In line with its commitment to transparency, Adani Group, India’s leading infrastructure conglomerate, today announced the release of the Adani Portfolio’s latest 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 for the quarter was led by Adani Enterprises’ emerging businesses, including solar and wind manufacturing—India’s largest and part of a fully integrated green hydrogen chain—as well as its airports and roads sectors. These fast-growing businesses now contribute 13.3% to the portfolio-level EBITDA, up from 7.2% a year ago.
This expansive yet resilient growth is attributed to Adani’s strategic focus on its infrastructure platform, which provides high stability and predictability.
Adani Portfolio – Q1 FY25 Financial Performance (EBITDA in INR crore)
| Sector | Q1 FY25 | Q1 FY24 | Growth | % of Total |
| Utility* | 11,181 | 7,905 | 41.44% | 49.54% |
| Transport | 5,265 | 4,062 | 29.62% | 23.33% |
| AEL – Infrastructure Businesses | 2,991 | 1,760 | 69.98% | 13.25% |
| A. Sub-total (Infrastructure) | 19,437 | 13,727 | 41.60% | 86.12% |
| B. Adjacencies (Cement) | 1,638 | 1,935 | (15.37%) | 7.26% |
| Sub-total (Infra +Adjacencies) | 21,075 | 15,662 | 34.56% | 93.38% |
| C. AEL- Existing Businesses | 1,495 | 1,324 | 12.94% | 6.62% |
| Portfolio EBITDA (A+B+C) | 22,570 | 16,986 | 32.87% | 100% |
(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
*Utility segment excludes past period one-time regulatory incomes in Adani Power
EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items.
Adani Portfolio – Jun’24 TTM Financial Performance (EBITDA in INR crore)
| Sector | Jun’24 TTM | Jun’23 TTM | Growth | % of Total |
| Utility* | 38,400 | 23,662 | 62.28% | 48.50% |
| Transport | 18,405 | 14,722 | 25.01% | 23.24% |
| AEL – Infrastructure Businesses | 8,920 | 6,395 | 39.50% | 11.27% |
| A. Sub-total (Infrastructure) | 65,725 | 44,779 | 46.78% | 83.01% |
| B. Adjacencies (Cement) | 7,291 | 5,049 | 44.42% | 9.21% |
| Sub-total (Infra +Adjacencies) | 73,017 | 49,828 | 46.54% | 92.22% |
| C. AEL- Existing Businesses | 6,163 | 4,833 | 27.52% | 7.78% |
| Portfolio EBITDA (A+B+C) | 79,180 | 54,661 | 44.86% | 100% |
(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
*Utility segment excludes prior period income in Adani Power
Q1 FY25 Performance Highlights
- EBITDA surged by 32.87% YoY to reach INR 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of INR 79,180 crore, marking a 45.13% increase over the corresponding TTM of the previous year.
- The consistently advancing EBITDA is largely driven by the Group’s highly stable and resilient ‘Core Infrastructure’ platform, which constitutes over 80% of the Portfolio EBITDA and saw a remarkable 41.6% growth YoY in Q1.
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.
- AEL’s infrastructure businesses’ steadily rising contribution is playing a significant role in this growth, with EBITDA expanding by 69.98% YoY. These emerging businesses, which include ANIL—India’s leading integrated solar and wind manufacturing entity (part of the green hydrogen production chain), airports, and roads—now account for 13.3% of the Portfolio EBITDA, up from 7.2% a year ago.
The Solar module manufacturing business (India’s first and largest vertically integrated solar PV manufacturer), saw module sales rise 125% YoY in the quarter. Furthermore, photovoltaic cell lines becoming operational lowered costs resulting in higher profitability.
The airport business continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports.
- Utility segment saw EBITDA increase by 41.44%. Adani Power achieved a 53.6% increase in EBITDA, driven by a 38% rise in sales. Adani Green Energy also reported a strong performance, with EBITDA growing by 30.3% as operational capacity expanded by 31%.
- Transport segment, saw Adani Ports & SEZ achieve a 29.62% increase in EBITDA. During the quarter, the company successfully signed two new port concession agreements and secured one new port O&M contract.
Company-wise Financial Performance (in INR crores)
| Entity | EBITDA | Growth | PAT | Growth | ||||
| Q1 FY25 | Q1 FY24 | Y-o-Y | Q1 FY25 | Q1 FY24 | Y-o-Y | |||
| Incubator | ||||||||
| Adani Enterprises1 | 4,487 | 3,084 | 45.49% | 1,776 | 678 | 161.93% | ||
| Utility | ||||||||
| Adani Green Energy | 2,866 | 2,200 | 30.27% | 629 | 323 | 94.57% | ||
| Adani Energy Solutions2 | 1,762 | 1,378 | 27.87% | 315 | 182 | 73.07% | ||
| Adani Power3 | 6,249 | 4,069 | 53.58% | 3,490 | 2,262 | 54.27% | ||
| Adani Total Gas | 304 | 258 | 17.83% | 172 | 150 | 14.39% | ||
| Transport | ||||||||
| Adani Ports & SEZ | 5,265 | 4,062 | 29.62% | 3,107 | 2,119 | 46.61% | ||
| Adjacencies | ||||||||
| Adani Cement | 1,638 | 1,935 | -15.37% | 790 | 1,135 | -30.46% | ||
| Adani Portfolio | 22,571 | 16,986 | 32.87% | 10,279 | 6,849 | 50.08% | ||
AEL includes emerging infrastructure businesses as well as existing businesses of integrated resource management, mining and mining services.
PAT for AESL is adjusted for an exceptional item of INR 1,506 crores which pertains to the divestment of Dahanu Thermal Power Plant (ADTPS).
APL excludes past period one-time regulatory income.
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Business Highlights:
Adani Enterprises
- The solar manufacturing business ((India’s first and largest vertically integrated solar PV manufacturer), operationalized MSPVL (Mundra Solar PV Ltd.) cell lines.
- In airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Further, 25 New Brands were added at Lucknow airport after the Terminal 3 inauguration.
- The roads business saw the highest ever 730 lane-km construction done during this quarter
Adani Green Energy
- Construction work for 500 MW hydro pump storage has commenced.
- Capacity addition of 31% YoY during the quarter. Another 250-wind capacity was operationalized in July at Khavda, total capacity now stands at 11.2 GW.
Adani Energy Solutions
- Khavda-Bhuj Transmission Line (KBTL) is fully commissioned. The line will enable 3 GW green power evacuation from Khavda.
- 1765 ckm Warora Kurnool Transmission Line (WKTL) fully commissioned. By ensuring seamless power flow between western and southern regions is has strengthened the national grid.
Adani Ports & SEZ
- Vizhinjam port, India’s first transshipment port equipped with South Asia’s most advanced container-handling technology formally commissioned in July and will become operational in November.
Adani Cements
- Promoters infused INR 15,000 crore in two tranches in Ambuja Cements in March and April, thus fully subscribing to the warrant program and infusing a total of INR 20,000 since the acquisition in September 2022.
- Acquired Penna Cement, increasing the total capacity to 89 MTPA.
About The Adani Portfolio of Companies
Headquartered in Ahmedabad, 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), natural resources, and the consumer sector, 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.
Must Read: Adani Enterprises Ltd Announces Consolidated Results For The Quarter Ending June 30, 2024
