The Adani group touted improved debt metrics and financials on Monday amid a fresh set of allegations by Hindenburg Research.

The conglomerate said that while its cash balances cover more than 30 months of debt servicing, the leverage — net debt to EBITDA —at 2.2 times as of March 31, 2024 is at a multi-year low. (EBIDTA is an acronym for earnings before interest, taxes, depreciation and amortisation.)

This comes at a time flagship Adani Enterprises is planning to raise around ₹10,000-12,000 crore through a share sale.

A statement from the ports-to-energy conglomerate said pre-tax profit shot up 33 per cent in the June quarter following the strong performance by the core infrastructure business. Its emerging businesses that included solar, wind manufacturing and airports also contributed to the strong show.

EBITDA in April-June surged 32.87 per cent to ₹22,570 crore ₹16,986 crore a year ago.

On the other hand, net profit increased over 50 per cent to ₹10,279 crore in the first quarter of the current 2024-25 fiscal year.

“The consistently advancing EBITDA is largely driven by the group’s highly stable and resilient ‘core infrastructure’ platform, which constitutes over 80 per cent to the portfolio EBITDA and saw a remarkable 41.6 per cent growth year-on-year in the first quarter,” it said.

The core infrastructure platform comprises flagship Adani Enterprises Ltd’s infrastructure businesses, the utility businesses under Adani Green Energy, Adani Power, Adani Energy Solutions and Adani Total Gas, and transport under Adani Ports & SEZ.

While net debt to EBITDA declined to 2.2 times from 3.27 times in 2022-23, net debt itself stood at ₹181,604 crore in absolute terms in 2023-24. The gross debt was at ₹241,394 crore.

Among its group firms, Adani Enterprises saw EBITDA rising 46 per cent to ₹4,487 crore and net profit more than double to ₹1,776 crore in April-June, while Adani Green Energy recorded a 30 per cent rise in EBITDA to ₹2,866 crore and a near doubling of net profit to ₹ 629 crore.

“The strong performance for the quarter was led by Adani Enterprises’ emerging businesses, including solar and wind manufacturing —— India’s largest and part of a fully integrated green hydrogen chain —— as well as its airports and roads sectors. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago,” it said.

Hindenburg Research had, on August 10, accused Sebi chairperson Madhabi Puri Buch and her husband Dhaval Buch of having stakes in obscure offshore funds used in the alleged siphoning of money by the conglomerate.