How Does Adani’s Recent EBITDA Jump Contribute to India’s Economic Growth.pptxAdani News
The India billionaire businessman, Gautam Adani is a man of strong intuition, discipline, and power. Under him, India’s economic landscape is buzzing with excitement as Adani Group has witnessed a 42% jump in year-on-year EBITDA (earnings before interest, taxes, depreciation, and amortization) in pre-tax profit. It is a crucial indicator of how well a company operates and generates profit. Beyond the financial figures, this surge holds significant implications for the broader Indian economy in the future.
The cover embodies the Cairn India principle of creating
long term value for our stakeholders through sustainable
business processes. While the horizon is a reflection of our
diversified portfolio of producing assets, the heart of the
report is the people or communities around our areas of
operation. Just as the principles of Respect, Responsibility
and Relationships are embedded in our business
processes and carried forward by every employee, we
hope the essence and impact of sustainability will also
act as a bridge between older and younger generations
of communities. The tree of life embodies the fruit of
hydrocarbon development and the children the catalyst
and carriers of this sustainability journey.
No possibility of hidden leverage says Gautam Adani.pptxAdani case
Pledges on the secret shareholdings stated in Part 1 of the Hindenburg report may represent further concealed leverage inside the Adani empire, giving rise to the dispute around Adani shares overleveraged.
How Does Adani’s Recent EBITDA Jump Contribute to India’s Economic Growth.pptxAdani News
The India billionaire businessman, Gautam Adani is a man of strong intuition, discipline, and power. Under him, India’s economic landscape is buzzing with excitement as Adani Group has witnessed a 42% jump in year-on-year EBITDA (earnings before interest, taxes, depreciation, and amortization) in pre-tax profit. It is a crucial indicator of how well a company operates and generates profit. Beyond the financial figures, this surge holds significant implications for the broader Indian economy in the future.
The cover embodies the Cairn India principle of creating
long term value for our stakeholders through sustainable
business processes. While the horizon is a reflection of our
diversified portfolio of producing assets, the heart of the
report is the people or communities around our areas of
operation. Just as the principles of Respect, Responsibility
and Relationships are embedded in our business
processes and carried forward by every employee, we
hope the essence and impact of sustainability will also
act as a bridge between older and younger generations
of communities. The tree of life embodies the fruit of
hydrocarbon development and the children the catalyst
and carriers of this sustainability journey.
No possibility of hidden leverage says Gautam Adani.pptxAdani case
Pledges on the secret shareholdings stated in Part 1 of the Hindenburg report may represent further concealed leverage inside the Adani empire, giving rise to the dispute around Adani shares overleveraged.
A business opportunity for indian firms from the global growth in wind energy...SiddharthaGuha11
A Thought Leadership Document and its specific Objectives
A Business Opportunity for Indian firms from the Global Growth in the Wind Energy/ Shale Gas / Nuclear sector is a Thought Leadership Document prepared by SGMP Thought Leadership and Advisory OPC Private Limited.
Globally there is a surge in the capacity installations of Wind Energy/ Shale Gas / Nuclear sector. Also the capacity installation growth is directly correlated to the demand growth for materials that go into it. Hence materials right from customized Fabricated Parts to Castings to Wires, everything will have Exponential Growth Curve in the usage. Apart from opportunities for Material supplying organisations, there is also a vast scope for service oriented organization also. Apart from materials, there is growing demand for services related to these sectors(for e.g. for EPC Companies)
Greetings,
Attached FYI ( NewBase Special 04 April March 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE: Adnoc Focuses on O&G while being efficient and keeps output target , says chief executive
• Malaysia: PGS, TGS and Schlumberger WesternGeco to acquire multiclient seismic program offshore Sabah
• Bangladesh: Petrobangla, Excelerate Sign Agreement to Build Bangladesh's First FSRU
• UK is now producing a quarter of its electricity from renewables
• US: Shale gas hits railroads and diesel demand
• Oil prices fall on dimming prospect of output restraint
• Oil, taxes — and big problems for Russia's economy
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Structuring Aspects in Merger & AcquisitionHU Consultancy
In this video, Dr. Haresh Shah explains the broad oHere we have discussed some restructuring ideas used and implemented in recent big deals in India. We have focused on the pros and cons of the structure the company chooses while undergoing merger, acquisition or internal restructuring process.
For more information contact us at (020) 2442 – 0209 / (020) 2442 – 5826 or visit http://huconsultancy.com
Here we have discussed some restructuring ideas used and implemented in recent big deals in India. We have focused on the pros and cons of the strucuture the company choses while undergoing merger, acquisition or internal restructuring process.
Ghani Glass Limited endeavors to add best-in-class value to all it’s stakeholders which include our consumers, customers, suppliers, employees and shareholders along with the communities we operate in. They are all important pieces of the whole and their successful integration means win-win situation for all.
rise, fall and RISE of adani and Future of adani.pptxSumanth A
***Disclosure: Used images available on open internet and from investor PPTs and documents of the company ***
A Journey Through Adani Group: Transformations, Challenges, and Future Prospects
The Adani Group, a conglomerate with diverse interests, has undergone significant transformations over the years. Let’s delve into the key aspects of their journey:
A Journey of Transformation:
Explore how the Adani Group evolved from its humble beginnings to a global player.
Trace the milestones, strategic decisions, and leadership changes that shaped its trajectory.
Adani’s Rapid Growth:
Analyze the sectors where Adani made significant strides: energy, infrastructure, logistics, and more.
Highlight their expansion into international markets and partnerships.
Hindenburg Report: Adani Fallout:
Investigate the fallout from the Hindenburg Research report, which raised concerns about Adani’s financial practices.
Discuss the impact on investor confidence, stock prices, and corporate governance.
Adani Back in Action:
Examine how Adani responded to the crisis.
Did they address the allegations effectively? What steps did they take to regain trust?
Adani - What NEXT?:
Peer into the future: What lies ahead for the Adani Group?
Consider their diversification plans, sustainability initiatives, and potential challenges.
A company review on ONGC(Oil and Natural Gas Corporation Limited). In this presentation, We can find entire information about the ONGC, How it came into existence and board of directors, subsidiaries and Competitors. We can also find the Financial analysis of the company. We can know the SWOT analysis, Awards and recognition and CSR activities of the ONGC company.
Explore our comprehensive data analysis project presentation on predicting product ad campaign performance. Learn how data-driven insights can optimize your marketing strategies and enhance campaign effectiveness. Perfect for professionals and students looking to understand the power of data analysis in advertising. for more details visit: https://bostoninstituteofanalytics.org/data-science-and-artificial-intelligence/
A business opportunity for indian firms from the global growth in wind energy...SiddharthaGuha11
A Thought Leadership Document and its specific Objectives
A Business Opportunity for Indian firms from the Global Growth in the Wind Energy/ Shale Gas / Nuclear sector is a Thought Leadership Document prepared by SGMP Thought Leadership and Advisory OPC Private Limited.
Globally there is a surge in the capacity installations of Wind Energy/ Shale Gas / Nuclear sector. Also the capacity installation growth is directly correlated to the demand growth for materials that go into it. Hence materials right from customized Fabricated Parts to Castings to Wires, everything will have Exponential Growth Curve in the usage. Apart from opportunities for Material supplying organisations, there is also a vast scope for service oriented organization also. Apart from materials, there is growing demand for services related to these sectors(for e.g. for EPC Companies)
Greetings,
Attached FYI ( NewBase Special 04 April March 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE: Adnoc Focuses on O&G while being efficient and keeps output target , says chief executive
• Malaysia: PGS, TGS and Schlumberger WesternGeco to acquire multiclient seismic program offshore Sabah
• Bangladesh: Petrobangla, Excelerate Sign Agreement to Build Bangladesh's First FSRU
• UK is now producing a quarter of its electricity from renewables
• US: Shale gas hits railroads and diesel demand
• Oil prices fall on dimming prospect of output restraint
• Oil, taxes — and big problems for Russia's economy
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Structuring Aspects in Merger & AcquisitionHU Consultancy
In this video, Dr. Haresh Shah explains the broad oHere we have discussed some restructuring ideas used and implemented in recent big deals in India. We have focused on the pros and cons of the structure the company chooses while undergoing merger, acquisition or internal restructuring process.
For more information contact us at (020) 2442 – 0209 / (020) 2442 – 5826 or visit http://huconsultancy.com
Here we have discussed some restructuring ideas used and implemented in recent big deals in India. We have focused on the pros and cons of the strucuture the company choses while undergoing merger, acquisition or internal restructuring process.
Ghani Glass Limited endeavors to add best-in-class value to all it’s stakeholders which include our consumers, customers, suppliers, employees and shareholders along with the communities we operate in. They are all important pieces of the whole and their successful integration means win-win situation for all.
rise, fall and RISE of adani and Future of adani.pptxSumanth A
***Disclosure: Used images available on open internet and from investor PPTs and documents of the company ***
A Journey Through Adani Group: Transformations, Challenges, and Future Prospects
The Adani Group, a conglomerate with diverse interests, has undergone significant transformations over the years. Let’s delve into the key aspects of their journey:
A Journey of Transformation:
Explore how the Adani Group evolved from its humble beginnings to a global player.
Trace the milestones, strategic decisions, and leadership changes that shaped its trajectory.
Adani’s Rapid Growth:
Analyze the sectors where Adani made significant strides: energy, infrastructure, logistics, and more.
Highlight their expansion into international markets and partnerships.
Hindenburg Report: Adani Fallout:
Investigate the fallout from the Hindenburg Research report, which raised concerns about Adani’s financial practices.
Discuss the impact on investor confidence, stock prices, and corporate governance.
Adani Back in Action:
Examine how Adani responded to the crisis.
Did they address the allegations effectively? What steps did they take to regain trust?
Adani - What NEXT?:
Peer into the future: What lies ahead for the Adani Group?
Consider their diversification plans, sustainability initiatives, and potential challenges.
A company review on ONGC(Oil and Natural Gas Corporation Limited). In this presentation, We can find entire information about the ONGC, How it came into existence and board of directors, subsidiaries and Competitors. We can also find the Financial analysis of the company. We can know the SWOT analysis, Awards and recognition and CSR activities of the ONGC company.
Explore our comprehensive data analysis project presentation on predicting product ad campaign performance. Learn how data-driven insights can optimize your marketing strategies and enhance campaign effectiveness. Perfect for professionals and students looking to understand the power of data analysis in advertising. for more details visit: https://bostoninstituteofanalytics.org/data-science-and-artificial-intelligence/
StarCompliance is a leading firm specializing in the recovery of stolen cryptocurrency. Our comprehensive services are designed to assist individuals and organizations in navigating the complex process of fraud reporting, investigation, and fund recovery. We combine cutting-edge technology with expert legal support to provide a robust solution for victims of crypto theft.
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We immediately notify all relevant centralized exchanges (CEX), decentralized exchanges (DEX), and wallet providers about the stolen cryptocurrency. This ensures that the stolen assets are flagged as scam transactions, making it impossible for the thief to use them.
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We guide you through the process of filing a valid police report. Our support team provides detailed instructions on which police department to contact and helps you complete the necessary paperwork within the critical 72-hour window.
Launching the Refund Process:
Our team of experienced lawyers can initiate lawsuits on your behalf and represent you in various jurisdictions around the world. They work diligently to recover your stolen funds and ensure that justice is served.
At StarCompliance, we understand the urgency and stress involved in dealing with cryptocurrency theft. Our dedicated team works quickly and efficiently to provide you with the support and expertise needed to recover your assets. Trust us to be your partner in navigating the complexities of the crypto world and safeguarding your investments.
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
Graph algorithms, like PageRank Compressed Sparse Row (CSR) is an adjacency-list based graph representation that is
Multiply with different modes (map)
1. Performance of sequential execution based vs OpenMP based vector multiply.
2. Comparing various launch configs for CUDA based vector multiply.
Sum with different storage types (reduce)
1. Performance of vector element sum using float vs bfloat16 as the storage type.
Sum with different modes (reduce)
1. Performance of sequential execution based vs OpenMP based vector element sum.
2. Performance of memcpy vs in-place based CUDA based vector element sum.
3. Comparing various launch configs for CUDA based vector element sum (memcpy).
4. Comparing various launch configs for CUDA based vector element sum (in-place).
Sum with in-place strategies of CUDA mode (reduce)
1. Comparing various launch configs for CUDA based vector element sum (in-place).
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
498 Response to HINDENBRUG REPORT27012023 (1) (1).pdf
1. Adani Enterprises Ltd
“Adani Corporate House”,
Shantigram, Near Vaishno Devi Circle,
S. G. Highway, Khodiyar
Ahmedabad 382 421
Gujarat, India
Tel + 91 79 2656 5555
Fax + 91 79 2555 5500
info@adani.com
www.adani.com
CIN: L51100GJ1993PLC019067
Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421
27th January, 2023
BSE Limited
P J Towers,
Dalal Street,
Mumbai – 400001.
National Stock Exchange of India Limited
Exchange plaza,
Bandra-Kurla Complex,
Bandra (E), Mumbai – 400051.
Scrip Code: 512599 Scrip Code: ADANIENT
Dear Sir / Madam,
Sub: Presentation covering Adani Group’s response to Hindenburg Report
Further to our media statements, please find enclosed herewith Presentation
covering Adani Group’s response to Hindenburg Report with respect to Adani
Group listed entities.
The same is uploaded on the weblink https://www.adani.com/-
/media/Project/Adani/Invetsors/Adani%20Portfolio%20January%202023%20Gl
obal%20Call%20Short%20Seller%20Response
Kindly take the same on your records.
Thanking you,
Yours faithfully,
For Adani Enterprises Limited
Jatin Jalundhwala
Company Secretary & Joint President (Legal)
Encl: as above
JATINKUMAR
RAMESHCHAND
RA
JALUNDHWALA
Digitally signed by
JATINKUMAR
RAMESHCHANDRA
JALUNDHWALA
Date: 2023.01.27
18:09:51 +05'30'
3. Table of Contents
1 Adani Portfolio Overview & Executive Summary
2 Governance Status
3 Credit Status
4 Loan Against Share - Status
5 Accounting and Audit Structure
6 Regulatory Interface
7 Public Disclosure Status
4. Adani Portfolio: Hindenburg Questions & Assertions
3
Executive Summary
• 21 Question’s (RPT & Court Cases) are nothing but Adani Portfolio’s own public disclosure from as far back as
2015 ( See Slide 17)
• Accounting (or fraud type assertions) “investigation” devoid of facts. Of Adani portfolio’s 9 public listed entity’s
8 are audited by one of the Big 6 (See slide 13)
• On leverage or over leverage issue – ~ 100 of our various companies are rated ( these account for nearly
100% of our EBITDA) (See slide 9)
• On revenue or balance sheet being artificially inflated or managed - please note that out 9 listed companies in
Adani portfolio 6 are subject to specific sector regulatory review for revenue, costs and capex (See slide 15)
• In relation to governance please note that 4 of our large companies are in top 7% of the peer group in Emerging
markets or the sector or the world ( See slide 7)
• On the LAS position do note that overall promoter leverage is less than 4% of promoter holding ( See slide 11)
6. 5 STRICTLY PRIVATE AND CONFIDENTIAL
Adani: A World Class Infrastructure & Utility Portfolio
5
~USD 222 bn1 Combined Market Cap
1 . Combined market cap of all listed entities as on Dec 30, 2022, USD/INR – 82.79 | 2. NQXT: North Queensland Export Terminal | 3. ATGL: Adani Total Gas Ltd, JV with Total Energies | 4. Data center, JV with EdgeConnex, AEL:
Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; ATL: Adani Transmission Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited;
AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power Producer
5. Cement business includes 63.15% stake in Ambuja Cement which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited
ANIL
New Industries
AdaniConneX4
Data Centre
(100%) (50%)
AAHL
Airports
ARTL
Roads
(100%) (100%)
(%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries
A multi-decade story of high growth centered around infrastructure & utility core
Adani Portfolio’s
Listed Entities
Energy & Utility Transport & Logistics
Infrastructure & Utility Core Portfolio
AGEL
Renewables
ATL
T&D
ATGL
Gas Discom
APL
IPP
APSEZ
Ports & Logistics
NQXT2
(60.8%) (74.2%)
(37.4%) (75.0%)
(65.1%) (100%)
AWL
Food FMCG
ADL
Digital
(100%)
(44.0%)
PVC
Mining Services &
Commercial Mining
(100%)
(100%)
Copper, Aluminum
(100%)
Materials, Metal &
Mining
Cement 5
(63.2%)
Primary Industry
Direct to consumer
Emerging B2C
AEL
(72.6%)
Incubator
Flagship
8. Adani Portfolio: ESG FY2023 -Achievements
7
Action on Climate
Change
• Emission intensity
reduction of 43%
from the base year
• GHG emissions
target validated and
approved by SBTi –
moved to Stage 2
• AEML achieved 18%
renewable in power
mix
• GHG emissions target
validated and
approved by SBTi –
moved to Stage 2
• 4 Mn CO2 avoided till
date
• Committed to SBTi
• 650 Kw capacity
Rooftop solar
installed in 36 sites
• 85% LCVs
contracted to ATGL
are CNG Powered ,
100% by March’23
• Mumbai Airport: First
airport in India to
achieve 100% energy
from renewable
sources
Resource
Management
• Water intensity
reduction of 64%
from the base year
• SUP free: Dahanu and
Major Substations
• ATL (O&M): Achieved
Water Positive status
• 100% sites certified
as SUP free
• 5 sites certified as
SUP free
• 12% Reduction in
water intensity as
compared to last year
Caring for People
Saksham (skill
development prog
for youth) India
Impact Awards
2022 Impact
Leader of the Year
• Online Grievance Redressal portal launched for effective and timely management of employee grievances
Community Skill
development program:
50% target achieved
against target year of
2025.
% of women directors in
board improved to 28.5%
Employee retention
rate : 95%
3000+ students
trained under Green
millennials program on
Climate Change
_
Disclosures DJSI: Scored 68/100, 11
points jump from last
year and top ten
companies among peer
group
S&P Global rated ATL for
being aligned with
(TCFD) with 6 elements
fully aligned
Achieved Sustainalytics
ESG Risk Rating of ‘Low
Risk’ with a score of
14.6, the best among
key large global peers
DJSI –Scored 54/100
against the industry
average score of
38/100
DJSI-Ranked 7th in its
peer group
-scored 51/100 against
industry avg of 21/100
10. Adani Portfolio: Credit Ratings
9
EBIDTA: Earning Before Interest Depreciation & Tax I IG: Investment Grade rating by Moody’s/S&P/Fitch I APSEZ: Adani Ports and Special Economic Zone Limited | ATL: Adani Transmission Limited | ATGL: Adani Total Gas
Limited | AWL: Adani Wilmar Limited | AEL: Adani Enterprises Limited | AGEL: Adani Green Energy Ltd. | APL: Adani Power Limited | Ind Ra: India Ratings | BWR: Brickwork | RGs: Restricted Groups
Quality of EBIDTA Mix
Portfolio Ratings
A
36%
17%
47%
19%
43%
38%
Mar 2013 Mar 2016
41%
7%
50% 1%
1%
2%
Sep 2022
AAA AA
IG BB
Unrated
BBB
Domestic
Global
International Ratings
• At a portfolio level, there are ~ more than 100 entities/RGs rated
by 3 Global and 7 Domestic Rating Agencies across portfolio
which constitute nearly 100% of Portfolio EBITDA.
Listed Entities Domestic Rating Agencies INR Ratings
Ambuja / ACC CRISIL AAA/Stable
APSEZ Ind Ra, ICRA AA+/Stable
ATL Ind Ra AA+/Stable
ATGL ICRA AA-/Stable
AWL CARE AA-/Stable
AEL CARE, BWR A+/Stable
AGEL Ind Ra A+/Stable
APL CRISIL, Ind Ra A/Stable, A/Positive
Domestic Ratings
Listed Entities
International Rating
Agencies
Global Ratings
APSEZ Moody’s/S&P/Fitch
Baa3/BBB-/BBB-
(Outlook – Stable)
ATL/RG’s Moody’s/Fitch
Baa3/BBB-
(Outlook – Stable)
AGEL/RG2 Moody’s/Fitch
Ba3/BBB-
(Outlook – Stable)
14. Adani Portfolio: 8 of 9 listed Companies has a Big 6 Auditor
13
Listed Entity Statutory Auditor Remarks
Adani Ports & SEZ Deloitte Haskins & Sells The Statutory Auditor before the rotation was SRBC & Co. (E&Y)
Adani Power SRBC & Co. (EY) The Statutory Auditor before the rotation was Deloitte Haskins & Sells
Adani Transmission Deloitte Haskins & Sells The Statutory Auditor before the rotation was Dharmesh Parikh & Co.
Adani Green Energy SRBC & Co. (EY) &
Dharmesh Parikh & Co.
(Joint Auditors)
The Statutory Auditor before the rotation was BSR & Co. (KPMG)
Adani Enterprises (AEL) Shah Dhandharia & Co.
& includes 27 other
Statutory Audit Firms
like Ernst & Young, PKF,
Walker Chandiok & Co. &
K S Rao & Co., etc.
AEL acts as an incubator and has businesses in various sectors and subsidiaries and
associates spread over eight jurisdictions. There are more than 27 Statutory Audit firms
which audit the various entities within Adani Enterprises which include a mix of big four
Statutory Auditors as well as statutory auditors who are highly reputed in their
respective jurisdictions.
For example in Adani Airports – MIAL is audited by Grant Thornton
Oher 6 airports as per Airport Authority of India panel provisions in Concession
Agreement – Gayendra & Co
Adani Total Gas Shah Dhandharia & Co. Currently in process of evaluating global big 6
Adani Wilmar SRBC & Co. (EY) &
Dharmesh Parikh & Co.
(Joint Auditors)
EY now a joint statutory auditor
Ambuja & ACC EY Prior, entities were owned by Holcim
Policy on Periodic Review by Global Big 6
The last review carried out for FY 22 was undertaken by Grant Thornton.
Policy on audit of randomly selected function by Global Big 6
In FY 22 treasury policy across Portfolio companies was selected for a review. This was undertaken by
16. Adani Portfolio: 6 of 9 listed Companies independent regulator interface
15
Listed Entity Concessionaire/Regulator Remarks
Adani Ports & SEZ Yes, Various State Maritime
Boards
Gujarat Maritime Board, in its capacity as a Concessionaire, (GMB) has a
nominee director on the board of APSEZ
Adani Power CERC and various SERC’s
Adani Transmission CERC and various SERC’s eg
MERC
Adani Green Energy CERC and various SERC’s
Adani Enterprises (AEL) NHAI, AAI and AERA
For example in Adani Airports – AERA
Adani Total Gas PNGRB
Adani Wilmar NA EY now a joint statutory auditor
Ambuja & ACC NA Prior, entities were owned by Holcim
In addition to accounts, SEBi, BSE or NSE requirement’s 6 of our listed entity’s are also obliged to provide
regular filings for the business regulators.
In these cases Revenue, claimed expenses and claimed capital expenses are independently reviewed by the
regulators as part of the relevant legislations eg Electricity Act
18. Adani Portfolio: Hindenburg Questions & Assertions
17
1. Hindenburg asked 89 question in Total, the following Question by number: 1,2,3 5,6,7 19,20,21, 27,28,29
62,63,64 and 72,74,75,77,78,79 are in relation to Related party transactions, DRI (Directorate of Revenue
Intelligence) and court cases
2. 21 in total cannot be claimed to be result of any investigation over a 2 year period or any such assertion as they
were disclosed in the following public documents all the way back from 2015 onwards:
• ATL Rapid (2016)
• ATL Rapid (2019)
• Falcon AEML (1 Billion Bond) (2019)
• Falcon AEML (GMTN Bond) (2021)
• Project Shreya (RG 1 Bond – PSEPL, AGEUPL and PDPL) (2019)
• Project Shreya (RG 2 Bond – WSMPL, KSPPL and ARERJL) (2019)
• APSEZ Project Pearl (USD 750 million senior notes) 2021 (“July 2021 OC”)
• APSEZ Project Stark IV (USD 500 million senior notes) 2021 (“January 2021 OC”)
• APSEZ Project Stark III (USD 750 million senior notes) 2020 (“2020 OC”)
• APSEZ Project Stark II (USD 650 million senior notes) 2019 (“2019 OC”)
• APSEZ Project Stark I (USD 650 million senior notes) 2015 (“2015 OC”)
• AGEL Project Avengers (USD 750 million senior notes) 2021
• APSEZ – U.S.$300,000,000 3.828 per cent. Senior Notes due 2032
• APSEZ U.S.$450,000,000 5.00 per cent. Senior Notes due 2041
• Helmet Open Offer (2022) and MIAL USPP (2022)
