Adani Portfolio today released an update on the Group's half-year financial results. The conglomerate, which is focused on strengthening India's infrastructure, has achieved excellent results in all business areas, and the resulting strong cash flow provides a solid foundation for continued growth in the future. Jugeshinder (Robbie) Singh, Group Chief Financial Officer, said, "The incubator business continues to be successful with strong growth in airports, green hydrogen and other incubation assets, which currently contributes nearly 8% of the group's EBITDA. We have withstood the test of time and achieved significant growth despite macroeconomic and other challenges. ”
Highlights for the first half of fiscal year 2024:
In the first half of fiscal 2024, Adani's business units achieved superior financial results while further strengthening its resilient credit profile.
Financial highlights: EBITDA at Group level was 4,368INR 800 million ($5.3 billion), up 47 per cent year-on-year. This growth rate is more than the group's 26 in the last five years3% compound annual growth rate (CAGR) curve.
It is worth noting that the EBITDA for the first half of FY2024 exceeds the EBITDA for the full year of FY2022. In addition, the EBITDA for the past 12 months was almost 3 times that of EBITDA in FY2019.
This growth was driven by the strong performance of the Core Infrastructure business, which grew 52% year-over-year to 3,737Rs 900 million ($4.5 billion), or 86 per cent of the total EBITDA. These businesses include utilities (Adani Green Energy, Adani Energy Solutions, Adani Power, Adani Total Gas), transportation (Adani Ports & SEZ), and other infrastructure businesses (green hydrogen integrated manufacturing incubated by Adani Enterprises, airports and roads). This expansion reflects the group's focus on investing in infrastructure development with significant results. AEL's strategic move to strengthen its infrastructure portfolio is in line with the growing demand for sustainable, stable and reliable infrastructure in India and beyond.
Key Business Highlights:
Adani Enterprises' incubation projects continue to progress well, with its assets contributing 8% of the overall EBITDA. The emerging low-cost green hydrogen integrated manufacturing business achieved an annual growth rate of 212% and a 10x EBITDA growth. Adani Enterprises' airport business achieved 29% annual growth in the first half of the year, resulting in a 42% revenue increase.
The cement business (Ambuja & ACC) has consistently demonstrated cost and operational synergies for the corporate group. For example, the company's EBITDA in the first half of fiscal 2024 more than doubled year-over-year, and its business volume also achieved single-digit growth.
Adani Green Energy's renewable energy business, EBITDA, grew 76% year-on-year and achieved 832 for the first time in the last 12 monthsLandmark EBITDA of Rs 500 million ($1 billion).
Another important milestone for Adani Ports & SEZ is that its domestic cargo volume growth surpassed the 200 million tonnes mark for the first time in six months. This achievement has led to the growth of its port business by more than twice the growth of India's overall cargo volume.
About the Adani Portfolio:
Headquartered in Ahmedabad, Adani Portfolio is India's largest and fastest-growing diversified conglomerate in the areas of logistics (seaports, airports, logistics, shipping and railways), resources, power generation and distribution, renewable energy, gas and infrastructure, agriculture (commodities, edible oils, food, refrigeration and granary), real estate, public transport infrastructure, consumer finance and defence. Adani attributes its success and leadership to its two core philosophies, "nation-building" and "healthy growth", which are the guiding principles of its sustainable growth. Based on the principles of sustainability, diversity and shared values, the Group is committed to protecting the environment and improving communities through its corporate social responsibility programs.