In the first week of Financial Year (FY) 2021-2022, Adani Group crossed $100 billion in market capitalisation, said Chairman Gautam Adani on Monday.
Addressing the Annual General Meeting (AGM) of Adani Group virtually, he noted that this 'milestone' is a first for a first-generation Indian company. "The performance of our listed entities propelled our portfolio to cross 100 billion dollars in market capitalisation in the very first week of this new financial year. This valuation milestone is a first for a first-generation Indian company," he said.
Adani said that the performance of the group's listed entities propelled its portfolio to cross $100 billion in market capitalisation in the very first week of this new financial year.
"This valuation milestone is a first for a first-generation Indian company. While there is reason to feel proud, valuations are simply an outcome - what truly matters to me is the path that led us here - and even more importantly, the path we have charted ahead," he said.
The Adani Group Chairman further said for financial year 2021, the consolidated EBITDA (or Earnings Before Interest, Taxes, Depreciation and Amortization) for listed portfolio was over Rs 32,000 crore, registering a year-on-year growth of 22 percent.
All Adani stocks generated returns over 100 percent - and businesses ensured that they returned close to Rs 9,500 crore to equity shareholders, he informed.
"Businesses ensured that they returned close to Rs 9,500 crore to equity shareholders. This is a 166 percent increase in Profit After Tax on a year-on-year basis," Adani explained to the shareholders.
On the recent reports on accounts of three FPIs holding significant investment in Adani companies being suspended, the Chairman said "few media houses indulged in reckless and irresponsible reporting related to administrative actions of regulators". This caused unexpected fluctuations in the market prices of Adani stocks, he added.
"We are inter-generational holders of equity. We focus on creating long term sustainable value for our partners, our minority investors and ourselves."
Terming the financial year as 'transformational' he said, "Adani Ports and SEZ Limited crossed a landmark after its share of India's port-based cargo business rose to 25 percent and the container segment market share grew to 41 percent."
In 2020, Adani Green Energy Limited (AGEL) became the largest solar company in the world.
"Overall, as an incubator of businesses, Adani Enterprises remains unrivalled and continues to operate as one of the world's largest proving grounds for new ideas and business models," Adani said.
Gautam Adani said that India can become a $15 trillion economy in the next two decades and also turn out to be among the largest global markets.
"India will be a 5 trillion-dollar economy - and then go on to be a 15 trillion-dollar-plus economy over the next two decades. India will emerge as one of the largest global markets, both in terms of consumption size and market cap," he said.
Adani said he that although there will be bumps along the road, the largest middle class that will ever exist, augmented by an increase in the working age and consuming population share, will have a positive impact on India's growth.
(With inputs from ANI, IANS)