Adani Group vows to reduce leverage, flagship swings back to profit

The group has been under pressure since the Hindenburg report that accused it of accounting fraud and stock manipulation

Gautam Adani’s flagship firm swung to a profit and pledged to lower leverage as the billionaire tries to win back investor confidence after a bruising report from short-seller Hindenburg Research wiped out more than $120 billion of his empire’s market value. Adani Enterprises (AEL) on Tuesday reported a consolidated net profit of Rs 820.06 crore in third quarter of the current financial year compared to a loss of Rs 11.63 crore in the same period a year back, according to a stock exchange filing by the company.

“The current market volatility is temporary,” AEL Chairman Gautam Adani said in the earnings