'Mr Adani's success story is extraordinary': Adani Enterprises re-appoints Gautam Adani as Executive Chairman

Adani Enterprises that declared its results for the quarter ended March on Thursday said that the board has approved the re-appointment of Gautam Adani as Executive Chairman of the company for a period of five years. The reappointment will be effective from December 1, 2023. His present term expires on November 30, 2023.

“Mr. Adani’s success story is extraordinary in many ways. His journey has been marked by his ambitious and entrepreneurial vision, coupled with great vigour and hard work. This has not only enabled the Group to achieve numerous milestones but also resulted in creation of a robust business model which is contributing towards building sound infrastructure in India,” the company said in the board meeting outcome filed with the exchanges.

The company also said that it will host its Annual General Meeting on July 18 at 10 am through video conferencing and other audio visual means.

Meanwhile, the company reported a 138 per cent rise on a year-on-year basis, with its consolidated net profit at Rs 722.48 crore for the quarter ended March. The company, whose performance was buoyed by its key coal tradition division, saw its consolidated revenue from operations increase over 26 per cent to Rs 31,346.05 crore in the March 2023 quarter from Rs 24,865.52 crore in the March 2022 quarter.

Commenting on the results, Gautam Adani said that Adani Enterprises has lived up to its standing as not only India’s most successful business incubator but also as one of the world’s most successful infrastructure foundries.

“The past year’s results represent indisputable evidence of the strength and resilience of the Adani Group’s operational and financial performance,” said Adani, further adding that its mega-scale infrastructure project execution capabilities and the O&M management skills are strengths that drive the Adani portfolio’s diversity to create long-term value for its investors.

Also read: Adani Enterprises Q4 results: Net profit rises 138% to Rs 722 cr; firm declares Rs 1.2 dividend