In order to reassure investors, the Adani Group has recast its goal and paid off some loans. The group announced on Monday, that it has repaid the loan of around $2.65 billion so as to reduce its overall debt. This move has been taken to restore investor confidence. As per the report, the amount of USD 203 million was repaid with an interest rate.
According to the credit report, the portfolio’s combined net debt decreased from 3.81 to 3.27 in FY22 and FY23, respectively. Also, the run rate EBITDA increased from Rs. 50,706 to Rs. 66,566 crores in FY22 and FY23, respectively.
Further, it stated, the banking lines of Adani Group have continued to show confidence by extending existing lines of credit and issuing new debt. The rating agencies, including domestic and international agencies, have confirmed their ratings for all the group companies.
The gross asset ratio increased from 1.98 to 2.26 in FY22 and FY23, respectively. The Debt Service Cover ratio has increased from 1.47 to 2.02 during FY22 and FY23, respectively.
The Debt Maturity cover for FY24, FY25, and, FY26 of Rs. 11,796 crore, Rs. 32,373 crore, and Rs. 16,614 crore, respectively, is much less than the cash balance and FFO (together at Rs. 77,889 crore) at combined portfolio level.