CFO’s statement came
Adani Group Chief Financial Officer (CFO) Jugshinder Singh today reassured investors. Speaking at an investor discussion after the announcement of the quarterly results, he said the group is confident about its internal controls, compliance and corporate governance. The group also separately issued summaries of the financial statements of its companies to show that it has adequate cash and has the ability to service its debts.
ledger in good standing
Singh said, “Our books are in very good shape. We have industry-leading growth potential, strong corporate operations, secure assets and strong cash flow. We will review our capital market strategy once the current market stabilises, but are confident of our ability to deliver the kind of business that can deliver strong returns to shareholders. It has been under constant pressure since the report came out. Although the group has dismissed the allegations leveled against it as false, but investor confidence has been affected by it. In the last three weeks, the total market capitalization of group companies has fallen by $ 125 billion.
Business momentum will continue
On business momentum, Singh said, “We are focused on maintaining our business momentum in this volatile market environment. We are confident about our internal controls, regulatory compliance and company operations. Adani Group had a total debt of Rs 2.26 lakh crore at the end of September 2022 quarter while it had cash of Rs 31,646 crore. The CFO said Adani Enterprises, the group’s flagship company, has a history of 25 years of disciplined capital infusion to drive shareholder value and during this period group companies have emerged as leaders in several sectors.
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