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Adani Enterprises shares increase by 5% after strong Q2 results

New Delhi: After the company’s consolidated net profit for the quarter ended in September (Q2FY23) more than doubled compared to previous year to Rs 461 crore, shares of Adani Enterprises increased 5% to Rs 3,767 on Friday in intraday trade, continuing a four-day winning streak. The company’s consolidated revenue increased year over year (YoY) by almost three times, reaching Rs 38,175 crore.

Consolidated EBITDA, which measures earnings before interest, taxes, depreciation, and amortisation, climbed by 69% year over year to Rs 2,136 crore, above Street expectations. Ebitda was predicted by the bloomberg consensus forecast to be approximately Rs 1,643 crore in Q2FY23.

“The robust growth in the topline and operational performance was on account of strong earnings show by integrated resource management business and airports vertical,” the company said.

Adani Enterprises outpaced the market during the last week, with shares rising 13% compared to the S&P BSE Sensex’s 1.3% increase. The stock is edging closer to its all-time high of Rs 3,884, which it had previously reached on September 20, 2022.

The Adani Group’s flagship business is Adani Enterprises. The company’s strategic business investments are concentrated in the primary industries like copper and petrochemicals, as well as the green hydrogen ecosystem, airport management, highways, data centres, and data centres, all of which have great potential to generate value.

Adani Enterprises (AEL) seeks to become the global leader in the green H2 ecosystem through Adani New Industries Ltd (ANIL), the group’s recent incubator in the production of renewable energy like green H2 and downstream products (ammonia, urea, & methanol).

 

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