The Adani group’s balance sheet, assets, and operating cashflows have become stronger and healthier than before, founder and chairman of the group, Gautam Adani said on Tuesday while addressing shareholders at Adani Enterprises’ annual general meeting.
“The pace at which we have made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of our expansion,” he said.
Also read: Adani’s go-to bankers at Barclays turn cautious after Hindenburg
Hindenburg report
The Adani Group was the focus of allegations by a short seller hedge fund Hindenburg Research in January, accusing the group of manipulating stock prices, round-tripping through a complex web of shell companies, and corporate governance violations.
The release of the report resulted in the erosion of over $100 billion worth of Adani group stocks, which it still has to recoup.
The allegations made by Hindenburg are being investigated by SEBI, which has to complete the probe by August 14.
“When I founded the Adani Group over three decades back, I had never imagined that the Adani Group would grow to become one of the largest conglomerates of the country,” Adani said in his opening remarks. He said that resilience was a characteristic that defined the group.
Referring to the SEBI investigation underway, he said that while the regulator was yet to submit its report, “we remain confident of our governance and disclosure standards. It is my commitment that we will continue to strive to keep improving these, every single day.”
The Adani group reported an EBITDA of ₹57,219 crore in FY23, up 36 per cent on year while revenue was 85 per cent higher at ₹2.6 lakh crore.
Also read: Adani Group eyes ₹90,000-crore EBITDA in two-three years
Projects underway
Adani said that the airport in Navi Mumbai will be ready for operations by December of 2024 while the ₹8,600-crore copper smelter plant in Gujarat is on track.
NDTV, which came under the Adani fold last year, is expanding its international programming and coverage.
Adani reaffirmed the target to produce 45GW of renewable energy by 2030. Adani Energy is also speeding up the execution of the 20 GW hybrid renewables park in Khavda.
Adani said that by 2030 Adani Ports and Special Economic Zone would be the most profitable port in the world with the capacity to handle 1 billion tonnes of cargo. In the next 12-24 months, the port operator will commission the country’s largest transshipment hub in Vizhinjam, and a port in Colombo.
Adani Power, which started supplying power to Bangladesh from its recently commissioned power plant in Godda, will be adding another 1.6 GW of ultra-supercritical project in Mahan, Madhya Pradesh, he said.
Adani Transmission’s annuity income is expected to cross ₹4,000 crore and its revenue to rise 18 per cent in the near future, according to Adani.
Adani said that the group was able to attract global investors to fulfil its aim of building ‘world class’ assets.