Rahul Gandhi's presser tutored: BJP
Bengaluru, May 10: "Tutored and failed" is how the BJP on Thursday described the press conference addressed here by Congress President Rahul Gandhi and accused him of not answering the issues concerning the state's people.
"A desperate last-minute press conference that gave us nothing new about how and what they (Congress) will do for the people of Karnataka. A failed press conference that did not give us any clue or any answer to the number of questions raised by the state's people on the Siddaramaiah government's utterly dismal performance," Union Minister Piyush Goyal told a press conference here.
"It almost looks like a tutored press conference because many media persons were not even allowed to ask questions. Whenever a question was put... an effort was made to paraphrase it. This was a press conference more focussed on China and Pakistan, without responding to the local issues about which the corrupt Siddaramaiah government has no answer to offer," the Minister added.
"The Congress, its President, and the failed and corrupt Siddaramaiah government has no answer other than deflecting questions," he added.
The Bharatiya Janata Party attack came soon after Rahul Gandhi addressed a press conference here on the last day of campaigning for the May 12 Assembly polls.
Rahul Gandhi claimed that the BJP had restricted itself to mounting "personal attacks" on him and his party's leaders during campaigning and lacked seriousness about what they wished to do for public welfare if they returned to power in the state.
Goyal accused the Congress chief of not giving specific responses to issues that affect the people of Karnataka.
"He did not speak about corruption of Chief Minister Siddaramaiah's government and his Ministers. He was not able to tell who is responsible for the highest numbers of farmer suicides in Karnataka. When he is talking of 'inamdar', he did not respond to where the Hublot watch came from and why it was given to the Chief Minister," he said.
The Minister, a BJP leader, said that Rahul Gandhi also did not talk of the communal divide the Congress is trying to create by seeking votes in the name of religion.
The Minister said that the Congress leader's response to a query reminded him of his other "epic interactions" that ranged from connecting MRIs across the country to solve health sector problems and even his remarks that the Dalits "need the escape velocity of Jupiter" to achieve success.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
