Against the backdrop of global geopolitical tensions and uncertainties, indoors, Gautam Adani, Chairman of Adani Group, said while addressing shareholders that India is currently witnessing fast global stature. While addressing the AGM of Adani Enterprises, Adani said, "India has been exemplary in being a beacon of stability, cooperation, and progress to a highly complex world.".
"The macroeconomic stability of India and its ambitious growth plans are sources of great confidence to us," Gautam Adani said, referring to an increased allotment of over Rs 11 lakh crore for infrastructure development by the Union government, up 16 per cent compared with the fiscal. He said that this has gone up more than three times in the last five years alone, proving the commitment of the country toward better infrastructure.
He said state governments were very key in the implementation of national initiatives, citing the Adani Group's activities across 24 states in the country. "Our achievements in 2023 reflect our alignment with national priorities and our capability to successfully manage complex projects at scale," he said.
He spoke about Adani Green Energy Ltd. (AGEL) and how the firm was executing the world's largest project in renewable energy at Khavda in Gujarat—on barren land. "Imagine Khavda," he came back to it, "now hosting the world's largest renewable energy installation in one of the harshest deserts, producing 3,000 MW with plans to scale up to 30,000 MW in five years." That, according to him, would be enough to power countries like Belgium and Switzerland.
He drew attention to Mumbai's Dharavi—the pioneering redevelopment into an innovative enabler of sustainable ways of life. "This project will not only provide dignity to over one million residents but will also foster a vibrant ecosystem in Mumbai," he explained.
More than that, Adani looked upwards toward the role of indigenous innovation with the Drishti 10 Starliner UAV as an iconic symbol of India's commitment to national security and welfare. "These initiatives represent our unrivaled capability to visualize, manage complexity, and execute mega projects in the most trying conditions," Adani finally said, elaborating on the changing skills of the Adani Group.
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India's global stature, Gautam Adani AGM speech, Infrastructure development India, Adani Group achievements, Renewable energy projects India
Adani Group's Robust Growth Trajectory and Future Prospects: Chairman Adani
Gautam Adani, the Chairman of the Adani Group, highlighted on Monday the outstanding financial achievements and strategic advancements of the Adani Portfolio. He emphasized that the Group had reached unprecedented milestones during the fiscal year 2023-24.
“We achieved our highest-ever EBITDA of Rs 82,917 crore, which is approximately $10 billion, marking a remarkable 45 percent increase. This exceptional performance drove our PAT (profit after tax) to a record high of Rs 40,129 crore, reflecting a significant growth of 71 percent. Our net Debt to EBITDA ratio improved from 3.3X to 2.2X over the past year,” Gautam Adani informed shareholders at the Adani Enterprises' Annual General Meeting (AGM).
Adani noted that these achievements had significantly strengthened the Group's liquidity position, with a cash balance reaching Rs 59,791 crore, an all-time high.
“These metrics underscore our robust infrastructure platform and have resulted in several upgrades in our credit ratings and outlook. Notably, three of our portfolio companies -- Ambuja, ACC, and APSEZ -- now carry AAA ratings,” stated the Group Chairman.
Adani Enterprises, the incubation engine of the Group, had a particularly successful year.
“Our airports saw robust double-digit growth in passenger traffic, reaching 88.6 million. We were honored to have Prime Minister Narendra Modi inaugurate the state-of-the-art Terminal 3 at Lucknow International Airport,” Adani shared with shareholders.
Kutch Copper Limited, a pioneering project within the AEL portfolio in Mundra, commenced operations at its greenfield copper refinery.
“By the end of the decade, our aim is for it to become the world’s largest single-location copper smelter with a capacity of 1 MMTPA, thereby enhancing India’s self-sufficiency in this critical metal,” Gautam Adani expressed.
Adani Ports & SEZ also had a stellar year, handling a record 420 MMT of cargo, surpassing 400 MMT.
“Ten of our ports achieved record cargo volumes. We also expanded our portfolio by acquiring Gopalpur and Karaikal ports, solidifying our position as India’s premier ports and logistics company,” Adani informed.
Given the growth potential in renewable energy, Adani Green Energy revised its FY 2029-30 target from 45 GW to 50 GW. During the year, it added 2.8 GW, which constitutes 15 percent of India’s total renewable capacity addition.
“The commissioning of the first 2 GW at the world’s largest renewable energy plant in Khavda within just 12 months of groundbreaking set a new record, showcasing our execution capabilities,” Gautam Adani remarked.
Adani Power’s operational capacity increased by 12 percent to 15,250 MW, driven by the commissioning of the 1,600 MW ultra-supercritical thermal power plant at Godda in Jharkhand.
“This plant is the first in India to export all its power to a neighboring nation,” Adani pointed out.
Adani Energy Solutions continued to build critical transmission infrastructure, including two 765 kV lines.
“Our transmission order book stands at Rs 17,000 crore, and we have expanded our smart metering order book to 228 lakh units.”
Adani Total Gas expanded its network to over 900 CNG stations, while PNG connections grew from 8.45 lakh to 9.76 lakh connections. The company also commissioned 606 EV charging points and the first phase of one of India’s largest biomass plants in Barsana.
With the acquisition of ACC and Ambuja Cements and other expansions, the Adani Group’s combined cement capacity rose from 67.5 MTPA to 79 MTPA. The EBITDA per tonne has more than doubled since the acquisition.
“We are well on track to achieve our target of 140 MTPA by 2028. I am particularly proud that Ambuja Cements played a key role as the lead supplier for India’s longest sea bridge, the 21.8-km-long Mumbai Trans Harbour Link,” Gautam Adani stated.
The Group's media entity NDTV expanded its regional presence and digital scaling, witnessing a 39 percent increase in global digital traffic.
“With a focus on quality programming, we have invested in cutting-edge next-generation digital infrastructure and added new facilities in BKC, Mumbai, and NCR, Delhi,” Gautam Adani concluded.
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