Dear Shareholders,
Your Directors are pleased to present the 18th Annual Report along with the Audited
Financial Statements of your Company for the financial year ended 31st March, 2023 (FY
2022-23).
FINANCIAL PERFORMANCE
The Audited Financial Statements of your Company as on 31st March 2023, are prepared in
accordance with the relevant applicable Ind AS and Regulation 33 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations") and the provisions of the Companies Act, 2013
("Act").
The summarized financial highlight is depicted below:
|
|
(Rs. in Crore) |
Particulars |
Consolidated Results |
Standalone Results |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from Operations |
4,683.39 |
3,206.36 |
4,683.23 |
3,206.36 |
Operating Expenses |
3,391.57 |
2,098.21 |
3,391.53 |
2,098.21 |
Administrative & Other Expenses |
421.95 |
335.15 |
421.44 |
335.15 |
Total Expenditure |
3,813.52 |
2,433.36 |
3,812.97 |
2,433.36 |
Operating EBITDA |
869.87 |
773.00 |
870.26 |
773.00 |
Other Income |
36.85 |
41.50 |
37.12 |
41.50 |
EBITDA |
906.72 |
814.50 |
907.38 |
814.50 |
Finance Costs |
78.43 |
52.73 |
78.55 |
52.73 |
Depreciation and Amortization Expenses |
113.10 |
82.73 |
112.96 |
82.73 |
Profit for the year before Exceptional Items & Tax |
715.19 |
679.04 |
715.87 |
679.04 |
Profit before tax |
715.19 |
679.04 |
715.87 |
679.04 |
Tax Expense: |
186.05 |
174.38 |
186.05 |
174.38 |
Profit for the year before share of profit / (loss) from joint
ventures |
529.14 |
504.66 |
529.82 |
504.66 |
Share of profit / (loss) from joint ventures |
17.35 |
4.74 |
- |
- |
Net Profit / (Loss) after Joint Ventures |
546.49 |
509.4 |
529.82 |
504.66 |
1. There are no material changes and commitments affecting the financial position of
your Company between the end of the financial year and the date of this report.
2. Further. There has been no change in nature of business of your Company.
PERFORMANCE HIGHLIGHTS
Consolidated Financial Results:
The key aspects of your Company's consolidated performance during the FY 2022-23 are as
follows:
Consolidated Operational Highlights:
In FY 2022-23 your Company has achieved CNG
Sales Volume of 459.36 MMSCM which is @ 61% of FY 2022-23 Sales Volume.
Your Company has achieved the PNG Sales Volume
293.64 MMSCM which is @ 39% of FY 2022-23 Sales Volume.
Along with its JV i.e. IndianOil Adani Gas Private Limited (IOAGPL). The Company
now has operating license in 52 Geographical Areas.
E-mobility - 104 charge point energize and approx. 2 Lakh KWH unit sold.
Biomass - Initiated construction of India's largest biogas plant in Barsana,
near Mathura which will have capacity to process 600 TPD of feedstock and produce about
42.6 TPD of CBG and 217 TPD of Organic manure.
JV - Smartmeters Technologies Private Limited has established &
operationalized manufacturing of mechanical gas meters.
Consolidated Financial Highlights:
FY 2022-23 Revenue from Operations increased by 46% over FY 2021-22, from
Rs.3,206.36 Crore to Rs.4,683.39 Crore.
FY 2022-23 EBITDA has increased by 11% Y-o-Y to Rs.906.72 Crore vs. Rs.814.50
Crore in 2021-22.
Standalone Financial Results:
On standalone basis, your Company registered revenue from operations of Rs.4,683.23
Crore and PAT of Rs. 529.82 Crore.
The operational performance of your Company has been comprehensively discussed in the
Management Discussion and Analysis Report, which forms part of this Annual Report.
CREDIT RATING
The Companies financial discipline and prudence is reflected in the strong credit
ratings ascribed by rating agencies. The details of credit rating are disclosed in
Corporate Governance Report, which forms part of this Annual Report.
DIVIDEND
Your Directors have recommended a dividend of 25% (Rs.0.25/- per Equity Share of Rs.1
each) on the Equity Shares out of the profits of your Company for the FY 2022-23. The said
dividend, if approved by the shareholders, would involve a cash outflow of Rs.27.50 Crore.
The details of shareholders' pay-out since listing are: -
The dividend recommended is in accordance with your Company's Dividend Distribution
Policy. The Dividend Distribution Policy, in terms of Regulation 43A of the SEBI Listing
Regulations is available on your Company's website at https://www.adanigas.com/investors/
corporate-governance
TRANSFER TO RESERVES
There is no amount proposed to be transferred to the Reserves. The closing balance of
the retained earnings of your Company, for FY23, after all appropriations and adjustments
was Rs.2,674.98 Crore.
fixed deposits
There were no outstanding deposits within the meaning of Section 73 and 74 of the Act
read with rules made thereunder at the end of the FY 2022-23 or the previous financial
years. Your Company did not accept any deposit during the year under review.
PARTICULARS OF LOANS, Guarantees OR INVESTMENTS
The provisions of Section 186 of the Act, with respect to a loan, guarantee, investment
or security is not applicable to your Company, as your Company is engaged in providing
infrastructural facilities which is exempted under Section 186 of the Act. The particulars
of loans, guarantee and investments made during the year under review are disclosed in the
financial statements.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
A list of bodies corporate which are subsidiaries/ associates/ joint ventures of your
Company is provided as part of the notes to Consolidated Financial Statements.
During the year under review, following subsidiaries/ step- down subsidiaries and joint
ventures have been formed/acquired:
Adani TotalEnergies Biomass Limited
Adani TotalEnergies E-mobility Limited
As on 31st March, 2023, your Company had 2 subsidiaries and 2 joint ventures companies.
Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules made
thereunder and Regulation 33 of the SEBI Listing Regulations, your Company has prepared
Consolidated Financial Statements of your Company and a separate statement containing the
salient features of financial statement of subsidiaries, joint ventures and associates in
Form AOC-1, which forms part of this Annual Report.
The Annual Financial Statements and related detailed information of the subsidiary /
joint venture companies shall be made available to the shareholders of the holding and
subsidiary / joint venture companies seeking such information on all working days during
business hours. The financial statements of the subsidiary / joint venture companies shall
also be kept for inspection by any shareholders during working hours at your Company's
registered office and that of the respective subsidiary / joint venture companies
concerned. In accordance with Section 136 of the Act. The Audited Financial Statements,
including Consolidated Financial Statements and related information of your Company and
audited accounts of each of its subsidiary / joint venture, are available on website of
your Company at https://www.adanigas. com/investors/investor-downloads
Your Company has formulated a policy for determining Material Subsidiaries. The policy
is available on your Company's website and link for the same is given in Annexure A of
this report.
Pursuant to Section 134 of the Act read with rules made thereunder. The details of
developments of subsidiaries and joint ventures of your Company are covered in the
Management Discussion and Analysis Report, which forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report for the year under review, as stipulated
under the SEBI Listing Regulations, is presented in a section forming part of this Annual
Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
As of 31st March, 2023, your Company's Board of Directors ("Board") had ten
members comprising of four Non-Executive Directors, one Executive Director and five
Independent Directors. The Board has three Women Directors out of which two are
Independent Directors. The details of Board and Committee composition, tenure of
Directors, areas of expertise and other details are available in the Corporate Governance
Report, which forms part of this Annual Report.
CHANGES IN DIRECTORS
Mr. Jose Ignacio Sanz Saiz (DIN: 08705604) and Mr. Maheswar Sahu (DIN: 00034051) has
resigned as Directors of your Company w.e.f. 4th August, 2022 and 3rd November, 2023
respectively. The Board place on record the deep appreciation for valuable services and
guidance provided by them during the tenure of their Directorship.
Mr. Shashi Shanker (DIN: 06447938) was appointed as an Additional Director
(Non-Executive, Independent) by the Board at its meeting held on 4th May, 2022 and
subsequently by the shareholder at 17th Annual General Meeting held on 26th July, 2022.
Mrs. Ahlem Friga Noy (DIN: 09652701) was appointed as an Additional Director
(Non-Executive, NonIndependent) by the Board at its meeting held on 4th August, 2022 and
subsequently by the shareholders by postal ballot process on 30th October, 2022.
Mr. Shailesh Haribhakti (DIN: 0 0 0 07347) was appointed as an Additional Director
(Non-Executive, Independent) by the Board at its meeting held on 3rd November, 2022 and
subsequently by the shareholders by postal ballot process on 26th January, 2023.
In accordance with the provisions of Section 152 of the Act, read with rules made
thereunder and Articles of Association of your Company, Mr. Pranav V Adani (DIN: 00 0 0
8457) is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and
being eligible, offers himself for re-appointment.
Your Company has received declarations from all the Independent Directors confirming
that they meet with the criteria of independence as prescribed both under sub-section (6)
of Section 149 of the Act and the SEBI Listing Regulations and there has been no change in
the circumstances which may affect their status as an Independent Director.
change in key managerial personnel
During the year under review, Mr. Suresh P Manglani (DIN: 00165062) was appointed as an
Additional Director and Whole-time Director designated as Executive Director and CEO by
the Board of Directors at its meeting held on 9th February, 2023 and subsequently by the
shareholders by postal ballot process on 6th April, 2023.
Pursuant to provision of Section 203 of the Act, Mr. Suresh P Manglani, Executive
Director & Chief Executive Officer, Mr. Parag Parikh, Chief Financial Officer and Mr.
Gunjan Taunk, Company Secretary are Key Managerial Personnel of your Company as on 31st
March, 2023.
COMMITTEES OF BOARD
The details of various committees constituted by the Board, including the committees
mandated pursuant to the applicable provisions of the Act and SEBI Listing Regulations,
are given in the Corporate Governance Report, which forms part of this Annual Report.
NUMBER OF MEETINGS OF THE BOARD
The Board met 4 (four) times during the year under review. The details of board
meetings and the attendance of the Directors are provided in the Corporate Governance
Report, which forms part of this Annual Report.
INDEPENDENT DIRECTORS' MEETING
The Independent Directors met on 30th March, 2023, without the attendance of
Non-Independent Directors and members of the management. The Independent Directors
reviewed the performance of Non-Independent Directors. The Committees and the Board as a
whole along with the performance of the Chairman of your Company, taking into account the
views of Non-Executive Directors and assessed the quality, quantity and timeliness of flow
of information between the management and the Board that is necessary for the Board to
effectively and reasonably perform their duties.
BOARD EVALUATION AND FAMILIARIZATION PROGRAMME
The Board adopted a formal mechanism for evaluating its performance and as well as that
of its Committees and individual Directors, including the Chairman of the Board. The
exercise was carried out through a structured evaluation process covering various aspects
of the Boards functioning such as composition of the Board & Committees, experience
& competencies, performance of specific duties & obligations, contribution at the
meetings and otherwise, independent judgment, governance issues etc.
As a step towards better governance practice, this year your Company engaged an
experienced professional, to conduct the Board evaluation process which was facilitated
through an online secured module ensuring transparent, effective and independent
involvement of the management. The evaluation was conducted through a tailored
questionnaire having qualitative parameters and constructive feedback based on ratings.
Recommendations arising from the evaluation pro cess were considered by the Board to o
ptimize the effectiveness and functioning of Board and its Committees.
The results of evaluation depicted high level of commitment and engagement of the
Board, its various Committees and senior leadership. The recommendations arising from the
evaluation process were discussed at the Independent Directors' meeting held on 30th
March, 2023. The same were considered by the Board to optimize the effectiveness and
functioning of Board and its Committees.
During the year under review, your Company also conducted separate meetings for
familiarization of the Directors on different aspects.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
Your Company's policy on Directors' appointment and remuneration and other matters
(Remuneration Policy) pursuant to Section 178(3) of the Act is available on Company's
website at https://www.adanigas.com/ investors/corporate-governance.
The Remuneration Policy for selection of Directors and determining Directors'
independence set out the guiding principles for the Nomination and Remuneration Committee
for identifying the persons who are qualified to become the Directors. Your Company's
Remuneration Policy is directed towards rewarding performance based on review of
achievements. The Remuneration Policy is in consonance with existing industry practice.
We affirm that the remuneration paid to the Directors is as per the terms laid out in
the Remuneration Policy of your Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act. The Board, to the best of their knowledge and
based on the information and explanations received from the Company, confirm that:
a. in the preparation of the annual financial statements. The applicable accounting
standards have been followed along with proper explanation relating to material
departures, if any.
b. such accounting policies have been selected and applied consistently and judgement
and estimates have been made that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as at 31st March, 2023 and of the profit of
the Company for the year ended on that date;
c. proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities.
d. the annual financial statements have been prepared on a going concern basis.
e. proper internal financial controls were in place and that the financial control were
adequate and were operating effectively.
f. proper systems to ensure compliance with the provisions of all applicable laws were
in place and were adequate and operating effectively.
INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The details in respect of internal financial control and their adequacy are included in
Management and Discussion & Analysis Report, which forms part of this Annual Report.
RISK MANAGEMENT
Your Company has a structured Risk Management Framework, designed to identify, assess
and mitigate risks appropriately. The Board has formed a Risk Management Committee (RMC)
to frame, implement and monitor the risk management plan for your Company. The RMC is
responsible for reviewing the risk management plan and ensuring its effectiveness. The
Audit Committee has additional oversight in the area of financial risks and controls. The
major risks identified by the businesses are systematically addressed through mitigation
actions on a continual basis. Further details on the Risk Management activities, including
the implementation of risk management policy, key risks identified and their mitigations,
are covered in Management Discussion and Analysis section, which forms part of this Annual
Report.
BOARD POLICIES
The details of the policies approved and adopted by the Board as required under the Act
and SEBI Listing Regulations are provided in Annexure - A to this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The brief details of the CSR Committee are provided in the Corporate Governance Report,
which forms part of this Annual Report. The CSR policy and CSR Plan is available on
Company's website of your Company at https://www.adanigas.com/investors/corporate
governance. The Annual Report on CSR activities is annexed and forms part of this Annual
Report.
Further. The Chief Financial Officer of your Company has certified that CSR spends of
your Company for the FY 2022-23 have been utilized for the purpose and in the manner
approved by the Board of Director of the Company.
CORPORATE GOVERNANCE REPORT
Your Company is committed to good corporate governance practices. A separate report on
Corporate Governance, as stipulated by SEBI Listing Regulations, forms part of this Annual
Report along with the required certificate from a Practicing Company Secretary regarding
compliance of the conditions of Corporate Governance, as stipulated.
In compliance with Corporate Governance requirements as per the SEBI Listing
Regulations, your Company has formulated and implemented a Code of Conduct for all Board
members and Senior Management Personnel of your Company ("Code of Conduct"), who
have affirmed the compliance thereto. The Code of Conduct is available on the website of
your Company's at https://www.adanigas.com/investors/corporate- governance.
BUSINESS RESPONSIBILITY & sustainability report
In accordance with the SEBI Listing Regulations. The Business Responsibility &
Sustainability Report, describing the initiatives taken by your Company from an
environment, social and governance perspective for the year ended 31st March, 2023, forms
part of this Annual Report.
ANNUAL RETURN
Pursuant to Section 134(3) (a) of the Act. The draft annual return as on 31st March,
2023 prepared in accordance with Section 92(3) of the Act is made available on the website
of your Company and can be assessed using the link https://www.adanigas.com/
investors/investor-downloads
TRANSACTION WITH RELATED PARTIES
All transactions with related parties are placed before the Audit Committee for its
prior approval. An omnibus approval from Audit Committee is obtained for the related party
transactions which are repetitive in nature.
All transactions with related parties entered into during the financial year were at
arm's length basis and in the ordinary course of business and in accordance with the
provisions of the Act and the rules made thereunder. The SEBI Listing Regulations and your
Company's Policy on Related Party Transactions.
Your Company has not entered into any transactions with related parties which could be
considered material in terms of Section 188 of the Act. Accordingly. The disclosure of
related party transactions as required under Section 134(3)(h) of the Act, in Form AOC 2,
is not applicable.
Your Company did not enter into any related party transactions during the year which
could be prejudicial to the interest of minority shareholders.
No loans / investments to / in the related party have been written off or classified as
doubtful during the year under review.
The Policy on Related Party Transactions is available on your Company's website at
https://www.adanigas. com/ investors/corporate governance.
GENERAL DISCLOSURE
Executive Director & CEO of your Company is not drawing any remuneration or
commission from any of the subsidiary of your Company.
Your Directors state that no disclosure or reporting is required in respect of the
following items, as there were no transactions/events of these nature during the year
under review:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
2. Issue of Shares (Including Sweat Equity Shares) to employees of your Company under
any scheme.
3. Significant or material orders passed by the Regulators or Courts or Tribunals which
impact the going concern status and your Company's operation in future.
4. Voting rights which are not directly exercised by the employees in respect of shares
for the subscription/ purchase of which loan was given by your Company (as there is no
scheme pursuant to which such persons can beneficially hold shares as envisaged under
section 67(3)(c) of the Act).
5. Application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016.
6. One time settlement of loan obtained from the Banks or Financial Institutions.
7. Revision of financial statements and Directors' Report of your Company.
INSURANCE
Your Company has taken appropriate insurance for all assets against foreseeable perils.
STATUTORY AUDITORS & AUDITORS' REPORT
Pursuant to Section 139 of the Act read with rules made thereunder, as amended, M/s.
Shah Dhandharia & Co. LLP, Chartered Accountants (Firm Registration No.118707W/W10
0724), were appointed as Statutory Auditors of your Company, for second term of five years
till conclusion of the 22nd Annual General Meeting (AGM) of the Company to be held in the
year 2027. However, M/s. Shah Dhandharia & Co. LLP, Chartered Accountants has tendered
their resignation due to increased professional pre-occupation in other assignments.
Representative of the Statutory Auditors of your Company attended the previous AGM of your
Company held on 26th July, 2022.
Pursuant to Section 139 of the Companies Act, 2013, read with the Companies (Audit and
Auditors) Rules, 2014, Board of Directors in its meeting held on 2nd May, 2023 had
appointed M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No.:
001076N/N500013) as the Statutory Auditors of the Company, in place of M/s. Shah
Dhandharia & Co. LLP, for a first term of 5 years.
Your Company has received letter from M/s. Walker Chandiok & Co. LLP, Chartered
Accountants, to the effect that their appointment, if made, would be within the prescribed
limits under Section 141 of the Act read with rules made thereunder and that they are not
disqualified for such re-appointment.
The Statutory Auditors have however confirmed that they are not disqualified to be
appointed Statutory Auditors and are eligible to hold office as Statutory Auditors of your
Company.
The Notes to the financial statements referred in the Auditors' Report are
self-explanatory. The Auditors' Report is enclosed with the financial statements forming
part of this Annual Report.
Explanation to Auditors' Comment:
The Auditors' Qualification has been appropriately dealt with in Note No. 54 of the
Notes to the Audited Financial Statements (Standalone and Consolidated).
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Act, read with the rules made
thereunder. The Board had re-appointed Mr. Ashwin Shah, Practicing Company Secretary, to
undertake the Secretarial Audit of your Company for the FY 2022-23. The Secretarial Audit
Report for the year under review is provided as Annexure-B of this report. There are no
qualifications, reservations or adverse remarks or disclaimers in the said Secretarial
Audit Report.
COST AUDIT REPORT
Your Company has re-appointed M/s. N.D. Birla & Co., Practicing Cost Accountants,
to conduct audit of cost records maintained for Petroleum Products of your Company for the
year ended 31st March, 2023.
The Cost Audit Report for the FY 2021-22 was filed before the due date with the MCA.
Your Company has maintained the cost accounts and records in accordance with Section
148 of the Act, and rules made thereunder.
SECRETARIAL STANDARDS
During the year under review, your Company has complied with all the applicable
provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the Institute of
Company Secretaries of India.
REPORTING OF FRAUDS BY AUDITORS
During the year under review. The Statutory Auditors, Cost Auditors and Secretarial
Auditor have not reported any instances of fraud committed against your Company by its
officers or employees to the Audit Committee of the Board under Section 143(12) of the
Act.
PARTICULARS OF EMPLOYEES
Your Company had 550 employees (on consolidated basis) as of 31st March, 2023.
The percentage increase in remuneration, ratio of remuneration of each director and Key
Managerial Personnel (KMP) (as required under the Act) to the median of employees'
remuneration, as required under Section 197 of the Act, read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided
in Annexure-C of this report.
The statement containing particulars of employees as required under Section 197 of the
Act, read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provide in a separate annexure forming part of this report. In
terms of Section 136 of the Act. The Annual Report is being sent to the shareholders and
others entitled thereto, excluding the said annexure which is available for inspection by
the shareholders at the Registered Office of your Company during business hours on working
days of your Company. If any shareholder is interested in obtaining a copy thereof, such
shareholders may write to the Company Secretary in this regard.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has
constituted Internal Complaints Committees (ICs), at all relevant locations across India
to consider and resolve the complaints related to sexual harassment. The ICs includes
external members with relevant experience. The ICs, presided by a senior woman, conduct
the investigations and make decisions at the respective locations. Majority of the total
members of the ICs are women. The ICs also work extensively on creating awareness on
relevance of sexual harassment issues, including while working remotely.
During the year under review, your Company has not received any complaint pertaining to
sexual harassment.
All new employees go through a detailed personal orientation on anti-sexual harassment
policy adopted by your Company.
VIGIL MECHANISM
Your Company has adopted a Whistle Blower Policy and has established the necessary
Vigil Mechanism for Directors and employees in confirmation with Section 177 of the Act
and Regulation 22 of SEBI Listing
Regulations, to facilitate reporting of the genuine concerns about unethical or
improper activity, without fear of retaliation.
The Vigil Mechanism of your Company provides for adequate safeguards against
victimization of Directors and employees who avail of the mechanism and also provides for
direct access to the Chairman of the Audit Committee in exceptional cases.
No person has been denied access to the Chairman of the Audit Committee. The said
policy is uploaded on the website of your Company at https://www.adanigas.
com/investors/corporate-governance.
During the year under review, your Company had not received any complaint under the
whistle blower policy.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read
with Rule 8 of The Companies (Accounts) Rules, 2014, as amended is provided as Annexure-D
of this this report.
ACKNOWLEDGMENT
Your Directors are highly grateful for all the guidance, support and assistance
received from the Government of India, Governments of various states in India, Regulatory
concerned Government departments, Financial Institutions and Banks. Your Directors thank
all the esteemed shareholders, customers, suppliers and business associates for their
faith, trust and confidence reposed in your Company, Your Directors wish to place on
record their sincere appreciation for the dedicated efforts and consistent contribution
made by the employees at all levels, to ensure that your Company continues to grow and
excel.
For and on behalf of the Board of Directors |
|
|
Gautam S. Adani |
Date: 2nd May, 2023 |
Chairman |
Place: Ahmedabad |
(DIN: 00006273) |