Adani Group India’s largest critical infrastructure developer has released a Adani portfolio result snapshot compendium for the year FY23(attached). The group which has interests ranging from ports to airports, from electricity generation to transmission and distribution, from edible oil to FMCG products, logistics, cement, and roads recorded its highest ever EBITDA at group portfolio level (combined all group companies) of INR 57,219 crore, achieving a 36% growth over the previous financial year. Run-rate EBITDA, which considers the annualization of EBITDA from projects that commissioned during the year, the number is as high as INR 66,566 crore.
“Adani Portfolio companies operate in utility and infrastructure businesses with more than 83% of EBITDA being generated from core infrastructure businesses providing assured & consistent cash flow generation. The platform has a strong asset base which has been built over three decades that supports the resilient critical infrastructure and guarantees best-in-class asset performance over the entire life cycle,” said the Compendium.
The Adani Portfolio update also stated that no material refinancing risk and near-term liquidity requirement as there is no near-term significant debt maturity. Further, rating affirmations from international and domestic rating agencies signifies the underlying credit quality with adequate financial profile with many businesses having underlying rating of “BBB”, but it remains constrained by Sovereign ratings.
Business-wise summary for FY23
Adani Enterprises Ltd. (AEL)
· Incubator focusing on establishing diverse new businesses
· Incubation businesses registered an exponential growth and now account for little over 50% of AEL’s EBITDA
· Aiport passenger movements more than doubled to 74.8 mn
· Solar modules volumes up 13% to 1.3 GW
· Completed 3 HAM road projects during FY 23
· Data-center project completion Status: Chennai (~ 49%), Noida (~37%), Hyderabad (~30%)
· EBITDA increased by 99.1% to INR 10,575 crore. EBIDTA margin was 7.7%
· Run-rate EBITDA was INR 10,575 crore, cash balance of INR 5652 crore
Adani Ports and Special Economic Zone Ltd. (APSEZ)
· Largest port developer and operator in India
· Highest ever cargo volume of 339 MMT, 9% y-o-y growth.
· Logistics rail volumes crossed a milestone of 500,000 TEUs (Twenty-foot equivalent unit)
· EBITDA at INR 14,435 crore, up 14.5% y-o-y. EBITDA margin was 64.4%
· Run-rate EBITDA was INR 14,435 crore, cash balances were INR 9830 crore
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