The Adani group on Wednesday put out a set of figures to buttress claims that it is finally over the Hindenburg hump.

The conglomerate said it has recorded a 42 per cent year-on-year growth in earnings before interest, tax and depreciation and amortisation for the April-June quarter at Rs 23,532 crore.

It added that the core infrastructure and utility platform, which generates stable and assured cash flows, accounted for 86 per cent of total portfolio EBITDA and stood at Rs 20,233 crore compared with Rs 15,031 crore in the year-ago period.

It further disclosed the cash balance at the end of June was Rs 42,115 crore, 4.2 per cent higher than a quarter ago.

In January, the group was hit by damaging allegations by Hindenburg Research which alleged accounting fraud and stock price manipulation by the group that led to huge market losses of its listed shares on the bourses.

Since March, the group has been focussing on reducing its debt and getting fund infusion from foreign investors such as GQG Partners.

Its promoters have sold stakes in five of the 10 listed companies to these investors, which has helped the shares to recover from their lows struck after the report of the short-seller.

The group claimed that incubation under flagship Adani Enterprises continues to be a success story with airports, green hydrogen, and other businesses seeing their profits almost double year-on-year. With EBITDA of Rs 1,718 crore, these businesses contributed 7 per cent to the portfolio EBITDA.

“The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises and cement businesses under Adani Cement,” the group added

Dwelling on the performance of group firms, it said that Adani Green reported EBITDA of Rs 2,200 crore, a 67 per cent rise over the corresponding period of the previous year. This was on the back of an increase in operational capacity by 43 per cent to 8,316MW.

Similarly, the cement business showed a strong operating performance because of cost optimisation and improving synergies. The EBITDA per tonne increased to Rs 1,253 from Rs 888 in June 2022 quarter and Rs 1,079 in March 2023 quarter.

However, Adani Enterprises Ltd’s existing business saw EBITDA fall 12 per cent due to a correction in coal prices and volume stabilisation.

On the other hand, the FMCG business saw a fall of 64 per cent on account of high-cost inventory.