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 FFONet 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

In line with its commitment to transparency, Adani Group, India’s leading infrastructure conglomerate, 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)

(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
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)

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)