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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