Adani Portfolio Delivers a Stellar Performance; EBITDA Grows 42% Y-O-Y to INR 23,532 Crore in Q1 FY24

Quarterly EBITDA almost equals full year FY19 EBITDA of INR 24,780 crore

EDITOR’S SYNOPSIS

Adani portfolio continues to deliver robust well-rounded performance; June quarter portfolio-level EBITDA increases to INR 23,532 crore, 42% higher year-on-year
Infrastructure & utility segment generated EBITDA of INR 20,233 crore, accounting for 86% of portfolio-level EBITDA; this lends high degree of stability and multi-decadal visibility and predictability.
Incubation under flagship Adani Enterprises continues to be a success story with Airports, Green Hydrogen and other businesses now accounting for 7% of portfolio level EBITDA; these infra businesses delivered 96% EBITDA growth y-o-y.

Ahmedabad, 23 August 2023: The Adani Group portfolio delivered yet another outstanding performance with all-time high quarterly profit (EBITDA) of INR 23,532 crore, 42% higher year-on-year. The June quarter FY24 results compendium for its portfolio of listed companies were released today.

The core infrastructure and utility platform, which generates stable and assured cashflows, accounted for 86% of the total portfolio EBITDA and stood at INR 20,233 crore. This gives a high level of stability and multi-decadal earnings predictability and visibility. The robust profits have resulted in the portfolio gaining a very strong liquidity position. The cash balance at the end of June 2023 was INR 42,115 crore, 4.2% higher than a quarter ago.

The success of incubation story continued under Adani Enterprises. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double year-on-year. With EBITDA of INR 1718 crore, these businesses contributed 7% to the portfolio EBITDA.

The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises, and cement businesses under Adani Cement. Adani Green reported EBITDA of INR 2,200 crore, a 67% rise Y-o-Y. This was on the back of an increase in operational capacity by 43% to 8,316 MW. The adjacent cement business also showed a strong operating performance because of cost optimization and improving synergies. EBITDA per tonne increased to INR 1253 from INR 888 in June 22 quarter and INR 1079 in March 23 quarter. As a result, EBITDA of the cement business grew 54% Y-o-Y to INR 1,935 crore.

Strong financial performance delivered across portfolio

Sector	Q1FY24 EBITDA	Q1FY23 EBITDA	Growth	% of Total
Utility	14,453	10,378	39%	61.4%
Transport	4,062	3,776	8%	17.3%
AEL-Infrastructure business	1,718	877	96%	7.3%
A. Sub-total (Infrastructure)	20,233	15,031	34%	86.0%
Adjacencies (Cement) 1	1,935	NA	-	8.2%
B. Sub-total (Adjacencies)	1,935	-	-	8.2%
AEL- Existing businesses	1,364	1,551	(12%) 3	5.8%
FMCG2	177	491	(64%)4	-
C. Sub-total (Others) 2	1,364	1,551	(12%)	5.8%
Portfolio EBITDA (A+B+C) 2	23,533	16,582	42%	100%

EBITDA for cements business has only been included in the portfolio in Q1FY24 numbers.
FMCG EBITDA not included in total portfolio EBITDA, as AWL’s share of profit is included in AEL’s existing businesses’ profit.
Due to correction in coal prices and volume stabilization
EBITDA was impacted on account of high-cost inventory, TRQ disparity and losses in Bangladesh operations.

Business-wise summary

Adani Enterprises Ltd.

Airports business witnessed a 27% y-o-y growth in passengers to 21.3 million.
Road business constructed an additional 79.8 lane km.
Solar modules volumes were up 87% to 614 MW.
Data center business: 17 MW facility at Chennai is fully operational.
Mining services’ production volume stood at 6.3 MMT.
Volumes for Integrated Resource Management stood at 17.8 MMT.

Adani Green Energy Ltd

Operational capacity increased by 43% to 8,316 MW. This included 1,750 MW of solar-wind hybrid, 212 MW of solar and 554 MW from wind power plants.
Solar portfolio’s capacity utilization improved by 40 basis points Y-o-Y to 26.9%.
Wind portfolio’s capacity utilization reduced 830 basis points y-o-y to 38.7%.
Hybrid portfolio’s capacity utilization was at 47.2%.

Adani Energy Solutions

Total transmission network increased to 19,778 circuit km on addition of 550 circuit km.
Sold units increased by 7.61% y-o-y to 2,754 million units.
Received letter of agreement (LOA) for three smart metering projects catering to 9 million consumers in Andhra Pradesh through 2.7 million smart meters.

Adani Gas

Added seven CNG stations, taking the total to 467 now.
141 EV charging points were installed across multiple strategic locations.
The total number of homes served through PNG (piped natural gas) increased by 1.24 lakh, catering to more than 7 lakh households.
CNG volumes increased by 18% y-o-y on account of increased network and reduction in CNG prices.
PNG volumes decreased by 6% y-o-y on lower offtake by consumers due to alternative fuel prices.

Adani Ports & SEZ

Highest-ever quarterly cargo volume of 101.4 MMT, 12% higher year-on-year.
Market share increased by 200 basis points in the quarter to 26%.
Domestic cargo volumes recorded 8% year-on-year increase, a 3x industry growth.
Concluded Myanmar asset sale and acquisition of the Karaikal Port.
Concluded the tender of $130 million buyback of outstanding debt.

Adani Power

Two units, totalling 1,600 MW, of the Godda ultra supercritical power plant, commissioned during the quarter.
Sales increased by 7% y-o-y to 17.49 BU.
Consolidated PLF for the quarter improved to 60.1% against 58.6% in the corresponding quarter last year.

Adani Wilmar

Crossed 1.49 MMT volumes during the quarter, delivering a 25% Y-o-Y growth.
Food and FMCG segment recorded revenues of INR 1,100 crore, a 28% Y-o-Y growth.

Adani Cement Business – Ambuja / ACC

Sales volume increased 9% Q-o-Q to 15.4 MMT.
EBITDA per tonne improved 16% Q-o-Q to INR 1,253 led by business excellence in operations, cost efficiencies and synergies.