Adani Stock Rockets 9% To New 52-Week High As Profits Soar Over 370% In Q3

ACC‘s share price which was upbeat on Thursday, bumped up sharply as the company posted its results for the quarter ended December.

What Happened: The cement firm reported a robust numbers with its net profit experiencing a surge of 377.57%, reaching ₹527.48 crore compared to ₹110.45 crore in the corresponding period of the previous year.

The revenue from operations for the Adani Group company during the quarter stood at ₹4,918.34 crore, reflecting an increase of 7.44% from ₹4,577.66 crore in the same quarter last year. Sales volume grew 16.5% year-on-year to 8.9 million tonnes.

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EBITDA for the quarter came in at ₹905 crore, more than double the ₹379 crore booked in the same quarter the previous year. EBITDA margin was at 18.4%.

Shares of the company jumped up sharply as soon as the results were announced at around 2:30 pm. ACC’s share price went up close to 9% to hit a new 52-week high of ₹2,439.05.

Price Action: ACC’s share price was up 8.78% to trade at ₹2,437.25 in the late hours of trading on Thursday.

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Posted In: EarningsEquitiesNewsMarketsMoversTrading IdeasACCAdani Group