Adani assures high capex path for portfolio firms, reports double-digit growth

A day after the U.S. Securities Exchange Commission (SEC) informed a New York local court that it was pursuing the bribery allegations case against the Adanis, the Adani Group assured that its group companies were on a high capex path and are in good financial health.

“Adani 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,” Adani Group said in a statement. “This will position the respective portfolio companies as the global leaders in their respective sectors,” it added.

The Adani portfolio of companies for the third quarter reported double digit growth in EBITDA and have sufficient liquidity to cover debt servicing requirements for at least the next 12 months, the diversified Adani Group, which released the Q3 FY25 results of the Adani portfolio of companies, said.

The trailing-twelve-month (TTM) EBITDA at ₹86,789 crore, grew 10.1% year on year (YoY) and the core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises Ltd.) accounted for 84% of total EBITDA, it said. Q3FY25 EBITDA increased by 17.2% to ₹22,823 crore. As on September 30, 2024, cash after tax was at ₹58,908 crore; the asset base of the portfolio stood at ₹5.53 lakh crore; and net debt to EBITDA was at 2.46x.

The total debt as on September 30, 2024 was estimated at ₹2,58,276 crore and factoring in cash balance of ₹53,024 crore the net was at ₹205,252 crore.

Adani Group said the Infrastructure portfolio continued 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 credit profile has now achieved a significant milestone with 75% of the run-rate EBITDA now generated from assets with domestic ratings of ‘AA-‘ and above,” the group said.

“Adani Enterprises’ Incubating infra businesses (ANIL, airports, and roads) are on a high growth trajectory and continue to lead the growth with EBITDA growth of 45.6% YoY in Q3FY25 and 33.3% in TTM,” it added. The group said that its expanding cash flows have enabled consistent investments while keeping the leverage at an all-time low.