1. The Company is primarily engaged in one business segment, namely developing, operating and maintaining the Port and port based related infrastructure facilities including Multi-product Special Economic Zone, in accordance with Accounting Standard 17 Segment Reporting issued by The Institute of Chartered Accountants of India.

2. The aforesaid results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 19, 2009 and May 20, 2009 respectively.

3. The details of funds raised through Initial Public Offer (IPO) and utilisation of proceeds upto March 31, 2009 is as under:
(Rs in Lacs)

Proceeds received from IPO - 177100

Utilisation of Funds

i. Initial Public issue Expenses - 4154
ii. Investment in Adani Logistics Ltd. - 2468
iii. Investment in Adani Petronet (Dahej) Port Pvt. Ltd. - 4147
iv. Investment in Inland Conware Pvt, Ltd. - 4508
v. Coal Terminal Project - 31770
vi. SEZ Project - 19128
vii. General Corporate purpose - 32319

Total - 98494

Total Funds unutilised as at March 31, 2009 - 78606

As on March 31, 2009 unutilized funds have been temporarily invested in short term fixed deposits with scheduled banks.

4. Interest charges are disclosed on net basis (including amounts on account of foreign exchange fluctuations / derivative contracts). Interest income or Rs 2,542.32 lacs, Rs. 10,128.12 Lacs, Rs,1,575.89 lacs and Rs.1,958.35 lacs gain / loss on account of foreign exchange fluctuations / derivative contracts of Rs 3,384.42 lacs (gain), Rs.3,341.74 lacs (loss), Rs 317.54 lacs (loss) and Rs 898.20 lacs (gain), for the current quarter, current year ended March 31, 2009. corresponding previous quarter and previous year ended March 31, 2008, respectively have been included in the interest charges.

5. Provision for current tax has been made after considering Company’s eligibility to avail benefit under section 80IAB of the Income Tax Act, 1961.

6. The consolidated financial results have been prepared in accordance with Accounting Standard - 21 Accounting Standards on Consolidated Financial Statements, Accounting Standard - 27 Financial Reporting of Interest in Joint Ventures and Accounting Standard -23 Accounting for Investments in Associates in Consolidated Financial Statements issued by the Institute of Chartered Accountants of India.

7. During the year under review Mundra Aviation Ltd, a foreign subsidiary company has been dissolved with effect from March 31, 2009.

8. The consolidated financial results as indicated above includes Mundra Port and Special Economic Zone its five wholly owned subsidiary a joint venture and its associates.

9. Change in Accounting Policy

Foreign Exchange Loss of Rs 8815.09 lacs on foreign currency loan taken for Acquisition of Fixed Assets has been capitalised as per Notification No GSR 225 (E) dated March 31, 2009 issued by Ministry of Company Affairs. This has resulted in Gross Block Higher by 8815.09 lacs, Depreciation higher by Rs 117.25 lacs, General Reserve lower by Rs 55.91 lacs and Profit Before Tax higher by Rs 8641.93 lacs.

10. The Board of Directors have recommended a final dividend of Rs 1.00 per equity share of Rs 10/- each and for financial year 2008-09 in addition to interim dividend of Rs 2.00 per equity share paid and Rs 0.01 per preference share of Rs 10/-each during the year. The final dividend will be distributed subject to approval of shareholders.

11. The previous year´s figures are regrouped / rearranged wherever necessary to facilitate comparison.

Gautam S Adani
Chairman & Managing Director