Adani Group to review capital market strategy once markets stabilise, says CFO Jugeshinder Singh

Embattled Adani Group aims to review its capital market strategy once the market completely stabilises, the company's Chief Financial Officer Jugeshinder Singh has said. In the annual report of Adani Enterprises for 2022-23, Singh stated that the company's balance sheet is 'healthy' and it possesses industry-leading business development capabilities, robust governance, secure assets and strong cash flows.

"Once the market completely stabilises, the company will review its capital market strategy and remains confident in its capacity to sustain superior shareholder returns," Singh said.

The consolidated total income of the Adani Group of companies increased by 96 per cent to Rs 1,38,175 crore in FY 2022-23 compared to Rs 70,433 crore in FY 2021-22. The company's consolidated earnings before interest, taxes, depreciation, and amortisation (EBIDTA) meanwhile increased by 112 per cent to Rs 10,025 crore in FY 2022-23, the annual report revealed. The consolidated profit after tax (PAT) attributable to owners increased by 218 per cent to Rs 2,473 crore in FY 2022-23.

The company reported a creditable performance, marked by profitable growth due to sound controls, compliances and governance, Singh said in the annual report.

Watch: Gautam Adani earns Rs 2.38 crore salary in FY23 as Adani Enterprises chairman; see how Adani Group went from commodity trading to ports-to-renewable energy conglomerate

Earlier in January, US short-seller Hindenburg Research released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about USD 145 billion in the conglomerate's market value at its lowest point.

Adani Group, however, has denied all allegations by Hindenburg.

The group's Chief Financial Officer also spoke on why the company's overall risk profile continues to be moderate. "Your company has an elaborate Risk Management Framework with corresponding alerts and triggers against external realities, promoting a timely response. In view of this, even as your company is large, its overall risk profile (aggregated across businesses) continues to be moderate," Singh said.

"In a portfolio of businesses influenced by such diverse market pulls and pressures, the overriding validation of our strategic direction lies in our capital management. At AEL, capital management is our capacity to feed cash flows from a business for its own sustainable growth while addressing the short-term needs of other businesses," he said.

Also Read: 'Targeted misinformation': Gautam Adani says Hindenburg earned profit from drive-down of Adani Group stock prices