Adani Portfolio delivers Record H1 and TTM Performance
Ahmedabad, 25 November 2024: In line with its commitment to transparency, Adani Group, India’s leading infrastructure conglomerate, today announced the release of Adani Portfolio’s H1 FY25 and Trailing-Twelve-Month (TTM) Results and Credit Compendium. The Results Compendium provides a comprehensive overview of the financial performance of Adani Portfolio and the Credit Compendium offers in-depth insights into the portfolio’s robust credit strength.
The strong performance in the first half was led by Adani Enterprises’ emerging infra businesses, including solar and wind manufacturing, part of a fully integrated green hydrogen chain, airports and roads—EBITDA from these incubating businesses increased by 70.14% YoY in H1 FY25.
In the first half, the portfolio companies invested INR 75,277 crore increasing the total gross assets to INR 5.53 lakh crore. This expansive yet resilient growth is attributed to Adani’s strategic focus on its infrastructure platform, which provides high stability and predictability.
Adani Portfolio – H1 FY25 Financial Performance (EBITDA in INR crore)
| Sector | H1 FY25 | H2 FY24 | Growth | % of Total |
| Utility* | 22,477 | 25,572 | (12.10%) | 50.84% |
| Transport | 9,938 | 8,294 | 19.82% | 22.48% |
| AEL – Infrastructure Businesses | 5,977 | 3.513 | 70.14% | 13.52% |
| A. Sub-total (Infrastructure) | 38,392 | 37,379 | 2.71% | 86.84% |
| B. Adjacencies (Cement) | 3,120 | 3,717 | (16.06%) | 7.06% |
| Sub-total (Infra +Adjacencies) | 41,512 | 41,096 | 1.01% | 93.89% |
| C. AEL- Existing Businesses | 2,700 | 2,593 | 4.14% | 6.11% |
| Portfolio EBITDA (A+B+C) | 44,212 | 43,689 | 1.20% | 100% |
| Adjusted Portfolio EBITDA
(Ex. previous period incomes) |
43,192 | 34,411 | 25.55% | — |
(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
*Utility segment includes past period one-time regulatory incomes in Adani Power of INR 1020 crore in H1FY25 and INR 9,278 crore in H1FY24
EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items
Adani Portfolio – Sep’24 TTM Financial Performance (EBITDA in INR crore)
| Sector | Sep’24 TTM | Sep’23 TTM | Growth | % of Total |
| Utility | 41,351 | 37,691 | 9.71% | 49.59% |
| Transport | 18,846 | 15,251 | 23.57% | 22.59% |
| AEL – Infrastructure Businesses | 10,153 | 7,224 | 40.55% | 12.17% |
| A. Sub-total (Infrastructure) | 70,350 | 60,166 | 16.93% | 84.13% |
| B. Adjacencies (Cement) | 6,991 | 6,389 | 9.42% | 8.38% |
| Sub-total (Infra +Adjacencies) | 77,341 | 66,555 | 16.21% | 92.69% |
| C. AEL- Existing Businesses | 6,099 | 4,704 | 29.66% | 7.31% |
| Portfolio EBITDA (A+B+C) | 83,440 | 71,259 | 17.09% | 100% |
| Adjusted Portfolio EBITDA
(Ex. previous period incomes) |
82,376 | 61,333 | 34.3% | — |
(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
*Utility segment includes past period one-time regulatory incomes in Adani Power of INR 1,064 crore in H1FY25 and INR 9,926 crore in H1FY24
EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items
H1 FY25 Performance Highlights
- EBIDTA: Consistently advancing EBITDA has reached its highest ever—H1 FY25 EBITDA at INR 44,212 crore (up 1.2% YoY), taking TTM EBITDA at INR 83,440 crore (up 17.1% YoY). After adjusting for the non-recurring previous period’s income in Adani Power, the EBITDA growth was at5% for H1 FY25 and 34.3% for TTM respectively. Run-rate EBITDA, which includes annualization of profits from recently operationalized assets, is now at INR 88,192 crore.
AEL’s infrastructure businesses with 70.1% YoY, growth in the H1 FY25, led the overall growth. These businesses include solar and wind manufacturing (part of the green hydrogen production chain), airports and roads businesses
- Core infrastructure EBITDA: The consistently advancing EBITDA is largely driven by the Group’s highly stable and resilient ‘Core Infrastructure’ platform, which constituted 86.8% of H1 FY25 EBITDA.
The ‘Core Infrastructure’ platform comprises—AEL’s Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas) and Transport (Adani Ports & SEZ) businesses.
- Cash Profit or FFO: Funds Flow from Operations (FFO) for the twelve months ended September 2024 increased to INR 58,908 crore, up 4% YoY
- Gross Assets: Total Gross Assets increased by INR 75,277 crore to INR 5.53 lakh crore.
- Conservative leveraging: Net Debt to EBITDA at 46x was significantly below the guidance of 3.5x to 4.5x.
- Liquidity position: Each of the portfolio companies has sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.
Cash reserves now stand at INR 53,024 crore—20.53% of Gross Debt. This amount is sufficient to cover next ~28 months of debt servicing requirements.
- Ratings: 76% of EBITDA was from assets with India rating above ‘AA-‘. APSEZ received “AAA” rating from 4 domestic rating agencies – CRISIL, ICRA, CARE, India Ratings, and an outlook upgrade from S&P.
Company-wise Financial Performance (in INR crores)
| Entity | EBITDA | Growth | EBITDA | Growth | ||||
| H1 FY25 | H1 FY24 | Y-o-Y | Sep’ 24 TTM | Sep’23 TTM | Y-o-Y | |||
| Incubator | ||||||||
| Adani Enterprises1 | 8,678 | 6,106 | 42.12% | 16,252 | 11,928 | 36.25% | ||
| Utility | ||||||||
| Adani Green Energy | 5,358 | 4,466 | 24.47% | 9,940 | 8,325 | 19.40% | ||
| Adani Energy Solutions | 3,654 | 2,820 | 29.54% | 7,156 | 6,234 | 14.80% | ||
| Adani Power2 | 12,639 | 17,734 | (28.70%) | 23,016 | 22,141 | 3.95% | ||
| Adani Total Gas | 626 | 552 | 13.40% | 12,399 | 991 | 25.08% | ||
| Transport | ||||||||
| Adani Ports & SEZ | 9,938 | 8,294 | 19.82% | 18,846 | 15,251 | 23.60% | ||
| Adjacencies | ||||||||
| Adani Cement | 3,120 | 3,717 | (16.01%) | 6,991 | 6,389 | 9.42% | ||
| Adani Portfolio | 44,212 | 43,689 | 1.20% | 83,440 | 71,259 | 17.09% | ||
- AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.
- APL includes past period one-time regulatory incomes of INR 1020 crore in H1 FY25 against INR 9,278 crore in H2 FY25; and INR 1067 crore in Sep’24 TTM against INR 9,926 crore in Sep’23 TTM
Company-wise Key Highlights for H1 FY25:
Adani Enterprises Ltd
- Navi Mumbai International airport (NMIAL) welcomed the first IAF aircraft.
- Solar Module sales increased by 91% to 2380 MW YoY basis.
- Passenger movements at Adani airports increased by 6% to 45.1 million.
Adani Green Energy Ltd
- Construction work for 500 MW hydro pump storage has commenced.
- Operational capacity increased by 34% YoY to 11.2 GW.
Adani Energy Solutions Ltd
- 2760 ckm transmission lines were added, taking the total transmission network to 23,269 ckm
- Won three new transmission projects during H1FY25 – NES in Jamnagar, Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to its transmission portfolio.
Adani Power Ltd
- Acquired Korba Power Ltd. (Erstwhile Lanco Amarkantak Power Korba Power Limited) has been acquired and consolidated w.e.f. 31 August 2024.
Adani Ports & SEZ Ltd
- Volume grew 9% YoY to 220 MMT
- Completed the acquisition of Gopalpur Port and Astro Offshore, signed two new port concession agreements
- Received ‘AAA’ rating from four domestic rating agencies – CRISIL, ICRA, CARE, India Ratings and an outlook upgrade from S&P
Adani Cements
- Acquired Penna Cement (10 MTPA capacity) and Orient Cement (16.6 MTPA—8.5 MTPA operational and 8.1 MTPA ready to execute), taking the total operational capacity at 97.8 MTPA.
