The Adani Group, the conglomerate giant, has reported its financial performance for Q3FY25, revealing a record TTM EBITDA of Rs 86,789 crore, reflecting a year-on-year (YoY) growth of 10.1 per cent.
In a press release, Adani Group shared its plans for a significant capital expenditure (Capex) phase, similar to the growth spurt it experienced between FY20 and FY22, as it continues to expand its infrastructure presence across multiple sectors.
The group’s financial performance is largely driven by its core infrastructure businesses, including utilities, transport, and emerging infrastructure ventures under Adani Enterprises Ltd (AEL). These segments accounted for 84 per cent of the total EBITDA.
The portfolio EBITDA rose by 17.2 per cent YoY to Rs 22,823 crore in Q3FY25, while the infrastructure segment alone generated Rs 72,795 crore on a TTM basis, up 10 per cent YoY.
With a strong balance sheet and ample liquidity, Adani Group has ensured solid financial stability. As of September 30, 2024, the company held a cash balance of Rs 53,024 crore, sufficient to cover its debt servicing obligations for at least the next 12 months.
The group’s asset base stood at Rs 5.53 lakh crore, reflecting a Rs 75,277 crore increase from FY24, while its net debt-to-EBITDA ratio remained healthy at 2.46x.
AEL, a key growth driver, posted a 15.6 per cent YoY rise in EBITDA, reaching Rs 4,243 crore for Q3FY25.
In a bid to strengthen its financial position, the company successfully raised Rs 4,200 crore ($ 500 million) through a Qualified Institutional Placement (QIP), funding its upcoming infrastructure projects.
Adani New Industries
Adani’s renewable energy arm, Adani New Industries Ltd (ANIL), saw a 74 per cent YoY surge in solar module sales, reaching 3,273 MW.
The group's airports business experienced a 7 per cent YoY increase in passenger movements of 69.7 million, while its data centre operations saw Hyderabad Phase 1 (9.6 MW capacity) becoming operational, with Noida (50 MW) and Hyderabad (48 MW) nearing completion.
Adani Green Energy
Adani Green Energy Ltd (AGEL) expanded its operational capacity by 37 per cent YoY to 11.6 GW. The company recently signed a Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to supply 5 GW of solar power for 25 years, advancing its sustainability goals.
Adani Energy Solutions Ltd (AESL) raised $1 billion through QIP and secured five new transmission projects, expanding its infrastructure pipeline to Rs 54,700 crore—three times the level at the end of FY24.
Adani Energy Solutions
Adani Power Ltd reported a 21.4 per cent YoY rise in Q3FY25 EBITDA to Rs 6,078 crore. The company’s consolidated plant load factor (PLF) improved to 69 per cent in 9MFY25, up from 62 per cent in the same period last year, with sales increasing 22 per cent YoY to 69.5 billion units.
Adani Total Gas
Adani Total Gas Ltd also saw significant operational growth, adding 58 new CNG stations to bring the total to 605. CNG volumes increased by 19 per cent YoY, while PNG household connections grew to 9.22 lakh, and 1,914 EV charging points were installed across 26 states and union territories.
Adani Ports & SEZ
Adani Ports & SEZ Ltd (APSEZ) maintained its position as India’s largest commercial port operator, handling 332 million metric tons (MMT) of cargo in 9MFY25, a 7 per cent YoY increase. This growth was driven by a 19 per cent rise in container volume and a 13 per cent increase in bulk cargo shipments. The company’s logistics arm also saw a 9 per cent YoY increase, handling 0.48 million TEUs of container volumes.
Adani Cement
Adani Cement Ltd, which includes ACC and Ambuja Cements, delivered strong performance with clinker and cement sales growing by 9.3 per cent to 46.6 MMT. The company is aggressively expanding its capacity, with 21 MTPA under execution. By March 2025, Adani Cement's total capacity is expected to reach 104 MTPA, including the recently acquired Orient Cements.