Adani flags improving debt metrics to bolster confidence
Billionaire Gautam Adani’s embattled conglomerate said its key debt metrics have improved, as it seeks to restore investor confidence after a US short seller attack earlier this year.
Adani Group’s net debt to earnings before interest, tax, depreciation and amortization improved to 3.27 times at the end of March compared with 3.81 times a year ago, while cash balance rose to Rs 40,350 crores, the company said in a report on Monday.
The financial health of Adani companies has been under increased scrutiny after research firm CreditSights last year termed the ports-to-power conglomerate “deeply overleveraged.” Questions intensified in January after US short seller Hindenburg Research accused the group of inflating revenues and manipulating stock prices.
