Adani Enterprises Q2 earnings: Net profit rises 84%, board clears raising of funds

Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, reported a 84% rise in Q2 profit on Tuesday. Net profit in the last quarter came at Rs 3199 crore against Rs 1742 crore in the year ago period.  profit was powered by an exceptional gain of Rs 3,583 crore in Q2. The board of the firm also approved fund raising of up to Rs 25,000 crore via rights issue.

However, Adani Enterprises' total income fell 6% to Rs 21,844 crore in Q2 against Rs 23,196 crore in the Q2 of previous fiscal.

EBITDA fell 10% to Rs 3902 crore in Q2 against Rs 4354 crore in the year ago period. 

"The Board has, inter alia, also considered and approved the issuance of partly paidup equity shares of the Company of face value of Rs 1 each (the “Rights Equity Shares”) for an amount not exceeding Rs 25,000.00 crore (Rupees Twenty Five Thousand Crore) by way of a rights issue to the eligible equity shareholders of the Company, as on the record date (to be determined and notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018," said the Adani Group firm. 

Adani Enterprises stock fell 2% to Rs 2419.65 on Tuesday. Market cap of the firm stood at Rs 2.78 lakh crore.

Total 0.74 lakh shares changed hands amounting to a turnover of Rs 18.07 crore on BSE.