My expensive shareholders,
This yr marks a really important milestone. It occurs to be our thirtieth anniversary. It’s due to this fact an excellent time to look again and have fun the unimaginable journey of Adani Enterprises, from its humble IPO in 1994 to the challenges we now have confronted and the successes we now have achieved.
In my humble view, the true measure of our success is much less about our achievements and extra in our capability to face agency within the face of adversity. In my case, I picked my classes from my mom. Rising up within the harsh deserts of Banaskantha, what I learnt from her is that true power lies in perseverance.
It’s this perseverance that has allowed us to turn into one of the vital admired firms within the nation. And our perseverance was by no means extra evident than that we demonstrated this previous yr.
We had been confronted with baseless accusations made by a overseas brief vendor, that questioned our a long time of onerous work. Within the face of an unprecedented assault on our integrity and popularity, we fought again and proved that no problem may weaken the foundations on which your Group has been established.
These foundations occur to be our three core values — Braveness to resist, Belief in our capabilities, and Dedication to our objective. These values had been established in 2012 — and have continued to turn into extra related with each passing yr.
Typical brief sellers goal positive factors from monetary markets. This was completely different. It was a two-sided assault — a imprecise criticism of our monetary standing and, on the similar time, an info distortion marketing campaign, dragging us right into a political battlefield. The assault was a calculated strike two days earlier than the closing of our follow-on public provide. Amplified by a section of vested media, it was designed to defame us, do most injury and erode our hard-earned market worth.
Given the noise, regardless of efficiently elevating Rs 20,000 crore by India’s largest ever FPO, we made the extraordinary determination to return the proceeds. This underscored our dedication to our traders and our dedication to moral enterprise practices.
On this state of affairs, the place most firms would have gone beneath, our liquidity turned our best asset. To additional increase our money reserves, we raised a further Rs 40,000 crore, comfortably masking the subsequent two years of our debt reimbursement. This decisive motion is an affidavit to the nice power of your organization. It restored market confidence — and we safeguarded our portfolio in opposition to any volatility by pre-paying Rs 17,500 crore in margin-linked financing.
Moreover, regardless of by no means having confronted any challenges with debt repayments, we selected to drop our debt-to-Ebitda ratio to 2.5x in simply six months. It now stands even decrease at 2.2x. This strategy has not solely strengthened our monetary resilience however has additionally elevated our headroom for future growth.
Our stand in opposition to the assault was additional vindicated when the Supreme Courtroom of India affirmed our actions. As well as, our dedication to operational excellence and clear disclosures was validated not solely by score businesses and the well-informed monetary group, but in addition by revered international traders like GQG Companions, TotalEnergies, IHC, QIA and the US Growth Finance Company — all of whom selected to put money into us.
The headwinds that examined us turned the very ones that made us even stronger.
Right this moment, the world stands at a crossroads. Geopolitical tensions pressure international relationships, the combat in opposition to local weather change grows more difficult, and expertise change disrupts the best way we’ll stay and work.
On this uncertainty, the world is witnessing the rise of India. That is India’s second. We are actually the power for stability, cooperation and progress in a posh world. And it’s India’s macroeconomic stability and impressive development plans that encourage our confidence.
Given the multiplier impact, the federal government of India has rightly centered on infrastructure growth by elevating its funding by 16% to over Rs 11 lakh crore for this monetary yr. It’s worthwhile to notice that annual spending has tripled within the final 5 years.
What’s much more related is that, whereas the nationwide narrative units the stage for infrastructure spend, giant components of the funding and motion are on the state stage. In our case, with our operations unfold throughout 24 Indian states, we’re firsthand witnesses to the vital function state governments play in implementing the initiatives.
I’m proud to say that our record-breaking achievements in 2023 underscore our alignment to nationwide priorities in addition to our capability to execute essentially the most complicated, large-scale tasks with unmatched experience.
I would love you to image Khavda, set in one of many world’s hardest deserts and now dwelling to the world’s largest Renewable Power set up spanning a number of hundred sq. kilometres. Already producing 3,000 MW of fresh vitality, our aggressive timeline goals to develop 30 GW capability within the subsequent 5 years. This will probably be sufficient to energy nations like Belgium and Switzerland.
For us, the Khavda park is an affidavit of our dedication to sustainability and an emblem of nationwide pleasure.
Moreover, visualise the world’s largest redevelopment challenge in Mumbai’s Dharavi as we remodel the world’s largest slum over the subsequent decade. Not solely will this present dignity of residing to its over a million residents however, on the similar time, it will construct an unmatched ecosystem of sustainable residing and innovation within the coronary heart of Mumbai.
Or envision the Drishti 10 Starliner UAV, an emblem of Indian innovation, hovering by the skies, defending the borders of our nation. These are usually not simply machines — they symbolise our unwavering dedication to India’s safety and well-being.
This capability to conceptualise after which deal with complexity and execute very giant tasks in troublesome circumstances is an unmatched competency that we proceed to get higher at.
And the outcomes are manifested within the monetary numbers we delivered.
We achieved an unprecedented milestone in 2023-24. We recorded our highest Ebitda of Rs 82,917 crore — or roughly $10 billion — a outstanding surge of 45%.
This distinctive efficiency drove our PAT to a document excessive of Rs 40,129 crore, marking a considerable 71% development.
Our web debt-to-Ebitda fell from 3.3x to 2.2x over the previous yr.
And all of this resulted in an all-time-high stage of liquidity for the Group with a money stability of Rs 59,791 crore.
These metrics demonstrated our extremely secure infrastructure platform and led to a collection of score and outlook upgrades. Three of our portfolio firms — Ambuja, ACC, and APSEZ — are actually AAA rated.
Let me now spotlight particular performances of a few of our portfolio firms.
Adani Enterprises, our Group’s incubation engine, had a incredible yr. Passenger site visitors at our airports witnessed sturdy double-digit development and got here in at 88.6 million. We had been additionally privileged to have the Hon’ble Prime Minister inaugurate the state-of-the-art Terminal 3 at Lucknow Worldwide Airport.
Kutch Copper Ltd. , a pioneering challenge in Mundra throughout the AEL portfolio, commenced operations at its greenfield copper refinery. By the tip of this decade, we purpose to make it the world’s largest single-location copper smelter with a capability of 1 MMTPA, thus enhancing India’s self- reliance on a steel wanted for our vital industries.
Adani Ports and SEZ additionally skilled an distinctive yr, exceeding 400 MMT of cargo and dealing with a document 420 MMT. Ten of our ports recorded lifetime excessive cargo volumes. We additionally acquired Gopalpur and Karaikal ports, consolidating our place as India’s premier ports and logistics firm.
Given renewable vitality’s development potential, Adani Inexperienced Power revised its FY 2029-30 goal from 45 GW to 50 GW. Within the yr, we added 2.8 GW, 15% of India’s complete renewable capability addition. The commissioning of the primary 2 GW on the world’s largest renewable vitality plant in Khavda inside 12 months of breaking floor set a document — one more proof level that highlights our execution capabilities.
Let me point out a couple of extra of our operational highlights.
Adani Energy’s working capability elevated by 12% to fifteen,250 MW, with the commissioning of the 1,600 MW trans-national ultra-supercritical thermal energy plant at Godda. This makes it the primary energy plant in India to export all its energy to a neighbouring nation.
Adani Power Options continued to fee the much-needed vital transmission infrastructure, together with two 765 kV traces. Our transmission order guide stands at Rs 17,000 crore, and our good metering order guide has expanded to 228 lakh models.
Adani Whole Fuel expanded its CNG stations to cross 900 stations, and PNG connections rose from 8.45 lakh to 9.76 lakh connections. We additionally commissioned 606 EV charging factors in addition to the primary section of one in all India’s largest biomass vegetation in Barsana.
Following the acquisition of ACC and Ambuja Cements and different commissionings, the Adani Group’s mixed cement capability has risen from 67.5 MTPA to 79 MTPA — and our Ebitda per tonne has greater than doubled because the acquisition. We’re nicely on the trail in direction of our goal of 140 MTPA by 2028.
We’re additionally proud that Ambuja Cements was the lead provider for India’s longest sea bridge — the 21.8-km-long Mumbai Trans Harbour Hyperlink.
Our media entity NDTV expanded its presence regionally and scaled digitally, with a 39% improve in international digital site visitors. Protecting in thoughts the standard of packages we intend to broadcast, we additionally invested in innovative next-generation digital infrastructure, and added new amenities in BKC, Mumbai, and NCR, Delhi.
Let me now speak concerning the Adani Basis, the place every quantity tells a narrative of change, of a life empowered, and of a group given a chance to develop. I’m grateful of what we now have achieved collectively as we try to do our half to go away a small constructive mark on this world.
Let me spotlight a couple of of the initiatives I’m personally most happy with:
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The Adani Basis’s general attain, that has now prolonged to 9.1 million people throughout 6,769 villages in 19 states.
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The Adani Saksham ability growth initiative, that noticed us empower 1,69,000 younger people with important expertise to assist them take the steps to safe a brighter future and probably turn into entrepreneurs.
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The well being outreach programmes, that embody our cell well being care models and camps, and touched 2 million lives delivering important providers to many distant communities.
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And the SuPoshan challenge that reaches 4,14,000 ladies and youngsters and delivers the required diet to fortify the foundations of future generations.
Each night, my spouse and Chairperson of the Adani Basis, Priti, makes it a degree to inform me at the very least one story of a life that was impacted. These are life classes each humbling and galvanizing on the similar time.
I’ve at all times been an optimist, and, as I draw to an in depth, I need to paint an image of the longer term that awaits. India is now not on the crossroads of future — we stand getting ready to our best development section. By the tip of this decade, our nation is ready to turn into the world’s third-largest economic system. And, given our demographic dividend, we’re nicely on our option to being the biggest center class that the world will ever witness. And with the federal government now in its third time period, your organization is nicely positioned to proceed the financial and social packages which have pushed our spectacular journey over the previous decade.
Over the interval of the previous 10 years, we now have seen our GDP double. We are actually already attaining a GDP development fee of over 7%, our inventory markets are hovering to document highs, and consumption is at an all-time excessive, signalling strong financial well being, as our center class expands sooner than every other on the earth. The muse for development is solidly in place and the subsequent decade guarantees even better strides.
And, as we make our manner in direction of turning into a ten trillion-dollar economic system by 2032, our spend on infrastructure is predicted to develop at a CAGR of 20−25% and attain a cumulative spend of $2.5 trillion. On condition that, on the very core, we’re an infrastructure firm, we’re nicely positioned to capitalize on the upcoming alternatives.
As well as, as we advance into the period of simultaneous vitality and digital transition, embracing the renewable vitality worth chain, inexperienced knowledge centres required to energy the substitute intelligence knowledge centre increase, the upcoming electrification of mobility, and EV revolution for cleaner air, our nation is unlocking markets that promise trillions of {dollars} of largely yet-to-be-tapped worth over the subsequent decade.
With our document outcomes, strong money positions and the bottom debt ratios in our historical past, our path forward is illuminated with the promise of even better accomplishments.
The chances earlier than us are immense. We’re Stronger Than Ever. And our greatest is but to come back.
Hum Karke Dikhayenge! Thanks.
Jai Hind!
