Adani Portfolio’s tax contributions reach Rs 58,104 crore for FY 2023-24

The Adani Group’s total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore for the financial year 2023-24, showcasing a significant increase from the previous year’s Rs 46,610.2 crore through its portfolio of listed entities, the company said on Sunday.

In line with its commitment to practising the highest standard of governance and commitment towards all its stakeholders, the Adani Group, a global leader in infrastructure development, has released its ‘Tax Transparency Reports’ for FY24.

The independent reports are published by seven of the group’s listed entities – Adani Enterprises Limited, Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Energy Solutions Limited, Adani Power Limited, Adani Total Gas Limited, and Ambuja Cements Limited.

The figure also includes the tax paid by three other listed companies – NDTV, ACC and Sanghi Industries – that are held by the seven companies.

“Transparency is the foundation of trust, and trust is essential for sustainable growth,” said Gautam Adani, Chairman of the Adani Group.

“As one of India’s largest contributors to the exchequer, we recognise that our responsibility goes beyond compliance. It is also about operating with integrity and accountability. Every rupee we contribute to our nation’s finances reflects our commitment to transparency and good governance,” the billionaire industrialist added.

By voluntarily sharing these reports with the public, “we aim to foster greater stakeholder confidence and set new benchmarks for responsible corporate conduct”, Gautam Adani added.

The ‘Tax Transparency Reports’ provide a complete breakdown of Adani Group’s global tax and other contributions. It includes Direct Contributions like global taxes, duties and other charges borne by Adani’s portfolio of companies; Indirect Contributions like global taxes and duties collected and paid on behalf of other stakeholders; and Other Contributions like social security, etc contributed for the benefit of the employees.

Through this voluntary initiative, the Group aims to demonstrate its commitment to transparency, foster stakeholder trust and contribute to a more accountable global tax environment.

Adani Group considers tax transparency as an integral part of its broader Environment Social Governance (ESG) framework. The group strives to harmonise growth with social responsibility, aiming to transform India’s infrastructure landscape while promoting innovation and creating long-term value for stakeholders.

With the global tax environment entering a new age, forward-looking companies are voluntarily bringing out the Tax Transparency Report, even though the same is not mandatory.

Through the report, such companies seek to drive wider stakeholder attention and greater credibility, besides creating the basis for the highest standards of tax transparency.

By emphasising transparency and integrity in tax compliance and reporting, the Group said it aims to build trust with stakeholders and demonstrate its commitment to responsible business practices.

(With inputs from IANS)