Adani Enterprises profit jumps to Rs 820 cr in Q3

Mumbai: Gautam Adani assured investors that "the current market volatility is temporary" as group flagship Adani Enterprises (AEL) posted a profit of ₹820 crore in the December quarter, helped by strong sales and volume growth across its coal, mining and new energy businesses.

"Our success is due to our strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation," Adani Group chairman Gautam Adani said in the earnings statement.

Adani Enterprises will continue to work on moderating its leverage, while exploring strategic opportunities for expansion and growth, he said in the statement.


The flagship of the Adani Group had reported a consolidated loss in the year-earlier quarter.

Stock Rises 1.91%
In the December quarter, consolidated earnings before interest, tax, depreciation and amortisation (ebitda) more than doubled on year to Rs 1,968 crore. Sales rose 42% on year to Rs 26,951 crore.

The earnings were announced during market hours on Tuesday. The stock ended 1.91% higher at Rs 1,750.30 on the BSE.

Volumes in integrated resources management, the company's largest vertical, rose 8% to 15.8 million tonnes while sales jumped 40% to Rs 17,595 crore.

The seven airports operated by Adani Enterprises saw passenger movement rise 40% during the quarter while the volume of solar modules rose 63% on year to 430 MW. Production in mining services during the quarter was at 6.2 million tonnes.

Sales from the mining business stood at Rs 2,044 crore, up nearly threefold on year.

Adani Group stocks had dropped after the release of the Hindenburg Research report on January 24, prompting the withdrawal of the Rs 20,000 crore Adani Enterprises follow-on public offer a day after its successful subscription. Hindenburg had accused the conglomerate of stock manipulation and fraudulent accounting practices. The Adani Group has rejected the report and denied any wrongdoing.