There have been worries about the current US bribery charges against chairman and founder Gautam Adani along with his nephew Sagar Adani and six others could impact the cashflow for Adani Group. The conglomerate has however announced that it has enough cash balances exceeding long-term debt repayments for next 28 months. Portfolio level cash balances stood at $6.33 billion.
The company recorded a combined EBITDA of Rs 44,212 crore in the first half of FY25. This is 1.20 per cent above Rs 43,689 crore recorded during the same period of previous financial year. The Adani Group released a report on Monday announcing robust financial health and steady growth through its latest H1FY25 and Trailing-Twelve-Month (TTM) results, despite external pressures.
Adani Group companies reducing debt
Adani Group posted a strong asset base of around $66 billion built over three decades that supports resilient critical infrastructure and guarantees best-in-class asset performance over the entire life cycle. Gross Assets/ Net Debt ratio has improved further at 2.70x (vs. 2.63x in FY24). Adani portfolio companies, it added, operate with approximately 88 per cent of September 2024 TTM EBITDA being generated from core infrastructure businesses providing consistent cash flows.
The Trailing-Twelve-Month EBITDA went up by 17 per cent YoY to $10 billion. Simultaneously, funds from operations (FFO) reached $7 billion, up 30 per cent annually for five years. Net debt-to-EBITDA stood at 2.46x, which was below the group’s guidance range of 3.5x-4.5x.
Adani Group- Company wise performance during H1
Adani Enterprises (AEL)
AEL has raised Rs 4,200 crore ($500 million) through QIP which was subscribed with participation from international and domestic investors. AEL and its subsidiaries have raised Rs 3,874 crore ($460 million) through issuances of NCDs which were subscribed by a diversified set of investors.
- ANIL: Solar- Module sale increased by 91 per cent on a year-on-year basis at 2,380 MW. ANIL Ecosystem increased on account of increase in export sales by 64 per cent and domestic sale by 139 per cent YoY.
- ANIL:Wind- ANIL Wind has an order book at 254 sets and supplied 56 sets in H1FY25. ANIL crossed 300 blades production milestone during this H1.
- Data Center- Order book stood at 210+MW.
- Airports- The company said that during H1, 14 new routes, 12 new airlines and 26 new flights were added across all 7 airports.
- Roads- It said that 5 out of 8 under construction projects are more than 60 per cent completed.
The company said that it is in a pathway to achieve 50GW Renewable Capacity by 2030. It has also completed the formation of a JV with TotalEnergies for a 1,150 MW RE portfolio and received investment of $444 million. The business segment posted an operational capacity increase by 34 per cent to 11.2 GW YoY with the addition of 2,418 MW solar power plants and 450 MW wind power plants. Further, sale of energy during H1FY25 increased by 20 per cent YoY at 14,128 million units.
Adani Energy Solutions
The vertical won three new transmission projects during H1FY25 – NES in Jamnagar Gujarat, NES in Navinal (Mundra), Khavda Phase IVA. With three new project wins, the under-construction transmission project pipeline has increased to around Rs 27,300 crore in H1FY25. During H1FY25, it added 2,760 ckm to the network with the total transmission network at 23,269 ckm.
The business posted consolidated standalone term loan facilities of erstwhile SPVs into a single LongTerm facility of Rs 19,700 crore with an average maturity of around 8 years (Door-to-door maturity of 14 years). Adani Power recorded continuing revenue growth of 20 per cent in H1 due to greater volumes on account of improved power demand, and due to capacity addition. Continuing EBITDA grew by 38 per cent in H1FY25 YoY due to greater volumes, lower fuel cost and capacity addition. Continuing PBT, meanwhile, went up by 69 per cent in H1 YoY at Rs 8,020 crore. PAT was at Rs 7,210 crore in H1 FY25 due to improved EBITDA, offset by lower one-time income of Rs 1,020 crore in H1FY25 as against Rs 9,278 crore in H1FY24.
Adani Total Gas has added 30 new CNG stations in H1FY25 taking total CNG stations to 577. PNG connections increased to 8.93 lakh households and PNG Commercial & Industrial connection increased to 8,746. Total 1486 EV charging points installed across 21 states, and 604 EV charging points are under construction, it said. Steel Pipeline network increased to ~12,516 inch-km. Further, CNG volume has increased by 20 per cent YoY on account of network expansion of CNG stations across the multiple GAs.
Adani Ports and Special Economic Zone
During H1, cargo volumes posted a growth of 9 per cent YoY to 220 MMT. During the period, APSEZ handled around 27 per cent of the country’s total cargo and approximately 45 per cent of container cargo.
Adani Cement
Adani Cement successfully completed acquisition of Penna Cements, Orient Cements. Further, the cement capacity increased by 10 MTPA taking total capacity to 89 MTPA (after acquisition of Orient, it will go up to 97MTPA). Clinker & cement sales volume grew by 5.6 per cent YoY, from 28.5 MMT in H1FY24 to 30.1 MMT in H1FY25, driven by strong focus on volume expansion, efficiency improvement and penetrating new markets. The business added 345 million MT new limestone reserves secured in H1FY25, taking total reserves to 8.17 billion MT at a premium < 3 per cent.
