Bulls liked Adani Enterprises’ (AEL) share price on Tuesday as investors give thumbs up to the company’s strong profitability in the third quarter of FY23. The Adani group’s flagship firm rebounded after a three consecutive days selloff. Year-on-year, AEL posted strong growth in PAT and revenue for both Q3 and nine months period of FY23.
On Tuesday, AEL shares skyrocketed to as high as 10% on BSE with an intraday high of ₹1,889 apiece. The majority of the buying was seen in the second half after the Q3 results.
However, AEL shares also traced some hefty profit booking which led to some retreat but still closed in the green.
AEL’s share price ended at ₹1,750.30 apiece up by ₹32.75 or 1.91% on BSE. At the closing price, its market cap is over ₹1,99,534 crore.
This Adani stock opened at ₹1,730 apiece higher than Monday’s closing of ₹1,717.55 apiece. The stock has been in red from February 9th to 13th.
On a consolidated basis, in Q3FY23, the company posted a net profit of ₹820.06 crore which is attributable to owners of the company, against a net loss of ₹11.63 crore in the same quarter a year ago. PAT was also up by 77.91% from ₹460.94 crore posted in Q2 of FY23.
Revenue from operations climbed by a whopping 41.87% to ₹26,612.23 crore in Q3FY23, compared to ₹18,757.87 crore in Q3 of FY22. However, revenue was down by 30.28% from ₹38,175.23 crore in September 2022 quarter.
Consolidated EBITDA increased by 101% to ₹1,968 crore ($ 237.9 million) in line with the increased volume of ANIL Ecosystem and IRM business.
In regards to nine months period of FY23, Adani’s attributable PAT jumped by a massive 271% YoY to ₹1,750 crore. EBITDA soared by 90% YoY to ₹6,068 crore. While revenue zoomed by a huge 135% YoY to ₹1,06,459 crore.
Chairman of the Adani Group said, “Over the past three decades, as well as quarter after quarter and year after year, Adani Enterprises has not only validated its standing as India’s most successful infrastructure incubator but has also demonstrated a track record of building core infrastructure business.”
AEL is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.
