Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us, Gautam Adani tells shareholders

  • Gautam Adani addressed Hindenburg allegations in the AGM on Monday.

Riya R Alex
Updated24 Jun 2024, 01:46 PM IST
Gautam Adani addressed the shareholders of Adani Enterprises on Monday
Gautam Adani addressed the shareholders of Adani Enterprises on Monday

 

 

Hindenburg report allegations were baseless, said Gautam Adani in the Annual General meeting of Adani Enterprises on Monday.

“We were faced with baseless accusations made by a foreign short seller that questions our decades of hard work,” Adani said.

Adani however, did not name the short seller.

“Typical short sellers target gains from the financial market . This was different,” he Adani said.” It was a two sided attack on vague criticism of our financial standing,”he added.

Information distortions dragged the company to a political battlefield according to Adani.” The attack was a calculated strike two days before the closing of our follow-on public offer amplified by a segment of vested media that was designed to defame us, do maximum damage  and erode our hard earned market share,” he said.

Hindenburg's report alleged that Adani used tax havens and flagged concerns about debt in the company. It alleged that the company has engaged in stock manipulation activities.

The Adani group called the report baseless and termed the allegations "unsubstantiated speculations".

Adani Enterprises recorded highest EBITDA and PAT in FY24

The company reported the highest ever EBITDA of 82,917 crore in FY24, a 45% rise. The profit after tax was reported to be around 40,129 crore, a record high and a cash balance of 59,791 crore.

He also added that their liquidity was the greatest after the Hindenburg case. Adani enterprises raised 40,000 crore to cover debt repayment of two years, he stated. The debt to EBITDA margin has reduced to less than 2.2 times, Adani said. A lower debt to EBITDA margin shows higher probability of a firm to finance its debt. A margin of less than 3 times is considered to be an ideal ratio for a company.

 

 

 

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First Published:24 Jun 2024, 01:46 PM IST
HomeCompaniesAdani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us, Gautam Adani tells shareholders

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