A substantial portion of debt incurred by Adani Group companies comes from domestic banks, and over a quarter of the group's borrowing coming from global banks and capital markets each, according to the credit profile shared by the conglomerate on Friday.
As of Sept. 30, 2024, The ports-to-power conglomerate has a total debt of around Rs 2.58 lakh crore, of which Rs 2.37 lakh crore is long-term debt and the Rs 20,724 crore is working capital debt. Working capital loans are meant to finance a company's day-to-day operations.
Meanwhile, the group holds Rs 53,024 crore cash balance. This includes cash and cash equivalents, bank balances, current investments, market value of marketable securities (non-current investments), balance held as margin money, and deposits for more than 12 months.
Domestic banks make up 42% of the debt mix, including Rs 94,473 crore term debt outstanding and Rs 13,512 crore working capital debt. Indian state-run banks make up 18% of the debt mix, while 20% is from Indian financial institutions or non-bank lenders. Private banks make up 3% of the lenders.
Global banks and financial institutions account for 27% of the debt mix at Rs 66,921 crore term debt and 2,310 crore working capital debt.
Indian capital market makes up 5% of the debt mix at Rs 14,007 crore, while global capital market forms its 23% at Rs 60,219 crore.
The group has Rs 6,832 crore taken from other sources, of which Rs 4,901 crore is working capital debt, including capex letters of credit.
Average maturity age for the group's debt profile ranges between 4.4 years in the case of global banks to 9.25 years for domestic banks.
The conglomerate said its portfolio borrowing is under 2.5 times of Ebitda, indicating the group's ability to service its debt. The earnings from contracts stood at 70% of its total portfolio, assuring that growth visibility to investors.
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