Adani Enterprises (AEL), the flagship company of the Adani group with interests in new energy, transport and data centres, will close FY25 with a capital expenditure (capex) of Rs 30,000 crore which will be less than one-third of the guidance provided previously.
Post the Q3FY24 results, senior officials of AEL had provided a capex guidance of Rs 92,000 crore for FY25. This was subsequently revised to Rs 80,000 crore. At Rs 30,000 crore the planned total capex for FY25 will be lower than Rs 33,600 crore capex AEL did in FY24.
AEL however stated that these significant changes to capex are because of changes in the timing of accounting of the projects it has undertaken in the books. The Navi Mumbai airport capex and capex of Adani New Industries (ANIL) ecosystem which are about Rs 40,000 were to be accounted for in the FY25 books.
However, there has been a delay in the opening of the Navi Mumbai airport by 4-5 months and will now be inaugurated in April, 2025. This has led to a shift in capex accounting of Rs 11,000 crore to Rs 12,000 crore to FY26. Capex in ANIL ecosystem are subject to progress in projects jointly coordinated with sister concern Adani Green.
Robbie Singh, chief financial officer, AEL said, “Roughly the Rs 28,000 crore of the ANIL ecosystem will not come in this year from an accounting perspective. The formal completion of Navi Mumbai Airport will take place in April so consequently that number of Rs 12,000 crore will also come up next year.”
Singh was talking to analysts last week in a post earnings call, the transcript of which was made public on Tuesday. ANIL focuses on generation of green hydrogen, including downstream products, green electricity generation, manufacture of electrolysers and wind turbines.
“We have a slight variation because of various approvals etc, which is related to the Rs 7,000 crore PVC project and slight timing change in the green hydro ecosystem of about Rs 4,000 crore. So, this Rs 11,000 crore aside, our capex on the rest of the business is on track,” Singh added.
The Navi Mumbai airport, which was originally set to start operations in December but was later rescheduled to come on stream in March will be formally open in April.
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