Adani Portfolio delivers robust results, asset base exceeds record Rs 5 lakh crore

Ahmedabad (The Uttam Hindu): The Adani Portfolio of companies on Monday reported record results for the first half of this fiscal (H1 FY25) as well as the trailing-twelve-month (TTM) period. In H1 FY25, the portfolio companies invested Rs 75,277 crore, increasing the total gross assets to a record Rs 5.53 lakh crore. Consistently advancing EBITDA reached its highest ever, For H1 FY25, EBITDA stood 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, said the Group. “This expansive yet resilient growth is attributed to Adani’s strategic focus on its infrastructure platform, which provides high stability and predictability,” the Adani Group said in a statement.

“All portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months. Debt maturities for each year until FY34 are less than TTM ended September 2024,” it added. Funds flow from operations (FFO) for the 12 months ended September 2024 increased to Rs 58,908 crore, up 28.4 per cent YoY. The strong performance in the first half was led by Adani Enterprises Ltd's (AEL) emerging infra businesses, including solar and wind manufacturing, part of a fully integrated green hydrogen chain, airports and roads, as EBITDA from these incubating businesses increased by 70.14 per cent YoY in H1 FY25.

Core infrastructure businesses (utility, transport, and infra businesses under Adani Enterprises) accounted for 86.8 per cent of total EBITDA in H1 FY25. “Net Debt to EBITDA at 2.46x was significantly below the guidance of 3.5x to 4.5x,” informed the Group. 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.