Adani Group’s EBITDA Growth Stands At 25.5% For H1 FY25

Adani Group: After adjusting for non-recurring prior period incomes, the Adani Group's EBITDA growth for H1 FY25 stands at a substantial 25.5 per cent.

According to Adani, the trailing-twelve-month (TTM) EBITDA reached Rs 83,440 crore, marking a strong 17.1 per cent year-on-year increase.

When adjusted for previous period incomes, the TTM EBITDA growth accelerates to a remarkable 34.3 per cent, highlighting the Group's robust operational performance and solid growth trajectory.

The Adani Portfolio has achieved record growth, with strong contributions from its core infrastructure businesses, including the rapidly expanding solar and wind manufacturing sectors, airports, and roads.

For the first half of FY25, the Adani Portfolio reported an EBITDA of Rs 44,212 crore, reflecting a modest 1.2 per cent increase year-on-year (YoY).

The annualised "run-rate" EBITDA, which accounts for profits from recently commissioned assets, surged to Rs 88,192 crore, up 22.1 per cent YoY, showcasing the continued expansion of the Group's business operations.

The group's asset base grew by Rs 75,277 crore in just the first half of FY25, reaching a total of Rs 5.53 lakh crore. This milestone highlights the resilience and expansive growth of Adani's infrastructure portfolio, which is supported by a stable and predictable cash flow from its core businesses.

The core infrastructure segment, which includes utilities, transport, and energy, accounted for 86.8 per cent of total EBITDA in H1 FY25, driving the majority of the growth.

The growth in the first half of FY25 was largely driven by Adani Enterprises' emerging infrastructure businesses. These include solar and wind manufacturing as part of a fully integrated green hydrogen production chain, as well as the expanding airports and roads sectors.

The EBITDA from these incubating businesses grew by 70.14 per cent YoY, reflecting the Group's commitment to sustainable energy and infrastructure development.

The utility segment, which includes Adani Green Energy, Adani Power, and Adani Total Gas, also performed strongly, contributing more than half of the total EBITDA.

Adani Group's liquidity and financial discipline were further demonstrated by a cash balance of Rs 53,024 crore, representing 20.53 per cent of gross debt. This provides ample liquidity to cover debt servicing requirements for the next 12 months.

The Group's conservative approach to leverage is reflected in its Net Debt to EBITDA ratio of 2.46x, significantly below the guided range of 3.5x to 4.5x.

Additionally, the portfolio's gross assets to net debt ratio improved to 2.7x, up from 2.6x at the end of FY24, reinforcing the Group's solid financial position.

The Group's performance was also highlighted by its strong credit metrics. 76 per cent of the portfolio's EBITDA comes from assets with an India rating of 'AA-' or higher, underscoring the high-quality nature of its assets.

Adani Ports & SEZ (APSEZ) achieved an "AAA" rating from four domestic rating agencies--CRISIL, ICRA, CARE, and India Ratings--while also receiving an outlook upgrade from S&P, further solidifying its position as a leading player in India's infrastructure sector.

Adani Enterprises, a key player in the portfolio, saw strong performance from its emerging infrastructure businesses, including solar module sales, which increased by 91 per cent YoY to 2,380 MW.

Additionally, passenger movements at Adani airports grew by 6 per cent YoY to 45.1 million, highlighting the success of its airport operations.

Adani Green Energy also made significant strides, increasing its operational capacity by 34 per cent YoY to 11.2 GW, while construction work for a 500 MW hydro pump storage project commenced during the period.

Adani Ports & SEZ continued to show growth, with a 9 per cent YoY increase in cargo volumes to 220 million metric tons (MMT).

The company also completed the acquisition of Gopalpur Port and Astro Offshore, alongside signing two new port concession agreements.

Furthermore, Adani Cement expanded its footprint through the acquisition of Penna Cement and Orient Cement, increasing its total operational capacity to 97.8 MTPA.