Adani Portfolio Delivers Record H1 and TTM Performance

Asset Base exceeds INR 5 lakh crore Milestone– now at INR 5.53 Lakh crore

Run-Rate EBITDA at INR 88,192 crore– up 22.1% YoY

Growth powered by Adani Enterprises’ incubating businesses– Solar & Wind manufacturing and Airports

Editor’s synopsis

Trailing-twelve-month (TTM) EBITDA at INR 83,440 crore, up 17% YoY (up 34.3% YoY after adjusting for prior period incomes)
H1FY25 EBITDA at INR 44,212 crore, up 1.2 % YoY (up 25.5% YoY after adjusting for prior incomes)
Run-rate EBITDA or EBITDA after annualizing recently commissioned assets is now at INR 88,192, up 22.1% YoY crore
Core infrastructure businesses (utility, transport, and infra businesses under Adani Enterprises) accounted for 86.8% of total EBITDA in H1 FY25
Asset Base is now at INR 5.53 lakh crore– up INR 75,277 crore in H1 FY25 Credit Highlights:
Cash balance at Portfolio Level was at INR 53,024 crore– 20.53% of Gross Debt,
All portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months
Debt maturities for each year until FY34 are less than TTM ended Sep’24 FFO
Net Debt to EBITDA at 2.46x– against guidance of 3.5x-4.5x
Gross Assets to Net Debt at 2.7x– against 2.6x at the end of FY24

Ahmedabad, 25 November 2024: In line with its commitment to transparency, Adani Group, India's leading infrastructure conglomerate, today announced the release of Adani Portfolio’s H1 FY25 and Trailing-Twelve-Month (TTM) Results and Credit Compendium. The Results Compendium provides a comprehensive overview of the financial performance of Adani Portfolio and the Credit Compendium offers in-depth insights into the portfolio’s robust credit strength.

The strong performance in the first half was led by Adani Enterprises' emerging infra businesses, including solar and wind manufacturing, part of a fully integrated green hydrogen chain, airports and roads– EBITDA from these incubating businesses increased by 70.14% YoY in H1 FY25.

Adani Portfolio – H1 FY25 Financial Performance (EBITDA in INR crore)

Sector	H1 FY25	H2 FY24	Growth	% of Total
Utility*	22,477	25,572	(12.10%)	50.84%
Transport	9,938	8,294	19.82%	22.48%
AEL - Infrastructure Businesses	5,977	3.513	70.14%	13.52%
A. Sub-total (Infrastructure)	38,392	37,379	2.71%	86.84%
B. Adjacencies (Cement)	3,120	3,717	(16.06%)	7.06%
Sub-total (Infra +Adjacencies)	41,512	41,096	1.01%	93.89%
C. AEL- Existing Businesses	2,700	2,593	4.14%	6.11%
Portfolio EBITDA (A+B+C)	44,212	43,689	1.20%	100%
Adjusted Portfolio EBITDA (Ex. previous period incomes)	43,192	34,411	25.55%	---

(Utility:Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport:Adani Ports & SEZ | AEL:Adani Enterprises)

*Utility segment includes past period one-time regulatory incomes in Adani Power of INR 1020 crore in H1FY25 and INR 9,278 crore in H1FY24

EBITDA:PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items

Adani Portfolio - Sep’24 TTM Financial Performance (EBITDA in INR crore)

Sector	Sep’24 TTM	Sep’23 TTM	Growth	% of Total
Utility	41,351	37,691	9.71%	49.59%
Transport	18,846	15,251	23.57%	22.59%
AEL - Infrastructure Businesses	10,153	7,224	40.55%	12.17%
A. Sub-total (Infrastructure)	70,350	60,166	16.93%	84.13%
B. Adjacencies (Cement)	6,991	6,389	9.42%	8.38%
Sub-total (Infra +Adjacencies)	77,341	66,555	16.21%	92.69%
C. AEL- Existing Businesses	6,099	4,704	29.66%	7.31%
Portfolio EBITDA (A+B+C)	83,440	71,259	17.09%	100%
Adjusted Portfolio EBITDA (Ex. previous period incomes)	82,376	61,333	34.3%	---

(Utility:Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport:Adani Ports & SEZ | AEL:Adani Enterprises)

*Utility segment includes past period one-time regulatory incomes in Adani Power of INR 1,064 crore in H1FY25 and INR 9,926 crore in H1FY24

EBITDA:PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items

H1 FY25 Performance Highlights

EBIDTA: Consistently advancing EBITDA has reached its highest ever– H1 FY25 EBITDA at INR 44,212 crore (up 1.2% YoY), taking TTM EBITDA at INR 83,440 crore (up 17.1% YoY). After adjusting for the non-recurring previous period's income in Adani Power, the EBITDA growth was at 25.5% for H1 FY25 and 34.3% for TTM respectively. Run-rate EBITDA, which includes annualization of profits from recently operationalized assets, is now at INR 88,192 crore.
AEL’s infrastructure businesses with 70.1% YoY, growth in the H1 FY25, led the overall growth. These businesses include solar and wind manufacturing (part of the green hydrogen production chain), airports and roads businesses.
Core infrastructure EBITDA:The consistently advancing EBITDA is largely driven by the Group’s highly stable and resilient ‘Core Infrastructure’ platform, which constituted 86.8% of H1 FY25 EBITDA.
The ‘Core Infrastructure’ platform comprises– AEL’s Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas) and Transport (Adani Ports & SEZ) businesses.
Cash Profit or FFO: Funds Flow from Operations (FFO) for the twelve months ended September 2024 increased to INR 58,908 crore, up 28.4% YoY
Gross Assets: Total Gross Assets increased by INR 75,277 crore to INR 5.53 lakh crore.
Conservative leveraging: Net Debt to EBITDA at 2.46x was significantly below the guidance of 3.5x to 4.5x.
Liquidity position:Each of the portfolio companies has sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.
Cash reserves now stand at INR 53,024 crore– 20.53% of Gross Debt. This amount is sufficient to cover next ~28 months of debt servicing requirements.
Ratings:
76% of EBITDA was from assets with India rating above ‘AA-‘. APSEZ received “AAA” rating from 4 domestic rating agencies – CRISIL, ICRA, CARE, India Ratings, and an outlook upgrade from S&P.

Company-wise Financial Performance (in INR crores)

Entity	EBITDA		Growth	EBITDA		Growth
Entity	H1 FY25	H1 FY24	Y-o-Y	Sep’ 24 TTM	Sep’23 TTM	Y-o-Y
Incubator
Adani Enterprises ¹	8,678	6,106	42.12%	16,252	11,928	36.25%
Utility
Adani Green Energy	5,358	4,466	24.47%	9,940	8,325	19.40%
Adani Energy Solutions	3,654	2,820	29.54%	7,156	6,234	14.80%
Adani Power2	12,639	17,734	(28.70%)	23,016	22,141	3.95%
Adani Total Gas	626	552	13.40%	12,399	991	25.08%
Transport
Adani Ports & SEZ	9,938	8,294	19.82%	18,846	15,251	23.60%
Adjacencies
Adani Cement	3,120	3,717	(16.01%)	6,991	6,389	9.42%/td>
Adani Portfolio	44,212	43,689	1.20%	83,440	71,259	17.09%

AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.
APL includes past period one-time regulatory incomes of INR 1020 crore in H1 FY25 against INR 9,278 crore in H2 FY25; and INR 1067 crore in Sep’24 TTM against INR 9,926 crore in Sep’23 TTM

Company-wise Key Highlights for H1 FY25:

Adani Enterprises Ltd

Navi Mumbai International airport (NMIAL) welcomed the first IAF aircraft.
Solar Module sales increased by 91% to 2380 MW YoY basis.
Passenger movements at Adani airports increased by 6% to 45.1 million.

Adani Green Energy Ltd

Construction work for 500 MW hydro pump storage has commenced.
Operational capacity increased by 34% YoY to 11.2 GW

Adani Energy Solutions Ltd

2760 ckm transmission lines were added, taking the total transmission network to 23,269 ckm
Won three new transmission projects during H1FY25 - NES in Jamnagar, Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to its transmission portfolio.

Adani Power Ltd

Acquired Korba Power Ltd. (Erstwhile Lanco Amarkantak Power Korba Power Limited) has been acquired and consolidated w.e.f. 31 August 2024.

Adani Ports & SEZ Ltd

Volume grew 9% YoY to 220 MMT
Completed the acquisition of Gopalpur Port and Astro Offshore, signed two new port concession agreements
Received ‘AAA’ rating from four domestic rating agencies – CRISIL, ICRA, CARE, India Ratings and an outlook upgrade from S&P

Adani Cements

Acquired Penna Cement (10 MTPA capacity) and Orient Cement (16.6 MTPA– 8.5 MTPA operational and 8.1 MTPA ready to execute), taking the total operational capacity at 97.8 MTPA.

Adani Portfolio Update