Adani Portfolio stronger than ever and our best is yet to come: Chairman

Ahmedabad: Gautam Adani, the Chairman of the Adani Group, said on Monday that with record results, robust cash positions and the lowest debt ratios in its history, the Adani Portfolio’s path ahead is illuminated with the promise of even greater accomplishments.

The Group achieved an unprecedented milestone in the fiscal 2023-24.

“We recorded our highest EBITDA of Rs 82,917 crore -- or approximately $10 billion -- a remarkable surge of 45 per cent. This exceptional performance drove our PAT (profit after tax) to a record high of Rs 40,129 crore, marking a substantial 71 per cent growth. Our net Debt to EBITDA fell from 3.3X to 2.2X over the past year,” Gautam Adani told shareholders at the Adani Enterprises' Annual General Meeting (AGM).

All of this resulted in an all-time-high level of liquidity for the Group with a cash balance of Rs 59,791 crore.

“These metrics demonstrated our highly stable infrastructure platform and led to a series of rating and outlook upgrades. Three of our portfolio companies -- Ambuja, ACC, and APSEZ -- are now AAA rated,” said the Group Chairman.

Adani Enterprises, the Group’s incubation engine, had a fantastic year.

“Passenger traffic at our airports witnessed strong double-digit growth and came in at 88.6 million. We were also privileged to have Prime Minister Narendra Modi inaugurate the state-of-the-art Terminal 3 at Lucknow International Airport,” Gautam Adani told the shareholders.

Kutch Copper Limited, a pioneering project in Mundra within the AEL portfolio, commenced operations at its greenfield copper refinery.

“By the end of this decade, we aim to make it the world’s largest single-location copper smelter with a capacity of 1 MMTPA, thus enhancing India’s self-reliance on a metal needed for our critical industries,” said Gautam Adani.

Adani Ports & SEZ also experienced an exceptional year, exceeding 400 million metric tonnes (MMT) of cargo and handling a record 420 MMT.

“Ten of our ports recorded lifetime high cargo volumes. We also acquired Gopalpur and Karaikal ports, consolidating our position as India’s premier ports and logistics company,” the Group Chairman informed.

Given renewable energy’s growth potential, Adani Green Energy revised its FY 2029-30 target from 45 GW to 50 GW.

In the year, it added 2.8 GW, 15 per cent of India’s total renewable capacity addition.

“The commissioning of the first 2 GW at the world’s largest renewable energy plant in Khavda within 12 months of breaking ground set a record -- yet another proof point that highlights our execution capabilities,” said Gautam Adani.

Adani Power’s operating capacity increased by 12 per cent to 15,250 MW, with the commissioning of the 1,600 MW trans-national ultra-supercritical thermal power plant at Godda in Jharkhand.

“This makes it the first power plant in India to export all its power to a neighbouring nation,” the Group Chairman informed.

Adani Energy Solutions continued to commission the much-needed critical transmission infrastructure, including two 765 kV lines.

“Our transmission order book stands at Rs 17,000 crore, and our smart metering order book has expanded to 228 lakh units.

“Adani Total Gas expanded its CNG stations to cross 900 stations, and PNG connections rose from 8.45 lakh to 9.76 lakh connections. We also commissioned 606 EV charging points as well as the first phase of one of India’s largest biomass plants in Barsana,” informed Gautam Adani.

Following the acquisition of ACC and Ambuja Cements and other commissioning, the Adani Group’s combined cement capacity has risen from 67.5 MTPA (million tonnes per annum) to 79 MTPA -- and its EBITDA per tonne has more than doubled since the acquisition.

“We are well on the path towards our target of 140 MTPA by 2028. We are also proud that Ambuja Cements was the lead supplier for India’s longest sea bridge -- the 21.8-km-long Mumbai Trans Harbour Link,” said Gautam Adani.

The Group's media entity NDTV expanded its presence regionally and scaled digitally, with a 39 per cent increase in global digital traffic.

“Keeping in mind the quality of programmes, we intend to broadcast, we also invested in cutting edge next-generation digital infrastructure, and added new facilities in BKC, Mumbai, and NCR, Delhi,” said Gautam Adani.