How has the Adani Group fared so far and what is the value now? Deven Choksey answers

economictimes.indiatimes.com:

Deven R Choksey, MD, KRChoksey, says that when it comes to the Adani Group, “I see the entire infrastructure portfolio of the company at the group level to begin with and then respective companies thereafter. I believe that this is the approach one will have to carry because a huge amount of synergy is existing between different infrastructure businesses that they have created.” Coming to Adani Enterprises, instead of retail investors, this kind of business is definitely more meaningful if you are an institutional investor like pension fund, insurance fund, sovereign fund or a large-sized hedge fund, because it is producing unlocking of value in coming years.Which according to you is the strongest Adani group company’s number so far for the quarter gone by?On the basis of the size of the balance sheet, Adani Enterprises definitely demands attention.

When I look at the numbers, I find that on an annualised run rate based on the quarterly reported numbers of the first quarter, the company would eventually end up making an EBITDA of around Rs 12,000 crore without taking into account the additional businesses which are getting started in different parts of the year. The other part is Adani Power which is an important one because the numbers reported on the EBITDA front are around Rs 17,000-18,000 crore for the current financial year in the making.

If you also include Adani Ports number, which will come eventually, all put together and without factoring in cement at this point of time, the group is heading in the direction of making around Rs 55,000-60,000 crore EBITDA in the current financial year. Now should that be the situation, then the entire equation as far as the business condition and output for the company and the