In his keynote address at the 51st Gem & Jewellery Awards, Adani Group Chairman Gautam Adani shared insights into his company’s resilience amidst challenges faced over the past year, particularly highlighting the impact of a short-selling attack on the group’s financial stability.
“In January last year, just as we were preparing to launch our Follow-on Public Offering (FPO), we faced an unprecedented short-selling attack initiated from abroad,” Adani began. “This was not just a typical financial strike; it was a double hit – targeting both our financial stability and trying to drag us into a political controversy.” He emphasized that the situation was further exacerbated by certain media outlets with vested interests, amplifying the crisis.
Despite the adversity, Adani highlighted the company’s unwavering commitment to its core principles. “Even in the face of such challenges, our commitment to our principles remained strong. We successfully raised Rs 20,000 crore from India’s largest-ever FPO. But instead of using the proceeds, we made the extraordinary decision to return them,” he explained.
Adani continued to outline the Group’s response to the crisis, noting that the company demonstrated resilience by raising capital from international sources and strategically reducing its Debt to EBITDA ratio to below 2.5 times – a metric he called “unmatched in the global infrastructure space.”
Adani also took pride in the company’s financial performance, revealing that despite the external challenges, they achieved all-time record financial results. “Not a single Indian or foreign credit rating agency downgraded us, proving the strength of our financial management,” he said.
The Chairman concluded his remarks by referring to the Supreme Court of India’s affirmation of the Adani Group’s actions, which he viewed as a significant validation of the company’s approach and strategy during such turbulent times.
Adani’s address at the Gem & Jewellery Awards was a testament to his leadership and the Group’s resilience in navigating the challenges posed by both external financial attacks and media scrutiny. His focus on operational excellence and long-term strategy reinforced the commitment of the Adani Group to continue growing as a leading global infrastructure player.
