Adani Group companies are setting new milestones: Gautam Adani
Jun 24, 2024
Ahmedabad (Gujarat) [India], June 24 : Addressing the Annual General Meeting of Adani Enterprises on Monday, Chairman Adani Group, Gautam Adani, said that despite a challenging year, the Adani Group of companies have performed exceptionally well.
He highlighted that in 2023, the Adani Group made record-breaking achievements and executed large-scale projects. "Our record-breaking achievements in 2023 underscore our alignment to national priorities as well as our ability to execute the most complex, large-scale projects with unmatched expertise," said Gautam Adani, Chairman, Adani Group.
He also mentioned that the performance of Adani Group companies in 2023-24 has achieved an unprecedented milestone. The companies have recorded their highest EBITDA (Earnings Before Interest, Taxes, Depreciation, and amortisation) of Rs 82,917 crore, or approximately USD 10 billion--a remarkable surge of 45 per cent. The Adani companies have resulted in an all-time-high level of liquidity for the group, with a cash balance of Rs 59,791 crore.
He highlighted that Khavda, one of the world's toughest deserts, is now home to the world's largest renewable energy installation, spanning several hundred square kilometres.
He said "The commissioning of the first 2 GW at the world's largest renewable energy plant in Khavda within 12 months of breaking ground has set a record".
The installation is already generating 3,000 MW of clean energy, and their aggressive timeline aims to develop a 30 GW capacity in the next five years, enough to power nations like Belgium and Switzerland.
On the company's renewable energy growth potential, he mentioned that Adani Green Energy revised its FY 2029-30 target from 45 GW to 50 GW. In the current year, the company added 2.8 GW, or 15 per cent of India's total renewable capacity.
On the Hindenburg controversy, Adani said that the Supreme Court had vindicated the company's stand.
"Adani Group fought back against the attack on integrity and reputation by a foreign short seller and proved that no challenge can weaken our foundations. The short-seller attack was designed to defame, do maximum damage, and erode market value." he said.
On the Indian economy, he commented that India will be a USD 10 trillion economy by 2032. "This is India's moment, the world is witnessing the rise of India. We are now the force for stability, cooperation, and progress in a complex world."
