Wed Nov 27 12:27:40 UTC 2024: ## Adani Group Shares Surge Following Strong Performance Report
**MUMBAI, INDIA** – Despite ongoing scrutiny over allegations of bribery and fraud, shares of nine out of ten Adani Group companies experienced significant gains on Monday, November 25th. Adani Enterprises saw the most substantial increase, with its share price rising nearly 3%. This surge is attributed to a newly released performance report highlighting the group’s strong financial position.
The report revealed that the Adani Group’s asset base has reached ₹5.53 lakh crore (approximately $66.6 billion USD). Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 17% year-over-year to ₹83,440 crore ($10 billion USD) in the twelve months ending September 2024. The first half of fiscal year 2025 saw a 1.2% increase in EBITDA, reaching ₹44,212 crore ($5.3 billion USD), primarily driven by its core infrastructure business (utilities, transport, and Adani Enterprises), which contributed 86.8% of the EBITDA.
The report further stated that the Adani Group holds a cash balance of ₹53,024 crore ($6.4 billion USD), representing 20.53% of its total debt. The group claims sufficient liquidity to meet all debt obligations within the next year. The report indicated a net debt-to-EBITDA ratio of 2.46 times, falling below the group’s guidance of 3.5x-4.5x. The gross asset-to-debt ratio stands at 2.7 times, slightly up from 2.6 times in fiscal year 2024.
While the report paints a positive financial picture, the Adani Group continues to face investigations related to alleged corruption and fraudulent activities. The market reaction suggests investor confidence, at least for now, remains relatively strong despite these ongoing controversies.
First Piper 