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BUSINESS EYE FEBRUARY 02, 2024 | The Indian Eye 32

Adani Group raises equity of

Rs 40 k crore as Adani Power’s

net profit rises sharply in Q3

No better time to be an Indian: Gautam Adani shares experience from Davos

OUR BUREAU
Mumbai/Davos
A
year after a damning report by a U.S. short
seller made allegations his conglomerate,
billionaire Gautam Adani on Thursday said
the “trials and tribulations” of the past year have
made the Adani group stronger as it continued on
growth path, improving asset base and launching
key projects, including the Dharavi redevelopment.
In a column in a leading newspaper, he said
the Adani group raised Rs 40,000 crore of eq-
uity (equal to debt repayment for the next two
years) through stake sales in some firms, repaid
Rs 17,500 crore of margin-linked financing, and
trimmed debt.
Sustained focus on operations yielded the
highest-ever quarterly profit in the second quarter
of current fiscal, he said. Most of the listed group
companies have recouped losses induced by the
Hindenburg report.
Meanwhile, Adani Power has reported a
sharply higher consolidated profit after tax during
the October-December quarter of the current fi- Telangana Chief Minister Revanth Reddy meets Gautam Adani, Chairperson Adani Group, on the sidelines of World Economic
nancial year 2023-24 at Rs 2,738 crore versus only Forum’s 54th Annual Meeting, in Davos recently (ANI)
Rs 9 crore reported during the same quarter of the
preceding year. During the April-December period, the con- lar power plant in Gujarat.
The Adani Group company attributed the rise solidated continuing EBITDA more than doubled Earlier, Gautam Adani said there was no bet-
in net profits to improved EBITDA. EBITDA, or to Rs. 13,516 crore versus Rs 6,210 crore same pe- ter time to be an Indian as he left Davos after par-
earnings before interest, taxes, depreciation, and riod of 2022, driven by higher revenues and lower ticipating in the annual World Economic Forum
amortization, is an alternative measure of a com- import fuel prices. 2024. In a long LinkedIn post penning his experi-
pany’s overall financial performance. Adani Power Ltd, a part of Adani group of com- ence during his stay in Davos and the interactions
The company’s consolidated profit after tax panies, on Thursday announced the financial results he had with global executives and thought leaders,
for the three quarters of 2023-24 is higher by 230 for the third quarter that ended in December 2023. Gautam Adani concluded that India’s message
per cent at Rs 18,092 crore versus Rs 5,484 crore The ongoing brownfield capacity expansion and the actions it has taken resonate with the spirit
it reported same period last year. The company of 1,600 MW at Mahan is on track, while we are of multilateralism and inclusiveness.
similarly attributed the growth to higher EBITDA. moving ahead to extend our leadership further The World Economic Forum’s Annual Meet-
Coming to the company’s consolidated con- inorganically. We are excited to be a part of na- ing took place in Davos from January 15-19, 2024.
tinuing total revenue for the October-December tion-building efforts through provision of reliable Union Ministers Hardeep Puri, Smriti Irani, and
quarter, it was higher by 72 per cent at Rs 13,405 electricity supply from our highly efficient power Ashwini Vaishnaw represented India in the Forum.
crore versus Rs 7,773 crore during the same quar- plants while keeping sustainability goals at the At the 54th World Economic Forum Annual
ter of the preceding year, mainly due to greater forefront of our agenda,” the CEO further noted. Meeting, global leaders met to rebuild trust, gen-
sales volumes. Adani Power said that its domestic power sales erate new ideas, and create partnerships to ad-
In three quarters of 2023-24 combined, the volumes were driven by growing power demand vance solutions to the challenges the world faces.
consolidated continuing total revenues were high- across India and offtake under Power Purchase “This was the Davos where my fellow countrymen
er by 40 per cent at Rs 37,173 crore versus Rs Agreements (“PPAs”) was further supported by in attendance would have left with their heads a
26,604 crore last year, attributable to greater sales falling prices of imported coal and alternate fuel. little higher than usual. No better time to be an
volumes. Further, consolidated continuing EBIT- The Adani Group company has an installed Indian!” he wrote on his LinkedIn timeline.
DA for the October-December quarter more than thermal power capacity of 15,210 MW spread After all the deliberations he had with various
tripled to Rs 5,059 crore versus Rs 1,479 crore last across eight power plants in Gujarat, Maharash- leaders at Davos, Gautam Adani feels that the
year, due to greater revenues and lower import tra, Karnataka, Rajasthan, Chhattisgarh, Madhya consensus was that India is well on its way to ap-
fuel prices. Pradesh, and Jharkhand, apart from a 40 MW so- proaching the USD 30 trillion GDP target by 2050.

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