Billionaire Adani Group’s refinancing risks ebb on earnings lift

India’s Adani Group said cash balances have improved and it sees no refinancing risks in the near term as the conglomerate took more steps to shore up its finances following a withering short seller attack last year.

The group’s Ebitda, or earnings before interest, tax, depreciation and amortization rose more than 60% to 194.75 billion rupees ($2.3 billion) in the third quarter ended Dec. 31 with a bulk of that coming from the transport, infrastructure and energy units of the conglomerate. The group reported an Ebitda of $9.5 billion for the nine months to Dec. 31.