Adani Enterprises bounces 17% from day's low on massive jump in Q3 profit

For Q3FY23, Adani Enterprises' consolidated profit after tax (PAT) came in at Rs 820 crore as against a loss of Rs 12 crore in the same quarter last fiscal (Q3FY22)

Shares of Adani Enterprises (AEL) jumped 10 per cent to an intra-day high of Rs 1,889, bouncing 17 per cent from the day's low on the BSE on Tuesday soon after the company announced its October-December quarter (Q3FY23) earnings. The stock of the Gautam Adani-led group company had hit an intra-day low of Rs 1,611.30.

At 02:27 PM; AEL, the flagship company of Adani group, was quoting 7 per cent higher at Rs 1,837.60, as compared to a 1 per cent rise in the S&P BSE Sensex. The stock, however, has more-than-halved from its record high level of Rs 4,189.55, touched on December 21, 2022.

For Q3FY23, AEL's consolidated profit after tax (PAT) came in at Rs 820 crore as against a loss of Rs 12 crore in the same quarter last fiscal (Q3FY22). READ

The company’s total income increased 42 per cent year-on-year (YoY) to Rs 26,951 crore, on account of strong performance by Adani New Energy Limited (ANIL) Ecosystem, integrated resources management (IRM), and Airports business.

Ebitda (earnings before interest, taxes, depreciation, and amortization) more-than-doubled (up 101 per cent) to Rs 1,968 crore from Rs 977 crore in the year ago quarter. The company said the Ebitda increase was in line with the rise in IRM & ANIL Ecosystem's volume and prices.

AEL’s said ANIL Ecosystem solar modules volume rose 63 per cent to 430 MW. The company handled 20.3 million passengers’ movements at seven operational Airports increase by 40 per cent over the previous year quarter. IRM volume increased by 8 per cent to 15.8 MMT and Mining services production volume stood at 6.2 MMT.

AEL’s next generation of its strategic business investments are centered around green hydrogen ecosystem, airport management, roads, data center and primary industry like copper and petrochem all of which have significant scope for value unlocking.