Gautam Adani Addresses Shareholders, Dismissing Hindenburg Allegations

Gautam Adani Defends Adani Group Against Hindenburg Allegations at AGM, Focuses on Resilience and Strong Financial Performance

During the Adani Group's Annual General Meeting (AGM), Gautam Adani, the conglomerate's chairman, strongly refuted the allegations made by the US-based short-seller Hindenburg Research. He categorically denied the claims of fraud, describing the report as a malicious attempt to tarnish the company's reputation and artificially manipulate stock prices.

Adani assured shareholders that the group promptly issued a comprehensive rebuttal to counter the allegations and safeguard investors' interests.

Adani Group's Response to the Allegations and Expert Committee Report

Following the Hindenburg Research report in January, the Adani Group vehemently denied all allegations made by the short-seller. The Supreme Court of India appointed an expert committee to investigate the matter, and its report was made public in May 2023.

Gautam Adani highlighted that the committee did not find any regulatory failure and acknowledged the company's mitigating measures, which helped rebuild investor confidence.

The report also raised concerns about targeted destabilization of Indian markets. Adani expressed confidence in the group's governance and disclosure standards, even as SEBI's report on the matter remains pending.

Resilience and Strong Financial Performance

Gautam Adani emphasized that the Adani Group's resilience has been a defining characteristic, enabling it to weather multiple global shocks, including climate change, geopolitical challenges, supply chain and energy volatility, and persistent inflation.

Despite these challenges, the group has consistently demonstrated resilience, with clear solutions to navigate through turbulent times. Adani projected India's economy to ascend to the third-largest globally before 2030, and subsequently, to become the second-largest economy by 2050.

Impressive Financial Results in FY 2022-23

The Adani Group's financial performance for FY 2022-23 showcased remarkable growth. The group's profit surged by 82% to reach Rs 23,509 crore, and its total income increased by 85% to Rs 2,62,499 crore.

The EBITDA also recorded substantial growth of 36%, reaching Rs 57,219 crore. The company's balance sheet, assets, and operating cash flows have strengthened significantly, surpassing previous records and setting the stage for continued expansion.

Comeback Strategy and Future Outlook

Following the stock market rout triggered by the Hindenburg allegations, the Adani Group is determined to regain investor confidence and embark on a strategic comeback. The group's plan includes raising funds, pre-paying debt to address cash flow and borrowing concerns, reinitiating stalled projects, and undertaking new ventures.

With the group's strong financial performance and forward-looking approach, Gautam Adani is optimistic about the future growth trajectory of the Adani Group.

Conclusion:

Gautam Adani's forceful defense against the Hindenburg allegations during the Adani Group's AGM showcases the company's commitment to transparency and accountability.

Dismissing the fraudulent claims as a deliberate attempt to damage their reputation, Adani emphasized the group's resilience and unwavering financial performance.

With impressive growth figures and a strategic comeback plan in place, the Adani Group remains confident in its governance and disclosure standards while charting a course towards continued success.