- The net standalone profit in Q3FY23 was Rs 269.71 crore as compared to a loss of Rs 36.46 crore in Q3FY22
- The company’s revenue from operations zoomed 42 percent to Rs 26,612.2 crore in the December quarter from Rs 18,757.9 crore recorded last year
NE BUSINESS BUREAU
AHMEDABAD, FEB 14
Adani Group flagship Adani Enterprises has reported consolidated net profit of Rs 820 crore for the October-December 2022 quarter, as against a loss of Rs 11.63 crore a year ago.
The company’s revenue from operations has zoomed 42 percent to Rs 26,612.2 crore from Rs 18,757.9 crore last year.
The net standalone profit in Q3FY23 was Rs 269.71 crore as compared to a loss of Rs 36.46 crore in Q3FY22. It was, however, lower than the net profit of Rs 469.20 crore in Q2FY23. The revenue of the firm was Rs 12,142.15 crore.
EBIDTA increased by 101 per cent to Rs 1,968 crore.
“Our success is due to our strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation. 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,” said Gautam Adani, chairman of the Adani Group, which is battling a US short-seller’s allegations of financial wrongdoing.
Hindenburg Research on January 24 accused the group of improper use of offshore tax havens and stock manipulation–allegations the business conglomerate has denied–that sparked about a $120 billion loss in the group’s market value on concerns including about its ability to refinance debt.
