Adani Group Reports Record First Half — Over $6 Billion Parked With Indian Banks

The Adani Group portfolio companies posted a record first half in the ongoing financial year as well as trailing twelve months performance, led by its incubating businesses with limited net exposure to Indian banks.

According to the company's statement released on Monday, its net exposure to Indian banking was recorded at $11 billion, or 42% of the company's current debt mix. However, the net exposure is low after accounting for cash of $6 billion, most of which is parked with Indian banks.

All portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months, the group said in the statement. Equity now accounts for 63% of total debt, showing a lowering dependence on debt for the conglomerate.

The trailing twelve-month earnings before interest, taxes, depreciation, and amortization advanced 17% year-on-year to Rs 83,440 crore.

The strong performance in the first half was led by Adani Enterprises' emerging infra businesses, including solar and wind manufacturing, the statement said.

The core infrastructure businesses—utility, transport, and infra businesses under Adani Enterprises—accounted for 86.8% of total Ebitda in the first half of the current financial year. The asset base of the ports-to-power conglomerate rose by Rs 75,277 crore in the first half to a record Rs 5.53 lakh crore.

Th net debt to Ebitda was recorded at 2.46 times, against the guidance of 3.5 times to 4.5 times.

Adani Enterprises

• Navi Mumbai International airport welcomed the first IAF aircraft.

• Solar Module sales increased by 91% to 2380 megawatt year-on-year basis.

• Passenger movements at Adani airports increased by 6% to 45.1 million.

Adani Green Energy

• Construction work for 500 MW hydro pump storage has commenced.

• Operational capacity increased by 34% YoY to 11.2 gigawatt.

Adani Energy Solutions

• 2760 circuit kilometer transmission lines were added, taking the total transmission network to 23,269 ckm.

• Won three new transmission projects during the first half of the year

Adani Power

• Acquired Korba Power Ltd. (Erstwhile Lanco Amarkantak Power Korba Power Ltd.) has been acquired.

Adani Ports

• Volume grew 9% YoY to 220 million metric ton

• Completed the acquisition of Gopalpur Port and Astro Offshore, signed two new port concession agreements.

• Received ‘AAA’ rating from four domestic rating agencies – CRISIL, ICRA, CARE, India Ratings and an outlook upgrade from S&P.

Adani Cements

• Acquired Penna Cement Ltd. and Orient Cement Ltd., taking the total operational capacity at 97.8 million tonnes per annum.