In a significant milestone, the Adani Group through a series of strategic initiatives has increased its liquidity position at the portfolio level to finish with a cash balance of Rs 42,115 crore at the end of the June quarter, the company said in a statement today.
The portfolio companies diligently focused on bolstering their financial standing, ensuring a robust foundation for their ambitious projects, it said.
For the first time, the equity deployed increased to more than half the total assets - at 55.77 per cent; equity for FY23 was Rs 2.36 lakh crore against net debt of Rs 1.87 lakh crore.
The group had the highest-ever cash balance at portfolio level of Rs 42,115 crore - Rs 1,764 crore higher than at the end of the preceding March quarter.
For the first time, the portfolio's net debt to EBITDA (run-rate) fell below 3x - at 2.81x in the last 10 years.
The contribution from core infra and utility platform to Q1 FY24 portfolio EBITDA at more than 80 per cent lends high degree of stability and multidecadal earnings predictability.
Some of the key measures that contributed to this positive transformation include significant deployment of equity resulted in total equity increasing to 55.77 per cent of the total assets, as compared to 40.16 per cent at the end of FY19.
The equity deployed by the end of FY23 was Rs 2,35,812 crore, much higher than net debt of Rs 1,87,087 crore.
EBITDA and gross assets have grown at a much faster rate in the last four years (FY19 to FY23) at a CAGR of 18.13 per cent and 21.7 per cent, respectively. EBITDA in the June FY24 quarter increased by 42 per cent year-on-year and was more than 40 per cent of the entire FY23. As against these, net debt has grown at only 14.56 per cent CAGR, resulting in consistently improving leverages ratios.
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