45% EBITDA growth in FY24, EBITDA reaches INR 82,917 crore (USD 10 Bn)
Editor’s Synopsis
- − Adani Portfolio EBITDA increased to INR 82,917 crore (approximately USD 10
Bn), up by record 45% Y-o-Y
- − 84% of EBITDA is through “Core Infrastructure”
businesses, providing highly predictable cashflow generation
- − Cash Profit of Funds Flow from Operations (FFO) was at INR 56,828 crore
(approx. USD 7 Bn), up 51% Y-o-Y
- − Strong asset base built over three decades now stands at INR 478,137 crore
(approx. USD 57 Bn), higher by 16%. The assets serve a consumer base of
over 350 million users
- − Equity deployed to total assets is highest ever at 62% against 55% in
FY23
- − Cash reserves are at highest-ever levels of INR 59,791 crore
(approx. USD 7 Bn), up by 48.5% Y-o-Y
- − Leverage (Net Debt to EBITDA) down to 2.2x from 3.3x at the end of
FY23, and is at multi-year low
Ahmedabad, 2 June 2024: In line with our commitment to upholding the highest
standards of transparency, we are pleased to release the Adani Portfolio’s Credit and Result
compendium for financial year 2023-24. These offer deep insights into the financial performance
of the portfolio, reinforcing our dedication to providing clear and detailed information to
stakeholders and the public.
The performance in FY24 and the past five years signify the strength and stability
of the Adani Portfolio and the robustness of its businesses, which
despite all external volatilities and headwinds, continue to deliver strong and consistent
growth year after year. It also highlights the superior capital allocation
strategy that maximises returns and minimises risks.
Adani Portfolio reports strongest financial results till date
In FY24, the Adani Portfolio of companies rose to its best, showcasing resilience,
strength and stability and delivering a record EBITDA growth of
45%. With surging cashflows and enhanced credit profiles, the Adani Portfolio is in
astromg ‘stronger than ever’ position to accelerate growth.
Financial performance for FY24
(Figs in INR crore)
| Sector |
FY24 |
FY23 |
Growth |
% of Total |
| Utility2 |
44,446 |
27,842 |
59.64% |
53.60% |
| Transport |
17,202 |
14,434 |
19.18% |
20.75% |
| AEL - Infrastructure Businesses |
7,689 |
5,411 |
42.09% |
9.27% |
A. Sub-total
(Infrastructure) |
69,337 |
47,687 |
45.40% |
83.62% |
B. Adjacencies
(Cement) |
7,589 |
4,368 |
73.36% |
9.15% |
| Sub-total (Infra +Adjacencies) |
76,925 |
52,055 |
47.78% |
92.77% |
| C. AEL- Existing Businesses |
5,992 |
5,151 |
16.33% |
7.23% |
| Portfolio EBITDA (A+B+C) |
82,917 |
57,205 |
44.95% |
100% |
Utility = Adani Power Limited + Adani Green Energy Limited + Adani Total Gas
Limited + Adani Energy Solutions Limited | Transport = Adani Ports and Special
Economic Zone Ltd |AEL: Adani Enterprise Limited
EBITDA:Earnings before Interest Tax Depreciation & Amortization I EBITDA: PAT +
Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain)
+ Exceptional Items
- EBIDTA:Consistently advancing EBITDA increased to INR 82,917 crore
(approx. USD 10 Bn) with record 45% growth year-on-year,
highest in the history of the Adani Portfolio.
- Cash Profit or FFO: Cash Profit of Funds Flow from Operations (FFO) was at
INR 56,828 crore (approx. USD 6.7 Bn) , registering a growth of 51%
year-on-year, thanks to its disciplined investment strategy providing high conversion of
EBITDA into cash profit.
- Core infrastructure EBITDA: Sustained growth in EBITDA is due to a high
contribution of the core infra and utility platform, which offers a high level of
predictability, stability, and visibility. The core infra and utility platform generated
INR 69,337 crore or 84% of the total EBITDA. The user base
of the platform has increased to over 350 million, with a
fast-growing consumer franchise across airports, electricity distribution, smart metering,
gas distribution and direct to consumer digital platform.
- Gross Assets: Total Gross Assets increased by INR 65,901 crore (USD 8 Bn)
or 16% and now stand at INR 4,78,137 crore (USD 57.4 billion),
- Conservative leveraging: Rising cash profit lowered the net leverage
significantly. Net Debt to EBITDA is down from 3.3x at the end of FY23 to
2.2x, notably lower than the industry benchmark. Adani Portfolio now has the
balance sheet capacity for even higher growth.
Scroll to top
