mumbai adani groups 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 uptodate snapshot of its financial healthinformation gleaned from people familiar with the conglomerates inner workings as well as from presentations to investors reveal 29 of its borrowings were with global international banks at the end of march a category that didnt feature on the groups list of creditors seven years ago yet the data also show a metric for its ability to pay off its debts improvedthe shifting state of its finances and creditor mix underscores just how swiftly billionaire gautam adanis group based in the indian state of gujarat has grown and how connected it has become internationally with business interests as far away as australia and israel but with that worldwide engagement comes heightened scrutiny such as it faced when us shortseller hindenburg research accused it of extensive corporate fraud despite adani executives repeatedly denying the allegations and seeking to reassure investors with inperson meetings and repaying debt the conglomerates stocks and dollar bonds have yet to fully recover from the selloff caused by hindenburg that suggests the group may have to pay more to raise money down the road though an improving debt ratio might help counter any increase two global rating firms have said they will closely watch adani entities ability to raise fundshere are some details on how the conglomerates finances stacked up as of the end of last month a spokesman for adani group did not immediately comment when contacted by bloomberg about the figuresadani firms have over the past few years improved on a key metric measuring a companys ability to service its liabilities according to the data seen by bloomberg the ratio of net debt to runrate earnings before interest tax depreciation and amortization was about 32 in the 2023 fiscal year which ended in march thats down from what an adani report from last september showed to be 76 in 2013 runrate ebitda is calculated by an extrapolation of a firms recent financial performance adani group was looking to reduce its debt further according to the data concerns about adani finances started making headlines last year when research firm creditsights termed it deeply overleveraged the group countered the claim by saying companies had reduced their debt burden gross debt at seven main listed adani firms rose 207 to 23 trillion rupees 28 billion as of march 31 according to the people familiar with the matter who asked not to be named because they werent authorized to speak publicly about it the borrowings have risen steadily since 2019 as the conglomerate expanded at breakneck speedfallout from hindenburgs report published in late january has resulted in adani group rescaling its grand ambitions dialing back on petrochemicals aluminum steel and road projects while focusing on its core areas that include ports power and green energy bloomberg reported last month