Adani Group EBITDA reached an all-time high of Rs 23,532 crore in April–June, which was nearly equivalent to the complete fiscal year FY19 (April 2018–March 2019). of Rs 24,780 billion in EBITDA.

The conglomerate owned by billionaire Gautam Adani saw a 42% increase in pre-tax profit year over year as companies like seaports, power plants, and airports experienced strong growth, the company reported on Wednesday.

According to a statement from the Adani group, the full-year FY19 (April 2018 to March 2019 fiscal year) EBITDA of Rs 24,780 crore was virtually equal to the all-time high EBITDA of Rs 23,532 crore in April-June.

The conglomerate, which consists of ten publicly traded companies, had a net debt of Rs 18,689.7 crore after deducting its cash balance of Rs 42,115 crore. These companies include Adani Enterprises Ltd, its flagship incubator, Adani Ports & SEZ Ltd, Adani Green Energy Ltd, Adani Power Ltd, and Adani Energy Solutions Ltd, which provides electricity transmission services.

The platform’s core infrastructure and utilities, which produce predictable and reliable cash flows, generated EBITDA of Rs 20,233 crore, or 86% of the portfolio’s overall EBITDA.

“This provides a high level of consistency, predictability, and visibility for multi-decadal profits. The portfolio now has a very good liquidity position as a result of the substantial earnings, it stated.

After being slammed by a harsh report from a US short-seller in January of this year, the Adani group has been focusing on improving operational performance as a recovery plan.

The Hindenburg report, which was published on January 24, included accusations of accounting fraud, stock price manipulation, and unlawful use of tax havens. As a result, the stock market crashed, losing close to USD 150 billion at its lowest point.

Adani Group has refuted all of Hindenburg’s accusations, and as part of its recovery plan, it has revised its goals, abandoned acquisitions, and pre-paid loans to allay worries about its cash flows and borrowings, and slowed down the speed at which it spends on new projects.

Promoters have helped stocks recoup some of their losses by selling interests in five of the ten listed businesses to investors like GQG Partners.

According to the group’s statement, incubation under flagship Adani Enterprises is still a success story, with airports, green hydrogen, and other companies reporting revenues that have nearly doubled year over year. These companies provided 7% of the portfolio’s EBITDA, or Rs. 1718 crore, to its EBITDA.