Never Imagined Adani Enterprises Would Become One Of the Largest Conglomerates of India: Gautam Adani Gautam Adani, chairman, Adani Group, was addressing his company's annual AGM. Adani's speech emphasized how the group has recovered from the Hindenburg attack due to its inherent resilience

"I had never imagined that the Adani Group would grow to become one of the largest conglomerates of the country. It was on the 12th of September 1994 that Adani Enterprises, then known as Adani Exports, launched its IPO, I had just turned 32," said Gautam Adani, chairman, Adani Group.

Today, India is a land of opportunities and within the next decade, India will start adding a trillion dollars to its GDP every 18 months. "This puts us on track to be a 25 to 30 trillion-dollar economy by 2050," he added while addressing the AGM.

Adani's speech emphasized how the group has recovered from the Hindenburg attack due to its inherent resilience, transparency and strong fundamentals. "The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015.They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices. Along this journey, if there is one characteristic that has continued to define us – it has been our resilience. The resilience that allows us to get up stronger every time we take a hit."

Adani Group's total EBITDA grew by 36 per cent to INR 57,219 crore and total PAT grew by 82 per cent to INR 23,509 crore for FY 22-23. "The pace at which we have made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of our expansion."

On the partnership front, the Adani Group continues to attract global investment partners, in March 2023, the company executed a secondary transaction with GQG partners of $1.87 billion despite the volatile market conditions.

The flagship company, Adani Enterprises Limited, continued to demonstrate its incubation capabilities with new businesses accounting for a massive 50 per cent of its EBITDA in FY23.The key projects include the Navi Mumbai Airport and the Copper Smelter. The Navi Mumbai Airport is preparing for Operational Readiness and Airport Transition by December 2024

The Adani Group is set to play a critical role in India's net zero journey, with Adani Green Energy Limited which is 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. We are now building the largest hybrid renewables park in the world – right in the middle of the desert – in Khavda. Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy and we intend to build it faster than any project in our execution history," said the chairman.

Besides, Adani Ports continues to be amongst the most profitable port operators globally with a port EBITDA margin of 70 per cent – and, by 2030, it intends to be not only the most profitable port company in the world but also India's largest transport utility capable of handling a billion tonnes of cargo annually.