Adani group companies posted a record 45 per cent rise in pre-tax profit (EBITDA) to ₹82,917 crore (about $10 billion) in 2023-24 as the apples-to-airport conglomerate made a massive comeback, the group said on Sunday.

Emerging from a damning report of a US short seller, which hit the market value of its listed companies, Adani Group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year CAGR (compound annual growth rate) for profit growth was 54 per cent.

As much as 84 per cent of EBITDA is from ‘core infrastructure’ businesses, providing highly predictable cash flows.

Cash profit or funds flow from operations (FFO) was at ₹56,828 crore, registering a growth of 51 per cent year-on-year through a disciplined investment strategy providing high conversion, Adani Group said in a statement.

Strong asset base built over three decades supporting resilient critical infrastructure stands at ₹4,78,137 crore ($57 billion).

From 2018-19 to 2023-24, Adani portfolio’s gross assets increased at a 25 per cent CAGR, while EBITDA grew at 27 per cent CAGR. In comparison, the net debt increased at only 14 per cent.

The consumer user base of the platform has increased to 350 million, with fast-growing consumer franchises across airports, electricity distribution, smart metering, gas distribution and direct-to-consumer digital platform.

Richest Asian

Gautam Adani has retaken the tag of richest person in Asia after a surge in stock price of the listed companies in his apples-to-airport conglomerate helped him overtake Reliance Industries head Mukesh Ambani.

Adani with a net worth of $111 billion is now ranked as the 11th richest in the world, ahead of Ambani whose $109 billion wealth placed him at the No. 12 position, according to the Bloomberg Billionaires Index.