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Time of India
5 days ago
- Business
- Time of India
Why Adani's $1.2 billion stake in Haifa Port is more than just business
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads A strategic asset in a sensitive region Tired of too many ads? Remove Ads A long history of commercial and military significance India's stake in the IMEC corridor Regional rivalry and security concerns Adani's broader presence in Israel The port's multiplier effect A small asset with high symbolic value Israel's largest oil refinery, Bazan, suspended all operations at its Haifa Port facilities following significant damage from an Iranian missile strike late Monday attack claimed the lives of three employees and triggered large fires across the strategic energy complex. Visuals from the site showed flames raging at the facility, while firefighting teams continued efforts to bring the situation under control, according to Israeli daily Ha' refinery shutdown came after a barrage of Iranian ballistic missiles rained down on Israel's Tel Aviv and the northern port city of Haifa on Monday, killing at least eight people and reducing homes to attack, one of the most direct escalations between Tehran and Tel Aviv in recent years, prompted a chilling response from Israeli Defence Minister Yoav Gallant: the people of Tehran 'will pay the price and soon.'As the conflict intensifies, one of India's most prominent commercial footholds in the region, Haifa Port in northern Israel, is facing renewed by the Adani Group in early 2023, the port is now operating under the shadow of Economic Times reported on June 14 that Iranian ballistic missiles had targeted Haifa and a nearby oil refinery amid heightened hostilities between the two countries. Shrapnel reportedly hit parts of a chemical terminal and refinery close to the the Adani Group denied any damage to port operations. 'False,' said Jugeshinder 'Robbie' Singh, Group CFO , rejecting claims that the facility had been the immediate denial, the situation highlights the growing uncertainty around Adani's investment in the port, valued at approximately $1.2 billion, and the broader risks of commercial activity in a conflict January 2023, Adani Ports and Special Economic Zone Ltd (APSEZ), along with Israel's Gadot Group, completed the purchase of a 70% stake in Haifa Port Company. The consortium had won the Israeli government tender in July 2022, part of a larger effort to privatise the country's port Ports and Gadot Group hold 70%-30% shares respectively in the port handles close to 20 million tonnes of cargo annually, according to its official website, and remains the busiest and most efficient port in Israel. In 2023, it processed 11.7 million tonnes of cargo and 736,138 TEUs, employing around 750 people. It also handled over 410,000 cruise contributes around 3% of Adani Ports' cargo volumes and 5% of its revenue. While these are modest figures in business terms, the port's strategic location, outside Israel's most volatile southern regions, with direct rail and road links to major industrial hubs, gives it geopolitical also provides deep-water access to large vessels and plays a central role in over 30% of Israel's seaborne trade. Crucially, Haifa is adjacent to key Israeli naval installations and has historically served as a base for its submarine port was originally developed by the British in the early 20th century, with construction beginning in 1920 and formal inauguration in 1933. Haifa played an important role during the British Mandate and the early years of Israeli statehood. It has since remained a core part of the country's logistics and naval it sits at the intersection of Israel's economic and military networks, bordering an oil refinery, serving industrial exports, and supporting naval operations. These dual-use characteristics raise the stakes for any foreign Haifa acquisition aligns with India's interest in the proposed India-Middle East-Europe Economic Corridor (IMEC), a multinational initiative involving India, Israel, the UAE, Saudi Arabia, the EU, and the US. The corridor aims to connect Indian ports to Europe via the Arabian Peninsula and Israel, offering a potential alternative to the Red Sea–Suez Canal Prime Minister Benjamin Netanyahu has described Haifa as a critical link in this corridor. For India, a direct stake in the port could help streamline trade with Europe, strengthen logistics infrastructure, and deepen strategic coordination with regional James M. Dorsey, a senior fellow at the S. Rajaratnam School of International Studies, characterised the port acquisition as 'I2U2's first success,' referring to the grouping of India, Israel, the UAE, and the is also a site of competition between global powers. China's Shanghai International Port Group (SIPG) operates a separate terminal in Haifa Bay under a 25-year contract signed in 2015. According to The Times of Israel, the terminal, completed at a cost of $1.7 billion (NIS 5.5 billion), sparked controversy over its proximity to Israel's nuclear submarine base and to US Navy vessels, including the Sixth deal reportedly went ahead without review by Israel's cabinet or National Security Council. US officials, including President Donald Trump, warned that Chinese control of critical infrastructure could jeopardise intelligence sharing and defence cooperation. Under American pressure, Israel abandoned earlier plans to allow further Chinese involvement in port the tender for the older Haifa terminal was awarded to the Adani-Gadot consortium, a decision seen as more acceptable to both Israel and its Western the port, the Adani Group also has interests in Israel's defence sector. In 2018, Adani Enterprises formed a joint venture with Elbit Systems to manufacture Hermes 900 drones at a facility in Hyderabad. These UAVs are actively used by the Israel Defense Systems, according to its 2022 annual report, derives roughly 90% of its revenue from defence and ranks among the world's 25 largest arms manufacturers. As the regional conflict escalates, demand for such drones may rise, but the strategic exposure of Indian firms to foreign defence partnerships in conflict zones remains a complex to Israel Ports Company, maritime transport accounts for nearly 98% of the country's foreign trade, and Haifa is a central hub in that system. The port has a effect on employment, logistics and tourism. Industry estimates suggest each job at Haifa Port supports up to seven jobs in related Blumenthal, CEO of Israel Ports Company, called the opening of the new Haifa Bay terminal 'one of the most important infrastructure projects for Israel's future,' according to The Times of Israel. The entry of private operators is expected to increase competition among Israel's three main ports — Haifa, Ashdod, and Eilat — and improve service the Adani Group, Haifa is a small part of a much larger logistics empire. The company operates 13 ports in India and handles 24% of the country's maritime cargo. But Haifa's importance lies not in volume but in what it represents: a shift in India's global port is a test case for India's ability to invest, operate and maintain critical infrastructure in geopolitically sensitive regions. The challenges are significant. As regional dynamics shift amid a raging conflict, the security of Indian assets in West Asia is no longer for now, the port remains operational, and Adani's investment continues to signal India's willingness to take calculated risks abroad in pursuit of longer-term strategic and economic goals.
Time of India
22-05-2025
- Business
- Time of India
Adani Group posts record EBITDA of nearly Rs 90,000 crore in FY25; boosted by infrastructure growth
NEW DELHI: The Adani Group has reported its highest-ever pre-tax profit of nearly Rs 90,000 crore for the fiscal year ending March 31, 2025, supported by robust operational performance and sound financial management. EBITDA rose to Rs 89,806 crore in FY25 from Rs 24,870 crore in FY19, reflecting a six-year compound annual growth rate (CAGR) of 24 per cent. Year-on-year, EBITDA growth stood at 8.2 per cent. Net profit for the year reached Rs 40,565 crore, marking a six-year CAGR of 48.5 per cent. Gross assets climbed to Rs 609 lakh crore, driven by the group's continued expansion into infrastructure, airports, and renewable energy. As a result of this expansion, gross debt increased to Rs 2.9 lakh crore, though net debt was contained at Rs 2.36 lakh crore due to strong cash reserves. The liquidity buffer now represents 18.5 per cent of gross debt while the group's cash reserves, standing at Rs 53,843 crore. Return on Assets (ROA) stood at 16.5 per cent in FY25, underlining the group's capital efficiency. The net debt-to-EBITDA ratio improved to 2.6x, down from 3.8x in FY19, reflecting disciplined capital allocation and deleveraging efforts. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Group CFO Jugeshinder 'Robbie' Singh attributed the strong financial performance to effective governance, ESG initiatives, and operational strength, which have also led to enhanced international credit ratings. The group's core infrastructure businesses- including utilities, transport, and incubating assets- accounted for 82 per cent of total EBITDA. Cash flow after tax rose by 13.6 per cent to Rs 66,527 crore, further supporting the group's asset expansion plans. Operational highlights for the year included increased solar module sales, a rise in airport passenger traffic, greater transmission line orders, and improved cargo handling volumes at its ports division. The cement business achieved a milestone capacity of 100 million tonnes. The Adani Group's cost of debt has also declined steadily, falling from 10.3 per cent in FY19 to 7.9 per cent in FY25, aided by better credit metrics and stronger market positioning. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
22-05-2025
- Business
- Economic Times
Adani Group posts record EBITDA of Rs 90,000 cr in FY25
Adani Group's portfolio companies posted their highest-ever pre-tax profit (EBITDA) of about Rs 90,000 crore in the fiscal year ended March 31 and had a cash balance to cover 21 months of debt servicing, the ports-to-energy conglomerate said on Thursday. The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) has more than tripled in six years - from Rs 24,870 crore in 2018-19 to Rs 89,806 crore in 2024-25 (April 2024 to March 2025). ADVERTISEMENT EBITDA grew by 8.2 per cent from Rs 82,976 crore in FY24 to Rs 89,806 crore in FY25, with a 6-year (FY19-FY25) Compounded Annual Growth Rate (CAGR) of 24 per cent. Net profit for 2024-25 came in at Rs 40,565 crore and has seen a six-year CAGR of 48.5 per cent. Gross Assets have increased to Rs 609,133 lakh crore, with a 6-year CAGR of over 25 per cent, the conglomerate said in a press statement. The group, which is on a massive spending spree from airports to renewable energy parks, saw gross debt climb to Rs 2.9 lakh crore from Rs 2.41 crore in FY24. After considering Rs 53,843 crore of cash balance, the net debt was Rs 2.36 lakh crore in FY25. The group said that cash balances provide liquidity cover for 21 million of debt servicing obligations. ADVERTISEMENT "ROA in FY25 reached 16.5 per cent, one of the highest amongst infrastructure players globally," it said. "Prudent capital allocation has led to steady Return on Asset (ROA) at 16 per cent, showcasing no compromise on ROA to achieve high growth." The accelerated profit growth has reduced leverage - net debt-to-EBITDA is down from 3.8x in FY19 to 2.6x in FY25. Cash balance of Rs 53,843 cr represents 18.5 per cent of gross debt. ADVERTISEMENT "A key highlight of FY25 is the continued industry-beating Return on Assets of 16.5 per cent, which is amongst the highest in any infrastructure business globally, underpinning the attractive asset base and the execution capabilities of the Adani Portfolio to continuously churn out the best quality assets across sub sectors," said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group. "Additionally, we have undertaken various initiatives related to governance and ESG, viz., tax transparency report released by all portfolio companies, in addition to all the other initiatives introduced over the past years, resulting in industry-best ESG scores and performance by international ESG rating agencies." ADVERTISEMENT Adani Group said 82 per cent of the EBITDA is contributed by the highly stable 'core infrastructure' platform, lending a high level of stability and visibility. Adani's 'core infrastructure' platform comprises utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), transport (Adani Ports and SEZ), and Adani Enterprise Ltd's incubating infrastructure businesses. ADVERTISEMENT Cash after tax (CAT) or fund flow from operations (FFO) increased to Rs 66,527 crore, up 13.6 per cent, driven by strong operating leverage across businesses. Higher cashflows helped record asset addition of Rs 1.26 lakh crore - the highest in the history of Adani Portfolio, taking the total gross assets to Rs 6.1 lakh crore. Three-fourths of this was added in the past six years. Prudent capital allocation, complemented by strong execution, has helped Adani Portfolio consistently achieve industry-leading Return on Asset of over 15 per cent in each of the past six years, it said adding ROA for FY25 was 16.5 per cent -- one of the highest globally in the infrastructure sector. "High growth in profits has led to a sharp reduction in the leverage of portfolio companies - portfolio-level net debt to EBITDA has reduced from 3.8x in FY19 to as low as 2.6x now," the statement said. Robust financial performance across businesses has resulted in consistent ratings improvement with milestone achievement in FY25. Nearly 90 per cent of EBITDA is now generated from assets with domestic ratings of 'AA-' and above, as compared to 63 per cent and 48 per cent two and six years ago, respectively. As a result, the cost of debt for FY25 was 7.9 per cent against 9 per cent in FY24 and 10.3 per cent in FY19. "In line with our conservative credit policies, sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months. As on March 31, 2025, Adani Portfolio had a cash balance of Rs 53,843 crore, representing 18.5 per cent of gross debt and is sufficient to cover 21 months of debt servicing requirements comfortably above our stated 12 months+1 day of debt servicing policy," it added. On operational performance, the group said solar module sale increased 59 per cent year-on-year to 4,263 MW while the passenger movement at Adani Airports rose by 7 per cent to 94.4 million. Operational green capacity increased by 30 per cent Y-o-Y to 14,243 MW with the addition of 2,710 MW solar and 599 MW wind power plants. The transmission line order book increased 3.5 times to Rs 59,936 crore, and Adani Energy Solutions won seven new transmission projects during FY25. Volumes handed by Adani Ports increased 7 per cent to 450 million tonnes, driven by strong growth in the container volume, up 20 per cent. Vizhinjam port, its newest, crossed the 100,000 TEUs (Twenty-foot Equivalent Unit) milestone in March 2025, just four months after becoming operational. The cement business has now crossed 100 million tonnes capacity - an increase of 21 million tonnes since FY24 end.
Time of India
22-05-2025
- Business
- Time of India
Adani Group posts record EBITDA of Rs 90,000 cr in FY25
Adani Group's portfolio companies posted their highest-ever pre-tax profit (EBITDA) of about Rs 90,000 crore in the fiscal year ended March 31 and had a cash balance to cover 21 months of debt servicing, the ports-to-energy conglomerate said on Thursday. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Adani Group's portfolio companies posted their highest-ever pre-tax profit ( EBITDA ) of about Rs 90,000 crore in the fiscal year ended March 31 and had a cash balance to cover 21 months of debt servicing, the ports-to-energy conglomerate said on Thursday. The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) has more than tripled in six years - from Rs 24,870 crore in 2018-19 to Rs 89,806 crore in 2024-25 (April 2024 to March 2025).EBITDA grew by 8.2 per cent from Rs 82,976 crore in FY24 to Rs 89,806 crore in FY25, with a 6-year (FY19-FY25) Compounded Annual Growth Rate (CAGR) of 24 per profit for 2024-25 came in at Rs 40,565 crore and has seen a six-year CAGR of 48.5 per Assets have increased to Rs 609,133 lakh crore, with a 6-year CAGR of over 25 per cent, the conglomerate said in a press group, which is on a massive spending spree from airports to renewable energy parks, saw gross debt climb to Rs 2.9 lakh crore from Rs 2.41 crore in FY24. After considering Rs 53,843 crore of cash balance, the net debt was Rs 2.36 lakh crore in group said that cash balances provide liquidity cover for 21 million of debt servicing obligations."ROA in FY25 reached 16.5 per cent, one of the highest amongst infrastructure players globally," it said. "Prudent capital allocation has led to steady Return on Asset (ROA) at 16 per cent, showcasing no compromise on ROA to achieve high growth."The accelerated profit growth has reduced leverage - net debt-to-EBITDA is down from 3.8x in FY19 to 2.6x in FY25. Cash balance of Rs 53,843 cr represents 18.5 per cent of gross debt."A key highlight of FY25 is the continued industry-beating Return on Assets of 16.5 per cent, which is amongst the highest in any infrastructure business globally, underpinning the attractive asset base and the execution capabilities of the Adani Portfolio to continuously churn out the best quality assets across sub sectors," said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group."Additionally, we have undertaken various initiatives related to governance and ESG, viz., tax transparency report released by all portfolio companies, in addition to all the other initiatives introduced over the past years, resulting in industry-best ESG scores and performance by international ESG rating agencies."Adani Group said 82 per cent of the EBITDA is contributed by the highly stable 'core infrastructure' platform, lending a high level of stability and 'core infrastructure' platform comprises utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), transport (Adani Ports and SEZ), and Adani Enterprise Ltd's incubating infrastructure after tax (CAT) or fund flow from operations (FFO) increased to Rs 66,527 crore, up 13.6 per cent, driven by strong operating leverage across cashflows helped record asset addition of Rs 1.26 lakh crore - the highest in the history of Adani Portfolio, taking the total gross assets to Rs 6.1 lakh crore. Three-fourths of this was added in the past six capital allocation, complemented by strong execution, has helped Adani Portfolio consistently achieve industry-leading Return on Asset of over 15 per cent in each of the past six years, it said adding ROA for FY25 was 16.5 per cent -- one of the highest globally in the infrastructure sector."High growth in profits has led to a sharp reduction in the leverage of portfolio companies - portfolio-level net debt to EBITDA has reduced from 3.8x in FY19 to as low as 2.6x now," the statement financial performance across businesses has resulted in consistent ratings improvement with milestone achievement in FY25. Nearly 90 per cent of EBITDA is now generated from assets with domestic ratings of 'AA-' and above, as compared to 63 per cent and 48 per cent two and six years ago, a result, the cost of debt for FY25 was 7.9 per cent against 9 per cent in FY24 and 10.3 per cent in FY19."In line with our conservative credit policies, sufficient liquidity is maintained across portfolio companies to cover debt servicing requirements for at least the next 12 months. As on March 31, 2025, Adani Portfolio had a cash balance of Rs 53,843 crore, representing 18.5 per cent of gross debt and is sufficient to cover 21 months of debt servicing requirements comfortably above our stated 12 months+1 day of debt servicing policy," it operational performance, the group said solar module sale increased 59 per cent year-on-year to 4,263 MW while the passenger movement at Adani Airports rose by 7 per cent to 94.4 green capacity increased by 30 per cent Y-o-Y to 14,243 MW with the addition of 2,710 MW solar and 599 MW wind power transmission line order book increased 3.5 times to Rs 59,936 crore, and Adani Energy Solutions won seven new transmission projects during handed by Adani Ports increased 7 per cent to 450 million tonnes, driven by strong growth in the container volume, up 20 per port, its newest, crossed the 100,000 TEUs (Twenty-foot Equivalent Unit) milestone in March 2025, just four months after becoming cement business has now crossed 100 million tonnes capacity - an increase of 21 million tonnes since FY24 end.
India Gazette
22-05-2025
- Business
- India Gazette
Adani Group posts stellar 2024-25 performance; EBITDA hits all-time high
Ahmedabad (Gujarat) [India], May 22 (ANI): Adani Group has posted a stellar performance in the recently concluded financial year 2024-25 with its EBITDA hitting an all-time high of Rs 90,000 crore (USD 10.5 billion). It also made a record capital expenditure of Rs 126,000 crore (USD 14.7 billion) in 2024-25. Its Profit After Tax (PAT) rose to an all-time high of Rs 40,565 crore in 2024-25. The conglomerate as a whole witnessed a Return on Asset of 16.5 per cent, which it claimed to be one of the highest globally in the infrastructure space. 'Prudent capital allocation has led to steady Return on Asset (ROA) at 16 per cent, showcasing no compromise on ROA to achieve high growth,' it said in a statement. On Thursday, Adani Portfolio released 2024-25 results and credit compendium covering all its listed entities, summarising the key developments across the portfolio companies. 'A key highlight of FY25 is the continued industry-beating Return on Assets of 16.5 per cent, which is amongst the highest in any infrastructure business globally, underpinning the attractive asset base and the execution capabilities of the Adani Portfolio to continuously churn out the best quality assets across sub sectors,' said Jugeshinder 'Robbie' Singh, GCFO, Adani Group. 'Additionally, we have undertaken various initiatives related to governance and ESG, viz. Tax Transparency report released by all portfolio companies, in addition to all the other initiatives introduced over the past years, resulting in industry-best ESG scores and performance by international ESG rating agencies,' he added. Here are some of the company-wise key highlights for 2024-25: Adani Enterprises: ANIL Solar Module sale increased 59 per cent year-on-year to 4263 MW. Expansion of the TopCon module and cell line for an additional capacity of 6 GW has started. Pax movements across Adani Airports rose by 7 per cent year-on-year to 94.4 million and cargo movements was up by 8 per cent year-on-year to 1.09 million tonne. Highest ever 2,410.1 Lane-KMs were constructed in the road business. 7 out of 8 under-construction projects are now 70 per cent complete. 500 KTPA (Kilo Tonnes per Annum) Copper smelter at Mundra is now operational and will be fully ramped up in the coming months. Adani Green Energy: Operational capacity increased by 30 per cent to 14,243 MW with the addition of 2,710 MW solar and 599 MW wind power plants. Adani Energy Solutions: Transmission order book increased 3.5x to Rs 59,936 crore (USD 7 billion) from Rs 17,000 crore (USD 2 billion) a year ago. Won seven new transmission projects during 2024-25, including Rajasthan Phase III Part-I (Bhadla - Fatehpur HVDC transmission line). This is the AESL's largest order win to date. Adani Power: Power generation at 102 billion units was 20 per cent higher year-on-year. Operational capacity has now increased to 17.5 GW, taking Adani's total utility portfolio to over 30 GW. Adani Power: Power generation at 102 billion units was 20 per cent higher year-on-year. Operational capacity has now increased to 17.5 GW, taking Adani's total utility portfolio to over 30 GW. Ambuja Ltd ACL has now crossed 100 MTPA capacity--an increase of 21 MTPA since 2023-24 end. (ANI)
