Adani portfolio companies are entering a new phase of substantial capital expenditure (Capex), similar to the high Capex period experienced from FY20 to FY22.
For the trailing twelve months (TTM), the group reported an EBITDA of INR 86,789 crore, reflecting a 10.1% year-on-year increase. Core infrastructure businesses, including utility, transport, and incubating infrastructure ventures under Adani Enterprises Ltd, contributed 84% of the total EBITDA.
The company has sufficient liquidity to cover debt servicing for at least the next 12 months. As of September 30, 2024, the fund flow from operations (Cash After Tax) stood at INR 58,908 crore, the asset base reached Rs 5.53 lakh crore, and the Net Debt to EBITDA ratio was 2.46x.
The Adani portfolio companies are now on a high-capex trajectory, supported by a solid foundation of growing cash flow generation and project execution investments. This strategy is set to position each portfolio company as a global leader in its respective sector.
Adani Portfolio: Performance Highlights
- On a Trailing Twelve-Month basis (TTM), portfolio EBITDA grew by 10.1% YoY to an all-time high of Rs 86,789 crore; Q3FY25 EBITDA increased by 17.2% to Rs 22,823 crore.
- The highly stable ‘Core Infrastructure’ portfolio continues to power cashflow generation, with 84% contribution to the total portfolio EBITDA. This ‘Core Infrastructure’ platform comprises—AEL’s incubating Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports & SEZ) businesses.
- The credit profile has now achieved a significant milestone, with 75% of the Run-rate EBITDA now generated from assets with domestic ratings of ‘AA-‘ and above.
- Adani Enterprises’ Incubating infra businesses (ANIL, airports, and roads) are on a high growth trajectory and continue to lead the growth with EBITDA growth of 45.6% YoY in Q3FY25 and 33.3% in TTM.
- Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months.
- As on 30 September 2024, Adani Portfolio had a cash balance of INR 53,024 crore, representing 20.5% of Gross Debt.
- The expanding cash flows have facilitated consistent investments while maintaining leverage at an all-time low. As of September 30, 2024, the Fund Flow from Operations (FFO) or Cash After Tax for the trailing twelve months stood at Rs 58,908 crore. The asset base reached INR 5.53 lakh crore, an increase of Rs 75,277 crore compared to the end of FY24. The Net Debt to EBITDA ratio was 2.46x.
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