Hindenburg Report Was An Aim To Damage Our Reputation, Says Adani At AGM

Adani Group Chairman Gautam Adani today told shareholders that the Hindenburg report was an intentional attempt to harm the group's reputation, while speaking at the AGM of Adani Enterprises.

"The Hindenburg report was a deliberate, malicious attempt at damaging Adani Group's reputation and generating profit by driving down its stocks in the short term," said Gautam Adani at the AGM according to BQ Prime.

"Parties with vested interests encouraged and promoted false narratives across various news and social media platforms, but Adani Group moved to protect investor interest and decided to withdraw FPO despite full subscription," Adani said, according to the cited source.

Hindenburg report was combination of targeted misinformation and discredited allegations. The U.S.-based short-seller published report to short Adani Group stocks ahead of FPO, the Adani Group chairman said as per BQ Prime.

According to Adani, India would have a $25-30 trillion GDP by the year 2050. "I anticipate that India will add a trillion dollars to GDP every 18 months within the next decade. India's stock market capitalisation will grow to over $40 trillion by 2050," said Adani at the AGM.

According to Adani Group Chairman Gautam Adani, Adani Ports & SEZ aims to become the most profitable port in the world and India's largest transport utility by 2030. According to him, Adani Ports' EBITDA margin was 70% in FY23. He continued by saying that by 2030, the port operator aims to be carbon neutral and triple EBITDA.

The FY23 EBITDA for Adani Group grew by 36% to Rs 57,219 crore, while the overall income climbed by 85% to Rs 2.62 lakh crore.

The group's profits after tax climbed by 82% to Rs 23,509 crore, according to Chairman Gautam Adani. Adani Group balance sheet, assets, operating cashflows continue to get stronger, he said at the AGM.