Adani Group’s profit increased by 55 percent in 2023-24, target to invest $90 billion in the next decade

New Delhi. Adani Group’s profit grew 55 percent in the financial year ended March 2024. Along with this, the group has planned a capital investment of US $ 90 billion in the next decade. Overcoming the allegations made in a report by US investment company Hindenburg, the listed companies of the group focused on controlling debt, reducing the founder’s pledged shares and strengthening the business in 2023-24. According to stock market data and analysts, the listed companies of the group recorded a net profit of Rs 30,767 crore in the last financial year.

This figure was Rs 19,833 crore in the previous financial year. The five-year CAGR (compound annual growth rate) for profit growth was 54 per cent. Despite a six per cent decline in revenue during this period, EBITDA (earnings before interest, tax, depreciation and amortization) grew 40 per cent to Rs 66,244 crore. US brokerage firm Jefferies said in a commentary, the group’s total EBITDA grew 40 per cent year-on-year in FY23-24.

The group raised fresh funds from equity/debt/strategic investors, and promoters increased stakes in group companies and the group’s market capitalisation jumped. The brokerage firm said the group is expanding rapidly and has planned capital investments of US$90 billion over the next decade. According to the report, net debt at the group level (debt related to cement business apart from eight companies) remained stable at Rs 2.2 lakh crore in FY2023-24, from Rs 2.3 lakh crore earlier.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.

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