Adani Enterprises Q3 results: Net consolidated profit rises 700% in Q3FY23

Adani Enterprises Q3 results: Net standalone profit rose 847% YoY from from a loss of Rs 36.46 crore in Q3FY22, to profit of Rs 269.71 crore in Q3FY23

The consolidated profit of Adani Enterprises in the quarter ending December (Q3FY23) increased over 716 per cent year-on-year (YoY) at Rs 820 crore from a loss of Rs 11.63 crore an year ago. Revenue from operations for the flagship firm of the Adani Group increased 42 per cent to Rs 26,612.23 crore.

The net standalone profit rose 847 per cent YoY from a loss of Rs 36.46 crore in Q3FY22, to profit of Rs 269.71 crore in Q3FY23. It was, however, lower than the net profit of Rs 469.20 crore in Q2FY23. The revenue of the firm was Rs 12,142.15 crore.

EBIDTA increased by 101 per cent to Rs 1,968 crore.

“Our success is due to our strong governance, strict regulatory compliance, sustained performance, and solid cashflow generation. The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation, AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow,” said Gautam Adani, chairman of the Adani Group, which is battling a US short-seller’s allegations of financial wrongdoing.

Hindenburg Research on January 24 accused the group of improper use of offshore tax havens and stock manipulation–allegations the business conglomerate has denied–that sparked about a $120 billion loss in the group’s market value on concerns including about its ability to refinance debt.

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