The Adani Portfolio Companies are embarking on a new era of substantial capital expenditure (Capex), reminiscent of the elevated Capex phase observed from FY20 to FY22.
Editor’s Overview
- Trailing Twelve Months (TTM) EBITDA reached INR 86,789 crore, reflecting a 10.1% increase year-over-year (YoY).
- Key infrastructure segments, including utility and transport, along with incubating projects under Adani Enterprises Ltd, contributed to 84% of overall EBITDA.
- The group maintains adequate liquidity to manage debt obligations for at least the next year.
- As of 30 September 2024: i) Cash Flow from Operations, or Cash After Tax, was INR 58,908 crore; ii) Total asset base amounted to INR 5.53 lakh crore; and iii) Net Debt to EBITDA ratio stood at 2.46x.
Ahmedabad, 20 February 2025: Upholding its commitment to transparency, the Adani Group—India’s largest infrastructure entity—has announced the financial results of the Adani Portfolio for Q3FY25, alongside the TTM data and Credit Compendium.
Adani Portfolio companies are currently pursuing a high Capex trajectory, leveraging a robust foundation of cash flow generation and project deployment across the portfolio, positioning themselves as global leaders in their fields.
Adani Portfolio – Financial Performance (EBITDA in INR crore)
| Sector | Q3FY25 | Q3FY24 | Y-o-Y Growth | Dec’24 TTM | Dec’23 TTM | Y-o-Y Growth |
| Utility* | 10,429 | 9,272 | 12.5% | 42,509* | 41,452* | 2.6% |
| Transport | 5,077 | 4,595 | 10.5% | 19,327 | 16,550 | 16.8% |
| AEL – Infrastructure Businesses | 2,818 | 1,936 | 45.6% | 10,959 | 8,222 | 33.3% |
| A. Sub-total (Infrastructure) | 18,324 | 15,803 | 16.0% | 72,795 | 66,224 | 10.0% |
| B. Adjacencies (Cement) | 3,074 | 1,936 | 58.8% | 8,129 | 7,181 | 13.2% |
| Sub-total (Infra+Adjacencies) | 21,398 | 17,739 | 20.6% | 80,924 | 73,405 | 10.2% |
| C. AEL- Existing Businesses | 1,425 | 1,735 | (17.9%) | 5,865 | 6,434 | 7.9% |
| Portfolio EBITDA (A+B+C) | 22,823 | 19,474 | 17.2% | 86,789 | 78,839 | 10.1% |
(Utility: Adani Power + Adani Green Energy + Adani Total Gas + Adani Energy Solutions | Transport: Adani Ports & SEZ | AEL: Adani Enterprises)
*Utility segment TTM EBITDA includes prior period incomes in Adani Power of INR 2,514 crore in Dec’24 TTM period vs. INR 9,359 crore in Dec’23 TTM.
EBITDA is calculated as: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss/Gain + Exceptional Items.
Company-wise Financial Performance (EBITDA in INR crores)
| Entity | Q3FY25 | Q3FY24 | Y-o-Y Growth | Dec’24 TTM | Dec’23 TTM | Y-o-Y Growth |
| Incubator | ||||||
| Adani Enterprises1 | 4,243 | 3,670 | 15.6% | 16,824 | 13,656 | 23.2% |
| Utility | ||||||
| Adani Green Energy | 2,247 | 1,765 | 27.3% | 9,964 | 7,924 | 10.1% |
| Adani Energy Solutions | 1,831 | 1,732 | 5.7% | 7,255 | 6,261 | 15.9% |
| Adani Power2 | 6,078 | 5,009 | 21.4% | 24,084 | 24,085 | (4.0%) |
| Adani Total Gas | 273 | 306 | (10.8%) | 1,206 | 1,057 | 14.1% |
| Transport | ||||||
| Adani Ports & SEZ | 5,077 | 4,595 | 10.5% | 19,327 | 16,550 | 16.8% |
| Adjacencies | ||||||
| Adani Cement | 3,074 | 1,936 | 58.8% | 8,129 | 7,181 | 13.2% |
| Adani Portfolio | 22,823 | 19,474 | 17.2% | 86,789 | 78,839 | 10.1% |
- AEL encompasses emerging infrastructure initiatives and existing segments in integrated resource management, mining, and support services.
- APL’s results include prior period income of INR 2,514 crore in Dec’24 TTM period against INR 9,359 crore in Dec’23 TTM.
Key Highlights for Dec’24 TTM and Q3FY25:
- For the TTM, portfolio EBITDA surged to an unprecedented INR 86,789 crore, marking a 10.1% YoY growth; Q3FY25 EBITDA rose by 17.2% to INR 22,823 crore.
- The core infrastructure segment remains stable, accounting for 84% of total portfolio EBITDA, which includes AEL’s incubating infrastructure ventures, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports & SEZ) businesses.
- The credit profile achieved a notable milestone, with 75% of the Run-rate EBITDA now being generated from assets rated ‘AA-‘ or higher.
- Adani Enterprises’ incubating infrastructure ventures are on an accelerated growth path, showcasing a 45.6% YoY EBITDA increase in Q3FY25 and a 33.3% rise in TTM.
- Ample liquidity is maintained across portfolio companies to fulfill debt obligations for the foreseeable future.
- As of 30 September 2024, the Adani Portfolio held a cash reserve of INR 53,024 crore, representing 20.5% of total gross debt.
- With growing cash flows, the group has managed to maintain low leverage while consistently investing. As of 30 September 2024:
- Cash flow after tax for the trailing twelve months totaled INR 58,908 crore.
- Assets spanned INR 5.53 lakh crore, up by INR 75,277 crore since the conclusion of FY24.
- Net Debt to EBITDA ratio is at 2.46x.
Company-wise Key Achievements for 9MFY25:
Adani Enterprises Ltd
- Raised INR 4,200 crore (USD 500 million) through Qualified Institutional Placement (QIP).
- Adani New Industries Ltd (ANIL): Solar module sales surged by 74% YoY to 3,273 MW
- Airports: Passenger volumes grew 7% YoY to 69.7 million; Cargo volumes increased 11% YoY to 0.82 MMT.
- Data Centers: Phase 1 in Hyderabad with 9.6 MW is operational; Noida (50 MW) and Hyderabad (48 MW) projects are over 95% complete.
- Roads: Seven out of eight ongoing projects have surpassed 60% completion.
Adani Green Energy Ltd
- Operational capacity expanded by 37% YoY to 11.6 GW.
- Executed a Power Purchase Agreement (PPA) with MSEDCL for supplying 5 GW of solar power over 25 years.
Adani Energy Solutions Ltd
- Secured USD 1 billion through QIP and finalized the divestment of 500 MW of Adani Dahanu Thermal.
- Awarded five new transmission contracts—NES in Jamnagar, NES in Navinal (Mundra), Khavda Phase IVA, Khavda Phase IV Part-D, Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC).
- Current pipeline for under-construction transmission projects amounts to Rs 54,700 crore, a threefold increase since FY24.
Adani Power Ltd
- Consolidated Plant Load Factor (PLF) was 69% for 9MFY25 compared to 62% for 9MFY24.
- Sales in 9MFY25 increased 22% YoY to 69.5 billion units.
Adani Total Gas Ltd
- Introduced 58 new CNG stations in 9MFY25, raising the total to 605; CNG volumes grew 19% YoY.
- PNG connections have reached 922,000 households, with commercial and industrial connections increasing to 8,913; PNG volumes rose 8% YoY.
- Installed 1,914 EV charging points across 26 states/UTs and 226 cities.
Adani Ports & SEZ Ltd
- Volume increased by 7% YoY to 332 million metric tons (MMT), with container volumes rising by 19% YoY.
- The logistics sector managed container volumes of 0.48 million TEUs (up 9% YoY) and bulk cargo of 16.1 MMT (up 13% YoY).
Adani Cements Ltd
- Clinker and cement sales grew 9.3% to 46.6 MMT.
- Currently executing projects with a total capacity of 21 MTPA.
- Projected capacity to reach 104 MTPA by March 2025, including integration from Orient Cements acquisition, up from a current capacity of 89 MTPA.
About The Adani Group
Based in Ahmedabad, the Adani Group is India’s largest and fastest-growing conglomerate, with diversified interests in energy, utilities, transport and logistics (including seaports, airports, shipping, and rail), metals, materials, and consumer sectors. The Group has established itself as a market leader by focusing on ‘Nation Building’ and ‘Growth with Goodness,’ emphasizing sustainable development. The Adani Group is dedicated to environmental stewardship and community enhancement through comprehensive CSR initiatives rooted in sustainability, diversity, and shared values.
For more information, visit www.adani.com
For media inquiries, please reach out to: Roy Paul; [email protected]
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