Adani Group Delivers Record-Breaking Performance Across Portfolios; EBITDA Grows At 36% To Rs 57,219 CrJune 10,2023
Adani Group, Indias largest critical infrastructure developer, has released the Adani portfolio results snapshot compendium for FY23.
The group, which has interests ranging from ports to airports, from electricity generation to transmission and distribution, from edible oil to FMCG products, logistics, cement and roads, recorded its highest ever EBITDA at the group portfolio level (all group companies combined) of Rs 57,219 crore, achieving a 36 per cent growth over the previous financial year.
For run-rate EBITDA, which considers the annualisation of EBITDA from projects commissioned during the year, the number is as high as Rs 66,566 crore.
"Adani portfolio companies operate in utility and infrastructure businesses with more than 83 per cent 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," said the compendium.
The Adani portfolio update also stated that there is no material refinancing risk and near-term liquidity requirement as there is no near-term significant debt maturity.
Further, rating affirmations from international and domestic rating agencies signify 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)
* Incubator focusing on establishing diverse new businesses
* Incubation businesses registered an exponential growth and now account for little over 50 per cent of AEL's EBITDA
* Aiport passenger movements more than doubled to 74.8 mn
* Solar modules volumes up 13 per cent to 1.3 GW
* Completed 3 HAM road projects during FY 23
* Data-centre project completion status: Chennai (49 per cent), Noida (37 per cent), Hyderabad (30 per cent)
* EBITDA increased by 99.1 per cent to Rs 10,575 crore. EBIDTA margin 7.7 per cent
* Run-rate EBITDA was Rs 10,575 crore, cash balance of Rs 5,652 crore
Adani Ports and Special Economic Zone Ltd (APSEZ)
* Largest port developer and operator in India
* Highest ever cargo volume of 339 MMT, 9 per cent y-o-y growth.
* Logistics rail volumes crossed a milestone of 500,000 TEUs (twenty-foot equivalent unit)
* EBITDA at Rs 14,435 crore, up 14.5 per cent y-o-y. EBITDA margin 64.4 per cent
* Run-rate EBITDA Rs 14,435 crore, cash balance Rs 9,830 crore
Adani Green Energy Ltd (AGEL)
* Largest operational renewable portfolio in India with total operational capacity of 8086 MW, up 49 per cent y-o-y
Commissioned world's largest solar-wind hybrid plant of 2140 MW in Rajasthan
* EBITDA increased by 62.8 per cent to Rs 6,390 crore. EBITDA margin 74 per cent
* Run-rate EBITDA Rs 7,505 crore, cash balance Rs 5,571 crore
Adani Transmission Ltd (ATL)
* Largest private transmission and distribution company in India
* Added 1,704 circuit km (ckms), taking total operational to 19,779 ckms
* Won two new tariff-based competitive bidding transmission projects
* Forayed into smart metering projects, got awarded two smart metering projects
* EBITDA for FY23 was Rs 6,101 crore, up 10 per cent y-o-y. EBITDA margin 44.1 per cent, with investment cycle moving into high-yield smart meter business
* Run-rate EBITDA Rs 6,101 crore, cash balance Rs 4,152 crore
Adani Power Ltd (APL)
* Largest private thermal power producer in India
* Sales up by 2 per cent to 53.39 bn units
* Six operating subsidiaries amalgamated with Adani Power Ltd
* Achieved consolidated PLF of 47.9 per cent
* EBITDA increased by 4.3 per cent to Rs 14,427 crore
* Run-rate EBITDA Rs 18,027 crore, cash balance Rs 2,861 crore
Adani Total Gas Ltd (ATGL)
* India's leading private player in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to industrial, commercial, domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector
* 126 new CNG stations added, total 460 now
* 1.24 lakh new homes on PNG, now serving over 7 lakh homes
* EBITDA for FY23 was Rs 924 crore, up 12.8 per cent y-o-y. EBITDA margin 19.6 per cent
Run-rate EBITDA Rs 924 crore, cash balance Rs 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 increased and cost reduction initiatives increased EBITDA by 34 per cent q-o-q in March 23 over December 22 quarter
* Per tonne EBITDA improved by Rs 250 (30 per cent q-o-q improvement), driven by cost-saving initiatives.
* Run-rate EBITDA Rs 9,000 crore, cash balance Rs 11,912 crore
Adani Wilmar Ltd (AWL)
* 'Fortune' is the largest selling edible oil brand in India.
* India's largest importer of crude edible oil
* Crossed 5 MMT sales volume, 14 per cent y-o-y growth
* More than doubled direct reach in rural towns (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 per cent to Rs 2139 crore. EBITDA margin 3.3 per cent