The Adani Group has announced a record-breaking performance across its portfolio of companies in the fiscal year 2023. The conglomerate achieved its highest-ever EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) group portfolio level of ₹57,219 crore, marking a significant 36 percent growth compared to the previous financial year.
The company statement revealed that when considering the annualization of EBITDA from projects commissioned during the year, the run-rate EBITDA reached an impressive ₹66,566 crore.
The Adani Portfolio comprises companies operating in utility and infrastructure businesses, with over 83 percent of the EBITDA generated from core infrastructure sectors that provide consistent cash flow generation. The group’s strong asset base, built over three decades, supports resilient critical infrastructure and ensures best-in-class asset performance throughout their lifecycle.
According to the update, there are no significant debt maturities or refinancing risks in the near term, ensuring stable liquidity. Additionally, the group’s credit quality is affirmed by rating agencies, both international and domestic, with several businesses having an underlying rating of “BBB.” However, the overall credit rating remains constrained by sovereign ratings.
Here is a summary of the business performance for the fiscal year 2023 for some of the key companies within the Adani Group:
- Adani Enterprises Ltd (AEL):
- Exponential growth of incubation businesses, accounting for over 50 percent of AEL’s EBITDA.
- Airport passenger movements more than doubled to 74.8 million.
- Solar module volumes increased by 13 percent to 1.3 GW.
- Completed three HAM road projects during the fiscal year.
- EBITDA increased by 99.1 percent to ₹10,575 crore with an EBIDTA margin of 7.7 percent.
- Run-rate EBITDA stood at ₹10,575 crore, with a cash balance of ₹5,652 crore.
- Adani Ports and Special Economic Zone Ltd (APSEZ):
- Achieved the highest-ever cargo volume of 339 million metric tons, representing a 9 percent year-on-year growth.
- Logistics rail volumes surpassed 500,000 TEUs.
- EBITDA reached ₹14,435 crore, indicating a 14.5 percent year-on-year increase with an EBITDA margin of 64.4 percent.
- Run-rate EBITDA was ₹14,435 crore, and cash balances amounted to ₹9,830 crore.
- Adani Green Energy Ltd (AGEL):
- Total operational capacity increased by 49 percent year-on-year to reach 8,086 MW.
- Commissioned the world’s largest solar-wind hybrid plant of 2,140 MW in Rajasthan.
- EBITDA rose by 62.8 percent to ₹6,390 crore, with an EBITDA margin of 74 percent.
- Run-rate EBITDA stood at ₹7,505 crore, with cash balances of ₹5,571 crore.
- Adani Transmission Ltd (ATL):
- Added 1,704 circuit kilometers (ckms), resulting in a total operational capacity of 19,779 ckms.
- Won two new tariff-based competitive bidding transmission projects and ventured into smart metering projects.
- EBITDA for FY23 reached ₹6,101 crore, representing a 10 percent year-on-year increase with an EBITDA margin of 44.1 percent.
- Run-rate EBITDA was ₹6,101 crore, with cash balances of ₹4,152 crore.
These are just a few highlights from the various companies within the Adani Group, which also includes Adani Power Ltd, Adani Total Gas Ltd, Adani Cement (ACC Ltd and Ambuja Cements Ltd), and Adani Wilmar Ltd.
Headquartered in Ahmedabad, the Adani Group is rapidly growing its diversified businesses in India, spanning logistics, resources, power generation and distribution, renewable energy, gas and infrastructure, agro, real estate, public transport infrastructure, consumer finance, defense, and other sectors.
