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Adani Group said its listed companies had enough cash to cover debt payments over the coming year, as the conglomerate gave the first snapshot of its operations since US authorities indicted founder Gautam Adani in a bribery case last week.
In report that a company official described as a “half-yearly compendium of the business”, Adani Group said it had passed $10bn in earnings before interest, tax, depreciation and amortisation for the first half of its financial year, and was on track to report $12bn for the full year.
“Each of the portfolio companies has sufficient liquidity to cover all debt servicing requirements for at least the next 12 months,” said Adani Group on Monday.
The report comes after Adani was named alongside seven others in a criminal case over an alleged scheme to bribe Indian government officials in exchange for advantageous terms on solar power contracts that were set to yield more than $2bn in profits.
Adani Group has said the US charges are “baseless” and that “all possible legal recourse will be sought”.
Shares of the group’s listed companies plunged after the US unveiled the criminal and civil charges last Thursday, wiping off more than $20bn in market value.
On Monday, shares of Adani Enterprises and Adani Ports and Special Economic Zone climbed 3.6 per cent and 2.5 per cent respectively. Adani Enterprises remains down 21 per cent since the start of the year while Adani Ports is up 11 per cent over the same period.
Despite the rise in share prices for Adani Enterprises and Adani Ports, the group’s dollar bond prices were down. Ports bonds maturing in 2027 fell 1.6 cents to 88.98 cents on the dollar.
