Why Adani Ent Shares Are Surging Even As Revenue Slumped 38% In Q1

Adani Enterprises‘ share price received a bump in the late hours of trading on Thursday as the company posted its earnings for the quarter ended June.

What Happened: The Adani Group‘s flagship company reported a 44% jump in net profit for the quarter at ₹673.93 crore as compared to the ₹469.46 it booked in the same quarter last year. The company’s revenue however fell sharply to ₹25.438.45 crore, down 38% from the ₹40,844.25 crore it reported in the year-ago period.

EBITDA for the quarter came in at ₹2,524 crore with a margin of 9.9%. Earnings per share for the quarter were at ₹5.91. The debt-to-equity ratio of the company was at 1.05x.

Price Action: Adani Ent’s share price was up 2.48% to close at ₹2,535 on Thursday.

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