Businessman Gautam Adani’s group disclosed its cash reserves and profits, claiming that this amount is sufficient to meet the debt obligations as well as the group’s development plans. The group assured investors that the business is running normally despite the US bribery indictment against the founder. In a presentation to investors, the group said that it currently has a cash balance of Rs 55,024 crore.
This is more than the amount required to repay long-term debt for the next 28 months. Apart from this, now the contribution of equity in total asset creation is about two-thirds, which is in stark contrast to five years ago. In the last six months, the group invested about Rs 75,227 crore, while the total debt increased by only Rs 16,882 crore.
French energy giant Total Energies SE, one of the biggest foreign investors in Adani’s business group, has said that it will not make any new investment in the Adani Group until it gets a clean chit in the US bribery case. Boutique investment firm GQG Partners has reiterated its trust in Adani Group companies. GQG said, the indictment is on the employees, not on the company. We understand the difference between the allegations of individuals and companies.
