Adani Group's flagship company, Adani Enterprises released its Q3FY23 results yesterday, providing some relief to the stock amid the freefall in the Group's stocks.
What Happened: The company booked a consolidated net profit of ₹820.1 crore in the December quarter against a loss of ₹11.6 crore it booked in the corresponding quarter.
The company said that "higher EBIDTA in ANIL Ecosystem and Integrated Resource Management business resulted in increased PAT."
Revenue from operations also surged over 40% at ₹26,613.23 crore. However, it dropped 30% sequentially at ₹38,175.3 crore.
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The company's EBITDA more than doubled this year at ₹1,968 crore. The company Established Businesses – Energy & Utility – Adani New Industries Supply Chain Ecosystem, Primary Industries – Mining services & IRM – accounted for the major hunk of revenue at ₹22,887 crore.
The Incubating Business – Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd & Energy & Utility – Adani Connex Data Center – accounted for ₹4,064 crore.
The company attributed the growth in revenue to the "strong performance by ANIL Ecosystem, IRM, and Airports business."
The EBITDA for the Incubating Business almost tripled this quarter at ₹906 crore compared to the ₹314 crore in the corresponding quarter.
The results seem to have brought relief to the stocks that have been bleeding in the market since the Hindenburg report came out.
Price Action: Adani Enterprises shares were up 1.46% to trade at ₹1,775.90 as the markets opened on Wednesday.
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