Adani Enterprises Q3 results: Profit jumps 130% to Rs 1,888 crore YoY; stock hits one-year high

Adani Enterprises Ltd on Thursday posted a sharp rise in its year-on-year (YoY) profit for the third-quarter of ongoing financial year 2023-24 (Q3 FY24). The company said its consolidated profit in Q3 FY24 came at Rs 1,888 crore, up 130 per cent from Rs 820 crore in the same period last fiscal.

Revenue from operations of the Adani Group's flagship firm rose 6.48 per cent to Rs 28,336 crore in Q3 FY24 as against Rs 26,612 crore in the year-ago period.

The stock climbed 3.04 per cent to hit its one-year high level of Rs 3,236.55 after the quarterly results were out.

Earnings before interest, taxes, depreciation and amortization (EBITDA) at Adani's mainstay coal trading business surged 70 per cent to Rs 1,464 crore, while Adani New Energy reported an EBITDA surge of 194 per cent to Rs 67,300 crore.

Adani Enterprises said higher margins and volumes in coal trading drove the division's EBITDA higher despite a fall in coal prices.

The company attributed strong expense management for higher margins. Its overall expenses climbed 1 per cent.

As of December 2023, promoters held 72.61 per cent stake in the company. The stock saw high trading volumes today as around 1.70 lakh shares changed hands on BSE.

The figure was higher than the two-week average volume of 1.52 lakh shares. Turnover on the counter came at Rs 53.67 crore, commanding a market capitalisation (m-cap) of Rs 3,59,356.85 crore.

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