New Delhi, September 6
Gautam Adani’s conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged.
In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently deleveraged, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the past nine years.
“The businesses operate on a simple yet robust and repeatable business model focused on development and origination, operations and management and capital management plan,” the note said.
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