Adani Enterprises Q3 Results Drive 4% Stock Surge

Adani Enterprises Q3 Results Drive 4% Stock Surge

Adani Enterprises Posts Rs 820 Crore Net Profit in Q3, Stock Up 4.3%

Shares of Adani Enterprises (NSE:ADELTD) surged 4.3% to Rs 1,825 in Wednesday’s trade following the company’s announcement of a consolidated net profit of Rs 820 crore for the quarter ended December. This marks a significant improvement compared to a net loss of Rs 11.63 crore a year ago.

The company’s revenue from operations witnessed a strong YoY growth of nearly 42% to reach Rs 26,612.23 crore. The consolidated operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (EBITDA), more than doubled on the year to Rs 1,968 crore.

Gautam Adani, Chairman of Adani Enterprises, stated, “The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation, AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow.”

At 10.06 am, the stock was trading 2.2% higher at Rs 1,790 over its last day’s closing price of Rs 1,750 apiece. However, on a year-to-date basis, Adani Enterprises’ stock has fallen over 53%.

Adani Enterprises’ integrated resource management business reported a 38% YoY growth in revenue to Rs 17,595 crore, while mining business sales rose nearly three times to Rs 2,044 crore. The new energy ecosystem business revenue more than doubled to Rs 1,427.40 crore. The airports business also saw revenue doubling to Rs 1,733 crore.

In the new energy vertical, the company witnessed a significant increase in solar modules volume by 63% to 430 MW. In the mining business, production volume stood at 6.2 million tonne, while the integrated resource management business volume increased 8% YoY to 15.8 million tonne in the third quarter. The Carmichael mine in Australia produced 2.5 million tonne of coal in Q3 compared with 1.9 million tonne in Q2.

The strong growth in the operating profit of the flagship company of Adani Group was driven by higher volumes and prices in the integrated resource management and new energy ecosystem businesses. With a vision of long-term value creation, Adani Enterprises aims to continue its moderate leverage strategy while expanding and growing with strategic opportunities.

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