Adani stocks generated returns over 100%, group crossed $100-bn m-cap: Gautam Adani

Adani Group Chairman Gautam Adani on Monday addressed shareholders at the annual general meeting of Adani Enterprises. He said that the Adani Group firms propelled over 100 billion dollars in market capitalisation in the first week of the new financial year. "This valuation milestone is a first for a first-generation Indian company," he added.

"All Adani stocks generated returns over 100 per cent – and our businesses ensured that we returned close to Rs 9,500 crore rupees to you, our equity shareholders. This is a 166% increase in Profit After Tax on a year-on-year basis," Adani said.

India will create a $15 trillion economy

Believing that India will be a 15 trillion-dollar-plus economy, Adani said, "India will be a 5 trillion-dollar economy – and then go on to be a 15 trillion-dollar-plus economy over the next two decades. India will emerge as one of the largest global markets, both in terms of consumption size and market cap."

He added that there is "no reason to believe that over the next two decades we will not have been able to suitably address the challenges ahead of us."

Started in 2015, Adani Green Energy became the largest solar company in the world in 2020, the second richest person in India said. "Following the acquisition of SB Energy’s five-gigawatt portfolio, at an enterprise valuation of about 3.5 billion dollars, we caught up to our renewables target of 25 gigawatts a full four years ahead of schedule."

Talking about help his group provided during the COVID-19 pandemic, Gautam said Adani Group reached out all across the world to find essentials like liquid medical oxygen, oxygen cylinders and cryogenic tanks. He also said that his firm moved thousands of desperately need supplies by means of sea, rail and road. 

But it is "nothing when compared to the immeasurably noble work of our doctors and nurses as they put their lives on the line to serve their fellow citizens," Adani said.