Adani Group touts very healthy balance sheet in bid to calm investors
By Lokmat English Desk | Published: February 16, 2023 02:39 PM2023-02-16T14:39:49+5:302023-02-16T14:39:49+5:30
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US-based Hindenburg Research accused the Adani Group of fraud. After this allegation, the shares of Adani Group fell sharply. Due to this, industrialist Gautam Adani dropped out of the rich list. After this allegation, now Adani group has given confidence to the investors.
Gautam Adani reassured investors on Tuesday after Adani Enterprises' quarterly figures came out. Adani said the ongoing decline in shares was temporary. The fundamentals of the company are strong and we are focused on growth.
Adani Group has told investors that we are not short of money. We have enough funds to repay the loan. It also said that we are focusing on making progress.
Adani Group also said, 'Our balance sheet is in very good shape and the focus is on maintaining the pace of business growth.
Shares of the group's companies have fallen sharply after American investment research firm Hindenburg accused the Adani group of unfairly inflating share prices.
Adani Group Chief Financial Officer Jugshinder Singh presented the quarterly report. This time he gave confidence to the investors.
The Group has confidence in its internal controls, compliance and corporate governance. The group also separately summarizes the financial statements of their companies to show that they have sufficient cash and the ability to repay their debts in full.
'We have industry-leading growth potential, strong corporate operations, secure assets and strong cash flows. We will review our capital markets strategy once the current market stabilizes, but we remain committed to delivering a business that delivers strong returns to shareholders.
Adani Group's shares have fallen sharply since the release of the Hindenburg Research report on January 24. The allegation affected investors. The total market value of the conglomerate has fallen by $125 billion in three weeks.
'We are focused on continuing the momentum of our business in this volatile market environment. We are confident in our internal controls, regulatory compliance and corporate governance, Singh added.
Adani Group had total debt of Rs 2.26 lakh crore at the end of the September 2022 quarter, while it had cash of Rs 31,646 crore. The CFO said that Adani Enterprises, the group's flagship company, has a 25-year discipline of creating value for shareholders.
