Team News Riveting
New Delhi, June 6
Adani Group India’s largest critical infrastructure developer has released a Adani portfolio result snapshot compendium for the year financial year 2022-23 (FY23).
The group which has interests ranging from ports to airports, from electricity generation to transmission and distribution, from edible oil to FMCG products, logistics, cement, and roads recorded its highest ever EBITDA at group portfolio level (combined all group companies) of Rs 57,219 crore, achieving a 36 per cent growth over the previous financial year. Run-rate EBITDA, which considers the annualization of EBITDA from projects that commissioned during the year, the number is as high as Rs 66,566 crore.
“Adani Portfolio companies operate in utility and infrastructure businesses with more than 83% of EBITDA being generated from core infrastructure businesses providing assured & consistent cash flow generation. The platform has a strong asset base which has been built over three decades that supports the resilient critical infrastructure and guarantees best-in-class asset performance over the entire life cycle,” said the Compendium.
The Adani Portfolio update also stated that no material refinancing risk and near-term liquidity requirement as there is no near-term significant debt maturity. Further, rating affirmations from international and domestic rating agencies signifies the underlying credit quality with adequate financial profile with many businesses having underlying rating of “BBB”, but it remains constrained by Sovereign ratings.
Business-wise summary for FY23
Adani Enterprises Ltd. (AEL)
- Incubator focusing on establishing diverse new businesses
- Incubation businesses registered an exponential growth and now account for little over 50% of AEL’s EBITDA
- Aiport passenger movements more than doubled to 74.8 mn
- Solar modules volumes up 13% to 1.3 GW
- Completed 3 HAM road projects during FY 23
- Data-center project completion Status: Chennai (~ 49%), Noida (~37%), Hyderabad (~30%)
- EBITDA increased by 99.1% to INR 10,575 crore. EBIDTA margin was 7.7%
- Run-rate EBITDA was INR 10,575 crore, cash balance of Rs 5652 crore
Adani Ports and Special Economic Zone Ltd. (APSEZ)
- Largest port developer and operator in India
- Highest ever cargo volume of 339 MMT, 9% y-o-y growth.
- Logistics rail volumes crossed a milestone of 500,000 TEUs (Twenty-foot equivalent unit)
- EBITDA at INR 14,435 crore, up 14.5% y-o-y. EBITDA margin was 64.4%
- Run-rate EBITDA was INR 14,435 crore, cash balances were Rs 9830 crore
Adani Green Energy Ltd. (AGEL)
- Largest operational renewable portfolio in India with total operational capacity of 8086 MW, up 49% y-o-y
- Commissioned world’s largest solar-wind hybrid plant of 2140 MW in Rajasthan
- EBITDA increased by 62.8% to INR 6390 crore, EBITDA margin was 74%
- Run-rate EBITDA was INR 7505 crore, cash balances were Rs 5571 crore
Adani Transmission Ltd. (ATL)
- Largest private transmission and distribution company in India
- Added 1704 circuit km (ckms), taking total operational to 19,779 ckms
- Won two new tariff based competitive bidding transmission projects
- Forayed into smart metering projects, got awarded two smart metering projects
- EBITDA for FY23 was INR 6101 crore, up 10% y-o-y, EBITDA margin was 44.1%, with the investment cycle moving into high yield smart meter business.
- Run-rate EBITDA was INR 6101 crore, cash balances were Rs 4152 crore
Adani Power Ltd. (APL)
- Largest private thermal power producer in India
- Sales up by 2% to 53.39 bn units
- 6 operating subsidiaries amalgamated with Adani Power Ltd.
- Achieved consolidated PLF of 47.9%
- EBITDA increased by 4.3% to INR 14,427 crore
- Run-rate EBITDA was INR 18,027 crore, cash balance at Rs 2861 crore
Adani Total Gas Ltd. (ATGL)
- India’s leading private player in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to Industrial, Commercial, Domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector
- 126 new CNG stations added, total of 460 now
- 1.24 lakh new homes on PNG (piped natural gas), now serving over 7 lakh homes
- EBITDA for FY23 was INR 924 crore, up 12.8% y-o-y. EBITDA margin was 19.6%
- Run-rate EBITDA was INR 924 crore, cash balances were Rs 372 crore
Adani Cement (ACC Ltd. & Ambuja Cements Ltd.)
- ACC Ltd. And Ambuja Cements Ltd. are part of Adani Cement and one of India’s leading producers of cement and ready-mix concrete
- H2FY23 was the first full operational half-year under Adani post-acquisition of Ambuja and ACC from Holcim
- Sales volume increase and cost reduction initiatives increased EBITDA by 34% q-o-q in March 23 quarter over December 22 quarter
- Per ton EBITDA improved by INR 250 (30% q-o-q improvement), driven by cost-saving initiatives.
- Run-rate EBITDA was Rs 9,000 crore and cash balance of Rs 11,912 crore
Adani Wilmar Ltd. (AWL)
- No. 1 edible oil brand in India / “Fortune”, our flagship brand, is the largest selling edible oil brand in India.
- India’s largest importer of crude edible oil
- Crossed 5 MMT sales volume, 14% y-o-y growth
- More than doubled direct reach of rural towns (13,000+ towns in March 2023) through sub-stockist model
- Continued to be the highest exporter of castor oil from India
- EBITDA increased by 5% to Rs 2139 crore, EBITDA margin was 3.3%
