Adani Group Stocks Rise After Debt Reassurance

New Delhi, Feb 20 (PTI) Ten Adani Group stocks ended higher on Thursday after the group said it has enough cash to service debt obligations and that its business achieved record pre-tax profits in the 12 months ending December 2024.

Shares of Adani Wilmar jumped 3.48 per cent, NDTV surged 3.11 per cent, Adani Ports climbed 2.85 per cent, ACC rallied 1.10 per cent, Adani Energy Solutions went up by 1.04 per cent, Adani Total Gas (0.89 per cent), Ambuja Cements (0.61 per cent), Adani Power (0.44 per cent), Sanghi Industries (0.20 per cent) and Adani Green Energy (0.03 per cent) on the BSE.

However, the stock of Adani Enterprises dipped 0.06 per cent.

Adani Group on Thursday said it has enough cash to service debt obligations and that its business achieved record pre-tax profits in the 12 months ending December 2024 as it looked to reassure creditors and investors of a robust business profile.

Cash balances exceed long-term debt repayments for the next 28 months, while portfolio-level cash balances were at Rs 53,024 crore, the port-to-power conglomerate said in a report for the first nine months of the financial year ending March 2025 released on Thursday.

"Sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months," it said.

The cash balance as of September 30, 2024 was compared to the Rs 59,791 crore balance generated in the full 2023-24 financial year (April 2023 to March 2024 or FY24 fiscal).

Cash balance represents 20.5 per cent of gross debt.

"These expanding cash flows have enabled consistent investments while keeping the leverage at an all-time low. As on September 30, 2024, FFO or cash after tax for the trailing 12 months was at Rs 58,908 crore," it said.