Adani Group Ebitda Surges Record 47% In First Half To Cross Rs 43,000 Crore

The Gautam Adani-owned group's core-infra businesses grew 52% year-on-year to Rs 37,379 crore.

Representational (Source: Adani Group website)

Adani Group companies' operating profit during the first half of the current financial year rose 47% on an annual basis and surpassed the Ebitda of fiscal 2022.

The group portfolio companies recorded the highest-ever cash and balances at Rs 45,895 crore in the first half, the company said in a statement on Monday.

The group reported earnings before interest, taxes, depreciation and amortisation of Rs 43,688 crore in the April–September period, aided by the growth in core-infrastructure businesses that contributed to 86% of the Ebitda, it said.

The core infrastructure businesses include Adani Green Energy Ltd., Adani Energy Solutions Ltd., Adani Power Ltd., Adani Total Gas Ltd., Adani Ports & Special Economic Zone Ltd. and other infrastructure businesses incubated by Adani Enterprises Ltd., such as green hydrogen integrated manufacturing, airports and roads.

The Gautam Adani-owned group's core-infra businesses grew 52% year-on-year to Rs 37,379 crore.

The incubation continues to be a success story, with airports, green hydrogen and other incubating assets emerging strongly and now contributing nearly 8% of the portfolio Ebitda, according to Jugeshinder Singh, chief financial officer at Adani Group.

The Ebitda growth also outpaced the portfolio's historical five-year compound-annual growth rate trajectory of 26.3%, according to the statement.

The group's net-debt-Ebitda ratio has fallen from 3.8 times in FY19 to 2.5 times in the trailing 12 months through September, overcoming uncertainties stemming from Covid, Russia-Ukraine war, short-seller attack and Middle East conflict, according to a separate credit update from the group.

Gross debt stood at Rs 2.26 lakh crore, while net debt was Rs 1.8 lakh crore as of September 2023.

Other Highlights

  • The assets from incubation under Adani Enterprises contribute 8% of the overall Ebitda.

  • The emerging business of the low-cost green hydrogen integrated manufacturing delivered 212% year-on-year revenue growth and 10x Ebitda growth.

  • The airports' business witnessed a 29% growth in passengers in the first half, resulting in revenue growth of 42%.

  • The Ebitda for the cement business more than doubled on a single-digit volume growth.

  • The renewable business under Adani Green Energy reported an Ebitda growth of 76%, achieving a milestone Ebitda of Rs 8,325 crore or $1 billion for the first time on a trailing 12-month basis.

  • Adani Ports' domestic cargo volumes exceeded 200 million tonnes for the first time within a six-month period, leading the ports business to grow at over 2 times of the overall cargo volume growth in India.

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Also Read: GQG Partners Has Made 84% Returns On Adani Group Investments

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