Mumbai: According to billionaire Gautam Adani, stocks related to, Adani enterprises have handsomely returned 100 percent returns.
"Our businesses ensured that we returned close to Rs 9,500 crore to you, our equity shareholders. This is a 166 per cent increase in profit after tax on a year-on-year basis," Adani said at the annual general meeting of his group.
A few weeks ago, Adani stocks slipped in the red after a news report spread theory on freeze of investor accounts lying in Mauritius. That week crores of investor wealth was eroded. Adani himself saw a dip in his personal valuations. After the harakiri on markets, Adani stated that the investor account was untouched.
The three Mauritius funds owned $6 billion worth of shares across Adani stocks.
Adani referred to the freeze reports as "reckless and irresponsible".
He also said, "Unfortunately, some of our small investors were affected by this twisted narrative which seemed to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure."
At the AGM, Adani called the six listed entities which were named in the Mauritius freeze theory as beacons of market leadership, having adaptive management and built on institutional profitability.
In fact he extolled the milestone set forth by these firms. "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 (starting Apri 2021)," he said. "This valuation milestone is a first for a first-generation Indian company."
"Our growth journey is just starting, and this is manifested in the performance of all six of our listed entities that produced results significantly above the market indexes," he added.
For the financial year ended March 31, 2021, the consolidated EBITDA (or earnings before interest, taxes, depreciation and amortization) for the listed portfolio was over Rs 32,000 crore, registering a year-on-year growth of 22 per cent.
Adani also claimed that his company had the highest scale and reach in the business of ports. "No other company in the world runs a port business of such scale and reach," he added.
Much like RIL, the Adani AGM also focussed on the greener aspects. Investors were informed that Adani Green Energy had become the largest solar company in the world in 2000. And last month, following the acquisition of SB Energy's 5-gigawatt portfolio, it reached a target of 25 GW a full four years ahead of schedule.
"Whatever businesses we are now in – seaports, airports, logistics, natural resources, thermal and renewable power generation, transmission, distribution, data centres, defence, agri and food, real estate, city gas utilities, and several others – I believe all of them are individually high growth businesses but, even more importantly, every one of them has adjacencies within themselves as well as new sectors we can move into," he said.
At the time of writing this story, Adani Enterprises, the flagship stock traded down by 0.67 percent to quote 1,421 per share on the Bombay Stock Exchange.
With agency inputs