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Adani Enterprises Ltd.’s quarterly profit more than doubled boosted by its portfolio of newer businesses as the port-to-power conglomerate continues to rebound from a brutal short seller attack early last year. Shares jumped as much as 1.5%.
The flagship firm of billionaire Gautam Adani’s empire posted net income of 18.9 billion rupees ($228 million) for the quarter through December, compared with 8.2 billion rupees in the year-ago quarter, according to an exchange filing Thursday.There weren’t enough brokerages tracking the firm to derive an average profit forecast.
Revenue increased 6.5% to 283.4 billion rupees, while total costs were up 1.1% to 264.7 billion rupees, the filing said.
Gautam Adani, chairman of Adani Group, during the Vibrant Gujarat Global Summit in Gandhinagar, Gujarat, India, on Jan. 10, 2024.
The ports-to-power conglomerate has been steadily clawing back lost ground after denying Hindenburg Research’s allegations of wide-ranging corporate fraud in January 2023 that forced the Adani Group into months of damage control. It has since then trimmed debt, secured new backers and begun communicating extensively with its investors, helping four of the ten listed stocks fully recoup the stock losses since the bombshell short seller report.
The group also got a big vote of confidence from India’s top court refusal last month to order additional probes and a US agency funding for its Sri Lanka port project in November.
Read More: Adani’s Lessons From Hindenburg Hit Fuel $93 Billion Rebound
As the Adani Group draws a line under the Hindenburg episode, it has doubled down on its infrastructure projects and plans to spend as much as $100 billion on its green transition. Adani Enterprises — known 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.
The flagship firm of billionaire Gautam Adani’s empire posted net income of 18.9 billion rupees ($228 million) for the quarter through December, compared with 8.2 billion rupees in the year-ago quarter, according to an exchange filing Thursday.There weren’t enough brokerages tracking the firm to derive an average profit forecast.
Revenue increased 6.5% to 283.4 billion rupees, while total costs were up 1.1% to 264.7 billion rupees, the filing said.
Gautam Adani, chairman of Adani Group, during the Vibrant Gujarat Global Summit in Gandhinagar, Gujarat, India, on Jan. 10, 2024.
The ports-to-power conglomerate has been steadily clawing back lost ground after denying Hindenburg Research’s allegations of wide-ranging corporate fraud in January 2023 that forced the Adani Group into months of damage control. It has since then trimmed debt, secured new backers and begun communicating extensively with its investors, helping four of the ten listed stocks fully recoup the stock losses since the bombshell short seller report.
The group also got a big vote of confidence from India’s top court refusal last month to order additional probes and a US agency funding for its Sri Lanka port project in November.
Read More: Adani’s Lessons From Hindenburg Hit Fuel $93 Billion Rebound
As the Adani Group draws a line under the Hindenburg episode, it has doubled down on its infrastructure projects and plans to spend as much as $100 billion on its green transition. Adani Enterprises — known 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.
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