MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management's views on the Company's performance and outlook are discussed below: 

Economic Outlook

Relative to last year, the outlook for advanced economies is improving, while growth in emerging market and developing economies is projected to be uneven, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries. IMF estimates that overall growth in global economy will be moving towards a period of more stable growth and is projected to grow at 3.5% in 2015 and 3.8% in 2016.

Indian economy has been on an upturn in the last few quarters, growth has accelerated, inflation has declined, current account deficit has narrowed, and external buffers have been replenished. Indian GDP (at constant rate 2011-12) grew at 7.4% in 2014-15 (according to advanced estimates). Balance of payment outlook improved during the year on account of declined commodities prices coupled with the steady stream of remittances and services exports.

Low crude prices, improved production capacity and the adoption of the flexible inflation targeting framework, would likely keep inflationary brssures under check. This will set up a stage for further easing of interest rate and monetary policy and fuelling the growth. Aided by a supportive external environment and impetus from on going reform agenda of the government, the Indian economy has taken strong strides towards higher growth and enhanced stability.

To sustain rapid economic growth, the Government of India aims to develop and deploy renewable energy for supplementing the energy requirements of the country. It has raised the solar power generation capacity addition target to 100 GW by 2022, which will entail an investment of around Rs. 6 lakh crore. With this ambitious target, India will become one of the world's largest green energy producers. Further, the Government has proposed to amend the objective of the National Tariff Policy to promote renewable generation sources.

With the overall economic growth, the Company continues delivery in its focus areas of Resources, Logistics and Energy.

Operational Performa nce

Each of the businesses carried on by your company either by itself or through strategic investments has immense potential for growth and profitability. In order to drive next level of value creation, competency, decision making, to accelerate the business growth, to enable distinct focus of investors to invest in some of the key businesses and to lend enhanced focus to the operation of the said businesses, your company has decided to demerge its Port Undertaking, Power Undertaking and Transmission Undertaking.

With this, the Company will emerge as a company focused in the business of coal mining and trading, agro and city gas distribution. The Company continues to strengthen its competitiveness in the global market and posted an encouraging performance for the year under review.

? Resources

Natural Resources are essential for rapid growth and development of a nation. Presently, India faces an acute thermal coal deficit to cater to the demand of the power stations and resorted to imported coal to meet the internal deficit scenario. The Company is focused on this sector of national importance and strategically placed to help overcome those challenges through developing and operating mines in India, Indonesia and Australia as well as importing coal and providing end to end solution to the customer.

0 Coal Trading

The Company remains the largest procurer of thermal coal in India with consistently high market share. It has steadily growing volume and sustainable margin. As India's power demand soars, India will be more dependent on imported coal for coal fired power generation capacity in future. The Company provides end to end procurement and logistics services to its customers. The major coal sourcing is from suppliers in Indonesia, South Africa and other locations and supply it to various customers in India

The Company leverages on economies of scale and specialize in cape class vessel handling. The Company, through its subsidiaries, has entered into long-term sourcing arrangement for uninterrupted supply of coal. The Compa ny has strong customer base of central and state utilities and private power producers. The Company continues to improve coal trading business by expanding customer base across geographies, sourcing network, cost effective logistic management and timely delivery at power stations.

0 Coal Mining

Our coal mining business involves mining, processing, acquisition, exploration and development of mining assets.

? Domestic Coal Mining Operations

In India, as part of the public private partnership model, Government sector companies, which are allotted coal blocks, appoint a Mine Developer and Operator ("MDO") to undertake all activities relating to the development and operations of a coal block allotted.

The Hon'ble Subrme Court of India vide its judgement dated 24.09.2014 cancelled allocation of 204 coal blocks allocated for captive mining between 1993 to 2011. Subsequently, Government of India promulgated The Coal Mines (Special Provisions) Ordinance, 2014 and also passed and notified The Coal Mines (Special Provisions) Act, 2015 for allocation of coal blocks and vesting of right, title and interest in and over the land and mine infrastructure together with mining leases to successful bidders and allottees. Ministry of Coal has initiated the process of Auction and Allotment of coal blocks under the said Ordinance. Ministry of Coal has invited applications from Government Companies having specific end use project for allotment of coal blocks under the Allotment process. The Coal Mines (Special Provisions) Act, 2015 brings further opportunity for Adani Group to retain & strengthen its brsence in the MDO business. The Company has been appointed as MDO to undertake activities relating to the development and operations of certain coal blocks in India.

? Parsa East and Kanta Basan Coal Block

Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL") has been allocated the Parsa East and Kanta Basan coal blocks in Chhattisgarh. To undertake the MDO operations, the Company entered into a joint venture agreement with RRVUNL to form Parsa Kente Collieries Limited ("PKCL"), wherein the Company owns 74% equity interest. This entails development, mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of RRVUNL at Rajasthan. However, coal block was de-allocated by the Hon'ble Subrme Court vide its judgement dated 24.09.2014. Ministry of Coal had invited applications from Government Companies for allotment of the coal block under Allotment Process. RRVUNL applied for allocation of Parsa East and Kanta Basan coal block and the coal block has been re allotted to RRVUNL and allotment agreement has been executed between RVUNL and Nominated Authority on 26th March 2015. Pursuant to re-allotment, RRVUNL has decided to continue existing contract with PKCL for development and operation of the coal block.

The project had started Mining Operations and dispatches of coal to Thermal Power stations of RRVUNL since February 2013. For FY 2014-15, Raw Coal Production was 3.44 MMT, Washed Coal Production was 3.0 MMT and Washed Coal Dispatch to Thermal Power Plants of RRVUNL was 2.98 MMT.

? Kente Extension Coal Block

Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL') has been allocated the Kente Extension coal block at Chhattisgarh. To undertake the MDO operations, the Company entered into a joint venture agreement with RRVUNL to form Rajasthan Collieries Limited (RCL), wherein the Company owns 74% equity interest. RCL entered in Coal Mining and Delivery Agreement with RRVUNL for development, mining, beneficiation of coal, arranging transportation and delivery of washed coal up to end use Power Plants of RRVUNL at Rajasthan. MoC have issued allotment order to RRVUNL on 31st March 2015.

? Parsa Coal Block

Parsa Coal Block was allocated to Chhattisgarh State Power Generation Company Ltd. (CSPGCL). However, coal block has been de-allocated by the Hon'ble Subrme Court vide its judgement dated 24.09.2014. Ministry of Coal had invited applications from Government Companies for allotment of the coal block under Allotment Process.

Pursuant to application of Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL") for Parsa coal block, the Ministry of Coal has allotted the coal block to RRVUNL. RRVUNL has decided to engage Rajasthan Collieries Limited (RCL), a subsidiary of the Company, to undertake development, mining, beneficiation of coal, arranging transportation and delivery of washed coal up to end use Power Plants of RRVUNL at Rajasthan.

? Coal Mining in Indonesia.

PT Adani Global, Indonesia a wholly-owned subsidiary of the Company, has been awarded coal mining concessions in PT Lamindo Inter Multikon and PT Mitra Niaga Mulia (step down subsidiaries) in Bunyu island, Indonesia from which coal is used for the captive consumption in power projects. The Bunyu Mines has Joint Ore Reserves Committee (JORC) compliant resource of 269 Million Metric Tonnes (MMT) for both the mines (i.e. combined). Production during the year 2014-15 has been at 4.92 Million Metric Tonnes (MMT).

? Coal Mining in Australia

Our wholly owned step down subsidiaries in Australia have 100% interest in the Carmichael Coal Mine in the Galilee Basin in Queensland, Australia. During the year under review, the Company has completed the bankable feasibility study for the phase 1 of project and established JORC compliant Reserves of 864 million tonnes. The Company has also completed the Commonwealth and State Environmental Impact Assessments for the Carmichael Coal Mine and received the relevant approvals. The Carmichael Coal Mine has JORC compliant resource of 11.04 billion tonnes of coal.

0 Edible Oil and Agro-commodities Trading

The Company entered the edible oil refining business through a 50:50 joint venture Company, Adani Wilmar Ltd. ("Adani Wilmar") with Singapore's Wilmar Group. Adani Wilmar's performance for the year under review has been outstanding as it has beat market competition and recorded year's fastest value growth as well as retained its market leadership position in the Indian cooking oil consumer pack segment with a market share of more than 19%. (Source: Nielsen RSA Report March 2015).

In keeping with its long-term plan to extend leadership position to other food product categories, it has also launched two new products - Soya Chunks & Basmati Rice. These newly launched products have received a splendid response and the markets have welcomed the new offerings. Adani Wilmar's Fortune "Ghar Ka Khana" TV commercial has been awarded 'The Longest Duration TV Commercial' by Limca Book of Records 2014, adding yet another feather to its cap.

The urban health-conscious Indians are now making an informed shift from other categories of oil. Adani Wilmar's Fortune Rice Bran Health oil caters to this very need of the current market. Many people have switched out of oils they have been currently using, and choosing rice bran oil. Fortune Rice Bran Health oil continues to be the unanimous leader in the rice bran oil segment with a volume share of 30%, while the closest competition caters to only 14% of the market. (Source: Nielsen ROCP Report - March 2015). Adani Wilmar plans to take these segments to new heights this year by increasing awareness & retail penetration.

Fortune Besan, with a total 9 different variants in the category, is designed to meet every requirement of the Indian palate. Conceived after intensive research, it shows a deeper understanding of the market demand and demonstrates deeper hold on the market. As compared to the brvious year, Fortune Besan achieved a 117% growth in sales volume, thus crossing the 19,000 MT mark in the category - yet another milestone in making Fortune Besan the Most Preferred Besan brand in the country.

Fortune Brand has been awarded Economic Times-Most Promising 'FMCG-Food Products' Brand for the year 2014-15. Fortune Brand has also been awarded Super brands award for the year 2014-15 and Reader Digest Most Trusted Brand-2014-15.

0 Agri Fresh Business

Adani Agri Fresh Limited (AAFL) our Wholly Owned Subsidiary has been developing integrated storage, handling and transportation infrastructure for horticulture produce. AAFL has set up modern controlled atmosphere storage facilities at three locations, Rewali, Sainj, and Rohru in Shimla District of Himachal Pradesh. During the current year, AAFL expanded the capacity of its Rohru unit by 2400 MT. With this expansion, the combined capacity is 20,400 MT of Apple per annum. AAFL has also set up a marketing network in major towns across India to cater to the needs of wholesale, retail and organized retail customers. AAFL which is marketing Indian fruits under the brand name 'Farm-Pik', has expanded its footprint in the branded fruit segment. The Company also imports Apple, Pear, Kiwi, Orange, Grapes etc. from various countries for sale in India.

0 Agro-storage Business

Adani Agri Logistics Limited (AALL), our Wholly Owned Subsidiary, had entered into a service agreement with the Food Corporation of India (FCI) for bulk food grains handling, storage and transportation network on a commercial Build, Own and Operate Basis (BOO) for a period of 20 years. The project was started in 2007 and it is now in the 8th year of successful operations. At brsent, AALL has seven storage facilities in India, including Moga, Kaithal, Hooghly, Navi Mumbai, Chennai, Coimbatore and Bangalore. The total storage capacity of 5.5 Lac MT food grain is sbrad across these seven locations. The Company is eligible for revenues based on Annual Guaranteed Tonnage of 4 Lac MT irrespective of actual usage by FCI. It also has 7 special purpose bulk food grain rakes. Through its various Special Purpose Vehicle (SPV) entities, the Company is setting up grain storage silos for Madhya Pradesh Warehousing and Logistics Corporation (MPWLC) under VGF grant from Central Government on Design, Build, Finance, Operate and Transfer (DBFOT) model on a 30 year concession period at Vidisha, Harda, Hoshangabad, Dewas, Satna and Ujjain in the state of Madhya Pradesh. At all these six locations, the projects are currently under installation & commissioning phase.

0 City Gas Distribution

Our city gas distribution business is undertaken through our Wholly Owned Subsidiary, Adani Gas Limited ("Adani Gas") with an objective to provide Piped Natural Gas ("PNG") to household and industrial consumers and Combrssed Natural Gas ("CNG") for use in automobiles. Adani Gas has set up a gas distribution network of approximately 345 km of steel pipeline network and approximately 4,986 km of polyethylene pipelines sbrad across Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh, and Adani Gas operates 62 CNG stations in Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana. Adani Gas is also serving approx. 922 industrial units, 2,09,786 households and 1,686 commercial units in these cities through its infrastructure network.

Petroleum and Natural Gas Regulatory Board has granted Authorizations to Adani Gas for cities of Ahmedabad, Faridabad and Khurja. Adani Gas has applied to Petroleum and Natural Gas Regulatory Board for authorization of its operations in Lucknow, Noida, Udaipur and Jaipur.

Adani Gas has formed a Joint Venture Company with IOCL (JV) namely IndianOil-Adani Gas Pvt. Ltd (IOAGPL). IOAGPL has been awarded the authorizations for setting up CGD Network in Allahabad, Chandigarh, Daman and Panipat. The project implementation work is in progress in these cities.

0 Ship Fuelling

The Company through its subsidiary, Chemoil Adani Pvt. Ltd. (CAPL), trades in ship bunker (Fuel oil and Marine Gas Oil) in India. Currently, the Company has its operations at Mundra, Goa, Chennai & Haldia and is planning for expansion at Vizag during the FY16.

V Logistics

India's natural coastline of 7,517 Km is sbrad over nine maritime states with 13 major ports and 187 non major and intermediates ports are operating in eastern and western coast. Ports handle approximately 95% of India's total trade in terms of volume and 70% in terms of value. Total volumes are expected to increase further as India continues its economic expansion, making India one of the fastest growing economies in the world.

The Company's listed subsidiary, Adani Ports and Special Economic Zone Ltd. ('Adani Ports') has shown imbrssive performance during the year under review.

0 Ports Operation and Growth

Adani Ports operational facilities has pan India brsence and is equipped with all the modern cargo handling facilities which are not only best in class but capable of handling biggest vessels calling to Indian ports in dry, liquid and container categories.

Mundra Port continues to be the largest commercial port in India by handling 110.91 MMT of cargo in FY 2014-15 and total cargo handled across all Adani Ports is 144.25 MMT during the year under review.

Adani Ports maintained excellent growth record and registered a 28% growth in cargo volumes in FY 2014-15 as compared to FY 2013-14. The Company would continue to lead innovative practices, adoption of technology and setting examples of efficient port operations.

0 Capacity

Adani Ports operates 7 ports / terminals sbrad over 4 maritime states of India- Gujarat, Goa, Andhra Pradesh and Odisha. The Company operates 16 terminals having 39 berths. This consists of 29 bulk berths, 8 containers berths and 2 single point mooring facilities across its operational ports at Mundra, Dahej, Hazira, Kandla, Goa, Vizag and Dhamra.

Adani Ports capacities have increased significantly in recent years by commissioning new terminals and expanding capacity at its operational facilities. During the financial year, Adani Ports commenced commercial operations at terminal at Kandla having 2 berths and Goa & Vizag having coal handling berth at each port. Further, the Company acquired the operational and scalable port at Dhamra in Odisha in June, 2014. The port currently has 1 bulk terminal having 2 berths and has potential to emerge as a multi cargo port like Mundra.

0 Cargo and Service Mix

Three broad categories of cargo handled at Adani Ports are bulk, container and crude oil cargo. The port services include marine, handling intra-port transport, storage, other value-added and evacuation services for a diverse range of customers, primarily terminal operators, shipping lines and agents, exporters, importers and other port users. This helps Adani Ports to diversify its income sources, reduce financial risk and compete more effectively. Consequently, the company's cargo and service mix has a significant effect on its results of operations.

Adani Ports also provides other services, including infrastructure, leasing and logistics services at the MundraPort through its surrounding infrastructure, including the Mundra SEZ. Mundra SEZ is one of the largestoperating port-based multi-product special economic zones in India.

0 Expansion Plans:

Significant expansion plans of Adani Ports have been completed and it is in process of implementing certain other expansion projects. The Company is in process of developing container terminal at Ennore Port, Tamil Nadu. As per concession agreement, first phase is to be completed by January, 2017, however considering the progress of construction, the project phase-1 will be completed and operational by March, 2016.

0 Special Economic Zone

Adani Ports has been focusing on development of robust infrastructure for supporting the industrial development within the Special Economic Zone (SEZ). This SEZ, one of the largest port based multi-product SEZ in the Country, has almost all infrastructure facilities i.e. multimodal connectivity (Rail/Road/Sea/Air), Utilities (power generation, distribution network, water supply, sewage & effluent treatment facilities etc.), warehousing/storage/logistic facilities, Port facilities for handling all types of cargo and social infrastructure (housing, hospital, school etc.) required for setting up businesses.

Adani Ports has multiproduct SEZ at Mundra, which is the largest notified SEZ in the country with notified area of 6456.33 Hectares. As at 31st March 2015, total 25 entities have obtained approval for setting up of their units in the SEZ. Some of them have already started operations & export activities. Some are under construction. These units have already invested over Rs. 1726 crores.

Adani Ports has also recently obtained approval from Government of India to set up another multi-product SEZ over an area of 1856.53 hectares at Mundra, which is adjacent to the existing multi-product SEZ.

V Energy

India is the 5th largest producer of electricity in the world. At an electricity-GDP elasticity ratio of 0.8, electricity will continue to remain a key input for India's economic growth. Electricity demand is likely to reach 1,354 BU by FY 2016-17 and 1,904 BU by FY 2021-22 whereas peak demand will reach 202 GW & 295 GW over the same period respectively.

For the 12th plan period, the Government of India has targeted capacity addition of 88,537 MW against which capacity addition of 61,014 MW has been achieved upto FY 14-15. During FY 14-15, a capacity addition of 22,566 MW has been achieved which is 127 % of the target of 17,830 MW. Private sector contribution accounts for 59% in the total capacity addition during FY 14-15.

India's total installed capacity as on March 2015 is 267 GW. The total power generated was 1048.5 BU during the FY 2014-15. There has been a shift to renewable power as the same constitutes of 27.25% of the total installed capacity.

0 Power Generation

The Company's listed subsidiary, Adani Power Ltd., is developing various power projects with a combined installed capacity of 10,440 MW, comprising of 4,620 MW at Mundra in Gujarat, 3,300 MW at Tiroda in Maharashtra, 1,320 MW at Kawai in Rajasthan and 1200 MW at Udupi in Karnataka.

Adani Power was the first to implement and commission the 660 MW supercritical technology units in India and is currently operating the largest supercritical technology capacity in the country.

Udupi Power Corporation Limited (UPCL) with a thermal power generation capacity of 1,200 MW has been acquired by Adani Power Limited in April, 2015. The plant uses imported coal for power generation. The plant also has a jetty which has a handling capacity of 4 MMT per annum. UPCL has entered into power purchase agreements with government of Karnataka for 90% of the power generated to be supplied to discoms of Karnataka while the 10% of the power generated is contracted with Punjab Government.

Adani Power is the largest private power producer in the country with thermal power generation capacity of 10,440 MW. During the year, Adani Power sold on a consolidated basis around 50.1 Billion units.

Adani Power has strategically sold almost 85% of its net capacity under Long Term PPAs. Envisaging the short term market trends, Adani Power has contracted around half of its available merchant capacity under medium term PPAs of 3-5 years. This has gone a long way in mitigating the risk of unsold capacity and falling realizations in short term markets.

The availability of domestic coal has been a protracted issue in India. While coal based capacity addition has grown at a CAGR of 11.66% since FY 07-08, supply of domestic coal to power plants has only grown at a CAGR of 5.02% in the same period. During the year, the Central Government promulgated The Coal Mines (Special Provisions) Act, 2015 to reallocate the coal blocks for various specified end uses following cancellation of 204 coal blocks vide Judgment passed by the Hon'ble Subrme Court. A total of 67 coal mines have been allocated through auction and allotment out of 204 coal blocks cancelled by the Hon'ble Subrme Court. In the process of coal block auction, Adani Power won Jitpur coal block, which assures the fuel security for its power projects.

0 Power Transmission

The power transmission business was initially started by Adani Power. The Company undertook the transmission business through its subsidiaries. During the year, the Company has consolidated power transmission business into Adani Transmission Ltd. (ATL) through Composite Scheme of Arrangement approved by the Hon'ble High Court of Gujarat on 7th May, 2015.

ATL brsently undertake transmission business through two of its wholly owned subsidiaries, Maharashtra Eastern Grid Power Transmission Company Ltd. (MEGPTCL) and Adani Transmission (India) Ltd. (ATIL). ATL and its subsidiaries have following transmission systems:

1) 765 kV transmission systems of about 1,185 kms from Tiroda to Aurangabad, Maharashtra.

2) +/- 500 kV HVDC transmission systems of about 990 kms from Mundra, Gujarat to Mohindergarh, Haryana with associated 400 kV lines.

3) 400 kV D/C transmission systems of about 434 kms from Mundra, Gujarat to Dehgam, Gujarat.

4) 400 kV D/C transmission line of about 219 kms from Tiroda, Maharashtra to Warora, Maharashtra

During the year, the 765 kV Tiroda - Aurangabad line-II and associated 765/400 kV Koradi III sub-stations and bays at 765 kV Aurangabad sub-station were completed and commissioned.

0 Solar Power

During the year under review, the Company efficiently operated the 40 Megawatt (MW) solar power plants at Bitta-Naliya, Kutchh, Gujarat. The plant was certified for Occupational Health and Safety Management System in accordance with IS 18001:2007 by Bureau of Indian Standards. The plant was also certified for Management System ISO 14001:2004 for protection of environment & its continual improvement and ISO 9001:2008 for Quality Management System by TUVNORD, a technical inspection association based at Germany.

Competitive Strengths and Outlook on opportunities

The Company operates in a highly competitive and rapidly changing market and has competitors in each of our major business operations on a local, regional, national and international level. Although barriers to entry are high in a number of our businesses due to the costs associated with such entry, we continue to face competition from new entrants.

The Company continues to strengthen its position as a leading global infrastructure Company by successfullydifferentiating its product and service offerings, increasing the scale of its operations and new acquisitions across the globe. Further, the group-wide business transformation program aims to deliver a large scale competitive advantage and use of technology for its advantage.

The Company has a strong track record in the successful development and execution of its projects in infrastructure space. Access to financing sources, partners and industry expertise enables us to identify and value new projects effectively, assess risks and evaluate results which provide a significant competitive edge. We will continue to focus on and create world class infrastructure facilities in each of our business initiatives in resources, logistics, energy and agro verticals.

Risk Management

The Company like any infrastructure player has national as well global business interests and is exposed to business risks which may be internal as well as external. The Company has a combrhensive risk management system in place, which is tailored to the specific requirements of its diversified businesses, is deployed, taking into account various factors, such as the size and nature of the inherent risks and the regulatory environment of the individual business segment or operating company. The risk management system enables it to recognize and analyze risks early and to take the appropriate action. The senior management of the Company regularly reviews the risk management processes of the Company for effective risk management.

The Company is subject to risks arising from interest rate fluctuations. The Company maintains its accounts and reports its financial results in rupees. As such, the Company is exposed to risks relating to exchange rate fluctuations. The Corporate Risk Management Cell works with the businesses to establish and monitor the specific profiles including strategic, financial and operational risks.

We believe that our multi-location operations also allow us to leverage the competitive advantages of each location to enhance our competitiveness and reduce geographic and political risks in our businesses

Internal Control Systems

The Company has put in place strong internal control systems and best in class processes commensurate with its size and scale of operations. The internal control environment is backed by a combrhensive internal audit system. The entire internal audit processes are web enabled and managed on-line by a state of the art Audit Management System (AMS). The Company has a strong Compliance Management System which runs on an on line monitoring system. The compliance management system continuously manages and monitors legal & regulatory aspects of the Company. The Business Planning and Consolidation (BPC) tool ensures the data integrity and accuracy of financials reported by the Company.

The Audit Committee of the company has independent directors, who regularly review the audit plans, significant audit findings, internal controls and compliance with Accounting Standards. A well-established multidisciplinary Management Audit & Assurance Services consists of professionally qualified accountants, engineers and SAP experienced executives which carries out extensive audit throughout the year, across all functional areas and submits its reports to Management and Audit Committee about the compliance with internal controls and efficiency and effectiveness of operation and key processes and risks.

Business Process Transformation

TeZZ, our group-wide business transformation program, covering both business and functional services, has made significant progress in last one year, and is moving towards the sustenance phase. The program is unique in its design as cut-across all four dimensions; Operating Model redesign, process refinements, technology enablement and competence building. The whole framework is guided by the Adani Values and is designed at enabling Adani realize its future growth aspirations. Most of the processes have been redefined, standardised and harmonised taking cognizance of best practices and Adani unique context and are being rolled out across group companies. Performance expectations have also been realigned to ensure additional value capture emerging out of revised processes, be it in asset utilisation or maintenance, for example.

Technology road map is in place and the implementation is being rolled out in a phased manner. Besides, allowing for enhanced efficiency in execution of operational processes at local level, IT enablement shall also allow for data-backed integrated decision making by Management. Considerable effort has been invested across the group in capability building and employee engagement to institutionalise the new ways of working and make the transformation gains sustainable.

Human Resources Strategy

During the year, the Company continued to make significant progress on strengthening HR processes and practices to Build Organisation for current as well as future sustainability thus attracting and retaining best in class talents. Several measures, under Business Process Transformation (BPT) have been initiated for the IT enablement of all the transactions in HR and making employee and their superior more responsive and empowered to take charge of all employee related processes for efficiency and effectiveness. Initiatives, such as performance management systems, Learning & Development system, and Talent Management system were put in place to efficient & effective organisation.

The Company hires best-fit talents to meet the brsent and future talent requirements. A progressive people environment is created, where purpose-driven talent is attracted and motivated by a consistent meritocratic HR processes and are identified, encouraged, and rewarded. Over the last year, the Company has hired approximately 1,000 employees in different roles.

As an organisation, the Company strongly believes that Human Resources are the principal drivers of change. They push the levers that take futuristic businesses to the next level of excellence and achievement. The Company focuses on providing individual development and growth in a professional work culture that enables innovation, ensures high performance and remains empowering. Our lot of focus has been given to HR Transformation activities to revamp the HR organisation structure and processes. The new human resource management systems and processes are designed to enhance organisational effectiveness and employee alignment. The result is that the Company is able to work towards creating leadership in all the businesses that it operates.

Any transformation journey needs a significant change management effort. The Company's focus has been to ensure the absorption of change through proper modes of communication. Focused efforts are being taken to promote 'Acceptance' and 'Adoption' as a part of facilitating change management. As a part of change management, consistent and periodical communication is provided to all employees to create inclusive partnership for institutionalizing transformed HR processes.

Significant efforts have gone into developing a strong leadership potential across Adani locations by imparting leadership capability in employees through highly focused leadership development programmes. A lot of focus is being given to enhance people capability through learning management system.  The broad categories of learning & development include Behavioural, Functional / Domain and Business related.

Cautionary Note

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 exbrssed 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 the 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.