Adani Group reports record first half — Over $6 Billion parked with Indian Banks

AHMEDABAD : The Adani Group portfolio companies posted a record first half in the ongoing financial year as well as trailing twelve months performance, led by its incubating businesses with limited net exposure to Indian banks.

According to the company’s statement released on Monday, its net exposure to Indian banking was recorded at $11 billion, or 42% of the company’s current debt mix. However, the net exposure is low after accounting for cash of $6 billion, most of which is parked with Indian banks.

All portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months, the group said in the statement. Equity now accounts for 63% of total debt, showing a lowering dependence on debt for the conglomerate.

The trailing twelve-month earnings before interest, taxes, depreciation, and amortization advanced 17% year-on-year to Rs 83,440 crore.

The strong performance in the first half was led by Adani Enterprises‘ emerging infra businesses, including solar and wind manufacturing, the statement said.

The core infrastructure businesses—utility, transport, and infra businesses under Adani Enterprises—accounted for 86.8% of total Ebitda in the first half of the current financial year. The asset base of the ports-to-power conglomerate rose by Rs 75,277 crore in the first half to a record Rs 5.53 lakh crore.