Adani Responds With Point-By-Point Rebuttal Of Hindenburg Report

Adani Group today responded to the 88-questions raised by Hindenburg Research in its Jan. 24 research report on Adani Group.

“We are shocked that Hindenburg Research published a report on Jan. 24, 2023, without making any attempt to contact us or verify the factual matrix,” Group Chief Financial Officer Jugeshinder Singh had said in a statement on Wednesday.

The Ahmedabad-headquarter group said 21 of the questions raised were responded in the public disclosures made in its 2015 Adani Portfolio presentation. The accounting or fraud assertions investigation made by Hindenburg

It added that as far as accounting or fraud assertions investigation made by Hindenburg, “it is devoid of facts”.

Adani Group in its presentation made to analysts said that out of the nine publicly listed entities, eight are audited by BIG 6 auditors and Adani Total Gas is also contemplating a Big 6 auditor for its Audit.

Adani Group said that on the issue of leverage or over-leverage, nearly 100 of its various companies are rated, accounting for nearly 100 percent of its EBITDA.

Adani has denied assertions on revenue or balance sheet being artificially inflated and added that out of nine listed companies in the portfolio, six are subject to specific sector regulatory review for revenue, costs, and capex.

The group further reiterated that on governance four of its large companies are amongst the top 7% of the peer group in Emerging markets or the sector or the world.

It added that overall promoter leverage is less than 4 percent of promoter holding.

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