Adani Group H1 EBITDA up 48 per cent y-o-y, expects to cross ₹70,000 crore in FY24

AHMEDABAD : The Adani Group’s lis­ted com­pan­ies ended the half year of FY24 with a 48 per cent rise in EBITDA at over ₹32,000 crore and, accord­ing to sources, expect to end the full year with a group EBITDA of more than ₹70,000 crore..

In FY23, the group’s lis­ted port­fo­lio had repor­ted an EBITDA of over ₹57,000 crore. The max­imum con­tri­bu­tion to the EBITDA has come from three com­pan­ies in the group — Adani Power, Adani Ports and Spe­cial Eco­nomic Zone and Adani Enter­prises — account­ing for twothirds of the total.

The EBITDA has been cal­cu­lated based on the oper­at­ing rev­enue and excludes other income. The num­bers are con­sol­id­ated.

The group’s cur­rent yearto­date per­form­ance has come at a par­tic­u­larly dif­fi­cult junc­ture when it was deal­ing with the after­math of explos­ive alleg­a­tions by hedge fund Hinden­burg Research of mis­gov­ernance, round­trip­ping of funds and invest­ments, and price manip­u­la­tion of shares. A Supreme Court­man­dated expert com­mit­tee to look into the alleg­a­tions, all but gave it a clean chit, and an invest­ig­a­tion by mar­ket reg­u­lator SEBI is still to give the final report on it.

CORE EBITDA, MARGIN

The core EBITDA of the port­fo­lio, which encom­passes the infra­struc­ture­focused com­pan­ies, formed the bulk of the total and rose about 52 per cent from a year ago.

The energy port­fo­lio – con­sist­ing of Adani Green Energy, Adani Energy Solu­tions, Adani Total Gas and Adani from 347 bps to 2,989 bps.

Almost all the com­pan­ies have major expan­sion plans in the cur­rent year with the flag­ship Adani Enter­prises expec­ted to spend around $3.8 bil­lion, sub­stan­tially scaled down from its ori­ginal tar­get of $5.3 bil­lion. More than half of the budgeted capex is expec­ted to be dir­ec­ted towards ports and air­ports.

In the first half, the com­pany spent about ₹5,350 crore on the eight air­ports in its port­fo­lio, out of the total alloc­a­tion of ₹11,000 crore.

Adani Ports has incurred an expendit­ure of ₹3,800 crore in the first half out of the total ₹4500 crore for the full year; Adani Energy Solu­tions has spent about ₹2,500 crore out of the total tar­geted ₹5,500­6,000 crore, while Adani Total Gas has spent about ₹350 crore of the budgeted ₹1,200­1,500 crore.

The group also ended the half year with a stable debt level of just over ₹2­lakh crore, very little changed from what it was on March­end.