Shares of Adani Enterprises rallied following its annual general meeting (AGM) after Gautam Adani said while Sebi is still to submit its report on Hindenburg Research allegations, he remained confident of the group's governance and disclosure standards. The stock also gained as Adani briefed shareholders about the progress of group companies.
Gautam Adani said Adani Enterprises continued to successfully demonstrate its incubation capabilities with new businesses accounting for a massive 50 per cent of its Ebitda in FY23.
Of the several projects underway, two of the key ones included the Navi Mumbai Airport and the Copper Smelter. Both are on schedule. The Navi Mumbai Airport, Adani said, is preparing for operational readiness and Airport Transition by December 2024.
"The Integrated Resource Management volume increased by 37 per cent to 88 MMT vs 64 MMT in FY22. NDTV is expanding its international programming and coverage to serve a vast range of audiences across the globe. Our data centre JV AdaniConneX is on course to set up 350 MW capacity in the short term – and 1 GW capacity in the medium term. This is by far the largest order book in India.In combination with our strength in Green Power, this venture will be a game changer as computation becomes the most precious resource in the world," he said.
In the case of green energy, Adani said the group is set to play a critical role in India’s net zero journey.
"Our renewable energy business, Adani Green Energy Limited, commissioned the world’s largest hybrid solar-wind project of 2.14 GW in Rajasthan. Our operational renewable energy portfolio has grown by 49 per cent to over 8 GW. This is the largest operational renewable portfolio in India. Our focus remains on producing the lowest cost green electron at scale – and I would like to reaffirm our target of 45 GW of renewable energy capacity by 2030.:
Adani added that his group was building the largest hybrid renewables park in the world – right in the middle of the desert – in Khavda. It will be the most complex and ambitious project that we have ever executed. Spread over 72,000 acres, he said adding that the project will be capable of generating 20 GW of green energy.
Adani said Adani Ports continues to be amongst the most profitable port operators globally with port Ebitda margin of 70 per cent. He said his group intend to be not only the most profitable port company in the world by 2030 but also India’s largest transport utility capable of handling a billion tonnes of cargo annually.
"In the next 12-24 months, APSEZ will commission India’s largest transshipment hub in Vizhinjam, and also a port in a Colombo. o And our acquisition of Haifa Port in Israel will allow us to link our ports all the way across the Indian Ocean to the Mediterranean, thereby positioning us to capitalise on both the India growth story and the much larger regional growth story,' he said.
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