Adani Portfolio Companies are entering a new phase of significant capital

Ahmedabad: The Adani Group, India’s largest infrastructure player, has released its financial results for Q3FY25, demonstrating robust growth and solidifying its position as a leader in the infrastructure sector. Highlighting their commitment to transparency, the group also provided Trailing-Twelve-Month (TTM) details and a Credit Compendium with the announcement.

For the period ending December 2024, the group reported an impressive 10.1% year-on-year growth in EBITDA, reaching an all-time high of INR 86,789 crore on a TTM basis. For Q3FY25 alone, EBITDA surged by 17.2% to INR 22,823 crore. The 'Core Infrastructure' segment continues to drive cash flow, contributing 84% of total portfolio EBITDA. This core platform encompasses various businesses, including Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Ports & SEZ.

The credit profile of the Adani portfolio has also seen significant improvement, with 75% of run-rate EBITDA now generated from assets rated ‘AA-‘ and above domestically. Adani Enterprises’ incubating infrastructure businesses, which include airports and roads, showcased remarkable growth with a 45.6% YoY EBITDA increase in Q3FY25, complemented by a 33.3% growth in the TTM period.

The group has maintained sufficient liquidity across its portfolio companies, ensuring they can meet debt servicing obligations for at least the next year. As of 30 September 2024, the Adani Portfolio held a cash balance of INR 53,024 crore, representing 20.5% of gross debt. This robust cash flow has allowed continued investments while keeping leverage at low levels, with Net Debt to EBITDA standing at 2.46x.

Key company highlights for the first nine months of FY25 include:

- Adani Enterprises Ltd: Successfully raised INR 4,200 crore (USD 500 million) through a Qualified Institutional Placement (QIP) and saw significant growth in solar module sales and airport passenger movements.

- Adani Green Energy Ltd: Reported a 37% increase in operational capacity, reaching 11.6 GW and signing a 25-year Power Purchase Agreement (PPA) for 5 GW solar power.

- Adani Energy Solutions Ltd: Raised USD 1 billion through QIP and secured five new transmission projects, tripling its under-construction pipeline.

- Adani Ports & SEZ Ltd: Noted a 7% increase in overall volume and a 19% rise in container volumes, bolstered by its logistics arm.

Overall, the Adani Group continues its trajectory of growth and innovation, driven by its core principles of sustainability and community enhancement.