Adani AGM 2024: Gautam Adani Credits Resilience, Ethical Practices For Overcoming Short-Seller Allegations
Adani Group emerged stronger than before, achieving unprecedented financial milestones in the last financial year.
Amid challenges from various directions, Adani Group Chairman Gautam Adani reflected on the difficult past year during the annual general meeting on Monday, attributing his strength to his upbringing in the deserts of Banaskantha.
"In my case, I picked my lessons from my mother. Growing up in the harsh deserts of Banaskantha, what I learnt from her is that true strength lies in perseverance," Adani said in an address to shareholders. He recounted the challenges faced by the group, beginning with a targeted assault by an international short seller in early 2023.
The allegations sparked widespread panic, causing a drastic plunge in Adani Group stocks. Adani described the situation as a calculated strike aimed at undermining the group's integrity and financial stability.
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"The attack was a calculated strike two days before the closing of our follow-on public offer, amplified by a segment of vested media," Adani said, highlighting the timing designed to inflict maximum damage. Following a successful Rs 22,000 crore public offer, the group had then made a bold decision to return the proceeds, prioritising ethical business practices and investor trust.
Despite the initial setback, Adani Group responded resolutely. The Supreme Court of India's validation of their actions further bolstered investor confidence, marking a turning point for Adani Group amid ongoing scrutiny and speculation.
Adani proudly announced that the market capitalisation of Adani Group stocks had returned to pre-Hindenburg levels, signalling a complete recovery from the turmoil of the previous year.
"To further bolster our resilience, we raised an additional Rs 40,000 crore, securing our debt obligations for the next two years," Adani explained, outlining the strategic financial measures implemented to stabilise the group's financial position.
A year later, Adani Group emerged stronger than before, achieving unprecedented financial milestones in the last financial year. The Ebitda surged to Rs 82,917 crore, marking a 45% increase, while profit after tax reached Rs 40,129 crore, underscoring the group's resilience and strategic foresight.
Adani Group remains optimistic about India’s economic prospects, focusing on infrastructure development and sustainable energy initiatives. With projects across ports, airports, renewable energy, and infrastructure sectors underway, the group aims for sustained growth and national development.
Adani expressed confidence in the group’s ability to seize opportunities, reflecting on their journey of overcoming adversity and achieving record growth amid global economic fluctuations.
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