CreditSites has revised its year-old opinion. According to a Bloomberg report, Lakshmanan R, senior research analyst at CreditSites, said Adani Enterprises Limited, Adani Power Limited and Adani Ports and Special Economic Zone Limited have moderate leverage. Whereas, the leverage of Adani Green Energy Limited and Adani Transmission Limited still remains high.
According to a BQPrime report, Lakshmanan said that the credit metrics of most Adani Group companies have improved in FY23 as compared to FY22. Whereas, the credit metrics of some of them have remained stable or have seen a marginal decline.
What is in the report of Adani Group?
Adani Group had released a report on Monday. According to the report, Adani Group has completed the process of repaying its loan. Under the Deleveraging Programme, the group has repaid $2.65 billion in debt, due to which the financial metrics of the group have also improved significantly.
All this information has been given in the Adani Portfolio Credit Update issued by the group. According to this credit update, Adani Group has repaid Margin Linked Share Backed Financing of $2.15 billion before March 12. This payment has been made by the group ahead of time, its maturity was to be on March 31, 2023.
Along with this, the promoters have also repaid the $700 million loan taken for the acquisition of Ambuja Cements ahead of time. Along with this premature payment, interest of $203 million has also been paid.
Cash balance of listed companies also increased
In FY23, the cash balance of listed companies has increased by 41.5% to more than $4.75 billion (YoY) i.e. Rs 40,351 crore. If we add the cash balance and free flow capital of the companies, then this figure will be Rs 77,889 crore, which is more than the debt maturity cover of the group in FY24, FY25 and FY26. The debt maturity cover for FY24, FY25 and FY26 is Rs 11,796 crore, Rs 32,373 crore and Rs 16,614 crore.
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