Adani Portfolio Companies are entering a new phase of significant capital expenditure (Capex), akin to the high Capex period from FY20 to FY22


Editor’s synopsis

Trailing-twelve-month (TTM) EBITDA at INR 86,789 crore, up 10.1% YoY
Core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises Ltd) accounted for 84% of total EBITDA
Sufficient liquidity to cover debt servicing for at least the next 12 months
As on 30 September 2024: i) Fund Flow from Operations or Cash After Tax was at INR 58,908 crore; ii) the asset base stood at INR 5.53 lakh crore; and iii) Net Debt to EBITDA was at 2.46x

Ahmedabad : In line with its commitment to transparency, the Adani Group, India’s largest infrastructure player, today announced the release of Adani Portfolio’s Q3FY25 financial results along with Trailing-Twelve-Month (TTM) details and Credit Compendium.

Adani Portfolio companies are now on a high capex path, with a strong base of increasing cashflow generation and project execution outlay of respective portfolio companies. This will position the respective portfolio companies as the global leaders in their respective sectors.


Adani Portfolio – Financial Performance (EBITDA in INR crore)

Sector

Q3FY25

Q3FY24

Y-o-Y Growth

Dec’24 TTM

Dec’23 TTM

Y-o-Y Growth

Utility*

10,429

9,272

12.5%

42,509*

41,452*

2.6%

Transport

5,077

4,595

10.5%

19,327

16,550

16.8%

AEL – Infrastructure Businesses

2,818

1,936

45.6%

10,959

8,222

33.3%

A. Sub-total (Infrastructure)

18,324

15,803

16.0%

72,795

66,224

10.0%

B. Adjacencies (Cement)

3,074

1,936

58.8%

8,129

7,181

13.2%

Sub-total (Infra+Adjacencies)

21,398

17,739

20.6%

80,924

73,405

10.2%

C. AEL- Existing Businesses

1,425

1,735

(17.9%)

5,865

6,434

7.9%

Portfolio EBITDA (A+B+C)

22,823

19,474

17.2%

86,789

78,839

10.1%

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

*Utility segment TTM EBITDA includes prior period incomes in Adani Power of INR 2,514 crore in Dec’24 TTM period Vs INR 9,359 crore in Dec’23TTM

EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items


Company-wise Financial Performance (EBITDA in INR crores)

Entity

Q3FY25

Q3FY24

Y-o-Y Growth

Dec’24 TTM

Dec’23 TTM

Y-o-Y Growth

Incubator













Adani Enterprises1

4,243

3,670

15.6%

16,824

13,656

23.2%

Utility













Adani Green Energy

2,247

1,765

1.0%

9,964

7,924

10.1%

Adani Energy Solutions

1,831

1,732

5.7%

7,255

6,261

15.9%

Adani Power2

6,078

5,009

21.4%

24,084

24,085

(4.0%)

Adani Total Gas

273

306

(10.8%)

1,206

1,057

14.1%

Transport













Adani Ports & SEZ

5,077

4,595

10.5%

19,327

16,550

16.8%

Adjacencies













Adani Cement

3,074

1,936

58.8%

8,129

7,181

13.2%

Adani Portfolio

22,823

19,474

17.2%

86,789

78,839

10.1%

1. AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.

2. APL includes prior period incomes of INR 2,514 crore in Dec’24 TTM period Vs INR 9,359 crore in Dec’23 TTM


Dec’24 TTM and Q3FY25 Performance Highlights

On a Trailing Twelve-Month basis (TTM), portfolio EBITDA grew by 10.1% YoY to an all-time high of INR 86,789 crore; Q3FY25 EBITDA increased by 17.2% to INR 22,823 crore.
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.
These expanding cash flows have enabled consistent investments while keeping the leverage at an all-time low. As on 30 September 2024:
FFO or Cash after tax for the trailing twelve months was at INR 58,908 crore.
Asset base was at INR 5.53 lakh crore, INR 75,277 crore higher than at the end of FY24.
Net Debt to EBITDA at 2.46x

Company-wise Key Highlights for 9MFY25:


Adani Enterprises Ltd

Raised INR 4,200 crore (USD 500 Mn) through QIP.
Adani New Industries Ltd (ANIL): solar module sales increased 74% YoY to 3,273 MW
Airports—Pax movements increased 7% YoY to 69.7 Mn & Cargo movement up by 11% YoY to 0.82 MMT.
Data Centers: Hyderabad Phase 1 with 9.6 MW capacity is now operational; Noida (50 MW) and Hyderabad (48 MW) are over 95% complete
Roads: 7 out of 8 under construction projects are now more than 60% complete.

Adani Green Energy Ltd

Operational capacity increased by 37% YoY to 11.6 GW.
Signed PPA with MSEDCL to supply 5 GW solar power for 25 years.

Adani Energy Solutions Ltd

Raised USD 1 Bn through QIP and concluded the divestment of 500 MW of Adani Dahanu Thermal
Won five new transmission projects—NES in Jamnagar Gujarat, NES in Navinal(Mundra), Khavda Phase IVA, Khavda Phase IV Part-D, Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC).
Under construction transmission project pipeline at Rs 54,700 crore—3x since end of FY24.

Adani Power Ltd

Consolidated PLF 69% for 9MFY25 Vs 62% in 9M FY24.
9M FY25 sales up by 22% YoY to 69.5 BU.

Adani Total Gas Ltd

Added 58 new CNG stations in 9MFY25 taking total CNG stations to 605; CNG Volume increased 19% YoY
PNG connections increased to 9.22 lakh households and PNG Commercial & Industrial connections increased to 8,913; PNG Volumes increased 8% YoY
Total 1,914 EV charging points installed, having presence in 26 States/UT & 226 Cities.

Adani Ports & SEZ Ltd

Volume grew 7% YoY to 332 MMT—growth, driven by container volumes; container volumes increased by 19% YoY
Logistics arm handled container volumes of 0.48 Mn TEUs (up 9% YoY), and bulk cargo of 16.1 MMT (up 13% YoY).

Adani Cements Ltd

Clinker and cement sales volumes grew 9.3% to 46.6 MMT
21 MTPA under execution
Capacity to reach 104 MTPA by March 2025 (including capacity added from the completion of Orient Cements acquisition) from the current 89 MTPA capacity.