Team Blitz India
NEW DELHI: Adani Group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade.
Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani Group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.
This helped net profit surge to Rs 30,767 crore for the group’s listed companies in the fiscal from Rs 19,833 crore a year ago, according to exchange data and analysts.
The 5-year CAGR (compound annual growth rate) for profit growth was 54 per cent.EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 40 per cent to Rs 66,244 crore despite a 6 per cent fall in the revenue.
“The total group EBITDA grew 40 per cent year-on-year in FY24 (5-year CAGR of over 27 per cent), group raised fresh funds from equity/debt/strategic investors, promoter increased stake in group companies and group Mcap rebounded,”the group aid in a note.
