Adani Group chairman Gautam Adani addressed shareholders at the Annual General Meeting (AGM) on Tuesday and said, the Hindenburg report was a mix of designated deception and ruined claims.
"The report was a combination of targeted misinformation and miscredited allegations. This report was a deliberate and a malicious attempt aimed at damaging our reputation," said Adani on Hindenburg Research report at the Adani Enterprises AGM.
Here are the key highlights from the meeting:
- For FY 22-23, the Adani Group of companies broke new financial performance records. EBITDA increased by 36% to 57,219 crore crore, income increased by 85% to 2,62,499 crore, and PAT increased by 82% to 23,509 crore. The Group’s speeding up income further superior our net Debt to run EBIDTA ratio from 3.2x to 2.8x, said Director Gautam Adani.
- Among our many ongoing projects, Navi Mumbai Airport and a copper smelter are two important ones. Adani Enterprises' FY23 EBITDA was 50% new business, and we reiterate our goal of 45 GW of renewable energy capacity by 2030. Adani asserted that India's net zero initiative would benefit greatly from the Adani Group.
- In India, the rate at which businesses are acquired and turned around is unparalleled. Our governance standards are demonstrated by partnerships on a national and international scale. According to Gautam Adani, success in Bangladesh, Sri Lanka, Australia, and Israel demonstrate the scope of international expansion.
- According to Gautam Adani, the company's operational and financial results for FY23 are evidence of the company's success and the continued growth of its customer base. India is well on its way to becoming a $25-30 trillion economy by 2050. "Within the next ten years, I anticipate that India will increase GDP by a trillion dollars every 18 months. India's securities exchange capitalisation will develop to more than $40 trillion by 2050," said Adani.
- "Monetary cycles are getting progressively more diligently to foresee. India's economy, currently the world's fifth biggest, will turn out to be third biggest before 2030," said Adani Gathering Executive Gautam Adani.
- Report of Supreme Court panel helped assemble trust in the group. Stay certain of administration and disclosure standards, Adani said.
- According to Gautam Adani, the international investors contributed several billions of dollars to Adani Group. No credit organisation globally cut any evaluations of the Adani Gathering.
- The report was a blend of designated falsehood and undermined charges. The majority of them were produced between 2004 and 2015. At that time, authorities settled them all. Adani Group Chairperson Gautam Adani commented on the Hindenburg report, "This report was a deliberate and malicious attempt to damage our reputation..."
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