Adani Portfolio registers H1 FY24 performance, achieving 47 per cent YoY EBITDA growth
Dec 11, 2023
Ahmedabad (Gujarat) [India], December 11 : Adani Portfolio unveiled its financial performance for the first half of the fiscal year 2024, reporting a record-breaking 47 per cent year-on-year (YoY) growth in EBITDA, reaching RS 43,688 crore (USD 5.3 billion).
According to a press release by Adani, this achievement marks the highest-ever half-year growth for the diversified business conglomerate, emphasizing the resilience and robustness of its integrated business portfolio.
The first half of FY24 witnessed substantial EBITDA growth, exceeding the full-year EBITDA of FY22. The trailing twelve-month EBITDA reached approximately three times the FY19 EBITDA.
Core infrastructure businesses, contributing 86 per cent of the total EBITDA, exhibited an impressive 52 per cent YoY growth, amounting to RS 37,379 crore (USD 4.5 billion).
These core businesses include utility (Adani Green Energy, Adani Energy Solutions, Adani Power, and Adani Total Gas), transport (Adani Ports and SEZ), and other incubating infrastructure ventures under Adani Enterprises (green hydrogen integrated manufacturing, airports, and roads).
Incubating assets, including Airports, Green Hydrogen, and others, contributed around 8 per cent to the portfolio EBITDA. Notably, the low-cost green hydrogen integrated manufacturing reported a remarkable 212 per cent YoY revenue growth and a 10x increase in EBITDA.
The airports business under Adani Enterprises experienced a 29 per cent YoY growth in passenger traffic during the first half, resulting in a 42 per cent revenue growth.
The cement business (Ambuja and ACC) showcased impressive performance with H1 FY24 EBITDA more than doubling YoY despite single-digit volume growth, reflecting cost and operational synergy benefits.
Adani Green Energy reported a significant milestone with a 76 per cent YoY EBITDA growth, reaching RS 8,325 crore (USD 1 billion) on a trailing twelve-month basis.
Adani Ports and SEZ achieved a noteworthy milestone as domestic cargo volumes surpassed the 200 MMT mark within a six-month period, leading to over 2x growth compared to the overall cargo volume growth in India.
Jugeshinder (Robbie) Singh, Group CFO, expressed satisfaction with the incubation's success and the diverse contributions from various sectors within the portfolio. He emphasized the portfolio's consistent growth even in the face of macroeconomic challenges.
Singh said, "The incubation continues to be a success story with Airports, Green Hydrogen and other incubating assets emerging strongly and now contributing nearly 8 per cent of the portfolio EBITDA. The Portfolio has withstood the test of time and has a track record of tremendous growth in spite of macroeconomic and other challenges."
According to a press release by Adani, the financial achievements and strategic initiatives underscore Adani Portfolio's commitment to fortifying India's infrastructure development.
