Despite Hindenburg Saga, Adani Group Claims Record-Breaking Performance Of All Companies In FY23

Despite losing crores of rupees in market value and its shares witnessing a bloodbath in the last quarter of FY23 (January每March 2023), it seems that Hindenburg Research＊s report couldn't harm the financial performance of Adani Group companies.

Adani Group Claims Record-Breaking Performance

indiatimes

The Gautam Adani-led conglomerate said on Tuesday that it has delivered a record-breaking performance across its portfolio of companies in FY 2022每23, which ended on March 31, 2023.

Adani Group said it recorded its highest-ever EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) group portfolio level of ? 57,219 crore, achieving a 36 percent growth over the previous financial year.

Run-rate EBITDA, which considers the annualization of EBITDA from projects that are commissioned during the year, is as high as ? 66,566 crore, said the company statement.

"Adani Portfolio companies operate in utility and infrastructure businesses, with more than 83 percent of EBITDA being generated from core infrastructure businesses, providing assured and consistent cash flow generation. The platform has a strong asset base that has been built over three decades that supports resilient critical infrastructure and guarantees best-in-class asset performance over the entire life cycle," said the Compendium, as per the ANI report.

The Adani Portfolio update also stated that there is no material refinancing risk and no near-term liquidity requirement as there is no significant near-term debt maturity. Further, rating affirmations from international and domestic rating agencies indicate underlying credit quality with an adequate financial profile, with many businesses having an underlying rating of "BBB", but it remains constrained by sovereign ratings.

Financial Summary Of Adani Group Companies For FY23

bloomberg

Adani Enterprises Ltd (AEL)

-Incubation businesses registered exponential growth and now account for little over 50 per cent of AEL's EBITDA.

- Aiport passenger movements more than doubled to 74.8 mn

- Solar modules volumes up 13 per cent to 1.3 GW

- Completed 3 HAM road projects during FY 23

- Data-centre project completion Status: Chennai (49 percent), Noida (37 per cent), Hyderabad (30 per cent)

- EBITDA increased by 99.1 per cent to ? 10,575 crore. EBIDTA margin was 7.7 per cent

- Run-rate EBITDA was ? 10,575 crore, cash balance of ? 5,652 crore

Adani Ports and Special Economic Zone Ltd (APSEZ)

- Highest ever cargo volume of 339 MMT, 9 per cent y-o-y growth.

- Logistics rail volumes crossed a milestone of 500,000 TEUs (Twenty-foot equivalent unit)

- EBITDA at ? 14,435 crore, up 14.5 per cent y-o-y.

- EBITDA margin was 64.4 per cent

- Run-rate EBITDA was ? 14,435 crore, cash balances were ? 9,830 crore

Adani Green Energy Ltd (AGEL)

- Total operational capacity of 8086 MW, up 49 per cent y-o-y

- Commissioned world's largest solar-wind hybrid plant of 2140 MW in Rajasthan

- EBITDA increased by 62.8 per cent to ? 6,390 crore, EBITDA margin was 74 per cent

- Run-rate EBITDA was ? 7,505 crore, cash balances were ? 5,571 crore

Adani Transmission Ltd (ATL)

- Added 1704 circuit km (ckms), taking total operational to 19,779 ckms

- Won two new tariff based competitive bidding transmission projects

- Forayed into smart metering projects, got awarded two smart metering projects

- EBITDA for FY23 was ? 6,101 crore, up 10 per cent y-o-y, EBITDA margin was 44.1 percent, with the investment cycle moving into high yield smart meter business.

- Run-rate EBITDA was ? 6,101 crore, cash balances were ? 4,152 crore

Adani Power Ltd (APL)

- Sales up by 2 per cent to 53.39 bn units

- Six operating subsidiaries amalgamated with Adani Power Ltd.

- Achieved consolidated PLF of 47.9 per cent

- EBITDA increased by 4.3 per cent to ? 14,427 crore

- Run-rate EBITDA was ? 18,027 crore, cash balance at ? 2,861 crore

Adani Total Gas Ltd (ATGL)

- 126 new CNG stations added, total of 460 now

- 1.24 lakh new homes on PNG (piped natural gas), now serving over 7 lakh homes

- EBITDA for FY23 was ? 924 crore, up 12.8 per cent y-o-y. EBITDA margin was 19.6 per cent

- Run-rate EBITDA was ? 924 crore, cash balances were rs 372 crore

Adani Cement (ACC Ltd and Ambuja Cements Ltd)

- ACC Ltd and Ambuja Cements Ltd are part of Adani Cement and one of India's leading producers of cement and ready-mix concrete

- H2FY23 was the first full operational half-year under Adani post-acquisition of Ambuja and ACC from Holcim

- Sales volume increase and cost reduction initiatives increased EBITDA by 34 per cent q-o-q in March 23 quarter over December 2022 quarter

- Per ton EBITDA improved by ? 250 (30 per cent q-o-q improvement), driven by cost-saving initiatives.

- Run-rate EBITDA was ? 9,000 crore and cash balance of ? 1,912 crore

Adani Wilmar Ltd (AWL)

- Crossed 5 MMT sales volume, 14 per cent y-o-y growth

- More than doubled direct reach of rural towns (over 13,000 towns in March 2023) through sub-stockist model

- Continued to be the highest exporter of castor oil from India

- EBITDA increased by 5 per cent to ? 2,139 crore, EBITDA margin was 3.3 per cent

Hindenburg Research's New Target

shutterstock

After rattling the Adani Group after revealing its report on January 24th this year, the US-based short seller has targeted three more companies.

Hindenburg research had targeted former Twitter CEO Jack Dorsey's American multinational technology firm Block in March for inflating user metrics and "frictionless" fraud facilitation that enabled insiders to cash out over $1 billion..

And then in May, Hindenburg accused billionaire Carl Icahn's Icahn Enterprises of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends.

And as recently as yesterday, Hindenburg came out with a new report that targeted Nigerian company Tingo Group and its founder and alleged that the fintech firm fabricated its financials. It questioned Tingo＊s founder, Dozy Mmobuosi's claim of having developed the first mobile payment app in the country.

Hindenburg said that Nigeria's Tingo group was an ＆exceptionally obvious scam＊. Tingo Group's shares plummeted 80% yesterday due to the Hindenburg report.

screengrab

Curious to know which companies Hindenburg researched before Adani Group? Click here for the list.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.