plant will work on a zero liquid discharge model and will be utilising desalinised water for its operational requirements. The Company aims to follow a green project design having the best environmental performance, with the least carbon emissions, effective energy utilisation and maintain the operational efficiencies to produce copper sustainably.

In the quest to be a proponent of green copper?, we are committed to increase the share of renewables in the overall energy mix. KCL successfully produced and despatched its 1^st batch of copper finished goods to its customers in March 2024.

At present, India is heavily dependent on the import of copper cathodes, copper wire rods and other copper products. KCL with its first phase copper production plant of 500 KTPA capacity will help to cater to the increasing domestic copper demand and provide impetus to India?s economic growth. KCL has commenced its operations and further expects to ramp up its capacity. This plant was constructed with the flexibility to expand it to 1,000 KTPA capacity. The business is also working towards establishing a forward integration strategy to add copper tubes, a value-added product, to its portfolio, catering to the air conditioning and refrigeration applications.

Kalinga Alumina Limited (KAL), a subsidiary of your Company has secured two bauxite blocks in Odisha (Ballada & Kutrumali). KAL is in the process of obtaining forest and environmental clearances and other regulatory approvals for its bauxite mines and refinery. The land acquisition process for the refinery is well in progress.

It has also received in-principle approval from Industrial Promotion & Investment Corporation of Odisha Limited (IPICOL) for our integrated aluminium projects.

KAL has a ready blueprint and definitive plans up a greenfield alumina refinery of 2-4 with matching bauxite production. KAL is exploring the opportunity to secure more. The bauxite mines and the refinery are slated to be operational in three - five years.

Mundra Petrochemicals Limited (MPL), a step-down subsidiary of AEL has initiated to implement a PVC project with a capacity of 1 MMT per annum with the flexibility to expand the capacity up to 2 MMT per annum, to be executed in phases. The first phase, with a capacity of 1 MMT per annum, is slated for commissioning by FY 2026-27. India manufactures PVC using largely imported oil and other feedstock. Considering India?s huge dependency on these vital resources and the limited natural gas supplies in the country, including imports, are needed for higher-value chemicals. The project would be a major step towards reducing our Nation?s import dependency in alignment with the vision to become self-reliant. MPL has selected the carbide acetylene route for its proposed 1 MMTPA PVC project. The calcium carbide–based technology uses low-cost equipment and produces high yield. Further, this project will be green PVC project as it is being designed with a low carbon emission process which will help in the reduction of carbon emissions and capturing the carbon emitted. Your Company has already demonstrated its execution capabilities in delivering ultra-mega projects.

This proposed PVC project will get the benefit of both construction and operational excellence through Adani Group synergies advantage in terms of Mundra being a strategic location and power being USP and expertise in feedstock sourcing.

Your Company will utilise its construction excellence and expertise in executing large and complex projects and deliver the commissioning of the PVC plant in the scheduled time. The proposed PVC complex would result in substantial socio-economic benefits to India.

Several by-products from the plant would be marketed in the domestic market or export market depending upon market conditions Your Company further intends to explore new opportunities including the establishment of a petrochemical cluster in Mundra.

YourCompany?sdefenceportfolioprioritisesintelligence, surveillance and reconnaissance across land, air and naval borders that warrant building capabilities in the next-generation technologies in the unmanned, cyber and satellite space. Your Company pioneered the development of unmanned technologies through a robust ecosystem in Hyderabad and Bangalore, positioning India on the global map in the unmanned domain. Your Company has developed a comprehensive offering across an ecosystem of Indian suppliers to create a self-reliant design and development of unmanned systems in India. It was a proud moment for your Company to dedicate the first manufactured in India to the Indian Navy on January 10, 2024. Your Company is India?s leading private sector entity in the development of missiles and precision systems with more seven critical missile systems under development. The UAV launched precision-guided missile system co-developed by your Company and DRDO is a testimony of the agility that a public-private sector partnership can bring to defence manufacturing. Your Company had announced an investment of more than Rs 1,500 crore to build South Asia?s largest integrated ammunition complex in Kanpur (in the Uttar Pradesh defence industrial corridor). The complex will manufacture full ranges of ammunition (300 million rounds of small caliber ammunition, 10 million rounds of medium caliber ammunition and 1,50,000 rounds for 155 mm large caliber ammunition) catering to the Indian and global markets. The small calibre manufacturing facility with a capacity of 150 million rounds was dedicated to the Nation on February 26, 2024. Your Company is the first private sector company end-to-end development and manufacturing ecosystem of small arms, including assault rifles, light machine guns, sniper rifles, carbines and pistols and is the only Indian private sector company supplying small arms to security forces.

Your Companys defence manufacturing complex in Kanpur is expected to be commissioned in the third quarter of FY 2024-25 and full-scale production is expected by the end of FY 2024-25. Series production of very short-range air defence systems is expected to be undertaken. The concept-to-series production was completed in a record 19 months. The Indian army placed a limited series production order with your Company for the delivery of these systems, which will be delivered in FY 2024-25. Additionally, the mission-critical very short-range air defence has completed flight trials, with production expected to commence in FY 2024-25. Adani Defence is committed to continuous investment in sub-systems and component-level capabilities, while also prioritising workforce training to meet global standards and adhere to stringent quality management systems.

Adani Wilmar Limited (AWL), a collaboration between the Adani Group of India and the Wilmar Group of Singapore, stands as one of Indias foremost consumer foods FMCG companies. AWL strengthened its presence in the West Bengal market after its announcement of the launch of MALE Class UAV premium regional rice. The new state-of-the-art facility at Burdwan is running at full capacity catering to the demand for regional rice in the entire eastern zone. AWL introduced four premium grades, including Sharbati, of whole wheat under the Fortune brand in specific markets.ItlaunchedbrownriceundertheKohinoorbrand as part of its efforts to expand health focussed portfolio. It also introduced a multipurpose cleaning concentrate liquid under the Ozel brand, targeted at HoReCa clients for surface and utensil cleaning. AWL transported 23% of our packaged oils and foods through railways, reducing carbon footprints.

AWL expects the strong growth to continue in wheat flour and rice products for many years, given the large headroom in the kitchen essential products. The market share in wheat flour grew 5.4% during FY24. AWL continues to leverage the brand equity of the recently acquired premium basmati brand Kohinoor. Kohinoorto have set has up achievedan a market share of 2.0%, an impressive milestone considering its relaunch less than two years ago. Fortune Gobindo Bhog Rice, is slated to be introduced as a special occasion premium rice very soon. Leveraging robust distribution and retail networks, formidable brand equity, strong sourcing capabilities, and a widespread manufacturing presence across India, AWL is optimistic about becoming the country?s largest food FMCG company. AWL is making notable strides in value addition across our portfolio, particularly in both Oleo and value-added products, reflecting our commitment to innovation and meeting evolving consumer demands.

Adani Agri Fresh Limited (AAFL), a wholly-owned subsidiary of your Company, played a transformative role in the apple industry of Himachal Pradesh, leading to increased farmer incomes, enhanced productivity, and improved produce quality. AAFL demonstrated strong strategic planning by setting realistic procurement targets that accounted for potential challenges, enabling your Company to navigate disruptions and adapt to unforeseen circumstances. It has set up Controlled Atmosphere (CA) storage facilities with a capacity of 25,000 MT at four locations, Rampur, Sainj, Rohru, and Oddy in Shimla district. Through AAFL, your Company boasts a strong network across the country and serves as a strategic partner to all major modern format stores, e-com players, large distributors, and organised retail chain stores. Despite reduced apple production due to environmental calamity in Himachal Pradesh, AAFL achieved its procurement target, indicating a diversified sourcing strategy. FarmPik brand is the only organised brand in the fresh produce space in India. Starting from the north, it now has a pan-India presence. The successful attainment of the procurement target underscores AAFLs resilient supply chain, efficient logistics, backup plans, and the capability to navigate disruptions, ensuring a consistent inflow of apples even in challenging situations.

AAFL has started its operations in Kashmir with 1,000 MT store and plans to expand gradually in the next two to three years to 5,000 MT. Competition in CA apple business is growing at 15% YoY and to maintain its leadership position, AAFL is increasing its capacity by leasing sites for the long term. AAFL plan of expanding in Kashmir is big and it is working on building a new market and territory to increase sales. With this successful model of Himachal Pradesh, your Company aims to replicate its procurement approach in other states as well. Your Company is venturing into the IQF frozen peas business under the brand name FarmPik. The frozen peas market is experiencing steady growth globally, driven by factors such as changing dietary preferences, busy lifestyles, and increasing awareness about the nutritional benefits of frozen vegetables. With its extensive expertise in agribusiness, strong supply chain network, and commitment to quality, it is well-positioned to capitalise on this burgeoning market opportunity. To address this growing demand, your Company intends to establish a multifruit basket encompassing a variety of fruits available nationwide. Leveraging the early infrastructure investments, your Company intends to capitalise on procuring larger volumes and promoting its brand. This strategic approach will not only broaden its customer base but also enhance its brand value and revenues, driving its business toward continued growth and success.

New Delhi Television Limited (NDTV) has been a pioneer in India?s news television and digital journalism. NDTV is today the most credible and respected news network in India and a leader in digital reach. Incisive and creative, its channels target the global Indian with news that is credible, true and fast. NDTV 24x7 is the only English news channel from India, which is beamed in the United Kingdom, United States of America, Canada, South Africa, the Middle East, Australia, New Zealand, Mauritius and most of the SAARC Countries to reach out to the Indian diaspora. NDTV is currently available in 67 countries by a combination of dedicated feeds as well as content syndication. Strategic initiatives such as hiring prominent figures, global content creation, and enhancing on-screen presence position NDTV as a market leader. The steadfast emphasis on perception, credibility, and trust cements NDTVs reputation in the industry. Ambitious targets for market rankings within specific timeframes demonstrate a clear strategy for impactful market penetration and reporting excellence. Marketing efforts aimed at enhancing on-screen aesthetics and brand image contribute to immediate visibility and recognition. NDTVs adaptive approach to business, including portfolio expansion, digital innovation, and talent acquisition, ensures readiness to navigate future industry dynamics seamlessly. Other than its flagship channels NDTV 24x7 and NDTV India in English and Hindi, NDTV runs vibrant and fast-growing digital platforms for its consumers in the form of www.ndtv. com and www.ndtv.in in English and Hindi respectively. NDTV has further expanded its global footprint with the introduction of the NDTV world page that caters to the global audience. NDTV Digital experienced robust growth in trafficwith total site visits for the NDTV Group and page views increased by 32% each. NDTV?s YouTube channels in English and Hindi have a combined subscriber base of 29 million. NDTV has launched its two regional channels viz. ‘NDTV Madhya Pradesh and Chhattisgarh? and ‘NDTV

Rajasthan? and has also re-launched its business channel

‘NDTV Profit? during FY 2023-24.

NDTVs international expansion solidifies its commitment to catering to a global audience. Technological advancements provide NDTV with an edge to swiftly adapt to changing consumer preferences and emerging media trends. NDTVs adaptive approach to business, including portfolio expansion, digital innovation, and talent acquisition, ensures readiness to navigate future industry dynamics seamlessly. Artificial Intelligence

(AI) technologies hold the potential to assist journalists in various tasks such as writing articles, transcribing interviews, and detecting misinformation. NDTV is exploring the potential of AI and machine learning applications in collaboration with news media. In order to expand its offering and bring new audiences to its platforms, NDTV will continue to invest in offering business news TV and also expand in regional languages to leverage the strength of the brand and business acumen.

Pursuant to amendment made in Schedule V to the Listing Regulations, details of significant 25% 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:

Your Company has strong internal control systems and best-in-class processes commensurate with its size and scale of operations. This comprises:

Well-formulated policies and procedures for all major activities. These procedures facilitate effective business operations with governance.

Well-defined delegation of power with authority limits are in place for approving revenue as well as capex expenditure at the level of organisational hierarchy. This enables ease of decision-making processes in day-to-day affairs as well as long-term and short-term business plans.

Financial control is effectively managed through the Annual Budgeting process and its monitoring is carried out through monthly review for all operating and service functions.

State-of-the-art ERP system to record data for accounting, consolidation and management information purposes and connects to different locations for efficient

There have been continued efforts to align all its processes and controls with global best practices.

Well-established online compliance management system in which technology is seamlessly integrated with laws. The system provides comprehensive covering across all laws applicable to the business and its compliance update at each of the operating units through the management dashboard.

Well-established multidisciplinary Management Audit & Assurance Services (MA&AS) in the organisation, that consists of professionally qualified accountants, engineers and SAP experienced executives who carry out extensive audits throughout the year, across all functional areas and submit reports to the Management and to the Audit Committee about the compliance with internal controls and efficiency and effectiveness of operations and key process risks.

Risk based annual internal audit plan followed by MA&AS. The audit plan and its scope are reviewed and approved by the Audit Committee of your Company. The entire internal audit processes are web-enabled and managed online by the Audit Management System (AMS).

Internal Audit is carried out in accordance with auditing standards to review design effectiveness of internal control system and procedures to manage risks, operation of monitoring control, compliance with relevant policies and procedures and recommend improvement in processes and procedures.

The Audit Committee of your Company regularly reviews the execution of the audit plan, and the adequacy and effectiveness of internal audit systems, and monitors the implementation of internal audit recommendations including those relating to strengthening of your Companys risk management policies and systems.

In terms of Governances, there are independent Committees in place for monitoring and governance over efficiency & effective internal controls:

Risk Management Framework which provides a process of identifying, assessing, monitoring, reporting, and mitigating various risks at all levels at periodic intervals. Under the framework, your Company has constituted a Risk Management Committee to continuously monitor, report and mitigate various risks faced. The outcome of this monitoring is reported to the Audit Committee and the Board of Directors on a quarterly basis.

Information technology and data security governance is an integral part of an overarching Office-wide governance structure. Your Company has a matured IT governance process wherein IT & DS Committee periodically reviews, recommends and monitors priorities, projects, and major investments associated with information technology besides the effectiveness of control established for data security.

The Committee monitors, and examines the structure, operation, and efficacy of your Company?s compliance programme and to review compliance with applicable laws and regulations.

Your Company prioritizes cultivating a harmonious work environment to drive sustainable growth. Your Company?s commitment to robust workforce management includes regular engagement, dispute resolution mechanisms, and initiatives for employee recognition and participation. Your Company collaborate with labor unions and industry bodies to ensure fair treatment and support employee wellbeing through human rights policies. By offering competitive compensation and fostering a supportive culture, your Company attract and retain top talent, it also promotes safety and health initiatives for all employees. Embracing the digital HR transformation, your Company invest in continuous learning and development to empower its workforce and drive innovation. Your Company?s initiatives are designed to enhance the employee experience holistically – spanning workplace environment, leadership development, recognition, and personal growth opportunities. This strategy ensures that your Company?s efforts are comprehensive, addressing the multifaceted needs of its workforce and fostering an environment where every individual feels valued and empowered. These initiatives include empowering women?s leadership, inclusive employment practices, non-discrimination employment policy and equal policy. Your Company?s human capital development strategy is designed to create digitally skilled, future-ready employees and exceptional, home-grown leaders, through institutionalized, immersive, rigorous, hands-on learning interventions and scalable development frameworks. Through comprehensive learning journeys which comprises of classroom, on-ground, social, and digital learning, the learning & organizational development initiatives have been directed to facilitate business growth through personal transformation of individuals with the relevant skills, and the right mindset.

A report was published on January 24, 2023 by a short seller addressed to the "Adani Group". The short seller report contained certain allegations and questions pertaining to some of the Adani portfolio companies including AEL. The 88 allegations targeting Adani Group companies were around historic events. The response to these allegations was submitted by your Company to the Indian stock exchanges on January 29, 2023.

In this regard, certain writ petitions were filed with the Honble Supreme Court in February 2023 seeking an independent investigation of the allegations in the short seller report. During the proceedings, the Supreme Court constituted an expert committee to investigate as well as suggest measures to strengthen existing laws and regulations and directed SEBI to consider certain additional aspects in its scope. The expert committee submitted its report on May 6, 2023 finding failure in respect of applicable laws and regulations. The SEBI also concluded its investigations in 22 of the 24 matters as per the status report dated August 25, 2023 to the Supreme Court.

On January 3, 2024, the Honble Supreme Court disposed of all matters in various petitions including those seeking separate independent investigations relating to the allegations in the short seller report. Further, the Honble Supreme Court directed SEBI to complete the pending two investigations, preferably within three months, and take its investigations (including 22 already completed) to their logical conclusion in accordance with the law. During the quarter that ended March 31, 2024, your Company received two show cause notices (SCNs) from SEBI alleging non-compliance of provisions of the Listing Agreement and SEBI LODR Regulations pertaining to alleged related party transactions with third parties and validity of peer review certificates of statutory auditors with respect to earlier years. The management of your Company believes that there is no material consequential effect of these SCNs on relevant financial statements and no material non-compliance with applicable laws and regulations.

Earlier in April 2023, your Company had also undertaken a review of transactions referred in the short seller report through an independent assessment by a law firm, which confirmed that (a) none of the alleged related parties mentioned in the short seller report were related parties of your Company or its subsidiaries, under applicable frameworks; and (b) your Company is in compliance with the requirements of applicable laws and regulations. During FY24, your Company has ensured that there is continuous interaction with various stakeholders and disclosures have been made on time to provide accurate information. Further, your Company has leveraged its strong cash reserves not only to protect investors but also to smoothly operate the businesses without compromisingongrowth.YourCompanyhasfurthergrown the businesses in terms of their volume and capacity.

The financial position of your Company has further strengthened, and it continued with the highest level of regulatory compliance.noregulatory Your Company had continuous access to both capital and debt markets. Your Company has sustained the domestic and international ratings.

The operational and financial performance of FY24 not only reflects the strength of your Company but also refutes the rhetorical created noises through extensive stakeholder outreach of your Company.

Statements in the Management Discussion and Analysis describing the Company?s objectives, projections, estimates, expectations and others may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ from those expressed or implied. Several factors that could significantly impact the Company?s operations include economic conditions affecting demand, supply and price conditions in the domestic and overseas markets, changes in Government regulations, tax laws and other statutes, climatic conditions and such incidental factors over which the Company does not have any direct control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.