NEW DELHI: Amid brewing troubles after the US Department of Justice (DoJ) indictment in a bribery case, the Adani Group has reassured investors that all its listed companies have sufficient liquidity to cover all debt servicing requirements for at least the next 12 months.
In a credit update note released on Monday, the group said that cash balance at portfolio level was at Rs 53,024 crore, which is 20.53% of its gross debt. “This amount is sufficient to cover the next 28 months of debt servicing requirements,” Adani Group said in a media statement.
Total gross debt of the company at the end of September 30, 2024 was Rs 2.4 lakh crore. The average maturity of the debt of all its listed companies is 7.5 years.
The group’s weighted average cost of debt has come down from 9.22% at the end of 31st March 2024 to 8.18% by September 2024-end. It has a sizable exposure to overseas debt with 50% funds coming from global banks and financial markets.
At the entity level, Adani Green Energy has the highest gross debt of Rs 56,723 crore followed by Adani port and SEZ at Rs 43,562 crore. AGEL’s net debt to run-rate EBIDTA is also highest at 4.82 times. The company says that AGEL will follow other businesses on stabilization of its debt.
According to the group, almost 64% of its total term debt, the leverage ratio is in the range of 0-2.5x. The group also reiterated that maturity profile exceeds cover period in all cases ensuring the refinancing protection.
Meanwhile, the group has said that in the first half, the portfolio companies invested Rs 75,277 crore, increasing the total gross assets to Rs 5.53 lakh crore.
“This expansive yet resilient growth is attributed to Adani’s strategic focus on its infrastructure platform, which provides high stability and predictability,” the company said in the media release.
