Adani Enterprises Q3 Earnings- Shares jump 9% after net profit surges to Rs 820 crore, revenue up 42%

Adani Enterprises Q3 Earnings: Shares jump 9% after net profit surges to Rs 820 crore, revenue up 42%

Adani Enterprises shares surged 9% to Rs 1862.40 on Tuesday, within minutes after the Gautam Adani-led company reported a rise in attributable PAT to Rs 820 crore, as compared to a loss of Rs 12 crore in the same period of the previous year. The company recorded a 42% increase in total income to Rs 26,951 crore and EBIDTA increased by an impressive 101% to Rs 1,968 crore. The group made headlines after US-based short-seller Hindenburg Research accused the Adani Group/family of stock manipulation and money laundering. The company’s stocks fell 50% in the aftermath of Hindenburg’s report, losing over Rs 9 lakh crore in market capitalisation in just a few days, post the publication of the report.

Meanwhile, most of the Adani Group stocks continued to bleed on Tuesday, with Adani Power, Adani Green Energy, Adani Wilmar, Adani Total Gas and Adani Transmission hitting a 5% lower circuit. Ambuja Cements shares were trading in red while ACC and Adani Ports and Special Economic Zone shares rose marginally. Adani Enterprises shares touched an intraday low of Rs 1,611.35 and a high of Rs 1,889.00. Its share hit a 52-week high of Rs 4,189.55 on 21 December 2022 and a low of Rs 1,017.10 on 3 February 2023. In the past five years, the shares of Adani Group’s flagship company have risen nearly 700% while it has fallen over 50% in the past month.