Adani group debt jumps over 20% in a year
Data reveals that 29% of its borrowings were with global international banks
Adani Group’s pile of debt increased almost 21% over the past year and the proportion held by global banks rose to nearly a third, according to data seen by Bloomberg that offers an up-to-date snapshot of its financial health.
Data reveals that 29% of its borrowings were with global international banks at the end of March — a category that didn’t feature on the group’s list of creditors seven years ago. Yet the data also show a metric for its ability to pay off its debts improved.
Despite a shift in the creditor mix, a debt metric indicating the ability to pay off borrowings has improved, down from 7.6 in 2013 to 3.2 net debt to earnings before interest, tax, depreciation and amortisation in 2023. Moody’s flags the risk of a surge in funding costs and refinancing needs, but the conglomerate has said there is “no material refinancing risk”.