Gautam Adani Says Group Financials Now Healthier Than Ever Before
Balance sheet, assets, and operating cashflows stronger despite the short-seller attack, Adani says in flagship's annual report.
Billionaire Gautam Adani has said the FY23 financial results of the group companies are a testimony to their success despite the "targeted misinformation" in a short-seller's report.
The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, the chairman of the ports-to-mining conglomerate said in his address to shareholders in Adani Enterprises Ltd.'s annual report. The pace at which the group has made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of the expansion, he said.
Adani said the short seller report was a combination of targeted misinformation and outdated, discredited allegations, aimed at damaging the group's reputation and generating profits through a deliberate drive-down of stock prices.
Adani Enterprises decided to call off India's largest follow-on public offering after it was fully subscribed as the stock remained volatile after Hindenburg Research alleged "stock manipulation and fraud".
"Despite a fully subscribed follow-on public offering, we decided to withdraw and return the money to our investors to protect their interest," Adani said.
In May, a Supreme Court-appointed committee had said that volatility in Adani stocks after the Hindenburg Research report did not lead to any systemic risk. The panel "confirmed the quality of our group’s disclosures and found no instance of regulatory failure or any breach", Adani said. "While the SEBI is still to submit its report in the months ahead, we remain confident of our governance and disclosure standards".
Highlights Of The Year
The Adani Group's total Ebitda grew 36% to Rs 57,219 crore, total income rose 96% to Rs 1,38,715 crore, and total profit after tax grew 218% to Rs 2,473 crore.
The group’s deleveraging programme of $2.65 billion for the Adani portfolio companies was completed successfully.
Adani Enterprise continued to successfully demonstrate its incubation capabilities with new businesses accounting for 50% of its Ebitda in FY23.
Adani Enterprises acquired New Delhi Television Ltd., and 49% stake in Quintillion Business Media Ltd.
The renewable energy business, Adani Green Energy Ltd., commissioned the world’s largest hybrid solar-wind project of 2.14 GW in Rajasthan and the operational renewable energy portfolio grew 49% to over 8 GW, the largest in India.
Adani Total Gas Ltd. expanded access to clean cooking fuel to 124,000 households this year with 46% increase in revenue to Rs 4,683 crore and is transforming into a full spectrum sustainable energy provider with foray into e-mobility and biofuel businesses.
In March 2023, the group successfully executed a secondary transaction with GQG partners of $1.87 billion despite the volatile market conditions.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
