Adani Group led by billionaire Gautam Adani is in plans to review its capital market strategy once the market stabilizes said the conglomerate’s Chief Financial Officer (CFO) Jugeshinder Singh.
Singh said that the company’s balance sheet looks ‘healthy’ and it has the potential of industry-leading business development capabilities, robust governance, secure assets and strong cash flows. He also laid emphasis on conducting a review of Adani Group’s capital market strategy, once the market completely stabilises.
Singh is confident that the group shall sustain superior shareholder returns.
There was a 96 percent rise witnessed in the consolidated total income of Adani Group from Rs 70,433 crore in FY 2021-22 to Rs 1,38,175 crore in FY2022-23. There was a 112 percent increase in the company’s consolidated earnings before interest, taxes, depreciation and amortization (EBIDTA) upto Rs 10,025 crore in FY 2022-23. The consolidated profits after tax saw a rise of 218 percent to Rs 2,473 crore in FY 2022-23.
CFO Singh said, “the subscription for the FPO closed successfully but the company selected not to proceed given the unprecedented volatility in its equity price, underlining a priority to keep investors interests paramount. The decision to not proceed with the FPO will not affect our operations and plans and the company strides for long term value creation.”
Adani Group suffered a mammoth $145 billion in its market value after US based short-seller Hindenburg Research published a report alleging accounting frauds and stock manipulation within the company in January.
Adani Group, however denied the allegations and took the matter before law.
Singh also said the Adani Group has a elaborate risk management system with corresponding triggers and alerts against external realities which promotes a timely response.
