Adani Enterprises, flagship company of Adani Group announced its June quarter results on Thursday.

What Happened: Adani Enterprises reported a 115.82% year-on-year increase in net profit to ₹1,454.5 crore in the June quarter as compared to ₹673.93 crore in the previous year. The company’s revenue from operations rose 12.48% to ₹25,472.4 crore from ₹22,644.47 crore in the corresponding quarter of last year.

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The Board of Directors of Adani Enterprises also approved the demerger of its food FMCG business to Adani Wilmar. This demerger also includes AEL’s strategic investment in Adani Commodities LLP. The food FMCG business has reached a stage of self-sufficiency, performing well and poised for further growth under AWL. This arrangement is expected to unlock value for AEL’s shareholders and allow the company to focus on sustainable growth strategies for its incubating businesses.

Earlier in the day, it was reported that Adani One, a super app made by Adani Enterprises’s digital arm, Adani Digital Labs is reported to have entered into a partnership with KrazyBee Services, the NBFC arm of fintech company KreditBee, to offer personal loans on its platform.

Price Action: Shares of Adani Enterprises rose 1.69% to ₹3,222.90 on Thursday’s session.

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