Adani Portfolio Companies are entering a new phase of significant capital expenditure (Capex), akin to the high Capex period from FY20 to FY22
Editor’s synopsis
- Trailing-twelve-month (TTM) EBITDA at INR 86,789 crore, up 10.1% YoY
- Core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises Ltd) accounted for 84% of total EBITDA
- Sufficient liquidity to cover debt servicing for at least the next 12 months
- As on 30 September 2024: i) Fund Flow from Operations or Cash After Tax was at INR 58,908 crore; ii) the asset base stood at INR 5.53 lakh crore; and iii) Net Debt to EBITDA was at 2.46x
In line with its commitment to transparency, the Adani Group, India’s largest infrastructure player, today announced the release of Adani Portfolio’s Q3FY25 financial results along with Trailing-Twelve-Month (TTM) details and Credit Compendium.
Adani Portfolio companies are now on a high capex path, with a strong base of increasing cashflow generation and project execution outlay of respective portfolio companies. This will position the respective portfolio companies as the global leaders in their respective sectors.
Adani Portfolio – Financial Performance (EBITDA in INR crore)
| Sector | Q3FY25 | Q3FY24 | Y-o-Y Growth | Dec’24 TTM | Dec’23 TTM | Y-o-Y Growth |
| Utility* | 10,429 | 9,272 | 12.5% | 42,509* | 41,452* | 2.6% |
| Transport | 5,077 | 4,595 | 10.5% | 19,327 | 16,550 | 16.8% |
| AEL – Infrastructure Businesses | 2,818 | 1,936 | 45.6% | 10,959 | 8,222 | 33.3% |
| A. Sub-total (Infrastructure) | 18,324 | 15,803 | 16.0% | 72,795 | 66,224 | 10.0% |
| B. Adjacencies (Cement) | 3,074 | 1,936 | 58.8% | 8,129 | 7,181 | 13.2% |
| Sub-total (Infra+Adjacencies) | 21,398 | 17,739 | 20.6% | 80,924 | 73,405 | 10.2% |
| C. AEL- Existing Businesses | 1,425 | 1,735 | (17.9%) | 5,865 | 6,434 | 7.9% |
| Portfolio EBITDA (A+B+C) | 22,823 | 19,474 | 17.2% | 86,789 | 78,839 | 10.1% |
(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
*Utility segment TTM EBITDA includes prior period incomes in Adani Power of INR 2,514 crore in Dec’24 TTM period Vs INR 9,359 crore in Dec’23TTM
EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items
Company-wise Financial Performance (EBITDA in INR crores)
| Entity | Q3FY25 | Q3FY24 | Y-o-Y Growth | Dec’24 TTM | Dec’23 TTM | Y-o-Y Growth |
| Incubator | ||||||
| Adani Enterprises1 | 4,243 | 3,670 | 15.6% | 16,824 | 13,656 | 23.2% |
| Utility | ||||||
| Adani Green Energy | 2,247 | 1,765 | 1.0% | 9,964 | 7,924 | 10.1% |
| Adani Energy Solutions | 1,831 | 1,732 | 5.7% | 7,255 | 6,261 | 15.9% |
| Adani Power2 | 6,078 | 5,009 | 21.4% | 24,084 | 24,085 | (4.0%) |
| Adani Total Gas | 273 | 306 | (10.8%) | 1,206 | 1,057 | 14.1% |
| Transport | ||||||
| Adani Ports & SEZ | 5,077 | 4,595 | 10.5% | 19,327 | 16,550 | 16.8% |
| Adjacencies | ||||||
| Adani Cement | 3,074 | 1,936 | 58.8% | 8,129 | 7,181 | 13.2% |
| Adani Portfolio | 22,823 | 19,474 | 17.2% | 86,789 | 78,839 | 10.1% |
1. AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.
2. APL includes prior period incomes of INR 2,514 crore in Dec’24 TTM period Vs INR 9,359 crore in Dec’23 TTM
Dec’24 TTM and Q3FY25 Performance Highlights
- On a Trailing Twelve-Month basis (TTM), portfolio EBITDA grew by 10.1% YoY to an all-time high of INR 86,789 crore; Q3FY25 EBITDA increased by 17.2% to INR 22,823 crore.
- Highly stable ‘Core Infrastructure’ portfolio continues to power cashflow generation, with 84% contribution to the total portfolio EBITDA. This ‘Core Infrastructure’ platform comprises—AEL’s incubating Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports & SEZ) businesses.
- The credit profile has now achieved a significant milestone with 75% of the Run-rate EBITDA now generated from assets with domestic ratings of ‘AA-‘ and above.
- Adani Enterprises’ Incubating infra businesses (ANIL, airports, and roads) are on a high growth trajectory and continue to lead the growth with EBITDA growth of 45.6% YoY in Q3FY25 and 33.3% in TTM
- Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months.
- As on 30 September 2024, Adani Portfolio had a cash balance of INR 53,024 crore, representing 20.5% of Gross Debt.
- These expanding cash flows have enabled consistent investments while keeping the leverage at an all-time low. As on 30 September 2024:
- FFO or Cash after tax for the trailing twelve months was at INR 58,908 crore.
- Asset base was at INR 5.53 lakh crore, INR 75,277 crore higher than at the end of FY24.
- Net Debt to EBITDA at 2.46x
Company-wise Key Highlights for 9MFY25:
Adani Enterprises Ltd
- Raised INR 4,200 crore (USD 500 Mn) through QIP.
- Adani New Industries Ltd (ANIL): solar module sales increased 74% YoY to 3,273 MW
- Airports—Pax movements increased 7% YoY to 69.7 Mn & Cargo movement up by 11% YoY to 0.82 MMT.
- Data Centers: Hyderabad Phase 1 with 9.6 MW capacity is now operational; Noida (50 MW) and Hyderabad (48 MW) are over 95% complete
- Roads: 7 out of 8 under construction projects are now more than 60% complete.
Adani Green Energy Ltd
- Operational capacity increased by 37% YoY to 11.6 GW.
- Signed PPA with MSEDCL to supply 5 GW solar power for 25 years.
Adani Energy Solutions Ltd
- Raised USD 1 Bn through QIP and concluded the divestment of 500 MW of Adani Dahanu Thermal
- Won five new transmission projects—NES in Jamnagar Gujarat, NES in Navinal(Mundra), Khavda Phase IVA, Khavda Phase IV Part-D, Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC).
- Under construction transmission project pipeline at Rs 54,700 crore—3x since end of FY24.
Adani Power Ltd
- Consolidated PLF 69% for 9MFY25 Vs 62% in 9M FY24.
- 9M FY25 sales up by 22% YoY to 69.5 BU.
Adani Total Gas Ltd
- Added 58 new CNG stations in 9MFY25 taking total CNG stations to 605; CNG Volume increased 19% YoY
- PNG connections increased to 9.22 lakh households and PNG Commercial & Industrial connections increased to 8,913; PNG Volumes increased 8% YoY
- Total 1,914 EV charging points installed, having presence in 26 States/UT & 226 Cities.
Adani Ports & SEZ Ltd
- Volumegrew 7%YoY to 332 MMT—growth, driven by container volumes; container volumes increased by 19% YoY
- Logistics arm handled container volumes of 0.48 Mn TEUs (up 9% YoY), and bulk cargo of 16.1 MMT (up 13% YoY).
Adani Cements Ltd
- Clinker and cement sales volumes grew 9.3% to 46.6 MMT
- 21 MTPA under execution
- Capacity to reach 104 MTPA by March 2025 (including capacity added from the completion of Orient Cements acquisition) from the current 89 MTPA capacity.
About The Adani Portfolio of Companies
Headquartered in Ahmedabad, the Adani Group is India’s largest and fastest-growing portfolio of diversified businesses. With interests across energy and utilities, transport and logistics (including seaports, airports, shipping, and rail), metals and materials, and consumer sectors, the Adani Group has established a leadership position in the market. The Group’s success is driven by its core philosophy of ‘Nation Building’ and ‘Growth with Goodness,’ focusing on sustainable development. Adani Group is committed to environmental stewardship and community improvement through its CSR programs, which are grounded in the principles of sustainability, diversity, and shared values.