Adani group logs highest-ever TTM EBITDA of ₹86,789 cr; core infra businesses lead

Shares of all listed entities of Adani Group were trading higher on Thursday, led by Adani Ports, after billionaire Gautam Adani-led conglomerate released financial results along with trailing-twelve-month (TTM) details and credit compendium of the group companies. For the twelve months ending December 2024, Adani Portfolio companies reported an all-time high EBITDA of ₹86,789 crore, registering a 10.1% year-on-year (YoY) growth, led by core infrastructure businesses. For Q3 FY25, EBITDA increased by 17.2% to ₹22,823 crore.

Core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises Ltd) accounted for 84% of total EBITDA of the port-to-power conglomerate. Adani Enterprises’ incubating infra businesses (Adani New Industries Ltd, airports, and roads) continued to lead the growth with EBITDA growth of 45.6% YoY in Q3 FY25 and 33.3% in TTM.

“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 release noted.

As per the release, the group’s credit profile has now achieved a “significant milestone” with 75% of the run-rate EBITDA being generated from assets with domestic ratings of ‘AA-‘ and above.

The Adani Group claimed that it has sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months.

Adani Portfolio on high capex path

Adani Group said that its 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,” read the release.

In June last year, the group unveiled plans to invest over $100 billion (₹8 lakh crore) over the next decade across its businesses, with a major focus on energy transition projects, green energy components and digital infrastructure.

As on 30 September 2024, Adani Portfolio had a cash balance of ₹53,024 crore, representing 20.5% of gross debt. The asset base stood at ₹5.53 lakh crore, ₹75,277 crore higher than at the end of FY24. The net debt to EBITDA was at 2.46x.

In the calendar year 2024, the group flagship Adani Enterprises raised ₹4,200 crore ($500 million) through qualified institutional placements (QIP), while Adani Energy Solutions Ltd raised $1 billion via QIP.

The Adani portfolio companies’ financial performance report card was released amid reports that the U.S. Securities and Exchange Commission (SEC) has sought assistance from Indian authorities in its probe into the conglomerate’s alleged bribery case. Impacted by the development, Adani group companies saw some correction on Wednesday.

As per report, the U.S. SEC has informed a New York district court that it has reached out to Indian authorities for their assistance to serve its complaint to the conglomerate’s founder, Gautam Adani, and his nephew, Sagar Adani, over alleged securities fraud and a ₹2,300 crore bribery scheme.

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