Adani Portfolio delivers Record H1 and TTM Performance

Asset Base exceeds INR 5 lakh crore Milestone– now at INR 5.53 Lakh crore
Run-Rate EBITDA at INR 88,192 crore– up 22.1% YoY

Growth powered by Adani Enterprises’ incubating businesses– Solar & Wind manufacturing and Airports

    Editor’s synopsis

  • Trailing-twelve-month (TTM) EBITDA at INR 83,440 crore, up 17% YoY (up 34.3% YoY after adjusting for prior period incomes)
  • H1FY25 EBITDA at INR 44,212 crore, up 1.2 % YoY (up 25.5% YoY after adjusting for prior incomes)
  • Run-rate EBITDA or EBITDA after annualizing recently commissioned assets is now at INR 88,192, up 22.1% YoY crore
  • Core infrastructure businesses (utility, transport, and infra businesses under Adani Enterprises) accounted for 86.8% of total EBITDA in H1 FY25
  • Asset Base is now at INR 5.53 lakh crore– up INR 75,277 crore in H1 FY25 Credit Highlights:
  • Cash balance at Portfolio Level was at INR 53,024 crore– 20.53% of Gross Debt,
  • 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 Sep’24 FFO
  • Net Debt to EBITDA at 2.46x– against guidance of 3.5x-4.5x
  • Gross Assets to Net Debt at 2.7x– against 2.6x at the end of FY24

 

Ahmedabad, 25 November 2024: In line with its commitment to transparency, Adani Group, India's leading infrastructure conglomerate, today announced the release of Adani Portfolio’s H1 FY25 and Trailing-Twelve-Month (TTM) Results and Credit Compendium. The Results Compendium provides a comprehensive overview of the financial performance of Adani Portfolio and the Credit Compendium offers in-depth insights into the portfolio’s robust credit strength.

The strong performance in the first half was led by Adani Enterprises' emerging infra businesses, including solar and wind manufacturing, part of a fully integrated green hydrogen chain, airports and roads– EBITDA from these incubating businesses increased by 70.14% YoY in H1 FY25.

Adani Portfolio – H1 FY25 Financial Performance (EBITDA in INR crore)

Sector

H1 FY25

H2 FY24

Growth

% of Total

Utility*

22,477

 

25,572

 

(12.10%)

 

50.84%

 

Transport

9,938

 

8,294

 

19.82%

 

22.48%

 

AEL - Infrastructure Businesses

5,977

 

3.513

 

70.14%

 

13.52%

 

A. Sub-total (Infrastructure)

38,392

37,379

2.71%

86.84%

B. Adjacencies (Cement)

3,120

 

3,717

 

(16.06%)

 

7.06%

 

Sub-total (Infra +Adjacencies)

41,512

41,096

1.01%

93.89%

C. AEL- Existing Businesses

2,700

 

2,593

 

4.14%

 

6.11%

 

Portfolio EBITDA (A+B+C)

44,212

43,689

1.20%

100%

Adjusted Portfolio EBITDA

(Ex. previous period incomes)

43,192

34,411

25.55%

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(Utility:Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport:Adani Ports & SEZ | AEL:Adani Enterprises)
*Utility segment includes past period one-time regulatory incomes in Adani Power of INR 1020 crore in H1FY25 and INR 9,278 crore in H1FY24
EBITDA:PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items



Adani Portfolio - Sep’24 TTM Financial Performance (EBITDA in INR crore)

Sector

Sep’24 TTM

Sep’23 TTM

Growth

% of Total

Utility

41,351

 

37,691

 

9.71%

 

49.59%

 

Transport

18,846

 

15,251

 

23.57%

 

22.59%

 

AEL - Infrastructure Businesses

10,153

 

7,224

 

40.55%

 

12.17%

 

A. Sub-total (Infrastructure)

70,350

60,166

16.93%

84.13%

B. Adjacencies (Cement)

6,991

 

6,389

 

9.42%

 

8.38%

 

Sub-total (Infra +Adjacencies)

77,341

66,555

16.21%

92.69%

C. AEL- Existing Businesses

6,099

 

4,704

 

29.66%

 

7.31%

 

Portfolio EBITDA (A+B+C)

83,440

71,259

17.09%

100%

Adjusted Portfolio EBITDA

(Ex. previous period incomes)

82,376

61,333

34.3%

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(Utility:Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport:Adani Ports & SEZ | AEL:Adani Enterprises)
*Utility segment includes past period one-time regulatory incomes in Adani Power of INR 1,064 crore in H1FY25 and INR 9,926 crore in H1FY24
EBITDA:PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items



H1 FY25 Performance Highlights


  • EBIDTA: Consistently advancing EBITDA has reached its highest ever– H1 FY25 EBITDA at INR 44,212 crore (up 1.2% YoY), taking TTM EBITDA at INR 83,440 crore (up 17.1% YoY). After adjusting for the non-recurring previous period's income in Adani Power, the EBITDA growth was at 25.5% for H1 FY25 and 34.3% for TTM respectively. Run-rate EBITDA, which includes annualization of profits from recently operationalized assets, is now at INR 88,192 crore.
    AEL’s infrastructure businesses with 70.1% 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.
  • Core infrastructure EBITDA:The consistently advancing EBITDA is largely driven by the Group’s highly stable and resilient ‘Core Infrastructure’ platform, which constituted 86.8% of H1 FY25 EBITDA.
    The ‘Core Infrastructure’ platform comprises– AEL’s Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas) and Transport (Adani Ports & SEZ) businesses.
  • Cash Profit or FFO:Funds Flow from Operations (FFO) for the twelve months ended September 2024 increased to INR 58,908 crore, up 28.4% YoY
  • Gross Assets: Total Gross Assets increased by INR 75,277 crore to INR 5.53 lakh crore.
  • Conservative leveraging:Net Debt to EBITDA at 2.46x was significantly below the guidance of 3.5x to 4.5x.
  • Liquidity position:Each of the portfolio companies has sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.
    Cash reserves now stand at INR 53,024 crore– 20.53% of Gross Debt. This amount is sufficient to cover next ~28 months of debt servicing requirements.
  • Ratings:76% of EBITDA was from assets with India rating above ‘AA-‘. APSEZ received “AAA” rating from 4 domestic rating agencies – CRISIL, ICRA, CARE, India Ratings, and an outlook upgrade from S&P.

 

Company-wise Financial Performance (in INR crores)

Entity

EBITDA

Growth

EBITDA

Growth

H1 FY25

H1 FY24

Y-o-Y

Sep’ 24 TTM

Sep’23 TTM

Y-o-Y

Incubator

 

 

 

 

 

 

Adani Enterprises1

8,678

6,106

42.12%

16,252

11,928

36.25%

Utility

Adani Green Energy

5,358

4,466

24.47%

9,940

8,325

19.40%

Adani Energy Solutions

3,654

2,820

29.54%

7,156

6,234

14.80%

Adani Power2

12,639

17,734

(28.70%)

23,016

22,141

3.95%

Adani Total Gas

626

552

13.40%

12,399

991

25.08%

Transport

Adani Ports & SEZ

9,938

8,294

19.82%

18,846

15,251

23.60%

Adjacencies

Adani Cement

3,120

3,717

(16.01%)

6,991

6,389

9.42%

Adani Portfolio

44,212

43,689

1.20%

83,440

71,259

17.09%

1. AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.
2. APL includes past period one-time regulatory incomes of INR 1020 crore in H1 FY25 against INR 9,278 crore in H2 FY25; and INR 1067 crore in Sep’24 TTM against INR 9,926 crore in Sep’23 TTM


 

Company-wise Key Highlights for H1 FY25:

Adani Enterprises Ltd

  • Navi Mumbai International airport (NMIAL) welcomed the first IAF aircraft.
  • Solar Module sales increased by 91% to 2380 MW YoY basis.
  • Passenger movements at Adani airports increased by 6% to 45.1 million.

Adani Green Energy Ltd

  • Construction work for 500 MW hydro pump storage has commenced.
  • Operational capacity increased by 34% YoY to 11.2 GW.

Adani Energy Solutions Ltd

  • 2760 ckm transmission lines were added, taking the total transmission network to 23,269 ckm
  • Won three new transmission projects during H1FY25 - NES in Jamnagar, Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to its transmission portfolio.

Adani Power Ltd

  • Acquired Korba Power Ltd. (Erstwhile Lanco Amarkantak Power Korba Power Limited) has been acquired and consolidated w.e.f. 31 August 2024.

Adani Ports & SEZ Ltd

  • Volume grew 9% YoY to 220 MMT
  • Completed the acquisition of Gopalpur Port and Astro Offshore, signed two new port concession agreements
  • Received ‘AAA’ rating from four domestic rating agencies – CRISIL, ICRA, CARE, India Ratings and an outlook upgrade from S&P

Adani Cements

  • Acquired Penna Cement (10 MTPA capacity) and Orient Cement (16.6 MTPA– 8.5 MTPA operational and 8.1 MTPA ready to execute), taking the total operational capacity at 97.8 MTPA.

Adani Portfolio Update

  • Adani Portfolio H1FY25 Results Compendium - Click Here
  • Adani Portfolio H1FY25 Credit Summary - Click Here



Photos

1. Indian Air Force (IAF) aircraft landing on Navi Mumbai International Airport’s South runway (part of Adani Enterprises Ltd.)


2.Solar and Wind progress at Khavda renewable project—World’s largest renewable park in the making (part of Adani Green Energy Ltd.)


3.Transmission lines evacuating green power from Khavda ( part of Adani Energy Solution Ltd.)