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<ul><li><keyword id="10336110" type="General" weightage="20" keywordseo="Adani-total-gas" source="Orion">Adani Total Gas</keyword> on Tuesday reported a 21% year-on-year growth in March quarter profit to ₹98 crore.</li><li>Its net margins fell by 400 basis points during the year to 11.7% as a sharp rise in the cost of natural gas ate into its bottom line.</li><li>The company also announced plans to expand its electric vehicle charging point network to 3,000 over the next 12-18 months.</li></ul><keyword id="76451" type="General" weightage="20" keywordseo="Adani" source="Orion">Adani</keyword> Total Gas on Tuesday reported an 8% rise in its FY23 net profit to ₹546 crore even as its net margins declined by 400 basis points to 11.7% due to a sharp rise in the cost of natural gas, which saw an increase of 59% during the year. The Adani group company’s topline grew 46% during FY23 to ₹4,683 crore. Adani Total Gas reported a net profit of ₹98 crore in the March quarter, growing at 21% YoY while its revenue increased 12% to ₹1,197 crore during this period. “Adani Total Gas has shown resilience and delivered a good all-round performance both on physical infrastructure and financial front despite high gas prices throughout the year," said Suresh P Manglani, executive director and CEO of Adani Total Gas. Despite the increase in the cost of natural gas, the company managed to increase its earnings before interest, tax, depreciation and amortisation (EBITDA) by 11% to ₹907 crore after passing on some of the costs to consumers. On the physical infrastructure front, Adani Total Gas expanded its compressed natural gas (CNG) stations to 460, from 334 a year ago. Its total volumes of CNG rose 28% during the year to 459 million metric standard cubic metres (MMSCM), but piped natural gas (PNG) volumes fell 13% to 297 MMSCM due to a decline in demand from industrial customers on account of higher gas prices. Adani Total Gas’ shares edged up 1% to close at ₹957 per share on Tuesday after the company reported its earnings. It has declared a dividend of ₹0.25 per share for FY23. Adani Total Gas’ Q4 and FY23 in numbers: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,683 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,206 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,197 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,065 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹546 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹504 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹98 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹81 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.6% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: Company reports <cmsannotation type="cmsannotation" annotationid="Expansion of EV charging points announced" comment="subhead" text="Expansion of EV charging points announced">Expansion of EV charging points announced</cmsannotation> Adani Total Gas announced plans to expand its footprint of electric vehicle charging points to 3,000 in the next 12-18 months from the existing 104 points. The EV charging points will be set up by a special purpose vehicle, Adani TotalEnergies E-Mobility. These points will cater to both business as well as consumer segments, the company said in its exchange filing. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-maruti-suzuki-flags-decline-in-bookings-in-april-electric-two-wheelers-lose-momentum-due-to-fame-ii-irregularities/articleshow/99927888.cms">April Auto Sales: Maruti Suzuki flags decline in bookings in April, electric two-wheelers lose momentum due to FAME-II irregularities</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-pump-11631-crore-in-indian-equities-in-april-rupee-appreciation-gives-a-boost/articleshow/99901465.cms">FPIs pump ₹11,631 crore in Indian equities in April, rupee appreciation gives a boost</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-drive-into-the-suv-lane-as-small-cars-become-dearer/articleshow/99809896.cms">Maruti Suzuki to drive into the SUV lane as small cars become dearer</a>

Adani Total Gas reports 8% rise in FY23 net profit to ₹546 crore, announces plans to expand EV charging points to 3,000

<keyword id="10336110" type="General" weightage="80" keywordseo="adani-total-gas" source="Orion">Adani Total Gas</keyword> Ltd (<keyword id="12300749" type="General" weightage="100" keywordseo="atgl" source="Orion">ATGL</keyword>), a joint venture between Adani Group and <keyword id="11344358" type="General" weightage="20" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword>, said on Monday that it has won licences to expand its City Gas Distribution (CGD) network to 14 new 'Geographical Areas'. The company won the licences in the recently concluded 11th round of CGD bidding by the Petroleum and Natural Gas Regulatory Board. With an increasing basket of products and services in the clean energy sector, the city gas distribution company will invest Rs 12,000 crore in these additional locations. With the fresh investment, the company's total commitment in the clean energy sector will go up to Rs 20,000 crore. "ATGL is committed to provide convenient and environment-friendly natural gas for cooking and water heating to more than nine million households, and economic transport fuel for vehicles by establishing around 2,000 CNG stations, and clean fuel to industrial and commercial consumers," it said. The city gas distribution company at present caters to 52 geographical areas, covering 124 districts across 18 states and 3 UTs. "ATGL will now cater to 10 per cent of the country's population with cleaner fuel for households as well as for transportation. Therefore, ATGL is fully committed to play a pivotal role in meeting the clean energy needs of India, and this strategic expansion is fully aligned with our commitment of nation building," said Suresh Manglani, CEO, Adani Total Gas. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-is-looking-to-acquire-southern-players-in-edible-oil-fmcg-industry/articleshow/89080514.cms">Fortune oil maker Adani Wilmar is looking to acquire southern players in edible oil, FMCG industry</a>

Adani Total Gas to invest ₹12,000 crore to expand its city gas network

<keyword id="18515256" type="General" weightage="20" keywordseo="adani-totalenergies-e-mobility-limited" source="Orion">Adani TotalEnergies E-Mobility Limited</keyword> (ATEL), a wholly owned subsidiary of <keyword id="10790203" type="General" weightage="20" keywordseo="adani-total-gas-limited" source="Orion">Adani Total Gas Limited</keyword> (ATGL), and <keyword id="5287148" type="General" weightage="20" keywordseo="mg-motor" source="Orion">MG Motor</keyword> India have signed a Memorandum of Understanding (MoU) to strengthen the <keyword id="186291" type="General" weightage="20" keywordseo="ev" source="Orion">EV</keyword> charging infrastructure in India. The joint collaboration to develop the charging solutions for electric vehicle (EV) and value-added services to MG's EV customers nationwide and will underpin India's rapidly evolving EV ecosystem by helping build a robust and efficient charging infrastructure. As per the MoU, Adani Total Energies E-Mobility Limited (ATEL) will set up CC2 60 kW DC <keyword id="123670" type="General" weightage="20" keywordseo="chargers" source="Orion">chargers</keyword> at upcoming MG dealerships to bolster the charging network and enhance customer accessibility. The partnership will also provide a comprehensive solution encompassing supply, installation, commissioning, operations, and maintenance of the charging infrastructure. In addition, a digital platform will be launched to facilitate a seamless customer experience, covering discovery, user authentication, charging, and billing settlement through a dedicated mobile application. Under this strategic partnership, both parties shall explore the potential of integrating public charging stations across platforms by leveraging advanced application programming interfaces (APIs) to enhance network visibility and accessibility. This integration will offer increased accessibility and visibility to the PCS Network and a seamless experience across the integrated network owned and deployed by both entities. Suresh P Mangalani, ED &amp; CEO, ATGL, said, "The world is embracing more sustainable and clean energy sources and electric vehicles are at the forefront of this transition. Adani TotalEnergies E-Mobility Limited's and MG Motor India's partnership to develop charging infrastructure marks a significant milestone and will play a crucial role in accelerating India's energy transition. This effort will contribute towards reducing carbon emissions and promoting a cleaner and greener environment." Gaurav Gupta, Chief Growth Officer, MG Motor India, said, "MG is committed to Carbon Neutrality, Sustainability, and Green Mobility. We are delighted to embark on a new journey with Adani TotalEnergies E-Mobility Limited, which will catalyse the adoption of electric vehicles in India. This strategic partnership reflects our commitment to sustainable mobility and our vision to revolutionise the EV landscape by building a robust charging infrastructure. The combined synergies aim to empower Indian consumers to embrace electric mobility." The collaboration will enhance customer experience with RIFD solutions accessible to MG users at the strategic locations of ATEL's public charging network, especially at places such as airports. ATEL will offer RFID cards to MG through bulk purchase arrangements, featuring preferential discount offerings for MG users.

Adani Total Energies E-Mobility partner with MG Motor India to strengthen India's EV ecosystem

New Delhi, <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> <keyword id="11344358" type="General" weightage="80" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword> E-Mobility Limited (ATEL) will set up EV charging infrastructure with all-electric cab aggregator, Prakriti E-Mobility (<keyword id="8400075" type="General" weightage="100" keywordseo="evera" source="Orion">Evera</keyword>), the company said on Tuesday. "The collaboration will feature an integration of 200 EV charging points super hub in Delhi. This strategic partnership will be scaled up pan-India to encourage decarbonized mobility," it said in a statement. Adani TotalEnergies E-Mobility Limited (ATEL) is a wholly-owned subsidiary of Adani Total Gas Limited, the equal joint venture of Adani Group and French energy giant TotalEnergies. ATEL is setting up EV charging ecosystem with a wide range of charging points catering to B2C and B2B customers. The partnership with Evera comes at a time of rising EV demand, though charging infrastructure still remains scant. It will "help catalyse India's 2030 decarbonization target, supported by a rising inclination towards electric vehicles in the cab-hailing segment," the statement said. ATEL and Evera hope to bridge the existing EV infrastructural gaps in India, targeting key highways, workplaces, and other locations with convenient and fast-charging AC and DC solutions. "We are excited to join hands with Evera in developing this prestigious project in the Delhi-NCR region, further strengthening our long-term strategic partnership. We are already engaged with Evera for operating its cluster hub at Okhla, Delhi. "The upcoming hub is strategically located in close proximity to the Delhi International Airport and will support Evera to provide green rides to customers. The hub will include commissioning of approximately 200 EV charging points, which will be a combination of AC &amp; DC chargers," said Suresh P Manglani, CEO, ATGL. The large-sized EV charging station at Samalkha will allow use by other aggregators and individual EV owners to increase crossutilization and to improve the EV ecosystem in New Delhi. This model will then be replicated pan-India. ATEL and Evera will enable this infrastructure on a revenue-sharing model, which becomes strategically resourceful by championing the partners' individual expertise. Commenting on the collaboration, Nimish Trivedi, Co-Founder &amp; CEO, Evera, said, "This association will foster a user-friendly experience for Evera cab drivers as well as all electric vehicle owners by eliminating anxiety to travel farther distances. "We are developing this with the aim to realize a sinewed mobility infrastructure that is green, climate-conscious, and sustainable. We could not be more excited to combine forces with ATEL to propel India's EV infrastructure that drives electric vehicle adoption among individuals, businesses, and cab aggregators." The upcoming charging station in the capital will not only eliminate range anxiety but also promote widespread adoption of electric vehicles, the statement added without giving out the number of EV charging stations the joint venture was planning to set up.

Adani TotalEnergies E-Mobility partners with Evera Cabs for charging hubs

New Delhi, Billionaire <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> has raised USD 1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to USD 9 billion as the conglomerate draws interest from a cross-section of investors. In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies." "In the most recent instance, <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> family has raised USD 1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies - <keyword id="13945954" type="DOMAIN" weightage="20" keywordseo="Adani-Enterprises-Ltd-" source="BI" sourcekeytype="stcompany" meta.aliasname="Adani Enterprises Ltd." meta.entityname="Adani Enterprises Ltd." meta.entityid="INE423A01024" meta.seoname="adani-enterprises-ltd">Adani Enterprises Ltd,</keyword> Adani Green Energy Ltd and Adani Transmission Ltd," it said. "This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months." In addition, the three portfolio companies have also received board approval for primary issuances through a share sale to investors as the group continues to build on a comeback strategy to emerge from allegations of fraud levelled by a US short-seller. Adani Enterprises Ltd, the group's flagship firm, plans to raise Rs 12,500 crore through share sale to investors while electricity transmission company Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore. This comes five months after Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report. The offer was fully subscribed but the company returned the money to subscribers. US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about USD 145 billion in the conglomerate's market value at its lowest point. Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects. Promoters in two tranches have sold shares since May to leading US-based global equity investment boutique GQG Partners. The latest was earlier this month where USD 1.38 billion was raised. "A similar stake-sale by the family in March 2023 aggregating to USD 1.87 billion (Rs 15,446 crore), resulted in full prepayment of margin-linked, share-backed financing and created flexibility in a rising rate environment to equitize debt capital as and when due," the statement said. The group has been trying to win back market confidence with a series of investor roadshows, early debt repayments, and plans to scale back its pace of spending on new projects. "Adani Group, which started the capital transformation journey for its core infrastructure portfolio in 2019, has raised over USD 9 billion in a short span of four years," it said. "The programme paved the way for long-only global investors to participate in the world's largest and fastest-growing infrastructure development where Adani portfolio offers a one-stop play through its portfolio companies spread across the infrastructure spectrum from energy and utility to transport and logistics." It has attracted investments across various listed entities - Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), Adani Total Gas Limited (ATGL) and Adani Enterprises Limited (AEL). "In line with the group's capital management philosophy of enabling participation of strategic long term investors, Adani has attracted large-scale investments from the likes of Qatar Investment Authority (QIA), TotalEnergies (TTE) , International Holding Company (IHC), as well as GQG Partners (GQG) along with its co-investors Australia Super, Goldman Sachs, University of Texas, Delaware Public Employees Retirement System, Master Trust Bank of Japan, Missouri Education Pension Trust, Abu Dhabi Investment Authority, Universal Investment Luxembourg, New York State Common Retirement Fund and Employees Retirement System of Texas," it said. QIA invested USD 452 million in ATL in February 2020 while TTE invested USD 3.3 billion in a joint venture with APSEZ, ATGL and AGEL in April 2019. IHC invested USD 2 billion AEL, ATL and AGEL in May last year and GQG invested USD 3.19 billion in AEL, ATL, AGEL and APSEZ this year. "The faith and confidence shown by these large global investors are proof of the underlying strength of the group's businesses and the Adani Group's commitment to the highest level of governance. Moreover, the success of the investment program also demonstrates the group's ability to raise funds across companies at each stage and achieve the stated goals," the statement said. AEL is among the world's largest business incubators, with focus on building infrastructure businesses. Its strategic priorities include the airport and green hydrogen business. Green Hydrogen will enable decarbonization of industrial and mobility sectors, and support India's push towards self-sufficiency in primary energy. AGEL is the largest and the fastest-growing renewable power company in India with an operational portfolio of 8.1 GW. It envisions commissioning 45 GW of renewable energy capacity by 2030, while being the lowest cost generator of renewable power. ATL is the largest private energy solutions player in India with presence in power transmission and distribution and an increasing focus on smart metering. Smart meters will enable electricity distribution companies to efficiently integrate and plan renewable energy into power grids and are essential tools for the decarbonization of the energy sector.

Adani raises $1.4 bn from stake sale in 3 cos; $9 bn raised in 4 yrs

Chennai, Credit rating agency ICRA Ltd on Wednesday said the large debt funded capex programme of <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> remain a challenge, and some of them are discretionary in nature. The rating agency also said it would continue to monitor and review the ratings based on the movement in credit metrics of the Adani Group's rated entities and impact of the latest events on their financial flexibility. In a note titled 'Adani Ports and Special Economic Zone Limited: Update on Material Event', ICRA said on January 24, the US-based Hindenburg Research published a report, containing several adverse observations regarding accounting practices, related-party transactions, concentrated shares ownership by few overseas investments firms and share price movement of Adani group of companies including Adani Ports and Special Economic Zone Ltd (APSEZL). Subsequent to the release of this report, the share prices of all the listed Adani group companies including APSEZL have witnessed a steep decline, ICRA said. On January 29, Adani Group released their detailed response to the observations made by Hindenburg, refuting the allegations and stating that most of the observations relate to matters that have been duly disclosed by the Adani portfolio companies in the past. "While the large debt funded capex programme of the group remains a key challenge, ICRA notes that some of the planned capex is discretionary in nature and can be deferred depending on the liquidity position," the credit rating agency said. ICRA is monitoring the impact of these developments on its rated portfolio in Adani group, especially the financial flexibility of the group with key monitorables being access to domestic and international capital markets and banking channels, pricing of debt, tightening of debt covenants, recall or acceleration of debt facilities and refinancing. While the ICRA-rated Adani group entities do not have any immediate refinancing requirement, it is expected for some of the entities from FY2025 onwards, the rating agency said. "However, comfort is drawn from the high visibility on cashflows for these entities supported by the long tenure of the off-take contracts in case of Adani Transmission Ltd (ATL), favorable demand prospects, dominant market position and long-term customer contracts for APSEZL and favourable economics of conversion in the CGD (city gas distribution) sector for Adani Total Gas Ltd (ATGL) and the strong liquidity position maintained by the group," ICRA said.

Some of Adani Group's debt funded capex projects are discretionary, can be deferred: ICRA

<ul><li><keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani group</keyword> has a consolidated gross debt of ₹2.3 trillion and net debt of ₹2 trillion. </li><li>Net debt / EBIDTA has come down from 7.6x in 2013, to 4.0x in 2016, and 3.2x in September 2022 says the equity research report. </li></ul>Adani group's details on debt and repayment schedule point that consolidated net debt is at ₹2 trillion, with relatively low refinancing needs in the near term, according to an equity research report by Jefferies, a New-York-based investment bank and financial services company. While acquisition of cement business raises debt, it generates cash as well. “Indian banks' exposure is limited to 0.5% of loans (private banks lower at 0.3% and PSUs at 0.7%) and quality is better, as mostly to cash-making assets; tighter RBI rules also helped. So we see low risk to asset quality, but some delay in capex cycle,” the report says. According to the report, Adani group has a consolidated gross debt of ₹2.3 trillion (+20% vs. Mar-22) and net debt of ₹2 trillion (+22% vs. Mar-22), spread across group companies as of September 2022. Excluding that of acquisition of cement business gross debt was flat versus March 2022 while net debt rose 5% during the same period. However, the cement entity also generates reasonable cashflow. The top companies by net debt levels are Adani Green Energy (AGEL), Adani Ports and SEZ (APSEZ), Adani Power (APL) and Adani Transmission (ATL) with ₹300-400 billion in net debt each. However, the leverage is higher for AGEL &amp; ATL. Over FY16 to September 2022, we estimate that net debt levels rose from ₹ 0.7 trillion to ₹2 trillion reflecting capex in group companies. Details on the debt repayment schedule reflects manageable refinancing needs. “Cashflows of the group have been improving at a faster pace that has helped to bring down net debt / EBIDTA (on run rate basis) from 7.6x in 2013, to 4x in 2016, and 3.2x in Sep-22,” says the report. Net debt / EBIDTA ratio is higher for Adani Green Energy (AGEL) and Adani Transmission (ATL) but lower than portfolio level for other entities. As per management, EBITDA includes other income. “Our recent conversation with industry participants also indicated that cashflows and repayment timelines of debt have been conservatively planned. Debt Service Coverage Ratio (DSCR) for most portfolio companies is in the range of 1.7-2.0x for FY23E, ex of ATGL,” the report adds. A lower net debt / EBIDTA ratio is considered good as the lower the ratio, the higher the chances of paying off debt. A higher net debt / EBIDTA ratio means that the company may face financial problems going ahead. Indian banks are better placed “While we watch for developments here, we don't see material risk arising to the Indian banking sector as debt to this group forms 0.5% of total loans — 0.7% for PSU banks and 0.3% for private banks. Moreover, the quality of their exposure is better, with high exposure to cash-generating / operating asset,” the report says. In fact, Indian banks haven't participated in loans on pledge of shares as well as acquisition financing, partly thanks to restrictions imposed by RBI on banks. In that segment, foreign banks could have 80-90% of the market share. However, a realignment of the capex commitments from the group could affect the pipeline of the capex cycle as well as loan growth for banks, the report says.

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Adani Total Gas reports 8% rise in FY23 net profit to ₹546 crore, announces plans to expand EV charging points to 3,000

Rounak Jain

Adani Total Gas to invest ₹12,000 crore to expand its city gas network

IANS

Adani Total Energies E-Mobility partner with MG Motor India to strengthen India's EV ecosystem

ANI

Adani TotalEnergies E-Mobility partners with Evera Cabs for charging hubs

PTI

Adani raises $1.4 bn from stake sale in 3 cos; $9 bn raised in 4 yrs

PTI

Some of Adani Group's debt funded capex projects are discretionary, can be deferred: ICRA

IANS

Adani group’s refinancing needs are relatively low in near term: Jefferies

Anagh Pal

Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’

Rounak Jain

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