GAUTAM ADANI'S CONGLOMERATE has halved its revenue growth target and plans to hold off fresh capital expenditure, according to people familiar with the matter, as the billionaire seeks to rebuild investor confidence in the wake of a bruising short-seller attack.
The group will now aim for revenue growth of 15% to 20% for at least the next financial year, down from the 40% expansion originally targeted, said the people, who didn’t want to be named. Capital expenditure plans will also be scaled down, they said,as the group prioritises bolstering its financial health over aggressive expansion.
The shift in policy shows how the ports-to-power conglomerate is focused on conserving cash, repaying debt and retrieving pledged shares as it scrambles to undo the damage from a scathing report by Hindenburg Research on January 24. Even though Adani Group denied the allegations of accounting fraud and stock manipulation levied by the American short seller, the report triggered a stock rout that has wiped more than 120 billion off the Adani empire’s market value.
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