Mumbai: Adani Enterprises Ltd. has announced a substantial leap in its net profit for the quarter ending December 2023, more than doubling to Rs 1888.4 crore, driven by the remarkable success of its recent business ventures.
Adani Group’s flagship company, Adani Enterprises, had reported a net profit of Rs 820 crore during the same period in the previous year.
The news of the remarkable surge in net profit led to a boost in the company’s shares, which witnessed a rise of up to 1.5%.
In the third quarter of the current fiscal year, the conglomerate’s flagship firm, led by billionaire Gautam Adani, reported a net income of Rs 18.9 billion ($228 million), compared to Rs 8.2 billion in the corresponding quarter of the previous year, as per an official exchange filing made on Thursday.
Given the limited availability of profit forecasts from brokerage firms, an average estimate could not be determined.
The company’s revenue registered a substantial increase of 6.5%, reaching Rs 283.4 billion, while total costs experienced a moderate rise of 1.1%, reaching Rs 264.7 billion, according to the filing.
Notably, the Adani Group recently received a significant boost when the Supreme Court decided not to pursue further investigations into allegations made by Hindenburg Research last month. Additionally, the group secured funding from a U.S. agency for its Sri Lanka port project in November.
With the Hindenburg episode behind them, the Adani Group is now intensifying its focus on infrastructure projects and has ambitious plans to allocate up to $100 billion for its green transition.
Adani Enterprises, known as the incubator for the group’s emerging businesses, which are later spun off and publicly listed, is currently engaged in the redevelopment of Mumbai’s historic Dharavi slum and the construction of a second airport on the city’s outskirts.