Edited by Deepali Verma
Adani Enterprises Ltd.’s quarterly profit exceeded its double, boosted by its portfolio of newer businesses. Shares nearly jumped as much as 1.5 per cent.
The flagship firm of billionaire Gautam Adani’s empire reportedly had a net income of 18.9 billion rupees ($228 million) for the quarter through December, compared to its 2 billion rupees in the year-ago quarter, as per an exchange filing on February 1. There weren’t enough brokerages tracking the firm to derive an average profit forecast.
Revenue recorded a rise of 6.5 per cent to ₹ 283.4 billion, whereas the total costs were up 1.1 per cent to 264.7 billion rupees, as noted by the filing.
Additionally, the group received a big vote of confidence from the Supreme Court’s refusal last month to allow added probes into Hindenburg Research’s allegations and a US agency funding for its Sri Lanka port project in November.
The Adani Group, drawing a line under the Hindenburg episode, has doubled down on its infrastructure projects and plans to make an expenditure of $100 billion on its green transition. Adani Enterprises, which is popular as the group’s incubator for new businesses that are later spun off and listed, is redeveloping Mumbai’s storied Dharavi slum and building a second airport on the city’s outskirts.
