Adani portfolio delivers a stellar performance

EBITDA grows 42% to $2.84 bn in Q1 FY24

The Adani Group portfolio delivered yet another outstanding performance with an all-time high quarterly profit (EBITDA) of $ 2.84 bn, 42% higher year-on-year. The June quarter FY24 results compendium for its portfolio of listed companies was released yesterday.
The core infrastructure and utility platform, which generates stable and assured cashflows, accounted for 86% of the total portfolio EBITDA and stood at $ 2.44 bn. 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 $ 5.09 bn, 4.2% higher than a quarter ago.
The success of the 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 an EBITDA of $ 20.77 mn, 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 $ 26.59 mn, 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 $ 15.15 mn from $ 10.73 mn in June 22 quarter and $ 13.04 mn in March 23 quarter. As a result, EBITDA of the cement business grew 54% Y-o-Y to $ 23.39 mn.