The Adani Group, a prominent infrastructure developer in India, has released its portfolio results snapshot for the fiscal year 2022-2023 (FY23). The group encompasses various sectors such as ports, airports, electricity generation and distribution, edible oil, FMCG products, logistics, cement, and roads. The consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) for the group reached an all-time high of Rs 57,219 crore, reflecting a 36% growth compared to the previous financial year. Considering the annualized EBITDA from newly commissioned projects, the run-rate EBITDA amounted to an impressive Rs 66,566 crore.
The majority of the EBITDA, more than 83%, was generated from the group's core infrastructure businesses, ensuring consistent cash flow. The Adani portfolio's strong asset base, developed over three decades, supports resilient critical infrastructure, ensuring optimal performance throughout the entire life cycle.
The portfolio update also highlights the absence of significant debt maturities in the near term, indicating no immediate refinancing risk or liquidity requirements. The credit quality of Adani Group's businesses is affirmed by both international and domestic rating agencies, with many entities having an underlying rating of 'BBB,' constrained by sovereign ratings.
Here is a summary of the performance of key Adani portfolio companies in FY23:
1. Adani Enterprises Ltd (AEL):
- AEL serves as an incubator for diverse new businesses.
- The incubation businesses experienced exponential growth, contributing over 50% to AEL's EBITDA.
- Notable achievements include a significant increase in airport passenger movements, a 13% rise in solar module volumes, and the completion of three HAM (Hybrid Annuity Model) road projects.
- AEL's EBITDA increased by an impressive 99.1% to Rs 10,575 crore, with a margin of 7.7%.
- The run-rate EBITDA remained at Rs 10,575 crore, accompanied by a cash balance of Rs 5,652 crore.
2. Adani Ports and Special Economic Zone Ltd (APSEZ):
- APSEZ holds the distinction of being the largest port developer and operator in India.
- The company achieved its highest-ever cargo volume of 339 million metric tons (MMT), reflecting a 9% year-on-year growth.
- The logistics rail volumes also reached a milestone of 500,000 TEUs (twenty-foot equivalent unit).
- APSEZ's EBITDA stood at Rs 14,435 crore, indicating a 14.5% year-on-year increase, with an EBITDA margin of 64.4%.
- The run-rate EBITDA amounted to Rs 14,435 crore, accompanied by a cash balance of Rs 9,830 crore.
3. Adani Green Energy Ltd (AGEL):
- AGEL maintains the largest operational renewable energy portfolio in India, with a total capacity of 8,086 MW, marking a 49% year-on-year growth.
- AGEL commissioned the world's largest solar-wind hybrid plant, boasting a capacity of 2,140 MW in Rajasthan.
- The company's EBITDA increased by an impressive 62.8% to Rs 6,390 crore, with an EBITDA margin of 74%.
- The run-rate EBITDA reached Rs 7,505 crore, with a cash balance of Rs 5,571 crore.
4. Adani Transmission Ltd (ATL):
- ATL holds the distinction of being the largest private transmission and distribution company in India.
- The company expanded its operational transmission capacity by adding.
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