Adani Portfolio Delivers Record H1 And TTM Performance

In the first half, the portfolio companies invested Rs 75,277 crore increasing the total gross assets to Rs 5.53 lakh crore

Adani Group's strong performance in the first half was led by Adani Enterprises; emerging infra businesses, including solar and wind manufacturing.

Source : PTI

Adani Group, one of India’s leading infrastructure conglomerate, on Monday announced the release of Adani Portfolio's H1 FY25 and Trailing-Twelve-Month (TTM) Results and Credit Compendium. The Results Compendium provides a comprehensive overview of the financial performance of Adani Portfolio and the Credit Compendium offers in-depth insights into the portfolio’s robust credit strength.

The strong performance in the first half was led by Adani Enterprises; emerging infra businesses, including solar and wind manufacturing, part of a fully integrated green hydrogen chain, airports and roads — EBITDA from these incubating businesses increased by 70.14 per cent YoY in H1 FY25.

In the first half, the portfolio companies invested Rs 75,277 crore increasing the total gross assets to Rs 5.53 lakh crore. This expansive yet resilient growth is attributed to Adani’s strategic focus on its infrastructure platform, which provides high stability and predictability.

EBIDTA: Consistently advancing EBITDA has reached its highest ever — H1 FY25 EBITDA at Rs 44,212 crore (up 1.2 per cent YoY), taking TTM EBITDA at Rs 83,440 crore (up 17.1 per cent YoY). After adjusting for the non-recurring previous period's income in Adani Power, the EBITDA growth was at 25.5 per cent for H1 FY25 and 34.3 per cent for TTM, respectively. Run-rate EBITDA, which includes annualisation of profits from recently operationalised assets, is now at Rs 88,192 crore.

AEL's infrastructure businesses with 70.1 per cent YoY, growth in the H1 FY25, led the overall growth. These businesses include solar and wind manufacturing (part of the green hydrogen production chain), airports and roads businesses

Core infrastructure EBITDA: The consistently advancing EBITDA is largely driven by the group’s highly stable and resilient 'Core Infrastructure' platform, which constituted 86.8 per cent of H1FY25 EBITDA.

The 'Core Infrastructure' platform comprises — AEL's Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas) and Transport (Adani Ports & SEZ) businesses.

Cash Profit or FFO: Funds Flow from Operations (FFO) for the 12-month ended September 2024 increased to Rs 58,908 crore, up 28.4 per cent YoY.

Gross Assets: Total Gross Assets increased by Rs 75,277 crore to Rs 5.53 lakh crore.

Conservative leveraging: Net Debt to EBITDA at 2.46x was significantly below the guidance of 3.5x to 4.5x.

Liquidity position: Each of the portfolio companies has sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.

Cash reserves now stand at Rs 53,024 crore — 20.53 per cent of Gross Debt. This amount is sufficient to cover next 28 months of debt servicing requirements.

Ratings: 76 per cent of EBITDA was from assets with India rating above ‘AA-‘. APSEZ received “AAA” rating from 4 domestic rating agencies – CRISIL, ICRA, CARE, India Ratings, and an outlook upgrade from S&P.

Companywise Key Highlights for H1 FY25

Adani Enterprises Ltd

Navi Mumbai International airport (NMIAL) welcomed the first IAF aircraft.

Solar Module sales increased by 91 per cent to 2380 MW YoY basis.

Passenger movements at Adani airports increased by 6 per cent to 45.1 million.

Adani Green Energy Ltd

Construction work for 500 MW hydropump storage has commenced.

Operational capacity increased by 34 per cent YoY to 11.2 GW.

Adani Energy Solutions Ltd

2,760 ckm transmission lines were added, taking the total transmission network to 23,269 ckm

Won three new transmission projects during H1FY25 - NES in Jamnagar, Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to its transmission portfolio.

Adani Power Ltd

Acquired Korba Power Ltd. (Erstwhile Lanco Amarkantak Power Korba Power Limited) has been acquired and consolidated w.e.f. 31 August 2024.

Adani Ports & SEZ Ltd

Volume grew 9 per cent YoY to 220 MMT

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 (10 MTPA capacity) and Orient Cement (16.6 MTPA — 8.5 MTPA operational and 8.1 MTPA ready to execute), taking the total operational capacity at 97.8 MTPA.