Adani Enterprises (AEL), the flagship company of the Adani Group, has revised its capital expenditure (capex) guidance downwards for FY24 and will now invest $3.8 billion across three business areas, down from $5.3 billion — a 28% drop from its earlier guidance.
This is the first material correction in AEL’s investment plans after the group was hit by US-based short-seller Hindenburg Research responsible for wiping out more than $100 billion of market capitalisation of Adani companies.
Last year, in an analyst call after a quarterly result announcement, Jugeshinder Singh, Adani group CFO, had guided for $5.3 billion capex for FY24 and $5.1 billion for FY23. The capex plan for five years starting FY25 was announced to be $49 billion.
