Adani Group, led by Billionaire Gautam Adani, informed exchanges on Monday that the group has repaid $2.65 billion of loans as part of a prepayment programme to cut overall leverage.
The group said it had fully prepaid loans, including margin-linked share-backed financing of $2.15 billion and another $700 million debt for acquiring Ambuja Cement. In the credit note, the group also mentioned that the prepayment was done along with an interest payment of $203 million.
The group’s net debt to EBITDA, or operating profit, was at 3.27, while the net debt to run-rate EBITDA ratio was at 2.81, the conglomerate said in a statement.
In its credit update, the Ahmadabad-based conglomerate highlighted that the group’s listed companies have a cash balance of Rs 40,351 crore, per a group credit summary published on Monday. Gross assets increased to Rs 4.23 lakh crore, up by Rs 1.06 lakh crore on-year.
The group portfolio’s combined net debt to EBITDA ratio has decreased from 3.81 in FY22 to 3.27 in FY23, and run rate EBITDA jumped to ₹66,566 crore in FY23 compared to ₹50,706 crore in FY22. The gross asset or net debt cover at the combined portfolio level improved to 2.26x in FY23 from 1.98x in FY22.
Almost all shares of Adani Group were trading green during early market hours, led by the news, but fell near the closing hours. The group stocks were trading mixed. Amnuja Cement led the rally with a 4.4% rise, followed by ACC, Adani Power and Adani Ports, increasing to 2% each.
The flagship company, Adani Enterprises, was up over 7% but closed flat. Among others, Adani Power, Adani Transmission and Adani Wilmar fell from 0.5% to 2%.