Page 30 - The Indian EYE 080423

BUSINESS EYE AUGUST 04, 2023 | The Indian Eye 30

Good news for Adani Group as profits soar

and major projects on the cards

Gautam Adani meets Sri Lankan President Ranil Wickremesinghe to discuss multiple projects in the

island nation, including the Colombo Port West Container Terminal

OUR BUREAU
Mumbai/New Delhi
n good news for Adani Group,
ACC’s net profits (profit after
Itax) more than doubled (rose 105
per cent) on a yearly basis during the
April-June 2023 quarter at Rs 466
crore. In the same quarter last year,
the net profits were Rs 227 crore.
The company’s net revenue during
the quarter rose 16 per cent to Rs
5,201 crore against Rs 4,468 crore
registered same quarter last year.
ACC Limited, the cement and
building material company of the
diversified Adani Group, today an-
nounced the financial results for the
quarter ended June 30, 2023.
The company in a release said
the stronger financial performance
during the quarter was driven by
“volume growth and business excel-
lence”. Adani Ports Revenue and has jumped over 20% in financial year 2023 (ANI)
“Our long-term competitiveness
remains robust, ensuring indus-
try-leading profitability even as we The WCT will be developed on a nues for enhanced connectivity and they were planning to launch the
chase our ambitious growth goals. Build, Operate and Transfer basis for mutually beneficial cooperation largest Follow-on Public Offering in
With a firm belief in strategic ap- a period of 35 years as a public-pri- across sectors. India’s history.
proach, we are poised to continue vate partnership. “Sri Lanka is an important part- “The report was a combination
our trajectory of outstanding perfor- The project is expected to boost ner in India’s Neighbourhood First of targeted misinformation and dis-
mance in the forthcoming quarters,” WCT’s container handling capacity Policy and Vision SAGAR. The credited allegations, the majority of
said Ajay Kapur, Whole Time Direc- and further consolidate Sri Lanka’s visit will reinforce the longstanding them dating from 2004 to 2015. They
tor and CEO, ACC Limited. locational advantage as one of the friendship between the two coun- were all settled by the appropriate
Meanwhile, Adani Group Chair- world’s top strategic nodes along the tries and explore avenues for en- authorities at that time. This report
man Gautam Adani held a meeting busiest global transhipment route. hanced connectivity and mutually was a deliberate and malicious at-
with Sri Lankan President Ranil The Colombo Port is already beneficial cooperation across sec- tempt aimed at damaging our repu-
Wickremesinghe on Thursday to dis- the most preferred regional hub for tors,” MEA spokesman Arindam tation and generating profits through
cuss multiple projects in the island transhipment of Indian containers Bagchi said on Thursday. a short-term drive-down of our stock
nation. The discussions included the and mainline ship operators with 45 “This is a very important visit, it is prices,” Adani said in a video message.
development of the Colombo Port per cent of Colombo’s transhipment a neighbouring country with whom we “Subsequently, despite a fully
West Container Terminal (WCT). volumes either originating from or have very important relationship, we subscribed FPO, we decided to with-
Adani Ports and Special Eco- destined to an Adani port terminal have multifaceted relations,” Bagchi draw and return the money to our
nomic Zones Ltd (APSEZ), a key in India. said during yesterday’s MEA briefing. investors to protect their interests.
subsidiary of the diversified Adani The network impact of this part- Earlier, Gautam Adani had While we promptly issued a com-
Group, in March 2021 received a Let- nership is significant and expected slammed the US-based short seller prehensive rebuttal, various vested
ter of Intent (LOI) from Sri Lankan to be mutually benefitted from the Hindenburg Research report term- interests tried to exploit the claims
authorities for the development and string of 7 container terminals across ing it was “a combination of target- made by the short seller. These enti-
operations of West Container Termi- its 12 ports that Adani operates along ed misinformation and discredited ties encouraged and promoted false
nal (WCT) in Colombo. the Indian coastline handling an an- allegations.” narratives across various news and
APSEZ will partner with John nual volume of over 6 million TEUs. Addressing the company’s 31st social media platforms,” the indus-
Keells Holdings PLC, Sri Lanka’s Wickremesinghe visited India Annual General Meeting (AGM) trialist said.
largest diversified conglomerate, and at the invitation of Prime Minister 2023, Adani told investors that in The Hindenburg report, which
with the Sri Lanka Ports Authority Modi. The visit will reinforce the January this year the US-based came out this January 24, alleged
(SLPA) as a part of the consortium longstanding friendship between group had published a report to stock manipulation and fraud, among
awarded this mandate. the two countries and explore ave- short the company’s stocks just as other charges, by the conglomerate.

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