India will add $1-trn GDP every 18 mths, says Adani
Forecasts $30-trn economy by 2050, slams US short-seller Hindenburg for its malicious attempt
image for illustrative purpose
New Delhi Within the next decade, India will start adding a trillion dollars to its GDP every 18 months, said Gautam Adani, Chairman, Adani Group. Speaking at the AGM of his group companies, Adani added that this puts us on track to be a $25trn to 30 trn-dollar economy by 2050 and will drive India’s stock market capitalisation to more than $40 trillion, nearly a 10x expansion from current levels.
“Our country is now the most exciting land of opportunities. We have always expressed our belief in our growth with goodness philosophy and our track record speaks for itself. Your group will continue to consolidate what it has built, while looking at expanding its horizons,” he added.
On the Adani Group, he said: “Our balance sheet, our assets and our operating cashflows continue to get stronger and are now healthier than ever before. 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.”
The Adani Group of companies set new financial performance records for FY2022-23. Total EBITDA grew by 36 per cent to Rs57,219 crore, total income grew by 85 per cent to Rs2,62,499 crore, and total PAT grew by 82 per cent to Rs23,509 crore.
The Group’s accelerating cashflow further improved our net debt to run rate EBIDTA ratio from 3.2x to 2.8x.
Adani Enterprises Ltd, the group’s flagship firm, plans to raise Rs 12,500 crore through share sale to investors while Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore.
