Hindenburg did not affect Adani Group, EBITDA increased by 42 percent in the first quarter
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Adani Group: Gautam Adani Group’s profit before tax for the first (April-June) quarter of the current financial year (EBITDA) has increased by 42 percent on an annual basis. Giving this information on Wednesday, the group said that its airport to power and sea port sectors have registered significant growth during this period. The Adani Group said in a statement that it registered a pre-tax profit of Rs 23,532 crore in the April-June quarter. This is almost equal to the profit before tax of Rs 24,780 crore recorded in the financial year 2018-19. 10 companies of the group are listed on the stock exchanges. These include Adani Enterprises Ltd., Adani Ports & SEZ Ltd., Adani Green Energy, Adani Power Ltd., Adani Energy Solutions and Adani Total Gas. After taking into account the cash of about Rs 42,115 crore, the net debt burden of these companies is Rs 18,689.7 crore.
Hindenburg Research had alleged irregularities
In the report of Hindenburg Research, the group was accused of many types of disturbances. This report came in January this year. Since then there was a big decline in the total market valuation of the group. In such a situation, the group is now focusing on improving its operational performance under the strategy of return. However, the group rejected these allegations. The group’s promoters have sold stake in five of the 10 listed companies to investors such as GQG Potners. This has improved the shares of group companies. The group’s core infrastructure and utility business posted a profit before tax of Rs 20,233 crore in the first quarter. This works out to 86 per cent of the total profit before tax. Similarly, the profit before tax of the airport, green hydrogen and other businesses of the group has almost doubled year-on-year to Rs 1,718 crore during this period. This is seven per cent of the total profit before tax. The profit before tax of the company’s cement business increased by 54 percent to Rs 1,935 crore.
Adani lashed out at the AGM
held on 18 July Adani Enterprises AGM Gautam Adani, the head of the group inGautam Adani) to US-based short-seller Hindenburg Research (Hindenburg Research) The report was a big hit. He said that the purpose of the Hindenburg report was only to earn profits by maligning the group’s image in the global market. The report was made up of misinformation and baseless allegations, most of which date from 2004 to 2015. Let us tell you that on January 24, a report was issued by Hindenburg Research regarding Gautam Adani Group. In this report, serious allegations ranging from money laundering to share manipulation were made on the company. After this, there was a huge fall in the shares of the group. The shares of Adani Enterprise, the flagship company of the group, fell from around Rs 3,500 to close to Rs 1,000.
Money returned in the interest of investors
Adani Group chief Gautam Adani said that even after this report, the group’s FPO was fully subscribed, but it was decided to return their money to protect the interests of investors. We immediately issued a comprehensive rebuttal, but some with vested interests tried to profit from the short-seller’s claims. They promoted false stories on various news and social media platforms. Its effect was also seen in the market. However, the Adani Group came out of the crisis. He told that the Supreme Court constituted an expert committee to look into the report of Hindenburg Research. The report of this committee was made public in May 2023. It was clear in the report of the expert committee that no regulatory failure was found in the group. The report not only observed that the mitigation measures taken by the company helped rebuild confidence, but also pointed out that there were credible allegations of targeted volatility of the Indian markets.
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