Adani third Indian business house to cross $10-b mark in operating profit
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The Adani Group has become only the third Indian conglomerate after the Tata Group and Mukesh Ambani's Reliance Group to log $10 billion in annual operating profit, having reached that milestone in FY24 despite higher policy rates, global business volatility, and a stock rout spawned by misgovernance allegations. The infrastructure conglomerate's Ebitda, or profit from regular business operations excluding costs such as interest, taxes, depreciation, and amortisation, climbed 45% year-on-year in FY24, showed a group presentation shared with top investors. The Adani Group, which last week sought to infuse equity into two large companies of the conglomerate, told top investors that Ebitda at the group level was ₹82,917 crore in FY24. That compares with ₹57,205 crore in FY23 and ₹42,023 crore in FY22. Cash profit from operations stood at ₹56,828 crore, up from ₹37,511 crore a year earlier, registering a growth of 51%. The core utilit...