Adani Group Posts Record Quarterly Profit In Boost To Liquidity

Adani Group posted record profit in the quarter that ended June on the back of its infrastructure and renewable energy businesses.

The ports-to-power conglomerate said June quarterly earnings before interest, tax, depreciation and amortization jumped 42% from the same period a year ago to Rs 235 billion ($2.8 billion), the highest the group has seen for a single quarter and nearly as much as the profit it earned for the full fiscal year of 2019.

The strong performance posted by its infrastructure and utility businesses across its flagship entity Adani Enterprises Ltd. as well as its green energy and cement arms “gives a high level of stability and multi-decadal earnings predictability and visibility,” the company said in a statement.

The profitability also buoyed the company’s liquidity, with cash balance at the end of June up 4.2% from the end of March, at 421 billion rupees.

The conglomerate is also in talks with international banks to refinance loans taken out last year to acquire Ambuja Cements Ltd.