Listed Adani group firms' Ebitda jumps 36% to Rs 57,219 crore in FY23

Listed Adani group companies together have posted a 36 per cent year-on-year rise in earnings before interest, taxes, depreciation, and amortisation (Ebitda) in FY23 to Rs 57,219 crore.

The run-rate Ebitda, which consider annualisation of Ebitda from projects commissioned during the year, came in at Rs 66,566 crore.

“Adani portfolio companies operate in utility and infrastructure businesses with more than 83 per cent of Ebitda being generated from core infrastructure businesses providing assured & consistent cash flow generation,” the group said in a statement. It has 10 listed companies ranging from consumer products to ports and airports.

“The platform has a strong asset base, which has been built over three decades, that supports the resilient critical infrastructure and guarantees best-in-class asset performance over the entire lifecycle,” it stated.

The statement noted there was no material refinancing risk and near-term liquidity requirement as there was no near-term significant debt maturity. “The rating affirmations from international and domestic rating agencies signify the underlying credit quality with adequate financial profile, with many businesses having underlying rating of “BBB”, but it remains constrained by sovereign ratings," it said.

The cash balance at the listed portfolio is now over $4.75 billion or Rs 40,351 crore.

Among group companies, the flagship Adani Enterprises' new businesses now account for half of AEL’s earnings.

This was fuelled by rising airport passenger movements that more than doubled to 74.8 million passengers. Solar module volumes were up 13 per cent to 1.3 Gw. The company completed three road projects during the year; its data centre projects are nearing completion.

AEL's Ebitda increased by 99.1 per cent to Rs 10,575 crore with cash balance of Rs 5,652 crore.

After the Hindenburg Research report, the group and promoter entities focused on pre-paying its debt and have completed paying $2.65 billion of debt.

The group is planning to raise up to Rs 29,000 crore by selling shares in AEL, Adani Transmission, and Adani Green Energy and use the proceeds to prepay debt and also to complete ongoing projects.

Strong showing

• Rs 57,219 cr Ebitda of Adani group’s listed portfolio
• Rs 47,386 cr core infrastructure Ebitda
• Rs 5,466 cr Ebitda of AEL’s existing businesses
• Rs 1,079 per tonne operating profit of cement business
• 69.1 mt Adani Cement’s consolidated sales volume
• 339 mt Adani Ports’ highest ever cargo volume