Adani Group's cash pile has improved and the conglomerate sees no refinancing risks in the near term as it took more steps to shore up its finances after the Hindenburg bombshell last year.
"Growth powered by the highly stable core infrastructure platform. Growing at 35.5 per cent, it generated Rs 66,208 crore (USD 8 billion) - 84 per cent of portfolio EBITDA," it said in a statement. Domestic and international rating agencies, including S&P Global and Moody's have upgraded or positively revised the outlook for all key portfolio companies.
"The portfolio continues to remain conservatively leveraged with net debt to EBITDA as low as 2.5x," the statement said adding debt coverage stood at 2.1x and gross assets to net debt at 2.5x. The group maintained high liquidity with a healthy cash balance of Rs 44,572 crore at the end of December 31, 2023.
"Higher ratings and healthy cash flows have allowed continued market access, facilitating substantial investments in the year-to-date (April 1, 2023-December 31, 2023). During this period, various portfolio companies have drawn funds worth Rs 91,290 crore from various sources, including international and domestic banks, and others," it said.
On electricity transmission side, Adani Energy Solutions Ltd has operationalised the critical Khargar Vikhroli transmission line to connect Mumbai to the national grid, taking total network to 20,422 circuit kilometers. City gas distributor Adani Total Gas Ltd increased pipeline network to 11,712-inch km, piped natural gas connections to 7.79 lakh and EV charging stations to 329. City gas distributor Adani Total Gas Ltd increased pipeline network to 11,712-inch km, piped natural gas connections to 7.79 lakh and EV charging stations to 329.
The port-to-power conglomerate said there were “no material refinancing risk and near-term liquidity requirement,” adding “near term debt maturities have been fully funded.”
The latest numbers, posted in a statement, cement the trajectory reported in the preceding quarter. Led by billionaire Gautam Adani, the group had seen its net debt drop by 3.5% to $21.72 billion in the six months through September alongside a fresh equity raise of close to $5 billion.
The conglomerate has often criticized in the recent years for its debt-fueled growth frenzy. That debt raising spree ground to a halt in January 2023 when Hindenburg Research published a scathing report alleging wide-ranging corporate fraud that forced the conglomerate into months of damage control.