Adani group touts enough cash to service debts in coming decade

livemint.com:

₹77,890 crore ($9.4 billion) by the end of March. That provides enough liquidity for the company to cover debts that will mature within a year. Nearly 60% of its debts were from banks, while the rest are bonds raised from both India and offshore markets.

International lenders saw their share in the Adani’s total bank credit jump to 28% from 18% a year ago. The group total debt stood at ₹2.3 trillion in end-March, up from ₹1.89 trillion a year earlier. On Wednesday, the conglomerate said it posted record profit in the quarter ended June on the back of its infrastructure and renewable energy businesses.

Showcasing a stronger cash position and bumper earnings underscores the continued effort by the embattled conglomerate to get over from the damaging short seller report released in January by Hindenburg Research. The US short seller accused the company of widespread corporate malfeasance — allegations that wiped out at one point more than $150 billion in value from its listed companies but has also been vehemently denied by Adani. The company’s disclosure of improved debt servicing capabilities comes at a time when investors are waiting for a finding from Indian markets watchdog Securities and Exchange Board of India that has looked into some of the allegations made by Hindenburg.