Business
What Gautam Adani Said At The Adani Group AGM
Gautam Adani, chairman and founder of the Adani Group (Abhijit Bhatlekar/Mint via Getty Images)
The Annual General Meeting of the Adani Group was held Tuesday, 18 July. Gautam Adani, Chairman of the Adani Group, delivered a speech virtually, sharing the financial achievements of the Group during the fiscal year 2022-2023 and speaking on the 'Hindenburg saga'.
The AGM followed a period of scrutiny, as the Group faced a short-selling challenge initiated by a US-based entity. In the course of his speech, Adani shared insights into the group's financial growth, success in green power initiatives, developments in ports and infrastructure, technological advancements, and strategic partnerships.
Gautam Adani started his address by emphasizing the Group's commitment to investor interests. With reference to the Hindenburg saga, he added that the Supreme Court of had cleared the Group of any regulatory failure and affirmed the quality of its disclosures and governance standards.
He went to on to share the following numbers for the Group for FY 2022-2023, adding that they were achieved at a time of global economic uncertainties.
The Group's Total EBITDA grew by 36 per cent to reach Rs 57,219 crore, while Total income increased by 85 per cent, amounting to Rs 2,62,499 crore.
The Group's Total PAT also witnessed significant growth, rising by 82 per cent to Rs 23,509 crore.
The Group improved its debt management, with the net debt to run rate EBIDTA ratio declining from 3.2x to 2.8x, strengthening its balance sheet.
Adani highlighted the Group's contributions to India's green power initiatives, including the commissioning of Adani Green Energy Limited's world's largest hybrid solar-wind project generating 2.14 GW in Rajasthan.
The operational renewable energy portfolio surpassed 8 GW, making it the largest operational renewable portfolio in India. Adani reaffirmed the Group's target of achieving 45 GW of renewable energy capacity by 2030.
Adani Group's business in the ports sector was also discussed, with Adani Ports and Special Economic Zone (APSEZ) performing well as one of the most profitable port operators globally.
Gautam Adani said that the group sought to become the world's most profitable port company and India's largest transport utility capable of handling a billion tonnes of cargo annually by 2030. Additionally, the Group's strategic acquisition of Haifa Port in Israel positioned it to capitalize on regional growth opportunities.
Adani informed shareholders about the successful commissioning of the 1.6 GW ultra-supercritical Godda power plant by Adani Power Limited, supplying power to Bangladesh. This marked the Group's entry into transnational power projects, indicating its commitment to expanding India's domestic power sector.
He also discussed:
the Group's data center joint venture, AdaniConneX, set to revolutionize computation and data storage.
Adani Total Gas Limited (ATGL) providing it to 1,24,000 households in FY 2022-2023.
Adani Group's urban EV charging infrastructure and biofuel businesses.
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