Billionaire and head of the Adani Group, Gautam Adani, speaking at the annual general meeting of Adani 2023, spoke on Tuesday about India’s “matrabhumi” growth prospects and touted plans to build a huge hybrid renewable energy project as he tried to put controversy on the short term of Hindenburg Research. seller report behind him.
At the annual shareholders meeting of his energy port conglomerate, Adani said the group’s assets and operating cash flow had become stronger and healthier and that he would continue to consolidate what he had built while considering expanding his horizons.
Takeaways from Gautam Adani’s speech at Adani Enterprises Ltd Annual Meeting:
The Adani Group of Companies set new financial performance records for FY22-23. Total EBITDA or earnings before interest, taxes, depreciation and amortization increased by 36% to reach ₹57,219 crores. Total revenue increased by 85% to reach ₹2,62,499 crore, and the total PAT increased by 82% to reach ₹23,509 crores. The acceleration of the group’s cash flow further improved the net debt to current EBIDTA ratio from 3.2x to 2.8x.
“On the partnership front, the Adani Group continues to attract global investment partners aligned with our long-term approach to building and operating world-class assets. In March 2023, we successfully executed a secondary transaction with GQG’s partners for $1.87 billion despite volatile market conditions,” Adani said.
The group’s flagship company, Adani Enterprises Limited, continued to successfully demonstrate its incubation capabilities with new businesses accounting for 50% of its EBITDA in FY2023, it said.
“Key projects include Navi Mumbai Airport and Copper Smelter. Both are on schedule. Navi Mumbai Airport is gearing up for operational readiness and airport transition by December 2024.
“NDTV is expanding its international programming and coverage to serve a wide range of audiences around the world. Our JV AdaniConneX data center is on track to build 350MW capacity in the short term – and 1GW capacity in the medium term. It is by far the biggest order book in India,” the business tycoon added.
Adani said Adani Group is poised to play a vital role in India’s net zero journey. Adani Green Energy Limited has commissioned the world’s largest 2.14 GW solar-wind hybrid project in Rajasthan.
“Our operational renewable energy portfolio has grown by 49% to more than 8 GW. It is the largest operational renewable energy portfolio in India. Our goal remains to produce the cheapest green electron at scale – and I would like to reaffirm our goal of 45 GW of renewable energy capacity by 2030,” Adani said.
We are currently building the largest hybrid renewable energy park in the world – right in the middle of the desert – in Khavda. This will be the most complex and ambitious project we have ever executed. Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. And we intend to build it faster than any project in our run history.
According to Adani, port activity continued to be a pillar of strength on all fronts. APSEZ continues to be among the most profitable port operators in the world with a port EBITDA margin of 70% – and, by 2030, “we aim to be not only the most profitable port company in the world, but also India’s largest transport utility capable of handling one billion tonnes of cargo annually,” he said.
“By then, APSEZ will be carbon neutral and will also have tripled its EBIDTA. Over the next 12 to 24 months, APSEZ will commission India’s largest transshipment hub at Vizhinjam, as well as a port at Colombo. And our acquisition of the Port of Haifa in Israel will allow us to connect our ports across the Indian Ocean to the Mediterranean, positioning us to capitalize on both India’s growth story and the history of much broader regional growth,” the billionaire said.
“We have successfully commissioned the 1.6 GW ultra-supercritical Godda power plant and are now supplying electricity to Bangladesh. This marks our entry into transnational energy projects,” he said.
ATL will also bring Mumbai to 60% renewable energy, making it the first megacity in the world to achieve more than 50% solar and wind power.
Adani Total Gas:
Adani Total Gas Limited has expanded access to clean cooking fuel to 1,24,000 households this year with a 46% increase in income to ₹4,683 crore, he said. “ATGL is transforming into a full-spectrum sustainable energy provider with a rapidly expanding urban electric vehicle charging infrastructure and biofuels businesses. Gautam Adani has touted plans to build a massive hybrid renewable energy project as he tries to put Hindenburg Research’s short-selling report controversy behind him,” Adani said.
On Hindenburg’s allegations:
The billionaire spoke out in his speech to shareholders, describing Hindenburg’s report on corporate fraud at his companies in January as “malicious” and “false narratives”. Its reputation took a major hit as a result of the report and Barclays Plc, its benchmark bank for many years, is examining its ties to Adani.