Adani Group says it registered record-breaking performance in 2022-23

Adani Group has recorded its highest-ever EBITDA group portfolio level of ₹57,219 crore. File
| Photo Credit: Reuters

Adani Group on June 6 said it has delivered a record-breaking performance across its portfolio of companies in fiscal year 2023. The conglomerate said it recorded its highest-ever EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) group portfolio level of ₹57,219 crore, achieving a 36% growth over the previous financial year.

Run-rate EBITDA, which considers the annualisation of EBITDA from projects that are commissioned during the year, is as high as ₹66,566 crore, the company statement said. “Adani Portfolio companies operate in utility and infrastructure businesses with more than 83% of EBITDA being generated from core infrastructure businesses providing assured and consistent cash flow generation. The platform has a strong asset base which has been built over three decades that supports the resilient critical infrastructure and guarantees best-in-class asset performance over the entire life cycle,” the Compendium said.

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The Adani portfolio update also stated that there was no material refinancing risk and near-term liquidity requirement as there was no near-term significant debt maturity. Further, rating affirmations from international and domestic rating agencies signified the underlying credit quality with adequate financial profile with many businesses having underlying rating of “BBB”, but it remains constrained by sovereign ratings.

Business-wise summary for FY23:

Adani Enterprises Ltd. (AEL)

• Incubation businesses registered exponential growth and now account for little over 50% of AEL’s EBITDA
• Aiport passenger movements more than doubled to 74.8 million
• Solar modules volumes up 13% to 1.3 GW
• Completed 3 HAM road projects during FY 23
• Data-centre project completion Status: Chennai (49%), Noida (37%), Hyderabad (30%)
• EBITDA increased by 99.1% to ₹10,575 crore. EBIDTA margin was 7.7%
• Run-rate EBITDA was ₹10,575 crore, cash balance of ₹5,652 crore

Adani Ports and Special Economic Zone (APSEZ) Ltd.

• Highest ever cargo volume of 339 MMT, 9% y-o-y growth
• Logistics rail volumes crossed a milestone of 500,000 TEUs (Twenty-foot equivalent unit)
• EBITDA at ₹14,435 crore, up 14.5% y-o-y.- EBITDA margin was 64.4%
• Run-rate EBITDA was ₹14,435 crore, cash balances were ₹9,830 crore

Adani Green Energy Ltd. (AGEL)

• Total operational capacity of 8086 MW, up 49% y-o-y
• Commissioned world’s largest solar-wind hybrid plant of 2140 MW in Rajasthan
• EBITDA increased by 62.8% to ₹6,390 crore, EBITDA margin was 74%
• Run-rate EBITDA was ₹7,505 crore, cash balances were ₹5,571 crore

Adani Transmission Ltd. (ATL)

• Added 1,704 circuit km (ckm), taking total operational to 19,779 ckm
• Won two new tariff based competitive bidding transmission projects
• Forayed into smart metering projects, got awarded two smart metering projects
• EBITDA for FY23 was ₹6,101 crore, up 10% y-o-y, EBITDA margin was 44.1%, with the investment cycle moving into high yield smart meter business.
• Run-rate EBITDA was ₹6,101 crore, cash balances were ₹4,152 crore

Adani Power Ltd. (APL)

• Sales up by 2% to 53.39 billion units
• Six operating subsidiaries amalgamated with Adani Power Ltd
• Achieved consolidated PLF of 47.9%
• EBITDA increased by 4.3% to ₹14,427 crore
• Run-rate EBITDA was ₹18,027 crore, cash balance at ₹2,861 crore

Adani Total Gas Ltd. (ATGL)

• 126 new CNG stations added, total of 460 now
• 1.24 lakh new homes on PNG (piped natural gas), now serving over 7 lakh homes
• EBITDA for FY23 was ₹924 crore, up 12.8% y-o-y
• EBITDA margin was 19.6%
• Run-rate EBITDA was ₹924 crore, cash balances were ₹372 crore

Adani Cement (ACC Ltd. and Ambuja Cements Ltd.)

• ACC Ltd. and Ambuja Cements Ltd. are part of Adani Cement and one of India’s leading producers of cement and ready-mix concrete
• H2FY23 was the first full operational half-year under Adani post-acquisition of Ambuja and ACC from Holcim
• Sales volume increase and cost reduction initiatives increased EBITDA by 34% q-o-q in March 23 quarter over December 2022 quarter
• Per ton EBITDA improved by ₹250 (30% q-o-q improvement), driven by cost-saving initiatives
• Run-rate EBITDA was ₹9,000 crore and cash balance of ₹1,912 crore

Adani Wilmar Ltd. (AWL)

• Crossed 5 MMT sales volume, 14% y-o-y growth
• More than doubled direct reach of rural towns (over 13,000 towns in March 2023) through sub-stockist model
• Continued to be the highest exporter of castor oil from India
• EBITDA increased by 5% to ₹2,139 crore, EBITDA margin was 3.3%

Headquartered in Ahmedabad, Adani Group is one of the fastest-growing portfolio of diversified businesses in India with interests in logistics (seaports, airports, logistics, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, agro (commodities, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, consumer finance and defence, and other sectors.