Adani Enterprises Shares Dip As Profit Slump 50% In Q2

Shares of Adani Enterprises went down sharply on Thursday afternoon after the company posted its earnings for the quarter ended September.

What Happened: The Adani Group’s flagship company saw its revenue slump around 41% to ₹22,517.33 crore from the ₹38,175.23 booked in the same quarter last year. Net profits for the July-September period came in at ₹227.82 crore down 50% from the ₹460.94 crore profits booked in the year-ago period.

See Also: Why Vodafone Idea’s Shares Are Shooting Up Nearly 8% Today

EBITDA for the period was positive going up 30% to ₹2,430 crore from ₹1,869 crore reported in the same period last year. EBITDA margin was at 10.8%. Earnings per share for the quarter stood at ₹2.

The company saw its shares drop sharply after the results were announced. The stock has been trading higher ahead of the results, going up over 3% to hit an intraday high of ₹2,297.95.

Price Action: Adani Enterprises’ share price was down 0.023% to trade at ₹2,216.80 in the late hours of trading on Thursday.

Read Next: Adani Power Shares Jump 7% As Profits Skyrocket In Q2

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