Dear Shareholder,
This year marks a monumental milestone for us. I am immensely grateful for what we have
achieved together. Your unwavering support and trust have fuelled our transformation and
allowed us to emerge stronger than ever with the wherewithal to overcome every obstacle
that has come our way.
From Trials to Triumph
For the Adani Group, 2023 was a year unlike any other. In the face of an unprecedented
challenge and widespread scrutiny, our journey epitomised the essence of the spirit that
has always defined us and has allowed us to consistently turn setbacks into comebacks. In
2023, we showed our unbreakable spirit and proved that challenges could not weaken us;
instead they became a testament to our ability to emerge stronger than ever.
As most of you know, we faced baseless accusations made by a U.S.-based short-seller
that threatened to cast a shadow on our reputation and decades of hard work.
Typical short-selling targets financial markets. This was far more insidious. It was a
two-pronged attack, simultaneously targeting our financial standing and dragging us into
the political arena. The onslaught was a calculated strike two days before the closing of
our Follow-on Public Offer (FPO). Amplified by a segment of complicit media, it was
designed to defame us, inflict maximum damage and erode our hard-earned market value.
We were, therefore, faced with a multi-dimensional crisis. Despite successfully
raisingRS20,000 crore through the FPO, we made the extraordinary decision to return the
proceeds. This historic move underscored our unwavering dedication to our investors and
our commitment to ethical business practices.
Amidst the challenges, our liquidity became our greatest asset. Augmenting our cash
reserves, we raised approximatelyRS40,000 crore more, comfortably covering the next two
years of our debt repayment. This decisive action is a testament to the strength of your
company. It restored market confidence, and we safeguarded our portfolio against any
volatility by pre-payingRS17,500 crore in margin-linked financing.
Despite never having faced any challenges with debt repayments while operating in the
inherently leveraged infrastructure sector, we dropped our Debt to EBIDTA ratio to 2.5x in
just six months from 3.3x at the end of March 2023. It is now at 2.2x. We should keep in
mind that five years ago, this ratio stood at 7x. This approach not only strengthens our
financial resilience but also increases our capacity for future expansion.
Amidst the challenges, our liquidity became our greatest asset. Augmenting our cash
reserves, we raised approximately E 40,000 crore more, comfortably covering the next two
years of our debt repayment.
Our journey epitomised the essence of the - spirit that has always defined us and has
allowed us to consistently turn setbacks into comebacks.
We were further vindicated when the Supreme Court of India affirmed our actions, and
our commitment to operational excellence and transparent disclosures was validated not
only by rating agencies and the well-informed financial community but also by respected
global investors. Partners like GQG Partners (U.S.), TotalEnergies Limited (Europe), IHC
and QIA (Middle East), and even the U.S. Development Finance Corporation (DFC) stood
firmly by our side, signalling unwavering confidence in our integrity.
The fact is that the spirit to fight back, the courage to stand up, and the will to
overcome makes us stronger than ever. The storms that tested us became the very ones that
fuelled our strength.
India's Moment: Navigating Complexity, Seizing Opportunity
The world stands at a crossroads. Geopolitical tensions strain relationships, the fight
against climate change grows more challenging, and technological change disrupts the way
we live and work. Amidst this uncertainty, a powerful light shines - the undeniable rise
of India.
India stands at a pivotal moment. A period where circumstances tilt in its favour, and
decisive action can propel decades of growth and prosperity. Our nation is witnessing
something extraordinary: a self-reinforcing cycle of progress. Growth feeds growth.
India's trajectory is shaped by an exceptional time where opportunity and decisive action
converge. This is evidenced by powerful metrics: a remarkable growth rate, declining
fiscal and current account deficits, surging exports, controlled inflation, and rising
income levels. These forces intertwine with declining poverty and expanding consumption,
feeding corporate strength and slashing bank NPAs. This self-reinforcing cycle of progress
is fuelled by domestic demand and amplified by global investors seeking stability and
diversification, leading to record FDI inflows further bolstering the economy at a time of
global insecurity.
The foundation of much of India's success rests in the clarity, consistency, and
compassion of the government. Its focus on the welfare of the common citizen is
transformative. Schemes like Direct Benefit Transfer, eliminating over 100 million
fraudulent accounts and saving an astoundingRS3 lakh crore from misuse, Ayushman Bharat,
saving the poor an estimatedRS1 lakh crore in healthcare expenses, the Prime Minister
Ujjwala Yojana, providing clean cooking solutions to over 10 crore underserved citizens,
or the Jal Jeevan Mission, which aims to supply 55 litres of water per person per day to
every rural household, are more than just programmes - they are pillars of social progress
that act as safeguards for the health and dignity of millions of our people. This trust in
government emboldens the people and fuels their ambition.
It is this platform, established over the past decade, that has made India the world's
fastest-growing major economy, a nation of scale, vision, and heart. In addition to the
domestic success, its rising geopolitical stature and principled global engagement
positions India as a leading force for stability
mat*
India's trajectory is shaped by an exceptional time where opportunity and decisive
action converge. This is evidenced by powerful metrics: a remarkable growth rate,
declining fiscal and current account deficits, surging exports, controlled inflation, and
rising income levels.
and progress during a tumultuous time as seen through initiatives like the G20
presidency.
This is India's moment. We are now the force for stability, cooperation, and progress
in a complex world bolstered by vast domestic demand and propelled by the government's
ambitious USD 2 trillion infrastructure investment target by 2030.
We, as a company, recognise this exceptional moment and that our ambitions are not just
our own; they are interwoven with India's emergence as a true global power. India shines,
and we shine with it.
Hum Karke Dikhate Hai: The Philosophy for Our Success
India's robust macroeconomic stability and ambitious growth plans inspire unwavering
confidence in our future. The pivotal role of public-private partnerships in
infrastructure development, fuelled by strong multiplier effects, reinforces our belief.
The nation's infrastructure spending has tripled in the past decade, with breakneck
progress in highways, railways, and electrification. Initiatives like Gati Shakti will
integrate infrastructure schemes (Bharatmala, Sagarmala, etc.) to drive logistics costs
below 10%, bolstering competitiveness, and we are very well positioned to capitalise on
such programmes.
This infrastructure push, combined with policies like Make in India and
Production-Linked Incentive Schemes, will drive investment across vital sectors - roads,
airports, ports, power, railways, and data centers, each of these are core businesses for
the Adani Group. As India's leading infrastructure player, we see a clear narrative of
immense and predictable growth.
Our record-breaking achievements in 2023 underscore our alignment with national
priorities and our ability to execute the most complex, largescale projects with unmatched
expertise.
Picture our Khavda Renewable Energy Park, the world's largest RE plant spanning several
hundreds of square kilometres. Already generating 2,000 MW of clean energy, our aggressive
timeline aims to develop 30 GW capacity in the next five years, enough to power nations
like Belgium, Chile, and Switzerland. For us, this RE park is a symbol of our commitment
to sustainability and a symbol of national pride.
In the spirit of sustainability, Adani Green became the proud sponsor of London Science
Museum's stunning green energy gallery that looks at the past, present and future of
energy systems. It is now considered one of the foremost museums that showcases how the
world can generate and use energy more sustainably. It has quickly become a
one-of-its-kind platform drawing and inspiring thousands of global visitors to understand
solutions for an equitable and sustainable future.
Our record-breaking achievements in 2023 underscore our alignment with national
priorities and our ability to execute the most complex, largescale projects with unmatched
expertise.
Or envision the cutting-edge Ammunition and Missile Complex, South Asia's largest, a
testament to our commitment to India's security. Picture the Drishti 10 Starliner UAV, a
symbol of Indian innovation, soaring through the skies, protecting our nation. These
aren't just machines; they embody our unwavering dedication to India's well-being.
Further, visualise the world's largest slum at Dharavi in Maharashtra as we redevelop
it over the next decade to provide dignity to over its 1 million residents. This is not a
project of redevelopment; it's about dignity of living.
And we did not stop there.
We were privileged to have the Honourable Prime Minister inaugurate the
state-of-the-art Terminal T3 at the Chaudhary Charan Singh International Airport in
Lucknow, designed to accommodate 8 million passengers annually and enhance domestic and
international connectivity.
Kutch Copper Limited, a pioneering project in Mundra, commenced operations at its
greenfield copper refinery. By the end of this decade, we aim to make it the world's
largest single-location copper smelter with a capacity of 1 MTPA, significantly enhancing
India's self-reliance on a crucial metal needed for several critical industries.
Adani Ports experienced an exceptional year, exceeding 400 MMT of cargo for the first
time and handling a record 420 MMT as it continued to expand its position as India's
premier commercial port with significant double-digit growth across most facilities.
The U.S. Development Finance Corporation injected USD 553 million into CWIT, Adani's
joint venture in Sri Lanka, to develop a deepwater shipping container terminal at Colombo
Port. This investment is a strategic step showcasing the confidence of the DFC on Adani's
capabilities as well as towards bolstering Sri Lanka's economic recovery through private
sector-led initiatives.
Following the strategic acquisition of ACC and Ambuja Cements and the successful
commissioning of our Ametha Integrated Unit, the Adani Group's combined cement capacity
has risen from 67 MTPA to 78.9 MTPA. This puts us well on the path towards the 140 MTPA
target we had set to achieve by 2028. Also, we are proud to state that Ambuja Cements was
the lead supplier for the breathtaking Mumbai Trans Harbour Link, India's longest sea
bridge covering 21.8 km that showcases its infrastructural prowess. Our approach is clear
- align with the nation, build adjacencies, and de-risk through integration. Today, we
stand as a testament to India's growth trajectory. We consistently take on projects of
immense scale that others wouldn't dream of, proving our ability to deliver complex
infrastructure that will fuel the nation's rise and most importantly continue to ensure
that we do so without compromising on our growth and financial numbers. This is best
manifested in the all-round growth numbers we delivered in 2023-24.
We consistently take on projects of immense scale that others wouldn't dream of,
proving our ability to deliver complex infrastructure that will fuel the nation's rise and
most importantly continue to ensure that we do so without compromising on our growth and
financial numbers.
Financial Performance: An All-Time Record
In terms of financial performance, I am delighted to state that we achieved an
unprecedented milestone, recording the highest-ever EBITDA of lRS82,917 crore (roughly USD
10 billion), a remarkable surge of 45%. This exceptional financial performance drove our
PAT to a record high ofRS40,129 crore, marking a substantial 70.8% growth. Our net Debt to
EBITDA further fell to 2.2x from 3.3x over the past year, giving us additional headroom
for future growth. All of this resulted in an all-time-high levels of liquidity for the
Group with a cash balance ofRS59,791 crore.
These consistent and improved metrics demonstrate our highly stable infrastructure
platform, and led to a series of rating and outlook upgrades. Three of our portfolio
companies - Ambuja, ACC, and APSEZ, are now AAA rated.
Highlighting the performance of a few of our companies:
APL
Our operating capacity increased by 12% to 15,250 MW, with the commissioning of the
1,600 MW Godda ultra-supercritical thermal power plant.
APSEZ
In addition to reaching 420 MMT and 10 of our ports recording lifetime high cargo
volumes, we undertook successful acquisitions of Gopalpur and Karaikal ports.
AEL
As the incubation engine for the Group, AEL had a stellar year with three of our
incubating businesses, including airports, green hydrogen eco-system and roads, picking up
momentum. Passenger traffic at our airports witnessed a strong double-digit growth and
stands at 88.6 million passengers. The solar manufacturing division has successfully
commissioned a large-sized monocrystalline ingot and wafer unit, India's first, further
enhancing control over the fully integrated green hydrogen production chain.
AGEL
Given the RE growth potential, we revised our FY 2029-30 target from 45 GW to 50 GW. In
the year, we added 2.8 GW, 15% of India's total renewable capacity addition. This includes
the commissioning of the first 2 GW at the world's largest RE park at Khavda within 12
months of breaking ground, which highlights our execution capabilities.
AESL
We commissioned critical transmission infrastructure, including two 765 kV lines -
Warora-Kurnool (1,756 ckm) and Khavda, Bhuj.
Our transmission order book stands atRS17,000 crore, and our smart metering order book
has expanded to 2.28 crore meters.
ATGL
We expanded our CNG stations from 733 to 903 and PNG connections from 8.45 lakhs to
9.76 lakhs. We also commissioned 606 EV charging points and phase-1 of one of India's
largest biomass plants in Barsana.
Ambuja Cements
Our total capacity has increased to 78.9 MTPA from 67.5 MTPA and our EBITDA per tonne
has more than doubled since we acquired the business. Our target is to reach 140 MTPA by
2028.
NDTV
Our media entity has expanded its presence regionally and scaled digitally, with a 39%
increase in global digital traffic. We also invested in next-generation infrastructure,
with new facilities in BKC, Mumbai, and NCR, Delhi.
Overall, our record-breaking performance and strategic achievements across diverse
sectors showcase our commitment to innovation and sustainable growth. Several of these
achievements will significantly reduce national reliance on imports and help secure our
national value chains. We have always believed that we are not just building businesses;
we are contributing to powering India's future with infrastructure, energy solutions, and
digital advancements. As we continue to invest in cutting-edge technologies and expand our
reach, we are confident in our ability to deliver exceptional value and continue to
contribute to our stakeholders.
The Power of Purpose: Approach to Corporate Social Responsibility
We recognise that the most successful and enduring companies understand that
integrating sustainability, ethical business practices, and community engagement into
their core strategies is both a moral imperative and a smart business decision. In this
context, the Adani Foundation's reach has now extended to 9.1 million individuals across
6,769 villages in 19 states. This vast engagement underscores our deep commitment to
uplifting lives and fostering sustainable development nationwide. Our commitment to
'Growth with Goodness' drives our actions - from addressing environmental impact to
prioritising the needs of all stakeholders, we strive to create long-term value while
fostering thriving communities. And as outlined here, we continue to have inspiring
stories of success.
Adani Foundation reaches millions of individuals across 5,753 villages in 19 states.
This vast engagement underscores our deep commitment to uplifting lives and fostering
sustainable development nationwide.
Through the Adani Saksham (skill development) initiative, we empowered 1,69,000 young
individuals with essential skills, helping them secure a brighter future and potentially
become entrepreneurs.
Our agricultural programmes revitalised 26,000 acres of land, introducing sustainable
practices and natural farming techniques that promise a greener tomorrow.
Our health outreach programmes, including mobile health care units and camps, touched 2
million lives, ensuring that essential services reach the most remote communities.
Further, the Gujarat Adani Institute of Medical Sciences, Adani Hospitals, and our
rural clinics and wellness centers provided critical healthcare to approximately 2.7
million individuals.
The SuPoshan project enhanced the nutrition delivered to 4,14,000 women and children,
fortifying the foundations of future generations.
Our efforts in animal husbandry improved the livelihoods of numerous farmers, with
9,100 cattle benefiting from better care and 30,000 instances of artificial insemination
boosting productivity.
Our water conservation initiatives created a staggering 13.8 million cubic meters of
storage capacity, ensuring water security and supporting the ecological balance of our
ecosystems.
The engagement of 16,900 women in self-help groups underlined our initiative for
sustainable economic development, empowering them to become agents of change in their
communities.
At the Adani Foundation, each number tells a story of change, of a life empowered, and
a community revitalised. These stories fuel our mission to continue making a significant
and sustainable impact, and I am proud of what we have achieved together as we strive to
do our part to leave a small positive mark on this world.
A Shared Destiny: Stronger than Ever and Building a Nation Together
The challenges we overcame last year have strengthened our resolve. We draw inspiration
from the very resilience that India embodies. Our ambitions are limitless, just like
India's. We see a future where our expertise drives infrastructure revolutions, where our
green energy initiatives power a sustainable tomorrow, and where our commitment to
upliftment transforms communities.
The road ahead is paved with extraordinary possibilities and I can promise you that the
Adani Group today is stronger than it's ever been. Our journey is a testament to the
relentless pursuit of dreams, of turning ambition into reality. This isn't just about
building businesses; it's about building a nation.
Hum Karke Dikhayenge! The best is yet to come.
Gautam Adani