We are stronger than ever, and our best is yet to come: Gautam Adani

AHMEDABAD: Addressing the Annual General Meeting (AGM) of Adani Enterprises, Group chairman Gautam Adani on Monday said, “We are Stronger Than Ever. And our best is yet to come”.

Speaking about the Hindenburg charges, Gautam Adani said, “We were faced with baseless accusations made by a foreign short seller, that questioned our decades of hard work. In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established”.

Adani added that the company’s stand was vindicated by the apex court of the country and was validated by rating agencies and financial communities. “Our commitment to operational excellence and transparent disclosures was validated not only by rating agencies and the well-informed financial community, but also by respected global investors like GQG Partners, Total Energies, IHC, QIA and the US Development Finance Corporation — all of whom chose to invest in us”, he said.

#WATCH | Adani Group Chairman Gautam Adani addresses shareholders during the annual general meeting of Adani Enterprises Ltd

He says, “We were faced with baseless accusations
made by a foreign short seller that questioned our decades of hard work. In the face of an unprecedented… pic.twitter.com/2Pj4hNxdgN

— ANI (@ANI) June 24, 2024

To restore market confidence, the group pre-paid its debt of Rs 17,500 crore in margin-led financing. The company reduced debt to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) to 2.5 times in just six months, it now stands at 2.2 times, which has strengthened the group’s financial resilience and given it a headroom for future expansion.

Talking about the performance of individual group companies, Adani said group’s incubation engine, Adani Enterprises, had a fantastic year. Airports witnessed double-digit growth, with record 88.6 million passengers. Kutch copper commenced operations with a capacity of 1 mmtpa.

Adani Ports and SEZ also experienced an exceptional year, exceeding 400 MMT (million metric tons) of cargo and handling a record 420 MMT. Ten of group’s ports recorded lifetime high cargo volumes.

In the renewable energy segment, Adani Green Energy’s Khavda park is a great achievement. The company has revised its FY30 target from 45 GW to 50 GW. In 2023-24, 2.8 GW of green energy was added. Adani Power’s operating capacity increased by 12 per cent to 15,250 MW.

Adani Energy Solutions continued to commission the much-needed critical transmission infrastructure, including two 765 kV lines. The company’s transmission order book stands at Rs 17,000 crore, and smart metering order book has expanded to 228 lakh units.

Adani Total Gas has expanded its CNG stations to cross 900 stations, and PNG connections rose from 8.45 lakh to 9.76 lakh connections. Following the acquisition of ACC and Ambuja Cements, the Adani Group’s combined cement capacity has risen from 67.5 MTPA (millions of tonnes per annum) to 79 MTPA — and EBITDA per tonne has more than doubled since the acquisition. The company is well on the path towards our target of 140 MTPA by 2028, Gautami Adani said.

The company’s media entity, NDTV, expanded its presence regionally and scaled digitally, with a 39 per cent increase in global digital traffic. It invested in cutting edge next-generation digital infrastructure and added new facilities in BKC, Mumbai, and NCR, Delhi.

He added that the Adani Foundation’s overall reach has now extended to 9.1 million individuals across 6,769 villages in 19 states. Talking about India’s growth, Adani complimented the centre and states focus on improving infrastructure development and said the country is set to become a $30 trillion economy by 2032. (ANI)