Adani Enterprises‘ share price slumped sharply after the company posted its results for the quarter ended March.
What Happened: The Adani Group’s flagship company saw its net profit slump 38% to ₹451 crore, from the ₹722 crore posted in the same quarter last year. The company declared a one-time loss of ₹627 crore. The company disclosed that the loss was related to one of its subsidiaries, Mumbai International Airport Limited.
Revenue for the quarter came in at ₹29,180 crore, up marginally from the ₹28,943 crore posted in the same quarter last year. EBITDA for the quarter was down around 8% year-on-year at ₹3,974 crore. The company also announced a ₹1.30/share dividend for the year ending March 2024.
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Shares of the company that were upbeat ahead of the results, fell sharply as soon as the results were announced. Several other Adani Group companies have already posted their earnings.
Earlier in the day, Adani Ports posted its results for the March quarter. The company recorded a net profit of ₹2,040 crore, marking an increase of 76.2% compared to ₹1,157 crore reported in the same quarter last year. Revenue from operations during the period also demonstrated strong growth, reaching ₹6,896.50 crore.
Price Action: Adani Ent’s share price was down 0.58% to trade at ₹3,037 in the late hours of trading on Thursday.
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