Adani Group Aims To Lower Leverage

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Adani Group Aims To Lower Leverage

| Updated: February 14, 2023 18:04

Billionaire Gautam Adani-led group’s flagship firm Adani Enterprises Ltd on Tuesday reported a swing to profit in the quarter ending December 2022 from a loss a year before, and promised to lower leverage in an attempt to regain investor confidence that has been lowered by a US short seller report. 

The companies have lost over USD 120 billion in market value since Hindenburg Research released the report on January 24, saying it had made no “material financial adjustments” owing to the allegations.

According to a stock exchange filing, Adani Enterprise Ltd (AEL) consolidated net profit was Rs 820.06 crore in the third quarter of the current fiscal year, compared to a loss of Rs 11.63 crore in the same period last year.

Revenue increased by 42% to Rs 26,612.33 crore. Its so-called integrated resource management, which is the largest contributor to top-line and profit growth, saw a 37% increase in pre-tax profit to Rs 669 crore.

Mining and new energy profits tripled. Revenues at the airport more than doubled, but profits increased by 29%. Total costs increased by 37% to Rs 26,171.18 crore.

The group has been under pressure since the Hindenburg report that accused it of accounting fraud and stock manipulation, allegations that the conglomerate has denied as “malicious”, “baseless” and a “calculated attack on India”. 

“Management of the group has assessed that no material financial adjustment arises to the consolidated financial results for the quarter and nine months ended December 31, 2022 with respect to these allegations,” AEL’s financial statement notes state. Despite the fact that the ports-to-energy conglomerate denied the allegations, the report triggered a massive sell-off in the group’s stock.

Adani stated that the group’s fundamental strength is its ability to execute large-scale infrastructure projects, as well as organisational development and exceptional O&M management skills comparable to the best in the world.

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