Adani Group's Ebitda sees increase of 34% at Rs 79,000 crore in 2023

Adani Group on Thursday said pre-tax profit or EBITDA of its portfolio companies that span from apples to airports soared 34 per cent to Rs 79,000 crore in the 12-month period ended December 2023 - 2.5x of EBITDA in financial year 2021.

EBITDA of Rs 78,823 crore in 2023 is compared with Rs 58,653 crore pre-tax profit in the previous year, it said in a statement.

"The growth was powered by the highly stable core infrastructure platform. Growing at 35.5 per cent, it generated Rs 66,208 crore (USD 8 billion) - 84 per cent of portfolio EBITDA," it said.

Domestic and international rating agencies, including S&P Global and Moody's have upgraded or positively revised the outlook for all key portfolio companies.

"The portfolio continues to remain conservatively leveraged with net debt to EBITDA as low as 2.5x," the statement said adding debt coverage stood at 2.1x and gross assets to net debt at 2.5x.

The group maintained high liquidity with a healthy cash balance of Rs 44,572 crore at the end of December 31, 2023.

"Higher ratings and healthy cash flows have allowed continued market access, facilitating substantial investments in the year-to-date (April 1, 2023-December 31, 2023). During this period, various portfolio companies have drawn funds worth Rs 91,290 crore from various sources, including international and domestic banks, and others," it said.

Headquartered in Ahmedabad, the Adani portfolio is the largest and fastest-growing portfolio of diversified businesses in India.

It has interests in logistics (seaports, airports, logistics, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, agro (commodities, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, consumer finance and defence.

Giving business-wise update, the statement said emerging infrastructure businesses including green hydrogen ecosystem, airports and roads under Adani Enterprises Ltd, the group's incubator, have picked up momentum over the past few quarters and now contribute 45 per cent of the company's total EBITDA.

While solar module sales have more than doubled due to higher exports, greenfield Navi Mumbai airport was on track to start operations by year end. A 18 MW Noida green data centre is now operational and under construction pipeline stands at 112 MW.

Adani Green Energy Ltd - the renewable energy arm of the group - increased operational capacity to 9,029 MW after commissioning of 551 MW at Khavda renewable energy park in Gujarat.

On electricity transmission side, Adani Energy Solutions Ltd has operationalised the critical Khargar Vikhroli transmission line to connect Mumbai to the national grid, taking total network to 20,422 circuit kilometers.

City gas distributor Adani Total Gas Ltd increased pipeline network to 11,712-inch km, piped natural gas connections to 7.79 lakh and EV charging stations to 329.

Adani Ports & SEZ (APSEZ) handled 23 per cent more cargo, achieving a record volume of 311 million tonne for the first nine months of the current fiscal.

Adani Cements added 15 per cent of 8.6 million tonne per annum (MTPA)capacity, taking total to 77.4 MTPA (76.1 MTPA under Ambuja and 1.3 MTPA under Adani Enterprises Ltd). This also includes the acquisition of Sanghi Industries (capacity of 6.1 MTPA) and Asian Concretes & Cements (1.5 MTPA - earlier owned 49 per cent).