It seems like Adani Enterprises Ltd, the flagship company of the Adani Group, has experienced a significant increase in its quarterly profit, with a notable jump of 130%. This boost is attributed to the strong performance of its newer businesses. The revenue also saw a positive growth of 6.5%, reaching ₹283.4 billion. Additionally, the total costs increased by 1.1% to ₹264.7 billion, as mentioned in the filing.
Investors seem to have reacted positively to this financial performance, as indicated by a 1.5% increase in the company’s shares. This news suggests that Adani Enterprises Ltd is continuing its strong recovery, and the performance of its diverse portfolio of businesses is contributing to the overall growth.
The primary company within billionaire Gautam Adani’s business conglomerate reported a quarterly net income of 18.9 billion rupees ($228 million) for the period ending in December. This marked a significant rise from the 8.2 billion rupees recorded in the corresponding quarter of the previous year, according to an exchange filing on Thursday. Due to insufficient coverage from brokerages, there is no average profit forecast available for the firm.
The filing further noted a 6.5% increase in revenue, reaching ₹283.4 billion, while total costs experienced a 1.1% rise to 264.7 billion rupees.
The Adani Group received substantial support when the Supreme Court declined last month to initiate further investigations into the allegations made by Hindenburg Research. Additionally, the approval of funding by a US agency for its Sri Lanka port project in November served as another vote of confidence.
Having put the Hindenburg episode behind it, the Adani Group is now intensifying its focus on infrastructure projects. It has committed to a significant investment of up to $100 billion for its green transition initiatives. Adani Enterprises, recognized as the incubator for the group’s new businesses that are later separated and listed, is currently engaged in the redevelopment of Mumbai’s renowned Dharavi slum and is also involved in the construction of a second airport on the outskirts of the city.
In December 2023, Adani Ports reported a notable increase in net sales, reaching Rs 1,886.67 crore, reflecting a growth of 36.89% compared to Rs. 1,378.24 crore in December 2022.
The quarterly net profit for December 2023 surged significantly to Rs. 525.49 crore, marking an impressive increase of 4509.56% compared to Rs. 11.40 crore recorded in December 2022.
The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for December 2023 stood at Rs. 1,771.40 crore, indicating a substantial growth of 114.5% in comparison to Rs. 825.83 crore in December 2022.
Adani Ports’ Earnings Per Share (EPS) experienced a noteworthy rise, reaching Rs. 2.43 in December 2023, a significant increase from Rs. 0.05 reported in December 2022.
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