- The ports-to-power conglomerate said June quarterly earnings before interest, tax, depreciation and amortization jumped 42% from the same period a year ago to ₹ 23,532 crore
- Quarterly EBITDA almost equals full year FY19 EBITDA of ₹24,780 crore
- Infrastructure & utility segment generated EBITDA of ₹ 20,233 crore, accounting for 86% of portfolio-level EBITDA; this lends high degree of stability and multi-decadal visibility and predictability.
- Incubation under flagship Adani Enterprises continues to be a success story with Airports, Green Hydrogen and other businesses now accounting for 7% of portfolio level EBITDA; these infra businesses delivered 96% EBITDA growth y-o-y.
NE BUSINESS BUREAU
AHMEDABAD, AUG 24
The Adani Group portfolio delivered yet another outstanding performance with all-time high quarterly profit (EBITDA) of ₹ 23,532 crore, 42% higher year-on-year in the June quarter FY24.
The core infrastructure and utility platform, which generates stable and assured cashflows, accounted for 86% of the total portfolio EBITDA and stood at ₹ 20,233 crore. This gives a high level of stability and multi-decadal earnings predictability and visibility. The robust profits have resulted in the portfolio gaining a very strong liquidity position. The cash balance at the end of June 2023 was ₹ 42,115 crore, 4.2% higher than a quarter ago.
The success of incubation story continued under Adani Enterprises. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double year-on-year. With EBITDA of INR 1718 crore, these businesses contributed 7% to the portfolio EBITDA.
The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises, and cement businesses under Adani Cement. Adani Green reported EBITDA of ₹ 2,200 crore, a 67% rise Y-o-Y. This was on the back of an increase in operational capacity by 43% to 8,316 MW. The adjacent cement business also showed a strong operating performance because of cost optimization and improving synergies. EBITDA per tonne increased to ₹ 1253 from ₹ 888 in June 22 quarter and INR 1079 in March 23 quarter. As a result, EBITDA of the cement business grew 54% Y-o-Y to INR 1,935 crore.
Strong financial performance delivered across portfolio
| Sector | Q1FY24 EBITDA | Q1FY23 EBITDA | Growth | % of Total |
| Utility | 14,453 | 10,378 | 39% | 61.4% |
| Transport | 4,062 | 3,776 | 8% | 17.3% |
| AEL-Infrastructure business | 1,718 | 877 | 96% | 7.3% |
| A. Sub-total (Infrastructure) | 20,233 | 15,031 | 34% | 86.0% |
| Adjacencies (Cement) 1 | 1,935 | NA | – | 8.2% |
| B. Sub-total (Adjacencies) | 1,935 | – | – | 8.2% |
| AEL- Existing businesses | 1,364 | 1,551 | (12%) 3 | 5.8% |
| FMCG2 | 177 | 491 | (64%)4 | – |
| C. Sub-total (Others) 2 | 1,364 | 1,551 | (12%) | 5.8% |
| Portfolio EBITDA (A+B+C) 2 | 23,533 | 16,582 | 42% | 100% |
