Adani Enterprises on Wednesday gained for the second straight session after the Adani group firm reported profit for the December quarter. The stock topped the Rs 1,800-mark and was up over 6 per cent in two sessions. The stock rose 4.26 per cent to hit a high of Rs 1,825 on BSE. It went up 1.91 per cent on Tuesday.
In its earrings statement, Adani Group Chairman Gautam Adani said the current market volatility is temporary and that the Adani group flagship would moderate leverage while looking at strategic opportunities to expand and grow.
Adani Enterprises reported a net profit of Rs 820.06 crore for the December quarter, thanks to strong performance in its key coal trading division and airports business. The company had reported a loss of Rs 12 crore in the same quarter last year.
The Adani group firm clocked a 42 per cent YoY jump in the income from operations at Rs 26,951 crore in the December quarter compared with Rs 18,963 crore in the year-ago quarter. Ebitda for the quarter grew 101 per cent YoY to Rs 1,968 crore, the company said. This was against Rs 977 crore in the same quarter last year.
Adani said his company's success was due to "strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation."
“Our fundamental strength lies in mega-scale infrastructure project execution capabilities, organisational development and exceptional O&M management skills comparable to the best in the world. AEL’s exceptional resilience and capacity to build highly profitable core sector business indicate how our strategy of harnessing the diverse strengths of the Adani portfolio of companies is creating consistent long-term value for all our stakeholders," he said.
Adani said Adani Enterprises has, over the past three decades, not only validated its standing as India’s most successful infrastructure incubator, but has also demonstrated a track record of building core infrastructure business.
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