Adani group portfolio delivered EBITDA growth of 42 per cent on-year to Rs 23,532 crore in Q1FY24 with businesses across segments ranging from airports and sea ports registered good growth, the company said. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double year-on-year. With EBITDA of Rs 1718 crore, these businesses contributed 7 per cent to the portfolio EBITDA.
The core infrastructure and utility platform, which generates stable and assured cash flows, accounted for 86 per cent of the total portfolio EBITDA and stood at Rs 20,233 crore. “This gives a high level of stability and multi-decadal earnings predictability and visibility. The robust profits have resulted in the portfolio gaining a very strong liquidity position,” it said. Adani group’s cash balance at the end of June 2023 was Rs 42,115 crore, up 4.2 per cent from a quarter ago.
Adani group spans 10 listed companies ranging from flagship incubator Adani Enterprises Ltd to ports business (Adani Ports & SEZ Ltd), renewable unit (Adani Green Energy Ltd), power utility (Adani Power Ltd), electricity transmission firm (Adani Energy Solutions), and city gas business (Adani Total Gas Ltd), and it had a net debt of Rs 18,689.7 crore after accounting for a cash balance of Rs 42,115 crore.
“The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises, and cement businesses under Adani Cement,” the company said. Adani Green reported EBITDA of Rs 2,200 crore, up 67 per cent on-year on the back of an increase in operational capacity by 43 per cent to 8,316 MW. The cement business showed a strong operating performance because of cost optimization and improving synergies. EBITDA per tonne increased to Rs 1253 from Rs 888 in June 22 quarter and Rs 1079 in March 23 quarter which led to EBITDA growth of the cement business by 54 per cent on-year to Rs 1,935 crore.
Performance across businesses
Adani Enterprises’ airports business witnessed a 27 per cent on-year growth in passengers to 21.3 million, road business constructed an additional 79.8 lane km, solar modules volumes were up 87 per cent to 614 MW, data center business showcased 17 MW facility at Chennai, mining services’ production volume stood at 6.3 MMT, an volumes for integrated resource management stood at 17.8 MMT.
Adani Green Energy said that its operational capacity increased by 43 per cent to 8,316 MW, which included 1,750 MW of solar-wind hybrid, 212 MW of solar and 554 MW from wind power plants.
Adani Energy Solutions said that its total transmission network increased to 19,778 circuit km in addition to 550 circuit km.
Adani Gas added seven CNG stations, taking the total to 467. It installed 141 EV charging points across multiple strategic locations. While CNG volumes increased by 18 per centYoY on account of increased network and reduction in CNG prices, PNG volumes decreased by 6 per cent YoY on lower offtake by consumers due to alternative fuel prices.
Adani Ports & SEZ posted the highest-ever quarterly cargo volume of 101.4 MMT, 12 per cent higher year-on-year.
Adani Power posted sales growth of 7 per cent on-year to 17.49 BU. It said that two units, totalling 1,600 MW, of the Godda ultra supercritical power plant, were commissioned during the quarter.
Adani Wilmar crossed 1.49 MMT volumes during the quarter, delivering a 25 per cent YoY growth. Food and FMCG segment recorded revenues of Rs 1,100 crore, up 28 per cent on-year.
Adani Cement Business (Ambuja / ACC) posted a sales volume increase of 9 per cent on-quarter to 15.4 MMT. It said EBITDA per tonne improved 16 per cent QoQ to Rs 1,253 led by business excellence in operations, cost efficiencies and synergies.