15 Oct , 2024 By : Debdeep Gupta
Adani Group promoters have released a significant portion of their pledged shares across three of its listed companies—Adani Energy Solutions Ltd, Adani Green Energy Ltd, and Adani Ports & SEZ Ltd—during the September quarter.
Meanwhile, an increase in promoter pledging was observed in two other group entities, Adani Enterprises and Adani Power.
In the second quarter, Adani Ports & SEZ saw the most substantial release of promoter-pledged shares, followed by Adani Green Energy, where all pledged shares were fully released, and Adani Energy Solutions Ltd. Promoter pledging at Adani Ports decreased to 4.08 lakh shares, indicating a release of around 2.17 crore shares worth Rs 3,142 crore.
Adani Green Energy completely released its promoter-pledged shares during Q2, which previously stood at 90.86 lakh shares in June 2024, valued at Rs 1,729 crore based on the average stock price for the quarter. Similarly, promoter-pledged shares in Adani Energy Solutions declined from 1.91 crore to 41.34 lakh shares, resulting in the release of 1.5 crore shares valued at Rs 1,510 crore.
Analysts attribute this reduction in pledged shares to improved cash flows within the group, along with increased institutional investments in some of its stocks—a positive sign for the company’s financial stability.
In a recent investor communication, Adani Group's founder Gautam Adani emphasised the conglomerate’s strong liquidity position, highlighting that the group has ample cash reserves to cover over 30 months of debt obligations.
As of June, cash reserves represented 24.8% of the group’s gross debt of Rs 2.41 lakh crore, a notable increase from 17.7% a year earlier. The group stated that this liquidity is sufficient to meet 30 months of debt servicing requirements.
Adani Group also reported a robust 33% rise in pre-tax profit for the June quarter, driven by solid performance in its core infrastructure sectors and significant growth in emerging areas like solar and wind energy, as well as airport operations.
On the other hand, promoter pledging in Adani Enterprises rose by about 56 lakh shares during the quarter, valued at Rs 1,755 crore. Adani Power also experienced a notable increase in promoter pledging, which jumped from 1.25 crore shares to 4.23 crore shares, amounting to a value of approximately Rs 1,953 crore.
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