AHMEDABAD : Billionaire Gautam Adani‘s conglomerate clocked a 42 per cent year-on-year growth in pre-tax profit, as businesses ranging from airports to power and sea ports registered impressive growth, the group said.

All-time high EBITDA of Rs 23,532 crore in April-June was almost equal to the full-year FY19 (April 2018 to March 2019 fiscal year) EBITDA of Rs 24,780 crore, Adani Group said in a statement.

The conglomerate that spans 10 listed companies ranging from flagship incubator Adani Enterprises Ltd to ports business (Adani Ports & SEZ Ltd), renewable unit (Adani Green Energy Ltd), power utility (Adani Power Ltd), electricity transmission firm (Adani Energy Solutions), and city gas business (Adani Total Gas Ltd), had a net debt of Rs 18,689.7 crore after accounting for a cash balance of Rs 42,115 crore.

Core infrastructure and utility platform, which generates stable and assured cash flows, generated EBITDA of Rs 20,233 crore, accounting for 86 per cent of the total portfolio EBITDA.

“This gives a high level of stability and multi-decadal earnings predictability and visibility. Therobust profits have resulted in the portfolio gaining a very strong liquidity position,” it said.

Adani group has been concentrating on improving operational performance as a comeback strategy after being hit by a damning report of a US short-seller in January this year.

The Hindenburg report released on January 24, alleged accounting fraud, stock price manipulation and improper use of tax havens, triggering a stock market rout that had erased close to USD 150 billion in the market value at its lowest point.

Adani Group has denied all allegations by Hindenburg and its comeback strategy has included recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.

Promoters have sold stakes in five of the 10 listed companies to investors such as GQG Partners, helping stocks recover some of the losses.

In the statement, the group said 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 1718 crore, these businesses contributed 7 per cent to the portfolio EBITDA.