• H1 FY24 EBITDA of INR 43,688 crore (USD 5.3 billion), up 47% YoY—highest ever half-year growth
  • Core infrastructure businesses that provide high degree of predictability, stability and multi-decadal visibility contributed 86% of total EBITDA
  • Trailing-Twelve-Month EBITDA of Rs 71,253 crore (USD 8.6 billion), around 3x of FY19 EBITDA
  • Enhanced liquidity position: highest ever Cash & Balances Rs 45,895 crore (USD 5.5 billion)


Ahmedabad, 11 December 2023: Adani Portfolio today released its half yearly financial performance update. The integrated business portfolio, which focusses on fortifying India’s infrastructure development, has delivered a strong performance across all its businesses. The substantial cash flows from these businesses lay the foundation for sustained future growth.

“The incubation continues to be a success story with Airports, Green Hydrogen and other incubating assets emerging strongly and now contributing near 8% of the portfolio EBITDA,” said Jugeshinder (Robbie) Singh, Group CFO. “The Portfolio has withstood the test of time and has a track record of tremendous growth in spite of macroeconomic and other challenges.”


H1 FY24 Highlights:

In the first half of fiscal year 2024, the Adani portfolio of companies demonstrated robust financial performance while further enhancing its strong credit profile.

Financial Highlights:

  • During the period, the portfolio level EBITDA stood at Rs 43,688 crore (USD 5.3 billion), up 47% YoY. This growth outpaced the portfolio's historical five-year Compound Annual Growth Rate (CAGR) trajectory of 26.3%.
  • It is noteworthy that H1 FY24 EBITDA surpassed the full-year EBITDA of FY22. Additionally, Trailing Twelve Month EBITDA is notably close to three times FY19 EBITDA.
  • The growth was driven by an impressive performance of the core infrastructure businesses, which grew by 52% YoY to INR 37,379 crore (USD 4.5 Bn), contributing 86% of the total EBITDA. These businesses include the utility (Adani Green Energy, Adani Energy Solutions, Adani Power and Adani Total Gas), transport (Adani Ports & SEZ) and other infrastructure businesses (those being incubated by Adani Enterprises – green hydrogen integrated manufacturing, airports and roads). The expansion reflects the portfolio's focused investment in infrastructure development, which is yielding significant results. AEL's strategic initiatives to bolster its infrastructure portfolio are in line with the rising demand for sustainable and robust infrastructure in India and beyond.

Major Business-wise Highlights:

  • The incubation under Adani Enterprises continues to progress well, with the assets contributing 8% of the overall EBITDA. The emerging business of the low-cost green hydrogen integrated manufacturing delivered 212% YoY revenue growth and 10x EBITDA growth. The airports business under Adani Enterprises witnessed a 29% YoY growth in pax in the first half, thus resulting in revenue growth of 42%.
  • The cement business (Ambuja & ACC) is consistently seeing cost and operational synergy benefits of the portfolio. For instance, the H1 FY24 EBITDA for this business more than doubled year-on-year basis on a single digit volume growth.
  • The renewable business under Adani Green Energy reported EBITDA growth as high as 76% YoY, achieving a milestone EBITDA of INR 8,325 crore (USD 1 billion) for the first time on trailing-twelve-month basis.
  • In another significant milestone for Adani Ports & SEZ, the domestic cargo volumes growth exceeded 200 MMT mark for the first time within a six-month period. This accomplishment led to the ports business to grow at over 2x of the overall cargo volume growth in India.