Adani Annual General Meeting 2023: Despite Hindenburg, group continues to attract global investment partners: Adani

Billionaire Gautam Adani on Tuesday reiterated that the Hindenburg report was a combination of misinformation and discredited allegations. “The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015,"Adani said speaking at the AGM of his group companies. Read here

After this strong counter attack by Gautam Adani against the US-based short seller, Adani group shares witnessed huge buying interest during early morning deals on Tuesday. Adani group flagship company Adani Enterprises share price opened upside and went on to hit intraday high of ₹2,510 apiece on NSE, logging around 4.25% rise within few minutes of Gautam Adani's AGM speech. Read more

In his first address to company shareholders after the Hindenburg crisis, billionaire businessman Gautam Adani shed light upon Adani group's balance sheet and called the Hindenburg report an attempt to malign the company's image. Read full report here

“Our customers speak for us, our investors speak for us, our shareholders speak for us, and our results speak for us. We could have chosen to settle for average growth numbers, or we could get up every day believing that we are on the cusp of being one of the most impactful conglomerates our nation has built,” said Gautam Adani.

The Adani Group continues to attract global investment partners aligned to our long-term approach of building and operating world-class assets. In March 2023, we successfully executed a secondary transaction with GQG partners of USD1.87 billion despite the volatile market conditions, said Gautam Adani.

Adani Total Gas Limited expanded access to clean cooking fuel to 1,24,000 households this year with a 46% increase in revenue to ₹4,683 crore. ATGL is transforming into a full spectrum sustainable energy provider with rapidly expanding urban EV charging infrastructure and biofuel businesses.

“Adani Transmission Limited too is accelerating, with the transmission business continuing to grow faster than the market. ATL’s revenues are anticipated to expand by 18% and cross ₹4,000 crore in annuity income. I am also very pleased to state that ATL’s Mumbai distribution business achieved reliability of 99.99% and was ranked the No.1 discom by the Union Ministry of Power. ATL will also take Mumbai to 60% renewable power making it the first mega city in the world to achieve over 50% power from solar & wind,” said Gautam Adani.

The ports business continued to be a pillar of strength on all fronts. APSEZ continues to be amongst the most profitable port operators globally with a port EBITDA margin of 70% – and, by 2030, we intend to be not only the most profitable port company in the world but also India’s largest transport utility capable of handling a billion tonnes of cargo annually.

By then, APSEZ will be carbon neutral and will also have tripled its EBIDTA. In the next 12-24 months, APSEZ will commission India’s largest transshipment hub in Vizhinjam, and also a port in a Colombo.

And our acquisition of Haifa Port in Israel will allow us to link our ports all the way across the Indian Ocean to the Mediterranean, thereby positioning us to capitalize on both the India growth story and the much larger regional growth story.

NDTV is expanding its international programming and coverage to serve a vast range of audiences across the globe, said Adani group Chairman Gautam Adani.

Adani Group of companies have set new financial performance records for FY 22-23. Total EBITDA grew by 36% to ₹57,219 crore, total income grew by 85% to ₹2,62,499 crore, and total PAT grew by 82% to ₹23,509 crore.

The Group’s accelerating cashflow further improved our net Debt to run rate EBIDTA ratio from 3.2x to 2.8x, said Chairman Gautam Adani.

Of our several projects underway, few key ones include Navi Mumbai Airport and copper smelter. New business accounted for 50% of Adani Enterprises’ FY23 EBITDA, We reaffirm the target of 45 GW renewable energy capacity by 2030. Adani Group is set to play a critical role in India’s net zero journey, said Adani.

Adani Group balance sheet, assets, operating cashflows continue to get stronger. The pace of acquiring businesses and turning them around is unmatched across India. National and international partnerships are proof of our governance standards. The scale of international expansion has been validated by success in Australia, Israel, Bangladesh and Sri Lanka, he said Gautam Adani.

The operational and financial results for the FY23 are testimony to the company success and continued expansion of customer base, said Gautam Adani

India is well on track to become a $25-30 trillion economy by 2050. I anticipate that India will add a trillion dollars to GDP every 18 months within the next decade. India’s stock market capitalisation will grow to over $40 trillion by 2050.

Economic cycles are getting increasingly harder to predict. India’s economy, already the world’s fifth largest, will become third largest before 2030, said Adani Group Chairman Gautam Adani

Report of Supreme Court committee helped build confidence in the group. Remain confident of governance & disclosure standards, Adani said.

Adani Group raised several billions from international investors. No credit agency internationally cut any ratings of the Adani Group, says Gautam Adani

The report was a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004 to 2015. They were all settled by authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation...," Adani Group Chairperson Gautam Adani on the Hindenburg report.

We remain confident of our governance and disclosure standards, says Gautam Adani.

The Hindenburg report was deliberate attempt at damaging our image, says Gautam Adani

US based short seller Hindenburg Research released report just before our follow on public offer, says Gautam Adani

Adani Group companies will hold their annual general meeting on July 18, Tuesday. Gautam Adani, Chairman of Adani Group addresses to shareholders.